Pinnacle Group has sold a $128 million residential and retail condominium portfolio in New York City, less than a year after selling off its rent-stabilized assets. The portfolio spans 39 transactions across Queens, Brooklyn, and Manhattan, and includes nearly 750 residential units, as well as dozens of retail condominiums and several parking lots.
The buyer entities, Friar Park JW, share an address with law firm Kurzman Eisenberg Corbin & Lever, and the transactions were signed by Stuart Berg, chair of the firm’s real estate practice group. According to a report, the Friar Park entities and Berg are tied to Tremada Holdings, an affiliate of London-based property company William Pears Group.
The portfolio is managed by Queens-based property management company Bronstein Properties, according to a spokesperson for Bronstein. The assets in the sell-off are largely concentrated in Queens, but also span from Crown Heights in Brooklyn to Harlem in Upper Manhattan.
Related: Fortress Refinances Dania Design Center After Foreclosure Fight
The priciest trades 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.
The proceeds from Pinnacle’s sale will pay $66 million to lender Axos Capital, according to 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.
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.
Related: New Law Requires Safety Certificates
A spokesperson for Pinnacle Group could not be reached for comment on the sales. Berg, as well as spokespeople for William Pears Group and Tremada, also did not respond to requests for comment.
The transactions included in the sale are varied, with residential units, retail condominiums, and parking lots all being sold to the Friar Park JW entities. A parking lot at 142-20 Franklin Avenue sold for $772,700 to the entity Friar Park JW Garage.
