Clipper Equity

Clipper Equity LLC is a partnership led by David Bistricer and Sam Levinson. The firm owns more than 60 buildings, with thousands of residential units, in New York and New Jersey.[1] The partnership are known for their attempted purchase of the Starrett City housing complex in Brooklyn, New York, for $1.3 billion on February 8, 2007 in one of the largest real estate transactions in history.[2] New York's Mayor Michael Bloomberg expressed concerns over the new landlord's history of building violations.[3][4]

Clipper Equity LLC
HeadquartersNew York (state)
Area served
New York
New Jersey
Key people
David Bistricer
Sam Levinson

In June 2020, Clipper Equity has signed a $386 million funding deal at 77 Commercial Street in Greenpoint for its huge rental scheme. Bank of China received $286 million in debt; SL Green contributed $100 million; and an unidentified investor chipped through a slice of $25 million mezz. The loan has a three year period and two choices for a one-year extension.[5]

Controversy

Clipper Equity attempted to buy the Starrett City complex, the largest federally subsidised housing development in the United States, for a then record $1.3 billion on February 8, 2007.[2][3] The State of New York and the Federal Department of Housing and Urban Development expressed concerns, and on March 1, 2007, a US Federal Judge blocked the sale. According to the Associated Press, Housing Secretary Alphonso Jackson said Clipper Equity, the prospective buyer of the complex, failed to explain how it would remain an affordable community.

Due to past irregularities, Clipper Equity was banned for life in 1998 from converting apartments to condominiums or co-ops in New York State.[3][6][4] Exceptions to this ban are made on an individual project basis. For example, Clipper Equity has been given permission to sell apartments it is renovating in Downtown Brooklyn.

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gollark: Praise Rust! https://motherboard.vice.com/en_us/article/a3mgxb/the-internet-has-a-huge-cc-problem-and-developers-dont-want-to-deal-with-it <- random internet article says so.
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References
  1. Solomont, E.B (March 2016). "The Closing David Bistricer". The Real Deal.
  2. Bagli, Charles V. (2007-02-08). "Apartment Complex in Brooklyn Sold for $1.3 Billion". The New York Times. ISSN 0362-4331. Retrieved 2019-04-25.
  3. Pincus, Adam (Sep 2013). "Bistricer Gets Busy". The Real Deal.
  4. "Mayor wary of new Starrett owners". Archived from the original on 2007-08-31. Retrieved 2007-02-10.
  5. "FINANCINGClipper Equity lands financing for 77 Commercial Street". Daily Beat. 1 June 2020. Retrieved 18 July 2020.
  6. "New York Recorder Of Deeds". Retrieved 21 February 2019.
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