Clipper Realty Inc. will acquire a residential property located at 107 Columbia Heights in Historic District of Brooklyn Heights, New York, for $87.5 million, $569 per ft.
Near various subway and bus lines & The Promenade. The property comprises approximately 154,000 square feet, 161 residential units. Plans to create 12 additional residential units by converting various public areas on the property, are in the works.
The firm expects to finance the acquisition with property-level mortgage indebtedness and cash-on-hand. Completion of the acquisition is expected during May 2017, although there can be no assurance that it will be completed on the terms agreed, or at all.
Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multi-family residential and commercial properties in the New York metropolitan area, with an initial portfolio in Manhattan and Brooklyn.
Clipper Realty owns: (i) two neighboring residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, (ii) one residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings, (iii) two primarily commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment units), which we refer to as the 141 Livingston Street property and the 250 Livingston Street property, and (iv) one residential/retail rental property at 1955 1st Avenue in Manhattan.