New York City REIT (NYC) 10-K 31 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Mar. 15, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.
Entity Central Index Key	1595527
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		23,988,980
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$75.40

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate investments, at cost:
Land	$83,316	$0
Building, fixtures and improvements	139,489	0
Acquired intangible assets	47,278	0
Total real estate investments, at cost	270,083	0
Less accumulated depreciation and amortization	-1,970	0
Total real estate investments, net	268,113	0
Cash and cash equivalents	184,341	0
Investment securities, at fair value	490	0
Receivables for sale of common stock	2,003	0
Prepaid expenses and other assets	3,618	0
Deferred costs, net	0	35
Total assets	458,565	35
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable, accrued expenses and other liabilities (including amounts due to affiliates of $1,109 and $0 at December 31, 2014 and 2013, respectively)	3,025	35
Below-market lease liabilities, net	15,367	0
Deferred revenue	225	0
Distributions payable	2,542	0
Total liabilities	21,159	35
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2014 and 2013	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 20,569,012 shares issued and outstanding as of December 31, 2014 and no shares issued and outstanding as of December 31, 2013	206	0
Additional paid-in capital	454,131	0
Accumulated other comprehensive loss	-24	0
Accumulated deficit	-16,907	0
Total stockholders' equity	437,406	0
Total liabilities and stockholders' equity	$458,565	$35

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Due from affiliates	$1,109	$0
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,569,012	0
Common stock, shares outstanding	20,569,012	0

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	0 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Revenues:
Rental income	$0	$2,661
Operating expense reimbursements	0	190
Total revenues	0	2,851
Operating expenses:
Property operating	0	688
Acquisition and transaction related	0	6,148
General and administrative	0	535
Depreciation and amortization	0	2,015
Total operating expenses	0	9,386
Operating loss	0	-6,535
Other income:
Income from investment securities	0	14
Other income	0	2
Total other income	0	16
Net loss	0	-6,519
Other comprehensive loss:
Unrealized loss on investment securities	0	-24
Comprehensive loss	$0	($6,543)
Basic and diluted weighted average shares outstanding (in shares)	0	4,530,066
Basic and diluted net loss per share (in dollars per share)	$0	($1.44)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Dec. 19, 2013	$0	$0	$0	$0	$0
Beginning Balance (in shares) at Dec. 19, 2013		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to stockholders	0			0
Ending Balance at Dec. 31, 2013	0	0	0	0	0
Beginning Balance (in shares) at Dec. 31, 2013		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		20,374,429
Issuance of common stock	505,423	204	505,219
Common stock offering costs, commissions and dealer manager fees	-55,625		-55,625
Common stock issued through distribution reinvestment plan (in shares)		190,584
Common stock issued through distribution reinvestment plan	4,526	2	4,524
Share-based compensation (in shares)		3,999
Share-based compensation	13		13
Distributions declared	-10,388				-10,388
Unrealized loss on investment securities	-24			-24
Net loss attributable to stockholders	-6,519				-6,519
Ending Balance at Dec. 31, 2014	$437,406	$206	$454,131	($24)	($16,907)
Ending Balance (in shares) at Dec. 31, 2014		20,569,012

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Cash flows from operating activities:
Net loss attributable to stockholders	$0	($6,519)
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation	0	843
Amortization of intangibles	0	1,172
Amortization (accretion) of market lease assets (liabilities), net	0	-134
Share-based compensation	0	13
Changes in assets and liabilities:
Prepaid expenses and other assets	0	-1,550
Accounts payable, accrued expenses and other liabilities	0	985
Deferred revenue	0	225
Net cash used in operating activities	0	-4,965
Cash flows from investing activities:
Investments in real estate	0	-255,967
Purchase of investment securities	0	-514
Capital expenditures	0	-86
Net cash used in investing activities	0	-256,567
Cash flows from financing activities:
Payments of offering costs and fees related to common stock issuances	0	-54,227
Proceeds from issuance of common stock	0	503,420
Distributions paid	0	-3,320
Net cash provided by financing activities	0	445,873
Net change in cash and cash equivalents	0	184,341
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	184,341
Supplemental Cash Flow Information [Abstract]
Receivables for sale of common stock	0	2,003
Accrued offering costs	0	1,363
Deferred costs, net	35	0
Reclassification of deferred offering costs to equity	0
Liabilities assumed in real estate transactions	0	642
Common stock issued through distribution reinvestment plan	$0	$4,526

Organization

Organization	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization
	American Realty Capital New York City REIT, Inc. (the “Company”) was incorporated on December 19, 2013 as a Maryland corporation and intends to elect and qualify to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2014. On April 24, 2014, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to 30.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11, as amended (File No. 333-194135) (the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement also covers up to 10.5 million shares available pursuant to a distribution reinvestment plan (the "DRIP") under which the Company's common stockholders may elect to have their distributions reinvested in additional shares of the Company's common stock at a price of $23.75 per share, which is equal to 95% of the offering price in the IPO.
	On May 29, 2014, the Company received and accepted subscriptions in excess of the minimum offering amount for the IPO of $2.0 million in shares, broke general escrow and issued shares of common stock to initial investors who were admitted as stockholders of the Company. As of December 31, 2014, the Company had 20.6 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from the IPO of $509.9 million, inclusive of $4.5 million from the DRIP. Until the net asset value ("NAV") pricing date, the per share purchase price in the IPO will be up to $25.00 per share (including the maximum allowed to be charged for commissions and fees) and shares issued under the DRIP will be equal to $23.75 per share, which is equal to 95% of the offering price in the primary offering. Beginning with the NAV pricing date, the per share price for shares in the IPO and under the DRIP will vary quarterly and will be equal to the NAV per share, as determined by New York City Advisors, LLC (the "Advisor"), plus applicable commissions and fees, in the case of the primary offering, and the per share purchase price in the DRIP will be equal to the NAV per share. The NAV pricing date means the date the Company first publishes an estimated per share NAV, which will be on or prior to October 26, 2016, which is 150 days following the second anniversary from the date the Company broke escrow in the IPO. The Company reserves the right to reallocate shares covered in the Registration Statement between the IPO and the DRIP.
	The Company was formed to invest its assets in properties in the five boroughs of New York City, with a focus on Manhattan. The Company may also purchase certain real estate assets that accompany office properties, including retail spaces and amenities, as well as hospitality assets, residential assets and other property types exclusively in New York City. All such properties may be acquired and owned by the Company alone or jointly with another party. As of December 31, 2014, the Company owned four properties consisting of 299,191 rentable square feet, which were 75.5% leased, with a weighted average remaining lease term of 7.3 years.
	Substantially all of the Company’s business is conducted through New York City Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP (“OP units”). The Advisor contributed $2,020 to the OP in exchange for 90 units of limited partner interest in the aggregate OP ownership, which represents a nominal percentage of the aggregate OP ownership. A holder of OP units has the right to convert OP units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP 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.
	The Company has no direct employees. The Advisor has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained New York City Properties, LLC (the “Property Manager”) to serve as the Company’s property manager. Realty Capital Securities, LLC (the “Dealer Manager”) serves as the dealer manager of the IPO. The Advisor, Property Manager and Dealer Manager are under common control with the parent of American Realty Capital III, LLC ("the Sponsor"), as a result of which they are related parties, and each of which has received or will receive compensation, fees and expense reimbursements for services related to the IPO and the investment and management of the Company's assets. The Advisor, New York City Special Limited Partner, LLC (the "Special Limited Partner"), Property Manager and Dealer Manager have also received or will also receive fees, distributions and other compensation during the offering, acquisition, operational and liquidation stages.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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").
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Company had no investments in joint ventures or variable interest entities as of December 31, 2014 or 2013.
	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, and fair value measurements, as applicable.
	Organizational Costs
	Organizational costs include accounting, legal and regulatory fees incurred related to the formation of the Company. Organizational costs are expensed as incurred.
	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. 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 based on their respective fair values. Tangible assets may include land, land improvements, buildings, and fixtures. 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-market or below-market 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 fair market lease rate for the corresponding in-place lease, 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 and signage rights, are recorded based on the present value of the expected benefit and amortized over the expected useful life.
	In allocating the fair value to assumed mortgages, if applicable, amounts are recorded to 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.
	In allocating non-controlling interests, if applicable, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.
	In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, 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.
	The Company is required to present the operations related to properties that have been sold or properties that are intended to be sold as discontinued operations in the consolidated statements of operations and comprehensive loss at the lesser of carrying amount or fair value less estimated selling costs for all periods presented to the extent the disposal of a component represents a strategic shift that has had or will have a major effect on the Company's operations and financial results. Properties that are intended to be sold will be designated as "held for sale" on the consolidated balance sheets 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 did not have any properties held for sale as of December 31, 2014 or 2013.
	Intangible assets and acquired lease liabilities consist of the following as of December 31, 2014. The Company had no intangible assets and liabilities as of December 31, 2013.
		December 31, 2014
		Gross Carrying				Accumulated				Net Carrying
	(In thousands)	Amount				Amortization				Amount
	Intangible assets:
	In-place leases	$	11,920			$	721			$	11,199
	Other intangibles	31,447				270				31,177
	Above-market leases	3,911				136				3,775
	Acquired intangible assets	$	47,278			$	1,127			$	46,151
	Intangible liabilities:
	Below-market lease liabilities	$	15,637			$	270			$	15,367
	Depreciation and Amortization
	The Company is required to make subjective assessments as to the useful lives of the components of the Company’s real estate investments for purposes of determining the amount of depreciation to record on an annual basis. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s real estate investments, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis.
	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 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.
	Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods.
	The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.
	Assumed mortgage premiums or discounts, if applicable, are amortized as an increase or reduction 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, 2014, 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		2015				2016				2017			2018			2019
	In-place leases	7.2		$	2,442			$	2,067			$	1,512		$	1,242		$	1,066
	Other intangibles	36.5		1,165				1,165				1,165			1,165			1,165
	Total to be included in depreciation and amortization			$	3,607			$	3,232			$	2,677		$	2,407		$	2,231
	Above-market lease assets	9.4		$	(404	)		$	(404	)		$	(404	)	$	(402	)	$	(400	)
	Below-market lease liabilities	18		1,275				1,267				1,176			1,098			1,037
	Total to be included in rental income			$	871			$	863			$	772		$	696		$	637
	For the year ended December 31, 2014, amortization of in-place leases and other intangibles of $1.2 million is included in depreciation and amortization on the consolidated statements of operations and comprehensive loss. No amortization was recognized for the period from December 19, 2013 (date of inception) to December 31, 2013. For the year ended December 31, 2014, net amortization and accretion of above- and below-market lease intangibles of $0.1 million is included in rental income on the consolidated statements of operations and comprehensive loss. No amortization or accretion was recognized for the period from December 19, 2013 (date of inception) to December 31, 2013.
	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 impairment exists due to the inability to recover 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 the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company did not recognize any impairment charges for the year ended December 31, 2014 or for the period from December 19, 2013 (date of inception) to December 31, 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. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit. At December 31, 2014, the Company had deposits of $184.3 million, of which $184.1 million was in excess of the amount insured by the FDIC. The Company had no cash and cash equivalents as of December 31, 2013. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result.
	Investments in 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 did not recognize any other-than-temporary impairment charges for the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013.
	Deferred Costs
	Deferred costs may consist of deferred financing costs, deferred offering costs and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized 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 offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with registering to sell shares of the Company's common stock.
	Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized over the term of the lease.
	As of December 31, 2014, the Company had no deferred costs. As of December 31, 2013, the Company had approximately $35,000 in deferred costs, which were comprised entirely of offering costs and reclassified to stockholders' equity upon commencement of the IPO.
	Share Repurchase Program
	The Company has a Share Repurchase Program ("SRP") that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their shares, subject to certain minimum conditions described below, if such repurchase does not impair the Company's capital or operations.
	Prior to the time that the Company's shares are listed on a national securities exchange and until the Company begins to calculate its NAV, the repurchase price per share will depend on the length of time investors have held such shares as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; and, after two years from the purchase date —the lower of $23.75 or 95.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).
	Once the Company begins to calculate its NAV, the price per share that the Company will pay to repurchase the Company's shares on any business day will be the Company's NAV per share of common stock for the quarter, calculated after the close of business on the first business day of each quarter. Subject to limited exceptions, stockholders who redeem their shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. Because the Company's NAV per share will be calculated quarterly, the redemption price may fluctuate between the redemption request day and the date on which the Company pays redemption proceeds.
	Until the Company begins to calculate its NAV, the Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption, at any time. Due to these limitations, the Company cannot guarantee that it will accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding during the prior year.
	When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. As of December 31, 2014, no shares had been repurchased or requested to be repurchased.
	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying consolidated balance sheets in the period distributions are declared. As of December 31, 2014, there were 190,584 shares issued under the DRIP.
	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 term of the lease. Since many of the Company's leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company 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 terms of existing leases are considered to commence as of the acquisition date for the purposes of this calculation.
The Company will continually review receivables related to rent and unbilled rent receivables and determine 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 the Company's allowance for uncollectible accounts or record a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive loss.
Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable.
The Company may own 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 the Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income, contingent rental income will be included in rental income on the consolidated statements of operations and comprehensive loss.
Offering and Related Costs
Offering and related costs include all expenses incurred in connection with the Company's IPO. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. Offering costs will include all expenses incurred by the Company in connection with its IPO as of such date. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent aggregate selling commissions, dealer manager fees and other organization and offering costs do not exceed 12.0% of the gross proceeds determined at the end of the IPO (See Note 8 — Related Party Transactions and Arrangements).
Share-Based Compensation
The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards are included in general and administrative expenses and are recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 10 — Share-Based Compensation).
Income Taxes
The Company intends to elect and qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the taxable year ended December 31, 2014. In order to qualify and continue to qualify as a REIT, the Company must meet 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. 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. Because the election of REIT status is reasonably expected, income tax expense has been determined assuming the Company is a REIT.
Per Share Data
The Company calculates basic income (loss) per share by dividing net income (loss) for the period by weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP units, Class B units and unvested restricted stock, but uses 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 11 - Net Loss Per Share for a discussion of the common share equivalents which have been excluded from the calculation of diluted net loss per share as their impact would have been antidilutive.
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 of properties, which will comprise 100% of total consolidated revenues. Management evaluates the operating performance of the Company's investments in real estate on an individual property level.
Recent Accounting Pronouncements
In April 2014, the Financial Accounting Standards Board ("FASB") amended the requirements for reporting discontinued operations. Under the revised guidance, in addition to other disclosure requirements, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale, disposed of by sale or other than by sale. The Company has adopted the provisions of this guidance effective January 1, 2014, and has applied the provisions prospectively. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.
In May 2014, the 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 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
In August 2014, the FASB issued guidance relating to disclosure of uncertainties about an entity's ability to continue as a going concern. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity's ability to continue as a going concern, the guidance requires management to disclose information that enables users of the financial statements to understand the conditions or events that raised the substantial doubt, management's evaluation of the significance of the conditions or events that led to the doubt and management's plans that are intended to mitigate the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The Company has elected to adopt the provisions of this guidance effective December 31, 2014, as early application is permitted. The adoption of this guidance had no material impact on the Company's consolidated financial position, results of operations or cash flows.
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 variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships) and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities. 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. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.

Real_Estate_Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2014
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments
	On June 13, 2014, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of a commercial condominium unit located at 421 West 54th Street in the Midtown West neighborhood of Manhattan (the "Hit Factory"). The sellers of the Hit Factory were Sagamore 54th St. Investments LLC and Sagamore Arizona LLC, as tenants in common, which had no preexisting relationship with the Company. The purchase price of the Hit Factory was $7.3 million, exclusive of closing costs and net of any purchase price adjustments, and was funded with proceeds from the Company's ongoing IPO. The Company accounted for the purchase of the Hit Factory as a business combination and incurred acquisition related costs of $0.2 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	On September 5, 2014, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of three commercial condominium units located at 400 East 67th Street (the "Laurel Condominium") in the Upper East Side neighborhood of Manhattan. The seller of the Laurel Condominium was USPF IV Laurel Retail Owner, L.P., which had no preexisting relationship with the Company. The purchase price for the Laurel Condominium was $76.0 million, exclusive of closing costs and net of any purchase price adjustments, and was funded with proceeds from the Company's ongoing IPO. The Company accounted for the purchase of the Laurel Condominium as a business combination and incurred acquisition related costs of $1.8 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	On September 24, 2014, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of the fee simple interest in a commercial garage unit located at 200 Riverside Boulevard ("200 Riverside Boulevard") in the Upper West Side neighborhood of Manhattan. The seller of 200 Riverside Boulevard was 200 Riverside Parking, LLC, which had no preexisting relationship with the Company. The purchase price of 200 Riverside Boulevard was $9.0 million, exclusive of closing costs and net of any purchase price adjustments, and was funded with proceeds from the Company's ongoing IPO. The Company accounted for the purchase of 200 Riverside Boulevard as a business combination and incurred acquisition related costs of $0.2 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	On November 5, 2014, the Company, through a wholly owned subsidiary of the OP, completed its acquisition of the fee simple interest in an institutional-quality office building located at 570 Seventh Avenue ("570 Seventh Avenue") in Times Square, Manhattan. The seller of the property was 570 7th Avenue Property Owner, L.L.C., which had no preexisting relationship with the Company. The purchase price of 570 Seventh Avenue was $162.3 million, exclusive of closing costs and net of any purchase price adjustments, and was funded with proceeds from the Company's ongoing IPO. The Company accounted for the purchase of 570 Seventh Avenue as a business combination. The Company incurred acquisition related costs of $3.9 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	The following table presents the allocation of real estate assets acquired during the year ended December 31, 2014. No real estate assets were acquired during the period from December 19, 2013 (date of inception) to December 31, 2013.
			Year Ended
	(Dollar amounts in thousands)		31-Dec-14
	Real estate investments, at cost:
	Land		$	83,316
	Buildings, fixtures and improvements		139,403
	Total tangible assets		222,719
	Acquired intangibles:
	In-place leases		12,102
	Above-market lease assets		3,911
	Other intangibles		31,446
	Below-market lease liabilities		(15,637		)
	Total assets acquired, net		254,541
	Funds deposited in escrow		2,068
	Other liabilities assumed		(642		)
	Cash paid for acquired real estate investment		$	255,967
	Number of properties purchased		4
	The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2014 had been consummated on December 19, 2013 (date of inception). Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $6.1 million from the year ended December 31, 2014 to the period from December 19, 2013 (date of inception) to December 31, 2013.
						Period from
						19-Dec-13
			Year Ended			(date of inception) to
	(In thousands, except per share data)		December 31, 2014			December 31, 2013
	Pro forma revenues (1)		$	11,203		$	399
	Pro forma net loss (1)		$	(2,746	)	$	(6,227	)
	Basic and diluted pro forma net loss per share (2)		$	(0.61	)	N/A
	-1	For the the year ended December 31, 2014, aggregate revenues and net income derived from the Company's acquisitions (for the Company's period of ownership) were $2.9 million and $0.1 million, respectively.
	-2	The Company did not have any shares outstanding as of December 31, 2013.
	On March 27, 2015, the Company completed its acquisition of the property at 123 William Street in downtown Manhattan. As of the date that these consolidated financial statements were available to be issued, the Company was still reviewing the financial information of 123 William Street and, as such, it was impractical to include in these consolidated financial statements the pro-forma effect of the acquisition. See Note 13 - Subsequent Events for more information.
	The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected 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 Rent Payments
	2015		$	7,865
	2016		7,653
	2017		7,171
	2018		6,723
	2019		6,613
	Thereafter		32,570
			$	68,595
	The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of December 31, 2014:
					December 31,
	Property Portfolio		Tenant		2014
	400 E. 67th Street - Laurel Condominium		Cornell University		26.00%
	400 E. 67th Street - Laurel Condominium		TD Bank, N.A.		10.90%
	The termination, delinquency or non-renewal of these leases by the above tenants may have a material adverse effect on revenues.

Investment_Securities

Investment Securities	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Investments Securities	Investment Securities
	As of December 31, 2014, the Company had investments in equity securities with a fair value of $0.5 million. The Company held no investment securities as of December 31, 2013. The equity securities consist of a mutual fund managed by an affiliate of the Sponsor (see Note 8 —Related Party Transactions and Arrangements). These investments are considered to be available-for-sale securities and therefore increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income (loss) as a component of equity on the consolidated balance sheets unless the securities are considered to be other-than-temporarily impaired, at which time the losses would be reclassified to expense.
	The following table details the unrealized gains and losses on investment securities by security type as of December 31, 2014:
	(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Equity securities	$	514	$	—	$	(24	)	$	490
	The Company's investment in equity securities has been in a continuous unrealized loss position for less than twelve months. The Company believes that the decline in fair value is solely a factor of current market conditions and, as such, considers the unrealized losses as of December 31, 2014 to be temporary and therefore no impairment was recorded during the year ended December 31, 2014.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The Company determines fair value 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 instrument, 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. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.
	The Company has an investment in a real estate income fund that is traded in active markets and therefore, due to the availability of quoted market prices in active markets, classified this investment as Level 1 in the fair value hierarchy.
	The following table presents information about the Company's asset measured at fair value on a recurring basis as of December 31, 2014, aggregated by the level in the fair value hierarchy within which that instrument falls. The Company had no assets measured at fair value on a recurring basis as of December 31, 2013.
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(In thousands)		Level 1		Level 2		Level 3		Total
	December 31, 2014
	Investment Securities		$	490	$	—	$	—	$	490
	There were no transfers between levels of the fair value hierarchy during the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013.
	Financial instruments not carried at fair value
	The Company is required to disclose at least annually 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, receivables for sale of common stock, prepaid expenses and other assets, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheet due to their short-term nature.

Common_Stock

Common Stock	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Common Stock	Common Stock
	The Company had 20.6 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, for gross proceeds of $509.9 million as of December 31, 2014. The Company had no shares of common stock outstanding and had received no proceeds as of December 31, 2013.
	On May 22, 2014, the Company's board of directors authorized, and the Company declared, a distribution payable to stockholders of record each day during the applicable period at a rate equal to $0.0041438356 per day based on a price of $25.00 per share of common stock. The distributions began to accrue on June 13, 2014, which date represents the closing of the Company’s initial property acquisition. The distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distributions payments at any time and therefore distribution payments are not assured.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Litigation and Regulatory Matters
	In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company.
	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. As of December 31, 2014, 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 results of operations.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements
	As of December 31, 2014, the Special Limited Partner owned 8,888 shares of the Company’s outstanding common stock. The Special Limited Partner did not own any shares of the Company's outstanding common stock as of December 31, 2013.
	As of December 31, 2014, the Company had $0.5 million invested in a mutual fund managed by an affiliate of the Sponsor (see Note 4 - Investment Securities). There is no obligation to purchase any additional shares and the shares can be sold at any time.
	Fees Paid in Connection with the IPO
	The Dealer Manager is paid fees and compensation in connection with the sale of the Company's common stock in the IPO. The Dealer Manager is paid a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Dealer Manager is paid up to 3.0% of the gross proceeds from the sale of shares as a dealer manager fee. The Dealer Manager may reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer may elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares (not including selling commissions and dealer manager fees) by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option is elected, the dealer manager fee will be reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees).
	The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:
				Period from
				19-Dec-13
		Year Ended		(date of inception) to		Payable as of
	(In thousands)	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	Total commissions and fees incurred from the Dealer Manager	$	46,997	$	—	$	197	$	—
	The Advisor and its affiliates are paid compensation and receive reimbursement for services relating to the IPO, including transfer agent services and other professional services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company, the Advisor and its affiliated entities on behalf of the Company are charged to additional paid-in capital on the accompanying consolidated balance sheets as of December 31, 2014. The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliates of the Dealer Manager as of and for the periods presented:
				Period from
				19-Dec-13
		Year Ended		(date of inception) to		Payable as of
	(In thousands)	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	Fees and expense reimbursements from the Advisor and affiliates of the Dealer Manager	$	6,656	$	—	$	912	$	—
	The Company is responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs in excess of the 2.0% cap as of the end of the IPO are the Advisor’s responsibility. As of December 31, 2014, offering and related costs did not exceed 2.0% of gross proceeds received from the IPO.
	As of December 31, 2014, cumulative offering costs, including selling commissions and dealer manager fees, were $55.6 million. Offering costs are only a liability to the Company to the extent aggregate selling commissions, dealer manager fees and other organization and offering costs do not exceed 12.0% of the gross proceeds determined at the end of the IPO. During the IPO, beginning after the general escrow break, the Advisor elected to cap cumulative offering costs, including selling commissions and dealer manager fees, incurred by the Company, net of unpaid amounts, to 15% of gross common stock proceeds. Cumulative offering costs, including selling commissions and dealer manager fees, net of unpaid amounts, were less than the 15% threshold as of December 31, 2014.
	Fees Paid in Connection With the Operations of the Company
	The Advisor is paid an acquisition fee of 1.5% of the contract purchase price of each acquired property and 1.5% of the amount advanced for a loan or other investment. The Advisor is also reimbursed for expenses actually incurred related to selecting, evaluating and acquiring assets on the Company's behalf, regardless of whether the Company actually acquires the related assets. Specifically, the Company pays the Advisor or its affiliates for any services provided for which they incur investment-related expenses, or insourced expenses. Such insourced expenses are fixed initially at and shall not exceed 0.50% of the purchase price of each property and 0.50% of the amount advanced for each loan or other investment, which is paid at the closing of each such investment. The Advisor is also reimbursed for legal expenses incurred in the process of acquiring properties, in an amount not to exceed 0.10% of the contract purchase price. In addition, the Company also pays third parties, or reimburses the Advisor for any investment-related expenses due to third parties. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees (as described below) payable with respect to the Company's portfolio of investments exceed 4.5% of the contract purchase price or 4.5% of the amount advanced for all loans or other investments. Once the proceeds from the primary offering have been fully invested, the aggregate amount of acquisition fees and any financing coordination fees may not exceed 4.5% of the contract purchase price and the amount advanced for a loan or other investment, as applicable, for all the assets acquired.
	If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company pays the Advisor a financing coordination fee equal to 0.75% of the amount made available or outstanding under such financing, subject to certain limitations.
	For its asset management services, the Company causes the OP to issue restricted Class B units in the OP (“Class B Units”) to the Advisor on a quarterly basis in an amount equal to: (i) the cost of assets (or the lower of the cost of assets and the applicable quarterly NAV multiplied by 0.1875% once the Company begins calculating NAV) multiplied by 0.1875% divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the primary offering price minus selling commissions and dealer manager fees) and, at such time as the Company calculates NAV, to per share NAV. The Class B Units are intended to be profits interests and will vest, and no longer be subject to forfeiture, at such time as: (a) the value of the OP's assets plus all distributions made by the Company to its stockholders equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the "economic hurdle;" (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company's common stock on a national securities exchange; (ii) a transaction to which the Company or the OP is a party, as a result of which OP units or the Company's common stock are or will be exchanged for or converted into the right, or the holders of such securities will otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause by an affirmative vote of a majority of the Company's independent directors after the economic hurdle has been met; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of the majority of the Company's independent directors after the economic hurdle has been met (the "performance condition"). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of December 31, 2014, the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units will be expensed in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. As of December 31, 2014, the Company's board of directors has approved the issuance of 8,361 Class B Units in connection with the arrangement.
	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 the properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on 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.
	The Company reimburses the Advisor’s costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses at the end of the four preceding fiscal quarters exceeds 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, impairments or other similar non-cash expenses and excluding any gain from the sale of assets for that period. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services during the operational stage; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or real estate commissions.
	The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented:
						Period from
						19-Dec-13
		Year Ended				(date of inception) to				Payable as of
		December 31, 2014				December 31, 2013				December 31,		December 31,
	(In thousands)	Incurred		Forgiven		Incurred		Forgiven		2014		2013
	Acquisition fees and reimbursements:
	Acquisition fees and related cost reimbursements	$	5,251	$	—	$	—	$	—	$	—	$	—
	Ongoing fees:
	Property management and leasing fees	—		101		—		—		—		—
	Distributions on Class B units	2		—		—		—		—		—
	Total related party operation fees and reimbursements	$	5,253	$	101	$	—	$	—	$	—	$	—
	Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets
	The Company will pay to the Advisor an annual subordinated performance fee calculated on the basis of the Company’s return to stockholders, payable annually in arrears, such that for any year in which investors receive payment of 6.0% per annum, the Advisor will be entitled to 15.0% of the excess return, provided that the amount paid to the Advisor does not to exceed 10.0% of the aggregate return for such year, and that the amount paid to the Advisor will not be paid unless investors receive a return of capital contributions. This fee will be paid only upon the sale of assets, distributions or other event which results in the return on stockholders’ capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013.
	The Company will pay to the Advisor a brokerage commission to the Advisor or its affiliates on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services are provided in connection with the sale. No such fees were incurred during the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013.
	Upon a sale of all or substantially all assets, the Special Limited Partner will receive a subordinated distribution from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of an annual 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company’s investors have received a return of their capital plus a 6.0% cumulative non-compounded annual return on their capital contributions. No such distributions were incurred during the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013.
	If the Company’s shares of common stock are listed on a national exchange, the Special Limited Partner will receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the Company’s market value plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless the Company's market value plus distribution exceeds the investors' capital plus a return equal to an annual 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distributions were incurred during the year ended December 31, 2014 or the period from December 19, 2013 (date of inception) to December 31, 2013. The Special Limited Partner cannot earn both the subordinated participation in net sales proceeds and the subordinated incentive listing distribution.
	Upon termination or non-renewal of the advisory agreement with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.

Economic_Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2014
Economic Dependency [Abstract]
Economic Dependency	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, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations.
	As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

ShareBased_Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation
	Restricted Share Plan
	The Company has an employee and director incentive restricted share plan (the “RSP”), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further approval 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 stock issued to independent directors vests over a five-year period following the date of grant in increments of 20.0% per annum. The 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. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 1.5 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events).
	Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. 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 distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. As of December 31, 2014, there were 3,999 unvested restricted shares issued to independent directors under the RSP at $22.50 per share. There were no such restricted shares outstanding as of December 31, 2013. The fair value of the restricted shares is expensed on a straight-line basis over the service period of five years. Compensation expense related to restricted stock was approximately $13,000 for the year ended December 31, 2014. As of December 31, 2014, the Company had $0.1 million of unrecognized compensation costs related to unvested restricted share awards granted under the Company's RSP, which is expected to vest over a period of 4.3 years.

Net_Loss_Per_Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Net Loss Per Share	Net Loss Per Share
	The following is a summary of the basic and diluted net loss per share computation for the periods presented:
						Period from
						19-Dec-13
		Year Ended				(date of inception) to
		31-Dec-14				December 31, 2013
	Net loss (in thousands)	$	(6,519	)		$	—
	Basic and diluted weighted average shares outstanding	4,530,066				—
	Basic and diluted net loss per share	$	(1.44	)		$	—
	The Company had the following common share equivalents as of December 31, 2014 and 2013, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive:
		December 31,
		2014			2013
	Unvested restricted stock	3,999			—
	OP Units	90			—
	Class B units	8,361			—
	Total common share equivalents	12,450			—

Quarterly_Results_Unaudited

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited)
	Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2014. There was no net income or loss for the period from December 19, 2013 (date of inception) to December 31, 2013.
	(In thousands, except share and per share data)	31-Mar-14			30-Jun-14			30-Sep-14			31-Dec-14
	Total revenues	$	—		$	43		$	540		$	2,268
	Net loss attributable to stockholders	$	(16	)	$	(214	)	$	(2,235	)	$	(4,054	)
	Weighted average shares outstanding	8,888			690,143			8,543,271			17,938,717
	Basic and diluted net loss per share attributable to stockholders	NM			$	(0.31	)	$	(0.26	)	$	(0.23	)
	________________
	NM - Not meaningful

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	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 transactions:
	Sales of Common Stock
	As of March 15, 2015, the Company had 24.0 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP from total gross proceeds from the IPO and the DRIP of $595.0 million.
	Total capital raised to date, including shares issued under the DRIP, is as follows:
	Source of Capital (in thousands)	Inception to December 31, 2014		January 1, 2015 to March 15, 2015		Total
	Common stock	$	509,949	$	85,100	$	595,049
	On February 6, 2015, the Company's board of directors approved the reallocation of 10.0 million shares from the DRIP to the primary offering.
	Acquisitions
	On March 27, 2015, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of the fee simple interest in an institutional quality office building located at 123 William Street in Downtown Manhattan. The contract purchase price was $253.0 million, exclusive of closing costs. The Company funded the purchase price with proceeds from the IPO and a $95.2 million mortgage note payable.
	The seller of the property is a wholly owned subsidiary of EEGO-ARC 123 William JV, LLC, a joint venture in which New York REIT, Inc. ("NYRT") held a $35.1 million preferred equity interest. The sponsor and advisor of NYRT and the Sponsor and Advisor of the Company are under common control.

Schedule_III_Real_Estate_and_A

Schedule III -Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III -Real Estate and Accumulated Depreciation
								Initial Costs				Costs Capitalized Subsequent to Acquisition
	Portfolio		State		Acquisition Date	Encumbrances at December 31, 2014		Land		Building and Improvements		Building and Improvements		Gross Carried at December 31, 2014(1)(2)		Accumulated Depreciation(3)(4)
	421 W. 54th Street		NY		6/13/14	$	—	$	4,723	$	1,757	$	—	$	6,480	$	(26	)
	400 E. 67th Street		NY		9/5/14	—		10,653		55,682		14		66,349		(464		)
	200 Riverside Blvd		NY		9/24/14	—		13,787		5,510		—		19,297		(34		)
	570 Seventh Ave		NY		11/5/14	—		54,153		76,454		72		130,679		(319		)
								$	83,316	$	139,403	$	86	$	222,805	$	(843	)
	-1	Acquired intangible assets allocated to individual properties in the amount of $47.3 million are not reflected in the table above.
	-2	The tax basis of aggregate land, buildings and improvements as of December 31, 2014 is $260.6 million.
	-3	The accumulated depreciation column excludes $1.2 million of amortization associated with acquired intangible assets.
	-4	Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five years for fixtures.
	A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014:
	(In thousands)		December 31, 2014
	Real estate investments, at cost:
	Balance at beginning of year		$	—
	Additions-acquisitions		222,719
	Capital expenditures		86
	Disposals		—
	Balance at end of the year		$	222,805
	Accumulated depreciation:
	Balance at beginning of year		$	—
	Depreciation expense		(843		)
	Disposals		—
	Balance at the end of the year		$	(843	)

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
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").
Principles of Consolidation	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Company had no investments in joint ventures or variable interest entities as of December 31, 2014 or 2013.
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, and fair value measurements, as applicable.
Organization Costs	Organizational Costs
	Organizational costs include accounting, legal and regulatory fees incurred related to the formation of the Company. Organizational costs are expensed as incurred.
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. 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 based on their respective fair values. Tangible assets may include land, land improvements, buildings, and fixtures. 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-market or below-market 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 fair market lease rate for the corresponding in-place lease, 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 and signage rights, are recorded based on the present value of the expected benefit and amortized over the expected useful life.
	In allocating the fair value to assumed mortgages, if applicable, amounts are recorded to 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.
	In allocating non-controlling interests, if applicable, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.
	In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, 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.
Depreciation and Amortization	Depreciation and Amortization
	The Company is required to make subjective assessments as to the useful lives of the components of the Company’s real estate investments for purposes of determining the amount of depreciation to record on an annual basis. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s real estate investments, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis.
	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 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.
	Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods.
	The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.
	Assumed mortgage premiums or discounts, if applicable, are amortized as an increase or reduction 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 impairment exists due to the inability to recover 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 the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.
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. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit.
Investments in Securities	Investments in 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.
Deferred Costs	Deferred Costs
	Deferred costs may consist of deferred financing costs, deferred offering costs and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized 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 offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with registering to sell shares of the Company's common stock.
	Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized over the term of the lease.
Share Repurchase Program	Share Repurchase Program
	The Company has a Share Repurchase Program ("SRP") that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their shares, subject to certain minimum conditions described below, if such repurchase does not impair the Company's capital or operations.
	Prior to the time that the Company's shares are listed on a national securities exchange and until the Company begins to calculate its NAV, the repurchase price per share will depend on the length of time investors have held such shares as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; and, after two years from the purchase date —the lower of $23.75 or 95.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).
	Once the Company begins to calculate its NAV, the price per share that the Company will pay to repurchase the Company's shares on any business day will be the Company's NAV per share of common stock for the quarter, calculated after the close of business on the first business day of each quarter. Subject to limited exceptions, stockholders who redeem their shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. Because the Company's NAV per share will be calculated quarterly, the redemption price may fluctuate between the redemption request day and the date on which the Company pays redemption proceeds.
	Until the Company begins to calculate its NAV, the Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption, at any time. Due to these limitations, the Company cannot guarantee that it will accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding during the prior year.
	When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares
Distribution Reinvestment Plan	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying consolidated balance sheets in the period distributions are declared.
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 term of the lease. Since many of the Company's leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company 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 terms of existing leases are considered to commence as of the acquisition date for the purposes of this calculation.
	The Company will continually review receivables related to rent and unbilled rent receivables and determine 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 the Company's allowance for uncollectible accounts or record a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive loss.
	Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable.
	The Company may own 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 the Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income, contingent rental income will be included in rental income on the consolidated statements of operations and comprehensive loss.
Offering and Related Costs	Offering and Related Costs
	Offering and related costs include all expenses incurred in connection with the Company's IPO. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. Offering costs will include all expenses incurred by the Company in connection with its IPO as of such date. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent aggregate selling commissions, dealer manager fees and other organization and offering costs do not exceed 12.0% of the gross proceeds determined at the end of the IPO (See Note 8 — Related Party Transactions and Arrangements).
Share-based Compensation	Share-Based Compensation
	The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards are included in general and administrative expenses and are recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 10 — Share-Based Compensation).
Income Taxes	Income Taxes
	The Company intends to elect and qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the taxable year ended December 31, 2014. In order to qualify and continue to qualify as a REIT, the Company must meet 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. 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.
Per Share Data	Per Share Data
	The Company calculates basic income (loss) per share by dividing net income (loss) for the period by weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP units, Class B units and unvested restricted stock, but uses 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.
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 of properties, which will comprise 100% of total consolidated revenues. Management evaluates the operating performance of the Company's investments in real estate on an individual property level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board ("FASB") amended the requirements for reporting discontinued operations. Under the revised guidance, in addition to other disclosure requirements, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale, disposed of by sale or other than by sale. The Company has adopted the provisions of this guidance effective January 1, 2014, and has applied the provisions prospectively. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.
	In May 2014, the 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 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
	In August 2014, the FASB issued guidance relating to disclosure of uncertainties about an entity's ability to continue as a going concern. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity's ability to continue as a going concern, the guidance requires management to disclose information that enables users of the financial statements to understand the conditions or events that raised the substantial doubt, management's evaluation of the significance of the conditions or events that led to the doubt and management's plans that are intended to mitigate the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The Company has elected to adopt the provisions of this guidance effective December 31, 2014, as early application is permitted. The adoption of this guidance had no material impact on the Company's consolidated financial position, results of operations or cash flows.
	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 variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships) and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities. 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. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets and acquired lease liabilities consist of the following as of December 31, 2014. The Company had no intangible assets and liabilities as of December 31, 2013.
		December 31, 2014
		Gross Carrying				Accumulated				Net Carrying
	(In thousands)	Amount				Amortization				Amount
	Intangible assets:
	In-place leases	$	11,920			$	721			$	11,199
	Other intangibles	31,447				270				31,177
	Above-market leases	3,911				136				3,775
	Acquired intangible assets	$	47,278			$	1,127			$	46,151
	Intangible liabilities:
	Below-market lease liabilities	$	15,637			$	270			$	15,367
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, 2014, 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		2015				2016				2017			2018			2019
	In-place leases	7.2		$	2,442			$	2,067			$	1,512		$	1,242		$	1,066
	Other intangibles	36.5		1,165				1,165				1,165			1,165			1,165
	Total to be included in depreciation and amortization			$	3,607			$	3,232			$	2,677		$	2,407		$	2,231
	Above-market lease assets	9.4		$	(404	)		$	(404	)		$	(404	)	$	(402	)	$	(400	)
	Below-market lease liabilities	18		1,275				1,267				1,176			1,098			1,037
	Total to be included in rental income			$	871			$	863			$	772		$	696		$	637

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of real estate assets acquired during the year ended December 31, 2014. No real estate assets were acquired during the period from December 19, 2013 (date of inception) to December 31, 2013.
			Year Ended
	(Dollar amounts in thousands)		31-Dec-14
	Real estate investments, at cost:
	Land		$	83,316
	Buildings, fixtures and improvements		139,403
	Total tangible assets		222,719
	Acquired intangibles:
	In-place leases		12,102
	Above-market lease assets		3,911
	Other intangibles		31,446
	Below-market lease liabilities		(15,637		)
	Total assets acquired, net		254,541
	Funds deposited in escrow		2,068
	Other liabilities assumed		(642		)
	Cash paid for acquired real estate investment		$	255,967
	Number of properties purchased		4
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2014 had been consummated on December 19, 2013 (date of inception). Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $6.1 million from the year ended December 31, 2014 to the period from December 19, 2013 (date of inception) to December 31, 2013.
						Period from
						19-Dec-13
			Year Ended			(date of inception) to
	(In thousands, except per share data)		December 31, 2014			December 31, 2013
	Pro forma revenues (1)		$	11,203		$	399
	Pro forma net loss (1)		$	(2,746	)	$	(6,227	)
	Basic and diluted pro forma net loss per share (2)		$	(0.61	)	N/A
	-1	For the the year ended December 31, 2014, aggregate revenues and net income derived from the Company's acquisitions (for the Company's period of ownership) were $2.9 million and $0.1 million, respectively.
	-2	The Company did not have any shares outstanding as of December 31, 2013.
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected 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 Rent Payments
	2015		$	7,865
	2016		7,653
	2017		7,171
	2018		6,723
	2019		6,613
	Thereafter		32,570
			$	68,595
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of December 31, 2014:
					December 31,
	Property Portfolio		Tenant		2014
	400 E. 67th Street - Laurel Condominium		Cornell University		26.00%
	400 E. 67th Street - Laurel Condominium		TD Bank, N.A.		10.90%

Investment_Securities_Tables

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investments	The following table details the unrealized gains and losses on investment securities by security type as of December 31, 2014:
	(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Equity securities	$	514	$	—	$	(24	)	$	490

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's asset measured at fair value on a recurring basis as of December 31, 2014, aggregated by the level in the fair value hierarchy within which that instrument falls. The Company had no assets measured at fair value on a recurring basis as of December 31, 2013.
		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(In thousands)	Level 1		Level 2		Level 3		Total
	December 31, 2014
	Investment Securities	$	490	$	—	$	—	$	490

Related_Party_Transactions_and1

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:
				Period from
				19-Dec-13
		Year Ended		(date of inception) to		Payable as of
	(In thousands)	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	Total commissions and fees incurred from the Dealer Manager	$	46,997	$	—	$	197	$	—
Schedule Of Offering Costs Reimbursements to Related Party	The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliates of the Dealer Manager as of and for the periods presented:
				Period from
				19-Dec-13
		Year Ended		(date of inception) to		Payable as of
	(In thousands)	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	Fees and expense reimbursements from the Advisor and affiliates of the Dealer Manager	$	6,656	$	—	$	912	$	—
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented:
						Period from
						19-Dec-13
		Year Ended				(date of inception) to				Payable as of
		December 31, 2014				December 31, 2013				December 31,		December 31,
	(In thousands)	Incurred		Forgiven		Incurred		Forgiven		2014		2013
	Acquisition fees and reimbursements:
	Acquisition fees and related cost reimbursements	$	5,251	$	—	$	—	$	—	$	—	$	—
	Ongoing fees:
	Property management and leasing fees	—		101		—		—		—		—
	Distributions on Class B units	2		—		—		—		—		—
	Total related party operation fees and reimbursements	$	5,253	$	101	$	—	$	—	$	—	$	—

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the periods presented:
						Period from
						19-Dec-13
		Year Ended				(date of inception) to
		31-Dec-14				December 31, 2013
	Net loss (in thousands)	$	(6,519	)		$	—
	Basic and diluted weighted average shares outstanding	4,530,066				—
	Basic and diluted net loss per share	$	(1.44	)		$	—
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents as of December 31, 2014 and 2013, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive:
		December 31,
		2014			2013
	Unvested restricted stock	3,999			—
	OP Units	90			—
	Class B units	8,361			—
	Total common share equivalents	12,450			—

Quarterly_Results_Unaudited_Ta

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2014. There was no net income or loss for the period from December 19, 2013 (date of inception) to December 31, 2013.
	(In thousands, except share and per share data)	31-Mar-14			30-Jun-14			30-Sep-14			31-Dec-14
	Total revenues	$	—		$	43		$	540		$	2,268
	Net loss attributable to stockholders	$	(16	)	$	(214	)	$	(2,235	)	$	(4,054	)
	Weighted average shares outstanding	8,888			690,143			8,543,271			17,938,717
	Basic and diluted net loss per share attributable to stockholders	NM			$	(0.31	)	$	(0.26	)	$	(0.23	)
	________________
	NM - Not meaningful

Subsequent_Events_Tables

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Schedule of Subsequent Events	Total capital raised to date, including shares issued under the DRIP, is as follows:
	Source of Capital (in thousands)	Inception to December 31, 2014		January 1, 2015 to March 15, 2015		Total
	Common stock	$	509,949	$	85,100	$	595,049

Organization_Details

Organization (Details) (USD $)	0 Months Ended		12 Months Ended
	29-May-14	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2014	22-May-14	Apr. 24, 2014
			property	property
			sqft	sqft
Related Party Transaction [Line Items]
Stock available for issuance in IPO						$30,000,000
Common stock, par value (in dollars per share)		$0.01	$0.01	$0.01		$0.01
Share Price (in dollars per share)					$25
Shares required to break escrow	2,000,000
Common stock, shares outstanding (in shares)		0	20,569,012	20,569,012
Proceeds from issuance of common stock		0	503,420,000	509,900,000
Proceeds from issuance of common stock, dividend reinvestment plan				4,500,000
Number of real estate properties			4	4
Area of real estate property			299,191	299,191
Occupancy rate			75.50%	75.50%
Weighted average remaining lease term			7 years 3 months 18 days
Limited partner units (in shares)						90
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		0	8,888	8,888
Common Stock
Related Party Transaction [Line Items]
Share Price (in dollars per share)						$25
Shares available for issuance under a distribution reinvestment plan (in shares)						10,500,000
Minimum | Common Stock
Related Party Transaction [Line Items]
DRIP share price (in dollars per share)						$23.75
DRIP Share Price as a percentage of estimated value of common stock						95.00%
American Realty Capital III Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Contributed capital						$2,020

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	0 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 19, 2013
		segment
Property, Plant and Equipment [Line Items]
Amortization of intangibles	$0	$1,172,000
Amortization (accretion) of market lease assets (liabilities), net	0	-134,000
Cash and cash equivalents	0	184,341,000	0	0
Cash in excess of FDIC limit		184,100,000
Deferred costs, net	35,000	0	35,000
Short term trading fee		2.00%
Annual authorized amount		5.00%
Number of reportable segments		1
Maximum
Property, Plant and Equipment [Line Items]
Liability for offering and related costs from IPO		2.00%
Offering costs, as a percentage of gross common stock proceeds		15.00%
Common Stock
Property, Plant and Equipment [Line Items]
Common stock issued through distribution reinvestment plan (in shares)		190,584
In-Place Leases and Real Estate Abatement | Depreciation and Amortization
Property, Plant and Equipment [Line Items]
Amortization of intangibles		1,200,000	0
Rental Income | Above and Below Market Leases
Property, Plant and Equipment [Line Items]
Amortization (accretion) of market lease assets (liabilities), net		($100,000)	$0
One Year | Minimum
Property, Plant and Equipment [Line Items]
Share repurchase price		$23.13
One Year | Maximum
Property, Plant and Equipment [Line Items]
Share repurchase price as percent of value		92.50%
Two Years | Minimum
Property, Plant and Equipment [Line Items]
Share repurchase price		$23.75
Two Years | Maximum
Property, Plant and Equipment [Line Items]
Share repurchase price as percent of value		95.00%
Offering Costs | Maximum
Property, Plant and Equipment [Line Items]
Offering costs, as a percentage of gross common stock proceeds		12.00%
Building
Property, Plant and Equipment [Line Items]
Useful life		40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life		15 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life		5 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Intangible Leases) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$47,278
Accumulated Amortization	1,127
Net Carrying Amount	46,151
Below-market leases, Gross Carrying Amount	15,637
Below market lease, Accumulated Amortization	270
Below market lease, Net Carrying Amount	15,367	0
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,920
Accumulated Amortization	721
Net Carrying Amount	11,199
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,447
Accumulated Amortization	270
Net Carrying Amount	31,177
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,911
Accumulated Amortization	136
Net Carrying Amount	$3,775

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Leases) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets amortization expense 2015	$3,607
Fiinite-lived intangible assets amortization expense 2016	3,232
Finite-lived intangible assets amortization expense 2017	2,677
Finite-lived intangible assets amortization expense 2018	2,407
Finite-lived intangible assets amortization expense 2019	2,231
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period	7 years 2 months 16 days
Finite-lived intangible assets amortization expense 2015	2,442
Fiinite-lived intangible assets amortization expense 2016	2,067
Finite-lived intangible assets amortization expense 2017	1,512
Finite-lived intangible assets amortization expense 2018	1,242
Finite-lived intangible assets amortization expense 2019	1,066
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period	36 years 6 months 14 days
Finite-lived intangible assets amortization expense 2015	1,165
Fiinite-lived intangible assets amortization expense 2016	1,165
Finite-lived intangible assets amortization expense 2017	1,165
Finite-lived intangible assets amortization expense 2018	1,165
Finite-lived intangible assets amortization expense 2019	1,165
Rental Income
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets amortization expense 2015	871
Fiinite-lived intangible assets amortization expense 2016	863
Finite-lived intangible assets amortization expense 2017	772
Finite-lived intangible assets amortization expense 2018	696
Finite-lived intangible assets amortization expense 2019	637
Below market lease, amortization income 2015	1,275
Below market lease, amortization income 2016	1,267
Below market lease, amortization income 2017	1,176
Below market lease, amortization income 2018	1,098
Below market lease, amortization income 2019	1,037
Rental Income | Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period	9 years 4 months 24 days
Finite-lived intangible assets amortization expense 2015	-404
Fiinite-lived intangible assets amortization expense 2016	-404
Finite-lived intangible assets amortization expense 2017	-404
Finite-lived intangible assets amortization expense 2018	-402
Finite-lived intangible assets amortization expense 2019	($400)
Rental Income | Below Market Lease
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period	18 years

Real_Estate_Investments_Narrat

Real Estate Investments - Narrative (Details) (USD $)	0 Months Ended	12 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014	Jun. 13, 2014	Sep. 05, 2014	Sep. 24, 2014	Nov. 10, 2014
Business Acquisition [Line Items]
Acquisition and transaction related	$0	$6,148
Total assets acquired, net		254,541
421 W. 54th Street
Business Acquisition [Line Items]
Acquisition and transaction related			200
Total assets acquired, net			7,300
400 E. 67th Street
Business Acquisition [Line Items]
Acquisition and transaction related				1,800
Total assets acquired, net				76,000
200 Riverside Boulevard
Business Acquisition [Line Items]
Acquisition and transaction related					200
Total assets acquired, net					9,000
570 Seventh Ave
Business Acquisition [Line Items]
Acquisition and transaction related						3,900
Total assets acquired, net						$162,300

Real_Estate_Investments_Alloca

Real Estate Investments - Allocation of Assets (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	property
Business Acquisition [Line Items]
Land	$83,316
Buildings, fixtures and improvements	139,403
Total tangible assets	222,719
Total assets acquired, net	254,541
Funds deposited in escrow	2,068
Other liabilities assumed	-642
Cash paid for acquired real estate investment	255,967
Number of properties purchased	4
In-place leases
Business Acquisition [Line Items]
In-place leases	12,102
Above-market leases
Business Acquisition [Line Items]
In-place leases	3,911
Other intangibles
Business Acquisition [Line Items]
In-place leases	31,446
Below Market Lease
Business Acquisition [Line Items]
Below-market lease liabilities	($15,637)

Real_Estate_Investments_Profor

Real Estate Investments - Proforma (Details) (USD $)	0 Months Ended			3 Months Ended				12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013		Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenues		$399	[1]					$11,203	[1]
Pro forma net loss		-6,227	[1]					-2,746	[1]
Fully diluted pro forma net income per share attributable to stockholders (in dollars per share)								($0.61)	[2]
Total revenues		0		2,268	540	43	0	2,851
Net Income (Loss) Attributable to Parent	0	0		4,054	2,235	214	16	6,519
2014 Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues								2,900
Net Income (Loss) Attributable to Parent								$100
[1]	For the the year ended December 31, 2014, aggregate revenues and net income derived from the Company's acquisitions (for the Company's period of ownership) were $2.9 million and $0.1 million, respectively.
[2]	The Company did not have any shares outstanding as of December 31, 2013.

Real_Estate_Investments_Minimu

Real Estate Investments - Minimum Rental Payments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate Investments, Net [Abstract]
2015	$7,865
2016	7,653
2017	7,171
2018	6,723
2019	6,613
Thereafter	32,570
Total	$68,595

Real_Estate_Investments_Concen

Real Estate Investments - Concentration (Details)	12 Months Ended
	Dec. 31, 2014
Cornell University
Real estate investments
Concentration risk, percentage	26.00%
TD Bank, N.A.
Real estate investments
Concentration risk, percentage	10.90%

Investment_Securities_Details

Investment Securities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]
Cost	$514
Gross Unrealized Gains	0
Gross Unrealized Losses	-24
Fair Value	$490	$0

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$490	$0
Quoted Prices in Active Markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	490
Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$0

Common_Stock_Details

Common Stock (Details) (USD $)	0 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	22-May-14	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2014	22-May-14
Equity [Abstract]
Common stock, shares outstanding (in shares)		0	20,569,012	20,569,012
Proceeds from issuance of common stock		$0	$503,420	$509,900
Dividends declared per day (in dollars per share)	$0.00
Share Price (in dollars per share)					$25

Related_Party_Transactions_and2

Related Party Transactions and Arrangements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	20,569,012	0
Fair Value	$490	$0
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	8,888	0

Related_Party_Transactions_and3

Related Party Transactions and Arrangements - Fees Paid in Connection with the Offering (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Related Party Transaction [Line Items]
Cumulative offering costs	$55.60
Maximum
Related Party Transaction [Line Items]
Liability for offering and related costs from IPO	2.00%
Offering costs, as a percentage of gross common stock proceeds	15.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Option One | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	7.50%
Brokerage fees as a percentage of benchmark, initial grant	2.50%
Brokerage fees as a percentage of benchmark, periodic payment	1.00%
Option One | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Gross proceeds from the sale of common stock, before allowances, percentage of benchmark	3.00%
Option Two | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%
Offering Costs | Maximum
Related Party Transaction [Line Items]
Offering costs, as a percentage of gross common stock proceeds	12.00%

Related_Party_Transactions_and4

Related Party Transactions and Arrangements - Fees Paid in Connection with the IPO - Selling Commissions and Dealer Fees (Details) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$0	$0
Sales Commissions and Dealer Manager Fees | Realty Capital Securities, LLC | Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	46,997
Due from affiliates	$0	$197

Related_Party_Transactions_and5

Related Party Transactions and Arrangements - Fees Paid in Connection with the IPO, Offering Costs and Reimbursements (Details) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$0	$0
Fees and Expense Reimbursement, Stock Offering | Realty Capital Securities, LLC | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	6,656
Due from affiliates	$0	$912

Related_Party_Transactions_and6

Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	22-May-14
Related Party Transaction [Line Items]
Share Price (in dollars per share)		$25
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in dollars per share)	22.5
New York City Reit Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.50%
Expected acquisition fees	0.50%
Financing advance fees as a percentage of benchmark, expected third party costs	0.10%
Quarterly asset management fee earned by related party	0.19%
Unearned class B units (in shares)	8,361
New York City Reit Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Financing advance fees as a percentage of benchmark	1.50%
New York City Reit Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement | Advisor
Related Party Transaction [Line Items]
Financing coordination fees earned by related party	0.75%
New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees earned by related party	4.00%
Maximum | New York City Reit Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	4.50%
Maximum | New York City Reit Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Financing advance fees as a percentage of benchmark	4.50%
Greater Of | Maximum | New York City Reit 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 City Reit 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%
Annual Targeted Investor Return | New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%

Related_Party_Transactions_and7

Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company, Incurred Forgiven, and Payable (Details) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$0	$0
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	5,253
Forgiven
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	101
Acquisition fees and reimbursements: | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Due from affiliates	0	0
Acquisition fees and reimbursements: | Incurred | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	5,251
Acquisition fees and reimbursements: | Forgiven | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0
Ongoing fees: | Property management and leasing fees
Related Party Transaction [Line Items]
Due from affiliates	0	0
Ongoing fees: | Distributions on Class B units
Related Party Transaction [Line Items]
Due from affiliates	0	0
Ongoing fees: | Incurred | Property management and leasing fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0
Ongoing fees: | Incurred | Distributions on Class B units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	2
Ongoing fees: | Forgiven | Property management and leasing fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	101
Ongoing fees: | Forgiven | Distributions on Class B units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	$0	$0

Related_Party_Transactions_and8

Related Party Transactions and Arrangements - Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets (Details) (New York City Reit Advisors, LLC, Advisor)	Dec. 31, 2014
Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Subordinated performance fee as a percentage of benchmark	15.00%
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15.00%
Distribution upon nonrenewal of advisory agreement, percentage of benchmark	15.00%
Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15.00%
Maximum | Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	10.00%
Brokerage Commission Fees | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	2.00%
Brokerage Commission Fees | Maximum | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	50.00%
Real Estate Commissions | Maximum | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	6.00%
Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	0 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$0	$13,000
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors (in shares)		1,333
Periodic vesting percentage		20.00%
Maximum authorized amount as a percentage of shares authorized		5.00%
Number of shares authorized (in shares)		1,500,000
Shares issued (in shares)	0	3,999
Unvested restricted shares (in dollars per share)		$22.50
Restricted share vesting period		5 years
Share-based compensation		13,000
Unrecognized costs		$100,000
Vesting period for costs not yet recognized		4 years 3 months 18 days

Net_Loss_Per_Share_Details

Net Loss Per Share (Details) (USD $)	0 Months Ended		3 Months Ended				12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Equity [Abstract]
Net loss attributable to stockholders	$0	$0	($4,054)	($2,235)	($214)	($16)	($6,519)
Basic and diluted weighted average shares outstanding (in shares)		0	17,938,717	8,543,271	690,143	8,888	4,530,066
Basic and diluted net loss per share (in dollars per share)		$0	($0.23)	($0.26)	($0.31)		($1.44)

Net_Loss_Per_Share_Shares_Excl

Net Loss Per Share - Shares Excluded From Calculation (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12,450	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,999	0
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	90	0
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,361	0

Quarterly_Results_Unaudited_De

Quarterly Results (Unaudited) (Details) (USD $)	0 Months Ended		3 Months Ended				12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues		$0	$2,268	$540	$43	$0	$2,851
Net loss attributable to stockholders	$0	$0	($4,054)	($2,235)	($214)	($16)	($6,519)
Basic and diluted weighted average shares outstanding (in shares)		0	17,938,717	8,543,271	690,143	8,888	4,530,066
Basic and diluted net loss per share (in dollars per share)		$0	($0.23)	($0.26)	($0.31)		($1.44)

Subsequent_Events_Sale_of_Comm

Subsequent Events - Sale of Common Stock (Details) (USD $)	0 Months Ended	12 Months Ended		3 Months Ended	15 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2014	Mar. 15, 2015	Mar. 13, 2015	Mar. 15, 2015
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)	0	20,569,012	20,569,012
Proceeds from issuance of common stock	$0	$503,420	$509,900
Issuance of common stock		505,423	509,949
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)				24,000,000		24,000,000
Proceeds from issuance of common stock					595,000
Issuance of common stock				$85,100		$595,049

Subsequent_Events_Details

Subsequent Events - (Details) (Subsequent Event, USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Feb. 06, 2015	Mar. 27, 2015
Subsequent Event [Line Items]
Share Reallocated Under DRIP	10,000,000
123 William Street Downtown Manhattan
Subsequent Event [Line Items]
Consideration transferred		$253
Mortgages | 123 William Street Downtown Manhattan
Subsequent Event [Line Items]
Face amount of debt		95.2
NYRT | 123 William Street Downtown Manhattan
Subsequent Event [Line Items]
Equity interest		$35.10

Schedule_III_Real_Estate_and_A1

Schedule III -Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Land	83,316,000
Building and Improvements	139,403,000
Costs Capitalized Subsequent to Acquisition	86,000
Gross Amount Carried	222,805,000	[1],[2]	0
Accumulated Depreciation	-843,000	[3],[4]	0
Acquired intangible assets	47,278,000		0
Tax basis	260,600,000
Accumulated Amortization	1,200,000
421 W. 54th Street
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,723,000
Building and Improvements	1,757,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried	6,480,000	[1],[2]
Accumulated Depreciation	-26,000	[3],[4]
400 E. 67th Street
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	10,653,000
Building and Improvements	55,682,000
Costs Capitalized Subsequent to Acquisition	14,000
Gross Amount Carried	66,349,000	[1],[2]
Accumulated Depreciation	-464,000	[3],[4]
200 Riverside Blvd
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	13,787,000
Building and Improvements	5,510,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried	19,297,000	[1],[2]
Accumulated Depreciation	-34,000	[3],[4]
570 Seventh Ave
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	54,153,000
Building and Improvements	76,454,000
Costs Capitalized Subsequent to Acquisition	72,000
Gross Amount Carried	130,679,000	[1],[2]
Accumulated Depreciation	-319,000	[3],[4]
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Land Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Furniture and Fixtures
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful life	5 years
[1]	The tax basis of aggregate land, buildings and improvements as of DecemberB 31, 2014 is $260.6 million.
[2]	Acquired intangible assets allocated to individual propertiesB in the amount of $47.3 million are notB reflected in the table above.
[3]	The accumulated depreciation column excludes $1.2 million of amortization associated with acquired intangible assets.
[4]	Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five years for fixture

Schedule_III_Real_Estate_and_A2

Schedule III -Real Estate and Accumulated Depreciation Changes in Accumulated Depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Real estate investments, at cost:
Balance at beginning of year	$0
Additions-acquisitions	222,719
Capital expenditures	86
Disposals	0
Balance at end of the year	222,805	[1],[2]
Accumulated depreciation:
Balance at beginning of year	0
Depreciation expense	-843
Disposals	0
Balance at the end of the year	($843)	[3],[4]
[1]	The tax basis of aggregate land, buildings and improvements as of DecemberB 31, 2014 is $260.6 million.
[2]	Acquired intangible assets allocated to individual propertiesB in the amount of $47.3 million are notB reflected in the table above.
[3]	The accumulated depreciation column excludes $1.2 million of amortization associated with acquired intangible assets.
[4]	Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five years for fixture