New York REIT Liquidating (NYRT) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	NYRT
Entity Registrant Name	NEW YORK REIT, INC.
Entity Central Index Key	1,474,464
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,791,769

Consolidated Statement of Net A

Consolidated Statement of Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 122,716	$ 488,616
Investment in unconsolidated joint venture	264,408	257,634
Cash and cash equivalents	92,589	241,019
Restricted cash held in escrow	92,844	99,768
Accounts receivable	8,487	3,696
Total Assets	581,044	1,090,733
Liabilities
Mortgage notes payable	57,112	215,494
Liability for estimated costs in excess of estimated receipts during liquidation	10,879	27,228
Accounts payable, accrued expenses and other liabilities	10,337	14,881
Related party fees payable	9	17
Total liabilities	78,337	257,620
Commitments and Contingencies
Net assets in liquidation	$ 502,707	$ 833,113

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net assets in liquidation, beginning of period	$ 833,113	$ 1,552,926
Changes in net assets in liquidation
Changes in liquidation value of investments in real estate	(4,000)
Changes in liquidation value of investment in unconsolidated joint venture	6,774
Remeasurement of assets and liabilities	2,678	121
Net changes in liquidation value	5,452	121
Liquidating distributions to common stockholders	(335,858)
Changes in net assets in liquidation	(330,406)	121
Net assets in liquidation, end of period	$ 502,707	$ 1,553,047

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization New York REIT, Inc. (the “Company”) was incorporated on October 6, 2009 as a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT.” The Company purchased its first property and commenced active operations in June 2010. As of March 31, 2018, the Company owned nine properties including the Company’s share of WWP Holdings, LLC (Worldwide Plaza), aggregating 1.1 million rentable square feet, with an average occupancy of 97.6%. Seven properties were sold subsequent to March 31, 2018. The Company’s portfolio at March 31, 2018 primarily consisted of office and retail properties, representing 73% and 10%, respectively, of rentable square feet as of March 31, 2018. The Company also owns a hotel and one stand alone parking garage. Properties other than office and retail spaces represent 17% of rentable square feet. Substantially all of the Company’s business is conducted through its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”). The Company’s only significant asset is the general partnership interests it owns in the OP and assets held by the Company for the use and benefit of the OP. On August 22, 2016, the Company’s Board of Directors (the “Board”) approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Company and its OP and to liquidate and dissolve the Company and the OP (the “Liquidation Plan”), subject to stockholder approval. The Liquidation Plan was approved at a special meeting of stockholders on January 3, 2017. The Company has no employees. Prior to March 8, 2017, the Company retained (i) New York Recovery Advisors, LLC (the “Former Advisor”) to manage its affairs on a day-to-day On March 8, 2017, the Company transferred all advisory duties from the Former Advisor to Winthrop REIT Advisors, LLC (the “Winthrop Advisor”) and property management services with respect to properties managed by ARG Property Manager were transferred to Winthrop Management, L.P. (the “Winthrop Property Manager”). In March 2018 the Company effected a 1-for-10 Any fractional shares resulting from the Reverse Split have been redeemed for cash in lieu of shares.

Liquidation Plan

Liquidation Plan	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Plan	Note 2 – Liquidation Plan The Liquidation Plan, as amended by the Board of Directors in accordance with the terms of 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 down 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 Worldwide Plaza, and enter into the transaction relating to Worldwide Plaza pursuant to the Membership Interest Purchase Agreement with a purchaser, a joint venture between an affiliate of SL Green Realty Corp. and a private equity fund sponsored by RXR Realty LLC 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 converting the Company to a limited liability company, which will require stockholder approval, or by transferring the 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 Statements of Net Assets. The Company expects to continue to qualify as a REIT throughout the liquidation until such time as the Company is converted into a limited liability company, which will require stockholder approval, or any remaining assets 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. Although the Board does not intend to do so, the Board may terminate the Liquidation Plan without stockholder approval only (i) if the Board approves the Company to enter 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 the stockholders to the extent permitted under the current law.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. 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 activities under the Liquidation Plan. The current estimate of net assets in liquidation has been calculated based on undiscounted cash flow projections that all the properties will be sold by July 31, 2018 except for the remaining interest in Worldwide Plaza. The Company projects that the remaining interest in Worldwide Plaza will be sold approximately during the fourth quarter of 2021. 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 investments in real estate is based on expected sales proceeds 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 as 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 as it carries out its liquidation activities through the end of the projected liquidation period 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 down and dissolution of the Company. Revenues are based on in-place re-lease 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 (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows. 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 basis of 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 within 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 the liquidation activities of 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 following the commencement of liquidation and 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 presented on an undiscounted basis. 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 current market comparables and broker opinions of value, and binding purchase offers to the extent available. Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control the entity and is not considered to be the primary beneficiary. Under liquidation accounting, the investment in unconsolidated joint venture is recorded at its net realizable value. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of March 31, 2018 is based on the value of the property as a result of the Company’s recent sale of its 48.7% interest in Worldwide Plaza. Amortization Under liquidation accounting, intangible assets and liabilities are included in the liquidation value of investments in real estate and are no longer amortized. Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza with the balance representing 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	3 Months Ended
	Mar. 31, 2018
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 down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. The Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): March 31, 2018 December 31, 2017 Rents and reimbursements $ 737 $ 1,956 Hotel revenues 7,298 11,769 Release of liability 4,270 — Property operating expenses (520 ) 1,930 Hotel operating expense (5,473 ) (10,487 ) Interest expense (52 ) (1,779 ) General and administrative expenses (11,242 ) (11,137 ) Capital expenditures (477 ) (920 ) Sales costs (5,420 ) (18,560 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (10,879 ) $ (27,228 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation for the three month periods ended March 31, 2018 and 2017 are as follows (in thousands): January 1, 2018 Net Change Remeasurement March 31, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,862 ) $ 4,725 $ 5,783 Liabilities: Sales costs (18,559 ) 13,004 135 (5,420 ) Corporate expenditures (12,589 ) 3,529 (2,182 ) (11,242 ) (31,148 ) 16,533 (2,047 ) (16,662 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 13,671 $ 2,678 $ (10,879 ) January 1, 2017 Net Change Remeasurement March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (22,209 ) $ 309 $ 36,403 Liabilities: Sales costs (69,524 ) — — (69,524 ) Corporate expenditures (67,360 ) 17,795 (188 ) (49,753 ) (136,884 ) 17,795 (188 ) (119,277 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ (4,414 ) $ 121 $ (82,874 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the periods ended March 31, 2018 and 2017.

Net Assets in Liquidation

Net Assets in Liquidation	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
Net Assets in Liquidation	Note 5 – Net Assets in Liquidation Net assets in liquidation decreased by $330.4 million during the three months ended March 31, 2018 primarily due to a liquidating distribution to common stockholders of $335.9 million and a $4.0 million decrease in the estimated liquidation value of the Viceroy property, which was directly offset by a release of liability of $4.3 million associated with the termination of the Viceroy management agreement. The decrease in net assets was further offset by a net increase of $2.9 million due to a remeasurement of estimated receipts and an increase of $2.3 million related to an increase in the estimated hold period for Worldwide Plaza. Net assets in liquidation increased by $121,000 during the three months ended March 31, 2017. The primary reason for the increase in net assets was due to a change in the estimate of expected cash flows from various properties. The net assets in liquidation at March 31, 2018, presented on an undiscounted basis include the Company’s proportionate share in Worldwide Plaza’s net assets which include a property value at $1.725 billion based on the Company’s recent sale of its 48.7% interest in Worldwide Plaza discussed in Note 7. Future increases in value of Worldwide Plaza, if any, from the agreed additional capital investment will be reflected in the statement of net assets when such capital investments are made and such increases in market value can be observed. There were 16,791,769 Common Shares outstanding at March 31, 2018. The net assets in liquidation as of March 31, 2018, if sold at their net asset value, would result in liquidating distributions of approximately $29.94 per common share. On May 1, 2018, the Board declared a cash liquidating distribution of $4.85 per share payable on May 18, 2018 to stockholders of record on May 11, 2018, reducing the estimate of future liquidating distributions to $25.09 per share. The net assets in liquidation as of March 31, 2018 of $502.7 million, if sold at their net asset value, plus the cumulative liquidating distribution to common stockholders of $851.4 million ($50.70 per common share) prior to March 31, 2018 would result in cumulative liquidating distributions to common stockholders of $80.64 per share. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, the performance of the underlying assets and any changes in the underlying assumptions of the projected cash flows.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Investments	Note 6 — Real Estate Investments 2018 Activity 333 West 34 th Street property sale – th pro-rations 350 West 42nd Street property sale – pro-rations One Jackson Square property sale – pro-rations 306 East 61st Street—property sale – st pro-rations 2091 Coney Island Avenue property sale – 416 Washington Street – property sale – pro-rations 350 Bleecker Street and 367-387 367-387 pro-rations 2067 – 2073 Coney Island Avenue – property sale – Centurion Parking Garage – property sale – th POL Loans 382-384 416-415 Future Minimum Rent The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company’s unconsolidated joint venture, subsequent to March 31, 2018. 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 April 1, 2018 - December 31, 2018 $ 3,737 2019 4,492 2020 4,330 2021 3,176 2022 2,597 Thereafter 6,247 Total $ 24,579 Based on the Company’s anticipated holding period for each property, the Company has accrued approximately $0.6 million of contractual base cash rental payments, excluding reimbursements. The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the three months ended March 31, 2018 and 2017, including annualized cash rent related to the Company’s unconsolidated joint venture: March 31, Property Portfolio Tenant 2018 2017 Worldwide Plaza Cravath, Swaine & Moore, LLP 41.9 % 16 % Worldwide Plaza Nomura Holdings America, Inc. 27.3 % 11 % The termination, delinquency or non-renewal

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 7 — Investment in Unconsolidated Joint Venture The Company initially owned a 48.9% equity interest in Worldwide Plaza. On June 1, 2017, the Company acquired an additional 49.9% equity interest in Worldwide Plaza on exercise of the WWP Option pursuant to the Company’s rights under the joint venture agreement of Worldwide Plaza for a contract purchase price of $276.7 million, based on the option price of the property of approximately $1.4 billion less $875.0 million of debt on the property. The Company’s joint venture partner exercised its right to retain 1.2% of the aggregate membership interests in Worldwide Plaza. Following the exercise of the option, the Company owned a total equity interest of 98.8% in Worldwide Plaza. On October 18, 2017, the Company sold a 48.7% interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on an estimated underlying property value of $1.725 billion. In conjunction with the equity sale, there was a concurrent $1.2 billion refinancing of the existing Worldwide Plaza debt. The Company received cash at closing of approximately $446.5 million from the sale and excess proceeds from the financing, net of closing costs which included $108.3 million of defeasance and prepayment costs. The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3.98% per annum, requires monthly payments of interest only and matures in November 2027. The Company has reserved $90.7 million of the proceeds in a separate account to fund future capital improvements to Worldwide Plaza. Following the sale of its interest, the Company now holds a 50.1% interest in Worldwide Plaza. The Company has determined that this investment is an investment in a variable interest entity (VIE). The Company has determined that it is not the primary beneficiary of this VIE since the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance. The Company accounts for this investment using the equity method of accounting. The lease with one of the tenants at the Worldwide Plaza property contains a right of first offer in the event that Worldwide Plaza sells 100% of the property. The right requires Worldwide Plaza to offer the tenant the option to purchase 100% of the Worldwide Plaza property, at the price, and on other material terms, proposed by Worldwide Plaza to third parties. If, after a 45-day re-offer The amounts reflected in the following tables are based on the financial information of Worldwide Plaza. Under liquidation accounting, equity investments are carried at net realizable value. The condensed balance sheets as of March 31, 2018 and December 31, 2017 for Worldwide Plaza are as follows: (In thousands) March 31, December 31, Real estate assets, at cost $ 825,316 $ 825,310 Less accumulated depreciation and amortization (192,092 ) (185,377 ) Total real estate assets, net 633,224 639,933 Cash and cash equivalents 36,614 15,964 Other assets 149,640 161,285 Total assets $ 819,478 $ 817,182 Debt $ 1,216,161 $ 1,213,193 Other liabilities 130,044 126,142 Total liabilities 1,346,205 1,339,335 Deficit (526,727 ) (522,153 ) Total liabilities and deficit $ 819,478 $ 817,182 The condensed statements of operations for the three months ended March 31, 2018 and 2017 for Worldwide Plaza are as follows: March 31, (In thousands) 2018 2017 Rental income $ 34,179 $ 34,300 Operating expenses: Operating expenses 13,947 13,399 Depreciation and amortization 7,650 7,202 Total operating expenses 21,597 20,601 Operating income 12,582 13,699 Interest expense (18,205 ) (15,255 ) Net loss $ (5,623 ) $ (1,556 )

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2018
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 $57.1 million at March 31, 2018 and $215.5 million at December 31, 2017. The mortgage notes payable are collateralized directly by the real estate held by the Company identified in the table below. The Company’s mortgage notes payable as of March 31, 2018 and December 31, 2017 consist of the following (in thousands): Outstanding Loan Amount Effective Portfolio Encumbered March 31, 2018 December 31, 2017 Interest Rate Maturity Mortgage Loan (1) 5 $ 41,262 $ 176,246 5.4 % Libor + 3.5 % Sep 2018 1100 Kings Highway (3) 1 15,850 20,200 4.3 % Libor + 2.4 % May 2018 Design Center (4) — — 19,048 N/A N/A N/A Mortgage notes payable, gross principal amount $ 57,112 215,494 5.1 % (2) (1) At March 31, 2018 encumbered properties are 382-384 416-425 (2) Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2018. (3) Loan was paid off in connection with the sale of the property. (4) The loan was satisfied in full subsequent to March 31, 2018 in connection with the sale of the property. 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. As the property is under contract for sale for an amount that exceeds the threshold, the lender has not initiated the cash sweep. In April 2018, the loan maturity date was extended to May 29, 2018. 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 were initially secured directly, in the case of the Mortgage Loan, and indirectly in the case of the Mezzanine Loan, by properties located in New York, New York at 245-249 216-218 382-384 416-425 The Mortgage Loan initially required monthly interest payments at an initial weighted average interest rate of LIBOR plus 2.38% and the Mezzanine Loan required 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 were capped at 3.0% pursuant to interest rate cap agreements. On December 20, 2017, the Mortgage Loan was extended through September 30, 2018. Under the extended term, the Mortgage Loan requires monthly interest payments at a weighted average interest rate of LIBOR plus 3.50%. The Mezzanine Loan was fully satisfied in 2017. The POL Loans were recourse to the Company and could have been accelerated only in the event of a default. The POL Loans could have been 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 could have been 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 was required to be paid in order to release the property. During the three months ended March 31, 2018, the POL Loans were paid down approximately $134.9 million as a result of the sale of 333 West 34 th nd 382-384 416-425 Concurrently with the POL Loans, the Company entered into guaranty agreements with respect to the POL Loans that required 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. As of March 31, 2018, the minimum net worth requirement was $150.0 million, and the minimum liquidity requirement was $15.0 million. The Company met both requirements as of March 31, 2018. As a result of the repayment of the POL Loans, these requirements are no longer applicable. Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of March 31, 2018, the Company was in compliance with the financial covenants under its mortgage note agreements.

Interest Rate Derivatives and H

Interest Rate Derivatives and Hedging Activities Risk	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities Risk	Note 9 — Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company periodically uses derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that the Company believes to have high credit ratings and with major financial institutions with which the Company and the Former Advisor and its affiliates may also have had other financial relationships. As these instruments were not converted to cash or other considerations, derivative financial instruments were valued at $0 as of January 1, 2017 in accordance with liquidation accounting. The Company was not a party to any derivative financial instruments at March 31, 2018 or December 31, 2017.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Common Stock	Note 10 — Common Stock In March 2018, the Company effected a 1-for-10 As of March 31, 2018 and December 31, 2017 the Company had 16.8 million shares of common stock outstanding, including unvested shares of restricted common stock (“restricted shares”). On January 3, 2017, the Company issued 84,166 shares of its common stock upon redemption of 841,660 OP units held by certain individuals who were members of the Former Advisor or its affiliates. As of March 31, 2018 and December 31, 2017, there were no OP units outstanding, other than OP units held by the Company. See Note 15 – Non-Controlling The Company expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. During 2017, the Company paid aggregate liquidating distributions equal to $30.70 per share. On January 26, 2018, the Company paid a cash liquidating distribution of $20.00 per share. On May 1, 2018, the Company declared a cash liquidating distribution of $4.85 per share payable to stockholders of record as of May 11, 2018. There can be no assurance as to the actual amount or timing of future liquidating distributions stockholders will receive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — 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 April 1, 2018 - December 31, 2018 3,927 2019 5,432 2020 5,432 2021 5,633 2022 5,914 Thereafter 238,138 Total minimum lease payments $ 264,476 As of March 31, 2018, the future minimum base rent payments related to the ground leases accrued until the projected disposal of the related properties amounted to $1.2 million and are included in liability for estimated costs in excess of estimated receipts during liquidation. 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. Eastdil/Wells Fargo Arbitration On October 18, 2017, the Company sold a 48.7% interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC. The Company had previously retained Wells Fargo Securities, LLC (pursuant to an agreement that contemplated that certain of the services could be delegated to an affiliate, Eastdil Secured LLC) (collectively “Eastdil/Wells Fargo”) to, among other services, assist the Company in a possible sale of Worldwide Plaza. In late 2016, Eastdil lost key personnel to a competitor, Cushman & Wakefield. As a result of these personnel losses at Eastdil, the Company felt it necessary to also hire CBRE to assist the Company and in support of Eastdil in the possible sale of Worldwide Plaza. In connection with the sale of the 48.7% interest in Worldwide Plaza, the Company paid compensation to Eastdil/Wells Fargo of $2.1 million pursuant to the Company’s understanding of the fee due to Eastdil/Wells Fargo based on specific oral and written representations by Eastdil/Wells Fargo to the Company of what would be due to Eastdil/Wells Fargo on the partial interest sale. Subsequent to the completion of the sale of the 48.7% interest in Worldwide Plaza, Eastdil/Wells Fargo is now alleging additional amounts are due to Eastdil/Wells Fargo, as if the Company’s entire interest in Worldwide Plaza was sold, and has filed a demand for arbitration with the American Arbitration Association against the Company. Eastdil/Wells Fargo is claiming compensation totaling $4.4 million, or an additional $2.3 million over the $2.1 million that has already been paid Eastdil/Wells Fargo by the Company. The Company believes Eastdil/Wells Fargo should be bound by their representations concerning the sale, and will vigorously defend the Company’s position. No date has been set for the arbitration hearing as of the date of this filing. The Company has included an amount it feels appropriate for legal fees and the contingent liability in its Consolidated Statement of Net Assets as a component of liability for estimated costs in excess of estimated receipts during liquidation at March 31, 2018. Harris Derivative Suit In October 2016, Berney Harris (the “Plaintiff”) filed a derivative complaint (the “Harris Complaint”) on behalf of the Company against certain current and former members of the Company’s 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 the Supreme Court of the State of New York, New York County on October 13, 2016. The Harris Complaint alleged, among other things, that the director defendants breached their fiduciary duties 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 asserted 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 derivative claims such as those raised in the Harris Complaint. On August 10, 2017, the Court issued an Order granting the Company’s and the director defendants’ motion to dismiss and also granted the motion to dismiss of one of the Former Advisor defendants. At the same time, the Court requested additional briefing as to the other Former Advisor defendants’ motion to dismiss, which the Court neither granted nor denied at the time and which is still pending before the Court. On September 15, 2017, the Former Advisor defendants who had not been dismissed filed a memorandum of law in further support of their motion to dismiss. On October 3, 2017, Plaintiff filed a motion seeking to modify the Court’s August 10, 2017 Order to the extent that it dismissed the Company as a nominal defendant. On October 18, 2017, Plaintiff filed a notice of appeal of the Court’s Order dismissing the Company, the director defendants, and one Former Advisor defendant. On November 21, 2017, Plaintiff filed a motion for leave to appeal from certain parts of the Court’s August 10, 2017 Order. On December 6, 2017, the Court dismissed the Harris Complaint in its entirety without prejudice. Accordingly, the Court denied as moot Plaintiff’s November 21, 2017 motion for leave to appeal. On January 31, 2018, Plaintiff filed an amended notice of appeal of the Court’s Order dismissing the Harris Complaint and the Court’s prior August 10, 2017 Order. At this time, it is unclear whether Plaintiff will pursue any of his appeals, whether he will succeed if he does pursue any appeals, or whether Plaintiff will seek to file a complaint in another jurisdiction. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance,

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 12 — Related Party Transactions and Arrangements Viceroy Hotel The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of March 31, 2018 and 2017. March 31, (In thousands) 2018 2017 Hotel revenues $ 1 $ 3 Winthrop Advisor and its Affiliates On December 19, 2016 the Company entered into an agreement (the “Current Advisory 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 Current Advisory Agreement) up to $3.0 billion and 0.25% per annum of the cost of assets in excess of $3.0 billion. On February 28, 2018, the Company and the Winthrop Advisor entered into an amendment to the Current Advisory Agreement providing for a term ending March 31, 2018 and amending the Current Advisory Agreement to provide that the Current Advisory Agreement will automatically renew for a one month period on the expiration of any renewal term, unless terminated by a majority of our independent directors or the Winthrop Advisor elects to terminate the Current Advisory Agreement without cause and without penalty, upon written notice forty-five (45) days before the expiration of any renewal term. The Current Advisory Agreement will also automatically terminate at the effective time of the dissolution of the Company in accordance with a Plan of Liquidation or, if the assets of the Company are transferred to a liquidating trust (or the Company is converted into a liquidating entity), the final disposition of the assets transferred to the liquidating trust or held by the liquidating entity. In addition, the amendment provides that commencing March 1, 2018, the Company will reimburse the Winthrop Advisor for the compensation of Wendy Silverstein as chief executive officer of the Company as determined by the Compensation Committee. During the three months ended March 31, 2018, the Company reimbursed Winthrop Advisor $167,000 for compensation of the Chief Executive Officer. In connection with the adoption of liquidation accounting, the Company accrues costs it expects to incur through the end of liquidation. As of March 31, 2018, the Company has accrued asset management fees and compensation reimbursements totaling $2.4 million payable to Winthrop Advisor representing management’s estimate of future asset management costs to final liquidation, provided there is no assurance that the contract will continue to be extended at the same terms, if at all. This amount is included in estimated costs in excess of estimated receipts during liquidation. 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 Current Advisory 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 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 undiscounted 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 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 Winthrop Advisor as of the dates specified: Payable as of Three Months Ended March 31, March 31, December 31, (In thousands) 2018 2017 2018 2017 Asset management fees $ 863 $ 1,667 $ — $ — Property management fees 34 46 9 46 Reimbursements 167 — — — Total related party operational fees and reimbursements $ 1,064 $ 1,713 $ 9 $ 46 Former Advisor and its Affiliates Prior to March 8, 2017, the Company paid to the Former Advisor an asset management fee equal to 0.50% per annum of the cost of assets, as defined, up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion. Prior to March 8, 2017, unless the Company contracted with a third party, the Company paid the ARG Property Manager a property management fee equal to: (i) for non-hotel The Company reimbursed the Former Advisor for costs and expenses paid or incurred prior to March 8, 2017 by the Former Advisor and its affiliates in connection with providing services to the Company (including reasonable salaries and wages, benefits and overhead of all employees directly involved with the performance of such services), although the Company did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received a separate fee. The following table details amounts incurred and paid by the Company to the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented: Three Months Ended March 31, 2017 (In thousands) Incurred To the Former Advisor and affiliates: Asset management fees $ 2,339 Transfer agent and other professional fees 414 Property management fees 560 Total related party operational fees and reimbursements $ 3,313 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 15 — Non-Controlling

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
Economic Dependency	Note 13 — Economic Dependency Under various agreements, the Company has engaged Winthrop Advisor, its affiliates and entities under common control with Winthrop Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon Winthrop Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 14 — 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 will be 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 50,000 shares have been authorized and reserved for issuance under the Plan. As of March 31, 2018 and December 31, 2017, 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 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 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 re-elected Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends and other distributions (including any liquidating distributions made pursuant to the Liquidation Plan) prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the three months ended March 31, 2018: Number of Weighted-Average Unvested, December 31, 2017 6,828 $ 103.20 Granted — — Vested 3,299 103.68 Unvested, March 31, 2018 3,529 102.71 2014 Advisor Multi-Year Outperformance Agreement On April 15, 2014 (the “Effective Date”), the Company entered into a multi-year outperformance agreement (the “OPP”) with the OP and the Former Advisor. Under the OPP, the Former Advisor was issued 8,880,579 LTIP Units in the OP with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP Units are structured as profits interests in the Operating Partnership. Prior to the OPP Side Letter dated December 19, 2016 (“OPP Side Letter”), subject to the Former Advisor’s continued service through each vesting date, one third of any earned LTIP Units would vest on each of the third, fourth and fifth anniversaries of the Effective Date. On April 15, 2015 and 2016, in connection with the end of the One-Year Two-Year 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 into unrestricted shares of the Company’s common stock on May 9, 2017, and were 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, for the three-year performance period commencing on the Effective Date (the “Three-Year Period”); each 12-month “One-Year 24-month “Two-Year

Non-Controlling Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 15 — Non-Controlling On January 3, 2017, the Company issued 84,166 shares of its common stock upon redemption of 841,660 OP units held by the Former Advisor or members, employees or former employees of the Former Advisor. Following the issuance, no OP units remained outstanding other than OP units held by the Company corresponding to shares of the Company’s common stock.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 16 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q,

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.
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 activities under the Liquidation Plan. The current estimate of net assets in liquidation has been calculated based on undiscounted cash flow projections that all the properties will be sold by July 31, 2018 except for the remaining interest in Worldwide Plaza. The Company projects that the remaining interest in Worldwide Plaza will be sold approximately during the fourth quarter of 2021. 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 investments in real estate is based on expected sales proceeds 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 as 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 as it carries out its liquidation activities through the end of the projected liquidation period 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 down and dissolution of the Company. Revenues are based on in-place re-lease 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 (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows.
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 basis of 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 within 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 the liquidation activities of 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 following the commencement of liquidation and 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 presented on an undiscounted basis. 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 current market comparables and broker opinions of value, and binding purchase offers to the extent available.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control the entity and is not considered to be the primary beneficiary. Under liquidation accounting, the investment in unconsolidated joint venture is recorded at its net realizable value. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of March 31, 2018 is based on the value of the property as a result of the Company’s recent sale of its 48.7% interest in Worldwide Plaza.
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.
Restricted Cash	Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza with the balance representing 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 Costs21

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation	The Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): March 31, 2018 December 31, 2017 Rents and reimbursements $ 737 $ 1,956 Hotel revenues 7,298 11,769 Release of liability 4,270 — Property operating expenses (520 ) 1,930 Hotel operating expense (5,473 ) (10,487 ) Interest expense (52 ) (1,779 ) General and administrative expenses (11,242 ) (11,137 ) Capital expenditures (477 ) (920 ) Sales costs (5,420 ) (18,560 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (10,879 ) $ (27,228 )
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 for the three month periods ended March 31, 2018 and 2017 are as follows (in thousands): January 1, 2018 Net Change Remeasurement March 31, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,862 ) $ 4,725 $ 5,783 Liabilities: Sales costs (18,559 ) 13,004 135 (5,420 ) Corporate expenditures (12,589 ) 3,529 (2,182 ) (11,242 ) (31,148 ) 16,533 (2,047 ) (16,662 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 13,671 $ 2,678 $ (10,879 ) January 1, 2017 Net Change Remeasurement March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (22,209 ) $ 309 $ 36,403 Liabilities: Sales costs (69,524 ) — — (69,524 ) Corporate expenditures (67,360 ) 17,795 (188 ) (49,753 ) (136,884 ) 17,795 (188 ) (119,277 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ (4,414 ) $ 121 $ (82,874 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the periods ended March 31, 2018 and 2017.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company’s unconsolidated joint venture, subsequent to March 31, 2018. 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 April 1, 2018 - December 31, 2018 $ 3,737 2019 4,492 2020 4,330 2021 3,176 2022 2,597 Thereafter 6,247 Total $ 24,579
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 for the three months ended March 31, 2018 and 2017, including annualized cash rent related to the Company’s unconsolidated joint venture: March 31, Property Portfolio Tenant 2018 2017 Worldwide Plaza Cravath, Swaine & Moore, LLP 41.9 % 16 % Worldwide Plaza Nomura Holdings America, Inc. 27.3 % 11 %

Investment in Unconsolidated 23

Investment in Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The condensed balance sheets as of March 31, 2018 and December 31, 2017 for Worldwide Plaza are as follows: (In thousands) March 31, December 31, Real estate assets, at cost $ 825,316 $ 825,310 Less accumulated depreciation and amortization (192,092 ) (185,377 ) Total real estate assets, net 633,224 639,933 Cash and cash equivalents 36,614 15,964 Other assets 149,640 161,285 Total assets $ 819,478 $ 817,182 Debt $ 1,216,161 $ 1,213,193 Other liabilities 130,044 126,142 Total liabilities 1,346,205 1,339,335 Deficit (526,727 ) (522,153 ) Total liabilities and deficit $ 819,478 $ 817,182
Condensed Income Statement	The condensed statements of operations for the three months ended March 31, 2018 and 2017 for Worldwide Plaza are as follows: March 31, (In thousands) 2018 2017 Rental income $ 34,179 $ 34,300 Operating expenses: Operating expenses 13,947 13,399 Depreciation and amortization 7,650 7,202 Total operating expenses 21,597 20,601 Operating income 12,582 13,699 Interest expense (18,205 ) (15,255 ) Net loss $ (5,623 ) $ (1,556 )

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company’s mortgage notes payable as of March 31, 2018 and December 31, 2017 consist of the following (in thousands): Outstanding Loan Amount Effective Portfolio Encumbered March 31, 2018 December 31, 2017 Interest Rate Maturity Mortgage Loan (1) 5 $ 41,262 $ 176,246 5.4 % Libor + 3.5 % Sep 2018 1100 Kings Highway (3) 1 15,850 20,200 4.3 % Libor + 2.4 % May 2018 Design Center (4) — — 19,048 N/A N/A N/A Mortgage notes payable, gross principal amount $ 57,112 215,494 5.1 % (2) (1) At March 31, 2018 encumbered properties are 382-384 416-425 (2) Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2018. (3) Loan was paid off in connection with the sale of the property. (4) The loan was satisfied in full subsequent to March 31, 2018 in connection with the sale of the property.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
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 April 1, 2018 - December 31, 2018 3,927 2019 5,432 2020 5,432 2021 5,633 2022 5,914 Thereafter 238,138 Total minimum lease payments $ 264,476

Related Party Transactions an26

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of Related Party Transactions	The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of March 31, 2018 and 2017. March 31, (In thousands) 2018 2017 Hotel revenues $ 1 $ 3
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 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 Winthrop Advisor as of the dates specified: Payable as of Three Months Ended March 31, March 31, December 31, (In thousands) 2018 2017 2018 2017 Asset management fees $ 863 $ 1,667 $ — $ — Property management fees 34 46 9 46 Reimbursements 167 — — — Total related party operational fees and reimbursements $ 1,064 $ 1,713 $ 9 $ 46
Former Advisor and its Affiliates [Member]
Schedule of Amount Incurred and Paid in Connection With Operation Related Services	The following table details amounts incurred and paid by the Company to the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented: Three Months Ended March 31, 2017 (In thousands) Incurred To the Former Advisor and affiliates: Asset management fees $ 2,339 Transfer agent and other professional fees 414 Property management fees 560 Total related party operational fees and reimbursements $ 3,313

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Share Award Activity	The following table displays restricted share award activity during the three months ended March 31, 2018: Number of Weighted-Average Unvested, December 31, 2017 6,828 $ 103.20 Granted — — Vested 3,299 103.68 Unvested, March 31, 2018 3,529 102.71

Organization - Additional Infor

Organization - Additional Information (Detail) - Liquidation Value [Member]	1 Months Ended		3 Months Ended
	May 08, 2018Property	Mar. 31, 2018ft²Property	Mar. 31, 2018ft²Property
Organization [Line Items]
Number of real estate properties		9	9
Area of real estate properties | ft²		1,100,000	1,100,000
Occupancy percentage		97.60%	97.60%
Reverse stock split description		1-for-10 reverse stock split
Reverse Stock split ratio		0.1
Subsequent Event [Member]
Organization [Line Items]
Number of real estate properties sold	7
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Office Building [Member]
Organization [Line Items]
Concentration risk percent			73.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Retail Site [Member]
Organization [Line Items]
Concentration risk percent			10.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Other Property [Member]
Organization [Line Items]
Concentration risk percent			17.00%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Additional Information (Detail) - Worldwide Plaza [Member] - Liquidation Value [Member] - USD ($) $ in Millions	Mar. 31, 2018	Oct. 18, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of equity method investment percentage		48.70%
Capital Improvement Reserve [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 90.7

Liability for Estimated Costs30

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) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Liquidation Basis Of Accounting [Line Items]
Rents and reimbursements	$ 737	$ 1,956
Hotel revenues	7,298	11,769
Release of liability	4,270
Property operating expenses	(520)	1,930
Hotel operating expense	(5,473)	(10,487)
Interest expense	(52)	(1,779)
General and administrative expenses	(11,242)	(11,137)
Capital expenditures	(477)	(920)
Sales costs	(5,420)	(18,560)
Liability for estimated costs in excess of estimated receipts during liquidation	$ (10,879)	$ (27,228)

Liability for Estimated Costs31

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
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Liability for estimated costs in excess of estimated receipts during liquidation, beginning balance	$ (27,228)	$ (78,581)
Net Change in Working Capital	(13,671)	4,414
Remeasurement of Assets and Liabilities	(2,678)	(121)
Liability for estimated costs in excess of estimated receipts during liquidation, ending balance	(10,879)	(82,874)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate	3,920	58,303
Net Change in Working Capital	2,862	22,209
Remeasurement of Assets and Liabilities	4,725	309
Estimated net inflows from investments in real estate, ending balance	5,783	36,403
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(31,148)	(136,884)
Net Change in Working Capital	16,533	17,795
Remeasurement of Assets and Liabilities	(2,047)	(188)
Total liability for estimated costs, ending balance	(16,662)	(119,277)
Liability [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(18,559)	(69,524)
Net Change in Working Capital	13,004
Remeasurement of Assets and Liabilities	135
Total liability for estimated costs, ending balance	(5,420)	(69,524)
Liability [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(12,589)	(67,360)
Net Change in Working Capital	3,529	17,795
Remeasurement of Assets and Liabilities	(2,182)	(188)
Total liability for estimated costs, ending balance	$ (11,242)	$ (49,753)

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - Liquidation Value [Member] - USD ($)	May 10, 2018	May 01, 2018	Mar. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Oct. 18, 2017	Jan. 01, 2017
Net Assets In Liquidation [Line Items]
Increase (decrease) in net assets subject to liquidation				$ (330,400,000)	$ 121,000
Liquidating distribution to common stockholders			$ 851,400,000	335,858,000
Release of liability				4,270,000
Net increase (decrease) in liquidation value				$ (5,452,000)	(121,000)
Liquidating distributions per common share			$ 80.64	$ 29.94
Net assets in liquidation				$ 502,707,000	$ 1,553,047,000	$ 833,113,000		$ 1,552,926,000
Estimated future liquidating distributions per common share	$ 25.09
Subsequent Event [Member]
Net Assets In Liquidation [Line Items]
Liquidating distributions per common share		$ 4.85
Liquidating distribution declared date		May 1, 2018
Liquidating distribution payable date		May 18, 2018
Liquidating distribution record date		May 11, 2018
Viceroy Management Agreement [Member]
Net Assets In Liquidation [Line Items]
Release of liability				4,300,000
Net increase (decrease) in liquidation value				(4,000,000)
Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value				2,900,000
Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value				2,300,000
Liquidation value of property				$ 1,725,000,000
Sale of equity method investment percentage							48.70%
Common Stock [Member]
Net Assets In Liquidation [Line Items]
Liquidating distributions per common share			$ 50.70
Common stock, shares outstanding				16,791,769		16,800,000

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ in Millions

Mar. 15, 2018

Feb. 16, 2018

Feb. 15, 2018

Feb. 14, 2018

Feb. 06, 2018

Jan. 25, 2018

Jan. 22, 2018

Jan. 10, 2018

Jan. 05, 2018

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Real Estate Properties [Line Items]

Contractual base cash payments, excluding reimbursements accrued

$ 0.6

333 West 34th Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 255

Aggregate face amount

760

Payment of debt

110.6

Net proceeds from payment of debt

$ 134.6

Liquidation value of property

$ 255

One Jackson Sq [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 31

Aggregate face amount

760

Payment of debt

13

Net proceeds from payment of debt

$ 16.5

Liquidation value of property

31

350 West 42nd Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 25.1

Aggregate face amount

760

Payment of debt

11.3

Net proceeds from payment of debt

$ 12.6

Liquidation value of property

25.1

306 East 61st Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 47

Net proceeds from payment of debt

26.5

Liquidation value of property

47

306 East 61st Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 19

2091 Coney Island Avenue [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 3.8

Payment of debt

4.4

Liquidation value of property

3.8

416 Washington Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 11.2

Net proceeds from payment of debt

$ 5.1

Liquidation value of property

11.2

11.2

Sale completion date

Apr. 19, 2018

416 Washington Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 760

Payment of debt

$ 5.5

2067 - 2073 Coney Island Avenue [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 30.5

Liquidation value of property

30.5

30.5

350 Bleecker Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 31.5

Liquidation value of property

31.5

31.5

Sale completion date

Apr. 19, 2018

Net proceeds from sale of property

$ 8.8

350 Bleecker Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

760

Payment of debt

$ 21.1

Centurion Parking Garage [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 3.5

Liquidation value of property

$ 3.5

$ 3.5

Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Minimum [Member]

Real Estate Properties [Line Items]

Major tenant rental income, as a percentage of total annualized rental income

10.00%

10.00%

1100 Kings Highway [Member] | 2091 Coney Island Avenue [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 20.2

1100 Kings Highway [Member] | 2067 - 2073 Coney Island Avenue [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 20.2

Real Estate Investments - Sched

Real Estate Investments - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) - Liquidation Value [Member] $ in Thousands	Mar. 31, 2018USD ($)
Property Subject to or Available for Operating Lease [Line Items]
April 1, 2018 - December 31, 2018	$ 3,737
2,019	4,492
2,020	4,330
2,021	3,176
2,022	2,597
Thereafter	6,247
Total	$ 24,579

Real Estate Investments - Sch35

Real Estate Investments - Schedule of Annualized Rental Income by Major Tenants (Detail) - Liquidation Value [Member] - Worldwide Plaza [Member]	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	41.90%	16.00%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	27.30%	11.00%

Investment in Unconsolidated 36

Investment in Unconsolidated Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 18, 2017	Jun. 01, 2017	Mar. 31, 2018	Dec. 31, 2017	Oct. 30, 2013
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.10%		48.90%
Debt refinance amount	$ 1,200,000
Cash received from sale and excess proceeds from financing	446,500
Defeasance and prepayment costs	108,300
Reserved amount	$ 90,700
Debt blended rate	3.98%
Maturity date			2027-11
Property selling percentage			100.00%
Option to purchase percentage of property			100.00%
Property purchase option period			45 days
Re-offer property selling percentage			92.50%
Worldwide Plaza [Member] | SL Green Realty Corp. and RXR Realty LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.70%
Liquidation value of property	$ 1,725,000
Liquidation Value [Member]
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable			$ 57,112	$ 215,494
Liquidation Value [Member] | Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Additional acquire percentage		49.90%
Ownership percentage			98.80%
Aggregate cost		$ 276,700
Purchase obligation		1,400,000
Mortgage notes payable		$ 875,000
Joint venture partner's right to maintain minimum ownership percentage		1.20%
Liquidation value of property			$ 1,725,000

Investment in Unconsolidated 37

Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail) - Worldwide Plaza [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 825,316	$ 825,310
Less accumulated depreciation and amortization	(192,092)	(185,377)
Total real estate assets, net	633,224	639,933
Cash and cash equivalents	36,614	15,964
Other assets	149,640	161,285
Total Assets	819,478	817,182
Debt	1,216,161	1,213,193
Other liabilities	130,044	126,142
Total liabilities	1,346,205	1,339,335
Deficit	(526,727)	(522,153)
Total liabilities and deficit	$ 819,478	$ 817,182

Investment in Unconsolidated 38

Investment in Unconsolidated Joint Venture - Condensed Income Statement (Detail) - Worldwide Plaza [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Rental income	$ 34,179	$ 34,300
Operating expenses:
Operating expenses	13,947	13,399
Depreciation and amortization	7,650	7,202
Total operating expenses	21,597	20,601
Operating income	12,582	13,699
Interest expense	(18,205)	(15,255)
Net loss	$ (5,623)	$ (1,556)

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail) - USD ($)	Dec. 20, 2017	Aug. 01, 2017	Mar. 31, 2018	Dec. 31, 2017	Dec. 20, 2016
Liquidation Value [Member]
Debt Instrument [Line Items]
Outstanding loan amount			$ 57,112,000	$ 215,494,000
Percentage of outstanding mortgage loan payable under contract for sale		133.00%
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
Minimum net worth requirement			150,000,000
Minimum liquidity requirement			15,000,000
Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount			57,112,000	215,494,000
Liquidation Value [Member] | Mortgages [Member] | 333 West 34th Street, 350 West 42nd Street and 122 Greenwich Street [Member]
Debt Instrument [Line Items]
Payment of debt			134,900,000
Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Aggregate face amount					$ 500,000,000
Mortgage Loan [Member] | Liquidation Value [Member] | Extended Maturity [Member]
Debt Instrument [Line Items]
Mortgage loan extended maturity date	Sep. 30, 2018
Mortgage Loan [Member] | Liquidation Value [Member] | LIBOR [Member] | Extended Maturity [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Mortgage Loan [Member] | Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount			$ 41,262,000	$ 176,246,000
Basis spread on variable rate			3.50%
Mortgage loan extended maturity date			Sep. 30, 2018
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]
Aggregate face amount					$ 260,000,000
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) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding loan amount	$ 57,112	$ 215,494
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 57,112	215,494
Effective interest rate	5.10%
Mortgages [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Encumbered properties	5,000
Outstanding loan amount	$ 41,262	176,246
Effective interest rate	5.40%
Interest Rate	Libor + 3.5 %
Interest Rate	3.50%
Maturity	Sep. 30, 2018
Mortgages [Member] | 1100 Kings Highway [Member]
Debt Instrument [Line Items]
Encumbered properties	1,000
Outstanding loan amount	$ 15,850	20,200
Effective interest rate	4.30%
Interest Rate	Libor + 2.4 %
Interest Rate	2.40%
Maturity	May 29, 2018
Mortgages [Member] | Design Center [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 19,048

Interest Rate Derivatives and41

Interest Rate Derivatives and Hedging Activities - Additional Information (Detail)	Jan. 01, 2017USD ($)
Liquidation Value [Member]
Derivative [Line Items]
Derivative financial instruments	$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - Liquidation Value [Member]	May 01, 2018$ / shares	Mar. 30, 2018$ / shares	Jan. 26, 2018$ / shares	Jan. 03, 2017shares	Mar. 31, 2018shares	Mar. 31, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Reverse stock split description					1-for-10 reverse stock split
Reverse Stock split ratio					0.1
Aggregate liquidating distributions per share							$ 30.70
Cash liquidating distribution per share			$ 20
Liquidating distributions per common share		$ 80.64				$ 29.94
Subsequent Event [Member]
Class of Stock [Line Items]
Liquidating distributions per common share	$ 4.85
Liquidating distribution record date	May 11, 2018
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding | shares					16,791,769	16,791,769	16,800,000
Liquidating distributions per common share		$ 50.70
Operating Partnership Unit [Member]
Class of Stock [Line Items]
Shares redeemed | shares				841,660
Outstanding units | shares					0	0	0
Conversion To Operating Partnership Units [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued | shares				84,166

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) - Liquidation Value [Member] $ in Thousands	Mar. 31, 2018USD ($)
Operating leases
2018, Ground Leases	$ 3,927
2019, Ground Leases	5,432
2020, Ground Leases	5,432
2021, Ground Leases	5,633
2022, Ground Leases	5,914
Thereafter, Ground Leases	238,138
Total minimum lease payments	$ 264,476

Commitments and Contingencies44

Commitments and Contingencies - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ in Millions	Oct. 18, 2017	Mar. 31, 2018
Eastdil/Wells Fargo Arbitration [Member] | Corporate Joint Venture [Member]
Loss Contingencies [Line Items]
Percentage of interest sold in joint venture	48.70%
Compensation on transaction	$ 2.1
Loss contingency, originally expected compensation	4.4
Loss contingency for damages additionally sought by plaintiff	$ 2.3
Liability for Estimated Costs In Excess of Estimated Receipts [Member]
Loss Contingencies [Line Items]
Future minimum base rent payments related to ground lease accrued		$ 1.2

Related Party Transactions an45

Related Party Transactions and Arrangements - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Affiliated Entity [Member] | Liquidation Value [Member] | Viceroy Hotel [Member]
Related Party Transaction [Line Items]
Hotel revenues	$ 1	$ 3

Related Party Transactions an46

Related Party Transactions and Arrangements - Additional Information (Detail) - Liquidation Value [Member] - USD ($)	Feb. 28, 2017	Jan. 03, 2017	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 07, 2017	Mar. 01, 2017
Related Party Transaction [Line Items]
Cost reimbursed as compensation				$ 167,000
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark							0.50%
Cost of assets maximum							$ 3,000,000,000
Advisor [Member] | Advisory and Consulting Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties	$ 500,000	$ 500,000
Service Provider and Affiliates [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark								0.325%
Cost of assets maximum								$ 3,000,000,000
Asset management fees earned above								0.25%
Incentive fee, percentage of excess of hurdle amount			10.00%
Hurdle amount (in dollars per share)			$ 11
Property management fees as a percentage of gross revenue			1.75%
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				1,064,000	$ 1,713,000
Asset management fees and compensation reimbursements payable				9,000		$ 46,000
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				863,000	$ 1,667,000
Asset management fees and compensation reimbursements payable				$ 2,400,000
Average Invested Assets [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Cost of assets maximum							$ 3,000,000,000
Asset management fees earned above							0.40%
Gross Revenue, Multi-tenant Properties [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark							4.00%
Gross Revenue, Multi-tenant Properties [Member] | Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark							1.00%

Related Party Transactions an47

Related Party Transactions and Arrangements - Schedule of Amount Incurred and Paid in Connection With Operation Related Services (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 1,064	$ 1,713
Payable	9		$ 46
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	863	1,667
Payable	2,400
Winthrop Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	34	46
Payable	9		$ 46
Winthrop Advisor and its Affiliates [Member] | Reimbursements [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 167
Former Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred		3,313
Former Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred		2,339
Former Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred		560
Former Advisor and its Affiliates [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) - shares	Apr. 15, 2017	Apr. 15, 2016	Apr. 15, 2015	Apr. 15, 2014	Mar. 31, 2018	Dec. 31, 2017	May 09, 2017
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					50,000
Stock options issued					0	0
Liquidation Value [Member] | Unvested Restricted Shares [Member] | Restricted Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted					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] | Unvested Restricted Shares [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%
Vesting period					3 years
Vesting percentage					33.30%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Share Award Activity (Detail) - Unvested Restricted Shares [Member] - Liquidation Value [Member] - Restricted Share Plan [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Beginning balance | shares	6,828
Number of Restricted Shares, Granted | shares	0
Number of Restricted Shares, Vested | shares	3,299
Number of Restricted Shares, Ending balance | shares	3,529
Weighted-Average Issue Price, Beginning balance | $ / shares	$ 103.20
Weighted-Average Issue Price, Granted | $ / shares	0
Weighted-Average Issue Price, Vested | $ / shares	103.68
Weighted-Average Issue Price, Ending balance | $ / shares	$ 102.71

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - Liquidation Value [Member] - Advisor [Member]	Jan. 03, 2017shares
OP Units [Member]
Noncontrolling Interest [Line Items]
Redemption of OP units	841,660
Common Stock [Member]
Noncontrolling Interest [Line Items]
Shares issued upon redemption	84,166