"Major Sale of New York City's Rent-Stabilized Properties Underway as Pinnacle Group and Zarasai Group Seek Refinancing"

"Weil is assisting the Pinnacle Group and The Zarasai Group Ltd. in the sale or refinancing of a significant residential real estate portfolio in New York City, which includes 93 buildings with over 5,000 rent-stabilized apartments. This transaction is one of the largest of its kind in New York's history. Following the companies' chapter 11 filing in May, the bankruptcy court has approved a marketing and bidding process, allowing interested parties to submit bids by December 12, 2025. The Weil team, led by partners Gary Holtzer, Garrett Fail, and Matt Goren, is managing the proceedings."

Weil, Gotshal & Manges LLP represented affiliates of the Pinnacle Group and The Zarasai Group Ltd. in the sale or refinancing of their substantial New York City residential real estate portfolio, which includes 93 buildings with over 5,000 rent-stabilized apartment units. This transaction is noted as one of the largest sales of rent-stabilized properties in New York history. The law firm assisted the companies in initiating chapter 11 proceedings in the Southern District of New York earlier this year and successfully obtained bankruptcy court approvals for a comprehensive marketing and bidding process. They also secured the use of the mortgage lender’s collateral to ensure the continued operation of the buildings and uninterrupted services for tenants. The bidding procedures allow interested parties to submit bids for all or a subset of the debtor properties, with binding bids due by December 12, 2025. The Weil team involved in this transaction includes Restructuring partners Gary Holtzer, Garrett Fail, and Matt Goren.

"Major Sale of New York City's Rent-Stabilized Properties Underway as Pinnacle Group and Zarasai Group Seek Refinancing"

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