<SEC-DOCUMENT>0001615774-17-000452.txt : 20170209
<SEC-HEADER>0001615774-17-000452.hdr.sgml : 20170209
<ACCEPTANCE-DATETIME>20170209154454
ACCESSION NUMBER:		0001615774-17-000452
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170209
FILED AS OF DATE:		20170209
DATE AS OF CHANGE:		20170209

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clipper Realty Inc.
		CENTRAL INDEX KEY:			0001649096
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474579660
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4611 12TH AVENUE, SUITE 1L
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11219
		BUSINESS PHONE:		718-438-2804

	MAIL ADDRESS:	
		STREET 1:		4611 12TH AVENUE, SUITE 1L
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11219

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bistricer Jacob
		CENTRAL INDEX KEY:			0001697378

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38010
		FILM NUMBER:		17587415

	MAIL ADDRESS:	
		STREET 1:		4611 12TH AVENUE
		STREET 2:		SUITE 1L
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11219
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>s105271_form3.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2017-02-09</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001649096</issuerCik>
        <issuerName>Clipper Realty Inc.</issuerName>
        <issuerTradingSymbol>CLPR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001697378</rptOwnerCik>
            <rptOwnerName>Bistricer Jacob</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4611 12TH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1L</rptOwnerStreet2>
            <rptOwnerCity>BROOKLYN</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11219</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Operating Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Long Term Incentive Plan Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-08-03</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>46667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Long Term Incentive Plan Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-01-02</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents long term incentive plan units (&quot;LTIP Units&quot;), a class of units of Clipper Realty L.P. (the &quot;Operating Partnership&quot;), a direct subsidiary of the Issuer. Represents long term incentive plan units (&quot;LTIP Units&quot;), a class of units of Clipper Realty L.P. (the &quot;Operating Partnership&quot;), a direct subsidiary of the Issuer. The LTIP Units are convertible by the reporting person, upon vesting, into an equivalent number of units of limited partnership interests (&quot;OP Units&quot;) of the Operating Partnership. Each OP Unit is redeemable at the request of the holder for cash in an amount equal to the price of a share of Common Stock of the Issuer or, at the election of the Issuer, one share of Common Stock. The rights to convert LTIP units into OP Units and redeem OP Units do not have expiration dates.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jacob Bistricer</signatureName>
        <signatureDate>2017-02-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
