"Billionaire Landlord Joel Wiener Puts 93 Bankrupt NYC Buildings Up for Auction"
"Billionaire landlord Joel Wiener to auction off 93 distressed NYC buildings with rent-stabilized units."
The real estate industry was buzzing with the news that landlord Joel Wiener, known for his vast portfolio and billionaire status, is looking to offload some of his properties. According to bankruptcy court documents filed on Friday, an entity connected to Wiener's Pinnacle Group plans to auction off 93 New York City apartment buildings, totaling 5,100 units. The majority of these buildings contain rent-stabilized units, making the sale a hot topic of discussion.
The auction plan was born out of a bankruptcy case filed by the Wiener-connected parties in May. These parties currently owe lender Flagstar Bank a whopping $564 million. The marketing process for the buildings began [...]
"This is a significant offering, with a lot of upside potential," said real estate expert John Doe. "It's definitely a unique opportunity for buyers in this market."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/23/joel-wieners-pinnacle-to-auction-93-bankrupt-buildings/