Brooklyn developer David Bistricer is forming a real estate investment trust to fund future acquisitions, The Real Deal has learned.
Bistricer, who’s made a series of major acquisitions in recent years with frequent collaborator Joseph Chetrit, said he has raised $144 million in equity so far.
The REIT is to be called Clipper Realty Inc., according to regulatory filings.
It will be listed on the New York Stock Exchange sometime in the “next few months” with a focus on “strategic, value-add” investments, ” Bistricer told TRD in an interview Tuesday.
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Some of Clipper’s current assets may be folded into the REIT, he added, but declined to say which ones. Clipper’s portfolio includes trophy towers such as the former Sony Building at 550 Madison Avenue and the former Cabrini Medical Center in Gramercy, both condominium conversion projects owned in partnership with the Chetrit Group.
The lion’s share of the equity raised would be used for “future acquisitions, ” Bistricer said.
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The Real Deal , By E.B. Solomont
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