Our history
Pinnacle Group
In 1995, Joel Wiener – the CEO of Pinnacle Group – began purchasing apartment buildings and making profit as a real estate developer and landlord. He set his sights on working-class, predominantly Black and immigrant neighbourhoods that had been subject to decades of state abandonment and capital divestment: Harlem, Washington Heights, Crown Heights, and the South Bronx. Pinnacle Group’s business strategy employs the classic slumlord playbook. They purchase rent-stabilized buildings and intentionally allow them to fall into disrepair, creating hazardous conditions in an attempt to force long-term tenants out.
Pinnacle's financial connections to the occupation of Palestine
By 2017, Wiener had hoarded 9,185 units across New York City, most of them rent-regulated. That same year, he appeared on Bloomberg’s list of billionaires, as the CEO’s net worth soared above $1 billion. In 2012, Pinnacle became one of the first US companies to turn to the Israeli bond market to fund its schemes. By 2017, it had raised roughly $500 million from those bonds, making it one of the largest American borrowers on the Tel Aviv Stock Exchange.
The Israeli occupation’s banks and institutional investors lend Pinnacle money to buy rent-stabilized buildings in New York, and Pinnacle pays them back with interest on those loans. What this means is that in occupied Palestine, Zionist investors are counting on the displacement of rent-stabilized tenants in Crown Heights to see a return on their investments.
Origins of our organizing in the Crown Heights Tenants Union
Members of the Crown Heights Tenants Union have been organizing buildings owned by Pinnacle for years, given the egregious conditions tenants live under (including 20 buildings during the early stages of the Covid-19 pandemic).
From October 7 of 2023, the Palestine Solidarity Working Group of Crown Heights Tenant Union (CHTU) heightened the urgency of this campaign, to intentionally disrupt the connected processes of displacement between Palestine and Brooklyn. They began by focusing on a cluster of rent-stabilized buildings in South West Crown Heights, since Pinnacle’s business model is centered on destabilizing them. For the first six months, the working group went door to door and had conversations in lobbies and lounges, on sidewalks and stoops. This was a slow process that moved atthe speed of trust. As the Palestine Solidarity Working Group of Crown Heights Tenant Union wrote, "Capital thinks and acts globally, and we have the capacity to do the same: to engage in robust internationalist struggle, building power from our couches and kitchens, our hallways and laundry rooms. We must reject the living conditions being thrust upon us here and the devastation of life and land in Palestine."
What's Next?
Because of what we have already accomplished, we have opportunities to secure better living conditions and protect our rights. We're collecting tenant's demands and taking them directly to our landlords, to ensure they are finally met. At the same time, we're working directly with the Mayor’s Office to Protect Tenants (MOPT) and the NYC Department of Housing Preservation & Development (HPD) to support our fight.
Our strength comes from organizing together.
When tenants act collectively we can push landlords to negotiate with us and ensure our demands are met. The first step is making sure our demands reflect what tenants actually need. We are inviting tenants across all Pinnacle and Summit buildings to help shape these priorities. We will engage with the power of city agencies, with our support from elected officials, and with media attention and more forms of escalation with collective action, to pressure our landlords to give us what we deserve.