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.

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