A court in Manhattan approved the acquisition of 5,150 apartments by an Israeli company

A Manhattan judge has given final approval to Israeli company Summit Holdings’ acquisition of about 5,150 apartments worth $451 million. The deal went through despite the objections of New York City Mayor Zoran Mamdani, who tried to block the sale, alleging possible violations of tenants’ rights.

Under the agreement between the company and the City of New York, Summit will invest $30 million to repair and correct security violations in its buildings throughout the city.

All work must be completed within six months.

By Editor