Clipper Realty Inc. (CLPR): M&A transaction — Clipper Realty completes sale of NYC property for $45.5M, repays $31.2M mortgage

Clipper Realty Inc.

Gross sale price $45.5M; after closing costs (~$1.9M) and mortgage payoff ($31.2M + $0.8M interest), net cash proceeds ~$13.8M.
Property at 10 West 65th St sold to unaffiliated buyer; mortgage to Flagstar Bank fully repaid without penalty.
Pro forma financials show annual revenue reduced by ~$4.1M and operating expenses by ~$3.4M (based on 2024 data).
Sale generated a pro forma loss on disposition of $0.5M; net loss per share improves from ($0.25) to ($0.20) for FY 2024.
Company received $1.1M in previously deposited property tax escrow and debt reserves upon mortgage release.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Clipper Realty Inc. completed a disposition involving 10 West 65, LLC for gross proceeds of $45.5 million less approximately $1.9 million in closing costs (closed 2025-05-30).

Action: disposition
Counterparty: 10 West 65, LLC
Consideration: gross proceeds of $45.5 million less approximately $1.9 million in closing costs
Closing: 2025-05-30

Exact text from the filing

On May 30, 2025, the Company completed the sale of the Property (the “Sale Transaction”) pursuant to the Purchase and Sale Agreement (the “Agreement”) with 10 West 65, LLC, a limited liability company not affiliated with the Company (“Purchaser”) dated as of April 2, 2025 (the “Effective Date”) for gross proceeds of $45.5 million less approximately $1.9 million in closing costs.

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Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-25-019578

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