Why Is the Pinnacle Group Auction So High Stakes?

Photo: Michael Appleton/Mayoral Photography Office

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On his first day as mayor, Zohran Mamdani spent the afternoon at 85 Clarkson Avenue, a run-down rent-stabilized building in Prospect–Lefferts Gardens. He was there to announce a trio of executive orders, including one to revive the Mayor’s Office to Protect Tenants, and the venue was a targeted choice: 85 Clarkson is owned by billionaire Joel Wiener, a fairly notorious landlord whose real-estate firm Pinnacle Group filed for bankruptcy last year and has 93 buildings currently set to be sold in a foreclosure auction. The sale of Pinnacle’s portfolio — more than 5,000 apartments, the…