Clipper Equity signs $84.5M refi for 175-unit rental in Crown Heights

Clipper Equity through the entity 1010 Pacific Owner LLC as borrower signed a refi loan with lenders Citibank and Morgan Stanley valued at $84.5 million for the 175-unit residential elevator building (D3) at 998-1010 Pacific Street in Crown Heights, Brooklyn.
The deal closed on October 1, 2025 and was recorded on October 28, 2025. The prior lender was Brookfield Asset Management which held debt that had an original loan amount of $80 million.The property has 165,024 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $512 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 owner bought the property on November 8, 2019, for $20.2 million. The signatory for Clipper Equity was David Bistricer . The signatory for Citibank and Morgan Stanley was Ana Rosu Marmann and Cynthia Eckes .

Prior sales and revenue

The 165,024-square-foot property generated revenue of $6.6 million or $40 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 175 residential units in Crown Heights has 165,024 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 235 feet and is 110 feet deep with a total lot size of 25,869 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $37.7 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 five housing violations and $200 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 14, 2025. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 33 commercial properties representing 5,750 square feet of the 63,450 square feet. The largest owner is Nadine N. Oelsner, followed by Clipper Equity and then Black Spruce Management.
On the tax block, there was one new building construction project filed totaling 31,580 square feet. It is a 46-unit, 31,580 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed December 10, 2021 and permitted March 23, 2022.

The majority, or 71 percent of the 63,450 square feet of built space are industrial buildings, with walkup buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Clipper Equity owned at least 31 commercial properties with 7,405 residential units in New York City with 6,184,273 square feet and a city-determined market value of $754.5 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as JPMorgan Chase, Bank of China, and Valley National Bank respectively. Within the portfolio, the bulk, or 85 percent of the 6,184,273 square feet of built space are elevator properties, with D6 properties next occupying 9 percent of the space. The bulk, or 61 percent of the built space, is in Brooklyn, with Manhattan next at 39 percent of the space.

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