Clipper Realty Inc. filings document a Maryland real estate company that owns and operates multifamily residential and commercial properties through subsidiaries and an operating partnership. Recent Form 8-K disclosures record quarterly results, property-level mortgage financings, loan modifications, refinancing transactions, lease matters, default notices and related lender litigation involving specific New York assets.
The company's proxy materials cover annual meeting matters, including director elections and board governance. Its filings also describe guarantees by Clipper Realty L.P., subsidiary borrowers, secured property debt, and risk areas tied to residential leasing, commercial tenants, asset sales and capital commitments.
Clipper Realty Inc. granted Chief Property Management Officer Jacob Schwimmer 76,637 Long Term Incentive Plan (LTIP) units on February 26, 2026 at a price of $0 per unit. Following this award, he directly holds 1,172,938 derivative securities tied to the company.
The LTIP units are a class of units in Clipper Realty L.P., the company’s operating partnership. They will vest in full on January 1, 2029 and then may be converted into an equivalent number of operating partnership units, which can be redeemed for cash equal to the company’s common share price or, at the company’s election, one share of common stock per unit.
Clipper Realty Inc. Chief Operating Officer Jacob Bistricer received a grant of 76,637 Long Term Incentive Plan (LTIP) units on February 24, 2026. These LTIP units vest in full on January 1, 2029 and can then be converted into operating partnership units, which are redeemable for cash or common stock.
LORBER HOWARD M reported acquisition or exercise transactions in this Form 4 filing.
Clipper Realty Inc. director Howard M. Lorber reported an equity-based compensation grant consisting of 7,961 Long Term Incentive Plan (LTIP) Units of Clipper Realty L.P. on February 24, 2026, at a stated price of $0.00 per unit. Following this award, he directly holds 34,960 LTIP Units.
The LTIP Units are convertible, after vesting, into an equal number of operating partnership (OP) units, which may then be redeemed for cash equal to the price of one common share of Clipper Realty Inc. or, at the company’s election, one share of its common stock. The grant vests in four equal 25% installments on March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026.
Clipper Realty Inc. director Harmon Spolan received a grant of 7,961 Long Term Incentive Plan (LTIP) units of Clipper Realty L.P. on February 24, 2026 at a price of $0.00 per unit. Following this award, Spolan directly holds 33,293 LTIP units.
The LTIP units are a class of operating partnership units that, once vested, can be converted into an equivalent number of OP Units of Clipper Realty L.P. Each OP Unit can then be redeemed for cash equal to the market price of one Clipper Realty Inc. common share or, at the company’s election, one share of common stock. The LTIP units vest in four equal 25% installments on March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026, and the conversion and redemption rights do not expire.
Clipper Realty Inc. reported that Co-Chairman and CEO David Bistricer acquired long term incentive plan units through two equity awards. On February 24, 2026, he was granted 91,964 LTIP Units and an additional 164,003 LTIP Units at no cash cost.
The LTIP Units are issued by Clipper Realty L.P., the operating partnership. Upon vesting, each LTIP Unit can be converted into one operating partnership unit, which may then be redeemed for cash equal to the price of one common share or, at the company’s election, one share of common stock. One award vests in full on January 1, 2027 and the other on January 1, 2029, and the related conversion and redemption rights do not have expiration dates.
Clipper Realty Inc. reported weaker results for the fourth quarter of 2025. Revenue was $37.1 million versus $38.0 million a year earlier, as strong residential growth could not offset sharply lower office income.
Residential rental revenue rose to $30.9 million from $28.2 million on higher rents and occupancy, including contributions from the new Prospect House property. Commercial revenue fell to $6.2 million from $9.8 million after New York City terminated its lease at the 250 Livingston Street office property.
Income from operations declined to $8.1 million from $10.7 million, while net loss widened to $11.3 million, or $0.30 per share, from $1.1 million, or $0.05 per share. Adjusted funds from operations dropped to $1.7 million from $8.1 million. The company declared a quarterly dividend of $0.095 per share.
Clipper Realty Inc. reports on a highly concentrated New York City multifamily and commercial portfolio, with all eight income‑producing properties in Manhattan and Brooklyn as of December 31, 2025. Revenue is heavily weighted to residential rents, which contributed approximately 78% in 2025.
The company faces major tenant and financing pressures. Two large office leases with agencies of the City of New York, which contributed approximately 18% of total revenues in 2025 and 22% in 2024, terminated or expired in August and December 2025. Clipper has not replaced the City at 250 Livingston Street and is only on a holdover basis at 141 Livingston Street while a five‑year extension is being finalized, with no assurance of completion.
At 250 Livingston Street, a $125 million mortgage is in default, with the lender pursuing remedies including potential foreclosure after missed payments and cash‑management disputes. At 141 Livingston Street, the company resolved prior foreclosure litigation through a December 2025 loan modification that required a $10 million renewal tenant reserve letter of credit and approximately $2.2 million of fees, in exchange for dismissal of actions and approval of the five‑year lease extension.
Clipper also sold 10 West 65th Street on May 30, 2025, for gross proceeds of $45,500, recording $1,900 of closing costs, $800 of accrued interest paid at closing, a $31,200 mortgage repayment, a $33,780 impairment loss and an $857 disposal loss. As of December 31, 2025, total property‑level debt was $1,286.2 million and continuing investors held 26,317,396 Class B LLC units, representing 62.1% of the company’s common stock on a fully diluted basis.
Clipper Realty Inc. reports that its subsidiary 141 Livingston Owner LLC has modified the $100.0 million loan secured by its 141 Livingston Street property and settled related litigation. Under a Loan Modification Agreement effective December 30, 2025, the borrower provided a $10 million renewal tenant reserve account letter of credit and paid approximately $2.2 million in fees to the special servicer and lender’s counsel. In return, the lender waived claimed late charges and default interest, agreed to dismiss with prejudice pending foreclosure actions, and approved a previously submitted five-year lease extension with the property’s New York City tenant effective December 28, 2025.
Clipper Realty Inc. (CLPR) reported insider share purchases by a reporting person who is both a director and 10% owner. On December 29–31, 2025, the insider completed several "P"-coded transactions in the company’s common stock, buying blocks such as 22,599 shares, 10,895 shares, 19,558 shares and 2,793 shares at weighted average prices around $3.70–$3.79 per share, with detailed price ranges noted in footnotes.
Following these transactions, the insider held common stock both directly and through various indirect vehicles, including profit-sharing plans and entities such as Trapeze Inc., Trapeze D Holdings LLC and ECL Holdings LLC. The filing also lists substantial holdings of a separate class of Special Voting Stock, which provides one vote per share but no right to distributions, and is tied to Class B LLC Units that can be exchanged together with this voting stock for cash equal to the fair market value of, or one share of, common stock.
Clipper Realty Inc. reports that its subsidiary 250 Livingston Owner LLC has been declared in default on a $125.0 million loan secured by the 250 Livingston Street property in Brooklyn. The special servicer for the loan’s trust notified the borrower that it failed to pay all amounts due and may face actions including foreclosure or reconveyance of the collateral. The company believes it owed about $3.4 million in interest and default interest as of December 22, 2025.
The company is negotiating a Consent and Cooperation Agreement with the lender related to a potential sale of the 250 Livingston property, though there is no assurance a deal will be completed. Separately, for the 141 Livingston Street property, Clipper Realty anticipates an agreement under which it would provide a $10 million letter of credit and pay fees up to $3 million, while the lender could waive claimed penalties and default interest, dismiss foreclosure actions with prejudice, and approve a five-year lease extension with the main New York City tenant effective December 28, 2025. This agreement is also not assured.