Latest news with #PinnacleGroup
Bloomberg
30-06-2025
- Business
- Bloomberg
More Than 5,000 Rent-Stabilized NYC Apartments Face a Funding Crunch
Funding to maintain thousands of rent-stabilized apartments in New York City owned by landlord Joel Wiener is in limbo after a federal judge denied a request to tap income belonging to its major lender, Flagstar Bank. Judge David S. Jones ruled Sunday that lawyers overseeing more than 5,000 apartments connected to Wiener's Pinnacle Group couldn't use rental income to cover operating costs because they didn't provide enough proof that Flagstar's financial interest was protected. The properties — facing foreclosure and saddled with more than $564 million in debt — were put into Chapter 11 bankruptcy in May.
Yahoo
23-06-2025
- Business
- Yahoo
Faraday Future Founder and Co-CEO, YT Jia, Shares Weekly Investor Update - FX Pushes "Scenario-as-Store" Frontier, Signs 500-Unit Deposit Agreement with Leading MCN Telling Inc., FX Super One B2B Deposits Hit 4,000
FX to Co-Create "Luxury Car + Luxury Home" and "Drive Home Together" scenario-based ecosystem with leading real estate brokerages including Pinnacle Group. Private preview and Co-Creation event countdown begins: FX Super One set for private showcase, experience & Co-Creation on 6/29. FF AI 2.0 to go live with real-time support for 50+ languages, coming soon to FF 91 and FX Q3 strategy upgrade and KPI sign-off to begin next week alongside 2025 Q2 and mid-year performance review. LOS ANGELES, June 23, 2025--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ("Faraday Future", "FF" or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF. "A quick heads-up for everyone: the FX Super One's first in-person Private Preview & Co-Creation Event is on track to take place next Sunday afternoon, June 29, in Los Angeles. Now let's start with the progress we made this past week. On S1 User Ecosystem, first, yet another stride in pre-order collection. FX has signed a deposit agreement for 500 FX Super Ones with Telling Inc., a leading MCN livestream e-commerce ecosystem service provider focused on the North American market and TikTok. With this, total B2B binding deposit agreements for non-binding preorders for the FX Super One have reached 4,000 units. Telling Inc. is the third MCN B2B co-creation partner to sign a deposit agreement with FX, and this marks yet another successful case of the 'end-to-end B2B2C' co-creation ecosystem model between the automotive industry and MCN agencies. Second, our Private Preview & Co-Creation Event on June 29th will be the first official showcase of the FX Super One for a select, invite-only audience, who would enjoy an exclusive preview, experience, and co-creation session. The entire FF and FX team is now focused on final preparations for the June 29th event, which include vehicle calibration, on-site setup, guest confirmations, coordinating test rides and test drive logistics. We are in the final sprint. Although the available spots for the event are limited, the response has been overwhelming. As of today, following a careful review and selection process, we have confirmed that we have reached over 100 guests from a diverse range of industries. We look forward to welcoming them on June 29th, where they will be the first to witness and experience this groundbreaking new species: the first-ever First Class AI-MPV for the U.S. market. Third, we have now received the non-refundable deposit for the 1,000-unit non-binding pre-order of our FX Super One from Pinnacle, one of California's largest real estate brokerages. This collaboration with Pinnacle not only catalyzed the eco-chemistry that merges the auto industry and the real estate brokerage system, it also creates a first-of-its-kind symbiotic ecosystem designed for mutual success. It allows FX to bypass the traditional dealership investment. Instead, we can tap directly into Pinnacle's assets: their network of nearly 2,000 experienced agents, their extensive open-house events across Los Angeles, and their direct access to a high-net-worth client base. This helps craft a truly immersive, experiential, and accessible buying experience where customers can encounter our vehicles in a natural, low-pressure environment. More importantly, this is a key milestone in realizing the 'Scenario-as-Store' vision I've long held: an asset-light, co-creation sales model that is now bearing fruit through FX. Looking ahead, we will continue to forge partnerships with top real estate brokerages to pioneer our scenario-based ecosystem with programs such as 'Luxury Car + Luxury Home' and 'Car Home Together,' which brings not only a vastly improved customer experience, but also lower acquisition costs, and exponential operational efficiency, all driving co-creation, sharing, and win-win outcomes. This model is designed to be a cornerstone of our strategy for driving rapid volume growth and achieving blockbuster success. It's a crucial part of our plan to fulfill the vision of An AIEV for Everyone in the U.S. Going to S2 and S3, Product and Technology: We are proud to announce the upcoming milestone release of our FF AI 2.0 system, which can now switch between over 50 languages in real-time, remember conversational context, and understand complex commands. For example, it can even do this. When you tell it: 'It's a bit warm, but I don't want the AC on,' it will intelligently recommend to adjust alternative vehicle controls for optimal comfort, such as pop the windows or close the roof shade. FF AI 2.0 is deeply integrated with Open AI. The system is scheduled to be available on the FF 91 via an upcoming OTA update, with a planned rollout for the FX line in the future. FF could be the first automotive company in North America to offer this level of AI functionality. For a diverse, multilingual market like the US, FF AI 2.0 could provide value we believe is exceptional to users. Finally, S7 Capability and System Build-Up: Since I took office as Co-CEO, the company has adopted a quarterly strategic update and management framework to ensure we can adapt quickly to market dynamics and our own business results. Next week, we will initiate the upgrade and sign-off process for the Q3 strategy execution plan and KPIs. We will also launch our performance review for the second quarter and the first half of 2025. We have a packed and pivotal week ahead. To our guests for the event, we'll be waiting to welcome you as the sun sets over California. Spoiler alert, next week's update will take you behind the scenes with exclusive highlights of our Private Preview & Co-Creation Event. Until next week." ABOUT FARADAY FUTURE Faraday Future is the pioneer of the Ultimate AI Tech Luxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately, FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by the pursuit of intelligent and AI-driven mobility. FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "plans," "desire," "believes," "seeks," "may," "will," "should," and "future," variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding production capacity expansion, the FX brand, the Super One MPV, future FX models, future FX reservations, expansion into new states and markets, and production and sales goals, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the number of vehicles that Pinnacle Real Estate Group ultimately chooses to purchase from the Company, which may be as few as one; the ability of Pinnacle Real Estate Group to identify purchasers for the Super One; the Company's ability to expand production facility, which will be time-consuming and costly; market demand for MPVs and MPV rentals; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; and the Company's ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's history of losses and expectation of continued losses; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its "at-the-market" program; insurance coverage; general economic and market conditions impacting demand for the Company's products; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
Faraday Future Founder and Co-CEO, YT Jia, Shares Weekly Investor Update - FX Pushes "Scenario-as-Store" Frontier, Signs 500-Unit Deposit Agreement with Leading MCN Telling Inc., FX Super One B2B Deposits Hit 4,000
FX to Co-Create "Luxury Car + Luxury Home" and "Drive Home Together" scenario-based ecosystem with leading real estate brokerages including Pinnacle Group. Private preview and Co-Creation event countdown begins: FX Super One set for private showcase, experience & Co-Creation on 6/29. FF AI 2.0 to go live with real-time support for 50+ languages, coming soon to FF 91 and FX Q3 strategy upgrade and KPI sign-off to begin next week alongside 2025 Q2 and mid-year performance review. LOS ANGELES, June 23, 2025--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ("Faraday Future", "FF" or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF. "A quick heads-up for everyone: the FX Super One's first in-person Private Preview & Co-Creation Event is on track to take place next Sunday afternoon, June 29, in Los Angeles. Now let's start with the progress we made this past week. On S1 User Ecosystem, first, yet another stride in pre-order collection. FX has signed a deposit agreement for 500 FX Super Ones with Telling Inc., a leading MCN livestream e-commerce ecosystem service provider focused on the North American market and TikTok. With this, total B2B binding deposit agreements for non-binding preorders for the FX Super One have reached 4,000 units. Telling Inc. is the third MCN B2B co-creation partner to sign a deposit agreement with FX, and this marks yet another successful case of the 'end-to-end B2B2C' co-creation ecosystem model between the automotive industry and MCN agencies. Second, our Private Preview & Co-Creation Event on June 29th will be the first official showcase of the FX Super One for a select, invite-only audience, who would enjoy an exclusive preview, experience, and co-creation session. The entire FF and FX team is now focused on final preparations for the June 29th event, which include vehicle calibration, on-site setup, guest confirmations, coordinating test rides and test drive logistics. We are in the final sprint. Although the available spots for the event are limited, the response has been overwhelming. As of today, following a careful review and selection process, we have confirmed that we have reached over 100 guests from a diverse range of industries. We look forward to welcoming them on June 29th, where they will be the first to witness and experience this groundbreaking new species: the first-ever First Class AI-MPV for the U.S. market. Third, we have now received the non-refundable deposit for the 1,000-unit non-binding pre-order of our FX Super One from Pinnacle, one of California's largest real estate brokerages. This collaboration with Pinnacle not only catalyzed the eco-chemistry that merges the auto industry and the real estate brokerage system, it also creates a first-of-its-kind symbiotic ecosystem designed for mutual success. It allows FX to bypass the traditional dealership investment. Instead, we can tap directly into Pinnacle's assets: their network of nearly 2,000 experienced agents, their extensive open-house events across Los Angeles, and their direct access to a high-net-worth client base. This helps craft a truly immersive, experiential, and accessible buying experience where customers can encounter our vehicles in a natural, low-pressure environment. More importantly, this is a key milestone in realizing the 'Scenario-as-Store' vision I've long held: an asset-light, co-creation sales model that is now bearing fruit through FX. Looking ahead, we will continue to forge partnerships with top real estate brokerages to pioneer our scenario-based ecosystem with programs such as 'Luxury Car + Luxury Home' and 'Car Home Together,' which brings not only a vastly improved customer experience, but also lower acquisition costs, and exponential operational efficiency, all driving co-creation, sharing, and win-win outcomes. This model is designed to be a cornerstone of our strategy for driving rapid volume growth and achieving blockbuster success. It's a crucial part of our plan to fulfill the vision of An AIEV for Everyone in the U.S. Going to S2 and S3, Product and Technology: We are proud to announce the upcoming milestone release of our FF AI 2.0 system, which can now switch between over 50 languages in real-time, remember conversational context, and understand complex commands. For example, it can even do this. When you tell it: 'It's a bit warm, but I don't want the AC on,' it will intelligently recommend to adjust alternative vehicle controls for optimal comfort, such as pop the windows or close the roof shade. FF AI 2.0 is deeply integrated with Open AI. The system is scheduled to be available on the FF 91 via an upcoming OTA update, with a planned rollout for the FX line in the future. FF could be the first automotive company in North America to offer this level of AI functionality. For a diverse, multilingual market like the US, FF AI 2.0 could provide value we believe is exceptional to users. Finally, S7 Capability and System Build-Up: Since I took office as Co-CEO, the company has adopted a quarterly strategic update and management framework to ensure we can adapt quickly to market dynamics and our own business results. Next week, we will initiate the upgrade and sign-off process for the Q3 strategy execution plan and KPIs. We will also launch our performance review for the second quarter and the first half of 2025. We have a packed and pivotal week ahead. To our guests for the event, we'll be waiting to welcome you as the sun sets over California. Spoiler alert, next week's update will take you behind the scenes with exclusive highlights of our Private Preview & Co-Creation Event. Until next week." ABOUT FARADAY FUTURE Faraday Future is the pioneer of the Ultimate AI Tech Luxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately, FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by the pursuit of intelligent and AI-driven mobility. FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "plans," "desire," "believes," "seeks," "may," "will," "should," and "future," variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding production capacity expansion, the FX brand, the Super One MPV, future FX models, future FX reservations, expansion into new states and markets, and production and sales goals, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the number of vehicles that Pinnacle Real Estate Group ultimately chooses to purchase from the Company, which may be as few as one; the ability of Pinnacle Real Estate Group to identify purchasers for the Super One; the Company's ability to expand production facility, which will be time-consuming and costly; market demand for MPVs and MPV rentals; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; and the Company's ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's history of losses and expectation of continued losses; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its "at-the-market" program; insurance coverage; general economic and market conditions impacting demand for the Company's products; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media: Sign in to access your portfolio
Mint
28-05-2025
- Business
- Mint
Major NYC Landlord Blames Bankruptcy On High Interest Rates
(Bloomberg) -- A portfolio of rent-stabilized New York City apartments owned by Joel Wiener was pushed into bankruptcy by 'sky-rocketed' interest rates and changes to state housing law that restricted the property owners' ability to increase rent on tenants, according to court papers. Dozens of properties managed by Wiener's Pinnacle Group were put into Chapter 11 last week, saddled with roughly $564 million in mortgage debt and facing foreclosure actions from its primary lender, Flagstar Bank. The apartments also have outstanding amounts on Israeli-issued bonds, pushing the total debt on the properties to roughly $1 billion, according to bankruptcy papers filed Tuesday. Interest rate hikes in 2022 significantly increased the cost of the mortgage debt, to the point that rental income was no longer enough to cover debt service and operating expenses, Ephraim Diamond, the properties' chief restructuring officer said in a court filing. Rates on a large portion of the Pinnacle properties' mortgage debt has 'sky rocketed' since 2022, from between 3% to 4% to as high as 7.5% and 10.25%, in certain circumstances, Diamond said. The cost to service the debt was about $26 million in 2023, including $20 million interest. Last year, that amount jumped to $36 million, including $25 million in interest, and is projected to increase again in 2025, he said. US Bankruptcy Judge David Jones, during the first hearing in the case since the filing, delayed ruling on a request by the apartment business to spend cash being held as collateral for the Flagstar debt. Jones asked both sides to try to come to a compromise about how the money would be used during the next few weeks. If they can't agree, Jones said he was prepared to rule on the request as soon as tomorrow, when both sides are scheduled to return to court. Flagstar claims that rent money that should have gone to pay the mortgage instead may have been funneled to a related holding company where it went to bondholders. 'No one knows where the rental income went, but it did not go to pay the lenders and appears to have been consolidated to pay bondholders,' Flagstar said in court papers filed Wednesday. A lawyer for the apartment company did not immediately return a request for comment. Most of its tenets get some form of rent stabilization and changes to state law in recent years intended to protect renters created further financial stress on the buildings, Diamond said. In 2019, state lawmakers placed restrictions on building owners' ability to raise rents when a tenement leaves a rent-regulated apartment and limited landlords' ability to turn apartments into condos, according to court documents. 'These legislative changes put further strain on the Company's and the Debtors' cash flow, and significantly slowed their condominium conversion initiatives,' Diamond said. Diamond said bankruptcy will give advisers time to devise a restructuring strategy and discuss options with creditors. The case is Broadway Realty I Co. LLC, number 25-11050, in the U.S. Bankruptcy Court for the Southern District of New York. More stories like this are available on
Bloomberg
28-05-2025
- Business
- Bloomberg
Major NYC Landlord Blames Bankruptcy On High Interest Rates
A portfolio of rent-stabilized New York City apartments owned by Joel Wiener was pushed into bankruptcy by 'sky-rocketed' interest rates and changes to state housing law that restricted the property owners' ability to increase rent on tenants, according to court papers. Dozens of properties managed by Wiener's Pinnacle Group were put into Chapter 11 last week, saddled with roughly $564 million in mortgage debt and facing foreclosure actions from its primary lender, Flagstar Bank. The apartments also have outstanding amounts on Israeli-issued bonds, pushing the total debt on the properties to roughly $1 billion, according to bankruptcy papers filed Tuesday.
