<SEC-DOCUMENT>0001437749-18-002371.txt : 20180213
<SEC-HEADER>0001437749-18-002371.hdr.sgml : 20180213
<ACCEPTANCE-DATETIME>20180213162400
ACCESSION NUMBER:		0001437749-18-002371
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180213
DATE AS OF CHANGE:		20180213

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89888
		FILM NUMBER:		18603733

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			David Bistricer Trust of 2014
		CENTRAL INDEX KEY:			0001730985
		IRS NUMBER:				476705690
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		419 3RD STREET
		CITY:			LAKEWOOD
		STATE:			NJ
		ZIP:			08701
		BUSINESS PHONE:		6469197871

	MAIL ADDRESS:	
		STREET 1:		419 3RD STREET
		CITY:			LAKEWOOD
		STATE:			NJ
		ZIP:			08701
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>dbistricer20180205_sc13g.htm
<DESCRIPTION>SCHEDULE 13G
<TEXT>
<html>
<head>
	<title>bistm20180204b_sc13g.htm</title>

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<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 10px; margin-right: 10px; cursor: auto;">
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES<br>
<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13G</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Under the Securities Exchange Act of 1934</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Amendment No. ___)*</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 100%; text-align: center;"><b>CLIPPER REALTY INC.</b></td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name of Issuer)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Common Stock</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Title of Class of Securities)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>18885T306</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(CUSIP Number)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 100%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>December 31, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Date of Event which Requires Filing of this Statement)</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[_]</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Rule 13d-1(b)</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[_]</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Rule 13d-1(c)</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[X]</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Rule 13d-1(d)</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">*The remainder of this cover page shall be filled out for a reporting person<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The information required in the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13G</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0px" cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; width: 35%; margin: 0pt auto 0pt 9pt; font-family: &quot;Times New Roman&quot;;">

		<tr>
			<td style="width: 35%; border-top: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-bottom: thin solid rgb(0, 0, 0);"><b>CUSIP No.</b></td>
			<td style="width: 65%; border-bottom: thin solid rgb(0, 0, 0); border-top: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>18885T306</b></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; border-width: 1px; border-bottom-style: initial; border-color: rgb(0, 0, 0); width: 5%; border-left-style: solid; border-right-style: solid; border-top-style: solid;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>1</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 95%; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>Names of Reporting Persons</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">David Bistricer Trust of 2014 (1)</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 95%; border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>2</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>Check the appropriate box if a member of a Group (see instructions)</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 26pt; text-align: left;">(a)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;[ ]<br>
			(b)&nbsp;&nbsp;[&nbsp;]</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>3</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>SEC Use Only</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>4</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;"><b>Citizenship or Place of Organization</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">United States of America</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 5%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 95%; border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%;">

		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>5</b></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt; text-indent: 10.8pt;"><b>Sole Voting Power</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 36pt;">&nbsp;<font style="font-size: 10pt;">2,772,500(2)</font></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>Number of</b></td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>6</b></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt; text-indent: 10.8pt;"><b>Shared Voting Power</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>Shares</b></td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 36pt;">&nbsp;<font style="font-size: 10pt;">0</font></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>Beneficially</b></td>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>Owned by Each</b></td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>7</b></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt; text-indent: 10.8pt;"><b>Sole Dispositive Power</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>Reporting Person</b></td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 36pt;">&nbsp;<font style="font-size: 10pt;">2,772,500(2)</font></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; text-align: center; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);"><b>With:</b></td>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>8</b></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt; text-indent: 10.8pt;"><b>Shared Dispositive Power</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 36pt;">&nbsp;<font style="font-size: 10pt;">0</font></p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: middle; width: 15%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>9</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>Aggregate Amount Beneficially Owned by Each Reporting Person</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;"><font style="font-size: 10pt;">&nbsp;2,772,500</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-bottom: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>10</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>Check if the aggregate amount in row (9) excludes certain shares (See Instructions)</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-bottom: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;">[&nbsp;&nbsp; ]</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>11</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>Percent of class represented by amount in row (9)</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;"><font style="font-size: 10pt;">&nbsp;13.5%(3)</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-bottom: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>12</b></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt 0pt 0pt 9pt;"><b>Type of Reporting Person (See Instructions)</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom-style: initial; border-bottom-color: rgb(0, 0, 0); width: 5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;"><font style="font-size: 10pt;">&nbsp;IN</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: thin solid rgb(0, 0, 0); border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-size: 10pt; margin: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td colspan="3" style="vertical-align: top; width: 95%; border-bottom: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">(1) Marc Bistricer is the sole trustee of the David Bistricer Trust of 2014 and has sole voting and investment control over all of the shares held by this trust.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">(2) Represents <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">2,772,500 class B LLC units (the &ldquo;<u>Class B LLC Units</u>&rdquo;), which are units of certain limited liability companies that are indirect subsidiaries of Clipper Realty Inc. (the &ldquo;<u>Issuer</u>&rdquo;) and are each exchangeable with an equal number of shares of special voting stock of the Issuer for an amount of cash equal to the fair market value of a share of Common Stock or, at the election of the Issuer, one share of Common Stock, par value $0.01 per share (&ldquo;<u>Common Stock</u>&rdquo;).</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">(3) <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">This calculation is based on 17,812,755 shares of the Common Stock outstanding as of October 27, 2017, as reported in the quarterly report on Form 10-Q, filed by the Issuer with the Securities and Exchange Commission on October 27, 2017. Percentage assumes exchange of only the David Bistricer Trust of 2014&rsquo;s Class B LLC Units into shares of Common Stock.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 15pt;text-align:left;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%">Page 2 of 5</div>

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<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 81pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 1.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; </font></b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(a)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Name of Issuer:</font></b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Clipper Realty Inc.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(b)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Address of Issuer&rsquo;s Principal Executive Offices:</font></b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">4611 12th Avenue, Suite 1L</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Brooklyn, New York 11219</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 81pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 2.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; </font></b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(a)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Name of Person Filing:</b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">David Bistricer Trust of 2014</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(b)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Address of Principal Business Office or, if None, Residence: </b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">419 3<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><sup>rd&nbsp;</sup>Street</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Lakewood, New Jersey<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;08701</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(c)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Citizenship:</font></b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-36pt;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">United States of America</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>(d)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Title of Class of Securities:</b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:28.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Common Stock</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 45pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>(e)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>CUSIP No.:</b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">18885T306</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 3. </b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>If this statement is filed pursuant to &sect;&sect; 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(a)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);</font></td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(b)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);</font></td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(c)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(d)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(e)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">An investment adviser in accordance with &sect;240.13d-1(b)(1)(ii)(E);</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(f)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">An employee benefit plan or endowment fund in accordance with &sect;240.13d-1(b)(1)(ii)(F);</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(g)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">A parent holding company or control person in accordance with &sect;240.13d-1(b)(1)(ii)(G);</font></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:108pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-72pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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<div id="PGNUM" style="text-align: center; width: 100%">Page 3 of 5</div>

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</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(h)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</font></td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(i)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</font></td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(j)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">A non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J);</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(k)</font></td>
			<td style="width: 27pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">[_]</font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Group, in accordance with &sect;240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J), please specify the type of institution:</font></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:108pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-72pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 4.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Ownership</font></b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; </font></b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(a)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Amount Beneficially Owned: </b>2,772,500</font></p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>(b)</b></font></td>
			<td><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Percent of Class: </font></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">13.5%</font></td>
		</tr>
		<tr>
			<td style="width: 36pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 36pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>I</b></font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Number of shares as to which such person has:</b></font></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-36pt;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; </font></b></p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(i)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font></b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Sole power to vote or to direct the vote:</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;2,772,500</font></p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(ii)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Shared power to vote or to direct the vote:</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;0</font></p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>(iii)</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Sole power to dispose or to direct the disposition of: </b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">2,772,500</font></p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 54pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>(iv)</b></font></td>
			<td><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Shared power to dispose or to direct the disposition of: </b>0</font></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 5.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Ownership of Five Percent or Less of a Class.</font></b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 6.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Ownership of more than Five Percent on Behalf of Another Person. </b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Not applicable.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 7.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person. </b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Not applicable.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 8.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Identification and classification of members of the group. </b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Not applicable.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 9.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Notice of Dissolution of Group. </b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left;">Not applicable.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:28.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%">Page 4 of 5</div>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 10.</b></p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Certifications.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>SIGNATURE</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="margin-left:0%;width:92%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; width: 5%;">&nbsp;</td>
			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 8%;">&nbsp;</td>
			<td style="vertical-align: top; width: 49%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">DAVID BISTRICER TRUST OF 2014</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%;">&nbsp;</td>
			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 8%;">&nbsp;</td>
			<td style="vertical-align: top; width: 49%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date:</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 34%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">February 13<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, 2018</font></p>
			</td>
			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 8%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Signature:</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 49%;">/s/ Marc Bistricer</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 34%;">&nbsp;</td>
			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 8%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name:</p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 49%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Marc<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Bistricer</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%;">&nbsp;</td>
			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 8%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title:</p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 49%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Trustee</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of this filing person, evidence of the representative&#39;s authority to sign on behalf of such person shall be filed with the statement, <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><i>provided, however</i>, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Page 5 of 5</p>
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