A Manhattan court has given final approval for the acquisition deal of approximately 5,150 apartments worth $451 million to Israeli company Summit Holdings, despite opposition from New York City Mayor Zohran Mamdani who tried to delay the sale claiming concerns about potential harm to tenants.
According to the agreement between the company and the city, Summit will invest $30 million in renovations and correcting safety violations in buildings it owns across the city within six months. Group CEO Zohar Levy said after the ruling that this is a "new chapter," and emphasized that the company has the "capability, commitment and resources" to make the repairs.