Clipper Realty (CLPR) 10-K 14 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 14, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	Clipper Realty Inc.
Entity Central Index Key	1,649,096
Trading Symbol	clpr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		17,812,755
Entity Public Float			$ 182,284,209
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Land and improvements	$ 497,343	$ 433,666
Building and improvements	463,727	435,318
Tenant improvements	3,023	2,986
Furniture, fixtures and equipment	10,245	9,281
Real estate under development	96,268
Total investment in real estate	1,070,606	881,251
Accumulated depreciation	(73,714)	(58,174)
Investment in real estate, net	996,892	823,077
Cash and cash equivalents	7,940	37,547
Restricted cash	13,730	11,105
Tenant and other receivables, net of allowance for doubtful accounts of $2,524 and $2,768, respectively	6,569	4,485
Deferred rent	3,514	3,825
Deferred costs and intangible assets, net	11,894	13,953
Prepaid expenses and other assets	11,546	11,216
TOTAL ASSETS	1,052,085	905,208
Liabilities:
Notes payable, net of unamortized loan costs of $11,170 and $10,134, respectively	843,946	754,459
Accounts payable and accrued liabilities	8,595	8,982
Security deposits	6,048	6,248
Below-market leases, net	5,075	6,862
Other liabilities	2,830	2,441
TOTAL LIABILITIES	866,494	778,992
Equity:
Preferred stock, $0.01 par value, 12.5% Series A cumulative non-voting, $137,500 liquidation preference; zero and 132 shares issued and outstanding, respectively
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,812,755 and 11,422,606 shares issued and outstanding, respectively	178	114
Additional paid-in-capital	92,273	46,671
Accumulated deficit	(17,539)	(8,584)
Total stockholders’ equity	74,912	38,201
Non-controlling interests	110,679	88,015
TOTAL EQUITY	185,591	126,216
TOTAL LIABILITIES AND EQUITY	$ 1,052,085	$ 905,208

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 2,524	$ 2,768
Unamortized loan costs	$ 11,170	$ 10,134
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate, percentage	12.50%	12.50%
Preferred stock, liquidation preference	$ 137,500	$ 137,500
Preferred stock, shares issued (in shares)	0	132
Preferred stock, shares outstanding (in shares)	0	132
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	17,812,755	11,422,606
Common stock, shares outstanding (in shares)	17,812,755	11,422,606

Consolidated and Combined State

Consolidated and Combined Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES
Residential rental income	$ 73,667	$ 67,165	$ 60,784
Commercial income	21,914	18,558	17,256
Tenant recoveries	5,102	4,061	3,477
Garage and other income	3,269	3,221	3,087
TOTAL REVENUES	103,952	93,005	84,604
OPERATING EXPENSES
Property operating expenses	27,029	25,442	23,283
Real estate taxes and insurance	20,685	17,740	14,926
General and administrative	9,944	8,405	5,296
Acquisition costs	69	326	75
Depreciation and amortization	16,721	15,295	12,521
TOTAL OPERATING EXPENSES	74,448	67,208	56,101
INCOME FROM OPERATIONS	29,504	25,797	28,503
Interest expense, net	(35,505)	(38,136)	(36,703)
Net (loss) income	(6,001)	(12,339)	(8,200)
Net loss attributable to non-controlling interests	3,644	8,604	3,145
Dividends attributable to preferred shares	(8)	(19)
Net loss attributable to common stockholders	$ (2,365)	$ (3,754)	$ (1,365)
Basic and diluted net loss per share (in dollars per share)	$ (0.15)	$ (0.34)	$ (0.12)
Predecessor [Member]
OPERATING EXPENSES
Net (loss) income			$ 3,690

Consolidated and Combined Stat5

Consolidated and Combined Statements of Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Predecessor Equity Member	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) (Predecessor [Member]) at Dec. 31, 2014
Balance (Predecessor [Member]) at Dec. 31, 2014					$ 37,197	$ 37,197		$ 37,197
Contributions | Predecessor [Member]					2,357	2,357		2,357
Distributions | Predecessor [Member]					(14,233)	(14,233)		(14,233)
Net (loss) income | Predecessor [Member]					(3,690)	(3,690)		(3,690)
Balance (in shares) (Predecessor [Member]) at Aug. 02, 2015
Balance (Predecessor [Member]) at Aug. 02, 2015					21,631	21,631		21,631
Balance (in shares) (Predecessor [Member]) at Dec. 31, 2014
Balance (Predecessor [Member]) at Dec. 31, 2014					37,197	37,197		37,197
Net (loss) income | Predecessor [Member]								3,690
Net (loss) income								(8,200)
Balance (in shares) (Predecessor [Member]) at Dec. 31, 2015		11,422,606
Balance (Predecessor [Member]) at Dec. 31, 2015		$ 114	$ 46,049	$ (1,860)		44,303	$ 102,074	146,377
Balance (in shares) (Predecessor [Member]) at Aug. 02, 2015
Balance (Predecessor [Member]) at Aug. 02, 2015					21,631	21,631		21,631
Net (loss) income				(1,365)		(1,365)	(3,145)	(4,510)
Net proceeds from sale of shares (in shares)		10,666,667
Net proceeds from sale of shares		$ 107	130,092			130,199		130,199
Formation transaction (in shares)		755,939
Formation transaction		$ 7	(84,043)		$ (21,631)	(105,667)	105,667
Amortization of LTIP grants							709	709
Dividends and distributions				(495)		(495)	(1,157)	(1,652)
Balance (in shares) (Predecessor [Member]) at Dec. 31, 2015		11,422,606
Balance (Predecessor [Member]) at Dec. 31, 2015		$ 114	46,049	(1,860)		44,303	102,074	146,377
Net (loss) income | Predecessor [Member]
Net (loss) income				(3,735)		(3,735)	(8,604)	(12,339)
Net proceeds from sale of shares (in shares)	132
Net proceeds from sale of shares			132			132		132
Amortization of LTIP grants							2,523	2,523
Dividends and distributions				(2,989)		(2,989)	(6,962)	(9,951)
Costs in connection with issuance of common and preferred shares			(526)			(526)		(526)
Reallocation of noncontrolling interest			1,016			1,016	(1,016)
Balance (in shares) at Dec. 31, 2016	132	11,422,606
Balance at Dec. 31, 2016		$ 114	46,671	(8,584)		38,201	88,015	126,216
Net (loss) income | Predecessor [Member]
Net (loss) income				(2,357)		(2,357)	(3,644)	(6,001)
Net proceeds from sale of shares (in shares)		6,390,149
Net proceeds from sale of shares		$ 64	78,912			78,976		78,976
Amortization of LTIP grants							3,110	3,110
Dividends and distributions				(6,598)		(6,598)	(9,967)	(16,565)
Reallocation of noncontrolling interest			(33,165)			(33,165)	33,165
Redemption of preferred shares (in shares)	(132)
Redemption of preferred shares			(145)			(145)		(145)
Balance (in shares) at Dec. 31, 2017		17,812,755
Balance at Dec. 31, 2017		$ 178	$ 92,273	$ (17,539)		$ 74,912	$ 110,679	$ 185,591

Consolidated and Combined Stat6

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (6,001)	$ (12,339)	$ (8,200)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	15,540	13,502	11,662
Amortization of deferred financing costs	2,899	5,200	6,036
Amortization of deferred costs and intangible assets	2,750	3,269	2,187
Amortization of above- and below-market leases	(1,729)	(1,730)	(1,714)
Deferred rent	311	56	109
Stock-based compensation	3,110	2,523	709
Change in fair value of interest rate caps	261	(139)	522
Changes in operating assets and liabilities:
Restricted cash	(2,625)	(768)	(4,086)
Tenant and other receivables	(2,084)	(3,009)	2,635
Prepaid expenses, other assets and deferred costs	(1,620)	(979)	(2,004)
Accounts payable and accrued liabilities	(561)	3,656	382
Security deposits	(200)	238	98
Other liabilities	389	(130)	1,104
Net cash provided by operating activities	10,440	9,350	9,440
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(20,276)	(18,162)	(9,025)
Cash paid in connection with acquisition of real estate	(167,380)	(103,123)
Net cash used in investing activities	(187,656)	(121,285)	(9,025)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds and costs from sale of common stock	78,685	(1,590)	130,199
(Redemption) sale of preferred stock	(145)	132
Payments of mortgage notes	(3,895)	(515,650)	(737)
Proceeds from mortgage notes	94,417	559,500
Contributions			2,357
Dividends and distributions	(16,565)	(9,951)	(15,884)
Loan costs and other	(4,888)	(8,291)	(175)
Net cash provided by financing activities	147,609	24,150	115,760
Net (decrease) increase in cash and cash equivalents	(29,607)	(87,785)	116,175
Cash and cash equivalents - beginning of period	37,547	125,332	9,157
Cash and cash equivalents - end of period	7,940	37,547	125,332
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $2,852 in 2017	33,614	33,536	31,005
Other non-cash items capitalized to real estate under development	$ 2,448

Consolidated and Combined Stat7

Consolidated and Combined Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Capitalized interest	$ 2,852

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Clipper Realty Inc. (the “ Company” or “We”) was organized in the state of Maryland on July 7, 2015. August 3, 2015, one one The Predecessor was a combination of four one 2014 with the acquisition of a property on December 15, 2014. not On June 27, 2016, 1955 New York. On February 9, 2017, 6,390,149 March 10, 2017) $13.50 IPO”). The net proceeds of the IPO were approximately $78.7 On May 9, 2017, 107 161 $87.5 $59.0 The Company also entered into a construction loan secured by the building that will provide up to $14.7 On October 27, 2017, 82 10 6 5th $79.0 $34.4 As of December 31, 2017 , the properties owned by the Company consist of the following (collectively, the “Properties”): • Tribeca House in Manhattan, comprising two one 21 one 12 481,000 77,000 • Flatbush Gardens in Brooklyn, a 59 2,496 • 141 15 216,000 • 250 12 381,000 • Aspen in Manhattan, a 7 166,000 21,000 • 107 10 154,000 • 10 65th 6 76,000 The operations of Clipper Realty, Inc. and its consolidated subsidiaries are carried on primarily through the Operating Partnership. The Company has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856 860 At December 31, 2017, 40.4% As further discussed in Note 3, Accounting Standards Update (“ASU”) 2015 02,

Note 2 - Sale of Common Stock,

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Sale of Common Stock and Formation Transactions [Text Block]	2. , Formation Transactions and Preferred Stock Redemption As discussed in Note 1, February 2017, 6,390,149 option, which closed on March 10, 2017) $13.50 $78,976. On August 3, 2015, 10,666,667 price of $13.50 $130,199. The Company contributed the net proceeds of the common stock offering s to the Operating Partnership in exchange for units in the Operating Partnership as described in Note 1. On June 21, 2017, $145. The following is a summary of the Company ’s Statement of Operations for the period from August 3, 2015 December 31, 2015, January 1, 2015 August 2, 2015. December 31, 2015. Clipper Realty Inc. Predecessor August 3, 2015 – January 1, 2015 – REVENUES Residential rental income $ 24,902 $ 35,882 Commercial income 7,091 10,165 Tenant recoveries 1,433 2,044 Garage and other income 1,779 1,308 TOTAL REVENUES 35,205 49,399 OPERATING EXPENSES Property operating expenses 9,611 13,672 Real estate taxes and insurance 6,774 8,152 General and administrative 2,861 2,435 Acquisition costs 75 — Depreciation and amortization 5,292 7,229 TOTAL OPERATING EXPENSES 24,613 31,488 INCOME FROM OPERATIONS 10,592 17,911 Interest expense, net (15,102 ) (21,601 ) Net loss (4,510 ) $ (3,690 ) Less: Net loss attributable to non-controlling interests 3,145 Net loss attributable to stockholders $ (1,365 )

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Basis of Consolidation and Combination The accompanying consolidated and combined financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“ GAAP”). The effect of all intercompany balances has been eliminated. The consolidated and combined financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. Investment in Real Estate Real estate assets held for inv estment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon t he adoption of ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expect s that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference betw een (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not December 31, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held-for-sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no amortized balances of the related intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks , plus all short-term investments with a maturity of three may No Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to de termine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment f ees, legal and other third not Comprehensive Income Comprehensive loss is comprised of net loss adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the years ended December 31, 2017, 2016 2015, not not Revenue Recognition Rental revenue for commercial leases is recogniz ed on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. Beginning in 2019, 2014 09, Revenue with Contracts with Customers.” This ASU does not 2017. not Beginning in 2020, 2016 02, Leases,” to its lease revenues. For lessors, the accounting remains largely unchanged from the current model, but updated to align with certain changes to the lessee model and ASU 2014 09 Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“ FASB ASC”) Topic 718, The following is a summary of awards during the years ended December 31, 2017, 2016 2015. Unvested Restricted Shares and LTIP Units LTIP Units Weighted Grant-Date Unvested at December 31, 2014 — $ — Granted 378,333 13.50 Vested — — Forfeited — — Unvested at December 31, 2015 378,333 $ 13.50 Granted 123,150 $ 13.50 Vested (20,742 ) — Forfeited — — Unvested at December 31 , 2016 480,741 $ 13.50 Granted 151,853 $ 11.15 Vested (11,112 ) — Forfeited — — Unvested at December 31, 201 7 621,482 $ 12.93 As of December 31, 2017 2016, $2.1 $3.5 December 31, 2017, 1.4 On March 27, 2017 August 8, 2016, 11,112 15,742 $150,000 $212,000, Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “ Code”) commencing with its taxable year ended December 31, 2015. 90% not may not four no In accordance with FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. This new legislation is not The Company has determined that the cash distributed to the stockholders is characterized as follows for Federal income tax purposes: Year Ended December 31, 2017 2016 2015 Ordinary income 50 % — — Capital gain — — — Return of capital 50 % 100 % 100 % Total 100 % 100 % 100 % Fair Value Measurements Refer to Note 9, Fair Value of Financial Instruments”. Derivative Financial Instruments FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a part icular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not December 31, 2017, no Earnings (Loss) Per Share Basic and dil uted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of December 31, 2017, 2016 2015, two not December 31, 2017, 2016 2015. The effect of the conversion of the 26,317 not net loss allocable to such units is reflected as noncontrolling interests in the accompanying consolidated and combined financial statements. The following table sets forth the computation of basic and diluted loss per share for the periods indicated: Year Ended December 31, 2017 2016 2015 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,365 ) $ (3,754 ) $ (1,365 ) Less: income attributable to participating securities (229 ) (120 ) (16 ) Subtotal (2,594 ) (3,874 ) (1,381 ) Denominator Weighted average common shares outstanding 17,021 11,423 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.15 ) $ (0.34 ) $ (0.12 ) Recently Issued Pronouncements In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 2019, 2017 05 not In May 2017, issued ASU 2017 09, 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2017 05 not In February 2017, 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 2017 05 2017 05 December 16, 2017 2018, December 15, 2017 December 15, 2019, 2017 05 not In January 2017, 2017 01, – Clarifying the Definition of a Business." ASU 2017 01 2017 01 December 15, 2017, 2017 01 2017. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 2016 18 not 2016 18 December 15, 2017, 2016 18 December 15, 2018, December 15, 2019. 2016 18. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 first December 15, 2017 2018, 2016 15 In February 2016, ASB issued ASU 2016 02, 842 not December 15, 2018 2019,

Note 4 - Acquisitions

Note 4 - Acquisitions	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	4 . Acquisitions On October 27, 2017, 10 65 th $79,764, $764. The purchase price was allocated as follows: Land $ 63,677 Building 14,983 Tenant improvements 18 Furniture and office equipment 336 Leasing commissions 13 In-place leases 732 Other lease-up costs 5 Total $ 79,764 We have prepared the following unaudited pro forma income statement information for the year ended December 31, 2017, 10 65 th January 1, 2017. not January 1, 2017. Year Ended December 31, Revenu es $ 106,375 Total expenses (113,849 ) Net loss $ (7,474 ) On May 9, 2017, 107 $87,616, $116. The purchase price was allocated as follows: Land $ 43,433 Building 44,100 Site improvements 83 Total $ 87,616 On June 27, 2016, $103,000. The purchase price was allocated as follows: Land $ 49,139 Building 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000 We have prepared the following unaudited pro forma income statement information for the years ended December 31, 2016 2015 January 1, 2015. not January 1, 2015. Year Ended December 31, Year Ended December 31, Revenues $ 96,164 $ 91,085 Total expenses (108,930 ) (99,937 ) Net loss $ (12,764 ) $ (8,852 ) Revenues and earnings (losses) included in our consolidated statement of operations relating to acquisitions for the years ended December 31, 2017 2016, $7,538 $331, $3,412 713

Note 5 - Deferred Costs and Int

Note 5 - Deferred Costs and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	5. Deferred costs and intangible assets consist of the following: December 31, December 31, 2016 Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,110 3,092 In-place lease 8,078 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 24,505 23,756 Less accumulated amortization (12,611 ) (9,803 ) Total deferred costs and intangible assets, net $ 11,894 $ 13,953 Amortization of lease origination costs and in-place lease intangible assets was $1,182, $1,793 $860 December 31, 2017, 2016 2015, $1,568, $1,476 $1,328 ended December 31, 2017, 2016 2015, $58, $39 $8 December 31, 2017, 2016 2015, Deferred costs and intangible assets as of December 31, 2017 2018 $ 1,954 2019 1,134 2020 798 2021 768 2022 737 Thereafter 6,503 Total $ 11,894

Note 6 - Below-market Lease Int

Note 6 - Below-market Lease Intangibles	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Below Market Lease Intangibles Disclosure [Text Block]	6. The Company ’s below-market lease intangibles liabilities are as follows: December 31, December 31, 2016 Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (18,103 ) (16,316 ) Below-market leases, net $ 5,075 $ 6,862 Rental income includes amortization of below-market leases of $1,787, $1,769 $1,714 December 31, 2017, 2016 2015, B elow-market leases as of December 31, 2017, 201 8 $ 2,151 201 9 1,299 20 20 517 202 1 493 202 2 423 Thereafter 192 Total $ 5,075

Note 7 - Notes Payable

Note 7 - Notes Payable	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	7. The first , loans and mezzanine notes payable collateralized by the respective properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows: Property Maturity Interest Rate December 31, December 31, 2016 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88% $ 148,438 $ 150,000 Flatbush Gardens, Brooklyn, NY (b) 10/1/2024 3.88% 19,792 20,000 250 Livingston Street, Brooklyn, NY (c) 5/6/2023 4.00% 34,294 35,093 141 Livingston Street, Brooklyn, NY (d) 6/1/2028 3.875% 78,792 79,500 Tribeca House, Manhattan, NY (e) 11/9/2018 LIBOR + 3.75% 410,000 410,000 Aspen, Manhattan, NY (f) 7/1/2028 3.68% 69,383 70,000 107 Columbia Heights, Brooklyn, NY (g) 5/9/2020 LIBOR + 3.85% 60,067 — 1 0 West 65 th 11 /1/2027 3.375% 34,350 — $ 855,116 $ 764,593 Unamortized debt issuance costs (11,170 ) (10,134 ) Total debt, net of debt issuance costs $ 843,946 $ 754,459 (a) The $150,000 NYCB”) matures on October 1, 2024, 3.88%. April 2017 $705 30 (b) The additional $20,000 $150,000 3.88% September 2019 2.75%, ix the rate. The note required interest-only payments through April 2017, $94 May 2017 September 2019 30 30 On February 21, 2018, two ten $246,000 first which matures March 2028, 3.5% first five 30 (c) The $37,500 mortgage note agreement with Citigroup Global Markets Realty Corp. matures on May 6, 2023, 4.00%. $179. (d) On May 11, 2016, $55,000 $79,500 June 1, 2028, 3.875%. June 2017, $374 30 (e) On November 9, 2016, $360,000 $100,000 $410,000 November 9, 2018, three one one 3.75% 5.3% December 31, 2017). On February 21, 2018, $410,000 $360,000 March 2028 $360,000 4.506% nnum and requires interest-only payments for the entire term. (f) On June 27, 2016, $70,000 July 1, 2028, bears interest at 3.68%. July 2017, $321 30 (g) On May 9, 2017, $59,000 no te agreement with a unit of Blackstone Mortgage Trust, Inc., related to the 107 $14,700 $1,067 December 31, 2017. May 9, 2020, two one one 3.85% 5.4% December 31, 2017). (h) On October 27, 2017, $34,350 10 65 th November 1, 2027, 3.375% first five 2.75%, October 2019, 30 The following table summarizes principal payment requirements und er terms as of December 31, 2017 ( February 21, 2018): 201 8 $ 416,482 201 9 7,016 20 20 67,910 202 1 8,159 202 2 8,477 Thereafter 347,072 Total $ 855,116

Note 8 - Rental Income Under Op

Note 8 - Rental Income Under Operating Leases	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	8. The Company ’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of December 31, 2017, five 201 8 $ 22,219 201 9 17,335 20 20 10,316 202 1 4,695 202 2 4,260 Thereafter 12,680 Total $ 71,505 The Company has commercial leases with the City of New York that comprised 20%, 19% 20% December 31, 2017, 2016 2015,

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9. GAAP requires the measurement of certain financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instr uments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three one three • Level 1: • Level 2: not • Level 3: no When available, the Company utilizes quoted market prices from an independent third 1 2. a financial instrument is not not third may third not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by compa rison to independent markets and, in many cases, may not The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, interest rate caps, accounts payable and accrued liabilities, and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, and accounts payable and accrued liabilities reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of notes payable, which are classified as Level 2, The carryi ng amount and estimated fair value of the notes payable are as follows: December 31, December 31, 2016 Carrying amount (excluding unamortized debt issuance costs) $ 855,116 $ 764,593 Estimated fair value $ 839,753 $ 749,324 The Company purchased interest rate caps in connection with the Tribeca House loans on November 9, 2016, 107 May 9, 2017. 2, The estimated fair values of the interest rate caps are as follows: Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at December 31, 2017 Estimated Fair Value at December 31, 2016 $410,000 Tribeca House December 15, 2018 2.0% $ 148 $ 409 $73,700 107 Columbia Heights May 9, 2020 3.0% 34 NA Total fair value of derivative instruments included in prepaid expenses and other assets $ 182 $ 409 These interest rate caps were not $261, 139 $522 December 31, 2017, 2016 2015, The change in fair value of the 107 $99 December 31, 2017 The above disclosures regarding fair value of financial instruments are based on pertinent information available as of December 31, 2017, December 31, 2016, December 31, 2015, not not may

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Legal On July 3, 2017, Court”) ruled in favor of 41 50 53 421 July 18, 2017, On January 18, 2018, no In addition to the above, t he Company is subject to certain legal proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not Commitments The Company is obligated to provide parking availability through August 2020 250 $240 Concentrations The Company ’s properties are located in the Boroughs of Manhattan and Brooklyn in New York City, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. The breakdown between commercial and residential revenues is as follows: Commercial Residential Total Year ended December 31, 2017 27 % 73 % 100 % Year ended December 31, 2016 26 % 74 % 100 % Year ended December 31, 2015 26 % 74 % 100 %

Note 11 - Related-party Transac

Note 11 - Related-party Transactions	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. For the year ended December 31, 2015, $574, For the years ended December 31 , 2017 2016, $387 $275, For the year ended December 31, 2017, $797 two

Note 12 - Segment Reporting

Note 12 - Segment Reporting	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 250 107 10 65 th 250 The Company ’s income from operations by segment for the years ended December 31, 2017, 2016 2015, Year ended December 31, 2017 Commercial Residential Total Rental revenues $ 21,914 $ 73,667 $ 95,581 Tenant recoveries 5,102 — 5,102 Garage and other income 875 2,394 3,269 Total revenues 27,891 76,061 103,952 Property operating expenses 4,328 22,701 27,029 Real estate taxes and insurance 4,438 16,247 20,685 General and administrative 801 9,143 9,944 Acquisition costs — 69 69 Depreciation and amortization 3,277 13,444 16,721 Total operating expenses 12,844 61,604 74,448 Income from operations $ 15,047 $ 14,457 $ 29,504 Year ended December 31, 2016 Commercial Residential Total Rental revenues $ 18,558 $ 67,165 $ 85,723 Tenant recoveries 4,061 — 4,061 Garage and other income 1,587 1,634 3,221 Total revenues 24,206 68,799 93,005 Property operating expenses 4,113 21,329 25,442 Real estate taxes and insurance 4,024 13,716 17,740 General and administrative 748 7,657 8,405 Acquisition costs — 326 326 Depreciation and amortization 2,688 12,607 15,295 Total operating expenses 11,573 55,635 67,208 Income from operations $ 12,633 $ 13,164 $ 25,797 Year ended December 31, 2015 Commercial Residential Total Rental revenues $ 17,256 $ 60,784 $ 78,040 Tenant recoveries 3,477 — 3,477 Garage and other income 1,578 1,509 3,087 Total revenues 22,311 62,293 84,604 Property operating expenses 4,217 19,066 23,283 Real estate taxes and insurance 3,705 11,221 14,926 General and administrative 840 4,456 5,296 Acquisition costs — 75 75 Depreciation and amortization 2,471 10,050 12,521 Total operating expenses 11,233 44,868 56,101 Income from operations $ 11,078 $ 17,425 $ 28,503 The Company ’s total assets by segment are as follows, as of: Commercial Residential Total December 31, 2017 $ 222,288 $ 829,797 $ 1,052,085 December 31, 2016 225,608 679,600 905,208 December 31, 201 5 196,563 684,555 881,118 The Com pany’s interest expense by segment for the years ended December 31, 2017, 2016 2015, Commercial Residential Total Year ended December 31, 2017 $ 7,569 $ 27,936 $ 35,505 Year ended December 31, 2016 7,421 30,715 38,136 Year ended December 31, 2015 7,346 29,357 36,703 The Com pany’s capital expenditures by segment for the years ended December 31, 2017, 2016 2015, Commercial Residential Total Year ended December 31, 2017 $ 4,187 $ 18,538 $ 22,725 Year ended December 31, 2016 2,653 15,509 18,162 Year ended December 31, 2015 245 8,780 9,025

Note 13 - Multiemployer Union A

Note 13 - Multiemployer Union Agreement and Pension Plan	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	13. Certain of the Company ’s employees are covered by a union sponsored, collectively bargained, multiemployer defined benefit pension, profit sharing, health insurance, legal and training plans. Contributions to the plans are determined in accordance with the provisions of the negotiated labor contract. The Local 32BJ 32BJ” December 31, 2019. Contributions to the Local 32BJ not s only to the Company’s employees. The risks of participating in a multiemployer pension plan differ from those of a single-employer pension plan in the following aspects: (a) assets contributed to a multiemployer pension plan by one may may may no The information for the Union’s multiemployer pension plan is as follows: Legal name Building Services 32BJ Pension Plan Employer identification number 13-1879376 Plan number 001 Type of plan Defined benefit pension plan Plan year -end date June 30 Certified Zone Stat us for 2017, 2016 and 2015* Red Funding improvement plan/rehabilitation plan* Implemented Surcharges paid to plan None Pension contribution made for 2017, 2016 and 2015, respectively $370, $374 and $359 Minimum weekly required pension contribution per employee for 2017, 2016 and 2015, respectively (in dollars) $106.15, $102.75 and $98.75 * Certified pension zone status (as defined by the Pension Protection Act) represents the level at which the pension plan is funded. Plans in the red zone are less than 65% 80% 80% may The information provided above is from the pension plan ’s most current annual report, which for Local 32BJ June 30, 2017. 5%

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]	Clipper Realty Inc. and Predecessor Schedule III – Real Estate and Accumulated Depreciation (In thousands) Encumbrances at December 31, 2017 Initial Costs Gross Amounts At Which Carried at December 31, 2017 Property Location Description Encum-brances Land Building and Improv-ements Real Estate Under Develop . Cost Capitalized Land Building and Improv-ements Real Estate Under Develop. Total Accumu-lated Deprecia-tion Date Acquired Tribeca House Manhattan, NY Residential/Commercial $ 410,000 $ 273,103 $ 283,137 - $ 12,120 $ 273,103 $ 295,257 - $ 568,360 $ 24,482 Dec-14 Aspen Manhattan, NY Residential/Commercial 69,383 49,230 43,080 - 78 49,230 43,158 - 92,388 1,645 June-16 Flatbush Gardens Brooklyn , NY Residential 168,230 89,965 49,607 - 30,729 90,051 80,250 - 170,301 32,403 Oct -05 107 Columbia Hghts Brooklyn, NY Residential 60,067 - - 87,616 8,652 - - 96,268 96,268 - May-17 10 West 65 th Manhattan, NY Residential 34,350 63,677 15,337 - 14 63,677 15,351 - 79,028 111 Oct-17 250 Livingston St. Brooklyn, NY Commercial/Residential 34,294 10,452 20,204 - 4,881 10,452 25,085 - 35,537 10,156 May-02 141 Livingston St. Brooklyn, NY Commercial 78,792 10,830 12,079 - 5,815 10,830 17,894 - 28,724 4,917 May-02 $ 855,116 $ 497,257 $ 423,444 $ 87,616 $ 62,289 $ 497,343 $ 476,995 $ 96,268 $ 1,070,606 $ 73,714 ( 1 At December 31, 2017, $809,414. ( 2 The following summarizes activity for real estate and accumulated depreciation, for the years ended December 31, 2017, 2016 2015: 201 7 201 6 201 5 Investment in real estate: Balance at beginning of period $ 881,251 $ 770,779 $ 761,754 Acquisition of real estate 166,630 92,310 — Additions during period 22,725 18,162 9,025 Writeoff of fully depreciated assets — — — Balance at end of year $ 1,070,606 $ 881,251 $ 770,779 Accumulated depreciation: Balance at beginning of period $ 58,174 $ 44,672 $ 33,010 Depreciation expense 15,540 13,502 11,662 Writeoff of fully depreciated assets — — — Balance at end of year $ 73,714 $ 58,174 $ 44,672

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation and Combination The accompanying consolidated and combined financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“ GAAP”). The effect of all intercompany balances has been eliminated. The consolidated and combined financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates.
Real Estate, Policy [Policy Text Block]	Investment in Real Estate Real estate assets held for inv estment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon t he adoption of ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expect s that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference betw een (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not December 31, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held-for-sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no amortized balances of the related intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks , plus all short-term investments with a maturity of three may No
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to de termine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may
Deferred Charges, Policy [Policy Text Block]	Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment f ees, legal and other third not
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income Comprehensive loss is comprised of net loss adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the years ended December 31, 2017, 2016 2015, not not
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Rental revenue for commercial leases is recogniz ed on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. Beginning in 2019, 2014 09, Revenue with Contracts with Customers.” This ASU does not 2017. not Beginning in 2020, 2016 02, Leases,” to its lease revenues. For lessors, the accounting remains largely unchanged from the current model, but updated to align with certain changes to the lessee model and ASU 2014 09
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“ FASB ASC”) Topic 718, The following is a summary of awards during the years ended December 31, 2017, 2016 2015. Unvested Restricted Shares and LTIP Units LTIP Units Weighted Grant-Date Unvested at December 31, 2014 — $ — Granted 378,333 13.50 Vested — — Forfeited — — Unvested at December 31, 2015 378,333 $ 13.50 Granted 123,150 $ 13.50 Vested (20,742 ) — Forfeited — — Unvested at December 31 , 2016 480,741 $ 13.50 Granted 151,853 $ 11.15 Vested (11,112 ) — Forfeited — — Unvested at December 31, 201 7 621,482 $ 12.93 As of December 31, 2017 2016, $2.1 $3.5 December 31, 2017, 1.4 On March 27, 2017 August 8, 2016, 11,112 15,742 $150,000 $212,000,
Income Tax, Policy [Policy Text Block]	Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “ Code”) commencing with its taxable year ended December 31, 2015. 90% not may not four no In accordance with FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. This new legislation is not The Company has determined that the cash distributed to the stockholders is characterized as follows for Federal income tax purposes: Year Ended December 31, 2017 2016 2015 Ordinary income 50 % — — Capital gain — — — Return of capital 50 % 100 % 100 % Total 100 % 100 % 100 %
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 9, Fair Value of Financial Instruments”.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a part icular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not December 31, 2017, no
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share Basic and dil uted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of December 31, 2017, 2016 2015, two not December 31, 2017, 2016 2015. The effect of the conversion of the 26,317 not net loss allocable to such units is reflected as noncontrolling interests in the accompanying consolidated and combined financial statements. The following table sets forth the computation of basic and diluted loss per share for the periods indicated: Year Ended December 31, 2017 2016 2015 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,365 ) $ (3,754 ) $ (1,365 ) Less: income attributable to participating securities (229 ) (120 ) (16 ) Subtotal (2,594 ) (3,874 ) (1,381 ) Denominator Weighted average common shares outstanding 17,021 11,423 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.15 ) $ (0.34 ) $ (0.12 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Pronouncements In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 2019, 2017 05 not In May 2017, issued ASU 2017 09, 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2017 05 not In February 2017, 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 2017 05 2017 05 December 16, 2017 2018, December 15, 2017 December 15, 2019, 2017 05 not In January 2017, 2017 01, – Clarifying the Definition of a Business." ASU 2017 01 2017 01 December 15, 2017, 2017 01 2017. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 2016 18 not 2016 18 December 15, 2017, 2016 18 December 15, 2018, December 15, 2019. 2016 18. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 first December 15, 2017 2018, 2016 15 In February 2016, ASB issued ASU 2016 02, 842 not December 15, 2018 2019,

Note 2 - Sale of Common Stock23

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Condensed Income Statement [Table Text Block]	Clipper Realty Inc. Predecessor August 3, 2015 – January 1, 2015 – REVENUES Residential rental income $ 24,902 $ 35,882 Commercial income 7,091 10,165 Tenant recoveries 1,433 2,044 Garage and other income 1,779 1,308 TOTAL REVENUES 35,205 49,399 OPERATING EXPENSES Property operating expenses 9,611 13,672 Real estate taxes and insurance 6,774 8,152 General and administrative 2,861 2,435 Acquisition costs 75 — Depreciation and amortization 5,292 7,229 TOTAL OPERATING EXPENSES 24,613 31,488 INCOME FROM OPERATIONS 10,592 17,911 Interest expense, net (15,102 ) (21,601 ) Net loss (4,510 ) $ (3,690 ) Less: Net loss attributable to non-controlling interests 3,145 Net loss attributable to stockholders $ (1,365 )

Note 3 - Significant Accounti24

Note 3 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15
Schedule of Nonvested Share Activity [Table Text Block]	Unvested Restricted Shares and LTIP Units LTIP Units Weighted Grant-Date Unvested at December 31, 2014 — $ — Granted 378,333 13.50 Vested — — Forfeited — — Unvested at December 31, 2015 378,333 $ 13.50 Granted 123,150 $ 13.50 Vested (20,742 ) — Forfeited — — Unvested at December 31 , 2016 480,741 $ 13.50 Granted 151,853 $ 11.15 Vested (11,112 ) — Forfeited — — Unvested at December 31, 201 7 621,482 $ 12.93
Cash Distribution for Income Tax Purpose [Table Text Block]	Year Ended December 31, 2017 2016 2015 Ordinary income 50 % — — Capital gain — — — Return of capital 50 % 100 % 100 % Total 100 % 100 % 100 %
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2017 2016 2015 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,365 ) $ (3,754 ) $ (1,365 ) Less: income attributable to participating securities (229 ) (120 ) (16 ) Subtotal (2,594 ) (3,874 ) (1,381 ) Denominator Weighted average common shares outstanding 17,021 11,423 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.15 ) $ (0.34 ) $ (0.12 )

Note 4 - Acquisitions (Tables)

Note 4 - Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Land $ 63,677 Building 14,983 Tenant improvements 18 Furniture and office equipment 336 Leasing commissions 13 In-place leases 732 Other lease-up costs 5 Total $ 79,764 Land $ 43,433 Building 44,100 Site improvements 83 Total $ 87,616 Land $ 49,139 Building 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000
Business Acquisition, Pro Forma Information [Table Text Block]	Year Ended December 31, Revenu es $ 106,375 Total expenses (113,849 ) Net loss $ (7,474 ) Year Ended December 31, Year Ended December 31, Revenues $ 96,164 $ 91,085 Total expenses (108,930 ) (99,937 ) Net loss $ (12,764 ) $ (8,852 )

Note 5 - Deferred Costs and I26

Note 5 - Deferred Costs and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	December 31, December 31, 2016 Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,110 3,092 In-place lease 8,078 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 24,505 23,756 Less accumulated amortization (12,611 ) (9,803 ) Total deferred costs and intangible assets, net $ 11,894 $ 13,953
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2018 $ 1,954 2019 1,134 2020 798 2021 768 2022 737 Thereafter 6,503 Total $ 11,894

Note 6 - Below-market Lease I27

Note 6 - Below-market Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block]	December 31, December 31, 2016 Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (18,103 ) (16,316 ) Below-market leases, net $ 5,075 $ 6,862
Below Market Lease, Future Amortization Income [Table Text Block]	201 8 $ 2,151 201 9 1,299 20 20 517 202 1 493 202 2 423 Thereafter 192 Total $ 5,075

Note 7 - Notes Payable (Tables)

Note 7 - Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Property Maturity Interest Rate December 31, December 31, 2016 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88% $ 148,438 $ 150,000 Flatbush Gardens, Brooklyn, NY (b) 10/1/2024 3.88% 19,792 20,000 250 Livingston Street, Brooklyn, NY (c) 5/6/2023 4.00% 34,294 35,093 141 Livingston Street, Brooklyn, NY (d) 6/1/2028 3.875% 78,792 79,500 Tribeca House, Manhattan, NY (e) 11/9/2018 LIBOR + 3.75% 410,000 410,000 Aspen, Manhattan, NY (f) 7/1/2028 3.68% 69,383 70,000 107 Columbia Heights, Brooklyn, NY (g) 5/9/2020 LIBOR + 3.85% 60,067 — 1 0 West 65 th 11 /1/2027 3.375% 34,350 — $ 855,116 $ 764,593 Unamortized debt issuance costs (11,170 ) (10,134 ) Total debt, net of debt issuance costs $ 843,946 $ 754,459
Schedule of Maturities of Long-term Debt [Table Text Block]	201 8 $ 416,482 201 9 7,016 20 20 67,910 202 1 8,159 202 2 8,477 Thereafter 347,072 Total $ 855,116

Note 8 - Rental Income Under 29

Note 8 - Rental Income Under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	201 8 $ 22,219 201 9 17,335 20 20 10,316 202 1 4,695 202 2 4,260 Thereafter 12,680 Total $ 71,505

Note 9 - Fair Value of Financ30

Note 9 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	December 31, December 31, 2016 Carrying amount (excluding unamortized debt issuance costs) $ 855,116 $ 764,593 Estimated fair value $ 839,753 $ 749,324
Schedule of Derivative Instruments [Table Text Block]	Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at December 31, 2017 Estimated Fair Value at December 31, 2016 $410,000 Tribeca House December 15, 2018 2.0% $ 148 $ 409 $73,700 107 Columbia Heights May 9, 2020 3.0% 34 NA Total fair value of derivative instruments included in prepaid expenses and other assets $ 182 $ 409

Note 10 - Commitments and Con31

Note 10 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Year ended December 31, 2017 27 % 73 % 100 % Year ended December 31, 2016 26 % 74 % 100 % Year ended December 31, 2015 26 % 74 % 100 %

Note 12 - Segment Reporting (Ta

Note 12 - Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year ended December 31, 2017 Commercial Residential Total Rental revenues $ 21,914 $ 73,667 $ 95,581 Tenant recoveries 5,102 — 5,102 Garage and other income 875 2,394 3,269 Total revenues 27,891 76,061 103,952 Property operating expenses 4,328 22,701 27,029 Real estate taxes and insurance 4,438 16,247 20,685 General and administrative 801 9,143 9,944 Acquisition costs — 69 69 Depreciation and amortization 3,277 13,444 16,721 Total operating expenses 12,844 61,604 74,448 Income from operations $ 15,047 $ 14,457 $ 29,504 Year ended December 31, 2016 Commercial Residential Total Rental revenues $ 18,558 $ 67,165 $ 85,723 Tenant recoveries 4,061 — 4,061 Garage and other income 1,587 1,634 3,221 Total revenues 24,206 68,799 93,005 Property operating expenses 4,113 21,329 25,442 Real estate taxes and insurance 4,024 13,716 17,740 General and administrative 748 7,657 8,405 Acquisition costs — 326 326 Depreciation and amortization 2,688 12,607 15,295 Total operating expenses 11,573 55,635 67,208 Income from operations $ 12,633 $ 13,164 $ 25,797 Year ended December 31, 2015 Commercial Residential Total Rental revenues $ 17,256 $ 60,784 $ 78,040 Tenant recoveries 3,477 — 3,477 Garage and other income 1,578 1,509 3,087 Total revenues 22,311 62,293 84,604 Property operating expenses 4,217 19,066 23,283 Real estate taxes and insurance 3,705 11,221 14,926 General and administrative 840 4,456 5,296 Acquisition costs — 75 75 Depreciation and amortization 2,471 10,050 12,521 Total operating expenses 11,233 44,868 56,101 Income from operations $ 11,078 $ 17,425 $ 28,503 Commercial Residential Total December 31, 2017 $ 222,288 $ 829,797 $ 1,052,085 December 31, 2016 225,608 679,600 905,208 December 31, 201 5 196,563 684,555 881,118 Commercial Residential Total Year ended December 31, 2017 $ 7,569 $ 27,936 $ 35,505 Year ended December 31, 2016 7,421 30,715 38,136 Year ended December 31, 2015 7,346 29,357 36,703 Commercial Residential Total Year ended December 31, 2017 $ 4,187 $ 18,538 $ 22,725 Year ended December 31, 2016 2,653 15,509 18,162 Year ended December 31, 2015 245 8,780 9,025

Note 13 - Multiemployer Union33

Note 13 - Multiemployer Union Agreement and Pension Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Multiemployer Plans [Table Text Block]	Legal name Building Services 32BJ Pension Plan Employer identification number 13-1879376 Plan number 001 Type of plan Defined benefit pension plan Plan year -end date June 30 Certified Zone Stat us for 2017, 2016 and 2015* Red Funding improvement plan/rehabilitation plan* Implemented Surcharges paid to plan None Pension contribution made for 2017, 2016 and 2015, respectively $370, $374 and $359 Minimum weekly required pension contribution per employee for 2017, 2016 and 2015, respectively (in dollars) $106.15, $102.75 and $98.75

Schedule III - Real Estate an34

Schedule III - Real Estate and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
SEC Schedule III, Real Estate and Accumulated Depreciation, by Property [Table Text Block]	Encumbrances at December 31, 2017 Initial Costs Gross Amounts At Which Carried at December 31, 2017 Property Location Description Encum-brances Land Building and Improv-ements Real Estate Under Develop . Cost Capitalized Land Building and Improv-ements Real Estate Under Develop. Total Accumu-lated Deprecia-tion Date Acquired Tribeca House Manhattan, NY Residential/Commercial $ 410,000 $ 273,103 $ 283,137 - $ 12,120 $ 273,103 $ 295,257 - $ 568,360 $ 24,482 Dec-14 Aspen Manhattan, NY Residential/Commercial 69,383 49,230 43,080 - 78 49,230 43,158 - 92,388 1,645 June-16 Flatbush Gardens Brooklyn , NY Residential 168,230 89,965 49,607 - 30,729 90,051 80,250 - 170,301 32,403 Oct -05 107 Columbia Hghts Brooklyn, NY Residential 60,067 - - 87,616 8,652 - - 96,268 96,268 - May-17 10 West 65 th Manhattan, NY Residential 34,350 63,677 15,337 - 14 63,677 15,351 - 79,028 111 Oct-17 250 Livingston St. Brooklyn, NY Commercial/Residential 34,294 10,452 20,204 - 4,881 10,452 25,085 - 35,537 10,156 May-02 141 Livingston St. Brooklyn, NY Commercial 78,792 10,830 12,079 - 5,815 10,830 17,894 - 28,724 4,917 May-02 $ 855,116 $ 497,257 $ 423,444 $ 87,616 $ 62,289 $ 497,343 $ 476,995 $ 96,268 $ 1,070,606 $ 73,714
Summarized Activity for Real Estate and Accumulated Depreciation [Table Text Block]	201 7 201 6 201 5 Investment in real estate: Balance at beginning of period $ 881,251 $ 770,779 $ 761,754 Acquisition of real estate 166,630 92,310 — Additions during period 22,725 18,162 9,025 Writeoff of fully depreciated assets — — — Balance at end of year $ 1,070,606 $ 881,251 $ 770,779 Accumulated depreciation: Balance at beginning of period $ 58,174 $ 44,672 $ 33,010 Depreciation expense 15,540 13,502 11,662 Writeoff of fully depreciated assets — — — Balance at end of year $ 73,714 $ 58,174 $ 44,672

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands	Oct. 27, 2017USD ($)	May 09, 2017USD ($)	Feb. 09, 2017USD ($)$ / sharesshares	Dec. 31, 2015shares	Dec. 31, 2017ft²shares	Dec. 31, 2016shares	Aug. 03, 2015
Formation Transaction, Units Converted to Commons Shares, Ratio							1
Percentage of Aggregate Cash Distributions From, and Profits and Losses					40.40%
Note Payable With New York Community Bank [Member]
Long-term Debt, Gross | $	$ 34,400
Construction Loans [Member]
Long-term Debt, Gross | $		$ 14,700
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member]
Business Combination, Consideration Transferred | $	$ 79,000
107 Columbia Heights in Brooklyn, NY [Member]
Number of Stories					10
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member]
Number of Units		161
Business Combination, Consideration Transferred | $		$ 87,500
Debt Instrument, Face Amount | $		$ 59,000
Gross Leasable Area					154,000
Tribeca House properties in Manhattan [Member]
Number of Buildings					2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area					481,000
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member]
Gross Leasable Area					77,000
Tribeca House properties in Manhattan, Building One [Member]
Number of Stories					21
Tribeca House properties in Manhattan, Building Two [Member]
Number of Stories					12
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member]
Number of Buildings					59
Number of Rentable Units					2,496
141 Livingston Street in Brooklyn [Member] | Office Building [Member]
Number of Stories					15
Gross Leasable Area					216,000
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories					12
Gross Leasable Area					381,000
Aspen [Member]
Number of Stories					7
Aspen [Member] | Residential Rental [Member]
Gross Leasable Area					166,000
Aspen [Member] | Retail Site [Member]
Gross Leasable Area					21,000
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member]
Number of Stories					6
Gross Leasable Area					76,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares				10,666,667	6,390,149
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares			6,390,149
Shares Issued, Price Per Share | $ / shares			$ 13.50
Proceeds from Issuance Initial Public Offering | $			$ 78,976

Note 2 - Sale of Common Stock36

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jun. 21, 2017	Feb. 09, 2017	Aug. 03, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Payments for Repurchase of Redeemable Preferred Stock	$ 145
Common Stock [Member]
Stock Issued During Period, Shares, New Issues				10,666,667	6,390,149
Proceeds from Issuance of Private Placement			$ 130,199
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues		6,390,149
Shares Issued, Price Per Share		$ 13.50
Proceeds from Issuance Initial Public Offering		$ 78,976
Private Placement [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues			10,666,667
Shares Issued, Price Per Share			$ 13.50

Note 2 - Sale of Common Stock37

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption - Consolidated and Combined Statement of Operations for Predecessor (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2015	Aug. 02, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Residential rental income	$ 24,902		$ 73,667	$ 67,165	$ 60,784
Commercial income	7,091		21,914	18,558	17,256
Tenant recoveries	1,433		5,102	4,061	3,477
Garage and other income	1,779		3,269	3,221	3,087
TOTAL REVENUES	35,205		103,952	93,005	84,604
Property operating expenses	9,611		27,029	25,442	23,283
Real estate taxes and insurance	6,774		20,685	17,740	14,926
General and administrative	2,861		9,944	8,405	5,296
Acquisition costs	75		69	326	75
Depreciation and amortization	5,292		16,721	15,295	12,521
TOTAL OPERATING EXPENSES	24,613		74,448	67,208	56,101
INCOME FROM OPERATIONS	10,592		29,504	25,797	28,503
Interest expense, net	(15,102)		(35,505)	(38,136)	(36,703)
Net loss	(4,510)		(6,001)	(12,339)	(8,200)
Net loss attributable to non-controlling interests	3,145		3,644	8,604	3,145
Net loss attributable to common stockholders	$ (1,365)		(2,365)	(3,754)	(1,365)
Predecessor [Member]
Residential rental income		$ 35,882
Commercial income		10,165
Tenant recoveries		2,044
Garage and other income		1,308
TOTAL REVENUES		49,399
Property operating expenses		13,672
Real estate taxes and insurance		8,152
General and administrative		2,435
Acquisition costs
Depreciation and amortization		7,229
TOTAL OPERATING EXPENSES		31,488
INCOME FROM OPERATIONS		17,911
Interest expense, net		(21,601)
Net loss		$ (3,690)			$ 3,690

Note 3 - Significant Accounti38

Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Mar. 27, 2017	Aug. 08, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			$ 2,100	$ 3,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 146 days
Income Tax Expense (Benefit)			$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment			0	0	0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			26,317
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			151,853	123,150	378,333
LTIP Units [Member] | Non-employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	11,112	15,742
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value	$ 150,000	$ 212,000

Note 3 - Significant Accounti39

Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2017
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life (Year)	10 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life (Year)	44 years
Tenant Improvements [Member]
Estimated useful life	Shorter of useful life or lease term
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Estimated useful life (Year)	15 years

Note 3 - Significant Accounti40

Note 3 - Significant Accounting Policies - Summary of Awards (Details) - LTIP Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unvested (in shares)	480,741	378,333
Unvested, Weighted Grant-Date Fair Value (in dollars per share)	$ 13.50	$ 13.50
Granted (in shares)	151,853	123,150	378,333
Granted, Weighted Grant-Date Fair Value (in dollars per share)	$ 11.15	$ 13.50	$ 13.50
Vested (in shares)	(11,112)	(20,742)
Vested, Weighted Grant-Date Fair Value (in dollars per share)
Forfeited (in shares)
Forfeited, Weighted Grant-Date Fair Value (in dollars per share)
Unvested (in shares)	621,482	480,741	378,333
Unvested, Weighted Grant-Date Fair Value (in dollars per share)	$ 12.93	$ 13.50	$ 13.50

Note 3 - Significant Accounti41

Note 3 - Significant Accounting Policies - Cash Distribution for Federal Income Tax Purposes (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Ordinary income	50.00%
Capital gain
Return of capital	50.00%	100.00%	100.00%
Total	100.00%	100.00%	100.00%

Note 3 - Significant Accounti42

Note 3 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net loss attributable to common stockholders	$ (1,365)	$ (2,365)	$ (3,754)	$ (1,365)
Less: income attributable to participating securities		(229)	(120)	(16)
Subtotal		$ (2,594)	$ (3,874)	$ (1,381)
Weighted average common shares outstanding (in shares)		17,021	11,423	11,423
Basic and diluted net loss per share attributable to common stockholders (in dollars per share)		$ (0.15)	$ (0.34)	$ (0.12)

Note 4 - Acquisitions (Details

Note 4 - Acquisitions (Details Textual) - USD ($) $ in Thousands	Oct. 27, 2017	May 09, 2017	Jun. 27, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combination, Acquisition Related Costs				$ 75	$ 69	$ 326	$ 75
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual					7,538	3,412
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual					$ 331	$ 713
Property at 10 W 65th St. Manhattan, NY [Member]
Business Combination, Consideration Transferred	$ 79,764
Business Combination, Acquisition Related Costs	$ 764
107 Columbia Heights in Brooklyn, NY [Member]
Business Combination, Consideration Transferred		$ 87,616
Business Combination, Acquisition Related Costs		$ 116
Aspen [Member]
Business Combination, Consideration Transferred			$ 103,000

Note 4 - Acquisitions- Properti

Note 4 - Acquisitions- Properties Acquisition (Details) - USD ($) $ in Thousands	Oct. 27, 2017	May 09, 2017	Jun. 27, 2016
Property at 10 W 65th St. Manhattan, NY [Member]
Land	$ 63,677
Building	14,983
Tenant improvements	18
Furniture and office equipment	336
Leasing commissions	13
In-place leases	732
Other lease-up costs	5
Total	$ 79,764
107 Columbia Heights in Brooklyn, NY [Member]
Land		$ 43,433
Building		44,100
Total		87,616
Site improvements		$ 83
Aspen [Member]
Land			$ 49,139
Building			42,753
Tenant improvements			26
Furniture and office equipment			302
In-place leases			1,093
Total			103,000
Site improvements			91
Above-market leases			444
Below-market leases			(783)
Lease origination costs			793
Real estate tax abatements			$ 9,142

Note 4 - Acquisitions - Pro For

Note 4 - Acquisitions - Pro Forma Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property at 10 W 65th St. Manhattan, NY [Member]
Revenues	$ 106,375
Total expenses	(113,849)
Net loss	$ (7,474)
Aspen [Member]
Revenues		$ 96,164	$ 91,085
Total expenses		(108,930)	(99,937)
Net loss		$ (12,764)	$ (8,852)

Note 5 - Deferred Costs and I46

Note 5 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 1,182	$ 1,793	$ 860
Amortization of Real Estate Abatements	1,568	1,476	1,328
Above Market Leases [Member]
Amortization of Intangible Assets	$ 58	$ 39	$ 8

Note 5 - Deferred Costs and I47

Note 5 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred costs	$ 266	$ 266
Above-market leases	480	480
Lease origination costs	3,110	3,092
In-place lease	8,078	7,347
Real estate tax abatements	12,571	12,571
Total deferred costs and intangible assets	24,505	23,756
Less accumulated amortization	(12,611)	(9,803)
Total	$ 11,894	$ 13,953

Note 5 - Deferred Costs and I48

Note 5 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
2,018	$ 1,954
2,019	1,134
2,020	798
2,021	768
2,022	737
Thereafter	6,503
Total	$ 11,894	$ 13,953

Note 6 - Below-market Lease I49

Note 6 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amortization of Below Market Lease	$ 1,787	$ 1,769	$ 1,714

Note 6 - Below-market Lease I50

Note 6 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Below-market leases	$ 23,178	$ 23,178
Less accumulated amortization	(18,103)	(16,316)
Total	$ 5,075	$ 6,862

Note 6 - Below-market Lease I51

Note 6 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
2,018	$ 2,151
2,019	1,299
2,020	517
2,021	493
2,022	423
Thereafter	192
Total	$ 5,075	$ 6,862

Note 7 - Notes Payable (Details

Note 7 - Notes Payable (Details Textual) - USD ($) $ in Thousands

Feb. 21, 2018

Nov. 09, 2016

May 11, 2016

May 01, 2013

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2017

Sep. 30, 2019

Sep. 30, 2019

Nov. 01, 2027

Oct. 01, 2024

Jul. 31, 2028

Jun. 30, 2028

Oct. 27, 2017

May 09, 2017

Jun. 27, 2016

Dec. 12, 2014

Oct. 31, 2014

Sep. 24, 2012

Mortgages 1 [Member] | New York Community Bank [Member]

Long-term Debt, Gross

$ 150,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.88%

Debt Instrument, Periodic Payment

$ 705

Mortgages 1 [Member] | Citigroup Global Markets Realty Corp [Member]

Long-term Debt, Gross

$ 37,500

Debt Instrument, Periodic Payment

$ 179

Debt Instrument, Interest Rate, Stated Percentage

4.00%

Mortgages 1 [Member] | Citigroup Global Markets Inc. [Member] | 141 Livingston Street, Brooklyn [Member]

Long-term Debt, Gross

$ 55,000

Mortgages 2 [Member] | New York Community Bank [Member]

Long-term Debt, Gross

$ 20,000

Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.875%

Proceeds from Issuance of Long-term Debt

$ 79,500

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member]

Debt Instrument, Periodic Payment

$ 94

Debt Instrument, Interest Rate During Period

3.88%

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Periodic Payment

$ 374

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Subsequent Event [Member]

Long-term Debt, Gross

$ 246,000

Debt Instrument, Term

10 years

Debt Instrument, Interest Rate, Stated Percentage

3.50%

Debt Instrument, Interest Only Payments Period

2 years 180 days

Mortgages [Member]

Repayments of Long-term Debt

$ 360,000

Mortgages [Member] | New York Community Bank [Member] | Property at 10 W 65th St. Manhattan, NY [Member]

Long-term Debt, Gross

$ 34,350

Debt Instrument, Interest Rate, Stated Percentage

3.375%

Mortgages [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | Prime Rate [Member] | Property at 10 W 65th St. Manhattan, NY [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member]

Long-term Debt, Gross

$ 70,000

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Scenario, Forecast [Member] | Aspen [Member]

Debt Instrument, Periodic Payment

$ 321

Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Long-term Debt, Gross

$ 59,000

Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Debt Instrument, Basis Spread on Variable Rate

3.85%

Debt Instrument, Interest Rate, Effective Percentage

5.40%

5.40%

Mezzanine Note Agreement [Member] | SL Green Finance [Member]

Repayments of Long-term Debt

100,000

Refinanced Loans [Member] | DB and SL Green Finance [Member] | Tribeca House Properties [Member]

Long-term Debt, Gross

$ 410,000

Refinanced Loans [Member] | DB and SL Green Finance [Member] | Subsequent Event [Member] | Tribeca House Properties [Member]

Repayments of Long-term Debt

$ 410,000

Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member]

Debt Instrument, Interest Rate, Effective Percentage

5.30%

5.30%

Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member] | Minimum [Member]

Debt Instrument, Basis Spread on Variable Rate

3.75%

Fixed Interest Rate Financing [Member] | Subsequent Event [Member]

Long-term Debt, Gross

$ 360,000

Debt Instrument, Interest Rate, Stated Percentage

4.506%

Construction Loans [Member]

Long-term Debt, Gross

14,700

Construction Loans [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Proceeds from Issuance of Long-term Debt

$ 1,067

Debt Agreement Maximum Borrowing Capacity

$ 14,700

Note 7 - Notes Payable - Mortga

Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Unamortized debt issuance costs		$ (11,170)	$ (10,134)
Total		$ 855,116
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Maturity date	[1]	Oct. 1, 2024
Interest rate	[1]	3.88%
Debt, gross	[1]	$ 148,438	150,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Maturity date	[2]	May 6, 2023
Interest rate	[2]	4.00%
Debt, gross	[2]	$ 34,294	35,093
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]
Maturity date	[3]	Jun. 1, 2028
Interest rate	[3]	3.875%
Debt, gross	[3]	$ 78,792	79,500
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Maturity date	[4]	Nov. 9, 2018
Debt, gross	[4]	$ 410,000	410,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[4]	3.75%
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Maturity date	[5]	Jul. 1, 2028
Interest rate	[5]	3.68%
Debt, gross	[5]	$ 69,383	70,000
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member]
Maturity date	[6]	May 9, 2020
Debt, gross	[6]	$ 60,067
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[6]	3.85%
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]
Maturity date	[7]	Nov. 1, 2027
Interest rate	[7]	3.375%
Debt, gross	[7]	$ 34,350
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Maturity date	[8]	Oct. 1, 2024
Interest rate	[8]	3.88%
Debt, gross	[8]	$ 19,792	20,000
Mortgages and Mezzanine Notes [Member]
Debt, gross		855,116	764,593
Unamortized debt issuance costs		(11,170)	(10,134)
Total		$ 843,946	$ 754,459
[1]	The $150,000 mortgage note agreement with New York Community Bank ("NYCB") matures on October 1, 2024, and bears interest at 3.88%. The note required interest-only payments through April 2017 and monthly principal and interest payments of $705 thereafter based on a 30-year amortization schedule.
[2]	The $37,500 mortgage note agreement with Citigroup Global Markets Realty Corp. matures on May 6, 2023, and bears interest at 4.00%. The note requires monthly principal and interest payments of $179.
[3]	On May 11, 2016, the Company repaid a $55,000 loan secured by the property with the proceeds of a $79,500 loan from NYCB. The NYCB loan matures on June 1, 2028, and bears interest at 3.875%. The note requires interest-only payments through June 2017, and monthly principal and interest payments of $374 thereafter based on a 30-year amortization schedule.
[4]	On November 9, 2016, the Company repaid $360,000 of mortgage notes and $100,000 of mezzanine notes assumed in connection with the acquisition of the Tribeca House properties, with the proceeds of a $410,000 loan package with Deutsche Bank and SL Green Finance, and cash on hand. The loan package matures on November 9, 2018, is subject to three one-year extension options and bears interest at one-month LIBOR plus 3.75% (5.3% as of December 31, 2017). On February 21, 2018, the Company repaid the $410,000 Tribeca House loan package using the proceeds of a $360,000 fixed rate financing package which matures March 2028 and cash on hand. The $360,000 financing bears interest at a fixed rate of 4.506% per annum and requires interest-only payments for the entire term.
[5]	On June 27, 2016, the Company entered into a $70,000 mortgage note agreement with Capital One Multifamily Finance LLC, related to the Aspen acquisition. The note matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule.
[6]	On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc., related to the 107 Columbia Heights acquisition. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,700 for eligible capital improvements and carrying costs, of which $1,067 was drawn as of December 31, 2017. The notes mature on May 9, 2020, are subject to two one-year extension options and requires interest only payments based on one-month LIBOR plus 3.85% (5.4% as of December 31, 2017).
[7]	On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with New York Community Bank, related to the 10 West 65th Street acquisition. The note matures on November 1, 2027, and bears interest at 3.375% for the first five years and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through October 2019, and monthly principal and interest payments thereafter based on a 30-year amortization schedule.
[8]	The additional $20,000 note with NYCB matures coterminous with the $150,000 mortgage, and bears interest at 3.88% through September 2019 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note required interest-only payments through April 2017, monthly principal and interest payments of $94 from May 2017 through September 2019 based on a 30-year amortization schedule and monthly principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule. On February 21, 2018, the Company refinanced the above two Flatbush Gardens loans with a ten-year $246,000 initial fixed rate secured first mortgage loan with New York Community Bank which matures March 2028, bears interest at a fixed rate of 3.5% per annum for the first five years and is interest-only for 30 months.

Note 7 - Notes Payable - Summar

Note 7 - Notes Payable - Summarizes Principal Payment (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 416,482
2,019	7,016
2,020	67,910
2,021	8,159
2,022	8,477
Thereafter	347,072
Total	$ 855,116

Note 8 - Rental Income Under 55

Note 8 - Rental Income Under Operating Leases (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	20.00%	19.00%	20.00%

Note 8 - Rental Income Under 56

Note 8 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 22,219
2,019	17,335
2,020	10,316
2,021	4,695
2,022	4,260
Thereafter	12,680
Total	$ 71,505

Note 9 - Fair Value of Financ57

Note 9 - Fair Value of Financial Instruments (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Rate Cap [Member]
Derivative, Gain (Loss) on Derivative, Net	$ 261	$ (139)	$ 522
Interest Rate Cap 2 [Member]
Derivative, Gain (Loss) on Derivative, Net	$ 99

Note 9 - Fair Value of Financ58

Note 9 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Mortgage notes payable	$ 855,116	$ 764,593
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	$ 839,753	$ 749,324

Note 9 - Fair Value of Financ59

Note 9 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Estimated fair market value	$ 182	$ 409
Interest Rate Cap 1 [Member]
Maturity date	Dec. 15, 2018
Strike rate	2.00%
Estimated fair market value	$ 148	$ 409
Interest Rate Cap 2 [Member]
Maturity date	May 9, 2020
Strike rate	3.00%
Estimated fair market value	$ 34

Note 10 - Commitments and Con60

Note 10 - Commitments and Contingencies (Details Textual) $ in Thousands	Dec. 31, 2017USD ($)
Obligated to Provide Parking [Member]
Other Commitment	$ 240

Note 10 - Commitments and Con61

Note 10 - Commitments and Contingencies - Summary of Concentrations Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration risk	100.00%	100.00%	100.00%
Commercial Segment [Member]
Concentration risk	27.00%	26.00%	26.00%
Residential Segment [Member]
Concentration risk	73.00%	74.00%	74.00%

Note 11 - Related-party Trans62

Note 11 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Firms in Which Two Directors Were Principals or Partners [Member]
Related Party Transaction, Amounts of Transaction	$ 797
General and Administrative Expense [Member] | Management Fees [Member] | Predecessor [Member]
Related Party Transaction, Expenses from Transactions with Related Party			$ 574
General and Administrative Expense [Member] | Overhead Charged Related to Office Expenses [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 387	$ 275

Note 12 - Segment Reporting - I

Note 12 - Segment Reporting - Income From Operations by Segment (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rental revenues		$ 95,581	$ 85,723	$ 78,040
Tenant recoveries	$ 1,433	5,102	4,061	3,477
Garage and other income	1,779	3,269	3,221	3,087
Total revenues	35,205	103,952	93,005	84,604
Property operating expenses	9,611	27,029	25,442	23,283
Real estate taxes and insurance	6,774	20,685	17,740	14,926
General and administrative	2,861	9,944	8,405	5,296
Acquisition costs	75	69	326	75
Depreciation and amortization	5,292	16,721	15,295	12,521
Total operating expenses	24,613	74,448	67,208	56,101
Income from operations	10,592	29,504	25,797	28,503
Total Assets	881,118	1,052,085	905,208	881,118
Interest expense	15,102	35,505	38,136	36,703
Capital expenditures		22,725	18,162	9,025
Commercial Segment [Member]
Rental revenues		21,914	18,558	17,256
Tenant recoveries		5,102	4,061	3,477
Garage and other income		875	1,587	1,578
Total revenues		27,891	24,206	22,311
Property operating expenses		4,328	4,113	4,217
Real estate taxes and insurance		4,438	4,024	3,705
General and administrative		801	748	840
Acquisition costs
Depreciation and amortization		3,277	2,688	2,471
Total operating expenses		12,844	11,573	11,233
Income from operations		15,047	12,633	11,078
Total Assets	196,563	222,288	225,608	196,563
Interest expense		7,569	7,421	7,346
Capital expenditures		4,187	2,653	245
Residential Segment [Member]
Rental revenues		73,667	67,165	60,784
Tenant recoveries
Garage and other income		2,394	1,634	1,509
Total revenues		76,061	68,799	62,293
Property operating expenses		22,701	21,329	19,066
Real estate taxes and insurance		16,247	13,716	11,221
General and administrative		9,143	7,657	4,456
Acquisition costs		69	326	75
Depreciation and amortization		13,444	12,607	10,050
Total operating expenses		61,604	55,635	44,868
Income from operations		14,457	13,164	17,425
Total Assets	$ 684,555	829,797	679,600	684,555
Interest expense		27,936	30,715	29,357
Capital expenditures		$ 18,538	$ 15,509	$ 8,780

Note 13 - Multiemployer Union64

Note 13 - Multiemployer Union Agreement and Pension Plan - Multiemployer Pension Plan (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Legal name		Building Services 32BJ Pension Plan
Employer identification number		131,879,376
Plan number		1
Type of plan		Defined benefit pension plan
Plan year-end date		June 30
Certified Zone Status for 2017, 2016 and 2015*	[1]	Red
Funding improvement plan/rehabilitation plan*	[1]	Implemented
Surcharges paid to plan		NA
Pension contribution made for 2017, 2016 and 2015, respectively		$ 370	$ 374	$ 359
Minimum weekly required pension contribution per employee for 2017, 2016 and 2015, respectively (in dollars)		$ 106,150	$ 102,750	$ 98,750
[1]	Certified pension zone status (as defined by the Pension Protection Act) represents the level at which the pension plan is funded. Plans in the red zone are less than 65% funded; plans in the yellow zone are less than 80% funded; and plans in the green zone are at least 80% funded. The rehabilitation plan may involve a surcharge on employers or a reduction or elimination of certain employee adjustable benefits.

Schedule III - Real Estate an65

Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Thousands	Dec. 31, 2017USD ($)
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 809,414

Schedule III - Real Estate an66

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation, by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Encumbrances, initial costs	$ 855,116
Land, initial costs	497,257
Building and improvements, initial costs	423,444
Real estate under development, initial costs	87,616
Cost capitalized subsequent to acquisition	62,289
Land, carrying amount	497,343
Building and improvements, carrying amount	476,995
Real estate under development, carrying amont	96,268
Total carrying amount	1,070,606	$ 881,251	$ 770,779	$ 761,754
Accumulated depreciation	73,714	$ 58,174	$ 44,672	$ 33,010
Tribeca House Properties [Member]
Encumbrances, initial costs	410,000
Land, initial costs	273,103
Building and improvements, initial costs	283,137
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	12,120
Land, carrying amount	273,103
Building and improvements, carrying amount	295,257
Real estate under development, carrying amont
Total carrying amount	568,360
Accumulated depreciation	24,482
Aspen [Member]
Encumbrances, initial costs	69,383
Land, initial costs	49,230
Building and improvements, initial costs	43,080
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	78
Land, carrying amount	49,230
Building and improvements, carrying amount	43,158
Real estate under development, carrying amont
Total carrying amount	92,388
Accumulated depreciation	1,645
Flatbush Gardens, Brooklyn, NY [Member]
Encumbrances, initial costs	168,230
Land, initial costs	89,965
Building and improvements, initial costs	49,607
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	30,729
Land, carrying amount	90,051
Building and improvements, carrying amount	80,250
Real estate under development, carrying amont
Total carrying amount	170,301
Accumulated depreciation	32,403
107 Columbia Heights in Brooklyn, NY [Member]
Encumbrances, initial costs	60,067
Land, initial costs
Building and improvements, initial costs
Real estate under development, initial costs	87,616
Cost capitalized subsequent to acquisition	8,652
Land, carrying amount
Building and improvements, carrying amount
Real estate under development, carrying amont	96,268
Total carrying amount	96,268
Accumulated depreciation
Property at 10 W 65th St. Manhattan, NY [Member]
Encumbrances, initial costs	34,350
Land, initial costs	63,677
Building and improvements, initial costs	15,337
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	14
Land, carrying amount	63,677
Building and improvements, carrying amount	15,351
Real estate under development, carrying amont
Total carrying amount	79,028
Accumulated depreciation	111
250 Livingston Street in Brooklyn [Member]
Encumbrances, initial costs	34,294
Land, initial costs	10,452
Building and improvements, initial costs	20,204
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	4,881
Land, carrying amount	10,452
Building and improvements, carrying amount	25,085
Real estate under development, carrying amont
Total carrying amount	35,537
Accumulated depreciation	10,156
141 Livingston Street in Brooklyn [Member]
Encumbrances, initial costs	78,792
Land, initial costs	10,830
Building and improvements, initial costs	12,079
Real estate under development, initial costs
Cost capitalized subsequent to acquisition	5,815
Land, carrying amount	10,830
Building and improvements, carrying amount	17,894
Real estate under development, carrying amont
Total carrying amount	28,724
Accumulated depreciation	$ 4,917

Schedule III - Real Estate an67

Schedule III - Real Estate and Accumulated Depreciation - Summarized Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance at beginning of period	$ 881,251	$ 770,779	$ 761,754
Acquisition of real estate	166,630	92,310
Additions during period	22,725	18,162	9,025
Writeoff of fully depreciated assets
Balance at end of year	1,070,606	881,251	770,779
Balance at beginning of period	58,174	44,672	33,010
Depreciation expense	15,540	13,502	11,662
Writeoff of fully depreciated assets
Balance at end of year	$ 73,714	$ 58,174	$ 44,672