New York City REIT (NYC) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 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	--03-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		30,878,333

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate investments, at cost:
Land	$ 133,380	$ 133,380
Buildings and improvements	504,199	502,067
Acquired intangible assets	108,933	109,498
Total real estate investments, at cost	746,512	744,945
Less accumulated depreciation and amortization	(44,615)	(37,889)
Total real estate investments, net	701,897	707,056
Cash and cash equivalents	49,550	47,671
Restricted cash	28,583	2,150
Investment securities, at fair value	483	477
Prepaid expenses and other assets (including amounts due from related parties of $646 and $670 at March 31, 2017 and December 31, 2016, respectively)	15,548	13,017
Deferred leasing costs, net	3,375	3,233
Total assets	799,436	773,604
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable, net of deferred financing costs	233,049	191,328
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $272 and $167 at March 31, 2017 and December 31, 2016, respectively)	7,202	6,580
Below-market lease liabilities, net	27,612	28,528
Deferred revenue	4,434	3,024
Distributions payable	3,956	3,953
Total liabilities	276,253	233,413
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 30,805,839 and 30,856,841 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	308	309
Additional paid-in capital	679,708	680,476
Accumulated other comprehensive income	16	10
Accumulated deficit	(156,849)	(140,604)
Total stockholders' equity	523,183	540,191
Total liabilities and stockholders' equity	$ 799,436	$ 773,604

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Due from related party	$ 646	$ 670
Due to related party	$ 272	$ 167
Preferred stock, par value (in dollars 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 dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	30,805,839	30,856,841
Common stock, shares outstanding	30,805,839	30,856,841

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 13,043	$ 7,961
Operating expense reimbursements and other revenue	1,500	545
Total revenues	14,543	8,506
Operating expenses:
Property operating	6,596	3,548
Operating fees incurred from related parties	1,538	1,053
Acquisition and transaction related	6	40
General and administrative	1,576	1,416
Depreciation and amortization	6,997	4,769
Total operating expenses	16,713	10,826
Operating loss	(2,170)	(2,320)
Other income (expense):
Interest expense	(2,665)	(1,216)
Income from investment securities and interest	49	131
Total other expense	(2,616)	(1,085)
Net loss	(4,786)	(3,405)
Other comprehensive income (loss):
Unrealized gain on investment securities	6	11
Comprehensive loss	$ (4,780)	$ (3,394)
Basic and diluted weighted average shares outstanding (in shares)	30,814,927	30,562,487
Basic and diluted net loss per share (in dollars per share)	$ (0.16)	$ (0.11)
Dividends declared per common share (in dollars per share)	$ 0.38	$ 0.38

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2016		30,856,841
Beginning Balance at Dec. 31, 2016	$ 540,191	$ 309	$ 680,476	$ 10	$ (140,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)		225,622
Common stock issued through distribution reinvestment plan	$ 4,795	$ 2	4,793
Common stock repurchases (in shares)	(276,624)	(276,624)
Common stock repurchases	$ (5,576)	$ (3)	(5,573)
Share-based compensation	12		12
Distributions declared	(11,459)				(11,459)
Net loss	(4,786)				(4,786)
Unrealized gain on investment securities	6			6
Ending Balance (in shares) at Mar. 31, 2017		30,805,839
Ending Balance at Mar. 31, 2017	$ 523,183	$ 308	$ 679,708	$ 16	$ (156,849)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (4,786)	$ (3,405)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	6,997	4,769
Amortization of deferred financing costs	652	565
Accretion of below- and amortization of above-market lease liabilities and assets, net	(539)	(635)
Share-based compensation	12	13
Changes in assets and liabilities:
Prepaid expenses, other assets and deferred costs	(2,756)	(1,629)
Accounts payable, accrued expenses and other liabilities	525	297
Deferred revenue	1,410	1,333
Restricted cash	(1,613)	0
Net cash (used in) provided by operating activities	(98)	1,308
Cash flows from investing activities:
Deposit for real estate acquisition	0	(18,000)
Purchase of investment securities, net	0	(4)
Capital expenditures	(2,035)	(5,376)
Net cash used in investing activities	(2,035)	(23,380)
Cash flows from financing activities:
Proceeds from mortgage note payable	115,180	0
Payment of mortgage note payable	(96,000)	0
Payments of financing costs	(2,931)	(25)
Distributions paid	(6,661)	(5,883)
Repurchases of common stock	(5,576)	(1,579)
Net cash provided by (used in) financing activities	4,012	(7,487)
Net change in cash and cash equivalents	1,879	(29,559)
Cash and cash equivalents, beginning of period	47,671	182,700
Cash and cash equivalents, end of period	49,550	153,141
Supplemental Disclosures:
Cash paid for interest	1,557	650
Non-Cash Investing and Financing Activities
Accrued stock repurchase requests	0	89
Distributions payable	3,956	3,928
Accrued capital expenditures	97	269
Common stock issued through distribution reinvestment plan	4,795	5,601
Restricted cash	$ 24,820	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization 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 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 March 31, 2017 , the Company owned six properties consisting of 1,091,571 rentable square feet, acquired for an aggregate purchase price of $ 686.1 million . 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. As of March 31, 2017 , the Company had 30.8 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 $764.0 million , inclusive of $50.8 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 of $21.25 per share as of June 30, 2016. The Company has no employees. New York City Advisors, LLC (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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results for the entire year or any subsequent interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 28, 2017. There have been no significant changes to the Company's significant accounting policies during the quarter ended March 31, 2017 , other than the updates described below: 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 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. Recently Adopted Accounting Pronouncements In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a variable interest entity ("VIE"). The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. 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, 2017 and determined that there is no impact to the Company's consolidated financial position, results of operations and cash flows. 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 adopted this guidance for the quarter ended March 31, 2017 . The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate Investments, Net [Abstract]
Real Estate Investments	Note 3 — Real Estate Investments There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2017 and 2016 . Future Minimum Cash Rent The following table presents future minimum base cash rental payments due to the Company subsequent to March 31, 2017 . 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 Cash Rent Payments 2017 $ 33,380 2018 42,640 2019 40,892 2020 36,801 2021 32,848 Thereafter 111,918 $ 298,479 Significant Tenant 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 March 31, 2017 and 2016 . Property Tenant March 31, 2017 March 31, 2016 123 William Street Planned Parenthood Federation of America, Inc. * 10.7% _______________ *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. Intangible Assets and Liabilities Acquired intangible assets and lease liabilities consist of the following as of March 31, 2017 and December 31, 2016 : March 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 64,979 $ 16,269 $ 48,710 Other intangibles 31,447 2,893 28,554 Below-market ground lease 2,482 39 2,443 Above-market leases 10,025 1,983 8,042 Acquired intangible assets $ 108,933 $ 21,184 $ 87,749 Intangible liabilities: Below-market lease liabilities $ 34,471 $ 6,859 $ 27,612 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 The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended March 31, (In thousands) 2017 2016 Amortization of in-place leases and other intangibles (1) $ 3,080 $ 2,508 Amortization and (accretion) of above- and below-market leases, net (2) $ (551 ) $ (635 ) Amortization of below-market ground lease (3) $ 12 $ — _______________ (1) Reflected within depreciation and amortization expense. (2) Reflected within 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 as of March 31, 2017 : (In thousands) April 1, 2017- December 31, 2017 2018 2019 2020 2021 In-place leases $ 7,974 $ 9,502 $ 8,744 $ 6,842 $ 5,307 Other intangibles 874 1,165 1,165 1,165 937 Total to be included in depreciation and amortization $ 8,848 $ 10,667 $ 9,909 $ 8,007 $ 6,244 Above-market lease assets $ (1,095 ) $ (1,365 ) $ (1,300 ) $ (1,159 ) $ (1,071 ) Below-market lease liabilities 2,803 3,435 3,092 2,679 2,371 Total to be included in rental income $ 1,708 $ 2,070 $ 1,792 $ 1,520 $ 1,300

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments Securities	Note 4 — Investment Securities As of March 31, 2017 and December 31, 2016 , the Company had an investment in an equity security with a fair value of $0.5 million . 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. The following table details the unrealized gains and losses on the investment security by security type as of March 31, 2017 and December 31, 2016 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2017 Equity security $ 467 $ 16 $ — $ 483 December 31, 2016 Equity security $ 467 $ 10 $ — $ 477

Mortgage Note Payable

Mortgage Note Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Mortgage Note Payable	Note 5 — Mortgage Notes Payable The Company's mortgage notes payable as of March 31, 2017 and December 31, 2016 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties March 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 96,000 4.73 % Fixed Mar. 2027 1140 Avenue of the Americas 1 99,000 99,000 4.17 % Fixed Jul. 2026 Less: deferred financing costs, net (5,951 ) (3,672 ) Mortgage note payable, net of deferred financing costs 2 $ 233,049 $ 191,328 4.61 % _____________________ (1) The Company entered into a loan agreement with Barclays Bank PLC, in the amount of $140 million , on March 6, 2017. A portion of the proceeds from the loan was use to repay the outstanding principal balance of approximately $96 million on the existing mortgage loan secured by the Property. Real estate assets of $443.6 million , at cost (net of below-market lease liabilities), at March 31, 2017 have been pledged as collateral to the Company's mortgage note 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 March 31, 2017 : (In thousands) Future Minimum Principal Payments 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 239,000 Total $ 239,000 The Company's mortgage note payable requires compliance with certain property-level debt covenants. As of March 31, 2017 , the Company was in compliance with the debt covenants under its mortgage note agreement.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
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, classifies this investment as Level 1 in the fair value hierarchy. The following table presents information about the Company's assets measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 Investment Securities $ 483 $ — $ — $ 483 December 31, 2016 Investment Securities $ 477 $ — $ — $ 477 There were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2017 or 2016 . 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, prepaid expenses and other assets, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: March 31, 2017 December 31, 2016 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 142,515 * * Mortgage note payable — 1140 Avenue of the Americas 3 $ 99,000 $ 96,600 $ 99,000 $ 98,000 * The fair value of the mortgage note payable is estimated 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. This mortgage note payable was repaid in March 2017.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Common Stock	Note 7 — Common Stock As of March 31, 2017 , the Company had 30.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total proceeds from public offerings of $764.0 million , inclusive of $50.8 million from the DRIP and net of repurchases. 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 of $764.8 million , inclusive of $46.0 million from the DRIP and net of repurchases. In May 2014, the board of directors of the Company authorized, and the Company declared, a distribution payable to stockholders of record which is equivalent to $1.5125 per annum, per share of common stock. 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 Share Repurchase Program ("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 of $21.25 per share 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. When a stockholder requests a repurchase and the repurchase is approved by the Company's board of directors, the Company will reclassify such obligation from equity to a liability based on the value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through March 31, 2017 . Numbers of Shares Repurchased Weighted-Average Price per Share Cumulative repurchases as of December 31, 2016 645,335 $ 23.63 Three months ended March 31, 2017 (1) 276,624 20.15 Cumulative repurchases as of March 31, 2017 921,959 $ 22.59 _____________________ (1) Excludes rejected shares of 902,420 for $18.1 million at an average price per share of $20.03 , which were unfulfilled as of March 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 9 — Related Party Transactions and Arrangements As of March 31, 2017 , 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, our Chief Executive Officer). 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 March 31, 2016 , the Company had $0.5 million invested in a mutual fund managed by an affiliate of the Sponsor. There is no obligation to purchase any additional shares and the shares can be sold at any time. The Company sold its investment in a mutual fund during the fourth quarter of 2016. The Company recognized income from investment securities managed by an affiliate of the Sponsor of approximately $4,000 during the three months ended March 31, 2016 . 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 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. The Company incurred no acquisition fees and acquisition expense reimbursements to the Advisor during the three months ended March 31, 2017 and 2016 . 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 March 31, 2017 , 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 March 31, 2017 , 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 began paying an asset management fee in cash 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 Estimated Per-Share 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 $1.4 million and $1.0 million in cash asset management fees during the three months ended March 31, 2017 and 2016 , respectively. 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 incurred approximately $177,000 and $63,000 in property management fees during the three months ended March 31, 2017 and 2016 , respectively. 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 three months ended March 31, 2017 and 2016 was $0.6 million and $0.4 million , respectively. 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 Internal Revenue Service ("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 three months ended March 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: Three Months Ended March 31, 2017 2016 Payable (receivable) as of (In thousands) Incurred Waived Incurred Waived March 31, 2017 December 31, 2016 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ — $ — $ — $ — $ (646 ) $ (646 ) Financing coordination fees 1,050 — — — — — Ongoing fees: Operating fees incurred from related parties 1,538 — 1,053 — 57 (24 ) Professional fees and other reimbursements 706 — 444 — 215 167 Distributions on Class B Units 59 — 60 — — — Total related party operation fees and reimbursements $ 3,353 $ — $ 1,557 $ — $ (374 ) $ (503 ) 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 three months ended March 31, 2017 and 2016 . 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 three months ended March 31, 2017 and 2016 . 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 three months ended March 31, 2017 and 2016 . 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 three months ended March 31, 2017 and 2016 . 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	3 Months Ended
	Mar. 31, 2017
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 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	3 Months Ended
	Mar. 31, 2017
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 quarter ended March 31, 2017 : Number of Weighted-Average Issue Price Unvested, December 31, 2016 9,065 $ 22.50 Granted — — Vested (267 ) 22.50 Forfeited — — Unvested, March 31, 2017 8,798 $ 22.50 As of March 31, 2017 , the Company had $0.1 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 3.6 years. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted stock was approximately $12,000 and $13,000 for the three months ended March 31, 2017 and 2016 , 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 three months ended March 31, 2017 or 2016 .

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2017
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: Three Months Ended March 31, 2017 2016 Net loss (in thousands) $ (4,786 ) $ (3,405 ) Basic and diluted weighted average shares outstanding 30,814,927 30,562,487 Basic and diluted net loss per share $ (0.16 ) $ (0.11 ) The Company had the following potentially dilutive securities as of March 31, 2017 and 2016 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Three Months Ended March 31, 2017 2016 Unvested restricted stock 8,798 6,132 OP units 90 90 Class B units 159,159 159,159 Total potentially dilutive securities 168,047 165,381

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 13 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Recent and Recently Adopted 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 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. Recently Adopted Accounting Pronouncements In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a variable interest entity ("VIE"). The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. 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, 2017 and determined that there is no impact to the Company's consolidated financial position, results of operations and cash flows. 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 adopted this guidance for the quarter ended March 31, 2017 . The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate Investments, Net [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company subsequent to March 31, 2017 . 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 Cash Rent Payments 2017 $ 33,380 2018 42,640 2019 40,892 2020 36,801 2021 32,848 Thereafter 111,918 $ 298,479
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 March 31, 2017 and 2016 . Property Tenant March 31, 2017 March 31, 2016 123 William Street Planned Parenthood Federation of America, Inc. * 10.7% _______________ *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 consist of the following as of March 31, 2017 and December 31, 2016 : March 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 64,979 $ 16,269 $ 48,710 Other intangibles 31,447 2,893 28,554 Below-market ground lease 2,482 39 2,443 Above-market leases 10,025 1,983 8,042 Acquired intangible assets $ 108,933 $ 21,184 $ 87,749 Intangible liabilities: Below-market lease liabilities $ 34,471 $ 6,859 $ 27,612 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
Finite-lived Intangible Assets Amortization Expense	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended March 31, (In thousands) 2017 2016 Amortization of in-place leases and other intangibles (1) $ 3,080 $ 2,508 Amortization and (accretion) of above- and below-market leases, net (2) $ (551 ) $ (635 ) Amortization of below-market ground lease (3) $ 12 $ — _______________ (1) Reflected within depreciation and amortization expense. (2) Reflected within 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 as of March 31, 2017 : (In thousands) April 1, 2017- December 31, 2017 2018 2019 2020 2021 In-place leases $ 7,974 $ 9,502 $ 8,744 $ 6,842 $ 5,307 Other intangibles 874 1,165 1,165 1,165 937 Total to be included in depreciation and amortization $ 8,848 $ 10,667 $ 9,909 $ 8,007 $ 6,244 Above-market lease assets $ (1,095 ) $ (1,365 ) $ (1,300 ) $ (1,159 ) $ (1,071 ) Below-market lease liabilities 2,803 3,435 3,092 2,679 2,371 Total to be included in rental income $ 1,708 $ 2,070 $ 1,792 $ 1,520 $ 1,300

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investments	The following table details the unrealized gains and losses on the investment security by security type as of March 31, 2017 and December 31, 2016 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2017 Equity security $ 467 $ 16 $ — $ 483 December 31, 2016 Equity security $ 467 $ 10 $ — $ 477

Mortgage Note Payable (Tables)

Mortgage Note Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's mortgage notes payable as of March 31, 2017 and December 31, 2016 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties March 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 96,000 4.73 % Fixed Mar. 2027 1140 Avenue of the Americas 1 99,000 99,000 4.17 % Fixed Jul. 2026 Less: deferred financing costs, net (5,951 ) (3,672 ) Mortgage note payable, net of deferred financing costs 2 $ 233,049 $ 191,328 4.61 % _____________________ (1) The Company entered into a loan agreement with Barclays Bank PLC, in the amount of $140 million , on March 6, 2017. A portion of the proceeds from the loan was use to repay the outstanding principal balance of approximately $96 million on the existing mortgage loan secured by the Property.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments subsequent to March 31, 2017 : (In thousands) Future Minimum Principal Payments 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 239,000 Total $ 239,000

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 Investment Securities $ 483 $ — $ — $ 483 December 31, 2016 Investment Securities $ 477 $ — $ — $ 477
Fair Value, by Balance Sheet Grouping	The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: March 31, 2017 December 31, 2016 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 142,515 * * Mortgage note payable — 1140 Avenue of the Americas 3 $ 99,000 $ 96,600 $ 99,000 $ 98,000 * The fair value of the mortgage note payable is estimated 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. This mortgage note payable was repaid in March 2017.

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Repurchased Shares	The following table reflects the number of shares repurchased cumulatively through March 31, 2017 . Numbers of Shares Repurchased Weighted-Average Price per Share Cumulative repurchases as of December 31, 2016 645,335 $ 23.63 Three months ended March 31, 2017 (1) 276,624 20.15 Cumulative repurchases as of March 31, 2017 921,959 $ 22.59 _____________________ (1) Excludes rejected shares of 902,420 for $18.1 million at an average price per share of $20.03 , which were unfulfilled as of March 31, 2017 .

Related Party Transactions an26

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
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: Three Months Ended March 31, 2017 2016 Payable (receivable) as of (In thousands) Incurred Waived Incurred Waived March 31, 2017 December 31, 2016 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ — $ — $ — $ — $ (646 ) $ (646 ) Financing coordination fees 1,050 — — — — — Ongoing fees: Operating fees incurred from related parties 1,538 — 1,053 — 57 (24 ) Professional fees and other reimbursements 706 — 444 — 215 167 Distributions on Class B Units 59 — 60 — — — Total related party operation fees and reimbursements $ 3,353 $ — $ 1,557 $ — $ (374 ) $ (503 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 quarter ended March 31, 2017 : Number of Weighted-Average Issue Price Unvested, December 31, 2016 9,065 $ 22.50 Granted — — Vested (267 ) 22.50 Forfeited — — Unvested, March 31, 2017 8,798 $ 22.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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: Three Months Ended March 31, 2017 2016 Net loss (in thousands) $ (4,786 ) $ (3,405 ) Basic and diluted weighted average shares outstanding 30,814,927 30,562,487 Basic and diluted net loss per share $ (0.16 ) $ (0.11 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following potentially dilutive securities as of March 31, 2017 and 2016 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Three Months Ended March 31, 2017 2016 Unvested restricted stock 8,798 6,132 OP units 90 90 Class B units 159,159 159,159 Total potentially dilutive securities 168,047 165,381

Organization (Details)

Organization (Details)	Apr. 24, 2014USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2017USD ($)ft²Employeeproperty$ / sharesshares	Oct. 25, 2016$ / shares	Jun. 30, 2016$ / shares
Operations [Line Items]
Number of real estate properties | property			6
Net rentable area | ft²			1,091,571
Aggregate purchase price of real estate | $			$ 686,100,000
Stock available for issuance in IPO (in shares) | shares		300,000,000	300,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares) | shares		30,856,841	30,805,839
Proceeds from issuance of common stock | $		$ 764,800,000	$ 764,000,000
Proceeds from issuance of common stock, DRIP | $		$ 46,000,000	$ 50,800,000
Special Limited Partner
Operations [Line Items]
Common stock, shares outstanding (in shares) | shares			8,888
Contributed capital | $			$ 2,020
Limited partner units (in shares) | shares			90
Common Stock
Operations [Line Items]
Stock available for issuance in IPO (in shares) | shares	30,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Repurchase price (in dollars per share) | $ / shares	$ 25
Maximum offering amount | $	$ 750,000,000
Share Repurchase Program | Common Stock
Operations [Line Items]
Repurchase price (in dollars per share) | $ / shares				$ 23.75	$ 21.25
New York City Operating Partnership, L.P.
Operations [Line Items]
Number of employees | Employee			0

Real Estate Investments (Minimu

Real Estate Investments (Minimum Rental Payments) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Real Estate Investments, Net [Abstract]
2,017	$ 33,380
2,018	42,640
2,019	40,892
2,020	36,801
2,021	32,848
Thereafter	111,918
Total	$ 298,479

Real Estate Investments (Concen

Real Estate Investments (Concentration) (Details)	3 Months Ended
	Mar. 31, 2016
Customer Concentration Risk | Sales Revenue, Net | Planned Parenthood Federation of America, Inc
Real estate investments
Concentration risk	10.70%

Real Estate Investments (Summar

Real Estate Investments (Summary of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangible assets:
Gross Carrying Amount	$ 108,933	$ 109,498
Accumulated Amortization	21,184	18,291
Net Carrying Amount	87,749	91,207
Intangible liabilities:
Gross Carrying Amount, Below-market lease liabilities	34,471	34,471
Accumulated Amortization, Below-market lease liabilities	6,859	5,943
Net Carrying Amount, Below-market lease liabilities	27,612	28,528
In-place leases
Intangible assets:
Gross Carrying Amount	64,979	65,544
Accumulated Amortization	16,269	14,045
Net Carrying Amount	48,710	51,499
Other intangibles
Intangible assets:
Gross Carrying Amount	31,447	31,447
Accumulated Amortization	2,893	2,601
Net Carrying Amount	28,554	28,846
Below Market Ground Lease
Intangible assets:
Gross Carrying Amount	2,482	2,482
Accumulated Amortization	39	27
Net Carrying Amount	2,443	2,455
Above-market lease assets
Intangible assets:
Gross Carrying Amount	10,025	10,025
Accumulated Amortization	1,983	1,618
Net Carrying Amount	$ 8,042	$ 8,407

Real Estate Investments (Summ33

Real Estate Investments (Summary of Amortization and Accretion of Market Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	$ (539)	$ (635)
Depreciation and Amortization | In-Place Leases and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of in-place leases and other intangibles	3,080	2,508
Rental Income | Above and Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	(551)	(635)
Hotel Expense | Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of in-place leases and other intangibles	$ 12	$ 0

Real Estate Investments (Summ34

Real Estate Investments (Summary of Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - April 1, 2017 - December 31, 2017	$ 8,848
Finite-lived intangible assets, amortization expense - 2018	10,667
Finite-lived intangible assets, amortization expense - 2019	9,909
Finite-lived intangible assets, amortization expense - 2020	8,007
Finite-lived intangible assets, amortization expense - 2021	6,244
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - April 1, 2017 - December 31, 2017	7,974
Finite-lived intangible assets, amortization expense - 2018	9,502
Finite-lived intangible assets, amortization expense - 2019	8,744
Finite-lived intangible assets, amortization expense - 2020	6,842
Finite-lived intangible assets, amortization expense - 2021	5,307
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - April 1, 2017 - December 31, 2017	874
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 - April 1, 2017 - December 31, 2017	1,708
Finite-lived intangible assets, amortization expense - 2018	2,070
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 - April 1, 2017 - December 31, 2017	2,803
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
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - April 1, 2017 - December 31, 2017	(1,095)
Finite-lived intangible assets, amortization expense - 2018	(1,365)
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 ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Cost	$ 467	$ 467
Gross Unrealized Gains	16	10
Gross Unrealized Losses	0	0
Fair Value	$ 483	$ 477

Mortgage Note Payable (Mortgage

Mortgage Note Payable (Mortgage Note) (Details) $ in Thousands	Mar. 31, 2017USD ($)property	Mar. 06, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 239,000
Mortgage notes payable, net of deferred financing costs	233,049		$ 191,328
Real estate investments relating to notes payable	$ 443,600
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	2
Effective Interest Rate	4.61%
Deferred financing costs, net	$ (5,951)		(3,672)
Mortgage notes payable, net of deferred financing costs	$ 233,049		191,328
123 William Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 140,000	$ 140,000	96,000
Effective Interest Rate	4.73%
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 99,000		$ 99,000
Effective Interest Rate	4.17%

Mortgage Note Payable (Mortga37

Mortgage Note Payable (Mortgage Principal Payments) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,017	$ 0
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	239,000
Total	$ 239,000

Fair Value of Financial Instr38

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 483	$ 477
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	483	477
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	483	477
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

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Financial Instruments Not Carried at Fair Value) (Details) - Mortgages note payable - Significant unobservable inputs - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
123 William Street | Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage note payable — 1140 Avenue of the Americas	$ 140,000
123 William Street | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage note payable — 1140 Avenue of the Americas	142,515
1140 Avenue of the Americas | Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage note payable — 1140 Avenue of the Americas	99,000	$ 99,000
1140 Avenue of the Americas | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage note payable — 1140 Avenue of the Americas	$ 96,600	$ 98,000

Common Stock (Details)

Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		36 Months Ended	39 Months Ended
	May 31, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Mar. 31, 2017	Oct. 25, 2016	Jun. 30, 2016	Jan. 25, 2016	Apr. 24, 2014
Equity, Class of Treasury Stock [Line Items]
Common stock, shares outstanding (in shares)		30,805,839		30,856,841	30,805,839
Proceeds from issuance of common stock				$ 764.8	$ 764
Proceeds from issuance of common stock, DRIP				$ 46	$ 50.8
Dividends declared per share (in dollars per share)	$ 1.5125	$ 0.38	$ 0.38
Authorized percent of shares outstanding for repurchase for fiscal semester								2.50%
Authorized percent of shares outstanding for repurchase for fiscal year								5.00%
One Year | Minimum
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in dollars per share)								$ 23.13
One Year | Maximum
Equity, Class of Treasury Stock [Line Items]
Percentage of value of capital paid								92.50%
Two Years | Minimum
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in dollars per share)								$ 23.75
Two Years | Maximum
Equity, Class of Treasury Stock [Line Items]
Percentage of value of capital paid								95.00%
Three Years | Maximum
Equity, Class of Treasury Stock [Line Items]
Percentage of value of capital paid								97.50%
Four Years | Maximum
Equity, Class of Treasury Stock [Line Items]
Percentage of value of capital paid								100.00%
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in dollars per share)									$ 25
Share Repurchase Program | Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in dollars per share)						$ 23.75	$ 21.25

Common Stock Repurchased Shares

Common Stock Repurchased Shares (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Numbers of Shares Repurchased
Cumulative repurchased shares, beginning balance (in shares)	645,335
Shares repurchased during period (in shares)	276,624
Cumulative repurchased shares, ending balance (in shares)	921,959
Weighted-Average Price per Share
Weighted average price per share, cumulative shares repurchased (in dollars per share)	$ 22.59	$ 23.63
Weighted average price per share, shares repurchased during period (in dollars per share)	$ 20.15
Rejected shares (in shares)	902,420
Rejected shares	$ 18.1
Weighted average price per share, rejected shares (in dollars per share)	$ 20.03

Related Party Transactions an42

Related Party Transactions and Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		30,805,839	30,856,841
Investment securities, at fair value		$ 483	$ 477
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		8,888
Affiliated Entity
Related Party Transaction [Line Items]
Investment securities, at fair value			$ 500
Investment income	$ 4

Related Party Transactions an43

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Expenses incurred	$ 3,353,000	$ 1,557,000
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in dollars per share)	$ 22.50
Advisor | New York City Reit Advisors, LLC | Contract Purchase Price
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 fee	0.0625%
Advisor | New York City Reit Advisors, LLC | Contract Purchase Price | Maximum
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	4.50%
Financing advance fees as a percentage of benchmark	1.50%
Advisor | New York City Reit Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement
Related Party Transaction [Line Items]
Financing coordination fees earned by related party	0.75%
Advisor | New York City Reit Advisors, LLC | 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%
Advisor | New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties
Related Party Transaction [Line Items]
Property management fees earned by related party	4.00%
Advisor | New York City Reit Advisors, LLC | Average Invested Assets | Maximum
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
Advisor | New York City Reit Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Maximum
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%
Acquisition fees and related cost reimbursements | Advisor | New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Expenses incurred	$ 0	0
Annual Targeted Investor Return | Advisor | New York City Reit Advisors, LLC | 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%
Asset Management Fees | Advisor | New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Related party transaction, amount	$ 1,400,000	1,000,000
Property Management Fees | Advisor | New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Related party transaction, amount	177,000	63,000
Reimbursement of Costs and Expenses | Advisor | New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Related party transaction, amount	$ 600,000	$ 400,000

Related Party Transactions an44

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company, Incurred, Waived and Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Expenses incurred	$ 3,353	$ 1,557
Expenses waived	0	0
Payable (Receivable)	(374)		$ (503)
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Expenses incurred	0	0
Expenses waived	0	0
Payable (Receivable)	(646)		(646)
Financing coordination fees | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Expenses incurred	1,050	0
Expenses waived	0	0
Payable (Receivable)	0		0
Operating fees incurred from related parties | Ongoing fees:
Related Party Transaction [Line Items]
Expenses incurred	1,538	1,053
Expenses waived	0	0
Payable (Receivable)	57		(24)
Professional fees and other reimbursements | Ongoing fees:
Related Party Transaction [Line Items]
Expenses incurred	706	444
Expenses waived	0	0
Payable (Receivable)	215		167
Distributions on Class B Units | Ongoing fees:
Related Party Transaction [Line Items]
Expenses incurred	59	60
Expenses waived	0	$ 0
Payable (Receivable)	$ 0		$ 0

Related Party Transactions an45

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection with the Liquidation or Listing) (Details) - Advisor - New York City Reit Advisors, LLC - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Performance fees	$ 0	$ 0
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%
Pre-tax Non-compounded Return on Capital Contribution | Maximum
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	10.00%
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%
Brokerage Commission Fees | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	2.00%
Brokerage Commission Fees | Contract Sales Price | Maximum
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	50.00%
Real Estate Commissions
Related Party Transaction [Line Items]
Payments for brokerage fees	$ 0	0
Real Estate Commissions | Maximum
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	6.00%
Annual Targeted Investor Return
Related Party Transaction [Line Items]
Sales proceeds due to related party	$ 0	0
Incentive distribution	$ 0	$ 0
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 12	$ 13
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
Award 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
Nonvested awards, compensation cost not yet recognized, period for recognition	3 years 7 months 6 days
Share-based compensation	$ 12	$ 13

Share-Based Compensation (Activ

Share-Based Compensation (Activity) (Details) - Restricted Share Plan - Restricted Stock	3 Months Ended
	Mar. 31, 2017$ / sharesshares
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) | shares	9,065
Granted (in shares) | shares	0
Vested (in shares) | shares	(267)
Forfeited (in shares) | shares	0
Ending Balance, Unvested (in shares) | shares	8,798
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested Beginning Balance, Weighted-Average Issue Price (in dollars per share) | $ / shares	$ 22.50
Granted, Weighted-Average Issue Price (in dollars per share) | $ / shares	0
Vested, Weighted-Average Issue Price (in dollars per share) | $ / shares	22.50
Forfeited, Weighted-Average Issue Price (in dollars per share) | $ / shares	0
Unvested Ending Balance, Weighted-Average Issue Price (in dollars per share) | $ / shares	$ 22.50

Net Loss Per Share (Calculation

Net Loss Per Share (Calculations for EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Net loss	$ (4,786)	$ (3,405)
Basic and diluted weighted average shares outstanding (in shares)	30,814,927	30,562,487
Basic and diluted net loss per share (in dollars per share)	$ (0.16)	$ (0.11)

Net Loss Per Share (Shares Excl

Net Loss Per Share (Shares Excluded From Calculation) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	168,047	165,381
Unvested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	8,798	6,132
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	90	90
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	159,159	159,159