Clipper Equity’s David Bistricer borrows $329M from New York Community Bank for property in Brooklyn

Clipper Equity’s David Bistricer through the entity Renaissance Equity Holdings LLC A as borrower signed a loan agreement with lender New York Community Bank valued at $329 million for 7 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 2,496 residential units at 1401 New York Avenue, 3202 Foster Avenue, 1368 New York Avenue, 3505 Foster Avenue, 3101 Foster Avenue, and others in Brooklyn. The deal closed on May 8, 2020 and was recorded on May 13, 2020.

The loan package includes $83 million in new debt on top of the refinancing of $246 million provided in February 2018 by New York Community Bank.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $32,820.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link