Yet Another Value Podcast

Bill Chen on Clipper Realty and the NYC apartment boom

May 9, 2022

01:03:35

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Highlights

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Episode notes

What's a Hold Co Level?

01:51

Clipper, Cheap, Cheap Stock?

04:03

The Near Term Environment, Right?

03:47

Introduction

4min

The Market Is Not Working, Right?

4min

The Near Term Environment, Right?

4min

Leverage - What Makes Clipper Unique?

2min

What's a Hold Co Level?

2min

Clipper, Cheap, Cheap Stock?

4min

Is New York City a High Taxing City?

3min

Is New York City a Good Place to Put Roots Down?

2min

Are There Two or Three Million People in New York City?

2min

10.

Rent Control in New York City Real Estate

4min

11.

Rent Regulated Apartments?

3min

12.

Cable and New York City

4min

13.

The Inflation Beneficiary, Right?

2min

14.

Is the N a B Number a Subscale Number?

2min

15.

New York City Real Estate - Is There a Hidden Fee in There?

2min

16.

Is There Any Evidence of Theft Doing Anything That Is Harmful to Two Minority?

4min

17.

I've Been Out There, I've Seen All These Developments in the Valu Coration?

2min

18.

The Stock Is a 400 Million Dollar Stock, Right?

2min

19.

The Financial Crisis Is Not Going to Be Zero, Right?

2min

20.

How to Get 24 % Capital Back, Right?

2min

21.

Is One Billion Dollars Enough to Hold You to the Fire?

2min

22.

What's the Asking Rent? And How Much Is It Going for Right Now?

2min

23.

The New York City Rent and Condo Market

2min

Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.

Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url

0:00 Intro
2:05 CLPR overview
4:35 Where is Bill most differentiated on CLPR?
8:20 How does the post-COVID NYC apartment boom help CLPR?
14:15 CLPR's leverage and balance sheet
16:45 Why CLPR over SLG or another similar REIT?
20:30 Are the long term trends against NYC?
28:00 Rent control in NYC
34:50 Why do people have cable companies and their landlords?
39:30 CLPR and inflation
41:10 "Regulatory inflation" and NYC's moat
43:30 CLPR's controlling family
47:15 Discussing cap rate environment for NYC apartment
49:40 CLPR's development projects and potential value creation
53:40 The safety of CLPR
1:00:00 Bill makes me feel bad about my shoebox apartment