Clipper Realty is a New York City-focused REIT that owns and operates multifamily residential and commercial properties in Manhattan and Brooklyn. Residential rentals drive roughly 78% of revenue, with commercial and retail making up the rest. The residential portfolio includes Tribeca House in Manhattan, several smaller market-rate Brooklyn buildings (Clover House, Aspen, Pacific House, and Dean Street), and Flatbush Gardens — a 2,494-unit, 59-building complex in Brooklyn and the largest single asset in the portfolio. Flatbush Gardens operates under a 40-year regulatory agreement with New York City that provides full property tax abatement in exchange for affordability commitments and capital improvements. Market-rate properties run rents of roughly $70–$96 per sq ft on new leases, while Flatbush Gardens averages around $31 per sq ft under rent stabilization. The commercial segment consists of two Brooklyn office buildings on Livingston Street, historically anchored by long-term leases from the City of New York. The City's lease at 250 Livingston expired in August 2025, removing a meaningful chunk of commercial revenue and leaving Clipper to reposition a large block of office space. Clipper finances its portfolio with non-recourse, non-cross-collateralized, predominantly fixed-rate debt at the asset level. Growth levers include organic rent increases at market-rate properties, growing rental supplements at Flatbush Gardens under the Article 11 framework, and lease-up of recently developed properties, particularly Dean Street, which opened in mid-2025.