David Bistricer
| David Bistricer | |
|---|---|
| Born | 1949 (age 68–69) Brussels, Belgium |
| Residence | Borough Park, Brooklyn |
| Nationality | United States |
| Occupation | Real Estate Developer |
| Known for | Founder and Principal of Clipper Equity |
| Spouse(s) | Esther Bistricer |
| Children | Five |
| Parent(s) | Elsa Bistricer Moric Bistricer |
David Bistricer (born August 10, 1949) is a New York-based real estate developer and the founder and principal of Clipper Equity. His firm focuses on the conversion of non-residential buildings to residential uses.His business practices have led him to being called a slumlord, and he has featured on New York's Worst Landlords list.
Bistricer was born in Brussels, Belgium to an Orthodox Jewish family, the son of Moric and Elsa Bistricer. His mother was a prisoner at the Bergen-Belsen concentration camp in Germany during World War II while his father hid from the Nazis in Budapest. In 1951, his family immigrated to New York City when Bistricer was two. In New York, his parents invested in real estate primarily on West End Avenue and Fifth Avenue in Manhattan. Bistricer joined the family business in the 1970s. In the 1980s, the Bistricer family was heavily involved in the conversion of rental buildings in New York City into cooperatives.In 1994, they were charged with not disclosing sufficient information to the buyers of the units and in 1998, they were banned from selling co-ops and condos. In 2001, the restriction on the family business was partially lifted and in 2009, it was fully lifted.
In 1987, in his first large transaction, Bistricer partnered with real estate investor Jacob Schwimmer and purchased a four-tower, 960 apartment complex at 101 Wadsworth Avenue in Washington Heights for $11 million. Also in 1987, Bistricer purchased 30% of the Chicago-based electrical wire manufacturer, Coleman Cable (which went public in 2007). In 2002, he expanded into Brooklyn purchasing two Downtown Brooklyn office buildings for $40 million; and in 2005, he purchased the 27-story New York Telephone Company building in Downtown Brooklyn and converted the building into the 219-unit BellTel Lofts condominiums, one of the first large residential projects in Downtown Brooklyn.
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