New York REIT Liquidating (NYRT) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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	Sep. 30, 2019	Dec. 31, 2018
Assets
Investment in unconsolidated joint venture	$ 261,181	$ 265,671
Cash and cash equivalents	9,323	17,777
Restricted cash held in escrow	92,378	92,884
Accounts receivable	17	121
Total Assets	362,899	376,453
Liabilities
Liability for estimated costs in excess of estimated receipts during liquidation	2,624	3,208
Accounts payable, accrued expenses and other liabilities	301	689
Total Liabilities	2,925	3,897
Commitments and Contingencies (Note 8)
Net assets in liquidation	$ 359,974	$ 372,556

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net assets in liquidation, beginning of period	$ 360,584	$ 421,358	$ 372,556	$ 833,113
Changes in net assets in liquidation:
Changes in liquidation value of investments in real estate				(9,000)
Changes in liquidation value of investment in unconsolidated joint venture	1,393	5,076	3,840	16,938
Remeasurement of assets and liabilities	(324)	953	(1,141)	3,634
Net changes in liquidation value	1,069	6,029	2,699	11,572
Liquidating distributions to unitholders/common stockholders	(1,679)		(15,281)	(417,298)
Changes in net assets in liquidation	(610)	6,029	(12,582)	(405,726)
Net assets in liquidation, end of period	$ 359,974	$ 427,387	$ 359,974	$ 427,387

Organization

Organization	9 Months Ended
	Sep. 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 , to the liquidating entity As of September 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 property at September 30, 2019 consisted of office space, retail space and a garage representing 88%, 5% and 7%, respectively, of rentable square feet as of September 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

Liquidation Plan

Liquidation Plan	9 Months Ended
	Sep. 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 of the Predecessor to the Company 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 s

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 s s 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 s 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 September 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. Income Taxes The Predecessor qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code effective for its taxable year ended December 31, 2010 through November 7, 2018, the date of the conversion. In order to qualify for taxation as a REIT, the Predecessor was generally required, among other things, to distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. The Predecessor distributed to its stockholders 100% of its REIT taxable income for each of the period January 1, 2018 through November 7, 2018. Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded on the financial statements. Even though the Predecessor qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. From and after November 8, 2018, the Company will be taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All future distributions from the Company will be considered a return of capital for tax purposes. Holder of Units will receive a Schedule K-1 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	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018, the Company had accrued the following net expenses expected to be incurred during liquidation (in thousands): September 30, December 31, General and administrative expenses $ (2,624 ) $ (3,208 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,624 ) $ (3,208 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation for the nine month periods ended September , and are as follows (in thousands): January 1, 2019 Net Change Remeasurement September 30, 2019 Liabilities: General and administrative expenses $ (3,208 ) $ 1,725 $ (1,141 ) $ (2,624 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (3,208 ) $ 1,725 $ (1,141 ) $ (2,624 ) January 1, 2018 Net Change Remeasurement September 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (3,851 ) $ 4,721 $ 4,790 Liabilities: Sales costs (18,559 ) 16,721 403 (1,435 ) General and administrative expenses (12,589 ) 10,262 (1,490 ) (3,817 ) (31,148 ) 26,983 (1,087 ) (5,252 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 23,132 $ 3,634 $ (462 ) (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 nine month periods ended September 30, 2019 and 2018.

Net Assets in Liquidation

Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Net Assets in Liquidation	Note 5 — Net Assets in Liquidation Net assets in liquidation decreased by $0.6 million during the three months ended September 30, 2019, primarily due to a liquidating distribution to unitholders of $1.7 million and a $0.3 million decrease due to a remeasurement of estimated liabilities. The decrease in net assets was offset by an increase of $1.4 million related to an extended estimated hold period for Worldwide Plaza. Net assets in liquidation decreased by $12.6 million during the nine months ended September 30, 2019, primarily due to liquidating distributions to unitholders of $15.3 million and a $1.1 million decrease due to a remeasurement of estimated liabilities. The decrease in net assets was offset by an increase of $3.8 million related to an extended estimated hold period for Worldwide Plaza. Net assets in liquidation increased by $6.0 million during the three months ended September 30, 2 018 primarily due to a $5.1 million increase in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to its extended estimated hold period and a $0.9 million increase due to the remeasurement of estimated receipts primarily related to the operations of the Viceroy Hotel. Net assets in liquidation decreased by $405.7 million during the nine months ended September 30, 2018 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 $0.5 million decrease due to a remeasurement of estimated receipts. The reduction in net assets was offset by a net increase of $16.9 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 September 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 s There were 16,791,769 Units outstanding at September 30, 2019. The net assets in liquidation as of September 30, 2019, if sold at their net asset value, would result in liquidating distributions of approximately $21.44 per unit. On November 8 Board declared a cash liquidating distribution of $0.10 per Unit payable on November 19, 2019 to unitholders of record on November 12, 2019, reducing the estimate of future liquidating distributions to $21.34 per Unit. The net assets in liquidation as of September 30, 2019 of $360.0 million, if sold at their net asset value, plus the cumulative liquidating distribution to unitholders of $1,002.7 million ($59.71 per Unit) prior to September 30, 2019 would result in cumulative liquidating distributions to unitholders of $81.15 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	9 Months Ended
	Sep. 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 re-offer The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the nine months ended September 30, 2019 and 2018, including annualized cash rent related to the Company’s unconsolidated joint venture: September 30, Property Portfolio Tenant 2019 201 8 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.5 % 46.7 % Worldwide Plaza Nomura Holdings America, Inc. 32.5 % 30.5 % 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 $8.3 million for the nine months ended September 30, 2019. The condensed balance sheets as of September 30, 2019 and December 31, 2018 for Worldwide Plaza are as follows: (In thousands) September 30, December 31, Real estate assets, at cost $ 828,832 $ 825,516 Less accumulated depreciation and amortization (232,826 ) (212,862 ) Total real estate assets, net 596,006 612,654 Cash and cash equivalents 43,127 31,368 Other assets 146,740 158,292 Total assets $ 785,873 $ 802,314 Debt $ 1,235,372 $ 1,225,201 Other liabilities 149,343 139,619 Total liabilities 1,384,715 1,364,820 Deficit (598,842 ) (562,506 ) Total liabilities and deficit $ 785,873 $ 802,314 The condensed statements of operations for the three and nine months ended September 30, 2019 and 2018 for Worldwide Plaza are as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Rental income $ 36,080 $ 37,034 $ 107,198 $ 106,815 Operating expenses: Operating expenses 16,309 16,753 47,481 44,663 Depreciation and amortization 7,584 8,032 22,721 23,345 Total operating expenses 23,893 24,785 70,202 68,008 Operating income 12,187 12,249 36,996 38,807 Interest expense (18,999 ) (18,598 ) (56,363 ) (55,205 ) Net loss $ (6,812 ) $ (6,349 ) $ (19,367 ) $ (16,398 )

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Common Stock	Note 7 — Common Stock In March 2018, the Predecessor effected a 1-for-10 The Company had 16.8 million Units outstanding as of September 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 Company’s 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. On August 19 On November 8 C of $0.10 per unit to unitholders of record as of November 12, 2019 . There can be no assurance as to the actual amount or timing of future liquidating distributions unitholders will receive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 , through its joint venture, non-compliance, C S s N A

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 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 nine months ended September 30, 2018, respectively. Winthrop Advisor and its Affiliates On December 19, 2016 the P redecessor The Predecessor f The initial one-month 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 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 nine months ended September 30, 2018, the Company reimbursed Winthrop Advisor $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 September 30, 2019, the Company has accrued asset management fees 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 Nine Months Ended (In thousands) 2019 2018 2019 2018 Asset management fees $ 350 $ 616 $ 1,050 $ 2,171 Property management fees — — — 42 Reimbursements — — — 467 Total related party operational fees $ 350 $ 616 $ 1,050 $ 2,680

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 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 on Novemb er 7,

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 s s
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 s 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 September 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.
Income Taxes	Income Taxes The Predecessor qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code effective for its taxable year ended December 31, 2010 through November 7, 2018, the date of the conversion. In order to qualify for taxation as a REIT, the Predecessor was generally required, among other things, to distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. The Predecessor distributed to its stockholders 100% of its REIT taxable income for each of the period January 1, 2018 through November 7, 2018. Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded on the financial statements. Even though the Predecessor qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. From and after November 8, 2018, the Company will be taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All future distributions from the Company will be considered a return of capital for tax purposes. Holder of Units will receive a Schedule K-1
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)	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation	At September 30, 2019 and December 31, 2018, the Company had accrued the following net expenses expected to be incurred during liquidation (in thousands): September 30, December 31, General and administrative expenses $ (2,624 ) $ (3,208 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,624 ) $ (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 nine month periods ended September , and are as follows (in thousands): January 1, 2019 Net Change Remeasurement September 30, 2019 Liabilities: General and administrative expenses $ (3,208 ) $ 1,725 $ (1,141 ) $ (2,624 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (3,208 ) $ 1,725 $ (1,141 ) $ (2,624 ) January 1, 2018 Net Change Remeasurement September 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (3,851 ) $ 4,721 $ 4,790 Liabilities: Sales costs (18,559 ) 16,721 403 (1,435 ) General and administrative expenses (12,589 ) 10,262 (1,490 ) (3,817 ) (31,148 ) 26,983 (1,087 ) (5,252 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 23,132 $ 3,634 $ (462 ) (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 nine month periods ended September 30, 2019 and 2018.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018, including annualized cash rent related to the Company’s unconsolidated joint venture: September 30, Property Portfolio Tenant 2019 201 8 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.5 % 46.7 % Worldwide Plaza Nomura Holdings America, Inc. 32.5 % 30.5 %
Condensed Balance Sheet	The condensed balance sheets as of September 30, 2019 and December 31, 2018 for Worldwide Plaza are as follows: (In thousands) September 30, December 31, Real estate assets, at cost $ 828,832 $ 825,516 Less accumulated depreciation and amortization (232,826 ) (212,862 ) Total real estate assets, net 596,006 612,654 Cash and cash equivalents 43,127 31,368 Other assets 146,740 158,292 Total assets $ 785,873 $ 802,314 Debt $ 1,235,372 $ 1,225,201 Other liabilities 149,343 139,619 Total liabilities 1,384,715 1,364,820 Deficit (598,842 ) (562,506 ) Total liabilities and deficit $ 785,873 $ 802,314
Condensed Income Statement	The condensed statements of operations for the three and nine months ended September 30, 2019 and 2018 for Worldwide Plaza are as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Rental income $ 36,080 $ 37,034 $ 107,198 $ 106,815 Operating expenses: Operating expenses 16,309 16,753 47,481 44,663 Depreciation and amortization 7,584 8,032 22,721 23,345 Total operating expenses 23,893 24,785 70,202 68,008 Operating income 12,187 12,249 36,996 38,807 Interest expense (18,999 ) (18,598 ) (56,363 ) (55,205 ) Net loss $ (6,812 ) $ (6,349 ) $ (19,367 ) $ (16,398 )

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended (In thousands) 2019 2018 2019 2018 Asset management fees $ 350 $ 616 $ 1,050 $ 2,171 Property management fees — — — 42 Reimbursements — — — 467 Total related party operational fees $ 350 $ 616 $ 1,050 $ 2,680

Organization - Additional Infor

Organization - Additional Information (Detail) - Liquidation Value [Member] $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2019USD ($)ft²Investment
Organization [Line Items]
Reverse stock split description	1-for-10 reverse stock split
Reverse Stock split ratio	0.1	0.1
WWP Holdings Llc [Member]
Organization [Line Items]
Area of investments | ft²		2
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) - USD ($) $ in Millions	9 Months Ended	10 Months Ended
	Sep. 30, 2019	Nov. 07, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distribution Percent to Stockholders Taxable Income		100.00%
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distribution Percent of REIT Taxable Income	90.00%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Liquidation Basis Of Accounting [Line Items]
General and administrative expenses	$ (2,624)	$ (3,208)
Liability for estimated costs in excess of estimated receipts during liquidation	$ (2,624)	$ (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		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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]			1,725	23,132
Remeasurement of assets and liabilities		$ (324)	$ 953	(1,141)	3,634
Liability for estimated costs in excess of estimated receipts during liquidation, ending balance		(2,624)	(462)	(2,624)	(462)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate, beginning balance					3,920
Net change in working capital	[1]				(3,851)
Remeasurement of assets and liabilities					4,721
Estimated net inflows from investments in real estate, ending balance			4,790		4,790
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance					(31,148)
Net change in working capital	[1]				26,983
Remeasurement of assets and liabilities					(1,087)
Total liability for estimated costs, ending balance			(5,252)		(5,252)
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					403
Total liability for estimated costs, ending balance			(1,435)		(1,435)
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]			1,725	10,262
Remeasurement of assets and liabilities				(1,141)	(1,490)
Total liability for estimated costs, ending balance		$ (2,624)	$ (3,817)	$ (2,624)	$ (3,817)
[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 nine month periods ended September 30, 2019 and 2018.

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 12, 2019	Nov. 08, 2019	Nov. 01, 2019	Sep. 29, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value					$ 300		$ 1,100
Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Sale of equity method investment percentage					48.70%		48.70%
Net increase (decrease) in liquidation value					$ 1,400	$ 5,100	$ 3,800
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					600	6,000	12,600	$ 405,700
Liquidating distribution to common stockholders					(1,679)		(15,281)	(417,298)
Net increase (decrease) in liquidation value					(1,069)	(6,029)	$ (2,699)	(11,572)
Release of liability								4,200
Liquidating distributions per common share							$ 21.44
Net assets in liquidation					359,974	427,387	$ 359,974	427,387	$ 360,584	$ 372,556	$ 421,358	$ 833,113
Liquidating distributions to unit holders				$ 1,002,700	$ 1,700		$ 15,300
Liquidating distributions per unit							81.15
Liquidation Value [Member] | Subsequent Event [Member]
Net Assets In Liquidation [Line Items]
Liquidating distributions per common share		$ 0.10
Estimated future liquidating distributions per common share	$ 21.34
Liquidating distribution declared date			Nov. 8, 2019
Liquidating distribution payable date			Nov. 19, 2019
Liquidating distribution record date			Nov. 12, 2019
Liquidation Value [Member] | Viceroy Management Agreement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value								9,000
Liquidation Value [Member] | Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value						$ 900		500
Liquidation Value [Member] | Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Sale of equity method investment percentage					48.70%		48.70%
Net increase (decrease) in liquidation value								$ 16,900
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				59.71

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 18, 2017	Jun. 01, 2017	Sep. 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			$ 1,235,372	$ 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			$ 8,300
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]	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	46.50%	46.70%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	32.50%	30.50%

Investment in Unconsolidated _5

Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail 1) - Worldwide Plaza [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 828,832	$ 825,516
Less accumulated depreciation and amortization	(232,826)	(212,862)
Total real estate assets, net	596,006	612,654
Cash and cash equivalents	43,127	31,368
Other assets	146,740	158,292
Total Assets	785,873	802,314
Debt	1,235,372	1,225,201	$ 875,000
Other liabilities	149,343	139,619
Total Liabilities	1,384,715	1,364,820
Deficit	(598,842)	(562,506)
Total liabilities and deficit	$ 785,873	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Rental income	$ 36,080	$ 37,034	$ 107,198	$ 106,815
Operating expenses:
Operating expenses	16,309	16,753	47,481	44,663
Depreciation and amortization	7,584	8,032	22,721	23,345
Total operating expenses	23,893	24,785	70,202	68,008
Operating income	12,187	12,249	36,996	38,807
Interest expense	(18,999)	(18,598)	(56,363)	(55,205)
Net loss	$ (6,812)	$ (6,349)	$ (19,367)	$ (16,398)

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - Liquidation Value [Member]	Nov. 08, 2019$ / shares	Aug. 19, 2019$ / shares	May 20, 2019$ / shares	Mar. 25, 2019$ / shares	Mar. 31, 2018	Sep. 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	0.1
Aggregate liquidating distributions per share							$ 58.80	$ 58.80
Cash liquidating distribution per share		$ 0.10	$ 0.10	$ 0.71
Liquidating distributions per common share						$ 21.44
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		9 Months Ended
	Mar. 08, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 01, 2017
Related Party Transaction [Line Items]
Cost reimbursed as compensation					$ 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	$ 616,000	1,050,000	2,680,000
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties		350,000	616,000	1,050,000	2,171,000
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		$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Expenses incurred	$ 350	$ 616	$ 1,050	$ 2,680
Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	350	616	1,050	2,171
Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred				42
Reimbursements [Member]
Related Party Transaction [Line Items]
Expenses incurred				$ 467

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Director [Member] - Liquidation Value [Member] - Unvested Restricted Shares [Member] - Restricted Share Plan [Member]	9 Months Ended
	Sep. 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%