<SEC-DOCUMENT>0001213900-24-085910.txt : 20241127
<SEC-HEADER>0001213900-24-085910.hdr.sgml : 20241127
<ACCEPTANCE-DATETIME>20241007161610
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-24-085910
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR REALTY TRUST, INC.
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2529 VIRGINIA BEACH BLVD.
		CITY:			VIRGINIA BEACH
		STATE:			VA
		ZIP:			23452
		BUSINESS PHONE:		7576279088

	MAIL ADDRESS:	
		STREET 1:		2529 VIRGINIA BEACH BLVD.
		CITY:			VIRGINIA BEACH
		STATE:			VA
		ZIP:			23452

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR SHOPPING CENTERS INC
		DATE OF NAME CHANGE:	20030812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 29px; width: 213px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Atlantic Building<BR>
950 F Street, NW<BR>
Washington, DC 20004-1404<BR>
202-239-3300 | Fax: 202-239-3333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">David E. Brown, Jr.</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Direct Dial: 202-239-3345</FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">Email: david.brown@alston.com</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">October 7, 2024</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><I>VIA EDGAR</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Soares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christina Chalk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Mergers &amp; Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>CEDAR REALTY TRUST, INC.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Schedule TO-I filed September 25, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Schedule TO-I/A filed September 26, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>File No. 5-38070</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Soares and Ms. Chalk:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of Cedar Realty
Trust, Inc. (the &ldquo;<U>Company</U>&rdquo;), we are submitting responses to the comments of the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;), Division of Corporation Finance, Office of Mergers &amp;
Acquisitions, set forth in your letter dated October 2, 2024, with respect to the above-referenced Schedule TO-I filed with the SEC on
September 25, 2024 (the &ldquo;<U>Schedule TO-I</U>&rdquo;), as amended on September 26, 2024 (the &ldquo;<U>Schedule TO-I/A</U>&rdquo;),
relating to the Company&rsquo;s offer to purchase up to an aggregate amount paid of $9,000,000 of its 6.50% Series C Cumulative Redeemable
Preferred Stock (the &ldquo;<U>Series C Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is contemporaneously
filing Amendment No. 2 to the Schedule TO-I (&ldquo;<U>Amendment No. 2</U>&rdquo;), together with this letter via the EDGAR system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For your convenience, the
text of each of the Staff&rsquo;s comments is set forth in italics below, followed by the response to the comment. Terms not otherwise
defined in this letter have the meanings set forth in the Schedule TO-I and Schedule TO-I/A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Schedule TO-I filed September 25, 2024,
as amended on September 26, 2024</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>General</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>Comment: The initial Schedule TO-I was filed on September 25, 2024 and was amended the next day, on
September 26, 2024, to change the increments security holders may elect when tendering from $0.10 to $0.05 per share of Series C Preferred.
A new Letter of Transmittal was filed with the September 26, 2024 amendment. Please advise whether and how an amendment was disseminated
to target holders to reflect this revision, and whether and how the revised Letter of Transmittal was disseminated. It appears that tenders
made using the original Letter of Transmittal must be discarded. Advise how you will inform target security holders of this fact and ensure
that they are not used.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: Shortly after filing the
initial Schedule TO-I on September 25, 2024, the Company provided its Information Agent and Depository for the offer with copies of the
Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery for delivery to The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;).
All issued and outstanding Series C Shares are held of record by, and there are no other holders of record of Series C Shares other than,
DTC&rsquo;s nominee, Cede &amp; Co., for DTC&rsquo;s participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Atlantic Building<BR>
950 F Street, NW<BR>
Washington, DC 20004-1404<BR>
202-239-3300 | Fax: 202-239-3333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">After receiving the tender offer materials,
and prior to disseminating them to DTC participants, DTC notified the Depositary that, due to technical system limitations, DTC could
not process tenders in the $0.10 increment set forth in the offer materials because $13.25, the base end of the range, is not evenly
divisible by the $0.10 increment. In response, the Company decided to change the increment at which holders of Series C Shares may elect
to tender their shares from $0.10 to $0.05. The Company promptly prepared the Schedule TO-I/A, including revised Offer to Purchase, Letter
of Transmittal and Notice of Guaranteed Delivery (collectively, the &ldquo;<U>Revised Tender Documents</U>&rdquo;) reflecting the updated
$0.05 increment. The next morning, on September 26, 2024, the Company filed the Schedule TO-I/A and included as exhibits the Revised
Tender Documents with the $0.05 increment. These updated materials were provided to DTC to replace the materials that had been provided
the day before, and were, through the Information Agent and DTC&rsquo;s service provider, Broadridge, printed and mailed to beneficial
owners. As noted above, the initial tender offer materials contained in the Schedule TO-I were not sent to any holder, broker or nominee
other than DTC, the sole record holder of the Series C Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>Comment: The press release dated September 25, 2024 and filed under cover of Schedule TOC announces
the offer but states that it has not yet commenced. It does not appear that Cedar Realty commenced this offer by means of a summary advertisement,
and while a Schedule TO-I was filed September 25, 2024, it was amended the following day. An offer must remain open for at least 20 business
days (defined in Rule 13e-4(a)(3)) from the date of commencement (defined in Rule 13e-4(a)(4)). We further note that your offer is scheduled
to expire at 5:00 pm on October 24, 2024. Please advise what day you view as commencement for purposes of this offer and explain how you
have complied with the requirement in Rule 13e-4(f)(1)(i) to hold the offer open for at least 20 business days from the date it is first
&quot;published sent or given&quot; to target security holders. Your response should take into account that security holders were not
provided with the corrected Letter of Transmittal until sometime after September 26, 2024 and that October 14, 2024 is a federal holiday.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: The Company respectfully acknowledges
the Staff&rsquo;s comment and advises the Staff that it believes the offer commenced on September 25, 2024. Therefore, the Company disclosed
in the offer materials an expiration date of October 24, 2024, 20 business days after the September 25, 2024 commencement date (taking
into account the federal holiday on October 14, 2024).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Atlantic Building<BR>
950 F Street, NW<BR>
Washington, DC 20004-1404<BR>
202-239-3300 | Fax: 202-239-3333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to Rule 13e-4(a)(4), commencement
is the date that the issuer has &ldquo;first published, sent or given the means to tender to security holders.&rdquo; The means to tender
&ldquo;includes the transmittal form.&rdquo; On September 25, 2024, the Offer to Purchase and Letter of Transmittal were sent to DTC,
which is the sole registered holder of the Series C Shares. The materials sent included the transmittal form as well as instructions on
how brokers, nominees and beneficial owners could tender their Series C Shares. As described above, revised offer materials were subsequently
provided to DTC the next morning, on September 26, 2025, to accommodate processing limitations within DTC&rsquo;s system. Even if any
holder of Series C Shares had attempted to tender his or her shares in the 24-hour period between the initial filing and the amendment
(and we are not aware of any such attempt), the holder&rsquo;s ability to participate in the offer would not be impacted, as any shares
tendered at the prior $0.10 increment would also be tendered at a $0.05 increment. The price range within which a holder may tender his
or her shares and all other terms and conditions of the offer were otherwise unchanged by the amendment. Therefore, the amendment filed
on September 26, 2024, did not change the commencement date of the offer since the materials sent to the sole registered holder on September
25, 2024 included the means to tender in the offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Instead of publishing a summary advertisement,
the Company sent materials to each holder of Series C Shares, as specified by Rule 13e-4(e)(1)(ii). It engaged an Information Agent to
facilitate the distribution of tender offer materials directly to beneficial owners. The Information Agent initiated broker searches after
market close on September 24, 2024. Materials were printed by the Information Agent on September 26, 2024, and mailed to DTC&rsquo;s designated
service provider, Broadridge, for distribution to beneficial owners starting on September 27, 2024. Mailing was completed by October 2,
2024. We understand that certain brokers may have electronically disseminated tender offer materials and instructions on how to participate
in the offer to its clients prior to materials being mailed. Consistent with the Commission&rsquo;s guidance related to the dissemination
of materials in mini-tender offers, the Company did not rely on DTC alone to forward information about the offer to its participants,
but engaged an Information Agent to engage with brokers, and worked with DTC&rsquo;s designated service provider, Broadridge, as DTC&rsquo;s
intermediary, to promptly disseminate materials to all beneficial owners following the commencement of the Offer. The Company will, upon
request, reimburse brokers, dealers, commercial banks, trust companies or other nominees, including DTC and Broadridge, for customary
mailing and handling expenses incurred by them in distributing the tender offer materials to the beneficial owners of Series C Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Conditions of the Offer, page 22 </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>Comment: We note that the condition in the first bullet on page 23 will be triggered by &quot;the commencement
of a war, armed hostilities or other similar national or international calamity, directly or indirectly involving the United States&quot;
(emphasis added) without any materiality qualifier on the gravity of such an event, without requiring any connection between such an event
and the Offer, and without limiting the event to one directly involving the United States. In addition, it is unclear what current wars,
which may trigger the condition upon a &quot;material escalation or worsening threat,&quot; are included in this condition. For example,
we note the recent escalation of hostilities in Israel, including the recent attack by Iran on that country. Please revise the broad wording
of this offer condition to clarify its scope, in light of recent events, and to avoid illusory offer concerns under Section 14(e) of the
Exchange Act and Regulation 14E thereunder.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: In response to the Staff&rsquo;s
comment, the Company has revised the offer condition as set forth in Amendment No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Atlantic Building</FONT><BR>
950 F Street, NW<BR>
Washington, DC 20004-1404<BR>
202-239-3300 | Fax: 202-239-3333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Comment: The last paragraph in this section also states that &quot;[o]ur failure at any time to exercise
any of the foregoing rights will not be deemed a waiver of any right, and each such right will be deemed an ongoing right that may be
asserted at any time and from time to time.&quot; This language suggests that if a condition is triggered and the Company fails to assert
the condition, it will not lose the right to assert the condition at a later time. When an offer condition is &quot;triggered,&quot; a
bidder must notify subject security holders promptly whether it intends to waive that condition and proceed with the offer or assert the
condition and terminate the offer. Please revise this disclosure accordingly. </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: In response to the Staff&rsquo;s
comment, the Company confirms that it will promptly notify stockholders if a condition is triggered while the Offer is pending and has
revised the disclosure accordingly as set forth on Amendment No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Certain Information Concerning Us, page
24</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>Comment: We note your statement in this section that &quot;[t]he Company incorporates by reference
[...] any filings on or after the date hereof that the Company makes with the SEC...&quot; Schedule TO does not specifically permit &quot;forward
incorporation&quot; of documents to be filed in the future. Rather, you must amend your document to specifically list any such filings.
Please revise.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: In response to the Staff&rsquo;s
comment, the Company has revised the disclosure as set forth in Amendment No. 2 to delete the language referencing the forward incorporation
of documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>Comment: We note your statement in this section that you incorporate by reference the Current Reports
on Form 8-K filed on January 24, 2024 and September 16, 2024, but do not incorporate the Form 8-K filed on September 25, 2024, which you
list as an exhibit under Item 12 of your Schedule TO-I. Please advise or revise.</I></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Response: In response to the Staff&rsquo;s
comment, the Company has revised the disclosure as set forth in Amendment No. 2 to incorporate by reference the Form 8-K filed on September
25, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Atlantic Building<BR>
950 F Street, NW<BR>
Washington, DC 20004-1404<BR>
202-239-3300 | Fax: 202-239-3333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should you have any further
questions or need additional information, please do not hesitate to contact me at 202-239-3345 or Bhanu Mathur at 202-239-3412.</P>

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    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ David E. Brown, Jr.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">David E. Brown, Jr.</FONT></TD></TR>
  </TABLE>

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    <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">M. Andrew Franklin, Cedar Realty Trust, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bhanu Mathur, Alston &amp; Bird LLP</P></TD></TR>
  </TABLE>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5</P>

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