New York City REIT (NYC) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.
Entity Central Index Key	1,595,527
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		30,736,654
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate investments, at cost:
Land	$ 133,380	$ 133,380
Buildings and improvements	502,067	336,582
Acquired intangible assets	109,498	80,407
Total real estate investments, at cost	744,945	550,369
Less accumulated depreciation and amortization	(37,889)	(18,045)
Total real estate investments, net	707,056	532,324
Cash and cash equivalents	47,671	182,700
Restricted cash	2,150	0
Investment securities, at fair value	477	472
Prepaid expenses and other assets (including amounts due from related parties of $24 and $819 at December 31, 2016 and 2015, respectively)	13,017	7,635
Deferred leasing costs, net	3,233	3,284
Total assets	773,604	726,415
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable, net of deferred financing costs	191,328	93,176
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $167 and $184 at December 31, 2016 and 2015, respectively)	6,580	4,889
Below-market lease liabilities, net	28,528	26,644
Deferred revenue	3,024	1,651
Distributions payable	3,953	3,916
Total liabilities	233,413	130,276
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2016 and 2015	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 30,856,841 and 30,410,467 shares issued and outstanding as of December 31, 2016 and 2015, respectively	309	304
Additional paid-in capital	680,476	670,279
Accumulated other comprehensive income	10	0
Accumulated deficit	(140,604)	(74,444)
Total stockholders' equity	540,191	596,139
Total liabilities and stockholders' equity	$ 773,604	$ 726,415

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Due from affiliates	$ 24	$ 819
Due to affiliates	$ 167	$ 184
Preferred stock, par value (in usd per share)	$ 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 (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	30,856,841	30,410,467
Common stock, shares outstanding	30,856,841	30,410,467

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 44,223,000	$ 24,472,000	$ 2,661,000
Operating expense reimbursements and other revenue	3,384,000	1,964,000	190,000
Total revenues	47,607,000	26,436,000	2,851,000
Operating expenses:
Property operating	20,919,000	11,296,000	688,000
Operating fees incurred from related parties	5,179,000	1,145,000	0
Acquisition and transaction related	3,695,000	6,015,000	6,148,000
General and administrative	4,933,000	3,634,000	535,000
Depreciation and amortization	25,586,000	16,759,000	2,015,000
Total operating expenses	60,312,000	38,849,000	9,386,000
Operating loss	(12,705,000)	(12,413,000)	(6,535,000)
Other income (expense):
Interest expense	(7,404,000)	(3,554,000)	0
Income from investment securities and interest	344,000	252,000	16,000
Other-than-temporary impairment on investment securities	0	(70,000)	0
Total other income (expense)	(7,060,000)	(3,372,000)	16,000
Net loss	(19,765,000)	(15,785,000)	(6,519,000)
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	10,000	0	(24,000)
Reclassification adjustment for other-than-temporary impairment losses recognized in earnings	0	24,000	0
Comprehensive loss	$ (19,755,000)	$ (15,761,000)	$ (6,543,000)
Basic and diluted weighted average shares outstanding (in shares)	30,668,238	27,599,363	6,849,166
Basic and diluted net loss per share (in usd per share)	$ (0.64)	$ (0.57)	$ (0.95)
Dividends declared per common share (in usd per share)	$ 1.51	$ 1.51	$ 0.84

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2013		0
Beginning Balance at Dec. 31, 2013	$ 0	$ 0	$ 0	$ 0	$ 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
Common stock repurchases (in shares)	0
Share-based compensation (in shares)		3,999
Share-based compensation	$ 13		13
Distributions declared	(10,388)				(10,388)
Reclassification adjustment for other-than-temporary impairment losses recognized in earnings	0
Unrealized gain (loss) on investment securities	(24)			(24)
Net loss	(6,519)				(6,519)
Ending Balance (in shares) at Dec. 31, 2014		20,569,012
Ending Balance at Dec. 31, 2014	437,406	$ 206	454,131	(24)	(16,907)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		9,165,430
Issuance of common stock	228,597	$ 91	228,506
Common stock offering costs, commissions and dealer manager fees	(28,424)		(28,424)
Common stock issued through distribution reinvestment plan (in shares)		858,472
Common stock issued through distribution reinvestment plan	$ 20,390	$ 9	20,381
Common stock repurchases (in shares)	(183,780)	(183,780)
Common stock repurchases	$ (4,343)	$ (2)	(4,341)
Share-based compensation (in shares)		1,333
Share-based compensation	26		26
Distributions declared	(41,752)				(41,752)
Reclassification adjustment for other-than-temporary impairment losses recognized in earnings	24			24
Unrealized gain (loss) on investment securities	0
Net loss	(15,785)				(15,785)
Ending Balance (in shares) at Dec. 31, 2015		30,410,467
Ending Balance at Dec. 31, 2015	596,139	$ 304	670,279	0	(74,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)		902,597
Common stock issued through distribution reinvestment plan	21,046	$ 9	21,037
Common stock repurchases (in shares)		(461,555)
Common stock repurchases	(10,905)	$ (4)	(10,901)
Share-based compensation (in shares)		5,332
Share-based compensation	61		61
Distributions declared	(46,395)				(46,395)
Reclassification adjustment for other-than-temporary impairment losses recognized in earnings	0
Unrealized gain (loss) on investment securities	10			10
Net loss	(19,765)				(19,765)
Ending Balance (in shares) at Dec. 31, 2016		30,856,841
Ending Balance at Dec. 31, 2016	$ 540,191	$ 309	$ 680,476	$ 10	$ (140,604)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (19,765,000)	$ (15,785,000)	$ (6,519,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	25,586,000	16,759,000	2,015,000
Amortization of deferred financing costs	2,479,000	1,731,000	0
Accretion of below- and amortization of above-market lease liabilities and assets, net	(2,376,000)	(2,476,000)	(134,000)
Share-based compensation	61,000	26,000	13,000
Loss on sale of investment securities	5,000	0	0
Other-than-temporary impairment on investment securities	0	70,000	0
Changes in assets and liabilities:
Prepaid expenses, other assets and deferred costs	(6,038,000)	(8,177,000)	(1,550,000)
Accounts payable, accrued expenses and other liabilities	2,803,000	1,232,000	985,000
Deferred revenue	1,373,000	1,426,000	225,000
Restricted cash	(2,150,000)	0	0
Net cash provided by (used in) operating activities	1,978,000	(5,194,000)	(4,965,000)
Cash flows from investing activities:
Investments in real estate	(79,162,000)	(157,029,000)	(255,967,000)
Purchase of investment securities, net	0	(28,000)	(514,000)
Acquisition funds released from escrow	0	2,068,000	0
Capital expenditures	(16,718,000)	(14,175,000)	(86,000)
Net cash used in investing activities	(95,880,000)	(169,164,000)	(256,567,000)
Cash flows from financing activities:
Payments of offering costs and fees related to common stock issuances	0	(30,580,000)	(54,227,000)
Payments of financing costs	(3,327,000)	(4,555,000)	0
Proceeds from issuance of common stock	0	230,600,000	503,420,000
Distributions paid	(25,312,000)	(19,988,000)	(3,320,000)
Repurchases of common stock	(12,488,000)	(2,760,000)	0
Net cash (used in) provided by financing activities	(41,127,000)	172,717,000	445,873,000
Net change in cash and cash equivalents	(135,029,000)	(1,641,000)	184,341,000
Cash and cash equivalents, beginning of period	182,700,000	184,341,000	0
Cash and cash equivalents, end of period	47,671,000	182,700,000	184,341,000
Supplemental Disclosures:
Cash paid for interest	4,622,000	1,817,000	0
Non-Cash Investing and Financing Activities
Receivable for sale of common stock	0	0	2,003,000
Receivable for offering cost reimbursement	0	775,000	0
Mortgage note payable used to acquire investments in real estate	99,000,000	96,000,000	0
Accrued stock repurchase requests	0	1,583,000	0
Distributions payable	3,953,000	3,916,000	2,542,000
Accrued offering costs	0	17,000	1,363,000
Accrued capital expenditures	118,000	1,000	0
Other assets acquired or (liabilities assumed) in real estate transactions, net	(353,000)	29,000	(642,000)
Common stock issued through distribution reinvestment plan	21,046,000	20,390,000	4,526,000
Reclassification of deferred offering costs to equity	$ 0	$ 0	$ 35,000

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization 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 for investment purposes certain real estate investment 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, 2016 , the Company owned six properties consisting of 1,091,571 rentable square feet, acquired for an aggregate purchase price of $686.1 million . American Realty Capital New York City REIT, Inc. (including, as required by context, New York City Operating Partnership L.P., and its subsidiaries, the “Company”) was incorporated on December 19, 2013 as a Maryland corporation and elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2014. Substantially all of the Company’s business is conducted through New York City Operating Partnership, L.P., a Delaware limited partnership (the “OP”). 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, for total gross proceeds of up to $750.0 million . The Company closed its IPO on May 31, 2015, and continued to accept subscriptions in process as of that date. As of December 31, 2016 , the Company had 30.9 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 $764.8 million , inclusive of $46.0 million from the DRIP and net of repurchases. On October 24, 2016, the Company's board of directors approved an estimated net asset value per share of the Company's common stock ("Estimated Per-Share NAV") as of June 30, 2016, which was published on October 26, 2016 ("NAV Pricing Date"). The Company intends to publish subsequent valuations of Estimated Per-Share NAV at least once annually. Until the NAV Pricing Date, the Company offered shares pursuant to the DRIP and has repurchased shares pursuant to the Share Repurchase Program ("SRP") at a price based on $23.75 per share, the offering price in the IPO. Beginning with the NAV Pricing Date, the Company began to offer shares pursuant to the DRIP and repurchase shares pursuant to its SRP at a price based on Estimated Per-Share NAV. The Company has no 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. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC "AR Global"), the parent of the Company's sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which they are related parties, and each of these entities 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 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 OP units, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation, specifically the presentation of deferred financing costs, net, related to mortgage notes payable which is presented as a reduction of the carrying amount of mortgage notes payable in accordance with the revised presentation guidance. 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, 2016 , 2015 or 2014 . 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. Investments in Real Estate The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the comparable fair market lease rate 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, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report results of these properties' operations within continuing operations. Properties that are intended to be sold will be designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale. The Company did not have any properties held for sale as of December 31, 2016 or 2015 . Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. The value of other acquired intangibles is amortized to depreciation and amortization expense over the remaining expected useful life. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the estimated selling price of the asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss). The Company did not recognize any impairment charges for the years ended December 31, 2016 , 2015 or 2014 . 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, 2016 and 2015 , the Company had deposits of $47.7 million and $182.7 million , of which $46.1 million and $181.7 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash primarily consists of ground rent, real estate tax, structural, leasing commissions, free rent and insurance reserves. Investment Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. The Company recognized other-than-temporary impairment charges of $0.1 million for the year ended December 31, 2015 . The Company did not recognize any other-than-temporary impairment charges for the years ended December 31, 2016 or 2014 . Deferred Costs, Net Deferred costs, net consists of deferred financing 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 to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized to depreciation and amortization expense over the term of the related lease. 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, if such repurchase does not impair the Company's capital or operations. 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. See Note 7 — Common Stock . 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 balance sheets in the period distributions are declared. See Note 7 — Common Stock . Revenue Recognition The Company's revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Because many of the Company's leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectibility 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 collectibility of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. Certain tenants have provided letters of credit in lieu of cash security deposit required per the respective lease agreements. 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. The Company did not recognize any contingent rental income for the years ended December 31, 2016 , 2015 or 2014 . Cost recoveries from tenants are included in operating expense reimbursements and other revenue in the period the related costs are incurred, as applicable. Offering and Related Costs All offering costs incurred by the Company, its Advisor and its affiliates on behalf of the Company are charged to additional paid-in capital on the consolidated balance sheets. 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 fees) of the Company may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. 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 Former 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 fees) 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 9 — 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 employee 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 11 — Share-Based Compensation . Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2014. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2016 , 2015 and 2014 . From a U.S. federal income tax perspective, 100% of distributions, or $1.51 , $1.51 and $0.84 per share, respectively, for the years ended December 31, 2016 , 2015 and 2014 represented a return of capital. 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. As of December 31, 2016 , the Company had no material uncertain tax positions. The tax years subsequent to and including December 31, 2014 remain open to examination by the major taxing jurisdictions to which the Company is subject. Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP units, Class B units and unvested restricted stock (assuming such units are not antidilutive), based on, the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 12 — Net Loss Per Share . Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company's investments in real estate at the individual property level. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company is evaluating the impact of this guidance, including performing preliminary review of all revenue streams to identify any differences in timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the allowable methods of adoption. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of the new guidance. In February 2016, the FASB issued an update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance is effective on January 1, 2019. Early adoption is permitted. The Company has begun developing an inventory of all leases as well as identifying any non-lease components in our lease arrangements. The Company is continuing to evaluate the impact of this new guidance. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal or agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In November 2016, the FASB issued guidance on the classification of restricted cash in the statement of cash flows. The amendment requires restricted cash to be included in the beginning-of-period and end-of-period total cash amounts. Therefore, transfers between cash and restricted cash will no longer be shown on the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In January 2017, the FASB issued guidance that revises the definition of a business. This new guidance is applicable when evaluating whether an acquisition should be treated as either a business acquisition or an asset acquisition. Under the revised guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single asset or group of similar assets, the assets acquired (or disposed of) would not be considered a business. The revised guidance is effective for reporting periods beginning after December 15, 2017, and the amendments will be applied prospectively. Early application is permitted only for transactions that have not previously been reported in issued financial statements. The Company has assessed this revised guidance and expects, based on historical acquisitions, future properties acquired to qualify as an asset acquisition rather than a business acquisition, which would result in the capitalization of related transaction costs. The Company has not adopted this guidance as of December 31, 2016 . Recently Adopted Accounting Pronouncements 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, the entity’s ability to continue as a going concern and management's plans that are intended to mitigate or that have mitigated the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. There is no disclosure required unless there are conditions or events that have 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 adopted this guidance for the fiscal year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 ("VIE") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for the Company's fiscal year ended December 31, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the OP is considered to be a VIE and continues to consolidate the OP as required under previous GAAP. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE, and the Company’s partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. As such, the adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs relat

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2016
Real Estate Investments, Net [Abstract]
Real Estate Investments	Note 3 — Real Estate Investments On June 15, 2016, the Company, through a wholly-owned subsidiary of the OP, completed its acquisition of the leasehold interest in an institutional-quality office building located at 1140 Avenue of the Americas in Manhattan, New York ("1140 Avenue of the Americas"). 1140 Avenue of the Americas comprises 249,703 square feet and is subject to a remaining 50.3 year ground lease that expires on December 31, 2066. The ground lease has a fixed annual rent of $0.3 million until January 1, 2017, at which time the fixed annual rent increases to $4.7 million through December 2041 and $5.1 million through the remainder of the term. The ground lease rent expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The contract purchase price for 1140 Avenue of the Americas was $180.0 million , exclusive of closing costs. The Company funded the purchase price with proceeds from the Company's IPO and a mortgage loan from Ladder Capital Finance I LLC (see Note 5 — Mortgage Notes Payable ). The Company accounted for the purchase of 1140 Avenue of the Americas as a business combination and incurred acquisition related costs of $4.3 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 and liabilities assumed during the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, (Dollar amounts in thousands) 2016 2015 2014 Real estate investments, at cost: Land $ — $ 50,064 $ 83,316 Building and improvements 148,647 182,917 139,403 Total tangible assets 148,647 232,981 222,719 Acquired intangibles: In-place leases (1) 27,433 33,380 12,102 Above-market lease assets (1) 5,230 884 3,911 Other intangibles — — 31,446 Below-market lease liabilities (1) (5,277 ) (14,245 ) (15,637 ) Below-market ground lease asset (1) 2,482 — — Total intangible assets, net 29,868 20,019 31,822 Total assets acquired, net 178,515 253,000 254,541 Mortgage notes payable used to acquire real estate investments (99,000 ) (96,000 ) — Funds deposited in escrow — — 2,068 Other assets acquired — 458 — Other liabilities assumed (353 ) (429 ) (642 ) Cash paid for acquired real estate investment $ 79,162 $ 157,029 $ 255,967 Number of properties purchased 1 1 4 ______________ (1) Weighted-average remaining amortization periods for in-place leases, above-market lease assets, below-market lease liabilities and below-market ground lease asset acquired during the year ended December 31, 2016 were 6.5 years, 9.1 years, 7.2 years and 50.6 years, respectively, as of the acquisition date. The following table presents unaudited pro forma information as if the acquisition during the year ended December 31, 2016 had been consummated on January 1, 2015. Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expenses of $3.7 million from the year ended December 31, 2016 to the year ended December 31, 2015 . The unaudited pro forma net loss for the year ended December 31, 2015 was adjusted to exclude acquisition and transaction related expenses of $6.0 million . Year Ended December 31, (In thousands, except per share data) 2016 2015 Pro forma revenues (1) $ 57,089 $ 51,694 Pro forma net loss (1) $ (18,636 ) $ (20,695 ) Basic and diluted pro forma net loss per share $ (0.61 ) $ (0.75 ) ________________________ (1) For the year ended December 31, 2016 , aggregate revenues and net loss (excluding acquisition and transaction-related expenses) derived from the Company's acquisitions (for the Company's period of ownership) were $11.4 million and $3.0 million , respectively. The following table presents future minimum base cash rental 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 2017 $ 44,090 2018 41,947 2019 40,191 2020 36,127 2021 32,330 Thereafter 109,804 $ 304,489 The following table lists the tenants whose annualized rental income on a straight-line basis, based on leases signed, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of December 31, 2016 , 2015 and 2014 : December 31, Property Portfolio Tenant 2016 2015 2014 123 William Street Planned Parenthood Federation of America, Inc. * 10.7% N/A 400 E. 67th Street - Laurel Condominium Cornell University * * 26.0% 400 E. 67th Street - Laurel Condominium TD Bank, N.A. * * 10.9% ________________ * Tenant's annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income on a straight-line basis for all portfolio properties for the period specified. The termination, delinquency or non-renewal of these leases by any of the above tenants may have a material adverse effect on the Company's revenues. Intangible Assets and Liabilities Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2016 and 2015 . December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 65,544 $ 14,045 $ 51,499 Other intangibles 31,447 2,601 28,846 Below-market ground lease 2,482 27 2,455 Above-market leases 10,025 1,618 8,407 Acquired intangible assets $ 109,498 $ 18,291 $ 91,207 Intangible liabilities: Below-market lease liabilities $ 34,471 $ 5,943 $ 28,528 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 44,165 $ 8,017 $ 36,148 Other intangibles 31,447 1,436 30,011 Above-market leases 4,795 628 4,167 Acquired intangible assets $ 80,407 $ 10,081 $ 70,326 Intangible liabilities: Below-market lease liabilities $ 29,504 $ 2,860 $ 26,644 The following table provides the amortization of in-place leases and other intangibles recognized in depreciation and amortization expense as well as the amortization and accretion of above- and below market leases, net for the periods presented: Year Ended December 31, (In thousands) 2016 2015 2014 Amortization of in-place leases and other intangibles (1) $ 13,247 $ 9,596 $ 1,172 Amortization and (accretion) of above- and below-market leases, net (2) $ (2,403 ) $ (2,476 ) $ (134 ) Amortization of below-market ground lease (3) $ 27 $ — $ — ________________ (1) Reflected within depreciation and amortization expense. (2) Reflected as an increase to rental income. (3) Reflected within property operating expense. The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2017 2018 2019 2020 2021 In-place leases $ 10,654 $ 9,356 $ 8,598 $ 6,696 $ 5,161 Other intangibles 1,165 1,165 1,165 1,165 937 Total to be included in depreciation and amortization $ 11,819 $ 10,521 $ 9,763 $ 7,861 $ 6,098 Above-market lease assets $ (1,460 ) $ (1,364 ) $ (1,300 ) $ (1,159 ) $ (1,071 ) Below-market lease liabilities 3,583 3,435 3,092 2,679 2,371 Total to be included in rental income $ 2,123 $ 2,071 $ 1,792 $ 1,520 $ 1,300

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 4 — Investment Securities As of December 31, 2016 and 2015 , the Company had an investment in an equity security with a fair value of $0.5 million . The equity security consists of a mutual fund managed by an affiliate of the Sponsor. See Note 9 — Related Party Transactions and Arrangements . This investment is considered to be an available-for-sale security and therefore increases or decreases in the fair value of this investment are recorded in accumulated other comprehensive income (loss) as a component of equity on the consolidated balance sheets unless the security is considered to be other-than-temporarily impaired, at which time the losses would be reclassified to expense. As of December 31, 2015 , the Company determined its investment in this equity security was other-than-temporarily impaired. For the year ended December 31, 2015 , the Company recorded an other-than-temporary impairment charge of $0.1 million , which is reflected on the consolidated statements of operations and comprehensive loss. The Company did not record any impairment charges during the years ended December 31, 2016 and 2014. The following table details the realized and unrealized gains and losses on the investment security by security type as of December 31, 2016 and 2015 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Equity security $ 467 $ 10 $ — $ 477 December 31, 2015 Equity security $ 472 $ — $ — $ 472

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable	Note 5 — Mortgage Notes Payable The Company's mortgage notes payable as of December 31, 2016 and 2015 are as follows. Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2016 2015 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street 1 $ 96,000 (1) $ 96,000 2.90 % (2) Variable Mar. 2017 (3) 1140 Avenue of the Americas 1 99,000 — 4.17 % Fixed Jul. 2026 Less: deferred financing costs, net (3,672 ) (2,824 ) 2 $ 191,328 $ 93,176 3.61 % _____________________ (1) The Company may borrow up to $110.0 million subject to compliance with certain provisions as described in the terms of the mortgage agreement. (2) Interest rate is one month LIBOR, which was 0.606% at December 31, 2016 , plus a margin of 2.25% , based on a 360 day year. (3) This mortgage note was re-financed in March 2017. See Note 14 — Subsequent Events for details. Real estate assets of $442.7 million , at cost (excluding below-market lease liabilities), at December 31, 2016 have been pledged as collateral to the Company's mortgage notes payable and are not available to satisfy the Company's other obligations unless first satisfying the mortgage note payable on the property. The Company makes payments of interest on its mortgage note payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2016 : (In thousands) Future Minimum Principal Payments 2017 $ 96,000 (1) 2018 — 2019 — 2020 — 2021 — Thereafter 99,000 Total $ 195,000 _____________________ (1) This mortgage note was re-financed in March 2017. See Note 14 — Subsequent Events for details. The Company's mortgage notes payable require compliance with certain property-level debt covenants. As of December 31, 2016 , the Company was in compliance with the debt covenants under its mortgage note agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 6 — 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 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, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which that instrument falls. Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 Investment Securities $ 477 $ — $ — $ 477 December 31, 2015 Investment Securities $ 472 $ — $ — $ 472 There were no transfers between levels of the fair value hierarchy during the years ended December 31, 2016 or 2015 . 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 and cash equivalents, restricted cash, 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. The fair value of the variable mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with market and there has been no significant change in the credit risk or credit markets since origination. The fair value of the Company's fixed rate mortgage note payable, which is not reported at fair value on the consolidated balance sheet, is approximately $98.0 million compared to a carrying value of $99.0 million as of December 31, 2016 . As December 31, 2015, the Company did not have any financial instruments not carried at fair value or an amount that approximates fair value.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Common Stock	Note 7 — Common Stock As of December 31, 2016 , the Company had 30.9 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total proceeds of $764.8 million , inclusive of $46.0 million from the DRIP and net of repurchases. The Company had 30.4 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross process of $754.6 million , inclusive of $24.9 million from the DRIP and net of repurchases, as of December 31, 2015 . In May 2014, the board of directors of the Company authorized, and the Company declared, a distribution payable to stockholders of record each day during the applicable period equal to $0.0041438356 per day, which is equivalent to $1.5125 per annum, per share of common stock. In March 2016, the board of directors of the Company ratified the existing distribution amount equivalent to $1.5125 per annum, per share of common stock, and for the calendar year 2016, affirmed a change to daily distribution payable to stockholders of record each day during the applicable period to $0.0041325137 per day per share of common stock to accurately reflect that 2016 is a leap year . 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 distribution payments at any time and therefore distribution payments are not assured. The Company has a SRP that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company's capital or operations. On January 25, 2016, the Company's board of directors approved an amendment of the SRP to supersede and replace the existing SRP effective beginning on February 28, 2016. Under the SRP, as amended, repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Company's board of directors and generally will be made semiannually (each six-month period ending June 30 or December 31, a "fiscal semester"). On October 24, 2016, the Company's board of directors approved an Estimated Per-Share NAV as of June 30, 2016. Prior to the establishment of Estimated Per-Share NAV, the purchase price per share for requests other than for death or disability under the SRP depended on the length of time investors have held such shares as follows (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations): • after one year from the purchase date - the lower of $23.13 and 92.5% of the amount they actually paid for each share; and, • after two years from the purchase date - the lower of $23.75 and 95.0% of the amount they actually paid for each share. Prior to the establishment of Estimated Per-Share NAV, in the case of requests for death or disability, the repurchase price per share was equal to the price paid to acquire the shares from the Company. Following the establishment of Estimated Per-Share NAV, the purchase price per share for requests other than for death or disability under the SRP now depends on the length of time investors have held such shares as follows (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations): • after one year from the purchase date - 92.5% of the Estimated Per-Share NAV; • after two years from the purchase date - 95.0% of the Estimated Per-Share NAV; • after three years from the purchase date - 97.5% of the Estimated Per-Share NAV; and, • after four years from the purchase date - 100.0% of the Estimated Per-Share NAV. Subsequent to the establishment of Estimated Per-Share NAV, in the case of requests for death or disability, the repurchase price per share is equal to the Estimated Per-Share NAV at the time of the repurchase. Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding on December 31st of the previous calendar year. In addition, the Company is only authorized to repurchase shares in a given fiscal semester up to the amount of proceeds received from the DRIP in that same fiscal semester, as well as any reservation of funds the Company's board of directors, may, in its sole discretion, make available for this purpose. If the establishment of an Estimated Per-Share NAV occurs during any fiscal semester, any repurchase requests received during such fiscal semester will be paid at the Estimated Per-Share NAV applicable on the last day of the fiscal semester. As permitted under the SRP, the Company’s board of directors authorized, with respect to redemption requests received during the first fiscal semester of 2016, the repurchase of shares validly submitted for repurchase in an amount equal to the amount of proceeds received from the DRIP in that same fiscal semester, representing less than all the shares validly submitted for repurchase during the first fiscal semester. Pursuant to this authorization 461,555 shares were repurchased for an aggregate purchase price of $10.9 million which represented an average repurchase price per share of $23.62 (including all shares submitted for death or disability). The Company's board of directors authorized a second repurchase in the first quarter of 2017 after completion of the second fiscal semester in accordance with the SRP. Accordingly, 276,016 shares for an aggregate purchase price of $5.6 million , which represented an average repurchase price per share of $20.15 (including all shares submitted for death or disability) were approved for repurchase and completed in February 2017, while requests to repurchase 903,028 shares for an aggregate purchase price of $18.1 million , which represented an average price per share of $20.03 were not fulfilled. See Note 14 — Subsequent Events . During the year ended December 31, 2015 , the Company repurchased 183,780 shares for an aggregate purchase price of $4.3 million which represented an average repurchase price per share of $23.63 . However, during the quarter ended December 31, 2015, the board of directors authorized the Company not to accept all of the repurchase requests that were received. There were no shares repurchased during the year ended December 31, 2014 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 — Commitments and Contingencies Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no 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, 2016 , 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, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 9 — Related Party Transactions and Arrangements As of December 31, 2016 , an entity wholly owned by the Sponsor owned 8,888 shares of the Company’s outstanding common stock. Realty Capital Securities, LLC (the "Former Dealer Manager") served as the dealer manager of the IPO, which was ongoing from April 2014 to May 2015, and, together with its affiliates, continued to provide the Company with various services through December 31, 2015. RCS Capital Corporation ("RCAP"), the parent company of the Former Dealer Manager and certain of its affiliates that provided services to the Company, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Sponsor. In May 2016, RCAP and its affiliated debtors emerged from bankruptcy under the new name, Aretec Group, Inc. On March 8, 2017, the creditor trust established in connection with the RCAP bankruptcy filed suit against AR Global, the Advisor, advisors of other entities sponsored by AR Global, and AR Global’s principals (including Mr. Weil). The suit alleges, among other things, certain breaches of duties to RCAP. The Company is not named in the suit, nor are there allegations related to the services the Advisor provides to the Company. The Advisor has informed the Company that it believes the suit is without merit and intends to defend against it vigorously. As of December 31, 2015 , 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. During the year ended December 31, 2016 , the Company sold its investment in a mutual fund managed by an affiliate of the Sponsor. The Company recognized income from investment securities managed by an affiliate of the Sponsor of approximately $6,000 , $42,000 and $14,000 , respectively, during the years ended December 31, 2016 , 2015 and 2014 . Fees Paid in Connection with the IPO The Former Dealer Manager was paid fees and compensation in connection with the sale of the Company's common stock in the IPO. The Former Dealer Manager was 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 Former Dealer Manager was paid up to 3.0% of the gross proceeds from the sale of shares as a dealer manager fee. The Former Dealer Manager was able to reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer had the option to 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 was elected, the dealer manager fee would have been 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 Former Dealer Manager as of and for the periods presented: Year Ended December 31, Payable as of December 31, (In thousands) 2016 2015 2014 2016 2015 Total commissions and fees incurred from the Former Dealer Manager $ — $ 22,374 $ 46,997 $ — $ — The Advisor and its affiliates were paid compensation and reimbursement for services relating to the IPO, including transfer agent services and other professional services provided by an affiliate of the Former Dealer Manager. All offering costs incurred by the Company, the Advisor and affiliated entities of the Advisor on behalf of the Company were charged to additional paid-in capital on the accompanying consolidated balance sheets through the end of the IPO. Subsequent to the closing of the IPO, transfer agent and other professional fees are recognized as a component of general and administrative expenses on the accompanying consolidated statements of operations and comprehensive loss. The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliated parties of the Former Dealer Manager as of and for the periods presented: Year Ended December 31, Receivable as of December 31, (In thousands) 2016 2015 2014 2016 2015 Fees and expense reimbursements from the Advisor and affiliates of the Former Dealer Manager $ — $ 5,194 $ 6,656 $ — $ 758 As of December 31, 2016 and 2015 , cumulative offering costs, including selling commissions and dealer manager fees, were $84.0 million , respectively. The Company was 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, excluding commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO are the Advisor’s responsibility. During the year ended December 31, 2016 , the Advisor paid the Company the total amount owed to the Company related to excess offering and related costs. Fees and Participations Paid in Connection With the Operations of the Company The Advisor is paid an acquisition fee of 1.5% of (A) the contract purchase price of each acquired property and (B) 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 may not exceed 0.50% of the contract 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 (A) the contract purchase price or (B) 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 1.5% of (A) the contract purchase price and (B) the amount advanced for a loan or other investment, as applicable, for all the assets acquired. During the year ended December 31, 2016 , the Company incurred acquisition fees and acquisition expense reimbursements of $3.6 million , which is net of $0.6 million in acquisition expense reimbursements which were waived by the Advisor. 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. Until September 30, 2015, for its asset management services, the Company issued to the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based, restricted, forfeitable partnership units in the OP designated as “Class B Units” on a quarterly basis in an amount equal to: (i) the product of (y) 0.1875% multiplied by (z) the cost of the Company's assets, 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). 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 (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, 2016 , the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on its vested and unvested Class B Units at the same rate as distributions received on the Company's common stock. Such distributions on issued Class B Units are expensed in the consolidated statements of operations and comprehensive loss until the performance condition is considered probable to occur. As of December 31, 2016 , the Company's board of directors had approved the issuance of 159,159 Class B Units in connection with the arrangement. Beginning on October 1, 2015, and in lieu of the asset management subordinated participation, the Company pays an asset management fee to the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets. The asset management fee is payable on the first business day of each month in the amount of 0.0625% multiplied by (i) the cost of the Company's assets for the preceding monthly period or (ii) during the period of time after the Company publishes NAV, the lower of the cost of assets and the estimated fair market value of the Company’s assets as reported in the applicable periodic or current report filed with the SEC disclosing the fair market value. The Company paid $4.7 million and $1.0 million in cash asset management fees during the years ended December 31, 2016 and 2015 , respectively. The Company did not pay any cash asset management fees during the year ended December 31, 2014. 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 paid $0.5 million and $0.2 million in property management fees during the years ended December 31, 2016 and 2015 , respectively. The Company did not pay any property management fees during the year ended December 31, 2014 . 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, unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expense reimbursements or real estate commissions. Total reimbursement of costs and expenses for the years ended December 31, 2016 and 2015 were $1.7 million and $0.5 million , respectively. General and administrative reimbursements were previously waived and no such reimbursements were requested until the fourth quarter of the year ended December 31, 2015 . The predecessor to the parent of the Sponsor was party to a services agreement with RCS Advisory Services, LLC, a subsidiary of the parent company of the Former Dealer Manager (“RCS Advisory”), pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by the Sponsor with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. The predecessor to the parent of the Sponsor instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company was also party to a transfer agency agreement with American National Stock Transfer, LLC ("ANST"), a subsidiary of the parent company of the Former Dealer Manager, pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by DST Systems, Inc. ("DST"), a third-party transfer agent. The Sponsor received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016. DST continued to provide the Company with transfer agency services and, on March 10, 2016, the Company entered into a definitive agreement with DST to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). For the year ended December 31, 2016 , the fees for services from DST are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss during the period in which the service was provided. The following table details amounts incurred, waived and payable in connection with the Company's operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) 2016 2015 2014 as of December 31, (In thousands) Incurred Waived Incurred Waived (1) Incurred Waived 2016 2015 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ 3,600 $ 646 $ 5,060 $ — $ 5,251 $ — $ (646 ) $ — Financing coordination fees 743 — 825 — — — — — Ongoing fees: Operating fees incurred from related parties 5,179 — 1,145 204 — 101 (24 ) (44 ) Professional fees and other reimbursements 1,795 — 1,140 — — — 167 167 Distributions on Class B Units 241 — 122 — 2 — — — Total related party operation fees and reimbursements $ 11,558 $ 646 $ 8,292 $ 204 $ 5,253 $ 101 $ (503 ) $ 123 ________________ (1) Beginning in the third quarter of 2015 , fees related to property management and leasing were charged to the Company. Fees and Participations Paid in Connection with Liquidation or Listing 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 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 years ended December 31, 2016 , 2015 or 2014 . The Company will pay a brokerage commission to the Advisor or its affiliates on the sale of properties, 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 in connection with the sale. No such fees were incurred during the years ended December 31, 2016 , 2015 or 2014 . 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 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 participation in net sales proceeds became due and payable during the years ended December 31, 2016 , 2015 or 2014 . 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 investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distributions were incurred during the years ended December 31, 2016 , 2015 or 2014 . Neither the Special Limited Partner nor any of its affiliates can 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, 2016
Economic Dependency [Abstract]
Economic Dependency	Note 10 — Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 11 — 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, after initial election to the board of directors and after each annual stockholder meeting, with such shares vesting annually beginning with the one year anniversary of initial election to the board of directors and the date of the next annual meeting, respectively. Restricted stock issued to independent directors will vest over a five -year period 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. For restricted share awards granted prior to July 1, 2015, 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. For restricted share awards granted on or after July 1, 2015, such awards provide for accelerated vesting of the portion of the unvested shares scheduled to vest in the year of the recipient's voluntary termination or the failure to be re-elected to the board. 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. The following table displays restricted share award activity during the years ended December 31, 2016 and 2015 : Number of Weighted-Average Issue Price Unvested, December 31, 2014 3,999 $ 22.50 Granted 2,666 22.50 Vested (533 ) 22.50 Forfeited (1,333 ) 22.50 Unvested, December 31, 2015 4,799 22.50 Granted 5,332 22.50 Vested (1,066 ) 22.50 Unvested, December 31, 2016 9,065 $ 22.50 As of December 31, 2016 and 2015 , the Company had $0.1 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. As of December 31, 2016 and 2015 , that cost is expected to be recognized over a weighted-average period of 3.8 and 3.9 years, respectively. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted stock was approximately $61,000 , $26,000 and $13,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Compensation expense related to restricted stock is recorded as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued. There were no shares of common stock issued in lieu of cash during the years ended December 31, 2016 , 2015 and 2014 .

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Net Loss Per Share	Note 12 — Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the periods presented: Year Ended December 31, 2016 2015 2014 Net loss (in thousands) $ (19,765 ) $ (15,785 ) $ (6,519 ) Basic and diluted weighted average shares outstanding 30,668,238 27,599,363 6,849,166 Basic and diluted net loss per share $ (0.64 ) $ (0.57 ) $ (0.95 ) The Company had the following potentially dilutive securities as of December 31, 2016 , 2015 and 2014 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Year Ended December 31, 2016 2015 2014 Unvested restricted stock 9,065 4,799 3,999 OP Units 90 90 90 Class B units 159,159 159,159 8,361 Total common share equivalents 168,314 164,048 12,450

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Note 13 — Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 , 2015 and 2014 . Quarters Ended (In thousands, except share and per share data) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total revenues $ 8,506 $ 10,053 $ 14,408 $ 14,640 Net loss $ (3,405 ) $ (6,401 ) $ (4,369 ) $ (5,589 ) Weighted average shares outstanding 30,562,487 30,785,076 30,556,494 30,769,015 Basic and diluted net loss per share $ (0.11 ) $ (0.21 ) $ (0.14 ) $ (0.18 ) Quarters Ended (In thousands, except share and per share data) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 2,803 $ 7,454 $ 7,879 $ 8,300 Net loss $ (7,239 ) $ (2,182 ) $ (2,305 ) $ (4,059 ) Weighted average shares outstanding 22,694,003 27,332,717 29,867,646 30,393,552 Basic and diluted net loss per share $ (0.32 ) $ (0.08 ) $ (0.08 ) $ (0.13 ) Quarters Ended (In thousands, except share and per share data) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ — $ 43 $ 540 $ 2,268 Net loss $ (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 NM $ (0.31 ) $ (0.26 ) $ (0.23 ) ____________ NM - Not meaningful

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 14 — 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, or disclosures in, the consolidated financial statements except for the following: Approval of Share Repurchases On January 20, 2017, as permitted under the SRP, the Company's board of directors authorized, with respect to repurchase requests received during the year ended December 31, 2016 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.0% of the weighted-average number of shares of common stock outstanding during the fiscal year ended December 31, 2015, representing less than all the shares validly submitted for repurchase during the year ended December 31, 2016 . Accordingly, 276,016 shares for an aggregate purchase price of $5.6 million which represented an average repurchase price per share of $20.15 (including all shares submitted for death and disability) were approved for repurchase and completed in February 2017, while requests to repurchase 903,028 shares for an aggregate purchase price of $18.1 million , which represented an average price per share of $20.03 , were not fulfilled. See Note 7 — Common Stock for more information on the SRP. 123 William Street Mortgage Note Payable On March 6, 2017, the Company entered into a loan agreement in the amount of $140.0 million . The loan is secured by a mortgage on the Company’s property located at 123 William Street and bears interest at a fixed rate equal to 4.67% per annum. The loan has a 10 -year term expiring in March 2027. The loan requires monthly interest payments, with the principal balance due on the maturity date of March 6, 2027. The loan agreement contains various customary affirmative and negative covenants. A portion of the proceeds from the loan was used to repay the $96.0 million outstanding principal balance on the existing mortgage loan secured by 123 William Street. At closing, the Company deposited $20.0 million and $4.8 million , respectively, for lease reserves and tenant improvements, leasing commissions and free rent reserves, to be released to the Company in accordance with the terms of the loan agreement.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation - Schedule III	12 Months Ended
	Dec. 31, 2016
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, 2016 Land Building and Improvements Building and Improvements Gross Amount at December 31, 2016 (1)(2) Accumulated Depreciation (3)(4) 421 W. 54th Street - Hit Factory NY 6/13/2014 $ — $ 4,723 $ 1,757 $ — $ 6,480 $ 113 400 E. 67th Street - Laurel Condominiums NY 9/5/2014 — 10,653 55,682 14 66,349 3,252 200 Riverside Blvd - ICON Garage NY 9/24/2014 — 13,787 5,510 — 19,297 310 9 Times Square NY 11/5/2014 — 54,153 76,454 15,058 145,665 4,917 123 William Street NY 3/27/2015 96,000 50,064 182,917 15,610 248,591 9,148 1140 Avenue of the Americas NY 6/15/2016 99,000 — 148,647 418 149,065 1,858 $ 195,000 $ 133,380 $ 470,967 $ 31,100 $ 635,447 $ 19,598 ____________ (1) Acquired intangible assets allocated to individual properties in the amount of $109.5 million are not reflected in the table above. (2) The gross tax basis of aggregate land, buildings and improvements as of December 31, 2016 is $692.6 million (unaudited). (3) The accumulated depreciation column excludes $11.9 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 to seven years for fixtures. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2016 , 2015 and 2014 : December 31, (In thousands) 2016 2015 2014 Real estate investments, at cost: Balance at beginning of year $ 469,962 $ 222,805 $ — Additions-acquisitions 148,647 232,981 222,719 Capital expenditures 16,838 14,176 86 Disposals — — — Balance at end of the year $ 635,447 $ 469,962 $ 222,805 Accumulated depreciation: Balance at beginning of year $ 7,966 $ 843 $ — Depreciation expense 11,632 7,123 843 Disposals — — — Balance at the end of the year $ 19,598 $ 7,966 $ 843

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation
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, 2016 , 2015 or 2014 .
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.
Investments in Real Estate	Investments in Real Estate The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the comparable fair market lease rate 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, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report results of these properties' operations within continuing operations. Properties that are intended to be sold will be designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. The value of other acquired intangibles is amortized to depreciation and amortization expense over the remaining expected useful life. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the estimated selling price of the asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss).
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 Securities	Investment Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question.
Deferred Costs, Net	Deferred Costs, Net Deferred costs, net consists of deferred financing 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 to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred, are deferred and amortized to depreciation and amortization expense over the term of the related 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, if such repurchase does not impair the Company's capital or operations. 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 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 initial term of the lease. Because many of the Company's leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectibility 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 collectibility of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. Certain tenants have provided letters of credit in lieu of cash security deposit required per the respective lease agreements. 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 All offering costs incurred by the Company, its Advisor and its affiliates on behalf of the Company are charged to additional paid-in capital on the consolidated balance sheets. 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 fees) of the Company may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. 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 Former 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 fees) 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.
Share-based Compensation	Share-Based Compensation The Company has a stock-based incentive award plan, which is accounted for under the guidance for employee 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.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2014. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2016 , 2015 and 2014 . From a U.S. federal income tax perspective, 100% of distributions, or $1.51 , $1.51 and $0.84 per share, respectively, for the years ended December 31, 2016 , 2015 and 2014 represented a return of capital. 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. As of December 31, 2016 , the Company had no material uncertain tax positions. The tax years subsequent to and including December 31, 2014 remain open to examination by the major taxing jurisdictions to which the Company is subject.
Per Share Data	Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP units, Class B units and unvested restricted stock (assuming such units are not antidilutive), based on, the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company's investments in real estate at the individual property level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company is evaluating the impact of this guidance, including performing preliminary review of all revenue streams to identify any differences in timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the allowable methods of adoption. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of the new guidance. In February 2016, the FASB issued an update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance is effective on January 1, 2019. Early adoption is permitted. The Company has begun developing an inventory of all leases as well as identifying any non-lease components in our lease arrangements. The Company is continuing to evaluate the impact of this new guidance. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal or agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In November 2016, the FASB issued guidance on the classification of restricted cash in the statement of cash flows. The amendment requires restricted cash to be included in the beginning-of-period and end-of-period total cash amounts. Therefore, transfers between cash and restricted cash will no longer be shown on the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In January 2017, the FASB issued guidance that revises the definition of a business. This new guidance is applicable when evaluating whether an acquisition should be treated as either a business acquisition or an asset acquisition. Under the revised guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single asset or group of similar assets, the assets acquired (or disposed of) would not be considered a business. The revised guidance is effective for reporting periods beginning after December 15, 2017, and the amendments will be applied prospectively. Early application is permitted only for transactions that have not previously been reported in issued financial statements. The Company has assessed this revised guidance and expects, based on historical acquisitions, future properties acquired to qualify as an asset acquisition rather than a business acquisition, which would result in the capitalization of related transaction costs. The Company has not adopted this guidance as of December 31, 2016 . Recently Adopted Accounting Pronouncements 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, the entity’s ability to continue as a going concern and management's plans that are intended to mitigate or that have mitigated the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. There is no disclosure required unless there are conditions or events that have 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 adopted this guidance for the fiscal year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 ("VIE") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for the Company's fiscal year ended December 31, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the OP is considered to be a VIE and continues to consolidate the OP as required under previous GAAP. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE, and the Company’s partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. As such, the adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability and that the entity apply the new guidance on a retrospective basis. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for the Company's fiscal year ended December 31, 2016. As a result of the adoption of the new guidance, the Company has reclassified deferred financing costs, net related to mortgage notes payable of $3.7 million and $2.8 million , respectively, as of December 31, 2016 and 2015 as a reduction of the carrying amount of its mortgage note payable. See Note 5 — Mortgage Notes Payable . In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016 and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. The Company's policy is to account for forfeitures as they occur.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of real estate assets acquired and liabilities assumed during the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, (Dollar amounts in thousands) 2016 2015 2014 Real estate investments, at cost: Land $ — $ 50,064 $ 83,316 Building and improvements 148,647 182,917 139,403 Total tangible assets 148,647 232,981 222,719 Acquired intangibles: In-place leases (1) 27,433 33,380 12,102 Above-market lease assets (1) 5,230 884 3,911 Other intangibles — — 31,446 Below-market lease liabilities (1) (5,277 ) (14,245 ) (15,637 ) Below-market ground lease asset (1) 2,482 — — Total intangible assets, net 29,868 20,019 31,822 Total assets acquired, net 178,515 253,000 254,541 Mortgage notes payable used to acquire real estate investments (99,000 ) (96,000 ) — Funds deposited in escrow — — 2,068 Other assets acquired — 458 — Other liabilities assumed (353 ) (429 ) (642 ) Cash paid for acquired real estate investment $ 79,162 $ 157,029 $ 255,967 Number of properties purchased 1 1 4 ______________ (1) Weighted-average remaining amortization periods for in-place leases, above-market lease assets, below-market lease liabilities and below-market ground lease asset acquired during the year ended December 31, 2016 were 6.5 years, 9.1 years, 7.2 years and 50.6 years, respectively, as of the acquisition date.
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma information as if the acquisition during the year ended December 31, 2016 had been consummated on January 1, 2015. Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expenses of $3.7 million from the year ended December 31, 2016 to the year ended December 31, 2015 . The unaudited pro forma net loss for the year ended December 31, 2015 was adjusted to exclude acquisition and transaction related expenses of $6.0 million . Year Ended December 31, (In thousands, except per share data) 2016 2015 Pro forma revenues (1) $ 57,089 $ 51,694 Pro forma net loss (1) $ (18,636 ) $ (20,695 ) Basic and diluted pro forma net loss per share $ (0.61 ) $ (0.75 ) ________________________ (1) For the year ended December 31, 2016 , aggregate revenues and net loss (excluding acquisition and transaction-related expenses) derived from the Company's acquisitions (for the Company's period of ownership) were $11.4 million and $3.0 million , respectively.
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental 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 2017 $ 44,090 2018 41,947 2019 40,191 2020 36,127 2021 32,330 Thereafter 109,804 $ 304,489
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized rental income on a straight-line basis, based on leases signed, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of December 31, 2016 , 2015 and 2014 : December 31, Property Portfolio Tenant 2016 2015 2014 123 William Street Planned Parenthood Federation of America, Inc. * 10.7% N/A 400 E. 67th Street - Laurel Condominium Cornell University * * 26.0% 400 E. 67th Street - Laurel Condominium TD Bank, N.A. * * 10.9% ________________ * Tenant's annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income on a straight-line basis for all portfolio properties for the period specified.
Schedule of Intangible Assets and Goodwill	Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2016 and 2015 . December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 65,544 $ 14,045 $ 51,499 Other intangibles 31,447 2,601 28,846 Below-market ground lease 2,482 27 2,455 Above-market leases 10,025 1,618 8,407 Acquired intangible assets $ 109,498 $ 18,291 $ 91,207 Intangible liabilities: Below-market lease liabilities $ 34,471 $ 5,943 $ 28,528 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 44,165 $ 8,017 $ 36,148 Other intangibles 31,447 1,436 30,011 Above-market leases 4,795 628 4,167 Acquired intangible assets $ 80,407 $ 10,081 $ 70,326 Intangible liabilities: Below-market lease liabilities $ 29,504 $ 2,860 $ 26,644
Finite-lived Intangible Assets Amortization Expense	The following table provides the amortization of in-place leases and other intangibles recognized in depreciation and amortization expense as well as the amortization and accretion of above- and below market leases, net for the periods presented: Year Ended December 31, (In thousands) 2016 2015 2014 Amortization of in-place leases and other intangibles (1) $ 13,247 $ 9,596 $ 1,172 Amortization and (accretion) of above- and below-market leases, net (2) $ (2,403 ) $ (2,476 ) $ (134 ) Amortization of below-market ground lease (3) $ 27 $ — $ — ________________ (1) Reflected within depreciation and amortization expense. (2) Reflected as an increase to rental income. (3) Reflected within property operating expense.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2017 2018 2019 2020 2021 In-place leases $ 10,654 $ 9,356 $ 8,598 $ 6,696 $ 5,161 Other intangibles 1,165 1,165 1,165 1,165 937 Total to be included in depreciation and amortization $ 11,819 $ 10,521 $ 9,763 $ 7,861 $ 6,098 Above-market lease assets $ (1,460 ) $ (1,364 ) $ (1,300 ) $ (1,159 ) $ (1,071 ) Below-market lease liabilities 3,583 3,435 3,092 2,679 2,371 Total to be included in rental income $ 2,123 $ 2,071 $ 1,792 $ 1,520 $ 1,300

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investments	The following table details the realized and unrealized gains and losses on the investment security by security type as of December 31, 2016 and 2015 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Equity security $ 467 $ 10 $ — $ 477 December 31, 2015 Equity security $ 472 $ — $ — $ 472

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's mortgage notes payable as of December 31, 2016 and 2015 are as follows. Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2016 2015 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street 1 $ 96,000 (1) $ 96,000 2.90 % (2) Variable Mar. 2017 (3) 1140 Avenue of the Americas 1 99,000 — 4.17 % Fixed Jul. 2026 Less: deferred financing costs, net (3,672 ) (2,824 ) 2 $ 191,328 $ 93,176 3.61 % _____________________ (1) The Company may borrow up to $110.0 million subject to compliance with certain provisions as described in the terms of the mortgage agreement. (2) Interest rate is one month LIBOR, which was 0.606% at December 31, 2016 , plus a margin of 2.25% , based on a 360 day year. (3) This mortgage note was re-financed in March 2017. See Note 14 — Subsequent Events for details.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2016 : (In thousands) Future Minimum Principal Payments 2017 $ 96,000 (1) 2018 — 2019 — 2020 — 2021 — Thereafter 99,000 Total $ 195,000 _____________________ (1) This mortgage note was re-financed in March 2017. See Note 14 — Subsequent Events for details.

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which that instrument falls. Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Level 1 Level 2 Level 3 Total December 31, 2016 Investment Securities $ 477 $ — $ — $ 477 December 31, 2015 Investment Securities $ 472 $ — $ — $ 472

Related Party Transactions an27

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
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 Former Dealer Manager as of and for the periods presented: Year Ended December 31, Payable as of December 31, (In thousands) 2016 2015 2014 2016 2015 Total commissions and fees incurred from the Former Dealer Manager $ — $ 22,374 $ 46,997 $ — $ —
Schedule Of Offering Costs Reimbursements to Related Party	The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliated parties of the Former Dealer Manager as of and for the periods presented: Year Ended December 31, Receivable as of December 31, (In thousands) 2016 2015 2014 2016 2015 Fees and expense reimbursements from the Advisor and affiliates of the Former Dealer Manager $ — $ 5,194 $ 6,656 $ — $ 758
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, waived and payable in connection with the Company's operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) 2016 2015 2014 as of December 31, (In thousands) Incurred Waived Incurred Waived (1) Incurred Waived 2016 2015 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ 3,600 $ 646 $ 5,060 $ — $ 5,251 $ — $ (646 ) $ — Financing coordination fees 743 — 825 — — — — — Ongoing fees: Operating fees incurred from related parties 5,179 — 1,145 204 — 101 (24 ) (44 ) Professional fees and other reimbursements 1,795 — 1,140 — — — 167 167 Distributions on Class B Units 241 — 122 — 2 — — — Total related party operation fees and reimbursements $ 11,558 $ 646 $ 8,292 $ 204 $ 5,253 $ 101 $ (503 ) $ 123 ________________ (1) Beginning in the third quarter of 2015 , fees related to property management and leasing were charged to the Company

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table displays restricted share award activity during the years ended December 31, 2016 and 2015 : Number of Weighted-Average Issue Price Unvested, December 31, 2014 3,999 $ 22.50 Granted 2,666 22.50 Vested (533 ) 22.50 Forfeited (1,333 ) 22.50 Unvested, December 31, 2015 4,799 22.50 Granted 5,332 22.50 Vested (1,066 ) 22.50 Unvested, December 31, 2016 9,065 $ 22.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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: Year Ended December 31, 2016 2015 2014 Net loss (in thousands) $ (19,765 ) $ (15,785 ) $ (6,519 ) Basic and diluted weighted average shares outstanding 30,668,238 27,599,363 6,849,166 Basic and diluted net loss per share $ (0.64 ) $ (0.57 ) $ (0.95 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following potentially dilutive securities as of December 31, 2016 , 2015 and 2014 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Year Ended December 31, 2016 2015 2014 Unvested restricted stock 9,065 4,799 3,999 OP Units 90 90 90 Class B units 159,159 159,159 8,361 Total common share equivalents 168,314 164,048 12,450

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 , 2015 and 2014 . Quarters Ended (In thousands, except share and per share data) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total revenues $ 8,506 $ 10,053 $ 14,408 $ 14,640 Net loss $ (3,405 ) $ (6,401 ) $ (4,369 ) $ (5,589 ) Weighted average shares outstanding 30,562,487 30,785,076 30,556,494 30,769,015 Basic and diluted net loss per share $ (0.11 ) $ (0.21 ) $ (0.14 ) $ (0.18 ) Quarters Ended (In thousands, except share and per share data) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 2,803 $ 7,454 $ 7,879 $ 8,300 Net loss $ (7,239 ) $ (2,182 ) $ (2,305 ) $ (4,059 ) Weighted average shares outstanding 22,694,003 27,332,717 29,867,646 30,393,552 Basic and diluted net loss per share $ (0.32 ) $ (0.08 ) $ (0.08 ) $ (0.13 ) Quarters Ended (In thousands, except share and per share data) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ — $ 43 $ 540 $ 2,268 Net loss $ (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 NM $ (0.31 ) $ (0.26 ) $ (0.23 ) ____________ NM - Not meaningful

Organization (Details)

Organization (Details)	Apr. 24, 2014USD ($)$ / sharesshares	Dec. 31, 2016USD ($)ft²property$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)ft²property$ / sharesshares	Oct. 25, 2016$ / shares
Related Party Transaction [Line Items]
Number of real estate properties | property		6				6
Area of real estate property | ft²		1,091,571				1,091,571
Aggregate purchase price | $		$ 686,100,000				$ 686,100,000
Common stock, shares authorized (in shares) | shares		300,000,000	300,000,000		300,000,000	300,000,000
Common stock, par value (in usd per share) | $ / shares		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares) | shares		30,856,841	30,410,467		30,410,467	30,856,841
Proceeds from issuance of common stock | $		$ 0	$ 230,600,000	$ 503,420,000	$ 754,600,000	$ 764,800,000
Proceeds from issuance of common stock, dividend reinvestment plan | $					$ 24,900,000	$ 46,000,000
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) | shares		8,888				8,888
Contributed capital | $		$ 2,020				$ 2,020
Limited partner units (in shares) | shares		90				90
Common Stock
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares) | shares	30,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.01
Share Price (in usd per share) | $ / shares	$ 25
Maximum offering amount | $	$ 750,000,000
Share Repurchase Program | Common Stock
Related Party Transaction [Line Items]
Share Price (in usd per share) | $ / shares							$ 23.75

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)segment$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 47,671,000	$ 182,700,000	$ 184,341,000	$ 0
Cash in excess of FDIC limit	46,100,000	181,700,000
Other than temporary impairment on investments	$ 0	$ 70,000	$ 0
Percent of taxable income distributed	100.00%	100.00%	100.00%
Number of reportable segments | segment	1
Maximum
Property, Plant and Equipment [Line Items]
Liability for offering and related costs from IPO	2.00%
Return of Capital
Property, Plant and Equipment [Line Items]
Dividends, percent	100.00%	100.00%	100.00%
Distributions (in usd per share) | $ / shares	$ 1.51	$ 1.51	$ 0.84
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 | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
Accounting Standards Update 2015-03 | Mortgage Notes Payable [Member]
Property, Plant and Equipment [Line Items]
Debt issuance costs, net	$ 3,700,000	$ 2,800,000
Accounting Standards Update 2015-03 | Deferred Costs [Member]
Property, Plant and Equipment [Line Items]
Debt issuance costs, net	$ (3,700,000)	$ (2,800,000)

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	Jan. 01, 2042USD ($)	Jan. 01, 2017USD ($)	Jun. 15, 2016USD ($)ft²	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Acquisition and transaction related				$ 3,695	$ 6,015	$ 6,148
1140 Avenue of the Americas
Business Acquisition [Line Items]
Area of real estate property | ft²			249,703
Term of lease contract			50 years 3 months 6 days
Fixed annual rent revenue				$ 300
Contractual purchase price			$ 180,000
Acquisition and transaction related			$ 4,300
Scenario, Forecast | 1140 Avenue of the Americas
Business Acquisition [Line Items]
Fixed annual rent revenue	$ 5,100	$ 4,700

Real Estate Investments (Alloca

Real Estate Investments (Allocation of Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Real estate investments, at cost:
Land	$ 0	$ 50,064	$ 83,316
Building and improvements	148,647	182,917	139,403
Total tangible assets	148,647	232,981	222,719
Acquired intangibles:
Total intangible assets, net	29,868	20,019	31,822
Total assets acquired, net	178,515	253,000	254,541
Mortgage notes payable used to acquire real estate investments	(99,000)	(96,000)	0
Funds deposited in escrow	0	0	2,068
Other assets acquired	0	458	0
Other liabilities assumed	(353)	(429)	(642)
Cash paid for acquired real estate investment	$ 79,162	$ 157,029	$ 255,967
Number of properties purchased | property	1	1	4
In-place leases(1)
Acquired intangibles:
In-place, above and below-market lease assets	$ 27,433	$ 33,380	$ 12,102
Weighted-average amortization period	6 years 6 months
Above-market lease assets(1)
Acquired intangibles:
In-place, above and below-market lease assets	$ 5,230	884	3,911
Weighted-average amortization period	9 years 1 month 6 days
Other intangibles
Acquired intangibles:
In-place, above and below-market lease assets	$ 0	0	31,446
Below-market lease liabilities(1)
Acquired intangibles:
Below-market lease liabilities(1)	$ (5,277)	(14,245)	(15,637)
Weighted-average amortization period	7 years 2 months 12 days
Below Market Lease Assets
Acquired intangibles:
In-place, above and below-market lease assets	$ 2,482	$ 0	$ 0
Weighted-average amortization period	50 years 7 months 6 days

Real Estate Investments (Pro fo

Real Estate Investments (Pro forma) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Investments, Net [Abstract]
Pro forma revenues	$ 57,089	$ 51,694
Pro forma net loss	$ (18,636)	$ (20,695)
Basic and diluted pro forma net loss per share (in usd per share)	$ (0.61)	$ (0.75)
Acqusitions 2,016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues derived from acquisitions	$ 11,400
Net income derived from acquisitions	$ 3,000

Real Estate Investments (Minimu

Real Estate Investments (Minimum Rental Payments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Real Estate Investments, Net [Abstract]
2,017	$ 44,090
2,018	41,947
2,019	40,191
2,020	36,127
2,021	32,330
Thereafter	109,804
Total	$ 304,489

Real Estate Investments (Concen

Real Estate Investments (Concentration) (Details) - Customer Concentration Risk - Sales Revenue, Net	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Planned Parenthood Federation of America, Inc
Real estate investments
Concentration risk, percentage	10.70%
Cornell University
Real estate investments
Concentration risk, percentage		26.00%
TD Bank
Real estate investments
Concentration risk, percentage		10.90%

Real Estate Investments (Summar

Real Estate Investments (Summary of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 109,498	$ 80,407
Accumulated Amortization	18,291	10,081
Net Carrying Amount	91,207	70,326
Below Market Lease, Net [Abstract]
Gross Carrying Amount	34,471	29,504
Accumulated Amortization	5,943	2,860
Net Carrying Amount	28,528	26,644
In-place leases(1)
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	65,544	44,165
Accumulated Amortization	14,045	8,017
Net Carrying Amount	51,499	36,148
Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	31,447	31,447
Accumulated Amortization	2,601	1,436
Net Carrying Amount	28,846	30,011
Below-market ground lease
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,482
Accumulated Amortization	27
Net Carrying Amount	2,455
Above-market leases
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	10,025	4,795
Accumulated Amortization	1,618	628
Net Carrying Amount	$ 8,407	$ 4,167

Real Estate Investments (Summ39

Real Estate Investments (Summary of Amortization and Accretion of Market Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	$ (2,376)	$ (2,476)	$ (134)
Depreciation and Amortization | In-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	13,247	9,596	1,172
Rental Income | Above Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	(2,403)	(2,476)	(134)
Operating Expense | Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 27	$ 0	$ 0

Real Estate Investments (Summ40

Real Estate Investments (Summary of Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2017	$ 11,819
Finite-lived intangible assets, amortization expense - 2018	10,521
Finite-lived intangible assets, amortization expense - 2019	9,763
Finite-lived intangible assets, amortization expense - 2020	7,861
Finite-lived intangible assets, amortization expense - 2021	6,098
Depreciation and Amortization | In-place leases(1)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2017	10,654
Finite-lived intangible assets, amortization expense - 2018	9,356
Finite-lived intangible assets, amortization expense - 2019	8,598
Finite-lived intangible assets, amortization expense - 2020	6,696
Finite-lived intangible assets, amortization expense - 2021	5,161
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
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
Finite-lived intangible assets, amortization expense - 2020	1,165
Finite-lived intangible assets, amortization expense - 2021	937
Rental Income
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2017	2,123
Finite-lived intangible assets, amortization expense - 2018	2,071
Finite-lived intangible assets, amortization expense - 2019	1,792
Finite-lived intangible assets, amortization expense - 2020	1,520
Finite-lived intangible assets, amortization expense - 2021	1,300
Below market lease, amortization income - 2017	3,583
Below market lease, amortization income - 2018	3,435
Below market lease, amortization income - 2019	3,092
Below market lease, amortization income - 2020	2,679
Below market lease, amortization income - 2021	2,371
Rental Income | Above-market lease assets(1)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2017	(1,460)
Finite-lived intangible assets, amortization expense - 2018	(1,364)
Finite-lived intangible assets, amortization expense - 2019	(1,300)
Finite-lived intangible assets, amortization expense - 2020	(1,159)
Finite-lived intangible assets, amortization expense - 2021	$ (1,071)

Investment Securities (Details)

Investment Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Other than temporary impairment on investments	$ 0	$ 70,000	$ 0
Cost	467,000	472,000
Gross Unrealized Gains	10,000	0
Gross Unrealized Losses	0	0
Fair Value	$ 477,000	$ 472,000

Mortgage Notes Payable (Mortgag

Mortgage Notes Payable (Mortgage Notes) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 195,000,000
Mortgage notes payable, net of deferred financing costs	191,328,000	$ 93,176,000
Real estate investments relating to notes payable	$ 442,700,000
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	2
Effective Interest Rate	3.61%
Less: deferred financing costs, net	$ (3,672,000)	(2,824,000)
Mortgage notes payable, net of deferred financing costs	$ 191,328,000	93,176,000
123 William Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 96,000,000	96,000,000
Effective Interest Rate	2.90%
Maximum borrowing capacity	$ 110,000,000
123 William Street | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate at end of period	0.60561%
Interest rate	2.25%
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 99,000,000	$ 0
Effective Interest Rate	4.17%

Mortgage Notes Payable (Mortg43

Mortgage Notes Payable (Mortgage Principal Payments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 96,000
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	99,000
Total	$ 195,000

Fair Value of Financial Instr44

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 477	$ 472
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	477	472
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	477	472
Fair Value, Measurements, Recurring | Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 0
Estimate of Fair Value Measurement | Mortgages | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	98,044
Reported Value Measurement | Mortgages | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 99,000

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended			24 Months Ended	36 Months Ended
	Mar. 31, 2016	May 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2016
Equity [Abstract]
Common stock, shares outstanding (in shares)			30,856,841	30,410,467		30,410,467	30,856,841
Proceeds from issuance of common stock			$ 0	$ 230,600	$ 503,420	$ 754,600	$ 764,800
Proceeds from issuance of common stock, dividend reinvestment plan						$ 24,900	$ 46,000
Dividends declared per day (in dollars per share)	$ 0.004132513665	$ 0.0041438356
Dividends declared per common share (in usd per share)		$ 1.5125	$ 1.51	$ 1.51	$ 0.84

Common Stock (Share Repurchases

Common Stock (Share Repurchases) (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2017USD ($)shares$ / shares	Jan. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014shares	Jan. 20, 2017	Jan. 25, 2016$ / shares
Class of Stock [Line Items]
Authorized percent of shares outstanding for repurchase for fiscal semester							2.50%
Authorized percent of shares outstanding for repurchase for fiscal year							5.00%
Common stock repurchases (in shares) | shares				183,780	0
Common stock repurchases | $			$ 10,905	$ 4,343
Average cost per share acquired (in usd per share)				$ 23.63
Fourth Quarter 2015 Repurchases
Class of Stock [Line Items]
Common stock repurchases (in shares) | shares		461,555
Common stock repurchases | $		$ 10,900
Average cost per share acquired (in usd per share)		$ 23.62
Subsequent Event | First Quarter 2017 Repurchases
Class of Stock [Line Items]
Authorized percent of shares outstanding for repurchase for fiscal semester						1.00%
Common stock repurchases (in shares) | shares	276,016
Common stock repurchases | $	$ 5,600
Average cost per share acquired (in usd per share)	$ 20.15
Number of share repurchase requests (in shares) | shares	903,028
Share repurchase requested but not fulfilled, value | $	$ 18,100
Share repurchase requested but not fulfilled, average cost per share (in usd per share)	$ 20.03
Minimum | One Year
Class of Stock [Line Items]
Repurchase price (in usd per share)							$ 23.13
Minimum | Two Years
Class of Stock [Line Items]
Repurchase price (in usd per share)							$ 23.75
Maximum | One Year
Class of Stock [Line Items]
Percentage of value of capital paid							92.50%
Maximum | Two Years
Class of Stock [Line Items]
Percentage of value of capital paid							95.00%
Maximum | Three Years
Class of Stock [Line Items]
Percentage of value of capital paid							97.50%
Maximum | Four Years
Class of Stock [Line Items]
Percentage of value of capital paid							100.00%

Related Party Transactions an47

Related Party Transactions and Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	30,856,841	30,410,467
Investment securities, at fair value	$ 477	$ 472
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	8,888
Affiliated Entity
Related Party Transaction [Line Items]
Investment income	$ 6	$ 42	$ 14

Related Party Transactions an48

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cumulative offering costs	$ 84	$ 84
Maximum
Related Party Transaction [Line Items]
Liability for offering and related costs from IPO	2.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Realty Capital Securities, LLC | Option One | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Gross proceeds from the sale of common stock, before allowances, percentage of benchmark	3.00%
Realty Capital Securities, LLC | 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%
Realty Capital Securities, LLC | Option Two | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%

Related Party Transactions an49

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO - Selling Commissions and Dealer Fees) (Details) - Sales Commissions and Dealer Manager Fees - Realty Capital Securities, LLC - Former Dealer Manager - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	$ 0	$ 22,374	$ 46,997
Payable	$ 0	$ 0

Related Party Transactions an50

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO, Offering Costs and Reimbursements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Receivable	$ 503	$ (123)
Fees and Expense Reimbursement, Stock Offering | Realty Capital Securities, LLC | Advisor and Former Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	0	5,194	$ 6,656
Receivable	$ 0	$ 758

Related Party Transactions an51

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Cumulative offering costs	$ 84,000,000	$ 84,000,000
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in usd per share)	$ 22.50
New York City Reit Advisors, LLC | Advisor | Acquisition and Related Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 3,600,000
New York City Reit Advisors, LLC | Advisor | Acquisition Expense Reimbursement
Related Party Transaction [Line Items]
Expenses from transactions with related party	600,000
New York City Reit Advisors, LLC | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction	4,700,000	1,000,000	$ 0
New York City Reit Advisors, LLC | Advisor | Property Management Fees
Related Party Transaction [Line Items]
Related party transaction	500,000	200,000	$ 0
New York City Reit Advisors, LLC | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 1,700,000	$ 500,000
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	0.1875%
Unearned class B units (in shares)	159,159
Monthly asset management fees as a percentage of benchmark	0.0625%
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%
New York City Reit Advisors, LLC | Maximum | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	4.50%
Financing advance fees as a percentage of benchmark	1.50%
New York City Reit Advisors, LLC | Maximum | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
New York City Reit Advisors, LLC | Maximum | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%

Related Party Transactions an52

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company, Incurred Forgiven, and Payable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Payable (Receivable)		$ (503)	$ 123
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		11,558	8,292	$ 5,253
Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		646	204	101
Acquisition fees and reimbursements: | Incurred | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				5,251
Acquisition fees and reimbursements: | Incurred | Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				0
Acquisition fees and reimbursements: | Waived | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				0
Acquisition fees and reimbursements: | Waived | Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				0
Ongoing fees: | Incurred | Operating fees incurred from related parties
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	[1]			0
Ongoing fees: | Incurred | Professional fees and other reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				0
Ongoing fees: | Incurred | Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				2
Ongoing fees: | Waived | Operating fees incurred from related parties
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	[1]			101
Ongoing fees: | Waived | Professional fees and other reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				0
Ongoing fees: | Waived | Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager				$ 0
Distributions on Class B Units | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Distributions on Class B Units | Ongoing fees: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		241	122
Distributions on Class B Units | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		0	0
Professional fees and other reimbursements | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		167	167
Professional fees and other reimbursements | Ongoing fees: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		1,795	1,140
Professional fees and other reimbursements | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		0	0
Operating fees incurred from related parties | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)		(24)	(44)
Operating fees incurred from related parties | Ongoing fees: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		5,179	1,145
Operating fees incurred from related parties | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		0	204
Financing coordination fees | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Payable (Receivable)		0	0
Financing coordination fees | Acquisition fees and reimbursements: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		743	825
Financing coordination fees | Acquisition fees and reimbursements: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		0	0
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Payable (Receivable)		(646)	0
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		3,600	5,060
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		$ 646	$ 0
[1]	Beginning in the third quarter of 2015, fees related to property management and leasing were charged to the Company

Related Party Transactions an53

Related Party Transactions and Arrangements (Fees and Participations 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, 2016
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%
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%
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%
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
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%

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 61,000	$ 26,000	$ 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
Vesting period	5 years
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
Nonvested awards, compensation cost not yet recognized	$ 100,000	$ 100,000
Nonvested awards, compensation cost not yet recognized, period for recognition	3 years 9 months 18 days	3 years 10 months 24 days
Share-based compensation	$ 61,000	$ 26,000	$ 13,000

Share-Based Compensation (Activ

Share-Based Compensation (Activity) (Details) - Restricted Share Plan - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Unvested (in shares)	4,799	3,999
Granted (in shares)	5,332	2,666
Vested (in shares)	(1,066)	(533)
Forfeitures (in shares)		(1,333)
Ending Balance, Unvested (in shares)	9,065	4,799
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 22.50	$ 22.50
Granted, Weighted-Average Issue Price (in dollars per share)	22.50	22.50
Vested, Weighted-Average Issue Price (in dollars per share)	22.50	22.50
Forfeitures, Weighted-Average Issued (in dollars per share)		22.50
Ending Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 22.50	$ 22.50

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Net loss	$ (5,589)	$ (4,369)	$ (6,401)	$ (3,405)	$ (4,059)	$ (2,305)	$ (2,182)	$ (7,239)	$ (4,054)	$ (2,235)	$ (214)	$ (16)	$ (19,765)	$ (15,785)	$ (6,519)
Basic and diluted weighted average shares outstanding (in shares)	30,769,015	30,556,494	30,785,076	30,562,487	30,393,552	29,867,646	27,332,717	22,694,003	17,938,717	8,543,271	690,143	8,888	30,668,238	27,599,363	6,849,166
Basic and diluted net loss per share (in usd per share)	$ (0.18)	$ (0.14)	$ (0.21)	$ (0.11)	$ (0.13)	$ (0.08)	$ (0.08)	$ (0.32)	$ (0.23)	$ (0.26)	$ (0.31)		$ (0.64)	$ (0.57)	$ (0.95)

Net Loss Per Share (Shares Excl

Net Loss Per Share (Shares Excluded From Calculation) (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	168,314	164,048	12,450
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	9,065	4,799	3,999
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	90	90	90
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	159,159	159,159	8,361

Quarterly Results (Unaudited)58

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 14,640	$ 14,408	$ 10,053	$ 8,506	$ 8,300	$ 7,879	$ 7,454	$ 2,803	$ 2,268	$ 540	$ 43	$ 0	$ 47,607	$ 26,436	$ 2,851
Net loss	$ (5,589)	$ (4,369)	$ (6,401)	$ (3,405)	$ (4,059)	$ (2,305)	$ (2,182)	$ (7,239)	$ (4,054)	$ (2,235)	$ (214)	$ (16)	$ (19,765)	$ (15,785)	$ (6,519)
Weighted average shares outstanding (in shares)	30,769,015	30,556,494	30,785,076	30,562,487	30,393,552	29,867,646	27,332,717	22,694,003	17,938,717	8,543,271	690,143	8,888	30,668,238	27,599,363	6,849,166
Basic and diluted net loss per share (in usd per share)	$ (0.18)	$ (0.14)	$ (0.21)	$ (0.11)	$ (0.13)	$ (0.08)	$ (0.08)	$ (0.32)	$ (0.23)	$ (0.26)	$ (0.31)		$ (0.64)	$ (0.57)	$ (0.95)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Mar. 06, 2017USD ($)	Feb. 28, 2017USD ($)shares$ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014shares	Jan. 20, 2017	Jan. 25, 2016
Subsequent Event [Line Items]
Authorized percent of shares outstanding for repurchase for fiscal semester							2.50%
Common stock repurchases (in shares) | shares				183,780	0
Common stock repurchases			$ 10,905,000	$ 4,343,000
Average cost per share acquired (in usd per share) | $ / shares				$ 23.63
Outstanding Loan Amount			195,000,000
First Quarter 2017 Repurchases | Subsequent Event
Subsequent Event [Line Items]
Authorized percent of shares outstanding for repurchase for fiscal semester						1.00%
Common stock repurchases (in shares) | shares		276,016
Common stock repurchases		$ 5,600,000
Average cost per share acquired (in usd per share) | $ / shares		$ 20.15
Number of share repurchase requests (in shares) | shares		903,028
Share repurchase requested but not fulfilled, value		$ 18,100,000
Share repurchase requested but not fulfilled, average cost per share (in usd per share) | $ / shares		$ 20.03
Mortgages | 123 William Street
Subsequent Event [Line Items]
Outstanding Loan Amount			$ 96,000,000	$ 96,000,000
123 William Street | Subsequent Event
Subsequent Event [Line Items]
Reserve for leases and tenant improvements	$ 20,000,000
Reserve for leasing commisions and free rent	4,800,000
123 William Street | Mortgages | Subsequent Event
Subsequent Event [Line Items]
Amount of loan agreement	$ 140,000,000
Fixed interest rate	4.666%
Term of loan agreement	10 years

Real Estate and Accumulated D60

Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Investments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 195,000
Land		133,380
Building and Improvements		470,967
Costs Capitalized Subsequent to Acquisition		31,100
Gross Amount Carried		635,447	[1],[2]	$ 469,962	$ 222,805	$ 0
Accumulated Depreciation		19,598	[3],[4]	7,966	$ 843	$ 0
Acquired intangible assets		109,498		$ 80,407
Tax basis		692,600
Accumulated Amortization		11,900
421 W. 54th Street - Hit Factory
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Land		4,723
Building and Improvements		1,757
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried	[1],[2]	6,480
Accumulated Depreciation	[3],[4]	113
400 E. 67th Street - Laurel Condominiums
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Land		10,653
Building and Improvements		55,682
Costs Capitalized Subsequent to Acquisition		14
Gross Amount Carried	[1],[2]	66,349
Accumulated Depreciation	[3],[4]	3,252
200 Riverside Blvd - ICON Garage
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Land		13,787
Building and Improvements		5,510
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried	[1],[2]	19,297
Accumulated Depreciation	[3],[4]	310
9 Times Square
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Land		54,153
Building and Improvements		76,454
Costs Capitalized Subsequent to Acquisition		15,058
Gross Amount Carried	[1],[2]	145,665
Accumulated Depreciation	[3],[4]	4,917
123 William Street
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		96,000
Land		50,064
Building and Improvements		182,917
Costs Capitalized Subsequent to Acquisition		15,610
Gross Amount Carried	[1],[2]	248,591
Accumulated Depreciation	[3],[4]	9,148
1140 Avenue of the Americas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		99,000
Land		0
Building and Improvements		148,647
Costs Capitalized Subsequent to Acquisition		418
Gross Amount Carried	[1],[2]	149,065
Accumulated Depreciation	[3],[4]	$ 1,858
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
Minimum | Furniture and Fixtures
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful life		5 years
Maximum | Furniture and Fixtures
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful life		7 years
[1]	Acquired intangible assets allocated to individual properties in the amount of $109.5 million are not reflected in the table above.
[2]	The gross tax basis of aggregate land, buildings and improvements as of December 31, 2016 is $692.6 million (unaudited).
[3]	Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five to seven years for fixtures.
[4]	The accumulated depreciation column excludes $11.9 million of amortization associated with acquired intangible assets.

Real Estate and Accumulated D61

Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Real estate investments, at cost:
Balance at beginning of year	$ 469,962		$ 222,805	$ 0
Additions-acquisitions	148,647		232,981	222,719
Capital expenditures	16,838		14,176	86
Disposals	0		0	0
Balance at end of the year	635,447	[1],[2]	469,962	222,805
Accumulated depreciation:
Balance at beginning of year	7,966		843	0
Depreciation expense	11,632		7,123	843
Disposals	0		0	0
Balance at the end of the year	$ 19,598	[3],[4]	$ 7,966	$ 843
[1]	Acquired intangible assets allocated to individual properties in the amount of $109.5 million are not reflected in the table above.
[2]	The gross tax basis of aggregate land, buildings and improvements as of December 31, 2016 is $692.6 million (unaudited).
[3]	Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five to seven years for fixtures.
[4]	The accumulated depreciation column excludes $11.9 million of amortization associated with acquired intangible assets.