Clipper Equity pays $50M to Durst Organization for dev site in East Harlem

Clipper Equity through the entity 1800 Park Property Owner LLC paid $50 million to Durst Organization through the entity 1800 Fee Owner LLC for the development parcel (V1) at 1800 Park Avenue in East Harlem, Manhattan. The expected use is ground up development.
The deal closed on November 25, 2025 and was recorded on December 1, 2025. The property has zero square feet of built space and 362,810 square feet of additional air rights for a total buildable of 362,810 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $137 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 1, 2016, for $91 million. The signatory for Durst Organization was Alexander Durst . The signatory for Clipper Equity was David Bistricer . The contract date was May 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Clipper Equity had purchased any other properties and sold one property in one transaction for a total of $45.5 million over the past 24 months.
The seller Durst Organization had not purchased any other properties and sold 85 properties in six transactions for a total of $252.8 million over the same time period.

The property

The parcel has frontage of 201 feet and is 215 feet deep with a total lot size of 36,281 square feet. The lot is irregular. The zoning is C4-7 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $760 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.6 times the average sales volume among other neighborhoods with $468.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem has 1.8 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 29 commercial properties representing 252,973 square feet of the 341,999 square feet. The largest owner is Durst Organization, followed by New York City Housing Authority and then Touro College.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 341,999 square feet of built space are elevator buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Durst Organization owned at least 49 commercial properties with 2,194 residential units in New York City with 9,658,393 square feet and a city-determined market value of $4 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.3 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Bank of America respectively. Within the portfolio, the bulk, or 81 percent of the 9,658,393 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that Clipper Equity owned at least 32 commercial properties with 7,500 residential units in New York City with 6,295,202 square feet and a city-determined market value of $754.5 million. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Valley National Bank, JPMorgan Chase, and Bank of China respectively. Within the portfolio, the bulk, or 83 percent of the 6,295,202 square feet of built space are elevator properties, with D6 properties next occupying 9 percent of the space. The bulk, or 62 percent of the built space, is in Brooklyn, with Manhattan next at 38 percent of the space.

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