CLIPPER EQUITY COMPLETES $20 MILLION RENOVATION TO FLATBUSH GARDENS

NEW YORK CITY — New York-based Clipper Equity has completed an approximately $20 million renovation to Flatbush Gardens, a rent-stabilized apartment community located in the East Flatbush section of Brooklyn, New York City. Situated on 30 acres bounded by Newkirk, Nostrand, Farragut and Brooklyn avenues, Flatbush Gardens consists of 59 six-story brick buildings containing 2,469 units. The apartments range from studio to three-bedroom and rents range from $900 to $1,550 per month. Capital improvements to the property included new elevators in each building, updated boiler systems, new roofs for 40 percent of the buildings, repairs to the exterior masonry, the installation of a new laundry facility, the replacement of the mail room with a 24-hour center, new interior and exterior cameras, repairs to front-door intercoms, and the addition of a 24-hour, on-site security staff. In addition, a new courtyard designed by GreenbergFarrow will be complete this spring. Clipper Equity first acquired the community in 2005.