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Tenants report worsening repairs after Pinnacle default on two Olinville Avenue buildings
Summary
Committee heard that owner Pinnacle defaulted on a $33,000,000 mortgage for adjacent Olinville Ave. buildings; tenants report declining maintenance, scaffolding left in place and long vacancies. Community groups plan to document complaints and seek a meeting with the owner.
Speaker 4 told the Housing and Land Use Committee that owner Pinnacle defaulted on a $33,000,000 mortgage covering two adjoining properties at 2280 and 2300 Olinville Avenue and that tenants have reported progressive decline in maintenance. "Maintenance is just going down and down," Speaker 4 said, and tenants have seen scaffolding remain without repairs while apartments sit vacant for up to a year.
Speaker 4 said tenants and the Bronx Park East Community Association discussed the issue at a recent meeting and are collecting 311 complaint numbers to document housing-code violations. Speaker 4 said a representative from Councilmember Oswald Feliz’s office has been in touch and community organizers plan to request a meeting with Pinnacle’s ownership (not just its management company) to press for repairs.
Committee co-chair Richard said the committee will monitor the situation and invited organizers to notify the board if they convene a meeting with the owner. "Let us know if you're hosting that, then maybe we can come to you guys," Richard said.
Background: Speaker 4 reported that Pinnacle has also filed bankruptcy actions for other properties in Brooklyn, a pattern community members linked to speculation rather than ordinary property management. Committee members flagged the matter for further follow-up with the council office and said they will raise the issue again at the full board meeting.
No formal motion or vote was taken on the Olinville buildings during the meeting; community representatives said they will pursue documentation and engagement with the landlord and elected officials when more details are available.
