<SEC-DOCUMENT>0001437749-18-005062.txt : 20180320
<SEC-HEADER>0001437749-18-005062.hdr.sgml : 20180320
<ACCEPTANCE-DATETIME>20180320162301
ACCESSION NUMBER:		0001437749-18-005062
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180316
FILED AS OF DATE:		20180320
DATE AS OF CHANGE:		20180320

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Levinson Sam
		CENTRAL INDEX KEY:			0001588901

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38010
		FILM NUMBER:		18702111

	MAIL ADDRESS:	
		STREET 1:		9190 PRIORITY WAY WEST DRIVE
		STREET 2:		SUITE 300
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46240

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2018-03-16</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001588901</rptOwnerCik>
            <rptOwnerName>Levinson Sam</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4611 TWELFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BROOKLYN</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11219</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isTenPercentOwner>1</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Long Term Incentive Plan Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2018-03-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>16667</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16667</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </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 Clipper Realty, Inc. (the &quot;Company&quot;). The LTIP Units are convertible by the reporting person, upon the vesting date, into an equivalent number of units of limited partnership units (&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 Company or, at the election of the Company, one share of its common stock. The LTIP Units will vest 25% on each of March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The rights to convert LTIP Units into OP Units and redeem OP Units do not have expiration dates.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Sam Levinson</signatureName>
        <signatureDate>2018-03-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
