Clipper Realty Inc. Reaches Agreement With New York City On 40-Year Real Property Tax Exemption For Flatbush Gardens Property
Portfolio Pulse from Happy Mohamed
Clipper Realty Inc. (NYSE:CLPR) has reached a 40-year regulatory agreement with the New York City Department of Housing Preservation and Development for its 2,500-unit Flatbush Gardens property. The agreement includes a full abatement of real estate taxes, maintenance of current rents, and a commitment to make capital improvements over a three-year period. The deal is expected to be accretive to the company's AFFO and FFO.
July 05, 2023 | 12:33 pm
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POSITIVE IMPACT
The 40-year tax exemption agreement for Clipper Realty's Flatbush Gardens property is expected to be accretive to the company's AFFO and FFO. This could potentially boost the company's financial performance and attractiveness to investors.
The tax exemption agreement will reduce Clipper Realty's tax burden for the next 40 years, potentially improving its bottom line. The commitment to maintain current rents and make capital improvements could also enhance the property's value and generate stable revenue, which could attract investors and positively impact the company's stock price.
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IMPORTANCE 80
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