NEW YORK — Clipper Realty Inc., an owner and operator of multifamily residential and commercial properties in the New York metropolitan area, has entered into an agreement to acquire 10 West 65 St in Manhattan for $79 million.
The property is made up of 82,000 square feet plus 53,000 square feet of air rights. Clipper is paying $585 per square foot for the 82 unit property located near Lincoln Center and Central Park in the Upper West Side.
The Company plans to enhance the property with a significant investment.
The Company expects to finance the acquisition with property level mortgage debt and cash on hand, with expected closing by fourth quarter 2017.
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), and (iv) one residential/retail rental property at 1955 1st Avenue in Manhattan.