Clipper lands loan for $79M UWS rental buy

Clipper paid Touro $79M for 10 W. 65th Street

TRD New York /
Oct.October 30, 2017 01:30 PM

10 West 65th Street and David Bistricer

David Bistricer’s Clipper Realty sewed up $34.5 million in financing for its acquisition of an Upper West Side rental building, the landlord told The Real Deal.

New York Community Bank provided the 10-year loan, which has an interest rate of 3.3 percent. Clipper closed on the 82-unit building, located at 10 West 65th Street, for $79 million on Friday, he said.

“It’s an unbelievable basis,” said Bistricer, describing the six-story property as having good bones and being in a great location, about half a block from Central Park.

Meridian Capital’s Ralph Herzka arranged the financing after the real estate investment trust went into contract on the property in May. Touro bought the building for $44 million in 2008 from Extell Development, which snapped up the rental for $23 million in 2004 and renovated about half the units before selling the property.

Rosewood Realty Group’s Aaron Jungreis and Devin Cohen brokered the sale on behalf of Touro.

At $79 million, Clipper paid $585 per square foot for the 82,230-square-foot building, plus an additional 53,000 square feet of air rights. Earlier this year, Bistricer told TRD the acquisition would be financed with a mortgage and cash on hand. Clipper will invest “incremental” capital to enhance the property.

In 2016, New York Community Bank gave Clipper a $104 million loan to buy the Brewster at 21 West 86th Street.

Clipper has made several acquisitions since its $86 million IPO last year.

In its first deal as a public firm, Clipper bought a 161-unit rental building at 107 Columbia Heights from the Jehovah’s Witnesses. Clipper landed $74 million from the Blackstone Group for the $87.5 million deal.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Starwood Capital Group CEO Barry Sternlicht (Getty)

Starwood eyes $11B raise for real estate, distressed bets

Starwood eyes $11B raise for real estate, distressed bets
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
NY Community Bank president Joseph Ficalora

NYC’s biggest multifamily lender says rent collections are holding steady

NYC’s biggest multifamily lender says rent collections are holding steady
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...