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flag A U.S. court denied NYC Mayor Mamdani’s bid to block Summit Properties’ $451M purchase of 5,000 rent-regulated Brooklyn apartments despite safety concerns.

flag A U.S. bankruptcy court has denied New York City Mayor Zohran Mamdani’s request to block a $451 million sale of over 5,000 rent-regulated apartments across 90 Brooklyn buildings to Israeli-owned Summit Properties. flag The city argued Summit lacks the resources to fix over 780 open violations, including 290 posing immediate danger, citing evidence from the company’s 2025 Tel Aviv filings. flag Despite tenant protests over unsafe conditions like collapsing ceilings and pests, the judge allowed the sale to proceed, a setback for Mamdani’s tenant protection pledge. flag Summit maintains its commitment to New York and plans to invest in the properties. flag A final hearing on the sale is scheduled for Thursday.

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