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New York City Mayor Zohran Mamdani’s effort to halt the bankruptcy sale of more than 5,000 rent-subsidized apartments has been temporarily blocked by a federal bankruptcy court. Mamdani, who was sworn into office last week, directed the city’s Law Department to intervene in the bankruptcy proceedings involving more than 90 residential buildings owned by Pinnacle Group, a major city landlord.
City officials say Pinnacle owes approximately $12.7 million in unpaid housing code violation fines. The company filed for bankruptcy protection in May after defaulting on more than $560 million in debt, the Center Square reported.
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