NEW YORK CITY-The partnership between the Praedium Group of New York and Joel Wiener's Pinnacle Group is under increasing pressure to plan a new strategy for converting 1,000 units into condominiums in 36 financially troubled Upper West Side buildings. The partnership purchased the 36 buildings with the plan of improving the rent-regulated units and converting them into rental apartments. The partnership has faced a number of setbacks, the most recent being a $192 million loan taken on the properties becoming delinquent.For the full story, go to Wall Street Journal.
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