Clipper Equity closes in on purchase of Battery Park City rental
David Bistricer's firm reportedly obtained a $50M mortgage to buy the building
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