Clipper Realty (CLPR) 10-K 14 Feb 25 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-38010
Entity Registrant Name	CLIPPER REALTY INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4579660
Entity Address, Address Line One	4611 12th Avenue, Suite 1L
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11219
City Area Code	718
Local Phone Number	438-2804
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CLPR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 49,096,593
Entity Common Stock, Shares Outstanding (in shares)		16,146,546
Auditor Name	PKF O’Connor Davies, LLP
Auditor Location	New York, New York
Auditor Firm ID	127
Entity Central Index Key	0001649096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Land and improvements	$ 571,988	$ 571,988
Building and improvements	736,420	726,273
Tenant improvements	3,366	3,366
Furniture, fixtures and equipment	13,897	13,278
Real estate under development	146,249	87,285
Total investment in real estate	1,471,920	1,402,190
Accumulated depreciation	(243,392)	(213,606)
Investment in real estate, net	1,228,528	1,188,584
Cash and cash equivalents	19,896	22,163
Restricted cash	18,156	14,062
Tenant and other receivables, net of allowance for doubtful accounts of $258 and $234, respectively	6,365	5,181
Deferred rent	2,108	2,359
Deferred costs and intangible assets, net	5,676	6,127
Prepaid expenses and other assets	6,236	10,854
TOTAL ASSETS	1,286,965	1,249,330
Liabilities:
Notes payable, net of unamortized loan costs of $9,019 and $13,405, respectively	1,266,340	1,205,624
Accounts payable and accrued liabilities	18,731	20,994
Security deposits	9,067	8,765
Other liabilities	7,057	6,712
TOTAL LIABILITIES	1,301,195	1,242,095
Equity:
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,146,546 and 16,077,290 shares issued and outstanding, at December 31, 2024 and 2023, respectively	160	160
Additional paid-in-capital	89,938	89,483
Accumulated deficit	(95,507)	(86,899)
Total stockholders’ equity	(5,409)	2,744
Non-controlling interests	(8,821)	4,491
TOTAL EQUITY	(14,230)	7,235
TOTAL LIABILITIES AND EQUITY	$ 1,286,965	$ 1,249,330

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2021	Dec. 31, 2023
Allowance for doubtful accounts	$ 258		$ 234
Unamortized loan costs	9,019		13,405
Unamortized loan costs	$ 9,019		$ 13,405
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	100,000		100,000
Preferred Stock, Shares Issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
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)	16,146,546		16,063,228
Common stock, shares outstanding (in shares)	16,146,546		16,063,228
Common stock, shares issued (in shares)	16,146,546		16,063,228
Series A Cumulative Non-Voting Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	140		140
Preferred stock, dividend rate, percentage	12.50%	12.50%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
REVENUES
TOTAL REVENUES	$ 148,775	$ 138,205
OPERATING EXPENSES
Property operating expenses	34,163	30,619
Real estate taxes and insurance	29,770	31,951
General and administrative	14,152	13,169
Transaction pursuit costs	0	357
Depreciation and amortization	29,892	28,939
TOTAL OPERATING EXPENSES	107,977	105,035
Litigation settlement and other	(269)	0
INCOME FROM OPERATIONS	40,529	33,170
Interest expense, net	(47,111)	(44,867)
Loss on modification/extinguishment of debt	0	(3,868)
Net loss	(6,582)	(15,565)
Net loss attributable to non-controlling interests	4,082	9,665
Net loss attributable to common stockholders	$ (2,500)	$ (5,900)
Basic and diluted net loss per share (in dollars per share)	$ (0.25)	$ (0.45)
Residential Rental [Member]
REVENUES
TOTAL REVENUES	$ 109,873	$ 99,716
Commercial Real Estate [Member]
REVENUES
TOTAL REVENUES	$ 38,902	$ 38,489

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	16,063,228
Balance at Dec. 31, 2022	$ 160	$ 88,829	$ (74,895)	$ 14,094	$ 23,085	$ 37,179
Amortization of LTIP grants					3,015	3,015
Dividends and distributions	0	0	(6,104)	(6,104)		(17,394)
Dividends and distributions					(11,290)
Net loss	0	0	(5,900)	(5,900)	(9,665)	(15,565)
Reallocation of non-controlling interests	$ 0	654	0	654	(654)	0
Balance (in shares) at Dec. 31, 2023	16,063,228
Balance at Dec. 31, 2023	$ 160	89,483	(86,899)	2,744	4,491	7,235
Amortization of LTIP grants					2,701	2,701
Dividends and distributions	0	0	(6,108)	(6,108)		(17,584)
Dividends and distributions					(11,476)
Net loss	0	0	(2,500)	(2,500)	(4,082)	(6,582)
Reallocation of non-controlling interests	$ 0	455	0	455	(455)	0
Redemption of LTIP grants (in shares)	83,318
Balance (in shares) at Dec. 31, 2024	16,146,546
Balance at Dec. 31, 2024	$ 160	$ 89,938	$ (95,507)	$ (5,409)	$ (8,821)	$ (14,230)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,582)	$ (15,565)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	29,786	28,825
Amortization of deferred financing costs	2,122	1,705
Amortization of deferred costs and intangible assets	587	595
Amortization of above- and below-market leases	0	(18)
Loss on modification/extinguishment of debt	0	3,868
Deferred rent	251	214
Stock-based compensation	2,701	3,015
Bad debt expense (recovery)	30	(87)
Increase (Decrease) in Operating Capital [Abstract]
Tenant and other receivables	(1,215)	(86)
Prepaid expenses, other assets and deferred costs	4,483	2,701
Accounts payable and accrued liabilities	(948)	(707)
Security deposits	302	825
Other liabilities	345	(900)
Net cash provided by operating activities	31,862	26,185
Net Cash Provided by (Used in) Investing Activities [Abstract]
Additions to land, buildings and improvements	(68,781)	(41,357)
Net cash used in investing activities	(68,781)	(41,357)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payments of mortgage notes	(2,000)	(84,728)
Proceeds from mortgage notes	58,330	132,519
Dividends and distributions	(17,584)	(17,394)
Loan issuance and extinguishment costs	0	(9,666)
Net cash provided by financing activities	38,746	20,731
Net (decrease) increase in cash and cash equivalents and restricted cash	1,827	5,559
Cash and cash equivalents and restricted cash – beginning of year	36,225	30,666
Cash and cash equivalents and restricted cash – end of year	38,052	36,225
Cash and cash equivalents	22,163	18,152
Restricted cash	14,062	12,514
Cash and cash equivalents	19,896	22,163
Restricted cash	18,156	14,062
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $9,417 and $5,508 in 2024 and 2023, respectively	43,995	45,323
Non-cash interest capitalized to real estate under development	2,264	339
Additions to investment in real estate included in accounts payable and accrued liabilities	$ 8,169	$ 9,484

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest Paid, Capitalized, Investing Activities	$ 9,417	$ 5,508

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 9B. OTHER INFORMATION None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems are necessary for the operation of our business. We use these systems, among others, to manage our tenant and vendor relationships, for internal communications, for accounting to operate record-keeping function, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data. We rely on a third-party service providers, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, subscribing to reports and services that identify cybersecurity threats and evaluating our industry’s risk profile. To operate our business, we utilize certain third-party service providers to perform a variety of functions. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. During the reporting period, we have not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, which we believe have materially affected, or are reasonably likely, to materially affect our Company, including our business strategy, results of operations, or financial condition. However, we cannot assure you that we will not experience any such threats or incidents in the future. See “Item 1A. Risk factors” in this Annual Report on Form 10-K, for additional discussion about cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems are necessary for the operation of our business. We use these systems, among others, to manage our tenant and vendor relationships, for internal communications, for accounting to operate record-keeping function, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees process by which senior management of the Company assesses and manages the Company’s exposure to risk, including cybersecurity, in accordance with its charter. The Audit Committee engages in discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies. Our management, represented by our IT Director, and our third-party information technology provider lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees process by which senior management of the Company assesses and manages the Company’s exposure to risk, including cybersecurity, in accordance with its charter. The Audit Committee engages in discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management, represented by our IT Director, and our third-party information technology provider lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance.
Cybersecurity Risk Role of Management [Text Block]	Our management, represented by our IT Director, and our third-party information technology provider lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management, represented by our IT Director, and our third-party information technology provider lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees process by which senior management of the Company assesses and manages the Company’s exposure to risk, including cybersecurity, in accordance with its charter. The Audit Committee engages in discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization Clipper Realty Inc. (the “Company” or “We”) was organized in the state of Maryland on July 7, 2015. On August 3, 2015, we completed certain formation transactions and the sale of shares of common stock in a private offering. We contributed the net proceeds of the private offering to Clipper Realty L.P., our operating partnership subsidiary (the “Operating Partnership”), in exchange for units in the Operating Partnership. The Operating Partnership in turn contributed such net proceeds to the limited liability companies (“LLCs”) that comprised the predecessor of the Company in exchange for Class A LLC units in such LLCs and became the managing member of such LLCs. The owners of the LLCs exchanged their interests for Class B LLC units and an equal number of special, non-economic, voting stock in the Company. The Class B LLC units, together with the special voting shares, are convertible into common shares of the Company on a one-for-one On June 27, 2016, the Operating Partnership acquired the Aspen property located at 1955 First Avenue in Manhattan, New York. On February 9, 2017, the Company priced an initial public offering of 6,390,149 primary shares of its common stock (including the exercise of the over-allotment option, which closed on March 10, 2017) at a price of $13.50 per share (the “IPO”). The net proceeds of the IPO were approximately $79,000. We contributed the proceeds of the IPO to the Operating Partnership, in exchange for units in the Operating Partnership. On May 9, 2017, the Company completed the purchase of 107 Columbia Heights (subsequently renovated and rebranded “Clover House”), a 158-unit apartment building located in the Brooklyn Heights neighborhood of Brooklyn, New York. On October 27, 2017, the Company completed the acquisition of an 82-unit residential property at 10 West 65th Street in the Upper West Side neighborhood of Manhattan, New York. On November 8, 2019, the Company completed the acquisition of 1010 Pacific Street located in the Prospect Heights neighborhood of Brooklyn, New York; the Company redeveloped the property into a 175-unit residential building. During the period December 2021 through February 2022, the Company purchased the Dean Street property which consists of multiple parcels of land in the Prospect Heights neighborhood of Brooklyn, New York; the Company plans to redevelop the property as a 240-unit residential building with two ground floor retail units. As of December 31, 2024, the properties owned by the Company consist of the following (collectively, the “Properties”): • Tribeca House in Manhattan, comprising two • Flatbush Gardens in Brooklyn, a 59-building residential housing complex with 2,494 rentable units; • 141 Livingston Street in Brooklyn, a 15-story office building with approximately 216,000 square feet of GLA; • 250 Livingston Street in Brooklyn, a 12-story office and residential building with approximately 370,000 square feet of GLA (fully remeasured); • Aspen in Manhattan, a 7-story building containing residential and retail space with approximately 166,000 square feet of residential rental GLA and approximately 21,000 square feet of retail rental GLA; • Clover House in Brooklyn, a 11-story residential building with approximately 102,000 square feet of residential rental GLA; • 10 West 65th Street in Manhattan, a 6-story residential building with approximately 76,000 square feet of residential rental GLA; • 1010 Pacific Street in Brooklyn, 9-story residential building with approximately 119,000 square feet of residential rental GLA; and • the Dean Street property in Brooklyn, which the Company plans to redevelop as a 9-story residential building with approximately 160,000 square feet of residential rental GLA and approximately 9,000 square feet of retail rental GLA. Square footage, leased occupancy percentage and rentable unit disclosures in the consolidated financial statements are unaudited. During 2019, we entered into a joint venture in which we own a 50% interest through which we are paying certain legal and advisory expenses in connection with various rent laws and ordinances which govern certain of our properties. During the year ended December 31, 2024, the Company incurred $787 of such expenses, which was recorded as part of general and administrative in the Consolidated Statements of Operations, and the Company has fulfilled its commitment to the joint venture. On June 29, 2023 the Company’s Flatbush Gardens property entered into a 40 year regulatory agreement under Article 11 of the Private Housing Finance Law with the New York City Department of Housing Preservation and Development (“Article 11Agreement”). For the full term of the agreement, Flatbush Gardens received a full exemption from property taxes, committed to maintain rents with existing area median income groups, received eligibility for incremental rental assistance payments under Section 610 of the Private Housing Financing Law for tenants receiving government rental assistance, committed to lease 249 units to formerly homeless families and provide certain services as units become vacant, and committed to pay prevailing wage rates to employees of the property as defined under New York City regulations. The property also committed to a 3-year capital improvements plan. As part of the agreement, a new not-for-profit Corporation, Flatbush Gardens Housing Development Fund Corporation (“HDFC”), became the nominal owner of the Flatbush Gardens properties. This has no effect on the beneficial operations and finances of the properties but provides HDFC with certain consent rights for transfers and financings of the properties. (See Note 7 Commitments and Contingencies). 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 through 860 of the Internal Revenue Code (the “Code”). The Company is the sole general partner of the Operating Partnership and the Operating Partnership is the sole managing member of the LLCs that comprised the Predecessor. At December 31, 2024 and 2023, the Company’s interest, through the Operating Partnership, in the LLCs that own the properties generally entitles it to 38.0% and 37.9% of the aggregate cash distributions from, and the profits and losses of, the LLCs, respectively. The Company determined that the Operating Partnership and the LLCs are variable interest entities (“VIEs”) and that the Company was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the Company’s assets and liabilities.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Segments At December 31, 2024, the Company had two Basis of Consolidation The accompanying consolidated 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 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 interests. 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. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the useful lives of long-lived assets, review of long-lived assets for impairment and contingent liabilities. Actual results could materially differ from these estimates. Investment in Real Estate Real estate assets held for investment 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 betterments or the life of the related asset will be substantially extended beyond the original life expectancy. In accordance with ASU 2018-01, "Business Combinations – Clarifying the Definition of a Business,” the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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 expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. 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 in an asset acquisition based on their relative 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 between (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 be recoverable. A property’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. In the event that the Company obtains proceeds through an insurance policy due to impairment, the proceeds are offset against the write-down in calculating gain/loss on disposal of assets. Management of the Company does not believe that any of its properties within the portfolio are impaired as of December 31, 2024. 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 months. Real estate held-for-sale is carried at the lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held-for-sale properties are charged to expense as incurred. Expenditures for improvements, renovations and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real estate held-for-sale. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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 months or less when purchased. The Company maintains some of its cash in bank deposit accounts, which, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts. Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs, capital improvements, loan reserves 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 less allowance for doubtful accounts. In accordance with Accounting Standards Codification ("ASC”) 842 "Leases,” the Company performed a detailed review of amounts due from tenants to determine if accounts receivable balances and future lease payments were probable of collection, wrote off receivables not probable of collection and recorded a general reserve against revenues for receivables probable of collection for which a loss can be reasonably estimated. If management determines that the tenant receivable is not probable of collection it is written off against revenues. In addition, the Company records a general reserve under ASC 450. 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 fees, legal and other third-party costs associated with obtaining financing. These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period the financing transaction is terminated. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (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, 2024 and 2023, the Company did not own any financial instruments for which the change in value was not reported in net income (loss); accordingly, its comprehensive income (loss) was its net income (loss) as presented in the consolidated statements of operations. Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts the Company records lease income under ASC 842,“Leases” which replaces the guidance under ASC 840. ASC 842 applies to the Company principally as lessor; as a lessee, the Company’s leases are immaterial. The Company has determined that all its leases as lessor are operating leases. The Company has elected to not bifurcate lease and non-lease components under a practical expedient provision. With respect to collectability, the Company has written off all receivables not probable of collection and related deferred rent, and has recorded income for those tenants on a cash basis. When the probability assessment has changed for these receivables, the Company has recognized lease income to the extent of the difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date. For remaining receivables probable of collection, the Company has recorded a general reserve under ASC 450. For the year ended December 31, 2024 and 2023, the Company charged revenue in the amount of $4,219 and $4,526, respectively, for residential receivables not deemed probable of collection and recognized revenue of $299 and $1,447, respectively, for a reassessment of collectability of residential receivables previously not deemed probable of collection. In accordance with the provisions of ASC 842, rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Rental income attributable to residential leases and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered by residents for apartment units are generally for one-year terms, renewable upon consent of both parties on an annual or monthly basis. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations. Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation.” As such, all equity-based awards are reflected as compensation expense in the Company’s consolidated statements of operations over their vesting period based on the fair value at the date of grant. In the event of a forfeiture, the previously recognized expense for unvested options would be reversed. The following is a summary of awards granted to the Company’s employees and non-employee directors during the years ended December 31, 2024 and 2023. Unvested LTIP Units LTIP Units Weighted Unvested at December 31, 2022 1,903,273 $ 8.44 Granted 444,003 $ 5.62 Vested (574,382 ) $ 6.63 Forfeited — — Unvested at December 31, 2023 1,772,894 $ 8.32 Granted 2,306,708 $ 4.56 Vested (372,476 ) $ 7.06 Forfeited — — Unvested at December 31, 2024 3,707,126 $ 6.11 As of December 31, 2024 and 2023, there was $17,486 and $9,678, respectively, of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. As of December 31, 2024, the weighted-average period over which the unrecognized compensation expense will be recorded is approximately four years. For the years ended December 31, 2024 and 2023 the Company incurred $2,701 and $3,015 in LTIP amortization respectively. In March 2024, the Company granted employees and non-employee directors 320,172 and 181,602 LTIP units, respectively, with a weighted-average grant date value of $4.90 per unit. The grants vesting period range from up to one one In December 2024, the Company granted employees and a non-employee director 1,443,947 and 360,987 LTIP units, respectively, with a weighted-average grant date value of $4.46 per unit. The grants vest ratably over the a 10-year period and were an special reward related to the completion of certain elements of the Article 11 transaction at the Company’s Flatbush Gardens property. In March 2023, the Company granted employees and non-employee directors 286,272 and 157,731 LTIP units, respectively, with a weighted-average grant date value of $5.62 per unit. The grants vesting period range from up to one one In the year-ended December 31, 2024 the Company granted employees and non-employee directors 1,764,119 and 542,589 LTIP units, respectively, with a combined weighted-average grant date fair value of $4.56 per unit. In the year-ended December 31, 2023 the Company granted employees and non-employee directors 286,272 and 157,731 LTIP units, respectively, with a combined weighted-average grant date fair value of $5.62 per unit. Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits. 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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. The entities comprising the Predecessor are limited liability companies and are treated as pass-through entities for income tax purposes. Accordingly, no In accordance with FASB ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on its financial position or results of operations. The prior three years’ income tax returns are subject to review by the Internal Revenue Service. The Company has determined that the cash distributed to its stockholders is characterized as follows for Federal income tax purposes: Year Ended December 31, 2024 2023 Ordinary income 10 % 10 % Capital gain — — Return of capital 90 % 90 % Total 100 % 100 % Fair Value Measurements Refer to Note 6, “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 particular 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 (loss) (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 designated as hedges, changes in fair value would be recognized in earnings. As of December 31, 2024 and 2023, the Company has no derivatives for which it applies hedge accounting. Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of December 31, 2024 and 2023, the Company had unvested LTIP units which provide for non-forfeitable rights to dividend-equivalent payments. Accordingly, these unvested LTIP units are considered participating securities and are included in the computation of basic and diluted net loss per share pursuant to the two-class method. The Company did not The effect of the conversion of the 26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted net loss per share, as the effect would be anti-dilutive. The net loss allocable to such units is reflected as non-controlling interests in the accompanying consolidated financial statements. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year Ended December 31, 2024 2023 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,500 ) $ (5,900 ) Less: income attributable to participating securities (1,476 ) (1,289 ) Subtotal (3,976 ) (7,189 ) Denominator Weighted-average common shares outstanding 16,120 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.25 ) $ (0.45 ) Recently Adopted Accounting Standards In 2023, the FASB issued ASU No. 2023-07, Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company adopted ASU 2023-07 in the year ended December 31, 2024 and the adoption did not have a material impact on the Company’s consolidated financial statements. See Note 9 – Segment Reporting. Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The guidance is effective for the Company in its 2027 annual reporting. The guidance is applied prospectively and may be applied retrospectively. The Company is evaluating the impact of ASU 2024-03.

Note 4 - Deferred Costs and Int

Note 4 - Deferred Costs and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	3. Deferred Costs and Intangible Assets Deferred costs and intangible assets consist of the following: December 31, December 31, Deferred costs $ 348 $ 348 Lease origination costs 1,610 1,474 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,529 11,392 Less accumulated amortization (5,852 ) (5,265 ) Total deferred costs and intangible assets, net $ 5,676 $ 6,127 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $106 and $114 for the years ended December 31, 2024 and 2023, respectively. Amortization of real estate tax abatements of $481 and $481 for the years ended December 31, 2024 and 2023, respectively, is included in real estate taxes and insurance in the consolidated statements of operations. Deferred costs and intangible assets as of December 31, 2024, amortize in future years as follows: 2025 $ 600 2026 584 2027 572 2028 551 2029 516 Thereafter 2,853 Total $ 5,676

Note 4 - Notes Payable

Note 4 - Notes Payable	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	4. Notes Payable The mortgages, loans and mezzanine notes payable collateralized by the 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, Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125 % 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63 % 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 3/6/2031 3.21 % 100,000 100,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506 % 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68 % 59,403 61,004 Clover House, Brooklyn, NY (f) 12/1/2029 3.53 % 82,000 82,000 10 West 65th Street, Manhattan, NY (g) 11/1/2027 SOFR + 2.50 % 31,437 31,836 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60 % — — 1010 Pacific Street, Brooklyn, NY (h) 9/15/2025 5.55 % 60,000 60,000 1010 Pacific Street, Brooklyn, NY (h) 9/15/2025 6.37 % 20,000 20,000 Dean Street, Brooklyn, NY (i) 9/22/2023 Prime + 1.60 % — — Dean Street, Brooklyn, NY (i) 8/10/2026 SOFR + 4 % 98,849 42,909 Dean Street, Brooklyn, NY (i) 8/10/2026 SOFR + 10 % 9,670 7,280 Total debt $ 1,275,359 $ 1,219,029 Unamortized debt issuance costs (9,019 ) (13,405 ) Total debt, net of unamortized debt issuance costs $ 1,266,340 $ 1,205,624 (a) The $329,000 mortgage note agreement with Flagstar Bank N.A. (formerly New York Community Bank (“NYCB”))(“Flagstar”), entered on May 8, 2020, matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined. (b) The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three As of February 23, 2024, The City of New York, a municipal corporation acting through the Department of Citywide Administrative Services ("NYC”), notified us of its intention to terminate its lease at 250 Livingston Street effective August 23, 2025. The lease generally provides for rent payments in the amount of $15,400 million per annum. We may be unable to replace NYC as a tenant or unable to replace it with other commercial tenants at comparable rent rates, may incur substantial costs to improve the vacated space or may have to offer significant inducements to fill the space, all of which may have an adverse effect on our financial condition, results of operations and cash flow. In connection with the termination of the 250 Livingston Street lease, pursuant to the terms of the loan agreement related to $125,000 building mortgage, we have established a cash management account for the benefit of the lender, into which we will be obligated to deposit all revenue generated by the building at 250 Livingston Street. All amounts remaining in such cash management account after the lender’s allocations set forth in the loan agreement will be disbursed to us once the tenant cure conditions are satisfied under the loan agreement. As of February 14, 2025, we are required to deposit into such cash management account approximately $5,684 upon demand by the lender. If we are unable to replace the NYC lease at comparable rents, we may not be able to cure the conditions listed in the loan agreement. If the excess cash is not released to us, it could impact our available cash to fund corporate operations and pay dividends and distributions to our stockholders. On January 2, 2025, the Company was notified that the loan servicing of the loan related to the 250 Livingston Street property was transferred, at our request, to LNR Partners (“LNR”) to serve as special servicer in order for us to engage in negotiations on a modification of our loan. On January 6, 2025, the Company and LNR signed a Pre-Negotiation Letter Agreement to discuss our request for a reduction in the loan. These negotiations continue and there can be no guarantee that they will conclude with an agreement. On October 10, 2024, the Company guaranteed an agreement between the Company's subsidiary, 250 Livingston Owner LLC, and IronHound Management Company LLC, whose principal is the Company's director Roberto Verrone, to provide consulting services regarding the loan related to the 250 Livingston Street property. The initial fee paid upon the agreement is $125 and the agreement also includes restructuring and other fees payable upon certain loan modifications. The arrangement was approved by an independent committee of the Company’s board of directors. (c) The $100,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on February 18, 2021 matures on March 6, 2031, bears interest at 3.21% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium. The 141 Livingston Street lease expires on December 27, 2025, and if NYC were to decide not to renew or extend such lease on its stated termination date, pursuant to the terms of the lease, we would be at risk of not being able to replace NYC as a tenant, leasing the space below the current rates, incurring costs to improve the space or offer other inducements to fill the space, all of which may have an adverse effect on our financial condition, results of operations and cash flow. The Company and NYC are in the process of negotiating the terms of a five-year extension of the current lease upon its expiration in December 2025. There can be no assurance that the negotiations will conclude with an agreement. Our subsidiary, 141 Livingston Owner LLC (the “Borrower”) and Citi Real Estate Funding Inc. entered into the loan agreement related to a $100,000 loan. The loan is evidenced by promissory mortgage notes and secured by the 141 Livingston Street property. The Company and our Operating Partnership subsidiary serve as limited guarantors of certain obligations under the loan, including those related to the reserve monthly deposit discussed below. If the Company is not able to extend or replace the NYC lease at the 141 Livingston Street property for a minimum of a five-year term, the Company will be required to either fund a reserve account in the amount of $10,000 payable in equal monthly payments over the 18 months after lease expiration or deliver to the lender a letter of credit in the amount of $10,000. On October 28, 2024, the Company received notice that, as of October 7, 2024, the servicing of the mortgage notes was transferred to a special servicer (the “Special Servicer”) due to the Company’s alleged failure to make certain required payments under the loan agreement, including, but not limited to, the reserve deposit starting on July 7, 2024. The Special Servicer demanded that the Company pay (i) $2,200 of reserve payments into a reserve account immediately (for July-October 2024) and continued monthly payments of $555 for an additional 14 months, (ii) $1,200 of default interest and late charges through October 7, 2024, and (iii) an additional $10 per diem interest for each day thereafter. On November 11, 2024, the Special Servicer notified the Borrower that, due to its alleged event of default under the Loan Agreement, as a result of the failure to make the payments described above, the mortgage notes have been accelerated, and all amounts under the loan agreement were due and payable. Such amounts include, but are not limited to, $100,000 principal amount of the mortgage notes, approximately $5,000 of default yield maintenance premium, $10,000 aggregate reserve deposit, and the above-described penalty default interest and penalties. The Company believes that (i) the Company has made timely payments under the loan agreement, (ii) the servicer and the Special Servicer have misinterpreted the terms of the loan agreement requiring monthly reserve payments beginning on July 7, 2024, (iii) the Company has no current obligation to make such reserve payments under the loan agreement and (iv) The Company should not be obligated to pay the default interest and late charges. The company and the Special Servicer have entered into a pre-negotiation agreement and as such are engaged in good faith discussions regarding the terms of the loan agreement related to the monthly reserve deposit, among other matters. However, if the Company is unable to resolve this matter in a manner favorable to us, the lender may also seek to exercise any of its other rights or remedies under the loan agreement. On December 18, 2024, the Company received notice from the Special Servicer that due to its allegation that Clipper Realty Inc. (the “Guarantor”) did not maintain a net worth of not less than $100 million as of December 31, 2022 and 2023, respectively, as required under the loan agreement, the Company is in default on the loan. The Company replied to the Special Servicer disputing such calculation and alleging that the Special Servicer did not calculate net worth in a reasonable manner. The Company provided the Special Servicer with its own calculation of net worth that shows a net worth in excess of the required amount. The Company awaits a response from the Special Servicer. On January 21, 2025, the Company received notice from the Special Servicer alleging that certain elements of our insurance on the building at 141 Livingston Street are not in compliance with the loan agreement requirements, including, but not limited to, due to a deductible in excess of what is permitted under the terms of the loan agreement and the use of an insurance carrier with a rating agency rating below that which is permitted under the terms of the loan agreement. (d) The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027. (e) The $61,000 mortgage note agreement with Capital One Multifamily Finance LLC 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. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium. (f) The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029. (g) There is $31,437 in mortgage debt secured by 10 West 65th Street as of December 31, 2024, in the form of a mortgage note to NYCB, entered into in connection with the acquisition of the property. The note matures on November 1, 2027. Through October 2022 the Company paid a fixed interest rate of 3.375% and thereafter was scheduled to pay at the prime rate plus 2.75%, subject to an option to fix the rate. On August 26, 2022 the Company and NYCB amended the note to replace prime plus 2.75% rate with SOFR plus 2.5% (7.88% at December 31, 2024). The note required interest-only payments through November 2019, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. We have the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined. (h) On December 24, 2019, the Company entered into a $18,600 mortgage note agreement with CIT Bank, N.A., related to the 1010 Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender to provide up to $2,987 for eligible pre-development and carrying costs. The notes were scheduled to mature on June 24, 2021, required interest-only payments and bore interest at one-month LIBOR (with a floor of 1.25%) plus 3.60%. The notes were extended in June 2021 with a new maturity date of August 30, 2021. The Company guaranteed this mortgage note and complied with the financial covenants therein. On August 10, 2021, the Company refinanced the above 1010 Pacific Street loan with a group of loans with AIG Asset Management (U.S.), LLC providing for maximum borrowings of $52,500 to develop the property. The notes have a 36 month term, bear interest at 30 day LIBOR plus 3.60% (with a floor of 4.1%). The notes were scheduled to mature on September 1, 2024 and could have been extended until September 1, 2026. The Company could have prepaid the unpaid balance of the note within five months of maturity without penalty. On February 9, 2023 the Company refinanced this construction loan with a mortgage loan with Valley National Bank which provided for maximum borrowings of $80,000. The loan provided initial funding of $60,000 and a further $20,000 subject to achievement of certain financial targets. The loan has a term of five On September 15, 2023 the Company borrowed an additional $20,000 from Valley National Bank. The additional borrowing has a term of twenty-four months and an annual interest rate of 6.37%. The loan is interest only subject to the maintenance of certain financial targets after the first 16 months of the term. In conjunction with the additional borrowing, the Company and the bank agreed to amend the expiration date of the initial $60,000 to expire at the same time as the additional borrowing. No change was made to the interest rate on the initial borrowing. In conjunction with the refinancing the Company incurred $3,868 of loan extinguishment costs related to prepayment penalties, writing off of unamortized deferred financed costs of previous loan and other fees. These costs are included in the consolidated statement of operations for the twelve-month period ended December 31, 2024. (i) On December 22, 2021, the Company entered into a $30,000 mortgage note agreement with Bank Leumi, N.A related to the Dean Street acquisition. The note’s original maturity was December 22, 2022 and was subsequently extended to September 22, 2023. The note required interest-only payments and bears interest at the prime rate (with a floor of 3.25%) plus 1.60%. In April 2022, the Company borrowed an additional $6,985 under the mortgage note in connection with the acquisition of additional parcels of land in February and April 2022. On August 10, 2023, the “Company refinanced its $36,985 mortgage on its Dean Street development with a senior construction loan (“Senior Loan”) with Valley National Bank that permits borrowings up to $115,000 and a mezzanine loan (the “Mezzanine Loan”) with BADF 953 Dean Street Lender LLC that permits borrowings up to $8,000. The Senior Loan allows maximum borrowings of $115,000 for a 30-month term, has two 6-month extension options, and bears interest at 1-Month Term SOFR plus 4.00%, with an all-in floor of 5.50% (8.55% at December 31, 2024). The Senior Loan consists of a land loan, funded at closing to refinance the existing loan totaling $36,985, a construction loan of up to $62,400 and a project loan of up to $15,600. The Company has provided a 30% payment guarantee of outstanding borrowings among other standard indemnities. As of December 31, 2024, the Company has drawn $49,315 from the construction loan and $12,549 from the project loan. The Mezzanine Loan allows maximum borrowings of $8,000 for a 30-month term, have two 6-month extension options, and bears interest at 1-Month Term SOFR plus 10%, with an all-in floor of 13% (14.55% at December 31, 2024). Interest shall accrue on the principal, is compounded monthly and is due at the end of the term of the loan. At closing, $4,500 was funded to cover closing costs incurred on the construction loans. As of December 31,2024, the remaining $3,500 was drawn for ongoing construction costs. During the years ended December 31, 2024 and 2023, the Company incurred $1,508 and $161, respectively, in interest and is included in the balance of the Notes Payable in the Consolidated Balance Sheet. On August 10, 2023 the Company entered into a $5,000 corporate line of credit with Valley National Bank. The line of credit bears interest of Prime + 1.5%. The line of credit expired on August 10, 2024. The Company has provided a limited guaranty for the mortgage notes at several of its properties. The Company’s loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and debt yield ratios. In the event that the Company is not compliant, certain lenders may require cash sweeps of rent until the conditions are cured. Except as described above, the Company is not in default on any of its loan agreements. The following table summarizes principal payment requirements under the terms of the mortgage notes as of December 31, 2024: 2025 $ 82,144 2026 101,090 2027 43,019 2028 416,554 2029 209,572 Thereafter 422,980 Total $ 1,275,359 .

Note 6 - Rental Income Under Op

Note 6 - Rental Income Under Operating Leases	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	5. Rental Income under Operating Leases The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of December 31, 2024, the minimum future cash rents receivable (excluding tenant reimbursements for operating expenses) under non-cancelable operating leases for the commercial tenants in each of the next five years and thereafter are as follows: 2025 $ 25,261 2026 5,006 2027 4,509 2028 3,489 2029 3,439 Thereafter 17,717 Total $ 59,421 The Company has commercial leases with the City of New York that comprised approximately 22% and 23% of total revenues for the years ended December 31, 2024 and 2023, respectively. As of February 23, 2024, the City of New York notified the Company of its intention to terminate its lease for 342,496 square feet of office space located at 240-250 Livingston Street effective August 23, 2025. The Lease generally provides for rent payments in the amount of $9,877 through the end of the term. Additionally, the Company and the City of New York are negotiating the terms of a five-year extension of its current 206,084 square foot lease at 141 Livingston Street that expires in December of 2025. There can be no assurance that the negotiations will conclude with an agreement. The current lease at 141 Livingston Street provides for $10,304 rent per annum.

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments GAAP requires the measurement of certain financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instruments 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-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. 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 comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and security deposits 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, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates. The carrying amount and estimated fair value of the notes payable are as follows: December 31, December 31, Carrying amount (excluding unamortized debt issuance costs) $ 1,275,359 $ 1,219,029 Estimated fair value $ 1,209,629 $ 1,160,393 The above disclosures regarding fair value of financial instruments are based on pertinent information available as of December 31, 2024 and 2023, respectively. Although the Company is not aware of any factors that would significantly affect the reasonableness of the estimated fair value amounts, such ‐amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented herein.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Commitments and Contingencies Legal On July 3, 2017, the Supreme Court of the State of New York (the “Court”) ruled in favor of 41 present or former tenants of apartment units at the Company’s buildings located at 50 Murray Street and 53 Park Place in Manhattan, New York (the Tribeca House property), who brought an action (the “Kuzmich” case) against the Company alleging that they were subject to applicable rent stabilization laws with the result that rental payments charged by the Company exceeded amounts permitted under these laws because the buildings were receiving certain tax abatements under Real Property Tax Law (“RPTL”) 421-g. The Court also awarded the plaintiffs- tenants their attorney’s fees and costs. After various court proceedings and discussions from 2018-2022, on March 4, 2022 the court issued a ruling, finalized on May 9, 2022, on the rent overcharges to which the plaintiffs are entitled. While the court ruled that the overcharges to which the plaintiffs are entitled total $1.2 million, the court agreed with the Company’s legal arguments that rendered the overcharge liability lower than it could have been, and therefore the Company did not appeal the ruling. On June 23, 2022, the court ruled that the plaintiffs are entitled to attorneys’ fees incurred through February 28, 2022, in the amount of $0.4 million. The only remaining outstanding issues of which the Company is aware relate to the proper form of rent-stabilized renewal leases for the six plaintiffs who remain as tenants in the building. The parties are seeking judicial intervention to resolve this remaining issue. On July 17, 2023, a hearing was held at which the Judicial Hearing Officer (“JHO”) determined five (5) of the tenant’s lease renewal amounts, term and form. The amount of the lease renewal concerning the sixth plaintiff was made on August 28, 2023. At this time the Company is awaiting the execution and return of all the lease renewals. On June 14, 2024, the Court amended its August 28, 2023 decision, holding that no renewal lease had been entered into by one of the remaining tenants (Navascues) who claimed to have entered into a renewal lease at a preferential rent. On July 20, 2024, Plaintiff filed a notice of appeal from the June 14, 2024 decision. On August 13, 2024, the JHO issued a Determination awarding attorneys’ fees to plaintiffs’ attorneys in the amount of $13 for the Kuzmich matter. On December 31, 2024, the Company filed a notice of appeal from the August 13, 2024 JHO determination. The Company is preparing to comply with the JHO’s Determinations regarding renewal leases, overcharge payments and payment of attorneys fees. The matter is currently pending. On November 18, 2019, the same law firm which filed the Kuzmich case filed a second action involving a separate group of 26 tenants (captioned Crowe et al v 50 Murray Street Acquisition LLC, Supreme Court, New York County, Index No. 161227/19), which action advances essentially the same claims as in Kuzmich. The Company’s deadline to answer or otherwise respond to the complaint in Crowe had been extended to June 30, 2020; on such date, the Company filed its answer to the complaint. Pursuant to the court’s rules, on July 16, 2020, the plaintiffs filed an amended complaint; the sole difference as compared to the initial complaint is that seven new plaintiffs-tenants were added to the caption; there were no substantive changes to the complaint’s allegations. On August 5, 2020, the Company filed its answer to the amended complaint. The case was placed on the court’s calendar and was next scheduled for a discovery conference on November 16, 2022. Counsel for the parties have been engaged in and are continuing settlement discussions. On November 16, 2022, the court held a compliance conference and ordered the plaintiffs to provide rent overcharge calculations in response to proposed calculations previously provided by the Company. On July 12, 2023, the court referred this matter to a JHO to determine the outstanding issues. A hearing before the JHO was held in September 2023. On September 19, 2024 the JHO entered two orders, (1) a June 5, 2024 Determination determining the amount of rent overcharges, if any, due to each of the plaintiffs and the lease renewal amounts, term and form of lease for the plaintiffs remaining in occupancy of four units and (2) a September 3, 2024 Determination sustaining the June 5, 2024 JHO determination which set another plaintiffs rent but reducing the overcharge amount owed to the plaintiff. On October 21, 2024, the Company filed a notice of appeal from the September 3, 2024 JHO order. In addition, on August 13, 2024 the JHO issued a Determination awarding attorneys’ fees to plaintiffs’ attorneys in the amount of $63 for the Crowe matter. This Determination was entered on November 25, 2024. On December 31, 2024, the Company moved to appeal from the August 13, 2024 JHO determination. The Company is preparing to comply with the JHO’s determinations. The matter is currently pending. On March 9, 2021, the same law firm which filed the Kuzmich and Crowe cases filed a third action involving another tenant (captioned Horn v 50Murray Street Acquisition LLC, Supreme Court, New York County, Index No. 152415/21), which action advances the same claims as in Kuzmich and Crowe. The Company filed its answer to the complaint on May 21, 2021. On September 19, 2024 the JHO entered a June 5, 2024 order which determined, among other things, the amount of rent overcharge, the lease renewal amount, term and form of lease for plaintiff Horn. In addition, On August 13, 2024 the JHO issued a Determination awarding attorneys’ fees to plaintiffs’ attorneys in the amount of $18 for the Horn matter. This Determination was entered on November 25, 2024. On December 31, 2024, the Company filed a notice of appeal from the August 13, 2024 JHO determination. The Company is preparing to comply with the JHO’s determinations. As a result of the March 4 and May 9, 2022 decisions which established the probability and ability to reasonably compute amounts owed to tenants for all the cases, the Company recorded a charge for litigation settlement and other of $2.7million in the consolidated statements of operations during the year ended December 31, 2021 comprising rent overcharges, interest and legal costs of plaintiff’s counsel. The Company paid $2.3million to the plaintiffs related to the Kuzmich case during the year ended December 31, 2022 and $0.4 million related to the Crowe case during the nine month period ended September 30, 2023. Based on the JHO determinations made in 2024, the Company accrued an additional $175 for the plaintiffs and $94 for attorney fees. In addition to the above, the 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 have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows. On October 15, 2021, Rodney Sanchez (“Plaintiff”) filed a Class and Collective Action Complaint (the “Complaint”) against and the Company and certain of its affiliates and Clipper Equity LLC (collectively, the “Defendants”) in the United States District Court for the Southern District of New York. The Plaintiff alleged that he was jointly employed by the Defendants and that the Defendants: (a) failed to pay Plaintiff and similarly situated employees overtime in violation of the Fair Labor Standards Act (“FLSA”) and New York Labor Law (“NYLL”); (b) failed to pay Plaintiff and similarly situated employees for training sessions in violation of the FLSA and NYLL; (c) failed to pay Plaintiff and similarly situated employees on a timely basis in violation of NYLL; and (d) failed to provide Plaintiff and similarly situated employees with wage statements and wage notices as required by NYLL. The Company has denied the allegations and intends to defend both the allegations and the class certification action. Given the uncertainty of litigation, the preliminary stage of the case and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot estimate the reasonably possible loss or range of loss, if any, that may result from this action and therefore no accrual has been made related to this. The Office of the Attorney General of the State of New York (“OAG”) commenced an investigation concerning the conduct of screening of tenant applicants in the building portfolio in which Clipper Equity and its principals have a management and/or ownership interest. Clipper Equity cooperated with the investigation and, in April 2022, entered into an Assurance of Discontinuance with the OAG to resolve the investigation on behalf of itself and its affiliates, the terms of which have no impact to the Company’s financial position or results of operations. On November 22, 2024, The New York City Department of Citywide Administrative Services issued the results of its audit of the Company’s operating expense escalation charges for the period of June 2014 to December 2018. The audit in a claim by the City for the Company to pay the City $1,152. The Company is evaluating the results of the audit. Based on the results of the audit the Company believes it has adequate reserves to cover this payment. Commitments On June 29, 2023 the Company entered into the Article 11 Agreement. Under the Article 11 agreement, the Company has entered into a Housing Repair and Maintenance Letter Agreement (“HRMLA”) in which the Company has agreed to perform certain capital improvements to Flatbush Gardens over the next three years. The current estimate is that the costs of that work will be an amount up to $27 million. The Company expects those costs to be offset by the savings provided by property tax exemption and enhanced payments for tenants receiving government assistance (See note 1). Through December 31, 2024 the Company spent approximately $9.1 million on capital improvements required under the HRMLA. The Company is obligated to provide parking availability through August 2025 under a lease with a tenant at the 250 Livingston Street property; the current cost to the Company is approximately $205 per year. 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 revenue is as follows: Commercial Residential Total Year ended December 31, 2024 26 % 74 % 100 % Year ended December 31, 2023 28 % 72 % 100 %

Note 8 - Related-party Transact

Note 8 - Related-party Transactions	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	8. Related-Party Transactions The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $308 and $264 for the years ended December 31, 2024 and 2023 respectively. The Company recognized reimbursable payroll expense pertaining to a related company in general and administrative expense of $1 and $97 for the years ended December 31, 2024 and 2023, respectively. On October 10, 2024, the Company guaranteed an agreement between the Company's subsidiary, 250 Livingston Owner LLC, and IronHound Management Company LLC, whose principal is the Company's director Roberto Verrone, to provide consulting services regarding the loan related to the 250 Livingston Street property. The initial fee paid upon the agreement is $125 and the agreement also includes restructuring and other fees payable upon certain loan modifications. The arrangement was approved by an independent committee of the Company’s board of directors. During the year ended December 31, 2024, the Company engaged Greenberg Traurig, in which the Company's director Robert Ivanhoe is a senior partner, regarding the loan to 141 Livingston Street, for a fee of approximately $15.

Note 10 - Segment Reporting

Note 10 - Segment Reporting	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9. Segment Reporting The Company is a New York City real estate investment trust that is focused on developing, redeveloping and operating properties in the commercial and residential space. Our Chief Operating Decision Maker (“CODM”), represented by our Co-Chairman and Chief Executive Officer, reviews the results in which the revenue and Income from Operations is divided between the commercial and residential performance. This metric enables the CODM to evaluate how the business is growing, as revenue is the key driver of growth. Additionally, the CODM uses segment income (loss) to allocate resources in the annual budgeting and forecasting process. The CODM considers budget to actual variances when making decisions about allocating capital to each segment. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 Livingston Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The residential reporting segment includes the Flatbush Gardens property, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable segment total operating expenses to consolidate operating expenses, the reportable income from operations to the consolidated income from operations, the segment and consolidated income from operations to segment and consolidated net income(loss), the reportable segment assets to the consolidated assets, the reportable segment interest expense to the consolidated interest expense and the reportable segment capital expenditures to the consolidated capital expenditures. Year ended December 31, 2024 Commercial Residential Total Rental income $ 38,902 $ 109,873 $ 148,775 Total revenues 38,902 109,873 148,775 Property operating expenses 4,557 29,604 34,163 Real estate taxes and insurance 10,926 18,844 29,770 General and administrative 2,543 11,609 14,152 Depreciation and amortization 6,013 23,879 29,892 Total operating expenses 24,040 83,935 107,977 Litigation Settlement and other (269 ) (269 ) Income from operations $ 14,862 $ 25,669 $ 40,529 Interest Expense (10,155 ) (36,956 ) (47,111 ) Income (Loss) $ 4,707 $ (11,287 ) (6,582 ) Year ended December 31, 2023 Commercial Residential Total Rental income $ 38,489 $ 99,716 $ 138,205 Total revenues 38,489 99,716 138,205 Property operating expenses 4,432 26,187 30,619 Real estate taxes and insurance 9,605 22,346 31,951 General and administrative 2,364 10,805 13,169 Transaction pursuit costs — 357 357 Depreciation and amortization 5,824 23,115 28,939 Total operating expenses 22,225 82,810 105,035 Income from operations $ 16,264 $ 16,906 $ 33,170 Interest Expense, Net (10,135 ) (34,732 ) (44,867 ) Loss on Modification/extinguishment of Debt - (3,868 ) (3,868 ) Income (Loss) $ 6,129 $ (21,694 ) $ (15,565 ) The Company’s total assets by segment are as follows, as of: Commercial Residential Total December 31, 2024 $ 315,296 $ 971,668 $ 1,286,965 December 31, 2023 313,666 $ 935,664 $ 1,249,330 The Company’s interest expense by segment for the years ended December 31, 2024 and 2023, is as follows: Commercial Residential Total Year ended December 31, 2024 $ 10,155 $ 36,956 $ 47,111 Year ended December 31, 2023 10,135 $ 34,732 $ 44,867 The Company’s capital expenditures by segment for the years ended December 31, 2024 and 2023, are as follows: Commercial Residential Total Year ended December 31, 2024 $ 4,148 $ 65,582 $ 69,730 Year ended December 31, 2023 3,980 $ 42,318 $ 46,298 The Company allocates assets, expenses and capital expenditures to each reportable segment by building. For those buildings that are shared between the segment’s allocations are done based on the percentage relative square footage of the building that is used to generate revenue for the segment. All corporate costs are allocated based on the percentage of square footage of the segment.

Note 10 - Multiemployer Union A

Note 10 - Multiemployer Union Agreement and Pension Plan	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	10. Multiemployer Union Agreement and Pension Plan Certain of the Company’s employees are covered by union-sponsored, collectively bargained, multiemployer defined benefit pension and profit-sharing plans, and health insurance, legal and training plans. Contributions to the plans are determined in accordance with the provisions of the negotiated labor contract. The Local 94 International Union of Operating Engineers (“Local 94”) contract is in effect through December 31, 2026. The Local 32BJ Service Employees International Union (“Local 32BJ”) apartment building contract is in effect through April 20, 2026. The Local 32BJ Service Employees International Union commercial building contract was in effect through December 31, 2024 and this contract is still under negotiation. Contributions to the unions are not segregated or otherwise restricted to provide benefits 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 employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers; and (c) if the Company chooses to stop participating in the multiemployer plan, it may be required to pay the plan an amount based on the unfunded status of the plan, which is referred to as the withdrawal liability. The Company has no intention of withdrawing from the plans. The information for the union’s multiemployer pension plans are as follows: Legal name Building Service 32BJ Pension Fund Employer identification number 13-1879376 Plan number 001 Type of plan Defined benefit pension plan Plan year-end date June 30 Certified Zone Status for 2024 and 2023* Green Funding improvement plan/rehabilitation plan* Implemented Surcharges paid to plan None Pension contribution made for 2024 and 2023, respectively $440 and $432 Minimum weekly required pension contribution per employee for 2024 and 2023, respectively (in dollars) $129.45 and $126.91 Legal name Central Pension Fund of the International Union of Operating Engineers and Participating Employers Employer identification number 36-6052390 Plan number 001 Type of plan Defined benefit pension plan Plan year-end date January 31 Certified Zone Status for 2024 and 2023* Green Funding improvement plan/rehabilitation plan* N/A Surcharges paid to plan N/A Pension contribution made for 2024 and 2023, respectively $43 and $43 Minimum weekly required pension contribution per employee for 2024 and 2023, respectively (in dollars) $205.09 and $204.85 * 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 % funded; plans in the yellow zone are less than % funded; and plans in the green zone are at least % funded. The rehabilitation plan may involve a surcharge on employers or a reduction or elimination of certain employee adjustable benefits. The information provided above is from the respective pension plan’s most current annual report, which for Local 32BJ is for the year ended January 01, 2025 and for Local 94 is for the year ended January 01, 2025. The Pension Protection Act Zone Status, the most recent zone status available, was provided to the Company by the respective plans and the Local 32BJ status is certified by the plan’s actuary. The Company’s contributions to the pension plans are less than 5% of all the employers’ contributions to the plans.

Note 11 - Subsequent Events

Note 11 - Subsequent Events	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	11. Subsequent Events Subsequent to December 31, 2024 the Board of Directors declared a fourth quarter dividend of $0.095 per share, to stockholders of record on March 19, 2025, payable April 3, 2025.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2024 Initial Costs Gross Amounts at Which Carried at Property Location Description Encum- brances Land Building and ements Real Estate Under Develop. Cost to Land Building and ements Real Estate Under Develop. Total Accumu- lated tion Date Acquired Tribeca House Manhattan, NY Residential $ 360,000 $ 273,103 $ 283,137 $ — $ 32,069 $ 273,103 $ 315,206 — $ 588,309 $ 91,994 Dec-14 Aspen Manhattan, NY Residential 59,403 49,230 43,080 — 2,990 49,230 46,071 — 95,301 10,389 June-16 Flatbush Gardens Brooklyn, NY Residential 329,000 89,965 49,607 — 83,576 90,051 133,097 — 223,148 78,962 Oct-05 Clover House Brooklyn, NY Residential 82,000 43,516 44,100 — 58,576 43,516 102,676 — 146,193 12,480 May-17 10 West 65th St. Manhattan, NY Residential 31,438 63,677 15,337 — 6,540 63,677 21,877 — 85,553 7,353 Oct-17 1010 Pacific St. Brooklyn, NY Residential 80,000 31,129 658 — 61,440 31,129 62,099 — 93,227 2,721 Nov-19 Dean Street Brooklyn, NY Residential 108,519 — — 40,548 105,701 — — 146,249 146,249 — Dec-21 250 Livingston St. Brooklyn, NY Commercial 125,000 10,452 20,204 — 24,719 10,452 44,923 — 55,376 24,583 May-02 141 Livingston St. Brooklyn, NY Commercial 100,000 10,830 12,079 — 15,654 10,830 27,733 — 38,564 14,910 May-02 $ 1,275,359 $ 571,902 $ 468,202 $ 40,548 $ 391,265 $ 571,988 $ 753,683 $ 146,249 $ 1,471,920 $ 243,392 (1) At December 31, 2024, the aggregate cost for Federal tax purposes of our real estate assets was $983,084. (2) The following summarizes activity for real estate and accumulated depreciation, for the years ended December 31, 2024 and 2023: 2024 2023 Investment in real estate: Balance at beginning of period $ 1,402,190 $ 1,355,890 Acquisition of real estate — — Additions during period 69,730 46,300 Write-off of assets — — Balance at end of period $ 1,471,920 $ 1,402,190 Accumulated depreciation: Balance at beginning of period $ 213,606 $ 184,781 Depreciation expense 29,786 28,825 Write-off of assets — — Balance at end of period $ 243,392 $ 213,606

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Segment Reporting, Policy [Policy Text Block]	Segments At December 31, 2024, the Company had two
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The accompanying consolidated 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 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 interests.
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. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the useful lives of long-lived assets, review of long-lived assets for impairment and contingent liabilities. Actual results could materially differ from these estimates.
Real Estate, Policy [Policy Text Block]	Investment in Real Estate Real estate assets held for investment 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 betterments or the life of the related asset will be substantially extended beyond the original life expectancy. In accordance with ASU 2018-01, "Business Combinations – Clarifying the Definition of a Business,” the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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 expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. 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 in an asset acquisition based on their relative 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 between (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 be recoverable. A property’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. In the event that the Company obtains proceeds through an insurance policy due to impairment, the proceeds are offset against the write-down in calculating gain/loss on disposal of assets. Management of the Company does not believe that any of its properties within the portfolio are impaired as of December 31, 2024. 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 months. Real estate held-for-sale is carried at the lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held-for-sale properties are charged to expense as incurred. Expenditures for improvements, renovations and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real estate held-for-sale. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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 months or less when purchased. The Company maintains some of its cash in bank deposit accounts, which, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts.
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, capital improvements, loan reserves and security deposits.
Tenant and Other Receivables, 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 less allowance for doubtful accounts. In accordance with Accounting Standards Codification ("ASC”) 842 "Leases,” the Company performed a detailed review of amounts due from tenants to determine if accounts receivable balances and future lease payments were probable of collection, wrote off receivables not probable of collection and recorded a general reserve against revenues for receivables probable of collection for which a loss can be reasonably estimated. If management determines that the tenant receivable is not probable of collection it is written off against revenues. In addition, the Company records a general reserve under ASC 450.
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 fees, legal and other third-party costs associated with obtaining financing. These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period the financing transaction is terminated.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (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, 2024 and 2023, the Company did not own any financial instruments for which the change in value was not reported in net income (loss); accordingly, its comprehensive income (loss) was its net income (loss) as presented in the consolidated statements of operations.
Revenue [Policy Text Block]	Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts the Company records lease income under ASC 842,“Leases” which replaces the guidance under ASC 840. ASC 842 applies to the Company principally as lessor; as a lessee, the Company’s leases are immaterial. The Company has determined that all its leases as lessor are operating leases. The Company has elected to not bifurcate lease and non-lease components under a practical expedient provision. With respect to collectability, the Company has written off all receivables not probable of collection and related deferred rent, and has recorded income for those tenants on a cash basis. When the probability assessment has changed for these receivables, the Company has recognized lease income to the extent of the difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date. For remaining receivables probable of collection, the Company has recorded a general reserve under ASC 450. For the year ended December 31, 2024 and 2023, the Company charged revenue in the amount of $4,219 and $4,526, respectively, for residential receivables not deemed probable of collection and recognized revenue of $299 and $1,447, respectively, for a reassessment of collectability of residential receivables previously not deemed probable of collection. In accordance with the provisions of ASC 842, rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Rental income attributable to residential leases and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered by residents for apartment units are generally for one-year terms, renewable upon consent of both parties on an annual or monthly basis. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations.
Share-Based Payment Arrangement [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation.” As such, all equity-based awards are reflected as compensation expense in the Company’s consolidated statements of operations over their vesting period based on the fair value at the date of grant. In the event of a forfeiture, the previously recognized expense for unvested options would be reversed. The following is a summary of awards granted to the Company’s employees and non-employee directors during the years ended December 31, 2024 and 2023. Unvested LTIP Units LTIP Units Weighted Unvested at December 31, 2022 1,903,273 $ 8.44 Granted 444,003 $ 5.62 Vested (574,382 ) $ 6.63 Forfeited — — Unvested at December 31, 2023 1,772,894 $ 8.32 Granted 2,306,708 $ 4.56 Vested (372,476 ) $ 7.06 Forfeited — — Unvested at December 31, 2024 3,707,126 $ 6.11 As of December 31, 2024 and 2023, there was $17,486 and $9,678, respectively, of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. As of December 31, 2024, the weighted-average period over which the unrecognized compensation expense will be recorded is approximately four years. For the years ended December 31, 2024 and 2023 the Company incurred $2,701 and $3,015 in LTIP amortization respectively. In March 2024, the Company granted employees and non-employee directors 320,172 and 181,602 LTIP units, respectively, with a weighted-average grant date value of $4.90 per unit. The grants vesting period range from up to one one In December 2024, the Company granted employees and a non-employee director 1,443,947 and 360,987 LTIP units, respectively, with a weighted-average grant date value of $4.46 per unit. The grants vest ratably over the a 10-year period and were an special reward related to the completion of certain elements of the Article 11 transaction at the Company’s Flatbush Gardens property. In March 2023, the Company granted employees and non-employee directors 286,272 and 157,731 LTIP units, respectively, with a weighted-average grant date value of $5.62 per unit. The grants vesting period range from up to one one In the year-ended December 31, 2024 the Company granted employees and non-employee directors 1,764,119 and 542,589 LTIP units, respectively, with a combined weighted-average grant date fair value of $4.56 per unit. In the year-ended December 31, 2023 the Company granted employees and non-employee directors 286,272 and 157,731 LTIP units, respectively, with a combined weighted-average grant date fair value of $5.62 per unit.
Transaction Pursuit Costs, Policy [Policy Text Block]	Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits.
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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. The entities comprising the Predecessor are limited liability companies and are treated as pass-through entities for income tax purposes. Accordingly, no In accordance with FASB ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on its financial position or results of operations. The prior three years’ income tax returns are subject to review by the Internal Revenue Service. The Company has determined that the cash distributed to its stockholders is characterized as follows for Federal income tax purposes: Year Ended December 31, 2024 2023 Ordinary income 10 % 10 % Capital gain — — Return of capital 90 % 90 % Total 100 % 100 %
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 6, “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 particular 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 (loss) (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 designated as hedges, changes in fair value would be recognized in earnings. As of December 31, 2024 and 2023, the Company has no derivatives for which it applies hedge accounting.
Earnings Per Share, Policy [Policy Text Block]	Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of December 31, 2024 and 2023, the Company had unvested LTIP units which provide for non-forfeitable rights to dividend-equivalent payments. Accordingly, these unvested LTIP units are considered participating securities and are included in the computation of basic and diluted net loss per share pursuant to the two-class method. The Company did not The effect of the conversion of the 26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted net loss per share, as the effect would be anti-dilutive. The net loss allocable to such units is reflected as non-controlling interests in the accompanying consolidated financial statements. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year Ended December 31, 2024 2023 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,500 ) $ (5,900 ) Less: income attributable to participating securities (1,476 ) (1,289 ) Subtotal (3,976 ) (7,189 ) Denominator Weighted-average common shares outstanding 16,120 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.25 ) $ (0.45 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In 2023, the FASB issued ASU No. 2023-07, Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company adopted ASU 2023-07 in the year ended December 31, 2024 and the adoption did not have a material impact on the Company’s consolidated financial statements. See Note 9 – Segment Reporting. Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The guidance is effective for the Company in its 2027 annual reporting. The guidance is applied prospectively and may be applied retrospectively. The Company is evaluating the impact of ASU 2024-03.

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in years) 3 – 15
Schedule of Nonvested Share Activity [Table Text Block]	Unvested LTIP Units LTIP Units Weighted Unvested at December 31, 2022 1,903,273 $ 8.44 Granted 444,003 $ 5.62 Vested (574,382 ) $ 6.63 Forfeited — — Unvested at December 31, 2023 1,772,894 $ 8.32 Granted 2,306,708 $ 4.56 Vested (372,476 ) $ 7.06 Forfeited — — Unvested at December 31, 2024 3,707,126 $ 6.11
Cash Distribution for Income Tax Purpose [Table Text Block]	Year Ended December 31, 2024 2023 Ordinary income 10 % 10 % Capital gain — — Return of capital 90 % 90 % Total 100 % 100 %
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2024 2023 (in thousands, except per share amounts) Numerator Net loss attributable to common stockholders $ (2,500 ) $ (5,900 ) Less: income attributable to participating securities (1,476 ) (1,289 ) Subtotal (3,976 ) (7,189 ) Denominator Weighted-average common shares outstanding 16,120 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.25 ) $ (0.45 )

Note 4 - Deferred Costs and I_2

Note 4 - Deferred Costs and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	December 31, December 31, Deferred costs $ 348 $ 348 Lease origination costs 1,610 1,474 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,529 11,392 Less accumulated amortization (5,852 ) (5,265 ) Total deferred costs and intangible assets, net $ 5,676 $ 6,127
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2025 $ 600 2026 584 2027 572 2028 551 2029 516 Thereafter 2,853 Total $ 5,676

Note 4 - Notes Payable (Tables)

Note 4 - Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Property Maturity Interest Rate December 31, December 31, Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125 % 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63 % 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 3/6/2031 3.21 % 100,000 100,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506 % 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68 % 59,403 61,004 Clover House, Brooklyn, NY (f) 12/1/2029 3.53 % 82,000 82,000 10 West 65th Street, Manhattan, NY (g) 11/1/2027 SOFR + 2.50 % 31,437 31,836 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60 % — — 1010 Pacific Street, Brooklyn, NY (h) 9/15/2025 5.55 % 60,000 60,000 1010 Pacific Street, Brooklyn, NY (h) 9/15/2025 6.37 % 20,000 20,000 Dean Street, Brooklyn, NY (i) 9/22/2023 Prime + 1.60 % — — Dean Street, Brooklyn, NY (i) 8/10/2026 SOFR + 4 % 98,849 42,909 Dean Street, Brooklyn, NY (i) 8/10/2026 SOFR + 10 % 9,670 7,280 Total debt $ 1,275,359 $ 1,219,029 Unamortized debt issuance costs (9,019 ) (13,405 ) Total debt, net of unamortized debt issuance costs $ 1,266,340 $ 1,205,624
Schedule of Maturities of Long-Term Debt [Table Text Block]	2025 $ 82,144 2026 101,090 2027 43,019 2028 416,554 2029 209,572 Thereafter 422,980 Total $ 1,275,359

Note 6 - Rental Income Under _2

Note 6 - Rental Income Under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]	2025 $ 25,261 2026 5,006 2027 4,509 2028 3,489 2029 3,439 Thereafter 17,717 Total $ 59,421

Note 6 - Fair Value of Financ_2

Note 6 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	December 31, December 31, Carrying amount (excluding unamortized debt issuance costs) $ 1,275,359 $ 1,219,029 Estimated fair value $ 1,209,629 $ 1,160,393

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Year ended December 31, 2024 26 % 74 % 100 % Year ended December 31, 2023 28 % 72 % 100 %

Note 10 - Segment Reporting (Ta

Note 10 - Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year ended December 31, 2024 Commercial Residential Total Rental income $ 38,902 $ 109,873 $ 148,775 Total revenues 38,902 109,873 148,775 Property operating expenses 4,557 29,604 34,163 Real estate taxes and insurance 10,926 18,844 29,770 General and administrative 2,543 11,609 14,152 Depreciation and amortization 6,013 23,879 29,892 Total operating expenses 24,040 83,935 107,977 Litigation Settlement and other (269 ) (269 ) Income from operations $ 14,862 $ 25,669 $ 40,529 Interest Expense (10,155 ) (36,956 ) (47,111 ) Income (Loss) $ 4,707 $ (11,287 ) (6,582 ) Year ended December 31, 2023 Commercial Residential Total Rental income $ 38,489 $ 99,716 $ 138,205 Total revenues 38,489 99,716 138,205 Property operating expenses 4,432 26,187 30,619 Real estate taxes and insurance 9,605 22,346 31,951 General and administrative 2,364 10,805 13,169 Transaction pursuit costs — 357 357 Depreciation and amortization 5,824 23,115 28,939 Total operating expenses 22,225 82,810 105,035 Income from operations $ 16,264 $ 16,906 $ 33,170 Interest Expense, Net (10,135 ) (34,732 ) (44,867 ) Loss on Modification/extinguishment of Debt - (3,868 ) (3,868 ) Income (Loss) $ 6,129 $ (21,694 ) $ (15,565 ) Commercial Residential Total December 31, 2024 $ 315,296 $ 971,668 $ 1,286,965 December 31, 2023 313,666 $ 935,664 $ 1,249,330 Commercial Residential Total Year ended December 31, 2024 $ 10,155 $ 36,956 $ 47,111 Year ended December 31, 2023 10,135 $ 34,732 $ 44,867 Commercial Residential Total Year ended December 31, 2024 $ 4,148 $ 65,582 $ 69,730 Year ended December 31, 2023 3,980 $ 42,318 $ 46,298

Note 10 - Multiemployer Union_2

Note 10 - Multiemployer Union Agreement and Pension Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Multiemployer Plan [Table Text Block]	Legal name Building Service 32BJ Pension Fund Employer identification number 13-1879376 Plan number 001 Type of plan Defined benefit pension plan Plan year-end date June 30 Certified Zone Status for 2024 and 2023* Green Funding improvement plan/rehabilitation plan* Implemented Surcharges paid to plan None Pension contribution made for 2024 and 2023, respectively $440 and $432 Minimum weekly required pension contribution per employee for 2024 and 2023, respectively (in dollars) $129.45 and $126.91 Legal name Central Pension Fund of the International Union of Operating Engineers and Participating Employers Employer identification number 36-6052390 Plan number 001 Type of plan Defined benefit pension plan Plan year-end date January 31 Certified Zone Status for 2024 and 2023* Green Funding improvement plan/rehabilitation plan* N/A Surcharges paid to plan N/A Pension contribution made for 2024 and 2023, respectively $43 and $43 Minimum weekly required pension contribution per employee for 2024 and 2023, respectively (in dollars) $205.09 and $204.85

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
SEC Schedule III, Real Estate and Accumulated Depreciation, by Property [Table Text Block]	Encumbrances at December 31, 2024 Initial Costs Gross Amounts at Which Carried at Property Location Description Encum- brances Land Building and ements Real Estate Under Develop. Cost to Land Building and ements Real Estate Under Develop. Total Accumu- lated tion Date Acquired Tribeca House Manhattan, NY Residential $ 360,000 $ 273,103 $ 283,137 $ — $ 32,069 $ 273,103 $ 315,206 — $ 588,309 $ 91,994 Dec-14 Aspen Manhattan, NY Residential 59,403 49,230 43,080 — 2,990 49,230 46,071 — 95,301 10,389 June-16 Flatbush Gardens Brooklyn, NY Residential 329,000 89,965 49,607 — 83,576 90,051 133,097 — 223,148 78,962 Oct-05 Clover House Brooklyn, NY Residential 82,000 43,516 44,100 — 58,576 43,516 102,676 — 146,193 12,480 May-17 10 West 65th St. Manhattan, NY Residential 31,438 63,677 15,337 — 6,540 63,677 21,877 — 85,553 7,353 Oct-17 1010 Pacific St. Brooklyn, NY Residential 80,000 31,129 658 — 61,440 31,129 62,099 — 93,227 2,721 Nov-19 Dean Street Brooklyn, NY Residential 108,519 — — 40,548 105,701 — — 146,249 146,249 — Dec-21 250 Livingston St. Brooklyn, NY Commercial 125,000 10,452 20,204 — 24,719 10,452 44,923 — 55,376 24,583 May-02 141 Livingston St. Brooklyn, NY Commercial 100,000 10,830 12,079 — 15,654 10,830 27,733 — 38,564 14,910 May-02 $ 1,275,359 $ 571,902 $ 468,202 $ 40,548 $ 391,265 $ 571,988 $ 753,683 $ 146,249 $ 1,471,920 $ 243,392
Summarized Activity for Real Estate and Accumulated Depreciation [Table Text Block]	2024 2023 Investment in real estate: Balance at beginning of period $ 1,402,190 $ 1,355,890 Acquisition of real estate — — Additions during period 69,730 46,300 Write-off of assets — — Balance at end of period $ 1,471,920 $ 1,402,190
Schedule III Accumulated Depreciation, Real Estate [Table Text Block]	Balance at beginning of period $ 213,606 $ 184,781 Depreciation expense 29,786 28,825 Write-off of assets — — Balance at end of period $ 243,392 $ 213,606

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)		12 Months Ended
	Feb. 09, 2017 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023	Feb. 28, 2022	Dec. 31, 2019	Nov. 08, 2019	Oct. 27, 2017	May 09, 2017	Aug. 03, 2015
Formation Transaction, Units Converted to Commons Shares, Ratio									1
Percentage of Aggregate Cash Distributions From, and Profits and Losses		38%	37.90%
Corporate Joint Venture [Member]
Joint Venture, Ownership Percentage					50%
Corporate Joint Venture [Member] | General and Administrative Expense [Member]
Joint Venture Expense | $		$ 787,000,000
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member]
Number of Units							82
Residential Rental [Member] | Property Located Brooklyn, New York [Member]
Number of Units						175
Residential Rental [Member] | Dean Street, Prospect Heights [Member]
Number of Units				240
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member]
Number of Units								158
Tribeca House properties in Manhattan [Member]
Number of Buildings		2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)		483,000
Tribeca House properties in Manhattan, Building One [Member]
Number of Stories		21
Tribeca House properties in Manhattan, Building One [Member] | Rental Retail and Parking [Member]
Gross Leasable Area (Square Foot)		77,000
Tribeca House properties in Manhattan, Building Two [Member]
Number of Stories		12
Flatbush Gardens, Brooklyn, NY [Member] | Multifamily [Member]
Number of Buildings		59
Number of Rentable Units		2,494
141 Livingston Street in Brooklyn [Member] | Office Building [Member]
Number of Stories		15
Gross Leasable Area (Square Foot)		216,000
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories		12
Gross Leasable Area (Square Foot)		370,000
Aspen [Member]
Number of Stories		7
Aspen [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)		166,000
Aspen [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot)		21,000
Clover House [Member]
Number of Stories		11
Clover House [Member] | Apartment Building [Member]
Gross Leasable Area (Square Foot)		102,000
Residential Property At 10 West 65th Street [Member] | Residential Rental [Member]
Number of Stories		6
Gross Leasable Area (Square Foot)		76,000
Residential Property At 1010 Pacific Street [Member] | Residential Rental [Member]
Number of Stories		9
Gross Leasable Area (Square Foot)		119,000
Dean Street, Prospect Heights [Member] | Residential Rental [Member]
Number of Stories		9
Gross Leasable Area (Square Foot)		160,000
Dean Street, Prospect Heights [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot)		9,000
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares	6,390,149
Shares Issued, Price Per Share | $ / shares	$ 13.5
Proceeds from Issuance Initial Public Offering | $	$ 79,000

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended			10 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2024 $ / shares shares	Mar. 31, 2023 $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Operating Segments					2
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $	$ 17,486			$ 9,678	$ 17,486	$ 9,678
Noncontrolling Interest, Increase from Amortization of LTIP Grants | $					$ 2,701	$ 3,015
Percent of Distributed Dividends Equal to Taxable REIT Income	90%				90%
Income Tax Expense (Benefit), Total | $					$ 0
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | shares					0	0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares					26,317
LTIP Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | shares					2,306,708	444,003
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 4.46	$ 4.9	$ 5.62		$ 4.56	$ 5.62
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	10 years
LTIP Units [Member] | Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	1,443,947	320,172	286,272	1,764,119		286,272
LTIP Units [Member] | Employees [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period		1 year	1 year
LTIP Units [Member] | Employees [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period			2 years 6 months
LTIP Units [Member] | Non-employee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	360,987	181,602	157,731		542,589	157,731
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period		1 year	1 year
LTIP Units [Member] | Non-employee Director [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period		2 years 6 months
Collectability of Lease Receivables [Member]
Loss Contingency, Loss in Period | $					$ 4,219	$ 4,526
Revenues, Total | $					$ 299	$ 1,447

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	Dec. 31, 2024
Building and Building Improvements [Member] | Minimum [Member]
Building and improvements (in years) (Year)	10 years
Building and Building Improvements [Member] | Maximum [Member]
Building and improvements (in years) (Year)	44 years
Furniture and Fixtures [Member] | Minimum [Member]
Building and improvements (in years) (Year)	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Building and improvements (in years) (Year)	15 years

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Summary of Awards (Details) - LTIP Units [Member] - $ / shares	1 Months Ended			12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Unvested at December 31, 2021 (in shares)				1,772,894	1,903,273
Unvested at December 31, 2021 (in dollars per share)				$ 8.32	$ 8.44
Granted (in shares)				2,306,708	444,003
Granted (in dollars per share)	$ 4.46	$ 4.9	$ 5.62	$ 4.56	$ 5.62
Vested (in shares)				(372,476)	(574,382)
Vested (in dollars per share)				$ 7.06	$ 6.63
Forfeited (in shares)				0	0
Forfeited (in dollars per share)				$ 0	$ 0
Unvested at December 31, 2022 (in shares)	3,707,126			3,707,126	1,772,894
Unvested at December 31, 2022 (in dollars per share)	$ 6.11			$ 6.11	$ 8.32

Note 2 - Significant Accounti_6

Note 2 - Significant Accounting Policies - Cash Distribution for Federal Income Tax Purposes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Ordinary income	10%	10%
Capital gain	0%	0%
Return of capital	90%	90%
Total	100%	100%

Note 2 - Significant Accounti_7

Note 2 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net loss attributable to common stockholders	$ (2,500)	$ (5,900)
Less: income attributable to participating securities	1,476	1,289
Subtotal	$ (3,976)	$ (7,189)
Weighted-average common shares outstanding (in shares)	16,120	16,063
Basic and diluted net loss per share (in dollars per share)	$ (0.25)	$ (0.45)

Note 4 - Deferred Costs and I_3

Note 4 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 106	$ 114
Amortization of Real Estate Abatements	$ 481	$ 481

Note 3 - Deferred Costs and Int

Note 3 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred costs	$ 348	$ 348
Lease origination costs	1,610	1,474
In-place leases	428	428
Real estate tax abatements	9,142	9,142
Total deferred costs and intangible assets	11,529	11,392
Less accumulated amortization	(5,852)	(5,265)
Total deferred costs and intangible assets, net	$ 5,676	$ 6,127

Note 3 - Deferred Costs and I_2

Note 3 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025	$ 600
2026	584
2027	572
2028	551
Thereafter	2,853
Total deferred costs and intangible assets, net	$ 5,676	$ 6,127

Note 4 - Notes Payable (Details

Note 4 - Notes Payable (Details Textual) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

60 Months Ended

132 Months Ended

Oct. 28, 2024

Feb. 23, 2024

Dec. 31, 2023

Sep. 15, 2023

Aug. 10, 2023

Feb. 10, 2023

Feb. 09, 2023

Aug. 26, 2022

Dec. 22, 2021

Aug. 10, 2021

May 08, 2020

Dec. 24, 2019

May 31, 2019

Apr. 30, 2022

Jun. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Nov. 01, 2027

Jul. 31, 2028

Feb. 14, 2025

Nov. 11, 2024

Oct. 10, 2024

Sep. 15, 2024

Sep. 30, 2023

Dec. 31, 2022

Feb. 18, 2021

Nov. 08, 2019

Feb. 21, 2018

Oct. 27, 2017

Jun. 27, 2016

Long-Term Debt, Gross

$ 1,219,029,000

$ 1,275,359,000

$ 1,219,029,000

Gain (Loss) on Extinguishment of Debt

0

(3,868,000)

Notes Payable [Member]

Interest Payable

161,000

1,508,000

161,000

250 Livingston Street in Brooklyn [Member]

Rent Payments Per Annum

$ 15,400,000

250 Livingston Street in Brooklyn [Member] | Subsequent Event [Member]

Escrow Deposit

$ 5,684,000

Office Space At 250 Livingston [Member]

Initial Loan Fee

$ 125,000

141 Livingston Street, Brooklyn [Member]

Reserve Account

10,000,000

141 Livingston Street, Brooklyn [Member] | Letter of Credit [Member]

Long-Term Debt, Gross

$ 10,000,000

Metlife Real Estate Lending LLC [Member] | Clover House Loans [Member]

Long-Term Debt, Gross

$ 82,000,000

Debt Instrument, Interest Rate, Effective Percentage

3.53%

BADF 953 Dean Street Lender LLC [Member] | Dean Street, Prospect Heights [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 8,000,000,000

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

Debt Instrument, Face Amount

$ 329,000,000

Debt Instrument, Interest Rate, Stated Percentage

3.125%

Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

First Mortgage Loan With Interest-only Payments [Member] | Citi Real Estate Funding Inc. [Member]

Debt Instrument, Face Amount

$ 100,000,000

Debt Instrument, Interest Rate, Stated Percentage

3.63%

Proceeds from Issuance of Long-Term Debt

$ 125,000,000

Debt Instrument, Prepayment Option, Number of Months Before Maturity (Month)

3 months

Escrow Deposits, Reserve Amount

$ 2,200,000

Escrow Deposits, Additional Amount

555,000

Escrow Deposits, Default Interest Payments

1,200,000

Escrow Deposits, Per Diem Interest Payments

$ 10,000

Debt Instrument, Acceleration, Default Yield Maintenance Premium Due

5,000,000

Debt Instrument, Acceleration, Aggregate Reserve Deposit

$ 10,000,000

Debt Instrument, Covenant, Net Worth

100,000,000

100,000,000

$ 100,000,000

Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.63%

Long-Term Debt, Gross

$ 125,000,000

125,000,000

$ 125,000,000

125,000,000

Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.21%

Long-Term Debt, Gross

$ 100,000,000

Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Long-Term Debt, Gross

61,004,000

$ 59,403,000

61,004,000

Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]

Long-Term Debt, Gross

31,836,000

31,437,000

31,836,000

Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]

Long-Term Debt, Gross

0

0

0

Mortgages and Mezzanine Notes 1[Member] | Dean Street, Prospect Heights [Member]

Long-Term Debt, Gross

0

$ 0

$ 0

Mortgages and Mezzanine Notes 1[Member] | Prime Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

1.60%

Mortgages and Mezzanine Notes 1[Member] | LIBOR Rate [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

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

Long-Term Debt, Gross

$ 100,000,000

Mortgages 2 [Member] | AIG Asset Management[Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Mortgages 2 [Member] | AIG Asset Management[Member] | LIBOR Rate [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

Debt Agreement Maximum Borrowing Capacity

$ 52,500,000

Mortgages 2 [Member] | Valley National Bank [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Interest Rate, Stated Percentage

5.70%

5.55%

6.37%

Proceeds from Issuance of Long-Term Debt

$ 20,000,000

$ 60,000,000

$ 60,000,000

Debt Agreement Maximum Borrowing Capacity

80,000,000

Debt Instrument, Contingent Funding.

$ 20,000,000

Debt Instrument, Term

5 years

Debt Instrument, Covenant, Interest Rate, Increase (Decrease)

(0.25%)

Debt Instrument, Interest Rate, Increase (Decrease)

(0.15%)

Secured First Mortgage Note [Member] | Citi Real Estate Funding Inc. [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.21%

Gain (Loss) on Extinguishment of Debt

$ (3,868,000)

Fixed Interest Rate Financing [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.506%

Long-Term Debt, Gross

$ 360,000,000

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

Debt Instrument, Face Amount

$ 31,437,000,000

Debt Instrument, Interest Rate, Stated Percentage

2.50%

3.375%

Debt Instrument, Interest Rate, Effective Percentage

7.88%

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

Debt Instrument, Basis Spread on Variable Rate

2.75%

Mortgages [Member] | New York Community Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap 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]

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Long-Term Debt, Gross

$ 61,000,000

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

Debt Instrument, Periodic Payment

$ 321,000

Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member]

Long-Term Debt, Gross

$ 18,600,000

Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Effective Percentage

1.25%

Mortgages [Member] | Citibank NA [Member] | LIBOR Rate [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

Mortgages [Member] | Bank Leumi, N.A [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

36,985,000

Long-Term Debt, Gross

$ 30,000

Proceeds from Issuance of Debt

$ 6,985,000

Mortgages [Member] | Bank Leumi, N.A [Member] | Dean Street, Prospect Heights [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Effective Percentage

3.25%

Mortgages [Member] | Bank Leumi, N.A [Member] | Prime Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

1.60%

Construction Loans [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

62,400,000,000

Proceeds from Issuance of Long-Term Debt

$ 49,315,000,000

Construction Loans [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Agreement Maximum Borrowing Capacity

$ 2,987,000

Mezzanine Note Agreement [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 8,000,000,000

Debt Instrument, Basis Spread on Variable Rate

10%

Proceeds from Issuance of Long-Term Debt

$ 3,500,000,000

$ 4,500,000,000

Debt Instrument, Term

30 years

Line of Credit Facility, Maximum Borrowing Capacity

$ 5,000,000,000

Debt Instrument, Interest Rate Floor

13%

14.55%

Mezzanine Note Agreement [Member] | Valley National Bank [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 115,000,000,000

Senior Notes [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 115,000,000,000

Debt Instrument, Term

30 years

Debt Instrument, Interest Rate Floor

5.50%

8.55%

Debt Instrument, Payment Guarantee Percentage

30%

Senior Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

4%

Project Loan [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 15,600,000,000

Proceeds from Issuance of Long-Term Debt

$ 12,549,000,000

Line of Credit [Member] | Valley National Bank [Member] | Prime Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

1.50%

Note 4 - Notes Payable - Mortga

Note 4 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 23, 2024	Dec. 31, 2023
Total debt	$ 1,275,359		$ 1,219,029
Debt Issuance Costs, Net	(9,019)		(13,405)
Long-Term Debt	$ 1,266,340		1,205,624
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Property, Interest Rate	3.125%
Total debt	$ 329,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Property, Interest Rate	3.63%
Total debt	$ 125,000	$ 125,000	125,000
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]
Property, Interest Rate	3.21%
Total debt	$ 100,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Property, Interest Rate	4.506%
Total debt	$ 360,000		360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Property, Interest Rate	3.68%
Total debt	$ 59,403		61,004
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]
Property, Interest Rate	3.53%
Total debt	$ 82,000		82,000
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]
Total debt	$ 31,437		31,836
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member] | Secured Overnight Financing Rate (SOFR) [Member]
10 West 65th Street, Manhattan, NY (g)	2.50%
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]
Total debt	$ 0		0
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member] | LIBOR Rate [Member]
10 West 65th Street, Manhattan, NY (g)	3.60%
Mortgages and Mezzanine Notes 1[Member] | Dean Street, Prospect Heights [Member]
Total debt	$ 0		0
Mortgages and Mezzanine Notes 1[Member] | Dean Street, Prospect Heights [Member] | Prime Rate [Member]
10 West 65th Street, Manhattan, NY (g)	1.60%
Mortgages and Mezzanine Notes [Member] | Flatbush Gardens in Brooklyn [Member]
Total debt			329,000
Mortgages and Mezzanine Notes 2 [Member] | 141 Livingston Street in Brooklyn [Member]
Total debt	$ 100,000		100,000
Mortgages and Mezzanine Notes 2 [Member] | Residential Property At 1010 Pacific Street [Member]
Property, Interest Rate	5.55%
Total debt	$ 60,000		60,000
Mortgages and Mezzanine Notes 2 [Member] | Dean Street, Prospect Heights [Member]
Total debt	$ 98,849		42,909
Mortgages and Mezzanine Notes 2 [Member] | Dean Street, Prospect Heights [Member] | Secured Overnight Financing Rate (SOFR) [Member]
10 West 65th Street, Manhattan, NY (g)	4%
Mortgages and Mezzanine Notes 3[Member] | Residential Property At 1010 Pacific Street [Member]
Property, Interest Rate	6.37%
Total debt	$ 20,000		20,000
Mortgages and Mezzanine Notes 3[Member] | Dean Street, Prospect Heights [Member]
Total debt	$ 9,670		$ 7,280
Mortgages and Mezzanine Notes 3[Member] | Dean Street, Prospect Heights [Member] | Secured Overnight Financing Rate (SOFR) [Member]
10 West 65th Street, Manhattan, NY (g)	10%

Note 4 - Notes Payable - Summar

Note 4 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025	$ 82,144
2026	101,090
2027	43,019
2028	416,554
2029	209,572
Thereafter	422,980
Total	$ 1,275,359	$ 1,219,029

Note 6 - Rental Income Under _3

Note 6 - Rental Income Under Operating Leases (Details Textual)	12 Months Ended
	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Feb. 23, 2024 ft²
Office Space At 250 Livingston [Member]
Area of Real Estate Property (Square Foot) | ft²			342,496
Proceeds from Lease Payment, Operating Activity | $		$ 9,877
141 Livingston Street, Brooklyn [Member]
Area of Real Estate Property (Square Foot) | ft²	206,084
Proceeds from Lease Payment, Operating Activity | $	$ 10,304
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	22%	23%

Note 6 - Rental Income Under _4

Note 6 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Dec. 31, 2024 USD ($)
2025	$ 25,261
2026	5,006
2027	4,509
2028	3,489
2029	3,439
Thereafter	17,717
Total	$ 59,421

Note 6 - Fair Value of Financ_3

Note 6 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Carrying amount (excluding unamortized debt issuance costs)	$ 1,275,359	$ 1,219,029
Estimate of Fair Value Measurement [Member]
Carrying amount (excluding unamortized debt issuance costs)	$ 1,209,629	$ 1,160,393

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands					3 Months Ended	12 Months Ended
	Nov. 22, 2024	Aug. 13, 2024	Jun. 23, 2022	May 09, 2022	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Litigation Settlement, Fee Expense					$ 2,700	$ 269	$ 0
Payments for Capital Improvements						9,100
Housing Repair and Maintenance Letter Agreement [Member]
Other Commitment						27,000
Obligated to Provide Parking [Member]
Other Commitment						205
Plaintiffs [Member]
Loss Contingency Accrual, Period Increase (Decrease)						175
Attorneys [Member]
Loss Contingency Accrual, Period Increase (Decrease)						$ 94
The Kuzmich Case [Member]
Litigation Settlement, Amount Awarded to Other Party				$ 1,200
Litigation Settlement, Amount Awarded to Other Party, Attorney Fee's			$ 400
Litigation Settlement, Fee Expense		$ 13
Crowe Legal Matter [Member]
Litigation Settlement, Fee Expense		$ 63
Horn v 50 Murray Street Acquisition LLC, Index No.152415/21 [Member]
Loss Contingency Accrual, Payments							$ 2,300
Loss Contingency Accrual								$ 400
NYC Department of Citywide Administrative Services Audit [Member]
Loss Contingency, Damages Sought, Value	$ 1,152

Note 7 - Commitments and Cont_4

Note 7 - Commitments and Contingencies - Summary of Concentration Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk	100%	100%
Commercial Segment [Member]
Concentration Risk	26%	28%
Residential Segment [Member]
Concentration Risk	74%	72%

Note 8 - Related-party Transa_2

Note 8 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Oct. 10, 2024	Dec. 31, 2024	Dec. 31, 2023
Ironhound Management [Member]
Consulting Services, Initial Fee	$ 125
Greenberg Traurig [Member]
Consulting Services, Initial Fee		$ 15
Overhead Charged Related to Office Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction		308	$ 264
Reimbursable Payroll Expense [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction		$ 1	$ 97

Note 9 - Segment Reporting - Se

Note 9 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023
Total revenues		$ 148,775	$ 138,205
December 31, 2022		1,286,965	1,249,330
Year ended December 31, 2022		47,111	44,867
Year ended December 31, 2022		69,730	46,298
Year ended December 31, 2021		47,111	44,867
Property operating expenses		34,163	30,619
Real estate taxes and insurance		29,770	31,951
General and administrative		14,152	13,169
Depreciation and amortization		29,892	28,939
Transaction pursuit costs		0	357
Total operating expenses		107,977	105,035
Litigation Settlement and other	$ (2,700)	(269)	0
Income from operations		40,529	33,170
Interest Expense		(47,111)	(44,867)
Net loss		(6,582)	(15,565)
Gain (Loss) on Extinguishment of Debt		0	(3,868)
Rental Income [Member]
Total revenues		148,775	138,205
Commercial Segment [Member]
Total revenues		38,902	38,489
December 31, 2022		315,296	313,666
Year ended December 31, 2022		10,155	10,135
Year ended December 31, 2022		4,148	3,980
Year ended December 31, 2021		10,155	10,135
Property operating expenses		4,557	4,432
Real estate taxes and insurance		10,926	9,605
General and administrative		2,543	2,364
Depreciation and amortization		6,013	5,824
Transaction pursuit costs			0
Total operating expenses		24,040	22,225
Income from operations		14,862	16,264
Interest Expense		(10,155)	(10,135)
Net loss		4,707	6,129
Gain (Loss) on Extinguishment of Debt			0
Commercial Segment [Member] | Rental Income [Member]
Total revenues		38,902	38,489
Residential Segment [Member]
Total revenues		109,873	99,716
December 31, 2022		971,668	935,664
Year ended December 31, 2022		36,956	34,732
Year ended December 31, 2022		65,582	42,318
Year ended December 31, 2021		36,956	34,732
Property operating expenses		29,604	26,187
Real estate taxes and insurance		18,844	22,346
General and administrative		11,609	10,805
Depreciation and amortization		23,879	23,115
Transaction pursuit costs			357
Total operating expenses		83,935	82,810
Litigation Settlement and other		(269)
Income from operations		25,669	16,906
Interest Expense		(36,956)	(34,732)
Net loss		(11,287)	(21,694)
Gain (Loss) on Extinguishment of Debt			(3,868)
Residential Segment [Member] | Rental Income [Member]
Total revenues		$ 109,873	$ 99,716

Note 10 - Multiemployer Union_3

Note 10 - Multiemployer Union Agreement and Pension Plan - Schedule of Multiemployer Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Central Pension Fund of the International Union of Operating Engineers and Participating Employers [Member]
Employer identification number	366052390
Plan number	001
Certified Zone Status for 2024 and 2023*	Green
Funding improvement plan/rehabilitation plan*	NA
Surcharges paid to plan	NA
Multiemployer Plan, Employer Contribution, Cost	$ 43,000	$ 43,000
Multiemployer Plans, Minimum Contribution Per Employee	$ 205.09	204.85
Building Service 32BJ Pension Fund [Member]
Employer identification number	131879376
Plan number	001
Certified Zone Status for 2024 and 2023*	Green
Funding improvement plan/rehabilitation plan*	Implemented
Surcharges paid to plan	No
Multiemployer Plan, Employer Contribution, Cost	$ 440,000	432,000
Multiemployer Plans, Minimum Contribution Per Employee	$ 129.45	$ 126.91

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - O2024 Q4 Dividends [Member] - Forecast [Member]	3 Months Ended
	Mar. 31, 2025 $ / shares
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.095
Dividends Payable, Date of Record	Mar. 19, 2025
Dividends Payable, Date to be Paid	Apr. 03, 2025

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Details Textual)	Dec. 31, 2024 USD ($)
Real Estate Investment Property, Aggregate Cost for Federal Tax Purposes	$ 983,084

SEC Schedule III - Real Estate

SEC Schedule III - Real Estate and Accumulated Depreciation, by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Encumbrances	$ 1,275,359
Land	571,902
Building and Improvements	468,202
Real Estate Under Develop.	40,548
Cost Capitalized Subsequent to Acquisition	391,265
Land	571,988
Building and Improvements	753,683
Real Estate Under Develop.	146,249
Total	1,471,920	$ 1,402,190	$ 1,355,890
Accumulated Depreciation	243,392	$ 213,606	$ 184,781
Tribeca House Properties [Member]
Encumbrances	360,000
Land	273,103
Building and Improvements	283,137
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	32,069
Land	273,103
Building and Improvements	315,206
Real Estate Under Develop.	0
Total	588,309
Accumulated Depreciation	91,994
Aspen [Member]
Encumbrances	59,403
Land	49,230
Building and Improvements	43,080
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	2,990
Land	49,230
Building and Improvements	46,071
Real Estate Under Develop.	0
Total	95,301
Accumulated Depreciation	10,389
Flatbush Gardens, Brooklyn, NY [Member]
Encumbrances	329,000
Land	89,965
Building and Improvements	49,607
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	83,576
Land	90,051
Building and Improvements	133,097
Real Estate Under Develop.	0
Total	223,148
Accumulated Depreciation	78,962
Clover House [Member]
Encumbrances	82,000
Land	43,516
Building and Improvements	44,100
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	58,576
Land	43,516
Building and Improvements	102,676
Real Estate Under Develop.	0
Total	146,193
Accumulated Depreciation	12,480
Property at 10 W 65th St. Manhattan, NY [Member]
Encumbrances	31,438
Land	63,677
Building and Improvements	15,337
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	6,540
Land	63,677
Building and Improvements	21,877
Real Estate Under Develop.	0
Total	85,553
Accumulated Depreciation	7,353
Residential Property At 1010 Pacific Street [Member]
Encumbrances	80,000
Land	31,129
Building and Improvements	658
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	61,440
Land	31,129
Building and Improvements	62,099
Real Estate Under Develop.	0
Total	93,227
Accumulated Depreciation	2,721
Dean Street, Prospect Heights [Member]
Encumbrances	108,519
Land	0
Building and Improvements	0
Real Estate Under Develop.	40,548
Cost Capitalized Subsequent to Acquisition	105,701
Land	0
Building and Improvements	0
Real Estate Under Develop.	146,249
Total	146,249
Accumulated Depreciation	0
250 Livingston Street in Brooklyn [Member]
Encumbrances	125,000
Land	10,452
Building and Improvements	20,204
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	24,719
Land	10,452
Building and Improvements	44,923
Real Estate Under Develop.	0
Total	55,376
Accumulated Depreciation	24,583
141 Livingston Street in Brooklyn [Member]
Encumbrances	100,000
Land	10,830
Building and Improvements	12,079
Real Estate Under Develop.	0
Cost Capitalized Subsequent to Acquisition	15,654
Land	10,830
Building and Improvements	27,733
Real Estate Under Develop.	0
Total	38,564
Accumulated Depreciation	$ 14,910

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summarized Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance at beginning of period	$ 1,402,190	$ 1,355,890
Acquisition of real estate	0	0
Additions during period	69,730	46,300
Write-off of assets	0	0
Balance at end of period	$ 1,471,920	$ 1,402,190

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance at beginning of period	$ 213,606	$ 184,781
Depreciation expense	29,786	28,825
Write-off of assets	0	0
Balance at end of period	$ 243,392	$ 213,606