Pinnacle Group Offloads $128M Condominium and Commercial Portfolio in NYC

Pinnacle Group has offloaded a $128 million residential and retail condominium portfolio in New York City, less than a year after selling off its rent-stabilized assets.

The massive trade, filed in city records this week, spanned 39 transactions across Queens, Brooklyn and Manhattan. It included nearly 750 residential units, as well as dozens of retail condominiums and several parking lots. The Real Deal first reported on the sale. 

The buyer entities, Friar Park JW, share an address with law firm Kurzman Eisenberg Corbin & Lever. The transactions were signed by Stuart Berg, chair of the firm’s real estate practice group. 

A PincusCo report tied the Friar Park entities and Berg to Tremada Holdings, an affiliate of London-based property company William Pears Group. The group, through Tremada, has quietly executed bulk residential transactions across New York City over the years with Berg’s law firm, according to PincusCo. 

Berg, as well as spokespeople for William Pears Group and Tremada, did not respond to requests for comment.

Queens-based property management company Bronstein Properties is the managing agent for the portfolio of units, according to a spokesperson for Bronstein.

Pinnacle, led by Joel Wiener, made headlines in May 2025 when it placed a portfolio of roughly 5,000 rent-stabilized apartments across New York City into bankruptcy after facing approximately $574.4 million in debt. Summit Properties won the auction for the portfolio in January, paying $451.3 million for the units.

The proceeds from Pinnacle’s most recent sale will pay $66 million to lender Axos Capital, TRD reported, citing filings with the Tel Aviv Stock Exchange by Pinnacle’s Israeli subsidiary Zarasai Group. Another $47 million is currently slated to be deposited into the account of Series C bondholders.

A spokesperson for Pinnacle Group could not be reached for comment on the sales. 

While largely concentrated in Queens, the assets in the sell-off span from Crown Heights in Brooklyn to Harlem in Upper Manhattan. The priciest trades across residential, retail and parking assets occurred in Queens’ Flushing neighborhood, where a Pinnacle entity sold 69 condominium units at 132-35 Sanford Avenue for roughly $12 million to Friar Park JW Condo. 

A series of eight commercial condominium units at Flushing’s 136-04 Cherry Avenue sold to Friar Park JW Commercial for nearly $5 million, and a parking lot at 142-20 Franklin Avenue sold for $772,700 to the entity Friar Park JW Garage.

Emily Davis can be reached at edavis@commercialobserver.com.