Clipper Realty Scores A Bargain On A Jehovah's Witnesses Building
This one is the residential building at 107 Columbia Heights, which Clipper Realty has picked up for $88M, according to The Real Deal.
The 154k SF building was thought to be worth close to $1k/SF, but its price tag puts the sale at $569/SF. Clipper, which became a publicly traded entity just last week, plans to put 12 new apartments in the building, replacing some of its common space. The sale isn’t expected to close until May.
The 11-story building has been on the market since April. That same month, Kushner Cos, LIVWRK and RFR acquired the Jehovah's Witnesses’ 733k SF global HQ at 25-30 Columbia Heights for more than $700M.