Company: CLPR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001437749-25-003988
Chunk: 70

Company: Clipper Realty Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 70
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 units in the Operating Partnership.
 
On May 9, 2017, the Company completed the purchase of 107 Columbia Heights (since rebranded as “Clover House”), a 158-unit apartment community located in Brooklyn Heights, New York, for $87.5 million.
 
On October 27, 2017, the Company completed the acquisition of an 82-unit residential property at 10 West 65th Street in Manhattan, New York, for $79.0 million.
 
On November 8, 2019, the Company completed the acquisition of property located at 1010 Pacific Street in Prospect Heights, New York, for $31.0 million.
 
During the period December 2021 through April 2022, the Company purchased the Dean Street property located in Prospect Heights, New York, for approximately $48.5 million.
 
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As of December 31, 2024, the Company owned:
 

•   two neighboring residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan;
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•   one residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings;                          
•   two primarily commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment units);                    
•   one residential/retail rental property at 1955 1st Avenue in Manhattan;                                                             
•   one residential rental property at 107 Columbia Heights in the Brooklyn Heights neighborhood of Brooklyn;                           
•   one residential rental property at 10 West 65th Street in the Upper West Side neighborhood of Manhattan;                            
•   one residential rental property at 1010 Pacific Street in the Prospect Heights neighborhood of Brooklyn; and                        
•   the Dean Street property, to be redeveloped as a residential/retail rental building.                                                
 
These properties are located in the most densely populated major city in the United States, each with immediate access to mass transportation.
 
The Company’s ownership interest in its initial portfolio of properties, which includes the Tribeca House, Flatbush Gardens and the two Livingston Street properties, was acquired in the formation transactions in connection with the private offering. These properties are owned by the LLC subsidiaries, which are managed by the Company through the Operating Partnership. The Operating Partnership’s interests in the LLC subsidiaries generally entitle the Operating Partnership to all cash distributions from, and the profits and losses of, the LLC subsidiaries other than the preferred distributions to the continuing investors who hold Class B