Clipper Realty has announced a 40-year regulatory agreement between its Flatbush Gardens property and the New York City Department of Housing Preservation and Development (HPD) under Article XI of the Private Housing Finance Law. The agreement grants the property a full abatement of real estate taxes, requires the maintenance of current rents with annual adjustments, and mandates capital improvements over a three-year period.  

Flatbush Gardens is a 59-building complex in Brooklyn with 2,494 apartments. The property has been rent-stabilized since its inception, and the agreement includes commitments to affordable housing, vacant unit set-asides, and wage guidelines for employees. The capital improvement plan is estimated at $27 million. The NYC Housing Partnership serves as the project’s not-for-profit sponsor.