secwatch.observer — SEC 8-K summary
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Issuer:     Clipper Realty Inc. (CLPR)
CIK:        0001649096
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001437749-24-005917
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 1.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649096/000143774924005917/0001437749-24-005917-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649096/000143774924005917/clpr20240228_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-005917

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