New York REIT Liquidating (NYRT) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	New York REIT, Inc.
Entity Central Index Key	1,474,464
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		165,045,217
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 477,171	$ 494,065
Buildings, fixtures and improvements	1,208,138	1,235,918
Acquired intangible assets	137,594	158,383
Total real estate investments, at cost	1,822,903	1,888,366
Less accumulated depreciation and amortization	(172,668)	(124,178)
Total real estate investments, net	1,650,235	1,764,188
Cash and cash equivalents	98,604	22,512
Restricted cash	2,019	6,347
Investment securities, at fair value	0	4,659
Investment in unconsolidated joint venture	215,370	225,501
Assets held for sale	29,268	0
Preferred equity investment	0	35,100
Derivatives, at fair value	431	205
Tenant and other receivables	3,537	4,833
Unbilled rent receivables	42,905	30,866
Prepaid expenses and other assets (including amounts prepaid to related parties of $7 as of December 31, 2015)	10,074	13,195
Deferred costs, net	19,312	13,429
Total assets	2,071,755	2,120,835
LIABILITIES AND EQUITY
Mortgage notes payable	388,436	172,242
Credit facility	485,000	635,000
Market lease intangibles, net	73,083	84,220
Liabilities related to assets held for sale	321	0
Derivatives, at fair value	1,266	1,276
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $99 and $575 as of December 31, 2015 and 2014, respectively)	27,736	27,850
Deferred rent	3,617	4,550
Dividends payable	27	20
Total liabilities	979,486	925,158
Common stock, $0.01 par value; 300,000,000 shares authorized, 162,529,811 and 162,181,939 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	1,626	1,622
Additional paid-in capital	1,403,624	1,401,619
Accumulated other comprehensive loss	(1,237)	(816)
Accumulated deficit	(369,273)	(255,478)
Total stockholders' equity	1,034,740	1,146,947
Non-controlling interests	57,529	48,730
Total equity	1,092,269	1,195,677
Total liabilities and equity	2,071,755	2,120,835
Preferred stock
LIABILITIES AND EQUITY
Preferred stock	0	0
Convertible Preferred Stock
LIABILITIES AND EQUITY
Preferred stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Due to affiliates	$ 99	$ 575
Due from affiliate	$ 7	$ 0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	162,529,811	162,181,939
Common stock, shares outstanding	162,529,811	162,181,939
Preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	40,866,376	40,866,376
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Convertible Preferred Stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	9,133,624	9,133,624
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 129,118	$ 117,221	$ 49,532
Hotel revenue	26,125	22,742	2,254
Operating expense reimbursements and other revenue	19,278	15,604	4,101
Total revenues	174,521	155,567	55,887
Operating expenses:
Property operating	43,752	37,209	12,546
Hotel operating	25,366	23,736	2,372
Operating fees incurred from the Advisor	12,465	8,397	0
Acquisition and transaction related	3,771	16,083	17,417
Vesting of asset management fees	0	11,500	0
Value of Listing Note	0	33,479	0
General and administrative	27,345	12,337	1,019
Depreciation and amortization	82,716	84,799	31,751
Total operating expenses	195,415	227,540	65,105
Operating loss	(20,894)	(71,973)	(9,218)
Other income (expenses):
Interest expense	(29,362)	(23,720)	(10,673)
Income (loss) from unconsolidated joint venture	1,939	(1,499)	(95)
Income from preferred equity investment, investment securities and interest	1,103	2,906	670
Gain on sale of real estate investment, net	7,523	0	0
Gain (loss) on derivative instruments	(578)	1	5
Total other expenses	(19,375)	(22,312)	(10,093)
Net loss	(40,269)	(94,285)	(19,311)
Net loss attributable to non-controlling interests	1,188	1,257	32
Net loss attributable to stockholders	(39,081)	(93,028)	(19,279)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	(177)	(687)	1,320
Unrealized gain (loss) on investment securities	(244)	484	(240)
Total other comprehensive income (loss)	(421)	(203)	1,080
Comprehensive loss attributable to stockholders	$ (39,502)	$ (93,231)	$ (18,199)
Basic and diluted weighted average common shares outstanding (in shares)	162,165,580	166,959,316	73,074,872
Basic and diluted net loss per share attributable to stockholders (in usd per share)	$ (0.24)	$ (0.56)	$ (0.26)
Dividends declared per common share (in usd per share)	$ 0.46	$ 0.490	$ 0.605

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2012			19,930,772
Beginning Balance at Dec. 31, 2012	$ 142,431	$ 141,140	$ 199	$ 164,972	$ (1,693)	$ (22,338)	$ 1,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			152,371,933
Issuances of common stock	1,502,527	1,502,527	$ 1,524	1,501,003
Common stock offering costs, commissions and dealer manager fees	(149,210)	(149,210)		(149,210)
Common stock issued through distribution reinvestment plan (in shares)			1,984,370
Common stock issued though distribution reinvestment plan	$ 18,852	18,852	$ 20	18,832
Common stock repurchases, inclusive of fees and expenses (in shares)	(195,395)		(195,395)
Common stock repurchases, inclusive of fees and expenses	$ (1,886)	(1,886)	$ (2)	(1,884)
Equity-based compensation (in shares)			28,728
Equity-based compensation	232	232	$ 0	232
Redemption of OP units by affiliates	(1,000)	(247)		(247)			(753)
Distributions to non-controlling interest holders	(65)						(65)
Dividends declared	(44,391)	(44,391)				(44,391)
Net loss	(19,311)	(19,279)				(19,279)	(32)
Other comprehensive income	1,080	1,080			1,080
Ending Balance (in shares) at Dec. 31, 2013			174,120,408
Ending Balance at Dec. 31, 2013	1,449,259	1,448,818	$ 1,741	1,533,698	(613)	(86,008)	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			18,908
Issuances of common stock	184	184	$ 0	184
Common stock offering costs, commissions and dealer manager fees	(95)	(95)		(95)
Common stock issued through distribution reinvestment plan (in shares)			2,002,008
Common stock issued though distribution reinvestment plan	$ 19,019	19,019	$ 20	18,999
Common stock repurchases, inclusive of fees and expenses (in shares)	(5,000)		(14,175,115)
Common stock repurchases, inclusive of fees and expenses		(153,763)	$ (141)	(153,622)
Equity-based compensation (in shares)			215,730
Equity-based compensation	$ 7,752	2,457	$ 2	2,455			5,295
Redemption of OP units by affiliates	(698)						(698)
Distributions to non-controlling interest holders	(780)	0					(780)
Dividends declared	(76,442)	(76,442)				(76,442)
Net loss	(94,285)	(93,028)				(93,028)	(1,257)
Other comprehensive income	(203)	(203)			(203)
Contributions from non-controlling interest holders of affiliates	750						750
Issuance of OP units to affiliates	44,979						44,979
Ending Balance (in shares) at Dec. 31, 2014			162,181,939
Ending Balance at Dec. 31, 2014	1,195,677	1,146,947	$ 1,622	1,401,619	(816)	(255,478)	48,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued though distribution reinvestment plan	0
Equity-based compensation (in shares)			255,121
Equity-based compensation	15,180	1,035	$ 3	1,032			14,145
Redemption of OP units by affiliates	0	974	$ 1	973			(974)
Distributions to non-controlling interest holders	(3,184)	0					(3,184)
Dividends declared	(74,714)	(74,714)				(74,714)
Net loss	(40,269)	(39,081)				(39,081)	(1,188)
Other comprehensive income	(421)	(421)			(421)
OP units converted to common stock (in shares)			92,751
Ending Balance (in shares) at Dec. 31, 2015			162,529,811
Ending Balance at Dec. 31, 2015	$ 1,092,269	$ 1,034,740	$ 1,626	$ 1,403,624	$ (1,237)	$ (369,273)	$ 57,529

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (40,269)	$ (94,285)	$ (19,311)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	82,716	84,799	31,751
Amortization of deferred financing costs	7,036	8,184	2,369
Accretion of below- and amortization of above-market lease liabilities and assets, net	8,366	9,738	2,681
Vesting of asset management fees and final value of listing note	0	44,979	0
Loss (gain) on derivative instruments	(75)	1	5
Gain on sale of real estate investment, net	(7,523)	0	0
Gain on sale of investments	(109)	0	0
Bad debt expense	870	220	481
Equity-based compensation	15,245	7,752	232
Loss (income) from unconsolidated joint venture	(1,939)	1,499	95
Changes in assets and liabilities:
Tenant and other receivables	952	(2,823)	(1,215)
Unbilled rent receivables	(13,683)	(19,590)	(8,968)
Prepaid expenses, other assets and deferred costs	349	(6,632)	(8,566)
Accrued unbilled ground rent	3,179	4,348	476
Accounts payable and accrued expenses	(102)	(8,730)	7,314
Due from affiliated entities	0	0	325
Deferred rent	(706)	(3,447)	7,131
Net cash provided by operating activities	37,725	6,535	9,428
Cash flows from investing activities:
Proceeds from sale of preferred equity investment and other real estate investments	70,854	0	0
Investment in real estate and other assets	0	(316,206)	(1,298,228)
Acquisition funds released from (held in) escrow	4,748	(4,748)	0
Capital expenditures	(30,289)	(11,801)	(12,089)
Purchase of investment securities	(78)	(3,127)	(1,288)
Proceeds from sale of investment securities	4,602	0	0
Distributions from unconsolidated joint venture	12,070	8,047	2,097
Net cash provided by (used in) investing activities	61,907	(327,835)	(1,309,508)
Cash flows from financing activities:
Proceeds from mortgage notes payable	305,000	0	0
Payments on mortgage notes payable	(88,806)	(474)	(72,853)
Proceeds from credit facility	0	330,000	305,000
Payments on credit facility	(150,000)	0	(19,995)
Proceeds from issuance of common stock	0	11,311	1,492,523
Proceeds from issuance of operating partnership units	0	750	0
Payments for purchase of derivative instruments	(488)	0	0
Repurchases of common stock, inclusive of fees and expenses	0	(154,269)	(1,763)
Payments of offering costs and fees related to stock issuances	0	(1,506)	(148,223)
Payments of financing costs	(10,771)	(7,293)	(7,562)
Dividends paid	(74,707)	(66,129)	(17,799)
Distributions to non-controlling interest holders	(3,184)	(780)	(65)
Redemptions of OP units and restricted shares	(65)	(698)	(1,000)
Restricted cash	(519)	(477)	(160)
Net cash provided by (used in) financing activities	(23,540)	110,435	1,528,103
Net increase (decrease) in cash and cash equivalents	76,092	(210,865)	228,023
Cash and cash equivalents, beginning of period	22,512	233,377	5,354
Cash and cash equivalents, end of period	98,604	22,512	233,377
Supplemental Disclosures:
Cash paid for interest	21,660	15,467	7,946
Non-Cash Investing and Financing Activities:
Accrued capital expenditures	498	3,555	0
Reclassification of real estate and other assets to held for sale	29,268	0	0
Reclassification of liabilities related to real estate and other assets to held for sale	321	0	0
Mortgage notes payable used to acquire investments in real estate	0	0	60,000
Liabilities assumed in acquisition of real estate	0	0	12,206
Dividends payable	27	20	0
Debt assumed in real estate acquisitions	0	0	1,411
Conversion of preferred stock to common stock	0	0	506
Conversion of OP units to common stock	974	0	0
Common stock issued through distribution reinvestment plan	$ 0	$ 19,019	$ 18,852

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization New York REIT, Inc. (the "Company") is a REIT oriented towards owning income-producing commercial real estate in New York City, primarily office and retail properties located in Manhattan. The Company may also acquire multifamily, industrial, hotel and other types of real properties as well as originate or acquire first mortgage loans, mezzanine loans, or preferred equity interests related to New York City real estate. The Company purchased its first property and commenced active operations in June 2010. As of December 31, 2015 , the Company owned 22 properties. The Company, incorporated on October 6, 2009, is a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange ("NYSE") under the symbol "NYRT" (the "Listing"). Substantially all of the Company's business is conducted through New York Recovery Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. The Company has no direct employees. The Company has retained New York Recovery Advisors, LLC (the "Advisor") to manage its affairs on a day-to-day basis. New York Recovery Properties, LLC (the "Property Manager") serves as the Company's property manager, unless services are performed by a third party for specific properties. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, "AR Global"), the parent of the Company's sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which, they are related parties and have received or will continue to receive compensation, fees and expense reimbursements for services related to the investment and management of the Company's assets. Realty Capital Securities, LLC (the "Former Dealer Manager") served as the dealer manager of the initial public offering, which was ongoing from September 2010 to December 2013 (the "IPO"), and, together with its affiliates, continued to provide the Company with various services through December 31, 2015 . RCS Capital Corporation, the parent company of the Former Dealer Manager and certain of its affiliates that provided services to the Company, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Sponsor.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation, specifically the amortization of the basis difference related to our unconsolidated joint venture of $2.2 million for the year ended December 31, 2013 , which has been reflected as a component of income (loss) from unconsolidated joint venture instead of depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss. See Note 4 — Investment in Unconsolidated Joint Venture . Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests, either through voting or similar rights or by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). The portions of the consolidated joint venture arrangements not owned by the Company are presented as noncontrolling interests. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests in a VIE. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company continually evaluates the need to consolidate its joint ventures. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners or members as well as whether the entity is a VIE for which the Company is the primary beneficiary. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, derivative financial instruments and hedging activities, equity-based compensation expenses related to the 2014 Advisor Multi-Year Outperformance Agreement (as amended and restated effective August 5, 2015, the "OPP") and fair value measurements, as applicable. Investments in Real Estate The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases and ground leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the comparable fair market lease rate, measured over the remaining term of the lease, including any below market fixed rate renewal options for below-market leases. The fair value of other intangible assets, such as real estate tax abatements, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on its fair value at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report the results of these properties' operations within continuing operations. Properties that are intended to be sold will be designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale. The Company has three properties classified as held for sale as of December 31, 2015 . The Company did not have any properties held for sale as of December 31, 2014 . See Note 3 — Real Estate Investments . Acquired intangible assets and lease liabilities consist of the following as of December 31, 2015 and 2014 . December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 113,392 $ 31,120 $ 82,272 Other intangible 3,804 429 3,375 Above-market leases 20,398 3,713 16,685 Total acquired intangible assets $ 137,594 $ 35,262 $ 102,332 Intangible lease liabilities: Below-market leases $ 77,177 $ 21,110 $ 56,067 Above-market ground lease liability 17,968 952 17,016 Total market lease intangibles $ 95,145 $ 22,062 $ 73,083 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 131,518 $ 27,450 $ 104,068 Other intangible 3,804 107 3,697 Above-market leases 23,061 3,605 19,456 Total acquired intangible assets $ 158,383 $ 31,162 $ 127,221 Intangible lease liabilities: Below-market leases $ 81,708 $ 14,953 $ 66,755 Above-market ground lease liability 17,968 503 17,465 Total market lease intangibles $ 99,676 $ 15,456 $ 84,220 Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. Acquired above-market ground leases are amortized as a reduction of property operating expense over the remaining term of the respective leases. Acquired below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option period. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining terms of the respective leases. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages. The following table provides the weighted-average remaining amortization and accretion periods as of December 31, 2015 , for intangible assets and liabilities and the projected amortization expense and adjustments to revenues for the next five years: (Dollar amounts in thousands) Weighted- Average Remaining Amortization Period 2016 2017 2018 2019 2020 In-place leases 8.9 $ 10,665 $ 9,612 $ 8,655 $ 8,271 $ 8,033 Other intangible 10.5 321 321 321 321 321 Total to be included in depreciation and amortization expense $ 10,986 $ 9,933 $ 8,976 $ 8,592 $ 8,354 Above-market lease assets 12.4 $ (1,428 ) $ (1,420 ) $ (1,420 ) $ (1,420 ) $ (1,407 ) Below-market lease liabilities 9.1 7,446 6,660 5,875 5,490 5,250 Total to be included in rental income $ 6,018 $ 5,240 $ 4,455 $ 4,070 $ 3,843 Above-market ground lease liability to be deducted from property operating expenses 35.6 $ (449 ) $ (449 ) $ (449 ) $ (449 ) $ (449 ) For the years ended December 31, 2015 , 2014 and 2013 , amortization of in-place leases and other intangible of $19.8 million , $21.1 million and $8.1 million , respectively, is included in depreciation and amortization on the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2015 , 2014 and 2013 , net amortization of above- and below-market lease intangibles of $7.9 million , $9.3 million and $2.6 million , respectively, is included in rental income on the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2015 , 2014 and 2013 , amortization of above-market ground lease liability of $0.4 million , $0.4 million , and $0.1 million , respectively, is included in property operating expense on the consolidated statements of operations and comprehensive loss. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the agreed-upon selling price of an asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss). The Company recognized impairment charges of $0.9 million during the year ended December 31, 2015 . The Company was not required to recognize any impairment charges for the years ended December 31, 2014 and 2013 . Impairment of Equity Method Investments The Company monitors the value of its equity method investments for indicators of impairment. An impairment charge is recognized when the Company determines that a decline in the fair value of the investment below its carrying value is other-than-temporary. The assessment of impairment is subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment. The Company was not required to recognize any impairment charges related to equity method investments during the years ended December 31, 2015 , 2014 or 2013 . Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. As of December 31, 2015 and 2014 , $0.2 million and $0.3 million , respectively, was held in money market funds with the Company's financial institutions. The Company deposits cash with high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the "FDIC") up to an insurance limit. At December 31, 2015 and 2014 the Company had deposits of $98.6 million and $22.5 million , respectively, of which $96.3 million and $18.9 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash primarily consists of maintenance, real estate tax, structural, and debt service reserves. Investment Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. The Company was not required to recognize any other-than-temporary impairment charges for the years ended December 31, 2015 , 2014 or 2013 . 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. This investment was recorded initially at cost and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of this investment and the underlying equity in net assets is depreciated and amortized over the estimated useful lives of the assets and liabilities with a corresponding adjustment to the equity income (loss) from unconsolidated joint venture on the accompanying consolidated statements of operations and comprehensive loss. Equity income (loss) from unconsolidated joint venture is allocated based on the Company's ownership or economic interest in the joint venture. A loss in the value of a joint venture investment that is determined to be other than temporary is recognized in the period in which the loss occurs. See Note 4 — Investment in Unconsolidated Joint Venture . Deferred Costs, Net Deferred costs, net consists of deferred financing costs and leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized to depreciation and amortization expense over the term of the lease. Derivative Instruments The Company uses derivative financial instruments to hedge the interest rate risk associated with a portion of its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or if the Company does not elect to apply hedge accounting. If the Company designates a qualifying derivative as a hedge, changes in the value of the derivative are reflected in accumulated other comprehensive income (loss) on the accompanying consolidated balance sheets. If a derivative does not qualify as a hedge, or if the Company does not elect to apply hedge accounting, changes in the value of the derivative are reflected in other income (loss) on the accompanying consolidated statements of operations and comprehensive loss. Revenue Recognition The Company's revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Because many of the Company's leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is on the date on which such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant's sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. If contingent rental income is recognized pursuant to these provisions, contingent rental income is included in rental income on the consolidated statements of operations and comprehensive loss. The Company recognized contingent rental revenue of $0.6 million during the year ended December 31, 2015 . The Company did not recognize any revenue or deferred revenue related to contingent rental income during the years ended December 31, 2014 or 2013 . Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable. The Company's hotel revenues are recognized as earned and are derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Share-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period or when the requirements for exercise of the award have been met. During the year ended December 31, 2015 , the Company granted restricted shares to employees of the Advisor, which are accounted for under the guidance for non-employee share-based payments. The fair value of the awards granted to employees of the Advisor are remeasured quarterly, with the resulting amortization adjustments reflected in general and administrative expense in the consolidated statements of operations and comprehensive loss. 2014 Advisor Multi-Year Outperformance Agreement On April 15, 2014 (the "Effective Date"), in connection with the Listing, the Company entered into the OPP with the OP and the Advisor, which is accounted for under the guidance for non-employee share-based payments. The Company records equity based compensation expense associated with the awards over the requisite service period of five years. Equity-based compensation expense is adjusted each reporting period for changes in the estimated market-related performance. See Note 16 — Share-Based Compensation . Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2010. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2015 , 2014 and 2013 . Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded on the Company’s financial statements. Even if the Company 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. During the year ended December 31, 2013, the Company purchased a hotel, which is owned by a subsidiary of the OP and leased to a taxable REIT subsidiary ("TRS"), that is owned by the OP. A TRS is subject to federal, state and local income taxes. The TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax benefit. Deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRS for financial reporting purposes and the amounts used for income tax purposes. The TRS had deferred tax assets and a corresponding valuation allowance of $3.1 million and $1.7 million as of December 31, 2015 and 2014 , respectively. The TRS had federal and state net operating loss carry forwards as of December 31, 2015 of $6.7 million , which will expire through 2036. The Company estimated income tax relating to its TRS using a combined federal and state rate of approximately 43% for the year ended December 31, 2015 . The Company has concluded that it is more likely than not that the net operating loss carry forwards will not be utilized during the carry forward period and as such the Company has established a valuation allowance against these deferred tax assets. The Company had immaterial current and deferred federal and state income tax expense for the years ended December 31, 2015 , 2014 and 2013 . As of December 31, 2015 , the Company had no material uncertain income tax positions. The tax years subsequent to and including the year ended December 31, 2012 remain open to examination by the major taxing jurisdictions to which the Company is subject. Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments such as unvested restricted stock, Long-term Incentive Plan ("LTIP") units and OP units (assuming such units are not antidilutive), based on the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 18 — Net Loss Per Share . Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company's investments in real estate at the individual property level. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Investments	Note 3 — Real Estate Investments The following table presents the allocation of the assets acquired and liabilities assumed during the year s ended December 31, 2014 and 2013 . There were no real estate assets acquired or liabilities assumed during the year ended December 31, 2015 . Year Ended December 31, (Dollar amounts in thousands) 2014 2013 Real estate investments, at cost: Land $ 68,251 $ 333,166 Buildings, fixtures and improvements 233,607 749,127 Total tangible assets 301,858 1,082,293 Acquired intangibles: In-place leases 25,169 81,376 Other intangible 3,804 — Above-market lease assets 3,707 10,389 Below-market lease liabilities (23,705 ) (70,589 ) Total acquired intangibles 8,975 21,176 Total assets acquired, net 310,833 1,103,469 Investment in unconsolidated joint venture 273 236,965 Preferred equity investment 5,100 30,000 Mortgage notes payable used to acquire investments in real estate — (60,000 ) Other liabilities assumed — (12,206 ) Cash paid for acquired real estate investments and other assets $ 316,206 $ 1,298,228 Number of properties and other investments purchased 1 7 The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to December 31, 2015 . These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. (In thousands) Future Minimum Base Rental Cash Payments 2016 $ 104,174 2017 106,823 2018 104,931 2019 96,911 2020 97,330 Thereafter 562,352 $ 1,072,521 The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of December 31, 2015 , 2014 and 2013 , including annualized cash rent related to the Company's unconsolidated joint venture: December 31, Property Portfolio Tenant 2015 2014 2013 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 16% 18% Worldwide Plaza Nomura Holdings America, Inc. 11% 11% 12% The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on the Company's operations. Real Estate Held For Sale and Real Estate Sales Real Estate Held for Sale In November 2015, the Company entered into agreements to sell its Duane Reade property in Queens, NY ("Duane Reade") and its property located at 1623 Kings Highway in Brooklyn, New York ("1623 Kings Highway"). In December 2015, the Company entered into an agreement to sell its Foot Locker property in Brooklyn, New York ("Foot Locker"). Concurrently with entering into the agreements, the Company stopped recognizing depreciation and amortization expense and the real estate and other assets and liabilities associated with the properties were reclassified as held for sale on the Company's consolidated balance sheets as of December 31, 2015 . The expected disposal of the properties referenced above does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the operating results of these properties remain classified within continuing operations for all periods presented. The Company recognized an impairment charge of $0.9 million related to Duane Reade as the carrying amount of Duane Reade's real estate and related assets, net of related liabilities, on the date of reclassification as held for sale was greater than the Company's estimate of its fair value less estimated costs to sell, which is reflected within gain on sale of real estate investments, net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2015 . The Company closed on the sales of Duane Reade and 1623 Kings Highway subsequent to December 31, 2015. See Note 21 — Subsequent Events . The following table details the major classes of assets associated with Duane Reade, 1623 Kings Highway and Foot Locker that have been reclassified as held for sale as of December 31, 2015 : (In thousands) December 31, 2015 Real estate held for sale, at cost: Land $ 10,636 Buildings, fixtures and improvements 18,783 Acquired intangible lease assets 3,237 Total real estate held for sale, at cost 32,656 Less accumulated depreciation and amortization (4,813 ) Real estate assets held for sale, net 27,843 Other assets related to real estate assets held for sale 1,425 Assets held for sale $ 29,268 As of December 31, 2015 , the Company had $0.3 million of liabilities related to real estate assets held for sale. Real Estate Sales On October 21, 2015, the Company sold its property located at 163 Washington Avenue in Brooklyn, New York and recognized a net gain on the sale of the property of $8.4 million for the year ended December 31, 2015 , which is reflected within gain on sale of real estate investments, net on the consolidated statements of operations and comprehensive loss. The Company did not sell any properties during the years ended December 31, 2014 or 2013 . The disposal of the property referenced above did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the operating results of 163 Washington Avenue remain classified within continuing operations for all periods presented until the date of disposal.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 4 — Investment in Unconsolidated Joint Venture On October 30, 2013, the Company purchased a 48.9% equity interest in WWP Holdings, LLC ("Worldwide Plaza") for a contract purchase price of $220.1 million , based on the property value for Worldwide Plaza of $1.3 billion less $875.0 million of debt on the property. As of December 31, 2015 , the Company's pro rata portion of debt secured by Worldwide Plaza was $427.9 million . The debt on the property has a weighted average interest rate of 4.6% and matures in March 2023. The Company accounts for the investment in Worldwide Plaza using the equity method of accounting because the Company exercises significant influence over, but does not control, the entity. Pursuant to the terms of the membership agreement governing the Company’s purchase of the 48.9% equity interest in Worldwide Plaza, the Company retains an option to purchase the balance of the equity interest in Worldwide Plaza beginning 38 months following the closing of the acquisition, or December 2016, at an agreed-upon property value of $1.4 billion , subject to certain adjustments, including, but not limited to, adjustments for certain loans that are outstanding at the time of exercise, adjustments for the percentage equity interest being acquired and any of the Company's preferred return in arrears. If the Company does not exercise its purchase option, the Company will be subject to a fee in the amount of $25.0 million . At acquisition, the Company's investment in Worldwide Plaza exceeded the Company's share of the book value of the net assets of Worldwide Plaza by $260.6 million . This basis difference resulted from the excess of the Company's purchase price for its equity interest in Worldwide Plaza over the book value of Worldwide Plaza's net assets. Substantially all of this basis difference was allocated to the fair values of Worldwide Plaza's assets and liabilities. The Company amortizes the basis difference over the anticipated useful lives of the underlying tangible and intangible assets acquired and liabilities assumed. The basis difference related to the land will be recognized upon disposition of the Company's investment. As of December 31, 2015 and 2014 , the carrying value of the Company's investment in Worldwide Plaza was $215.4 million and $225.5 million , respectively. The Company is party to litigation related to Worldwide Plaza. See Note 13 — Commitments and Contingencies . The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the financial information of Worldwide Plaza. The Company does not record losses of the joint venture in excess of its investment balance because the Company is not liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The condensed balance sheets as of December 31, 2015 and 2014 for Worldwide Plaza are as follows: December 31, (In thousands) 2015 2014 Real estate assets, at cost $ 714,642 $ 704,143 Less accumulated depreciation and amortization (117,092 ) (97,181 ) Total real estate assets, net 597,550 606,962 Cash and cash equivalents 9,036 3,784 Other assets 259,894 252,000 Total assets $ 866,480 $ 862,746 Debt $ 875,000 $ 875,000 Other liabilities 15,515 12,442 Total liabilities 890,515 887,442 Deficit (24,035 ) (24,696 ) Total liabilities and deficit $ 866,480 $ 862,746 Company's basis $ 215,370 $ 225,501 The condensed statements of operations for the years ended December 31, 2015 and 2014 , and the period from October 31, 2013 (date of acquisition) to December 31, 2013 for Worldwide Plaza are as follows: Year Ended Period from October 31, 2013 (date of acquisition) to (In thousands) December 31, 2015 December 31, 2014 December 31, 2013 Rental income $ 123,362 $ 113,498 18,736 Other revenue 4,940 4,932 837 Total revenue 128,302 118,430 19,573 Operating expenses: Operating expense 47,816 45,911 7,288 Depreciation and amortization 27,677 26,835 4,025 Total operating expenses 75,493 72,746 11,313 Operating income 52,809 45,684 8,260 Interest expense (40,077 ) (40,077 ) (6,808 ) Net income 12,732 5,607 1,452 Company's preferred return (15,736 ) (15,617 ) (2,653 ) Net loss to members $ (3,004 ) $ (10,010 ) $ (1,201 ) Net income (loss) related to Worldwide Plaza includes the Company's pro rata share of Worldwide Plaza net income (loss) to members as well as the Company's preferred return less amortization of the basis difference. The following table presents the components of the income (loss) related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income (loss) from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Year Ended Period from October 31, 2013 (date of acquisition) to (In thousands) December 31, 2015 December 31, 2014 December 31, 2013 Company's preferred return $ 15,736 $ 15,617 $ 2,653 Company's share of net loss from Worldwide Plaza (1,470 ) (4,895 ) (587 ) Amortization of basis difference (12,327 ) (12,221 ) (2,161 ) Company's income (loss) from Worldwide Plaza $ 1,939 $ (1,499 ) $ (95 )

Preferred Equity Investment

Preferred Equity Investment	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Preferred Equity Investment	Note 5 — Preferred Equity Investment On March 27, 2015, the Company's preferred equity investment in a class A office building located at 123 William Street (the "Property") in the Financial District of downtown Manhattan was repaid as a result of the sale of the Property. The preferred equity investment carried a 6.0% current pay rate and a 2.0% accrual rate. Pursuant to the sale of the Property, the Company received $1.1 million in current and accrued income earned and $35.1 million for the return of all principal invested. The preferred equity investment had a fixed return based on contributed capital, no participation in profits or losses of the real estate activities, and property foreclosure rights in the event of default. As such, the Company recorded returns earned in income from preferred equity investment, investment securities and interest on the consolidated statements of operations and comprehensive loss.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 6 — Investment Securities The Company's investment securities consisted of redeemable preferred stock and equity securities, with an aggregate fair value of $4.7 million as of December 31, 2014 . The Company sold its investment securities during the year ended December 31, 2015 for a gain of $0.1 million , which is included in income from preferred equity investment, investment securities and interest on the accompanying consolidated statements of operations and comprehensive loss. The equity securities consisted of a real estate income fund managed by an affiliate of the Sponsor. See Note 14 — Related Party Transactions and Arrangements . The Company's preferred stock investment was redeemable at the issuer's option after five years from issuance. The following table details the unrealized gains and losses on investment securities as of December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2014 Redeemable preferred stock $ 1,288 $ 21 $ (12 ) $ 1,297 Equity securities 3,127 235 — 3,362 Total $ 4,415 $ 256 $ (12 ) $ 4,659 No other-than-temporary impairment charges were required to be recognized during the years ended December 31, 2015 and 2014 .

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Credit Facility	Note 7 — Credit Facility On April 14, 2014, the Company amended and restated its credit facility with Capital One, National Association (the "Credit Facility"). The Credit Facility allows for total borrowings of up to $705.0 million with a $305.0 million term loan and a $400.0 million revolving loan. The term loan component of the Credit Facility matures in August 2018 and the revolving loan component matures in August 2016. The Company has two options to extend the maturity date of the revolving loan component of the Credit Facility through August 2018. The Credit Facility contains an "accordion feature" to allow the Company, under certain circumstances and with the consent of its lenders, to increase the aggregate loan borrowings to up to $1.0 billion of total borrowings. On August 27, 2015, the Company entered into an amendment pursuant to which certain changes were made under the Credit Facility primarily to increase the borrowing base capacity including, among other changes, (i) the ability to add a hotel asset as a borrowing base asset and (ii) reducing the debt service coverage ratio test from 1.4 to 1.3 for draw downs on the Credit Facility. The Company incurred $6.3 million of fees related to the amendment of which $4.0 million have been capitalized and included in deferred costs on the consolidated balance sheets and $2.4 million are included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive loss. The Company has the option, based upon its corporate leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.50% to 2.25% ; or (b) the Base Rate plus an applicable margin that ranges from 0.50% to 1.25% . Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.50% above the federal funds effective rate and (iii) 1.00% above the applicable one-month LIBOR. The Company has historically paid interest calculated based on LIBOR, plus an applicable margin. The Company repaid $150.0 million in advances on the revolving portion of its Credit Facility during the year ended December 31, 2015 . The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $180.0 million , respectively, as of December 31, 2015 and $305.0 million and $330.0 million , respectively as of December 31, 2014 . The Credit Facility had a combined weighted average interest rate of 2.39% and 2.08% as of December 31, 2015 and 2014 , respectively, a portion of which is fixed with an interest rate swap. The Credit Facility includes an unused commitment fee per annum of (a) 0.15% if the unused balance of the facility is equal to or less than 50% of the available facility and (b) 0.25% if the unused balance of the facility exceeds 50% of the available facility. The actual availability of borrowings under the Credit Facility for any period is based on requirements outlined in the Credit Facility with respect to the pool of eligible unencumbered assets that comprise our borrowing base properties. The unused borrowing capacity, based on the debt service coverage ratio of the borrowing base properties as of December 31, 2015 , was $63.0 million . The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of December 31, 2015 , the Company was in compliance with the debt covenants under the Credit Facility.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Note 8 — Mortgage Notes Payable The Company's mortgage notes payable as of December 31, 2015 and 2014 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties December 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 19,798 $ 20,198 4.4 % Fixed Dec. 2021 Foot Locker 1 3,250 3,250 4.6 % Fixed Jun. 2016 Duane Reade (2) 1 8,400 8,400 3.6 % Fixed Nov. 2016 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 1623 Kings Highway (2) 1 7,288 7,288 3.3 % Fixed (1) Nov. 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 1440 Broadway (2) 1 305,000 — 3.9 % Variable (3) Oct. 2019 Bleecker Street — 21,300 Regal Parking Garage — 3,000 Washington Street Portfolio — 4,741 One Jackson Square — 13,000 350 West 42nd Street — 11,365 229 West 36th Street — 35,000 7 $ 388,436 $ 172,242 3.8 % (4) ______________________ (1) Fixed through an interest rate swap agreement. (2) Total commitments of $325.0 million ; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (3) LIBOR portion is capped through an interest rate cap agreement. (4) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2015 . (5) Subsequent to December 31, 2015 , as a result of the closing of the sales of the properties, the Company repaid its mortgages securing Duane Reade and 1623 Kings Highway. See Note 21 — Subsequent Events . During the year ended December 31, 2015 , the Company repaid four mortgage notes payable and settled through legal defeasance two mortgage notes payable before the scheduled maturity dates. As a result, the Company incurred $1.8 million in expenses related to these transactions, which relates to prepayment penalties and the write-off of previously recorded deferred financing costs, of which $0.6 million is included in acquisition and transaction related expenses and $1.2 million is included in interest expense on the consolidated statements of operations and comprehensive loss. The Company's remaining properties, with the exception of 367-369 Bleecker Street and 387 Bleecker Street (which excludes 382-384 Bleecker Street), that are not subject to mortgage notes payable collateralize the borrowing base of the Credit Facility and are subject to mortgages under the Credit Facility for that purpose. On September 30, 2015, in connection with the mortgage notes payable secured by its property located at 1440 Broadway, the Company executed guarantees in favor of the lenders with respect to the costs of certain unfunded obligations of the Company related to tenant allowances, capital expenditures and leasing costs, which guarantees are capped at $5.3 million in the aggregate. The guarantees expire in October 2019, the maturity date of the 1440 Broadway mortgage. As of December 31, 2015 , the Company has not been required to perform under the guarantees and has not recognized any assets or liabilities related to the guarantees. Real estate investments of $685.5 million , at cost, at December 31, 2015 have been pledged as collateral to their respective mortgages and are not available to satisfy the Company's corporate debts and obligations unless first satisfying the mortgage notes payable on the properties. The following table summarizes the scheduled aggregate principal repayments subsequent to December 31, 2015 : (In thousands) Future Minimum Principal Payments 2016 $ 12,068 2017 55,533 2018 3,703 2019 308,869 2020 4,041 Thereafter 4,222 Total $ 388,436 Some of the Company's mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2015 , the Company was in compliance with the financial covenants under its mortgage note agreements.

Subordinated Listing Distributi

Subordinated Listing Distribution	12 Months Ended
	Dec. 31, 2015
Subordinated Listing Distribution [Abstract]
Subordinated Listing Distribution Derivative	Note 9 — Subordinated Listing Distribution Upon occurrence of the Listing, New York Recovery Special Limited Partnership, LLC (the "SLP") became entitled to begin receiving distributions of net sale proceeds pursuant to its special limited partner interest in the OP (the "SLP Interest") in an aggregate amount that was evidenced by the issuance of a note by the OP (the "Listing Note"). The Listing Note was equal to 15.0% of the amount, if any, by which (a) the average market value of the Company’s outstanding common stock for the period 180 days to 210 days after the Listing, plus dividends paid by the Company prior to the Listing, exceeded (b) the sum of the total amount of capital raised from stockholders during the Company’s IPO and the amount of cash flow necessary to generate a 6.0% annual cumulative, non-compounded return to such stockholders. Concurrently with the Listing, the Company, as general partner of the OP, caused the OP to enter into the Listing Note agreement dated April 15, 2014 by and between the OP and the SLP, and caused the OP to issue the Listing Note. The Listing Note was evidence of the SLP's right to receive distributions of net sales proceeds from the sale of the Company's real estate and real estate-related assets up to an aggregate amount equal to the principal balance of the Listing Note. Pursuant to the terms of the partnership agreement of the OP, the SLP had the right, but not the obligation, to convert all or a portion of the SLP interest into limited partnership units of the OP ("OP units"), which are convertible into shares of the Company's common stock or the cash value of a corresponding number of shares, at the election of the OP, in accordance with the limited partnership agreement of the OP. The principal amount of the Listing Note was determined based, in part, on the actual market value of the Company’s outstanding common stock for the period 180 days to 210 days after the Listing. Until the final principal amount of the Listing Note was determined in November 2014, the Listing Note was considered to be a derivative which was marked to fair value at each reporting date, with changes in the fair value recorded in the consolidated statements of operations and comprehensive loss. The principal amount of the Listing Note was determined to be $33.5 million and was recorded as an expense in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2014 . On November 21, 2014, at the request of the SLP, the Listing Note was converted into 3,062,512 OP units and the value of the Listing Note was reclassified from derivative liabilities to non-controlling interest on the consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 10 — Fair Value of Financial Instruments The Company determines fair value of its financial instruments based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instruments, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Although the Company has determined that the majority of the inputs used to value its derivatives, such as interest rate swaps and caps, fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015 and 2014 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company's derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. See Note 11 — Interest Rate Derivatives and Hedging Activities . The valuation of derivatives is determined using a discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the counterparties. The Company had investments in redeemable preferred stock and an equity security as of December 31, 2014 that were traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company classified these investments as Level 1 in the fair value hierarchy. The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) December 31, 2014 Derivatives, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between levels of the fair value hierarchy during the years ended December 31, 2015 or 2014 . Financial instruments not carried at fair value The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheets are reported below. Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level December 31, 2015 December 31, 2015 December 31, 2014 December 31, 2014 Mortgage notes payable 3 $ 388,436 $ 401,503 $ 172,242 $ 174,468 Credit Facility 3 $ 485,000 $ 487,579 $ 635,000 $ 651,579 Preferred equity investment 3 $ — $ — $ 35,100 $ 34,800 The fair value of mortgage notes payable, the fixed-rate portions of term loans on the Credit Facility and the preferred equity investment are estimated using a discounted cash flow analysis based on similar types of arrangements. The Company's preferred equity investment was repaid in March 2015. See Note 5 — Preferred Equity Investment . Advances under the Credit Facility with variable interest rates and advances under the revolving portion of the Credit Facility are considered to be reported at fair value.

Interest Rate Derivatives and H

Interest Rate Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities	Note 11 — Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company uses derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that the Company believes to have high credit ratings and with major financial institutions with which the Company and the Advisor and its affiliates may also have other financial relationships. Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses such derivatives to hedge the variable cash flows associated with variable-rate debt. During the year ended December 31, 2015 , the Company terminated two of its interest rate swaps as the related hedged debts were repaid, which made it probable that the forecasted transactions would not occur and, as a result, accelerated the reclassification of amounts in accumulated other comprehensive loss to earnings. The accelerated amounts resulted in a loss of $0.2 million for the year ended December 31, 2015 , which is included in the gain (loss) on derivative instruments on the consolidated statements of operations and comprehensive loss. Amounts reported in accumulated other comprehensive loss related to derivatives are reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next 12 months , the Company estimates that an additional $1.0 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense. As of December 31, 2015 and 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2015 December 31, 2014 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 4 $ 131,988 6 $ 179,988 Derivatives Not Designated as Hedges Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements under GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings, which resulted in an expense of $0.4 million during the year ended December 31, 2015 and included in gain (loss) on derivative instruments on the consolidated statements of operations and comprehensive loss. As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships. The Company did not have any outstanding interest rate derivatives that were not designated as hedges as of December 31, 2014 . December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate caps 2 $ 305,000 Balance Sheet Classification The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2015 and 2014 : December 31, (In thousands) Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 15 $ 205 Interest rate swaps Derivative liabilities, at fair value $ (1,266 ) $ (1,276 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 416 $ — Derivatives in Cash Flow Hedging Relationships The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, (In thousands) 2015 2014 2013 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (2,344 ) $ (2,847 ) $ (16 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (2,167 ) $ (2,160 ) $ (1,336 ) Amount of gain (loss) recognized in gain (loss) on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (4 ) $ 1 $ 5 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2015 and 2014 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount December 31, 2015 $ 431 $ (1,266 ) $ (835 ) $ — $ — $ (835 ) December 31, 2014 $ 205 $ (1,276 ) $ (1,071 ) $ — $ — $ (1,071 ) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2015 , the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.4 million . As of December 31, 2015 , the Company has not posted any collateral related to its agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $1.4 million at December 31, 2015 .

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Common Stock	Note 12 — Common Stock As of December 31, 2015 and 2014 , the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock ("restricted shares") and shares issued under the distribution reinvestment plan (the "DRIP"), but not including OP units or Long-term Incentive Plan units ("LTIP units") which may in the future be converted into shares of common stock. From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. On March 31, 2014, the board of directors approved the termination of the Company's Share Repurchase Program ("SRP"). The Company processed all of the requests received under the SRP through the first quarter of 2014. The following table reflects the cumulative number of shares repurchased as of and through the termination of the SRP: Number of Requests Number of Shares Repurchased Average Price per Share Repurchases prior to December 31, 2012 11 84,199 9.56 Year ended December 31, 2013 24 195,395 9.65 Repurchases in 2014 through termination of the SRP 1 5,000 10.00 Cumulative repurchase requests through termination of SRP 36 284,594 $ 9.63 Note 17 — Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the periods indicated: Unrealized gains Change in Total accumulated on available-for-sale unrealized gain other comprehensive (in thousands) securities (loss) on derivatives income (loss) Balance, December 31, 2012 $ — $ (1,693 ) $ (1,693 ) Other comprehensive loss, before reclassifications (240 ) (16 ) (256 ) Amounts reclassified from accumulated other comprehensive income (loss) — 1,336 1,336 Net current-period other comprehensive income (loss) (240 ) 1,320 1,080 Balance, December 31, 2013 (240 ) (373 ) (613 ) Other comprehensive income (loss), before reclassifications 484 (2,847 ) (2,363 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2,160 2,160 Net current-period other comprehensive income (loss) 484 (687 ) (203 ) Balance, December 31, 2014 244 (1,060 ) (816 ) Other comprehensive loss, before reclassifications (137 ) (2,344 ) (2,481 ) Amounts reclassified from accumulated other comprehensive income (loss) (107 ) 2,167 2,060 Net current-period other comprehensive loss (244 ) (177 ) (421 ) Balance, December 31, 2015 $ — $ (1,237 ) $ (1,237 ) For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2015 , 2014 and 2013 , see Note 11 — Interest Rate Derivatives and Hedging Activities .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Future Minimum Lease Payments The Company has entered into operating and capital lease agreements primarily related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes, among other items. Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases 2016 $ 4,958 $ 86 2017 4,905 86 2018 5,089 86 2019 5,346 86 2020 5,346 86 Thereafter 246,281 3,404 Total minimum lease payments $ 271,925 $ 3,834 Less: amounts representing interest (1,721 ) Total present value of minimum lease payments $ 2,113 Total rental expense related to operating leases was $7.7 million , $7.7 million and $0.9 million , respectively, for the years ended December 31, 2015 , 2014 and 2013 . During the years ended December 31, 2015 , 2014 and 2013 , interest expense related to capital leases was approximately $0.1 million . The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of December 31, 2015 and 2014 : December 31, (In thousands) 2015 2014 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (1,705 ) (1,137 ) Total real estate investments, net $ 10,078 $ 10,646 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no legal or regulatory proceedings pending or known to be contemplated against the Company from which the Company expects to incur a material loss. RXR Realty (“RXR”) initiated a suit against the Company alleging that it suffered “lost profits” in connection with the Company’s purchase of its 48.9% interest in Worldwide Plaza in October 2013. On August 12, 2014, the Supreme Court of the State of New York dismissed all of RXR’s claims against the seller of Worldwide Plaza and dismissed RXR’s disgorgement claims against the Company, permitting only a limited, immaterial claim against the Company for RXR’s cost of producing due diligence-related material to proceed. RXR appealed the ruling and, on October 13, 2015, the appellate court upheld the previous decisions; however, the appellate court held that the trial court's exclusion of lost profit damages was premature and would have to be considered through a motion for summary judgment. The Company has moved for summary judgment. Oral argument of the motion is scheduled for March 24, 2016. The Company has not recognized a liability with respect to RXR's claim because the Company does not believe that it is probable that it will incur a related material loss. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 14 — Related Party Transactions and Arrangements Individual members of the Advisor and the SLP and employees or former employees of the Advisor hold interests in the OP. See Note 19 — Non-Controlling Interests. As of December 31, 2014 , the Company had investments in a real estate income fund managed by an affiliate of the Sponsor (see Note 6 — Investment Securities ). There was no obligation to purchase any additional shares and the shares could have been sold at any time. The Company sold its investments in the real estate income fund during the year ended December 31, 2015 . The Company recognized income on this investment of $0.1 million during the year ended December 31, 2015 , which includes the gain recognized on the sale of the investments and dividend income. During the year ended December 31, 2014 , the Company recognized income of $0.1 million on its equity security. The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of December 31, 2015 or 2014 . Year Ended December 31, (In thousands) 2015 2014 2013 Hotel revenues $ 134 $ 545 $ 68 Fees Paid in Connection with the IPO The Former Dealer Manager and the Sponsor were paid fees and compensation in connection with the sale of the Company's common stock in the IPO. The Former Dealer Manager received a selling commission of up to 7.0% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers and a dealer manager fee of 3.0% of gross offering proceeds. In addition, the Former Dealer Manager was permitted to re-allow a portion of its dealer manager fee to such participating broker-dealers, based on such factors as the volume of shares sold by respective participating broker-dealers and marketing support provided as compared to other participating broker-dealers. During the years ended December 31, 2014 and 2013 , the Company incurred approximately $8,000 and $135.0 million , respectively, in commissions and fees to the Former Dealer Manager. The Advisor and its affiliates received compensation and reimbursement for services provided in connection with the IPO. Effective March 1, 2013, the Company began utilizing transfer agent services provided by an affiliate of the Former Dealer Manager. All offering costs related to the IPO incurred by the Company, or its affiliated entities, on behalf of the Company were charged to additional paid-in capital on the accompanying consolidated balance sheets. Subsequent to the IPO, transfer agent fees are recorded in general and administrative expenses on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2013 , the Company incurred $11.6 million in fees and expense reimbursements from the Advisor and Former Dealer Manager. The Company did not incur any fees or expense reimbursements related to the IPO during the year ended December 31, 2015 and did not have any amounts payable to the Advisor or Former Dealer Manager related to fees paid in connection with the IPO as of December 31, 2015 or 2014 . Fees Paid in Connection With the Operations of the Company Prior to October 12, 2014 (the "Termination Date"), the Advisor was paid an acquisition fee of 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment and, if the Advisor provided services in connection with the origination or refinancing of any debt that the Company obtained and used to acquire assets, or that was assumed, directly or indirectly, in connection with the acquisition of assets, the Company paid the Advisor a financing coordination fee equal to 0.75% of the amount available or outstanding under such financing or such assumed debt. Additionally, the Company reimbursed the Advisor for expenses incurred by the Advisor for services provided by third parties and acquisition expenses incurred by the Advisor directly from third parties. The total of all acquisition fees, acquisition expenses and any financing coordination fees with respect to the Company's portfolio of investments or reinvestments did not exceed 4.5% of the contract purchase price of the Company's portfolio as measured as of the Company's last property acquisition. On April 15, 2014, in conjunction with the Listing, the Company amended and restated its advisory agreement with the OP and the Advisor, which, among other things, terminated the acquisition fee and financing coordination fee on the Termination Date, which was 180 days after the Listing. The Company amended and restated its advisory agreement again on June 26, 2015 (as amended from time to time, the "Advisory Agreement"), which, among other things, removed the 2%/25% Limitation (defined below). If the Company acquires additional properties, the Company will reimburse the Advisor for expenses incurred by the Advisor or its affiliates for services provided by third parties and acquisition expenses incurred by the Advisor or its affiliates on their own behalf or directly from third parties, but will not pay acquisition fees or financing coordination fees. Until the Listing, the Company paid the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor a number of performance-based restricted, forfeitable partnership units of the OP designated as "Class B units" equal to a maximum 0.75% per annum of the cost of the Company's assets. As of April 15, 2014, in aggregate, the board of directors had approved the issuance of 1,188,667 Class B units to the Advisor in connection with this arrangement. The Advisor received distributions on unvested Class B units equal to the per share dividends paid on the Company's common stock. The value of issued Class B units was determined and expensed when the vesting condition was met, which occurred as of the Listing, resulting in $11.5 million of expense which was included in vesting of asset management fees expense in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2014 and in non-controlling interest on the consolidated balance sheets as of December 31, 2014. On April 15, 2014, the Class B units were converted to OP units on a one-to-one basis. With effect from Listing, the asset management subordinated participation was no longer applicable. Instead, an asset management fee became payable to the Advisor equal to 0.50% per annum of the cost of assets up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion . The asset management fee is payable in the form of cash, OP units, and shares of restricted common stock of the Company, or a combination thereof, at the Advisor’s election. During the year ended December 31, 2015 , and the period from the Listing to December 31, 2014 , the asset management fee was paid in cash. Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee equal to: (i) for non-hotel properties, 4.0% of gross revenues from properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee equal to a percentage of gross revenues. The Company also reimburses the Property Manager for property-level expenses. The Property Manager may subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracts for these services. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the applicable property. The Company reimburses the Advisor for costs and expenses paid or incurred by the Advisor and its affiliates in connection with providing services to the Company (including reasonable salaries and wages, benefits and overhead of all employees directly involved with the performance of such services), although the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives a separate fee. Prior to June 2015, reimbursement of costs and expenses was subject to the limitation that the Company would not reimburse the Advisor for any amount by which the Company's total operating expenses (as defined in the advisory agreement during the applicable time) for the four preceding fiscal quarters exceeded the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non cash reserves and excluding any gain from the sale of assets for that period (the "2%/25% Limitation"). The 2%/25% Limitation was removed from the Advisory Agreement in connection with the amendment and restatement in June 2015. Total reimbursement of costs and expenses for the year ended December 31, 2015 was $0.8 million . No reimbursement was incurred for the years ended December 31, 2014 and 2013 . Throughout the year ended December 31, 2015, the Former Dealer Manager and its affiliates provided us with various services, including legal, marketing and transfer agent services, among others. As of December 31, 2015, an affiliate of the Former Dealer Manager continued to provide transfer agency services to the Company. Following the completion of the IPO, these fees are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss during the period the service was provided. The amounts incurred from the Former Dealer Manager and its affiliates for services performed on behalf of the Company were $0.7 million for the year ended December 31, 2015 . The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2015 2014 2013 December 31, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 Acquisition fees and related cost reimbursements $ — $ — $ 3,350 $ — $ 15,836 $ — $ — $ — Financing coordination fees — — 2,363 — 6,584 — — — Ongoing fees: Asset management fees (1) 12,465 — 8,397 — — — (7 ) 15 Transfer agent and other professional fees 1,713 — 1,971 — — — 99 560 Property management and leasing fees — 2,603 — 1,731 — 840 — — Strategic advisory fees — — — — 920 — — — Distributions on Class B units — — 107 — 139 — — — Total related party operational fees and reimbursements $ 14,178 $ 2,603 $ 16,188 $ 1,731 $ 23,479 $ 840 $ 92 $ 575 ___________________________________________ (1) Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing. In order to improve operating cash flows and the ability to pay dividends from operating cash flows, the Advisor agreed to waive certain fees including property management fees during the years ended December 31, 2015 , 2014 and 2013 . Because the Advisor waived certain fees, cash flow from operations that would have been paid to the Advisor was available to pay dividends to stockholders. The fees that were waived were not deferrals and accordingly, will not be paid to the Advisor in any subsequent periods. Additionally, to improve the Company's working capital, the Advisor may elect to absorb, and not seek reimbursement for, a portion of the Company's expenses incurred in connection with the operations of the Company. The following table details property operating and general and administrative expenses absorbed by the Advisor during the periods presented. These costs are presented net in the consolidated statements of operations and comprehensive loss. Year Ended December 31, (In thousands) 2015 2014 2013 Property operating expenses absorbed $ — $ 623 $ — General and administrative expenses absorbed — 1,418 1,450 Total expenses absorbed $ — $ 2,041 $ 1,450 The Company had no receivables from the Advisor related to absorbed general and administrative expenses as of December 31, 2015 or 2014 . Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets In December 2013, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Former Dealer Manager, to provide strategic alternatives transaction management services through the occurrence of a liquidity event and a la carte services thereafter. The Company paid $3.0 million pursuant to this agreement. The Company incurred $1.5 million of expenses pursuant to this agreement during the years ended December 31, 2014 and 2013, including amounts for services provided in preparation for the Listing, which are included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. The Company did not incur any expenses pursuant to this agreement for the year ended December 31, 2015 . The Company does not owe the Former Dealer Manager or its affiliates any more fees pursuant to this agreement. In December 2013, the Company entered into an information agent and advisory services agreement with the Former Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Former Dealer Manager, to provide in connection with a liquidity event, advisory services, educational services to external and internal wholesalers, communication support as well as proxy, tender offer or redemption and solicitation services. The Company paid $1.9 million pursuant to this agreement. For the year ended December 31, 2014 , the Company incurred $1.3 million of expenses pursuant to this agreement, which included amounts for services provided in preparation for the Company's tender offer in April 2014 (the "Tender Offer"), and are included in additional paid-in capital on the accompanying consolidated balance sheets. The Company incurred $0.6 million in fees pursuant to this arrangement during the year ended December 31, 2013 which were included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. The Company did not incur any expenses pursuant to this agreement during the year ended December 31, 2015 . The Company does not owe the Former Dealer Manager or its affiliates any more fees pursuant to this agreement. In December 2013, the Company entered into an agreement with RCS Capital, the investment banking and capital markets division of the Former Dealer Manager, for strategic and financial advice and assistance in connection with (i) a possible sale transaction involving the Company (ii) the possible listing of the Company’s securities on a national securities exchange, and (iii) a possible acquisition transaction involving the Company. The Former Dealer Manager was entitled to a transaction fee equal to 0.25% of the transaction value in connection with the possible sale transaction, listing or acquisition. In April 2014, in connection with the Listing, the Company incurred and paid $6.9 million in connection with this agreement which was included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. The Company does not owe the Former Dealer Manager or its affiliates any more fees pursuant to this agreement. During the year ended December 31, 2014 , the Company incurred $0.6 million of expenses to affiliated entities of the Advisor for general legal, marketing and sales services provided in connection with the Listing. These expenses are included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2014 , the Company also incurred approximately $9,000 of expenses to affiliated entities of the Advisor for general legal services provided in connection with the Tender Offer. These expenses are included in additional paid-in capital on the accompanying consolidated balance sheets. The Company did not incur any expenses pursuant to this agreement for the year ended December 31, 2015 . As of December 31, 2015 and 2014 , there were no amounts payable to affiliated entities of the Advisor in accounts payable and accrued expenses on the accompanying consolidated balance sheets relating to the Listing or Tender Offer. For substantial assistance in connection with the sale of properties, the Company will pay the Advisor a property disposition fee not to exceed the lesser of 2.0% of the contract sale price of the property and 50% of the competitive real estate commission paid if a third party broker is also involved; provided, however that in no event may the property disposition fee paid to the Advisor when added to real estate commissions paid to unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a competitive real estate commission. For purposes of the foregoing, "competitive real estate commission" means a real estate brokerage commission for the purchase or sale of a property which is reasonable, customary and competitive in light of the size, type and location of the property. The Company incurred and paid $0.2 million in property disposition fees during the year ended December 31, 2015 . No such fees were incurred or paid for the years ended December 31, 2014 or 2013 . In connection with the Listing, the OP issued the Listing Note. See Note 9 — Subordinated Listing Distribution . In connection with the Listing and the Advisory Agreement, the Company terminated the subordinated termination fee that would be due to the Advisor in the event of termination of the Advisory Agreement. In October 2014, the Company entered into separate transaction management agreements with Barclays Capital Inc. and the Former Dealer Manager as financial advisors to assist the board of directors of the Company in evaluating strategic options to enhance long-term stockholder value, including a business combination involving the Company or a sale of the Company. In May 2015, the Company terminated its agreements with Barclays Capital Inc. and the Former Dealer Manager prior to paying any fees thereunder. The Company is no longer obligated to pay any transaction fees under either agreement.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2015
Economic Dependency [Abstract]
Economic Dependency	Note 15 — Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon the 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	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 16 — Share-Based Compensation Stock Option Plan The Company has a stock option plan (the "Plan") which authorizes the grant of nonqualified stock options to the Company's independent directors, officers, advisors, consultants and other personnel, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for all stock options granted under the Plan will be equal to the fair market value of a share on the date of grant. Upon a change in control, unvested options will become fully vested and any performance conditions imposed with respect to the options will be deemed to be fully achieved. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of December 31, 2015 and 2014 , no stock options were issued under the Plan. Restricted Share Plan The Company's employee and director incentive restricted share plan ("RSP") provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. Prior to the Listing, the RSP provided for the automatic grant of 3,000 restricted shares of common stock to each of the independent directors, without any further action by the Company's board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholder's meeting. Restricted shares issued to independent directors vest over a five-year period in increments of 20% per annum. Subsequent to the Listing, the Company amended the RSP to, among other things, remove the fixed amount of restricted shares that are automatically granted to the independent directors. Under the amended RSP, the annual amount granted to the independent directors is determined by the board of directors. Generally, such awards provide for accelerated vesting of (i) all unvested restricted shares upon a change in control or a termination without cause and (ii) the portion of the unvested restricted shares scheduled to vest in the year of voluntary termination or the failure to be re-elected to the board. Prior to March 31, 2014, the total number of shares of common stock granted under the RSP could not exceed 5.0% of the Company's outstanding shares on a fully diluted basis at any time, and in any event could not exceed 7.5 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). On March 31, 2014, the Company adopted an amendment to the Company’s RSP to increase the number of shares of the Company's capital stock, par value $0.01 per share, available for awards thereunder to 10% of the Company’s outstanding shares of capital stock on a fully diluted basis at any time. The amendment also eliminated the RSP limit of 7.5 million shares of capital stock. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the years ended December 31, 2015 , 2014 and 2013 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2012 19,800 $ 9.55 Granted 9,000 9.00 Vested (4,800 ) 9.63 Unvested, December 31, 2013 24,000 9.33 Granted 218,845 10.74 Vested (150,231 ) 10.52 Forfeited (3,115 ) 10.70 Unvested, December 31, 2014 89,499 10.73 Granted 340,527 10.54 Vested (33,651 ) 10.56 Forfeited (79,805 ) 10.36 Unvested, December 31, 2015 316,570 $ 10.59 In the first quarter of 2015, the board of directors approved, and the Company awarded, 279,365 restricted shares to employees of the Advisor. The awards vest over a four year period in increments of 25% per annum. During the year ended December 31, 2015 , 79,805 restricted shares were forfeited. In the fourth quarter 2015, the Company awarded an additional 30,000 restricted shares to its interim chief financial officer. This award vests over a three year period, subject to automatic vesting in its entirety upon his resignation or replacement as interim chief financial officer. Compensation expense related to restricted shares was $1.1 million , $2.5 million , and $0.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Company had approximately $1.9 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company’s RSP, which is expected to vest over a period of 3.2 years. 2014 Advisor Multi-Year Outperformance Agreement On the Effective Date in connection with the Listing, the Company entered into the OPP with the OP and the Advisor. The Company amended and restated the OPP effective August 5, 2015 to amend certain definitions related to performance measurement to equitably adjust for share issuances and share repurchases for the OPP's remaining valuation dates. Under the OPP, the Advisor was issued 8,880,579 LTIP units in the OP with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP units are structured as profits interests in the OP. The Advisor is eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12 -month period during the Three -Year Period (the “One-Year Periods”); and the initial 24 -month period of the Three -Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% ______________________ *The “Peer Group” is comprised of the companies in the SNL US REIT Office Index. The potential outperformance award is calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period is based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period is based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP units that are unearned at the end of the Performance Period will be forfeited. On April 15, 2015, 367,059 LTIP units were earned by the Advisor under the terms of the OPP. Moreover, the OPP provides for early calculation of earned LTIP units and for the accelerated vesting of any earned LTIP units in the event the Advisor is terminated or in the event of a change in control of the Company, which could motivate the Advisor to recommend a transaction that would result in a change in control under the OPP when such a transaction would not otherwise be in the best interests of the Company's stockholders. Subject to the Advisor’s continued service through each vesting date, one third of any earned LTIP units will vest on each of the third, fourth and fifth anniversaries of the Effective Date. Until such time as an LTIP unit is earned in accordance with the provisions of the OPP, the holder of such LTIP unit is entitled to distributions on such LTIP unit equal to 10% of the distributions made per OP unit. The Company paid $0.7 million and $0.3 million , respectively, in distributions related to LTIP units during the year s ended December 31, 2015 and 2014 , respectively, which is included in non-controlling interest in the consolidated balance sheets. After an LTIP unit is earned, the holder of such LTIP unit is entitled to a catch-up distribution and then the same distribution as the holder of an OP unit. At the time the Advisor’s average capital account balance with respect to an LTIP unit is economically equivalent to the average capital account balance of an OP unit, the LTIP unit has been earned and it has been vested for 30 days, the Advisor, in its sole discretion, will be entitled to convert such LTIP unit into an OP unit in accordance with the provisions of the limited partnership agreement of the OP. Compensation expense related to the OPP was $14.1 million and $5.3 million , respectively, for the year s ended December 31, 2015 and 2014 . The valuation of the OPP is determined using a Monte Carlo simulation. This analysis reflects the contractual terms of the OPP, including the performance periods and total return hurdles, as well as observable market-based inputs, including interest rate curves, and unobservable inputs, such as expected volatility. As a result, the Company has determined that its OPP valuation in its entirety is classified in Level 3 of the fair value hierarchy. See Note 10 — Fair Value of Financial Instruments . The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100 Level 3 valuations The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 : (In thousands) OPP Beginning balance as of December 31, 2014 $ 29,100 Fair value at issuance — Fair value adjustment 14,400 Ending balance as of December 31, 2015 $ 43,500 The following table provides quantitative information about significant Level 3 input used: Financial Instrument Fair Value Principal Valuation Technique Unobservable Inputs Input Value (In thousands) December 31, 2015 OPP $ 43,500 Monte Carlo Simulation Expected volatility 27.0 % December 31, 2014 OPP $ 29,100 Monte Carlo Simulation Expected volatility 27.0 % Expected volatility is a measure of the variability in possible returns for an instrument, parameter or market index given how much the particular instrument, parameter or index changes in value over time. Generally, the higher the expected volatility of the underlying instrument, the wider the range of potential future returns. An increase in expected volatility, in isolation, would generally result in an increase in the fair value measurement of an instrument. For the relationship described above, the inverse relationship would also generally apply.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 12 — Common Stock As of December 31, 2015 and 2014 , the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock ("restricted shares") and shares issued under the distribution reinvestment plan (the "DRIP"), but not including OP units or Long-term Incentive Plan units ("LTIP units") which may in the future be converted into shares of common stock. From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. On March 31, 2014, the board of directors approved the termination of the Company's Share Repurchase Program ("SRP"). The Company processed all of the requests received under the SRP through the first quarter of 2014. The following table reflects the cumulative number of shares repurchased as of and through the termination of the SRP: Number of Requests Number of Shares Repurchased Average Price per Share Repurchases prior to December 31, 2012 11 84,199 9.56 Year ended December 31, 2013 24 195,395 9.65 Repurchases in 2014 through termination of the SRP 1 5,000 10.00 Cumulative repurchase requests through termination of SRP 36 284,594 $ 9.63 Note 17 — Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the periods indicated: Unrealized gains Change in Total accumulated on available-for-sale unrealized gain other comprehensive (in thousands) securities (loss) on derivatives income (loss) Balance, December 31, 2012 $ — $ (1,693 ) $ (1,693 ) Other comprehensive loss, before reclassifications (240 ) (16 ) (256 ) Amounts reclassified from accumulated other comprehensive income (loss) — 1,336 1,336 Net current-period other comprehensive income (loss) (240 ) 1,320 1,080 Balance, December 31, 2013 (240 ) (373 ) (613 ) Other comprehensive income (loss), before reclassifications 484 (2,847 ) (2,363 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2,160 2,160 Net current-period other comprehensive income (loss) 484 (687 ) (203 ) Balance, December 31, 2014 244 (1,060 ) (816 ) Other comprehensive loss, before reclassifications (137 ) (2,344 ) (2,481 ) Amounts reclassified from accumulated other comprehensive income (loss) (107 ) 2,167 2,060 Net current-period other comprehensive loss (244 ) (177 ) (421 ) Balance, December 31, 2015 $ — $ (1,237 ) $ (1,237 ) For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2015 , 2014 and 2013 , see Note 11 — Interest Rate Derivatives and Hedging Activities .

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	Note 18 — Net Loss Per Share The following is a summary of the basic and diluted net loss per share computations for the periods presented: Year Ended December 31, 2015 2014 2013 Net loss attributable to stockholders $ (39,081 ) $ (93,028 ) $ (19,279 ) Basic and Diluted weighted average shares outstanding 162,165,580 166,959,316 73,074,872 Basic and diluted net loss per share attributable to stockholders $ (0.24 ) $ (0.56 ) $ (0.26 ) Diluted net loss per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is antidilutive. The Company considers unvested restricted shares, OP units and LTIP units to be common share equivalents. The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Year Ended December 31, 2015 2014 2013 Unvested restricted stock 316,570 89,499 24,000 OP units 4,178,090 4,270,841 200 Class B units — — 454,739 LTIP units 8,880,579 8,880,579 — Total anti-dilutive common share equivalents 13,375,239 13,240,919 478,939

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 19 — Non-Controlling Interests The Company is the sole general partner of the OP and holds the majority of the OP units. As of December 31, 2015 and 2014 , the Advisor or members, employees or former employees of the Advisor held 4,178,090 and 4,270,841 OP units, respectively, and 8,880,579 unvested LTIP units. There were $2.6 million and $0.8 million , respectively, of distributions paid to OP unit and LTIP unit holders during the years ended December 31, 2015 and 2014 . There were no OP units or LTIP units outstanding during the year ended December 31, 2013 , as such, no distributions were paid. A holder of OP units has the right to distributions and has the right to convert OP units for the cash value of a corresponding number of shares of the Company's common stock or a corresponding number of shares of the Company's common stock, at the election of the OP, in accordance with the limited partnership agreement of the OP. The remaining rights of the holders of OP units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. On May 13, 2015, 92,751 OP units were redeemed for shares of the Company's common stock and reclassified from non-controlling interest to stockholders' equity. The Company was the controlling member of the limited liability company that owned 163 Washington Avenue, acquired in September 2012. The Company had the sole voting rights under the operating agreement of this limited liability company. The non-controlling members' aggregate initial investment balance of $0.5 million would have been reduced by the dividends paid to each non-controlling member. No dividends were paid during the years ended December 31, 2014 or 2013 . On October 21, 2015, the Company sold the 163 Washington Avenue property and distributed to the non-controlling members $0.6 million , representing their invested capital plus a return on investment.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Note 20 — Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 , 2014 and 2013 : Quarters Ended (In thousands, except share and per share data) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues (1) $ 41,849 $ 43,677 $ 44,608 $ 44,387 Basic and diluted net loss attributable to stockholders (2) $ (8,516 ) $ (8,982 ) $ (13,075 ) $ (8,508 ) Basic and diluted weighted average shares outstanding 162,092,424 162,156,470 162,203,065 162,208,672 Basic and diluted net loss per share attributable to stockholders (2) $ (0.05 ) $ (0.06 ) $ (0.08 ) $ (0.05 ) ____________________________ (1) During the fourth quarter of 2015, the Company reclassified the write-off of a terminated below-market lease from depreciation and amortization expense to revenue. Revenue for the quarter ended March 31, 2015 has been revised to reflect this reclassification. (2) During the fourth quarter of 2015, the Company identified certain immaterial errors impacting interest expense in its previously issued quarterly financial statements. Interest expense and net loss were understated by $0.3 million for each of the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015. Quarterly amounts in the table above have been revised to reflect the corrected amounts. Quarters Ended (In thousands, except share and per share data) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 33,592 $ 35,949 $ 40,514 $ 45,512 Basic net income (loss) attributable to stockholders $ (8,156 ) $ (67,237 ) $ 9,695 $ (27,330 ) Adjustments to net income (loss) attributable to stockholders for common share equivalents — — (1,305 ) — Diluted net income (loss) attributable to stockholders $ (8,156 ) $ (67,237 ) $ 8,390 $ (27,330 ) Basic weighted average shares outstanding 175,068,005 168,972,601 161,975,420 162,019,399 Basic net income (loss) per share attributable to stockholders $ (0.05 ) $ (0.40 ) $ 0.06 $ (0.17 ) Diluted weighted average shares outstanding 175,068,005 168,972,601 162,181,209 162,019,399 Diluted net income (loss) per share attributable to stockholders $ (0.05 ) $ (0.40 ) $ 0.05 $ (0.17 ) Quarters Ended (In thousands, except share and per share data) March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 Total revenues $ 8,327 $ 10,905 $ 15,728 $ 20,927 Basic net income (loss) attributable to stockholders $ (2,794 ) $ 2,019 $ (5,373 ) $ (13,131 ) Adjustments to net income (loss) attributable to stockholders for common share equivalents — (223 ) — — Diluted net income (loss) attributable to stockholders $ (2,794 ) $ 1,796 $ (5,373 ) $ (13,131 ) Basic weighted average shares outstanding 23,217,358 41,982,278 83,841,078 141,836,952 Basic net income (loss) per share attributable to stockholders $ (0.12 ) $ 0.05 $ (0.06 ) $ (0.09 ) Diluted weighted average shares outstanding 23,217,358 42,001,432 83,841,078 141,836,952 Diluted net income (loss) per share attributable to stockholders $ (0.12 ) $ 0.04 $ (0.06 ) $ (0.09 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 21 — Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements, except for the following events: On February 1, 2016, the Company issued 2,515,406 shares of its common stock upon redemption of 2,515,406 OP units held by certain individuals who are members of the Advisor and Sponsor. On February 2, 2016 , the Company closed on the sale of its Duane Reade property for a contract sale price of $12.6 million , exclusive of closing costs. At closing, the Company repaid a mortgage note payable securing the property of $8.4 million . On February 17, 2016 , the Company closed on the sale of its property located at 1623 Kings Highway for a contract sale price of $17.0 million , exclusive of closing costs. At closing, the Company repaid a mortgage note payable securing the property of $7.3 million .

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Encumbrances Initial Costs Subsequent to Acquisition Gross Amount Acquisition at Building and Building and at Accumulated Portfolio State Date December 31, 2015 Land Improvements Land Improvements December 31, 2015 (3) (4) Depreciation (5)(6) Design Center NY 6/22/2010 $ 19,798 $ 11,243 $ 18,884 $ — $ 3,062 $ 33,189 $ 5,239 367-387 Bleecker Street NY 12/1/2010 — (1) — 31,167 — — 31,167 6,762 Foot Locker (2) NY 4/18/2011 3,250 2,753 2,753 — 48 5,554 272 33 West 56th Street (garage) NY 6/1/2011 — (1) — 4,637 — — 4,637 960 Duane Reade (2) NY 10/5/2011 8,400 4,443 8,252 — (850 ) 11,845 1,011 416 Washington Street NY 11/3/2011 — (1) — 8,979 — 1,011 9,990 2,190 One Jackson Square NY 11/18/2011 — (1) — 21,466 — 66 21,532 4,437 350 West 42nd Street NY 3/16/2012 — (1) — 19,869 — 83 19,952 3,618 1100 Kings Highway NY 5/4/2012 20,200 17,112 17,947 — 85 35,144 3,062 1623 Kings Highway (2) NY 10/9/2012 7,288 3,440 8,538 — 42 12,020 726 256 West 38th Street NY 12/26/2012 24,500 20,000 26,483 — 2,579 49,062 5,891 229 West 36th Street NY 12/27/2012 — (1) 27,400 22,308 — 836 50,544 3,831 350 Bleecker Street NY 12/31/2012 — (1) — 11,783 — — 11,783 1,705 218 West 18th Street NY 3/27/2013 — (1) 17,500 90,869 — 3,221 111,590 13,647 50 Varick Street NY 7/5/2013 — (1) — 77,992 — 23,553 101,545 11,573 333 West 34th Street NY 8/9/2013 — (1) 98,600 120,908 — 148 219,656 20,870 Viceroy Hotel NY 11/18/2013 — (1) — 169,945 — 2,615 172,560 12,583 1440 Broadway NY 12/23/2013 305,000 217,066 289,410 — (5,844 ) 500,632 33,013 245-249 West 17th Street NY 8/22/2014 — (1) 68,251 233,607 — 10,460 312,318 8,022 Total $ 388,436 $ 487,808 $ 1,185,797 $ — $ 41,115 $ 1,714,720 $ 139,412 ___________________________________ (1) These properties collateralize the Credit Facility, which had $485.0 million outstanding as of December 31, 2015 . (2) Held for sale as of December 31, 2015 . (3) Acquired intangible lease assets allocated to individual properties in the amount of $140.8 million are not reflected in the table above. (4) The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $1.7 billion (unaudited). (5) The accumulated depreciation column excludes $36.2 million of amortization associated with acquired intangible lease assets. (6) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five to seven years for fixtures. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015 , 2014 and 2013 : December 31, (In thousands) 2015 2014 2013 Real estate investments, at cost (including assets held for sale): Balance at beginning of year $ 1,729,983 $ 1,414,959 $ 322,205 Additions-Acquisitions — 301,858 1,082,292 Capital expenditures 27,231 15,356 12,089 Disposals (42,494 ) (2,190 ) (1,627 ) Balance at end of the year $ 1,714,720 $ 1,729,983 $ 1,414,959 Accumulated depreciation (including assets held for sale): Balance at beginning of year $ 93,012 $ 31,715 $ 9,476 Depreciation expense 61,527 63,349 23,405 Disposals (15,127 ) (2,052 ) (1,166 ) Balance at end of the year $ 139,412 $ 93,012 $ 31,715

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation, specifically the amortization of the basis difference related to our unconsolidated joint venture of $2.2 million for the year ended December 31, 2013 , which has been reflected as a component of income (loss) from unconsolidated joint venture instead of depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests, either through voting or similar rights or by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). The portions of the consolidated joint venture arrangements not owned by the Company are presented as noncontrolling interests. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests in a VIE. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company continually evaluates the need to consolidate its joint ventures. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners or members as well as whether the entity is a VIE for which the Company is the primary beneficiary.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, derivative financial instruments and hedging activities, equity-based compensation expenses related to the 2014 Advisor Multi-Year Outperformance Agreement (as amended and restated effective August 5, 2015, the "OPP") and fair value measurements, as applicable.
Investments in Real Estate	Investments in Real Estate The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases and ground leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the comparable fair market lease rate, measured over the remaining term of the lease, including any below market fixed rate renewal options for below-market leases. The fair value of other intangible assets, such as real estate tax abatements, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on its fair value at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report the results of these properties' operations within continuing operations. Properties that are intended to be sold will be designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale. The Company has three properties classified as held for sale as of December 31, 2015 . The Company did not have any properties held for sale as of December 31, 2014 . See Note 3 — Real Estate Investments .
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. Acquired above-market ground leases are amortized as a reduction of property operating expense over the remaining term of the respective leases. Acquired below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option period. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining terms of the respective leases. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the agreed-upon selling price of an asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss).
Impairment of Equity Method Investments	Impairment of Equity Method Investments The Company monitors the value of its equity method investments for indicators of impairment. An impairment charge is recognized when the Company determines that a decline in the fair value of the investment below its carrying value is other-than-temporary. The assessment of impairment is subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. As of December 31, 2015 and 2014 , $0.2 million and $0.3 million , respectively, was held in money market funds with the Company's financial institutions. The Company deposits cash with high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the "FDIC") up to an insurance limit.
Restricted Cash	Restricted Cash Restricted cash primarily consists of maintenance, real estate tax, structural, and debt service reserves.
Investments Securities	Investment Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question.
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. This investment was recorded initially at cost and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of this investment and the underlying equity in net assets is depreciated and amortized over the estimated useful lives of the assets and liabilities with a corresponding adjustment to the equity income (loss) from unconsolidated joint venture on the accompanying consolidated statements of operations and comprehensive loss. Equity income (loss) from unconsolidated joint venture is allocated based on the Company's ownership or economic interest in the joint venture. A loss in the value of a joint venture investment that is determined to be other than temporary is recognized in the period in which the loss occurs. See Note 4 — Investment in Unconsolidated Joint Venture .
Deferred Costs, Net	Deferred Costs, Net Deferred costs, net consists of deferred financing costs and leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized to depreciation and amortization expense over the term of the lease.
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments to hedge the interest rate risk associated with a portion of its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or if the Company does not elect to apply hedge accounting. If the Company designates a qualifying derivative as a hedge, changes in the value of the derivative are reflected in accumulated other comprehensive income (loss) on the accompanying consolidated balance sheets. If a derivative does not qualify as a hedge, or if the Company does not elect to apply hedge accounting, changes in the value of the derivative are reflected in other income (loss) on the accompanying consolidated statements of operations and comprehensive loss.
Revenue Recognition	Revenue Recognition The Company's revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Because many of the Company's leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is on the date on which such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant's sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. If contingent rental income is recognized pursuant to these provisions, contingent rental income is included in rental income on the consolidated statements of operations and comprehensive loss. The Company recognized contingent rental revenue of $0.6 million during the year ended December 31, 2015 . The Company did not recognize any revenue or deferred revenue related to contingent rental income during the years ended December 31, 2014 or 2013 . Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable. The Company's hotel revenues are recognized as earned and are derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services.
Share-Based Compensation	Share-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period or when the requirements for exercise of the award have been met. During the year ended December 31, 2015 , the Company granted restricted shares to employees of the Advisor, which are accounted for under the guidance for non-employee share-based payments. The fair value of the awards granted to employees of the Advisor are remeasured quarterly, with the resulting amortization adjustments reflected in general and administrative expense in the consolidated statements of operations and comprehensive loss. 2014 Advisor Multi-Year Outperformance Agreement On April 15, 2014 (the "Effective Date"), in connection with the Listing, the Company entered into the OPP with the OP and the Advisor, which is accounted for under the guidance for non-employee share-based payments. The Company records equity based compensation expense associated with the awards over the requisite service period of five years. Equity-based compensation expense is adjusted each reporting period for changes in the estimated market-related performance. See Note 16 — Share-Based Compensation .
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2010. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2015 , 2014 and 2013 . Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded on the Company’s financial statements. Even if the Company 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. During the year ended December 31, 2013, the Company purchased a hotel, which is owned by a subsidiary of the OP and leased to a taxable REIT subsidiary ("TRS"), that is owned by the OP. A TRS is subject to federal, state and local income taxes. The TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax benefit. Deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRS for financial reporting purposes and the amounts used for income tax purposes. The TRS had deferred tax assets and a corresponding valuation allowance of $3.1 million and $1.7 million as of December 31, 2015 and 2014 , respectively. The TRS had federal and state net operating loss carry forwards as of December 31, 2015 of $6.7 million , which will expire through 2036. The Company estimated income tax relating to its TRS using a combined federal and state rate of approximately 43% for the year ended December 31, 2015 . The Company has concluded that it is more likely than not that the net operating loss carry forwards will not be utilized during the carry forward period and as such the Company has established a valuation allowance against these deferred tax assets.
Per Share Data	Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments such as unvested restricted stock, Long-term Incentive Plan ("LTIP") units and OP units (assuming such units are not antidilutive), based on the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 18 — Net Loss Per Share .
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company's investments in real estate at the individual property level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are VIEs or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The guidance is not expected to have a significant impact on the Company's financial position, results of operations or cash flows. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. The revised guidance is not expected to have a significant impact on the Company's financial position, results of operations or cash flows. In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company elected to adopt the new guidance as of September 30, 2015. The adoption of this guidance had no impact on the Company's consolidated financial position, results of operations or cash flows. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance significantly revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of the new guidance.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Finite-Lived Intangible Assets	Acquired intangible assets and lease liabilities consist of the following as of December 31, 2015 and 2014 . December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 113,392 $ 31,120 $ 82,272 Other intangible 3,804 429 3,375 Above-market leases 20,398 3,713 16,685 Total acquired intangible assets $ 137,594 $ 35,262 $ 102,332 Intangible lease liabilities: Below-market leases $ 77,177 $ 21,110 $ 56,067 Above-market ground lease liability 17,968 952 17,016 Total market lease intangibles $ 95,145 $ 22,062 $ 73,083 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 131,518 $ 27,450 $ 104,068 Other intangible 3,804 107 3,697 Above-market leases 23,061 3,605 19,456 Total acquired intangible assets $ 158,383 $ 31,162 $ 127,221 Intangible lease liabilities: Below-market leases $ 81,708 $ 14,953 $ 66,755 Above-market ground lease liability 17,968 503 17,465 Total market lease intangibles $ 99,676 $ 15,456 $ 84,220
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average remaining amortization and accretion periods as of December 31, 2015 , for intangible assets and liabilities and the projected amortization expense and adjustments to revenues for the next five years: (Dollar amounts in thousands) Weighted- Average Remaining Amortization Period 2016 2017 2018 2019 2020 In-place leases 8.9 $ 10,665 $ 9,612 $ 8,655 $ 8,271 $ 8,033 Other intangible 10.5 321 321 321 321 321 Total to be included in depreciation and amortization expense $ 10,986 $ 9,933 $ 8,976 $ 8,592 $ 8,354 Above-market lease assets 12.4 $ (1,428 ) $ (1,420 ) $ (1,420 ) $ (1,420 ) $ (1,407 ) Below-market lease liabilities 9.1 7,446 6,660 5,875 5,490 5,250 Total to be included in rental income $ 6,018 $ 5,240 $ 4,455 $ 4,070 $ 3,843 Above-market ground lease liability to be deducted from property operating expenses 35.6 $ (449 ) $ (449 ) $ (449 ) $ (449 ) $ (449 )

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Assets and Liabilities Assumed	The following table presents the allocation of the assets acquired and liabilities assumed during the year s ended December 31, 2014 and 2013 . There were no real estate assets acquired or liabilities assumed during the year ended December 31, 2015 . Year Ended December 31, (Dollar amounts in thousands) 2014 2013 Real estate investments, at cost: Land $ 68,251 $ 333,166 Buildings, fixtures and improvements 233,607 749,127 Total tangible assets 301,858 1,082,293 Acquired intangibles: In-place leases 25,169 81,376 Other intangible 3,804 — Above-market lease assets 3,707 10,389 Below-market lease liabilities (23,705 ) (70,589 ) Total acquired intangibles 8,975 21,176 Total assets acquired, net 310,833 1,103,469 Investment in unconsolidated joint venture 273 236,965 Preferred equity investment 5,100 30,000 Mortgage notes payable used to acquire investments in real estate — (60,000 ) Other liabilities assumed — (12,206 ) Cash paid for acquired real estate investments and other assets $ 316,206 $ 1,298,228 Number of properties and other investments purchased 1 7
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to December 31, 2015 . These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. (In thousands) Future Minimum Base Rental Cash Payments 2016 $ 104,174 2017 106,823 2018 104,931 2019 96,911 2020 97,330 Thereafter 562,352 $ 1,072,521
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of December 31, 2015 , 2014 and 2013 , including annualized cash rent related to the Company's unconsolidated joint venture: December 31, Property Portfolio Tenant 2015 2014 2013 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 16% 18% Worldwide Plaza Nomura Holdings America, Inc. 11% 11% 12%
Schedule of Properties Held-for-sale	The following table details the major classes of assets associated with Duane Reade, 1623 Kings Highway and Foot Locker that have been reclassified as held for sale as of December 31, 2015 : (In thousands) December 31, 2015 Real estate held for sale, at cost: Land $ 10,636 Buildings, fixtures and improvements 18,783 Acquired intangible lease assets 3,237 Total real estate held for sale, at cost 32,656 Less accumulated depreciation and amortization (4,813 ) Real estate assets held for sale, net 27,843 Other assets related to real estate assets held for sale 1,425 Assets held for sale $ 29,268

Investment in Unconsolidated 32

Investment in Unconsolidated Joint Venture (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The condensed balance sheets as of December 31, 2015 and 2014 for Worldwide Plaza are as follows: December 31, (In thousands) 2015 2014 Real estate assets, at cost $ 714,642 $ 704,143 Less accumulated depreciation and amortization (117,092 ) (97,181 ) Total real estate assets, net 597,550 606,962 Cash and cash equivalents 9,036 3,784 Other assets 259,894 252,000 Total assets $ 866,480 $ 862,746 Debt $ 875,000 $ 875,000 Other liabilities 15,515 12,442 Total liabilities 890,515 887,442 Deficit (24,035 ) (24,696 ) Total liabilities and deficit $ 866,480 $ 862,746 Company's basis $ 215,370 $ 225,501
Condensed Income Statement	The condensed statements of operations for the years ended December 31, 2015 and 2014 , and the period from October 31, 2013 (date of acquisition) to December 31, 2013 for Worldwide Plaza are as follows: Year Ended Period from October 31, 2013 (date of acquisition) to (In thousands) December 31, 2015 December 31, 2014 December 31, 2013 Rental income $ 123,362 $ 113,498 18,736 Other revenue 4,940 4,932 837 Total revenue 128,302 118,430 19,573 Operating expenses: Operating expense 47,816 45,911 7,288 Depreciation and amortization 27,677 26,835 4,025 Total operating expenses 75,493 72,746 11,313 Operating income 52,809 45,684 8,260 Interest expense (40,077 ) (40,077 ) (6,808 ) Net income 12,732 5,607 1,452 Company's preferred return (15,736 ) (15,617 ) (2,653 ) Net loss to members $ (3,004 ) $ (10,010 ) $ (1,201 ) Net income (loss) related to Worldwide Plaza includes the Company's pro rata share of Worldwide Plaza net income (loss) to members as well as the Company's preferred return less amortization of the basis difference. The following table presents the components of the income (loss) related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income (loss) from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Year Ended Period from October 31, 2013 (date of acquisition) to (In thousands) December 31, 2015 December 31, 2014 December 31, 2013 Company's preferred return $ 15,736 $ 15,617 $ 2,653 Company's share of net loss from Worldwide Plaza (1,470 ) (4,895 ) (587 ) Amortization of basis difference (12,327 ) (12,221 ) (2,161 ) Company's income (loss) from Worldwide Plaza $ 1,939 $ (1,499 ) $ (95 )

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table details the unrealized gains and losses on investment securities as of December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2014 Redeemable preferred stock $ 1,288 $ 21 $ (12 ) $ 1,297 Equity securities 3,127 235 — 3,362 Total $ 4,415 $ 256 $ (12 ) $ 4,659

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company's mortgage notes payable as of December 31, 2015 and 2014 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties December 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 19,798 $ 20,198 4.4 % Fixed Dec. 2021 Foot Locker 1 3,250 3,250 4.6 % Fixed Jun. 2016 Duane Reade (2) 1 8,400 8,400 3.6 % Fixed Nov. 2016 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 1623 Kings Highway (2) 1 7,288 7,288 3.3 % Fixed (1) Nov. 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 1440 Broadway (2) 1 305,000 — 3.9 % Variable (3) Oct. 2019 Bleecker Street — 21,300 Regal Parking Garage — 3,000 Washington Street Portfolio — 4,741 One Jackson Square — 13,000 350 West 42nd Street — 11,365 229 West 36th Street — 35,000 7 $ 388,436 $ 172,242 3.8 % (4) ______________________ (1) Fixed through an interest rate swap agreement. (2) Total commitments of $325.0 million ; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (3) LIBOR portion is capped through an interest rate cap agreement. (4) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2015 . (5) Subsequent to December 31, 2015 , as a result of the closing of the sales of the properties, the Company repaid its mortgages securing Duane Reade and 1623 Kings Highway. See Note 21 — Subsequent Events .
Schedule Of Aggregate Principal Payments On Mortgages	The following table summarizes the scheduled aggregate principal repayments subsequent to December 31, 2015 : (In thousands) Future Minimum Principal Payments 2016 $ 12,068 2017 55,533 2018 3,703 2019 308,869 2020 4,041 Thereafter 4,222 Total $ 388,436

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) December 31, 2014 Derivatives, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100
Fair Value, by Balance Sheet Grouping	The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheets are reported below. Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level December 31, 2015 December 31, 2015 December 31, 2014 December 31, 2014 Mortgage notes payable 3 $ 388,436 $ 401,503 $ 172,242 $ 174,468 Credit Facility 3 $ 485,000 $ 487,579 $ 635,000 $ 651,579 Preferred equity investment 3 $ — $ — $ 35,100 $ 34,800

Interest Rate Derivatives and36

Interest Rate Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of December 31, 2015 and 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2015 December 31, 2014 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 4 $ 131,988 6 $ 179,988 December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate caps 2 $ 305,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2015 and 2014 : December 31, (In thousands) Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 15 $ 205 Interest rate swaps Derivative liabilities, at fair value $ (1,266 ) $ (1,276 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 416 $ —
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, (In thousands) 2015 2014 2013 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (2,344 ) $ (2,847 ) $ (16 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (2,167 ) $ (2,160 ) $ (1,336 ) Amount of gain (loss) recognized in gain (loss) on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (4 ) $ 1 $ 5
Offsetting Liabilities	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2015 and 2014 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount December 31, 2015 $ 431 $ (1,266 ) $ (835 ) $ — $ — $ (835 ) December 31, 2014 $ 205 $ (1,276 ) $ (1,071 ) $ — $ — $ (1,071 )

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Treasury Stock by Class	The following table reflects the cumulative number of shares repurchased as of and through the termination of the SRP: Number of Requests Number of Shares Repurchased Average Price per Share Repurchases prior to December 31, 2012 11 84,199 9.56 Year ended December 31, 2013 24 195,395 9.65 Repurchases in 2014 through termination of the SRP 1 5,000 10.00 Cumulative repurchase requests through termination of SRP 36 284,594 $ 9.63

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases 2016 $ 4,958 $ 86 2017 4,905 86 2018 5,089 86 2019 5,346 86 2020 5,346 86 Thereafter 246,281 3,404 Total minimum lease payments $ 271,925 $ 3,834 Less: amounts representing interest (1,721 ) Total present value of minimum lease payments $ 2,113
Schedule of Capital Leased Assets	The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of December 31, 2015 and 2014 : December 31, (In thousands) 2015 2014 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (1,705 ) (1,137 ) Total real estate investments, net $ 10,078 $ 10,646

Related Party Transactions an39

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of December 31, 2015 or 2014 . Year Ended December 31, (In thousands) 2015 2014 2013 Hotel revenues $ 134 $ 545 $ 68
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2015 2014 2013 December 31, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 Acquisition fees and related cost reimbursements $ — $ — $ 3,350 $ — $ 15,836 $ — $ — $ — Financing coordination fees — — 2,363 — 6,584 — — — Ongoing fees: Asset management fees (1) 12,465 — 8,397 — — — (7 ) 15 Transfer agent and other professional fees 1,713 — 1,971 — — — 99 560 Property management and leasing fees — 2,603 — 1,731 — 840 — — Strategic advisory fees — — — — 920 — — — Distributions on Class B units — — 107 — 139 — — — Total related party operational fees and reimbursements $ 14,178 $ 2,603 $ 16,188 $ 1,731 $ 23,479 $ 840 $ 92 $ 575 ___________________________________________ (1) Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing.
Schedule of General and Administrative Expenses Absorbed by The Advisor	The following table details property operating and general and administrative expenses absorbed by the Advisor during the periods presented. These costs are presented net in the consolidated statements of operations and comprehensive loss. Year Ended December 31, (In thousands) 2015 2014 2013 Property operating expenses absorbed $ — $ 623 $ — General and administrative expenses absorbed — 1,418 1,450 Total expenses absorbed $ — $ 2,041 $ 1,450

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table displays restricted share award activity during the years ended December 31, 2015 , 2014 and 2013 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2012 19,800 $ 9.55 Granted 9,000 9.00 Vested (4,800 ) 9.63 Unvested, December 31, 2013 24,000 9.33 Granted 218,845 10.74 Vested (150,231 ) 10.52 Forfeited (3,115 ) 10.70 Unvested, December 31, 2014 89,499 10.73 Granted 340,527 10.54 Vested (33,651 ) 10.56 Forfeited (79,805 ) 10.36 Unvested, December 31, 2015 316,570 $ 10.59
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule	The Advisor is eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12 -month period during the Three -Year Period (the “One-Year Periods”); and the initial 24 -month period of the Three -Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% ______________________ *The “Peer Group” is comprised of the companies in the SNL US REIT Office Index.
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) December 31, 2014 Derivatives, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 : (In thousands) OPP Beginning balance as of December 31, 2014 $ 29,100 Fair value at issuance — Fair value adjustment 14,400 Ending balance as of December 31, 2015 $ 43,500
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The following table provides quantitative information about significant Level 3 input used: Financial Instrument Fair Value Principal Valuation Technique Unobservable Inputs Input Value (In thousands) December 31, 2015 OPP $ 43,500 Monte Carlo Simulation Expected volatility 27.0 % December 31, 2014 OPP $ 29,100 Monte Carlo Simulation Expected volatility 27.0 %

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the periods indicated: Unrealized gains Change in Total accumulated on available-for-sale unrealized gain other comprehensive (in thousands) securities (loss) on derivatives income (loss) Balance, December 31, 2012 $ — $ (1,693 ) $ (1,693 ) Other comprehensive loss, before reclassifications (240 ) (16 ) (256 ) Amounts reclassified from accumulated other comprehensive income (loss) — 1,336 1,336 Net current-period other comprehensive income (loss) (240 ) 1,320 1,080 Balance, December 31, 2013 (240 ) (373 ) (613 ) Other comprehensive income (loss), before reclassifications 484 (2,847 ) (2,363 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2,160 2,160 Net current-period other comprehensive income (loss) 484 (687 ) (203 ) Balance, December 31, 2014 244 (1,060 ) (816 ) Other comprehensive loss, before reclassifications (137 ) (2,344 ) (2,481 ) Amounts reclassified from accumulated other comprehensive income (loss) (107 ) 2,167 2,060 Net current-period other comprehensive loss (244 ) (177 ) (421 ) Balance, December 31, 2015 $ — $ (1,237 ) $ (1,237 )

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computations for the periods presented: Year Ended December 31, 2015 2014 2013 Net loss attributable to stockholders $ (39,081 ) $ (93,028 ) $ (19,279 ) Basic and Diluted weighted average shares outstanding 162,165,580 166,959,316 73,074,872 Basic and diluted net loss per share attributable to stockholders $ (0.24 ) $ (0.56 ) $ (0.26 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Year Ended December 31, 2015 2014 2013 Unvested restricted stock 316,570 89,499 24,000 OP units 4,178,090 4,270,841 200 Class B units — — 454,739 LTIP units 8,880,579 8,880,579 — Total anti-dilutive common share equivalents 13,375,239 13,240,919 478,939

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 , 2014 and 2013 : Quarters Ended (In thousands, except share and per share data) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues (1) $ 41,849 $ 43,677 $ 44,608 $ 44,387 Basic and diluted net loss attributable to stockholders (2) $ (8,516 ) $ (8,982 ) $ (13,075 ) $ (8,508 ) Basic and diluted weighted average shares outstanding 162,092,424 162,156,470 162,203,065 162,208,672 Basic and diluted net loss per share attributable to stockholders (2) $ (0.05 ) $ (0.06 ) $ (0.08 ) $ (0.05 ) ____________________________ (1) During the fourth quarter of 2015, the Company reclassified the write-off of a terminated below-market lease from depreciation and amortization expense to revenue. Revenue for the quarter ended March 31, 2015 has been revised to reflect this reclassification. (2) During the fourth quarter of 2015, the Company identified certain immaterial errors impacting interest expense in its previously issued quarterly financial statements. Interest expense and net loss were understated by $0.3 million for each of the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015. Quarterly amounts in the table above have been revised to reflect the corrected amounts. Quarters Ended (In thousands, except share and per share data) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 33,592 $ 35,949 $ 40,514 $ 45,512 Basic net income (loss) attributable to stockholders $ (8,156 ) $ (67,237 ) $ 9,695 $ (27,330 ) Adjustments to net income (loss) attributable to stockholders for common share equivalents — — (1,305 ) — Diluted net income (loss) attributable to stockholders $ (8,156 ) $ (67,237 ) $ 8,390 $ (27,330 ) Basic weighted average shares outstanding 175,068,005 168,972,601 161,975,420 162,019,399 Basic net income (loss) per share attributable to stockholders $ (0.05 ) $ (0.40 ) $ 0.06 $ (0.17 ) Diluted weighted average shares outstanding 175,068,005 168,972,601 162,181,209 162,019,399 Diluted net income (loss) per share attributable to stockholders $ (0.05 ) $ (0.40 ) $ 0.05 $ (0.17 ) Quarters Ended (In thousands, except share and per share data) March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 Total revenues $ 8,327 $ 10,905 $ 15,728 $ 20,927 Basic net income (loss) attributable to stockholders $ (2,794 ) $ 2,019 $ (5,373 ) $ (13,131 ) Adjustments to net income (loss) attributable to stockholders for common share equivalents — (223 ) — — Diluted net income (loss) attributable to stockholders $ (2,794 ) $ 1,796 $ (5,373 ) $ (13,131 ) Basic weighted average shares outstanding 23,217,358 41,982,278 83,841,078 141,836,952 Basic net income (loss) per share attributable to stockholders $ (0.12 ) $ 0.05 $ (0.06 ) $ (0.09 ) Diluted weighted average shares outstanding 23,217,358 42,001,432 83,841,078 141,836,952 Diluted net income (loss) per share attributable to stockholders $ (0.12 ) $ 0.04 $ (0.06 ) $ (0.09 )

Organization (Details)

Organization (Details)	Dec. 31, 2015property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties	22

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Narrative) (Details)	2 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)segmentproperty	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of properties held-for-sale | property		3	0
Accretion of below- and amortization of above-market lease liabilities and assets, net		$ 7,918,000	$ 9,289,000	$ 2,626,000
Money market funds		200,000	300,000
Impairment charge			0	0
Cash and cash equivalents	$ 233,377,000	98,604,000	22,512,000	233,377,000	$ 5,354,000
Cash in excess of FDIC limit		96,300,000	18,900,000
Contingent rental revenue		600,000	0	0
Valuation allowance		3,100,000	1,700,000
Deferred tax assets		$ 3,100,000	1,700,000
Estimated tax rate		43.00%
Number of reportable segments | segment		1
2014 Advisor Multi-Year Outperformance Agreement
Equity, Class of Treasury Stock [Line Items]
Requisite service period		5 years
State and Local Jurisdiction
Equity, Class of Treasury Stock [Line Items]
Operating loss carryforwards		$ 3,000,000
Domestic Tax Authority
Equity, Class of Treasury Stock [Line Items]
Operating loss carryforwards		6,700,000
Depreciation and Amortization | In-Place Leases and Other Intangibles
Equity, Class of Treasury Stock [Line Items]
Amortization of intangibles		19,800,000	21,100,000	8,100,000
Property Operating Expense | Above Market Ground Lease
Equity, Class of Treasury Stock [Line Items]
Amortization of intangibles		$ 400,000	400,000	100,000
Building
Equity, Class of Treasury Stock [Line Items]
Fixtures useful life		40 years
Land Improvements
Equity, Class of Treasury Stock [Line Items]
Fixtures useful life		15 years
Furniture and Fixtures | Minimum
Equity, Class of Treasury Stock [Line Items]
Fixtures useful life		5 years
Furniture and Fixtures | Maximum
Equity, Class of Treasury Stock [Line Items]
Fixtures useful life		7 years
Worldwide Plaza
Equity, Class of Treasury Stock [Line Items]
Amortization of difference in basis	$ 2,161,000	$ 12,327,000	12,221,000	$ 2,200,000
Cash and cash equivalents		9,036,000	$ 3,784,000
Held-for-sale Property | Duane Reade
Equity, Class of Treasury Stock [Line Items]
Impairment charge		$ 900,000

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Intangible Assets and Acquired Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	$ 137,594	$ 158,383
Accumulated amortization	35,262	31,162
Finite-Lived Intangible Assets, Net	102,332	127,221
Below market lease	77,177	81,708
Below market lease, accumulated amortization	21,110	14,953
Below market lease, net	56,067	66,755
Intangible liabilities	95,145	99,676
Intangible liabilities, accumulated amortization	22,062	15,456
Intangible liabilities, net	73,083	84,220
In-place leases
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	113,392	131,518
Accumulated amortization	31,120	27,450
Finite-Lived Intangible Assets, Net	82,272	104,068
Other intangible
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	3,804	3,804
Accumulated amortization	429	107
Finite-Lived Intangible Assets, Net	3,375	3,697
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	20,398	23,061
Accumulated amortization	3,713	3,605
Finite-Lived Intangible Assets, Net	16,685	19,456
Above-market ground lease liability
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities	17,968	17,968
Intangible liabilities, accumulated amortization	952	503
Intangible liabilities, net	$ 17,016	$ 17,465

Summary of Significant Accoun47

Summary of Significant Accounting Policies (Schedule of Intangible Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Above-market ground lease liability
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Amortization Period	35 years 7 months 20 days
Amortization Expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense 2016	$ 10,986
Amortization expense 2017	9,933
Amortization expense 2018	8,976
Amortization expense 2019	8,592
Amortization expense 2020	$ 8,354
Amortization Expense | In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Amortization Period	8 years 10 months 24 days
Amortization expense 2016	$ 10,665
Amortization expense 2017	9,612
Amortization expense 2018	8,655
Amortization expense 2019	8,271
Amortization expense 2020	$ 8,033
Amortization Expense | Other intangible
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Amortization Period	10 years 6 months
Amortization expense 2016	$ 321
Amortization expense 2017	321
Amortization expense 2018	321
Amortization expense 2019	321
Amortization expense 2020	321
Rental Income
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense 2016	6,018
Amortization expense 2017	5,240
Amortization expense 2018	4,455
Amortization expense 2019	4,070
Amortization expense 2020	3,843
Below market lease amortization income 2016	7,446
Below market lease amortization income 2017	6,660
Below market lease amortization income 2018	5,875
Below market lease amortization income 2019	5,490
Below market lease amortization income 2020	$ 5,250
Rental Income | Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Amortization Period	12 years 4 months 24 days
Amortization expense 2016	$ (1,428)
Amortization expense 2017	(1,420)
Amortization expense 2018	(1,420)
Amortization expense 2019	(1,420)
Amortization expense 2020	$ (1,407)
Rental Income | Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Amortization Period	9 years 1 month 6 days
Operating Expense | Above-market ground lease liability
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense 2016	$ (449)
Amortization expense 2017	(449)
Amortization expense 2018	(449)
Amortization expense 2019	(449)
Amortization expense 2020	$ (449)

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Real Estate Properties) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)property
Business Acquisition [Line Items]
Land		$ 68,251	$ 333,166
Buildings, fixtures and improvements		233,607	749,127
Total tangible assets		301,858	1,082,293
Below-market lease liabilities		(23,705)	(70,589)
Total acquired intangibles		8,975	21,176
Total assets acquired, net		310,833	1,103,469
Investment in unconsolidated joint venture		273	236,965
Preferred equity investment		5,100	30,000
Mortgage notes payable used to acquire investments in real estate		0	(60,000)
Other liabilities assumed		0	(12,206)
Cash paid for acquired real estate investments and other assets	$ 0	$ 316,206	$ 1,298,228
Number of properties and other investments purchased | property		1	7
In-place leases
Business Acquisition [Line Items]
In-place leases		$ 25,169	$ 81,376
Other intangible
Business Acquisition [Line Items]
In-place leases		3,804	0
Above-market lease assets
Business Acquisition [Line Items]
In-place leases		$ 3,707	$ 10,389

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Impairment charge		$ 0	$ 0
Liabilities related to assets held for sale	$ 321	0
Gain on sale of real estate investment, net	7,523	$ 0	$ 0
Held-for-sale Property | Duane Reade
Real Estate Properties [Line Items]
Impairment charge	900
Held-for-sale Property | 163 Washington Avenue
Real Estate Properties [Line Items]
Gain on sale of real estate investment, net	$ 8,400

Real Estate Investments (Sche50

Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Lease) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate [Abstract]
2,016	$ 104,174
2,017	106,823
2,018	104,931
2,019	96,911
2,020	97,330
Thereafter	562,352
Total	$ 1,072,521

Real Estate Investments (Sche51

Real Estate Investments (Schedule of Annualized Rental Income by Major Tenant) (Details) - Worldwide Plaza	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cravath, Swaine & Moore, LLP
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	16.00%	16.00%	18.00%
Nomura Holdings America, Inc.
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	11.00%	11.00%	12.00%

Real Estate Investments (Proper

Real Estate Investments (Properties Classified as Held-for-sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 29,268	$ 0
Held-for-sale Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land	10,636
Buildings, fixtures and improvements	18,783
Acquired intangible lease assets	3,237
Total real estate held for sale, at cost	32,656
Less accumulated depreciation and amortization	(4,813)
Assets held for sale	27,843
Other assets related to real estate assets held for sale	1,425
Assets held for sale	$ 29,268

Investment in Unconsolidated 53

Investment in Unconsolidated Joint Venture (Narrative) (Details) - USD ($) $ in Thousands	Oct. 30, 2013	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture		$ 215,370	$ 225,501
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.90%
Aggregate cost	$ 220,100
Agreed upon value	1,300,000
Notes payable	$ 875,000	875,000	$ 875,000
Interest rate	4.60%
Purchase option term	38 months
Purchase obligation	$ 1,400,000
Fee for non-exercise of purchase option		25,000
Difference between carrying amount and underlying equity	$ 260,600
Parent Company | Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Notes payable		$ 427,900

Investment in Unconsolidated 54

Investment in Unconsolidated Joint Venture (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 30, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 1,822,903	$ 1,888,366
Less accumulated depreciation and amortization	(172,668)	(124,178)
Total real estate investments, net	1,650,235	1,764,188
Cash and cash equivalents	98,604	22,512	$ 233,377		$ 5,354
Total assets	2,071,755	2,120,835
Total liabilities	979,486	925,158
Deficit	(369,273)	(255,478)
Total liabilities and equity	2,071,755	2,120,835
Investment in unconsolidated joint venture	215,370	225,501
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	714,642	704,143
Less accumulated depreciation and amortization	(117,092)	(97,181)
Total real estate investments, net	597,550	606,962
Cash and cash equivalents	9,036	3,784
Other assets	259,894	252,000
Total assets	866,480	862,746
Debt	875,000	875,000		$ 875,000
Other liabilities	15,515	12,442
Total liabilities	890,515	887,442
Deficit	(24,035)	(24,696)
Total liabilities and equity	$ 866,480	$ 862,746

Investment in Unconsolidated 55

Investment in Unconsolidated Joint Venture (Condensed Income Statement) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended												12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Rental income														$ 129,118	$ 117,221	$ 49,532
Other revenue														19,278	15,604	4,101
Total revenues		$ 44,387	$ 44,608	$ 43,677	$ 41,849	$ 45,512	$ 40,514	$ 35,949	$ 33,592	$ 20,927	$ 15,728	$ 10,905	$ 8,327	174,521	155,567	55,887
Property operating														43,752	37,209	12,546
Depreciation and amortization														82,716	84,799	31,751
Total operating expenses														195,415	227,540	65,105
Operating income														(20,894)	(71,973)	(9,218)
Interest expense														(29,362)	(23,720)	(10,673)
Net loss														(40,269)	(94,285)	(19,311)
Net loss attributable to stockholders						$ (27,330)	$ 9,695	$ (67,237)	$ (8,156)	$ (13,131)	$ (5,373)	$ 2,019	$ (2,794)	(39,081)	(93,028)	(19,279)
Company's share of net loss from Worldwide Plaza														1,939	(1,499)	(95)
Company's income (loss) from Worldwide Plaza	$ (95)													1,939	(1,499)	(95)
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Rental income	18,736													123,362	113,498
Other revenue	837													4,940	4,932
Total revenues	19,573													128,302	118,430
Property operating	7,288													47,816	45,911
Depreciation and amortization	4,025													27,677	26,835
Total operating expenses	11,313													75,493	72,746
Operating income	8,260													52,809	45,684
Interest expense	(6,808)													(40,077)	(40,077)
Net loss	1,452													12,732	5,607
Company's preferred return	(2,653)													(15,736)	(15,617)
Net loss attributable to stockholders	(1,201)													(3,004)	(10,010)
Company's preferred return	2,653													15,736	15,617
Company's share of net loss from Worldwide Plaza	(587)													(1,470)	(4,895)
Amortization of basis difference	$ (2,161)													$ (12,327)	$ (12,221)	$ (2,200)

Preferred Equity Investment (De

Preferred Equity Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Current pay rate	6.00%
Current accrual rate	2.00%
Interest Income from preferred equity investment	$ 1,100
Preferred equity investment	$ 0	$ 35,100

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 0	$ 4,659
Gain on sale of investment	$ 100
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Fair Value		$ 1,297
Period from issuance when investments become redeemable	5 years

Investment Securities (Unrealiz

Investment Securities (Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost		$ 4,415
Gross Unrealized Gains		256
Gross Unrealized Losses		(12)
Fair Value	$ 0	4,659
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Cost		1,288
Gross Unrealized Gains		21
Gross Unrealized Losses		(12)
Fair Value		1,297
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost		3,127
Gross Unrealized Gains		235
Gross Unrealized Losses		0
Fair Value		$ 3,362

Credit Facility (Details)

Credit Facility (Details)	Aug. 27, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 26, 2015	Dec. 31, 2014USD ($)	Apr. 14, 2014USD ($)
Line of Credit Facility [Line Items]
Maximum capacity on credit facility					$ 705,000,000
Additional borrowing capacity under certain circumstances					1,000,000,000
Debt service coverage ratio	1.3		1.40
Credit facility settled		$ 150,000,000
Credit facility		485,000,000		$ 635,000,000
Term Loan
Line of Credit Facility [Line Items]
Maximum capacity on credit facility					305,000,000
Credit facility		$ 305,000,000		$ 305,000,000
Line of Credit
Line of Credit Facility [Line Items]
Effective interest rate		2.39%		2.08%
Remaining borrowing capacity		$ 63,000,000
Credit Facility
Line of Credit Facility [Line Items]
Maximum capacity on credit facility					$ 400,000,000
Credit facility		$ 180,000,000		$ 330,000,000
Credit Facility Amendment
Line of Credit Facility [Line Items]
Debt issuance cost	$ 6,300,000
Credit Facility Amendment | Acquisition fees and related cost reimbursements
Line of Credit Facility [Line Items]
Debt issuance cost	2,400,000
Deferred Costs | Credit Facility Amendment
Line of Credit Facility [Line Items]
Deferred finance costs	$ 4,000,000
One-Month LIBOR | Line of Credit Facility, Base Rate, Option Three | Line of Credit
Line of Credit Facility [Line Items]
Spread on variable rate basis		1.00%
Federal Funds Effective Rate | Line of Credit Facility, Base Rate, Option Two | Line of Credit
Line of Credit Facility [Line Items]
Spread on variable rate basis		0.50%
London Interbank Offered Rate (LIBOR) | Line of Credit
Line of Credit Facility [Line Items]
Unused capacity commitment fee percentage threshold		50.00%
London Interbank Offered Rate (LIBOR) | Below Threshold | Line of Credit
Line of Credit Facility [Line Items]
Unused capacity fee percentage		0.15%
London Interbank Offered Rate (LIBOR) | Above Threshold | Line of Credit
Line of Credit Facility [Line Items]
Unused capacity fee percentage		0.25%
London Interbank Offered Rate (LIBOR) | Line of Credit Facility, Interest Rate, Option One | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Spread on variable rate basis		2.25%
London Interbank Offered Rate (LIBOR) | Line of Credit Facility, Interest Rate, Option One | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Spread on variable rate basis		1.50%
Base Rate | Line of Credit Facility, Interest Rate, Option Two | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Spread on variable rate basis		1.25%
Base Rate | Line of Credit Facility, Interest Rate, Option Two | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Spread on variable rate basis		0.50%

Mortgage Notes Payable (Schedul

Mortgage Notes Payable (Schedule of Mortgage Notes Payable) (Details)		Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount		$ 388,436,000	$ 172,242,000
1440 Broadway
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 325,000,000
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		7
Effective Interest Rate	[1]	3.80%
Mortgages | Design Center
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 19,798,000	20,198,000
Effective Interest Rate		4.40%
Mortgages | Foot Locker
Debt Instrument [Line Items]
Encumbered Properties | property	[2]	1
Outstanding Loan Amount	[2]	$ 3,250,000	3,250,000
Effective Interest Rate	[2]	4.60%
Mortgages | Duane Reade
Debt Instrument [Line Items]
Encumbered Properties | property	[2]	1
Outstanding Loan Amount	[2]	$ 8,400,000	8,400,000
Effective Interest Rate	[2]	3.60%
Mortgages | 1100 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 20,200,000	20,200,000
Effective Interest Rate		3.40%
Mortgages | 1623 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property	[2]	1
Outstanding Loan Amount	[2]	$ 7,288,000	7,288,000
Effective Interest Rate	[2]	3.30%
Mortgages | 256 West 38th Street
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 24,500,000	24,500,000
Effective Interest Rate		3.10%
Mortgages | 1440 Broadway
Debt Instrument [Line Items]
Encumbered Properties | property	[3]	1
Outstanding Loan Amount	[3]	$ 305,000,000	0
Effective Interest Rate	[3]	3.90%
Additional borrowing capacity		$ 20,000,000
Mortgages | Bleecker Street
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	21,300,000
Mortgages | Regal Parking Garage
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	3,000,000
Mortgages | Washington Street Portfolio
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	4,741,000
Mortgages | One Jackson Square
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	13,000,000
Mortgages | 350 West 42nd Street
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	11,365,000
Mortgages | 229 West 36th Street
Debt Instrument [Line Items]
Encumbered Properties | property
Outstanding Loan Amount		$ 0	$ 35,000,000
[1]	Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2015.
[2]	Subsequent to December 31, 2015, as a result of the closing of the sales of the properties, the Company repaid its mortgages securing Duane Reade and 1623 Kings Highway. See Note 21 — Subsequent Events.
[3]	Total commitments of $325.0 million; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs.

Mortgage Notes Payable (Narrati

Mortgage Notes Payable (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)mortgage
Debt Instrument [Line Items]
Maximum guarantee cap	$ 5.3
Mortgages
Debt Instrument [Line Items]
Real estate investments at cost related to mortgages	$ 685.5
1440 Broadway | Mortgages
Debt Instrument [Line Items]
Number of mortgages repaid | mortgage	4
Number of mortgages settled | mortgage	2
Expenses related to satisfaction of mortgages	$ 1.8
1440 Broadway | Mortgages | Interest Expense
Debt Instrument [Line Items]
Expenses related to satisfaction of mortgages	0.6
1440 Broadway | Mortgages | Acquisition fees and related cost reimbursements
Debt Instrument [Line Items]
Expenses related to satisfaction of mortgages	$ 1.2

Mortgage Notes Payable (Sched62

Mortgage Notes Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 12,068
2,017	55,533
2,018	3,703
2,019	308,869
2,020	4,041
Thereafter	4,222
Total	$ 388,436	$ 172,242

Subordinated Listing Distribu63

Subordinated Listing Distribution (Details) - USD ($) $ in Thousands	Nov. 21, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Listing Distribution Derivative [Line Items]
Value of Listing Note		$ 0	$ 33,479	$ 0
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | New York Recovery Advisors, LLC | Advisor
Listing Distribution Derivative [Line Items]
Subordinated incentive listing distribution		15.00%
Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution | New York Recovery Advisors, LLC | Advisor
Listing Distribution Derivative [Line Items]
Cumulative capital investment return		6.00%
Minimum
Listing Distribution Derivative [Line Items]
Average market value of stock for listing period		180 days
Maximum
Listing Distribution Derivative [Line Items]
Average market value of stock for listing period		210 days
Class B units | New York Recovery Advisors, LLC
Listing Distribution Derivative [Line Items]
Limited partner ownership unit capital (in shares)	3,062,512

Fair Value of Financial Instr64

Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$ 0	$ 4,659
Interest rate swaps, net | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(835)	(1,071)
Interest rate swaps, net | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	0	0
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(835)	(1,071)
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	$ 0	0
Investment securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		4,659
Investment securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		4,659
Investment securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		0
Investment securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		$ 0

Fair Value of Financial Instr65

Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage notes payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 388,436	$ 172,242
Mortgage notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	401,503	174,468
Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	485,000	635,000
Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	487,579	651,579
Preferred equity investment | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	0	35,100
Preferred equity investment | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 0	$ 34,800

Interest Rate Derivatives and66

Interest Rate Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Derivative [Line Items]
Loss on derivative instruments	$ 578	$ (1)	$ (5)
Interest rate swaps, net
Derivative [Line Items]
Number of instruments terminated | derivative	2
Designated as Hedging Instrument | Cash Flow Hedging | Derivatives at Fair Value | Interest rate swaps
Derivative [Line Items]
Fair value of derivatives	$ 1,400
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps, net
Derivative [Line Items]
Amount required to settle its obligations under the agreement at its aggregate termination value incase of breach	$ 1,400
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps, net | Interest Expense
Derivative [Line Items]
Interests reclassified to AOCI	12 months
Interests reclassified to AOCI in future period	$ 1,000
Not Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Gain (loss) on hedging activity	(400)
Accelerated Reclassification [Member] | Designated as Hedging Instrument | Interest rate swaps, net
Derivative [Line Items]
Loss on derivative instruments	$ 200

Interest Rate Derivatives and67

Interest Rate Derivatives and Hedging Activities (Schedule Of Interest Rate Derivative) (Details) $ in Thousands	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)derivative
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of Instruments | derivative	4	6
Notional Amount | $	$ 131,988	$ 179,988
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of Instruments | derivative	2
Notional Amount | $	$ 305,000

Interest Rate Derivatives and68

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest Rate Cap | Not Designated as Hedging Instrument | Derivative Financial Instruments, Assets
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 416	$ 0
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Derivatives at Fair Value
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(1,266)	(1,276)
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Derivative Financial Instruments, Assets
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 15	$ 205

Interest Rate Derivatives and69

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Cash Flow Hedging - Interest rate swaps, net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion)	$ (2,344)	$ (2,847)	$ (16)
Amount of gain (loss) recognized in gain (loss) on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	(4)	1	5
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	$ (2,167)	$ (2,160)	$ (1,336)

Interest Rate Derivatives and70

Interest Rate Derivatives and Hedging Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 431	$ 205
Gross Amounts of Recognized Liabilities	(1,266)	(1,276)
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(835)	(1,071)
Financial Instruments	0	0
Cash Collateral Posted	0	0
Net Amount	$ (835)	$ (1,071)

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - $ / shares	12 Months Ended			21 Months Ended	40 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Apr. 14, 2014
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	162,529,811	162,181,939		162,529,811
Dividends declared per common share (in usd per share)	$ 0.46	$ 0.490	$ 0.605	$ 0.46	$ 0.605
Dividends declared per day (in usd per share)					$ 0.0016575342
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	162,529,811	162,181,939		162,529,811

Common Stock (Repurchases) (Det

Common Stock (Repurchases) (Details)	12 Months Ended		39 Months Ended	63 Months Ended
	Dec. 31, 2014request$ / sharesshares	Dec. 31, 2013request$ / sharesshares	Dec. 31, 2012request$ / sharesshares	Dec. 31, 2014request$ / sharesshares
Equity [Abstract]
Number of Requests | request	1	24	11	36
Common stock repurchases (in shares) | shares	5,000	195,395	84,199	284,594
Average price per share (in usd per share) | $ / shares	$ 10	$ 9.65	$ 9.56	$ 9.63

Commitments and Contingencies73

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 30, 2013
Loss Contingencies [Line Items]
Rent expense	$ 7.7	$ 7.7	$ 0.9
Interest expense	$ 0.1	$ 0.1	$ 0.1
Worldwide Plaza
Loss Contingencies [Line Items]
Ownership percentage				48.90%

Commitments and Contingencies74

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases
2016, Operating Leases	$ 4,958
2017, Operating Leases	4,905
2018, Operating Leases	5,089
2019, Operating Leases	5,346
2020, Operating Leases	5,346
Thereafter, Operating Leases	246,281
Total, Operating Leases	271,925
Capital Leases
2016, Capital Leases	86
2017, Capital Leases	86
2018, Capital Leases	86
2019, Capital Leases	86
2020, Capital Leases	86
Thereafter, Capital Leases	3,404
Total, Capital Leases	3,834
Interest, Capital Leases	(1,721)
Total present value of minimum lease payments	$ 2,113

Commitments and Contingencies75

Commitments and Contingencies (Capital Lease Assets) (Details) - Buildings, fixtures and improvements - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Buildings, fixtures and improvements	$ 11,783	$ 11,783
Less accumulated depreciation and amortization	(1,705)	(1,137)
Total real estate investments, net	$ 10,078	$ 10,646

Related Party Transactions an76

Related Party Transactions and Arrangements (Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Investment Fund | Sponsor
Related Party Transaction [Line Items]
Investment income	$ 0.1	$ 0.1

Related Party Transactions an77

Related Party Transactions and Arrangements (Revenues from Related Party) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Viceroy Hotel | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 134	$ 545	$ 68

Related Party Transactions an78

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - Realty Capital Securities, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Sales Commissions and Former Dealer Manager Fees | Former Dealer Manager
Related Party Transaction [Line Items]
Fees paid to related parties	$ 8	$ 135,000
Fees and expense reimbursements from the Advisor and Dealer Manager | Advisor and Former Dealer Manager
Related Party Transaction [Line Items]
Fees paid to related parties		$ 11,600
Gross Proceeds, Initial Public Offering | Former Dealer Manager
Related Party Transaction [Line Items]
Total fees from Former Dealer Manager			3.00%
Maximum | Gross Proceeds, Initial Public Offering | Former Dealer Manager
Related Party Transaction [Line Items]
Total commissions from Former Dealer Manager			7.00%

Related Party Transactions an79

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($)	Apr. 15, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due from affiliate		$ 0	$ 0
Former Dealer Manager and Affiliates
Related Party Transaction [Line Items]
Fees paid to related parties		700,000
Advisor | Reimbursement of costs and expenses
Related Party Transaction [Line Items]
Fees paid to related parties		800,000	$ 0	$ 0
New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Cost of assets maximum		$ 3,000,000,000
Asset management fees earned above		0.40%
New York Recovery Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees earned by related party		1.00%
Expected Acquisition fees earned by related party		0.50%
New York Recovery Advisors, LLC | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark		0.75%
New York Recovery Advisors, LLC | Gross Revenue, Multi-tenant Properties | Advisor
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark		4.00%
New York Recovery Advisors, LLC and Realty Capital Securities, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Unearned units, in lieu of asset management fees (in shares)	1,188,667
Equity-based compensation	$ 11,500,000
Minimum
Related Party Transaction [Line Items]
Average market value of stock for listing period		180 days
Maximum
Related Party Transaction [Line Items]
Average market value of stock for listing period		210 days
Maximum | New York Recovery Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees and acquisition related expenses earned by related party		4.50%
Maximum | New York Recovery Advisors, LLC | Gross Revenue, Managed Properties | Advisor
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark		1.00%
Greater Of | Maximum | New York Recovery Advisors, LLC | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		2.00%
Greater Of | Maximum | New York Recovery Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		25.00%

Related Party Transactions an80

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Payable (Receivable)		$ 92	$ 575
Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Financing coordination fees
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Asset Management Fees | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)	[1]	(7)	15
Transfer agent and other professional fees | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		99	560
Property management and leasing fees | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Strategic advisory fees | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Distributions on Class B units | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Incurred
Related Party Transaction [Line Items]
Fees paid to related parties		14,178	16,188	$ 23,479
Incurred | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Fees paid to related parties		0	3,350	15,836
Incurred | Financing coordination fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	2,363	6,584
Incurred | Asset Management Fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties	[1]	12,465	8,397	0
Incurred | Transfer agent and other professional fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		1,713	1,971	0
Incurred | Property management and leasing fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0
Incurred | Strategic advisory fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	920
Incurred | Distributions on Class B units | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		0	107	139
Forgiven
Related Party Transaction [Line Items]
Fees paid to related parties		2,603	1,731	840
Forgiven | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0
Forgiven | Financing coordination fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0
Forgiven | Asset Management Fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties	[1]	0	0	0
Forgiven | Transfer agent and other professional fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0
Forgiven | Property management and leasing fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		2,603	1,731	840
Forgiven | Strategic advisory fees | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0
Forgiven | Distributions on Class B units | Ongoing fees:
Related Party Transaction [Line Items]
Fees paid to related parties		$ 0	$ 0	$ 0
[1]	Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing.

Related Party Transactions an81

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Operating and General Administrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Related party transaction, amount	$ 0	$ 2,041	$ 1,450
Property operating expenses absorbed | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Related party transaction, amount	0	623	0
Absorbed general and administrative expenses | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Related party transaction, amount	$ 0	$ 1,418	$ 1,450

Related Party Transactions an82

Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2014
RCS Advisory Services, LLC
Related Party Transaction [Line Items]
Transaction management fee		$ 3,000,000
Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent
Related Party Transaction [Line Items]
Fees paid to related parties		0	$ 1,300,000
Information agent and advisory service fee		1,900,000
Transaction Management | RCS Advisory Services, LLC
Related Party Transaction [Line Items]
Fees paid to related parties		0	1,500,000	$ 1,500,000
Information Agent and Advisory Service Fee | Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent
Related Party Transaction [Line Items]
Fees paid to related parties				600,000
Fees and expense reimbursements from the Advisor and Dealer Manager | RCS Advisory Services, LLC | Former Dealer Manager
Related Party Transaction [Line Items]
Fees paid to related parties	$ 6,900,000
Contract Sales Price | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		$ 0	600,000
Contract Sales Price | Maximum | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		2.00%
Contract Sales Price | Maximum | Brokerage Commission Fees | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		50.00%
Contract Sales Price | Maximum | Real Estate Commissioner | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		6.00%
General Legal Services | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties			9,000
Transaction Fee Upon Consummation of the Sale | Affiliated Entity
Related Party Transaction [Line Items]
Transaction fee earned					0.25%
New York Recovery Advisors, LLC | Property Disposition Fees | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		$ 200,000	$ 0	$ 0

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($)	Apr. 15, 2015	Apr. 15, 2014	Dec. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share)			$ 0.01			$ 0.01	$ 0.01
Dividends paid						$ 74,707,000	$ 66,129,000	$ 17,799,000
New Multi-Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation						$ 14,100,000	$ 5,300,000
Stock Options | Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			500,000			500,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum authorized amount as a percentage of shares authorized					5.00%
Common stock, par value (in usd per share)					$ 0.01
Maximum percent of awards as a percent of total outstanding					10.00%
Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					7,500,000
Shares automatically granted (in shares)			3,000			3,000
Vesting percentage			20.00%			20.00%
Granted (in shares)						340,527	218,845	9,000
Vesting period						4 years
Share-based payment award, award vesting rights						25.00%
Forfeited (in shares)						79,805	3,115
Equity-based compensation						$ 1,100,000	$ 2,500,000	$ 100,000
Compensation cost not yet recognized			$ 1,900,000			$ 1,900,000
Shares expected to vest, period for recognition						3 years 2 months 12 days
Vested (in shares)						33,651	150,231	4,800
Performance Shares | New Multi-Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights						33.33%
Opp units issued (in shares)		$ 8,880,579
Company's market capitalization percentage		5.00%
Vested (in shares)	367,059
Distribution entitlement percentage						10.00%
Dividends paid						$ 700,000	$ 300,000
Advisor | Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				279,365
Interim CFO | Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			30,000
Vesting period						3 years

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock Activity) (Details) - Restricted Share Plan - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	89,499	24,000	19,800
Granted (in shares)	340,527	218,845	9,000
Vested (in shares)	(33,651)	(150,231)	(4,800)
Forfeited (in shares)	(79,805)	(3,115)
Ending Balance (in shares)	316,570	89,499	24,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in usd per share)	$ 10.59	$ 10.73	$ 9.33	$ 9.55
Granted (in usd per share)	10.54	10.74	9
Vested (in usd per share)	10.56	10.52	9.63
Forfeited (in usd per share)	10.36	10.70
Ending Balance (in usd per share)	$ 10.59	$ 10.73	$ 9.33

Share-Based Compensation (Multi

Share-Based Compensation (Multi-Year Outperformance Plan Agreement) (Details) - New Multi-Year Outperformance Plan - Performance Shares	12 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights	33.33%
Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	21.00%
100% will be earned if total stockholder return achieved is at least:	18.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	7.00%
100% will be earned if total stockholder return achieved is at least:	6.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	14.00%
100% will be earned if total stockholder return achieved is at least:	12.00%
50% will be earned if total stockholder return achieved is:	0.00%
0% will be earned if total stockholder return achieved is less than:	0.00%
Relative Component | Excess Return, Above Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%
Relative Component | Cumulative Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	100.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	18.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	6.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	12.00%
Relative Component | Cumulative Return, Equal to Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	50.00%
Relative Component | Cumulative Return, Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	0.00%
Absolute Component | Excess Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%

Share-Based Compensation (Fair

Share-Based Compensation (Fair Value Inputs) (Details) - Multi-year Outperformance Plan - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 43,500	$ 29,100
Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	0	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	0	0
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 43,500	$ 29,100

Share-Based Compensation (Level

Share-Based Compensation (Level 3 Reconciliations) (Details) - Multi-year Outperformance Plan - Share Based Compensation Liability $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 29,100
Fair value at issuance	0
Fair value adjustment	14,400
Ending Balance	$ 43,500

Share-Based Compensation (Valua

Share-Based Compensation (Valuation Techniques) (Details) - Monte Carlo Simulation - Fair Value, Measurements, Recurring - Share Based Compensation Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
OPP	$ 43,500	$ 29,100
Expected volatility	27.00%	27.00%

Accumulated Other Comprehensi89

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ (816)	$ (613)	$ (1,693)
Other comprehensive income (loss), before reclassifications	(2,481)	(2,363)	(256)
Amounts reclassified from accumulated other comprehensive income (loss)	2,060	2,160	1,336
Net current-period other comprehensive income (loss)	(421)	(203)	1,080
Ending Balance	(1,237)	(816)	(613)
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	244	(240)	0
Other comprehensive income (loss), before reclassifications	(137)	484	(240)
Amounts reclassified from accumulated other comprehensive income (loss)	(107)	0	0
Net current-period other comprehensive income (loss)	(244)	484	(240)
Ending Balance	0	244	(240)
Designated derivatives fair value adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(1,060)	(373)	(1,693)
Other comprehensive income (loss), before reclassifications	(2,344)	(2,847)	(16)
Amounts reclassified from accumulated other comprehensive income (loss)	2,167	2,160	1,336
Net current-period other comprehensive income (loss)	(177)	(687)	1,320
Ending Balance	$ (1,237)	$ (1,060)	$ (373)

Net Loss Per Share (Schedule of

Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net loss attributable to stockholders					$ (27,330)	$ 9,695	$ (67,237)	$ (8,156)	$ (13,131)	$ (5,373)	$ 2,019	$ (2,794)	$ (39,081)	$ (93,028)	$ (19,279)
Basic and diluted weighted average common shares outstanding (in shares)	162,208,672	162,203,065	162,156,470	162,092,424									162,165,580	166,959,316	73,074,872
Basic and diluted net loss per share attributable to stockholders (in usd per share)	$ (0.05)	$ (0.08)	$ (0.06)	$ (0.05)									$ (0.24)	$ (0.56)	$ (0.26)

Net Loss Per Share (Schedule 91

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	13,375,239	13,240,919	478,939
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	316,570	89,499	24,000
OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	4,178,090	4,270,841	200
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	0	0	454,739
LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	8,880,579	8,880,579	0

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in Thousands	Oct. 21, 2015	May. 13, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2012
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders			$ 3,184	$ 780	$ 65
163 Washington Ave Condominiums
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 600
Noncontrolling members' aggregate investment						$ 500
Advisor
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders			$ 2,600	$ 800
Common Stock
Noncontrolling Interest [Line Items]
Units redeemed (in shares)		92,751
OP units | Advisor
Noncontrolling Interest [Line Items]
Number of units held by Advisor (in shares)			4,178,090	4,270,841
LTIP units | Advisor
Noncontrolling Interest [Line Items]
Number of units held by Advisor (in shares)			8,880,579

Quarterly Results (Unaudited)93

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 44,387	$ 44,608	$ 43,677	$ 41,849	$ 45,512	$ 40,514	$ 35,949	$ 33,592	$ 20,927	$ 15,728	$ 10,905	$ 8,327	$ 174,521	$ 155,567	$ 55,887
Basic and diluted net loss attributable to stockholders	$ (8,508,000)	$ (13,075,000)	$ (8,982,000)	$ (8,516,000)
Basic and diluted weighted average common shares outstanding (in shares)	162,208,672	162,203,065	162,156,470	162,092,424									162,165,580	166,959,316	73,074,872
Basic and diluted net loss per share attributable to stockholders (in usd per share)	$ (0.05)	$ (0.08)	$ (0.06)	$ (0.05)									$ (0.24)	$ (0.56)	$ (0.26)
Basic net income (loss) attributable to stockholders					(27,330)	9,695	(67,237)	(8,156)	(13,131)	(5,373)	2,019	(2,794)	$ (39,081)	$ (93,028)	$ (19,279)
Adjustments to net income (loss) attributable to stockholders for common share equivalents					0	(1,305)	0	0	0	0	(223)	0
Net loss attributable to stockholders					$ (27,330)	$ 8,390	$ (67,237)	$ (8,156)	$ (13,131)	$ (5,373)	$ 1,796	$ (2,794)
Basic weighted average shares outstanding (in shares)					162,019,399	161,975,420	168,972,601	175,068,005	141,836,952	83,841,078	41,982,278	23,217,358
Basic net income (loss) per share attributable to stockholders (in usd per share)					$ (0.17)	$ 0.06	$ (0.40)	$ (0.05)	$ (0.09)	$ (0.06)	$ 0.05	$ (0.12)
Diluted weighted average shares outstanding (in shares)					162,019,399	162,181,209	168,972,601	175,068,005	141,836,952	83,841,078	42,001,432	23,217,358
Diluted net loss per share attributable to stockholders (in usd per share)					$ (0.17)	$ 0.05	$ (0.40)	$ (0.05)	$ (0.09)	$ (0.06)	$ 0.04	$ (0.12)

Quarterly Results (Unaudited)94

Quarterly Results (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Understatement of net loss				$ (40,269)	$ (94,285)	$ (19,311)
Immaterial errors impacting interest expense
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Understatement of interest expense	$ (300)	$ (300)	$ 300
Understatement of net loss	$ 300	$ 300	$ 300

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 17, 2016	Feb. 04, 2016	Feb. 01, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Repayment of mortgage notes payable				$ 88,806	$ 474	$ 72,853
Subsequent Event
Subsequent Event [Line Items]
OP units converted to common stock (in shares)			2,515,406
Shares issued (in shares)			2,515,406
Duane Reade | Held-for-sale Property | Subsequent Event
Subsequent Event [Line Items]
Contract price		$ 12,600
Repayment of mortgage notes payable		$ 8,400
1623 Kings Highway | Held-for-sale Property | Subsequent Event
Subsequent Event [Line Items]
Contract price	$ 17,000
Repayment of mortgage notes payable	$ 7,300

Schedule III Real Estate and 96

Schedule III Real Estate and Accumulated Depreciation (Summary of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 388,436
Initial Costs, Land		487,808
Initial Costs, Building and Improvements		1,185,797
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		41,115
Gross Amount	[1],[2]	1,714,720
Accumulated Depreciation		139,412	[3],[4]	$ 93,012	$ 31,715	$ 9,476
Credit facility		485,000		$ 635,000
Acquired intangible assets		140,800
Cost for income tax purposes		1,700,000
Accumulated amortization		$ 36,200
Building
Real Estate and Accumulated Depreciation [Line Items]
Fixtures useful life		40 years
Land Improvements
Real Estate and Accumulated Depreciation [Line Items]
Fixtures useful life		15 years
Furniture and Fixtures | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Fixtures useful life		5 years
Furniture and Fixtures | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Fixtures useful life		7 years
Design Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 19,798
Initial Costs, Land		11,243
Initial Costs, Building and Improvements		18,884
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		3,062
Gross Amount	[1],[2]	33,189
Accumulated Depreciation	[3],[4]	5,239
Bleecker Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		31,167
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		0
Gross Amount	[1],[2]	31,167
Accumulated Depreciation	[3],[4]	6,762
Foot Locker
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]	3,250
Initial Costs, Land	[2]	2,753
Initial Costs, Building and Improvements	[2]	2,753
Subsequent to Acquisition, Land	[2]	0
Subsequent to Acquisition, Building and Improvements	[2]	48
Gross Amount	[1],[2]	5,554
Accumulated Depreciation	[2],[3],[4]	272
Regal Parking Garage
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		4,637
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		0
Gross Amount	[1],[2]	4,637
Accumulated Depreciation	[3],[4]	960
Duane Reade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]	8,400
Initial Costs, Land	[2]	4,443
Initial Costs, Building and Improvements	[2]	8,252
Subsequent to Acquisition, Land	[2]	0
Subsequent to Acquisition, Building and Improvements	[2]	(850)
Gross Amount	[1],[2]	11,845
Accumulated Depreciation	[2],[3],[4]	1,011
Washington Street Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		8,979
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		1,011
Gross Amount	[1],[2]	9,990
Accumulated Depreciation	[3],[4]	2,190
One Jackson Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		21,466
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		66
Gross Amount	[1],[2]	21,532
Accumulated Depreciation	[3],[4]	4,437
350 West 42nd Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		19,869
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		83
Gross Amount	[1],[2]	19,952
Accumulated Depreciation	[3],[4]	3,618
1100 Kings Highway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		20,200
Initial Costs, Land		17,112
Initial Costs, Building and Improvements		17,947
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		85
Gross Amount	[1],[2]	35,144
Accumulated Depreciation	[3],[4]	3,062
1623 Kings Highway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]	7,288
Initial Costs, Land	[2]	3,440
Initial Costs, Building and Improvements	[2]	8,538
Subsequent to Acquisition, Land	[2]	0
Subsequent to Acquisition, Building and Improvements	[2]	42
Gross Amount	[1],[2]	12,020
Accumulated Depreciation	[2],[3],[4]	726
256 West 38th Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		24,500
Initial Costs, Land		20,000
Initial Costs, Building and Improvements		26,483
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		2,579
Gross Amount	[1],[2]	49,062
Accumulated Depreciation	[3],[4]	5,891
229 West 36th Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		27,400
Initial Costs, Building and Improvements		22,308
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		836
Gross Amount	[1],[2]	50,544
Accumulated Depreciation	[3],[4]	3,831
350 Bleecker Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		11,783
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		0
Gross Amount	[1],[2]	11,783
Accumulated Depreciation	[3],[4]	1,705
218 West 18th Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		17,500
Initial Costs, Building and Improvements		90,869
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		3,221
Gross Amount	[1],[2]	111,590
Accumulated Depreciation	[3],[4]	13,647
50 Varick Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		77,992
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		23,553
Gross Amount	[1],[2]	101,545
Accumulated Depreciation	[3],[4]	11,573
333 West 34th Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		98,600
Initial Costs, Building and Improvements		120,908
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		148
Gross Amount	[1],[2]	219,656
Accumulated Depreciation	[3],[4]	20,870
Viceroy Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		0
Initial Costs, Building and Improvements		169,945
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		2,615
Gross Amount	[1],[2]	172,560
Accumulated Depreciation	[3],[4]	12,583
1440 Broadway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		305,000
Initial Costs, Land		217,066
Initial Costs, Building and Improvements		289,410
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		(5,844)
Gross Amount	[1],[2]	500,632
Accumulated Depreciation	[3],[4]	33,013
245-249 West 17th Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	0
Initial Costs, Land		68,251
Initial Costs, Building and Improvements		233,607
Subsequent to Acquisition, Land		0
Subsequent to Acquisition, Building and Improvements		10,460
Gross Amount	[1],[2]	312,318
Accumulated Depreciation	[3],[4]	$ 8,022
[1]	Acquired intangible lease assets allocated to individual properties in the amount of $140.8 million are not reflected in the table above.
[2]	Held for sale as of December 31, 2015.
[3]	The accumulated depreciation column excludes $36.2 million of amortization associated with acquired intangible lease assets.
[4]	The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $1.7 billion
[5]	These properties collateralize the Credit Facility, which had $485.0 million outstanding as of December 31, 2015.

(Changes in Accumulated Depreci

(Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Real estate investments, at cost (including assets held for sale):
Balance at beginning of year	$ 1,729,983		$ 1,414,959	$ 322,205
Additions-Acquisitions	0		301,858	1,082,292
Capital expenditures	27,231		15,356	12,089
Disposals	(42,494)		(2,190)	(1,627)
Balance at end of the year	1,714,720		1,729,983	1,414,959
Accumulated depreciation (including assets held for sale):
Balance at beginning of year	93,012		31,715	9,476
Depreciation expense	61,527		63,349	23,405
Disposals	(15,127)		(2,052)	(1,166)
Balance at end of the year	$ 139,412	[1],[2]	$ 93,012	$ 31,715
[1]	The accumulated depreciation column excludes $36.2 million of amortization associated with acquired intangible lease assets.
[2]	The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $1.7 billion