New York REIT Liquidating (NYRT) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		167,928,730

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real estate investments, at cost:
Land		$ 477,171,000
Buildings, fixtures and improvements		1,176,152,000
Acquired intangible assets		132,348,000
Total real estate investments, at cost		1,785,671,000
Less accumulated depreciation and amortization		(210,738,000)
Total real estate investments, net		1,574,933,000
Cash and cash equivalents		45,536,000
Restricted cash		3,058,000
Investment in unconsolidated joint venture		190,585,000
Derivatives, at fair value		165,000
Tenant and other receivables		3,904,000
Receivable for mortgage proceeds		260,000,000
Unbilled rent receivables		52,620,000
Prepaid expenses and other assets		15,061,000
Deferred costs, net		6,518,000
Total Assets		2,152,380,000
Liabilities and Equity
Mortgage notes payable, net of deferred financing costs		1,107,526,000
Market lease intangibles, net		65,187,000
Derivatives, at fair value		74,000
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $455 as of December 31, 2016)		33,364,000
Deferred revenue		4,548,000
Dividend payable		12,000
Total Liabilities		1,210,711,000
Preferred stock
Common stock, $0.01 par value; 300,000,000 shares authorized, 167,066,364 shares issued and outstanding at December 31, 2016		1,671,000
Additional paid-in capital		1,445,092,000
Accumulated other comprehensive loss		(713,000)
Accumulated deficit		(515,073,000)
Total stockholders' equity		930,977,000
Non-controlling interests		10,692,000
Total equity		941,669,000
Total liabilities and equity		2,152,380,000
Liabilities
Mortgage notes payable		1,107,526,000
Liability for non-controlling interests		10,692,000
Related party fees payable		455,000
Total Liabilities		1,210,711,000
Convertible Preferred Stock [Member]
Liabilities and Equity
Preferred stock
Liquidation Value [Member]
Real estate investments, at cost:
Investments in real estate	$ 3,679,191,000
Cash and cash equivalents	39,800,000
Restricted cash	24,055,000
Accounts receivable	4,861,000
Total Assets	3,747,907,000
Liabilities and Equity
Mortgage notes payable, net of deferred financing costs	2,025,916,000
Total Liabilities	2,200,855,000
Non-controlling interests	9,432,000
Liabilities
Mortgage notes payable	2,025,916,000
Liability for estimated costs in excess of estimated receipts during liquidation	139,092,000
Liability for non-controlling interests	9,432,000
Accounts payable, accrued expenses and other liabilities	26,355,000
Related party fees payable	60,000
Total Liabilities	2,200,855,000
Commitments and Contingencies
Net assets in liquidation	$ 1,547,052,000	$ 1,552,926,000

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 Statements of Chan

Consolidated Statements of Changes in Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Net assets in liquidation, beginning of period	$ 1,553,047	$ 1,552,926
Changes in net assets in liquidation
Changes in liquidation value of investments in real estate	(2,500)	(2,500)
Remeasurement of assets and liabilities	(3,375)	(3,254)
Remeasurement of non-controlling interest	(120)	(120)
Changes in net assets in liquidation	(5,995)	(5,874)
Net assets in liquidation, end of period	$ 1,547,052	$ 1,547,052

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Revenues:
Rental income	$ 29,769	$ 58,778
Hotel revenue	7,060	11,389
Operating expense reimbursement and other revenue	3,094	6,465
Total revenue	39,923	76,632
Operating expenses:
Property operating	10,089	20,455
Hotel operating	6,600	12,854
Operating fees incurred from the Advisor	3,050	6,124
Transaction related	6,261	6,610
General and administrative	609	(2,735)
Depreciation and amortization	16,587	33,812
Total operating expenses	43,196	77,120
Operating loss	(3,273)	(488)
Other income (expenses):
Interest expense	(9,312)	(19,038)
Income from unconsolidated joint venture	757	1,845
Income from preferred equity investment	3	21
Gain on sale of real estate investments, net	125	6,630
Loss on derivative instruments	(107)	(358)
Total other expenses	(8,534)	(10,900)
Net loss	(11,807)	(11,388)
Net loss attributable to non-controlling interests	267	335
Net loss attributable to stockholders	(11,540)	(11,053)
Other comprehensive loss:
Unrealized loss on derivatives	(99)	(978)
Total other comprehensive loss	(99)	(978)
Comprehensive loss attributable to stockholders	$ (11,639)	$ (12,031)
Basic and diluted weighted average common shares outstanding	164,835,872	164,354,242
Basic and diluted net loss per share attributable to stockholders	$ (0.07)	$ (0.07)
Dividends declared per common share	$ 0.12	$ 0.23

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 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	24,001	$ 26	23,975			(24,001)
OP units converted to common stock, Share		2,610,065
Equity-based compensation and redemption of vested shares	109		109			(8,642)	(8,533)
Equity-based compensation and redemption of vested shares, Share		(11,823)
Dividends declared on common stock and distributions to non-controlling interest holders	(37,871)				(37,871)	(1,475)	(39,346)
Net loss	(11,053)				(11,053)	(335)	(11,388)
Other comprehensive loss	(978)			(978)			(978)
Ending Balance at Jun. 30, 2016	$ 1,008,948	$ 1,652	$ 1,427,708	$ (2,215)	$ (418,197)	$ 23,076	$ 1,032,024
Ending Balance, Share at Jun. 30, 2016		165,128,053

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (11,388)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	33,812
Amortization of deferred financing costs	5,012
Accretion of below- and amortization of above-market lease liabilities and assets, net	(3,341)
Equity-based compensation	(8,363)
Loss on derivative instruments	358
Income from unconsolidated joint venture	(1,845)
Gain on sale of real estate investment, net	(6,630)
Bad debt expense	247
Changes in assets and liabilities:
Tenant and other receivables	(992)
Unbilled rent receivables	(4,149)
Prepaid expenses, other assets and deferred costs	(498)
Accrued unbilled ground rent	1,372
Accounts payable and accrued expenses	2,204
Deferred revenue	296
Net cash provided by operating activities	6,095
Cash flows from investing activities:
Proceeds from sale of real estate investments and redemption of preferred equity investment	35,429
Capital expenditures	(9,722)
Distributions from unconsolidated joint venture	16,101
Net cash provided by investing activities	41,808
Cash flows from financing activities:
Payments on mortgage notes payable	(19,144)
Refund of financing costs	19
Dividends paid	(37,881)
Distributions to non-controlling interest holders	(1,475)
Redemption of restricted shares	(172)
Restricted cash	276
Net cash used in financing activities	(58,377)
Net increase in cash and cash equivalents	(10,474)
Cash and cash equivalents, beginning of period	98,604
Cash and cash equivalents, end of period	88,130
Supplemental disclosures:
Cash paid for interest	14,214
Non-cash investing and financing activities:
Dividends payable	17
Accrued capital expenditures	17
Conversion of OP units to common stock	$ 24,001

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 2017, the Company owned 19 properties, aggregating 4.4 million rentable square feet, with an average occupancy of 95.6%. The Company’s portfolio primarily consists of office and retail properties, representing 89% and 8%, respectively, of rentable square feet as of June 30, 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 3% 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 basis and (ii) New York Recovery Properties, LLC (the “ARG Property Manager”) to serve as the Company’s property manager, except for properties where services were performed by a third party. The Former Advisor and ARG Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, “AR Global”), (the “Sponsor”). 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	6 Months Ended
	Jun. 30, 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 the Winthrop 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	6 Months Ended
	Jun. 30, 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 and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. 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 filed with the SEC on March 1, 2017. 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 current estimate of net assets in liquidation has been calculated based on projections that all the properties will be sold by March 31, 2018. The actual timing of sales has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of future asset sales. 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 adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. Estimated costs expected to be incurred through the end of the liquidation period include budgeted property expenses and corporate overhead, costs to dispose of the properties, mortgage interest expense, costs associated with satisfying known and contingent liabilities and other costs associated with the winding up and dissolution of the Company. Revenues are based on in-place leases plus management’s estimates of revenue upon re-lease based on market assumptions. 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 revenues 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 June 30, 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. Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations. Revenue Recognition Under liquidation accounting, the Company has accrued all revenue that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. Revenues are accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with liquidation accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviews tenant and other receivables to determine collectability. Any changes in the collectability of the receivables is reflected in the net realizable value of the receivable. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. Contingent rental income is not contemplated under liquidation accounting unless there is a reasonable basis to estimate future receipts. Investments in Real Estate As of January 1, 2017, the investments in real estate were adjusted to their estimated net realizable value upon sale, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash the Company expects to collect on the disposal of its assets as it carries out its Liquidation Plan. The liquidation value of the Company’s investments in real estate are presented on an undiscounted basis. Estimated revenue during the period prior to the expected sale date and costs to dispose of these assets are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change in the Company’s net assets in liquidation. The liquidation value of investments in real estate is based on a number of factors including discounted cash flow and direct capitalization analyses, detailed analysis of market comparables and broker opinions of value, and binding purchase offers to the extent available. Amortization Under liquidation accounting, intangible assets and liabilities are included in the liquidation value of investments in real estate and are no longer amortized. Derivative Instruments The Company uses derivative financial instruments to hedge the interest rate risk associated with a portion of its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. As these instruments will not be converted into cash or other consideration, derivative financial instruments have been valued at $0 as of January 1, 2017 in accordance with liquidation accounting. These financial instruments are still in place and effective as of June 30, 2017. Restricted Cash Restricted cash primarily consists of maintenance, real estate tax, structural and debt service reserves. 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 is as follows (in thousands): January 1, 2017 Net Change Remeasurement Consolidation (2) June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (31,285 ) $ (1,456 ) $ (1,572 ) $ 23,990 Liabilities: Sales costs (69,524 ) — 84 (57,334 ) (126,774 ) Corporate expenditures (67,360 ) 32,934 (1,882 ) — (36,308 ) (136,884 ) 32,934 (1,798 ) (57,334 ) (163,082 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ 1,649 $ (3,254 ) $ (58,906 ) $ (139,092 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activity for the period ended June 30, 2017. (2) Represents adjustments necessary to reflect the consolidation of Worldwide Plaza (See Note 7).

Net Assets in Liquidation

Net Assets in Liquidation	6 Months Ended
	Jun. 30, 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 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 Net assets in liquidation decreased by $5.9 million during the six months ended June 30, 2017. The primary reasons for the decrease in net assets was due to (i) a $2.5 million decrease in the liquidation value of investments in real estate as a result of the contract for sale of the 50 Varick Street office property (see Subsequent Events), (ii) an increase of $1.7 million of projected tenant and capital improvement costs primarily at the 1440 Broadway and 256 West 38 th These items were partially offset by a $1.1 million increase in estimated cash flows resulting from extended holding periods of certain assets. The net assets in liquidation at June 30, 2017 would result in liquidating distributions of approximately $9.21 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	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Investments	Note 6 — Real Estate Investments The Company acquired an additional 49.9% equity interest in Worldwide Plaza on June 1, 2017. (See Note 7). The following table presents future minimum base cash rental payments due to the Company, subsequent to June 30, 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. (In thousands) Future Minimum July 1, 2017 - December 31, 2017 $ 116,702 2018 231,787 2019 227,393 2020 230,219 2021 225,569 Thereafter 1,294,493 Total $ 2,326,163 Of the contractual base cash payments, excluding reimbursements, the Company expects to realize approximately $69.0 million over the remaining anticipated hold periods for all of its properties. The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of June 30, 2017 and 2016: Property Portfolio Tenant June 30, 2017 2016 Worldwide Plaza Cravath, Swaine & Moore, LLP 24 % 16 %(1) Worldwide Plaza Nomura Holdings America, Inc. 16 % 11 %(1) (1) Calculated based on the Company’s prorata share of base rent for 2016. The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on the Company’s operations. 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 consisted of the following: December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 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 and six months ended June 30, 2016 (on a going concern basis) related to amortization of in-place leases and other intangibles, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization of above-market ground lease, for the period presented: (In thousands) Three Months Ended Six Months Ended Amortization of in-place leases and other intangibles (1) $ 2,767 $ 5,807 Amortization and (accretion) of above- and below-market leases, net (2) $ (1,504 ) $ (3,116 ) Amortization of above-market ground lease (3) $ (113 ) $ (225 ) (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 six months ended June 30, 2017. During the six months ended June 30, 2016, the Company sold its properties located at 163-30 Cross Bay Boulevard in Queens, New York (“Duane Reade”), 1623 Kings Highway in Brooklyn, New York (“1623 Kings Highway”) and 2061-2063 86th Street in Brooklyn, New York (“Foot Locker”). The following table summarizes the properties sold during the six months ended June 30, 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 2,211 $ 38,000 $ 6,630 (1) Reflected within gain on sale of real estate investments, net in the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2016. (2) During the six months ended June 30, 2016, the Company repaid three mortgage notes payable totaling $18.9 million with the proceeds from 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 six months ended June 30, 2016.

Acquisition of Equity Interest

Acquisition of Equity Interest in Worldwide Plaza	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Acquisition of Equity Interest in Worldwide Plaza	Note 7 — Acquisition of Equity Interest in Worldwide Plaza 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 at that time for Worldwide Plaza of $1.3 billion less $875.0 million of debt on the property. 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. On June 1, 2017, the Company acquired an additional 49.9% equity interest for a contract purchase price of $276.7 million, based on the option price of approximately $1.4 billion less $875.0 million of debt on the property. Following the exercise of the option, the Company now owns a total equity interest of 98.8% in Worldwide Plaza. As a result, the Company consolidates Worldwide Plaza as of June 1, 2017. In accordance with GAAP, the Company has recorded the Worldwide Plaza debt at its fair value of $897.0 million on its consolidated statement of net assets.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 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 $2.0 billion at June 30, 2017 and $1.13 billion at 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 June 30, 2017 and December 31, 2016 consist of the following (in thousands): Outstanding Loan Amount Portfolio Encumbered June 30, 2017 December 31, 2016 Effective Interest Rate Maturity Mortgage Loan (1) 12 $ 500,000 $ 500,000 3.2 % Variable (2) Dec 2017 Mezzanine Loan (1) 12 260,000 260,000 6.5 % Variable (2) Dec 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (6) Dec 2017 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (3) Aug 2017 1440 Broadway (4) 1 305,000 305,000 4.3 % Variable (2) Oct 2019 Design Center 1 19,216 19,380 6.3 % Variable (5) Dec 2021 Worldwide Plaza (7) 1 875,000 — 4.6 % Fixed Mar 2023 Mortgage notes payable, gross principal amount 2,003,916 1,129,080 Fair value adjustment 22,000 Mortgage notes payable $ 2,025,916 Less: deferred financing costs, net (21,554 ) Mortgage notes payable, net of deferred financing costs $ 1,107,526 4.4 %(8) (1) Encumbered properties are 245-249 West 17th Street, 333 West 34th Street, 216-218 West 18th Street, 50 Varick Street, 229 West 36th Street, 122 Greenwich Street, 350 West 42nd Street, 382-384 Bleecker Street, 350 Bleecker Street, 416-425 Washington Street, 33 West 56th Street and 120 West 57th Street (the “POL Loan Properties”). (2) LIBOR portion is capped through an interest rate cap agreement. (3) Fixed through interest rate swap agreement through July 31, 2017. The maturity date was extended to April 1, 2018. (4) Total commitments of $325 million; additional $20 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (5) The variable interest rate reset in December 2016 and will remain fixed at this rate until December 2017. (6) Fixed through an interest rate swap agreement. (7) The property was consolidated as of June 1, 2017. (8) Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2017. On August 1, 2017, the Company’s mortgage loan collateralized by the 1100 Kings Highway property was modified to extend the maturity date to April 1, 2018 and to allow for partial release of the collateral. The loan also requires a cash sweep starting January 1, 2018 unless the property is under contract for sale for an amount equal to or greater than 133% of the outstanding mortgage loan payable. 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 in the aggregate amount of $260.0 million (the “Mezzanine Loan” and, together with the Mortgage Loan, the “POL Loans”). 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 West 17th Street, 333 West 34th Street, 216-218 West 18th Street, 50 Varick Street, 229 West 36th Street, 122 Greenwich Street, 350 West 42nd Street, 382-384 Bleecker Street, 350 Bleecker Street, 416-425 Washington Street, 33 West 56th Street and 120 West 57th Street (the “POL Loan Properties”). 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 for the purpose of purchasing the additional equity interests in Worldwide Plaza (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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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: (In thousands) Quoted Prices in Significant Other Significant 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 was required to disclose the fair value of financial instruments for which it was 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 were 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	6 Months Ended
	Jun. 30, 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 and caps, 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 June 30, 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 six months ended June 30, 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 six months ended June 30, 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 Interest Rate Derivative Number of Notional Amount 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 $0.1 million and $0.4 million during the three and six months ended June 30, 2016, respectively, 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 Interest Rate Derivative Number of Notional Amount 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 and six months ended June 30, 2016, respectively: (In thousands) Three Months Ended Six Months Ended Amount of loss recognized in accumulated other comprehensive loss from interest rate derivatives (effective portion) $ (423 ) $ (1,658 ) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion) $ (324 ) $ (680 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ (1 ) 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. Gross Amounts Gross Amounts Potential Net Amounts Gross Amounts Not Offset on the Financial Cash Net Derivatives (In thousands) 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	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Common Stock	Note 11 — Common Stock As of June 30, 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 June 30, 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 Interests. 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	6 Months Ended
	Jun. 30, 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 (In thousands) Ground Leases July 1, 2017—December 31, 2017 $ 2,496 2018 5,175 2019 5,432 2020 5,432 2021 5,633 Thereafter 244,051 Total minimum lease payments $ 268,219 Total rental expense related to operating leases was $1.9 million and $3.9 million, respectively, for the three and six months ended June 30, 2016. During the three and six months ended June 30, 2016, interest expense related to capital leases was approximately $16,000 and $32,000, respectively. 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. On June 22, 2017, RXR agreed to discontinue the claim and the proceeding has been discontinued in its entirety, with prejudice, and without fees or costs against any party. 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. An Evaluation Committee of the Board of Directors, which consists of three independent, disinterested directors and was appointed to evaluate what actions should be taken by the Company in connection with the Harris Complaint, filed a memorandum of law on August 4, 2017 in support of this motion. 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, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 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 Interests. 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 June 30, 2017 or December 31, 2016. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Hotel revenues $ 2 $ 16 $ 5 $ 29 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 adoption of liquidation accounting, the Company accrues costs it expects to incur through the end of liquidation. In this regard, at June 30, 2017 the Company has accrued, based on its estimate of the timing of sales, asset management fees of $3,506,000 payable to the Winthrop Advisor. This amount is included in liabilities for estimated costs in excess of estimated receipts during liquidation. Actual fees incurred may differ significantly from these estimates due to inherent uncertainty in estimating future events. 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 June 30, Six Months Ended June 30, Payable (Receivable) as of 2017 2016 2017 2016 June 30, December 31, (In thousands) Incurred Incurred Incurred Incurred Asset management fees $ 2,003 $ — $ 3,670 $ — $ — $ — Property management fees 218 — 264 — 60 — Total related party operational fees and reimbursements $ 2,221 $ — $ 3,934 $ — $ 60 $ — 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 properties, 4.0% of gross revenues from properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market based fee equal to a percentage of gross revenues. The Company also reimbursed the ARG Property Manager for property-level expenses. The ARG Property Manager was permitted to subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracted for these services. If the Company contracted directly with third parties for such services, the Company paid them customary market fees and paid the ARG Property Manager an oversight fee equal to 1.0% of the gross revenues of the applicable property. 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 IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by DST Systems, Inc., a third-party transfer agent (“DST”). The Sponsor received written notice from ANST on February 10, 2016 that it would wind down operations by the end of February and would withdraw as the transfer agent effective February 29, 2016. DST continued to provide the Company with transfer agency services and, on March 10, 2016, the Company entered into a definitive agreement with DST to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). For the six months ended June 30, 2016, fees for these services are included in general and administrative expenses on the consolidated statement of operations and comprehensive income (loss) during the period in which the service was provided. 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 June 30, Six Months Ended June 30, Payable (Receivable) as of 2017 2016 2017 2016 June 30, December 31, (In thousands) Incurred Waived Incurred Waived Incurred Waived Incurred Waived To the Former Advisor and affiliates: Asset management fees $ — $ — $ 3,050 $ — $ 2,339 $ — $ 6,124 $ — $ — $ 51 Transfer agent and other professional fees — — 658 — 414 — 1,350 — — 299 Property management fees — — 508 508 560 — 994 994 — 105 Total related party operational fees and reimbursements $ — $ — $ 4,216 $ 508 $ 3,313 $ — $ 8,468 $ 994 $ — $ 455 The Former Advisor agreed to waive certain fees, including property management fees, during the three and six months ended June 30, 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 six months ended June 30, 2016 related to the sale of certain properties. No such fees were incurred or paid during the three months ended June 30, 2016.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 series 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 six months ended June 30, 2017: Number of Restricted Weighted-Average Issue Unvested, December 31, 2016 268,780 $ 10.50 Vested (160,558 ) $ 10.47 Forfeited (22,979 ) $ 10.30 Unvested, June 30, 2017 85,243 $ 10.31 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 $0.2 million and $0.3 million in non-cash compensation expense for the three and six months ended June 30, 2016, respectively. Under liquidation accounting, compensation expense is no longer recorded as the vesting of the restricted shares does not result in cash outflow for the Company. 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 Period and Two-Year Period, 367,059 and 805,679 LTIP Units, respectively, were earned by the Former Advisor under the terms of the OPP. Pursuant to the OPP Side Letter, these LTIP Units immediately vested upon approval by the Compensation Committee and converted on a one-for-one basis into unrestricted shares of the Company’s common stock. Based on calculations for the Three-Year Period, the Former Advisor earned 43,685 LTIP Units under the terms of the OPP on April 15, 2017. Pursuant to the terms of the OPP Side Letter, these LTIP units were immediately vested on April 15, 2017, were converted on a one-for-one basis into unrestricted shares of the Company’s common stock on May 9, 2017, and issued to the Former Advisor on May 9, 2017. Following the issuance of the shares of common stock on May 9, 2017, the remaining 7,664,156 LTIP Units issued to the Former Advisor were forfeited. 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 was 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 period during the Three-Year Period (the “One-Year Period”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Annual Interim Period 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” was comprised of the companies in the SNL US REIT Office Index as of the Effective Date. The potential outperformance award was calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period was based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period was based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP Units that were unearned at the end of any performance period have been forfeited. After an LTIP Unit was earned, the holder of such LTIP Unit was entitled to a catch-up distribution and thereafter the same distributions as paid to the holder of an OP Unit. 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: (In thousands) Quoted Prices in Significant Other Significant Total December 31, 2016 OPP — — $ 5,457 $ 5,457 Level 3 valuations The following table provides quantitative information about significant Level 3 input used: Financial Instrument Fair Principal Valuation Unobservable 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 interest, a component of equity. Under liquidation basis accounting, since no cash outflow is associated with the OPP, the value of the converted OP units is incorporated in the estimated liquidating distributions per share.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 periods presented: Three Months Ended Six Months Ended (In thousands, except share and per share data) June 30, 2016 June 30, 2016 Basic and diluted net loss attributable to stockholders $ (11,540 ) $ (11,053 ) Weighted average shares outstanding, basic and diluted 164,835,872 164,354,242 Net loss per share attributable to stockholders, basic and diluted $ (0.07 ) $ (0.07 ) 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	6 Months Ended
	Jun. 30, 2017
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 17 — Non-Controlling Interests Under going concern accounting, consolidated joint ventures are recorded on a gross basis with an allocation of equity to non-controlling interest holders. The Company is the sole general partner of the OP, and the Company and a subsidiary of the Company hold all of the OP units as of June 30, 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 six months ended June 30, 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. Under liquidation accounting, consolidated joint ventures will be presented on a gross basis with a payable to the non-controlling interest holder which is reflected on the Consolidated Statement of Net Assets as liability for non-controlling interests.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 18 — Subsequent Events On August 7, 2017, the Company sold to an independent third party its 50 Varick Street office property in Manhattan, New York for a gross sales price of $135.0 million. The property was part of the collateral for the Company’s $760.0 million POL Loans. In connection with the sale, the Company paid down $78.1 million of debt as required under the POL Loans. After satisfaction of debt, pro-rations and closing costs the Company received net proceeds of approximately $49.1 million. The liquidation value of the property was $137.5 million at March 31, 2017. The liquidation value was adjusted to $135.0 million at June 30, 2017 based on the contract sale price.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. 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 filed with the SEC on March 1, 2017. 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 current estimate of net assets in liquidation has been calculated based on projections that all the properties will be sold by March 31, 2018. The actual timing of sales has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of future asset sales. 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 adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. Estimated costs expected to be incurred through the end of the liquidation period include budgeted property expenses and corporate overhead, costs to dispose of the properties, mortgage interest expense, costs associated with satisfying known and contingent liabilities and other costs associated with the winding up and dissolution of the Company. Revenues are based on in-place leases plus management’s estimates of revenue upon re-lease based on market assumptions. 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 revenues 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 June 30, 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.
Use of Estimates	Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.
Revenue Recognition	Revenue Recognition Under liquidation accounting, the Company has accrued all revenue that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. Revenues are accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with liquidation accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviews tenant and other receivables to determine collectability. Any changes in the collectability of the receivables is reflected in the net realizable value of the receivable. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. Contingent rental income is not contemplated under liquidation accounting unless there is a reasonable basis to estimate future receipts.
Investments in Real Estate	Investments in Real Estate As of January 1, 2017, the investments in real estate were adjusted to their estimated net realizable value upon sale, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash the Company expects to collect on the disposal of its assets as it carries out its Liquidation Plan. The liquidation value of the Company’s investments in real estate are presented on an undiscounted basis. Estimated revenue during the period prior to the expected sale date and costs to dispose of these assets are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change in the Company’s net assets in liquidation. The liquidation value of investments in real estate is based on a number of factors including discounted cash flow and direct capitalization analyses, detailed analysis of market comparables and broker opinions of value, and binding purchase offers to the extent available.
Amortization	Amortization Under liquidation accounting, intangible assets and liabilities are included in the liquidation value of investments in real estate and are no longer amortized.
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments to hedge the interest rate risk associated with a portion of its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. As these instruments will not be converted into cash or other consideration, derivative financial instruments have been valued at $0 as of January 1, 2017 in accordance with liquidation accounting. These financial instruments are still in place and effective as of June 30, 2017.
Restricted Cash	Restricted Cash Restricted cash primarily consists of maintenance, real estate tax, structural and debt service reserves.
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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 is as follows (in thousands): January 1, 2017 Net Change Remeasurement Consolidation (2) June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (31,285 ) $ (1,456 ) $ (1,572 ) $ 23,990 Liabilities: Sales costs (69,524 ) — 84 (57,334 ) (126,774 ) Corporate expenditures (67,360 ) 32,934 (1,882 ) — (36,308 ) (136,884 ) 32,934 (1,798 ) (57,334 ) (163,082 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ 1,649 $ (3,254 ) $ (58,906 ) $ (139,092 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activity for the period ended June 30, 2017. (2) Represents adjustments necessary to reflect the consolidation of Worldwide Plaza (See Note 7).

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	6 Months Ended
	Jun. 30, 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 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

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 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, subsequent to June 30, 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. (In thousands) Future Minimum July 1, 2017 - December 31, 2017 $ 116,702 2018 231,787 2019 227,393 2020 230,219 2021 225,569 Thereafter 1,294,493 Total $ 2,326,163
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 June 30, 2017 and 2016: Property Portfolio Tenant June 30, 2017 2016 Worldwide Plaza Cravath, Swaine & Moore, LLP 24 % 16 %(1) Worldwide Plaza Nomura Holdings America, Inc. 16 % 11 %(1) (1) Calculated based on the Company’s prorata share of base rent for 2016.
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 consisted of the following: December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 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 and six months ended June 30, 2016 (on a going concern basis) related to amortization of in-place leases and other intangibles, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization of above-market ground lease, for the period presented: (In thousands) Three Months Ended Six Months Ended Amortization of in-place leases and other intangibles (1) $ 2,767 $ 5,807 Amortization and (accretion) of above- and below-market leases, net (2) $ (1,504 ) $ (3,116 ) Amortization of above-market ground lease (3) $ (113 ) $ (225 ) (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 six months ended June 30, 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 2,211 $ 38,000 $ 6,630 (1) Reflected within gain on sale of real estate investments, net in the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2016. (2) During the six months ended June 30, 2016, the Company repaid three mortgage notes payable totaling $18.9 million with the proceeds from of the sales of Duane Reade, 1623 Kings Highway and Foot Locker.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company’s mortgage notes payable as of June 30, 2017 and December 31, 2016 consist of the following (in thousands): Outstanding Loan Amount Portfolio Encumbered June 30, 2017 December 31, 2016 Effective Interest Rate Maturity Mortgage Loan (1) 12 $ 500,000 $ 500,000 3.2 % Variable (2) Dec 2017 Mezzanine Loan (1) 12 260,000 260,000 6.5 % Variable (2) Dec 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (6) Dec 2017 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (3) Aug 2017 1440 Broadway (4) 1 305,000 305,000 4.3 % Variable (2) Oct 2019 Design Center 1 19,216 19,380 6.3 % Variable (5) Dec 2021 Worldwide Plaza (7) 1 875,000 — 4.6 % Fixed Mar 2023 Mortgage notes payable, gross principal amount 2,003,916 1,129,080 Fair value adjustment 22,000 Mortgage notes payable $ 2,025,916 Less: deferred financing costs, net (21,554 ) Mortgage notes payable, net of deferred financing costs $ 1,107,526 4.4 %(8) (1) Encumbered properties are 245-249 West 17th Street, 333 West 34th Street, 216-218 West 18th Street, 50 Varick Street, 229 West 36th Street, 122 Greenwich Street, 350 West 42nd Street, 382-384 Bleecker Street, 350 Bleecker Street, 416-425 Washington Street, 33 West 56th Street and 120 West 57th Street (the “POL Loan Properties”). (2) LIBOR portion is capped through an interest rate cap agreement. (3) Fixed through interest rate swap agreement through July 31, 2017. The maturity date was extended to April 1, 2018. (4) Total commitments of $325 million; additional $20 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (5) The variable interest rate reset in December 2016 and will remain fixed at this rate until December 2017. (6) Fixed through an interest rate swap agreement. (7) The property was consolidated as of June 1, 2017. (8) Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2017.

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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: (In thousands) Quoted Prices in Significant Other Significant 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 were 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)	6 Months Ended
	Jun. 30, 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 Interest Rate Derivative Number of Notional Amount 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 Interest Rate Derivative Number of Notional Amount 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 and six months ended June 30, 2016, respectively: (In thousands) Three Months Ended Six Months Ended Amount of loss recognized in accumulated other comprehensive loss from interest rate derivatives (effective portion) $ (423 ) $ (1,658 ) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion) $ (324 ) $ (680 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ (1 )
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. Gross Amounts Gross Amounts Potential Net Amounts Gross Amounts Not Offset on the Financial Cash Net Derivatives (In thousands) December 31, 2016 $ 165 $ (74 ) $ 91 $ — $ — $ 91

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 (In thousands) Ground Leases July 1, 2017—December 31, 2017 $ 2,496 2018 5,175 2019 5,432 2020 5,432 2021 5,633 Thereafter 244,051 Total minimum lease payments $ 268,219
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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 or December 31, 2016. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Hotel revenues $ 2 $ 16 $ 5 $ 29
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 June 30, Six Months Ended June 30, Payable (Receivable) as of 2017 2016 2017 2016 June 30, December 31, (In thousands) Incurred Incurred Incurred Incurred Asset management fees $ 2,003 $ — $ 3,670 $ — $ — $ — Property management fees 218 — 264 — 60 — Total related party operational fees and reimbursements $ 2,221 $ — $ 3,934 $ — $ 60 $ —
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 June 30, Six Months Ended June 30, Payable (Receivable) as of 2017 2016 2017 2016 June 30, December 31, (In thousands) Incurred Waived Incurred Waived Incurred Waived Incurred Waived To the Former Advisor and affiliates: Asset management fees $ — $ — $ 3,050 $ — $ 2,339 $ — $ 6,124 $ — $ — $ 51 Transfer agent and other professional fees — — 658 — 414 — 1,350 — — 299 Property management fees — — 508 508 560 — 994 994 — 105 Total related party operational fees and reimbursements $ — $ — $ 4,216 $ 508 $ 3,313 $ — $ 8,468 $ 994 $ — $ 455

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017: Number of Restricted Weighted-Average Issue Unvested, December 31, 2016 268,780 $ 10.50 Vested (160,558 ) $ 10.47 Forfeited (22,979 ) $ 10.30 Unvested, June 30, 2017 85,243 $ 10.31
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 was 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 period during the Three-Year Period (the “One-Year Period”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Annual Interim Period 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” was 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: (In thousands) Quoted Prices in Significant Other Significant 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: Financial Instrument Fair Principal Valuation Unobservable Input Value December 31, 2016 OPP $ 5,457 Monte Carlo Simulation Expected volatility 28.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 periods presented: Three Months Ended Six Months Ended (In thousands, except share and per share data) June 30, 2016 June 30, 2016 Basic and diluted net loss attributable to stockholders $ (11,540 ) $ (11,053 ) Weighted average shares outstanding, basic and diluted 164,835,872 164,354,242 Net loss per share attributable to stockholders, basic and diluted $ (0.07 ) $ (0.07 )

Organization - Additional Infor

Organization - Additional Information (Detail) - Liquidation Value [Member]	6 Months Ended
	Jun. 30, 2017ft²Property
Organization [Line Items]
Number of real estate properties | Property	19
Area of real estate properties | ft²	4,400,000
Occupancy percentage	95.60%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Office Building [Member]
Organization [Line Items]
Concentration risk percent	89.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Retail Site [Member]
Organization [Line Items]
Concentration risk percent	8.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Other Property [Member]
Organization [Line Items]
Concentration risk percent	3.00%

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jan. 01, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivatives, at fair value		$ 165,000
Liquidation Value [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivatives, at fair value	$ 0

Liability for Estimated Costs39

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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Liquidation Basis Of Accounting [Line Items]
Rents and reimbursements	$ 3,094		$ 6,465
Hotel revenues	7,060		11,389
Property operating expenses	(10,089)		(20,455)
Hotel operating expense	(6,600)		(12,854)
Interest expense	$ (9,312)		$ (19,038)
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 Costs40

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) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Business Acquisition [Line Items]
Liability for estimated costs in excess of estimated receipts during liquidation, beginning balance		$ (78,581)
Net Change in Working Capital		(1,649)
Remeasurement of Assets and Liabilities	$ 3,375	3,254
Consolidation		(58,906)
Liability for estimated costs in excess of estimated receipts during liquidation, ending balance	(139,092)	(139,092)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate, beginning balance		58,303
Net Change in Working Capital		31,285
Remeasurement of Assets and Liabilities		1,456
Consolidation		1,572
Estimated net inflows from investments in real estate, ending balance	23,990	23,990
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(136,884)
Net Change in Working Capital		32,934
Remeasurement of Assets and Liabilities		(1,798)
Consolidation		(57,334)
Total liability for estimated costs, ending balance	(163,082)	(163,082)
Liability [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(69,524)
Remeasurement of Assets and Liabilities		84
Consolidation		(57,334)
Total liability for estimated costs, ending balance	(126,774)	(126,774)
Liability [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance		(67,360)
Net Change in Working Capital		32,934
Remeasurement of Assets and Liabilities		(1,882)
Total liability for estimated costs, ending balance	$ (36,308)	$ (36,308)

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	Jun. 30, 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	$ 1,547,052	$ 1,553,047	$ 1,552,926

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Net Assets In Liquidation [Line Items]
Decrease in net operating cash flow		$ (1,000)
Increase in estimated asset management fee payable		1,200
Increase in interest expense		400
Decrease in net assets subject to liquidation		(5,900)
Decrease in liquidation value of investments in real estate	$ (2,500)	(2,500)
Increase in projected tenant improvements		1,700
Increase in corporate expenditures primarily related to asset management fees		1,800
Increase in estimated cash flows		$ 1,100
Liquidating distributions per common share		$ 9.21

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 01, 2017	Jun. 30, 2017	Jun. 30, 2016
Liquidation Value [Member]
Real Estate Properties [Line Items]
Contractual base cash payments, excluding reimbursements expects to realize		$ 69
Number of real estate properties sold		0
Liquidation Value [Member] | Worldwide Plaza [Member]
Real Estate Properties [Line Items]
Additional acquire percentage	49.90%	49.90%
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%
Customer Concentration Risk [Member] | Liquidation Value [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%

Real Estate Investments - Sched

Real Estate Investments - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) - Liquidation Value [Member] $ in Thousands	Jun. 30, 2017USD ($)
Property Subject to or Available for Operating Lease [Line Items]
July 1, 2017 - December 31, 2017	$ 116,702
2,018	231,787
2,019	227,393
2,020	230,219
2,021	225,569
Thereafter	1,294,493
Total	$ 2,326,163

Real Estate Investments - Sch45

Real Estate Investments - Schedule of Annualized Rental Income by Major Tenants (Detail) - Worldwide Plaza [Member]	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income		16.00%
Cravath, Swaine & Moore LLP [Member] | Liquidation Value [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	24.00%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income		11.00%
Nomura Holdings America, Inc [Member] | Liquidation Value [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	16.00%

Real Estate Investments - Sch46

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 Investments - Finit

Real Estate Investments - Finite-lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Rental Income [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	$ (1,504)	$ (3,116)
In Place Leases and Other Intangibles [Member] | Depreciation and Amortization Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market ground lease	2,767	5,807
Above-market ground Leases [Member] | Property Operating Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market ground lease	$ (113)	$ (225)

Real Estate Investments - Summa

Real Estate Investments - Summary of Real Estate Properties Sold (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Real Estate Properties [Line Items]
Contract Sales Price		$ 38,000
Gain on Sale	$ 125	$ 6,630
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		$ 2,211

Real Estate Investments - Sum49

Real Estate Investments - Summary of Real Estate Properties Sold (Parenthetical) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)Mortgages
Real Estate [Abstract]
Number of mortgages repaid | Mortgages	3
Repayment of mortgage notes payable | $	$ 19,144

Acquisition of Equity Interes50

Acquisition of Equity Interest in Worldwide Plaza - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 01, 2017	Mar. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable				$ 1,107,526
Debt at fair value				$ 3
Liquidation Value [Member]
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable			$ 2,025,916
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage					48.90%
Aggregate cost					$ 220,100
Agreed upon value					1,300,000
Notes payable					$ 875,000
Worldwide Plaza [Member] | Liquidation Value [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			98.80%
Aggregate cost	$ 276,700
Joint venture partner's right to maintain minimum ownership percentage		1.20%
Additional acquire percentage	49.90%		49.90%
Purchase obligation	$ 1,400,000
Mortgage notes payable	875,000
Consolidation date			Jun. 1, 2017
Debt at fair value	$ 897,000

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail) - USD ($)	Aug. 01, 2017	Jun. 30, 2017	Aug. 07, 2017	Dec. 31, 2016	Dec. 20, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Outstanding loan amount				$ 1,107,526,000
Maximum guarantee cap						$ 5,300,000
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount				1,129,080,000
Liquidation Value [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 2,025,916,000
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
Liquidation Value [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Percentage of outstanding mortgage loan payable under contract for sale	133.00%
Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount		2,003,916,000
Liquidation Value [Member] | Mortgages [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Aggregate face amount			$ 760,000,000
Liquidation Value [Member] | 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
Aggregate face amount					$ 500,000,000
Mortgage Loan [Member] | Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan 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] | Liquidation Value [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
Aggregate face amount					$ 260,000,000
Mezzanine Loan [Member] | Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 260,000,000
Monthly interest rate increase upon extension of maturity date		0.25%
Mezzanine Loan [Member] | Liquidation Value [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	Jun. 30, 2017	Jun. 01, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding loan amount			$ 1,107,526
Liquidation Value [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 2,025,916
Liquidation Value [Member] | Worldwide Plaza [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 875,000
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount			1,129,080
Less: deferred financing costs, net			(21,554)
Mortgage notes payable, net of deferred financing costs			1,107,526
Mortgages [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Outstanding loan amount			500,000
Mortgages [Member] | Mezzanine Loan [Member]
Debt Instrument [Line Items]
Outstanding loan amount			260,000
Mortgages [Member] | 256 West 38th Street [Member]
Debt Instrument [Line Items]
Outstanding loan amount			24,500
Mortgages [Member] | 1100 Kings Highway [Member]
Debt Instrument [Line Items]
Outstanding loan amount			20,200
Mortgages [Member] | 1440 Broadway [Member]
Debt Instrument [Line Items]
Outstanding loan amount			305,000
Mortgages [Member] | Design Center [Member]
Debt Instrument [Line Items]
Outstanding loan amount			$ 19,380
Mortgages [Member] | Liquidation Value [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 2,003,916
Effective interest rate	4.40%
Fair value adjustment	$ 22,000
Mortgage notes payable	$ 2,025,916
Mortgages [Member] | Liquidation Value [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Encumbered properties	12
Outstanding loan amount	$ 500,000
Effective interest rate	3.20%
Mortgages [Member] | Liquidation Value [Member] | Mezzanine Loan [Member]
Debt Instrument [Line Items]
Encumbered properties	12
Outstanding loan amount	$ 260,000
Effective interest rate	6.50%
Mortgages [Member] | Liquidation Value [Member] | 256 West 38th Street [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 24,500
Effective interest rate	3.10%
Mortgages [Member] | Liquidation Value [Member] | 1100 Kings Highway [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 20,200
Effective interest rate	3.40%
Mortgages [Member] | Liquidation Value [Member] | 1440 Broadway [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 305,000
Effective interest rate	4.30%
Mortgages [Member] | Liquidation Value [Member] | Design Center [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 19,216
Effective interest rate	6.30%
Mortgages [Member] | Liquidation Value [Member] | Worldwide Plaza [Member]
Debt Instrument [Line Items]
Encumbered properties	1
Outstanding loan amount	$ 875,000
Effective interest rate	4.60%

Mortgage Notes Payable - Sche53

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Parenthetical) (Detail) - Secured Debt [Member] - Mortgages [Member] - Liquidation Value [Member] $ in Millions	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 325
Additional borrowing capacity	$ 20

Fair Value of Financial Instr54

Fair Value of Financial Instruments - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	$ 91
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

Fair Value of Financial Instr55

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 and56

Interest Rate Derivatives and Hedging Activities - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jan. 01, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative financial instruments				$ 91,000
Loss on derivative instruments	$ (107,000)	$ (358,000)
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
Liquidation Value [Member]
Derivative [Line Items]
Derivative financial instruments			$ 0
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	$ (100,000)	$ (400,000)

Interest Rate Derivatives and57

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 and58

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 and59

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] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in accumulated other comprehensive loss from interest rate derivatives (effective portion)	$ (423)	$ (1,658)
Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)		(1)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion)	$ (324)	$ (680)

Interest Rate Derivatives and60

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	Jun. 30, 2016	Jun. 30, 2016	Oct. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock, shares outstanding						167,066,364
Monthly annualized dividend declared		$ 0.12	$ 0.23	$ 0.46
Monthly annualized dividend paid				$ 0.46
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding						167,100,000
Liquidation Value [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding					167,900,000
Liquidation Value [Member] | Operating Partnership Unit [Member]
Class of Stock [Line Items]
Shares redeemed	841,660
Outstanding units					0
Liquidation Value [Member] | LTIP Units [Member]
Class of Stock [Line Items]
Outstanding units vested					0
Conversion To Operating Partnership Units [Member] | Liquidation Value [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) - Liquidation Value [Member] $ in Thousands	Jun. 30, 2017USD ($)
Operating leases
2017, Ground Leases	$ 2,496
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	$ 268,219

Commitments and Contingencies63

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Oct. 30, 2013
Loss Contingencies [Line Items]
Rent expense	$ 1,900,000	$ 3,900,000
Interest expense	$ 16,000	$ 32,000
Worldwide Plaza [Member]
Loss Contingencies [Line Items]
Ownership percentage			48.90%

Commitments and Contingencies64

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 an65

Related Party Transactions and Arrangements - Schedule of Related Party Transactions (Detail) - Affiliated Entity [Member] - Viceroy Hotel [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Hotel revenues		$ 16		$ 29
Liquidation Value [Member]
Related Party Transaction [Line Items]
Hotel revenues	$ 2		$ 5

Related Party Transactions an66

Related Party Transactions and Arrangements - Additional Information (Detail) - USD ($)	Feb. 01, 2017	Jan. 03, 2017	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 07, 2017	Mar. 01, 2017
Advisor [Member] | Property Disposition Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties					$ 0		$ 200,000
Liquidation Value [Member] | 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
Liquidation Value [Member] | Advisor [Member] | Advisory and Consulting Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties	$ 500,000	$ 500,000
Liquidation Value [Member] | 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%
Liquidation Value [Member] | Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				$ 2,221,000		$ 3,934,000
Asset management fees payable				60,000		60,000
Liquidation Value [Member] | Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				2,003,000		3,670,000
Asset management fees payable				$ 3,506,000		$ 3,506,000
Average Invested Assets [Member] | Liquidation Value [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] | Liquidation Value [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark								4.00%
Gross Revenue, Multi-tenant Properties [Member] | Liquidation Value [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%		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%		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%		6.00%

Related Party Transactions an67

Related Party Transactions and Arrangements - Schedule of Amount Incurred and Paid in Connection With Operation Related Services (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Winthrop Advisor and its Affiliates [Member] | Liquidation Value [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 2,221		$ 3,934
Payable (Receivable)	60		60
Winthrop Advisor and its Affiliates [Member] | Liquidation Value [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	2,003		3,670
Payable (Receivable)	3,506		3,506
Winthrop Advisor and its Affiliates [Member] | Liquidation Value [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	218		264
Payable (Receivable)	$ 60		60
Former Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred		$ 4,216		$ 8,468
Expenses waived		508		994
Payable (Receivable)					$ 455
Former Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred		3,050		6,124
Payable (Receivable)					51
Former Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred		508		994
Expenses waived		508		994
Payable (Receivable)					105
Former Advisor and its Affiliates [Member] | Transfer Agent and Other Professional Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred		$ 658		$ 1,350
Payable (Receivable)					$ 299
Former Advisor and its Affiliates [Member] | Liquidation Value [Member]
Related Party Transaction [Line Items]
Expenses incurred			3,313
Former Advisor and its Affiliates [Member] | Liquidation Value [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred			2,339
Former Advisor and its Affiliates [Member] | Liquidation Value [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred			560
Former Advisor and its Affiliates [Member] | Liquidation Value [Member] | Transfer Agent and Other Professional Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred			$ 414

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	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	May 09, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value								$ 0.01
Non-cash compensation expense					$ 0.2		$ 0.3
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued								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
Liquidation Value [Member] | 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
Liquidation Value [Member] | Performance Shares [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares of common stock remaining units									7,664,156
Liquidation Value [Member] | Three -Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	43,685
Director [Member] | Liquidation Value [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] - Liquidation Value [Member] - Restricted Share Plan [Member]	6 Months Ended
	Jun. 30, 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	(160,558)
Number of Restricted Shares, Forfeited | shares	(22,979)
Number of Restricted Shares, Ending balance | shares	85,243
Weighted-Average Issue Price, Beginning balance | $ / shares	$ 10.50
Weighted-Average Issue Price, Vested | $ / shares	10.47
Weighted-Average Issue Price, Forfeited | $ / shares	10.30
Weighted-Average Issue Price, Ending balance | $ / shares	$ 10.31

Share-Based Compensation - Sc70

Share-Based Compensation - Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule (Detail) - Liquidation Value [Member] - Performance Shares [Member] - New Multi-Year Outperformance Plan [Member]	Jun. 30, 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 - Sc71

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] - Liquidation Value [Member]	Jun. 30, 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 - Sc72

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) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and diluted net loss attributable to stockholders	$ (11,540)	$ (11,053)
Weighted average shares outstanding, basic and diluted	164,835,872	164,354,242
Net loss per share attributable to stockholders, basic and diluted	$ (0.07)	$ (0.07)

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Millions	Jan. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Advisor [Member]
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders			$ 0.4
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
Liquidation Value [Member] | Advisor [Member]
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders		$ 0
Liquidation Value [Member] | OP Units [Member]
Noncontrolling Interest [Line Items]
Redemption of OP units	841,660
Common Stock [Member]
Noncontrolling Interest [Line Items]
Shares issued upon redemption			2,610,065,000
Common Stock [Member] | Liquidation Value [Member]
Noncontrolling Interest [Line Items]
Shares issued upon redemption	841,660

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ in Millions	Aug. 07, 2017	Jun. 30, 2017	Mar. 31, 2017
Liquidation value of property		$ 135	$ 137.5
Subsequent Event [Member]
Proceeds from sale of property	$ 135
Subsequent Event [Member] | Mortgages [Member]
Aggregate face amount	760
Payment of debt	78.1
Net proceeds from payment of debt	$ 49.1