Clipper Realty's NYC tenant terminates 342,496 sq ft lease; $15.4M annual rent at risk

Clipper Realty Inc.

NYC notified Clipper Realty of intent to terminate lease at 240-250 Livingston Street effective August 23, 2025.
Lease provides $15.4 million per annum in rent; company may be unable to replace tenant at comparable rates.
Building is encumbered by $125.0M mortgage note (3.63% interest, maturity June 6, 2029) with Citi Real Estate Funding Inc.
Company expects to establish cash management account for lender under loan agreement following lease termination.
Potential adverse effects on financial condition, results of operations, and cash flow if space not re-leased on favorable terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clipper Realty Inc. terminated Lease with The City of New York valued at $15.4 million per annum (effective 2025-08-23).

Action: termination
Agreement: lease
Counterparty: The City of New York
Value: $15.4 million per annum
Effective: 2025-08-23

Exact text from the filing

Clipper Realty Inc, (the “Company”), through its subsidiary 250 Livingston Owner LLC (“250 Livingston Owner”), leases to The City of New York, a municipal corporation acting through the Department of Citywide Administrative Services (“NYC”), 342,496 square feet of office space located at 240-250 Livingston Street, Brooklyn, NY (the “Building”), pursuant to a lease agreement dated as of May 8, 2019 (the “Lease”).

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Source: SEC EDGAR

accession 0001437749-24-005917

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