Company: CLPR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001437749-25-003988
Chunk: 56

Company: Clipper Realty Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 56
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835           503
   3505 Foster Avenue      4967      40          182,300              355,476           504
3202-24 Foster Avenue      4995      30          112,875              239,316           336
 1401 New York Avenue      4981       1          138,745              294,108           419
                Total                            898,940            1,748,671         2,494
 
Community District 17 is a mixed-income community. We believe Flatbush Gardens represents an entry-level, low-cost option in the market and that we will increasingly draw tenants who have been priced out of other New York City sub-markets. The neighborhood surrounding the Flatbush Gardens complex is residential on all sides. The Newkirk Avenue subway station, which is serviced by the No. 2 and No. 5 trains, is located on the west side of the complex. Brooklyn College is located 0.6 miles along Nostrand Avenue to the south of Flatbush Gardens. The No. 2 and No. 5 trains, which service both Flatbush Gardens and Brooklyn College, provide direct access to the west side and east side, respectively, of Manhattan, as well as other points in Brooklyn. Two large regional medical centers are located within a mile of the complex.
 
Property highlights include:
 

       Building Type          •              Residential           
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Number of Units               •   2,494                            
Amenities                     •   Park-like space between buildings
                              •   Parking lots                     
Nearby Rapid Transit Access   •   MTA Subway 2, 5 trains           
 
Flatbush Gardens is encumbered by a mortgage note to New York Community Bank with a balance of $329.0 million as of December 31, 2024. The note matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, 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.
 
141 Livingston Street
 
The 141 Livingston Street property is