Clipper Equity LLC is a partnership led by

David Bistricer David Bistricer (born August 10, 1949) is a New York-based real estate developer and the founder and principal of Clipper Equity. His firm focuses on the conversion of non-residential buildings to residential uses. Early life and education Bis ...

and Sam Levinson. The firm owns more than 60 buildings, with thousands of residential units, in New York and New Jersey. The partnership are known for their attempted purchase of the

Starrett City Starrett City (also known as the Spring Creek Towers) is a housing development in the Spring Creek section of East New York in the New York City borough of Brooklyn. It is located on a peninsula on the north shore of Jamaica Bay, bounded by Fr ...

housing complex in

Brooklyn, New York Brooklyn is a Boroughs of New York City, borough of New York City located at the westernmost end of Long Island in the New York (state), State of New York. Formerly an independent city, the borough is coextensive with Kings County, one of twelv ...

, for $1.3 billion on February 8, 2007 in one of the largest real estate transactions in history. New York's Mayor

Michael Bloomberg Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and politician. He is the majority owner and co-founder of Bloomberg L.P., and was its CEO from 1981 to 2001 and again from 2014 to 2023. He served as the 108th mayo ...

expressed concerns over the new landlord's history of building violations.

Controversy

Clipper Equity attempted to buy the

complex, the largest federally subsidised housing development in the United States, for a then record $1.3 billion on February 8, 2007. The State of New York and the Federal Department of Housing and Urban Development expressed concerns, and on March 1, 2007, a US Federal Judge blocked the sale. According to the Associated Press, Housing Secretary Alphonso Jackson said Clipper Equity, the prospective buyer of the complex, failed to explain how it would remain an affordable community. Due to past irregularities, Clipper Equity was banned for life in 1998 from converting apartments to condominiums or co-ops in New York State. Exceptions to this ban are made on an individual project basis. For example, Clipper Equity has been given permission to sell apartments it is renovating in

Downtown Brooklyn Downtown Brooklyn is the third-largest central business district in New York City (after Midtown Manhattan, Midtown and Lower Manhattan), and is located in the northwestern section of the borough (New York City), borough of Brooklyn. The neighb ...

References

External links

Clipper Equity Website
{{DEFAULTSORT:Clipper Equity Llc Real estate companies of the United States Companies based in New York (state)