Clipper Realty Inc.
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- Clipper Realty Inc. acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio concentrated in Manhattan and Brooklyn; its core offerings include well-located multi-family residential apartments targeting middle-income families and individuals, featuring renovated interiors, diverse unit sizes and amenities; commercial spaces for retail businesses, office tenants and other enterprises in high-traffic areas; and mixed-use properties such as 141 Livingston Street in downtown Brooklyn. The company, a self-administered and self-managed real estate investment trust headquartered at 4611 12th Avenue, Suite 1L in Brooklyn, New York, traces its origins to 1998 under founder and Co-Chairman and Chief Executive Officer David Bistricer, with incorporation in Maryland in 2015 and initial public offering in 2017. Its property portfolio encompasses key assets like Tribeca House, a 500-unit luxury loft complex in Manhattan's Tribeca neighborhood; Flatbush Gardens, a 2,500-apartment community across 59 buildings on over 21 acres in Brooklyn's East Flatbush; 50 Murray Street and 53 Park Place in Tribeca; 233 Schermerhorn and 250 Livingston Street in downtown Brooklyn; and 1955 First Avenue in Manhattan, generating approximately 85% of revenue from residential rental income and 15% from commercial. Recent developments include completion of construction and initial lease-up at the Prospect House ground-up development at 953 Dean Street in Brooklyn, supported by a $160 million two-year bridge loan secured in second-quarter 2025 to lower interest costs and fund operations; sale of 10 West 65th Street property for $43.6 million in second-quarter 2025, yielding nearly $13 million in cash proceeds after retiring $31.2 million in debt; a five-year lease renewal with New York City at 141 Livingston Street, pending lender consent; ongoing capital improvements and high rental recoveries at Flatbush Gardens under an Article 11 agreement with New York City; and active pursuit of re-leasing opportunities at 250 Livingston Street following the tenant's vacatur in mid-August 2025.
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