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Deals & Dealmakers

Clipper Realty in contract to buy 10 West 65th for $79M

Clipper Realty is in contract to buy 10 West 65th Street, an 82-unit multifamily property in the Upper West Side.

The firm bought the 82,000 s/f property for $79 million or $585 per s/f. The deal also includes the property’s 53,000 s/f of air rights. In a statement, the firm said that they plan to finance the acquisition with a combination of mortgage debt and cash on hand. Clipper also plans to invest additional capital to renovate the property.

The six-story pre-war building, located between Columbus Avenue and Central Park West, was put on the market in December 2015 for $115 million. The apartments in the property average 920 rentable s/f each. Out of the 82 apartments (one is the Super’s unit), 35 are either rent-controlled or rent-stabilized. Meanwhile, the remaining 46 apartments were used by Touro College as dormitory space.

Touro College is the seller in the transaction. The institution bought the property in June 2008 for $44 million, according to property records.

The transaction expands Clipper Realty’s residential rental portfolio in Manhattan. It owns two neighboring residential properties at 50 Murray Place and 53 Park Place in Tribeca and the Aspen at 1955 First Avenue in East Harlem.

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