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Clipper Equity Forms New REIT

Clipper Equity Forms New REIT

Clipper Equity’s David Bistricer has announced that he has raised $144M to form a REIT focused on value-add, called Clipper Realty. The REIT will bring in some properties from Clipper’s current assets, but the Brooklyn developer has not yet disclosed which properties will become part of the REIT. Clipper’s more famous properties—the former Sony Building at 550 Madison Ave (one of the most expensive apartment units in the city) and the former Cabrini Medical Center in Gramercy—were converted to condos as part of Clipper's partnership with Joseph Chetrit, Bistricer's frequent collaborator who's not involved with the new REIT, The Real Deal reports. The new REIT will have three directors: Greenberg Traurig chairman Robert Ivanhoe, Douglas Elliman chair and Vector Group CEO Howard Lorber, and Iron Hound founder Robert Verrone. The REIT will soon be listed on the NYSE.  [TRD]