Company: CLPR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001437749-25-003988
Chunk: 63

Company: Clipper Realty Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 63
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 Company subsequently repositioned the apartments and leased them at market rates.
 
Property highlights include:
 

          Location            •            10 West 65th Street         
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Building Type                 •   Residential                          
Number of Units               •   82                                   
Amenities                     •   Elevator                             
Nearby Rapid Transit Access   •   MTA Subway A, B, C, D, 1, 2, 3 trains
 
The 10 West 65th Street property is encumbered by a mortgage note to New York Community Bank, entered into in connection with the acquisition of the property, with a balance of $31.4 million as of December 31, 2024. The note matures on November 1, 2027, and bore an interest rate of 3.375% through October 2022 at which time it was scheduled to reset to the prime rate plus 2.75%, subject to an option to fix the rate. On August 26, 2022, the Company signed an amendment to the note that changed the benchmark and spread used from LIBOR plus 2.75% to 1-Month CME term SOFR plus 2.5%, rounded up to the nearest 1/8th and reset monthly. The benchmark rate at December 31, 2024 was 4.75%. The note required interest-only payments through November 2019, and monthly principal and interest payments thereafter based on a 30-year amortization schedule.  We have the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
 
1010 Pacific Street
 
In November 2019, the Company purchased the 1010 Pacific Street property in the Prospect Heights neighborhood of Brooklyn for $31 million. The Company redeveloped the property as a fully amenitized residential building with 115,000 square feet of leasable area. Amenities include on-site parking, media room, fitness center, library bridge, co-working lounge, kids’ playroom & gym, outdoor deck bar & lounge and pet spa. The building has 175 total units, 70% of which will be leased at market rates and 30% of which will be designated as affordable housing.
 
Property highlights include:
 

          Location            •           1010 Pacific Street         
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Building Type                 •   Residential                         
Number of Units               •   175                                 
Amen