Exhibit 21.1



Subsidiaries of Clipper Realty Inc.



|Name of Subsidiary                |  | Jurisdiction of Incorporation/Formation
|--------------------------------- |  | ---------------------------------------
|                                  |  |                                        
|50 Murray Mezz LLC                |  | Delaware                               
|                                  |  |                                        
|50 Murray Street Acquisition LLC  |  | Delaware                               
|                                  |  |                                        
|50/53 JV LLC                      |  | Delaware                               
|                                  |  |                                        
|141 Livingston Owner LLC          |  | Delaware                               
|                                  |  |                                        
|250 Livingston Owner LLC          |  | Delaware                               
|                                  |  |                                        
|Aspen 2016 LLC                    |  | Delaware                               
|                                  |  |                                        
|Berkshire Equity LLC              |  | Delaware                               
|                                  |  |                                        
|Clipper Realty L.P.               |  | Delaware                               
|                                  |  |                                        
|Clipper TRS LLC                   |  | Delaware                               
|                                  |  |                                        
|Gunki Holdings LLC                |  | Delaware                               
|                                  |  |                                        
|Kent Realty, LLC                  |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC   |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC A |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC B |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC C |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC D |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC E |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC F |  | New York                               
|                                  |  |                                        
|Renaissance Equity Holdings LLC G |  | New York