Clipper Equity ups debt by $26M to $100M from Citigroup for office property in Downtown Brooklyn

David Bistricer’s Clipper Equity through the entity 141 Livingston Owner LLC as borrower signed a loan agreement with lender Citigroup’s Citi Real Estate Funding Inc. valued at $100 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 32 Smith Street in Downtown Brooklyn. The deal closed on February 18, 2021 and was recorded on March 3, 2021.
The property contains a total of 193,195 square feet of built space.
The average loan per buildable square foot is $518.
The financing increased the debt by nearly a third, adding $26 million to $73 million, which is the remainder of the original $79.5 million principal.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 19, 2014.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $455,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.
The signatory for the lender was Tina Lin.