Clipper Realty has reached a 40-year regulatory agreement with the New York City Department of Housing Preservation and Development (HPD) under Article XI of the Private Housing Finance Law. The agreement grants Flatbush Gardens, Clipper Realty’s 59-building complex in Brooklyn, full abatement of real estate taxes for 40 years. It also requires maintenance of current rents with annual adjustments as well as capital improvements over a three-year period estimated at $27 million.
The property consists 2,494 apartments that have been rent stabilized since its inception and includes commitments to affordable housing, vacant unit set-asides and wage guidelines for employees. The NYC Housing Partnership serves as the project’s not-for profit sponsor. This long term agreement will ensure that Flatbush Gardens remains an affordable living option in Brooklyn for decades to come while providing stability to tenants through tax abatements and rent stabilization measures
