Clipper Equity signs $139M refi with New York Community Bank for two rentals in Manhattan

Clipper Equity through the entity 4611 Associates LLC as borrower signed a cross collateralization loan with lender New York Community Bank through the entity New York Community Bank valued at $139 million for two rentals including the 209-unit rental (D8) at 70 Battery Place in Battery Park City, Manhattan and 153-unit rental (D7) at 17-25 West 86th Street in Upper West Side, Manhattan.
The deal closed on June 1, 2021 and was recorded on October 6, 2021.
The two properties have 372,263 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $373 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 signatory for Clipper Equity was David Bistricer.
(121625651)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 107 residential units on March 8, 2019.

There was a condominium project filed with the address 21 West 86th Street and the name 21 West 86th Street Condominium on April 22, 2019. The principals of the sponsor, Brewster Condominium Llc, was David Bistricer. link
The owners according to the Department of Housing Preservation and Development includes Jacob Bistricer, head officer and Vivian Bui, agent. The business entity is Brewster 2016 Llc.

Within a 400-foot radius of 17-25 West 86th Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $600,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $615,700. The most recent of these two items was the permit on August 4, 2021 for a 7,219-square-foot R-2 building with six residential units at 55 West 86th Street.
Of those seven items, two were sales above $5 million totaling $24.5 million. The most recent of the two was Douglas Hodge and Kylie Schuyler which bought the 5,860-square-foot, four-unit four-family building (C3) on 5 West 87th Street for $7.6 million from Kevin Wolf and Pam Wolf on June 3, 2021.
Of those seven items, three were loans above $5 million totaling $53.8 million. The most recent of the three was Emerald Equity Group and Black Spruce Capital which borrowed $7.0 million from Tweed Capital secured by the 4,390-square-foot, 10-unit rental (D1) on 42 West 88th Street and two other properties on January 22, 2021.

Direct link to Acris document. link