New York City REIT (NYC) 10-K 18 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-39448
Entity Registrant Name	New York City REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4380248
Entity Address, Address Line One	650 Fifth Ave.
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 127.2
Entity Common Stock, Shares Outstanding		13,371,811
Entity Central Index Key	0001595527
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment flag	false
Common Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	NYC
Security Exchange Name	NYSE
Preferred Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investments, at cost:
Land	$ 192,600	$ 193,658
Buildings and improvements	572,576	568,861
Acquired intangible assets	87,478	98,118
Total real estate investments, at cost	852,654	860,637
Less accumulated depreciation and amortization	(157,880)	(139,666)
Total real estate investments, net	694,774	720,971
Cash and cash equivalents	11,674	30,999
Restricted cash	16,754	8,995
Operating lease right-of-use asset	55,167	55,375
Prepaid expenses and other assets (including amounts due from related parties of $0 and $435 at December 31, 2021 and 2020, respectively)	9,293	12,953
Straight-line rent receivable	25,838	22,050
Deferred leasing costs, net	9,551	10,503
Total assets	823,051	861,846
LIABILITIES AND EQUITY
Mortgage notes payable, net	398,117	396,574
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $141 and $0 at December 31, 2021 and 2020, respectively)	8,131	6,916
Operating lease liability	54,770	54,820
Below-market lease liabilities, net	4,224	14,006
Derivative liability, at fair value	1,553	3,405
Deferred revenue	5,120	4,558
Total liabilities	471,915	480,279
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2021 and 2020	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 13,277,738 and 12,802,690 shares issued and outstanding as of December 31, 2021 and 2020, respectively	133	129
Additional paid-in capital	691,118	686,715
Accumulated other comprehensive loss	(1,553)	(3,404)
Distributions in excess of accumulated earnings	(350,709)	(305,882)
Total stockholders’ equity	338,989	377,558
Non-controlling interests	12,147	4,009
Total equity	351,136	381,567
Total liabilities and equity	$ 823,051	$ 861,846

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Due from related parties	$ 0	$ 435
Due to related parties	$ 141	$ 0
Preferred stock, par value (in dollars 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 dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	13,277,738	12,802,690
Common stock, shares outstanding (in shares)	13,277,738	12,802,690

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue from tenants	$ 70,219	$ 62,895	$ 70,530
Operating expenses:
Asset and property management fees to related parties	7,554	7,577	7,327
Property operating	33,363	32,283	31,177
Impairment of real estate investments	1,452	0	0
Acquisition, transaction and other costs	0	0	13
Listing expenses	0	1,299	0
Vesting and conversion of Class B Units	0	1,153	0
Equity-based compensation	8,475	3,874	86
General and administrative	8,704	7,571	6,346
Depreciation and amortization	31,057	31,747	31,161
Total operating expenses	90,605	85,504	76,110
Operating loss	(20,386)	(22,609)	(5,580)
Other income (expenses):
Interest expense	(19,090)	(19,140)	(17,157)
Other income	47	787	847
Total other expenses	(19,043)	(18,353)	(16,310)
Net loss before income taxes	(39,429)	(40,962)	(21,890)
Income tax expense	(37)	0	0
Net loss and Net loss attributable to common shareholders	(39,466)	(40,962)	(21,890)
Other comprehensive loss:
Change in unrealized loss on derivative	1,851	(2,077)	(1,327)
Comprehensive loss	$ (37,615)	$ (43,039)	$ (23,217)
Weighted average common shares outstanding — diluted (in shares)	12,983,168	12,767,380	12,748,923
Weighted average common shares outstanding — basic (in shares)	12,983,168	12,767,380	12,748,923
Net loss per common share attributable to common stockholders — basic (in dollars per share)	$ (3.05)	$ (3.21)	$ (1.72)
Net loss per common share attributable to common stockholders — diluted (In dollars per share)	$ (3.05)	$ (3.21)	$ (1.72)

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)	Distributions in excess of accumulated earnings	Total Stockholders’ Equity	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2018		12,753,271
Beginning balance at Dec. 31, 2018	$ 443,680	$ 128	$ 685,940	$ 0	$ (242,388)	$ 443,680	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		1,828
Equity-based compensation	86		86			86
Net loss	(21,890)				(21,890)	(21,890)
Other comprehensive loss	(1,327)			(1,327)		(1,327)
Ending balance (in shares) at Dec. 31, 2019		12,755,099
Ending balance at Dec. 31, 2019	420,549	$ 128	686,026	(1,327)	(264,278)	420,549	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of fractional shares of common stock, including unvested restricted shares (in shares)		(6,672)
Redemption of fractional shares of common stock, including unvested restricted shares	(328)		(328)			(328)
Vesting, conversion and exchange of Class B Units (in shares)		52,398
Vesting, conversion and exchange of Class B Units	1,153	$ 1	921			922	231
Redemption of OP units (in shares)		37
Equity-based compensation (in shares)		1,828
Equity-based compensation	3,874		96			96	3,778
Dividends declared	(622)				(622)	(622)
Distributions to non-controlling interest holders	(20)				(20)	(20)
Net loss	(40,962)				(40,962)	(40,962)
Other comprehensive loss	(2,077)			(2,077)		(2,077)
Ending balance (in shares) at Dec. 31, 2020		12,802,690
Ending balance at Dec. 31, 2020	381,567	$ 129	686,715	(3,404)	(305,882)	377,558	4,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from sale of common stock, net (in shares)		466,651
Proceeds from sale of Common Stock, net	$ 4,252	$ 4	4,248			4,252
Repurchase and cancellation of common stock (in shares)	0	(26,236)
Repurchase and cancellation of common stock	$ (183)		(183)			(183)
Redemption of fractional shares of common stock, including unvested restricted shares (in shares)		(13)
Redemption of OP units (in shares)		13,100
Redemption of Class A Units	0		230			230	(230)
Equity-based compensation (in shares)		21,546
Equity-based compensation	8,476		108			108	8,368
Dividends declared	(5,201)				(5,201)	(5,201)
Distributions to non-controlling interest holders	(160)				(160)	(160)
Net loss	(39,466)				(39,466)	(39,466)
Other comprehensive loss	1,851			1,851		1,851
Ending balance (in shares) at Dec. 31, 2021		13,277,738
Ending balance at Dec. 31, 2021	$ 351,136	$ 133	$ 691,118	$ (1,553)	$ (350,709)	$ 338,989	$ 12,147

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (39,466)	$ (40,962)	$ (21,890)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	31,057	31,747	31,161
Amortization of deferred financing costs	1,543	1,543	1,304
Accretion of below- and amortization of above-market lease liabilities and assets, net	(8,671)	(3,026)	(1,563)
Equity-based compensation	8,475	3,874	86
Impairment of real estate investments	1,452	0	0
Tenant Improvement - Terminations	79	0	0
Vesting and conversion of Class B Units	0	1,153	0
Changes in assets and liabilities:
Straight-line rent receivable	(3,788)	(402)	(5,219)
Straight-line rent payable	109	109	110
Prepaid expenses, other assets and deferred costs	843	(7,377)	(1,925)
Accounts payable, accrued expenses and other liabilities	(111)	(545)	(2,149)
Deferred revenue	562	308	(1,518)
Net cash used in operating activities	(7,916)	(13,578)	(1,603)
Cash flows from investing activities:
Investments in real estate	0	0	(38,265)
Capital expenditures	(3,375)	(3,755)	(7,709)
Net cash used in investing activities	(3,375)	(3,755)	(45,974)
Cash flows from financing activities:
Proceeds from mortgage note payable	0	0	55,000
Payment of mortgage note payable	0	0	0
Payments of financing costs	0	0	(3,927)
Common stock issuance proceeds, net	5,269	0	0
Dividends paid on common stock	(5,201)	(622)	0
Redemption of fractional shares of common stock and restricted shares	0	(328)	0
Distributions to non-controlling interest holders	(160)	(20)	0
Repurchases of common stock	(183)	0	0
Net cash provided by financing activities	(275)	(970)	51,073
Net change in cash, cash equivalents and restricted cash	(11,566)	(18,303)	3,496
Cash, cash equivalents and restricted cash, beginning of period	39,994	58,297	54,801
Cash, cash equivalents and restricted cash, end of period	28,428	39,994	58,297
Cash and cash equivalents	11,674	30,999	51,199
Restricted cash	16,754	8,995	7,098
Supplemental Disclosures:
Cash paid for interest	17,552	16,721	15,505
Non-Cash Investing and Financing Activities:
Proceeds from mortgage notes payable used to fund acquisition of real estate	0	0	51,000
Mortgage note payable used to acquire real estate investments	0	0	(51,000)
Accrued capital expenditures	1,326	428	726
Prepaid common stock issuance costs related to 2021 common stock issuances	$ 1,017	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.10	$ 0.04889	$ 0.40	$ 0.04889

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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”) is an externally managed real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”) that invests primarily in office properties located exclusively within the five boroughs of New York City, primarily Manhattan. The Company has also purchased certain real estate assets that accompany office properties, including retail spaces and amenities, and may purchase hospitality assets, residential assets and other property types also located exclusively within the five boroughs of New York City. As of December 31, 2021, the Company owned eight properties consisting of 1.2 million rentable square feet, acquired for an aggregate purchase price of $790.7 million. On August 18, 2020 (the “Listing Date”), the Company listed shares of Class A common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYC” (the “Listing”). In anticipation of the Listing, the Company implemented a series of corporate actions which resulted in the bifurcation of the Company’s common stock into Class A common stock and Class B common stock in a net reduction of 2.43 shares for every one share of common stock outstanding prior to these corporate actions (the “Reverse Stock Split”). To effect the Listing, and to address the potential for selling pressure that may have existed at the outset of the Listing, the Company listed only shares of Class A common stock, which represented approximately 25% of the Company’s outstanding shares of common stock, on the NYSE when trading commenced. The Company’s other class of outstanding stock is Class B common stock, which comprised approximately 75% of its outstanding shares of common stock at that time. The first of three equal tranches of shares of Class B common stock that were not listed on the NYSE on the Listing Date converted into 3,189,204 shares of Class A common stock and the shares were listed on the NYSE on December 16, 2020. On February 26, 2021, the Company’s board of directors approved an advancement of the automatic conversion date for the second tranche of shares of Class B common stock from April 15, 2021 to March 1, 2021. Accordingly, the second tranche of shares of Class B common stock converted into 3,176,127 shares of Class A common stock and were listed on the NYSE on March 1, 2021. Following a determination by our board of directors, the third and final tranche of shares of Class B common stock converted into 3,176,114 shares of Class A common stock and were listed on the NYSE on August 13, 2021. For additional information, see Note 7 — Stockholders’ Equity to our consolidated financial statements included in this Annual Report on Form 10-K. In connection with the Listing, the Company incurred expense s of $1.3 million f or the year ended December 31, 2020 for financial advisory and other professional fees and expenses. Substantially all of the Company’s business is conducted through the OP and its wholly-owned subsidiaries. The Company’s advisor, New York City Advisors, LLC (the “Advisor”), manages the Company’s day-to-day business with the assistance of the Company’s property manager, New York City Properties, LLC (the “Property Manager”). The Advisor and Property Manager are under common control with AR Global Investments, LLC (“AR Global”) and these related parties receive compensation and fees for providing services to the Company. The Company also reimburses these entities for certain expenses they incur in providing these services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP 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 (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable. Out-of-Period Adjustments During the fourth quarter of 2020, the Company recorded an adjustment to reduce interest expense by approximately $0.6 million related to certain historical errors that occurred in the first, second and third quarters of 2020. The amounts, which totaled $0.1 million, $0.2 million, and $0.3 million for the first, second, and third quarters of 2020, respectively, were incorrectly calculated, resulting in an overstatement of interest expense in those periods. The Company concluded that the errors noted above were not material to the current period or any historical periods presented and, accordingly, the Company adjusted the amounts on a cumulative basis in the fourth quarter of 2020. During the fourth quarter of 2020, the Company also recorded an adjustment to increase depreciation expense by approximately $0.3 million related to certain historical errors that occurred in the prior annual period result of placing construction in progress projects into service in the wrong periods, resulting in an understatement of depreciation expense in those periods. The Company concluded that these errors noted above were not material to the current period or any historical periods presented and, accordingly, the Company adjusted the amounts on a cumulative basis in the fourth quarter of 2020. Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Prior to the Listing, the Advisor held 37 units of limited partnership designated as “Class A Units” (“Class A Units”), after giving effect to the Reverse Stock Split, which represented a nominal percentage of the aggregate OP ownership. These Class A Units were redeemed for an equal number of shares of Class A common stock on the Listing Date. Also, during the second quarter of 2021, 13,100 Class A Units held by a third party were redeemed for an equal number of Class A Common Stock. These Class A Units were still outstanding as of December 31, 2020 and represented a non-controlling interest in the OP. In addition, under the multi-year outperformance agreement with the Advisor (the “2020 OPP”), the OP issued a class of units of limited partnership designated as LTIP Units (“LTIP Units”) during 2020, which are also reflected as part of non-controlling interest as of December 31, 2021 and 2020. See Note 7 — Stockholders’ Equity and Note 11 - Equity-Based Compensation for additional information. Impacts of the COVID-19 Pandemic The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The impact of the COVID-19 pandemic has evolved rapidly and resulted in a decrease in economic activity particularly in the New York City area. Measures such as “shelter-in-place” or “stay-at-home” orders issued by relevant governmental authorities for much of 2020 and early part of 2021 and required social distancing measures had resulted in closure and limitations on the operations of many businesses. While strict “shelter-in-place” and similar orders have generally been lifted, continued limitations on indoor occupancy or other restrictions applicable to in-person operations have been and may in the future be re-instituted along with other steps such as mandatory vaccination as rates of infection increase, including in light of the current spread of the Omicron variant and other potentially more contagious variants of the SARS-CoV-2 virus. On March 7, 2022, New York City lifted its indoor mask and vaccine mandates. Some of the Company’s tenants operate businesses that require in-person interactions, such as retail stores, gyms, fitness studios and parking garages. Even for businesses that have not closed or have closed and reopened, concern regarding the transmission of COVID-19 has impacted, and will likely continue to impact, the willingness of persons to engage in in-person commerce which has and may continue to impact the revenues generated by the Company’s tenants. The Company considered the impact of COVID-19 on the assumptions and estimates underlying its consolidated financial statements and believes the estimates and assumptions are reasonable and supportable based on the information available as of December 31, 2021. However, given the rapid evolution of the COVID-19 pandemic and the global response to curb its spread, these estimates and assumptions as of December 31, 2021 are inherently less certain than they would be absent the actual and potential impacts of the COVID-19 pandemic. Actual results may ultimately differ from those estimates. New York City, where all the Company’s properties are located, has been among the hardest hit locations in the country. Although New York City has lifted most COVID-19 restrictions on businesses, many offices have not yet reopened. The Company’s properties remain accessible to all tenants, although, even as operating restrictions have expired, not all tenants have resumed in person operations. In addition, as operating restrictions expire, operating costs may begin to rise, including for services, labor and personal protective equipment and other supplies, as the Company’s property managers take appropriate actions to protect tenants and property management personnel. Some of these costs may be recoverable through reimbursement from tenants but others will be borne by the Company. In addition, one of the Company’s tenants, Knotel, Inc. (“Knotel”), which was a tenant at the Company’s 123 William Street and 9 Times Square properties, declared bankruptcy in early 2021 and its leases with the Company were terminated. In the fourth quarter of 2020, the Company put Knotel on a cash basis of accounting and fully reserved all receivables from Knotel with the exception of security deposits held, which was reflected as a reduction in revenue from tenants during the period ended December 31, 2020. Management has already re-leased a portion of the vacant space formerly occupied by Knotel at its 123 William Street building, and other previously vacant space at 123 William Street, and is working on securing additional new leases to replace Knotel’s former space at it 9 Times Square building. Also, the leases with the original tenant of the garages at both the 200 Riverside Boulevard property and 400 E. 67th Street - Laurel Condominium property were terminated on October 26, 2021 and the Company simultaneously entered into six -month license agreements with a new operator at both garage properties. There can be no assurance, however, that the Company will be able to lease all or any portion of the currently vacant space at any property on acceptable or favorable terms, or at all. The financial stability and overall health of tenants is critical to the Company’s business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in activity for many retail operations such as some of those operated by the Company’s tenants. This has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. During the year ended December 31, 2020, the Company reduced revenue from tenants by $8.5 million for reserves recorded during the period on receivables for which the related tenants have been put on a cash basis. The Company has continued to experience delays in rent collections during 2021. During the year ended December 31, 2021, there has been no rental income received from any of the tenants that were previously placed on a cash basis, however, the Company did receive a lease termination fee of $1.4 million from one of the tenants that was placed on a cash basis in 2020. The Company has taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, in 2020 and 2021, the Company executed different types of lease amendments. These agreements included deferrals and abatements and, in some cases, extensions to the term of the leases. During the year ended December 31, 2021, the Company executed lease amendments with multiple tenants, which include deferrals, abatements, extensions to the terms of the lease, and in one instance, a reduction of the lease term. As a result of the financial difficulties of the Company’s tenants and early lease terminations, the Company is in breach of debt covenants on mortgages secured by its 1140 Avenue of Americas, 9 Times Square, Laurel/Riverside and 8713 Fifth Avenue properties under the non-recourse mortgages for those properties. These breaches generally caused cash trap events, but not events of default. See Note 4 — Mortgage Notes Payable, Net for further details regarding these breaches. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which does not apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, 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. As of December 31, 2021, these leases had a weighted-average remaining lease term of 6.9 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. To the extent such costs exceed the applicable tenant’s base year, many but not all of the Company’s leases require the tenant to pay its allocable share of increases in operating expenses, which may include common area maintenance costs, real estate taxes and insurance. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants”. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. Included in revenue from tenants for the year ended December 31, 2019, the Company recorded $0.1 million of tenant reimbursement related to prior year. The following table presents future base rent payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected form certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Base Rent Payments 2022 $ 54,196 2023 50,134 2024 48,268 2025 40,934 2026 35,683 Thereafter 199,592 Total $ 428,807 The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor under 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. For the years ended December 31, 2021, 2020 and 2019, approximately $0.5 million, $0.1 million and $0.1 million, respectively, in contingent rental income is included in revenue from tenants in the consolidated statements of operations and comprehensive loss. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019 (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk, if it is probable that the Company will collect virtually all of the lease payments at the lease commencement date, and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. In fiscal year ended 2021 and 2020, this assessment has included consideration of the impacts of the COVID-19 pandemic on the Company’s tenant’s ability to pay rents in accordance with their contracts. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable that it will collect virtually all of the lease payments (base rent and additional rent), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable accrued will be written off, as well as any accounts receivable, where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants, in accordance with current accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable. In accordance with lease accounting rules the Company records uncollectable amounts as reductions in revenue from tenants. During the year ended December 31, 2020, the Company reduced revenue from tenants by $8.5 million for reserves recorded during the period on receivables for which the related tenants have been put on a cash basis (see accounting policy above). Some of these reductions relate to tenants that terminated their leases early while others relate to leases that have not been paying rent and have been placed on a cash basis in accordance with ASC 842. There were no such reductions recorded for the years ended 2021 or 2019. During the year ended December 31, 2021, no rental income was received from any of the tenants that were previously placed on a cash basis, however, the Company did receive a lease termination fee of $1.4 million from two of the tenants that was placed on a cash basis in 2020 (see below). In October 2021, the Company signed a termination agreement with the parking garage tenants at its 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard properties. The previous parking garage tenants have vacated the space and new tenants have signed lease agreements with us for the spaces in the fourth quarter of 2021. In addition, the Company recorded a termination fee for a tenant in its 9 Times Square property. These termination agreements required the tenants to pay termination fees aggregating $1.5 million to the Company, which was all received during the fourth quarter of 2021. The termination fees are recorded in revenue from tenants in the consolidated statements of operations and comprehensive loss. In the third quarter of 2021, the Company launched Innovate NYC, a co-working company, at 1140 Avenue of the Americas. The Company recorded revenue of approximately $0.3 million from Innovate NYC during the year ended December 31, 2021, which is considered non-lease income. 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. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the 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. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal 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 required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2021, 2020 or 2019. Properties that are intended to be sold are to 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, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2021 and 2020, the Company did not have any properties held for sale. As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption of ASC 842 on January 1, 2019 were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three year period ended December 31, 2021, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under a land lease which was previously classified prior to adoption of ASC 842 and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. There were no acquisitions during the year ended December 31, 2021 or 2020 and the acquisition completed during the year ended December 31, 2019 was an asset acquisition. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six to 24 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant’s lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships for the acquisition completed during the year ended December 31, 2019. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . The Company did not have any dispositions during the years ended December 31, 2021, 2020 or 2019. Impairment of Long Lived Assets The Company periodically assesses whether there are any indicators that the value of a property may be impaired or that the carrying value may not be recoverable. The indicators include sustained net operating losses, a significant change in occupancy, a significant decline in rent collection, economic changes, or a likely disposition of a property. To determine whether an asset is impaired, the carrying value of the property’s asset group is compared to the estimated future undiscounted cash flow that the Company expects the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The estimated future undiscounted cash flow considers 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. The Company estimates the expected future operating income using in place contractual rent and market rents. The Company estimates the lease up period, market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, management applies a selected market capitalization rate based on current market data. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive (loss) 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 recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. The Company estimates the expected approximate fair value of the property by developing a discounted cash flow analysis, which considers factors such as lease up period, expected future operating income, market and other applicable trends, residual value, and discount rate. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. The Company recorded an impairment charge during the year ended December 31, 2021 of $1.5 million for this property as it was determined that the carrying value exceeded the Company’s most recent estimate of the fair market value of the property, which was based on the estimated selling price. (see Note 3 — Real Estate Investments )

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2021
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments There were no real estate assets acquired or liabilities assumed during the year ended December 31, 2021. Also, there were no dispositions of real estate in the three year period ended December 31, 2021. However, the Company is evaluating its options for its 421 W. 54th Street - Hit Factory property, which include marketing the property for sale. As no buyer has been identified for the property, it does not qualify to be classified as held for sale on the consolidated balance sheet as of December 31, 2021. However, during the year ended December 31, 2021, the Company recorded an impairment charge of $1.5 million for this property as it was determined that the carrying value exceeded the Company’s estimate of fair value of the property. The fair value measurement was determined by estimating discounted cash flows using significant unobservable inputs, which were the discount rate (range of 7% to 8%), terminal capitalization rate (range of 7% to 9%), and estimated market rents (range of $40.00 per square foot to $50.00 per square foot). Prior Year Acquisition On July 17, 2019, the Company acquired a fee-simple interest in three condominium units located at 196 Orchard Street, New York, NY, 10002 (“196 Orchard Street”). The following table presents the allocation of real estate assets acquired and liabilities assumed during the year ended December 31, 2019. Year Ended December 31, (Dollar amounts in thousands) 2019 Real estate investments, at cost: Land 55,548 Building and improvements 24,324 Total tangible assets 79,872 Acquired intangibles: (1) In-place leases 7,852 Above-market lease assets 1,541 Total intangible assets, net 9,393 Total assets acquired, net 89,265 Mortgage notes payable used to acquire real estate investments (51,000) Cash paid for acquired real estate investment $ 38,265 Number of properties purchased 1 ________________ (1) Weighted-average remaining amortization periods for in-place leases and market lease and other intangible assets acquired during the year ended December 31, 2019 were 13.4 years and 13.4 years, respectively, as of the acquisition date. Significant Tenants As of December 31, 2021 and 2020 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, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets: In-place leases $ 49,112 $ 33,431 $ 15,681 $ 56,280 $ 33,915 $ 22,365 Other intangibles 28,322 5,074 23,248 31,448 7,263 24,185 Above-market leases 10,044 6,734 3,310 10,390 6,017 4,373 Acquired intangible assets $ 87,478 $ 45,239 $ 42,239 $ 98,118 $ 47,195 $ 50,923 Intangible liabilities: Below-market lease liabilities $ 13,275 $ 9,051 $ 4,224 $ 25,941 $ 11,935 $ 14,006 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) 2021 2020 2019 In-place leases (1) $ 6,684 $ 8,150 $ 9,344 Other intangibles 937 1,165 1,165 Total included in depreciation and amortization $ 7,621 $ 9,315 $ 10,509 Above-market lease intangibles (2) $ 1,062 $ 1,219 $ 1,602 Below-market lease liabilities (3) (9,782) (4,294) (3,213) Total included in revenue from tenants $ (8,720) $ (3,075) $ (1,611) Below-market ground lease, included in property operating expenses (4) $ 49 $ 49 $ 48 ____ (1) During the year ended December 31, 2021, in connection with leases that were terminated the Company accelerated the depreciation of approximately $1.1 million of in-place lease intangibles which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2020, in connection with leases that were terminated during the year, the Company accelerated the depreciation of approximately $1.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. (2) In connection with the lease terminations in 2020, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2020 which was included in the revenue from tenants in the consolidated statement of operations. (3) In connection with the lease terminations in 2021, the Company accelerated the amortization of below-market lease intangibles $7.9 million which are included in revenue from tenants in the consolidated statement of operations for the year ended December 31, 2021. Additionally, in connection the lease terminations in 2020, the Company accelerated the amortization of approximately $1.9 million of below-market lease intangibles during the year ended December 31, 2020. (4) Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. See Note 2 — Summary of Significant Accounting Policies for additional information. The following table provides the projected amortization expenses and adjustments to revenue from tenants for the next five years as of December 31, 2021: (In thousands) 2022 2023 2024 2025 2026 In-place leases $ 4,668 $ 3,429 $ 2,678 $ 1,432 $ 673 Other intangibles 708 708 708 708 708 Total to be included in depreciation and amortization $ 5,376 $ 4,137 $ 3,386 $ 2,140 $ 1,381 Above-market lease assets $ 974 $ 825 $ 495 $ 206 $ 138 Below-market lease liabilities (1,218) (992) (962) (539) (183) Total to be included in revenue from tenants $ (244) $ (167) $ (467) $ (333) $ (45) Write-off of Deferred Leasing Commissions In January 2021, the Company’s former tenant, Knotel, filed for bankruptcy and all leases with the Company were terminated effective January 31, 2021. As a result of these terminations, the Company wrote-off $1.3 million of deferred leasing costs in the first quarter of 2021, which are included in depreciation and amortization expense in our consolidated statement of operations for the year ended December 31, 2021. Write-off of Tenant Improvements

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable as of December 31, 2021 and 2020 are as follows: Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2021 2020 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 (2) 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue 1 10,000 10,000 5.04 % Fixed Nov. 2028 9 Times Square (2) 1 55,000 55,000 3.72 % Fixed (3) Apr. 2024 196 Orchard Street 1 51,000 51,000 3.90 % Fixed Aug. 2029 Mortgage notes payable, gross 7 405,000 405,000 4.35 % Less: deferred financing costs, net (4) (6,883) (8,426) Mortgage notes payable, net $ 398,117 $ 396,574 ______ (1) As of December 31, 2021, $2.6 million of the proceeds remained in escrow and in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. The escrow amount will be released to fund leasing activity, tenant improvements and leasing commissions related to this property. (2) Due to covenant breaches resulting in cash traps for these properties, all cash generated from operating these properties is being held in a segregated account, and the Company no longer has access to the excess cash flows. See “Collateral and Interest Payments” section below for additional details. (3) Fixed as a result of the Company having entered into a “pay-fixed” interest rate swap agreement, which is included in derivatives, at fair value on the consolidated balance sheet as of December 31, 2021 (see Note 6 — Derivatives and Hedging Activities for additional information). (4) 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. 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. 196 Orchard Street Loan On July 17, 2019, the Company, through the OP, entered into a loan agreement with Nationwide Life Insurance Company for a $51.0 million loan in connection with the acquisition of 196 Orchard Street. The loan bears interest at a fixed rate of 3.85% and matures on August 1, 2029. The loan requires monthly interest-only payments, with the principal balance due on the maturity date, and is secured by, among other things, a first mortgage on the property. The Company has guaranteed, (i) at all times, certain enumerated recourse liabilities of the borrower under the agreement, and (ii) from and after certain events of defaults and other breaches under the agreement and other loan documents (including bankruptcies or similar events), payment of all amounts due to the lender in respect of the loan. 9 Times Square Loan On April 26, 2019, the Company, through the OP, entered into a term loan agreement with Capital One, National Association, as administrative agent, and the other lenders party thereto for a $55.0 million loan with an interest rate of 30-day LIBOR (with a floor of zero) plus 1.50% per annum, which has been fixed at 3.67% by a swap agreement. The loan has a maturity date of April 26, 2024, and requires monthly interest-only payments, with the principal balance due on the maturity date. The loan is secured by, among other things, a mortgage lien on the Company’s previously unencumbered 9 Times Square property. The Company has guaranteed certain enumerated recourse liabilities of the borrower under the agreement and the guaranty requires the Company to maintain a minimum net worth in excess of $175.0 million and minimum liquid assets of $10.0 million. Collateral and Principal Payments Real estate assets and intangible assets of $834.3 million, at cost (net of below-market lease liabilities), at December 31, 2021 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, 2021: (In thousands) Future Minimum Principal Payments 2022 (1) $ 5,500 2023 — 2024 49,500 2025 — 2026 99,000 Thereafter 251,000 Total $ 405,000 _____ (1) Amount was paid in March 2022 pursuant to a waiver and amendment of the loan on the Company’s 9 Times Square property. See additional details below. Debt Covenants 9 Times Square The Company has breached both a debt service coverage and a debt yield covenant under the non-recourse mortgage loan secured by 9 Times Square for each of the quarters ended December 31, 2020, through December 31, 2021. The debt service coverage and debt yield covenants are calculated quarterly using the twelve preceding months. The principal amount of the loan was $55.0 million as of December 31, 2021. The breaches, through the fourth consecutive quarter (September 31, 2021), while not events of default, required the Company to enter into a cash management period requiring all rents and other revenue of the property, if any, to be held in a segregated account as additional collateral under the loan. Thereafter, the contract provided for specific financial remedies to be completed or the loan would be in default. As of December 31, 2021 there was $4.3 million cash trapped under the loan being held in the cash management account, which was classified in restricted cash on the Company’s consolidated balance sheet as of December 31, 2021. The quarter ended September 30, 2021 was the fourth consecutive quarter the Company was in breach. On March 2, 2022 the Company entered into a waiver and amendment to this mortgage loan, under which the lender agreed to waive any potential existing default that may have existed under the loan, subject to the company paying $5.5 million of the principal amount under the loan. To fund the payment, which was made on March 3, 2022, the Company was permitted to use $5.5 million that was being held in a cash management account as of that date, $4.3 million of which was part of the Company’s restricted cash balance on its consolidated balance sheet as of December 31, 2021. Other significant changes from the waiver and amendment include: (1) revision of how the “debt service coverage ratio” is calculated by reducing the hypothetical interest rate used in this calculation to the actual interest rate on the loan; (2) a reduction the "debt yield" covenant to 7.5% from 8.0%; and (3) permits the Company to include free rent periods (subject to maximum limits) in calculating compliance with the debt service and debt yield covenants. The waiver and amendment also revises the LIBOR rate provisions to provide for a successor benchmark using the Secured Overnight Financing Rate (“SOFR”) and amends the spreads to 1.60% from 1.50%, per annum. With the waiver as of September 30, 2021, the Company can be in breach for up to 4 consecutive quarters without causing an event of default. Accordingly, while the Company also breached the debt service coverage and debt yield covenant as of December 31, 2021 and expects continue to be in breach in the near term, this does not represent an event of default under the amended terms. The Company expects to remain in the cash trap while it remains in breach and excess cash generated by the property, continues to be deposited in a separate cash management account until the Company is able to comply with all of the applicable covenants. The Company may remain in breach of the covenants through the reporting of third quarter of 2022 results at which time the Company will again enter the right sizing period which would require (1) repaying a portion of the loan or (ii) providing the lenders with additional collateral in the form of cash or a letter of credit, in each case in an amount sufficient to cure the covenant breaches when applied as a reduction of the loan balance. There is no assurance that the Company will be able to cure the breaches before such time, which could result in the lender accelerating the principal amount due under the loan and exercising other remedies including foreclosing on the property. Further, funding any substantial principal repayment would significantly impact the Company’s capital resources which could have a material adverse effect on our ability to fund our operating expenses (including debt service obligations), acquisitions, capital expenditures and dividends to the holders of shares of our Class A common stock. The agreement governing this loan requires us to maintain $10.0 million in liquid assets. 1140 Avenue of the Americas The Company has breached both a debt service coverage provision and a reserve fund provision under its non-recourse mortgage secured by the 1140 Avenue of the Americas property in each of the last six quarters ended December 31, 2021. The debt service coverage covenant is calculated quarterly using the twelve preceding months. The principal amount of the loan was $99.0 million as of December 31, 2021. These breaches are not events of default, rather they require excess cash, if any, generated at the property (after paying operating costs, debt service and capital/tenant replacement reserves) to be held in a segregated account as additional collateral under the loan. The covenants for this loan may be cured if the Company satisfies the required debt service coverage ratio for two consecutive quarters, whereupon the additional collateral will be released. The Company can remain subject to this reserve requirement through maturity of the loan without further penalty or ramifications. As of December 31, 2021, the Company has $4.5 million in cash that is retained by the lender and maintained in restricted cash on the Company’s consolidated balance sheet as of December 31, 2021. 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - Icon Garage The Company has breached a debt service coverage covenant under the non-recourse mortgage loan secured by 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - Icon Garage in the first, second and third quarters of 2021. The debt service coverage covenant is calculated quarterly using the twelve preceding months. The principal amount of the loan was $50.0 million as of December 31, 2021. The two parking garage tenants at this property had not paid rent in accordance with their lease agreements for 19 months and were placed on a cash basis in the fourth quarter of 2020. In October 2021, the Company signed a termination agreement with these tenants, which required the tenants to pay a $1.4 million termination payment to the Company, which was received during the fourth quarter of 2021. The $1.4 million in cash received for the lease termination fee has been deposited into a cash management account and is classified in restricted cash on our consolidated balance sheet as of December 31, 2021. As of December 31, 2021, while the Company has satisfied the debt service coverage covenant for this one quarter, the Company remains in breach until the Company satisfies with the covenant for two consecutive quarters. The Company’s breaches of the debt services coverage covenant are not events of default but rather require the Company to enter into a cash management period requiring all rents and other revenue of the property, if any, to be held in a segregated account as additional collateral under the loan. The covenant may be cured after complying with the debt service covenant for two consecutive quarters when the required debt service coverage for the property is maintained. The Company can remain subject to this reserve requirement through maturity of the loan without further penalty or ramifications. 8713 Fifth Avenue The Company breached a debt service coverage ratio covenant under the non-recourse mortgage secured by 8713 Fifth Avenue during the second, third and fourth quarters of 2021. The debt service coverage covenant is calculated quarterly using the twelve preceding months. The principal amount for the loan was $10.0 million as of December 31, 2021. The breach of this covenant did not result in an event of default but rather triggered an excess cash flow sweep period. The Company has the ability to avoid the excess cash flow sweep period by electing to fund a reserve in the amount of $125,000 of additional collateral in cash or as a letter of credit. As of December 31, 2021, the Company had not yet determined whether it will do so. The Company also has the ability to continue to avoid an excess cash flow sweep period by funding an additional $125,000 each quarter until the covenant breaches are cured in accordance with the terms of the loan agreement. If the Company does not elect to continue to fund the $125,000 additional collateral in a subsequent quarter, then the excess flow sweep period would commence in such quarter and continue until the covenant breaches are cured in accordance with the terms of the loan agreement. Additionally, in the event that the debt service coverage ratio covenant remains in breach at or below the current level for two consecutive calendar quarters and the lender reasonably determines that such breach is due to the property not being prudently managed by the current manager, the lender has the right, but not the obligation, to require that the Company replace the current manager with a third party manager chosen by the Company. As of December 31, 2021, no cash was trapped related to this property. The Company signed a lease with a new tenant at this property in November 2021 and expects the new tenant to occupy the space in the second quarter of 2022, which will bring the occupancy at this property back to 100%. Other Debt Covenants The Company was in compliance with the remaining covenants under its other mortgage notes payable as of December 31, 2021, however, it continues to monitor compliance with those provisions. If the Company experiences additional lease terminations, due to tenant bankruptcies or otherwise, or tenants placed on a cash basis continue to not pay rent, it is possible that certain of the covenants on other loans may be breached and the Company may also become restricted from accessing excess cash flows from those properties. Similar to the loans discussed above, the Company’s other mortgages also contain cash management provisions that are not considered events of default, and as such, acceleration of principal would only occur upon an eve nt of default. LIBOR Transition In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified SOFR as its preferred alternative to LIBOR in derivatives and other financial contracts. On March 5, 2021, the Financial Conduct Authority confirmed a partial extension of this deadline, announcing that it will cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021. The remaining USD LIBOR settings will continue to be published through June 30, 2023. The Company is not able to predict when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR will also be impacted as LIBOR is limited and discontinued and contracts must be transitioned to a new alternative rate. While the Company expects LIBOR to be available in substantially its current form until at least June 30, 2023, it is possible that LIBOR will become unavailable prior to that time. This could occur, for example, if a sufficient number of banks decline to make submissions to the LIBOR administrator. The Company has a mortgage loan agreement and a related derivative agreement for a “pay-fixed” swap that have terms based on LIBOR. Those agreements have alternative rates already contained in the agreements, and the Company anticipates that it will either utilize the alternative rates contained in the agreements or negotiate a replacement reference rate for LIBOR with the lenders and derivative counterparties.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
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 Measured at Fair Value on a Recurring Basis Derivative Instruments The Company’s derivative instruments are measured at fair value on a recurring basis. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivatives valuation in its entirety is classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2021 Interest rate “Pay-fixed” swaps - liabilities $ — $ (1,553) $ — $ (1,553) December 31, 2020 Interest rate “Pay-fixed” swaps - liabilities $ — $ (3,405) $ — $ (3,405) Financial Instruments that are not Reported 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 the 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, 2021 2020 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 145,827 $ 140,000 $ 149,733 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 100,616 99,000 102,849 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 51,750 50,000 53,087 Mortgage note payable — 8713 Fifth Avenue 3 10,000 10,633 10,000 10,937 Mortgage note payable — 9 Times Square 3 55,000 53,654 55,000 52,504 Mortgage note payable — 196 Orchard Street 3 51,000 50,423 51,000 49,250 Total $ 405,000 $ 412,903 $ 405,000 $ 418,360

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company currently uses derivative financial instruments, including an interest rate swap, and may in the future use others, including options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company endeavors to only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. On March 28, 2019, the Company entered into a forward starting five-year interest rate swap which became effective on May 1, 2019. The Company entered into this derivative in order to lock-in and swap the floating rate interest on its term loan encumbering the Company’s 9 Times Square property to a fixed rate. Upon entering into the swap, the Company paid a deposit of $0.8 million which was refunded at the closing of the new financing for the 9 Times Square property effective as of April 26, 2019. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2021 and 2019. (In thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative liability, at fair value $ (1,553) $ (3,405) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract and payments of variable-rate amounts if interest rates fall below the floor strike rate on the contract. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2021, 2020 and 2019, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that $0.9 million will be reclassified from other comprehensive income as an increase to interest expense. As of December 31, 2021 and 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2021 December 31, 2020 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 55,000 1 $ 55,000 The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, (In thousands) 2021 2020 2019 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 698 $ (2,944) $ (1,336) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (1,153) $ (867) $ (9) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ (19,090) $ (19,140) $ (17,157) Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2021, 2020 and 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2021 $ — $ (1,553) $ — $ (1,553) $ — $ — $ (1,553) December 31, 2020 $ — $ (3,405) $ — $ (3,405) $ — $ — (3,405) Credit-risk-related Contingent Feature s The Company has agreements with its derivative counterparty that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2021, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.7 million. As of December 31, 2021, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $1.7 million.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of December 31, 2021 and 2020, the Company had approximately 13.3 million and 12.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP. As of December 31, 2021, all of the Company’s shares of common stock outstanding was Class A common stock, including unvested restricted shares. As of December 31, 2020, the Company’s shares of common stock outstanding were comprised of 6.4 million shares of Class A common stock, including unvested restricted shares and 6.4 million shares of Class B common stock, including unvested restricted shares. On March 1, 2021 and August 13, 2021, all of the remaining shares of Class B common stock were converted into shares of Class A common stock and were listed on the NYSE, resulting in no Class B common stock outstanding as of December 31, 2021 (see Note 1 - Organization) . Except with respect to listing and conversion shares of Class B common stock had identical preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption as the shares of Class A common stock. Accordingly, Class A common stock and Class B common stock were reflected collectively as “common stock” on a combined basis in the December 31, 2020 financial statements. 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. As a result, the Company did not pay distributions during the year ended December 31, 2019. In connection with the Listing, the Company reinstated distributions to the Company’s common stockholders in the amount of $0.40 per share ($0.10 per share, per quarter) of common stock per year, payable to holders of record on a single quarterly record date. The first dividend was declared on October 1, 2020 and paid on October 15, 2020 in a partial quarterly amount equal to $0.04889 per share of common stock covering the period from the Listing Date through September 30, 2020. Subsequent dividends have been declared and paid in the quarterly amount of $0.10 per share. For the years ended December 31, 2021 and 2020, from a U.S. federal income tax perspective, 100% of dividends, or $0.40 and $0.04889 per share, respectively, represented a return of capital. Corporate Actions In order to effect the Listing, the Company took the following corporate actions on August 5, 2020, which resulted in a net reduction of 2.43 for every one share of common stock: • amended its charter to effect a 9.72-to-1 reverse stock split combining every 9.72 shares of the Company’s common stock, par value $0.01 per share, into one share of common stock, par value $0.0972 per share; • amended its charter to reduce the par value of the shares of common stock outstanding after the reverse stock split from $0.0972 per share to $0.01 per share and rename the common stock “Class A common stock;” • reclassified 9,750,000 authorized but unissued shares of Class A common stock (equal to approximately three times the number of shares of Class A common stock then issued and outstanding) into shares of Class B common stock, par value $0.01 per share; and • declared and paid a stock dividend of three shares of Class B common stock to every holder of record of Class A common stock In connection with the Listing, the Company repurchased 6,672 fractional shares of common stock for $0.3 million. Listing Impacts On the Listing Date, the following events impacted the Company’s common shares outstanding: • 65,498 Class B Units were converted into Class A Units, of which 52,398 of these Class A Units then held by the Advisor, were subsequently redeemed for an equal number of shares of Class A common stock (see Note 9 — Related Party Transactions and Arrangements for additional information on the Class B Units). As a result, the Company recorded expense of $1.2 million, resulting in an increase to total stockholders’ equity of $0.9 million and an increase to non-controlling interests of $0.2 million with respect to the remaining 13,100 Class A Units still held by a third party and not redeemed as of December 31, 2020. The remaining Class A Units were redeemed for an equal number of shares of Class A common stock during the second quarter 2021, resulting in a decrease to non-controlling interest of $0.2 million. • 37 Class A Units, which were held by the Advisor, were redeemed for an equal number of shares of Class A common stock. Equity Offerings Class A Common Stock On October 1, 2020, the Company entered into an Equity Distribution Agreement, under which the Company may, from time to time, offer, issue and sell to the public, through its sales agents, shares of Class A common stock having an aggregate offering price of up to $250.0 million in an “at the market” equity offering program (the “Common Stock ATM Program”). The Company sold 466,651 shares of Class A common stock through the Common Stock ATM Program, for gross proceeds of $5.3 million, before commissions paid of $53,000 and issuance costs of $0.8 million. In total, the Company had incurred $1.0 million in costs related to the establishment of the Common Stock ATM Program which were initially recorded in prepaid expenses and other assets on the Company’s consolidated balance sheet as of December 31, 2021. Upon receiving proceeds under the Common Stock ATM Program, in the second, third and fourth quarters of 2021, Company reclassified the entire $1.0 million prepaid balance to additional paid in capital in the Company’s consolidated statement of changes equity as a reduction of the gross proceeds received under the Common Stock ATM Program. Repurchase Program The Company’s directors has adopted a resolution authorizing consideration of share repurchases of up to $100 million of shares of Class A common stock over a long-term period following the Listing. Actual repurchases would be reviewed and approved by the Company’s board of directors based on management recommendations taking into consideration all information available at the specific time including the Company’s available cash resources (including the ability to borrow), market capitalization, trading price and alternative uses such as acquisitions. Repurchases would typically be made on the open market in accordance with SEC rules creating a safe harbor for issuer repurchases but may also occur in privately negotiated transactions. No shares have been repurchased during the year ended December 31, 2021. Stockholder Rights Plan In May 2020, the Company announced that its board of directors had approved a stockholder rights plan, but did not take actions to declare a dividend for the plan to become effective. In August 2020, in connection with the Listing and the related bifurcation of common stock into Class A and Class B common stock, the Company entered into an amended and restated rights agreement, which amended and restated the stockholders rights plan approved in May 2020 and declared a dividend payable in August 2020, of one Class A right for and on each share of Class A common stock and one Class B right for and on each share of Class B common stock, in each case, outstanding on the close of business on August 28, 2020 to the stockholders of record on that date. Each right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), of the Company at a price of $55.00 per one one-thousandth of a share of Series A Preferred Stock, represented by a right, subject to adjustment. On August 12, 2021 the expiration date of these rights was extended from August 16, 2021 to August 16, 2022. Distribution Reinvestment Plan Until August 28, 2020, the Company had a distribution reinvestment plan (“DRIP”), pursuant to which, stockholders may elect to reinvest distributions paid in cash in additional shares of common stock. The Company had the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. An amendment and restatement of the DRIP (the “A&R DRIP”) in connection with the Listing became effective on August 28, 2020. The A&R DRIP allows stockholders who have elected to participate to have dividends paid with respect to all or a portion of their shares of Class A common stock and Class B common stock reinvested in additional shares of Class A common stock. Shares received by participants in the A&R DRIP will represent shares that are, at the election of the Company, either (i) acquired directly from the Company, which would issue new shares, at a price based on the average of the high and low sales prices of Class A common stock on the NYSE on the date of reinvestment, or (ii) acquired through open market purchases by the plan administrator at a price based on the weighted-average of the actual prices paid for all of the shares of Class A common stock purchased by the plan administrator with proceeds from reinvested dividends to participants for the related quarter, less a per share processing fee. Shares issue d by the Company pursuant to the DRIP or the A&R DRIP were or are recorded within stockholders’ equity in the consolidated balance sheets in the period dividends or other distributions are declared. During the year ended December 31, 2021, any DRIP transactions were settled through open market transactions and no shares were issued by the Company. Tender Offer On December 28, 2020, in response to an unsolicited offer to the Company’s stockholders, the Company commenced a tender offer, (as amended, the “December Offer”) to purchase up to 65,000 shares of Class B common stock for cash at a purchase price equal to $7.00 per share. The Company made the December Offer in order to deter an unsolicited bidder and other potential future bidders that may try to exploit the illiquidity of the Company’s Class B common stock and acquire it from stockholders at prices substantially less than the price at which the Company’s Class A common stock had been trading on the NYSE. The December Offer expired on January 27, 2021. In accordance with the terms of the December offer, the Company purchased 26,236 shares of Class B common stock for a total cost of approximately $0.2 million, including fees and expenses relating to the tender offer, with cash on hand in February 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Arrangement - Ground Lease The Company entered into a ground lease agreement in 2016 related to the acquisition of 1140 Avenue of the Americas under a leasehold interest arrangement and recorded an ROU asset and liability related to this lease upon adoption of ASU 2016-02 during the year ended December 31, 2019. The ground lease is considered an operating lease. In computing the lease liabilities, the Company discounts future lease payments at an estimated incremental borrowing rate at adoption or acquisition if later. The term of the Company’s ground lease is significantly longer than the term of borrowings available to the Company on a fully-collateralized basis. The Company’s estimate of the incremental borrowing rate required significant judgment. As of December 31, 2021, the Company’s ground lease has a weighted-average remaining lease term of 45.0 years and a discount rate of 8.6%. As of December 31, 2021, the Company’s balance sheet includes an ROU asset and liability of $55.2 million and $54.8 million, respectively, which are included in operating lease right-of-use asset and operating lease liability, respectively, on the consolidated balance sheet. For the years ended December 31, 2021, 2020 and 2019, the Company paid cash of $4.7 million for amounts included in the measurement of lease liabilities and recorded expense of $4.9 million on a straight-line basis in accordance with the standard. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The Company did not enter into any additional ground leases as lessee during the years ended December 31, 2021, 2020 and 2019. The following table reflects the ground lease rent payments due from the Company and a reconciliation to the net present value of those payments as of December 31, 2021: (In thousands) Future Minimum Base Rent Payments 2022 $ 4,746 2023 4,746 2024 4,746 2025 4,746 2026 4,746 Thereafter 197,754 Total 221,484 Less: Effects of discounting (166,714) Total present value of lease payments $ 54,770 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, 2021, 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, 2021
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of December 31, 2021 and 2020, an entity wholly owned by AR Global Investments, LLC owned 56,091 shares of the Company’s outstanding common stock. Fees and Participations Incurred in Connection With the Operations of the Company Summary of Advisory Agreement Pursuant to the advisory agreement with the Advisor (as amended from time to time, the “Advisory Agreement”), the Advisor manages the Company’s day-to-day operations. The initial term of the 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 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 Advisory Agreement) is payable if the Company makes this election. Asset Management Fees and Variable Management/Incentive Fees The Company pays the Advisor a base asset management fee on the first business day of each month equal to (x) $0.5 million plus (y) a variable amount equal to (a) 1.25% of the equity proceeds received after November 16, 2018, divided by (b) 12. The base asset management fee is payable in cash, shares of common stock, units of limited partnership interest in the OP, or a combination thereof, at the Advisor’s election. 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, which occurred in October 2020), any cumulative Core Earnings (as defined in the Advisory Agreement) in excess of cumulative distributions paid on the Company’s common stock since November 16, 2018, the effective date of the most recent amendment and restatement of the Advisory Agreement. The Advisory Agreement also entitles the Advisor to an incentive variable management fee. In August 2020, the Company entered into an amendment to the Advisory Agreement to adjust the quarterly thresholds of Core Earnings Per Adjusted Share (as defined in the Advisory Agreement) the Company must reach on a quarterly basis for the Advisor to receive the variable management fee to reflect the Reverse Stock Split. Prior to this amendment, the variable management fee was 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 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. Following the August 2020 amendment, the quarterly thresholds of Core Earnings Per Adjusted Share increased from $0.06 and $0.08 to $0.1458 and $0.1944. The variable management fee is payable quarterly in arrears in cash, shares of common stock, units of limited partnership interest in the OP or a combination thereof, at the Advisor’s election. The Company paid $6.0 million, $6.0 million and $6.0 million in cash asset management fees during the years ended December 31, 2021, 2020 and 2019, respectively. There were no variable management fees incurred in any of these periods. Prior to October 1, 2015, for its asset management services provided under the advisory agreement, the Company caused the OP to issue to the Advisor 65,498 Class B Units (52,398 of which were still held by the Advisor at the time of the Listing), after giving effect to the Reverse Stock Split (see Note 1 — Organization for additional details). The Class B Units were intended to be profits interests that would vest, and no longer 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 equaled or exceeded the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, (the “Economic Hurdle”); (b) any one of the following events occurred concurrently with or subsequently to the achievement of the Economic Hurdle: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a transaction to which the Company or the OP was a party, as a result of which OP units or the Company’s common stock were 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 had been met; and (c) the Advisor pursuant to the advisory agreement was providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above (the “performance condition”). Pursuant to the limited partnership agreement to the OP, the Advisor was entitled to receive distributions on Class B Units, whether vested or unvested, at the same rate as distributions, if any, received on the Company’s common stock. Such distributions on issued Class B Units, if any, were expensed in the consolidated statements of operations and comprehensive loss until the performance condition was considered probable to occur. As a result of the Listing, which satisfied the performance condition, and the prior determination by the Company’s independent directors that the Economic Hurdle had been satisfied, the Class B Units vested in accordance with their terms and were converted into an equal number of Class A Units. In addition, effective at the Listing following this conversion and as approved by the Company’s independent directors, 52,398 of Class A Units, which were then held by the Advisor, were redeemed for an equal number of newly issued shares of Class A common stock consistent with redemption provisions contained in the A&R OP Agreement. As a result of the conversion of all 65,498 Class B Units into Class A Units, the Company recorded a non-cash expense of approximately $1.2 million, which is recorded in vesting and conversion of Class B Units in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. The remaining Class A Units, held by third parties, were redeemed for an equal number of shares of Class A common stock during the second quarter of 2021. Property Management Fees Pursuant to the Property Management and Leasing Agreement (the “PMA”), as most recently amended on November 16, 2018 except in certain cases where the Company contracted with a third party, the Company paid the Property Manager a property management fee equal to: (i) for non-hotel properties, 3.25% 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 term of the PMA is coterminous with the term of the Advisory Agreement. Pursuant to the PMA, the Company reimburses the Property Manager for property-level expenses. These reimbursements are not limited in amount and may include reasonable salaries, bonuses, and benefits of individuals employed by the Property Manager, except for the salaries, bonuses, and benefits of individuals who also serve as one of or executive officers or as an executive officer of the Property Manager or any of its affiliates. The Property Manager may also 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 loan for its 400 E. 67th Street - Laurel Condominium and 200 Riverside Boulevard properties the Company entered into in April 2018, the borrowers entered into a new property management agreement with the Property Manager (the “April 2018 PMA”) to manage the properties secured by the loan. With respect to these properties, the substantive terms of the April 2018 PMA are identical to the terms of the PMA, except that the property management fee for non-hotel properties is 4.0% of gross revenues from the properties managed, plus market-based leasing commissions. The April 2018 PMA has an initial term of one year that is automatically extended for an unlimited number of successive one-year terms at the end of each year unless any party gives 60 days’ written notice to the other parties of its intention to terminate. The Company incurred approximately $1.6 million, $1.6 million and $1.3 million in property management fees during the years ended December 31, 2021, 2020 and 2019, respectively. Professional Fees and Other Reimbursements The Company pays directly or reimburses the Advisor monthly in arrears, for all the expenses paid or incurred by the Advisor or its affiliates in connection with the services it provides to the Company under the Advisory Agreement, subject to the following limitations: • 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, these costs may not exceed in any fiscal year, (i) $0.4 million, or (ii) if the Asset Cost (as defined in the 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), these amounts must be comparable to market rates and reimbursements may not exceed, in any fiscal 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%. Professional fees and other reimbursements for the years ended December 31, 2021, 2020, and 2019 were $4.1 million, $3.6 million and $3.2 million, respectively. These amounts include reimbursements to the Advisor for administrative, overhead and personnel services, which are subject to the limits noted above, as well as costs associated with directors and officers insurance which are not subject to the those limits. The amount of expenses included within professional fees and other reimbursements related to administrative, overhead and personnel services provided by and reimbursed to the Advisor for the year ended December 31, 2021 were $3.0 million, of which $0.4 million related to administrative and overhead expenses and $2.6 million were for salaries, wages, and benefits. Total reimbursement expenses for administrative and personnel services provided by and reimbursed to the Advisor during the year ended December 31, 2020 were $3.0 million, of which $0.4 million related to administrative and overhead expenses and $2.6 million were for salaries, wages, and benefits. As a result, the Company met the limit for the administrative and overhead expenses and salaries, wages, and benefits as described above. The 2019 bonus reimbursement received from the Advisor discussed below was not included in the assessment of whether reimbursement expense limits were met for the year ended December 31, 2020. Total reimbursement expenses for administrative, overhead and personnel services provided by and reimbursed to the Advisor for the year ended December 31, 2019 were $3.0 million, of which $0.4 million related to administrative and overhead expenses and $2.6 million were for salaries, wages, and benefits. As part of this reimbursement, with respect to the salaries, wages, and benefits of all employees of the Advisor or its affiliates, the Company reimbursed approximately $0.9 million in 2019 to the Advisor or its affiliates for bonuses of employees of the Advisor or its affiliates who provided administrative services during the year, prorated for the time spent working on matters relating to the Company. The Company does not reimburse the Advisor or its affiliates for any bonus amounts relating to time dedicated to the Company by Edward M. Weil, Jr., the Company’s chief executive officer. The Advisor formally awarded 2019 bonuses to employees of the Advisor or its affiliates in September 2020 (the “2019 Bonus Awards”). The original $0.9 million estimate for bonuses recorded and paid to the Advisor in 2019 exceeded the cash portion of the 2019 Bonus Awards that were to be paid to employees of the Advisor or its affiliates by $0.4 million and that were to be reimbursed by the Company. As a result, during the year ended December 31, 2020, the Company recorded a receivable from the Advisor of $0.4 million in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction in general and administrative expenses. Pursuant to authorization by the Company’s independent directors, the $0.4 million receivable was fully repaid to the Company over a 10-month period from January 2021 through October 2021. Reimbursements for the cash portion of 2020 bonuses to employees of the Advisor or its affiliates continue to be expensed and reimbursed on a monthly basis during 2020, and in 2021 bonuses were again expensed in accordance with the cash bonus estimates provided by the Advisor. Generally, prior to the 2019 Bonus Awards, employee bonuses have been formally awarded to employees of the Advisor or its affiliates in March as an all-cash award and paid out by the Advisor in the year subsequent to the year in which services were rendered to the Company. Summary of Fees, Expenses and Related Payables 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) 2021 2020 2019 December 31, Incurred Incurred Incurred 2021 2020 Acquisition fees and reimbursements: Financing coordination fees and leasing commissions (1) $ — $ — $ 6 $ — $ — Ongoing fees: Asset and property management fees to related parties (2) 7,554 7,577 7,328 141 (28) (4) Professional fees and other reimbursements (3) 4,064 3,551 3,210 — — Professional fee credit due from the Advisor (5) (407) — (407) (4) Total related party operation fees and reimbursements $ 11,618 $ 10,721 $ 10,544 $ 141 $ (435) _________ (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) Beginning on April 1, 2019, property management fees due to the Property Manager were no longer adjusted for reimbursable expenses paid by the Company to third-party property managers. (3) Amounts for the year ended December 31, 2021, 2020 and 2019, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $204,000 related to the reversal of a payable balance at December 31, 2018 due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”). The payable balance was related to costs incurred and accrued due to RCAP which, prior to its bankruptcy filing, was under common control with the Advisor. (4) Included in prepaid expenses and other assets on the consolidated balance sheets, respectively. (5) Included in general and administrative expenses. The $0.4 million relates to overpayment of the 2019 Bonus Awards which was repaid by the Advisor to the Company during the nine months ended September 30, 2021. Listing Arrangements Listing Note Pursuant to the limited partnership agreement of the OP, which was amended and restated in connection with the effectiveness of the Listing on the Listing Date (as so amended and restated, the “A&R OP Agreement”), in the event the Company’s shares of common stock was listed on a national exchange, the OP was obligated to distribute to the Special Limited Partner a promissory note in an aggregate amount (the “Listing Amount”) equal to 15.0% of the difference (to the extent the result is a positive number) between: • the sum of (i) (A) the average closing price of the shares of Class A common stock over the Measurement Period (as defined below) multiplied by the number of shares of common stock issued and outstanding as of the Listing, plus (B) the sum of all distributions or dividends (from any source) paid by the Company to its stockholders prior to the Listing; and (ii) (X) the aggregate purchase price (without deduction for organization and offering expenses or any other underwriting discount, commissions or offering expenses) of the initial public offering of the Company’s common stock, plus (Y) the total amount of cash that, if distributed to the stockholders who purchased shares of the Company’s common stock in the initial public offering, would have provided those stockholders with a 6.0% cumulative, non-compounded, pre-tax annual return on the aggregate purchase price of shares sold in the initial public offering through the listing, minus any distributions of net sales proceeds made to the Special Limited Partner prior to the end of the Measurement Period (as defined below). Effective at the Listing, the OP entered into a listing note agreement with respect to this obligation (the “Listing Note”) with the Special Limited Partner. The Listing Note evidences the OP’s obligation to distribute to the Special Limited Partner the Listing Amount, which will be calculated based on the Market Value of the Company’s common stock. Until the end of the 30 consecutive trading dates commencing on February 9, 2022 (the “Measurement Period”), which is the 180 th day after August 13, 2021, which was the day all of the shares of the Company’s Class B common stock fully converted into shares of Class A common stock and began trading on the NYSE (the “Measurement Period”), the final value of the Listing Note will not be determinable. Until the amount of the Listing Note can be determined, the Listing Note will be considered a liability which will be marked to fair value at each reporting date, with changes in the fair value recorded in the consolidated statements of operations and comprehensive loss. The fair value of the Listing Note at issuance on the Listing Date (August 18, 2020) and at December 31, 2021 was nominal and was determined using a Monte Carlo simulation, which uses a combination of observable and unobservable inputs. The fair value of the Listing Note, if any, will be paid at the end of the Measurement Period. The Special Partner has the right to receive distributions of Net Sales Proceeds (as defined in the Listing Note), until the Listing Note is paid in full; provided that, the Special Limited Partner has the right, but not the obligation, to convert its entire special limited partnership interest in the OP into Class A Units. Multi-Year Outperformance Agreement The amendments effected to the limited partnership agreement of the OP pursuant to the A&R OP Agreement generally reflect provisions more consistent with the agreements of limited partnership of other operating partnerships controlled by real estate investment trusts with securities that are publicly traded and listed and make other changes in light of the transactions entered into by the Company in connection with the Listing. The A&R OP Agreement sets forth the terms of the LTIP Units, which includes the Master LTIP Unit (the “Master LTIP Unit”) issued to the Advisor on August 18, 2020 pursuant to a multi- year outperformance award agreement entered into with the Advisor (the “2020 OPP”). In addition, the A&R OP Agreement describes the procedures pursuant to which holders of Class A Units may redeem all or a portion of their Class A Units on a one-for-one basis for, at the Company’s election, shares of Class A common stock or the cash equivalent thereof. The A&R OP Agreement also requires the Company, upon the request of a holder of Class A Units but subject to certain conditions and limitations, to register under the Securities Act, the issuance or resale of the shares of Class A common stock issuable upon redemption of Class A Units in accordance with the A&R OP Agreement. On the Listing Date, the Company, the OP and the Advisor entered into the 2020 OPP pursuant to which a performance- based equity award was granted to the Advisor. Initially, the award under the 2020 OPP was in the form of a single Master LTIP Unit. On September 30, 2020, the Master LTIP Unit automatically converted into 4,012,841 LTIP Units in accordance with its terms. For additional information on the 2020 OPP, see Note 11 – Equity-Based Compensation. Termination Fees Payable to the Advisor The Advisory Agreement requires the Company to pay a termination fee to the Advisor if 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 Advisory Agreement). The termination fee is equal to • $15.0 million plus an amount equal to the product of (i) three (if the termination was 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 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 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 issued by the Company and its subsidiaries in respect of the fiscal quarter immediately prior to the fiscal quarter in which the Advisory Agreement is terminated. In connection with the termination or expiration of the 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. Side Letter to the Advisory Agreement Subsequent to December 31, 2021, on February 4, 2022, the Company entered into a side letter (the “Side Letter”) with Advisor to the Advisory Agreement whereby a portion of the management fees to be paid to the Advisor would be utilized to purchase up to $3.0 million in the Company’s Class A common stock (see Note 13 — Subsequent Events

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2021
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.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity Plans Restricted Share Plan Prior to the Listing, the Company had an employee and director incentive restricted share plan (as amended, the “RSP”). The RSP provided for the automatic grant of the number of restricted shares equal to $30,000 divided by the then-current Estimated Per-Share NAV, which were 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 also provided 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. 2020 Equity Plan Effective at the Listing, the Company’s independent directors approved an equity plan for the Advisor (the “Advisor Plan”) and an equity plan for individuals (the “Individual Plan” and together with the Advisor Plan, the “2020 Equity Plan”). The Advisor Plan is substantially similar to the Individual Plan, except with respect to the eligible participants. Awards under the Individual Plan is open to the Company’s directors, officers and employees (if the Company ever has employees), employees, officers and directors of the Advisor and as a general matter, employees of affiliates of the Advisor that provide services to the Company. Awards under the Advisor Plan may only be granted to the Advisor and its affiliates (including any person to whom the Advisor subcontracts substantially all of responsibility for directing or performing the day-to-day business affairs of the Company). The 2020 Equity Plan succeeded and replaced the existing RSP. Following the effectiveness of the 2020 Equity Plan at the Listing, no further awards have been or will be granted under the RSP; provided, however, any outstanding awards under the RSP, such as unvested restricted shares held by the Company’s independent directors, will remain in effect in accordance with their terms and the terms of the RSP, until all those awards are exercised, settled, forfeited, canceled, expired or otherwise terminated. The Company accounts for forfeitures when they occur. While the RSP provided only for awards of restricted shares, the 2020 Equity Plan has been e xpanded to also permit awards of restricted stock units, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards. In addition, the 2020 Equity Plan eliminates the “automatic grant” provisions of the RSP that dictated the terms and amount of the annual award of restricted shares to independent directors. Going forward, grants to independent directors will be made in accordance with the Company’s new director compensation program, as described below under “—Director Compensation.” The 2020 Equity Plan has a term of 10 years, expiring August 18, 2030. The number of shares of the Company’s capital stock that may be issued or subject to awards under the 2020 Equity Plan, in the aggregate, is equal to 20.0% of the Company’s outstanding shares of common stock on a fully diluted basis at any time. Shares subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. Director Compensation Effective on the Listing Date, the Company’s independent directors approved a change to the Company’s director compensation program. Starting with the annual award of restricted shares to be made in connection with the Company’s 2021 annual meeting of stockholders, the amount of the annual award will be increased from $30,000 to $65,000. No other changes were made to the Company’s director compensation program. Restricted Shares 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. 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 dividends on the same basis as dividends paid on shares of common stock, if any, prior to the time that the restrictions on the restricted shares have lapsed and thereafter. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. In March 2022, the compensation committee delegated authority to the Company’s chief executive officer to award up to 200,000 restricted shares to employees of the Advisor or its affiliates who are involved in providing services to the Company, including the Company’s chief financial officer, subject to certain limits and restrictions imposed by the compensation committee. The compensation committee remains responsible for approving and administering all grants of awards to the Company’s chief financial officer, including any award of restricted shares recommended by the Company’s chief executive officer. No awards under the 2020 Equity Plan may be made pursuant to this delegation of authority to anyone who is also a partner, member or equity owner of the parent of the Advisor . Restricted share awards that have been granted to the Company’s directors 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. There have not been any grants of restricted shares to other individuals under the 2020 Equity Plan. The restricted shares granted to employees of the Advisor or its affiliates, if any, will vest in 25% increments on each of the first four anniversaries of the grant date. Except in connection with a change in control (as defined in the award agreement) of the Company, any unvested restricted shares will be forfeited if the holder’s employment with the Advisor terminates for any reason. Upon a change in control of the Company, 50% of the unvested restricted shares will immediately vest and the remaining unvested restricted shares will be forfeited. The following table displays restricted share award activity during the years ended December 31, 2021, 2020 and 2019: Number of Weighted-Average Issue Price Unvested, December 31, 2018 5,196 $ 52.20 Granted 1,828 49.23 Vested (1,592) 52.76 Unvested, December 31, 2019 5,433 51.03 Granted 1,828 49.23 Vested (1,738) 51.78 Fractional share redemption (1) (7) 49.16 Unvested, December 31, 2020 5,516 50.20 Granted 21,546 9.05 Vested (1,884) 49.97 Fractional share redemption (1) (6) 9.81 Unvested, December 31, 2021 25,172 15.00 (1) Represents fractional shares redeemed in connection with the conversion of the first tranche of shares of Class B common stock to shares of Class A common stock that occurred on December 16, 2020 and the second tranche of shares of Class B common stock to shares of Class A common stock that occurred on March 1, 2021. As of December 31, 2021, the Company had $0.3 million of unrecognized compensation cost, respectively, related to unvested restricted share awards granted and the cost is expected to be recognized over a weighted-average period of 3.79 years. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted share awards was approximately $108,000, $96,000 and $86,000 for the years ended December 31, 2021, 2020 and 2019, 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. Multi-Year Outperformance Award On the Listing Date, the Company, the Company, the OP and the Advisor entered into the 2020 OPP pursuant to which a performance-based equity award was granted to the Advisor. The award was based on the recommendation of the Company’s compensation consultant, and approved by the Company’s independent directors, acting as a group. Initially, the award under the 2020 OPP was in the form of a single Master LTIP Unit. On September 30, 2020, the 30th trading day following the Listing Date, in accordance with its terms, the Master LTIP Unit automatically converted into 4,012,841 LTIP Units, equal to the quotient of $50.0 million divided by $12.46, which represented the average closing price of one share of Class A common stock over the ten consecutive trading days immediately prior to September 30, 2020. This number of LTIP Units represents the maximum number of LTIP Units that may be earned by the Advisor during a performance period ending on the earliest of (i) August 18, 2023, (ii) the effective date of any Change of Control (as defined in the 2020 OPP) and (iii) the effective date of any termination of the Advisor’s service as advisor of the Company. For accounting purposes, July 19, 2020 is treated as the grant date (the “Grant Date”), because the Company’s independent directors approved the 2020 OPP and the award made thereunder on that date. The Company engaged third party specialists, who used a Monte Carlo simulation, to calculate the fair value as of the date the Master LTIP Unit converted (September 30, 2020), on which date the fair value was also fixed. The total fair value of the LTIP Units of $25.8 million is being recorded over the requisite service period of 3.07 years beginning on the Grant Date and ending on the third anniversary of the Listing Date (August 18, 2023). As a result, during the year ended December 31, 2021 and 2020, the Company recorded equity-based compensation expense related to the LTIP Units of $8.4 million and $3.8 million, respectively, which is recorded in equity-based compensation in the consolidated statements of operations and comprehensive loss. As of December 31, 2021, the Company had $13.7 million of unrecognized compensation expense related to the LTIP Units, which is expected to be recognized over a period of 1.6 years. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units set forth in the agreement of limited partnership of the OP. Holders of LTIP Units are entitled to distributions on the LTIP Units equal to 10% of the distributions made per Class A Unit (other than distributions of sale proceeds) until the LTIP Units are earned. Distributions paid on a Class A Unit are equal to dividends paid on a share of Class A common stock. Distributions paid on LTIP Units are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. The Advisor is entitled to a priority catch-up distribution on each earned LTIP Unit equal to 90% of the aggregate distributions paid on Class A Units during the applicable performance period. Any LTIP Units that are earned become entitled to receive the same distributions paid on the Class A Units. If and when the Advisor’s capital account with respect to an earned LTIP Unit is equal to the capital account balance of a Class A Unit, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, is entitled to convert the LTIP Unit into a Class A Unit, which may in turn be redeemed on a one-for-one basis for, at the Company’s election, a share of Class A common stock or the cash equivalent thereof. For the years ended December 31, 2021 and 2020 the Company paid $160,000 and $20,000, respectively, of distributions related to the LTIP units. Performance Measures With respect to one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute total stockholder return (“TSR”) levels as shown in the table below. Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12 % 0 % Threshold 12 % 25 % Target 18 % 50 % Maximum 24 % or higher 100 % If the Company’s absolute TSR is more than 12% but less than 18%, or more than 18% but less than 24%, the percentage of the Absolute TSR LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. With respect to the remaining one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period base on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Empire State Realty Trust, Inc., Franklin Street Properties Corp., Paramount Group, Inc. and Clipper Realty Inc. as of the last day of the performance period. Performance Level Relative TSR Excess Percentage of LTIP Units Earned Below Threshold Less than -600 basis points 0 % Threshold -600 basis points 25 % Target 0 basis points 50 % Maximum +600 basis points 100 % If the relative TSR excess is between -600 bps and zero basis points, or between zero basis points and +600 basis points, the percentage of the Relative TSR LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. Other Terms In the case of a Change of Control or a termination of the Advisor without Cause (as defined in the Advisory Agreement), the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR prorated to reflect a performance period of less than three years but without prorating the number of LTIP Units that may become earned to reflect the shortened performance period. In the case of a termination of the Advisor for Cause, the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the termination, with the hurdles for calculating absolute TSR and the number of LTIP Units that may become earned each prorated to reflect a performance period of less than three years. The award of LTIP Units under the 2020 OPP is administered by the Company’s compensation committee, provided that any of the compensation committee’s powers can be exercised instead by the Company’s board of directors if the board of directors so elect. Promptly following the performance period, the compensation committee will determine the number of LTIP Units earned, (if any) based on a calculations prepared by an independent consultant engaged by the Committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any LTIP Units or any Class A Units into which LTIP Units may be converted in accordance with the terms of the A&R OP Agreement. Any LTIP Units that are not earned will automatically be forfeited effective as of the end of the performance period and neither the Company nor the OP will be required to pay any future consideration in respect thereof. 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, 2021, 2020 and 2019.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 Net loss and Net loss attributable to common stockholders $ (39,466) $ (40,962) $ (21,890) Adjustments to net loss attributable to common stockholders (160) — — Adjusted net loss and net loss attributable to common stockholders $ (39,626) $ (40,962) $ (21,890) Basic and diluted weighted average shares outstanding 12,983,168 12,767,380 12,748,923 Basic and diluted net loss per share $ (3.05) $ (3.21) $ (1.72) Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested restricted shares, Class A Units and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above adjusts net loss to exclude the distributions to the unvested restricted shares, Class A Units and the unearned LTIP Units that were issued under the 2020 OPP from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested restricted shares, Class A Units and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented. Year Ended December 31, 2021 2020 2019 Unvested restricted shares (1) 17,725 5,607 5,398 Class A Units (2) 5,276 4,891 37 Class B Units (3) — 41,160 65,498 LTIP Units (4) 4,012,841 1,019,656 — Total weighted-average anti-dilutive common share equivalents 4,035,842 1,071,314 70,933 (1) There were 25,172, 5,516, and 5,433 unvested restricted shares outstanding as of December 31, 2021, 2020 and 2019, respectively. (2) Formerly known as OP Units. As of December 31, 2021 there wer e no Class A Units outstanding. There were 13,100 and 37 Class A Units outstanding as of December 31, 2020 and 2019, respectively. (3) There were no Class B Units outstanding as of December 31, 2021 or 2020 due to their vesting and conversion on the Listing Date (see Note 7 — Stockholders’ Equity , for additional information). There were 65,498 Class B Units outstanding as of December 31, 2019. (4) There were 4,012,841 LTIP Units outstanding as of December 31, 2021 and 2020 (see Note 11 — Equity-Based Compensation for additional information). If dilutive, conditionally issuable shares relating to the 2020 OPP award (see Note 11 — Equity-Based Compensation for additional information) would be included, as applicable, in the computation of fully diluted EPS on a weighted-average basis for the years ended December 31, 2021 and 2020 based on shares that would be issued if the applicable balance sheet date was the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the years ended December 31, 2021 and 2020 because (i) no LTIP Units would have been earned based on the trading price of Class A common stock including any cumulative dividends paid (since inception of the 2020 OPP) at December 31, 2021 and 2020 or (ii) the Company recorded a net loss to common stockholders for all periods presented, any shares conditionally issuable under the LTIPs would be anti-dilutive.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements. Quarterly Dividend On January 1, 2022, the Company declared a dividend of $0.10 per share on each share of its Class A common stock and Class B common stock. This dividend was paid on January 15, 2022 in the aggregate amount of $1.3 million. Side Letter to the Advisory Agreement On February 4, 2022, the Company entered into the Side Letter with Advisor to the Advisory Agreement. Pursuant to the Side Letter, and subject to the conditions below, the Advisor agreed to, from the date of the Side Letter until August 4, 2022, immediately invest the base management fees and variable management fee (if earned) of the Advisory Agreement in shares of the Company’s Class A common stock, in an amount aggregating no more than $3.0 million. The price of the Company’s Class A common stock will be determined, at each issuance, in accordance with Section 10(c)(iii) of the Advisory Agreement but may not be less than the “Minimum Price” as defined in Section 312.04(h) of the New York Stock Exchange Listed Company Manual (the “Listed Company Manual”). The Advisor’s obligation to invest its fee in the Company’s Class A common stock under the Side Letter is in consideration of, and subject to the provisions of the Waiver Agreements (defined below). In addition, the Company is not required to issue any shares of its Class A common stock under the Side Letter if doing so would require the Company to seek shareholder approval under Section 312 of the Listed Company Manual or any subsequent rules and regulations of the NYSE. Concurrently with the execution of the Side Letter, the Company’s board of directors granted each of Bellevue Capital Partners, LLC, which is an entity that controls the Advisor ("Bellevue"), the Advisor, and their respective affiliates and certain other entities and individuals: (i) a waiver from the aggregate share ownership limit set forth in the Company’s charter, to permit such collective parties to beneficially own or constructively own (as defined in the Company’s charter) up to 20% of the Company’s outstanding Class A common stock in the aggregate, subject to the terms set forth in each ownership waiver agreement entered into with each such party; and (ii) a waiver to permit such collective parties to beneficially own (as defined in the Rights Plan) shares of the Company’s Class A common stock to the same maximum extent permitted by the ownership waiver agreements, subject to the terms set forth in each Rights Plan waiver agreement entered into with each such party. All other terms and conditions contained in the Company’s charter will otherwise continue to apply to the shares the Company’s Class A common stock that the entities or individuals may own or acquire. In accordance with the Side Letter, the Advisor reinvested base management fees, aggregating $1.0 million, in shares of the Company’s Class A common stock in the first quarter of 2022. As a result, the Company issued 45,372 and 43,508 shares of its Class A common stock (issued at $11.02 per share and $11.49 per share) and in February and March 2022 in connection with the monthly base management fee earned by the Advisor (see Note 9 — Related Party Transactions and Arrangements

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation - Schedule III	12 Months Ended
	Dec. 31, 2021
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, 2021 Land Building and Improvements Building and Improvements Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) 421 W. 54th Street - Hit Factory NY 6/13/2014 $ — $ 4,723 $ 1,757 $ (1,443) $ 5,037 $ 337 400 E. 67th Street - Laurel Condominiums NY 9/5/2014 44,610 10,653 55,682 86 66,421 10,265 200 Riverside Blvd - ICON Garage NY 9/24/2014 5,390 13,787 5,510 — 19,297 999 9 Times Square NY 11/5/2014 55,000 54,153 76,454 26,163 156,770 29,372 123 William Street NY 3/27/2015 140,000 50,064 182,917 33,758 266,739 45,778 1140 Avenue of the Americas (5) NY 6/15/2016 99,000 — 148,647 8,418 157,065 23,682 8713 Fifth Avenue NY 10/17/2018 10,000 4,730 9,245 — 13,975 738 196 Orchard Street NY 7/17/2019 51,000 55,548 24,324 — 79,872 1,470 $ 405,000 $ 193,658 $ 504,536 $ 66,982 $ 765,176 $ 112,641 ____________ (1) Acquired intangible assets allocated to individual properties in the amount of $87.5 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2021 is $727.8 million (unaudited). (3) The accumulated depreciation column excludes $45.2 million of amortization associated with acquired intangible assets. (4) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five (5) The land underlying this property is subject to a land lease. The related Right-of-use asset are separately recorded. See Note 8 — Commitments and Contingencies for additional information. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2021, 2020 and 2019: December 31, (In thousands) 2021 2020 2019 Real estate investments, at cost: Balance at beginning of year $ 762,519 $ 759,487 $ 671,210 Additions-acquisitions — — 79,872 Capital expenditures 4,701 3,032 8,405 Impairments (1,452) — — Write-offs (592) — — Balance at end of the year $ 765,176 $ 762,519 $ 759,487 Accumulated depreciation: Balance at beginning of year $ 92,470 $ 72,656 $ 53,449 Depreciation expense 20,684 19,814 19,207 Write-offs (513) — — Balance at the end of the year $ 112,641 $ 92,470 $ 72,656

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP 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 (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of 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.
Non-controlling Interests	Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Prior to the Listing, the Advisor held 37 units of limited partnership designated as “Class A Units” (“Class A Units”), after giving effect to the Reverse Stock Split, which represented a nominal percentage of the aggregate OP ownership. These Class A Units were redeemed for an equal number of shares of Class A common stock on the Listing Date. Also, during the second quarter of 2021, 13,100 Class A Units held by a third party were redeemed for an equal number of Class A Common Stock. These Class A Units were still outstanding as of December 31, 2020 and represented a non-controlling interest in the OP. In addition, under the multi-year outperformance agreement with the Advisor (the “2020 OPP”), the OP issued a class of units of limited partnership designated as LTIP Units (“LTIP Units”) during 2020, which are also reflected as part of non-controlling interest as of December 31, 2021 and 2020. See Note 7 — Stockholders’ Equity and Note 11 - Equity-Based Compensation for additional information.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, 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. As of December 31, 2021, these leases had a weighted-average remaining lease term of 6.9 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. To the extent such costs exceed the applicable tenant’s base year, many but not all of the Company’s leases require the tenant to pay its allocable share of increases in operating expenses, which may include common area maintenance costs, real estate taxes and insurance. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants”. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019 (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk, if it is probable that the Company will collect virtually all of the lease payments at the lease commencement date, and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. In fiscal year ended 2021 and 2020, this assessment has included consideration of the impacts of the COVID-19 pandemic on the Company’s tenant’s ability to pay rents in accordance with their contracts. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable that it will collect virtually all of the lease payments (base rent and additional rent), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable accrued will be written off, as well as any accounts receivable, where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants, in accordance with current accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable. In accordance with lease accounting rules the Company records uncollectable amounts as reductions in revenue from tenants. During the year ended December 31, 2020, the Company reduced revenue from tenants by $8.5 million for reserves recorded during the period on receivables for which the related tenants have been put on a cash basis (see accounting policy above). Some of these reductions relate to tenants that terminated their leases early while others relate to leases that have not been paying rent and have been placed on a cash basis in accordance with ASC 842. There were no such reductions recorded for the years ended 2021 or 2019. During the year ended December 31, 2021, no rental income was received from any of the tenants that were previously placed on a cash basis, however, the Company did receive a lease termination fee of $1.4 million from two of the tenants that was placed on a cash basis in 2020 (see below). In October 2021, the Company signed a termination agreement with the parking garage tenants at its 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard properties. The previous parking garage tenants have vacated the space and new tenants have signed lease agreements with us for the spaces in the fourth quarter of 2021. In addition, the Company recorded a termination fee for a tenant in its 9 Times Square property. These termination agreements required the tenants to pay termination fees aggregating $1.5 million to the Company, which was all received during the fourth quarter of 2021. The termination fees are recorded in revenue from tenants in the consolidated statements of operations and comprehensive loss.
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. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the 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. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal 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 required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2021, 2020 or 2019. Properties that are intended to be sold are to 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, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2021 and 2020, the Company did not have any properties held for sale. As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption of ASC 842 on January 1, 2019 were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three year period ended December 31, 2021, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under a land lease which was previously classified prior to adoption of ASC 842 and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term.
Purchase Price Allocation	Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. There were no acquisitions during the year ended December 31, 2021 or 2020 and the acquisition completed during the year ended December 31, 2019 was an asset acquisition. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six to 24 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant’s lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships for the acquisition completed during the year ended December 31, 2019.
Gain on Dispositions of Real Estate Investments	Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . The Company did not have any dispositions during the years ended December 31, 2021, 2020 or 2019.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company periodically assesses whether there are any indicators that the value of a property may be impaired or that the carrying value may not be recoverable. The indicators include sustained net operating losses, a significant change in occupancy, a significant decline in rent collection, economic changes, or a likely disposition of a property. To determine whether an asset is impaired, the carrying value of the property’s asset group is compared to the estimated future undiscounted cash flow that the Company expects the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The estimated future undiscounted cash flow considers 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. The Company estimates the expected future operating income using in place contractual rent and market rents. The Company estimates the lease up period, market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, management applies a selected market capitalization rate based on current market data. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive (loss) 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 recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. The Company estimates the expected approximate fair value of the property by developing a discounted cash flow analysis, which considers factors such as lease up period, expected future operating income, market and other applicable trends, residual value, and discount rate. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. The Company recorded an impairment charge during the year ended December 31, 2021 of $1.5 million for this property as it was determined that the carrying value exceeded the Company’s most recent estimate of the fair market value of the property, which was based on the estimated selling price. (see Note 3 — Real Estate Investments ). The Company did not recognize any impairment charges for the years ended December 31, 2020 or 2019.
Reportable Segment	Reportable Segment The Company has determined that it has one reportable segment, income-producing properties, which consists of activities related to investing in real estate.
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 The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
Above and Below-Market Lease Amortization	Above and Below-Market Lease Amortization The above-market lease assets are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the below-market lease liabilities are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. The above-market ground lease liabilities are amortized as a reduction of property operating expense over the remaining terms of the respective leases. The below-market ground lease assets are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. During the year ended December 31, 2021, the Company accelerated amortization of the remaining unamortized balance of a below-market lease liabilities of approximately $7.9 million, the majority of which related to a terminated lease with a former parking garage tenant at our 200 Riverside Boulevard property. During the year ended December 31, 2020, the Company accelerated amortization of the remaining unamortized balance of certain above and below-market lease liabilities of $1.8 million.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statements of operations and comprehensive loss. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective with any ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. After the adoption of ASU 2017-12, if the derivative qualified for hedge accounting, all the change in value is recorded in other comprehensive income.
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, 2021 and 2020, the Company had cash and cash equivalents and restricted cash of $28.4 million and $40.0 million, of which $26.3 million and $38.2 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 thereof. Restricted Cash Restricted cash primarily consists of ground rent, real estate taxes, structural, leasing commissions, free rent and insurance reserves.
Deferred Financing and Leasing Costs, net	Deferred Financing and 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. Deferred financing costs relating to the mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing on our balance sheet. Deferred financing costs associated with the mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized as additional interest expense over the term of the financing agreement. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down 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.
Equity-Based Compensation	Equity-Based Compensation The Company has a stock-based plan under which its directors, officers and other employees of the Advisor or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for share based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such an award is included in equity-based compensation and is recognized in accordance with the service period (i.e., vesting) required 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 of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2014. The Company believes that, commencing with such taxable year, it has been organized and has operated in a manner so that it qualifies as a REIT under the Code. The Company intends to continue to operate in such a manner, but can provide no assurances that it will operate in a manner so as to remain qualified as a REIT. To continue to qualify as a REIT, the Company must distribute annually at least 90% of the Company’s REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard for the deduction for dividends paid and excluding net capital gains, and comply with a number of other organizational and operational requirements. If the Company continues to qualify as a REIT, it generally will not be subject to federal corporate income tax on the portion of its REIT taxable income that it distributes to its stockholders. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and properties, as well as U.S. federal income and excise taxes on its undistributed income. The amount of dividends payable to the Company’s stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company’s status as a REIT under the Code. A REIT may lease property on an arm's length basis to a TRS so long as no more than 10% of the property is rented to TRSs of the REIT and related parties. A TRS is subject to applicable U.S. federal, state, local and foreign income tax on its taxable income. In the third quarter of 2021, the Company launched Innovate NYC, a co-working company, at 1140 Avenue of the Americas, which is a TRS. The Company leases property on an arm's length basis to Innovate NYC; that property represents 10% or less of the property the Company rents to its TRS (Innovate NYC) and related parties. As a result of launching Innovate NYC in 2021, the Company recorded a tax provision of $37,000
Per Share Data	Per Share Data Basic net loss per share of common stock is calculated by dividing net loss by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net loss per share of common stock considers the effect of potentially dilutive instruments outstanding during such period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2019: ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02") which provides guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. Upon adoption, lessors were allowed a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because: (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under this guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed 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 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases will continue to be classified as operating leases under the standard. Further, any existing leases for which the property is the leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Since the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. The prior period has been conformed to this new presentation. • The Company did not have any reserves for bad debts at December 31, 2018, therefore it did not have to make an assessment of any bad debt reserves under the new accounting rules. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company is a lessee under a ground lease for one property as of January 1, 2019. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded a right-of-use asset (an “ROU asset”) and lease liability equal to $54.9 million for the present value of the lease payments related to the lease. These amounts are presented separately in operating lease right-of-use asset and operating lease liability, respectively, on the consolidated balance sheet. • The Company also reclassified $2.7 million related to amounts previously reported as a straight-line rent liability, $2.4 million related to amounts previously reported as a below market ground lease intangible asset and $1.2 million of prepaid rent to the ROU asset. For additional information and disclosures related to these operating leases, see Note 8 — Commitments and Contingencies. Other Accounting Pronouncement Adopted As of January 1, 2019 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to better align cash flow and fair value hedge accounting with the corresponding risk management activities. Among other things, the amendments expand which hedging strategies are eligible for hedge accounting, align the timing of recognition of hedge results with the earnings effect of the hedged item and allow companies to include the change in fair value of the derivative in the same income statement line item as the earnings effect of the hedged item. Additionally, for cash flow hedges that are highly effective, the update allows for all changes in fair value of the derivative to be recorded in other comprehensive income. The Company has adopted ASU 2017-12 on January 1, 2019, as required under the guidance, using a modified retrospective transition method and the adoption on January 1, 2019 did not have a material impact on its consolidated financial statements. Adopted as of January 1, 2020: 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 amended standard 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 the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Adopted as of January 1, 2021 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The Company adopted the new guidance on January 1, 2021 and determined it did not have a material impact on its consolidated financial statements. Pending Adoption as of December 31, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of our derivatives, which will be consistent with our past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases Under Topic 842	The following table presents future base rent payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected form certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Base Rent Payments 2022 $ 54,196 2023 50,134 2024 48,268 2025 40,934 2026 35,683 Thereafter 199,592 Total $ 428,807

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2021
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 year ended December 31, 2019. Year Ended December 31, (Dollar amounts in thousands) 2019 Real estate investments, at cost: Land 55,548 Building and improvements 24,324 Total tangible assets 79,872 Acquired intangibles: (1) In-place leases 7,852 Above-market lease assets 1,541 Total intangible assets, net 9,393 Total assets acquired, net 89,265 Mortgage notes payable used to acquire real estate investments (51,000) Cash paid for acquired real estate investment $ 38,265 Number of properties purchased 1 ________________ (1) Weighted-average remaining amortization periods for in-place leases and market lease and other intangible assets acquired during the year ended December 31, 2019 were 13.4 years and 13.4 years, respectively, as of the acquisition date.
Schedule of Intangible Assets and Goodwill	Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets: In-place leases $ 49,112 $ 33,431 $ 15,681 $ 56,280 $ 33,915 $ 22,365 Other intangibles 28,322 5,074 23,248 31,448 7,263 24,185 Above-market leases 10,044 6,734 3,310 10,390 6,017 4,373 Acquired intangible assets $ 87,478 $ 45,239 $ 42,239 $ 98,118 $ 47,195 $ 50,923 Intangible liabilities: Below-market lease liabilities $ 13,275 $ 9,051 $ 4,224 $ 25,941 $ 11,935 $ 14,006
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) 2021 2020 2019 In-place leases (1) $ 6,684 $ 8,150 $ 9,344 Other intangibles 937 1,165 1,165 Total included in depreciation and amortization $ 7,621 $ 9,315 $ 10,509 Above-market lease intangibles (2) $ 1,062 $ 1,219 $ 1,602 Below-market lease liabilities (3) (9,782) (4,294) (3,213) Total included in revenue from tenants $ (8,720) $ (3,075) $ (1,611) Below-market ground lease, included in property operating expenses (4) $ 49 $ 49 $ 48 ____ (1) During the year ended December 31, 2021, in connection with leases that were terminated the Company accelerated the depreciation of approximately $1.1 million of in-place lease intangibles which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2020, in connection with leases that were terminated during the year, the Company accelerated the depreciation of approximately $1.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. (2) In connection with the lease terminations in 2020, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2020 which was included in the revenue from tenants in the consolidated statement of operations. (3) In connection with the lease terminations in 2021, the Company accelerated the amortization of below-market lease intangibles $7.9 million which are included in revenue from tenants in the consolidated statement of operations for the year ended December 31, 2021. Additionally, in connection the lease terminations in 2020, the Company accelerated the amortization of approximately $1.9 million of below-market lease intangibles during the year ended December 31, 2020. (4) Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. See Note 2 — Summary of Significant Accounting Policies for additional information.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expenses and adjustments to revenue from tenants for the next five years as of December 31, 2021: (In thousands) 2022 2023 2024 2025 2026 In-place leases $ 4,668 $ 3,429 $ 2,678 $ 1,432 $ 673 Other intangibles 708 708 708 708 708 Total to be included in depreciation and amortization $ 5,376 $ 4,137 $ 3,386 $ 2,140 $ 1,381 Above-market lease assets $ 974 $ 825 $ 495 $ 206 $ 138 Below-market lease liabilities (1,218) (992) (962) (539) (183) Total to be included in revenue from tenants $ (244) $ (167) $ (467) $ (333) $ (45)

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable as of December 31, 2021 and 2020 are as follows: Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2021 2020 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 (2) 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue 1 10,000 10,000 5.04 % Fixed Nov. 2028 9 Times Square (2) 1 55,000 55,000 3.72 % Fixed (3) Apr. 2024 196 Orchard Street 1 51,000 51,000 3.90 % Fixed Aug. 2029 Mortgage notes payable, gross 7 405,000 405,000 4.35 % Less: deferred financing costs, net (4) (6,883) (8,426) Mortgage notes payable, net $ 398,117 $ 396,574 ______ (1) As of December 31, 2021, $2.6 million of the proceeds remained in escrow and in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. The escrow amount will be released to fund leasing activity, tenant improvements and leasing commissions related to this property. (2) Due to covenant breaches resulting in cash traps for these properties, all cash generated from operating these properties is being held in a segregated account, and the Company no longer has access to the excess cash flows. See “Collateral and Interest Payments” section below for additional details. (3) Fixed as a result of the Company having entered into a “pay-fixed” interest rate swap agreement, which is included in derivatives, at fair value on the consolidated balance sheet as of December 31, 2021 (see Note 6 — Derivatives and Hedging Activities for additional information). (4) 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. 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, 2021: (In thousands) Future Minimum Principal Payments 2022 (1) $ 5,500 2023 — 2024 49,500 2025 — 2026 99,000 Thereafter 251,000 Total $ 405,000 _____ (1) Amount was paid in March 2022 pursuant to a waiver and amendment of the loan on the Company’s 9 Times Square property. See additional details below.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured Fair Value Recurring Basis	The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2021 Interest rate “Pay-fixed” swaps - liabilities $ — $ (1,553) $ — $ (1,553) December 31, 2020 Interest rate “Pay-fixed” swaps - liabilities $ — $ (3,405) $ — $ (3,405)
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, 2021 2020 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 145,827 $ 140,000 $ 149,733 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 100,616 99,000 102,849 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 51,750 50,000 53,087 Mortgage note payable — 8713 Fifth Avenue 3 10,000 10,633 10,000 10,937 Mortgage note payable — 9 Times Square 3 55,000 53,654 55,000 52,504 Mortgage note payable — 196 Orchard Street 3 51,000 50,423 51,000 49,250 Total $ 405,000 $ 412,903 $ 405,000 $ 418,360

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2021 and 2019. (In thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative liability, at fair value $ (1,553) $ (3,405)
Schedule of Notional Amounts of Outstanding Derivative Positions	As of December 31, 2021 and 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. December 31, 2021 December 31, 2020 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 55,000 1 $ 55,000
Schedule of Gain or Loss Recognized	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, (In thousands) 2021 2020 2019 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 698 $ (2,944) $ (1,336) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (1,153) $ (867) $ (9) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ (19,090) $ (19,140) $ (17,157)
Schedule of Offsetting	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2021, 2020 and 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2021 $ — $ (1,553) $ — $ (1,553) $ — $ — $ (1,553) December 31, 2020 $ — $ (3,405) $ — $ (3,405) $ — $ — (3,405)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the ground lease rent payments due from the Company and a reconciliation to the net present value of those payments as of December 31, 2021: (In thousands) Future Minimum Base Rent Payments 2022 $ 4,746 2023 4,746 2024 4,746 2025 4,746 2026 4,746 Thereafter 197,754 Total 221,484 Less: Effects of discounting (166,714) Total present value of lease payments $ 54,770

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 December 31, Incurred Incurred Incurred 2021 2020 Acquisition fees and reimbursements: Financing coordination fees and leasing commissions (1) $ — $ — $ 6 $ — $ — Ongoing fees: Asset and property management fees to related parties (2) 7,554 7,577 7,328 141 (28) (4) Professional fees and other reimbursements (3) 4,064 3,551 3,210 — — Professional fee credit due from the Advisor (5) (407) — (407) (4) Total related party operation fees and reimbursements $ 11,618 $ 10,721 $ 10,544 $ 141 $ (435) _________ (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) Beginning on April 1, 2019, property management fees due to the Property Manager were no longer adjusted for reimbursable expenses paid by the Company to third-party property managers. (3) Amounts for the year ended December 31, 2021, 2020 and 2019, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $204,000 related to the reversal of a payable balance at December 31, 2018 due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”). The payable balance was related to costs incurred and accrued due to RCAP which, prior to its bankruptcy filing, was under common control with the Advisor. (4) Included in prepaid expenses and other assets on the consolidated balance sheets, respectively. (5) Included in general and administrative expenses. The $0.4 million relates to overpayment of the 2019 Bonus Awards which was repaid by the Advisor to the Company during the nine months ended September 30, 2021.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [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, 2021, 2020 and 2019: Number of Weighted-Average Issue Price Unvested, December 31, 2018 5,196 $ 52.20 Granted 1,828 49.23 Vested (1,592) 52.76 Unvested, December 31, 2019 5,433 51.03 Granted 1,828 49.23 Vested (1,738) 51.78 Fractional share redemption (1) (7) 49.16 Unvested, December 31, 2020 5,516 50.20 Granted 21,546 9.05 Vested (1,884) 49.97 Fractional share redemption (1) (6) 9.81 Unvested, December 31, 2021 25,172 15.00 (1) Represents fractional shares redeemed in connection with the conversion of the first tranche of shares of Class B common stock to shares of Class A common stock that occurred on December 16, 2020 and the second tranche of shares of Class B common stock to shares of Class A common stock that occurred on March 1, 2021. Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12 % 0 % Threshold 12 % 25 % Target 18 % 50 % Maximum 24 % or higher 100 % Performance Level Relative TSR Excess Percentage of LTIP Units Earned Below Threshold Less than -600 basis points 0 % Threshold -600 basis points 25 % Target 0 basis points 50 % Maximum +600 basis points 100 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 Net loss and Net loss attributable to common stockholders $ (39,466) $ (40,962) $ (21,890) Adjustments to net loss attributable to common stockholders (160) — — Adjusted net loss and net loss attributable to common stockholders $ (39,626) $ (40,962) $ (21,890) Basic and diluted weighted average shares outstanding 12,983,168 12,767,380 12,748,923 Basic and diluted net loss per share $ (3.05) $ (3.21) $ (1.72)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented. Year Ended December 31, 2021 2020 2019 Unvested restricted shares (1) 17,725 5,607 5,398 Class A Units (2) 5,276 4,891 37 Class B Units (3) — 41,160 65,498 LTIP Units (4) 4,012,841 1,019,656 — Total weighted-average anti-dilutive common share equivalents 4,035,842 1,071,314 70,933 (1) There were 25,172, 5,516, and 5,433 unvested restricted shares outstanding as of December 31, 2021, 2020 and 2019, respectively. (2) Formerly known as OP Units. As of December 31, 2021 there wer e no Class A Units outstanding. There were 13,100 and 37 Class A Units outstanding as of December 31, 2020 and 2019, respectively. (3) There were no Class B Units outstanding as of December 31, 2021 or 2020 due to their vesting and conversion on the Listing Date (see Note 7 — Stockholders’ Equity , for additional information). There were 65,498 Class B Units outstanding as of December 31, 2019. (4) There were 4,012,841 LTIP Units outstanding as of December 31, 2021 and 2020 (see Note 11 — Equity-Based Compensation for additional information).

Organization (Details)

Organization (Details) $ in Thousands, ft² in Millions	Aug. 05, 2020	Dec. 31, 2021USD ($)ft²property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 13, 2021shares	Aug. 18, 2020shares
Related Party Transaction [Line Items]
Number of real estate properties | property		8
Area of real estate property | ft²		1.2
Aggregate purchase price | $		$ 790,700
Reverse stock split	0.4115
Listing expenses | $		$ 0	$ 1,299	$ 0
Common Class A
Related Party Transaction [Line Items]
Reverse stock split	0.1029
Common stock dividend percentage						25.00%
Limited partner units (in shares) | shares						3,189,204
Common Class B
Related Party Transaction [Line Items]
Common stock dividend percentage						75.00%
Limited partner units (in shares) | shares					3,176,114	3,176,127

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended						12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment$ / sharesshares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Jun. 30, 2021shares	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Interest expense							$ 19,090,000	$ 19,140,000	$ 17,157,000
Bad debt expense							0		0
Termination fees							$ 1,400,000
Weighted average remaining lease term							6 years 10 months 24 days
Tenant reimbursements		$ 300,000
Contingent revenue recognized during the period							$ 500,000	100,000	100,000
Intangible assets									0
Gain on dispositions of real estate investments							0	0	0
Impairment charges							$ 1,500,000	0	0
Number of reportable segments | segment							1
Accumulated Amortization	$ 9,051,000		$ 11,935,000				$ 9,051,000	11,935,000
Cash and cash equivalents and restricted cash	28,428,000		39,994,000				28,428,000	39,994,000	58,297,000			$ 54,801,000
Cash in excess of FDIC limit	26,300,000		38,200,000				26,300,000	38,200,000
Revenue from tenants	$ 1,500,000						70,219,000	62,895,000	70,530,000
Income tax expense							37,000	0	0
Revenues		$ 300,000
REIT taxable income							$ 0	$ 0	0
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.10			$ 0.04889			$ 0.40	$ 0.04889
Uncertain tax positions	$ 0						$ 0
Operating lease right-of-use asset	55,167,000		55,375,000				55,167,000	$ 55,375,000			$ 54,900,000
Operating lease liability	54,770,000		54,820,000				54,770,000	54,820,000			54,900,000
Below market ground lease intangible asset reclassified as a result of adoption of new accounting guidance	$ 42,239,000		50,923,000				$ 42,239,000	50,923,000
Tenant Receivable
Property, Plant and Equipment [Line Items]
Bad debt expense								8,500,000
Error correction
Property, Plant and Equipment [Line Items]
Interest expense			600,000	$ 300,000	$ 200,000	$ 100,000
Depreciation expense			300,000
Class A Units
Property, Plant and Equipment [Line Items]
Investment owned, balance (in shares) | shares	37						37
Class B Units
Property, Plant and Equipment [Line Items]
Investment owned, balance (in shares) | shares										13,100
Below-market ground lease
Property, Plant and Equipment [Line Items]
Accumulated Amortization	$ 7,900,000		$ 1,800,000				$ 7,900,000	$ 1,800,000
Accounting Standards Update 2016-02
Property, Plant and Equipment [Line Items]
Straight-line rent liability reclassified as a result of adoption of new accounting guidance											2,700,000
Prepaid rent reclassified as a result of adoption of new accounting guidance											1,200,000
Accounting Standards Update 2016-02 | Below-market ground lease
Property, Plant and Equipment [Line Items]
Below market ground lease intangible asset reclassified as a result of adoption of new accounting guidance											$ 2,400,000
Return of Capital
Property, Plant and Equipment [Line Items]
Dividends, percent							100.00%	100.00%
Dividends declared per common share (in dollars per share) | $ / shares							$ 0.40
Tenant Reimbursement and Other Revenue
Property, Plant and Equipment [Line Items]
Tenant reimbursements									100,000
Revenues									$ 100,000
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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future Base Rent Payments
2022	$ 54,196
2023	50,134
2024	48,268
2025	40,934
2026	35,683
Thereafter	199,592
Total	$ 428,807

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment charges		$ 1,500,000	$ 0	$ 0
Minimum | Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input		0.07
Minimum | Terminal Capitalization Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input		0.07
Minimum | Estimate Market Rents
Finite-Lived Intangible Assets [Line Items]
Measurement input | $ / ft²		40
Maximum | Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input		0.08
Maximum | Terminal Capitalization Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input		0.09
Maximum | Estimate Market Rents
Finite-Lived Intangible Assets [Line Items]
Measurement input | $ / ft²		50
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles		$ 7,621,000	9,315,000	10,509,000
Depreciation and Amortization | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles		300,000
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles		6,684,000	8,150,000	$ 9,344,000
Depreciation and Amortization | In-place leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 1,300,000	$ 1,100,000	$ 1,300,000

Real Estate Investments - Alloc

Real Estate Investments - Allocation of Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property
Real estate investments, at cost:
Land	$ 55,548
Building and improvements	24,324
Total tangible assets	79,872
Acquired intangibles:
Total intangible assets, net	9,393
Total assets acquired, net	89,265
Mortgage notes payable used to acquire real estate investments	(51,000)
Cash paid for acquired real estate investment	$ 38,265
Number of properties purchased | property	1
Weighted-average remaining amortization period	13 years 4 months 24 days
In-place leases
Acquired intangibles:
In-place leases	$ 7,852
Weighted-average remaining amortization period	13 years 4 months 24 days
Above-market lease assets
Acquired intangibles:
In-place leases	$ 1,541

Real Estate Investments - Summa

Real Estate Investments - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets:
Gross Carrying Amount	$ 87,478	$ 98,118
Accumulated Amortization	45,239	47,195
Net Carrying Amount	42,239	50,923
Intangible liabilities:
Gross Carrying Amount	13,275	25,941
Accumulated Amortization	9,051	11,935
Net Carrying Amount	4,224	14,006
In-place leases
Intangible assets:
Gross Carrying Amount	49,112	56,280
Accumulated Amortization	33,431	33,915
Net Carrying Amount	15,681	22,365
Other intangibles
Intangible assets:
Gross Carrying Amount	28,322	31,448
Accumulated Amortization	5,074	7,263
Net Carrying Amount	23,248	24,185
Above-market leases
Intangible assets:
Gross Carrying Amount	10,044	10,390
Accumulated Amortization	6,734	6,017
Net Carrying Amount	$ 3,310	$ 4,373

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Amortization and Accretion of Market Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net		$ (8,671)	$ (3,026)	$ (1,563)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		7,621	9,315	10,509
Depreciation and Amortization | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		300
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		6,684	8,150	9,344
Depreciation and Amortization | In-place leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	$ 1,300	1,100	1,300
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		937	1,165	1,165
Depreciation and Amortization | Above-market leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles			100
Rental Income
Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease		(9,782)	(4,294)	(3,213)
Rental Income | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease		(7,900)	(1,900)
Rental Income | Above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		1,062	1,219	1,602
Rental Income | Amortization and (accretion) of above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net		(8,720)	(3,075)	(1,611)
Operating Expense | Amortization of below-market ground lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles		$ 49	$ 49	$ 48

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases and Other Intangibles
2022	$ 5,376
2023	4,137
2024	3,386
2025	2,140
2026	1,381
Total to be included in revenue from tenants
2022	(244)
2023	(167)
2024	(467)
2025	(333)
2026	(45)
Depreciation and Amortization | In-place leases
Leases and Other Intangibles
2022	4,668
2023	3,429
2024	2,678
2025	1,432
2026	673
Depreciation and Amortization | Other intangibles
Leases and Other Intangibles
2022	708
2023	708
2024	708
2025	708
2026	708
Rental Income
Below-market lease liabilities
2022	(1,218)
2023	(992)
2024	(962)
2025	(539)
2026	(183)
Rental Income | Above-market lease assets
Leases and Other Intangibles
2022	974
2023	825
2024	495
2025	206
2026	$ 138

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Notes (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Jul. 17, 2019USD ($)	Apr. 26, 2019USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, gross	$ 405,000
Effective Interest Rate			3.85%
Mortgage notes payable, net of deferred financing costs	$ 398,117	$ 396,574
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	7
Mortgage notes payable, gross	$ 405,000	405,000
Effective Interest Rate	4.35%
Less: deferred financing costs, net	$ (6,883)	(8,426)
Mortgage notes payable, net of deferred financing costs	398,117	396,574
123 William Street
Debt Instrument [Line Items]
Escrow deposit	$ 2,600
123 William Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Mortgage notes payable, gross	$ 140,000	140,000
Effective Interest Rate	4.73%
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Mortgage notes payable, gross	$ 99,000	99,000
Effective Interest Rate	4.17%
400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	2
Mortgage notes payable, gross	$ 50,000	50,000
Effective Interest Rate	4.58%
8713 Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Mortgage notes payable, gross	$ 10,000	10,000
Effective Interest Rate	5.04%
9 Times Square | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Mortgage notes payable, gross	$ 55,000	55,000		$ 55,000
Effective Interest Rate	3.72%
196 Orchard Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Mortgage notes payable, gross	$ 51,000	$ 51,000	$ 51,000
Effective Interest Rate	3.90%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	Mar. 03, 2022	Mar. 02, 2022	Apr. 26, 2019	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jul. 17, 2019
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 405,000		$ 405,000
Effective interest rate								3.85%
Debt instrument, collateral amount				834,300		834,300
Termination fees						1,400
Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 405,000		$ 405,000	$ 405,000
Effective interest rate				4.35%		4.35%
9 Times Square | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross			$ 55,000	$ 55,000		$ 55,000	55,000
Effective interest rate				3.72%		3.72%
Fixed interest rate, percent			3.67%
Debt covenant, minimum net worth requirement			$ 175,000
Debt covenant, minimum liquid assets requirement			$ 10,000
Restricted cash				$ 4,300		$ 4,300
Redemption price				7.50%	8.00%
Liquid assets						$ 10,000
9 Times Square | Mortgages Note Payable | Subsequent event
Debt Instrument [Line Items]
Repayments of debt		$ 5,500
Fund payment	$ 5,500
9 Times Square | Mortgages Note Payable | L I B O R
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.50%
9 Times Square | Mortgages Note Payable | SOFR
Debt Instrument [Line Items]
Fixed interest rate, percent				1.60%	1.50%	1.60%
1140 Avenue of the Americas
Debt Instrument [Line Items]
Restricted cash				$ 4,500		$ 4,500
1140 Avenue of the Americas | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 99,000		$ 99,000	99,000
Effective interest rate				4.17%		4.17%
400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 50,000		$ 50,000	$ 50,000
Effective interest rate				4.58%		4.58%
A8713 Fifth Avenue
Debt Instrument [Line Items]
Debt instrument, collateral amount				$ 125		$ 125
A8713 Fifth Avenue | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 10,000		$ 10,000

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Mortgage Principal Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 5,500
2023	0
2024	49,500
2025	0
2026	99,000
Thereafter	251,000
Total	$ 405,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 1,553	$ 3,405
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(1,553)	(3,405)
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(1,553)	(3,405)
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Not Carried at Fair Value (Details) - Mortgages - Significant Unobservable Inputs - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 405,000	$ 405,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	412,903	418,360
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	145,827	149,733
Mortgage note payable — 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
Mortgage note payable — 1140 Avenue of the Americas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	100,616	102,849
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	50,000
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	51,750	53,087
8713 Fifth Avenue | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	10,000	10,000
8713 Fifth Avenue | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	10,633	10,937
9 Times Square | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	55,000	55,000
9 Times Square | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	53,654	52,504
196 Orchard Street | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	51,000	51,000
196 Orchard Street | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 50,423	$ 49,250

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	Mar. 28, 2019	Dec. 31, 2021
Derivative [Line Items]
Term of derivative	5 years
Fair value of derivatives		$ 1.7
Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Deposit for derivative	$ 0.8
Interest Rate “Pay-fixed” Swap | Cash Flow Hedging
Derivative [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense		$ 0.9

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest Rate “Pay-fixed” Swap | Designated as Hedging Instrument | Derivative liability, at fair value
Derivatives, Fair Value [Line Items]
Derivative liability, at fair value	$ (1,553)	$ (3,405)

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Notional Amounts (Details) - Derivative liability, at fair value - Interest Rate “Pay-fixed” Swap $ in Thousands	Dec. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | derivative	1	1
Notional Amount | $	$ 55,000	$ 55,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Gain (Loss) Recognized on Derivatives (Details) - Interest Rate “Pay-fixed” Swap - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives	$ 698	$ (2,944)	$ (1,336)
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	(1,153)	(867)	(9)
Total interest expense recorded in consolidated statements of operations and comprehensive loss	$ (19,090)	$ (19,140)	$ (17,157)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Schedule of Gross Presentation, Effects of Offsetting and Net Presentation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 0	$ 0
Gross Amounts of Recognized (Liabilities)	(1,553)	(3,405)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets (Liabilities) Presented on the Balance Sheet	(1,553)	(3,405)
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ (1,553)	$ (3,405)

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 18, 2020shares	Aug. 05, 2020USD ($)$ / sharesshares	Feb. 28, 2021USD ($)shares	Dec. 31, 2021$ / sharesshares	Jun. 30, 2021USD ($)shares	Sep. 30, 2020$ / shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)				13,277,738			13,277,738	12,802,690
Common stock, dividends, per share, declared (in dollars per share) | $ / shares							$ 0.40
Dividends declared per common share (in dollars per share) | $ / shares				$ 0.10		$ 0.04889	0.40	$ 0.04889
Reverse stock split		0.4115
Common stock, par value (in dollars per share) | $ / shares				$ 0.01			$ 0.01	$ 0.01
Common stock, shares authorized (in shares)				300,000,000			300,000,000	300,000,000
Common stock repurchases (in shares)		6,672					0
Common stock repurchases | $		$ 300					$ 183
Vesting, conversion and exchange of Class B Units | $								$ 1,153
Return of Capital
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share) | $ / shares							$ 0.40
Dividends, percent							100.00%	100.00%
Total Stockholders’ Equity
Class of Stock [Line Items]
Common stock repurchases | $							$ 183
Vesting, conversion and exchange of Class B Units | $								$ 922
Non-controlling Interests
Class of Stock [Line Items]
Vesting, conversion and exchange of Class B Units | $					$ 200			231
Common Stock
Class of Stock [Line Items]
Common stock repurchases (in shares)							26,236
Vesting, conversion and exchange of Class B Units | $								$ 1
Redemption of OP units (in shares)		37					13,100	37
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)								6,400,000
Reverse stock split		0.1029
Common stock, par value (in dollars per share) | $ / shares		$ 0.0972
Common stock, shares authorized (in shares)		9,750,000
Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)								6,400,000
Common stock dividends (in shares)		3
Common stock repurchases (in shares)			26,236
Common stock repurchases | $			$ 200
Class B Units
Class of Stock [Line Items]
Investment owned, balance (in shares)					13,100
Class B Units | New York City Reit Advisors, LLC | Advisor
Class of Stock [Line Items]
Unearned class B units (in shares)	65,498
Class A Units
Class of Stock [Line Items]
Investment owned, balance (in shares)				37			37
Class A Units | Advisor
Class of Stock [Line Items]
Investment owned, balance (in shares)	52,398
Class A Units | New York City Reit Advisors, LLC | Advisor
Class of Stock [Line Items]
Unearned class B units (in shares)								13,100
Series A Preferred Stock
Class of Stock [Line Items]
Right to receive, shares per right (in shares)				0.001			0.001

Stockholders_ Equity - Equity O

Stockholders’ Equity - Equity Offerings (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from sale of Common Stock, net		$ 4,252
Common Class A | At The Market Offering
Class of Stock [Line Items]
Proceeds from sale of Common Stock, net	$ 250,000
Sale of stock, number of shares issued in transaction (in shares)	466,651
Sale of stock, consideration received on transaction	$ 5,300
Sale of stock, commissions paid	53
Payments of stock issuance costs	$ 800	$ 1,000

Stockholders_ Equity - Repurcha

Stockholders’ Equity - Repurchase Program (Details) - USD ($)	Aug. 05, 2020	Dec. 31, 2021
Class of Stock [Line Items]
Common stock repurchases (in shares)	6,672	0
Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000

Stockholders_ Equity - Stockhol

Stockholders’ Equity - Stockholder Rights Plan (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	0.01
Share price (in dollars per share)	$ 55

Stockholders_ Equity - Tender O

Stockholders’ Equity - Tender Offers (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2020	Feb. 28, 2021	Dec. 31, 2021	Dec. 28, 2020
Class of Stock [Line Items]
Common stock repurchases (in shares)	6,672		0
Common stock repurchases	$ 300		$ 183
Common Class B
Class of Stock [Line Items]
Shares, tender offer (in shares)				65,000
Share price (in dollars per share)				$ 7
Common stock repurchases (in shares)		26,236
Common stock repurchases		$ 200

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	45 years
Incremental borrowing rate	8.60%
Operating lease right-of-use asset	$ 55,167	$ 55,375		$ 54,900
Operating lease liability	54,770	54,820		$ 54,900
Cash paid for lease liabilities	4,700	4,700	$ 4,700
Leasing expense	$ 4,900	$ 4,900	$ 4,900

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
2022	$ 4,746
2023	4,746
2024	4,746
2025	4,746
2026	4,746
Thereafter	197,754
Total	221,484
Less: Effects of discounting	(166,714)
Total present value of lease payments	$ 54,770	$ 54,820	$ 54,900

Related Party Transactions an_3

Related Party Transactions and Arrangements (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	13,277,738	12,802,690
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	56,091	56,091

Related Party Transactions an_4

Related Party Transactions and Arrangements - Fees and Participations Paid in Connection With the Operations of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 18, 2020	Nov. 16, 2018	Apr. 13, 2018	Sep. 30, 2015	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Apr. 24, 2014
Related Party Transaction [Line Items]
Renewal term						5 years
Period prior to expiration date needed to terminate agreement		180 days
Asset management fee, percentage of benchmark						1.25%
Vesting and conversion of Class B Units						$ 0	$ 1,153	$ 0
Due to related party						$ 141	0
Class A Units
Related Party Transaction [Line Items]
Investment owned, balance (in shares)						37
Class B Units
Related Party Transaction [Line Items]
Investment owned, balance (in shares)									13,100
Advisor | Class A Units
Related Party Transaction [Line Items]
Investment owned, balance (in shares)	52,398
New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees earned by related party			4.00%
New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Due to related party								204
New York City Reit Advisors, LLC | 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 | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction								900
Related party transaction related to administrative and overhead expenses						$ 400		400
Related party transactions related to salaries, wages and benefits								2,600
Due to related party								400
Due from related parties							$ 400
Due from related parties, period of payable					10 months
New York City Reit Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Unearned class B units (in shares)				65,498
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 | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property Management Agreement, Term			1 year
Property Management Agreement, Term Of Extension			1 year
Property management agreement termination notice period			60 days
New York City Reit Advisors, LLC | Professional fees and other reimbursements | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager						$ 3,000		3,000
New York City Reit Advisors, LLC | Advisor | Class A Units
Related Party Transaction [Line Items]
Unearned class B units (in shares)							13,100
New York City Reit Advisors, LLC | Advisor | Class B Units
Related Party Transaction [Line Items]
Unearned class B units (in shares)	65,498
New York City Reit Advisors, LLC | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction						6,000	$ 6,000	6,000
New York City Reit Advisors, LLC | Advisor | Property Management Fees
Related Party Transaction [Line Items]
Related party transaction						1,600	1,600	1,300
New York City Reit Advisors, LLC | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction							3,000
Related party transaction related to administrative and overhead expenses							400
Related party transactions related to salaries, wages and benefits						2,600	2,600
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%
New York City Reit Advisors, LLC | Maximum | Advisor | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction related to administrative and overhead expenses						400
Asset cost						1,250,000
Related party transactions related to salaries, wages and benefits						$ 2,600
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%
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager						$ 11,618	10,721	10,544
Incurred | Professional fees and other reimbursements | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager						4,064	3,551	3,210
Incurred | New York City Reit Advisors, LLC | Professional fees and other reimbursements | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager						4,100	$ 3,600	$ 3,200
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
Asset management fee, percentage of benchmark						0.10416%
Variable management fee as a percentage of benchmark						10.00%
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%
The Second Advisory Agreement | New York City Reit Advisors, LLC | Minimum | Advisor
Related Party Transaction [Line Items]
Dividend to common stockholders (in dollars per share)						$ 0.05
The Second Advisory Agreement | New York City Reit Advisors, LLC | Maximum | Core Earnings Per Adjusted Share | Advisor
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark						19.44%
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%
Performance Shares | The Second Advisory Agreement | New York City Reit Advisors, LLC | Minimum | Core Earnings Per Adjusted Share | Advisor
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark						14.58%

Related Party Transactions an_5

Related Party Transactions and Arrangements - Fees and Participations Paid in Connection With the Operations of the Company, Incurred Forgiven, and Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Related Party Transaction [Line Items]
Payable (receivable)	$ 141	$ (435)
Due to related party	141	0
Due to other related party				$ 400
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	11,618	10,721	$ 10,544
Financing coordination fees | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable (receivable)	0	0
Financing coordination fees | Incurred | Nonrecurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	0	0	6
Operating fees incurred from related parties | Recurring Fees
Related Party Transaction [Line Items]
Payable (receivable)	141	(28)
Operating fees incurred from related parties | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	7,554	7,577	7,328
Professional fees and other reimbursements | Recurring Fees
Related Party Transaction [Line Items]
Payable (receivable)	0	0
Professional fees and other reimbursements | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	4,064	3,551	3,210
New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Due to related party			204
New York City Reit Advisors, LLC | Professional Fee Credit Due From the Advisor | Recurring Fees | Advisor
Related Party Transaction [Line Items]
Payable (receivable)		(407)
New York City Reit Advisors, LLC | Professional Fee Credit Due From the Advisor | Incurred | Recurring Fees | Advisor
Related Party Transaction [Line Items]
Professional fee credit due from the advisor		$ (407)	$ 0

Related Party Transactions an_6

Related Party Transactions and Arrangements - Listing Arrangements (Details) - USD ($) $ in Millions	Feb. 04, 2022	Dec. 31, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Consecutive trading dates commencing converted shares		180 days
Performance Shares | 2020 OPP
Related Party Transaction [Line Items]
Share-based payment award, number of shares available for grant (in shares)			4,012,841
Advisor | Subsequent event
Related Party Transaction [Line Items]
Advisory agreement management fees	$ 3
New York City Reit Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark		15.00%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Base termination fee		$ 15
New York City Reit Advisors, LLC | Annual Targeted Investor Return | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark		6.00%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 18, 2020	Aug. 31, 2017	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for grant percentage				20.00%
Number of shares available for awards under the advisor plan (in shares)				1
Share-based compensation				$ 8,475	$ 3,874	$ 86
Share-based payment arrangement, expense				$ 8,400	3,800
Distributions on the LTIP unit				10.00%
Distribution on the earned LTIP unit				90.00%
Distributions to non-controlling interest holders				$ 160	$ 20
Shares issued in period, in lieu of cash (in shares)				0	0	0
Distributions in excess of accumulated earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions to non-controlling interest holders				$ 160	$ 20
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage			50.00%
Shares granted (in shares)			200,000
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Forecast | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage			25.00%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Forecast | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage			25.00%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Forecast | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage			25.00%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Forecast | Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage			25.00%
Absolute TSR | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				18.00%
Absolute TSR | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				12.00%
Absolute TSR | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				24.00%
Relative TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				0.00%
Relative TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				(600.00%)
Relative TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR				600.00%
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	$ 65	$ 30		$ 30
Vesting period				5 years
Periodic vesting percentage				20.00%
Nonvested awards, compensation cost not yet recognized				$ 300
Nonvested awards, compensation cost not yet recognized, period for recognition				3 years 9 months 14 days
Share-based compensation				$ 108	$ 96	$ 86
2020 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				10 years
Number of shares available for awards under the advisor plan (in shares)				1
2020 OPP | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, compensation cost not yet recognized				$ 13,700
Nonvested awards, compensation cost not yet recognized, period for recognition				1 year 7 months 6 days
Share-based payment award, number of shares available for grant (in shares)							4,012,841
Share based payment award value of shares available for grant							$ 50,000
Share price (in dollars per share)							$ 12.46
Aggregate intrinsic value, outstanding				$ 25,800
Award requisite service period				3 years 25 days

Equity-Based Compensation - Act

Equity-Based Compensation - Activity (Details) - Restricted Share Plan - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Restricted Shares
Beginning balance, unvested (in shares)	5,516	5,433	5,196
Granted (in shares)	21,546	1,828	1,828
Vested (in shares)	(1,884)	(1,738)	(1,592)
Fractional share redemption (in shares)	(6)	(7)
Ending balance, unvested (in shares)	25,172	5,516	5,433
Weighted-Average Issue Price
Beginning balance, unvested (in dollars per share)	$ 50.20	$ 51.03	$ 52.20
Granted (in dollars per share)	9.05	49.23	49.23
Vested (in dollars per share)	49.97	51.78	52.76
Fractional share redemption (in dollars per share)	9.81	49.16
Ending balance, unvested (in dollars per share)	$ 15	$ 50.20	$ 51.03

Equity-Based Compensation - Abs

Equity-Based Compensation - Absolute TSR (Details) - Absolute TSR	Dec. 31, 2021
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	12.00%
Percentage of LTIP Units Earned	0.00%
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	12.00%
Percentage of LTIP Units Earned	25.00%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	18.00%
Percentage of LTIP Units Earned	50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	24.00%
Percentage of LTIP Units Earned	100.00%

Equity-Based Compensation - Rel

Equity-Based Compensation - Relative TSR Excess (Details) - Relative TSR LTIP Units	Dec. 31, 2021
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(600.00%)
Percentage of LTIP Units Earned	0.00%
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(600.00%)
Percentage of LTIP Units Earned	25.00%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	0.00%
Percentage of LTIP Units Earned	50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	600.00%
Percentage of LTIP Units Earned	100.00%

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculations for EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Net loss	$ (39,466)	$ (40,962)	$ (21,890)
Adjustments to net loss attributable to common stockholders	(160)	0	0
Adjusted net loss and net loss attributable to common stockholders	$ (39,626)	$ (40,962)	$ (21,890)
Weighted average common shares outstanding — basic (in shares)	12,983,168	12,767,380	12,748,923
Weighted average common shares outstanding — diluted (in shares)	12,983,168	12,767,380	12,748,923
Net loss per common share attributable to common stockholders — basic (in dollars per share)	$ (3.05)	$ (3.21)	$ (1.72)
Net loss per common share attributable to common stockholders — diluted (In dollars per share)	$ (3.05)	$ (3.21)	$ (1.72)

Net Loss Per Share - Shares Exc

Net Loss Per Share - Shares Excluded From Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,035,842	1,071,314	70,933
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	0	13,100	37
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	0	0	65,498
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	4,012,841	4,012,841
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares outstanding (in shares)	25,172	5,516	5,433
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	17,725	5,607	5,398
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,276	4,891	37
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	41,160	65,498
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,012,841	1,019,656	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 04, 2022	Jan. 15, 2022	Jan. 01, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 17, 2022	Feb. 28, 2022
Subsequent Event [Line Items]
Dividends paid on common stock					$ 5,201	$ 622	$ 0
Common stock, shares issued (in shares)					13,277,738	12,802,690
Subsequent event
Subsequent Event [Line Items]
Dividends paid on common stock		$ 1,300
Common Class A | Forecast
Subsequent Event [Line Items]
Advisory agreement management fees				$ 1,000
Common Class A | Subsequent event
Subsequent Event [Line Items]
Dividend to common stockholders (in dollars per share)			$ 0.10
Advisory agreement management fees	$ 3,000
Common stock, shares issued (in shares)								43,508	45,372
Shares issued (in dollars per share)								$ 11.49	$ 11.02
Common Class A | Subsequent event | New York City REIT, Inc
Subsequent Event [Line Items]
Ownership percentage	20.00%
Common Class B | Subsequent event
Subsequent Event [Line Items]
Dividend to common stockholders (in dollars per share)			$ 0.10

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, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 405,000
Land	193,658
Building and Improvements	504,536
Costs Capitalized Subsequent to Acquisition	66,982
Gross amount carried	765,176	$ 762,519	$ 759,487	$ 671,210
Accumulated depreciation	112,641	92,470	$ 72,656	$ 53,449
Acquired intangible assets	87,478	$ 98,118
Tax basis	727,800
Accumulated amortization	(45,200)
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	(1,443)
Gross amount carried	5,037
Accumulated depreciation	337
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	10,265
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	999
9 Times Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	55,000
Land	54,153
Building and Improvements	76,454
Costs Capitalized Subsequent to Acquisition	26,163
Gross amount carried	156,770
Accumulated depreciation	29,372
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	33,758
Gross amount carried	266,739
Accumulated depreciation	45,778
Mortgage note payable — 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	8,418
Gross amount carried	157,065
Accumulated depreciation	23,682
8713 Fifth Avenue
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	738
196 Orchard Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,000
Land	55,548
Building and Improvements	24,324
Costs Capitalized Subsequent to Acquisition	0
Gross amount carried	79,872
Accumulated depreciation	$ 1,470
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Real estate investments, at cost:
Balance at beginning of year	$ 762,519	$ 759,487	$ 671,210
Additions-acquisitions	0	0	79,872
Capital expenditures	4,701	3,032	8,405
Impairments	(1,452)	0	0
Write-offs	(592)	0	0
Balance at end of the year	765,176	762,519	759,487
Accumulated depreciation:
Balance at beginning of year	92,470	72,656	53,449
Depreciation expense	20,684	19,814	19,207
Write-offs	(513)	0	0
Balance at the end of the year	$ 112,641	$ 92,470	$ 72,656