Clipper Equity Sells Williamsburg Apartments For $123M

David Bistricer’s Clipper Equity has notched a big sale in Brooklyn. 

Clipper Equity sold the 144-unit property at 130 Hope Street in Williamsburg for $122.5 million. Eric Mann’s Mann Group was the buyer. The building contains 70 percent market-rate rentals and 30 percent regulated affordable rentals, according to Alex Fuchs, a broker on the sale with Rosewood Realty Group. 

The rental building was constructed in 2022 under New York’s 421a tax abatement program, offering developers a property tax abatement for building rental apartments. In the most recent iteration of the program, developers needed to set aside a certain share of units to be regulated as affordable housing to participate. 

Dubbed Casa Hope, the property at 130 Hope Street has more than 30 years left on its abatement. 

“With a 35-year 421-a tax abatement in place, buyers benefit from decades of low property taxes paired with a mainly free market building,” Fuchs said in a statement. 

The seven-story building has 143 residential units and one commercial unit, leased to breakfast cafe Bodhi But Hungry. The most recently leased free-market studio apartments in the building were asking between $3,800 and $4,210 per month, according to StreetEasy. The most recently leased one-bedroom apartments in the complex were asking between $4,500 and $5,675.

The Rosewood team that brokered the off-market sale included Fuchs, Aaron Jungreis and Ben Khakshoor. 

Representatives for Clipper and Mann Group did not immediately respond to requests for comment.

Williamsburg continues to attract investor interest in newly constructed multifamily buildings.

Earlier this summer, Delshah Capital purchased two mixed-use residential buildings on Brooklyn’s Grand Street for $85.3 million. 

Those included 227 Grand Street, containing 41 apartments, 10 retail spaces and 21 parking spots, and developed in 2013 by investor Toby Moskovits. The firm also snapped up 456 Grand Street, another property covered under 421a with 52 apartments, two retail spaces and a 50-space parking garage.

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