Clipper Equity closes in on purchase of Battery Park City rental

David Bistricer's firm reportedly obtained a $50M mortgage to buy the building

TRD New York /
Aug.August 27, 2014 11:08 AM

Riverwatch, a 209-unit rental building at 70 Battery Park Place, has been sold to David Bistricer’s Clipper Equity for $73.6 million, property records show.

Clipper Equity is reportedly in the final stages of getting approval from lenders and regulators to close on the deal and is likely to take over the title of the building by the end of August, according to the Broadsheet Daily.

While it’s unclear what the sale price is, Broadsheet is reporting that Clipper took out a $50 million mortgage.

Bistricer — who runs the family business — has been involved in several sizable transactions in recent years, including the purchase of The Sony Building On Madison Avenue.

When Riverwatch opened in 1999, all of its units were rent stabilized. The building has been designated as an “80-20 site,” which is part of Mayor Bill de Blasio’s affordable housing plan. [The Broadsheet Daily] — Claire Moses 

Related Article

Fearless Girl and Charging Bull statues, and an aerial view of Battery Park (Credit: Getty Images)

Resi sales are slow in Battery Park City, while FiDi sees uptick

David Bistricer and 21 West 86th Street (Credit: Studio Scrivo, Google Maps)

Clipper Equity plans $204M conversion of UWS rental

Clipper Equity will soon make $15M a year from the city at 250 Livingston. And it may be a below-market deal.

Brokerages sue former owners of Battery Park Ritz-Carlton for unpaid commission

Clipper Equity buys out Chetrit at 720-unit Greenpoint project

FiDi sales are still falling as homes sell at
a discount

Clipper Equity gets $136M refi for GWB apartment complex

Clipper Equity, Chetrit land $99M loan for “haunted” Brooklyn resi complex