Clipper Realty Inc. is currently involved in litigation concerning its subsidiary, 141 Livingston Owner LLC, and the 141 Livingston Street property. Wells Fargo Bank, as a trustee for certain certificate holders, filed a lawsuit against Clipper Realty Inc. and its operating partnership, Clipper Realty L.P., in the New York State Supreme Court, seeking the appointment of a receiver for the property. However, on May 13, 2025, the court denied Wells Fargo's motion, citing the improbability of their success in the case. The court also denied Clipper Realty's motion to dismiss the lawsuit, highlighting that the claims raise a question of fact. Clipper Realty maintains that the lawsuit is without merit and is committed to defending against it vigorously.
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