Clipper Equity Buys Harlem Development Site From Durst for $50M

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Read the Full Article on Commercial Observer - Click Here

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In a major Upper Manhattan transaction, Clipper Equity, led by David Bistricer, has acquired the long-delayed development site at 1800 Park Avenue in Harlem for over $50 million. The site, spanning approximately 36,000 square feet, offers more than 680,000 buildable square feet and sits across from the Harlem-125th Street Metro-North Station—one of the most visible and well-connected corners in Upper Manhattan.

The seller, Douglas Durst of the Durst Organization, had previously acquired the property in 2016 after a series of failed development attempts by former owners. The transaction was brokered by Bob Knakal, Chairman & CEO of BK Real Estate Advisors (BKREA).

Key Highlights

• Rare Scale in Harlem: At 36,000 SF with 680,000+ buildable SF, this fully excavated site offers a blank slate for large-scale development in a core Manhattan submarket.
  
• Prime Transit-Adjacent Location: Located across from the Harlem-125th Street Metro-North station, the site offers unparalleled access to Midtown and the outer boroughs.
  
• History of Unrealized Potential: This marks the fourth ownership change in 20 years, with past plans including office towers, multifamily towers, and mixed-use projects.
  
• Clipper Equity’s Strategic Investment: While future plans are undisclosed, the acquisition signals Clipper’s long-term belief in Harlem’s growth and their ongoing commitment to large-scale multifamily development in NYC.
  
• Brokered by Bob Knakal: BKREA’s marketing described the site as “a groundbreaking development opportunity with potential to significantly impact the neighborhood.”
  
• Historic Pricing Context: The site previously sold for $66 million in 2013 and $91 million in 2016—highlighting how market dynamics, policy shifts, and financing access shape real estate values.
  
  

Frequently Asked Questions

Q: Where is the site located?‍

A: 1800 Park Avenue, Harlem, Manhattan—directly across from the Harlem-125th Street Metro-North station.

Q: What’s the size and buildable potential?‍

A: The lot is approximately 36,000 SF, with over 680,000 buildable square feet.

Q: Who bought and sold the property?

A: Buyer: David Bistricer – Clipper Equity
Seller: Douglas Durst – Durst Organization

Q: Who brokered the deal?‍

A:Bob Knakal of BK Real Estate Advisors (@BobKnakalNYC / @BKREA_NYC).

Q: What are Clipper Equity’s plans for the site?‍

A: Not yet disclosed. However, the firm's recent activity suggests a continued focus on large-scale multifamily development.

Q: Why has the site changed hands so frequently?‍

A: Market conditions, the 2008 financial crisis, and expiration of state housing incentives like 421a contributed to stalled plans over the years.

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