Clipper Realty Inc. (NYSE:CLPR) entered into a contract to acquire Aspen residential property in Manhattan from 100 Street Tri Venture L.L.C for approximately $100 million on January 6, 2016. Capital One has provided $70 million mortgage with a 12 year term at 3.875% per annum in acquisition financing. The debt was arranged by Meridian Capital Group.

The acquisition is subject to approval by the New York City Housing Development Corporation. Shimon Shkury, Victor Sozio and Michael A. Tortorici of Ariel Property Advisors acted as brokers for 100 Street Tri Venture.