New York REIT Liquidating (NYRT) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 29, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	NYRT
Entity Registrant Name	NEW YORK REIT, INC.
Entity Central Index Key	1,474,464
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		167,889,774

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate investments, at cost:
Land		$ 477,171
Buildings, fixtures and improvements		1,176,152
Acquired intangible assets		132,348
Total real estate investments, at cost		1,785,671
Less accumulated depreciation and amortization		(210,738)
Total real estate investments, net		1,574,933
Cash and cash equivalents		45,536
Restricted cash		3,058
Investment in unconsolidated joint venture		190,585
Derivatives, at fair value		165
Tenant and other receivables		3,904
Receivable for mortgage proceeds		260,000
Unbilled rent receivables		52,620
Prepaid expenses and other assets		15,061
Deferred costs, net		6,518
Total Assets		2,152,380
Liabilities and Equity
Mortgage notes payable, net of deferred financing costs	$ 1,130,000	1,107,526
Market lease intangibles, net		65,187
Derivatives, at fair value		74
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $455 as of December 31, 2016)		33,364
Deferred revenue		4,548
Dividend payable		12
Total Liabilities		1,210,711
Preferred stock		0
Common stock, $0.01 par value; 300,000,000 shares authorized, 167,066,364 shares issued and outstanding at December 31, 2016		1,671
Additional paid-in capital		1,445,092
Accumulated other comprehensive loss		(713)
Accumulated deficit		(515,073)
Total stockholders' equity		930,977
Non-controlling interests		10,692
Total equity		941,669
Total liabilities and equity		2,152,380
Liabilities
Mortgage notes payable	1,130,000	1,107,526
Related party fees payable		455
Total Liabilities		1,210,711
Convertible Preferred Stock [Member]
Liabilities and Equity
Preferred stock		0
Liquidation Value [Member]
Real estate investments, at cost:
Investments in real estate	1,957,919
Cash and cash equivalents	51,743
Restricted cash	236,430
Investment in unconsolidated joint venture	529,364
Accounts receivable	8,245
Total Assets	2,783,701
Liabilities and Equity
Mortgage notes payable, net of deferred financing costs	1,128,999
Total Liabilities	1,230,654
Liabilities
Mortgage notes payable	1,128,999
Liability for estimated costs in excess of estimated receipts during liquidation	82,874
Accounts payable, accrued expenses and other liabilities	18,735
Related party fees payable	46
Total Liabilities	1,230,654
Commitments and Contingencies
Net assets in liquidation	$ 1,553,047	$ 1,552,926

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) $ in Thousands	Dec. 31, 2016USD ($)$ / sharesshares
Due to affiliates | $	$ 455
Preferred stock, par value | $ / shares	$ 0.01
Preferred stock, shares authorized	40,866,376
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value | $ / shares	$ 0.01
Common stock, shares authorized	300,000,000
Common stock, shares issued	167,066,364
Common stock, shares outstanding	167,066,364
Convertible Preferred Stock [Member]
Preferred stock, par value | $ / shares	$ 0.01
Preferred stock, shares authorized	9,133,624
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

Consolidated Statement of Chang

Consolidated Statement of Changes In Net Assets $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Changes in net assets in liquidation
Remeasurement of assets and liabilities	$ 121
Liquidation Value [Member]
Net assets in liquidation, beginning of period	1,552,926
Changes in net assets in liquidation
Remeasurement of assets and liabilities	121
Changes in net assets in liquidation	121
Net assets in liquidation, end of period	$ 1,553,047

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Revenues:
Rental income	$ 29,009
Hotel revenue	4,329
Operating expense reimbursement and other revenue	3,371
Total revenue	36,709
Operating expenses:
Property operating	10,366
Hotel operating	6,254
Operating fees incurred from the Former Advisor	3,074
Acquisition and transaction related	349
General and administrative	(3,344)
Depreciation and amortization	17,225
Total operating expenses	33,924
Operating income	2,785
Other income (expenses):
Interest expense	(9,726)
Income from unconsolidated joint venture	1,088
Income from preferred equity investment, investment securities and interest	18
Gain on sale of real estate investments, net	6,505
Loss on derivative instruments	(251)
Total other expenses	(2,366)
Net income	419
Net loss attributable to non-controlling interests	68
Net income attributable to stockholders	487
Other comprehensive loss:
Unrealized loss on derivatives	(879)
Unrealized gain on investment securities	0
Total other comprehensive loss	(879)
Comprehensive loss attributable to stockholders	$ (392)
Basic weighted average common shares outstanding | shares	163,872,612
Basic net income per share attributable to stockholders | $ / shares	$ 0
Diluted weighted average common shares outstanding | shares	167,926,110
Diluted net income per share attributable to stockholders | $ / shares	$ 0
Dividends declared per common share | $ / shares	$ 0.12

Consolidated Statement of Chan6

Consolidated Statement of Changes In Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Non-controlling Interests [Member]	Parent [Member]
Beginning Balance at Dec. 31, 2015	$ 1,034,740	$ 1,626	$ 1,403,624	$ (1,237)	$ (369,273)	$ 57,529	$ 1,092,269
Beginning Balance, Share at Dec. 31, 2015		162,529,811
OP units converted to common stock	23,239	$ 25	23,214			(23,239)
OP units converted to common stock, Share		2,515,406
Equity-based compensation and redemption of vested shares	(72)		(72)			(6,533)	(6,605)
Equity-based compensation and redemption of vested shares, Share		(16,928)
Dividends declared on common stock and distributions to non-controlling interest holders	(18,884)				(18,884)	(428)	(19,312)
Net income (loss)	487				487	(68)	419
Other comprehensive loss	(879)			(879)			(879)
Ending Balance at Mar. 31, 2016	$ 1,038,631	$ 1,651	$ 1,426,766	$ (2,116)	$ (387,670)	$ 27,261	$ 1,065,892
Ending Balance, Share at Mar. 31, 2016		165,028,289

Consolidated Statement of Cash

Consolidated Statement of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Cash flows from operating activities:
Net income	$ 419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,225
Amortization of deferred financing costs	2,606
Accretion of below- and amortization of above-market lease liabilities and assets, net	(1,724)
Equity-based compensation	(6,430)
Loss on derivative instruments	251
Income from unconsolidated joint venture	(1,088)
Gain on sale of real estate investment, net	(6,505)
Bad debt expense	142
Changes in assets and liabilities:
Tenant and other receivables	322
Unbilled rent receivables	(2,252)
Prepaid expenses, other assets and deferred costs	1,069
Accrued unbilled ground rent	686
Accounts payable and accrued expenses	193
Deferred revenue	794
Net cash provided by operating activities	5,708
Cash flows from investing activities:
Proceeds from sale of real estate investments and redemption of preferred equity investment	35,429
Capital expenditures	(6,290)
Distributions from unconsolidated joint venture	7,900
Net cash provided by investing activities	37,039
Cash flows from financing activities:
Payments on mortgage notes payable	(19,041)
Refund of financing costs	19
Dividends paid	(18,894)
Distributions to non-controlling interest holders	(428)
Restricted cash	(2,845)
Net cash used in financing activities	(41,189)
Net increase in cash and cash equivalents	1,558
Cash and cash equivalents, beginning of period	98,604
Cash and cash equivalents, end of period	100,162
Supplemental disclosures:
Cash paid for interest	7,154
Non-cash investing and financing activities:
Accrued capital expenditures	4
Conversion of OP units to common stock	$ 23,239

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization New York REIT, Inc. (the “Company”) was incorporated on October 6, 2009 as a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT.” The Company purchased its first property and commenced active operations in June 2010. As of March 31, 2017, the Company owned 19 properties, aggregating 3.3 million rentable square feet, with an average occupancy of 91.6%. The Company’s portfolio primarily consists of office and retail properties, representing 83% and 9%, respectively, of rentable square feet as of March 31, 2017. The Company has acquired hotel and other types of real properties to add diversity to its portfolio. Properties other than office and retail spaces represent 8% of rentable square feet. Substantially all of the Company’s business is conducted through its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”). The Company’s only significant asset is the general partnership interests it owns in the OP and assets held by the Company for the use and benefit of the OP. On August 22, 2016, the Company’s Board of Directors (the “Board”) approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Company and its OP and to liquidate and dissolve the Company and the OP (the “Liquidation Plan”), subject to stockholder approval. The Liquidation Plan was approved at a special meeting of stockholders on January 3, 2017. The Company has no employees. Prior to March 8, 2017, the Company retained (i) New York Recovery Advisors, LLC (the “Former Advisor”) to manage its affairs on a day-to-day On March 8, 2017, the Company transferred all advisory duties from the Former Advisor to Winthrop REIT Advisors, LLC (the “Winthrop Advisor”) and property management services with respect to properties managed by ARG Property Manager were transferred to Winthrop Management, L.P. (the “Winthrop Property Manager”).

Liquidation Plan

Liquidation Plan	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Plan	Note 2 – Liquidation Plan The Liquidation Plan provides for an orderly sale of the Company’s assets, payment of the Company’s liabilities and other obligations and the winding up of operations and final dissolution of the Company. The Company is not permitted to make any new investments except to exercise its option (the “WWP Option”) to purchase additional equity interests in its WWP Holdings, LLC venture (“Worldwide Plaza”) or to make protective acquisitions or advances with respect to its existing assets (see Note 7). The Company is permitted to satisfy any existing contractual obligations and fund required tenant improvements and capital expenditures at its real estate properties, including real estate properties owned by joint ventures in which the Company owns an interest. The Liquidation Plan enables the Company to sell any and all of its assets without further approval of the stockholders and provides that liquidating distributions be made to the stockholders as determined by the Board. Pursuant to applicable REIT rules, the Company must complete the disposition of its assets by January 3, 2019, two years after the date the Liquidation Plan was approved by the stockholders, in order to deduct liquidating distributions as dividends. To the extent that all of the Company’s assets are not sold by such date, the Company intends to satisfy the requirement by distributing its remaining assets and liabilities to a liquidating trust. The dissolution process and the amount and timing of distributions to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will be ultimately distributed to stockholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statement of Net Assets. The Company expects to continue to qualify as a REIT throughout the liquidation until such time as any remaining assets, if any, are transferred into a liquidating trust. The Board shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, the Board may elect to terminate the Company’s status as a REIT if it determines that such termination would be in the best interest of the stockholders. The Board may terminate the Liquidation Plan without stockholder approval only (i) if the Board approves the Company entering into an agreement involving the sale or other disposition of all or substantially all of the assets or common stock by merger, consolidation, share exchange, business combination, sale or other transaction involving the Company or (ii) if the Board determines, in exercise of its duties under Maryland law, after consultation with its advisor and its financial advisor, if applicable, or other third party experts familiar with the market for Manhattan office properties, that an adverse change in the market for Manhattan office properties has occurred and reasonably would expect it to adversely affect continuing with the Liquidation Plan. Notwithstanding approval of the Liquidation Plan by the stockholders, the Board may amend the Liquidation Plan without further action by our stockholders to the extent permitted under the current law.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 — Summary of Significant Accounting Policies Basis of Presentation Pre Plan of Liquidation The accompanying unaudited consolidated interim financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q S-X These consolidated financial statements should be read in conjunction with the historical comparative audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016, which are included in the Company’s Annual Report on Form 10-K Post Plan of Liquidation Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its Liquidation Plan. The liquidation value of the Company’s operating properties is presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of March 31, 2017 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income, a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows. These statements are only presented for prior year periods. Recent Accounting Pronouncement There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	Note 4 - Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the liquidation basis of accounting on January 1, 2017, the Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): Amount Rents and reimbursements $ 102,309 Hotel revenues 25,261 Property operating expenses (27,006 ) Hotel operating expense (21,467 ) Interest expense (39,756 ) General and administrative expenses (40,124 ) Capital expenditures (8,274 ) Sales costs (69,524 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of March 31, 2017 is as follows (in thousands): January 1, 2017 Net Remeasurement of Assets and Liabilities March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (22,209 ) $ 309 $ 36,403 Liabilities: Sales costs (69,524 ) — — (69,524 ) Corporate expenditures (67,360 ) 17,795 (188 ) (49,753 ) (136,884 ) 17,795 (188 ) (119,277 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ (4,414 ) $ 121 $ (82,874 )

Net Assets in Liquidation

Net Assets in Liquidation	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Net Assets in Liquidation	Note 5 – Net Assets in Liquidation The following is a reconciliation of Total Equity under the going concern basis of accounting as of December 31, 2016 to net assets in liquidation under the liquidation basis of accounting as of January 1, 2017 (in thousands): Total Equity as of December 31, 2016 $ 941,669 Increase due to estimated net realizable value of investments in real estate 382,985 Increase due to estimated net realizable value of investments in unconsolidated joint venture 319,548 Decrease due to write off of unbilled rent receivables (52,620 ) Increase due to write off of market lease intangibles 65,187 Decrease due to write-off (25,262 ) Liability for estimated costs in excess of estimated receipts during liquidation (78,581 ) Adjustment to reflect the change to the liquidation basis of accounting 611,257 Estimated value of net assets in liquidation as of January 1, 2017 $ 1,552,926 Net assets in liquidation increased by $121,000 during the three months ended March 31, 2017. The primary reason for the increase in net assets was due to a remeasurement of expected cash flows from various properties. The net assets in liquidation at March 31, 2017 would result in liquidating distributions of approximately $9.25 per common share. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the Liquidation Plan. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, the performance of the underlying assets and any changes in the underlying assumptions of the projected cash flows.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Investments	Note 6 — Real Estate Investments There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2017 or 2016. The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company’s unconsolidated joint venture, subsequent to March 31, 2017. These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Cash Rental (In thousands) Payments April 1, 2017 - December 31, 2017 $ 82,634 2018 108,330 2019 101,236 2020 102,247 2021 97,958 Thereafter 468,871 Total $ 961,276 The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of March 31, 2017 and 2016, including annualized cash rent related to the Company’s unconsolidated joint venture: March 31, Property Portfolio Tenant 2017 2016 Worldwide Plaza Cravath, Swaine & Moore, LLP 16 % 16 % Worldwide Plaza Nomura Holdings America, Inc. 11 % 11 % The termination, delinquency or non-renewal Intangible Assets and Liabilities Under the liquidation basis of accounting, intangible assets and liabilities are considered in the liquidation value of investments in real estate and are no longer amortized. Acquired intangible assets and liabilities as of December 31, 2016 consist of the following: December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place $ 108,253 $ 36,645 $ 71,608 Other intangibles 3,804 750 3,054 Above-market leases 20,291 5,036 15,255 Total acquired intangible assets $ 132,348 $ 42,431 $ 89,917 Intangible lease liabilities: Below-market leases $ 75,484 $ 26,864 $ 48,620 Above-market ground lease liability 17,968 1,401 16,567 Total market lease intangibles $ 93,452 $ 28,265 $ 65,187 The following table discloses amounts recognized within the consolidated statement of operations and comprehensive loss for the three months ended March 31, 2016 (on a going concern basis) related to amortization of in-place Three Months Ended (In thousands) March 31, 2016 Amortization of in-place $ 3,040 Amortization and (accretion) of above- and below-market leases, net (2) $ (1,612 ) Amortization of above-market ground lease (3) $ (112 ) (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within hotel expenses. Real Estate Sales The Company did not sell any properties during the three months ended March 31, 2017. During the three months ended March 31, 2016, the Company sold its properties located at 163-30 Property Borough Disposition Date Contract Sales Price Gain on Sale (1) (2) (in thousands) (in thousands) Duane Reade Queens February 2, 2016 $ 12,600 $ 126 1623 Kings Highway Brooklyn February 17, 2016 17,000 4,293 Foot Locker Brooklyn March 30, 2016 8,400 2,086 $ 38,000 $ 6,505 (1) Reflected within gain on sale of real estate investments, net in the consolidated statement of operations and comprehensive loss for the three months ended March 31, 2016. (2) During the three months ended March 31, 2016, the Company repaid three mortgage notes payable totaling $18.9 million as a result of the sales of Duane Reade, 1623 Kings Highway and Foot Locker. The disposal of Duane Reade, 1623 Kings Highway and Foot Locker did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the results of operations of these properties were classified within continuing operations for the three months ended March 31, 2016.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 7 — Investment in Unconsolidated Joint Venture On October 30, 2013, the Company purchased a 48.9% equity interest in Worldwide Plaza for a contract purchase price of $220.1 million, based on the property value for Worldwide Plaza of $1.3 billion less $875.0 million of debt on the property. As of March 31, 2017, the Company’s pro rata portion of debt secured by Worldwide Plaza was $427.9 million. The debt on the property has a weighted average interest rate of 4.6% and matures in March 2023. The Company accounts for the investment in Worldwide Plaza using the equity method of accounting because the Company exercises significant influence over, but does not control, the entity. Pursuant to the Liquidation Plan as approved by the shareholders, the Company is generally not permitted to engage in any business activities while implementing the Liquidation Plan, except to exercise the WWP Option to acquire the remaining 51.1% interest in Worldwide Plaza. The purchase price required to exercise the WWP Option equals the product of the percentage interest being acquired and the option price of approximately $1.4 billion, (subject to certain adjustments, including adjustments for any of the Company’s preferred return in arrears) minus the principal balance of the outstanding mortgage and mezzanine debt encumbering the Worldwide Plaza property, which was $875.0 million as of March 31, 2017. On March 30, 2017, the Company exercised the WWP Option pursuant to the Company’s rights under the joint venture agreement for Worldwide Plaza subject to the Company’s joint venture partner’s rights to retain up to 1.2% of the aggregate membership interest, which the joint venture partner has elected to retain. In connection with the exercise, the Company made a $30.0 million deposit which is being held in escrow by an independent title company. The Company’s acquisition is subject to the satisfaction of the conditions relating to the Company as transferee under the mortgage and mezzanine loans encumbering the property. Approval of the Company as transferee requires that the Company have, at the time of transfer, a minimum net worth of $750.0 million and a minimum value of real estate assets controlled (through ownership or management) of $2.0 billion exclusive of the Company’s interest in Worldwide Plaza and cash. The Company believes that it currently satisfies, and at closing it will satisfy, all requirements necessary to acquire the remaining interests. Upon acquisition, the Company will be required to pay a transfer fee equal to 0.25% of the outstanding principal balance of the mortgage and mezzanine loans. If consummated, the closing of the acquisition of the additional 49.9% interest in Worldwide Plaza (51.1% less the 1.2% the current joint venture partner has elected to retain) is expected to occur five business days after satisfaction of the conditions of the Company’s approval as transferee in accordance with the terms of the mortgage and mezzanine loans encumbering the Worldwide Plaza property. However, the closing must occur no later than June 28, 2017, subject to the right of either the Company or the joint venture partner to independently adjourn the closing date for up to 60 days if the loan transfer conditions are not satisfied by June 28, 2017. The Company is a party to litigation related to Worldwide Plaza. See Note 12 — Commitments and Contingencies.

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable	Note 8 — Mortgage Notes Payable Mortgage notes payable are carried at their contractual amounts due under liquidation accounting. The Company had outstanding mortgage notes payable of $1.13 billion at March 31, 2017 and December 31, 2016. The mortgage notes payable are collateralized, directly or, in the case of the mezzanine note, indirectly, by the real estate held by the Company identified in the table below. The Company’s mortgage notes payable as of March 31, 2017 and December 31, 2016 consist of the following (in thousands): Outstanding Loan Amount Encumbered Effective Portfolio Properties March 31, 2017 December 31, 2016 Interest Rate Interest Rate Maturity Design Center 1 $ 19,299 $ 19,380 6.3 % Variable (1) Dec 2021 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (2) Aug 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (2) Dec 2017 1440 Broadway (3) 1 305,000 305,000 4.3 % Variable (4) Oct 2019 Mortgage Loan (5) 12 500,000 500,000 3.2 % Variable (4) Dec 2017 Mezzanine Loan (5) 12 260,000 260,000 6.5 % Variable (4) Dec 2017 Mortgage notes payable, gross principal amount $ 1,128,999 1,129,080 Less: deferred financing costs, net (21,554 ) Mortgage notes payable, net of deferred financing costs $ 1,107,526 4.3 % (6) (1) The variable interest rate reset in December 2016 and will remain fixed at this rate until December 2017. (2) Fixed through an interest rate swap agreement. (3) Total commitments of $325 million; additional $20 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (4) LIBOR portion is capped through an interest rate cap agreement. (5) Encumbered properties are 245-249 216-218 382-384 416-425 (6) Calculated on a weighted average basis for all mortgage outstanding as of March 31, 2017. On December 20, 2016, the Company, through indirect wholly owned subsidiaries of the OP, entered into a mortgage loan (the “Mortgage Loan”) in the aggregate amount of $500.0 million and a mezzanine loan (the “Mezzanine Loan” and, together with the Mortgage Loan, the “POL Loans”) in the aggregate amount of $260.0 million. The POL Loans are secured directly, in the case of the mortgage loan, and indirectly in the case of the mezzanine loan, by our properties located in New York, New York at 245-249 216-218 382-384 416-425 At the closing of the POL Loans, a portion of the net proceeds after closing costs was used to repay the $485.0 million principal amount then outstanding under the Company’s credit facility. As of December 31, 2016, the $260.0 million proceeds from the Mezzanine Loan were held in an escrow account by the servicer of the POL Loans and were recorded as a receivable in the Company’s consolidated balance sheet. Subsequently, on January 9, 2017, the $260.0 million proceeds were deposited into an operating account that may be used by the Company to purchase the additional equity interests in Worldwide Plaza in connection with its exercise of the WWP Option. See Note 7. Prior to the repayment in full of the credit facility, all of the POL Loan Properties were included as part of the borrowing base thereunder. The Mortgage Loan requires monthly interest payments at an initial weighted average interest rate of LIBOR plus 2.38% and the Mezzanine Loan requires monthly interest payments at an initial weighted average interest rate of LIBOR plus 5.65%. The LIBOR portions of the interest rates due under the POL Loans are capped at 3.0% pursuant to interest rate cap agreements. The POL Loans mature in December 2017. The POL Loans include one option to extend the maturity date for one year, if certain conditions are met including a debt yield test, and subject to a 0.25% increase in the applicable monthly interest rate payable. The POL Loans are recourse to the Company and may be accelerated only in the event of a default. The POL Loans may be prepaid, in whole or in part, without payment of any prepayment premium or spread maintenance premium or any other fee or penalty. In connection with a sale or disposition of an individual POL Loan Property to a third party, such POL Loan Property may be released from the collateral securing the Mortgage Loan, subject to certain conditions, by prepayment of a release price (the “Release Amount”) as defined in the Mortgage Loan agreements. In certain instances, 110% of the Release Amount will be required to be paid in order to release the property. Concurrently with the payment of the Release Amount, the borrower entity under the Mezzanine Loan is obligated to prepay a corresponding portion of the Mezzanine Loan, in accordance with the terms of the Mezzanine Loan, for which it will receive a release of a corresponding portion of the collateral under the Mezzanine Loan. Concurrently with the POL Loans, the Company entered into guaranty agreements with respect to the POL Loans that requires the Company to maintain, (i) on a consolidated basis, a minimum net worth of $300.0 million, which minimum net worth will be reduced pro rata with any prepayment of the POL Loans once the outstanding principal amount of the POL Loans is less than $300.0 million, but in no event will the minimum net worth be reduced below $150.0 million, and (ii) liquid assets having a market value of at least $25.0 million, which minimum market value of liquid assets may be reduced to $15.0 million in the event the outstanding amount under the POL Loans is equal to or less than $100.0 million. On September 30, 2015, in connection with the mortgage notes payable secured by its property located at 1440 Broadway, the Company executed guarantees in favor of the lenders with respect to the costs of certain unfunded obligations of the Company related to tenant allowances, capital expenditures and leasing costs, which guarantees are capped at $5.3 million in the aggregate. The guarantees expire in October 2019, the maturity date of the 1440 Broadway mortgage. As of March 31, 2017, the Company has not been required to perform under the guarantees and has not recognized any assets or liabilities related to the guarantees. Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of March 31, 2017, the Company was in compliance with the financial covenants under its mortgage note agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 9 — Fair Value of Financial Instruments Prior to the adoption of liquidation accounting, the Company determined fair value of its financial instruments based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflected the contractual terms of the instruments, as applicable, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability fell in the hierarchy required significant judgment and considered factors specific to the asset or liability. In instances where the determination of the fair value measurement was based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement fell was based on the lowest level input that was significant to the fair value measurement in its entirety. The Company determined that the majority of the inputs used to value its derivatives, such as interest rate swaps and caps, fell within Level 2 of the fair value hierarchy, whereas the credit valuation adjustments associated with those derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2016, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of the Company’s derivatives. As a result, the Company determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. See Note 10 — Interest Rate Derivatives and Hedging Activities. The valuation of derivatives was determined using a discounted cash flow analysis on the expected cash flows. This analysis reflected the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments were incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. The following table presents information about the Company’s derivatives that were presented net, measured at fair value on a recurring basis as of December 31, 2016, aggregated by the level in the fair value hierarchy within which those instruments fell: Significant Quoted Prices in Significant Other Unobservable Active Markets Observable Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 Derivatives, net $ — $ 91 $ — $ 91 There were no transfers between levels of the fair value hierarchy during the year ended December 31, 2016. Financial instruments not carried at fair value Under going concern accounting, the Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheet due to their short-term nature. The carrying amount and fair value of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. December 31, 2016 (In thousands) Level Carrying Amount Fair Value Mortgage notes payable 3 $ 1,129,080 $ 1,138,576 The fair value of mortgage notes payable was estimated using a discounted cash flow analysis based on similar types of arrangements.

Interest Rate Derivatives and H

Interest Rate Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities	Note 10 — Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company uses derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that the Company believes to have high credit ratings and with major financial institutions with which the Company and the Advisor and its affiliates may also have other financial relationships. Under going concern accounting, the Company’s derivative financial instruments were classified as separate assets and liabilities on the balance sheet. As these instruments will not be converted to cash or other consideration, derivative financial instruments have been valued at $0 as of January 1, 2017 in accordance with liquidation accounting. The financial instruments are still in place and effective as of March 31, 2017. The Company has accrued the estimated monthly settlement amounts for its swap agreements. The amount is included in the liability for estimated costs in excess of estimated receipts during liquidation. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract. The effective portion of changes in the fair value of derivatives designated and that qualified as cash flow hedges was recorded in accumulated other comprehensive loss and was subsequently reclassified into earnings in the period that the hedged forecasted transaction affected earnings. The Company uses such derivatives to hedge the variable cash flows associated with variable-rate debt. During the three months ended March 31, 2016, the Company terminated one of its interest rate swaps as the related hedged debts were repaid, which made it probable that the forecasted transactions would not occur and, as a result, accelerated the reclassification of immaterial amounts in accumulated other comprehensive loss to earnings. The accelerated amounts resulted in a loss of approximately $24,000 for the three months ended March 31, 2016. Amounts reported in accumulated other comprehensive loss related to derivatives were reclassified to interest expense as interest payments were made on the Company’s variable-rate debt. As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2016 Number of Notional Amount Interest Rate Derivative Instruments (In thousands) Interest rate swaps 2 $ 44,700 Derivatives Not Designated as Hedges Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements under GAAP. Changes in the fair value of derivatives not designated in hedging relationships were recorded directly in earnings, which resulted in an expense of $0.3 million during the three months ended March 31, 2016 and included in loss on derivative instruments on the consolidated statement of operations and comprehensive loss. As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships. December 31, 2016 Number of Notional Amount Interest Rate Derivative Instruments (In thousands) Interest rate caps 4 $ 1,065,000 Balance Sheet Classification The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2016: (In thousands) Balance Sheet Location December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Derivative liablities, at fair value $ (74 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 165 Derivatives in Cash Flow Hedging Relationships The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2016: Three Months Ended (In thousands) March 31, 2016 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (1,235 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (356 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — Offsetting Derivatives The Company does not offset its derivatives on the accompanying consolidated balance sheet. The table below presents a gross presentation, the potential effects of offsetting, and a potential net presentation of the Company’s derivatives as of December 31, 2016. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheet. Potential Net Amounts Gross Amounts Not Offset Gross Amounts Gross Amounts of Assets (Liabilities) on the Balance Sheet of Recognized of Recognized Presented on the Financial Cash Collateral Net Derivatives (In thousands) Assets Liabilities Balance Sheet Instruments Posted Amount December 31, 2016 $ 165 $ (74 ) $ 91 $ — $ — $ 91 Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2016, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $0.1 million. As of December 31, 2016, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $0.1 million at December 31, 2016.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Common Stock	Note 11 — Common Stock As of March 31, 2017 and December 31, 2016, the Company had 167.9 million and 167.1 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock (“restricted shares”), but not including OP units or Long-term Incentive Plan units (“LTIP units”) which may in the future be converted into shares of common stock. On January 3, 2017, the Company issued 841,660 shares of its common stock upon redemption of 841,660 OP units held by certain individuals who are members of the Former Advisor or its affiliates. As of March 31, 2017, there were no OP units outstanding, other than OP units held by the Company, and no vested LTIP units outstanding. See Note 17 — Non-Controlling From April 2014 through October 2016, the Board authorized, and the Company declared, and paid, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Dividends were paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. In October 2016, the Company announced that, in light of the Liquidation Plan, which was then subject to stockholder approval, the Board determined that the Company would not pay a regular dividend for the month of November 2016 and did not expect to pay a regular monthly dividend for the month of December 2016 or thereafter. Because the Liquidation Plan was approved by the Company’s stockholders, the Company will not resume paying monthly dividends. In lieu of regular monthly dividends, the Company expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities, obligations and debt covenants. There can be no assurance as to the actual amount or timing of liquidating distributions stockholders will receive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 — Commitments and Contingencies Future Minimum Lease Payments The Company entered into operating and capital lease agreements primarily related to certain properties under leasehold interest arrangements. The following table reflects the minimum contractual base cash payments, excluding reimbursements, due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Rent Payments (In thousands) Ground Leases April 1, 2017—December 31, 2017 $ 3,743 2018 5,175 2019 5,432 2020 5,432 2021 5,633 Thereater 244,051 Total minimum lease payments $ 269,466 Of the contractual base cash payments, excluding reimbursements, the Company expects to realize approximately $58.8 million over the remaining anticipated hold period for all of its properties. Total rental expense related to operating leases was $1.9 million for the three months ended March 31, 2016. During the three months ended March 31, 2016, interest expense related to capital leases was approximately $16,000. The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of December 31, 2016: (In thousands) December 31, 2016 Buildings, fixtures and improvements $ 11,785 Less accumulated depreciation and amortization (2,273 ) Total real estate investments, net $ 9,512 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no legal or regulatory proceedings pending or known to be contemplated against the Company from which the Company expects to incur a material loss. RXR Litigation RXR Realty (“RXR”) initiated a suit against the Company alleging that it suffered “lost profits” in connection with the Company’s purchase of its 48.9% interest in Worldwide Plaza in October 2013. On August 12, 2014, the Supreme Court of the State of New York dismissed all of RXR’s claims against the seller of Worldwide Plaza and dismissed RXR’s disgorgement claims against the Company, permitting only a limited, immaterial claim against the Company for RXR’s cost of producing due diligence-related material to proceed. RXR appealed the ruling and, on October 13, 2015, the appellate court upheld the previous decisions; however, the appellate court held that the trial court’s exclusion of lost profit damages was premature and would have to be considered through a motion for summary judgment. The Company moved for partial summary judgment to reinstate the damages limitation, and the trial court granted the motion at oral argument on March 24, 2016. On June 16, 2016, RXR appealed, and on December 8, 2016, the appellate court entered an order denying RXR’s appeal and affirming the trial court’s damages limitation. On January 9, 2017, RXR filed a motion seeking reargument of the appellate court decision, or, in the alternative, leave to appeal to the Court of Appeals. On March 21, 2017, RXR’s motion for reargument or leave to appeal was denied. The Company has not recognized a liability with respect to RXR’s claim because the Company does not believe that it is probable that it will incur a related material loss. Harris Derivative Suit In October 2016, Berney Harris (the “Plaintiff”) filed a derivative complaint (the “Harris Complaint”) on behalf of public stockholders of the Company against the Company, certain current and former members of its board of directors (the “director defendants”), the Former Advisor, and certain affiliates of the Former Advisor (together with the Former Advisor, the “Former Advisor defendants”). The Complaint was filed in New York Supreme Court, New York County on October 13, 2016. The Harris Complaint alleges, among other things, that the director defendants breached their fiduciary duties to the public stockholders of the Company by putting the interests of the Former Advisor defendants before those of the public stockholders, which breach was aided and abetted by the Former Advisor defendants. The Harris Complaint also asserts claims of corporate waste against the director defendants and unjust enrichment against certain of the Former Advisor defendants. On December 16, 2016, the defendants filed motions to dismiss on the basis of a provision in the Company’s bylaws providing that the state or federal courts of Maryland are the sole and exclusive forum for claims such as those raised in the Harris Complaint. If the motion is granted and the case is dismissed, the Harris Complaint may be refiled in Maryland. If the motion is denied, the case will proceed in New York Supreme Court, New York County. In either event, the defendants still have various other grounds on which to move to dismiss, and the Company intends to vigorously defend against all claims. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance,

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 13 — Related Party Transactions and Arrangements The Former Advisor, individual members of the Former Advisor, and employees or former employees of the Former Advisor held interests in the OP. See Note 17 — Non-Controlling Viceroy Hotel The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of March 31, 2017 or December 31, 2016. Three Months Ended March 31, (In thousands) 2017 2016 Hotel revenues $ 3 $ 13 Winthrop Advisor and its Affiliates On December 19, 2016 the Company entered into an agreement (the “Services Agreement”) with Winthrop Advisor, pursuant to which Winthrop Advisor served as the Company’s exclusive advisor with respect to all matters primarily related to any plan of liquidation and dissolution of the Company and as a consultant to the Board on certain other matters during the period from January 3, 2017 through March 7, 2017 and is serving as exclusive advisor to the Company from and after March 8, 2017. On each of January 3, 2017 and February 1, 2017, the Company paid Winthrop Advisor a fee of $500,000 in cash as compensation for advisory services and consulting services rendered prior to March 1, 2017. Beginning on March 1, 2017, the Company pays Winthrop Advisor an asset management fee equal to 0.325% per annum of the cost of assets (as defined in the Services Agreement) up to $3.0 billion and 0.25% per annum of the cost of assets in excess of $3.0 billion. In connection with the payment of (i) any distributions of money or other property by the Company to its stockholders during the term of the Services Agreement and (ii) any other amounts paid to the Company’s stockholders on account of their shares of common stock in connection with a merger or other change in control transaction pursuant to an agreement with the Company entered into after March 8, 2017 (such distributions and payments, the “Hurdle Payments”), in excess of $11.00 per share (the “Hurdle Amount”), when taken together with all other Hurdle Payments, the Company will pay an incentive fee to the Winthrop Advisor in an amount equal to 10.0% of such excess (the “Incentive Fee”). The Hurdle Amount will be increased on an annualized basis by an amount equal to the product of (a) the Treasury Rate plus 200 basis points and (b) the Hurdle Amount minus all previous Hurdle Payments. Based on the current estimated net assets in liquidation, the Winthrop Advisor would not be entitled to receive any such incentive fee. Effective March 2017, Winthrop Property Manager began providing property management services to those properties for which the ARG Property Manager had been providing property management services. The Company pays to Winthrop Property Manager 1.75% of gross revenues, inclusive of all third party property management fees, for property management services provided to the Company by the Winthrop Property Manager or any of its affiliates. The following table details amounts incurred by the Company to the Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from the Winthrop Advisor as of the dates specified: Three Months Ended March 31, Payable (Receivable) as of 2017 2016 March 31, December 31, (In thousands) Incurred Incurred 2017 2016 Asset management fees $ 1,667 $ — $ — $ — Property management fees 46 — 46 Total related party operational fees and reimbursements $ 1,713 $ — $ 46 $ — Former Advisor and its Affiliates Prior to March 8, 2017, the Company paid to the Former Advisor an asset management fee equal to 0.50% per annum of the cost of assets up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion. Prior to March 8, 2017, unless the Company contracted with a third party, the Company paid the ARG Property Manager a property management fee equal to: (i) for non-hotel The Company reimbursed the Former Advisor for costs and expenses paid or incurred prior to March 8, 2017 by the Former Advisor and its affiliates in connection with providing services to the Company (including reasonable salaries and wages, benefits and overhead of all employees directly involved with the performance of such services), although the Company did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received a separate fee. The Company was also party to a transfer agency agreement with American National Stock Transfer, LLC, a subsidiary of the parent company of the Former Dealer Manager (“ANST”), pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end year-end The following table details amounts incurred and paid by the Company to, and amounts waived by, the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from the Former Advisor as of the dates specified: Three Months Ended March 31, Payable (Receivable) as of 2017 2016 March 31, December 31, (In thousands) Incurred Waived Incurred Waived 2017 2016 To the Former Advisor and affiliates: Asset management fees $ 2,339 $ — $ 3,074 $ — $ — $ 51 Transfer agent and other professional fees 414 — 693 — — 299 Property management fees 560 — 485 485 — 105 Total related party operational fees and reimbursements $ 3,313 $ — $ 4,252 $ 485 $ — $ 455 The Former Advisor agreed to waive certain fees, including property management fees, during the three months ended March 31, 2016. The fees that were waived were not deferrals and accordingly, were not and will not be paid to the Former Advisor. In connection with the sale of one or more properties, for which the Former Advisor provided a substantial amount of services as determined by the Company’s independent directors, the Company was required to pay the Former Advisor a property disposition fee not to exceed the lesser of 2.0% of the contract sale price of the property or 50% of the competitive real estate commission paid if a third party broker was also involved; provided, however that in no event could the property disposition fee paid to the Former Advisor when added to real estate commissions paid to unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a competitive real estate commission. For purposes of the foregoing, “competitive real estate commission” meant a real estate brokerage commission for the purchase or sale of a property which was reasonable, customary and competitive in light of the size, type and location of the property. The Company incurred and paid $0.2 million in property disposition fees to the Former Advisor during the three months ended March 31, 2016 related to the sale of certain properties.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Economic Dependency	Note 14 — Economic Dependency Under various agreements, the Company has engaged or will engage Winthrop Advisor, its affiliates and entities under common control with Winthrop Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon Winthrop Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 15 — Share-Based Compensation Stock Option Plan The Company has a stock option plan (the “Plan”) which authorizes the grant of nonqualified stock options to the Company’s independent directors, officers, advisors, consultants and other personnel, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for all stock options granted under the Plan is equal to the fair market value of a share on the date of grant. Upon a change in control, unvested options will become fully vested and any performance conditions imposed with respect to the options will be deemed to be fully achieved. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of March 31, 2017 and December 31, 2016, no stock options were issued under the Plan. Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Former Advisor or the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Former Advisor or of entities that provide services to the Company, certain consultants to the Company and the Former Advisor and its affiliates or to entities that provide services to the Company. Under the RSP, the annual amount granted to the independent directors is determined by the board of directors. The maximum number of shares of stock granted under the RSP cannot exceed 10% of the Company’s outstanding shares of common stock, par value $0.01 per share, on a fully diluted basis at any time. Restricted shares issued to independent directors generally vest over a three-year period in increments of 33.3% per annum. Generally, such awards provide for accelerated vesting of (i) all unvested restricted shares upon a change in control or a termination without cause and (ii) the portion of the unvested restricted shares scheduled to vest in the year of voluntary termination or the failure to be reelected to the board. The restricted stock award agreements provide that the shares will vest on the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction or services of transactions within a period of twelve months), which could occur as a result of the Liquidation Plan. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends and other distributions (including any liquidating distributions made pursuant to the Liquidation Plan) prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the three months ended March 31, 2017: Number of Restricted Weighted-Average Issue Shares Price per Share Unvested, December 31, 2016 268,780 $ 10.50 Vested (125,467 ) $ 10.41 Forfeited (13,521 ) $ 10.10 Unvested, March 31, 2017 129,792 $ 10.43 Under going concern accounting, the Company measured stock-based compensation expense at each reporting date for any changes in the fair value and recognized the expense prorated for the portion of the requisite service period completed. Accordingly, the Company recognized $0.1 million in non-cash 2014 Multi-Year Outperformance Agreement On April 15, 2014 (the “Effective Date”), the Company entered into a multi-year outperformance agreement (the “OPP”) with New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and the Former Advisor. Under the OPP, the Former Advisor was issued 8,880,579 LTIP Units in the Operating Partnership with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP Units are structured as profits interests in the Operating Partnership. Prior to the OPP Side Letter dated December 19, 2016 (“OPP Side Letter”), subject to the Former Advisor’s continued service through each vesting date, one third of any earned LTIP Units would vest on each of the third, fourth and fifth anniversaries of the Effective Date. On April 15, 2015 and 2016, in connection with the end of the One-Year Two-Year one-for-one In addition, the OPP Side Letter provided that the number of additional LTIP Units issued under the OPP to the Former Advisor that were eligible to be earned in the third and final year of the OPP on April 15, 2017 (the “Year 3 LTIP Units”) will be calculated on April 15, 2017, the final valuation date, in accordance with the terms of the OPP and will be immediately vested and converted on a one-for-one Under the OPP, the Former Advisor’s eligibility to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date is based on the Company’s achievement of certain levels of total return to the Company’s stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-Year Period”); each 12-month “One-Year 24-month “Two-Year Performance Annual Interim Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% * The “Peer Group” is comprised of the companies in the SNL US REIT Office Index as of the Effective Date. The potential outperformance award is calculated at the end of each One-Year Two-Year Two-Year One-Year Two-Year One-Year The compensation committee administers the OPP and has other powers thereunder, although all of these powers can be exercised by the Board if the Company’s Board so elects. These powers include determining the amount of LTIP Units earned after any performance period, the ability to make equitable or proportionate adjustment in the terms of the LTIP Units to avoid distortion in the value of the LTIP Units in connection with certain extraordinary events, including a plan of liquidation, and the right to approve transfers of LTIP Units. After an LTIP Unit is earned, the holder of such LTIP Unit is entitled to a catch-up The following table presents information about the Company’s OPP, which was measured at fair value on a recurring basis as of December 31, 2016, aggregated by the fair value hierarchy within which the instrument falls: Significant Quoted Prices in Significant Other Unobservable Active Markets Observable Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 OPP — — $ 5,457 $ 5,457 Level 3 valuations The following table provides quantitative information about significant Level 3 input used: Principal Valuation Unobservable Financial Instrument Fair Value Technique Inputs Input Value December 31, 2016 OPP $ 5,457 Monte Carlo Simulation Expected volatility 28.0 % Expected volatility is a measure of the variability in possible returns for an instrument, parameter or market index given how much the particular instrument, parameter or index changes in value over time. Generally, the higher the expected volatility of the underlying instrument, the wider the range of potential future returns. An increase in expected volatility, in isolation, would generally result in an increase in the fair value measurement of an instrument. For the relationship described above, the inverse relationship would also generally apply. Prior to the adoption of the liquidation basis of accounting, share based compensation related to the OPP was recorded as part of general and administrative expenses and non-controlling

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 16 — Earnings Per Share Prior to the adoption of liquidation basis accounting, the Company determined basic earnings per share on the weighted average number of common shares outstanding during the period. The Company computed diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average effect for all outstanding potentially dilutive instruments. The following is a summary of the basic and diluted net loss per share computations for the period presented: Three Months Ended (In thousands, except share and per share data) March 31, 2016 Net income attributable to stockholders $ 487 Adjustments to net income attributable to stockholders for common share equivalents (68 ) Diluted net income attributable to stockholders $ 419 Weighted average shares outstanding, basic 163,872,612 Net income per share attributable to stockholders, basic $ — Weighted average shares outstanding, diluted 167,926,110 Net income per share attributable to stockholders, diluted $ — Diluted net income per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is anti-dilutive. The Company considers unvested restricted shares, OP units and LTIP units to be common share equivalents.

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 17 — Non-Controlling The Company is the sole general partner of the OP and holds all of the OP units as of March 31, 2017. As of December 31, 2016, the Former Advisor or members, employees or former employees of the Former Advisor held 841,660 OP units and 7,707,841 unvested LTIP units. On January 3, 2017, the Company issued 841,660 shares of its common stock upon redemption of 841,660 OP units following which no OP units remained outstanding other than OP units held by the Company corresponding to shares of the Company common stock. There were $0 and $0.4 million of distributions paid to OP unit and LTIP unit holders during the three months ended March 31, 2017 and 2016, respectively. A holder of OP units has the right to distributions on the same basis as a holder of shares of the Company’s common stock, and has the right to redeem OP units for the cash value of a corresponding number of shares of the Company’s common stock or a corresponding number of shares of the Company’s common stock, at the election of the OP, in accordance with the limited partnership agreement of the OP. The remaining rights of the holders of OP units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 18 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q,

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Pre Plan of Liquidation The accompanying unaudited consolidated interim financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q S-X These consolidated financial statements should be read in conjunction with the historical comparative audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016, which are included in the Company’s Annual Report on Form 10-K Post Plan of Liquidation
Liquidation Basis of Accounting	Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its Liquidation Plan. The liquidation value of the Company’s operating properties is presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of March 31, 2017 are included in accounts payable, accrued liabilities and other liabilities on the Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income, a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows. These statements are only presented for prior year periods.
Recent Accounting Pronouncement	Recent Accounting Pronouncement There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

Liability for Estimated Costs27

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation	Upon transition to the liquidation basis of accounting on January 1, 2017, the Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): Amount Rents and reimbursements $ 102,309 Hotel revenues 25,261 Property operating expenses (27,006 ) Hotel operating expense (21,467 ) Interest expense (39,756 ) General and administrative expenses (40,124 ) Capital expenditures (8,274 ) Sales costs (69,524 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 )
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	The change in the liability for estimated costs in excess of estimated receipts during liquidation as of March 31, 2017 is as follows (in thousands): January 1, 2017 Net Remeasurement of Assets and Liabilities March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (22,209 ) $ 309 $ 36,403 Liabilities: Sales costs (69,524 ) — — (69,524 ) Corporate expenditures (67,360 ) 17,795 (188 ) (49,753 ) (136,884 ) 17,795 (188 ) (119,277 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ (4,414 ) $ 121 $ (82,874 )

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Reconciliation of Equity under Going Concern Basis of Accounting	The following is a reconciliation of Total Equity under the going concern basis of accounting as of December 31, 2016 to net assets in liquidation under the liquidation basis of accounting as of January 1, 2017 (in thousands): Total Equity as of December 31, 2016 $ 941,669 Increase due to estimated net realizable value of investments in real estate 382,985 Increase due to estimated net realizable value of investments in unconsolidated joint venture 319,548 Decrease due to write off of unbilled rent receivables (52,620 ) Increase due to write off of market lease intangibles 65,187 Decrease due to write-off (25,262 ) Liability for estimated costs in excess of estimated receipts during liquidation (78,581 ) Adjustment to reflect the change to the liquidation basis of accounting 611,257 Estimated value of net assets in liquidation as of January 1, 2017 $ 1,552,926

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company’s unconsolidated joint venture, subsequent to March 31, 2017. These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Cash Rental (In thousands) Payments April 1, 2017 - December 31, 2017 $ 82,634 2018 108,330 2019 101,236 2020 102,247 2021 97,958 Thereafter 468,871 Total $ 961,276
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of March 31, 2017 and 2016, including annualized cash rent related to the Company’s unconsolidated joint venture: March 31, Property Portfolio Tenant 2017 2016 Worldwide Plaza Cravath, Swaine & Moore, LLP 16 % 16 % Worldwide Plaza Nomura Holdings America, Inc. 11 % 11 %
Schedule of Finite-Lived Intangible Assets	Under the liquidation basis of accounting, intangible assets and liabilities are considered in the liquidation value of investments in real estate and are no longer amortized. Acquired intangible assets and liabilities as of December 31, 2016 consist of the following: December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place $ 108,253 $ 36,645 $ 71,608 Other intangibles 3,804 750 3,054 Above-market leases 20,291 5,036 15,255 Total acquired intangible assets $ 132,348 $ 42,431 $ 89,917 Intangible lease liabilities: Below-market leases $ 75,484 $ 26,864 $ 48,620 Above-market ground lease liability 17,968 1,401 16,567 Total market lease intangibles $ 93,452 $ 28,265 $ 65,187
Finite-lived Intangible Assets Amortization Expense	The following table discloses amounts recognized within the consolidated statement of operations and comprehensive loss for the three months ended March 31, 2016 (on a going concern basis) related to amortization of in-place Three Months Ended (In thousands) March 31, 2016 Amortization of in-place $ 3,040 Amortization and (accretion) of above- and below-market leases, net (2) $ (1,612 ) Amortization of above-market ground lease (3) $ (112 ) (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within hotel expenses.
Summary of Real Estate Properties Sold	The following table summarizes the properties sold during the three months ended March 31, 2016. Property Borough Disposition Date Contract Sales Price Gain on Sale (1) (2) (in thousands) (in thousands) Duane Reade Queens February 2, 2016 $ 12,600 $ 126 1623 Kings Highway Brooklyn February 17, 2016 17,000 4,293 Foot Locker Brooklyn March 30, 2016 8,400 2,086 $ 38,000 $ 6,505 (1) Reflected within gain on sale of real estate investments, net in the consolidated statement of operations and comprehensive loss for the three months ended March 31, 2016. (2) During the three months ended March 31, 2016, the Company repaid three mortgage notes payable totaling $18.9 million as a result of the sales of Duane Reade, 1623 Kings Highway and Foot Locker.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company’s mortgage notes payable as of March 31, 2017 and December 31, 2016 consist of the following (in thousands): Outstanding Loan Amount Encumbered Effective Portfolio Properties March 31, 2017 December 31, 2016 Interest Rate Interest Rate Maturity Design Center 1 $ 19,299 $ 19,380 6.3 % Variable (1) Dec 2021 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (2) Aug 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (2) Dec 2017 1440 Broadway (3) 1 305,000 305,000 4.3 % Variable (4) Oct 2019 Mortgage Loan (5) 12 500,000 500,000 3.2 % Variable (4) Dec 2017 Mezzanine Loan (5) 12 260,000 260,000 6.5 % Variable (4) Dec 2017 Mortgage notes payable, gross principal amount $ 1,128,999 1,129,080 Less: deferred financing costs, net (21,554 ) Mortgage notes payable, net of deferred financing costs $ 1,107,526 4.3 % (6) (1) The variable interest rate reset in December 2016 and will remain fixed at this rate until December 2017. (2) Fixed through an interest rate swap agreement. (3) Total commitments of $325 million; additional $20 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (4) LIBOR portion is capped through an interest rate cap agreement. (5) Encumbered properties are 245-249 216-218 382-384 416-425 (6) Calculated on a weighted average basis for all mortgage outstanding as of March 31, 2017.

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company’s derivatives that were presented net, measured at fair value on a recurring basis as of December 31, 2016, aggregated by the level in the fair value hierarchy within which those instruments fell: Significant Quoted Prices in Significant Other Unobservable Active Markets Observable Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 Derivatives, net $ — $ 91 $ — $ 91
Fair Value, by Balance Sheet Grouping	The carrying amount and fair value of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. December 31, 2016 (In thousands) Level Carrying Amount Fair Value Mortgage notes payable 3 $ 1,129,080 $ 1,138,576

Interest Rate Derivatives and32

Interest Rate Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2016 Number of Notional Amount Interest Rate Derivative Instruments (In thousands) Interest rate swaps 2 $ 44,700 As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships. December 31, 2016 Number of Notional Amount Interest Rate Derivative Instruments (In thousands) Interest rate caps 4 $ 1,065,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2016: (In thousands) Balance Sheet Location December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Derivative liablities, at fair value $ (74 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 165
Schedule of Income (Loss) Recognized on Interest Rate Derivatives Designated as Cash Flow Hedges	The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2016: Three Months Ended (In thousands) March 31, 2016 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (1,235 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (356 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ —
Schedule of Offsetting Derivative Assets and Liabilities	The table below presents a gross presentation, the potential effects of offsetting, and a potential net presentation of the Company’s derivatives as of December 31, 2016. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheet. Potential Net Amounts Gross Amounts Not Offset Gross Amounts Gross Amounts of Assets (Liabilities) on the Balance Sheet of Recognized of Recognized Presented on the Financial Cash Collateral Net Derivatives (In thousands) Assets Liabilities Balance Sheet Instruments Posted Amount December 31, 2016 $ 165 $ (74 ) $ 91 $ — $ — $ 91

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the minimum contractual base cash payments, excluding reimbursements, due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Rent Payments (In thousands) Ground Leases April 1, 2017—December 31, 2017 $ 3,743 2018 5,175 2019 5,432 2020 5,432 2021 5,633 Thereater 244,051 Total minimum lease payments $ 269,466
Schedule of Capital Leased Assets	The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of December 31, 2016: (In thousands) December 31, 2016 Buildings, fixtures and improvements $ 11,785 Less accumulated depreciation and amortization (2,273 ) Total real estate investments, net $ 9,512

Related Party Transactions an34

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Related Party Transactions	The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of March 31, 2017 or December 31, 2016. Three Months Ended March 31, (In thousands) 2017 2016 Hotel revenues $ 3 $ 13
Winthrop Advisor and its Affiliates [Member]
Schedule of Amount Incurred and Paid in Connection With Operation Related Services	The following table details amounts incurred by the Company to the Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from the Winthrop Advisor as of the dates specified: Three Months Ended March 31, Payable (Receivable) as of 2017 2016 March 31, December 31, (In thousands) Incurred Incurred 2017 2016 Asset management fees $ 1,667 $ — $ — $ — Property management fees 46 — 46 Total related party operational fees and reimbursements $ 1,713 $ — $ 46 $ —
Former Advisor and its Affiliates [Member]
Schedule of Amount Incurred and Paid in Connection With Operation Related Services	The following table details amounts incurred and paid by the Company to, and amounts waived by, the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from the Former Advisor as of the dates specified: Three Months Ended March 31, Payable (Receivable) as of 2017 2016 March 31, December 31, (In thousands) Incurred Waived Incurred Waived 2017 2016 To the Former Advisor and affiliates: Asset management fees $ 2,339 $ — $ 3,074 $ — $ — $ 51 Transfer agent and other professional fees 414 — 693 — — 299 Property management fees 560 — 485 485 — 105 Total related party operational fees and reimbursements $ 3,313 $ — $ 4,252 $ 485 $ — $ 455

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Share Award Activity	The following table displays restricted share award activity during the three months ended March 31, 2017: Number of Restricted Weighted-Average Issue Shares Price per Share Unvested, December 31, 2016 268,780 $ 10.50 Vested (125,467 ) $ 10.41 Forfeited (13,521 ) $ 10.10 Unvested, March 31, 2017 129,792 $ 10.43
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule	Under the OPP, the Former Advisor’s eligibility to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date is based on the Company’s achievement of certain levels of total return to the Company’s stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-Year Period”); each 12-month “One-Year 24-month “Two-Year Performance Annual Interim Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% * The “Peer Group” is comprised of the companies in the SNL US REIT Office Index as of the Effective Date.
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company’s OPP, which was measured at fair value on a recurring basis as of December 31, 2016, aggregated by the fair value hierarchy within which the instrument falls: Significant Quoted Prices in Significant Other Unobservable Active Markets Observable Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 OPP — — $ 5,457 $ 5,457
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The following table provides quantitative information about significant Level 3 input used: Principal Valuation Unobservable Financial Instrument Fair Value Technique Inputs Input Value December 31, 2016 OPP $ 5,457 Monte Carlo Simulation Expected volatility 28.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share Computations	The following is a summary of the basic and diluted net loss per share computations for the period presented: Three Months Ended (In thousands, except share and per share data) March 31, 2016 Net income attributable to stockholders $ 487 Adjustments to net income attributable to stockholders for common share equivalents (68 ) Diluted net income attributable to stockholders $ 419 Weighted average shares outstanding, basic 163,872,612 Net income per share attributable to stockholders, basic $ — Weighted average shares outstanding, diluted 167,926,110 Net income per share attributable to stockholders, diluted $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017ft²Property
Organization [Line Items]
Number of real estate properties | Property	19
Area of real estate properties | ft²	3,300,000
Occupancy percentage	91.60%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Office Building [Member]
Organization [Line Items]
Concentration risk percent	83.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Retail Site [Member]
Organization [Line Items]
Concentration risk percent	9.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Other Property [Member]
Organization [Line Items]
Concentration risk percent	8.00%

Liability for Estimated Costs38

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Liquidation Basis Of Accounting [Line Items]
Rents and reimbursements		$ 3,371
Hotel revenues		4,329
Property operating expenses		(10,366)
Hotel operating expense		(6,254)
Interest expense		(9,726)
General and administrative expenses		$ (3,344)
Liquidation Value [Member]
Liquidation Basis Of Accounting [Line Items]
Rents and reimbursements	$ 102,309
Hotel revenues	25,261
Property operating expenses	(27,006)
Hotel operating expense	(21,467)
Interest expense	(39,756)
General and administrative expenses	(40,124)
Capital expenditures	(8,274)
Sales costs	(69,524)
Liability for estimated costs in excess of estimated receipts during liquidation	$ (78,581)

Liability for Estimated Costs39

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Liability for estimated costs in excess of estimated receipts during liquidation, beginning balance	$ (78,581)
Net Change in Working Capital	4,414
Remeasurement of Assets and Liabilities	(121)
Liability for estimated costs in excess of estimated receipts during liquidation, ending balance	(82,874)
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(136,884)
Net Change in Working Capital	17,795
Remeasurement of Assets and Liabilities	(188)
Total liability for estimated costs, ending balance	(119,277)
Liability [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(69,524)
Total liability for estimated costs, ending balance	(69,524)
Liability [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(67,360)
Net Change in Working Capital	17,795
Remeasurement of Assets and Liabilities	(188)
Total liability for estimated costs, ending balance	(49,753)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate, beginning balance	58,303
Net Change in Working Capital	22,209
Remeasurement of Assets and Liabilities	(309)
Estimated net inflows from investments in real estate, ending balance	$ 36,403

Net Assets in Liquidation - Rec

Net Assets in Liquidation - Reconciliation of Equity under Going Concern Basis of Accounting (Detail) - USD ($) $ in Thousands	Jan. 01, 2017	Mar. 31, 2017	Dec. 31, 2016
Net Assets In Liquidation [Line Items]
Total Equity as of December 31, 2016			$ (930,977)
Liquidation Value [Member]
Net Assets In Liquidation [Line Items]
Total Equity as of December 31, 2016	$ 941,669
Increase due to estimated net realizable value of investments in real estate	382,985
Increase due to estimated net realizable value of investments in unconsolidated joint venture	319,548
Decrease due to write off of unbilled rent receivables	(52,620)
Increase due to write off of market lease intangibles	65,187
Decrease due to write-off of assets and liabilities	(25,262)
Liability for estimated costs in excess of estimated receipts during liquidation	(78,581)
Adjustment to reflect the change to the liquidation basis of accounting	611,257
Estimated value of net assets in liquidation as of January 1, 2017	$ 1,552,926	$ 1,553,047	$ 1,552,926

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - Liquidation Value [Member]	3 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Net Assets In Liquidation [Line Items]
Increase in net assets subject to liquidation | $	$ 121,000
Liquidating distributions per common share | $ / shares	$ 9.25

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Real estate assets acquired or liabilities assumed	$ 0	$ 0
Number of real estate properties sold	0
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	10.00%	10.00%

Real Estate Investments - Sched

Real Estate Investments - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Real Estate [Abstract]
April 1, 2017 - December 31, 2017	$ 82,634
2,018	108,330
2,019	101,236
2,020	102,247
2,021	97,958
Thereafter	468,871
Total	$ 961,276

Real Estate Investments - Sch44

Real Estate Investments - Schedule of Annualized Rental Income by Major Tenants (Detail) - Worldwide Plaza [Member]	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	16.00%	16.00%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	11.00%	11.00%

Real Estate Investments - Sch45

Real Estate Investments - Schedule of Finite-Lived Intangible Assets (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, Gross Carrying Amount	$ 132,348
Below-market leases	75,484
Total market lease intangibles, Gross Carrying Amount	93,452
Total acquired intangible assets, Accumulated Amortization	42,431
Below-market leases	26,864
Total market lease intangibles, Accumulated Amortization	28,265
Total acquired intangible assets, Net Carrying Amount	89,917
Below-market leases	48,620
Total market lease intangibles, Net Carrying Amount	65,187
In-place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, Gross Carrying Amount	108,253
Total acquired intangible assets, Accumulated Amortization	36,645
Total acquired intangible assets, Net Carrying Amount	71,608
Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, Gross Carrying Amount	3,804
Total acquired intangible assets, Accumulated Amortization	750
Total acquired intangible assets, Net Carrying Amount	3,054
Above-market ground Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Total acquired intangible assets, Gross Carrying Amount	20,291
Total acquired intangible assets, Accumulated Amortization	5,036
Total acquired intangible assets, Net Carrying Amount	15,255
Above-market Ground Lease Liability [Member]
Finite-Lived Intangible Assets [Line Items]
Total market lease intangibles, Gross Carrying Amount	17,968
Total market lease intangibles, Accumulated Amortization	1,401
Total market lease intangibles, Net Carrying Amount	$ 16,567

Real Estate - Finite-lived Inta

Real Estate - Finite-lived Intangible Assets Amortization Expense (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Rental Income [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	$ (1,612)
In Place Leases and Other Intangibles [Member] | Depreciation and Amortization Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market ground lease	3,040
Above-market ground Leases [Member] | Property Operating Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market ground lease	$ (112)

Real Estate - Summary of Real E

Real Estate - Summary of Real Estate Properties Sold (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Contract Sales Price	$ 38,000
Gain on Sale	$ 6,505
Duane Reade [Member]
Real Estate Properties [Line Items]
Disposition Date	Feb. 2, 2016
Contract Sales Price	$ 12,600
Gain on Sale	$ 126
1623 Kings Highway [Member]
Real Estate Properties [Line Items]
Disposition Date	Feb. 17, 2016
Contract Sales Price	$ 17,000
Gain on Sale	$ 4,293
Foot Locker [Member]
Real Estate Properties [Line Items]
Disposition Date	Mar. 30, 2016
Contract Sales Price	$ 8,400
Gain on Sale	$ 2,086

Real Estate - Summary of Real48

Real Estate - Summary of Real Estate Properties Sold (Parenthetical) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Mortgages
Real Estate [Abstract]
Number of mortgages repaid | Mortgages	3
Repayment of mortgage notes payable | $	$ 19,041

Investment in Unconsolidated 49

Investment in Unconsolidated Joint Venture - Additional Information (Detail) - USD ($)	Mar. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable		$ 1,130,000,000	$ 1,107,526,000
Additional Ownership Interest Acquired		49.90%
Ownership Interest Retained By Joint Venture Partner		1.20%
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage				48.90%
Aggregate cost				$ 220,100,000
Agreed upon value				1,300,000
Notes payable				$ 875,000,000
Interest rate				4.60%
Purchase obligation		$ 1,400,000,000
Mortgage notes payable		$ 875,000,000
Remaining acquire percentage		51.10%
Joint venture partner's right to maintain minimum ownership percentage	1.20%
Escrow deposit	$ 30,000,000
Minimum net worth required		$ 750,000,000
Minimum value of real estate assets controlled		$ 2,000,000,000
Transfer fee payable		0.25%
Parent Company [Member] | Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Notes payable		$ 427,900,000

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 20, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,130,000,000	$ 1,107,526,000
Guarantee agreements, required minimum net worth to be reduced pro rata once outstanding debt of the loan is less than	300,000,000
Guarantee agreements, required minimum net worth	150,000,000
Guarantee agreements, required minimum market value of liquid assets before reduction due to repayment of debt	25,000,000
Guarantee agreements, required minimum market value of liquid assets after reduction due to debt repayment	15,000,000
Guarantee agreements, outstanding debt threshold requirement for reduction of liquid asset requirement	100,000,000
Maximum guarantee cap				$ 5,300,000
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount	1,128,999,000	1,129,080,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	485,000,000
Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 500,000,000	500,000,000
Aggregate face amount			$ 500,000,000
Monthly interest rate increase upon extension of maturity date	0.25%
Prepayment requirement for release of collateral, percentage of the allocated amount of collateral	110.00%
Mortgage Loan [Member] | Mortgages [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.38%
Variable interest rate cap	3.00%
Mezzanine Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 260,000,000	$ 260,000,000
Aggregate face amount			$ 260,000,000
Monthly interest rate increase upon extension of maturity date	0.25%
Mezzanine Loan [Member] | Mortgages [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	5.65%
Variable interest rate cap	3.00%

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,130,000	$ 1,107,526
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,128,999	1,129,080
Less: deferred financing costs, net		(21,554)
Mortgage notes payable, net of deferred financing costs		1,107,526
Mortgages [Member] | Design Center [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 19,299	19,380
Effective interest rate	6.30%
Mortgages [Member] | 1100 Kings Highway [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 20,200	20,200
Effective interest rate	3.40%
Mortgages [Member] | 256 West 38th Street [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 24,500	24,500
Effective interest rate	3.10%
Mortgages [Member] | 1440 Broadway [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 305,000	305,000
Effective interest rate	4.30%
Mortgages [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Encumbered properties	12
Outstanding loan amount	$ 500,000	500,000
Effective interest rate	3.20%
Mortgages [Member] | Mezzanine Loan [Member]
Debt Instrument [Line Items]
Encumbered properties	12
Outstanding loan amount	$ 260,000	$ 260,000
Effective interest rate	6.50%

Mortgage Notes Payable - Sche52

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Parenthetical) (Detail) - Secured Debt [Member] - Mortgages [Member] $ in Millions	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 325
Additional borrowing capacity	$ 20

Fair Value of Financial Instr53

Fair Value of Financial Instruments - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Detail) - USD ($)	Jan. 01, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	$ 0	$ 91,000
Fair Value, Measurements, Recurring [Member] | Derivatives, Net [Member] | Significant Other Observable Inputs Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net		$ 91,000

Fair Value of Financial Instr54

Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 3
Significant Unobservable Inputs Level 3 [Member] | Mortgages [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	1,129,080
Significant Unobservable Inputs Level 3 [Member] | Mortgages [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 1,138,576

Interest Rate Derivatives and55

Interest Rate Derivatives and Hedging Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jan. 01, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative financial instruments			$ 0	$ 91,000
Loss on derivative instruments		$ (251,000)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Amount required to settle its obligations under the agreement at its aggregate termination value incase of breach				100,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Fair value of derivatives				$ 100,000
Derivatives, Net [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Loss on derivative instruments		$ 24,000
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain (loss) on hedging activity	$ (300,000)

Interest Rate Derivatives and56

Interest Rate Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Detail)	Dec. 31, 2016USD ($)Derivative
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Number of Instruments | Derivative	2
Notional Amount | $	$ 44,700,000
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments | Derivative	4
Notional Amount | $	$ 1,065,000,000

Interest Rate Derivatives and57

Interest Rate Derivatives and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - Cash Flow Hedging [Member] $ in Thousands	Dec. 31, 2016USD ($)
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 165
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	$ (74)

Interest Rate Derivatives and58

Interest Rate Derivatives and Hedging Activities - Schedule of Income (Loss) Recognized on Interest Rate Derivatives Designated as Cash Flow Hedges (Detail) - Derivatives, Net [Member] - Cash Flow Hedging [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion)	$ (1,235)
Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	0
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	$ (356)

Interest Rate Derivatives and59

Interest Rate Derivatives and Hedging Activities - Schedule of Offsetting Derivative Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 165
Gross Amounts of Recognized Liabilities	(74)
Potential Net Amounts of Assets (Liabilities) Presented on the Balance Sheet	91
Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Posted	0
Net Amount	$ 91

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - $ / shares	Jan. 03, 2017	Mar. 31, 2016	Oct. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock, shares outstanding					167,066,364
Monthly annualized dividend declared		$ 0.12	$ 0.46
Monthly annualized dividend paid			$ 0.46
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding				167,900,000	167,100,000
Operating Partnership Unit [Member]
Class of Stock [Line Items]
Shares redeemed	841,660
Outstanding units				0
LTIP Units [Member]
Class of Stock [Line Items]
Outstanding units vested				0
Conversion To Operating Partnership Units [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued	841,660

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Operating leases
2017, Ground Leases	$ 3,743
2018, Ground Leases	5,175
2019, Ground Leases	5,432
2020, Ground Leases	5,432
2021, Ground Leases	5,633
Thereafter, Ground Leases	244,051
Total minimum lease payments	$ 269,466

Commitments and Contingencies62

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Oct. 30, 2013
Loss Contingencies [Line Items]
Contractual base cash payments		$ 58,800,000
Rent expense	$ 1,900,000
Interest expense	$ 16,000
Worldwide Plaza [Member]
Loss Contingencies [Line Items]
Ownership percentage			48.90%

Commitments and Contingencies63

Commitments and Contingencies - Schedule of Capital Leased Assets (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract]
Buildings, fixtures and improvements	$ 11,785
Less accumulated depreciation and amortization	(2,273)
Total real estate investments, net	$ 9,512

Related Party Transactions an64

Related Party Transactions and Arrangements - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Affiliated Entity [Member] | Viceroy Hotel [Member]
Related Party Transaction [Line Items]
Hotel revenues	$ 3	$ 13

Related Party Transactions an65

Related Party Transactions and Arrangements - Additional Information (Detail) - USD ($)	Feb. 01, 2017	Jan. 03, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 07, 2017	Mar. 01, 2017
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark					0.50%
Cost of assets maximum					$ 3,000,000,000
Advisor [Member] | Property Disposition Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				$ 200,000
Advisor [Member] | Advisory and Consulting Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties	$ 500,000	$ 500,000
Service Provider and Affiliates [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark						0.325%
Cost of assets maximum						$ 3,000,000,000
Asset management fees earned above						0.25%
Incentive fee, percentage of excess of hurdle amount			10.00%
Hurdle amount (in dollars per share)			$ 11
Property management fees as a percentage of gross revenue			1.75%
Average Invested Assets [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Cost of assets maximum					$ 3,000,000,000
Asset management fees earned above					0.40%
Gross Revenue, Multi-tenant Properties [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark					4.00%
Gross Revenue, Multi-tenant Properties [Member] | Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark					1.00%
Contract Sales Price [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Real estate commission earned by related party				2.00%
Contract Sales Price [Member] | Advisor [Member] | Brokerage Commission Fees [Member]
Related Party Transaction [Line Items]
Real estate commission earned by related party				50.00%
Contract Sales Price [Member] | Advisor [Member] | Real Estate Commissions [Member]
Related Party Transaction [Line Items]
Real estate commission earned by related party				6.00%

Related Party Transactions an66

Related Party Transactions and Arrangements - Schedule of Amount Incurred and Paid in Connection With Operation Related Services (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 1,713
Payable (Receivable)	46
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	1,667
Winthrop Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	46
Payable (Receivable)	46
Former Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred	3,313	$ 4,252
Expenses waived		485
Payable (Receivable)			$ 455
Former Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	2,339	3,074
Payable (Receivable)			51
Former Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	560	485
Expenses waived		485
Payable (Receivable)			105
Former Advisor and its Affiliates [Member] | Transfer Agent and Other Professional Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 414	$ 693
Payable (Receivable)			$ 299

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 15, 2017	Apr. 15, 2016	Apr. 15, 2015	Apr. 15, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value							$ 0.01
Non-cash compensation expense						$ 0.1
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					500,000
Stock options issued					0		0
Performance Shares [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OPP units issued				8,880,579
New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's market capitalization percentage				5.00%
One-Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			367,059
Two-Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		805,679
Three -Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	43,685
Director [Member] | Restricted Stock [Member] | Restricted Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percent of awards as a percent of total outstanding					10.00%
Common stock, par value					$ 0.01
Vesting period					3 years
Vesting percentage					33.30%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Share Award Activity (Detail) - Restricted Stock [Member] - Restricted Share Plan [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Beginning balance | shares	268,780
Number of Restricted Shares, Vested | shares	(125,467)
Number of Restricted Shares, Forfeited | shares	(13,521)
Number of Restricted Shares, Ending balance | shares	129,792
Weighted-Average Issue Price, Beginning balance | $ / shares	$ 10.50
Weighted-Average Issue Price, Vested | $ / shares	10.41
Weighted-Average Issue Price, Forfeited | $ / shares	10.10
Weighted-Average Issue Price, Ending balance | $ / shares	$ 10.43

Share-Based Compensation - Sc69

Share-Based Compensation - Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule (Detail) - Performance Shares [Member] - New Multi-Year Outperformance Plan [Member]	Mar. 31, 2017
Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	21.00%
100% will be earned if total stockholder return achieved is at least:	18.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Annual Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	7.00%
100% will be earned if total stockholder return achieved is at least:	6.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Interim Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	14.00%
100% will be earned if total stockholder return achieved is at least:	12.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Minimum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Minimum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Annual Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Minimum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Interim Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Maximum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	18.00%
Maximum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Annual Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	6.00%
Maximum [Member] | Relative Component Cumulative Return Above Threshold [Member] | Interim Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	12.00%

Share-Based Compensation - Sc70

Share-Based Compensation - Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule (Parenthetical) (Detail) - Performance Shares [Member] - New Multi-Year Outperformance Plan [Member]	Mar. 31, 2017
Relative Component Cumulative Return Above Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	100.00%
Absolute Component Excess Return Above Peer Group [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%
Relative Component Excess Return Above Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%
Relative Component Cumulative Return Equal to Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	50.00%
Relative Component Cumulative Return Below Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	0.00%

Share-Based Compensation - Sc71

Share-Based Compensation - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - Multi-year Outperformance Plan [Member] $ in Thousands	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 5,457
Significant Unobservable Inputs Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 5,457

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Detail) - Share Based Compensation Liability [Member] - Fair Value, Measurements, Recurring [Member] - Monte Carlo Simulation [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
OPP	$ 5,457
Expected volatility	28.00%

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Net Loss Per Share Computations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Earnings Per Share [Abstract]
Net income attributable to stockholders	$ 487
Adjustments to net income attributable to stockholders for common share equivalents	(68)
Diluted net income attributable to stockholders	$ 419
Weighted average shares outstanding, basic | shares	163,872,612
Net income per share attributable to stockholders, basic	$ 0
Weighted average shares outstanding, diluted | shares	167,926,110
Net income per share attributable to stockholders, diluted	$ 0

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Millions	Jan. 03, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Advisor [Member]
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders		$ 0	$ 0.4
OP Units [Member]
Noncontrolling Interest [Line Items]
Redemption of OP units	841,660
OP Units [Member] | Advisor [Member]
Noncontrolling Interest [Line Items]
Number of units held by Advisor				841,660
LTIP Units [Member] | Advisor [Member]
Noncontrolling Interest [Line Items]
Number of units held by Advisor				7,707,841
Common Stock [Member]
Noncontrolling Interest [Line Items]
Shares issued upon redemption	841,660		2,515,406,000