NEW YORK–(BUSINESS WIRE)–Clipper Realty Inc. (NYSE:CLPR) (the “Company”) is pleased to announce
that the City of New York’s Department of Citywide Administrative
Services (the “City”) has approved and countersigned the lease for
renewal of its commercial leases at the 250 Livingston Street property.
As previously disclosed, the new lease will have a ten-year term
commencing upon expiration of the current leases in August 2020. The
Company expects the new lease to initially add approximately $5.0
million to the property’s annual net operating income, net of
adjustments based on current expense levels.
About Clipper Realty
Clipper Realty is a self-administered and self-managed real estate
company that acquires, owns, manages, operates and repositions
multifamily residential and commercial properties in the New York
metropolitan area, with a portfolio in Manhattan and Brooklyn. For more
information on the Company, please visit www.clipperrealty.com.
Forward-Looking Statements
Various statements contained in this press release, including those that
express a belief, expectation or intention, as well as those that are
not statements of historical fact, are forward-looking statements. These
forward-looking statements may include estimates concerning future
income and the success of specific properties. Our forward-looking
statements are generally accompanied by words such as “estimate,”
“project,” “predict,” “believe,” “expect,” “intend,” “anticipate,”
“potential,” “plan” or other words that convey the uncertainty of future
events or outcomes. The forward-looking statements in this press release
speak only as of the date of this press release.
We disclaim any obligation to update these statements unless required by
law, and we caution you not to rely on them unduly. We have based these
forward-looking statements on our current expectations and assumptions
about future events. While our management considers these expectations
and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other risks,
contingencies and uncertainties, most of which are difficult to predict
and many of which are beyond our control and which may cause our actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements. For a discussion of these and other
important factors that could affect our actual results, please refer to
our filings with the SEC, including the “Risk Factors” section of our
Annual Report on Form 10-K for the year ended December 31, 2018, and
other reports filed from time to time with the SEC.
Contacts
Michael Frenz, Head of Capital Markets
(718) 438-2804 x2274
M:
(917) 576-7750
Email: [email protected]
