The Pinnacle Group has sold a portfolio of residential and retail condominiums in New York City for US$128 million. This comes less than a year after the company sold its rent-stabilised assets. The comprehensive transaction, filed in city records this week, comprised 39 individual deals across Queens, Brooklyn and Manhattan.
The portfolio sold included nearly 750 residential units, several dozen retail condominiums, and several car parks. The buyer entities, Friar Park JW, share an address with the law firm Kurzman Eisenberg Corbin & Lever. The transactions were signed by Stuart Berg, the chairman of the firm's real estate practice group.
A report by PincusCo linked the Friar Park entities and Mr Berg to Tremada Holdings, a subsidiary of the London-based property company William Pears Group. According to PincusCo, this group has quietly conducted a multitude of residential real estate transactions in New York City through Tremada in recent years, with the assistance of Mr Berg's law firm.
Background to the transaction and debt repayment
The Joel Wiener-led Pinnacle Group made headlines in May 2025 when it led a portfolio of approximately 5,000 rent-stabilised apartments in New York City into insolvency following debts of around US$574.4 million. Summit Properties won the auction for this portfolio in January, paying US$451.3 million for the units.
The proceeds from the Pinnacle Group's latest sale are reportedly intended for the repayment of US$66 million to the lender Axos Capital, according to TRD, citing filings with the Tel Aviv Stock Exchange by Pinnacle's Israeli subsidiary Zarasai Group. A further US$47 million is currently earmarked for deposit into the account of Series C bondholders.
Geographical distribution and price points
Although the assets were primarily concentrated in Queens, the properties divested as part of the sale span from Crown Heights in Brooklyn to Harlem in Upper Manhattan. The most valuable transactions across residential, retail, and car park spaces occurred in the Flushing neighbourhood of Queens.
- —A Pinnacle entity sold 69 condominium units at 132-35 Sanford Avenue to Friar Park JW Condo for approximately US$12 million.
- —A series of eight commercial condominium units at 136-04 Cherry Avenue in Flushing was sold to Friar Park JW Commercial for just under US$5 million.
- —A car park at 142-20 Franklin Avenue was sold to the Friar Park JW Garage entity for US$772,700.
