D
avid Bistricer's Clipper Equity is facing financial uncertainty at 141 Livingston Street in Downtown Brooklyn, with a $100 million commercial mortgage-backed securities loan now 30 days delinquent. The loan was secured from Citi via the CMBS market in 2021, and while it hasn't yet landed on the special servicer watchlist, the situation is precarious. Bistricer had claimed that refinancing early would save his firm money, but a major challenge looms: the largest office tenant, the Department of Citywide Administrative Services, has recently leased space elsewhere and will vacate its current lease at the end of next year.

    The agency occupies 96% of the building's available space, alongside other city departments. This development echoes concerns at Clipper Realty's nearby property, 250 Livingston Street, where a looming void is expected after the Human Resources Administration and Department of Environmental Protection terminate their leases in August. The Adams administration plans to slash the municipal office footprint, adding to the pressure on Bistricer's firm as it struggles to fill the space left by departing tenants.