Clipper Realty Inc. Completes $68.1 Million Initial Public Offering

February 15, 2017

Clipper Realty Inc., a REIT focused on multi-family residential and commercial properties in the New York metropolitan area, completed its initial public offering of 5,700,000 shares of common stock and listing on the New York Stock Exchange, at an initial public offering price of $13.50 per share. Clipper sold 5,590,149 new shares, raising proceeds of approximately $68.1 million, while selling shareholders sold an aggregate of 109,851 existing shares.

Clipper's structure includes an operating partnership in which Clipper serves as the general partner that then serves as the managing member of several property-owning limited liability companies. Ownership interests held by the previous investors in these “down-REIT” entities are exchangeable for shares of common stock of Clipper. Holders of those ownership interests also hold special voting stock issued by Clipper, allowing them to vote with Clipper common stockholders.

The S&C team that represented Clipper included Joseph Shenker, Robert Downes, Abigail Yevnin, Akta Joshi, Camilla Johnson and Zachary Levine. Andrew Mason, David Spitzer, Jameson Lloyd and Lauren Citrome advised on tax matters. Heather Coleman, Joshua Lerner and Sarah Remmer Long advised on executive compensation and benefits matters.