Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jun. 30, 2019 | Aug. 01, 2019 | |
| Document and Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2019 | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q2 | |
| Entity Registrant Name | New York REIT Liquidating LLC | |
| Entity Central Index Key | 0001474464 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Current Reporting Status | Yes | |
| Entity Shell Company | false | |
| Entity Filer Category | Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Interactive Data Current | Yes | |
| Entity Common Stock, Shares Outstanding | 16,791,769 | |
| Entity Address, State or Province | MA |
Consolidated Statements of Net
| Consolidated Statements of Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
| Assets | ||
| Investment in unconsolidated joint venture | $ 260,172 | $ 265,671 |
| Cash and cash equivalents | 11,085 | 17,777 |
| Restricted cash held in escrow | 92,392 | 92,884 |
| Accounts receivable | 12 | 121 |
| Total Assets | 363,661 | 376,453 |
| Liabilities | ||
| Liability for estimated costs in excess of estimated receipts during liquidation | 2,725 | 3,208 |
| Accounts payable, accrued expenses and other liabilities | 352 | 689 |
| Total Liabilities | 3,077 | 3,897 |
| Commitments and Contingencies (Note 8) | ||
| Net assets in liquidation | $ 360,584 | $ 372,556 |
Consolidated Statements of Chan
| Consolidated Statements of Changes in Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
| Net assets in liquidation, beginning of period | $ 360,765 | $ 502,707 | $ 372,556 | $ 833,113 |
| Changes in net assets in liquidation: | ||||
| Changes in liquidation value of investments in real estate | (5,000) | (9,000) | ||
| Changes in liquidation value of investment in unconsolidated joint venture | 1,699 | 5,088 | 2,447 | 11,862 |
| Remeasurement of assets and liabilities | (201) | 3 | (817) | 2,681 |
| Net changes in liquidation value | 1,498 | 91 | 1,630 | 5,543 |
| Liquidating distributions to unitholders/common stockholders | (1,679) | (81,440) | (13,602) | (417,298) |
| Changes in net assets in liquidation | (181) | (81,349) | (11,972) | (411,755) |
| Net assets in liquidation, end of period | $ 360,584 | $ 421,358 | $ 360,584 | $ 421,358 |
Organization
| Organization | 6 Months Ended |
| Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Note 1 — Organization New York REIT Liquidating LLC (the “Company”) was formed on November 7, 2018 and is the successor entity to New York REIT, Inc., (the “Predecessor”). The Predecessor 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 Predecessor listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT” (the “Listing”). The sole purpose of the Company is to wind up the Company’s affairs and the liquidation of the Company’s assets with no objective to continue or to engage in the conduct of a trade or business, except as necessary for the orderly liquidation of the Company’s assets. Substantially all of the Predecessor’s business was conducted through its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”). On August 22, 2016, the Predecessor’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 Predecessor and its OP and to liquidate and dissolve the Predecessor 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. All of the assets held by the OP have been sold and the OP was dissolved prior to the conversion on November 7, 2018. As of June 30, 2019, the Company’s only significant assets are a 50.1% equity interest in WWP Holdings LLC (“WWP”) which owns one property aggregating 2.0 million rentable square feet, with an average occupancy of 96.3%, and a $90.7 million cash reserve to be utilized for improvements at WWP. The Company’s property at June 30, 2019 consisted of office space, retail space and a garage representing 88%, 5% and 7%, respectively, of rentable square feet as of June 30, 2019. The Company has, and the Predecessor had, no employees. From March 8, 2017 through November 7, 2018, the Predecessor was externally managed by Winthrop REIT Advisors, LLC (the “Winthrop Advisor”). Since November 8, 2018, the Winthrop Advisor has continued to manage the Company’s assets. The Predecessor retained Winthrop Management LP (the “Property Manager”), an affiliate of the Winthrop Advisor, to serve as the Predecessor’s property manager, except for properties where services were performed by a third party. In March 2018 the Predecessor effected a 1-for-10 reverse stock split (the “Reverse Split”) of its common stock (“Common Shares”) pursuant to which each of ten Common Shares issued and outstanding as of the close of market on March 15, 2018 were automatically combined into one Common Share, subject to the elimination of fractional shares. Any fractional shares resulting from the Reverse Split were redeemed for cash in lieu of shares. All references to Common Shares or Units outstanding and per Common Share or per Unit amounts have been restated to reflect the effect of the Reverse Split for all periods presented. |
Liquidation Plan
| Liquidation Plan | 6 Months Ended |
| Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Liquidation Plan | Note 2 – Liquidation Plan The Liquidation Plan provides for an orderly sale of the Company’s assets, payment of the Company’s liabilities and other obligations and the winding down of operations and dissolution of the Company. The Predecessor was not, and the Company is not, permitted to make any new investments except to make protective acquisitions or advances with respect to its existing assets (see Note 6). The Company is permitted to satisfy any existing contractual obligations and fund required tenant improvements and capital expenditures at its real estate property owned by the joint venture 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 unitholders and provides that liquidating distributions be made to the unitholders as determined by the Company’s board of managers (the “Board of Managers”). In order to comply with applicable laws, the Predecessor converted into a limited liability company. The conversion of the Predecessor to a limited liability company was approved by the stockholders on September 7, 2018 and became effective on November 7, 2018. In October 2018, the Predecessor announced the withdrawal of its common stock from listing on the NYSE in connection with the conversion. November 2, 2018 was the last day Common Shares were traded on the NYSE and the stock transfer books were closed as of 4:00 p.m. (Eastern Time) on such date. At the effective time of the conversion, each outstanding share of common stock was converted into one unit of common membership interest in the LLC (a “Unit”), and holders of Common Shares automatically received one Unit (which Unit was in book entry form) for each share of our common stock held by such stockholder. Holders of Units should note that unlike Common Shares, which, in addition to being listed on the NYSE, were freely transferable, Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Therefore, the recipients of Units will not have the ability to realize any value from these interests except from distributions made by the Company, the timing of which will be solely in the discretion of the Board of Managers. On October 26, 2018, the Board designated Randolph C. Read, P. Sue Perrotty, Craig T. Bouchard, Howard Goldberg and Joe C. McKinney, representing all the previous members of the Board, to serve as the initial members of the Board of Managers. The Company was deemed to be the same entity as the Predecessor with the same assets and liabilities as the Predecessor. In addition, the charter and bylaws of the Predecessor were replaced by the operating agreement of the Company. For tax purposes, the fair value of each Unit in the Company received by stockholders when the conversion became effective, which reflected the value of the remaining assets of the Company (net of liabilities), was equal to the average of the high and low trading prices for shares of the Predecessor’s common stock on the last three days on which the shares were traded on the NYSE. For a detailed description of the federal income tax and investment considerations relating to the conversion and its effects on our interests in the Predecessor, please see the Predecessor’s proxy statement/prospectus filed with the Securities and Exchange Commission on August 6, 2018. The business of the Company is the same as the business of the Predecessor immediately preceding the conversion, which, consistent with the Liquidation Plan, consists of the continued ownership of the Predecessor’s interest in Worldwide Plaza, the only remaining property-related asset. Under its operating agreement, the business and affairs of the Company will be managed by or under the direction of its Board of Managers, and the sole purpose is winding up the affairs of the Company and the liquidation of its remaining asset. The Company will remain in existence until the earlier of (i) the distribution of all its assets pursuant to liquidation or (ii) four years from the effective time of the conversion. The term may be extended to such later date as the Board of Managers determines is reasonably necessary to fulfill the purposes of the Company. The dissolution process and the amount and timing of future distributions to unitholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will be ultimately distributed to unitholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statement of Net Assets. |
Summary of Significant Accounti
| Summary of Significant Accounting Policies | 6 Months Ended |
| Jun. 30, 2019 | |
| 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 represented the estimated amount of cash that the Company expected to collect on disposal of assets as it carried out its liquidation activities under the Liquidation Plan. All properties have been sold 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 sale 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 the sale of the Company’s remaining property. 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 corporate overhead 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 current interest rate assumptions. These amounts are classified as a net liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and revenues may differ from amounts reflected in the consolidated financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of June 30, 2019 and December 31, 2018 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statement of Net Assets. 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 the liquidation basis of accounting, the Company accrued all revenue that it expected to earn through the end of liquidation to the extent it had a reasonable basis for estimation. Revenues were accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts were classified within liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with the liquidation basis of accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviewed tenant and other receivables to determine collectability. Any changes in the collectability of the receivables was reflected in the net realizable value of the receivable. The Company owned certain properties with leases that included 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 have been monthly, quarterly or annual targets. Contingent rental income was not contemplated under liquidation accounting unless there was a reasonable basis to estimate future receipts. 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. The investment in unconsolidated joint venture is recorded at its liquidation value, or net realizable value, which is comprised of an estimate of the expected sale proceeds upon disposition plus the estimated net cash flow from the venture during the liquidation period. 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 June 30, 2019 is based on a value of the property consistent with the value of the property at the time of the Company’s sale of its 48.7% interest in Worldwide Plaza in October 2017 (see Note 6). Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza and $1.4 million being held in escrow in connection with the sale of the Viceroy Hotel (the “Viceroy Escrow”). The Viceroy Escrow was established from proceeds of the sale of the Viceroy Hotel and was required to cover a potential seller’s obligation to fund any shortfalls to the New York Hotel Pension Fund should the Purchaser of the property withdraw from the Pension Fund without fully funding the then outstanding shortfall due to the Pension Fund. Recent Accounting Pronouncements There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting. |
Liability for Estimated Costs i
| Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation | 6 Months Ended |
| Jun. 30, 2019 | |
| 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 operating expenses, interest earned on reserves 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. At June 30, 2019 and December 31, 2018, the Company had accrued the following net expenses expected to be incurred during liquidation (in thousands): June 30, 2019 December 31, 2018 General and administrative expenses $ (2,725 ) $ (3,208 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,725 ) $ (3,208 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation for the six month periods ended June 30, 2019 and 2018 are as follows (in thousands): Net Change Remeasurement in Working of Assets and January 1, 2019 Capital (1) Liabilities June 30, 2019 Liabilities: General and administrative expenses $ (3,208 ) $ 1,300 $ (817 ) $ (2,725 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (3,208 ) $ 1,300 $ (817 ) $ (2,725 ) Net Change Remeasurement in Working of Assets and January 1, 2018 Capital (1) Liabilities June 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,781 ) $ 4,089 $ 5,228 Liabilities: Sales costs (18,559 ) 16,721 304 (1,534 ) General and administrative expenses (12,589 ) 8,433 (1,712 ) (5,868 ) (31,148 ) 25,154 (1,408 ) (7,402 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 22,373 $ 2,681 $ (2,174 ) (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 six month periods ended June 30, 2019 and 2018. |
Net Assets in Liquidation
| Net Assets in Liquidation | 6 Months Ended |
| Jun. 30, 2019 | |
| Text Block [Abstract] | |
| Net Assets in Liquidation | Note 5 — Net Assets in Liquidation Net assets in liquidation by $0.2 million during the three months ended June 30, 2019, primarily due to a liquidating distribution to unitholders of $1.7 million and a $0.2 million decrease due to a remeasurement of estimated liabilities. The decrease in net assets was offset by an increase of $ 1.7 Net assets in liquidation decreased by $12.0 million during the six months ended June 30, 2019, primarily due to liquidating distributions to unitholders of $13.6 million and a $0.8 million decrease due to a remeasurement of estimated liabilities. The decrease in net assets was offset by an increase of $2.4 million related to an extended estimated hold period for Worldwide Plaza. Net assets in liquidation decreased by $81.3 million and $411.8 million during the three and six months ended June 30, 2018, respectively. During the three months ended June 30, 2018, there was a liquidating distribution to common stockholders of $81.4 million and a $5.0 million decrease in the estimated liquidation value of the Viceroy Hotel property based on the contract for sale. The decrease in net assets during the three months ended June 30, 2018 was offset by a $5.1 million increase in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the extended estimated hold period. The decrease during the six months ended June 30, 2018 is primarily due to liquidating distributions to common stockholders totaling $417.3 million, a $9.0 million decrease in the estimated liquidation value of the Viceroy Hotel property based on the contract for sale, which was directly offset by a release of liability of $4.2 million associated with the termination of the Viceroy Hotel management agreement and a $1.6 million decrease due to a remeasurement of estimated receipts related to the extended estimated hold period of the Viceroy Hotel. The decrease in net assets was offset by a net increase of $11.9 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the extended estimated hold period. The net assets in liquidation at June 30, 2019, 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 sale of its 48.7% interest in Worldwide Plaza discussed in Note 6. Future increases in value of Worldwide Plaza, if any, from the agreed additional capital investment will be reflected in the Consolidated Statement of Net Assets when such capital investments are made and such increases in market value can be observed. There were 16,791,769 Units outstanding at June 30, 2019. The net assets in liquidation as of June 30, 2019, if sold at their net asset value, would result in liquidating distributions of approximately $21.47 per unit. On the Board declared a cash liquidating distribution of $0.10 per Unit payable on to unitholders of record on reducing the estimate of future liquidating distributions to $21.37 per Unit. The net assets in liquidation as of June 30, 2019 of $360.6 million, if sold at their net asset value, plus the cumulative liquidating distribution to unitholders of $1,001.0 million ($59.61 per Unit) prior to June 30, 2019 would result in cumulative liquidating distributions to unitholders of $81.08 per Unit. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sale, the performance of the underlying asset and any changes in the underlying assumptions of the projected cash flows. |
Investment in Unconsolidated Jo
| Investment in Unconsolidated Joint Venture | 6 Months Ended |
| Jun. 30, 2019 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Investment in Unconsolidated Joint Venture | Note 6 — Investment in Unconsolidated Joint Venture On October 30, 2013, the Predecessor purchased 48.9% equity interest in Worldwide Plaza for a contract purchase price of $220.1 million, based on the property value at that time for Worldwide Plaza of $1.3 billion less $875 million of debt on the property. On June 1, 2017, the Predecessor acquired an additional 49.9% equity interest in Worldwide Plaza on exercise of the WWP Option pursuant to the Predecessor’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 Predecessor’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 Predecessor 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 Predecessor 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 set aside $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 period, that tenant does not accept the offer, Worldwide Plaza may then sell the property to a third party, provided that Worldwide Plaza will be required to re-offer the property to that tenant if it desires to sell the property for a purchase price (and other economic consideration) less than 92.5% of the initial purchase price contained in the offer to that tenant. The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the six months ended June 30, 2019 and 2018, including annualized cash rent related to the Company’s unconsolidated joint venture: June 30, Property Portfolio Tenant 2019 2018 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.4 % 46.8 % Worldwide Plaza Nomura Holdings America, Inc. 32.6 % 30.3 % The termination, delinquency or non-renewal 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 Company received distributions of $7.9 million for the six months ended June 30, 2019. The condensed balance sheets as of June 30, 2019 and December 31, 2018 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, Real estate assets, at cost $ 827,783 $ 825,516 Less accumulated depreciation and amortization (226,155 ) (212,862 ) Total real estate assets, net 601,628 612,654 Cash and cash equivalents 25,959 31,368 Other assets 157,175 158,292 Total assets $ 784,762 $ 802,314 Debt $ 1,231,950 $ 1,225,201 Other liabilities 143,991 139,619 Total liabilities 1,375,941 1,364,820 Deficit (591,179 ) (562,506 ) Total liabilities and deficit $ 784,762 $ 802,314 The condensed statements of operations for the three and six months ended June 30, 2019 and 2018 for Worldwide Plaza are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Rental income $ 35,241 $ 35,602 $ 71,118 $ 69,781 Operating expenses: Operating expenses 15,794 13,963 31,172 27,910 Depreciation and amortization 7,594 7,663 15,137 15,313 Total operating expenses 23,388 21,626 46,309 43,223 Operating income 11,853 13,976 24,809 26,558 Interest expense (18,768 ) (18,402 ) (37,364 ) (36,607 ) Net loss $ (6,915 ) $ (4,426 ) $ (12,555 ) $ (10,049 ) |
Common Stock
| Common Stock | 6 Months Ended |
| Jun. 30, 2019 | |
| Equity [Abstract] | |
| Common Stock | Note 7 — Common Stock In March 2018, the Predecessor effected a 1-for-10 reverse stock split pursuant to which each of ten Common Shares issued and outstanding as of the close of market on March 15, 2018 were automatically combined into one Common Share, subject to elimination of fractional shares. All references to Common Shares or Units outstanding and per Common Share or per Unit amounts have been restated to reflect the effect of the reverse split for all periods presented. The Company had 16.8 million Units outstanding as of June 30, 2019 and December 31, 2018. The Company expects to make periodic liquidating distributions out of cash flow distributions received from Worldwide Plaza and proceeds from the ultimate sale of the interest in Worldwide Plaza, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. During 2017 and 2018, the Company paid aggregate liquidating distributions equal to $58.80 per share/unit. On March 25, 2019, the Company paid a cash liquidating distribution of $0.71 per unit. On May 20, 2019, the Company paid a cash liquidating distribution of $0.10 per unit. the Company declared a cash liquidating distribution of $ 0.10 per unit payable to unitholders of record as of 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 | 6 Months Ended |
| Jun. 30, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 8 — Commitments and Contingencies 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. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it |
Related Party Transactions and
| Related Party Transactions and Arrangements | 6 Months Ended |
| Jun. 30, 2019 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions and Arrangements | Note 9 — Related Party Transactions and Arrangements Viceroy Hotel The Viceroy Hotel was sold in October 2018. Revenues from related parties at the Viceroy Hotel were $0 and $1,000 for the three and six months ended June 30, 2018, respectively. Winthrop Advisor and its Affiliates On December 19, 2016 the Company entered into an agreement (the “Advisory Agreement”) with Winthrop Advisor, pursuant to which Winthrop Advisor is serving as exclusive advisor to the Company from and after March 8, 2017. The Company and the Winthrop Advisor entered into a second amendment to the Advisory Agreement on June 6, 2018 and a third amendment to the Advisory Agreement on August 7, 2018, and the revised terms on the Advisory Agreement following these amendments are described below. The term of the Advisory Agreement ended on the effective date of the conversion of the Company to a liquidating entity (the “Liquidation Date”). The term of the Advisory Agreement automatically renews for a one-month period on the expiration of the term or any renewal term, unless terminated by a majority of the Board of Managers or the Winthrop Advisor, upon written notice 45 days before the expiration of the term or any renewal term and will automatically terminate at the effective time of the final disposition of the assets held by the Company. The Advisory Agreement may be terminated upon 15 days written notice by a majority of the Board of Managers if the Company’s chief executive officer resigns or is otherwise unavailable to serve as the Company’s chief executive officer for any reason and the Winthrop Advisor has not proposed a new chief executive officer acceptable to a majority of the Board of Managers. On July 12, 2018, the Company’s independent directors voted unanimously to appoint John Garilli as Chief Executive Officer upon the resignation of Wendy Silverstein from the position and accordingly did not exercise the Company’s right to terminate the Advisory Agreement. Because the Predecessor converted to the Company effective at 5:00 p.m. Eastern time on November 7, 2018, November 7, 2018 is the Liquidation Date, and, accordingly, the current term of the Advisory Agreement expired on November 7, 2018. Since no notice of termination of the Advisory Agreement has been received by either party, the Advisory Agreement automatically renewed at the end of the current term for a term ending December 7, 2018 and will thereafter continue to automatically renew for additional one-month terms unless otherwise terminated as described above. Beginning on March 1, 2017, and continuing through the Liquidation Date, the Company paid Winthrop Advisor an asset management fee equal to 0.325% per annum of the cost of assets (as defined in the Advisory Agreement) up to $3.0 billion and 0.25% per annum of the cost of assets in excess of $3.0 billion. In determining the Cost of Assets (as defined in the Advisory Agreement) for purposes of calculating the management fee payable to the Winthrop Advisor, the cost of the Viceroy Hotel was, for each month from and after April 2018, deemed to equal its then-current book value. Beginning with the fiscal quarter ending September 30, 2018 and ending on the Liquidation Date, the Company paid Winthrop Advisor a supplemental fee of $25,000 per quarter (prorated for any partial quarter) in addition to the base management fee. Following the Liquidation Date, the Company will pay to the Winthrop Advisor a monthly fee of $100,000 and a supplemental fee of $50,000 per quarter (prorated for any partial quarter) for any period that the principal executive and financial officers of the Company are required to certify the financial and other information contained in the Company’s quarterly and annual reports pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended. From and after March 1, 2018, the Company agreed to reimburse the Winthrop Advisor for the compensation of Wendy Silverstein as the Company’s chief executive officer or otherwise, in such amounts as agreed to between the Winthrop Advisor and the Company, which provision is no longer applicable following Wendy Silverstein’s resignation. During the three and six months ended June 30, 2018, the Company reimbursed Winthrop Advisor $300,000 and $467,000 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 June 30, 2019, the Company has accrued asset management fees and compensation reimbursements totaling $1.4 million payable to Winthrop Advisor representing management’s estimate of future asset management fees 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 or unitholders during the term of the Advisory Agreement and (ii) any other amounts paid to the Company’s stockholders or unitholders on account of their shares of common stock or membership interests in the Company 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 $110.00 per share (adjusted for the Reverse Split, 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. The Property Manager provided property management services to certain properties. The Company paid to the 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 Property Manager or any of its affiliates. As of December 31, 2018, all of the Company’s properties managed by the Property Manager were sold. The following table details amounts incurred by the Company to the Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented. There were no amounts payable to or due from the Winthrop Advisor as of the dates specified. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Asset management fees $ 350 $ 692 $ 700 $ 1,555 Property management fees — 8 — 42 Reimbursements — 300 — 467 Total related party operational fees $ 350 $ 1,000 $ 700 $ 2,064 |
Economic Dependency
| Economic Dependency | 6 Months Ended |
| Jun. 30, 2019 | |
| Text Block [Abstract] | |
| Economic Dependency | Note 10 — 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 disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon Winthrop Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
Share-Based Compensation
| Share-Based Compensation | 6 Months Ended |
| Jun. 30, 2019 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Share-Based Compensation | Note 11 — Share-Based Compensation Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provided the Company with the ability to grant awards of restricted shares to the Company’s directors and officers, employees of New York Recovery Advisors, LLC (the “Former Advisor”) and its affiliates, employees of entities that provided services to the Company, directors of the Former Advisor or of entities that provided services to the Company, certain consultants to the Company and the Former Advisor and its affiliates or to entities that provided services to the Company. Under the RSP, the annual amount granted to the independent directors was determined by the Board. The maximum number of shares of stock granted under the RSP could not 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 vested over a three- year period in increments of 33.3% per annum. Generally, such awards provided 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 to the board. Restricted shares could not, in general, be sold or otherwise transferred until restrictions were removed and the shares vested. Holders of restricted shares received 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 lapsed. Any dividends payable in shares of common stock were subject to the same restrictions as the underlying restricted shares. On October 5, 2018, the Board released all restrictions on any remaining unvested restricted shares. The RSP was terminated upon conversion to the Company. |
Subsequent Events
| Subsequent Events | 6 Months Ended |
| Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 12 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except as disclosed in Note 5 and Note 7. |
Summary of Significant Accoun_2
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Jun. 30, 2019 | |
| 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 represented the estimated amount of cash that the Company expected to collect on disposal of assets as it carried out its liquidation activities under the Liquidation Plan. All properties have been sold 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 sale 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 the sale of the Company’s remaining property. 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 corporate overhead 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 current interest rate assumptions. These amounts are classified as a net liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and revenues may differ from amounts reflected in the consolidated financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of June 30, 2019 and December 31, 2018 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statement of Net Assets. |
| 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 the liquidation basis of accounting, the Company accrued all revenue that it expected to earn through the end of liquidation to the extent it had a reasonable basis for estimation. Revenues were accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts were classified within liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with the liquidation basis of accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviewed tenant and other receivables to determine collectability. Any changes in the collectability of the receivables was reflected in the net realizable value of the receivable. The Company owned certain properties with leases that included 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 have been monthly, quarterly or annual targets. Contingent rental income was not contemplated under liquidation accounting unless there was a reasonable basis to estimate future receipts. |
| 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. The investment in unconsolidated joint venture is recorded at its liquidation value, or net realizable value, which is comprised of an estimate of the expected sale proceeds upon disposition plus the estimated net cash flow from the venture during the liquidation period. 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 June 30, 2019 is based on a value of the property consistent with the value of the property at the time of the Company’s sale of its 48.7% interest in Worldwide Plaza in October 2017 (see Note 6). |
| Restricted Cash | Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza and $1.4 million being held in escrow in connection with the sale of the Viceroy Hotel (the “Viceroy Escrow”). The Viceroy Escrow was established from proceeds of the sale of the Viceroy Hotel and was required to cover a potential seller’s obligation to fund any shortfalls to the New York Hotel Pension Fund should the Purchaser of the property withdraw from the Pension Fund without fully funding the then outstanding shortfall due to the Pension Fund. |
| Recent Accounting Pronouncement | Recent Accounting Pronouncements There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting. |
Liability for Estimated Costs_2
| Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables) | 6 Months Ended |
| Jun. 30, 2019 | |
| Text Block [Abstract] | |
| Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation | At June 30, 2019 and December 31, 2018, the Company had accrued the following net expenses expected to be incurred during liquidation (in thousands): June 30, 2019 December 31, 2018 General and administrative expenses $ (2,725 ) $ (3,208 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,725 ) $ (3,208 ) |
| 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 six month periods ended June 30, 2019 and 2018 are as follows (in thousands): Net Change Remeasurement in Working of Assets and January 1, 2019 Capital (1) Liabilities June 30, 2019 Liabilities: General and administrative expenses $ (3,208 ) $ 1,300 $ (817 ) $ (2,725 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (3,208 ) $ 1,300 $ (817 ) $ (2,725 ) Net Change Remeasurement in Working of Assets and January 1, 2018 Capital (1) Liabilities June 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,781 ) $ 4,089 $ 5,228 Liabilities: Sales costs (18,559 ) 16,721 304 (1,534 ) General and administrative expenses (12,589 ) 8,433 (1,712 ) (5,868 ) (31,148 ) 25,154 (1,408 ) (7,402 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 22,373 $ 2,681 $ (2,174 ) (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 six month periods ended June 30, 2019 and 2018. |
Investment in Unconsolidated _2
| Investment in Unconsolidated Joint Venture (Tables) | 6 Months Ended |
| Jun. 30, 2019 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| 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 six months ended June 30, 2019 and 2018, including annualized cash rent related to the Company’s unconsolidated joint venture: June 30, Property Portfolio Tenant 2019 2018 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.4 % 46.8 % Worldwide Plaza Nomura Holdings America, Inc. 32.6 % 30.3 % |
| Condensed Balance Sheet | The condensed balance sheets as of June 30, 2019 and December 31, 2018 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, Real estate assets, at cost $ 827,783 $ 825,516 Less accumulated depreciation and amortization (226,155 ) (212,862 ) Total real estate assets, net 601,628 612,654 Cash and cash equivalents 25,959 31,368 Other assets 157,175 158,292 Total assets $ 784,762 $ 802,314 Debt $ 1,231,950 $ 1,225,201 Other liabilities 143,991 139,619 Total liabilities 1,375,941 1,364,820 Deficit (591,179 ) (562,506 ) Total liabilities and deficit $ 784,762 $ 802,314 |
| Condensed Income Statement | The condensed statements of operations for the three and six months ended June 30, 2019 and 2018 for Worldwide Plaza are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Rental income $ 35,241 $ 35,602 $ 71,118 $ 69,781 Operating expenses: Operating expenses 15,794 13,963 31,172 27,910 Depreciation and amortization 7,594 7,663 15,137 15,313 Total operating expenses 23,388 21,626 46,309 43,223 Operating income 11,853 13,976 24,809 26,558 Interest expense (18,768 ) (18,402 ) (37,364 ) (36,607 ) Net loss $ (6,915 ) $ (4,426 ) $ (12,555 ) $ (10,049 ) |
Related Party Transactions an_2
| Related Party Transactions and Arrangements (Tables) | 6 Months Ended |
| Jun. 30, 2019 | |
| Winthrop Advisor and its Affiliates [Member] | |
| Schedule of Amount Incurred and Paid in Connection With Operation Related Services | The following table details amounts incurred by the Company to the Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented. There were no amounts payable to or due from the Winthrop Advisor as of the dates specified. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Asset management fees $ 350 $ 692 $ 700 $ 1,555 Property management fees — 8 — 42 Reimbursements — 300 — 467 Total related party operational fees $ 350 $ 1,000 $ 700 $ 2,064 |
Organization - Additional Infor
| Organization - Additional Information (Detail) - Liquidation Value [Member] $ in Millions | 1 Months Ended | 6 Months Ended |
| Mar. 31, 2018 | Jun. 30, 2019USD ($)ft²Investment | |
| Organization [Line Items] | ||
| Reverse stock split description | 1-for-10 reverse stock split | |
| Reverse Stock split ratio | 0.1 | |
| WWP Holdings Llc [Member] | ||
| Organization [Line Items] | ||
| Area of investments | ft² | 2,000,000 | |
| Occupancy percentage | 96.30% | |
| Number of investments | Investment | 1 | |
| Ownership percentage | 50.10% | |
| Cash reserve utilized for improvements | $ | $ 90.7 | |
| Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Office Building [Member] | WWP Holdings Llc [Member] | ||
| Organization [Line Items] | ||
| Concentration risk percent | 88.00% | |
| Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Retail Site [Member] | WWP Holdings Llc [Member] | ||
| Organization [Line Items] | ||
| Concentration risk percent | 5.00% | |
| Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Parking Garage [Member] | WWP Holdings Llc [Member] | ||
| Organization [Line Items] | ||
| Concentration risk percent | 7.00% |
Summary of Significant Accoun_3
| Summary of Significant Accounting Policies - Additional Information (Detail) - Liquidation Value [Member] $ in Millions | Jun. 30, 2019USD ($) |
| Worldwide Plaza [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Sale of equity method investment percentage | 48.70% |
| Worldwide Plaza [Member] | Capital Improvement Reserve [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Restricted cash | $ 90.7 |
| Escrow [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Restricted cash | $ 1.4 |
Liability for Estimated Costs_3
| 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 | 6 Months Ended | 12 Months Ended |
| Jun. 30, 2019 | Dec. 31, 2018 | |
| Liquidation Basis Of Accounting [Line Items] | ||
| General and administrative expenses | $ (2,725) | $ (3,208) |
| Liability for estimated costs in excess of estimated receipts during liquidation | $ (2,725) | $ (3,208) |
Liability for Estimated Costs_4
| Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
| Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
| Business Acquisition [Line Items] | |||||
| Liability for estimated costs in excess of estimated receipts during liquidation, beginning balance | $ (3,208) | $ (27,228) | |||
| Net Change in Working Capital | [1] | 1,300 | 22,373 | ||
| Remeasurement of assets and liabilities | $ (201) | $ 3 | (817) | 2,681 | |
| Liability for estimated costs in excess of estimated receipts during liquidation, ending balance | (2,725) | (2,174) | (2,725) | (2,174) | |
| Assets [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Estimated net inflows from investments in real estate | 3,920 | ||||
| Net Change in Working Capital | [1] | (2,781) | |||
| Remeasurement of assets and liabilities | 4,089 | ||||
| Estimated net inflows from investments in real estate, ending balance | 5,228 | 5,228 | |||
| Liability [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Total liability for estimated costs, beginning balance | (31,148) | ||||
| Net Change in Working Capital | [1] | 25,154 | |||
| Remeasurement of assets and liabilities | (1,408) | ||||
| Total liability for estimated costs, ending balance | (7,402) | (7,402) | |||
| Liability [Member] | Sales Costs [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Total liability for estimated costs, beginning balance | (18,559) | ||||
| Net Change in Working Capital | [1] | 16,721 | |||
| Remeasurement of assets and liabilities | 304 | ||||
| Total liability for estimated costs, ending balance | (1,534) | (1,534) | |||
| Liability [Member] | General And Administrative Expenses [Member] | |||||
| Business Acquisition [Line Items] | |||||
| Total liability for estimated costs, beginning balance | (3,208) | (12,589) | |||
| Net Change in Working Capital | [1] | 1,300 | 8,433 | ||
| Remeasurement of assets and liabilities | (817) | (1,712) | |||
| Total liability for estimated costs, ending balance | $ (2,725) | $ (5,868) | $ (2,725) | $ (5,868) | |
| [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 six month periods ended June 30, 2019 and 2018. | ||||
Net Assets in Liquidation - Add
| Net Assets in Liquidation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2019 | Aug. 08, 2019 | Jun. 29, 2019 | May 20, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
| Remeasurement [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Net increase (decrease) in liquidation value | $ 200 | $ 800 | $ 1,600 | |||||||||
| Worldwide Plaza [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Net increase (decrease) in liquidation value | 1,700 | $ 5,100 | 2,400 | 11,900 | ||||||||
| Liquidation Value [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Liquidation value of property | 1,725,000 | 1,725,000 | ||||||||||
| Increase (decrease) in net assets subject to liquidation | 200 | 81,300 | 12,000 | 411,800 | ||||||||
| Liquidating distribution to common stockholders | (1,679) | (81,440) | (13,602) | (417,298) | ||||||||
| Net increase (decrease) in liquidation value | (1,498) | (91) | $ (1,630) | (5,543) | ||||||||
| Release of liability | 4,200 | |||||||||||
| Liquidating distributions per common share | $ 0.10 | $ 21.47 | ||||||||||
| Net assets in liquidation | 360,584 | 421,358 | $ 360,584 | 421,358 | $ 360,765 | $ 372,556 | $ 502,707 | $ 833,113 | ||||
| Liquidating distributions to unit holders | $ 1,001,000 | $ 1,700 | $ 13,600 | |||||||||
| Estimated future liquidating distributions per common share | $ 21.37 | |||||||||||
| Liquidating distributions per unit | 81.08 | |||||||||||
| Liquidation Value [Member] | Subsequent Event [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Liquidating distributions per common share | $ 0.10 | |||||||||||
| Liquidating distribution declared date | Aug. 8, 2019 | |||||||||||
| Liquidating distribution payable date | Aug. 19, 2018 | |||||||||||
| Liquidating distribution record date | Aug. 12, 2019 | |||||||||||
| Liquidation Value [Member] | Viceroy Management Agreement [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Net increase (decrease) in liquidation value | $ 5,000 | $ 9,000 | ||||||||||
| Liquidation Value [Member] | Worldwide Plaza [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Sale of equity method investment percentage | 48.70% | 48.70% | ||||||||||
| Common Stock [Member] | Liquidation Value [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Common stock, shares outstanding | 16,791,769 | 16,791,769 | 16,800,000 | |||||||||
| Stock Units [Member] | Liquidation Value [Member] | ||||||||||||
| Net Assets In Liquidation [Line Items] | ||||||||||||
| Liquidating distributions per unit | 59.61 |
Investment in Unconsolidated _3
| Investment in Unconsolidated Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 18, 2017 | Jun. 01, 2017 | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 30, 2013 |
| SL Green Realty Corp. and RXR Realty LLC [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Ownership percentage | 48.70% | ||||
| Worldwide Plaza [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Ownership percentage | 50.10% | 48.90% | |||
| Aggregate cost | $ 276,700 | $ 220,100 | |||
| Agreed upon value | 1,300,000 | ||||
| Notes payable | $ 1,231,950 | $ 1,225,201 | $ 875,000 | ||
| Additional acquire percentage | 49.90% | ||||
| Purchase obligation | $ 1,400,000 | ||||
| Mortgage notes payable | $ 875,000 | ||||
| Joint venture partner's right to maintain minimum ownership percentage | 1.20% | ||||
| 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% | ||||
| 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] | |||||
| Liquidation value of property | $ 1,725,000 | ||||
| Liquidation Value [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Liquidation value of property | $ 1,725,000 | ||||
| Distribution from unconsolidated joint ventures | $ 7,900 | ||||
| Liquidation Value [Member] | Worldwide Plaza [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Ownership percentage | 98.80% |
Investment in Unconsolidated _4
| Investment in Unconsolidated Joint Venture (Detail) - Liquidation Value [Member] - Worldwide Plaza [Member] | 6 Months Ended | |
| Jun. 30, 2019 | Jun. 30, 2018 | |
| Cravath, Swaine & Moore LLP [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Percentage of total annualized rental income | 46.40% | 46.80% |
| Nomura Holdings America, Inc [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Percentage of total annualized rental income | 32.60% | 30.30% |
Investment in Unconsolidated _5
| Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail 1) - Worldwide Plaza [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 30, 2013 |
| Schedule of Equity Method Investments [Line Items] | |||
| Real estate assets, at cost | $ 827,783 | $ 825,516 | |
| Less accumulated depreciation and amortization | (226,155) | (212,862) | |
| Total real estate assets, net | 601,628 | 612,654 | |
| Cash and cash equivalents | 25,959 | 31,368 | |
| Other assets | 157,175 | 158,292 | |
| Total Assets | 784,762 | 802,314 | |
| Debt | 1,231,950 | 1,225,201 | $ 875,000 |
| Other liabilities | 143,991 | 139,619 | |
| Total Liabilities | 1,375,941 | 1,364,820 | |
| Deficit | (591,179) | (562,506) | |
| Total liabilities and deficit | $ 784,762 | $ 802,314 |
Investment in Unconsolidated _6
| Investment in Unconsolidated Joint Venture - Condensed Income Statement (Detail 2) - Worldwide Plaza [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
| Schedule of Equity Method Investments [Line Items] | ||||
| Rental income | $ 35,241 | $ 35,602 | $ 71,118 | $ 69,781 |
| Operating expenses: | ||||
| Operating expenses | 15,794 | 13,963 | 31,172 | 27,910 |
| Depreciation and amortization | 7,594 | 7,663 | 15,137 | 15,313 |
| Total operating expenses | 23,388 | 21,626 | 46,309 | 43,223 |
| Operating income | 11,853 | 13,976 | 24,809 | 26,558 |
| Interest expense | (18,768) | (18,402) | (37,364) | (36,607) |
| Net loss | $ (6,915) | $ (4,426) | $ (12,555) | $ (10,049) |
Common Stock - Additional Infor
| Common Stock - Additional Information (Detail) - Liquidation Value [Member] | Aug. 08, 2019$ / shares | May 20, 2019$ / shares | Mar. 25, 2019$ / shares | Mar. 31, 2018 | Jun. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / shares |
| 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 | $ 58.80 | $ 58.80 | |||||
| Cash liquidating distribution per share | $ 0.71 | ||||||
| Liquidating distributions per common share | $ 0.10 | $ 21.47 | |||||
| Subsequent Event [Member] | |||||||
| Class of Stock [Line Items] | |||||||
| Liquidating distributions per common share | $ 0.10 | ||||||
| Common Stock [Member] | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock shares outstanding | shares | 16,791,769 | 16,800,000 |
Related Party Transactions an_3
| Related Party Transactions and Arrangements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
| Mar. 08, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 01, 2017 | |
| Related Party Transaction [Line Items] | ||||||
| Cost reimbursed as compensation | $ 300,000 | $ 467,000 | ||||
| Property management fees as a percentage of gross revenue | 1.75% | |||||
| Advisor [Member] | Pre Liquidation Date Agreement Quarterly Supplemental Fee [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Fees paid to related parties | $ 25,000 | |||||
| Winthrop Advisor and its Affiliates [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Fees paid to related parties | 350,000 | $ 1,000,000 | 700,000 | 2,064,000 | ||
| Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Fees paid to related parties | 350,000 | 692,000 | 700,000 | 1,555,000 | ||
| Liquidation Value [Member] | Post Liquidation Date Agreement Monthly Supplemental Fee [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Fees paid to related parties | 100,000 | |||||
| Liquidation Value [Member] | Post Liquidation Date Agreement Quarterly Supplemental Fee [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Fees paid to related parties | 50,000 | |||||
| Liquidation Value [Member] | Advisor [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Cost of assets maximum | $ 3,000,000,000 | |||||
| Liquidation Value [Member] | Service Provider and Affiliates [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Asset management fees as a percentage of benchmark | 0.325% | |||||
| Cost of assets maximum | $ 3,000,000,000 | |||||
| Asset management fees earned above | 0.25% | |||||
| Incentive fee, percentage of excess of hurdle amount | 10.00% | |||||
| Hurdle amount (in dollars per share) | $ 110 | |||||
| Liquidation Value [Member] | Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Asset management fees and compensation reimbursements payable | $ 1,400,000 | $ 1,400,000 | ||||
| Liquidation Value [Member] | Affiliated Entity [Member] | Viceroy Hotel [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Hotel revenues | $ 0 | $ 1,000 | ||||
Related Party Transactions an_4
| Related Party Transactions and Arrangements - Schedule of Amount Incurred and Paid in Connection With Operation Related Services (Detail) - Winthrop Advisor and its Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
| Related Party Transaction [Line Items] | ||||
| Expenses incurred | $ 350 | $ 1,000 | $ 700 | $ 2,064 |
| Asset Management Fees [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Expenses incurred | $ 350 | 692 | $ 700 | 1,555 |
| Property Management Fees [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Expenses incurred | 8 | 42 | ||
| Reimbursements [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Expenses incurred | $ 300 | $ 467 | ||
Share-Based Compensation - Addi
| Share-Based Compensation - Additional Information (Detail) - Director [Member] - Liquidation Value [Member] - Unvested Restricted Shares [Member] - Restricted Share Plan [Member] | 6 Months Ended |
| Jun. 30, 2019 | |
| 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% |