New York City REIT (NYC) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 08, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,810,868
Entity Central Index Key	0001595527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate investments, at cost:
Land	$ 192,600	$ 192,600
Buildings and improvements	574,454	572,576
Acquired intangible assets	87,119	87,478
Total real estate investments, at cost	854,173	852,654
Less accumulated depreciation and amortization	(171,287)	(157,880)
Total real estate investments, net	682,886	694,774
Cash and cash equivalents	8,097	11,674
Restricted cash	12,444	16,754
Operating lease right-of-use asset	55,061	55,167
Prepaid expenses and other assets	9,174	9,293
Derivative asset, at fair value	776	0
Straight-line rent receivable	28,075	25,838
Deferred leasing costs, net	9,428	9,551
Total assets	805,941	823,051
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	393,388	398,117
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $214 and $141 at June 30, 2022 and December 31, 2021, respectively)	15,377	8,131
Operating lease liability	54,744	54,770
Below-market lease liabilities, net	3,572	4,224
Derivative liability, at fair value	0	1,553
Deferred revenue	3,717	5,120
Total liabilities	470,798	471,915
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 13,638,789 and 13,277,738 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	136	133
Additional paid-in capital	693,695	691,118
Accumulated other comprehensive income (loss)	819	(1,553)
Distributions in excess of accumulated earnings	(375,837)	(350,709)
Total stockholders’ equity	318,813	338,989
Non-controlling interests	16,330	12,147
Total equity	335,143	351,136
Total liabilities and equity	$ 805,941	$ 823,051

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amounts due to related parties	$ 214	$ 141
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)	13,638,789	13,277,738
Common stock, shares outstanding (in shares)	13,638,789	13,277,738

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue from tenants	$ 16,231	$ 14,977	$ 31,877	$ 30,163
Operating expenses:
Asset and property management fees to related parties	1,785	1,847	3,707	3,754
Property operating	8,270	8,323	16,848	17,059
Equity-based compensation	2,201	2,120	4,321	4,235
General and administrative	3,506	1,984	5,904	4,716
Depreciation and amortization	7,041	7,023	14,022	15,549
Total operating expenses	22,803	21,297	44,802	45,313
Operating loss	(6,572)	(6,320)	(12,925)	(15,150)
Other income (expense):
Interest expense	(4,703)	(4,763)	(9,418)	(9,476)
Other income (expense)	2	31	(35)	39
Total other expense	(4,701)	(4,732)	(9,453)	(9,437)
Net loss and Net loss attributable to common stockholders	(11,273)	(11,052)	(22,378)	(24,587)
Other comprehensive income (loss):
Change in unrealized gain on derivative	622	233	2,372	822
Other comprehensive income	622	233	2,372	822
Comprehensive loss	$ (10,651)	$ (10,819)	$ (20,006)	$ (23,765)
Weighted-average shares outstanding — basic (in shares)	13,433,690	12,799,703	13,367,040	12,789,919
Weighted-average shares outstanding — diluted (in shares)	13,433,690	12,799,703	13,367,040	12,789,919
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.84)	$ (0.87)	$ (1.68)	$ (1.93)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.84)	$ (0.87)	$ (1.68)	$ (1.93)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in excess of accumulated earnings	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			12,802,690
Beginning balance at Dec. 31, 2020	$ 381,567	$ 377,558	$ 129	$ 686,715	$ (3,404)	$ (305,882)	$ 4,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor (in shares)			254,602
Common stock issued to the Advisor	2,843	2,843	$ 3	2,840
Repurchase and cancellation of common stock (in shares)			(26,236)
Repurchase and cancellation of common stock	(183)	(183)		(183)
Redemption of fractional shares of common stock and restricted shares (in shares)			(6)
Redemption of Class A units (in shares)			13,100
Redemption of Class A Units	0	230		230			(230)
Equity-based compensation (in shares)			21,546
Equity-based compensation	4,235	51		51			4,184
Dividends	(2,562)	(2,562)				(2,562)
Distributions paid to non-controlling interest holders	(80)	(80)				(80)
Net loss	(24,587)	(24,587)				(24,587)
Other comprehensive income	822	822			822
Ending balance (in shares) at Jun. 30, 2021			13,065,696
Ending balance at Jun. 30, 2021	362,055	354,092	$ 132	689,653	(2,582)	(333,111)	7,963
Beginning balance (in shares) at Mar. 31, 2021			12,776,448
Beginning balance at Mar. 31, 2021	369,233	363,132	$ 129	686,555	(2,815)	(320,737)	6,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor (in shares)			254,602
Common stock issued to the Advisor	2,843	2,843	$ 3	2,840
Redemption of Class A units (in shares)			13,100
Redemption of Class A Units	0	230		230			(230)
Equity-based compensation (in shares)			21,546
Equity-based compensation	2,120	28		28			2,092
Dividends	(1,282)	(1,282)				(1,282)
Distributions paid to non-controlling interest holders	(40)	(40)				(40)
Net loss	(11,052)	(11,052)				(11,052)
Other comprehensive income	233	233			233
Ending balance (in shares) at Jun. 30, 2021			13,065,696
Ending balance at Jun. 30, 2021	$ 362,055	354,092	$ 132	689,653	(2,582)	(333,111)	7,963
Beginning balance (in shares) at Dec. 31, 2021	13,277,738		13,277,738
Beginning balance at Dec. 31, 2021	$ 351,136	338,989	$ 133	691,118	(1,553)	(350,709)	12,147
Ending balance (in shares) at Mar. 31, 2022			13,371,810
Ending balance at Mar. 31, 2022	$ 343,599	329,360	$ 134	692,212	197	(363,183)	14,239
Beginning balance (in shares) at Dec. 31, 2021	13,277,738		13,277,738
Beginning balance at Dec. 31, 2021	$ 351,136	338,989	$ 133	691,118	(1,553)	(350,709)	12,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor (in shares)			215,306
Common stock issued to the Advisor	2,321	2,321	$ 2	2,319
Equity-based compensation (in shares)			135,702
Equity-based compensation	4,321	138	$ 1	137			4,183
Common stock issued to directors in lieu of cash for board fees (in shares)			10,043
Common stock issued to directors in lieu of cash for board fees	121	121		121
Dividends	(2,670)	(2,670)				(2,670)
Distributions paid to non-controlling interest holders	(80)	(80)				(80)
Net loss	(22,378)	(22,378)				(22,378)
Other comprehensive income	$ 2,372	2,372			2,372
Ending balance (in shares) at Jun. 30, 2022	13,638,789		13,638,789
Ending balance at Jun. 30, 2022	$ 335,143	318,813	$ 136	693,695	819	(375,837)	16,330
Beginning balance (in shares) at Mar. 31, 2022			13,371,810
Beginning balance at Mar. 31, 2022	343,599	329,360	$ 134	692,212	197	(363,183)	14,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor (in shares)			126,426
Common stock issued to the Advisor	1,313	1,313	$ 1	1,312
Equity-based compensation (in shares)			135,702
Equity-based compensation	2,201	110	$ 1	109			2,091
Common stock issued to directors in lieu of cash for board fees (in shares)			4,851
Common stock issued to directors in lieu of cash for board fees	62	62		62
Dividends	(1,341)	(1,341)				(1,341)
Distributions paid to non-controlling interest holders	(40)	(40)				(40)
Net loss	(11,273)	(11,273)				(11,273)
Other comprehensive income	$ 622	622			622
Ending balance (in shares) at Jun. 30, 2022	13,638,789		13,638,789
Ending balance at Jun. 30, 2022	$ 335,143	$ 318,813	$ 136	$ 693,695	$ 819	$ (375,837)	$ 16,330

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (11,273)	$ (11,052)	$ (22,378)	$ (24,587)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	7,041	7,023	14,022	15,549
Amortization of deferred financing costs			771	771
Accretion of below- and amortization of above-market lease liabilities and assets, net			(101)	(440)
Equity-based compensation	2,201	2,120	4,321	4,235
Management fees reinvested by the Advisor			2,321	0
Changes in assets and liabilities:
Straight-line rent receivable			(2,233)	(1,078)
Straight-line rent payable			54	54
Prepaid expenses, other assets and deferred costs			(499)	70
Accounts payable, accrued expenses and other liabilities			6,862	(356)
Deferred revenue			(1,403)	385
Net cash provided by (used in) operating activities			1,737	(5,397)
Cash flows from investing activities:
Capital expenditures			(1,374)	(1,114)
Net cash used in investing activities			(1,374)	(1,114)
Cash flows from financing activities:
Payments on mortgage note payable			(5,500)	0
Common stock issuance proceeds			0	3,352
Dividends paid on common stock			(2,670)	(2,562)
Repurchase of common stock			0	(183)
Distributions to non-controlling interest holders			(80)	(80)
Net cash (used in) provided by financing activities			(8,250)	527
Net change in cash, cash equivalents and restricted cash			(7,887)	(5,984)
Cash, cash equivalents and restricted cash, beginning of period			28,428	39,994
Cash, cash equivalents and restricted cash, end of period	20,541	34,010	20,541	34,010
Cash and cash equivalents	8,097	23,875	8,097	23,875
Restricted cash	12,444	10,135	12,444	10,135
Cash, cash equivalents and restricted cash, end of period	$ 20,541	$ 34,010	20,541	34,010
Non-Cash Investing and Financing Activities:
Common stock issued to directors in lieu of cash for board fees			121	0
Accrued capital expenditures			504	158
Common stock issued to the Advisor			$ 2,321	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationNew York City REIT, Inc. (including, New York City Operating Partnership L.P., (the “OP”) and its subsidiaries, the “Company”) is an externally managed entity that has qualified to be taxed as a real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”). We invest 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 June 30, 2022, the Company owned eight properties consisting of 1.2 million rentable square feet, acquired for an aggregate purchase price of $790.7 million. At our 1140 Avenue of the Americas property, in the third quarter of 2021 we began operating Innovate NYC, a co-working company that is specific to this property only, that offers move-in ready private offices, virtual offices, and meeting space on bespoke terms to clients.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	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended June 30, 2022 and 2021 are not necessarily indicative of the results for the entire year or any subsequent interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2022. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three and six months ended June 30, 2022. Principles of Consolidation The 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. 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. During the second quarter of 2021, 13,100 units of limited partnership designated as “Class A Units” (“Class A Units”), which represented a non-controlling interest in the OP, were redeemed for an equal number of shares of Class A common stock. These Class A Units were held by a third party. 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 June 30, 2022 and December 31, 2021 (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 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 June 30, 2022. However, given the rapid evolution of the COVID-19 pandemic and the global response to curb its spread, these estimates and assumptions as of June 30, 2022 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 and has recently fully reopened on March 7, 2022. 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, 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. 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 received a lease termination fee of $1.4 million in the fourth quarter of 2021 for these two terminations. Concurrently, the Company simultaneously entered into six month license agreements with a new operator at both garage properties, and subsequently extended these agreements, set to expire at the end of October 2022, in April 2022. Subsequently in July 2022, the previous short-term extensions noted above were terminated, and commenced new leases that expire in June 2037. 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 did impact the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. As a result, the Company did experience delays in rent collections during 2021, however this trend has not continued into the first half of 2022. Also, there is only one tenant for which we are recording rent on a cash basis as of June 30, 2022. The Company did take 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. The Company did not enter into any new deferral or abatement agreements in the first half of 2022. As a result of the financial difficulties of the Company’s tenants during 2020 and 2021, and early lease terminations during 2020 and 2021, the Company has had breaches of debt covenants on mortgages secured by its 9 Times Square, 1140 Avenue of Americas, Laurel/Riverside and 8713 Fifth Avenue properties under the non-recourse mortgages for those properties. These breaches caused cash trap events that continued into the second quarter of 2022 (except for the Laurel/Riverside property), but were not events of default. The Company is now no longer in breach of the covenants for the Laurel/Riverside property because it satisfied the required debt service coverage for the property for each of the two consecutive quarters ended on December 31, 2021 and March 31, 2022 and continued to satisfy the required debt service coverage for the quarter ended June 30, 2022. See Note 4 — Mortgage Notes Payable, Net for further details regarding the current status, as of June 30, 2022, of the debt covenants under the mortgages secured by these properties. 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 Financial Accounting Standards Board (“FASB”) and U.S Securities and Exchange Commission (the “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 June 30, 2022, these leases had a weighted-average remaining lease ter m of 7.1 years . B ecause 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 total 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, 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, 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 operating 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 uncollectible amounts as reductions in revenue from tenants. During the six months ended June 30, 2022 and 2021, the Company had no such reductions in revenue which excludes rents from tenants on a cash basis not collected. Accounting for Leases Lessor Accounting As a lessor of real estate, 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 the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Lessee Accounting For lessees, the accounting 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. For additional information and disclosures related to the Company’s operating leases, see Note 8 - Commitments and Contingencies . Recently Issued Accounting Pronouncements 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 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 from 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 the Company’s hedged forecasted transactions remain probable and (ii) the

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2022
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments There were no real estate assets acquired or liabilities assumed during the three months and six months ended June 30, 2022 or 2021. Also, there were no dispositions of real estate during the three months and six months ended June 30, 2022 or 2021. However, the Company is evaluating its options for its 421 W. 54th Street - Hit Factory property, which includes 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 June 30, 2022. Significant Tenants As of June 30, 2022 and December 31, 2021, 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. The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 In-place leases (1) $ 1,326 $ 1,361 $ 2,606 $ 2,866 Other intangibles 177 291 354 583 Total included in depreciation and amortization $ 1,503 $ 1,652 $ 2,960 $ 3,449 Above-market lease intangibles $ 263 $ 273 $ 526 $ 538 Below-market lease liabilities (326) (488) (652) (1,003) Total included in revenue from tenants $ (63) $ (215) $ (126) $ (465) Below-market ground lease, included in property operating expenses $ 12 $ 12 $ 25 $ 25 The following table provides the projected amortization expense and adjustments to revenues for the next five years as of June 30, 2022: (In thousands) 2022 (remainder) 2023 2024 2025 2026 In-place leases $ 1,945 $ 3,333 $ 2,425 $ 1,366 $ 673 Other intangibles 354 708 708 708 708 Total to be included in depreciation and amortization $ 2,299 $ 4,041 $ 3,133 $ 2,074 $ 1,381 Above-market lease assets $ 448 $ 825 $ 495 $ 206 $ 138 Below-market lease liabilities (519) (949) (890) (502) (183) Total to be included in revenue from tenants $ (71) $ (124) $ (395) $ (296) $ (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

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable, net as of June 30, 2022 and December 31, 2021 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties June 30, December 31, 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) 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (2) 1 10,000 10,000 5.04 % Fixed Nov. 2028 9 Times Square (2) (3) 1 49,500 55,000 3.72 % Fixed (4) Apr. 2024 196 Orchard Street 1 51,000 51,000 3.90 % Fixed Aug. 2029 Mortgage notes payable, gross 7 399,500 405,000 4.35 % Less: deferred financing costs, net (5) (6,112) (6,883) Mortgage notes payable, net $ 393,388 $ 398,117 _______ (1) As of June 30, 2022, $1.6 million was in escrow in accordance with the conditions under the loan agreement and presented as part of restricted cash on the unaudited 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. As of June 30, 2022 an aggregate of $7.7 million is held in cash management accounts pursuant to these cash traps, which is included in restricted cash on the balance sheet. See “Debt Covenants” section below for additional details. For Laurel/Riverside, as of June 30, 2022, the Company was neither in covenant breach nor in cash traps based on current results. (3) The Company made a $5.5 million in principal payment in March 2022 pursuant to a waiver and amendment of the loan on the Company’s 9 Times Square property. See “Debt Covenants” section below for additional details. (4) 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 June 30, 2022 (see Note 6 — Derivatives and Hedging Activities for additional information). (5) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Collateral and Principal Payments Real estate assets and intangible assets of $835.9 million, at cost (net of below-market lease liabilities), at June 30, 2022 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 notes payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to June 30, 2022: (In thousands) Future Minimum Principal Payments 2022 (remainder) $ — 2023 — 2024 49,500 2025 — 2026 99,000 Thereafter 251,000 Total $ 399,500 Debt Covenants 9 Times Square The Company 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 in the year ended December 31, 2020, through December 31, 2021. The debt service coverage and debt yield covenants are calculated quarterly using the 12 preceding months. The principal amount of the loan was $49.5 million as of June 30, 2022. 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. 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 replaces the LIBOR rate provisions to provide for a successor benchmark using the Secured Overnight Financing Rate (“SOFR”) effective with the second quarter of 2022 and amends the spreads to 1.60% from 1.50%, per annum. The previously existing “pay-fixed” interest swap that was designated as a cash flow hedge on the 9 Times Square mortgage was terminated in conjunction with the modification described above. A new swap was entered into for a notional value that aligns with the remaining principal balance owed on the mortgage using a new SOFR effective rate (see Note 6 — Derivatives and Hedging Activities ). With the waiver as of September 30, 2021, the Company is permitted to be in breach for up to four consecutive quarters without causing an event of default. While the Company also breached the debt service coverage and debt yield covenant as of December 31, 2021 and March 31, 2022, the Company expects that it will not be in breach as of June 30, 2022 and September 30, 2022. As a result, the Company will have two consecutive quarters that it will not be in breach and, at such time, the Company will be able to request to exit the cash trap. The maintenance of the separate cash management account described above will remain a requirement until the Company is able to comply with all of the applicable covenants. As of June 30, 2022, there was $2.5 million held in a cash management account which was part of the Company’s restricted cash balance on its consolidated balance sheet. The Company expects that it will not be in breach as of June 30, 2022 and September 30, 2022, however if it were in breach, the Company may remain in breach of the covenants through the reporting of third quarter of 2022 results at which time, if the Company remains in breach, the Company will again enter the “right sizing” period which would require (1) repaying a portion of the loan or (ii) provide 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 the Company’s ability to fund its 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 the Company to maintain $10.0 million in liquid assets, which includes cash and cash equivalents and restricted cash, which totaled $20.5 million as of June 30, 2022. 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 eight quarters ended June 30, 2022. The debt service coverage covenant is calculated quarterly using the 12 preceding months. The principal amount of the loan was $99.0 million as of June 30, 2022. 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 June 30, 2022, the Company has $5.2 million in cash that is retained by the lender and maintained in restricted cash on the Company’s consolidated balance sheet. 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - Icon Garage The Company 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 Company satisfied the debt service coverage covenant for the quarter ended December 31, 2021, March 31, 2022 and June 30, 2022. The debt service coverage covenant is calculated quarterly using the 12 preceding months. The principal amount of the loan was $50.0 million as of June 30, 2022. The two previous 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. On October 26, 2021, the Company signed a termination agreement with the original tenants of the garages at both the 200 Riverside Boulevard property and 400 E. 67th Street - Laurel Condominium property, 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 was deposited into a cash management account and was originally classified in restricted cash on the Company’s consolidated balance sheet as of December 31, 2021, and it was subsequently reclassified to cash and cash equivalents on the Company’s consolidated balance sheet in the first quarter of 2022 (see below for more information). Also, upon the signing of the termination agreement, the Company simultaneously entered into six-month license agreements with a new operator at both garage properties, and subsequently, in July 2022, the Company terminated the six-month license agreements and commenced new leases that expire in June 2037. The Company’s breaches of the debt services coverage covenant were not events of default but rather 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, whereby it could have remained subject to this reserve requirement through maturity of the loan without further penalty or ramifications. However, the Company is now no longer in breach of the covenants for Laurel/Riverside because it satisfied the required debt service coverage for the property for each of the two consecutive quarters ended on December 31, 2021 and March 31, 2022, which ended the cash management period. The Company also satisfied the debt service coverage for the period June 30, 2022. Accordingly, the $1.4 million, which was classified in restricted cash on the Company’s consolidated balance sheet as of December 31, 2021, was reclassified to cash and cash equivalents on the Company’s consolidated balance sheet in the first quarter of 2022. 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 and the first and second quarters of 2022, respectively. The debt service coverage covenant is calculated quarterly using the 12 preceding months. The principal amount for the loan was $10.0 million as of June 30, 2022. 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 June 30, 2022, 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 June 30, 2022, 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 third 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 June 30, 2022, 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 The Company had a mortgage loan agreement and a related derivative agreement for a “pay-fixed” interest swap that had terms that were previously based on LIBOR. However, in March of 2022, effective with the 9 Times Square loan modification and the termination and replacement of the “pay-fixed” swaps, both the mortgage loan and agreement and the current “pay-fixed” interest swaps are now based on SOFR.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, 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 Significant Other Significant Total June 30, 2022 Interest rate “Pay - Fixed” swaps - assets $ — $ 776 $ — $ 776 Total $ — $ 776 $ — $ 776 December 31, 2021 Interest rate “Pay - Fixed” swaps - liabilities $ — $ (1,553) $ — $ (1,553) Total $ — $ (1,553) $ — $ (1,553) 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 sheets 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: June 30, 2022 December 31, 2021 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 132,465 $ 140,000 $ 145,827 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 92,354 99,000 100,616 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 46,319 50,000 51,750 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,450 10,000 10,633 Mortgage note payable — 9 Times Square 3 49,500 48,123 55,000 53,654 Mortgage note payable — 196 Orchard Street 3 51,000 44,380 51,000 50,423 Total $ 399,500 $ 373,091 $ 405,000 $ 412,903

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2022
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. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021. (In thousands) Balance Sheet Location June 30, December 31, 2021 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 776 $ (1,553) 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 six months ended June 30, 2022 and year ended December 31, 2021, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. In connection with the modification and partial paydown of the Company’s mortgage loan on its 9 Times Square property (see Note 4 — Mortgage Notes Payable, Net ), the Company terminated its existing $55.0 million notional, LIBOR based “pay-fixed” interest rate swap and replaced it with a new $49.5 million notional, SOFR based “pay-fixed” interest rate swap. In connection with this termination/replacement of the swap derivatives, the Company reflected as a charge (associated with the reduced notional amount) of approximately $38,338 in Other Income (Expense) on the Company’s Statement of Operations for the six month period ended June 30, 2022. At the time of the modification a net carrying amount reflecting the amount paid and the off market value rolled into the new swap and remained in Accumulated Other Comprehensive Income (“AOCI”). The amount will be amortized into interest expense over the term of the hedged item. The unamortized amount as of June 30, 2022 was $43,000. Amounts reported in accumulated other comprehensive income (loss) 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 $0.5 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. As of June 30, 2022 and December 31, 2021, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. June 30, 2022 December 31, 2021 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 49,500 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 periods indicated. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ 454 $ (54) $ 1,878 $ 253 Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (168) $ (287) $ (494) $ (568) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,703 $ 4,763 $ 9,418 $ 9,476 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2022 and December 31, 2021. 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 June 30, 2022 $ 776 $ — $ — $ 776 $ — $ — 776 December 31, 2021 $ — $ (1,553) $ — $ (1,553) $ — $ — (1,553) 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 June 30, 2022, the fair value of derivatives in a net asset position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $0.7 million. As of June 30, 2022, 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 $0.7 million.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of June 30, 2022 and December 31, 2021, the Company had 13.6 million and 13.3 million shares of common stock outstanding, respectively, including unvested restricted shares. As of June 30, 2022, all of the Company’s shares of common stock outstanding was Class A common stock, including unvested restricted shares. During the first six months of 2022 and during the year ended December 31, 2021, the Company paid dividends to 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. On July 1, 2022, the Company announced that it suspended its policy regarding dividends paid on its Class A common stock, beginning with the dividend that would have been payable for the quarter ended June 30, 2022. During the three and six months ended June 30, 2022, in accordance with the Side Letter (as defined in Note 9 — Related Party Transactions and Arrangements) , the Advisor reinvested base management fees, aggregating approximately $1.5 million and $2.5 million, in shares of the Company’s Class A common stock respectively. The number of shares purchased was based on a 10-day trading average price subject to a “Minimum Price” as defined in Section 312.04(h) of the New York Stock Exchange Listed Company Manual (the “Listed Company Manual”) computed upon executing the side letter to be $10.55 per share. As a result the side letter, during the first six months of 2022, the Company issued 45,372, 43,508, 38,786, 40,247 and 47,393 shares of its Class A common stock in February, March 2022, April, May and June 2022, respectively, in connection with the monthly base management fee earned by the Advisor. For accounting purposes, these shares are treated as issued using the closing price on date of issue and the related expense for the year are reflected as $1.3 million and $2.3 million for the three and six months ended June 30, 2022, respectively. During the three months ended March 31, 2022, the Company’s independent board of directors made an election to receive stock in lieu of cash for board services rendered during the fourth quarter 2021 and accordingly, the expense was recorded in the fourth quarter of 2021. Also, during the three months ended June 30, 2022, the Company’s independent board of directors made an election to receive stock in lieu of cash for board services rendered during the first quarter of 2022, and accordingly, the expense was recorded in the first quarter of 2022. As a result of these elections, the Company issued: • 5,192 shares of its Class A common stock to the Company’s independent board of directors in the first quarter of 2022 (for services rendered in the fourth quarter 2021), and • 4,851 shares of its Class A common stock to the Company’s independent board of directors in the second quarter of 2022 (for services rendered in the first quarter of 2022). The Company paid all directors fees in cash during the second quarter of 2022. Equity Offerings Class A Common Stock On October 1, 2020, the Company entered into an Equity Distribution Agreement, pursuant to 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”). During the three and six months ended June 30, 2022 and 2021, the Company did not sell any shares of Class A common stock through the Co mmon Stock ATM Program. Repurchase Program The Company’s directors 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 of the Company’s Class A common stock on the NYSE (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 of the Company’s Class A common stock, state law considerations and other contractual or regulatory limitations and capital availability. Repurchases, if approved by the Company’s board of directors, 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. The Company’s board of directors has not considered or authorized any repurchases since the adoption of the initial resolution. 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 December Offer expired on January 27, 2021 and, 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. 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. On August 9, 2022 the expiration date of these rights was extended again from August 16, 2022 to August 18, 2025. 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 six months ended June 30, 2022 , any DRIP transactions were settled through open market transactions and no shares were issued by the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee 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 lease 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 June 30, 2022, the Company’s ground lease had a weighted-average remaining lease term of 44.5 years and a discount rate of 8.6%. As of June 30, 2022, the Company’s balance sheet includes an ROU asset and liability of $55.1 million and $54.7 million, respectively, which are included in operating lease right-of-use asset and operating lease liability, respectively, on the consolidated balance sheet. For the three and six months ended June 30, 2022, the Company paid cash of $1.2 million and $2.4 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $1.2 million and $2.4 million, respectively, on a straight-line basis in accordance with the standard. For the three and six months ended June 30, 2021, the Company paid cash of $1.2 million and $2.4 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $1.2 million and $2.4 million, respectively, 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 six months ended June 30, 2022 and 2021. 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 June 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 2,373 2023 4,746 2024 4,746 2025 4,746 2026 4,746 Thereafter 197,754 Total lease payments 219,111 Less: Effects of discounting (164,367) Total present value of lease payments $ 54,744 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 June 30, 2022, 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	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of June 30, 2022 and December 31, 2021, entities wholly owned by AR Global owned 215,306 and 56,091 shares, respectively, of the Company’s outstanding common stock. Cash Management Plan To potentially enhance the Company’s cash resources to fund operating and capital needs, Bellevue Capital Partners, LLC, which is an entity that controls the Advisor (“Bellevue”) has expressed a desire to invest additional capital in the Company. Although no agreement exists, the Shares would likely be purchased by Bellevue from time to time at its discretion directly from the Company through block trades executed under the Company’s Common Stock ATM Program. The Company’s board of directors has authorized the issuance of up to 1,000,000 shares its Class A common stock for these purposes although there is no assurance as to the number of shares of the Company’s Class A common stock, if any, that Bellevue may seek to purchase. The Advisor and Property Manager likewise have told the Company that one or both of them, each in their sole discretion, may be willing to accept shares of the Company’s Class A common stock in lieu of cash as payment for certain fees or expense reimbursements. To facilitate the potential investments, Bellevue, the Advisor and the Property Manager (referred to collectively as the “AR Parties”) proposed, and the Company agreed, to amend the Waiver Agreements and the Company decided to lower the ownership limit applicable to all other stockholders. For additional information on the amendments to the Waiver Agreements and ownership limit changes, see Note 13 — Subsequent Events . 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. Currently and during the year ended December 31, 2021, the variable management fee is 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 $0.1458, 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 $0.1944. The variable management fee is payable quarterly in arrears in cash, shares of common stock, units of limited partnership inter est in the OP or a combination thereof, at the Advisor’s election. No incentive variable management fees were earned during the three months ended June 30, 2022 or 2021. On February 4, 2022, the Company entered into a side letter (the “Side Letter”) with the Advisor to the Advisory Agreement pursuant to which the Advisor agreed to, from the date of the Side Letter until August 4, 2022, immediately invest all fees received by the Advisor under Section 10(c)(i)-(ii) of the Advisory Agreement in shares of the Company’s Class A common stock, par value $0.01 per share (the “Shares”), in an amount aggregating no more than $3.0 million. The price of the Shares was determined, at each issuance, in accordance with Section 10(c)(iii) of the Advisory Agreement and was not 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”), which minimum price was $10.55 per share. The Advisor’s obligation to invest its fee in Shares under the Side Letter was in consideration of, and subject to the provisions of the Waiver Agreements (defined below). In addition, the Company was not required to issue any Shares under the Side Letter if doing so would have required the Company to seek shareholder approval under Section 312 of the Listed Company Manual or any subsequent rules and regulations of the New York Stock Exchange. On February 4, 2022, concurrently with the execution of the Side Letter, the Company’s board of directors granted (i) a waiver from the Aggregate Share Ownership Limit, as defined and contained in Section 5.7 of the Company’s charter, to permit each of Bellevue, the Advisor, entities controlled by Bellevue, Edward M. Weil. Jr, who is an officer and director of the Company, an officer of the Advisor and a holder of a non-controlling interest in Bellevue, and their respective affiliates and certain other entities and individuals who would be treated as Beneficially Owning or Constructively Owning (each as defined in the Charter) Shares held by either or both of Bellevue and the Advisor, including Mr. Weil, to Beneficially Own or Constructively Own Shares in an amount up to 20% of the outstanding Shares (subject to certain constraints for each such entity and individual on the total actual ownership of Shares by such entities and individuals), to the extent and on the terms set forth in each ownership limit waiver agreement (collectively, the “Charter Ownership Limit Waiver Agreements”); and (ii) a waiver from the provisions contained in Section 1.1 of the Amended and Restated Rights Agreement, dated August 17, 2020 (as amended by Amendment No. 1 dated August 12, 2021, the “Rights Plan”), to permit each party to the Charter Ownership Limit Waiver Agreements to Beneficially Own (as defined in the Rights Plan) Shares to the maximum extent allowed by the Charter Ownership Limit Waiver Agreements without being deemed an “Acquiring Person” under Section 1.1 of the Rights Plan, subject to the terms set forth in the rights plan waiver agreement (the “Rights Plan Waiver Agreement,” and together with the Charter Ownership Limit Waiver Agreements, the “Waiver Agreements”). The terms and conditions of the Charter Ownership Limit Waiver Agreements entered into with each of these entities or individuals are the same except for the actual number of Shares the entities or individuals may own or acquire. All other terms and conditions contained in the Company’s charter will otherwise continue to apply to the Shares that the entities or individuals may own or acquire. The Compan y pa id $1.3 million and $2.8 million in cash base asset management fees during the three and six months ended June 30, 2022, respectively, and the Company paid $1.5 million and $3.0 million in cash base asset management fees during the three and six months ended June 30, 2021, respectively. There were no variable management fees incurred in any of these periods. In accordance with the Side Letter, the Advisor reinvested base management fees , aggregating $1.0 million and $1.5 million, in sha res of the Company’s Class A common stock in the first and second quarters of 2022, respectively. As a result, the Company issued 45,372, 43,508, 38,786, 40,247 and 47,393 shares of its Class A common stock in February, March, April, May and June 2022 in connection with the monthly base management fee earned by the Advisor. For accounting purposes, these shares were issued using the closing price on date of issue and the related expense for the year are reflected as $1.3 million and $2.3 million for the three and six months ended June 30, 2022, respectively. 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 contracts with a third party, the Company pays 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 the Company’s 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 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 $0.5 million and $0.9 million in property management fees during the three and six months ended June 30, 2022, respectively, and the Company incurred $0.3 million and $0.8 million in property management fees during the three and six months ended June 30, 2021, 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 three and six months ended June 30, 2022 were $1.2 million and $2.7 million, respectively, and were $1.0 million and $2.4 million for the three and six months ended June 30, 2021, 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 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 three and six months ended June 30, 2022 were $0.9 million and $2.1 million , r espectively, of which $0.1 million and $0.4 million, respectively, related to administrative and overhead expenses and $0.7 million and $1.7 million, respectively, were for salaries, wages, and benefits. As of June 30, 2022 we have reached our annual limit of $0.4 million for professional fees and other reimbursements related to administrative, overhead and personnel service expenses paid to the Advisor. 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 three and six months ended June 30, 2021 were $0.7 million and $1.9 million, respectively, of which $0.1 million and $0.4 million, respectively, related to administrative and overhead expenses and $0.7 million and $1.6 million, respectively, were for salaries, wages, and benefits. Summary of Fees, Expenses and Related Payables The following table details amounts incurred in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (receivable) as of (In thousands) 2022 2021 2022 2021 June 30, 2022 December 31, 2021 Ongoing fees: Asset and property management fees to related parties $ 1,785 $ 1,847 3,707 3,754 $ 214 $ 141 Professional fees and other reimbursements (1) 1,223 975 2,739 2,367 — — Total related party operation fees and reimbursements $ 3,008 $ 2,822 $ 6,446 $ 6,121 $ 214 $ 141 ________ (1) Amounts for the three and six months ended June 30, 2022 and 2021 are included in general and administrative expenses in the unaudited consolidated statements of operations and comprehensive loss. 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. The measurement period used to calculate the average Market Value of the Company’s Class A common stock was from February 9, 2022 to March 23, 2022, the end of the 30 consecutive trading dates commencing on February 9, 2022, which is the 180th 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. Based on the actual Market Value during the measurement period, the Listing Amount was zero, and the Company has no distribution obligation to the Special Limited Partner related to the Listing Note. The final fair value of the Listing Note is zero, and the fair value of the Listing Note was nominal at issuance. The fair value at issuance was determined using a Monte Carlo simulation, which used a combination of observable and unobservable inputs. Termination Fees Payable to the Advisor The Advisory Agreement requires the Company to pay a termination fee to the Advisor in the event the Advisory Agreement is terminated prior to the expiration of the initial term in certain limited scenarios. The termination fee will be payable to the Advisor if either the Company or the Advisor exercises the right to terminate the Advisory Agreement in connection with the consummation of the first change of control (as defined in the Advisory Agreement). The termination fee is equal to • $15 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.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2022
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	6 Months Ended
	Jun. 30, 2022
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 are 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. Grants to independent directors after the Listing are 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 made in connection with the Company’s 2021 annual meeting of stockholders, the amount of the annual award was increased from $30,000 to $65,000. No other changes have been 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 or any other executive officer of the Company, 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 . As o f June 30, 2022 there have been no shares awarded. 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. During the second quarter of 2022, the Company granted 109,875 restricted shares to employees of the Advisor. The restricted shares granted to employees of the Advisor or its affiliates will vest in 25% increments on each of the first four The following table displays restricted share award activity during the six months ended June 30, 2022: Number of Weighted-Average Issue Price Unvested, December 31, 2021 25,172 $ 15.00 Granted 135,702 10.96 Vested (5,406) 17.20 Unvested June 30, 2022 155,468 11.40 As of June 30, 2022, the Company ha d $0.4 million of unrecognized compensation cost related to unvested restricted share awards granted and is expected to be recognized over a weighted-average period of 4.2 years. Restricted share awar ds are expensed in accordance with the service period required. Compensation expense related to restricted share awards was approximat ely $109,516 and $137,262 for the three and six months ended June 30, 2022, respectively, and $27,843 and $51,035 for the three and six months ended June 30, 2021, respectively. Compensation expense related to restricted share awards is recorded as equity-based compensation in the accompanying unaudited 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, the quotient of $50.0 million divided by $12.46, representing the average closing price of one share 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 three and six months ended June 30, 2022, the Company recorded equity-based compensation expense related to the LTIP Units of $2.1 million and $4.2 million, respectively, and $2.1 million and $4.2 million during the three and six months ended June 30, 2021, respectively. Equity-based compensation expense related to the LTIP Units is recorded in equity-based compensation in the consolidated statements of operations and comprehensive loss. As of June 30, 2022, the Company had $9.5 million of unrecognized compensation expense related to the LTIP Units, which is expected to be recognized over a period of 1.1 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. On July 1, 2022, the Company announced that it temporarily suspended its policy regarding dividends paid on its Class A common stock, beginning with the dividend that would have been payable for the quarter ended June 30, 2022. Thus, the Board did not declare a dividend payable for the quarter ended June 30, 2022 For each of the three and six month periods ended June 30, 2022 and 2021, the Company paid $40,000 and $80,000, 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 basis points and zero basis points, or between zero basis points and +600 basis points, the number of 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

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
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: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2022 2021 2022 2021 Net loss attributable to common stockholders (in thousands) $ (11,273) $ (11,052) $ (22,378) $ (24,587) Adjustments to net loss attributable to common stockholders (40) (40) (80) (80) Adjusted net loss attributable to common stockholders $ (11,313) $ (11,092) $ (22,458) $ (24,667) Weighted average shares outstanding — Basic and Diluted 13,433,690 12,799,703 13,367,040 12,789,919 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.84) $ (0.87) $ (1.68) $ (1.93) 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. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Unvested restricted shares (1) 111,122 15,107 68,384 10,311 Class A Units (2) — 8,205 — 10,639 LTIP Units (3) 4,012,841 4,012,841 4,012,841 4,012,841 Total weighted-average anti-dilutive common share equivalents 4,123,963 4,036,153 4,081,225 4,033,791 _______ (1) There were 155,468 and 26,946 unvested restricted shares outstanding as of June 30, 2022 and 2021, respectively. (2) Formerly known as OP Units. As of June 30, 2022 or 2021, there were no Class A Units outstanding. (3) There were 4,012,841 LTIP Units outstanding as of June 30, 2022 and 2021, respectively (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 three and six month periods ended June 30, 2022 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 three and six month periods ended June 30, 2022 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	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Quarterly Dividend On July 1, 2022, the Company announced that it suspended its policy regarding dividends paid on its Class A common stock, beginning with the dividend that would have been payable for the quarter ended June 30, 2022. Side Letter to the Advisory Agreement In accordance with the Side Letter, the Advisor reinvested base management fees, aggregating $0.5 million, in shares of the Company’s Class A common stock in July 2022. As a result, the Company issued 47,393 shares of its Class A common stock using the $10.55 minimum price in July 2022 in connection with the monthly base management fee earned by the Advisor (see Note 9 — Related Party Transactions and Arrangements ). August 2022 Asset Management Fees In August 2022, the compensation committee of the Company’s board of directors approved the issuance 124,685 shares of the Company’s Class A common stock in lieu of cash for the August 2022 management fee using the 10-day average price of $4.01 per share which was greater than the minimum price under NYSE rules. This issuance was completed at the Advisor’s request as permitted under Advisory Agreement. New Leases - 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard In July 2022, the Company terminated the six-month license agreements which were set to expire in October 2022 at the parking garages at its 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard properties and commenced new leases that expire in June 2037. Cash Management Plan To potentially enhance the Company’s cash resources to fund operating and capital needs, Bellevue has expressed a desire to invest additional capital in the Company. Although no agreement exists, the Shares would likely be purchased by Bellevue from time to time at its discretion directly from the Company through block trades executed under the Company’s Common Stock ATM Program. The Company’s board of directors has authorized the issuance of up to 1,000,000 shares its Class A common stock for these purposes although there is no assurance as to the number of shares of the Company’s Class A common stock, if any, that Bellevue may seek to purchase. The Advisor and Property Manager likewise have told the Company that one or both of them, each in their sole discretion, may be willing to accept shares of the Company’s Class A common stock in lieu of cash as payment for certain fees or expense reimbursements. To facilitate the potential investments, Bellevue, the Advisor and the Property Manager (referred to collectively as the “AR Parties”) proposed, and the Company agreed, to amend the Waiver Agreements as discussed below and the Company decided to lower the ownership limit applicable to all other stockholders as discussed below. As part of the discussions, the Company advised the AR Parties, that any shares of its Class A common stock purchased directly from the Company by Bellevue through block trades executed under the Company’s Common Stock ATM Program would be sold at a per share price equal to the greater of (i) the closing market price of the shares on the NYSE on the most recent trading day prior to an issuance or (ii) the “Minimum Price” as defined in Section 312.04(h) of the Listed Company Manual; provided, however, that the Company would not sell any shares of its Class A common stock to Bellevue if doing so would otherwise require the Company to seek shareholder approval under Section 312 of the Listed Company Manual or any subsequent rules and regulations of the NYSE. Additionally, the Company agreed to (1) amend the Charter Ownership Limit Waiver Agreements to (i) immediately increase the Excepted Holder Limit (as defined therein) to 21%, and (ii) prospectively increase the Excepted Holder Limit to up to 25% if the Company is advised by Proskauer Rose LLP, outside counsel to the Company, that Proskauer Rose LLP is prepared to render an opinion that, among other things, the Company’s actual and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a real estate investment trust under Sections 856 through 860 of the Code notwithstanding the increase in the Excepted Holder Limit to up to 25%, there being no assurance, however, that an opinion will be rendered (the “Charter Waiver Agreement Amendments”), and (2) amend the Rights Plan Waiver Agreement to implement corresponding changes. Concurrent with these amendments, the Company’s board of directors reduced the Series Limit and the Overall Limit (each as defined in the Charter Ownership Limit Waiver Agreements) to 6% for all stockholders of the Company that are not otherwise Bellevue, the Advisor, their respective affiliates or persons who would be treated as Beneficially Owning or Constructively Owning (each as defined in the Company’s charter) shares of the Company’s Class A common stock held by either or both of Bellevue and the Advisor (the “Excluded Persons”). As of the date of this Quarterly Report on Form 10-Q, the Excluded Persons owned 13.7% of the outstanding Class A common shares in the aggregate, which includes Class A common shares issued to the Advisor in July 2022 pursuant to the Side Letter and Shares issued to the Advisor in August 2022 in lieu of cash payments for advisory fees. The Company also advised the AR Parties that to the extent that the Advisor or the Property Manager decided to accept shares of its Class A common stock in lieu of cash payments for fees or the reimbursement of expenses, the Company would not issue shares of its Class A common stock exceeding the number permitted to be Beneficially Owned or Constructively Owned by the Excluded Persons pursuant to the Charter Waiver Agreement Amendments (as may be amended from time to time) and any issuance would be at a per share price equal to the greater of (i) the price as determined in accordance with Section 10(c)(iii) of the Advisory Agreement or (ii) the Minimum Price; provided, that no issuance would be permitted if the issuance of shares of Class A common stock in lieu of fees due to the Advisor or the Property Manager, as applicable, would not be permitted under that certain 2020 Advisor Omnibus Incentive Compensation Plan of the Company (the “Advisor Plan”); provided further that, in the event that any shares of the Company’s Class A common stock to be issued in lieu of cash for reimbursement of operating expenses or in lieu of advisory or property management fees are not so issuable under the Advisor Plan, the Company may issue shares of its Class A common stock but only after complying with all NYSE requirements including, but not limited to, the filing with, and approval by, the NYSE of a supplemental listing application or applications, as the case may be, and only if the issuance would not otherwise require the Company to seek shareholder approval under Section 312 of the Listed Company Manual or any subsequent rules and regulations of the NYSE.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended June 30, 2022 and 2021 are not necessarily indicative of the results for the entire year or any subsequent interim period.
Principles of Consolidation	Principles of Consolidation The 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 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 June 30, 2022 and December 31, 2021 (see Note 7 - Stockholders’ Equity and Note 11 - Equity-Based Compensation
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 June 30, 2022, these leases had a weighted-average remaining lease ter m of 7.1 years . B ecause 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 total 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.
Lessor Accounting	Lessor Accounting As a lessor of real estate, 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 the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Lessee Accounting	Lessee Accounting For lessees, the accounting 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. For additional information and disclosures related to the Company’s operating leases, see Note 8 - Commitments and Contingencies .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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 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 from 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 the Company’s hedged forecasted transactions remain probable and (ii) the
Fair Value Measurement	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 June 30, 2022, 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.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate Investments, Net [Abstract]
Finite-lived intangible assets amortization expense	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 In-place leases (1) $ 1,326 $ 1,361 $ 2,606 $ 2,866 Other intangibles 177 291 354 583 Total included in depreciation and amortization $ 1,503 $ 1,652 $ 2,960 $ 3,449 Above-market lease intangibles $ 263 $ 273 $ 526 $ 538 Below-market lease liabilities (326) (488) (652) (1,003) Total included in revenue from tenants $ (63) $ (215) $ (126) $ (465) Below-market ground lease, included in property operating expenses $ 12 $ 12 $ 25 $ 25
Schedule of finite-lived intangible assets, future amortization expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years as of June 30, 2022: (In thousands) 2022 (remainder) 2023 2024 2025 2026 In-place leases $ 1,945 $ 3,333 $ 2,425 $ 1,366 $ 673 Other intangibles 354 708 708 708 708 Total to be included in depreciation and amortization $ 2,299 $ 4,041 $ 3,133 $ 2,074 $ 1,381 Above-market lease assets $ 448 $ 825 $ 495 $ 206 $ 138 Below-market lease liabilities (519) (949) (890) (502) (183) Total to be included in revenue from tenants $ (71) $ (124) $ (395) $ (296) $ (45)

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The Company’s mortgage notes payable, net as of June 30, 2022 and December 31, 2021 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties June 30, December 31, 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) 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (2) 1 10,000 10,000 5.04 % Fixed Nov. 2028 9 Times Square (2) (3) 1 49,500 55,000 3.72 % Fixed (4) Apr. 2024 196 Orchard Street 1 51,000 51,000 3.90 % Fixed Aug. 2029 Mortgage notes payable, gross 7 399,500 405,000 4.35 % Less: deferred financing costs, net (5) (6,112) (6,883) Mortgage notes payable, net $ 393,388 $ 398,117 _______ (1) As of June 30, 2022, $1.6 million was in escrow in accordance with the conditions under the loan agreement and presented as part of restricted cash on the unaudited 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. As of June 30, 2022 an aggregate of $7.7 million is held in cash management accounts pursuant to these cash traps, which is included in restricted cash on the balance sheet. See “Debt Covenants” section below for additional details. For Laurel/Riverside, as of June 30, 2022, the Company was neither in covenant breach nor in cash traps based on current results. (3) The Company made a $5.5 million in principal payment in March 2022 pursuant to a waiver and amendment of the loan on the Company’s 9 Times Square property. See “Debt Covenants” section below for additional details. (4) 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 June 30, 2022 (see Note 6 — Derivatives and Hedging Activities for additional information). (5) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal payments subsequent to June 30, 2022: (In thousands) Future Minimum Principal Payments 2022 (remainder) $ — 2023 — 2024 49,500 2025 — 2026 99,000 Thereafter 251,000 Total $ 399,500

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured on a non-recurring basis	(In thousands) Quoted Prices Significant Other Significant Total June 30, 2022 Interest rate “Pay - Fixed” swaps - assets $ — $ 776 $ — $ 776 Total $ — $ 776 $ — $ 776 December 31, 2021 Interest rate “Pay - Fixed” swaps - liabilities $ — $ (1,553) $ — $ (1,553) Total $ — $ (1,553) $ — $ (1,553)
Schedule of instruments not reported at fair value	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: June 30, 2022 December 31, 2021 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 123 William Street 3 $ 140,000 $ 132,465 $ 140,000 $ 145,827 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 92,354 99,000 100,616 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 46,319 50,000 51,750 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,450 10,000 10,633 Mortgage note payable — 9 Times Square 3 49,500 48,123 55,000 53,654 Mortgage note payable — 196 Orchard Street 3 51,000 44,380 51,000 50,423 Total $ 399,500 $ 373,091 $ 405,000 $ 412,903

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021. (In thousands) Balance Sheet Location June 30, December 31, 2021 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 776 $ (1,553)
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2022 and December 31, 2021, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. June 30, 2022 December 31, 2021 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 49,500 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 periods indicated. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ 454 $ (54) $ 1,878 $ 253 Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (168) $ (287) $ (494) $ (568) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,703 $ 4,763 $ 9,418 $ 9,476
Schedule of offsetting derivatives	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2022 and December 31, 2021. 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 June 30, 2022 $ 776 $ — $ — $ 776 $ — $ — 776 December 31, 2021 $ — $ (1,553) $ — $ (1,553) $ — $ — (1,553)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments for operating leases under Topic 842	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 June 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 2,373 2023 4,746 2024 4,746 2025 4,746 2026 4,746 Thereafter 197,754 Total lease payments 219,111 Less: Effects of discounting (164,367) Total present value of lease payments $ 54,744

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of amount contractually due and forgiven in connection with operation related services	The following table details amounts incurred in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (receivable) as of (In thousands) 2022 2021 2022 2021 June 30, 2022 December 31, 2021 Ongoing fees: Asset and property management fees to related parties $ 1,785 $ 1,847 3,707 3,754 $ 214 $ 141 Professional fees and other reimbursements (1) 1,223 975 2,739 2,367 — — Total related party operation fees and reimbursements $ 3,008 $ 2,822 $ 6,446 $ 6,121 $ 214 $ 141 ________ (1) Amounts for the three and six months ended June 30, 2022 and 2021 are included in general and administrative expenses in the unaudited consolidated statements of operations and comprehensive loss.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of equity based compensation	The following table displays restricted share award activity during the six months ended June 30, 2022: Number of Weighted-Average Issue Price Unvested, December 31, 2021 25,172 $ 15.00 Granted 135,702 10.96 Vested (5,406) 17.20 Unvested June 30, 2022 155,468 11.40 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 % 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 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of earnings per share	The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2022 2021 2022 2021 Net loss attributable to common stockholders (in thousands) $ (11,273) $ (11,052) $ (22,378) $ (24,587) Adjustments to net loss attributable to common stockholders (40) (40) (80) (80) Adjusted net loss attributable to common stockholders $ (11,313) $ (11,092) $ (22,458) $ (24,667) Weighted average shares outstanding — Basic and Diluted 13,433,690 12,799,703 13,367,040 12,789,919 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.84) $ (0.87) $ (1.68) $ (1.93)
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. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Unvested restricted shares (1) 111,122 15,107 68,384 10,311 Class A Units (2) — 8,205 — 10,639 LTIP Units (3) 4,012,841 4,012,841 4,012,841 4,012,841 Total weighted-average anti-dilutive common share equivalents 4,123,963 4,036,153 4,081,225 4,033,791 _______ (1) There were 155,468 and 26,946 unvested restricted shares outstanding as of June 30, 2022 and 2021, respectively. (2) Formerly known as OP Units. As of June 30, 2022 or 2021, there were no Class A Units outstanding. (3) There were 4,012,841 LTIP Units outstanding as of June 30, 2022 and 2021, respectively (see Note 11 — Equity-Based Compensation for additional information).

Organization (Details)

Organization (Details) ft² in Millions, $ in Millions	Jun. 30, 2022 USD ($) ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties | property	8
Net rentable area (sqft) | ft²	1.2
Aggregate purchase price of real estate | $	$ 790.7

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021 USD ($) lease	Jun. 30, 2022	Jun. 30, 2021 shares
Class of Stock [Line Items]
Termination fees | $	$ 1.4
Number of lease agreements terminated | lease	2
Lease term	6 months
Weighted average remaining lease term		7 years 1 month 6 days
Class A Units | Third Party
Class of Stock [Line Items]
Shares held (in shares) | shares			13,100

Real Estate Investments - Summa

Real Estate Investments - Summary of Amortization and Accretion of Market Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants			$ (101)	$ (440)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	$ 1,503	$ 1,652	2,960	3,449
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	1,326	1,361	2,606	2,866
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	177	291	354	583
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	(326)	(488)	(652)	(1,003)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	263	273	526	538
Rental Income | Amortization and (accretion) of above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	(63)	(215)	(126)	(465)
Property Operating Expense | Amortization of below-market ground lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	$ 12	$ 12	$ 25	$ 25

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets, Net [Abstract]
2022 (remainder)	$ 2,299
2023	4,041
2024	3,133
2025	2,074
2026	1,381
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
2022 (remainder)	1,945
2023	3,333
2024	2,425
2025	1,366
2026	673
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2022 (remainder)	354
2023	708
2024	708
2025	708
2026	708
Rental Income
Below-market lease liabilities
2022 (remainder)	(519)
2023	(949)
2024	(890)
2025	(502)
2026	(183)
Below Market Lease, Amortization Income,Net Of Fnite Lived Intangible Assets, Maturity Schedule [Abstract]
2022 (remainder)	(71)
2023	(124)
2024	(395)
2025	(296)
2026	(45)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2022 (remainder)	448
2023	825
2024	495
2025	206
2026	$ 138

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) - Depreciation and Amortization - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Line Items]
Amortization of leases and other intangibles	$ 1,503	$ 1,652		$ 2,960	$ 3,449
In-place leases
Real Estate [Line Items]
Amortization of leases and other intangibles	$ 1,326	$ 1,361		$ 2,606	$ 2,866
In-place leases | Termination Of Lease
Real Estate [Line Items]
Amortization of leases and other intangibles			$ 1,300

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Note (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 399,500
Mortgage notes payable, net		$ 393,388	$ 398,117
Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		7
Mortgage notes payable, gross		$ 399,500	405,000
Less: deferred financing costs, net		(6,112)	(6,883)
Mortgage notes payable, net		$ 393,388	398,117
Effective Interest Rate		4.35%
123 William Street
Debt Instrument [Line Items]
Escrow deposit		$ 1,600
123 William Street | Mortgages note payable
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 note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 99,000	99,000
Effective Interest Rate		4.17%
Restricted cash		$ 5,200
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard - ICON Garage | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		2
Mortgage notes payable, gross		$ 50,000	50,000
Effective Interest Rate		4.58%
Restricted cash		$ 7,700
8713 Fifth Avenue | Mortgages note payable
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 note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 49,500	55,000
Effective Interest Rate		3.72%
Restricted cash		$ 2,500	4,300
Payment of mortgage note payable	$ 5,500
196 Orchard Street | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 51,000	$ 51,000
Effective Interest Rate		3.90%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 03, 2022	Mar. 02, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, collateral amount					$ 835,900
Mortgage notes payable, gross					399,500
Cash and cash equivalents and restricted cash				$ 28,428	20,541		$ 34,010	$ 39,994
Termination fees				$ 1,400
Lease term				6 months
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 405,000	399,500
9 Times Square | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 55,000	$ 49,500
Repayments of debt		$ 5,500
Debt instrument, sinking fund payment	$ 5,500
Debt instrument, redemption price, percentage			8%		7.50%
Minimum liquid assets					$ 10,000
Cash and cash equivalents and restricted cash					$ 20,500
9 Times Square | Mortgages | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Fixed interest rate, percent				1.50%	1.60%
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 99,000	$ 99,000
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard - ICON Garage | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross				$ 50,000	$ 50,000
Lease term					19 months
8713 Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Debt instrument, collateral amount					$ 125
Mortgage notes payable, gross					$ 10,000
8713 Fifth Avenue | Mortgages | Forecast
Debt Instrument [Line Items]
Percentage of property occupied						100%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Mortgage Principal Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (remainder)	$ 0
2023	0
2024	49,500
2025	0
2026	99,000
Thereafter	251,000
Total	$ 399,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, at fair value	$ 776	$ 0
Derivative liability	0	(1,553)
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	776
Total		(1,553)
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Total		0
Fair value, measurements, nonrecurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	776
Total		(1,553)
Fair value, measurements, nonrecurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Total		0
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, at fair value	776
Derivative liability		(1,553)
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, at fair value	0
Derivative liability		0
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, at fair value	776
Derivative liability		(1,553)
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, at fair value	$ 0
Derivative liability		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Not Carried at Fair Value (Details) - Mortgages note payable - Significant unobservable inputs - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 399,500	$ 405,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	373,091	412,903
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	132,465	145,827
1140 Avenue of the Americas | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	99,000	99,000
1140 Avenue of the Americas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	92,354	100,616
400 E. 67th Street Laurel Condominium And 200 Riverside Boulevard - ICON Garage | 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 - ICON Garage | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	46,319	51,750
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	9,450	10,633
9 Times Square | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	49,500	55,000
9 Times Square | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	48,123	53,654
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	$ 44,380	$ 50,423

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 776	$ 0
Derivative liability	0	(1,553)
Designated as hedging instrument | Interest Rate “Pay-fixed” Swap
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 776
Derivative liability		$ (1,553)

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Unamortized amount	$ 43,000		$ 43,000
Derivative asset, at fair value	700,000		700,000
Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Derivative, notional amount	49,500,000		49,500,000		$ 55,000,000
Loss on hedge	38,338
Cash flow hedging | Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Loss on hedge	4,703,000	$ 4,763,000	9,418,000	$ 9,476,000
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	$ 500,000		$ 500,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Notional Amounts (Details) - Interest Rate “Pay-fixed” Swap $ in Thousands	Jun. 30, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | derivative	1	1
Notional Amount | $	$ 49,500	$ 55,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Gain (Loss) Recognized on Derivatives (Details) - Interest Rate “Pay-fixed” Swap - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in consolidated statements of operations and comprehensive loss	$ 38,338
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion)	454,000	$ (54,000)	$ 1,878,000	$ 253,000
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	(168,000)	(287,000)	(494,000)	(568,000)
Total interest expense recorded in consolidated statements of operations and comprehensive loss	$ 4,703,000	$ 4,763,000	$ 9,418,000	$ 9,476,000

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Schedule of Gross Presentation, Effects of Offsetting and Net Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 776
Gross Amounts of Recognized Assets		$ 0
Gross Amounts of Recognized (Liabilities)	0
Gross Amounts of Recognized (Liabilities)		(1,553)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets (Liabilities) Presented on the Balance Sheet	0	(1,553)
Derivative asset, at fair value	776	0
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ 776
Net Amount		$ (1,553)

Stockholders_ Equity (Details)

Stockholders’ Equity (Details)				1 Months Ended					3 Months Ended			6 Months Ended		12 Months Ended
	May 13, 2022 shares	Dec. 28, 2020 USD ($) $ / shares shares	Oct. 01, 2020 USD ($)	Jun. 30, 2022 USD ($) d $ / shares shares	May 31, 2022 shares	Apr. 30, 2022 shares	Mar. 31, 2022 shares	Feb. 28, 2022 shares	Jun. 30, 2022 USD ($) d $ / shares shares	Mar. 31, 2022 shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) d $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Feb. 04, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares) | shares				13,638,789					13,638,789			13,638,789		13,277,738
Common stock, dividends, per share, declared (in dollars per share) | $ / shares												$ 0.40
Distributions declared per common share (in dollars per share) | $ / shares									$ 0.10		$ 0.10	$ 0.10	$ 0.10	$ 0.10
Common stock issued to the Advisor | $									$ 1,313,000		$ 2,843,000	$ 2,321,000	$ 2,843,000
Related party transaction expense | $									$ 3,008,000		2,822,000	$ 6,446,000	6,121,000
Stock repurchased during period, value | $													$ 183,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01					$ 0.01			$ 0.01		$ 0.01
Termination notice period												10 days
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average share price (in dollars per share) | $ / shares		$ 7
Common stock repurchased (in shares) | shares		26,236
Shares repurchased tender offer shares (in shares) | shares		65,000
Stock repurchased during period, value | $		$ 200,000
Conversion of stock, shares issued (in shares) | shares					1
Series A preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average share price (in dollars per share) | $ / shares				55					55			$ 55
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01					$ 0.01			$ 0.01
Right to receive shares (in shares) | shares				0.055					0.055			0.055
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Advisor reinvested base management fees | $									$ 1,500,000			$ 2,500,000
Number of trading days | d				10					10			10
Average share price (in dollars per share) | $ / shares				$ 10.55					$ 10.55			$ 10.55			$ 10.55
Common stock issued to the Advisor (in shares) | shares	40,247			47,393		38,786	43,508	45,372
Common stock issued to the Advisor | $									$ 1,300,000			$ 2,300,000
Authorized amount of shares to be repurchased | $				$ 100,000,000					$ 100,000,000			100,000,000
Conversion of stock, shares issued (in shares) | shares					1
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares) | shares									4,851	5,192			0
Common Class A | At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to the Advisor | $			$ 250,000,000						$ 0		$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	44 years 6 months		44 years 6 months
Weighted average discount rate	8.60%		8.60%
Operating lease right-of-use asset	$ 55,061		$ 55,061		$ 55,167
Operating lease liability	54,744		54,744		$ 54,770
Cash paid for lease liabilities	1,200	$ 1,200	2,400	$ 2,400
Lease expense	$ 1,200	$ 1,200	$ 2,400	$ 2,400

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Due (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (remainder)	$ 2,373
2023	4,746
2024	4,746
2025	4,746
2026	4,746
Thereafter	197,754
Total lease payments	219,111
Less: Effects of discounting	(164,367)
Total present value of lease payments	$ 54,744	$ 54,770

Related Party Transactions an_3

Related Party Transactions and Arrangements (Details) - shares		6 Months Ended
	Nov. 16, 2018	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		13,638,789	13,277,738
Common stock, shares authorized (in shares)		300,000,000	300,000,000
Renewal term		5 years
Period prior to expiration date needed to terminate agreement	180 days
Common Class A
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares)		1,000,000
Special limited partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		215,306	56,091

Related Party Transactions an_4

Related Party Transactions and Arrangements - Asset Management Fees and Variable Management/Incentive Fees (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended			6 Months Ended
	May 13, 2022	Feb. 04, 2022	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Asset management fee, percentage of benchmark										1.25%
Renewal basis percentage										66%
Common stock, par value (in dollars per share)			$ 0.01				$ 0.01			$ 0.01		$ 0.01
Common stock issued to the Advisor							$ 1,313		$ 2,843	$ 2,321	$ 2,843
Common Class A
Related Party Transaction [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Advisory agreement management fees		$ 3,000					$ 1,500	$ 1,000
Average share price (in dollars per share)		$ 10.55	$ 10.55				$ 10.55			$ 10.55
Common stock issued to the Advisor (in shares)	40,247		47,393	38,786	43,508	45,372
Common stock issued to the Advisor							$ 1,300			$ 2,300
Common Class A | New York City REIT, Inc
Related Party Transaction [Line Items]
Ownership percentage		20%
New York City Reit Advisors, LLC | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction, amount							$ 1,300		$ 1,500	2,800	$ 3,000
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement
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%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Performance-based equity award
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark										15%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Dividend to common stockholders (in dollars per share)										$ 0.05
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Core Earnings Per Adjusted Share | Minimum
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark										19.44%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Core Earnings Per Adjusted Share | Minimum | Performance-based equity award
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 - Property Management Fees (Details) - New York City Reit Advisors, LLC - Advisor - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 13, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property Management Fees
Related Party Transaction [Line Items]
Related party transaction, amount		$ 0.5	$ 0.3	$ 0.9	$ 0.8
Gross Revenue, Stand-alone Single-tenant Net Leased Properties
Related Party Transaction [Line Items]
Percentage of management fees earned	4%	3.25%		3.25%
Related party initial term	1 year
Related party extended initial term	1 year
Other related parties terminate notice period	60 days

Related Party Transactions an_6

Related Party Transactions and Arrangements - Professional Fees and Other Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party transaction expense	$ 3,008	$ 2,822	$ 6,446	$ 6,121
Payable (receivable) as of	214		214		$ 141
Asset and property management fees | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,785	1,847	3,707	3,754
Payable (receivable) as of	214		214		141
Professional fees and other reimbursements | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,223	975	2,739	2,367
Payable (receivable) as of	0		0		$ 0
Advisor | Professional fees and other reimbursements | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,200
Advisor | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction related to administrative and overhead expenses	100	100	400	400
Related party transactions related to salaries, wages and benefits	700	700	1,700	1,600
Related party transaction, amount	$ 900	$ 700	2,100	$ 1,900
Advisor | Maximum | New York City Reit Advisors, LLC | 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
Advisor | Asset Cost, Administrative and Overhead Expense | Maximum | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.10%		0.10%
Advisor | Asset Cost, Wage and Benefit Expense | Maximum | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.30%		0.30%

Related Party Transactions an_7

Related Party Transactions and Arrangements - Listing Arrangements (Details)	6 Months Ended
	Jun. 30, 2022
Related Party Transaction [Line Items]
Consecutive trading dates commencing converted shares	180 days
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Advisor | New York City Reit Advisors, LLC
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15%
Pre-tax Non-compounded Return on Capital Contribution | Advisor | New York City Reit Advisors, LLC | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6%

Related Party Transactions an_8

Related Party Transactions and Arrangements - Termination Fees Payable to the Advisor (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Advisor | New York City Reit Advisors, LLC | The Second Advisory Agreement
Related Party Transaction [Line Items]
Related party transaction, termination fee	$ 15

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 18, 2020	Aug. 31, 2017	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation				$ 2,201,000	$ 2,120,000	$ 4,321,000	$ 4,235,000
Performance period						3 years
Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting period				4 years
Periodic vesting percentage				50%
Shares granted (in shares)			200,000	109,875
Restricted Share Plan | Unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares granted	$ 65,000	$ 30,000				$ 30,000
Restricted shares vesting period						5 years
Nonvested awards, compensation cost not yet recognized				$ 400,000		$ 400,000
Unrecognized compensation period						4 years 2 months 12 days
Equity-based compensation				$ 109,516,000	$ 27,843	$ 137,262,000	$ 51,035
2020 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting period						10 years
Common stock, shares authorized for grant, percentage				20%		20%
Number of shares available for awards under the advisor plan (in shares)						1
Year 1 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage				25%
Year 1 | Restricted Share Plan | Unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage						20%
Year 2 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage				25%
Year 3 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage				25%
Year 4 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage				25%

Equity-Based Compensation - Act

Equity-Based Compensation - Activity (Details) - Restricted Share Plan - Unvested restricted shares	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Restricted Shares
Beginning balance, unvested (in shares) | shares	25,172
Granted (in shares) | shares	135,702
Vested (in shares) | shares	(5,406)
Ending balance, unvested (in shares) | shares	155,468
Weighted-Average Issue Price
Unvested beginning balance (in dollars per share) | $ / shares	$ 15
Granted (in dollars per share) | $ / shares	10.96
Vested (in dollars per share) | $ / shares	17.20
Unvested ending balance (in dollars per share) | $ / shares	$ 11.40

Equity-Based Compensation - Mul

Equity-Based Compensation - Multi Year Outperformance Award (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 2,100,000	$ 2,100,000	$ 4,200,000	$ 4,200,000
2020 OPP | Performance-based equity award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)					4,012,841
Value of shares available for grant					$ 50,000,000
Average share price (in dollars per share)					$ 12.46
Fair value of units	25,800,000		$ 25,800,000
Service period			3 years 25 days
Nonvested awards, compensation cost not yet recognized	$ 9,500,000		$ 9,500,000
Unrecognized compensation period			1 year 1 month 6 days

Equity-Based Compensation - LTI

Equity-Based Compensation - LTIP TSR (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on the LTIP unit				10%
Distribution on the earned LTIP unit				90%
Distributions paid to non-controlling interest holders	$ 40		$ 40	$ 80	$ 80
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares)	4,851	5,192			0
Distributions in excess of accumulated earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions paid to non-controlling interest holders	$ 40		$ 40	$ 80	$ 80
Absolute TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	12%			12%
Percentage of LTIP Units Earned	0%			0%
Absolute TSR LTIP Units | Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	12%			12%
Percentage of LTIP Units Earned	25%			25%
Absolute TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	18%			18%
Percentage of LTIP Units Earned	50%			50%
Absolute TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	24%			24%
Percentage of LTIP Units Earned	100%			100%
Relative TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	(600.00%)			(600.00%)
Percentage of LTIP Units Earned	0%			0%
Relative TSR LTIP Units | Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	(600.00%)			(600.00%)
Percentage of LTIP Units Earned	25%			25%
Relative TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	0%			0%
Percentage of LTIP Units Earned	50%			50%
Relative TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	600%			600%
Percentage of LTIP Units Earned	100%			100%

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculations for EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Net loss attributable to common stockholders	$ (11,273)	$ (11,052)	$ (22,378)	$ (24,587)
Adjustments to net loss attributable to common stockholders	(40)	(40)	(80)	(80)
Adjusted net loss attributable to common stockholders	$ (11,313)	$ (11,092)	$ (22,458)	$ (24,667)
Weighted-average shares outstanding — basic (in shares)	13,433,690	12,799,703	13,367,040	12,789,919
Weighted-average shares outstanding — diluted (in shares)	13,433,690	12,799,703	13,367,040	12,789,919
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.84)	$ (0.87)	$ (1.68)	$ (1.93)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.84)	$ (0.87)	$ (1.68)	$ (1.93)

Net Loss Per Share - Shares Exc

Net Loss Per Share - Shares Excluded From Calculation (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	4,123,963	4,036,153	4,081,225	4,033,791
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	0	0	0	0
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	4,012,841	4,012,841	4,012,841	4,012,841
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares outstanding (in shares)	155,468	26,946	155,468	26,946
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	111,122	15,107	68,384	10,311
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	0	8,205	0	10,639
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	4,012,841	4,012,841	4,012,841	4,012,841

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Aug. 12, 2022	Feb. 04, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Aug. 01, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)				300,000,000			300,000,000
Common Class A
Subsequent Event [Line Items]
Advisory agreement management fees		$ 3		$ 1.5	$ 1
Average share price (in dollars per share)		$ 10.55		$ 10.55
Common stock, shares authorized (in shares)				1,000,000
Common Class A | New York City REIT, Inc
Subsequent Event [Line Items]
Ownership percentage		20%
Subsequent event
Subsequent Event [Line Items]
Excepted holder limit percentage	21%
Series and overall limit percentage	6%
Subsequent event | Maximum
Subsequent Event [Line Items]
Excepted holder limit percentage	25%
Subsequent event | Common Class A
Subsequent Event [Line Items]
Advisory agreement management fees			$ 0.5
Shares issued for services (in shares)	124,685		47,393
Average share price (in dollars per share)			$ 10.55			$ 4.01
Trading days	10 days
Subsequent event | Common Class A | New York City REIT, Inc
Subsequent Event [Line Items]
Ownership percentage	13.70%