Clipper Equity Nabs $104M NYCB Loan for $173M UES Multifamily Buy
David Bistricer’s Clipper Equity has purchased a 15-story, 140-unit Art Deco multifamily building on the Upper West Side for $172.5 million, according to property records filed with the city today.
The New York-based development firm bought The Brewster at 21 West 86th Street on Nov. 1 and funded its acquisition with a $104 million mortgage from New York Community Bank. Based on the sale price, the debt carries a loan-to-value ratio of roughly 60 percent, but no further details of the financing was immediately available.
The seller, Barings Real Estate Advisers, a subset of global asset management firm Barings, bought the 142,000-square-foot building and ground lease in June 2012 for $98 million, as Commercial Observer previously reported.
The Brewster, which is between Central Park West and Columbus Avenue, was built in 1927 and is comprised of two-, three- and four-bedroom apartments, some of which are rent-regulated, according to Crain’s New York Business. A two-bedroom, two-bathroom unit has a monthly asking rent of $7,695 while a four-bedroom, four-bathroom goes for $21,995, according to the building’s website. The property recently underwent a significant renovation, and has a 24-hour concierge, a children’s playroom, a pet spa, a rooftop garden and a health club.
Clipper Equity’s purchase of the rental building shortly follows its buy of The Aspen, a 232-unit rental building at 1955 First Avenue. Capital One provided a $70 million acquisition loan for the firm’s $103 million buy of the East Harlem property in June, Commercial Observer reported at the time.
Clipper Equity did not immediately return a request for comment via a spokeswoman, and the spokesman for Barings did not reply to an inquiry about the sale.