Joel Wiener’s Pinnacle Group bought another rent-regulated property in the outer boroughs, picking up a 145-unit East Flushing multifamily building.
Pinnacle acquired the six-story, 134,000-square-foot property at 142-20 Franklin Avenue for $43 million.
The sellers were a group of entities associated with Apple Core Holdings – an investment and hotel management firm – and two of its principals, Larry Horn and William Kohane, along with the owners the Grand Motor Inn at 7251 Grand Avenue in Maspeth, Harry and Leo Wagner, according to public records.
The building hasn’t changed hands since it was built in 1970, records show.
Midtown-based Pinnacle Group is known for converting rent-regulated units into market rate apartments.
Back in May, the firm paid $53 million for 318 rent stabilized units at the MeadowWood at Gateway complex, a former Mitchell-Lama development.
In January 2015, Pinnacle bought out its partner Praedium Group, taking sole ownership of an eight-building Manhattan and Brooklyn rental portfolio, paying $31.7 million.
Pinnacle, Apple Core and the owners of the Grand Motor Inn didn’t immediately respond to requests for comment.
Source: The Real Deal