The Jerusalem Post ByWALLA! FINANCE 1/11/2026
A US bankruptcy court rejected New York City Mayor Zohran Mamdani's attempt to block a major real estate transaction involving the US branch of Israeli company Summit Properties in Brooklyn over the weekend.
The deal is valued at $451 million and includes more than 5,000 apartments across 90 buildings, most of them subject to rent regulation.
For Mamdani, who has made tenant protection a core theme of his platform, the ruling represented a personal setback. One of the central buildings included in the deal is a neglected property in Brooklyn that he visited on his first day in office, where he publicly promised residents that the city would step in on their behalf.
The legal battle intensified last week when city officials filed with the bankruptcy court seeking to halt the sale. The city’s main argument was that the Israeli-owned Summit lacked the “will or resources” to rehabilitate the deteriorating buildings.
More:
https://www.jpost.com/real-estate/article-883005
