Weil is representing affiliates of the Pinnacle Group and The Zarasai Group Ltd. in the sale or refinancing of the companies’ substantial New York City residential real estate portfolio, including 93 buildings with over 5,000 rent-stabilized apartment units.  Together, the transactions comprise one of the largest sales of rent-stabilized properties in New York history.

Weil represented the companies in commencing chapter 11 proceedings in the Southern District of New York in May of this year and this month secured bankruptcy court approvals of both a comprehensive marketing and bidding process and the company’s use of their mortgage lender’s collateral to continue operating their buildings and ensure uninterrupted tenant services. The bidding procedures allow interested parties to place bids for all or a subset of the debtor properties, authorize the companies to award stalking horse protections and contemplate one or more auctions to be held after bids are received. Binding bids are due by December 12, 2025.

The Weil team is led by Restructuring partners Gary Holtzer, Garrett Fail and Matt Goren.