The U.S. Bankruptcy Court for the Southern District of New York approved the Chapter 11 plan of reorganization for Broadway Realty 1 Co., LLC and its affiliates and confirmed the sale of a major rent-stabilized housing portfolio to Summit Gold Inc.

The transaction covered 93 rent-stabilized properties comprising approximately five thousand one hundred and fifty residential units across New York City, with a total transaction value of USD 451 million.

The deal ranks as one of the largest sales of rent-stabilized assets in New York since 2019.

Chapman acted as counsel to Summit Gold Inc. on the successful bid and acquisition.

The Chapman team was led by partners Michael Friedman, Eric Silvestri, and Michael Twersky, with support from associate Yuliya Zahoroda.