New York City REIT (NYC) 10-K 16 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 13, 2023	Jun. 30, 2022
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-39448
Entity Registrant Name	American Strategic Investment Co.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4380248
Entity Address, Address Line One	650 Fifth Ave.
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 62.8
Entity Common Stock, Shares Outstanding		2,303,896
Entity Central Index Key	0001595527
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment flag	false
Common Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	NYC
Security Exchange Name	NYSE
Preferred Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Real estate investments, at cost:
Land		$ 192,600	$ 192,600
Buildings and improvements		576,686	572,576
Acquired intangible assets		71,848	87,478
Total real estate investments, at cost		841,134	852,654
Less accumulated depreciation and amortization		(167,978)	(157,880)
Total real estate investments, net		673,156	694,774
Cash and cash equivalents		9,215	11,674
Restricted cash		6,902	16,754
Operating lease right-of-use asset		54,954	55,167
Prepaid expenses and other assets		5,624	9,293
Derivative asset, at fair value		1,607	0
Straight-line rent receivable		29,116	25,838
Deferred leasing costs, net		9,881	9,551
Total assets		790,455	823,051
LIABILITIES AND EQUITY
Mortgage notes payable, net		394,159	398,117
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $118 and $141 at December 31, 2022 and 2021, respectively)		12,787	8,131
Operating lease liability		54,716	54,770
Below-market lease liabilities, net		3,006	4,224
Derivative liability, at fair value		0	1,553
Deferred revenue		4,211	5,120
Total liabilities		468,879	471,915
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2022 and 2021		0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 1,886,298 and 1,659,717 shares issued and outstanding as of December 31, 2022 and 2021, respectively		19	17
Additional paid-in capital (1)	[1]	698,761	691,234
Accumulated other comprehensive income (loss)		1,637	(1,553)
Distributions in excess of accumulated earnings		(399,355)	(350,709)
Total stockholders’ equity		301,062	338,989
Non-controlling interests		20,514	12,147
Total equity		321,576	351,136
Total liabilities and equity		$ 790,455	$ 823,051
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Due to related parties	$ 118	$ 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)	1,886,298	1,659,717	[1]
Common stock, shares outstanding (in shares)	1,886,298	1,659,717	[1]
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from tenants		$ 64,005,000	$ 70,219,000	$ 62,895,000
Operating expenses:
Asset and property management fees to related parties		7,082,000	7,554,000	7,577,000
Property operating		33,927,000	33,363,000	32,283,000
Impairment of real estate investments		0	1,452,000	0
Listing expenses		0	0	1,299,000
Vesting and conversion of Class B Units		0	0	1,153,000
Equity-based compensation		8,782,000	8,475,000	3,874,000
General and administrative		12,493,000	8,704,000	7,571,000
Depreciation and amortization		28,666,000	31,057,000	31,747,000
Total operating expenses		90,950,000	90,605,000	85,504,000
Operating loss		(26,945,000)	(20,386,000)	(22,609,000)
Other income (expenses):
Interest expense		(18,924,000)	(19,090,000)	(19,140,000)
Other (expenses) income		(27,000)	47,000	787,000
Total other expenses		(18,951,000)	(19,043,000)	(18,353,000)
Net loss before income taxes		(45,896,000)	(39,429,000)	(40,962,000)
Income tax expense		0	(37,000)	0
Net loss and Net loss attributable to common stockholders		(45,896,000)	(39,466,000)	(40,962,000)
Other comprehensive loss:
Change in unrealized gain/(loss) on derivative		3,190,000	1,851,000	(2,077,000)
Comprehensive loss		$ (42,706,000)	$ (37,615,000)	$ (43,039,000)
Weighted average common shares outstanding — diluted (in shares)	[1]	1,729,264	1,622,896	1,595,923
Weighted average common shares outstanding — basic (in shares)	[1]	1,729,264	1,622,896	1,595,923
Net loss per common share attributable to common stockholders — basic (in dollars per share)	[1]	$ (26.59)	$ (24.42)	$ (25.67)
Net loss per common share attributable to common stockholders — diluted (In dollars per share)	[1]	$ (26.59)	$ (24.42)	$ (25.67)
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands		Total		Common Stock		Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in excess of accumulated earnings	Total Stockholders’ Equity	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2019	[1]			1,594,387
Beginning balance at Dec. 31, 2019		$ 420,549		$ 16	[1]	$ 686,138	$ (1,327)	$ (264,278)	$ 420,549	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of fractional shares of common stock, including unvested restricted shares (in shares)	[1]			(834)
Redemption of fractional shares of common stock, including unvested restricted shares		(328)				(328)			(328)
Vesting, conversion and exchange of Class B Units (in shares)	[1]			6,550
Vesting, conversion and exchange of Class B Units		1,153		$ 0	[1]	922			922	231
Redemption of OP units (in shares)	[1]			4
Equity-based compensation (in shares)	[1]			229
Equity-based compensation		3,874				96			96	3,778
Dividends declared	[1]	(622)						(622)	(622)
Distributions to non-controlling interest holders		(20)						(20)	(20)
Net loss		(40,962)						(40,962)	(40,962)
Other comprehensive loss		(2,077)					(2,077)		(2,077)
Ending balance (in shares) at Dec. 31, 2020	[1]			1,600,336
Ending balance at Dec. 31, 2020		381,567		$ 16	[1]	686,828	(3,404)	(305,882)	377,558	4,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of fractional shares of common stock, including unvested restricted shares (in shares)	[1]			(2)
Redemption of OP units (in shares)	[1]			1,638
Equity-based compensation (in shares)	[1]			2,693
Equity-based compensation		8,476				108			108	8,368
Dividends declared	[1]	(5,201)						(5,201)	(5,201)
Distributions to non-controlling interest holders		(160)						(160)	(160)
Proceeds from sale of common stock, net (in shares)	[1]			58,331
Proceeds stock issued during period		4,252		$ 1	[1]	4,251			4,252
Repurchase and cancellation of common stock (in shares)	[1]			(3,279)
Repurchase and cancellation of common stock		(183)				(183)			(183)
Redemption of Class A Units		0				230			230	(230)
Net loss		(39,466)						(39,466)	(39,466)
Other comprehensive loss		$ 1,851					1,851		1,851
Ending balance (in shares) at Dec. 31, 2021		1,659,717	[2]	1,659,717	[1]
Ending balance at Dec. 31, 2021		$ 351,136		$ 17	[1]	691,234	(1,553)	(350,709)	338,989	12,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)	[1]			16,541
Equity-based compensation		8,782		$ 0	[1]	415			415	8,367
Dividends declared	[1]	(2,670)						(2,670)	(2,670)
Distributions to non-controlling interest holders		(80)						(80)	(80)
Proceeds from sale of common stock, net (in shares)	[1]			129,671
Proceeds stock issued during period		5,013		$ 1	[1]	5,012			5,013
Proceeds from sale of Common Stock to Bellevue (in shares)	[1]			79,114
Proceeds from sale of Common Stock to Bellevue		1,980		$ 1	[1]	1,979			1,980
Common stock issued to directors in lieu of cash for board fees (in shares)	[1]			1,255
Common stock issued to Directors in lieu of cash for board fees		121				121			121
Net loss		(45,896)						(45,896)	(45,896)
Other comprehensive loss		$ 3,190					3,190		3,190
Ending balance (in shares) at Dec. 31, 2022		1,886,298		1,886,298	[1]
Ending balance at Dec. 31, 2022		$ 321,576		$ 19	[1]	$ 698,761	$ 1,637	$ (399,355)	$ 301,062	$ 20,514
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ). Note 1 ).

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares			3 Months Ended	12 Months Ended
	Oct. 01, 2020	Aug. 28, 2020	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.39	$ 0.80	$ 0.80	$ 1.60	$ 3.20	$ 0.39112

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (45,896,000)	$ (39,466,000)	$ (40,962,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	28,666,000	31,057,000	31,747,000
Amortization of deferred financing costs	1,543,000	1,543,000	1,543,000
Accretion of below- and amortization of above-market lease liabilities and assets, net	(8,000)	(8,671,000)	(3,026,000)
Equity-based compensation	8,782,000	8,475,000	3,874,000
Management fees paid/reinvested in common stock by the Advisor	5,013,000	0	0
Common stock issued to directors in lieu of cash for board fees	62,000	0	0
Impairment of real estate investments	0	1,452,000	0
Tenant Improvement - Terminations	0	79,000	0
Vesting and conversion of Class B Units	0	0	1,153,000
Changes in assets and liabilities:
Straight-line rent receivable	(3,274,000)	(3,788,000)	(402,000)
Straight-line rent payable	110,000	109,000	109,000
Prepaid expenses, other assets and deferred costs	1,490,000	843,000	(7,377,000)
Accounts payable, accrued expenses and other liabilities	3,935,000	(111,000)	(545,000)
Deferred revenue	(909,000)	562,000	308,000
Net cash used in operating activities	(486,000)	(7,916,000)	(13,578,000)
Cash flows from investing activities:
Capital expenditures	(5,555,000)	(3,375,000)	(3,755,000)
Net cash used in investing activities	(5,555,000)	(3,375,000)	(3,755,000)
Cash flows from financing activities:
Payment of mortgage note payable	(5,500,000)	0	0
Proceeds from issuance of common stock to affiliates of the advisor, net	1,980,000	0	0
Proceeds from issuance of common stock, net	0	5,269,000	0
Dividends paid on common stock	(2,670,000)	(5,201,000)	(622,000)
Redemption of fractional shares of common stock and restricted shares	0	0	(328,000)
Distributions to non-controlling interest holders	(80,000)	(160,000)	(20,000)
Repurchases of common stock	0	(183,000)	0
Net cash used in financing activities	(6,270,000)	(275,000)	(970,000)
Net change in cash, cash equivalents and restricted cash	(12,311,000)	(11,566,000)	(18,303,000)
Cash, cash equivalents and restricted cash, beginning of period	28,428,000	39,994,000	58,297,000
Cash, cash equivalents and restricted cash, end of period	16,117,000	28,428,000	39,994,000
Cash and cash equivalents	9,215,000	11,674,000	30,999,000
Restricted cash	6,902,000	16,754,000	8,995,000
Supplemental Disclosures:
Cash paid for interest	17,396,000	17,552,000	16,721,000
Non-Cash Investing and Financing Activities:
Common stock issued to directors in lieu of cash for board fees	121,000	0	0
Common stock issued to the Advisor in connection with management fees	5,013,000	0	0
Accrued capital expenditures	780,000	1,326,000	428,000
Prepaid common stock issuance costs related to 2021 common stock issuances	$ 0	$ 1,017,000	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization American Strategic Investment Co. (formerly known as New York City REIT, Inc.) (including, New York City Operating Partnership L.P., (the “OP”) and its subsidiaries, the “Company”) is an externally managed company that currently owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City, primarily Manhattan. The Company’s real estate assets consist of office properties and certain real estate assets that accompany office properties, including retail spaces and amenities. At the Company’s 1140 Avenue of the Americas property, during the third quarter of 2021, the Company also 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. As of December 31, 2022, the Company owned eight properties consisting of 1.2 million rentable square feet. On December 30, 2022, the Company announced that it was changing its business strategy by expanding the scope of the assets and businesses we may own and operate. The Company may now seek to acquire assets such as hotels, expand our co-working office space business and seek to invest in and operate businesses such as hotel or parking lot management companies. By investing in o ther asset types, the Company may generate income that does not otherwise constitute income that qualifies for purposes of qualifying as a real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”). Excluding hotels, these additional assets do not generate REIT-qualifying income and are operating businesses. As a result, on January 9, 2023, the Company’s board of directors authorized termination of our REIT election which became effective on January 1, 2023. Historically, the Company filed an election to be taxed as a REIT commencing with its taxable year ended December 31, 2014, which remained in effect with respect to each taxable year ending on or before December 31, 2022. As a consequence of the Company’s decision to terminate our election to be taxed as a REIT, the ownership limitations set forth in Section 5.7 of its charter, including, without limitation, the “Aggregate Share Ownership Limit,” as defined therein, no longer apply. The Company filed with the State Department of Assessments and Taxation of Maryland a Certificate of Notice reflecting the board’s determination that it is no longer in its best interest to continue to qualify as a REIT and that therefore the Aggregate Share Ownership Limit will no longer be in effect. On January 11, 2023 the Company effected a 1-for-8 reverse stock split that was previously approved by t he Company’s board of directors, resulting in each outstanding share of Class A common stock being converted into 0.125 shares of common stock, with no fractional shares being issued (the “Reverse Stock Split”). All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the Reverse Stock Split. Also, effective January 19, 2023, the Company amended its charter to change its name to “American Strategic Investment Co.” from “New York City REIT, Inc.” Trading of the Company’s Common Stock on the New York Stock Exchange under the new name began on January 20, 2023 under the existing trading symbol “NYC.” Shares of the Company’s Class A common stock were first listed on the New York Stock Exchange (“NYSE”) on August 18, 2020. Also, on February 22, 2023, the Company completed a non-transferable rights offering (the “Rights Offering”) (see Note 15 — Subsequent Events ). In connection with the listing of the Company’s Class A common stock on the NYSE in 2020, the Company incurred expense s of $1.3 million f or the year ended December 31, 2020 for financial advisory and other professional fees and expenses. Substantially all of the Company’s business is conducted through the OP and its wholly-owned subsidiaries. The Company’s advisor, New York City Advisors, LLC (the “Advisor”), manages the Company’s day-to-day business with the assistance of the Company’s property manager, New York City Properties, LLC (the “Property Manager”). The Advisor and Property Manager are under common control with AR Global Investments, LLC (“AR Global”) and these related parties receive compensation and fees for providing services to the Company. The Company also reimburses these entities for certain expenses they incur in providing these services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable. Out-of-Period Adjustments During the quarter ended December 31, 2022, the Company identified an out of period adjustment of $0.4 million for accelerated amortization of intangibles associated with a lease modification in the second quarter that shortened the remaining term of the lease. This resulted in an understatement of intangible amortization of $0.2 million in each of the second quarter and third quarter. The Company concluded that the errors noted were not material to the current quarterly period or any historical periods presented and, accordingly, the Company adjusted the amounts on a cumulative basis in the fourth quarter of 2022 and recorded $0.4 million of additional amortization. During the fourth quarter of 2020, the Company recorded an adjustment to reduce interest expense by approximately $0.6 million related to certain historical errors that occurred in the first, second and third quarters of 2020. The amounts, which totaled $0.1 million, $0.2 million, and $0.3 million for the first, second, and third quarters of 2020, respectively, were incorrectly calculated, resulting in an overstatement of interest expense in those periods. The Company concluded that the errors noted above were not material to the current period or any historical periods presented and, accordingly, the Company adjusted the amounts on a cumulative basis in the fourth quarter of 2020. During the fourth quarter of 2020, the Company also recorded an adjustment to increase depreciation expense by approximately $0.3 million related to certain historical errors that occurred in the prior annual period result of placing construction in progress projects into service in the wrong periods, resulting in an understatement of depreciation expense in those periods. The Company concluded that these errors noted above were not material to the current period or any historical periods presented and, accordingly, the Company adjusted the amounts on a cumulative basis in the fourth quarter of 2020. Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Prior to the Listing, the Advisor held 37 units of limited partnership designated as “Class A Units” (“Class A Units”), after giving effect to the Reverse Stock Split, which represented a nominal percentage of the aggregate OP ownership. These Class A Units were redeemed for an equal number of shares of Class A common stock on the Listing Date. Also, during the second quarter of 2021, the remaining 13,100 Class A Units held by a third party were redeemed for an equal number of Class A Common Stock. There were no Class A units outstanding as of December 31, 2022 and 2021. In addition, under the multi-year outperformance agreement with the Advisor (the “2020 OPP”), the OP issued a class of units of limited partnership designated as LTIP Units (“LTIP Units”) during 2020, which are also reflected as part of non-controlling interest as of December 31, 2022 and 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 one of the hardest hit locations, New York City, where all of the Company’s properties are located. Some of the Company’s tenants operate businesses that require in-person interactions, such as retail stores, gyms, fitness studios and parking garages. 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 required social distancing measures and resulted in the closure and limitations on the operations of many businesses, during the years ended December 31, 2020 and 2021. While these orders were lifted on March 7, 2022 in New York City, it is possible that continued limitations on indoor occupancy or other restrictions applicable to in-person operations may be re-instituted in the future along with other steps such as mandatory vaccination as rates of infection increase, including in light of the spread of the Omicron variant and other potentially more contagious variants of the SARS-CoV-2 virus. The Company considered the impact of COVID-19 on the assumptions and estimates underlying its consolidated financial statements and believes the estimates and assumptions are reasonable and supportable based on the information available as of December 31, 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 December 31, 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. The financial stability and overall health of tenants is critical to the Company’s business. The negative effects of the global pandemic did impact the ability of some of the Company’s tenants to pay their monthly rent during 2020 and 2021. However, with the exception of one minor lease deferral during the third quarter of 2022, which was unrelated to the impact of COVID-19, this trend did not continue into 2022. The Company took a proactive approach to achieve mutually agreeable solutions with some of its tenants and in some cases, during 2020 and 2021, the Company executed different types of lease amendments with multiple tenants which included deferrals, abatements, extensions to the term of the leases, and in one instance, a reduction of the lease term. Currently, the Company’s properties remain accessible to all tenants, although, and even as operating restrictions have expired, not all tenants have resumed in person operations. In addition, 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 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 license agreements with a new operator at both garage properties, and in July 2022, these license agreements were terminated and new leases were commenced, which 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. As a result of the financial difficulties of some of the Company’s tenants during 2020 and 2021, as described above, 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, where operating cash flow from the property after debt service was held in restricted cash as additional collateral for the loan, that continued through the end of 2022 (except for the 9 Times Square and Laurel/Riverside properties), but were not events of default. Currently, the Company is 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, which ended the cash management period. The Company also satisfied the required debt service coverage for this property for the quarters ended June 30, 2022, September 30, 2022 and December 31, 2022. Also, the Company satisfied the debt covenants for our 9 Times Square property with our reporting to the lender in the fourth quarter of 2022, resulting in the release of cash in December 2022 that was previously trapped for this property. The Company remains in breach of the 1140 Avenue of the Americas and 8713 Fifth Avenue loans as of December 31. 2022. See Note 4 — Mortgage Notes Payable, Net for further details regarding the current status, as of December 31, 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 FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2022, these leases had a weighted-average remaining lease term of 7.1 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in 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 following table presents future base rent payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected form certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Base Rent Payments 2023 $ 54,541 2024 53,093 2025 46,038 2026 41,362 2027 38,413 Thereafter 203,592 Total $ 437,039 The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor under the aforementioned leases, the Company defers the recognition of contingent rental income, until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. For the years ended December 31, 2022, 2021 and 2020, approximately $0.5 million, $0.5 million and $0.1 million, respectively, in contingent rental income is included in revenue from tenants in the consolidated statements of operations and comprehensive loss. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019, 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 2022, 2021 and 2020, respectively, 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 year ended December 31, 2020, the Company reduced revenue from tenants by $8.5 million for reserves recorded during the period on receivables for which the related tenants have been put on a cash basis (see accounting policy above). Some of these reductions relates to tenants that terminated their leases early while others related to leases that had not been paying rent and were been placed on a cash basis in accordance with ASC 842. There were no such reductions recorded for the years ended 2022 or 2021. During the year ended December 31, 2022 there was only one tenant for which we recorded rent on a cash basis. The lease with this tenant was terminated as of September 30, 2022. During the years ended 2021 and 2020, no rental income was received from any of the tenants that were previously placed on a cash basis, however, the Company did receive a lease termination fee of $1.4 million from the two former parking garage tenants that were placed on a cash basis in 2020 (see below). In October 2021, the Company signed a termination agreement with the parking garage tenants at its 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard properties. As discussed above, new tenants have signed lease agreements with the Company for the spaces in July 2022. In addition, the Company recorded a termination fee for a tenant in its 9 Times Square property. These termination agreements required the tenants to pay termination fees aggregating $1.5 million to the Company, which was all received during the fourth quarter of 2021. The termination fees are recorded in revenue from tenants in the consolidated statements of operations and comprehensive loss. In the third quarter of 2021, the Company launched Innovate NYC, a co-working company, at 1140 Avenue of the Americas. The Company recorded revenue of approximately $0.8 million and $0.3 million from Innovate NYC during the years ended December 31, 2022 and 2021, respectively, which is considered non-lease income. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2022, 2021 or 2020. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2022 and 2021, the Company did not have any properties held for sale. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. There were no acquisitions during the years ended December 31, 2022, 2021 or 2020. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant’s lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. Accounting for Leases Lessor Accounting In accordance with the lease accounting standard, all leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases are evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three year period ended December 31, 2022, the Company did not have any leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. 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 . We are the lessee under a land lease which was previously classified as an operating lease prior to adoption of lease accounting and will continue to be classified as an operating lease under transition elections unless subsequently modified.These lease is reflected on the Company’s consolidated balance sheets and the rent expense is reflected on a straight-line basis over the lease term. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . The Company did not have any dispositions during the years ended December 31, 2022, 2021 or 2020. Impairment of Long Lived Assets The Company periodically assesses whether there are any indicators that the value of a property may be impaired or that the carrying value may not be recoverable. The indicators include sustained net operating losses, a significant change in occupancy, a significant decline in rent collection, economic changes, or a likely disposition of a property. To determine whether an asset is impaired, the carrying value of the property’s asset group is compared to the estimated future undiscounted cash flow that the Company expects the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The estimated future undiscounted cash flow considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. The Company estimates the expected future operating income using in place contractual rent and market rents. The Company estimates the lease up period, market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 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 year period ended December 31, 2022. Also, there were no dispositions of real estate in the three year period ended December 31, 2022, however, the Company is evaluating its options for its 421 W. 54th Street - Hit Factory property, which include current discussions to potentially sell or lease the property to a third party. As no agreement has been reached, the property does not qualify to be classified as held for sale on the consolidated balance sheet as of December 31, 2022. Impairments of real estate investments The Company recorded an impairment charge of $1.5 million for this property for the year ended December 31 2021, as it was determined that the carrying value exceeded the Company’s most recent estimate of fair market value of the property, which was based on the estimated selling price (see Note 3 — Real Estate Investments ). The fair value measurement was determined by estimating discounted cash flows using significant unobservable inputs, which were the discount rate (range of 7% to 8%), terminal capitalization rate (range of 7% to 9%), and estimated market rents (range of $40.00 per square foot to $50.00 per square foot). The Company did not recognize any impairment charges for the years ended December 31, 2022 or 2020. Significant Tenants As of December 31, 2022 and 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. Intangible Assets and Liabilities Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets: In-place leases $ 35,236 $ 24,588 $ 10,648 $ 49,112 $ 33,431 $ 15,681 Other intangibles 28,322 5,782 22,540 28,322 5,074 23,248 Above-market leases 8,290 6,141 2,149 10,044 6,734 3,310 Acquired intangible assets $ 71,848 $ 36,511 $ 35,337 $ 87,478 $ 45,239 $ 42,239 Intangible liabilities: Below-market lease liabilities $ 10,718 $ 7,712 $ 3,006 $ 13,275 $ 9,051 $ 4,224 The following table discloses the amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Year Ended December 31, (In thousands) 2022 2021 2020 In-place leases (1) $ 5,032 $ 6,684 $ 8,150 Other intangibles 708 937 1,165 Total included in depreciation and amortization $ 5,740 $ 7,621 $ 9,315 Above-market lease intangibles (2) $ 1,161 $ 1,062 $ 1,219 Below-market lease liabilities (3) (1,218) (9,782) (4,294) Total included in revenue from tenants $ (57) $ (8,720) $ (3,075) Below-market ground lease, included in property operating expenses $ 49 $ 49 $ 49 ____ (1) During the year ended December 31, 2022, in connection with a lease modification in the second quarter of 2022 that shortened the remaining term of the lease, the Company accelerated the amortization of approximately $0.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2021, in connection with leases that were terminated the Company accelerated the amortization of approximately $1.1 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2020, in connection with leases that were terminated during the year, the Company accelerated the amortization of approximately $1.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. (2) In connection with a lease modification in the second quarter of 2022 that shortened the remaining term of the lease, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2022, which was included in the revenue from tenants in the consolidated statement of operations. In connection with the lease terminations in 2020, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2020, which was included in the revenue from tenants in the consolidated statement of operations. (3) In connection with the lease terminations in 2021, the Company accelerated the amortization of below-market lease intangibles $7.9 million which are included in revenue from tenants in the consolidated statement of operations for the year ended December 31, 2021. Additionally, in connection the lease terminations in 2020, the Company accelerated the amortization of approximately $1.9 million of below-market lease intangibles during the year ended December 31, 2020. The following table provides the projected amortization expenses and adjustments to revenue from tenants for the next five years as of December 31, 2022: (In thousands) 2023 2024 2025 2026 2027 In-place leases $ 3,333 $ 2,259 $ 1,200 $ 632 $ 624 Other intangibles 708 708 708 708 708 Total to be included in depreciation and amortization $ 4,041 $ 2,967 $ 1,908 $ 1,340 $ 1,332 Above-market lease assets $ 825 $ 412 $ 123 $ 117 $ 117 Below-market lease liabilities (945) (850) (503) (183) (180) Total to be included in revenue from tenants $ (120) $ (438) $ (380) $ (66) $ (63) Write-off of Deferred Leasing Commissions In January 2021, the Company’s former tenant, Knotel, filed for bankruptcy and all leases with the Company were terminated effective January 31, 2021. As a result of these terminations, the Company wrote-off $1.3 million of deferred leasing costs in the first quarter of 2021, which are included in depreciation and amortization expense in our consolidated statement of operations for the year ended December 31, 2021.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable as of December 31, 2022 and 2021 are as follows: Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2022 2021 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 9 Times Square (1) 1 $ 49,500 $ 55,000 3.72 % Fixed (2) Apr. 2024 1140 Avenue of the Americas (3) 1 99,000 99,000 4.17 % Fixed Jul. 2026 123 William Street (4) 1 140,000 140,000 4.73 % Fixed Mar. 2027 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (5) 1 10,000 10,000 5.04 % Fixed Nov. 2028 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 (6) (5,341) (6,883) Mortgage notes payable, net $ 394,159 $ 398,117 ______ (1) In the fourth quarter of 2022, the Company exited the cash trap which resulted from previous covenant breaches for this property. The cash was released from the cash management account and moved to cash and cash equivalents on the consolidated balance sheet. Also, 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 the “Debt Covenants” section below for additional details. (2) Fixed as a result of the Company having entered into a “pay-fixed” interest rate swap agreement, which is included in derivatives, at fair value on the consolidated balance sheet as of December 31, 2022 (see Note 6 — Derivatives and Hedging Activities for additional information). (3) Due to covenant breaches resulting in cash trap for this property, all cash generated from operating this property is being held in a segregated account, and the Company will not have access to the excess cash flows until the covenant breaches are cleared. As of December 31, 2022, there was $3.6 million held in a cash management account which is part of the Company’s restricted cash balance on its consolidated balance sheet. (4) As of December 31, 2022, $0.1 million of the proceeds remained in escrow and in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. During the year ended December 31, 2022, the Company drew $1.5 million to fund leasing activity, tenant improvements and leasing commissions related to this property. The remaining escrow amount will be released as used. (5) Due to covenant breaches resulting in cash trap for this property, all cash generated from operating this property, if any, is required to be held segregated account, and the Company will not have access to the excess cash flows until the covenant breaches are cleared. As of December 31, 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 the new tenant is expected to occupy the space in the first quarter of 2023, which will bring the occupancy at this property back to 100%. (6) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Collateral and Principal Payments Real estate assets and intangible assets of $825.4 million, at cost (net of below-market lease liabilities), as of December 31, 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 note payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2022: (In thousands) Future Minimum Principal Payments 2023 $ — 2024 49,500 2025 — 2026 99,000 2027 140,000 Thereafter 111,000 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 principal amount of the loan was $49.5 million as of December 31, 2022 (after partial pay-down in 2022 as described below). 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 included: (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) permitting 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 with the Secured Overnight Financing Rate (“SOFR”) effective with the second quarter of 2022 and amended 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, we were 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, it was not in breach as of June 30, 2022, September 30, 2022 and December 31, 2022. As a result, upon reporting the third quarter results to the lender in November, the Company had two consecutive quarters that we were not be in breach and, at such time as the determination of the compliance with the debt service coverage and debt yield covenants is made, the Company exited the cash trap with the lenders approval. The cash previously held in restricted cash, which totaled $3.4 million as of September 30, 2022, with no cash remaining trapped as of December 31, 2022. This cash, along with any additional cash trapped prior to transfer, was reclassified to cash and cash equivalents on our consolidated balance sheet during the fourth quarter of. The agreement governing this loan requires us to maintain $10.0 million in liquid assets, which includes cash and cash equivalents and restricted cash, which totaled $16.1 million as of December 31, 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 10 quarters ended December 31, 2022. The principal amount of the loan was $99.0 million as of December 31, 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 December 31, 2022 and 2021, the Company has $3.6 million and $4.5 million, respectively, in cash that is retained by the lender and maintained in restricted cash on the Company’s consolidated balance sheet as of those dates. 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - Icon Garage In the first, second and third quarters of 2021, 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. The Company subsequently satisfied the debt service coverage covenant for each of the two consecutive quarters ended on December 31, 2021 and March 31, 2022, which ended the cash management period. On October 26, 2021, the Company signed a termination agreement with the original tenants at this 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. Upon satisfying the debt service coverage covenant for the quarter ended March 31, 2022, 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 for the quarter ended March 31, 2022. The Company satisfied the debt service coverage for the subsequent quarters through the quarter ended December 31, 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 all four quarters of 2022. The principal amount for the loan was $10.0 million as of December 31, 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 the date of filing this Annual Report on Form 10-K, the Company had not yet determined whether it will do so. 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. This property did not generate any excess during the year ended December 31, 2022 or 2021, respectively and thus no cash is trapped. The Company signed a lease with a new tenant at this property in November 2021 and the new tenant is expected to occupy the space in the first quarter of 2023, which will bring the occupancy at this property back to 100%. Other Debt Covenants The Company was in compliance with the remaining covenants under its other mortgage notes payable as of December 31, 2021, however, it continues to monitor compliance with those provisions. If the Company experiences additional lease terminations, due to tenant bankruptcies or otherwise, 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” swap, both the mortgage loan and agreement and the current “pay-fixed” interest swap are now based on SOFR. The Company has no remaining LIBOR based contracts as of December 31, 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 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 in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2022 Interest Rate “Pay-fixed” Swap - asset $ — $ 1,607 $ — $ 1,607 December 31, 2021 Interest Rate “Pay-fixed” Swap - liability $ — $ (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 sheet due to their short-term nature. The fair value of the variable mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with the market and there has been no significant change in the credit risk or credit markets since origination. The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: December 31, 2022 2021 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 48,282 $ 55,000 $ 53,654 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 89,015 99,000 100,616 Mortgage note payable — 123 William Street 3 140,000 126,814 140,000 145,827 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,023 50,000 51,750 Mortgage note payable — 8713 Fifth Avenue 3 10,000 8,933 10,000 10,633 Mortgage note payable — 196 Orchard Street 3 51,000 42,349 51,000 50,423 Total $ 399,500 $ 359,416 $ 405,000 $ 412,903

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 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 Balance Sheet as of December 31, 2022 and 2021. (In thousands) Balance Sheet Location December 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 1,607 $ (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 years ended December 31, 2022, 2021 and 2020, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. In connection with the modification and partial pay down of the Company’s mortgage loan on its 9 Times Square property (see Note 4 Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that $1.3 million will be reclassified from other comprehensive income as a decrease to interest expense. As of December 31, 2022 and 2021, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. December 31, 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 years ended December 31, 2022, 2021 and 2020. Year Ended December 31, (In thousands) 2022 2021 2020 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 2,910 $ 698 $ (2,944) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (241) $ (1,153) $ (867) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ (18,924) $ (19,090) $ (19,140) Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2022, 2021 and 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2022 $ 1,607 $ — $ — $ 1,607 $ — $ — $ 1,607 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 December 31, 2022, the Company’s did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of December 31, 2021, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.7 million. As of December 31, 2022 and 2021, the Company did not post any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions as of December 31, 2021, it could have been required to settle its obligations under the agreements at their aggregate termination value of $1.7 million.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of December 31, 2022 and 2021, the Company had approximately 1.9 million and 1.7 million shares of common stock outstanding, respectively, including unvested restricted shares, after giving effect to the Reverse Stock Split (see Note 1 — Organization for additional details). As of December 31, 2022, all of the Company’s shares of common stock outstanding was Class A common stock, including unvested restricted shares. Subsequent to December 31, 2022, the Company completed its Rights Offering and completed the Reverse Stock Split. For additional information see Note 15 — Subsequent Events. Class A Common Stock Issued to the Advisor - Side Letter and In Lieu of Cash for the Management Fee During the year ended December 31, 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 $3.0 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 $84.40 per share (adjusted for the Reverse Stock Split). As a result the Side Letter, during the first nine months of 2022, the Company issued 5,672, 5,438, 4,848, 5,031, 5,924 and 5,924 shares of its Class A common stock (adjusted for the Reverse Stock Split) in February, March, April, May, June and July 2022, respectively, in connection with the monthly base management fee earned by the Advisor. In each of August, September, October, November and December 2022, the Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee. The Company issued 15,586, 18,899, 18,285,19,320 and 24,744 shares (adjusted for the Reverse Stock Split) , respectively, using the 10-day average price of $32.08, $26.24, $27.36, $25.92 and $20.24 per share (adjusted for the Reverse Stock Split) , respectively, which was greater than the minimum price under NYSE rules. The Advisor also elected to receive shares of Class A common stock in lieu of cash in respect of its management fee for January 2023 (see Note 15 — Subsequent Events ) .The Advisor is not obligated to accept shares in lieu of cash for these fees and makes this election on a monthly basis. The Advisor was paid cash for its management fee for February and March 2023. For accounting purposes, the shares of the Company’s Class A common stock issued in accordance with the Side Letter and the shares issued in lieu of cash for the management fee to the Advisor, as elected by the Advisor, are treated as issued using the closing price on date of issue and the related expense for the year are reflected as $5.0 million for the year ended December 31, 2022 as part of general and administrative expenses on the consolidated statement of operations. Class A Common Stock Issued to the Company’s Independent Board of Directors 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: • 649 shares of its Class A common stock (adjusted for the Reverse Stock Split) to the Company’s independent board of directors in the first quarter of 2022 (for services rendered in the fourth quarter 2021), and • 606 shares of its Class A common stock (adjusted for the Reverse Stock Split) 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, third quarter and fourth quarter of 2022. Equity Offerings Class A Common Stock On October 1, 2020, the Company entered into an Equity Distribution Agreement, under which the Company may, from time to time, offer, issue and sell to the public, through its sales agents, shares of Class A Common Stock having an aggregate offering price of up to $250.0 million in an “at the market” equity offering program (the “Common Stock ATM Program”). To potentially enhance the Company’s cash resources to fund operating and capital needs, in August 2022, Bellevue Capital Partners, LLC, which is an entity that controls the Advisor (“Bellevue”) expressed a desire to invest additional capital in the Company. Although no agreement exists, Company’s board of directors authorized the issuance of up to 125,000 shares of the Company’s Class A Common Stock (adjusted for the Reverse Stock Split) for these purposes. During the three months ended September 30, 2022, the Company sold 79,114 shares of Class A common stock (adjusted for the Reverse Stock Split) to Bellevue, for gross proceeds of $2.0 million, before nominal commissions paid that were purchased by Bellevue. These shares were issued to the Bellevue through these block trades executed under the Company’s Common Stock ATM Program. Bellevue may, from time to time at its discretion, purchase additional shares of Class A common stock from the Company through additional block trades 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. During the year ended December 31, 2021, the Company sold 58,331 shares of Class A common stock (adjusted for the Reverse Stock Split) through the Common Stock ATM Program, for gross proceeds of $5.3 million, before commissions paid of $53,000 and issuance costs of $0.8 million. In total, the Company had incurred $1.0 million in costs related to the establishment of the Common Stock ATM Program which were initially recorded in prepaid expenses and other assets on the Company’s consolidated balance sheet as of December 31, 2020. Upon receiving proceeds under the Common Stock ATM Program, in the second, third and fourth quarters of 2021, Company reclassified the entire $1.0 million prepaid balance to additional paid in capital in the Company’s consolidated statement of changes equity as a reduction of the gross proceeds received under the Common Stock ATM Program. Repurchase Program The Company’s directors has adopted a resolution authorizing consideration of share repurchases of up to $100 million of shares of Class A common stock over a long-term period following the Listing. Actual repurchases would be reviewed and approved by the Company’s board of directors based on management recommendations taking into consideration all information available at the specific time including the Company’s available cash resources (including the ability to borrow), market capitalization, trading price 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. 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 year ended December 31, 2022, 2021 and 2020 any DRIP transactions were settled through open market transactions and no shares were issued by the Company. Dividends I n connection with the Listing, the Company reinstated distributions to the Company’s common stockholders in the amount of $3.20 per share ($0.80 per share, per quarter) (adjusted for the Reverse Stock Split) of common stock per year, payable to holders of record on a single quarterly record date. • During the six months ended June 30, 2022 the Company paid dividends to common stockholders in the amount of $1.60 per share ($0.80 per share, per quarter) (adjusted for the Reverse Stock Split) 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 paying dividends and has not declared or paid dividends, beginning with the dividend that would have been payable for the quarter ended June 30, 2022. • During 2021 the Company paid quarterly dividends to common stockholders in the amount of $1.60 per share ($0.80 per share, per quarter) totaling $3.20 per share for the year (adjusted for the Reverse Stock Split) . • In 2020, after the Listing, the first dividend was declared on October 1, 2020 and paid on October 15, 2020 in a partial quarterly amount equal to $0.39 per share of common stock (adjusted for the Reverse Stock Split) covering the period from the Listing Date through September 30, 2020. Tax Characteristics of Dividends For the years ended December 31, 2022, 2021 and 2020, from a U.S. federal income tax perspective, 100% of dividends, or $1.60, $3.20 and $0.39 per share (adjusted for the Reverse Stock Split) , respectively, represented a return of capital. Other Equity Activity - Year Ended December 31, 2021 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 8,125 shares of Class B common stock (adjusted for the Reverse Stock Split) for cash at a purchase price equal to $56.00 per share (adjusted for the Reverse Stock Split). The Company made the December Offer in order to deter an unsolicited bidder and other potential future bidders that may try to exploit the illiquidity of the Company’s Class B common stock and acquire it from stockholders at prices substantially less than the price at which the Company’s Class A common stock had been trading on the NYSE. The December Offer expired on January 27, 2021. In accordance with the terms of the December offer, the Company purchased 3,279 shares of Class B common stock (adjusted for the Reverse Stock Split) 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. Other Equity Activity - Year Ended December 31, 2020 Corporate Actions In order to effect the Listing, the Company took the following corporate actions on August 5, 2020, which resulted in a net reduction of 2.43 for every one share of common stock: • amended its charter to effect a 9.72-to-1 reverse stock split combining every 9.72 shares of the Company’s common stock, par value $0.01 per share, into one share of common stock, par value $0.0972 per share; • amended its charter to reduce the par value of the shares of common stock outstanding after the reverse stock split from $0.0972 per share to $0.01 per share and rename the common stock “Class A common stock;” • reclassified 9,750,000 authorized but unissued shares of Class A common stock (equal to approximately three times the number of shares of Class A common stock then issued and outstanding) into shares of Class B common stock, par value $0.01 per share; and • declared and paid a stock dividend of three shares of Class B common stock to every holder of record of Class A common stock In connection with the Listing, the Company repurchased 834 fractional shares of common stock for $0.3 million. Listing Impacts On the Listing Date, the following events impacted the Company’s common shares outstanding: • 8,187 Class B Units (adjusted for the Reverse Stock Split) were converted into Class A Units, of which 6,550 of these Class A Units (adjusted for the Reverse Stock Split) then held by the Advisor, were subsequently redeemed for an equal number of shares of Class A common stock (see Note 9 — Related Party Transactions and Arrangements for additional information on the Class B Units). As a result, the Company recorded expense of $1.2 million, resulting in an increase to total stockholders’ equity of $0.9 million and an increase to non-controlling interests of $0.2 million with respect to the remaining 13,100 Class A Units still held by a third party and not redeemed as of December 31, 2020. The remaining Class A Units were redeemed for an equal number of shares of Class A common stock during the second quarter 2021, resulting in a decrease to non-controlling interest of $0.2 million. • 4 Class A Units (adjusted for the Reverse Stock Split)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Arrangement - Ground Lease The Company entered into a ground lease agreement in 2016 related to the acquisition of 1140 Avenue of the Americas under a leasehold interest arrangement. The ground lease is considered an operating lease and is recorded in operating lease right-of-use asset and operating lease liability on the Company’s consolidated balance sheet. The classification of this lease was grandfathered in adoption of ASU 842, whereby it will continue to be classified as operating leases unless modified. In computing the lease liabilities, the Company discounts future lease payments at an estimated incremental borrowing rate at adoption or acquisition if later. The term of the Company’s ground lease is significantly longer than the term of borrowings available to the Company on a fully-collateralized basis. The Company’s estimate of the incremental borrowing rate required significant judgment. As of December 31, 2022, the Company’s ground lease has a weighted-average remaining lease term of 44.0 years and a discount rate of 8.6%. As of December 31, 2022, the Company’s balance sheet includes an ROU asset and liability of $55.0 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 years ended December 31, 2022, 2021 and 2020, the Company paid cash of $4.7 million for amounts included in the measurement of lease liabilities and recorded expense of $4.9 million on a straight-line basis in accordance with the standard. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The Company did not enter into any additional ground leases as lessee during the years ended December 31, 2022, 2021 and 2020. The following table reflects the ground lease rent payments due from the Company and a reconciliation to the net present value of those payments as of December 31, 2022: (In thousands) Future Minimum Base Rent Payments 2023 $ 4,746 2024 4,746 2025 4,746 2026 4,746 2027 4,746 Thereafter 193,008 Total 216,738 Less: Effects of discounting (162,022) Total present value of lease payments $ 54,716 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 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	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of December 31, 2022 and 2021, entities wholly owned by AR Global Investments, LLC owned 129,671 and 7,011 shares (adjusted for the Reverse Stock Split), respectively, of the Company’s outstanding Class A common stock. As of December 31, 2022, Bellevue owned approximately 20% of outstanding shares of the Company. Subsequent to December 31, 2022, Bellevue’s ownership percentage increased to approximately 34% due to the subsequent events disclosed in Note 15 — Subsequent Events. Purchases of the Company’s Class A Common Stock by Bellevue As described in Note 7 — Stockholders’ Equity , to potentially enhance the Company’s cash resources to fund operating and capital needs, in August 2022, Bellevue expressed a desire to invest additional capital in the Company. Although no agreement exists, the Company’s board of directors authorized the issuance of up to 125,000 shares of the Company’s Class A common stock (adjusted for the Reverse Stock Split) for these purposes. During the three months ended September 30, 2022, the Company sold 79,114 shares of Class A common stock (adjusted for the Reverse Stock Split) to Bellevue, for gross proceeds of $2.0 million, before nominal commissions paid. These shares were issued to the Bellevue through these block trades executed under the Company’s Common Stock ATM Program. Bellevue may, from time to time at its discretion, purchase additional shares of Class A common stock from the Company through additional block trades 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 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. The Company also advised the AR Parties that to the extent that the Advisor or the Property Manager elected 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. Fees and Participations Incurred in Connection With the Operations of the Company 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 Overview 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. The Advisor elected to receive shares of Class A common stock in lieu of cash for the base management fee in in each of the months of August, September, October, November, and December 2022, as well as in month of January, 2023 (see Note 7 — Stockholders’ Equity and Note 15 — Subsequent Events ). Equity proceeds are defined as, with respect to any period, cumulative net proceeds of all common and preferred equity and equity-linked securities issued by the Company and its subsidiaries during the period, including: (i) any equity issued in exchange or conversion of exchangeable notes based on the stock price at the date of issuance and convertible equity; (ii) any other issuances of equity, including but not limited to units in the OP (excluding equity-based compensation but including issuances related to an acquisition, investment, joint-venture or partnership); and (iii) effective following the time the Company commences paying a dividend of at least $0.05 per share per annum to its stockholders, which occurred in October 2020), any cumulative Core Earnings (as defined in the Advisory Agreement) in excess of cumulative distributions paid on the Company’s common stock since November 16, 2018, the effective date of the most recent amendment and restatement of the Advisory Agreement. The Advisory Agreement also entitles the Advisor to an incentive variable management fee. In August 2020, the Company entered into an amendment to the Advisory Agreement to adjust the quarterly thresholds of Core Earnings Per Adjusted Share (as defined in the Advisory Agreement) the Company must reach on a quarterly basis for the Advisor to receive the variable management fee to reflect the Reverse Stock Split. Prior to this amendment, the variable management fee was equal to (i) the product of (a) the diluted weighted-average outstanding shares of common stock for the calendar quarter (excluding any equity-based awards that are subject to performance metrics that are not currently achieved) multiplied by (b) 15.0% multiplied by (c) the excess of Core Earnings Per Adjusted Share for the previous three-month period in excess of $0.48 (adjusted for the Reverse Stock Split), 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 $0.64 (adjusted for the Reverse Stock Split). Following the August 2020 amendment, the quarterly thresholds of Core Earnings Per Adjusted Share increased from $0.48 and $0.64 to $1.17 and $1.56 (adjusted for the Reverse Stock Split). The variable management fee is payable quarterly in arrears in cash, shares of common stock, units of limited partnership interest in the OP or a combination thereof, at the Advisor’s election. Side Letter With The Advisor 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 $84.40 per share (adjusted for the Reverse Stock Split). 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”). On August 10, 2022, the Company (1) amended the Charter Ownership Limit Waiver Agreements to (i) immediately increase the Excepted Holder Limit (as defined therein) to 21%, and (ii) increase the Excepted Holder Limit to up to 25% upon conditions precedent being satisfied to increase the Excepted Holder Limit to up to 25% (the “Charter Waiver Agreement Amendments”), and (2) amended 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”). 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. As a consequence of the Company’s decision to terminate our election to be taxed as a REIT, the ownership limitations set forth in Section 5.7 of the Company’s charter, including, without limitation, the Aggregate Share Ownership Limit as defined therein, no longer apply. Management Fee Expense The Company recorded expense of $5.5 million, $6.0 million and $6.0 million for base asset management fees during the years ended December 31, 2022, 2021 and 2020, respectively there were no variable management fees incurred in any of these periods. The management fees for the years ended December 31, 2021 and 2020, were paid in cash. The management fees for the year ended December 31, 2022 were paid as follows: • The Company paid cash base management fees of $0.5 million (for January 2022) in the year ended December 31, 2022. • In accordance with the Side Letter, the Advisor reinvested base management fees , aggregating $1.0 million, $1.5 million and $0.5 million, in sha res of the Company’s Class A common stock in the first, second and third quarters of 2022, respectively. As a result, the Company issued 5,672, 5,438, 4,848, 5,031, 5,924 and 5,924 shares of its Class A common stock (adjusted for the Reverse Stock Split) in February, March, April, May, June and July 2022, respectively. S ee Note 7 — Stockholders Equity for more information. • The Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee f or August, September, October, November and December 2022. As a result, t he Company issued 15,586, 18,899, 18,285, 19,320 and 24,744 shares of the Company’s Class A common stock (adjusted for the Reverse Stock Split) in connection with the monthly base management fee earned by the Advisor. S ee Note 7 — Stockholders Equity for more information. The Advisor also elected to receive shares of Class A common stock in lieu of cash in respect of its management fee for January 2023 (see Note 15 — Subsequent Events ) .The Advisor is not obligated to accept shares in lieu of cash for these fees and makes this election on a monthly basis. The Advisor was paid cash for its management fee for February and March 2023. For accounting purposes, the shares of the Company’s Class A common stock issued in accordance with the Side Letter and the shares issued in lieu of cash for the management fee, as elected by the Advisor, are treated as issued using the closing price on date of issue and the related expense totaled $5.0 million for the year ended December 31 , 2022. Class B Units Prior to October 1, 2015, for its asset management services provided under the advisory agreement, the Company caused the OP to issue to the Advisor 8,187 Class B Units ( 6,550 of which were still held by the Advisor at the time of the Listing), after giving effect to the Reverse Stock Split (see Note 1 — Organization for additional details). Pursuant to the limited partnership agreement to the OP, the Advisor was entitled to receive distributions on Class B Units, whether vested or unvested, at the same rate as distributions, if any, received on the Company’s common stock. Such distributions on issued Class B Units, if any, were expensed in the consolidated statements of operations and comprehensive loss until the performance condition was considered probable to occur. As a result of the Listing, which satisfied the performance condition, and the prior determination by the Company’s independent directors that the Economic Hurdle had been satisfied, the Class B Units vested in accordance with their terms and were converted into an equal number of Class A Units. In addition, effective at the Listing following this conversion and as approved by the Company’s independent directors, 6,550 of Class A Units (adjusted for the Reverse Stock Split), which were then held by the Advisor, were redeemed for an equal number of newly issued shares of Class A common stock consistent with redemption provisions contained in the A&R OP Agreement. As a result of the conversion of all 8,187 Class B Units (adjusted for the Reverse Stock Split) into Class A Units, the Company recorded a non-cash expense of approximately $1.2 million, which is recorded in vesting and conversion of Class B Units in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. The remaining Class A Units, held by third parties, were redeemed for an equal number of shares of Class A common stock during the second quarter of 2021. Property Management Fees Pursuant to the Property Management and Leasing Agreement (the “PMA”), as most recently amended on November 16, 2018 except in certain cases where the Company contracted with a third party, the Company paid the Property Manager a property management fee equal to: (i) for non-hotel properties, 3.25% of gross revenues from the properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on a percentage of gross revenues. The term of the PMA is coterminous with the term of the Advisory Agreement. Pursuant to the PMA, the Company reimburses the Property Manager for property-level expenses. These reimbursements are not limited in amount and may include reasonable salaries, bonuses, and benefits of individuals employed by the Property Manager, except for the salaries, bonuses, and benefits of individuals who also serve as one of 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 $1.6 million, $1.6 million and $1.6 million in property management fees during the years ended December 31, 2022, 2021 and 2020, respectively. Professional Fees and Other Reimbursements The Company pays directly or reimburses the Advisor monthly in arrears, for all the expenses paid or incurred by the Advisor or its affiliates in connection with the services it provides to the Company under the Advisory Agreement, subject to the following limitations: • With respect to administrative and overhead expenses of the Advisor, including administrative and overhead expenses of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services but not including their salaries, wages, and benefits, these costs may not exceed in any fiscal year, (i) $0.4 million, or (ii) if the Asset Cost (as defined in the Advisory Agreement) as of the last day of the fiscal quarter immediately preceding the month is equal to or greater than $1.25 billion, (x) the Asset Cost as of the last day of the fiscal quarter multiplied by (y) 0.10%. • With respect to the salaries, wages, and benefits of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services (including the Company’s executive officers), these amounts must be comparable to market rates and reimbursements may not exceed, in any fiscal year, (i) $2.6 million, or (ii) if the Asset Cost as of the last day of the fiscal year is equal to or greater than $1.25 billion, (x) the Asset Cost as of the last day of the fiscal year multiplied by (y) 0.30%. Professional fees and other reimbursements for the years ended December 31, 2022, 2021, and 2020 were $4.4 million, $4.1 million and $3.6 million, respectively. These amounts include reimbursements to the Advisor for administrative, overhead and personnel services, which are subject to the limits noted above, as well as costs associated with directors and officers insurance which are not subject to those limits. In September 2022, the Advisor terminated certain of its employees who provided services to the Company and for which the Company reimbursed the Advisor for salaries and benefits. In connection with the termination, the Company recognized a compensation charge, net of adjustments for previously accrued bonuses, of $0.2 million in the year ended December 31, 2022. 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 years ended December 31, 2022, 2021 and 2020 were $3.0 million ($0.4 million related to administrative and overhead expenses and $2.6 million were for salaries, wages, and benefits), which are the limits set forth in the Advisory Agreement. The actual expenses incurred by the Advisor exceeded these limits. The 2019 bonus reimbursement received from the Advisor discussed below was not included in the assessment of whether reimbursement expense limits were met for the year ended December 31, 2020. As part of the reimbursement discussed above, with respect to the salaries, wages, and benefits of all employees of the Advisor or its affiliates, the Company reimbursed approximately $0.9 million in 2019 to the Advisor or its affiliates for bonuses of employees of the Advisor or its affiliates who provided administrative services during the year, prorated for the time spent working on matters relating to the Company. The Company does not reimburse the Advisor or its affiliates for any bonus amounts relating to time dedicated to the Company by Edward M. Weil, Jr., the Company’s chief executive officer. The Advisor formally awarded 2019 bonuses to employees of the Advisor or its affiliates in September 2020 (the “2019 Bonus Awards”). The original $0.9 million estimate for bonuses recorded and paid to the Advisor in 2019 exceeded the cash portion of the 2019 Bonus Awards that were to be paid to employees of the Advisor or its affiliates by $0.4 million and that were to be reimbursed by the Company. As a result, during the year ended December 31, 2020, the Company recorded a receivable from the Advisor of $0.4 million in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction in general and administrative expenses. Pursuant to authorization by the Company’s independent directors, the $0.4 million receivable was fully repaid to the Company over a 10-month period from January 2021 through October 2021. Summary of Fees, Expenses and Related Payables The following table details amounts incurred, waived and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) (In thousands) 2022 2021 2020 December 31, Incurred Incurred Incurred 2022 2021 Ongoing fees: Asset and property management fees to related parties (1) $ 7,082 $ 7,554 $ 7,577 $ 118 $ 141 Professional fees and other reimbursements (2) 4,375 4,064 3,551 — — Professional fee credit due from the Advisor (2) (3) — — (407) — — Total related party operation fees and reimbursements $ 11,457 $ 11,618 $ 10,721 $ 118 $ 141 ______ (1) During the year ended December 31, 2022, approximately $5.0 million was paid with shares of the Company’s A Class A common stock (approximately $3.0 million related to the Side Letter and approximately $2.0 million for shares accepted in lieu of cash) for the management fee. Amounts for the years ended December 31, 2021 and 2020 were all paid in cash. See disclosure in this footnote above for additional information. (2) Amounts for the year ended December 31, 2022, 2021 and 2020, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. (3) The $0.4 million relates to overpayment of the 2019 Bonus Awards which was repaid by the Advisor to the Company during the nine months ended September 30, 2021. Listing Arrangements Listing Note Pursuant to the limited partnership agreement of the OP, which was amended and restated in connection with the effectiveness of the Listing on the Listing Date (as so amended and restated, the “A&R OP Agreement”), in the event the Company’s shares of common stock was listed on a national exchange, the OP was obligated to distribute to the Special Limited Partner a promissory note in an aggregate amount (the “Listing Amount”) equal to 15.0% of the difference (to the extent the result is a positive number) between: • the sum of (i) (A) the average closing price of the shares of Class A common stock over the Measurement Period (as defined below) multiplied by the number of shares of common stock issued and outstanding as of the Listing, plus (B) the sum of all distributions or dividends (from any source) paid by the Company to its stockholders prior to the Listing; and (ii) (X) the aggregate purchase price (without deduction for organization and offering expenses or any other underwriting discount, commissions or offering expenses) of the initial public offering of the Company’s common stock, plus (Y) the total amount of cash that, if distributed to the stockholders who purchased shares of the Company’s common stock in the initial public offering, would have provided those stockholders with a 6.0% cumulative, non-compounded, pre-tax annual return on the aggregate purchase price of shares sold in the initial public offering through the listing, minus any distributions of net sales proceeds made to the Special Limited Partner prior to the end of the Measurement Period (as defined below). Effective at the Listing, the OP entered into a listing note agreement with respect to this obligation (the “Listing Note”) with the Special Limited Partner. The Listing Note evidences the OP’s obligation to distribute to the Special Limited Partner the Listing Amount, which was 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 180 th day after August 13, 2021, which was the day all of the shares of the Company’s Class B common stock fully converted into shares of Class A common stock and began trading on the NYSE. 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. Multi-Year Outperformance Agreement The amendments effected to the limited partnership agreement of the OP pursuant to the A&R OP Agreement generally reflect provisions more consistent with the agreements of limited partnership of other operating partnerships controlled by real estate investment trusts with securities that are publicly traded and listed and make other changes in light of the transactions entered into by the Company in connection with the Listing. The A&R OP Agreement sets forth the terms of the LTIP Units, which includes the Master LTIP Unit (the “Master LTIP Unit”) issued to the Advisor on August 18, 2020 pursuant to a multi- year outperformance award agreement entered into with the Advisor (the “2020 OPP”). In addition, the A&R OP Agreement describes the procedures pursuant to which holders of Class A Units may redeem all or a portion of their Class A Units on a one-for-one basis for, at the Company’s election, shares of Class A common stock or the cash equivalent thereof. The A&R OP Agreement also requires the Company, upon the request of a holder of Class A Units but subject to certain conditions and limitations, to register under the Securities Act, the issuance or resale of the shares of Class A common stock issuable upon redemption of Class A Units in accordance with the A&R OP Agreement. On the Listing Date, the Company, the OP and the Advisor entered into the 2020 OPP pursuant to which a performance- based equity award was granted to the Advisor. Initially, the award under the 2020 OPP was in the form of a single Master LTIP Unit. On September 30, 2020, the Master LTIP Unit automatically converted into 501,605 LTIP Units (adjusted for the Reverse Stock Split) in accordance with its terms. For additional information on the 2020 OPP, see Note 11 – Equity-Based Compensation. Termination Fees Payable to the Advisor The Advisory Agreement requires the Company to pay a termination fee to the Advisor 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 • $15.0 million plus an amount equal to the product of (i) three (if the termination was effective on or prior to June 30, 2020) or four (if the termination is effective after June 30, 2020), multiplied by (ii) applicable Subject Fees. The “Subject Fees” are equal to (i) the product of • (a) 12, multiplied by (b) the actual base management fee for the month immediately prior to the month in which the Advisory Agreement is terminated, plus (ii) the product of (x) four multiplied by (y) the actual variable management fee for the quarter immediately prior to the quarter in which the Advisory Agreement is terminated, plus, (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity issued by the Company and its subsidiaries in respect of the fiscal quarter immediately prior to the fiscal quarter in which the Advisory Agreement is terminated. In connection with the termination or expiration of the Advisory Agreement, the Advisor will be entitled to receive (in addition to any termination fee) all amounts then accrued and owing to the Advisor, including an amount equal to then-present fair market value of its shares of the Company’s common stock and interest in the OP.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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 is open to the Company’s directors, officers and employees (if the Company ever has employees), employees, officers and directors of the Advisor and as a general matter, employees of affiliates of the Advisor that provide services to the Company. Awards under the Advisor Plan may only be granted to the Advisor and its affiliates (including any person to whom the Advisor subcontracts substantially all of responsibility for directing or performing the day-to-day business affairs of the Company). The 2020 Equity Plan succeeded and replaced the existing RSP. Following the effectiveness of the 2020 Equity Plan at the Listing, no further awards have been or will be granted under the RSP; provided, however, any outstanding awards under the RSP, such as unvested restricted shares held by the Company’s independent directors, will remain in effect in accordance with their terms and the terms of the RSP, until all those awards are exercised, settled, forfeited, canceled, expired or otherwise terminated. The Company accounts for forfeitures when they occur. While the RSP provided only for awards of restricted shares, the 2020 Equity Plan has been e xpanded to also permit awards of restricted stock units, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards. In addition, the 2020 Equity Plan eliminates the “automatic grant” provisions of the RSP that dictated the terms and amount of the annual award of restricted shares to independent directors. Going forward, grants to independent directors will be made in accordance with the Company’s new director compensation program, as described below under “—Director Compensation.” The 2020 Equity Plan has a term of 10 years, expiring August 18, 2030. The number of shares of the Company’s capital stock that may be issued or subject to awards under the 2020 Equity Plan, in the aggregate, is equal to 20.0% of the Company’s outstanding shares of Class A common stock on a fully diluted basis at any time. Shares subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. Director Compensation Effective on the Listing Date, the Company’s independent directors approved a change to the Company’s director compensation program. Starting with the annual award of restricted shares to be made in connection with the Company’s 2021 annual meeting of stockholders, the amount of the annual award will be increased from $30,000 to $65,000. No other changes were made to the Company’s director compensation program. Restricted Shares Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends on the same basis as dividends paid on shares of common stock, if any, prior to the time that the restrictions on the restricted shares have lapsed and thereafter. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. In March 2022, the compensation committee delegated authority to the Company’s chief executive officer to award up to 25,000 restricted shares (adjusted for the Reverse Stock Split) 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. 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 13,734 and 3,228 restricted shares (adjusted for the Reverse Stock Split) to employees of the Advisor and the Company’s board of directors respectively. The restricted shares granted to employees of the Advisor or its affiliates will vest in 25% increments on each of the first four In September 2022, the Advisor terminated certain of its employees who provided services to the Company and for which the Company reimbursed the Advisor for salaries and benefits. In connection with the termination, previous unvested restricted share grants issued to these employees of the Advisor were forfeited upon termination and the board approved 762 replacement restricted shares (adjusted for the Reverse Stock Split) which vested immediately upon termination. In year ended December 31, 2022, the Company recognized a net compensation charge of approximately $12,700 representing the value of the new replacement grants net of the reversal of $7,100 in previously recognized compensation on the forfeited grants and a new charge of approximately $55,000 for the fully accelerated grants. The following table displays restricted share award activity during the years ended December 31, 2022, 2021 and 2020 and has been retroactively adjusted for the Reverse Stock Split (see Note 1 — Organization for additional details): Number of Weighted-Average Issue Price Unvested, December 31, 2019 679 $ 408.24 Granted 228 393.84 Vested (217) 414.24 Fractional share redemption (1) (1) 393.28 Unvested, December 31, 2020 689 401.60 Granted 2,693 72.40 Vested (235) 399.76 Fractional share redemption (1) (1) 78.48 Unvested, December 31, 2021 3,146 120.00 Granted 17,725 85.04 Vested (1,975) 89.76 Forfeitures (762) 94.08 Unvested, December 31, 2022 18,134 90.16 (1) Represents fractional shares redeemed in connection with the conversion of the first tranche of shares of Class B common stock to shares of Class A common stock that occurred on December 16, 2020 and the second tranche of shares of Class B common stock to shares of Class A common stock that occurred on March 1, 2021. As of December 31, 2022, the Company had $0.4 million of unrecognized compensation cost, respectively, related to unvested restricted share awards granted and the cost is expected to be recognized over a weighted-average period of 3.54 years. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted share awards was approximately $0.4 million, $0.1 million and $0.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. Compensation expense related to restricted share awards is recorded as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. Also, for the year ended December 31, 2022, approximately $0.1 million of additional net amortization expense was recorded for the accelerated vesting of restricted shares of one employee of the Advisor and the forfeiture, new issuance and vesting of restricted shares of other former employees of the Advisor who are providing certain consulting services to the Advisor. 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 501,605 LTIP Units, equal to the quotient of $50.0 million divided by $99.68 (adjusted for the Reverse Stock Split), which represented the average closing price of one share of Class A common stock over the ten consecutive trading days immediately prior to September 30, 2020. This number of LTIP Units represents the maximum number of LTIP Units that may be earned by the Advisor during a performance period ending on the earliest of (i) August 18, 2023, (ii) the effective date of any Change of Control (as defined in the 2020 OPP) and (iii) the effective date of any termination of the Advisor’s service as advisor of the Company. For accounting purposes, July 19, 2020 is treated as the grant date (the “Grant Date”), because the Company’s independent directors approved the 2020 OPP and the award made thereunder on that date. The Company engaged third party specialists, who used a Monte Carlo simulation, to calculate the fair value as of the date the Master LTIP Unit converted (September 30, 2020), on which date the fair value was also fixed. The total fair value of the LTIP Units of $25.8 million is being recorded over the requisite service period of 3.07 years beginning on the Grant Date and ending on the third anniversary of the Listing Date (August 18, 2023). As a result, during the year ended December 31, 2022, 2021 and 2020, the Company recorded equity-based compensation expense related to the LTIP Units of $8.4 million, $8.4 million and $3.8 million, respectively, which is recorded in equity-based compensation in the consolidated statements of operations and comprehensive loss. As of December 31, 2022, the Company had $5.3 million of unrecognized compensation expense related to the LTIP Units, which is expected to be recognized over a period of 0.6 years. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units set forth in the agreement of limited partnership of the OP. Holders of LTIP Units are entitled to distributions on the LTIP Units equal to 10% of the distributions made per Class A Unit (other than distributions of sale proceeds) until the LTIP Units are earned. Distributions paid on a Class A Unit are equal to dividends paid on a share of Class A common stock. Distributions paid on LTIP Units are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. The Advisor is entitled to a priority catch-up distribution on each earned LTIP Unit equal to 90% of the aggregate distributions paid on Class A Units during the applicable performance period. Any LTIP Units that are earned become entitled to receive the same distributions paid on the Class A Units. If and when the Advisor’s capital account with respect to an earned LTIP Unit is equal to the capital account balance of a Class A Unit, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, is entitled to convert the LTIP Unit into a Class A Unit, which may in turn be redeemed on a one-for-one basis for, at the Company’s election, a share of Class A common stock or the cash equivalent thereof. On July 1, 2022, the Company announced that it had 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 and quarterly periods thereafter. Accordingly, since the LTIP Units only receive distributions when the Class A common stock receives dividends there were no distributions to the LTIP Units beginning with the distribution that would have been payable for the quarter ended June 30, 2022 and quarterly periods thereafter. For the years ended December 31, 2022, 2021 and 2020 the Company paid $80,000, $160,000 and $20,000, respectively, of distributions related to the LTIP units. Performance Measures With respect to one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute total stockholder return (“TSR”) levels as shown in the table below. Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12 % 0 % Threshold 12 % 25 % Target 18 % 50 % Maximum 24 % or higher 100 % If the Company’s absolute TSR is more than 12% but less than 18%, or more than 18% but less than 24%, the percentage of the Absolute TSR LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. With respect to the remaining one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period base on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Empire State Realty Trust, Inc., Franklin Street Properties Corp., Paramount Group, Inc. and Clipper Realty Inc. as of the last day of the performance period. Performance Level Relative TSR Excess Percentage of LTIP Units Earned Below Threshold Less than -600 basis points 0 % Threshold -600 basis points 25 % Target 0 basis points 50 % Maximum 600 basis points 100 % If the relative TSR excess is between -600 basis points and zero basis points, or between zero basis points and +600 basis points, the percentage of the Relative TSR LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. Other Terms In the case of a Change of Control or a termination of the Advisor without Cause (as defined in the Advisory Agreement), the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR prorated to reflect a performance period of less than three years but without prorating the number of LTIP Units that may become earned to reflect the shortened performance period. In the case of a termination of the Advisor for Cause, the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the termination, with the hurdles for calculating absolute TSR and the number of LTIP Units that may become earned each prorated to reflect a performance period of less than three years. The award of LTIP Units under the 2020 OPP is administered by the Company’s compensation committee, provided that any of the compensation committee’s powers can be exercised instead by the Company’s board of directors if the board of directors so elect. Promptly following the performance period, the compensation committee will determine the number of LTIP Units earned, (if any) based on calculations prepared by an independent consultant engaged by the Committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any LTIP Units or any Class A Units into which LTIP Units may be converted in accordance with the terms of the A&R OP Agreement. Any LTIP Units that are not earned will automatically be forfeited effective as of the end of the performance period and neither the Company nor the OP will be required to pay any future consideration in respect thereof. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company’s board of directors at the respective director’s election. There are no restrictions on the shares issued. 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, the Company issued 649 and 606 shares of its Class A common stock (adjusted for the Reverse Stock Split) to the Company’s independent board of directors in the first and second quarters of 2022 (relating to services rendered in the first quarter), respectively, relating to services rendered and expenses recorded in the immediately preceding quarterly period. The board of directors were paid in cash for services rendered in the second quarter through the remainder of 2022 year end. There were no shares of common stock issued in lieu of cash during the years ended December 31, 2021 and 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 30, 2022, the Company announced that it was changing its business strategy by expanding the scope of the assets and businesses the Company may own and operate. By investing in other asset types, the Company may generate income that does not otherwise constitute income that qualifies for purposes of qualifying as a REIT. As a result, on January 9, 2023, the Company’s board of directors authorized termination of the Company’s REIT election which became effective on January 1, 2023. Historically, effective with the taxable year ended December 31, 2014 through December 31, 2022, the Company had elected to be taxed as a REIT. As a REIT, the Company was allowed a special deduction for dividends paid. A REIT may lease property on an arm's length basis to a TRS so long as no more than 10% of the property is rented to TRSs of the REIT and related parties. In the third quarter of 2021, the Company launched Innovate NYC, a co-working company, at 1140 Avenue of the Americas, which was a TRS for the taxable years ended December 31, 2022 and 2021. During those taxable years, the Company leased property on an arm's length basis to Innovate NYC; and that property represented 10% or less of the property the Company rents to its TRS (Innovate NYC) and related parties. The Co mpany did not recor d a tax provision during the year ended December 31, 2022 since the TRS did not earn any taxable income. The Company recorded a tax provision of $37,000 for the year ended December 31, 2021. As of December 31, 2022, the Company had no material uncertain tax positions. The taxable years subsequent to and including December 31, 2018 remain open to examination by the major taxing jurisdictions to which the Company is subject. As a REIT, the Company had deferred tax items, however, due to the Company’s prior intent and ability to maintain REIT status, they were reflected an effective tax rate of zero upon their future reversal. Because the Company has announced they were terminating their REIT election as of January 1, 2023, the future reversal of these temporary differences will occur as a taxable corporation at full rates. Accordingly, the tax effects of temporary difference that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 are presented as follows: (In thousands) As of December 31, 2022 Deferred Tax Assets: Depreciation and amortization $ 23,008 Deferred leasing costs 1,145 Restricted stock awards and 2020 OPP 6,458 Deferred revenue 1,317 Operating lease liabilities 17,110 Net operating loss carryforwards 53,613 Other 129 Total deferred tax assets 102,780 Deferred Tax Liabilities: Straight-line rent 9,105 Operating leases right-to-use assets 17,184 Total deferred tax liabilities 26,289 Net deferred tax assets before valuation allowance 76,491 Valuation allowance (76,491) Net deferred tax assets $ — The Company is subject to U.S. Federal and state corporate income taxes. As of December 31, 2022, the Company has a net operating loss carryforward of approximately $161.7 million that is available to offset future U.S. Federal taxable income, if and when it arises. The net operating loss carryforward will begin to expire during 2035. A portion of the net operating loss carryforward may be limited in its use due to certain provisions of the Tax Code, including but not limited to Section 382, which imposes an annual limit on the amount of net operating losses and net capital loss carryforward that the Company can use to offset future taxable income. Generally, the Company is no longer subject to tax examination by tax authorities for years prior to 2019. Because of the Company’s recent operating history of taxable losses and the impacts of the COVID-19 pandemic on the results of operations, the Company is not able to conclude that it is more likely than not it will realize the future benefit of its deferred tax assets; thus the Company has provided a 100% valuation allowance as of December 31, 2022. If and when the Company believes it is more likely than not that it will recover its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in its consolidated statements of comprehensive income (loss).

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 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 and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details): Year Ended December 31, (In thousands, except share and per share data) 2022 2021 2020 Net loss and Net loss attributable to common stockholders $ (45,896) $ (39,466) $ (40,962) Adjustments to net loss attributable to common stockholders (80) (160) — Adjusted net loss and net loss attributable to common stockholders $ (45,976) $ (39,626) $ (40,962) Basic and diluted weighted average shares outstanding 1,729,264 1,622,896 1,595,923 Basic and diluted net loss per share $ (26.59) $ (24.42) $ (25.67) 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. 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. Accordingly, there was no adjustment for the six month period ended December 31, 2022 relating to distributions to LTIP Units which are on paid in arrears. Accordingly, since the LTIP Units only receive distributions when the Class A common stock receives dividends there was no distributions to the LTIP Units beginning with the distribution that would have been payable for the quarter ended June 30, 2022 and quarterly periods thereafter. Diluted net income per share assumes the conversion of all Class A Common Stock share equivalents into an equivalent number of shares of Class A 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 and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details). Year Ended December 31, 2022 2021 2020 Unvested restricted shares (1) 13,691 2,216 701 Class A Units (2) — 660 611 Class B Units (3) — — 5,145 LTIP Units (4) 501,605 501,605 127,457 Total weighted-average anti-dilutive common share equivalents 515,296 504,481 133,914 (1) There were 18,134, 3,147, and 690 unvested restricted shares (adjusted for the Reverse Stock Split) outstanding as of December 31, 2022, 2021 and 2020, respectively. (2) Formerly known as OP Units. As of December 31, 2022 and 2021 there wer e no Class A Units outstanding. There were 1,638 Class A Units (adjusted for the Reverse Stock Split) outstanding as of December 31, 2020. (3) There were no Class B Units outstanding as of December 31, 2022, 2021 or 2020 due to their vesting and conversion on the Listing Date (see Note 7 — Stockholders’ Equity , for additional information). (4) There were 501,605 LTIP Units outstanding (adjusted for the Reverse Stock Split) as of December 31, 2022, 2021 and 2020 (see Note 11 — Equity-Based Compensation for additional information). If dilutive, conditionally issuable shares relating to the 2020 OPP award (see Note 11 — Equity-Based Compensation for additional information) would be included, as applicable, in the computation of fully diluted EPS on a weighted-average basis for the years ended December 31, 2022, 2021 and 2020 based on shares that would be issued if the applicable balance sheet date was the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the years ended December 31, 2022, 2021 and 2020 because (i) no LTIP Units would have been earned based on the trading price of Class A common stock including any cumulative dividends paid (since inception of the 2020 OPP) at December 31, 2022, 2021 and 2020 and/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.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) In connection with the preparation of the consolidated financial statements for the third quarter September 30, 2022, the Company identified errors in its previously filed unaudited quarterly consolidated financial statements for the first two quarterly periods of 2022. The prior period errors in these quarterly periods related to unrecorded expenses directly related to its 2022 annual meeting which involved a contested proxy solicitation, as well as other administrative and operating expenses. In connection with these errors, the Company (i) restated its previously issued unaudited condensed consolidated financial statements of the Company as of and for the three and six month periods ended June 30, 2022, as filed in the Company’s Quarterly Report on Form 10-Q filed on August 12, 2022 and (ii) revised its previously issued unaudited condensed consolidated financial statements of the Company as of and for the three month period ended March 31, 2022, as filed in the Company’s Quarterly Report on Form 10-Q filed on May 13, 2022. On November 14, 2022, the Company issued a 10-Q/A for the periods ended June 30, 2022 to effectuate the restatement and revision of the aforementioned periods. The March 31, 2022 financial statements will be revised to correct these errors when presented for comparative purposes as part of the Company’s Form 10-Q filing for the quarter ended March 31, 2023. As described above, the Company identified errors related to unrecorded expenses directly related to its 2022 contested proxy, as well as other administrative and operating expenses. As a result of the failure to accrue these expenses due to third parties, (i) property operating expenses, general and administrative expenses and total operating expenses were understated and (ii) Operating loss, net loss and comprehensive loss were understated in the three and six month periods ended June 30, 2022 by $1.7 million and $2.3 million, respectively In addition, as a result of the failure to accrue these expenses due to third parties, (i) property operating expenses, general and administrative expenses and total operating expenses were understated and (ii) operating loss, net loss and comprehensive loss were understated in the three month ended March 31, 2022 by $0.6 million. Management revised these numbers in order to correctly state income for the six month period ended June 30, 2022 and the March 31, 2022 equity. The table below reflects the revised and restated numbers for the applicable periods following management's identification and correction of the errors described above, and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details). Quarters Ended (In thousands, except share and per share data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Revenue form tenants $ 15,646 $ 16,231 $ 15,932 $ 16,196 Operating loss $ (6,960) $ (8,300) $ (6,321) $ (5,364) Net loss $ (11,712) $ (13,001) $ (11,074) $ (10,109) Weighted average shares outstanding - Basic and Diluted 1,662,456 1,679,211 1,728,540 1,844,864 Basic and diluted net loss per share $ (7.07) $ (7.77) $ (6.40) $ (5.48)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements. Corporate Actions On January 9, 2023, the Company’s board of directors authorized termination of the Company’s REIT election, which became effective on January 1, 2023. On January 11, 2023 the Company effected a 1-for-8 reverse stock split that was previously approved by t he Company’s board of directors, resulting in each outstanding share of Class A common stock being converted into 0.125 shares of common stock, with no fractional shares being issued. Effective January 19, 2023, the Company amended its charter to change its name to “American Strategic Investment Co.” from “New York City REIT, Inc.” Trading of the Company’s Common Stock on the New York Stock Exchange under the new name began on January 20, 2023 under the existing trading symbol “NYC.” Shares of the Company’s Class A common stock were first listed on the NYSE on August 18, 2020. Rights Offering Subsequent to December 31, 2022, in February 2023, the Company raised gross proceeds of $5.0 million from its Rights Offering, which entitled holders of rights to purchase 0.20130805 of a share of its Class A common stock for every right held at a subscription price of $12.95 per whole shar e. As a result, the Company issued 386,100 shares of its Class A common stock subscribed for in the Rights Offering on February 27, 2023. Asset Management Fees - First Quarter 2023 The Company issued 31,407 shares of its Class A common stock (adjusted for the Reverse Stock Split) to the Advisor as a result of the Advisor’s decision to accept the shares in lieu of cash in respect of the base management fee paid to the Advisor for advisory services rendered in January 2023. The shares issued in January 2023 for Asset Management Fees were issued using the 10-day average price of $15.92 (adjusted for the Reverse Stock Split) which was the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the Second Amended and Restated Advisory Agreement, entered into on November 16, 2018 and amended on August 18, 2020, by and among the Company, New York City Operating Partnership, L.P., and the Advisor. The Company paid cash to the Advisor for services rendered in February and March 2023.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation - Schedule III	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio State Acquisition Date Encumbrances at December 31, 2022 Land Building and Improvements Building and Improvements Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) 421 W. 54th Street - Hit Factory NY 6/13/2014 $ — $ 4,723 $ 1,757 $ (1,443) $ 5,037 $ 370 400 E. 67th Street - Laurel Condominiums NY 9/5/2014 44,610 10,653 55,682 86 66,421 11,668 200 Riverside Blvd - ICON Garage NY 9/24/2014 5,390 13,787 5,510 — 19,297 1,136 9 Times Square NY 11/5/2014 49,500 54,153 76,454 26,746 157,353 33,926 123 William Street NY 3/27/2015 140,000 50,064 182,917 36,343 269,324 53,800 1140 Avenue of the Americas (5) NY 6/15/2016 99,000 — 148,647 8,251 156,898 27,517 8713 Fifth Avenue NY 10/17/2018 10,000 4,730 9,245 1,109 15,084 972 196 Orchard Street NY 7/17/2019 51,000 55,548 24,324 — 79,872 2,078 $ 399,500 $ 193,658 $ 504,536 $ 71,092 $ 769,286 $ 131,467 ____________ (1) Acquired intangible assets allocated to individual properties in the amount of $71.8 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2022 is $743.7 million (unaudited). (3) The accumulated depreciation column excludes $36.5 million of amortization associated with acquired intangible assets. (4) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for land improvements and five (5) The land underlying this property is subject to a land lease. The related Right-of-use asset are separately recorded. See Note 8 — Commitments and Contingencies for additional information. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2022, 2021 and 2020: December 31, (In thousands) 2022 2021 2020 Real estate investments, at cost: Balance at beginning of year $ 765,176 $ 762,519 $ 759,487 Capital expenditures 6,335 4,701 3,032 Impairments — (1,452) — Write-offs (2,225) (592) — Balance at end of the year $ 769,286 $ 765,176 $ 762,519 Accumulated depreciation: Balance at beginning of year $ 112,641 $ 92,470 $ 72,656 Depreciation expense 21,051 20,684 19,814 Write-offs (2,225) (513) — Balance at the end of the year $ 131,467 $ 112,641 $ 92,470

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable.
Non-controlling Interests	Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Prior to the Listing, the Advisor held 37 units of limited partnership designated as “Class A Units” (“Class A Units”), after giving effect to the Reverse Stock Split, which represented a nominal percentage of the aggregate OP ownership. These Class A Units were redeemed for an equal number of shares of Class A common stock on the Listing Date. Also, during the second quarter of 2021, the remaining 13,100 Class A Units held by a third party were redeemed for an equal number of Class A Common Stock. There were no Class A units outstanding as of December 31, 2022 and 2021.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2022, these leases had a weighted-average remaining lease term of 7.1 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in 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 2022, 2021 and 2020, respectively, 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 year ended December 31, 2020, the Company reduced revenue from tenants by $8.5 million for reserves recorded during the period on receivables for which the related tenants have been put on a cash basis (see accounting policy above). Some of these reductions relates to tenants that terminated their leases early while others related to leases that had not been paying rent and were been placed on a cash basis in accordance with ASC 842. There were no such reductions recorded for the years ended 2022 or 2021. During the year ended December 31, 2022 there was only one tenant for which we recorded rent on a cash basis. The lease with this tenant was terminated as of September 30, 2022. During the years ended 2021 and 2020, no rental income was received from any of the tenants that were previously placed on a cash basis, however, the Company did receive a lease termination fee of $1.4 million from the two former parking garage tenants that were placed on a cash basis in 2020 (see below). In October 2021, the Company signed a termination agreement with the parking garage tenants at its 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard properties. As discussed above, new tenants have signed lease agreements with the Company for the spaces in July 2022. In addition, the Company recorded a termination fee for a tenant in its 9 Times Square property. These termination agreements required the tenants to pay termination fees aggregating $1.5 million to the Company, which was all received during the fourth quarter of 2021. The termination fees are recorded in revenue from tenants in the consolidated statements of operations and comprehensive loss. In the third quarter of 2021, the Company launched Innovate NYC, a co-working company, at 1140 Avenue of the Americas. The Company recorded revenue of approximately $0.8 million
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated
Purchase Price Allocation	Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. There were no acquisitions during the years ended December 31, 2022, 2021 or 2020. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
Lessor Accounting	Lessor Accounting In accordance with the lease accounting standard, all leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases are evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three year period ended December 31, 2022, the Company did not have any leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. 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 AccountingFor 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.
Gain on Dispositions of Real Estate Investments	Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company periodically assesses whether there are any indicators that the value of a property may be impaired or that the carrying value may not be recoverable. The indicators include sustained net operating losses, a significant change in occupancy, a significant decline in rent collection, economic changes, or a likely disposition of a property. To determine whether an asset is impaired, the carrying value of the property’s asset group is compared to the estimated future undiscounted cash flow that the Company expects the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The estimated future undiscounted cash flow considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. The Company estimates the expected future operating income using in place contractual rent and market rents. The Company estimates the lease up period, market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, management applies a selected market capitalization rate based on current market data. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive (loss) to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the
Reportable Segment	Reportable Segment The Company has determined that it has one reportable segment, income-producing properties, which consists of activities related to investing in real estate.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts, if applicable, are amortized as a reduction or increase to interest expense over the remaining term of the respective mortgages.
Above and Below-Market Lease Amortization	Above and Below-Market Lease Amortization The above-market lease assets are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the below-market lease liabilities are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. The above-market ground lease liabilities are amortized as a reduction of property operating expense over the remaining terms of the respective leases. The below-market ground lease assets are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Several of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statements of operations and comprehensive loss. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective with any ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. After the adoption of ASU 2017-12, if the derivative qualified for hedge accounting, all the change in value is recorded in other comprehensive income.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. At December 31, 2022 and 2021, the Company had cash and cash equivalents and restricted cash of $16.1 million and $28.4 million, of which $15.5 million and $26.3 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result thereof. Restricted Cash Restricted cash primarily consists of ground rent, real estate taxes, structural, leasing commissions, free rent, insurance reserves and cash held in cash management accounts due to certain breaches of debt covenants (see Note 4 — Mortgage Notes Payable, Net for additional information).
Deferred Financing and Leasing Costs, net	Deferred Financing and Leasing Costs, net Deferred leasing costs, net consist primarily of lease commissions and professional fees incurred, and are deferred and amortized to depreciation and amortization expense over the term of the related lease. Deferred financing costs relating to the mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing on our balance sheet. Deferred financing costs associated with the mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized as additional interest expense over the term of the financing agreement. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Equity-Based Compensation	Equity-Based Compensation The Company has a stock-based plan under which its directors, officers and other employees of the Advisor or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for share based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such an award is included in equity-based compensation and is recognized in accordance with the service period (i.e., vesting) required or when the requirements for exercise of the award have been met.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2014 and ending on December 31, 2022, as a result of the board authorized termination of our REIT election which became effective on January 1, 2023. The Company believes that, commencing with its taxable year ended on December 31, 2014, it has been organized and has operated in a manner so that it qualifies as a REIT. To qualify as a REIT during that period, the Company was required to distribute annually at least 90% of the Company’s REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard for the deduction for dividends paid and excluding net capital gains, and comply with a number of other organizational and operational requirements. As a REIT, the Company generally was not subject to federal corporate income tax on the portion of its REIT taxable income that it distributes to its stockholders. Even while the Company qualified as a REIT, it was subject to certain state and local taxes on its income and properties, as well as U.S. federal income and excise taxes on its undistributed income. The amount of dividends payable to the Company’s stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify the Company’s status as a REIT under the Code, during the periods that it elected to be taxed as a REIT.
Per Share Data	Per Share Data Basic net loss per share of common stock is calculated by dividing net loss by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net loss per share of common stock considers the effect of potentially dilutive instruments outstanding during such period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2020: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the amended standard requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. 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. Not Yet Fully Adopted as of December 31, 2022 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period March 12, 2020 through June 30, 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 assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of the Company’s derivatives, which will be consistent with our past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instrument, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Financial Instruments Measured at Fair Value on a Recurring Basis Derivative Instruments The Company’s derivative instruments are measured at fair value on a recurring basis. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of December 31, 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases Under Topic 842	The following table presents future base rent payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected form certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Base Rent Payments 2023 $ 54,541 2024 53,093 2025 46,038 2026 41,362 2027 38,413 Thereafter 203,592 Total $ 437,039

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate Investments, Net [Abstract]
Schedule of Intangible Assets and Goodwill	Acquired intangible assets and lease liabilities consisted of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets: In-place leases $ 35,236 $ 24,588 $ 10,648 $ 49,112 $ 33,431 $ 15,681 Other intangibles 28,322 5,782 22,540 28,322 5,074 23,248 Above-market leases 8,290 6,141 2,149 10,044 6,734 3,310 Acquired intangible assets $ 71,848 $ 36,511 $ 35,337 $ 87,478 $ 45,239 $ 42,239 Intangible liabilities: Below-market lease liabilities $ 10,718 $ 7,712 $ 3,006 $ 13,275 $ 9,051 $ 4,224
Finite-lived Intangible Assets Amortization Expense	The following table discloses the amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Year Ended December 31, (In thousands) 2022 2021 2020 In-place leases (1) $ 5,032 $ 6,684 $ 8,150 Other intangibles 708 937 1,165 Total included in depreciation and amortization $ 5,740 $ 7,621 $ 9,315 Above-market lease intangibles (2) $ 1,161 $ 1,062 $ 1,219 Below-market lease liabilities (3) (1,218) (9,782) (4,294) Total included in revenue from tenants $ (57) $ (8,720) $ (3,075) Below-market ground lease, included in property operating expenses $ 49 $ 49 $ 49 ____ (1) During the year ended December 31, 2022, in connection with a lease modification in the second quarter of 2022 that shortened the remaining term of the lease, the Company accelerated the amortization of approximately $0.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2021, in connection with leases that were terminated the Company accelerated the amortization of approximately $1.1 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. During the year ended December 31, 2020, in connection with leases that were terminated during the year, the Company accelerated the amortization of approximately $1.3 million of in-place lease intangibles, which is included in depreciation and amortization expense in the consolidated statement of operations. (2) In connection with a lease modification in the second quarter of 2022 that shortened the remaining term of the lease, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2022, which was included in the revenue from tenants in the consolidated statement of operations. In connection with the lease terminations in 2020, the Company accelerated the amortization of approximately $0.1 million of above-market lease intangibles during the year ended December 31, 2020, which was included in the revenue from tenants in the consolidated statement of operations.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expenses and adjustments to revenue from tenants for the next five years as of December 31, 2022: (In thousands) 2023 2024 2025 2026 2027 In-place leases $ 3,333 $ 2,259 $ 1,200 $ 632 $ 624 Other intangibles 708 708 708 708 708 Total to be included in depreciation and amortization $ 4,041 $ 2,967 $ 1,908 $ 1,340 $ 1,332 Above-market lease assets $ 825 $ 412 $ 123 $ 117 $ 117 Below-market lease liabilities (945) (850) (503) (183) (180) Total to be included in revenue from tenants $ (120) $ (438) $ (380) $ (66) $ (63)

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable as of December 31, 2022 and 2021 are as follows: Outstanding Loan Amount December 31, Portfolio Encumbered Properties 2022 2021 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 9 Times Square (1) 1 $ 49,500 $ 55,000 3.72 % Fixed (2) Apr. 2024 1140 Avenue of the Americas (3) 1 99,000 99,000 4.17 % Fixed Jul. 2026 123 William Street (4) 1 140,000 140,000 4.73 % Fixed Mar. 2027 400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (5) 1 10,000 10,000 5.04 % Fixed Nov. 2028 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 (6) (5,341) (6,883) Mortgage notes payable, net $ 394,159 $ 398,117 ______ (1) In the fourth quarter of 2022, the Company exited the cash trap which resulted from previous covenant breaches for this property. The cash was released from the cash management account and moved to cash and cash equivalents on the consolidated balance sheet. Also, 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 the “Debt Covenants” section below for additional details. (2) Fixed as a result of the Company having entered into a “pay-fixed” interest rate swap agreement, which is included in derivatives, at fair value on the consolidated balance sheet as of December 31, 2022 (see Note 6 — Derivatives and Hedging Activities for additional information). (3) Due to covenant breaches resulting in cash trap for this property, all cash generated from operating this property is being held in a segregated account, and the Company will not have access to the excess cash flows until the covenant breaches are cleared. As of December 31, 2022, there was $3.6 million held in a cash management account which is part of the Company’s restricted cash balance on its consolidated balance sheet. (4) As of December 31, 2022, $0.1 million of the proceeds remained in escrow and in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. During the year ended December 31, 2022, the Company drew $1.5 million to fund leasing activity, tenant improvements and leasing commissions related to this property. The remaining escrow amount will be released as used. (5) Due to covenant breaches resulting in cash trap for this property, all cash generated from operating this property, if any, is required to be held segregated account, and the Company will not have access to the excess cash flows until the covenant breaches are cleared. As of December 31, 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 the new tenant is expected to occupy the space in the first quarter of 2023, which will bring the occupancy at this property back to 100%. (6) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2022: (In thousands) Future Minimum Principal Payments 2023 $ — 2024 49,500 2025 — 2026 99,000 2027 140,000 Thereafter 111,000 Total $ 399,500

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured Fair Value Recurring Basis	The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2022 Interest Rate “Pay-fixed” Swap - asset $ — $ 1,607 $ — $ 1,607 December 31, 2021 Interest Rate “Pay-fixed” Swap - liability $ — $ (1,553) $ — $ (1,553)
Schedule of Fair Values of Financial Instruments	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: December 31, 2022 2021 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 48,282 $ 55,000 $ 53,654 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 89,015 99,000 100,616 Mortgage note payable — 123 William Street 3 140,000 126,814 140,000 145,827 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,023 50,000 51,750 Mortgage note payable — 8713 Fifth Avenue 3 10,000 8,933 10,000 10,633 Mortgage note payable — 196 Orchard Street 3 51,000 42,349 51,000 50,423 Total $ 399,500 $ 359,416 $ 405,000 $ 412,903

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2022 and 2021. (In thousands) Balance Sheet Location December 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 1,607 $ (1,553)
Schedule of Notional Amounts of Outstanding Derivative Positions	As of December 31, 2022 and 2021, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. December 31, 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 years ended December 31, 2022, 2021 and 2020. Year Ended December 31, (In thousands) 2022 2021 2020 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 2,910 $ 698 $ (2,944) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense $ (241) $ (1,153) $ (867) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ (18,924) $ (19,090) $ (19,140)
Schedule of Offsetting	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2022, 2021 and 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheet. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) Presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2022 $ 1,607 $ — $ — $ 1,607 $ — $ — $ 1,607 December 31, 2021 $ — $ (1,553) $ — $ (1,553) $ — $ — (1,553)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the ground lease rent payments due from the Company and a reconciliation to the net present value of those payments as of December 31, 2022: (In thousands) Future Minimum Base Rent Payments 2023 $ 4,746 2024 4,746 2025 4,746 2026 4,746 2027 4,746 Thereafter 193,008 Total 216,738 Less: Effects of discounting (162,022) Total present value of lease payments $ 54,716

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, waived and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) (In thousands) 2022 2021 2020 December 31, Incurred Incurred Incurred 2022 2021 Ongoing fees: Asset and property management fees to related parties (1) $ 7,082 $ 7,554 $ 7,577 $ 118 $ 141 Professional fees and other reimbursements (2) 4,375 4,064 3,551 — — Professional fee credit due from the Advisor (2) (3) — — (407) — — Total related party operation fees and reimbursements $ 11,457 $ 11,618 $ 10,721 $ 118 $ 141 ______ (1) During the year ended December 31, 2022, approximately $5.0 million was paid with shares of the Company’s A Class A common stock (approximately $3.0 million related to the Side Letter and approximately $2.0 million for shares accepted in lieu of cash) for the management fee. Amounts for the years ended December 31, 2021 and 2020 were all paid in cash. See disclosure in this footnote above for additional information. (2) Amounts for the year ended December 31, 2022, 2021 and 2020, respectively, are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. (3) The $0.4 million relates to overpayment of the 2019 Bonus Awards which was repaid by the Advisor to the Company during the nine months ended September 30, 2021.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table displays restricted share award activity during the years ended December 31, 2022, 2021 and 2020 and has been retroactively adjusted for the Reverse Stock Split (see Note 1 — Organization for additional details): Number of Weighted-Average Issue Price Unvested, December 31, 2019 679 $ 408.24 Granted 228 393.84 Vested (217) 414.24 Fractional share redemption (1) (1) 393.28 Unvested, December 31, 2020 689 401.60 Granted 2,693 72.40 Vested (235) 399.76 Fractional share redemption (1) (1) 78.48 Unvested, December 31, 2021 3,146 120.00 Granted 17,725 85.04 Vested (1,975) 89.76 Forfeitures (762) 94.08 Unvested, December 31, 2022 18,134 90.16 (1) Represents fractional shares redeemed in connection with the conversion of the first tranche of shares of Class B common stock to shares of Class A common stock that occurred on December 16, 2020 and the second tranche of shares of Class B common stock to shares of Class A common stock that occurred on March 1, 2021. Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12 % 0 % Threshold 12 % 25 % Target 18 % 50 % Maximum 24 % or higher 100 % 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 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	Accordingly, the tax effects of temporary difference that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 are presented as follows: (In thousands) As of December 31, 2022 Deferred Tax Assets: Depreciation and amortization $ 23,008 Deferred leasing costs 1,145 Restricted stock awards and 2020 OPP 6,458 Deferred revenue 1,317 Operating lease liabilities 17,110 Net operating loss carryforwards 53,613 Other 129 Total deferred tax assets 102,780 Deferred Tax Liabilities: Straight-line rent 9,105 Operating leases right-to-use assets 17,184 Total deferred tax liabilities 26,289 Net deferred tax assets before valuation allowance 76,491 Valuation allowance (76,491) Net deferred tax assets $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details): Year Ended December 31, (In thousands, except share and per share data) 2022 2021 2020 Net loss and Net loss attributable to common stockholders $ (45,896) $ (39,466) $ (40,962) Adjustments to net loss attributable to common stockholders (80) (160) — Adjusted net loss and net loss attributable to common stockholders $ (45,976) $ (39,626) $ (40,962) Basic and diluted weighted average shares outstanding 1,729,264 1,622,896 1,595,923 Basic and diluted net loss per share $ (26.59) $ (24.42) $ (25.67)
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 and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details). Year Ended December 31, 2022 2021 2020 Unvested restricted shares (1) 13,691 2,216 701 Class A Units (2) — 660 611 Class B Units (3) — — 5,145 LTIP Units (4) 501,605 501,605 127,457 Total weighted-average anti-dilutive common share equivalents 515,296 504,481 133,914 (1) There were 18,134, 3,147, and 690 unvested restricted shares (adjusted for the Reverse Stock Split) outstanding as of December 31, 2022, 2021 and 2020, respectively. (2) Formerly known as OP Units. As of December 31, 2022 and 2021 there wer e no Class A Units outstanding. There were 1,638 Class A Units (adjusted for the Reverse Stock Split) outstanding as of December 31, 2020. (3) There were no Class B Units outstanding as of December 31, 2022, 2021 or 2020 due to their vesting and conversion on the Listing Date (see Note 7 — Stockholders’ Equity , for additional information). (4) There were 501,605 LTIP Units outstanding (adjusted for the Reverse Stock Split) as of December 31, 2022, 2021 and 2020 (see Note 11 — Equity-Based Compensation for additional information).

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarters Ended (In thousands, except share and per share data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Revenue form tenants $ 15,646 $ 16,231 $ 15,932 $ 16,196 Operating loss $ (6,960) $ (8,300) $ (6,321) $ (5,364) Net loss $ (11,712) $ (13,001) $ (11,074) $ (10,109) Weighted average shares outstanding - Basic and Diluted 1,662,456 1,679,211 1,728,540 1,844,864 Basic and diluted net loss per share $ (7.07) $ (7.77) $ (6.40) $ (5.48)

Organization (Details)

Organization (Details) $ in Thousands, ft² in Millions			12 Months Ended
	Jan. 11, 2023	Aug. 05, 2020	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Conversion of Stock [Line Items]
Number of real estate properties | property			8
Net rentable area (sqft) | ft²			1.2
Reverse stock split		0.4115
Listing expenses | $			$ 0	$ 0	$ 1,299
Subsequent event
Conversion of Stock [Line Items]
Reverse stock split	0.125

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended									12 Months Ended
	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) lease	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2021 shares
Property, Plant and Equipment [Line Items]
Amortization of intangibles		$ 200,000	$ 200,000
Amortization	$ 400,000
Interest expense							$ 300,000	$ 200,000	$ 100,000	$ 18,924,000	$ 19,090,000	$ 19,140,000
Termination fees				$ 1,400,000	$ 1,400,000					$ 1,400,000	1,400,000
Number of lease agreements terminated | lease					2
Weighted average remaining lease term										7 years 1 month 6 days
Contingent revenue recognized during the period										$ 500,000	500,000	100,000
Bad debt expense											0		$ 0
Revenue from tenants					$ 1,500,000					64,005,000	70,219,000	62,895,000
Non-lease income										800,000	300,000
Tenant reimbursements	16,196,000	$ 15,932,000	$ 16,231,000	$ 15,646,000
Gain on dispositions of real estate investments										0	0	0
Impairment charges										$ 0		0
Number of reportable segments | segment										1
Accumulated Amortization	7,712,000				9,051,000					$ 7,712,000	9,051,000
Cash and cash equivalents and restricted cash	16,117,000				28,428,000	$ 39,994,000				16,117,000	28,428,000	39,994,000	$ 58,297,000
Cash in excess of FDIC limit	$ 15,500,000				26,300,000					15,500,000	26,300,000
Income tax expense										$ 0	37,000	0
Below-market ground lease
Property, Plant and Equipment [Line Items]
Accumulated Amortization					$ 7,900,000	1,800,000					$ 7,900,000	1,800,000
Minimum
Property, Plant and Equipment [Line Items]
Weighted-average remaining amortization period										6 months
Maximum
Property, Plant and Equipment [Line Items]
Weighted-average remaining amortization period										24 months
Building
Property, Plant and Equipment [Line Items]
Useful life										40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life										15 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life										5 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life										7 years
Tenant Receivable
Property, Plant and Equipment [Line Items]
Bad debt expense												$ 8,500,000
Class A Units
Property, Plant and Equipment [Line Items]
Investment owned, balance (in shares) | shares	37									37
Class B Units | Third Party
Property, Plant and Equipment [Line Items]
Investment owned, balance (in shares) | shares														13,100
Error correction
Property, Plant and Equipment [Line Items]
Interest expense						(600,000)
Depreciation expense						$ 300,000
Revision of Prior Period, Reclassification, Adjustment
Property, Plant and Equipment [Line Items]
Amortization of intangibles	$ 400,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Future Base Rent Payments
2023	$ 54,541
2024	53,093
2025	46,038
2026	41,362
2027	38,413
Thereafter	203,592
Total	$ 437,039

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details)	3 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment of real estate investments				$ 0	$ 1,452,000	$ 0
Amortization of intangibles	$ 200,000	$ 200,000
Minimum | Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input				0.07
Minimum | Terminal Capitalization Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input				0.07
Minimum | Estimate Market Rents
Finite-Lived Intangible Assets [Line Items]
Measurement input | $ / ft²				40
Maximum | Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input				0.08
Maximum | Terminal Capitalization Rate
Finite-Lived Intangible Assets [Line Items]
Measurement input				0.09
Maximum | Estimate Market Rents
Finite-Lived Intangible Assets [Line Items]
Measurement input | $ / ft²				50
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles				$ 5,740,000	7,621,000	9,315,000
Depreciation and Amortization | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles					300,000
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles				5,032,000	6,684,000	8,150,000
Depreciation and Amortization | In-place leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles			$ 1,300,000	$ 300,000	$ 1,100,000	$ 1,300,000

Real Estate Investments - Summa

Real Estate Investments - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible assets:
Gross Carrying Amount	$ 71,848	$ 87,478
Accumulated Amortization	36,511	45,239
Net Carrying Amount	35,337	42,239
Intangible liabilities:
Gross Carrying Amount	10,718	13,275
Accumulated Amortization	7,712	9,051
Net Carrying Amount	3,006	4,224
In-place leases
Intangible assets:
Gross Carrying Amount	35,236	49,112
Accumulated Amortization	24,588	33,431
Net Carrying Amount	10,648	15,681
Other intangibles
Intangible assets:
Gross Carrying Amount	28,322	28,322
Accumulated Amortization	5,782	5,074
Net Carrying Amount	22,540	23,248
Above-market leases
Intangible assets:
Gross Carrying Amount	8,290	10,044
Accumulated Amortization	6,141	6,734
Net Carrying Amount	$ 2,149	$ 3,310

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Amortization and Accretion of Market Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	$ 200	$ 200
Amortization and (accretion) of above- and below-market leases, net				$ (8)	$ (8,671)	$ (3,026)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				5,740	7,621	9,315
Depreciation and Amortization | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles					300
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				5,032	6,684	8,150
Depreciation and Amortization | In-place leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles			$ 1,300	300	1,100	1,300
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				708	937	1,165
Depreciation and Amortization | Above-market leases | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				100		100
Rental Income
Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease				(1,218)	(9,782)	(4,294)
Rental Income | Termination Of Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease					(7,900)	(1,900)
Rental Income | Above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				1,161	1,062	1,219
Rental Income | Amortization and (accretion) of above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below-market leases, net				(57)	(8,720)	(3,075)
Operating Expense | Amortization of below-market ground lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles				$ 49	$ 49	$ 49

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases and Other Intangibles
2023	$ 4,041
2024	2,967
2025	1,908
2026	1,340
2027	1,332
Total to be included in revenue from tenants
2023	(120)
2024	(438)
2025	(380)
2026	(66)
2027	(63)
Depreciation and Amortization | In-place leases
Leases and Other Intangibles
2023	3,333
2024	2,259
2025	1,200
2026	632
2027	624
Depreciation and Amortization | Other intangibles
Leases and Other Intangibles
2023	708
2024	708
2025	708
2026	708
2027	708
Rental Income
Below-market lease liabilities
2023	(945)
2024	(850)
2025	(503)
2026	(183)
2027	(180)
Rental Income | Above-market lease assets
Leases and Other Intangibles
2023	825
2024	412
2025	123
2026	117
2027	$ 117

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Notes (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 399,500
Mortgage notes payable, net of deferred financing costs		$ 394,159	$ 398,117
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		7
Mortgage notes payable, gross		$ 399,500	405,000
Effective Interest Rate		4.35%
Less: deferred financing costs, net		$ (5,341)	(6,883)
Mortgage notes payable, net of deferred financing costs		$ 394,159	398,117
9 Times Square | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 49,500	55,000
Effective Interest Rate		3.72%
Payment of mortgage note payable	$ 5,500
Restricted cash			4,300
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 99,000	99,000
Effective Interest Rate		4.17%
Restricted cash		$ 3,600	4,500
123 William Street
Debt Instrument [Line Items]
Escrow deposit		$ 100
123 William Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 140,000	140,000
Effective Interest Rate		4.73%
Proceeds from escrow draw		$ 1,500
400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		2
Mortgage notes payable, gross		$ 50,000	50,000
Effective Interest Rate		4.58%
8713 Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 10,000	10,000
Effective Interest Rate		5.04%
196 Orchard Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 51,000	$ 51,000
Effective Interest Rate		3.90%
A8713 Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 10,000

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 03, 2022 USD ($)	Mar. 02, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 quarter	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, collateral amount							$ 825,400
Mortgage notes payable, gross							399,500
Restricted cash				$ 16,754	$ 3,400		6,902	$ 16,754		$ 8,995
Cash and cash equivalents and restricted cash				28,428			16,117	28,428		$ 39,994	$ 58,297
Termination fees			$ 1,400	1,400			1,400	1,400
Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				405,000			399,500	405,000
9 Times Square | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				55,000			$ 49,500	55,000
Restricted cash				4,300				4,300
Repayments of debt		$ 5,500
Fund payment	$ 5,500
Redemption price					7.50%		8%
Minimum liquid assets							$ 10,000
9 Times Square | Mortgages Note Payable | SOFR
Debt Instrument [Line Items]
Fixed interest rate, percent					1.50%		1.60%
Number of consecutive quarters available without causing an event of default | quarter						4
Number of consecutive quarters without causing an event of default to-date | quarter						2
1140 Avenue of the Americas | Mortgages Note Payable
Debt Instrument [Line Items]
Mortgage notes payable, gross				99,000			$ 99,000	99,000
Restricted cash				$ 4,500			3,600	$ 4,500
A8713 Fifth Avenue | Mortgages Note Payable
Debt Instrument [Line Items]
Debt instrument, collateral amount							125
Mortgage notes payable, gross							$ 10,000
A8713 Fifth Avenue | Mortgages Note Payable | 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	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	49,500
2025	0
2026	99,000
2027	140,000
Thereafter	111,000
Total	$ 399,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 1,553
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,607	(1,553)
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,607	(1,553)
Fair Value, Measurements, Nonrecurring | Interest Rate “Pay-fixed” Swap | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Not Carried at Fair Value (Details) - Mortgages - Significant Unobservable Inputs - USD ($) $ in Thousands	Dec. 31, 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	359,416	412,903
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	48,282	53,654
Mortgage note payable — 1140 Avenue of the Americas | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	99,000	99,000
Mortgage note payable — 1140 Avenue of the Americas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	89,015	100,616
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	126,814	145,827
Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 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
Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	44,023	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	8,933	10,633
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	$ 42,349	$ 50,423

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Unamortized debt	$ 30,071	$ 30,071
Fair value of derivatives	1,700,000	1,700,000
Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Notional amount	49,500,000	49,500,000	$ 55,000,000
Total interest expense recorded in consolidated statements of operations and comprehensive loss	38,338
Interest Rate “Pay-fixed” Swap | Cash Flow Hedging
Derivative [Line Items]
Total interest expense recorded in consolidated statements of operations and comprehensive loss		(18,924,000)	$ (19,090,000)	$ (19,140,000)
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	$ 1,300,000	$ 1,300,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 1,607	$ 0
Derivative Liability, at fair value	0	(1,553)
Interest Rate “Pay-fixed” Swap | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 1,607
Derivative Liability, at fair value		$ (1,553)

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Notional Amounts (Details) - Derivative asset (liability), at fair value - Interest Rate “Pay-fixed” Swap $ in Thousands	Dec. 31, 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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		$ 2,910,000	$ 698,000	$ (2,944,000)
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense		(241,000)	(1,153,000)	(867,000)
Total interest expense recorded in consolidated statements of operations and comprehensive loss		$ (18,924,000)	$ (19,090,000)	$ (19,140,000)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Schedule of Gross Presentation, Effects of Offsetting and Net Presentation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 1,607
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	1,607	0
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ 1,607
Net Amount		$ (1,553)

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended											3 Months Ended		12 Months Ended
	Dec. 31, 2022 d $ / shares shares	Nov. 30, 2022 $ / shares shares	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Aug. 31, 2022 $ / shares shares	Jul. 31, 2022 shares	Jun. 30, 2022 shares	May 31, 2022 shares	Apr. 30, 2022 shares	Mar. 31, 2022 shares	Feb. 28, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2022 USD ($) d $ / shares shares	Dec. 31, 2021 shares	[1]	Aug. 28, 2020 $ / shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	1,886,298													1,886,298	1,659,717
Share price (in dollars per share) | $ / shares	$ 84.40													$ 84.40
Common Class A
Class of Stock [Line Items]
Advisor Reinvested Base Management Fees | $														$ 3
Number of trading days | d	10													10
Share price (in dollars per share) | $ / shares	$ 20.24	$ 25.92	$ 27.36	$ 26.24	$ 32.08									$ 20.24
Proceeds from sale of common stock, net (in shares)						5,924	5,924	5,031	4,848	5,438	5,672
Common stock issued to directors in lieu of cash for board fees (in shares)	24,744	19,320	18,285	18,899	15,586
Common Class A | Director
Class of Stock [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares)												606	649
Series A Preferred Stock
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares																	$ 55
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

Stockholders_ Equity - Equity O

Stockholders’ Equity - Equity Offerings (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 01, 2020	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2022	Aug. 05, 2020
Class of Stock [Line Items]
Proceeds stock issued during period				$ 5,013	$ 4,252
Common stock, shares authorized (in shares)			300,000,000	300,000,000	300,000,000
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								9,750,000
Common Class A | At The Market Offering
Class of Stock [Line Items]
Proceeds stock issued during period	$ 250,000
Common stock, shares authorized (in shares)							125,000
Sale of stock, number of shares issued in transaction (in shares)		79,114			58,331
Proceeds from issuance or sale of equity		$ 2,000
Sale of stock, consideration received					$ 5,300
Sale of stock, commissions paid					53
Payments of stock issuance costs			$ 1,000		$ 800	$ 1,000

Stockholders_ Equity - Repurcha

Stockholders’ Equity - Repurchase Program (Details)	Dec. 31, 2022 USD ($)
Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 100,000,000

Stockholders_ Equity - Stockhol

Stockholders’ Equity - Stockholder Rights Plan (Details) - $ / shares	1 Months Ended
	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Aug. 28, 2020
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Share price (in dollars per share)		$ 84.40
Series A Preferred Stock
Class of Stock [Line Items]
Dividend payable, rights conversion (in shares)	1
Preferred stock, par value (in dollars per share)				$ 0.01
Share price (in dollars per share)				$ 55
Series B Preferred Stock
Class of Stock [Line Items]
Dividend payable, rights conversion (in shares)	1

Stockholders_ Equity - Distribu

Stockholders’ Equity - Distribution Reinvestment Plan and Dividends (Details) - $ / shares			3 Months Ended		6 Months Ended	12 Months Ended
	Oct. 01, 2020	Aug. 28, 2020	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Termination notice period		10 days
Common stock, dividends, per share, declared (in dollars per share)		$ 3.20		$ 0.80	$ 1.60		$ 1.60
Dividends declared per common share (in dollars per share)	$ 0.39	$ 0.80	$ 0.80			$ 1.60	3.20	$ 0.39112
Return of Capital
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)						$ 1.60	$ 3.20	$ 0.39
Dividends, percent						100%

Stockholders_ Equity - Tender O

Stockholders’ Equity - Tender Offers, Corporate Actions and Listing Impacts (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Aug. 05, 2020 USD ($) $ / shares shares

Feb. 28, 2021 USD ($) shares

Jun. 30, 2021 USD ($)

Dec. 31, 2021 USD ($) $ / shares shares

Dec. 31, 2020 USD ($) shares

Dec. 31, 2022 $ / shares shares

Nov. 30, 2022 $ / shares

Oct. 31, 2022 $ / shares

Sep. 30, 2022 $ / shares

Aug. 31, 2022 $ / shares

Feb. 04, 2022 $ / shares

Dec. 28, 2020 $ / shares shares

Aug. 28, 2020 $ / shares shares

Class of Stock [Line Items]

Share price (in dollars per share) | $ / shares

$ 84.40

Common stock repurchases (in shares)

834

Common stock repurchases | $

$ 300

$ 183

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Common stock, shares authorized (in shares)

300,000,000

300,000,000

Vesting, conversion and exchange of Class B Units | $

$ 1,153

Reverse stock split

0.4115

Total Stockholders’ Equity

Class of Stock [Line Items]

Common stock repurchases | $

$ 183

Vesting, conversion and exchange of Class B Units | $

922

Non-controlling Interests

Class of Stock [Line Items]

Vesting, conversion and exchange of Class B Units | $

$ 200

231

Common Stock [Member]

Class of Stock [Line Items]

Common stock repurchases (in shares)

[1]

3,279

Vesting, conversion and exchange of Class B Units | $

[1]

$ 0

Redemption of OP units (in shares)

4

1,638

[1]

4

[1]

Common Class B

Class of Stock [Line Items]

Shares, tender offer (in shares)

8,125

Share price (in dollars per share) | $ / shares

$ 56

Common stock repurchases (in shares)

3,279

Common stock repurchases | $

$ 200

Common stock dividends (in shares)

3

Common Class A

Class of Stock [Line Items]

Share price (in dollars per share) | $ / shares

$ 20.24

$ 25.92

$ 27.36

$ 26.24

$ 32.08

Common stock, par value (in dollars per share) | $ / shares

$ 0.0972

$ 0.01

Common stock, shares authorized (in shares)

9,750,000

Reverse stock split

0.1029

Class A Units | New York City Reit Advisors, LLC | Advisor

Class of Stock [Line Items]

Unearned class B units (in shares)

13,100

Series A Preferred Stock

Class of Stock [Line Items]

Share price (in dollars per share) | $ / shares

$ 55

Right to receive, shares per right (in shares)

0.001

[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	44 years
Incremental borrowing rate	8.60%
Operating lease right-of-use asset	$ 54,954	$ 55,167
Operating lease liability	54,716	54,770
Cash paid for lease liabilities	4,700	4,700	$ 4,700
Leasing expense	$ 4,900	$ 4,900	$ 4,900

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 4,746
2024	4,746
2025	4,746
2026	4,746
2027	4,746
Thereafter	193,008
Total	216,738
Less: Effects of discounting	(162,022)
Total present value of lease payments	$ 54,716	$ 54,770

Related Party Transactions an_3

Related Party Transactions and Arrangements - Purchases of the Company’s Class A Common Stock by Bellevue (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021		Mar. 16, 2023	Dec. 31, 2022	Aug. 31, 2022	Aug. 12, 2022	Aug. 10, 2022	Aug. 05, 2020
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		1,659,717	[1]		1,886,298
Common stock, shares authorized (in shares)		300,000,000			300,000,000
Series and overall limit percentage							6%
Maximum
Related Party Transaction [Line Items]
Excepted holder limit percentage								21%
Expected holder limit, upon satisfied conditions								25%
Common Class A
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares)									9,750,000
Common Class A | At The Market Offering
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares)						125,000
Sale of stock, number of shares issued in transaction (in shares)	79,114	58,331
Proceeds from issuance or sale of equity	$ 2
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		7,011			129,671
Bellevue | American Strategic Investment Co.
Related Party Transaction [Line Items]
Ownership percentage					20%
Bellevue | American Strategic Investment Co. | Subsequent event
Related Party Transaction [Line Items]
Ownership percentage				34%
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

Related Party Transactions an_4

Related Party Transactions and Arrangements - Fees and Participations Paid in Connection With the Operations of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

10 Months Ended

12 Months Ended

Feb. 04, 2022

Jul. 31, 2020

Nov. 16, 2018

Apr. 13, 2018

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Aug. 31, 2020

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2015

Oct. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Aug. 12, 2022

Aug. 10, 2022

Aug. 18, 2020

Aug. 05, 2020

Apr. 24, 2014

Related Party Transaction [Line Items]

Renewal term

5 years

Period prior to expiration date needed to terminate agreement

180 days

Asset management fee, percentage of benchmark

1.25%

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

Share price (in dollars per share)

$ 84.40

$ 84.40

Series and overall limit percentage

6%

Management fee expense

$ 5,500

$ 6,000

$ 6,000

Vesting and conversion of Class B Units

0

0

1,153

Due to related party

$ 118

118

141

Incurred

Related Party Transaction [Line Items]

Total commissions and fees incurred from the former dealer manager

11,457

11,618

10,721

Professional fees and other reimbursements | Incurred | Recurring Fees

Related Party Transaction [Line Items]

Total commissions and fees incurred from the former dealer manager

4,375

4,064

3,551

Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor | New York City Reit Advisors, LLC

Related Party Transaction [Line Items]

Property management fees earned by related party

4%

New York City Reit Advisors, LLC | Professional fees and other reimbursements | Recurring Fees

Related Party Transaction [Line Items]

Total commissions and fees incurred from the former dealer manager

3,000

New York City Reit Advisors, LLC | Professional fees and other reimbursements | Incurred | Recurring Fees

Related Party Transaction [Line Items]

Total commissions and fees incurred from the former dealer manager

4,400

4,100

3,600

Advisor | Compensation Charge, Net Of Adjustments

Related Party Transaction [Line Items]

Related party transaction

200

Advisor | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses

Related Party Transaction [Line Items]

Related party transaction

$ 900

Related party transaction related to administrative and overhead expenses

400

Due to related party

400

Due from related parties

400

Due from related parties, period of payable

10 months

Advisor | New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties

Related Party Transaction [Line Items]

Related party initial term

1 year

Property Management Agreement, Term Of Extension

1 year

Other related parties terminate notice period

60 days

Advisor | New York City Reit Advisors, LLC | Contract Sales Price

Related Party Transaction [Line Items]

Unearned class B units (in shares)

8,187

Advisor | New York City Reit Advisors, LLC | 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%

Advisor | New York City Reit Advisors, LLC | The Second Advisory Agreement | Core Earnings Per Adjusted Share

Related Party Transaction [Line Items]

Variable management fee as a percentage of benchmark

64%

156%

Advisor | New York City Reit Advisors, LLC | The Second Advisory Agreement | Performance Shares

Related Party Transaction [Line Items]

Variable management fee as a percentage of benchmark

15%

Advisor | New York City Reit Advisors, LLC | The Second Advisory Agreement | Performance Shares | Core Earnings Per Adjusted Share

Related Party Transaction [Line Items]

Variable management fee as a percentage of benchmark

48%

117%

Advisor | New York City Reit Advisors, LLC | Asset Management Fees

Related Party Transaction [Line Items]

Related party transaction

$ 500

Advisor | New York City Reit Advisors, LLC | Property Management Fees

Related Party Transaction [Line Items]

Related party transaction

1,600

$ 1,600

$ 1,600

Advisor | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses

Related Party Transaction [Line Items]

Related party transactions related to salaries, wages and benefits

$ 2,600

Advisor | New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties

Related Party Transaction [Line Items]

Property management fees earned by related party

3.25%

Minimum | Advisor | New York City Reit Advisors, LLC | The Second Advisory Agreement

Related Party Transaction [Line Items]

Dividend to common stockholders (in dollars per share)

$ 0.05

Maximum

Related Party Transaction [Line Items]

Excepted holder limit percentage

21%

Maximum | 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

$ 400

Asset cost

1,250,000

Related party transactions related to salaries, wages and benefits

$ 2,600

Maximum | Advisor | New York City Reit Advisors, LLC | Asset Cost, Administrative and Overhead Expense | Reimbursement of Costs and Expenses

Related Party Transaction [Line Items]

Operating expenses as a percentage of benchmark

0.10%

0.10%

Maximum | Advisor | New York City Reit Advisors, LLC | Asset Cost, Wage and Benefit Expense | Reimbursement of Costs and Expenses

Related Party Transaction [Line Items]

Operating expenses as a percentage of benchmark

0.30%

0.30%

Common Class A

Related Party Transaction [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

$ 0.0972

Advisory agreement management fees

$ 3,000

$ 500

$ 1,500

$ 1,000

Share price (in dollars per share)

$ 20.24

$ 25.92

$ 27.36

$ 26.24

$ 32.08

$ 26.24

$ 20.24

Proceeds from sale of common stock, net (in shares)

5,924

5,924

5,031

4,848

5,438

5,672

Common stock issued to directors in lieu of cash for board fees (in shares)

24,744

19,320

18,285

18,899

15,586

Common Class A | New York City REIT, Inc

Related Party Transaction [Line Items]

Ownership percentage

20%

Common Class A | Advisor

Related Party Transaction [Line Items]

Investment owned, balance (in shares)

6,550

Related Party Transactions an_5

Related Party Transactions and Arrangements - Fees and Participations Paid in Connection With the Operations of the Company, Incurred, waived and Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Related Party Transaction [Line Items]
Payable (receivable)	$ 118	$ 141
Management fee expense	5,500	6,000	$ 6,000
Due to other related party				$ 400
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	11,457	11,618	10,721
Asset and property management fees to related parties | Recurring Fees
Related Party Transaction [Line Items]
Payable (receivable)	118	141
Asset and property management fees to related parties | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	7,082	7,554	7,577
Professional fees and other reimbursements | Recurring Fees
Related Party Transaction [Line Items]
Payable (receivable)	0	0
Professional fees and other reimbursements | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	4,375	4,064	3,551
Asset and property management fees paid with shares | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	5,000
Asset and property management fees paid related to the Side Letter | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	3,000
Asset and property management fees paid with shares in lieu of cash | Incurred | Recurring Fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the former dealer manager	2,000
New York City Reit Advisors, LLC | Professional fee credit due from the Advisor | Recurring Fees | Advisor
Related Party Transaction [Line Items]
Payable (receivable)	0	0
New York City Reit Advisors, LLC | Professional fee credit due from the Advisor | Incurred | Recurring Fees | Advisor
Related Party Transaction [Line Items]
Professional fee credit due from the advisor	$ 0	$ 0	$ (407)

Related Party Transactions an_6

Related Party Transactions and Arrangements - Listing Arrangements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2020 shares	Jun. 29, 2020
Related Party Transaction [Line Items]
Consecutive trading dates commencing converted shares	180 days
Performance Shares | 2020 OPP
Related Party Transaction [Line Items]
Share-based payment award, number of shares available for grant (in shares) | shares		501,605
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Base termination fee | $	$ 15
New York City Reit Advisors, LLC | Termination Prior to June 30, 2020 | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Termination fee multiplier			3
New York City Reit Advisors, LLC | Termination After June 30, 2020 | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Termination fee multiplier			4
New York City Reit Advisors, LLC | Actual Base Management Fee | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Termination fee multiplier			12
New York City Reit Advisors, LLC | Actual Variable Management Fee | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Termination fee multiplier			4
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | New York City Reit Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15%
Pre-tax Non-compounded Return on Capital Contribution | New York City Reit Advisors, LLC | Annual Targeted Investor Return | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)			1 Months Ended						3 Months Ended				12 Months Ended
	Aug. 18, 2020	Aug. 31, 2017	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Mar. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for grant percentage			20%						20%				20%
Number of shares available for awards under the advisor plan (in shares)													0.0001
Share-based compensation													$ 8,782,000	$ 8,475,000	$ 3,874,000
Amortization									$ 400,000
Share price (in dollars per share)			$ 84.40						$ 84.40				$ 84.40
Share-based payment arrangement, expense													$ 8,400,000	8,400,000	3,800,000
Distributions on the LTIP unit													10%
Distribution on the earned LTIP unit													90%
Distributions to non-controlling interest holders													$ 80,000	$ 160,000	$ 20,000
Performance period													3 years
Shares issued in period, in lieu of cash (in shares)														0	0
Equity-based compensation													$ 8,782,000	$ 8,476,000	$ 3,874,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)			$ 20.24	$ 25.92	$ 27.36	$ 26.24	$ 32.08		$ 20.24	$ 26.24			$ 20.24
Common stock issued to directors in lieu of cash for board fees (in shares)			24,744	19,320	18,285	18,899	15,586
Director | Common Class A
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)											606	649
Distributions in excess of accumulated earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions to non-controlling interest holders													$ 80,000	160,000	20,000
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation													415,000	108,000	96,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation													$ 7,100
Restricted Stock | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period													4 years
Periodic vesting percentage								50%
Shares granted (in shares)						762		25,000		762	13,734
Share-based compensation													$ 12,700
Share-based payment arrangement, accelerated cost													55,000
Amortization													$ 100,000
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Board of Directors Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)											3,228
Restricted Stock | Share-based Payment Arrangement, Nonemployee | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage								25%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage								25%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage								25%
Restricted Stock | Share-based Payment Arrangement, Nonemployee | Fourth anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage								25%
Absolute TSR | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			18%						18%				18%
Absolute TSR | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			12%						12%				12%
Absolute TSR | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			24%						24%				24%
Relative TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			0%						0%				0%
Relative TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			(6.00%)						(6.00%)				(6.00%)
Relative TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR			6%						6%				6%
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	$ 65,000	$ 30,000											$ 30,000
Vesting period													5 years
Share-based compensation														$ 100,000	$ 100,000
Nonvested awards, compensation cost not yet recognized			$ 400,000						$ 400,000				$ 400,000
Nonvested awards, compensation cost not yet recognized, period for recognition													3 years 6 months 14 days
Restricted Share Plan | Restricted Stock | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage													20%
2020 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period													10 years
Number of shares available for awards under the advisor plan (in shares)													0.0001
2020 OPP | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, compensation cost not yet recognized			5,300,000						5,300,000				$ 5,300,000
Nonvested awards, compensation cost not yet recognized, period for recognition													7 months 6 days
Share-based payment award, number of shares available for grant (in shares)																501,605
Share based payment award value of shares available for grant																$ 50,000,000
Share price (in dollars per share)																$ 99.68
Aggregate intrinsic value, outstanding			$ 25,800,000						$ 25,800,000				$ 25,800,000
Award requisite service period													3 years 25 days

Equity-Based Compensation - Act

Equity-Based Compensation - Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Restricted Shares
Fractional share redemption (in shares)			(1)
Weighted-Average Issue Price
Fractional share redemption (in dollars per share)			$ 393.28
Restricted Share Plan | Restricted Stock
Number of Restricted Shares
Beginning balance, unvested (in shares)	3,146	689	679
Granted (in shares)	17,725	2,693	228
Vested (in shares)	(1,975)	(235)	(217)
Fractional share redemption (in shares)	(762)	(1)
Ending balance, unvested (in shares)	18,134	3,146	689
Weighted-Average Issue Price
Beginning balance, unvested (in dollars per share)	$ 120	$ 401.60	$ 408.24
Granted (in dollars per share)	85.04	72.40	393.84
Vested (in dollars per share)	89.76	399.76	414.24
Fractional share redemption (in dollars per share)	94.08	78.48
Ending balance, unvested (in dollars per share)	$ 90.16	$ 120	$ 401.60

Equity-Based Compensation - Abs

Equity-Based Compensation - Absolute TSR (Details) - Absolute TSR	Dec. 31, 2022
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	12%
Percentage of LTIP Units Earned	0%
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	12%
Percentage of LTIP Units Earned	25%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	18%
Percentage of LTIP Units Earned	50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	24%
Percentage of LTIP Units Earned	100%

Equity-Based Compensation - Rel

Equity-Based Compensation - Relative TSR Excess (Details) - Relative TSR LTIP Units	Dec. 31, 2022
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(6.00%)
Percentage of LTIP Units Earned	0%
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(6.00%)
Percentage of LTIP Units Earned	25%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	0%
Percentage of LTIP Units Earned	50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	6%
Percentage of LTIP Units Earned	100%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 37,000	$ 0
Uncertain tax positions	0
Operating loss carryforward	$ 161,700,000

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Deferred Tax Assets:
Depreciation and amortization	$ 23,008
Deferred leasing costs	1,145
Restricted stock awards and 2020 OPP	6,458
Deferred revenue	1,317
Operating lease liabilities	17,110
Net operating loss carryforwards	53,613
Other	129
Deferred Tax Assets, Net	102,780
Deferred Tax Liabilities:
Straight-line rent	9,105
Operating leases right-to-use assets	17,184
Total deferred tax liabilities	26,289
Net deferred tax assets before valuation allowance	76,491
Valuation allowance	(76,491)
Net deferred tax assets	$ 0

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculations for EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Equity [Abstract]
Net loss and Net loss attributable to common stockholders					$ (45,896)		$ (39,466)		$ (40,962)
Adjustments to net loss attributable to common stockholders					(80)		(160)		0
Adjusted net loss and net loss attributable to common stockholders					$ (45,976)		$ (39,626)		$ (40,962)
Weighted average common shares outstanding — basic (in shares)	1,844,864	1,728,540	1,679,211	1,662,456	1,729,264	[1]	1,622,896	[1]	1,595,923	[1]
Weighted average common shares outstanding — diluted (in shares)	1,844,864	1,728,540	1,679,211	1,662,456	1,729,264	[1]	1,622,896	[1]	1,595,923	[1]
Net loss per common share attributable to common stockholders — basic (in dollars per share)	$ (5.48)	$ (6.40)	$ (7.77)	$ (7.07)	$ (26.59)	[1]	$ (24.42)	[1]	$ (25.67)	[1]
Net loss per common share attributable to common stockholders — diluted (In dollars per share)	$ (5.48)	$ (6.40)	$ (7.77)	$ (7.07)	$ (26.59)	[1]	$ (24.42)	[1]	$ (25.67)	[1]
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

Net Loss Per Share - Shares Exc

Net Loss Per Share - Shares Excluded From Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	515,296	504,481	133,914
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	0	0	1,638
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	0		0
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares, outstanding (in shares)	501,605	501,605	501,605
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares outstanding (in shares)	18,134	3,147	690
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	13,691	2,216	701
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	660	611
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	5,145
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	501,605	501,605	127,457

Quarterly Results (Unaudited) -

Quarterly Results (Unaudited) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
General and administrative	$ 1,700	$ 600	$ 2,300	$ 12,493	$ 8,704	$ 7,571

Quarterly Results (Unaudited)_2

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenue form tenants	$ 16,196	$ 15,932	$ 16,231	$ 15,646
Operating loss	(5,364)	(6,321)	(8,300)	(6,960)	$ (26,945)		$ (20,386)		$ (22,609)
Net loss	$ (10,109)	$ (11,074)	$ (13,001)	$ (11,712)	$ (45,896)		$ (39,466)		$ (40,962)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common shares outstanding — basic (in shares)	1,844,864	1,728,540	1,679,211	1,662,456	1,729,264	[1]	1,622,896	[1]	1,595,923	[1]
Weighted average common shares outstanding — diluted (in shares)	1,844,864	1,728,540	1,679,211	1,662,456	1,729,264	[1]	1,622,896	[1]	1,595,923	[1]
Earnings Per Share [Abstract]
Basic net loss (in dollars per share)	$ (5.48)	$ (6.40)	$ (7.77)	$ (7.07)	$ (26.59)	[1]	$ (24.42)	[1]	$ (25.67)	[1]
Diluted net loss (in dollars per share)	$ (5.48)	$ (6.40)	$ (7.77)	$ (7.07)	$ (26.59)	[1]	$ (24.42)	[1]	$ (25.67)	[1]
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions				1 Months Ended
	Feb. 27, 2023 USD ($) $ / shares shares	Jan. 11, 2023	Aug. 05, 2020	Jan. 31, 2023 d $ / shares shares	Dec. 31, 2022 d $ / shares shares	Nov. 30, 2022 $ / shares shares	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Aug. 31, 2022 $ / shares shares
Subsequent Event [Line Items]
Reverse stock split			0.4115
Share price (in dollars per share) | $ / shares					$ 84.40
Common Class A
Subsequent Event [Line Items]
Reverse stock split			0.1029
Common stock issued to directors in lieu of cash for board fees (in shares) | shares					24,744	19,320	18,285	18,899	15,586
Number of trading days | d					10
Share price (in dollars per share) | $ / shares					$ 20.24	$ 25.92	$ 27.36	$ 26.24	$ 32.08
Subsequent event
Subsequent Event [Line Items]
Reverse stock split		0.125
Subsequent event | the Rights Offering
Subsequent Event [Line Items]
Proceeds from Issuance of Warrants | $	$ 5
Subsequent event | Common Class A
Subsequent Event [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares) | shares				31,407
Number of trading days | d				10
Share price (in dollars per share) | $ / shares				$ 15.92
Subsequent event | Common Class A | the Rights Offering
Subsequent Event [Line Items]
Securities called by each warrant or right (in shares) | shares	0.20130805
Exercise price of right (in dollars per share) | $ / shares	$ 12.95
Number of shares issued subscribed by rights (in shares) | shares	386,100

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 399,500
Land	193,658
Building and Improvements	504,536
Costs Capitalized Subsequent to Acquisition	71,092
Gross amount carried	769,286	$ 765,176	$ 762,519	$ 759,487
Accumulated depreciation	131,467	112,641	$ 92,470	$ 72,656
Acquired intangible assets	71,848	$ 87,478
Tax basis	743,700
Accumulated amortization	(36,500)
421 W. 54th Street - Hit Factory
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,723
Building and Improvements	1,757
Costs Capitalized Subsequent to Acquisition	(1,443)
Gross amount carried	5,037
Accumulated depreciation	370
400 E. 67th Street - Laurel Condominiums
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,610
Land	10,653
Building and Improvements	55,682
Costs Capitalized Subsequent to Acquisition	86
Gross amount carried	66,421
Accumulated depreciation	11,668
200 Riverside Blvd - ICON Garage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,390
Land	13,787
Building and Improvements	5,510
Costs Capitalized Subsequent to Acquisition	0
Gross amount carried	19,297
Accumulated depreciation	1,136
9 Times Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,500
Land	54,153
Building and Improvements	76,454
Costs Capitalized Subsequent to Acquisition	26,746
Gross amount carried	157,353
Accumulated depreciation	33,926
123 William Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	140,000
Land	50,064
Building and Improvements	182,917
Costs Capitalized Subsequent to Acquisition	36,343
Gross amount carried	269,324
Accumulated depreciation	53,800
Mortgage note payable — 1140 Avenue of the Americas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	99,000
Land	0
Building and Improvements	148,647
Costs Capitalized Subsequent to Acquisition	8,251
Gross amount carried	156,898
Accumulated depreciation	27,517
8713 Fifth Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,000
Land	4,730
Building and Improvements	9,245
Costs Capitalized Subsequent to Acquisition	1,109
Gross amount carried	15,084
Accumulated depreciation	972
196 Orchard Street
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,000
Land	55,548
Building and Improvements	24,324
Costs Capitalized Subsequent to Acquisition	0
Gross amount carried	79,872
Accumulated depreciation	$ 2,078
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Minimum | Furniture and Fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	5 years
Maximum | Furniture and Fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	7 years

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real estate investments, at cost:
Balance at beginning of year	$ 765,176	$ 762,519	$ 759,487
Capital expenditures	6,335	4,701	3,032
Impairments	0	(1,452)	0
Write-offs	(2,225)	(592)	0
Balance at end of the year	769,286	765,176	762,519
Accumulated depreciation:
Balance at beginning of year	112,641	92,470	72,656
Depreciation expense	21,051	20,684	19,814
Write-offs	(2,225)	(513)	0
Balance at the end of the year	$ 131,467	$ 112,641	$ 92,470