New York City REIT (NYC) 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 06, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	NEW YORK CITY REIT, INC.
Entity Central Index Key	0001595527
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Amendment Flag	false
Entity Common Stock, Shares Outstanding		30,990,448
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate investments, at cost:
Land	$ 138,110	$ 133,380
Buildings and improvements	533,099	514,459
Acquired intangible assets	103,285	105,954
Total real estate investments, at cost	774,494	753,793
Less accumulated depreciation and amortization	(90,235)	(64,926)
Total real estate investments, net	684,259	688,867
Cash and cash equivalents	47,952	39,598
Restricted cash	6,849	7,618
Prepaid expenses and other assets (including amounts due from related parties of $0 and $39 at December 31, 2018 and December 31, 2017, respectively)	26,010	17,721
Deferred leasing costs, net	8,672	6,646
Total assets	773,742	760,450
LIABILITIES AND EQUITY
Mortgage notes payable, net	291,653	233,517
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $272 and $364 at December 31, 2018 and December 31, 2017, respectively)	11,127	11,406
Below-market lease liabilities, net	21,514	24,753
Deferred revenue	5,768	5,255
Distributions payable	0	4,035
Total liabilities	330,062	278,966
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 30,990,448 and 31,382,120 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively	310	314
Additional paid-in capital	685,758	691,775
Accumulated other comprehensive income	0	0
Accumulated deficit	(242,388)	(210,605)
Total stockholders’ equity	443,680	481,484
Total liabilities and equity	$ 773,742	$ 760,450

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Due from related parties	$ 158	$ 39
Due to related parties	$ 204	$ 364
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	30,990,448	31,382,120
Common stock, shares outstanding (in shares)	30,990,448	31,382,120

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 57,132	$ 53,930	$ 44,223
Operating expense reimbursements and other revenue	5,267	4,454	3,384
Total revenues	62,399	58,384	47,607
Operating expenses:
Asset and property management fees to related parties	6,211	6,039	5,179
Property operating	28,378	26,825	20,919
Acquisition and transaction related	407	6	3,695
General and administrative	8,975	8,087	4,933
Depreciation and amortization	29,690	29,539	25,586
Total operating expenses	73,661	70,496	60,312
Operating loss	(11,262)	(12,112)	(12,705)
Other income (expenses):
Interest expense	(13,294)	(11,230)	(7,404)
Income from investment securities and interest	444	245	344
Gain on sale of investment securities	0	24	0
Total other expenses	(12,850)	(10,961)	(7,060)
Net loss	(24,112)	(23,073)	(19,765)
Other comprehensive income (loss):
Reversal of accumulated unrealized gain on investment securities	0	(10)	0
Unrealized gain on investment securities	0	0	10
Comprehensive loss	$ (24,112)	$ (23,083)	$ (19,755)
Basic and diluted weighted average shares outstanding (in shares)	31,228,941	31,042,307	30,668,238
Basic and diluted net loss per share (in usd per share)	$ (0.77)	$ (0.74)	$ (0.64)
Distributions declared per common share (in usd per share)	$ 0.25	$ 1.51	$ 1.51

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2015		30,410,467
Beginning Balance at Dec. 31, 2015	$ 596,139	$ 304	$ 670,279	$ 0	$ (74,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)		902,597
Common stock issued through distribution reinvestment plan	$ 21,046	$ 9	21,037
Common stock repurchases (in shares)	(461,555)	(461,555)
Common stock repurchases	$ (10,905)	$ (4)	(10,901)
Share-based compensation (in shares)		5,332
Share-based compensation	61		61
Distributions declared	(46,395)				(46,395)
Net loss	(19,765)				(19,765)
Unrealized gain on investment securities	10			10
Reversal of unrealized gain upon realization of investment securities	0
Ending Balance (in shares) at Dec. 31, 2016		30,856,841
Ending Balance at Dec. 31, 2016	540,191	$ 309	680,476	10	(140,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)		880,504
Common stock issued through distribution reinvestment plan	$ 18,567	$ 9	18,558
Common stock repurchases (in shares)	(359,458)	(359,458)
Common stock repurchases	$ (7,337)	$ (4)	(7,333)
Share-based compensation (in shares)		4,233
Share-based compensation	74		74
Distributions declared	(46,928)				(46,928)
Net loss	(23,073)				(23,073)
Unrealized gain on investment securities	0
Reversal of unrealized gain upon realization of investment securities	(10)			(10)
Ending Balance (in shares) at Dec. 31, 2017		31,382,120
Ending Balance at Dec. 31, 2017	481,484	$ 314	691,775	0	(210,605)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)		208,836
Common stock issued through distribution reinvestment plan	$ 4,231	$ 1	4,230
Common stock repurchases (in shares)	(254,941)	(604,948)
Common stock repurchases	$ (10,269)	$ (5)	(10,264)
Share-based compensation (in shares)		4,440
Share-based compensation	17		17
Distributions declared	(7,671)				(7,671)
Net loss	(24,112)				(24,112)
Unrealized gain on investment securities	0
Reversal of unrealized gain upon realization of investment securities	0
Ending Balance (in shares) at Dec. 31, 2018		30,990,448
Ending Balance at Dec. 31, 2018	$ 443,680	$ 310	$ 685,758	$ 0	$ (242,388)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (24,112,000)	$ (23,073,000)	$ (19,765,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	29,690,000	29,539,000	25,586,000
Amortization of deferred financing costs	792,000	1,120,000	2,479,000
Accretion of below- and amortization of above-market lease liabilities and assets, net	(2,044,000)	(2,247,000)	(2,376,000)
Share-based compensation	17,000	74,000	61,000
(Gain) loss on sale of investment securities	0	(24,000)	5,000
Changes in assets and liabilities:
Prepaid expenses, other assets and deferred costs	(11,184,000)	(8,603,000)	(6,038,000)
Accounts payable, accrued expenses and other liabilities	(752,000)	3,265,000	2,803,000
Deferred revenue	513,000	2,231,000	1,373,000
Net cash provided by (used in) operating activities	(7,080,000)	2,282,000	4,128,000
Cash flows from investing activities:
Investments in real estate	(5,948,000)	0	(79,162,000)
Proceeds from the sale of investment securities	0	491,000	0
Capital expenditures	(8,987,000)	(10,831,000)	(16,718,000)
Net cash used in investing activities	(14,935,000)	(10,340,000)	(95,880,000)
Cash flows from financing activities:
Proceeds from mortgage note payable	50,000,000	140,000,000	0
Payment of mortgage note payable	0	(96,000,000)	0
Payments of financing costs	(2,656,000)	(2,931,000)	(3,327,000)
Distributions paid	(7,475,000)	(28,279,000)	(25,312,000)
Repurchases of common stock	(10,269,000)	(7,337,000)	(12,488,000)
Net cash provided by (used in) financing activities	29,600,000	5,453,000	(41,127,000)
Net change in cash, cash equivalents and restricted cash	7,585,000	(2,605,000)	(132,879,000)
Cash, cash equivalents and restricted cash, beginning of period	47,216,000	49,821,000	182,700,000
Cash, cash equivalents and restricted cash, end of period	54,801,000	47,216,000	49,821,000
Supplemental Disclosures:
Cash paid for interest	12,272,000	9,655,000	4,622,000
Non-Cash Investing and Financing Activities:
Mortgage note payable used to acquire investments in real estate	10,000,000	0	99,000,000
Distributions payable	0	4,035,000	3,953,000
Accrued capital expenditures	408,000	1,561,000	118,000
Other assets acquired or (liabilities assumed) in real estate transactions, net	(66,000)	0	(353,000)
Common stock issued through distribution reinvestment plan	$ 4,231,000	$ 18,567,000	$ 21,046,000

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization New York City REIT, Inc. (including, New York City Operating Partnership L.P., (the “OP”) 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 December 31, 2018 , the Company owned seven properties consisting of 1.1 million rentable square feet, acquired for an aggregate purchase price of $702.0 million . The Company was incorporated on December 19, 2013 as a Maryland corporation and elected 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 the OP. On April 24, 2014, the Company commenced its initial public offering (the “IPO”) on a “reasonable best efforts” basis of up to 30.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, for total gross proceeds of up to $750.0 million . The Company closed its IPO on May 31, 2015, and continued to accept subscriptions in process as of that date. As of December 31, 2018 , the Company had 31.0 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the dividend reinvestment plan (“DRIP”). In addition, from inception through December 31, 2018 , we had raised net proceeds of $769.9 million , including $68.8 million of distributions to our shareholders which were reinvested in our common stock through DRIP. On October 25, 2017, the Company’s board of directors approved an Estimated Per-Share NAV as of June 30, 2017 (the “2017 Estimated Per-Share NAV”) which was published on October 26, 2017, and, on October 23, 2018, the Company’s board of directors approved an estimated net asset value per share of its common stock as of June 30, 2018 (the “2018 Estimated Per-Share NAV”), which was published on October 25, 2018. The Company intends to publish subsequent valuations of Estimated Per-Share NAV at least once annually, at the discretion of the Company’s board of directors. In March 2019, the Company changed its name from American Realty Capital New York City REIT, Inc. to New York City REIT, Inc. See Note 13 — Subsequent Events. 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”), and these entities receive compensation, fees and expense reimbursements for services related to the investment and management of the Company’s assets. The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP (“OP Units”). The Advisor contributed $2,020 to the OP in exchange for 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. A holder of OP Units has the right to convert OP Units for the cash value of a corresponding number of shares of the Company’s common stock or, at the option of the OP, a corresponding number of shares of the Company’s common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP Units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reclassifications The presentation of prior year restricted cash on the Company’s consolidated statements of cash flows, related to the adoption of a new accounting standard (see “Recently Issued Accounting Pronouncements” below for additional information) has been changed to conform to the current year presentation. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Company had no investments in joint ventures or variable interest entities as of December 31, 2018 , 2017 or 2016 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. The Company evaluates each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the comparable fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease, including any below-market fixed rate renewal options for below-market leases. The fair value of other intangible assets, such as real estate tax abatements, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report results of these properties’ operations within continuing operations. Properties that are intended to be sold will be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale. The Company did no t have any properties held for sale as of December 31, 2018 or 2017 . Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. The value of other acquired intangibles is amortized to depreciation and amortization expense over the remaining expected useful life. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the estimated selling price of the asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss). The Company did no t recognize any impairment charges for the years ended December 31, 2018 , 2017 or 2016 . Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. At December 31, 2018 and 2017 , the Company had cash and cash equivalents and restricted cash of $54.8 million and $47.2 million , of which $53.1 million and $46.5 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash primarily consists of ground rent, real estate tax, structural, leasing commissions, free rent and insurance reserves. Investment Securities The Company did not own any debt or equity investment securities as of December 31, 2018 and 2017. The Company did own investment securities prior to June 15, 2017. On June 15, 2017, the Company redeemed its investment in equity securities at approximately $491,000 with a cost basis of approximately $467,000 and realized approximately $24,000 gain in the year ended December 31, 2017. Deferred Leasing Costs, Net Deferred leasing costs, net consist primarily of lease commissions and professional fees incurred, and are deferred and amortized to depreciation and amortization expense over the term of the related lease. Share Repurchase Program The Company has a Share Repurchase Program (“SRP”) that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their shares, subject to certain minimum conditions, if such repurchase does not impair the Company’s capital or operations. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The SRP is currently suspended and will remain in effect until the Company announces that it will resume paying regular cash distributions to its stockholders. See Note 6 — Common Stock. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying balance sheets in the period distributions are declared. See Note 6 — Common Stock . Revenue Recognition The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Because many of the Company’s leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectibility by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectibility of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. Certain tenants have provided letters of credit in lieu of cash security deposit required per the respective lease agreements. The Company may own certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets, which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. If the Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income, contingent rental income will be included in rental income on the consolidated statements of operations and comprehensive loss. The Company recognized $0.2 million contingent rental income for the year ended December 31, 2018 . The Company did not recognize any contingent rental income for the years ended December 31, 2017 or 2016 . Cost recoveries from tenants are included in operating expense reimbursements and other revenue in the period the related costs are incurred, as applicable. Offering and Related Costs All offering costs incurred by the Company, its Advisor and its affiliates on behalf of the Company are charged to additional paid-in capital on the consolidated balance sheets. Offering and related costs include all expenses incurred in connection with the Company’s IPO. Offering costs (other than selling commissions and the dealer manager fees) of the Company may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fees) incurred by the Company in its offering exceed 2.0% of gross offering proceeds and to the extent that the total of these costs plus selling commissions, the dealer manager fees and the other organization and offering expenses borne by the Company exceed 12.0% of the gross proceeds determined at the end of the IPO. See Note 8 — Related Party Transactions and Arrangements for additional information. Share-Based Compensation The Company has a stock-based incentive award plan, which is accounted for under the guidance for employee share based payments. The expense for such awards are included in general and administrative expenses and are recognized over the vesting period or when the requirements for exercise of the award have been met. See Note 10 — Share-Based Compensation . Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2014. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company had no REIT taxable income requiring distribution for each of the years ended December 31, 2018 , 2017 and 2016 . Accordingly, from a U.S. federal income tax perspective, 100% of distributions, or $0.25 per share for the year ended December 31, 2018 and $1.51 per share for the years ended December 31, 2017 and 2016 represented a return of capital. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. As of December 31, 2018 , the Company had no material uncertain tax positions. The tax years subsequent to and including December 31, 2015 remain open to examination by the major taxing jurisdictions to which the Company is subject. Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP Units, Class B units and unvested restricted stock (assuming such units are not antidilutive), based on, the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 11 — Net Loss Per Share for additional information. Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company’s investments in real estate at the individual property level. Recently Issued Accounting Pronouncements Adopted as of January 1, 2018: In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), and has since issued several additional amendments thereto (collectively referred to herein as “ASC 606”). ASC 606 establishes a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under ASC 606, 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. ASC 606 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A reporting entity may apply the amendments in ASC 606 using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach. The Company adopted this guidance effective January 1, 2018, under the modified retrospective approach. The new guidance did not have an impact on the Company’s consolidated financial statements, primarily as a result of revenue being sourced from lease arrangements that are outside the scope of ASC 606 until the new lease standard was adopted (see below). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10), 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. The Company adopted this guidance on January 1, 2018 and there was no impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides 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 Company adopted this new guidance effective January 1, 2018, and it did not have an impact on the Company’s consolidated statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which 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 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 on January 1, 2017, which would apply to prospective acquisitions. On October 17, 2018, the Company closed on an acquisition of a property which was determined to be an asset acquisition based on this new guidance. Apart from the aforementioned, there were no other acquisitions during the year ended December 31, 2018 or the year ended December 31, 2017. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The update states that modification accounting should be used unless the fair value of the award, the vesting terms of the award and the classification of the award as either equity or liability, does not change as a result of the modification. The Company adopted this guidance effective January 1, 2018 and it did not have an impact on the Company’s consolidated financial statements. The Company expects that any future modifications to its issued share-based awards will be accounted for using modification accounting, unless the modification meets all of the exception criteria noted above. As a result, the modification would be treated as an exchange of the original award for a new award, with any incremental fair value being treated as additional compensation cost. Pending Adoption as of December 31, 2018: ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02"). The most significant changes in ASU 2016-02 is recognition of right-of-use ("ROU") assets and lease liabilities by lessees for those leases classified as operating leases, with less significant changes for lessors. Also, beginning in the first quarter of 2019, the new guidance requires additional disclosures that help enable users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company elected the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2016-02 originally required a modified retrospective method of adoption, however, ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"), provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, as allowed under ASU 2018-11. Lessor Accounting ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components, however, ASU 2018-11 allows lessors a practical expedient, which we elected as of January 1, 2019, by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Upon adoption, the new guidance did not impact the Company's revenue recognition pattern or have any other impacts on its leases in place as of January 1, 2019 in which it is the lessor. Lessee Accounting Under ASU 2016-02, companies are required to record a ROU asset and a lease liability for all leases with a term greater than 12 months equal to the present value of the remaining lease payments as of the adoption date of the new standard. Since our leases do not provide an implicit rate, we will use our incremental borrowing rate in determining the present value of lease payments. The new standard also requires lessees to apply a dual lease classification 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, as well as the balance sheet classification of the ROU asset. Leases with a term of 12 months or less will be accounted for similar to previous guidance for operating leases. The Company is a lessee for a property in which it has a ground lease as of December 31, 2018. Since the Company has elected the practical expedients described above, it determined that this lease would continue to be classified as an operating lease under the new standard. As a result, the Company expects to record a ROU asset and lease liability of approximately $50.0 million to $55.7 million , equal to the present value of the remaining lease payments as of January 1, 2019. Future lease expenses after adoption will continue to be recorded on a straight-line basis as required for operating leases. Other Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for reporting periods beginning after December 15, 2019, with early adoption permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In June 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, awards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods. As of December 31, 2018, the Company did not have any nonemployee awards outstanding that would be impacted by the new guidance, however the Company will apply this new guidance prospectively to grants of nonemployee awards, if any.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2018
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments Acquisitions The following table presents the allocation of real estate assets acquired and liabilities assumed during the years ended December 31, 2018 and 2016. There were no acquisitions during the year ended December 31, 2017. Year Ended December 31, (Dollar amounts in thousands) 2018 2016 Real estate investments, at cost: Land $ 4,730 $ — Building and improvements 9,245 148,647 Total tangible assets 13,975 148,647 Acquired intangibles: In-place leases 2,166 27,433 Above-market lease assets 165 5,230 Below-market lease liabilities (292 ) (5,277 ) Below-market ground lease asset — 2,482 Total intangible assets, net 2,039 29,868 Total assets acquired, net 16,014 178,515 Mortgage notes payable used to acquire real estate investments (10,000 ) (99,000 ) Other liabilities assumed (66 ) (353 ) Cash paid for acquired real estate investment $ 5,948 $ 79,162 Number of properties purchased 1 1 Future Minimum Base Cash Rental Payments The following table presents future minimum base cash rental payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum Base Rent Payments 2019 $ 53,347 2020 51,404 2021 47,237 2022 44,018 2023 35,920 Thereafter 150,226 $ 382,152 Significant Tenants As of December 31, 2018 and 2017 there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis. Intangible Assets and Liabilities Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 59,542 $ 27,535 $ 32,007 $ 62,142 $ 22,147 $ 39,995 Other intangibles 31,447 4,932 26,515 31,447 3,767 27,680 Below-market ground lease 2,482 126 2,356 2,482 76 2,406 Above-market leases 9,815 4,160 5,655 9,883 2,955 6,928 Acquired intangible assets $ 103,286 $ 36,753 $ 66,533 $ 105,954 $ 28,945 $ 77,009 Intangible liabilities: Below-market lease liabilities $ 33,397 $ 11,883 $ 21,514 $ 34,068 $ 9,315 $ 24,753 The following table discloses the 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: Year Ended December 31, (In thousands) 2018 2017 2016 Amortization of in-place leases and other intangibles (1) $ 11,319 $ 12,669 $ 13,247 Amortization and (accretion) of above- and below-market leases, net (2) $ (2,094 ) $ (2,296 ) $ (2,403 ) Amortization of below-market ground lease (3) $ 50 $ 49 $ 27 ________________ (1) Reflected within depreciation and amortization expenses. (2) Reflected within rental income. (3) Reflected within property operating expenses. The following table provides the projected amortization expenses and adjustments to revenues for the next five years as of December 31, 2018 : (In thousands) 2019 2020 2021 2022 2023 In-place leases $ 8,510 $ 6,759 $ 5,549 $ 4,163 $ 2,924 Other intangibles 1,165 1,165 937 708 708 Total to be included in depreciation and amortization $ 9,675 $ 7,924 $ 6,486 $ 4,871 $ 3,632 Above-market lease assets $ 1,283 $ 1,164 $ 1,091 $ 874 $ 725 Below-market lease liabilities (3,082 ) (2,669 ) (2,339 ) (1,798 ) (1,597 ) Total to be included in rental income $ (1,799 ) $ (1,505 ) $ (1,248 ) $ (924 ) $ (872 ) During the second quarter of 2018, the sole tenant in the Company’s 421 W. 54th Street property terminated its lease early and vacated the space. As a result, the Company accelerated the amortization expense on the in-place lease intangible asset associated with this tenant and recorded additional amortization expense of $0.3 million for the year ended December 31, 2018 .

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable as of December 31, 2018 and 2017 are as follows. Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2018 2017 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 140,000 4.73 % Fixed Mar. 2027 1140 Avenue of the Americas 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 — 4.58 % Fixed May 2028 8713 Fifth Avenue 1 10,000 — 5.04 % Fixed Nov. 2028 Mortgage notes payable, gross 5 299,000 239,000 4.54 % Less: deferred financing costs, net (2) (7,347 ) (5,483 ) Mortgage notes payable, net $ 291,653 $ 233,517 _____________________ (1) The Company entered into a loan agreement with Barclays Bank PLC, in the amount of $140.0 million , on March 6, 2017. A portion of the proceeds from the loan was used to repay the outstanding principal balance of approximately $96.0 million on the existing mortgage loan secured by the property. At closing, the lender placed $24.8 million of the proceeds in escrow, to be released to the Company in accordance with the conditions under the loan, in connection with leasing activity, tenant improvements, leasing commissions and free rent obligations related to this property. As of December 31, 2018 , $2.5 million of the proceeds remained in escrow and is included in restricted cash on the consolidated balance sheet. (2) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. New Loan Agreement On April 13, 2018, two wholly owned subsidiaries (the “Borrowers”) of the OP, entered into a loan agreement (the “Loan Agreement”) with Societe Generale (the “Lender”). The Loan Agreement provides for a $50.0 million loan with a fixed interest rate of 4.516% and a maturity date of May 1, 2028 (the “April 2018 Loan”). The April 2018 Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The April 2018 Loan is secured by, among other things, mortgage liens on two of the Company’s previously unencumbered properties, the retail condominiums located at 400 E. 67th Street, New York, New York (the “Laurel Condominium”) and a parking garage condominium unit located at 200 Riverside Boulevard, New York, New York (the “Riverside Garage,” together with the Laurel Condominium, the “Mortgaged Properties” and individually a “Mortgaged Property”). The Loan Agreement permits the Lender to securitize the April 2018 Loan or any portion thereof. At the closing of the April 2018 Loan, the net proceeds after accrued interest and closing costs were used to fund approximately $0.6 million in deposits into reserve accounts required to be made at closing under the Loan Agreement, with approximately $47.1 million in net proceeds remaining available to the Company to be used for general corporate purposes, including to make future acquisitions. From and after May 1, 2019, the April 2018 Loan may be prepaid at any time in whole, but not in part (unless a Mortgaged Property is released from the April 2018 Loan), subject to certain conditions and limitations, including payment of a yield maintenance prepayment premium for any prepayments made prior to the March 2028 monthly payment date. From and after May 1, 2019, any Mortgaged Property may, subject to certain conditions and limitations, be released from the April 2018 Loan in connection with a sale or disposition of the Mortgaged Property to a bona-fide third party by prepayment of an amount equal to 115% of the portion of the April 2018 Loan allocated to the Mortgaged Property sold or disposed, plus any applicable yield maintenance prepayment premium. In addition, from and after May 1, 2019 and prior to May 1, 2028, the Riverside Garage (but not the Laurel Condominium) may be released from the April 2018 Loan, subject to certain conditions and limitations, by simultaneously substituting another property (or properties) for the Riverside Garage. The OP has guaranteed, pursuant to a guaranty in favor of the Lender (the “Guaranty”), certain enumerated recourse liabilities of the Borrowers under the Loan Agreement and, from and after certain events of defaults and other breaches under the Loan Agreement as well as bankruptcies or similar events, payment of all amounts due to the Lender in respect of the April 2018 Loan. The Guaranty also requires the OP to maintain a minimum net worth of $57.5 million and minimum liquid assets of $3.0 million . Real estate assets and intangible assets of $553.4 million , at cost (net of below-market lease liabilities), at December 31, 2018 have been pledged as collateral to the Company’s mortgage notes payable and are not available to satisfy the Company’s other obligations unless first satisfying the mortgage note payable on the property. The Company is required to make payments of interest on its mortgage note payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2018 : (In thousands) Future Minimum Principal Payments 2019 $ — 2020 — 2021 — 2022 — 2023 — Thereafter 299,000 Total $ 299,000 The Company’s mortgage notes payable require compliance with certain property-level debt covenants. As of December 31, 2018 , the Company was in compliance with the debt covenants under its mortgage note agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instrument, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Financial instruments Carried at Fair Value As of December 31, 2018 and 2017, the Company did not have any financial instruments measured at fair value on a recurring basis. Financial instruments Not Carried at Fair Value The Company is required to disclose at least annually the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheet due to their short-term nature. The fair value of the variable mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with market and there has been no significant change in the credit risk or credit markets since origination. The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: December 31, 2018 2017 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 142,874 $ 140,000 $ 147,531 Mortgage note payable — 1140 Avenue of the Americas 3 $ 99,000 $ 97,448 $ 99,000 $ 100,036 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 $ 50,000 $ 50,424 $ — $ — Mortgage note payable — 8713 Fifth Avenue 3 $ 10,000 $ 10,446 $ — $ —

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Common Stock	Common Stock As of December 31, 2018 and 2017 , the Company had 31.0 million and 31.4 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP. In May 2014, the board of directors of the Company authorized, and the Company began paying, a monthly distribution 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. On February 27, 2018, the Company’s board of directors unanimously authorized a suspension of the distributions that the Company pays to holders of the Company’s common stock, effective as of March 1, 2018. The Company first established an estimated net asset value per share of its common stock (“Estimated Per-Share NAV”) in 2016. On October 24, 2016, the Company’s board of directors approved an Estimated Per-Share NAV as of June 30, 2016 (the “2016 Estimated Per-Share NAV”), which was published on October 26, 2016 (the “NAV Pricing Date”). Prior to the NAV Pricing Date, the Company had offered shares pursuant to the DRIP and had repurchased shares pursuant to the 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 the SRP at a price based on Estimated Per-Share NAV. On October 25, 2017, the Company’s board of directors approved the 2017 Estimated Per-Share NAV as of June 30, 2017, which was published on October 26, 2017, and, on October 23, 2018, the Company’s board of directors approved the 2018 Estimated Per-Share NAV as of June 30, 2018, which was published on October 25, 2018. The Company intends to publish subsequent valuations of Estimated Per-Share NAV at least once annually, at the discretion of the Company’s board of directors. Tender Offers On February 6, 2018, in response to an unsolicited offer to the Company’s stockholders, the Company commenced a tender offer, which was subsequently amended on February 22, 2018 and March 6, 2018 (as amended, the “February Offer”). The Company made the February Offer in order to deter an unsolicited bidder and other potential future bidders that may try to exploit the illiquidity of the Company’s common stock and acquire it from stockholders at prices substantially below the then-current Estimated Per-Share NAV. Under the February Offer, the Company offered to purchase up to 140,000 shares of its common stock for cash at a purchase price equal to $17.03 per share. The February Offer expired on March 20, 2018 and, in accordance with the terms of the February Offer, the Company accepted for purchase 139,993 shares of common stock for a total cost of approximately $2.4 million , which was paid in April 2018. On June 15, 2018, in response to an unsolicited offer to the Company’s stockholders, the Company commenced a tender offer (the “June Offer”) to purchase up to 500,000 shares of its common stock for cash at a purchase price equal to $12.95 per share. The Company made the June Offer in order to deter an unsolicited bidder and other potential future bidders that may try to exploit the illiquidity of the Company’s common stock and acquire it from stockholders at prices substantially below the then-current Estimated Per-Share NAV. The June Offer expired on July 24, 2018 and, in accordance with the terms of the June Offer, the Company accepted for purchase 210,014 shares of common stock for a total cost of approximately $2.7 million , which was paid in July 2018. Share Repurchase Program The Company has a SRP that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company’s capital or operations. On January 25, 2016, the Company’s board of directors approved an amendment of the SRP to supersede and replace the existing SRP effective beginning on February 28, 2016. Under the SRP, as amended, repurchases of shares of the Company’s common stock, when requested, are at the sole discretion of the Company’s board of directors and generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). On June 14, 2017, the Company announced that its board of directors had adopted an amendment and restatement of the SRP that superseded and replaced the existing SRP effective as of July 14, 2017. Under the amended and restated SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased shares of the Company’s common stock or received their shares from the Company (directly or indirectly) through one or more non-cash transactions would be considered for repurchase. Other terms and provisions of the amended and restated SRP remained consistent with the existing SRP. In cases of requests for death and disability, the repurchase price is equal to the then-current Estimated Per-Share NAV at the time of repurchase. Prior to the establishment of Estimated Per-Share NAV, the repurchase price in these circumstances was equal to the price paid to acquire the shares. Prior to the amendment and restatement of the SRP, the repurchase price per share for requests other than for death or disability under the SRP depended on the length of time investors had 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. 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. In connection with the February Offer, the Company’s board of directors suspended the SRP during the pendency of the February Offer. On April 26, 2018 the Company’s board of directors reactivated the SRP. In connection with the June Offer, the Company’s board of directors suspended the SRP during the pendency of the June Offer. On August 23, 2018, the Company’s board of directors unanimously reactivated the SRP for a period commencing August 25, 2018 and ending on September 24, 2018 (the “2018 Reactivation Period”). Prior to the end of the third quarter of 2018, the Company’s board of directors approved repurchase requests made during the 2018 Reactivation period as well as requests made in the period from January 1, 2018 until the suspension of the SRP on February 6, 2018 and the period commencing with the reactivation of the SRP on April 26, 2018 until the suspension of the SRP on June 15, 2018 (the “2018 Active Period”). The board of directors also approved a related amendment to the SRP, effective August 25, 2018, and a subsequent suspension of the SRP commencing immediately following the 2018 Reactivation Period which will remain in effect until the Company announces that it will resume paying regular cash distributions to its stockholders. On October 9, 2018, the Company repurchased a total of 145,627 shares of common stock for approximately $3.0 million , at a weighted-average price per share of $20.26 with respect to the 2018 Reactivation Period and the 2018 Active Period. 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 December 31, 2018 . Numbers of Shares Repurchased Weighted-Average Price per Share Cumulative repurchases as of December 31, 2014 — $ — Year ended December 31, 2015 183,780 23.63 Year ended December 31, 2016 461,555 23.62 Year ended December 31, 2017 (1) 359,458 20.41 Year ended December 31, 2018 (2) 254,941 20.26 Cumulative repurchases as of December 31, 2018 1,259,734 22.03 ____________________ (1) Includes (i) 276,624 shares repurchased during the three months ended March 31, 2017 for approximately $5.6 million at a weighted average price per share of $20.15 , (ii) 578 shares repurchased during the three months ended June 30, 2017 for approximately $13,700 at a weighted average price per share of $23.68 , (iii) 82,256 shares repurchased during the three months ended September 30, 2017, for approximately $1.7 million at a weighted average price per share of $21.25 . Excludes rejected repurchase requests received during 2016 with respect to 902,420 shares for $18.1 million at an average price per share of $20.03 . During the three months ended September 30, 2017, following the effectiveness of the amendment and restatement of the SRP, the Company’s board of directors approved 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to June 30, 2017, which were fulfilled during the three months ended September 30, 2017. No repurchases have been or will be made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. (2) In January 2018, the Company’s board of directors approved the repurchase requests made pursuant to the SRP during the period from July 1, 2017 to December 31, 2017, which resulted in the repurchase of 99,131 shares for approximately $2.0 million at a weighted-average price per share of $20.26 and 10,183 shares were repurchased from an individual stockholder in a privately negotiated transaction during January 2018 for approximately $0.2 million at a weighted-average price per share of $20.26 . During the third quarter of 2018, the Company’s board of directors approved the repurchase requests made during the 2018 Active Period and 2018 Reactivation Period which resulted in the repurchase of 145,627 shares for approximately $3.0 million at a weighted-average price per share of $20.26 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground Lease The Company entered into a ground lease agreement related to the acquisition of 1140 Avenue of the Americas under a leasehold interest arrangement. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter: (In thousands) Future Minimum Base Rent Payments 2019 $ 4,746 2020 4,746 2021 4,746 2022 4,746 2023 4,746 Thereafter 211,992 Total $ 235,722 The Company incurred ground rent expense of $4.9 million , $4.9 million and $2.6 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2018 , the Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	As of December 31, 2018 and 2017, an entity wholly owned by AR Global owned 8,888 shares of the Company’s outstanding common stock. During the year ended December 31, 2016, the Company sold its investment in a mutual fund managed by an affiliate of AR Global. The Company recognized income from investment securities managed by an affiliate of AR Global of approximately $6,000 during the year ended December 31, 2016. There was no income or loss recorded investment securities recorded during the year ended December 31, 2018 or 2017. Fees Paid in Connection with the IPO The Former Dealer Manager was paid fees and compensation in connection with the sale of the Company’s common stock in the IPO. The Former Dealer Manager was paid a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Former Dealer Manager was paid up to 3.0% of the gross proceeds from the sale of shares as a dealer manager fee. The Former Dealer Manager was able to reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer had the option to elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares (not including selling commissions and dealer manager fees) by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option was elected, the dealer manager fee would have been reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees). There were no selling commissions and dealer manager fees incurred from the Former Dealer Manager in 2018, 2017 or 2016 and there were no amounts payable as of December 31, 2018 and 2017. The Advisor and its affiliates were paid compensation and reimbursement for services relating to the IPO, including transfer agent services and other professional services provided by an affiliate of the Former Dealer Manager. All offering costs incurred by the Company, the Advisor and affiliated entities of the Advisor on behalf of the Company were charged to additional paid-in capital on the accompanying consolidated balance sheets through the end of the IPO. Subsequent to the closing of the IPO, transfer agent and other professional fees are recognized as a component of general and administrative expenses on the accompanying consolidated statements of operations and comprehensive loss. There were no fees and expense reimbursements from the Advisor and affiliates of Former Dealer Manager in 2018, 2017 or 2016 and there were no amounts receivable as of December 31, 2018 and 2017. As of December 31, 2018 and 2017 , cumulative offering costs, including selling commissions and dealer manager fees, were $84.0 million , respectively. The Company was responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO are the Advisor’s responsibility. During the year ended December 31, 2016, the Advisor paid the Company the total amount owed to the Company related to excess offering and related costs. During the year ended December 31, 2018 and 2017 , there were no additional costs incurred or reimbursed related to the IPO. Fees and Participations Paid in Connection With the Operations of the Company On November 16, 2018, the members of a special committee of the Company’s board of directors approved certain amendments to the Amended and Restated Advisory Agreement (the “Original Advisory Agreement”) with the Advisor (the “Second Advisory Agreement”). Also the Company entered into a related amendment (the “November 2018 PMA Amendment”) to the Company’s Property Management and Leasing Agreement with the Property Manager. The Second Advisory Agreement, which superseded the Original Advisory Agreement, took effect on November 16, 2018. The initial term of the Second Advisory Agreement ends in July 2030, and will automatically renew for successive five-year terms unless either party gives written notice of its election not to renew at least 180 days prior to the then-applicable expiration date. The Company may only elect not to renew the Second Advisory Agreement on this basis with the prior approval of at least two-thirds of the Company’s independent directors, and no change of control fee (as defined in the Second Advisory Agreement) is payable if the Company makes this election. Acquisition Fees Under the Original Advisory Agreement and until November 16, 2018, the Advisor was 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 was also reimbursed for expenses incurred related to selecting, evaluating and acquiring assets on the Company’s behalf, regardless of whether the Company actually acquired the related assets. These acquisition expenses may have also included insourced expenses for services performed by the Advisor or its affiliates. The insourced expenses were fixed at, and were not to exceed, 0.5% of the contract purchase price of each property and 0.5% of the amount advanced for each loan or other investment, which is paid at the closing of the investment. The Advisor was 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 paid third parties, or reimbursed the Advisor for any reasonable investment-related expenses due to third parties. In no event was 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 to 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 were fully invested in 2017, the aggregate amount of acquisition fees and any financing coordination fees were not to 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 Second Advisory Agreement does not provide for an acquisition fee, however the Advisor may continue to be reimbursed for acquisition-related expenses and insourced acquisition expenses which are subject to limitations on administrative and overhead expenses (see the “Professional Fees and Other Reimbursements” section below for additional information on limitations on administrative and overhead expenses). During the year ended December 31, 2018 , in connection with the Company’s acquisition of a property in October 2018, the Company incurred an acquisition fee to the Advisor of $0.2 million which was subsequently waived by Advisor as a result of the Second Advisory Agreement. During the year ended December 31, 2017 , the Company incurred no acquisition fees and acquisition expense reimbursements to the Advisor. During the year ended December 31, 2016, the Company incurred acquisition fees and acquisition expense reimbursements of $3.6 million , which is net of $0.6 million in acquisition expense reimbursements which were waived by the Advisor. Financing Coordination Fees Under the Original Advisory Agreement, the Company was required to pay a financing coordination fee to the Advisor or its assignees in connection with the financing of any investment in real estate assets, real estate related loans or any other asset, assumption of any loans with respect to any investment or refinancing of any loan in an amount equal to 0.75% of the amount made available or outstanding under the loan, including any assumed loan. The Second Advisory Agreement eliminates financing coordination fees payable to the Advisor. During the year ended December 31, 2018 , in connection with the Company’s acquisition of a property in October 2018, the Company incurred a finance coordination fee to the Advisor of $0.1 million which was subsequently waived by Advisor as a result of the Second Advisory Agreement. For the years ended December 31, 2017 and 2016, the Company incurred financing coordination fees of $1.1 million and $0.7 million , respectively. Asset Management Fees and Variable Management/Incentive Fees 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 was equal initially to $22.50 (the primary offering price minus selling commissions and dealer manager fees). The Class B Units are intended to be profits interests and will vest, and no longer be subject to forfeiture, at such time as: (a) the value of the OP’s assets plus all distributions made by the Company to its stockholders equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the “economic hurdle;” (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a transaction to which the Company or the OP is a party, as a result of which OP Units or the Company’s common stock are or will be exchanged for or converted into the right, or the holders of such securities will otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause by an affirmative vote of a majority of the Company’s independent directors after the economic hurdle has been met; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above (the “performance condition”). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of December 31, 2018 , the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on Class B Units, whether vested or unvested, at the same rate as distributions received on the Company’s common stock. Such distributions on issued Class B Units are expensed in the consolidated statements of operations and comprehensive loss until the performance condition is considered probable to occur. As of December 31, 2018 , 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 a base 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 base asset management fee was 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 Second Advisory Agreement changed the calculation of the base asset management fee to a fixed amount of (x) $0.5 million payable on the first business day of each month plus (y) a variable amount equal to (a) 1.25% of the equity proceeds received after November 16, 2018, divided by (b) twelve . The base asset management fee will be payable in cash, however the Advisor may elect to receive OP Units or common stock of the Company, or a combination thereof, at its discretion. Equity proceeds are defined as, with respect to any period, cumulative net proceeds of all common and preferred equity and equity-linked securities issued by the Company and its subsidiaries during the period, including: (i) any equity issued in exchange or conversion of exchangeable notes based on the stock price at the date of issuance and convertible equity; (ii) any other issuances of equity, including but not limited to units in the OP (excluding equity-based compensation but including issuances related to an acquisition, investment, joint-venture or partnership); and (iii) effective following the time the Company commences paying a dividend of at least $0.05 per share per annum to its stockholders (although the Company is not currently paying distributions to its stockholders), any cumulative Core Earnings (as defined in the Second Advisory Agreement) in excess of cumulative distributions paid on the Company’s common stock. The Second Advisory Agreement also entitles the Advisor to a variable management fee, payable quarterly in arrears, equal to (i) the product of (a) the diluted weighted-average outstanding shares of common stock for the calendar quarter (excluding any equity-based awards that are subject to performance metrics that are not currently achieved) multiplied by (b) 15.0% multiplied by (c) the excess of Core Earnings Per Adjusted Share (as defined in the Second Advisory Agreement) for the previous three-month period in excess of $0.06 , plus (ii) the product of (x) the diluted weighted-average outstanding shares of common stock for the calendar quarter (excluding any equity-based awards that are subject to performance metrics that are not currently achieved) multiplied by (y) 10.0% multiplied by (z) the excess of Core Earnings Per Adjusted Share for the previous three-month period in excess of $0.08 . The variable management fee will be paid in cash, however the Advisor may elect to receive shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its discretion. The Company paid $5.6 million , $5.5 million and $4.7 million in cash asset management fees during the years ended December 31, 2018 , 2017 and 2016 , respectively. Property Management Fees Pursuant to the Property Management and Leasing Agreement, dated as of April 24, 2014 (the “2014 PMA”) and prior to the November 2018 PMA Amendment effective on November 16, 2018, unless the Company contracted with a third party, the Company paid 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 reimbursed 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. On April 13, 2018, in connection with the April 2018 Loan, the Borrowers entered into a new property management agreement with the Property Manager (the “April 2018 PMA”) with respect to the Mortgaged Properties. With respect to these properties, the substantive terms of the April 2018 PMA are identical to the terms of the 2014 PMA, except that the April 2018 PMA does not include provisions related to the management of the hotels. On April 13, 2018, concurrently with entering into the April 2018 PMA, the Company and the Property Manager entered into an amendment to the 2014 PMA (the “April 2018 PMA Amendment”). Prior to this amendment, the Property Manager had been retained, pursuant to the 2014 PMA, to manage, operate and maintain all the Company’s properties. Following the April 2018 PMA Amendment, any of the Company’s properties that are or become subject to a separate property management agreement with the Property Manager (including the Mortgaged Properties, which are subject to the April 2018 PMA) are not subject to the 2014 PMA. On November 16, 2018, the effective date of the November 2018 PMA Amendment, the property management fees the Company pays the Property Manager for non-hotel properties decreased to 3.25% of gross revenues from the properties managed, plus market-based leasing commissions. The November 2018 PMA Amendment terminates at the same time as the Second Advisory Agreement terminates. The Company incurred approximately $0.6 million , $0.6 million and $0.5 million in property management fees during the years ended December 31, 2018 , 2017 and 2016 , respectively. Professional Fees and Other Reimbursements Under the Original Advisory Agreement, and prior to the Advisory Agreement effective November 16, 2018, the Company reimbursed the Advisor’s costs of providing administrative services, subject to the limitation that the Company would not reimburse the Advisor for any amount by which the Company’s operating expenses at the end of the four preceding fiscal quarters exceeded the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt, 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 determined that such excess was justified based on unusual and nonrecurring factors which they deemed sufficient, in which case the excess amount would have been reimbursed to the Advisor in subsequent periods. This reimbursement includes reasonable overhead expenses for employees of the Advisor or its affiliates directly involved in the performance of services on behalf of the Company, including the reimbursement of rent expense at certain properties that are both occupied by employees of the Advisor or its affiliates and owned by affiliates of the Advisor. Additionally, under the Original Advisory Agreement, the Company reimbursed the Advisor for personnel costs in connection with other services; however, the Company did not reimburse the Advisor for personnel costs in connection with services for which the Advisor received acquisition fees, acquisition expense reimbursements or real estate commissions and no reimbursement was made for salaries, bonuses or benefits paid to the Company’s executive officers. The Second Advisory Agreement replaced the existing limits on reimbursement by the Company of the Advisor’s expenses and costs for providing administrative services and personnel with new limits. • With respect to administrative and overhead expenses of the Advisor, including administrative and overhead expenses of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services but not including their salaries, wages, and benefits (which may not exceed comparable market rates), these costs may not exceed for any year, (i) $0.4 million , or (ii) if the Asset Cost (as defined in the Second Advisory Agreement) as of the last day of the fiscal quarter immediately preceding the month is equal to or greater than $1.25 billion , (x) the Asset Cost as of the last day of the fiscal quarter multiplied by (y) 0.10% . • With respect to the salaries, wages, and benefits of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services (including the Company’s executive officers), the amount reimbursed must be comparable to market rates and may not exceed, for any year, (i) $2.6 million , or (ii) if the Asset Cost as of the last day of the fiscal year is equal to or greater than $1.25 billion , (x) the Asset Cost as of the last day of the fiscal year multiplied by (y) 0.30% . The Company applied the above mentioned reimbursement limits on a prospective basis beginning in the month of December 2018. Accordingly, expenses incurred through November 30, 2018 were subject to limits under the Original Advisory Agreement. For expenses incurred in December 2018, the Company pro-rated the annual caps noted above to determine the 2018 limits under the Second Advisory Agreement. As a result, approximately $0.1 million exceeded pro-rated 2018 limits and therefore were not reimbursed to the Advisor for the year ended December 31, 2018. Total reimbursement expenses for administrative and personnel services provided by the Advisor for the years ended December 31, 2018 , 2017 and 2016 were $4.6 million , $4.0 million and $1.8 million , respectively. The following table details amounts incurred, waived and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) (In thousands) 2018 2017 2016 December 31, Incurred Waived Incurred Waived Incurred Waived 2018 2017 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ 278 $ 239 $ — $ — $ 3,600 $ 646 $ 39 (3) $ — Financing coordination fees and leasing commissions (1) 501 75 1,050 — 743 — 51 (3) — Ongoing fees: Asset and property management fees to related parties 6,211 — 6,039 — 5,179 — 16 (3) (18 ) (3) Professional fees and other reimbursements (2) 4,636 — 4,019 — 1,795 — (59 ) (4) 323 (4) Distributions on Class B units (2) 39 — 241 — 241 — — 20 (5) Total related party operation fees and reimbursements $ 11,665 $ 314 $ 11,349 $ — $ 11,558 $ 646 $ 47 $ 325 ____________________ (1) Financing coordination fees are included as deferred financing costs within mortgage notes payable, net and leasing commissions are included within the deferred leasing costs, net on the consolidated balance sheets, respectively. (2) Amounts for the year ended December 31, 2018 and 2017, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. (3) Included in prepaid expenses and other assets on the consolidated balance sheets, respectively. (4) Represents a payable balance of approximately $204,000 included in accounts payable, accrued expense and other liabilities due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”), offset with a receivable balance of approximately $263,000 due from Advisor included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2018 . As of December 31, 2017 , the payable balance represents approximately $364,000 , offset with a receivable balance of approximately $21,000 . Payable balances for each respective period represent costs which were incurred and accrued due to RCAP which, prior to its bankruptcy filing, was under common control with the Advisor. (5) Included in accounts payable, accrued expense and other liabilities on the consolidated balance sheets, respectively. Fees and Participations Paid in Connection with Liquidation or Listing Annual Subordinated Performance Fees Under the Original Advisory Agreement, until this requirement was eliminated in the Second Advisory Agreement effective November 16, 2018, the Company was required to pay 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 received payment of 6.0% per annum, the Advisor was to be entitled to 15.0% of the excess return, provided that the amount paid to the Advisor did not exceed 10.0% of the aggregate return for such year, and that the amount paid to the Advisor was not paid unless investors received a return of capital contributions. This fee was be paid only upon the sale of assets, distributions or other event which resulted in the return on stockholders’ capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the years ended December 31, 2018 , 2017 or 2016 . Brokerage Commissions Under the Original Advisory Agreement, until this requirement was eliminated in the Second Advisory Agreement effective November 16, 2018, the Company was required to 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 was also involved; provided, however, that in no event could the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the years ended December 31, 2018 , 2017 or 2016 . Subordinated Participation in Real Estate Sales Upon a liquidation or sale of all or substantially all assets, including through a merger or sale of stock of the Company, an affiliate of the Advisor that is special limited partner of the OP, New York City Special Limited Partnership, LLC (the “Special Limited Partner”) will be entitled to 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 noncompounded return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company’s investors have received a return of their capital plus a 6.0% cumulative non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the years ended December 31, 2018 , 2017 or 2016 . Subordinated Participation in Connection with a Listing If the Company’s shares of common stock are listed on a national exchange, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right receive subordinated incentive listing distributions 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 distributions unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distributions were incurred during the years ended December 31, 2018 , 2017 or 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. Termination Payments Subordinated Participation in Connection with a Termination of the Advisory Agreement Upon termination or non-renewal of the advisory agreement with or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination distributions from the OP equal to 15.0% of the amount, calculated as of the termination date, 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 will not be entitled to the subordinated termination distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. The Special Limited Partner may elect to defer its right to receive the subordinated termination distribution until either a listing on a national securities exchange or other liquidity event occurs, subsequently, in which case the Company’s market value will be calculated as of the date of the applicable listing or liquidity event. No such distributions were incurred during the years ended December 31, 2018 , 2017 or 2016 . The Special Limited Partner and its affiliates can earn only one of the subordinated participation described above. Termination Fees Payable to the Advisor The Second Advisory Agreement requires the Company to pay a termination fee to the Advisor in the event the Advisory Agreement is terminated prior to the expiration of the initial term in certain limited scenarios. The termination fee will be payable to the Advisor if either the Company or the Advisor exercises the right to terminate the Advisory Agreement in connection with the consummation of the first change of control (as defined in the Second Advisory Agreement). The termination fee is equal to • $15.0 million plus an amount equal to the product of (i) three (if the termination is effective on or prior to June 30, 2020) or four (if the termination is effective after June 30, 2020), multiplied by (ii) applicable Subject Fees. The “Subject Fees” are equal to (i) the product of • (a) 12 , multiplied by (b) the actual base management fee for the month immediately prior to the month in which the Second Advisory Agreement is terminated, plus (ii) the product of (x) four multiplied by (y) the actual variable management fee for the quarter immediately prior to the quarter in which the Second Advisory Agreement is terminated, plus, (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity raised in respect of the fiscal quarter immediately prior to the fiscal quarter in which the Second Advisory Agreement is terminated. In connection with the termination or expiration of the Second Advisory Agreement, the Advisor will be entitled to receive (in addition to any termination fee) all amounts then accrued and owing to the Advisor, including an amount equal to then-present fair market value of its shares of the Company’s common stock and interest in the OP.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2018
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the “RSP”). Until an amendment to the RSP in August 2017, (the “RSP Amendment”), the RSP provided for the automatic grant of 1,333 restricted shares of common stock (“restricted shares”) to each of the independent directors. Following the RSP Amendment, the number of restricted shares to be issued automatically in those circumstances is equal to $30,000 divided by the then-current Estimated Per-Share NAV. In November 2017, the RSP was amended and restated to reflect the RSP Amendment and certain clarifying changes. These automatic grants are made 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 restricted shares vesting annually over a five -year period following the grant date 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 board of 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 shares granted as awards 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 restricted 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 restricted shares scheduled to vest in the year of the recipient’s voluntary termination or the failure to be re-elected to the Company’s board of directors. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash distributions on the same basis as distributions paid on shares of common stock prior to the time that the restrictions on the restricted shares have lapsed and thereafter. Any distributions payable in shares of common stock will be subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the years ended December 31, 2018 , 2017 and 2016 : Number of Weighted-Average Issue Price Unvested, December 31, 2015 4,799 $ 22.50 Granted 5,332 22.50 Vested (1,066 ) 22.50 Unvested, December 31, 2016 9,065 22.50 Granted 4,233 21.25 Vested (2,133 ) 22.50 Unvested, December 31, 2017 11,165 22.14 Granted 4,440 20.26 Vested (2,979 ) 22.14 Unvested, December 31, 2018 12,626 21.48 As of December 31, 2018 and 2017 , the Company had $0.3 million and $0.2 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company’s RSP. The cost is expected to be recognized over a weighted-average period of 3.6 years, respectively. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted share awards was approximately $17,000 , $74,000 and $61,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Compensation expense related to restricted share awards 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 board of directors at the respective director’s election. There are no restrictions on the shares issued. There were no shares of common stock issued in lieu of cash during the years ended December 31, 2018 , 2017 and 2016 .

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the periods presented: Year Ended December 31, (In thousands, except share and per share data) 2018 2017 2016 Net loss $ (24,112 ) $ (23,073 ) $ (19,765 ) Basic and diluted weighted average shares outstanding 31,228,941 31,042,307 30,668,238 Basic and diluted net loss per share $ (0.77 ) $ (0.74 ) $ (0.64 ) The Company had the following potentially weighted-average dilutive securities as of December 31, 2018 , 2017 and 2016 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 Unvested restricted stock 12,626 11,165 9,065 OP Units 90 90 90 Class B Units 159,159 159,159 159,159 Total weighted-average anti-dilutive common share equivalents 171,875 170,414 168,314

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 . Quarters Ended (In thousands, except share and per share data) March 31, June 30, September 30, 2018 December 31, 2018 Total revenues $ 15,229 $ 15,196 $ 15,741 $ 16,233 Net loss $ (6,584 ) $ (6,529 ) $ (5,865 ) $ (5,134 ) Weighted average shares outstanding 31,431,555 31,330,779 31,180,373 30,977,822 Basic and diluted net loss per share $ (0.21 ) $ (0.21 ) $ (0.19 ) $ (0.17 ) Quarters Ended (In thousands, except share and per share data) March 31, June 30, September 30, 2017 December 31, 2017 Total revenues $ 14,583 $ 14,545 $ 14,475 $ 14,821 Net loss $ (4,786 ) $ (5,362 ) $ (5,877 ) $ (7,048 ) Weighted average shares outstanding 30,814,927 30,944,077 31,106,250 31,297,963 Basic and diluted net loss per share $ (0.16 ) $ (0.17 ) $ (0.19 ) $ (0.23 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Change of Corporate Name On March 13, 2019, the Company filed an amendment to its charter changing its name from American Realty Capital New York City REIT, Inc. to New York City REIT, Inc. with the Maryland State Department of Assessments and Taxation, which became effective upon filing.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation - Schedule III	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III -Real Estate and Accumulated Depreciation	Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Improvements Gross Amount at December 31, 2018 (1) (2) Accumulated Depreciation (3) (4) 421 W. 54th Street - Hit Factory NY 6/13/2014 $ — $ 4,723 $ 1,757 $ 9 $ 6,489 $ 202 400 E. 67th Street - Laurel Condominiums NY 9/5/2014 44,610 10,653 55,682 86 66,421 6,052 200 Riverside Blvd - ICON Garage NY 9/24/2014 5,390 13,787 5,510 — 19,297 585 9 Times Square NY 11/5/2014 — 54,153 76,454 22,009 152,616 13,971 123 William Street NY 3/27/2015 140,000 50,064 182,917 26,939 259,920 22,516 1140 Avenue of the Americas NY 6/15/2016 99,000 — 148,647 3,845 152,492 10,084 8713 Fifth Avenue NY 10/17/2018 10,000 4,730 9,245 — 13,975 39 $ 299,000 $ 138,110 $ 480,212 $ 52,888 $ 671,210 $ 53,449 ____________ (1) Acquired intangible assets allocated to individual properties in the amount of $103.3 million are not reflected in the table above. (2) The gross tax basis of aggregate land, buildings and improvements as of December 31, 2018 is $700.1 million (unaudited). (3) The accumulated depreciation column excludes $36.8 million of amortization associated with acquired intangible assets. (4) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five to seven years for fixtures. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2018 , 2017 and 2016 : December 31, (In thousands) 2018 2017 2016 Real estate investments, at cost: Balance at beginning of year $ 647,839 $ 635,447 $ 469,962 Additions-acquisitions 13,975 — 148,647 Capital expenditures 9,396 12,392 16,838 Disposals — — — Balance at end of the year $ 671,210 $ 647,839 $ 635,447 Accumulated depreciation: Balance at beginning of year $ 35,982 $ 19,598 $ 7,966 Depreciation expense 17,467 16,384 11,632 Disposals — — — Balance at the end of the year $ 53,449 $ 35,982 $ 19,598

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Reclassifications	Reclassifications The presentation of prior year restricted cash on the Company’s consolidated statements of cash flows, related to the adoption of a new accounting standard (see “Recently Issued Accounting Pronouncements” below for additional information) has been changed to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable.
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. The Company evaluates each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities and non-controlling interests based on their respective estimated fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets or liabilities may include the value of in-place leases, above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the comparable fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease, including any below-market fixed rate renewal options for below-market leases. The fair value of other intangible assets, such as real estate tax abatements, are recorded based on the present value of the expected benefit and amortized over the expected useful life. Fair values of assumed mortgages, if applicable, are recorded as debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. Non-controlling interests in property owning entities are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. The Company utilizes a number of sources in making its estimates of fair values for purposes of allocating purchase price, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry in which the tenant operates, characteristics of the real estate such as location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Disposals of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented; otherwise, the Company continues to report results of these properties’ operations within continuing operations. Properties that are intended to be sold will be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five to seven years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Acquired above-market leases are amortized as a reduction of rental income over the remaining terms of the respective leases. Acquired below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above- and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. The value of other acquired intangibles is amortized to depreciation and amortization expense over the remaining expected useful life. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If such estimated cash flows are less than the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is based on the adjustment to estimated fair value less estimated cost to dispose of the asset. Generally, the Company determines estimated fair value for properties held for sale based on the estimated selling price of the asset. These assessments may result in the immediate recognition of an impairment loss, resulting in a reduction of net income (loss).
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. At December 31, 2018 and 2017 , the Company had cash and cash equivalents and restricted cash of $54.8 million and $47.2 million , of which $53.1 million and $46.5 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash primarily consists of ground rent, real estate tax, structural, leasing commissions, free rent and insurance reserves
Investments Securities	Investment Securities The Company did not own any debt or equity investment securities as of December 31, 2018 and 2017. The Company did own investment securities prior to June 15, 2017.
Deferred Leasing Costs, Net	Deferred Leasing Costs, Net Deferred leasing costs, net consist primarily of lease commissions and professional fees incurred, and are deferred and amortized to depreciation and amortization expense over the term of the related lease.
Share Repurchase Program	Share Repurchase Program The Company has a Share Repurchase Program (“SRP”) that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their shares, subject to certain minimum conditions, if such repurchase does not impair the Company’s capital or operations. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares.
Distribution Reinvestment Plan	Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying balance sheets in the period distributions are declared.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Because many of the Company’s leases provide for rental increases at specified intervals, GAAP requires that the Company record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that it will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. For the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, the Company evaluates whether the Company owns or if the tenant owns the tenant improvements. When the Company is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such improvements are substantially complete. When the tenant is the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When the Company concludes that it is the owner of tenant improvements, the Company capitalizes the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants. When the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards those improvements as a lease incentive, which is included in deferred leasing costs, net on the consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the lease. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectibility by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectibility of a receivable is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the receivable in its consolidated statements of operations and comprehensive loss. Certain tenants have provided letters of credit in lieu of cash security deposit required per the respective lease agreements. The Company may own certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets, which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. If the Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income, contingent rental income will be included in rental income on the consolidated statements of operations and comprehensive loss. The Company recognized $0.2 million contingent rental income for the year ended December 31, 2018 . The Company did not recognize any contingent rental income for the years ended December 31, 2017 or 2016 . Cost recoveries from tenants are included in operating expense reimbursements and other revenue in the period the related costs are incurred, as applicable.
Offering and Related Costs	Offering and Related Costs All offering costs incurred by the Company, its Advisor and its affiliates on behalf of the Company are charged to additional paid-in capital on the consolidated balance sheets. Offering and related costs include all expenses incurred in connection with the Company’s IPO. Offering costs (other than selling commissions and the dealer manager fees) of the Company may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fees) incurred by the Company in its offering exceed 2.0% of gross offering proceeds and to the extent that the total of these costs plus selling commissions, the dealer manager fees and the other organization and offering expenses borne by the Company exceed 12.0% of the gross proceeds determined at the end of the IPO.
Share-based Compensation	Share-Based Compensation The Company has a stock-based incentive award plan, which is accounted for under the guidance for employee share based payments. The expense for such awards are included in general and administrative expenses and are recognized over the vesting period or when the requirements for exercise of the award have been met.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2014. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income to its stockholders, determined without regard for the deduction for dividends paid and excluding net capital gains. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years.
Per Share Data	Per Share Data The Company calculates basic income (loss) per share of common stock by dividing net income (loss) for the period by the weighted-average shares of its common stock outstanding for the respective period. Diluted income per share takes into account the effect of dilutive instruments, such as OP Units, Class B units and unvested restricted stock (assuming such units are not antidilutive), based on, the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate rental revenue and other income through the leasing and management of properties. Management evaluates the operating performance of the Company’s investments in real estate at the individual property level.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2018: In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), and has since issued several additional amendments thereto (collectively referred to herein as “ASC 606”). ASC 606 establishes a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under ASC 606, 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. ASC 606 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A reporting entity may apply the amendments in ASC 606 using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach. The Company adopted this guidance effective January 1, 2018, under the modified retrospective approach. The new guidance did not have an impact on the Company’s consolidated financial statements, primarily as a result of revenue being sourced from lease arrangements that are outside the scope of ASC 606 until the new lease standard was adopted (see below). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10), 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. The Company adopted this guidance on January 1, 2018 and there was no impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides 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 Company adopted this new guidance effective January 1, 2018, and it did not have an impact on the Company’s consolidated statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which 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 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 on January 1, 2017, which would apply to prospective acquisitions. On October 17, 2018, the Company closed on an acquisition of a property which was determined to be an asset acquisition based on this new guidance. Apart from the aforementioned, there were no other acquisitions during the year ended December 31, 2018 or the year ended December 31, 2017. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The update states that modification accounting should be used unless the fair value of the award, the vesting terms of the award and the classification of the award as either equity or liability, does not change as a result of the modification. The Company adopted this guidance effective January 1, 2018 and it did not have an impact on the Company’s consolidated financial statements. The Company expects that any future modifications to its issued share-based awards will be accounted for using modification accounting, unless the modification meets all of the exception criteria noted above. As a result, the modification would be treated as an exchange of the original award for a new award, with any incremental fair value being treated as additional compensation cost. Pending Adoption as of December 31, 2018: ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02"). The most significant changes in ASU 2016-02 is recognition of right-of-use ("ROU") assets and lease liabilities by lessees for those leases classified as operating leases, with less significant changes for lessors. Also, beginning in the first quarter of 2019, the new guidance requires additional disclosures that help enable users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company elected the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2016-02 originally required a modified retrospective method of adoption, however, ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"), provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, as allowed under ASU 2018-11. Lessor Accounting ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components, however, ASU 2018-11 allows lessors a practical expedient, which we elected as of January 1, 2019, by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Upon adoption, the new guidance did not impact the Company's revenue recognition pattern or have any other impacts on its leases in place as of January 1, 2019 in which it is the lessor. Lessee Accounting Under ASU 2016-02, companies are required to record a ROU asset and a lease liability for all leases with a term greater than 12 months equal to the present value of the remaining lease payments as of the adoption date of the new standard. Since our leases do not provide an implicit rate, we will use our incremental borrowing rate in determining the present value of lease payments. The new standard also requires lessees to apply a dual lease classification 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, as well as the balance sheet classification of the ROU asset. Leases with a term of 12 months or less will be accounted for similar to previous guidance for operating leases. The Company is a lessee for a property in which it has a ground lease as of December 31, 2018. Since the Company has elected the practical expedients described above, it determined that this lease would continue to be classified as an operating lease under the new standard. As a result, the Company expects to record a ROU asset and lease liability of approximately $50.0 million to $55.7 million , equal to the present value of the remaining lease payments as of January 1, 2019. Future lease expenses after adoption will continue to be recorded on a straight-line basis as required for operating leases. Other Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for reporting periods beginning after December 15, 2019, with early adoption permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In June 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, awards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods. As of December 31, 2018, the Company did not have any nonemployee awards outstanding that would be impacted by the new guidance, however the Company will apply this new guidance prospectively to grants of nonemployee awards, if any.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of real estate assets acquired and liabilities assumed during the years ended December 31, 2018 and 2016. There were no acquisitions during the year ended December 31, 2017. Year Ended December 31, (Dollar amounts in thousands) 2018 2016 Real estate investments, at cost: Land $ 4,730 $ — Building and improvements 9,245 148,647 Total tangible assets 13,975 148,647 Acquired intangibles: In-place leases 2,166 27,433 Above-market lease assets 165 5,230 Below-market lease liabilities (292 ) (5,277 ) Below-market ground lease asset — 2,482 Total intangible assets, net 2,039 29,868 Total assets acquired, net 16,014 178,515 Mortgage notes payable used to acquire real estate investments (10,000 ) (99,000 ) Other liabilities assumed (66 ) (353 ) Cash paid for acquired real estate investment $ 5,948 $ 79,162 Number of properties purchased 1 1
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum Base Rent Payments 2019 $ 53,347 2020 51,404 2021 47,237 2022 44,018 2023 35,920 Thereafter 150,226 $ 382,152
Schedule of Intangible Assets and Goodwill	Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 59,542 $ 27,535 $ 32,007 $ 62,142 $ 22,147 $ 39,995 Other intangibles 31,447 4,932 26,515 31,447 3,767 27,680 Below-market ground lease 2,482 126 2,356 2,482 76 2,406 Above-market leases 9,815 4,160 5,655 9,883 2,955 6,928 Acquired intangible assets $ 103,286 $ 36,753 $ 66,533 $ 105,954 $ 28,945 $ 77,009 Intangible liabilities: Below-market lease liabilities $ 33,397 $ 11,883 $ 21,514 $ 34,068 $ 9,315 $ 24,753
Finite-lived Intangible Assets Amortization Expense	The following table discloses the 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: Year Ended December 31, (In thousands) 2018 2017 2016 Amortization of in-place leases and other intangibles (1) $ 11,319 $ 12,669 $ 13,247 Amortization and (accretion) of above- and below-market leases, net (2) $ (2,094 ) $ (2,296 ) $ (2,403 ) Amortization of below-market ground lease (3) $ 50 $ 49 $ 27 ________________ (1) Reflected within depreciation and amortization expenses. (2) Reflected within rental income. (3) Reflected within property operating expenses.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expenses and adjustments to revenues for the next five years as of December 31, 2018 : (In thousands) 2019 2020 2021 2022 2023 In-place leases $ 8,510 $ 6,759 $ 5,549 $ 4,163 $ 2,924 Other intangibles 1,165 1,165 937 708 708 Total to be included in depreciation and amortization $ 9,675 $ 7,924 $ 6,486 $ 4,871 $ 3,632 Above-market lease assets $ 1,283 $ 1,164 $ 1,091 $ 874 $ 725 Below-market lease liabilities (3,082 ) (2,669 ) (2,339 ) (1,798 ) (1,597 ) Total to be included in rental income $ (1,799 ) $ (1,505 ) $ (1,248 ) $ (924 ) $ (872 )

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable as of December 31, 2018 and 2017 are as follows. Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2018 2017 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 140,000 4.73 % Fixed Mar. 2027 1140 Avenue of the Americas 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 — 4.58 % Fixed May 2028 8713 Fifth Avenue 1 10,000 — 5.04 % Fixed Nov. 2028 Mortgage notes payable, gross 5 299,000 239,000 4.54 % Less: deferred financing costs, net (2) (7,347 ) (5,483 ) Mortgage notes payable, net $ 291,653 $ 233,517 _____________________ (1) The Company entered into a loan agreement with Barclays Bank PLC, in the amount of $140.0 million , on March 6, 2017. A portion of the proceeds from the loan was used to repay the outstanding principal balance of approximately $96.0 million on the existing mortgage loan secured by the property. At closing, the lender placed $24.8 million of the proceeds in escrow, to be released to the Company in accordance with the conditions under the loan, in connection with leasing activity, tenant improvements, leasing commissions and free rent obligations related to this property. As of December 31, 2018 , $2.5 million of the proceeds remained in escrow and is included in restricted cash on the consolidated balance sheet. (2) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2018 : (In thousands) Future Minimum Principal Payments 2019 $ — 2020 — 2021 — 2022 — 2023 — Thereafter 299,000 Total $ 299,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Values of Financial Instruments	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: December 31, 2018 2017 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 142,874 $ 140,000 $ 147,531 Mortgage note payable — 1140 Avenue of the Americas 3 $ 99,000 $ 97,448 $ 99,000 $ 100,036 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 $ 50,000 $ 50,424 $ — $ — Mortgage note payable — 8713 Fifth Avenue 3 $ 10,000 $ 10,446 $ — $ —

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Repurchased Shares	The following table reflects the number of shares repurchased cumulatively through December 31, 2018 . Numbers of Shares Repurchased Weighted-Average Price per Share Cumulative repurchases as of December 31, 2014 — $ — Year ended December 31, 2015 183,780 23.63 Year ended December 31, 2016 461,555 23.62 Year ended December 31, 2017 (1) 359,458 20.41 Year ended December 31, 2018 (2) 254,941 20.26 Cumulative repurchases as of December 31, 2018 1,259,734 22.03 ____________________ (1) Includes (i) 276,624 shares repurchased during the three months ended March 31, 2017 for approximately $5.6 million at a weighted average price per share of $20.15 , (ii) 578 shares repurchased during the three months ended June 30, 2017 for approximately $13,700 at a weighted average price per share of $23.68 , (iii) 82,256 shares repurchased during the three months ended September 30, 2017, for approximately $1.7 million at a weighted average price per share of $21.25 . Excludes rejected repurchase requests received during 2016 with respect to 902,420 shares for $18.1 million at an average price per share of $20.03 . During the three months ended September 30, 2017, following the effectiveness of the amendment and restatement of the SRP, the Company’s board of directors approved 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to June 30, 2017, which were fulfilled during the three months ended September 30, 2017. No repurchases have been or will be made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. (2) In January 2018, the Company’s board of directors approved the repurchase requests made pursuant to the SRP during the period from July 1, 2017 to December 31, 2017, which resulted in the repurchase of 99,131 shares for approximately $2.0 million at a weighted-average price per share of $20.26 and 10,183 shares were repurchased from an individual stockholder in a privately negotiated transaction during January 2018 for approximately $0.2 million at a weighted-average price per share of $20.26 . During the third quarter of 2018, the Company’s board of directors approved the repurchase requests made during the 2018 Active Period and 2018 Reactivation Period which resulted in the repurchase of 145,627 shares for approximately $3.0 million at a weighted-average price per share of $20.26 .

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter: (In thousands) Future Minimum Base Rent Payments 2019 $ 4,746 2020 4,746 2021 4,746 2022 4,746 2023 4,746 Thereafter 211,992 Total $ 235,722

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
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: Year Ended December 31, Payable (Receivable) (In thousands) 2018 2017 2016 December 31, Incurred Waived Incurred Waived Incurred Waived 2018 2017 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ 278 $ 239 $ — $ — $ 3,600 $ 646 $ 39 (3) $ — Financing coordination fees and leasing commissions (1) 501 75 1,050 — 743 — 51 (3) — Ongoing fees: Asset and property management fees to related parties 6,211 — 6,039 — 5,179 — 16 (3) (18 ) (3) Professional fees and other reimbursements (2) 4,636 — 4,019 — 1,795 — (59 ) (4) 323 (4) Distributions on Class B units (2) 39 — 241 — 241 — — 20 (5) Total related party operation fees and reimbursements $ 11,665 $ 314 $ 11,349 $ — $ 11,558 $ 646 $ 47 $ 325 ____________________ (1) Financing coordination fees are included as deferred financing costs within mortgage notes payable, net and leasing commissions are included within the deferred leasing costs, net on the consolidated balance sheets, respectively. (2) Amounts for the year ended December 31, 2018 and 2017, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. (3) Included in prepaid expenses and other assets on the consolidated balance sheets, respectively. (4) Represents a payable balance of approximately $204,000 included in accounts payable, accrued expense and other liabilities due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”), offset with a receivable balance of approximately $263,000 due from Advisor included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2018 . As of December 31, 2017 , the payable balance represents approximately $364,000 , offset with a receivable balance of approximately $21,000 . Payable balances for each respective period represent costs which were incurred and accrued due to RCAP which, prior to its bankruptcy filing, was under common control with the Advisor. (5) Included in accounts payable, accrued expense and other liabilities on the consolidated balance sheets, respectively.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table displays restricted share award activity during the years ended December 31, 2018 , 2017 and 2016 : Number of Weighted-Average Issue Price Unvested, December 31, 2015 4,799 $ 22.50 Granted 5,332 22.50 Vested (1,066 ) 22.50 Unvested, December 31, 2016 9,065 22.50 Granted 4,233 21.25 Vested (2,133 ) 22.50 Unvested, December 31, 2017 11,165 22.14 Granted 4,440 20.26 Vested (2,979 ) 22.14 Unvested, December 31, 2018 12,626 21.48

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the periods presented: Year Ended December 31, (In thousands, except share and per share data) 2018 2017 2016 Net loss $ (24,112 ) $ (23,073 ) $ (19,765 ) Basic and diluted weighted average shares outstanding 31,228,941 31,042,307 30,668,238 Basic and diluted net loss per share $ (0.77 ) $ (0.74 ) $ (0.64 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following potentially weighted-average dilutive securities as of December 31, 2018 , 2017 and 2016 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 Unvested restricted stock 12,626 11,165 9,065 OP Units 90 90 90 Class B Units 159,159 159,159 159,159 Total weighted-average anti-dilutive common share equivalents 171,875 170,414 168,314

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 . Quarters Ended (In thousands, except share and per share data) March 31, June 30, September 30, 2018 December 31, 2018 Total revenues $ 15,229 $ 15,196 $ 15,741 $ 16,233 Net loss $ (6,584 ) $ (6,529 ) $ (5,865 ) $ (5,134 ) Weighted average shares outstanding 31,431,555 31,330,779 31,180,373 30,977,822 Basic and diluted net loss per share $ (0.21 ) $ (0.21 ) $ (0.19 ) $ (0.17 ) Quarters Ended (In thousands, except share and per share data) March 31, June 30, September 30, 2017 December 31, 2017 Total revenues $ 14,583 $ 14,545 $ 14,475 $ 14,821 Net loss $ (4,786 ) $ (5,362 ) $ (5,877 ) $ (7,048 ) Weighted average shares outstanding 30,814,927 30,944,077 31,106,250 31,297,963 Basic and diluted net loss per share $ (0.16 ) $ (0.17 ) $ (0.19 ) $ (0.23 )

Organization (Details)

Organization (Details) $ / shares in Units, ft² in Millions	Apr. 24, 2014USD ($)$ / sharesshares	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)	Dec. 31, 2018USD ($)ft²employeeproperty$ / sharesshares	Dec. 31, 2017$ / sharesshares
Related Party Transaction [Line Items]
Number of real estate properties | property				7
Area of real estate property | ft²				1.1
Aggregate purchase price | $				$ 702,000,000
Common stock, shares authorized (in shares) | shares				300,000,000	300,000,000
Common stock, par value (in usd per share) | $ / shares				$ 0.01	$ 0.01
Common stock, shares outstanding (in shares) | shares				30,990,448	31,382,120
Proceeds from issuance of common stock | $		$ 2,700,000	$ 2,400,000	$ 769,900,000
Proceeds from issuance of common stock, dividend reinvestment plan | $				$ 68,800,000
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) | shares				8,888	8,888
Contributed capital | $				$ 2,020
Limited partner units (in shares) | shares				90
Common Stock
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares) | shares	30,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.01
Repurchase price (in usd per share) | $ / shares	$ 25
Maximum offering amount | $	$ 750,000,000
New York City Operating Partnership, L.P.
Related Party Transaction [Line Items]
Entity Number of Employees | employee				0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details)	Jun. 15, 2017USD ($)	May 31, 2014$ / shares	Dec. 31, 2018USD ($)segment$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Jan. 01, 2019USD ($)	Dec. 31, 2015USD ($)
Property, Plant and Equipment [Line Items]
Properties held-for-sale				$ 0
Impairment charges			$ 0	0	$ 0
Cash and cash equivalents and restricted cash			54,801,000	47,216,000	49,821,000		$ 182,700,000
Cash in excess of FDIC limit			53,100,000	46,500,000
Proceeds from the sale of investment securities	$ 491,000		0	491,000	$ 0
Cost basis of securities	$ 467,000
Gain on sale of investment securities				$ 24,000
Contingent revenue recognized during the period			$ 200,000
Dividends declared per common share (in usd per share) | $ / shares		$ 1.5125	$ 0.25	$ 1.51	$ 1.51
Number of reportable segments | segment			1
Maximum
Property, Plant and Equipment [Line Items]
Liability for offering and related costs from IPO			2.00%
Return of Capital
Property, Plant and Equipment [Line Items]
Dividends, percent			100.00%
Offering Costs | Maximum
Property, Plant and Equipment [Line Items]
Offering costs, as a percentage of gross common stock proceeds			12.00%
Building
Property, Plant and Equipment [Line Items]
Useful life			40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life			15 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life			7 years
Subsequent Event | Minimum
Property, Plant and Equipment [Line Items]
ROU asset						$ 54,400,000
Lease liability						54,500,000
Subsequent Event | Maximum
Property, Plant and Equipment [Line Items]
ROU asset						54,900,000
Lease liability						$ 55,500,000

Real Estate Investments (Alloca

Real Estate Investments (Allocation of Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Real estate investments, at cost:
Land	$ 4,730	$ 0
Building and improvements	9,245	148,647
Total tangible assets	13,975	148,647
Acquired intangibles:
Total intangible assets, net	2,039	29,868
Total assets acquired, net	16,014	178,515
Mortgage notes payable used to acquire real estate investments	(10,000)	(99,000)
Other liabilities assumed	(66)	(353)
Cash paid for acquired real estate investment	$ 5,948	$ 79,162
Number of properties purchased | property	1	1
In-place leases
Acquired intangibles:
In-place, above and below-market lease assets	$ 2,166	$ 27,433
Above-market lease assets
Acquired intangibles:
In-place, above and below-market lease assets	165	5,230
Below-market lease liabilities
Acquired intangibles:
Below-market lease liabilities	(292)	(5,277)
Below-market ground lease asset
Acquired intangibles:
In-place, above and below-market lease assets	$ 0	$ 2,482

Real Estate Investments (Minimu

Real Estate Investments (Minimum Rental Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate Investments, Net [Abstract]
2019	$ 53,347
2020	51,404
2021	47,237
2022	44,018
2023	35,920
Thereafter	150,226
Total	$ 382,152

Real Estate Investments (Summar

Real Estate Investments (Summary of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 103,286	$ 105,954
Accumulated Amortization	36,753	28,945
Net Carrying Amount	66,533	77,009
Below Market Lease, Net [Abstract]
Gross Carrying Amount	33,397	34,068
Accumulated Amortization	11,883	9,315
Net Carrying Amount	21,514	24,753
In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	59,542	62,142
Accumulated Amortization	27,535	22,147
Net Carrying Amount	32,007	39,995
Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	31,447	31,447
Accumulated Amortization	4,932	3,767
Net Carrying Amount	26,515	27,680
Below-market ground lease
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,482	2,482
Accumulated Amortization	126	76
Net Carrying Amount	2,356	2,406
Above-market leases
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	9,815	9,883
Accumulated Amortization	4,160	2,955
Net Carrying Amount	$ 5,655	$ 6,928

Real Estate Investments (Summ_2

Real Estate Investments (Summary of Amortization and Accretion of Market Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	$ (2,044)	$ (2,247)	$ (2,376)
Depreciation and Amortization | In-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	11,319	12,669	13,247
Rental Income | Above and Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net	(2,094)	(2,296)	(2,403)
Operating Expense | Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 50	$ 49	$ 27

Real Estate Investments (Summ_3

Real Estate Investments (Summary of Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2019	$ 9,675
Finite-lived intangible assets, amortization expense - 2020	7,924
Finite-lived intangible assets, amortization expense - 2021	6,486
Finite-lived intangible assets, amortization expense - 2022	4,871
Finite-lived intangible assets, amortization expense - 2023	3,632
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2019	8,510
Finite-lived intangible assets, amortization expense - 2020	6,759
Finite-lived intangible assets, amortization expense - 2021	5,549
Finite-lived intangible assets, amortization expense - 2022	4,163
Finite-lived intangible assets, amortization expense - 2023	2,924
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
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
Finite-lived intangible assets, amortization expense - 2022	708
Finite-lived intangible assets, amortization expense - 2023	708
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market lease, amortization income - 2019	(3,082)
Below market lease, amortization income - 2020	(2,669)
Below market lease, amortization income - 2021	(2,339)
Below market lease, amortization income - 2022	(1,798)
Below market lease, amortization income - 2023	(1,597)
Amortization income to be included in rental income - 2019	(1,799)
Amortization income to be included in rental income - 2020	(1,505)
Amortization income to be included in rental income - 2021	(1,248)
Amortization income to be included in rental income - 2022	(924)
Amortization income to be included in rental income - 2023	(872)
Rental Income | Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense - 2019	1,283
Finite-lived intangible assets, amortization expense - 2020	1,164
Finite-lived intangible assets, amortization expense - 2021	1,091
Finite-lived intangible assets, amortization expense - 2022	874
Finite-lived intangible assets, amortization expense - 2023	$ 725

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
In-place leases | 421 W. 54th Street
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 0.3

Mortgage Notes Payable, Net (Mo

Mortgage Notes Payable, Net (Mortgage Notes) (Details) $ in Thousands	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Mar. 06, 2017USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 299,000
Mortgage notes payable, net of deferred financing costs	$ 291,653	$ 233,517
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	5
Outstanding Loan Amount	$ 299,000	239,000
Effective Interest Rate	4.54%
Less: deferred financing costs, net	$ (7,347)	(5,483)
Mortgage notes payable, net of deferred financing costs	291,653	233,517
123 William Street
Debt Instrument [Line Items]
Escrow deposit	$ 2,500
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%
Escrow deposit			$ 24,800
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%
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	2
Outstanding Loan Amount	$ 50,000	0
Effective Interest Rate	4.58%
8713 5th Avenue, Brooklyn, N.Y. | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 10,000	$ 0
Effective Interest Rate	5.04%

Mortgage Notes Payable, Net (Na

Mortgage Notes Payable, Net (Narrative) (Details)	Apr. 13, 2018USD ($)subsidiary	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Debt instrument, collateral amount		$ 553,400,000
Loans Payable | Subsidiaries
Debt Instrument [Line Items]
Number of subsidiaries that entered into a loan agreement | subsidiary	2
Loan amount	$ 50,000,000
Fixed interest rate, percent	4.516%
Escrow deposit	$ 600,000
Proceeds from issuance of secured debt	$ 47,100,000
Redemption price	115.00%
Debt covenant, minimum net worth requirement	$ 57,500,000
Debt covenant, minimum liquid assets requirement	$ 3,000,000

Mortgage Notes Payable, Net (_2

Mortgage Notes Payable, Net (Mortgage Principal Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	299,000
Total	$ 299,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Not Carried at Fair Value (Details) - Mortgages - Significant Unobservable Inputs - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
123 William Street | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 140,000	$ 140,000
123 William Street | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	142,874	147,531
1140 Avenue of the Americas | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	99,000	99,000
1140 Avenue of the Americas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	97,448	100,036
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	50,000	0
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	50,424	0
8713 5th Avenue, Brooklyn, N.Y. | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	10,000	0
8713 5th Avenue, Brooklyn, N.Y. | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 10,446	$ 0

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 24, 2018	Jun. 15, 2018	Mar. 20, 2018	Jul. 31, 2018	Apr. 30, 2018	Mar. 06, 2018	May 31, 2014	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Oct. 24, 2016	Apr. 24, 2014
Equity, Class of Treasury Stock [Line Items]
Common stock, shares outstanding (in shares)								30,990,448	31,382,120		30,990,448
Dividends declared per common share (in usd per share)							$ 1.5125	$ 0.25	$ 1.51	$ 1.51
Shares issued during period (in shares)	210,014	500,000	139,993			140,000
Stock price (in usd per share)		$ 12.95				$ 17.03
Proceeds from issuance of common stock				$ 2.7	$ 2.4						$ 769.9
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in usd per share)													$ 25
Common Stock | Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase price (in usd per share)												$ 23.75

Common Stock (Share Repurchases

Common Stock (Share Repurchases) (Details) - USD ($)	Oct. 09, 2018	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Authorized percent of shares outstanding for repurchase for fiscal semester								2.50%
Authorized percent of shares outstanding for repurchase for fiscal year								5.00%
Common stock repurchases (in shares)	145,627	10,183	145,627	82,256	578	276,624	99,131	254,941	359,458	461,555	183,780
Common stock repurchases	$ 3,000,000	$ 200,000	$ 3,000,000	$ 1,700,000	$ 13,700	$ 5,600,000	$ 2,000,000	$ 10,269,000	$ 7,337,000	$ 10,905,000
Share repurchase program, authorized weighted average price per share (in USD per share)	$ 20.26
Maximum | One Year
Class of Stock [Line Items]
Percentage of value of capital paid								92.50%
Maximum | Two Years
Class of Stock [Line Items]
Percentage of value of capital paid								95.00%
Maximum | Three Years
Class of Stock [Line Items]
Percentage of value of capital paid								97.50%
Maximum | Four Years
Class of Stock [Line Items]
Percentage of value of capital paid								100.00%

Common Stock (Cumulative Share

Common Stock (Cumulative Share Repurchased) (Details) - USD ($)	Oct. 09, 2018	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shares Repurchased [Roll Forward]
Cumulative repurchases, beginning balance (in shares)											0
Shares repurchased during period (in shares)	145,627	10,183	145,627	82,256	578	276,624	99,131	254,941	359,458	461,555	183,780
Cumulative repurchases, ending balance (in shares)								1,259,734
Weighted Average Price Per Share, Repurchased Shares [Abstract]
Weighted average price per share, repurchased shares, beginning balance (in dollars per share)											$ 0
Weighted average price per share, shares repurchased in period (in dollars per share)		$ 20.26	$ 20.26	$ 21.25	$ 23.68	$ 20.15	$ 20.26	$ 20.26	$ 20.41	$ 23.62	$ 23.63
Weighted average price per share, repurchased shares, ending balance (in dollars per share)								$ 22.03
Common stock repurchases	$ 3,000,000	$ 200,000	$ 3,000,000	$ 1,700,000	$ 13,700	$ 5,600,000	$ 2,000,000	$ 10,269,000	$ 7,337,000	$ 10,905,000
Rejected repurchase requests (in shares)										902,420
Rejected shares										$ 18,100,000
Weighted average price per share, rejected shares (in dollars per share)										$ 20.03
Percentage of repurchase requests approved				100.00%

Commitments and Contingencies_2

Commitments and Contingencies (Future Minimum Lease Payments Due) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
2019	$ 4,746
2020	4,746
2021	4,746
2022	4,746
2023	4,746
Thereafter	211,992
Total	235,722
Ground rent expense	$ 4,900	$ 4,900	$ 2,600

Related Party Transactions an_3

Related Party Transactions and Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	30,990,448	31,382,120
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	8,888	8,888
Affiliated Entity
Related Party Transaction [Line Items]
Investment income	$ 0	$ 0	$ 6,000

Related Party Transactions an_4

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Cumulative offering costs	$ 84	$ 84
Maximum
Related Party Transaction [Line Items]
Liability for offering and related costs from IPO	2.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Realty Capital Securities, LLC | Option One | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Gross proceeds from the sale of common stock, before allowances, percentage of benchmark	3.00%
Realty Capital Securities, LLC | Option One | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	7.50%
Brokerage fees as a percentage of benchmark, initial grant	2.50%
Brokerage fees as a percentage of benchmark, periodic payment	1.00%
Realty Capital Securities, LLC | Option Two | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%

Related Party Transactions an_5

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Cumulative offering costs	$ 84,000,000	$ 84,000,000
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in usd per share)	$ 22.50
New York City Reit Advisors, LLC | Advisor | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated termination distribution	$ 0
New York City Reit Advisors, LLC | Advisor | Acquisition and Related Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party		0	$ 3,600,000
New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
New York City Reit Advisors, LLC | Advisor | Real Estate Commissions
Related Party Transaction [Line Items]
Payments for Brokerage Fees	$ 0	0	0
New York City Reit Advisors, LLC | Advisor | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated termination distribution	0	0	0
Incentive Distribution, Distribution	0	0	0
Participation in Net Sales Proceeds, Related Party	0	0	0
New York City Reit Advisors, LLC | Advisor | Acquisition Expense Reimbursement
Related Party Transaction [Line Items]
Expenses from transactions with related party		600,000
New York City Reit Advisors, LLC | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction	5,600,000	5,500,000	4,700,000
New York City Reit Advisors, LLC | Advisor | Property Management Fees
Related Party Transaction [Line Items]
Related party transaction	600,000	600,000	500,000
New York City Reit Advisors, LLC | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	4,636,000	$ 4,019,000	1,795,000
New York City Reit Advisors, LLC | Advisor | Costs and Expenses, Not Reimbursed [Member]
Related Party Transaction [Line Items]
Related party transaction	$ 98,000
New York City Reit Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.50%
Expected acquisition fees	0.50%
Financing advance fees as a percentage of benchmark, expected third party costs	0.10%
Quarterly asset management fee earned by related party	0.1875%
Unearned class B units (in shares)	159,159
Monthly asset management fees as a percentage of benchmark	0.0625%
New York City Reit Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement | Advisor
Related Party Transaction [Line Items]
Financing coordination fees earned by related party	0.75%
New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees earned by related party	3.25%	4.00%
New York City Reit Advisors, LLC | Maximum | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related Party Transaction, Administrative and Overhead Expenses	$ 400,000
Related Party Transaction, Asset Cost	1,250,000,000
Related Party Transaction, Wage and Benefit Expenses	$ 2,600,000
New York City Reit Advisors, LLC | Maximum | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	4.50%
Financing advance fees as a percentage of benchmark	1.50%
New York City Reit Advisors, LLC | Maximum | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
New York City Reit Advisors, LLC | Maximum | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%
New York City Reit Advisors, LLC | Maximum | Asset Cost, Administrative and Overhead Expense | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.10%
New York City Reit Advisors, LLC | Maximum | Asset Cost, Wage and Benefit Expense | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.30%
Waived
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 314,000	$ 0	646,000
Waived | New York City Reit Advisors, LLC | Advisor | Acquisition and Related Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	238,950
Waived | Acquisition fees and reimbursements: | Acquisition and Related Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party		0	646,000
Incurred
Related Party Transaction [Line Items]
Expenses from transactions with related party	11,665,000	11,349,000	11,558,000
Incurred | Acquisition fees and reimbursements: | Acquisition and Related Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	278,000	0	3,600,000
The Second Advisory Agreement | New York City Reit Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Base asset management fee as a percentage of benchmark	$ 500,000
Variable management fee as a percentage of benchmark	10.00%
Related Party Transaction, Asset Management Fee, Percentage of Benchmark	0.0001%
The Second Advisory Agreement | New York City Reit Advisors, LLC | Core Earnings Per Adjusted Share | Advisor
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark	8.00%
Performance Shares | The Second Advisory Agreement | New York City Reit Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark	15.00%
Performance Shares | The Second Advisory Agreement | New York City Reit Advisors, LLC | Core Earnings Per Adjusted Share | Advisor
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark	6.00%
Professional Fees | New York City Reit Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0	$ 0

Related Party Transactions an_6

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company, Incurred Forgiven, and Payable) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018
Related Party Transaction [Line Items]
Payable (Receivable)	$ 47,000	$ 325,000
Due to affiliates	204,000	364,000
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	11,665,000	11,349,000	$ 11,558,000
Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	314,000	0	646,000
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Payable (Receivable)	39,000	0
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	278,000	0	3,600,000
Acquisition fees and related cost reimbursements | Acquisition fees and reimbursements: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		0	646,000
Financing coordination fees | Acquisition fees and reimbursements:
Related Party Transaction [Line Items]
Payable (Receivable)	51,000	0
Financing coordination fees | Acquisition fees and reimbursements: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	501,000	1,050,000	743,000
Financing coordination fees | Acquisition fees and reimbursements: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	75,000	0	0
Operating fees incurred from related parties | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)	16,000	(18,000)
Due to affiliates	364,000
Due from affiliates				$ 21,000
Operating fees incurred from related parties | Ongoing fees: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	6,211,000	6,039,000	5,179,000
Operating fees incurred from related parties | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	0	0	0
Professional fees and other reimbursements (2) | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)	(59,000)	323,000
Professional fees and other reimbursements (2) | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	0	0	0
Distributions on Class B units (2) | Ongoing fees:
Related Party Transaction [Line Items]
Payable (Receivable)	0	20,000
Distributions on Class B units (2) | Ongoing fees: | Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	39,000	241,000	241,000
Distributions on Class B units (2) | Ongoing fees: | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	0	0	0
Advisor | New York City Reit Advisors, LLC | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager		$ 0	$ 3,600,000
Advisor | New York City Reit Advisors, LLC | Acquisition fees and related cost reimbursements | Waived
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Former Dealer Manager	$ 238,950

Related Party Transactions an_7

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection with the Liquidation or Listing) (Details) - New York City Reit Advisors, LLC - Advisor	12 Months Ended
	Dec. 31, 2018USD ($)
Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Subordinated performance fee as a percentage of benchmark	15.00%
Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15.00%
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15.00%
Distribution upon nonrenewal of advisory agreement, percentage of benchmark	15.00%
Maximum | Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	10.00%
Brokerage Commission Fees | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	2.00%
Brokerage Commission Fees | Maximum | Contract Sales Price
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	50.00%
Real Estate Commissions | Maximum
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	6.00%
Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated termination distribution	$ 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%
The Second Advisory Agreement
Related Party Transaction [Line Items]
Related Party Transaction, Termination Fee	$ 15,000,000

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 17,000	$ 74,000	$ 61,000
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors (in shares)				1,333
Shares granted automatically, value		30,000
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	$ 300,000	200,000
Nonvested awards, compensation cost not yet recognized, period for recognition	3 years 7 months 12 days
Share-based compensation	$ 17,000	$ 74,000	$ 61,000

Share-Based Compensation (Activ

Share-Based Compensation (Activity) (Details) - Restricted Share Plan - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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)	11,165	9,065	4,799
Granted (in shares)	4,440	4,233	5,332
Vested (in shares)	(2,979)	(2,133)	(1,066)
Ending Balance, Unvested (in shares)	12,626	11,165	9,065
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 22.14	$ 22.50	$ 22.50
Granted, Weighted-Average Issue Price (in dollars per share)	20.26	21.25	22.50
Vested, Weighted-Average Issue Price (in dollars per share)	22.14	22.50	22.50
Ending Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 21.48	$ 22.14	$ 22.50

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Net loss	$ (5,134)	$ (5,865)	$ (6,529)	$ (6,584)	$ (7,048)	$ (5,877)	$ (5,362)	$ (4,786)	$ (24,112)	$ (23,073)	$ (19,765)
Basic and diluted weighted average shares outstanding (in shares)	30,977,822	31,180,373	31,330,779	31,431,555	31,297,963	31,106,250	30,944,077	30,814,927	31,228,941	31,042,307	30,668,238
Basic and diluted net loss per share (in usd per share)	$ (0.17)	$ (0.19)	$ (0.21)	$ (0.21)	$ (0.23)	$ (0.19)	$ (0.17)	$ (0.16)	$ (0.77)	$ (0.74)	$ (0.64)

Net Loss Per Share (Shares Excl

Net Loss Per Share (Shares Excluded From Calculation) (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	171,875	170,414	168,314
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12,626	11,165	9,065
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	90	90	90
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	159,159	159,159	159,159

Quarterly Results (Unaudited)_2

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 16,233	$ 15,741	$ 15,196	$ 15,229	$ 14,821	$ 14,475	$ 14,545	$ 14,583	$ 62,399	$ 58,384	$ 47,607
Net loss	$ (5,134)	$ (5,865)	$ (6,529)	$ (6,584)	$ (7,048)	$ (5,877)	$ (5,362)	$ (4,786)	$ (24,112)	$ (23,073)	$ (19,765)
Weighted average shares outstanding (in shares)	30,977,822	31,180,373	31,330,779	31,431,555	31,297,963	31,106,250	30,944,077	30,814,927	31,228,941	31,042,307	30,668,238
Basic and diluted net loss per share (in usd per share)	$ (0.17)	$ (0.19)	$ (0.21)	$ (0.21)	$ (0.23)	$ (0.19)	$ (0.17)	$ (0.16)	$ (0.77)	$ (0.74)	$ (0.64)

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 299,000
Land	138,110
Building and Improvements	480,212
Costs Capitalized Subsequent to Acquisition	52,888
Gross Amount Carried	671,210	$ 647,839	$ 635,447	$ 469,962
Accumulated Depreciation	53,449	35,982	$ 19,598	$ 7,966
Acquired intangible assets	103,285	$ 105,954
Tax basis	700,100
Accumulated Amortization	36,800
421 W. 54th Street - Hit Factory
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,723
Building and Improvements	1,757
Costs Capitalized Subsequent to Acquisition	9
Gross Amount Carried	6,489
Accumulated Depreciation	202
400 E. 67th Street - Laurel Condominiums
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,610
Land	10,653
Building and Improvements	55,682
Costs Capitalized Subsequent to Acquisition	86
Gross Amount Carried	66,421
Accumulated Depreciation	6,052
200 Riverside Blvd - ICON Garage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,390
Land	13,787
Building and Improvements	5,510
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried	19,297
Accumulated Depreciation	585
9 Times Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	54,153
Building and Improvements	76,454
Costs Capitalized Subsequent to Acquisition	22,009
Gross Amount Carried	152,616
Accumulated Depreciation	13,971
123 William Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	140,000
Land	50,064
Building and Improvements	182,917
Costs Capitalized Subsequent to Acquisition	26,939
Gross Amount Carried	259,920
Accumulated Depreciation	22,516
1140 Avenue of the Americas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	99,000
Land	0
Building and Improvements	148,647
Costs Capitalized Subsequent to Acquisition	3,845
Gross Amount Carried	152,492
Accumulated Depreciation	10,084
8713 5th Avenue, Brooklyn, N.Y.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,000
Land	4,730
Building and Improvements	9,245
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried	13,975
Accumulated Depreciation	$ 39
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Minimum | Furniture and Fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	5 years
Maximum | Furniture and Fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	7 years

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real estate investments, at cost:
Balance at beginning of year	$ 647,839	$ 635,447	$ 469,962
Additions-acquisitions	13,975	0	148,647
Capital expenditures	9,396	12,392	16,838
Disposals	0	0	0
Balance at end of the year	671,210	647,839	635,447
Accumulated depreciation:
Balance at beginning of year	35,982	19,598	7,966
Depreciation expense	17,467	16,384	11,632
Disposals	0	0	0
Balance at the end of the year	$ 53,449	$ 35,982	$ 19,598