New York City REIT (NYC) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,302,951
Entity Central Index Key	0001595527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	NYC
Security Exchange Name	NYSE
Preferred Class A
Entity Listings [Line Items]
Title of 12(b) Security	Class A Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate investments, at cost:
Land	$ 192,600	$ 192,600
Buildings and improvements	578,127	576,686
Acquired intangible assets	71,848	71,848
Total real estate investments, at cost	842,575	841,134
Less accumulated depreciation and amortization	(174,786)	(167,978)
Total real estate investments, net	667,789	673,156
Cash and cash equivalents	8,753	9,215
Restricted cash	8,349	6,902
Operating lease right-of-use asset	54,901	54,954
Prepaid expenses and other assets	6,082	5,624
Derivative asset, at fair value	1,230	1,607
Straight-line rent receivable	29,323	29,116
Deferred leasing costs, net	9,856	9,881
Total assets	786,283	790,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	394,545	394,159
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $437 and $118 at March 31, 2023 and December 31, 2022, respectively)	13,113	12,787
Operating lease liability	54,702	54,716
Below-market lease liabilities, net	2,750	3,006
Deferred revenue	5,017	4,211
Total liabilities	470,127	468,879
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,303,895 and 1,886,298 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	23	19
Additional paid-in capital	703,385	698,761
Accumulated other comprehensive income	1,255	1,637
Distributions in excess of accumulated earnings	(411,113)	(399,355)
Total stockholders’ equity	293,550	301,062
Non-controlling interests	22,606	20,514
Total equity	316,156	321,576
Total liabilities and equity	$ 786,283	$ 790,455

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amounts due to related parties	$ 437	$ 118
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)	2,303,895	1,886,298
Common stock, shares outstanding (in shares)	2,303,895	1,886,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue from tenants		$ 15,534	$ 15,646
Operating expenses:
Asset and property management fees to related parties		1,884	1,922
Property operating		8,421	8,597
Equity-based compensation		2,200	2,120
General and administrative		3,181	2,986
Depreciation and amortization		6,952	6,981
Total operating expenses		22,638	22,606
Operating loss		(7,104)	(6,960)
Other income (expense):
Interest expense		(4,663)	(4,715)
Other income (expense)		9	(37)
Total other expense		(4,654)	(4,752)
Net loss and Net loss attributable to common stockholders		(11,758)	(11,712)
Other comprehensive income (loss):
Change in unrealized (loss) gain on derivative		(382)	1,750
Other comprehensive (loss) income		(382)	1,750
Comprehensive loss		$ (12,140)	$ (9,962)
Weighted-average shares outstanding — basic (in shares)	[1]	2,038,880	1,662,456
Weighted-average shares outstanding — diluted (in shares)	[1]	2,038,880	1,662,456
Net loss per share attributable to common stockholders - basic (in dollars per share)	[1]	$ (5.77)	$ (7.07)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	[1]	$ (5.77)	$ (7.07)
[1] (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information).

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands		Total	Total Stockholders’ Equity	Common Stock Common Class A		Additional Paid-in Capital		Accumulated Other Comprehensive Loss	Distributions in excess of accumulated earnings	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2021	[1]			1,659,717
Beginning balance at Dec. 31, 2021		$ 351,136	$ 338,989	$ 17	[1]	$ 691,234	[1]	$ (1,553)	$ (350,709)	$ 12,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor in connection with management fees (see Note 7) (in shares)	[1]			11,110
Common stock issued to the Advisor in connection with management fees		1,008	1,008			1,008	[1]
Equity-based compensation		2,120	28			28	[1]			2,092
Common stock issued to directors in lieu of cash for board fees (in shares)	[1]			649
Common stock issued to Directors in lieu of cash for board fees		59	59			59	[1]
Dividends declared on common stock	[1]	(1,329)	(1,329)						(1,329)
Distributions paid to non-controlling interest holders		(40)	(40)						(40)
Net loss		(11,712)	(11,712)						(11,712)
Other comprehensive income		1,750	1,750					1,750
Ending balance (in shares) at Mar. 31, 2022	[1]			1,671,476
Ending balance at Mar. 31, 2022		342,992	328,753	$ 17	[1]	692,329	[1]	197	(363,790)	14,239
Beginning balance (in shares) at Dec. 31, 2021	[1]			1,659,717
Beginning balance at Dec. 31, 2021		$ 351,136	338,989	$ 17	[1]	691,234	[1]	(1,553)	(350,709)	12,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor in connection with management fees (see Note 7) (in shares)		129,671
Ending balance (in shares) at Dec. 31, 2022		1,886,298		1,886,298
Ending balance at Dec. 31, 2022		$ 321,576	301,062	$ 19		698,761		1,637	(399,355)	20,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued related to Rights Offering (in shares)				386,100
Common stock issued related to Rights Offering		4,059	4,059	$ 4		4,055
Common stock issued to the Advisor in connection with management fees (see Note 7) (in shares)				31,407
Common stock issued to the Advisor in connection with management fees		485	485			485
Redemption of fractional shares of common stock and restricted shares (in shares)				(1,948)
Redemption of fractional shares of common stock and restricted shares		(24)	(24)			(24)
Equity-based compensation (in shares)				2,038
Equity-based compensation		2,200	108			108				2,092
Net loss		(11,758)	(11,758)						(11,758)
Other comprehensive income		$ (382)	(382)					(382)
Ending balance (in shares) at Mar. 31, 2023		2,303,895		2,303,895
Ending balance at Mar. 31, 2023		$ 316,156	$ 293,550	$ 23		$ 703,385		$ 1,255	$ (411,113)	$ 22,606
[1] (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ).

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (11,758)	$ (11,712)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,952	6,981
Amortization of deferred financing costs	386	385
Accretion of below- and amortization of above-market lease liabilities and assets, net	36	(51)
Equity-based compensation	2,200	2,120
Management fees paid/reinvested in common stock by the Advisor	485	1,008
Changes in assets and liabilities:
Straight-line rent receivable	(204)	(1,303)
Straight-line rent payable	27	27
Prepaid expenses, other assets and deferred costs	(865)	3,067
Accounts payable, accrued expenses and other liabilities	1,193	1,991	$ 1,991
Deferred revenue	806	(335)
Net cash provided by (used in) operating activities	(742)	2,178
Cash flows from investing activities:
Capital expenditures	(2,308)	(406)
Net cash used in investing activities	(2,308)	(406)
Cash flows from financing activities:
Payments on mortgage note payable	0	(5,500)
Proceeds from Rights Offering, net (see Note 7)	4,059	0
Dividends paid on common stock	0	(1,329)
Redemption of fractional shares of common stock and restricted shares	(24)	0
Distributions to non-controlling interest holders	0	(40)
Net cash provided by (used in) financing activities	4,035	(6,869)
Net change in cash, cash equivalents and restricted cash	985	(5,097)
Cash, cash equivalents and restricted cash, beginning of period	16,117	28,428	$ 28,428
Cash, cash equivalents and restricted cash, end of period	17,102	23,331
Cash and cash equivalents	8,753	10,342		$ 9,215
Restricted cash	8,349	12,989		6,902
Cash, cash equivalents and restricted cash, end of period	17,102	23,331		$ 16,117
Non-Cash Investing and Financing Activities:
Common stock issued to directors in lieu of cash for board fees	0	59
Net change in accrued capital expenditures for the period	(867)	685
Common stock issued to the Advisor in connection with management fees (see Note 7)	$ 485	$ 1,008

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization American Strategic Investment Co. (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 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 March 31, 2023, the Company owned eight properties consisting of 1.2 million rentable square feet, acquired for an aggregate purchase price of $790.7 million. On December 30, 2022, the Company announced that it was changing its business strategy by expanding the scope of the assets and businesses it may own and operate. The Company may now seek to acquire assets such as hotels, expand its 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 the Company’s 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 its 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 Class A 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 raising gross proceeds of $5.0 million. 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. 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. Please see Note 9 — Related Party Transactions and Arrangements for additional information on the Company’s Advisor and affiliates of the Advisor, including ownership percentages. Restatement and Revision of Previously Issued Consolidated Interim Financial Statements 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 the year ending December 31, 2022. The error in the three months ended June 30, 2022 resulted in a material misstatement of the Company’s unaudited condensed consolidated financial statements of the Company as of and for the three and six month periods ended June 30, 2022. The prior period errors 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 Filed a Form 10-Q/A as of and for the three and six month periods ended June 30 2022 relating to the restatement. The Company is revising the previously issued unaudited condensed consolidated financial statements of the Company as of and for the three months ended March 31, 2022 in this filing on Form 10-Q for the quarterly period ended March 31, 2023 for comparative purpose as follows: Consolidated Balance Sheet: As of March 31, 2022 As Previously Reported Adjustments As Revised Total Assets $ 810,182 — $ 810,182 Accounts payable, accrued expenses and other liabilities $ 10,141 607 $ 10,748 Total liabilities $ 466,583 607 $ 467,190 Distributions in excess of accumulated earnings $ (363,183) (607) $ (363,790) Total stockholders’ equity $ 329,360 (607) $ 328,753 Total equity $ 343,599 (607) $ 342,992 Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Revenue from tenants $ 15,646 $ — $ 15,646 Operating expenses: Asset and property management fees to related parties 1,922 — 1,922 Property operating 8,578 19 8,597 Equity-based compensation 2,120 — 2,120 General and administrative 2,398 588 2,986 Depreciation and amortization 6,981 — 6,981 Total operating expenses 21,999 607 22,606 Operating loss (6,353) (607) (6,960) Other income (expense): Interest expense (4,715) — (4,715) Other expense (37) — (37) Total other expense (4,752) — (4,752) Net loss and Net loss attributable to common stockholders (11,105) (607) (11,712) Other comprehensive income (loss): Change in unrealized gain on derivative 1,750 — 1,750 Other comprehensive income 1,750 — 1,750 Comprehensive loss (9,355) (607) (9,962) Weighted-average shares outstanding — Basic and Diluted (1) 1,662,456 1,662,456 Net loss per share attributable to common stockholders — Basic and Diluted (1) (6.70) (0.37) (7.07) (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ). Consolidated Statements of Changes in Equity: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Distributions in excess of accumulated earnings, Beginning of the period $ (350,709) — $ (350,709) Total Stockholders equity, beginning of the period $ 338,989 — $ 338,989 Total equity, Beginning of the period $ 351,136 — $ 351,136 Net loss $ (11,105) (607) $ (11,712) Distributions in excess of accumulated earnings, end of the period $ (363,183) (607) $ (363,790) Total Stockholders equity, end of the period $ 329,360 (607) $ 328,753 Total equity, end of the period $ 343,599 (607) $ 342,992 Consolidated Statements of Cash Flows: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Net loss $ (11,105) (607) $ (11,712) Changes in assets and liabilities: Accounts payable, accrued expenses and other liabilities $ 1,384 607 $ 1,991

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2023 and 2022, respectively, are not necessarily indicative of the results for the entire year or any subsequent interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2023. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2023. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable. Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Under the multi-year outperformance agreement with the Advisor (the “2020 OPP”), the OP issued a class of units of limited partnership (“LTIP Units”) during 2020, which are reflected as part of non-controlling interest as of March 31, 2023 and December 31, 2022 (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 commenced. The impact of the COVID-19 pandemic evolved rapidly and resulted in a decrease in economic activity. One of the hardest hit locations, New York City, is 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 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 March 31, 2023. However, given the rapid evolution of the COVID-19 pandemic and the global response to curb its spread, these estimates and assumptions as of March 31, 2023 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, which in some cases led to breaches of certain debt covenants, some of which are still in effect (see below). However, with the exception of one minor lease deferral during the third quarter of 2022, which was unrelated to the impact of COVID-19, the trend of tenants not paying monthly rent did not continue during 2022 or in the first quarter of 2023. 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, 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 as or March 31, 2023. 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 first quarter of 2023 (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 or for its 9 Times Square property. The Company remains in breach of the 1140 Avenue of the Americas and 8713 Fifth Avenue loans as of March 31, 2023. See Note 4 — Mortgage Notes Payable, Net for further details regarding the current status, as of March 31, 2023, of the debt covenants under the mortgages secured by these properties. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which does not apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the Financial Accounting Standards Board (“FASB”) and U.S Securities and Exchange Commission (the “SEC”) have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2023, these leases had a weighted-average remaining lease ter m of 7.0 years . B ecause many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in total revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. To the extent such costs exceed the applicable tenant’s base year, many but not all of the Company’s leases require the tenant to pay its allocable share of increases in operating expenses, which may include common area maintenance costs, real estate taxes and insurance. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard, 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 December 31, 2022, 2021 and 2020, respectively, this assessment 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 three months ended March 31, 2023 and 2022, the Company had no such reductions in revenue which excludes rents from tenants on a cash basis not collected. 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. This 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. Recently Issued Accounting Pronouncements Not Yet Fully Adopted as of March 31, 2023 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.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2023
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2023 or 2022. Also, there were no dispositions of real estate during the three months ended March 31, 2023 or 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 March 31, 2023. Significant Tenants As of March 31, 2023 and December 31, 2022, there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis. The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended March 31, 2023 2022 In-place leases $ 1,094 $ 1,280 Other intangibles 177 177 Total included in depreciation and amortization $ 1,271 $ 1,457 Above-market lease intangibles $ 280 $ 262 Below-market lease liabilities (256) (326) Total included in revenue from tenants $ 24 $ (64) Below-market ground lease, included in property operating expenses $ 12 $ 12 The following table provides the projected amortization expense and adjustments to revenues for the next five years as of March 31, 2023: (In thousands) 2023 (remainder) 2024 2025 2026 2027 In-place leases $ 2,276 $ 2,259 $ 1,200 $ 632 $ 624 Other intangibles 531 708 708 708 708 Total to be included in depreciation and amortization $ 2,807 $ 2,967 $ 1,908 $ 1,340 $ 1,332 Above-market lease assets $ 545 $ 314 $ 123 $ 117 $ 117 Below-market lease liabilities (690) (850) (503) (183) (180) Total to be included in revenue from tenants $ (145) $ (536) $ (380) $ (66) $ (63)

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable, net as of March 31, 2023 and December 31, 2022 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties March 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 140,000 4.73 % Fixed Mar. 2027 9 Times Square 1 49,500 49,500 3.72 % Fixed (2) Apr. 2024 1140 Avenue of the Americas (3) 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (4) 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 7 399,500 399,500 4.35 % Less: deferred financing costs, net (5) (4,955) (5,341) Mortgage notes payable, net $ 394,545 $ 394,159 _______ (1) As of March 31, 2023, $0.5 million was in escrow in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. The restricted cash can be used to fund leasing activity, tenant improvements and leasing commissions related to this property. (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 March 31, 2023 (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 March 31, 2023 and December 31, 2022, there was $4.3 million and $3.6 million, respectively, held in a cash management account, which is part of the Company’s restricted cash on its consolidated balance sheet. See “Debt Covenants” section below for additional details (4) 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 March 31, 2023 and 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 began occupying a portion of the leased space in the first quarter of 2023, which brought the occupancy at this property back to 88.6%, and when this same tenant occupies the remainder of the space in the second quarter of 2023, it will bring the occupancy to 100%. (5) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Collateral and Principal Payments Real estate assets and intangible assets of $826.9 million, at cost (net of below-market lease liabilities), as of March 31, 2023 have been pledged as collateral to the Company’s mortgage notes payable and are not available to satisfy the Company’s other obligations unless first satisfying the mortgage note payable on the property. The Company is required to make payments of interest on its mortgage notes payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to March 31, 2023: (In thousands) Future Minimum Principal Payments 2023 (remainder) $ — 2024 49,500 2025 — 2026 99,000 2027 140,000 Thereafter 111,000 Total $ 399,500 Debt Covenants 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 11 quarters ended March 31, 2023. The principal amount of the loan was $99.0 million as of March 31, 2023. 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 March 31, 2023 and December 31, 2022 the Company had $4.3 million and $3.6 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. 8713 Fifth Avenue The Company breached a debt service coverage ratio covenant under the non-recourse mortgage secured by 8713 Fifth Avenue in each of the last 11 quarters ended March 31, 2023. The principal amount for the loan was $10.0 million as of March 31, 2023. 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 Quarterly Report on Form 10-Q, 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 cash since the breach occurred and thus no cash has ever been trapped related to this property. The Company signed a lease with a new tenant at this property in November 2021, who began occupying a portion of the leased space in the first quarter of the year ending December 31, 2023, which brought the occupancy at this property back to 88.6%. Once the same tenant occupies the remainder of the space in the second quarter of the year ending December 31, 2023, it will bring the occupancy to 100%, at which point, the Company anticipates complying with the debt service coverage ratio under the non-recourse mortgage. Other Debt Covenants The Company was in compliance with the remaining covenants under its other mortgage notes payable as of March 31, 2023, and, it continues to monitor compliance with those provisions. If the Company experiences additional lease terminations, due to tenant bankruptcies or otherwise, or tenants placed on a cash basis continue to not pay rent, it is possible that certain of the covenants on other loans may be breached and the Company may also become restricted from accessing excess cash flows from those properties. Similar to the loans discussed above, the Company’s other mortgages also contain cash management provisions that are not considered events of default, and as such, acceleration of principal would only occur upon an eve nt of default. LIBOR Transition The Company had a mortgage loan agreement and a related derivative agreement for a “pay-fixed” interest swap that had terms that were previously based on LIBOR. However, in March of 2022, effective with the 9 Times Square loan modification and the termination and replacement of the “pay-fixed” swaps, both the mortgage loan and agreement and the current “pay-fixed” interest swaps are now based on SOFR.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivatives valuation in its entirety is classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. (In thousands) Quoted Prices Significant Other Significant Total March 31, 2023 Interest rate “Pay - Fixed” swaps - assets $ — $ 1,230 $ — $ 1,230 Total $ — $ 1,230 $ — $ 1,230 December 31, 2022 Interest rate “Pay - Fixed” swaps - assets $ — $ 1,607 $ — $ 1,607 Total $ — $ 1,607 $ — $ 1,607 Financial Instruments That Are Not Reported at Fair Value The Company is required to disclose at least annually the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair value of the variable mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with the market and there has been no significant change in the credit risk or credit markets since origination. The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: March 31, 2023 December 31, 2022 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 48,494 $ 49,500 $ 48,282 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 90,147 99,000 89,015 Mortgage note payable — 123 William Street 3 140,000 128,347 140,000 126,814 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,649 50,000 44,023 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,060 10,000 8,933 Mortgage note payable — 196 Orchard Street 3 51,000 44,604 51,000 42,349 Total $ 399,500 $ 365,301 $ 399,500 $ 359,416

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company currently uses derivative financial instruments, including an interest rate swap, and may in the future use others, including options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company endeavors to only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. (In thousands) Balance Sheet Location March 31, December 31, 2022 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 1,230 $ 1,607 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 three months ended March 31, 2023 and year ended December 31, 2022, 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 in March 2022, the Company terminated its existing $55.0 million notional, LIBOR based “pay-fixed” interest rate swap and replaced it with a new $49.5 million notional, SOFR based “pay-fixed” interest rate swap. In connection with this termination/replacement of the swap derivatives, the Company reflected as a charge (associated with the reduced notional amount) of approximately $38,388 in Other Income (Expense) on the Company’s Statement of Operations for the three month period ended March 31, 2022. At the time of the modification a net carrying amount reflecting the amount paid and the off market value rolled into the new swap and remained in Accumulated Other Comprehensive Income (“AOCI”). The amount will be amortized into interest expense over the term of the hedged item. There was $24,308 of unamortized balance left as of March 31, 2023. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that $1.3 million will be reclassified from other comprehensive income (loss) as a decrease to interest expense. As of March 31, 2023 and December 31, 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. March 31, 2023 December 31, 2022 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 49,500 1 $ 49,500 The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the periods indicated. Three Months Ended March 31, (In thousands) 2023 2022 Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ (74) $ 1,424 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 308 $ (288) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,663 $ 4,715 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 $ 1,230 $ — $ — $ 1,230 $ — $ — 1,230 December 31, 2022 $ 1,607 $ — $ — $ 1,607 $ — $ — 1,607 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.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of March 31, 2023 and December 31, 2022, the Company had 2.3 million and 1.9 million shares (adjusted for the Reverse Stock Split) of common stock outstanding, respectively, including unvested restricted shares. As of March 31, 2023, all of the Company’s shares of common stock outstanding was Class A common stock, including unvested restricted shares. Rights Offering In February 2023, the Company raised gross proceeds of $5.0 million ($4.1 million of net proceeds) 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 share. 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. In connection with the Rights Offering, Bellevue and its affiliates acquired approximately 367,956 shares. Dividends During the three months ended March 31, 2022, the Company paid dividends to common stockholders in the amount of $1.60 per share (adjusted for the Reverse Stock Split per quarter) of common stock per year, payable to holders of record on a single quarterly record date. On July 1, 2022, the Company announced that it suspended 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. Class A Common Stock Issued to the Advisor - Side Letter and In Lieu of Cash for the Management Fee In January 2023, the Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee. The Company issued 31,407 shares of its Class A common stock (adjusted for the Reverse Stock Split) using the 10-day average price of $15.92 (adjusted for the Reverse Stock Split) which was greater than minimum price required by the NYSE rules. I n accordance with the Side Letter (as defined in Note 9 — Related Party Transactions and Arrangements) , the Advisor reinvested base management fees, aggregating approximately $1.0 million in shares of the Company’s Class A common stock in the first quarter of 2022. As a result, the Company issued 5,672 and 5,438 shares (both adjusted for the Reverse Stock Split) of its Class A common stock in February and March 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 required under NYSE rules. 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, March, April and May 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, were treated as issued using the closing price on date of issue and the related expense for the year are reflected as $0.5 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively . 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 for the year ended December 31, 2021 and accordingly, the expense was recorded in the fourth quarter of the year ended December 31, 2021. Also, during the three months ended June 30, 2022, each of 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 the year ended December 31, 2022. Accordingly the expense was recorded in the first quarter of the year ended December 31, 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 the year ended December 31, 2022 as well as the first quarter of the year ending December 31, 2023. Equity Offerings Class A Common Stock On October 1, 2020, the Company entered into an Equity Distribution Agreement, pursuant to which the Company may, from time to time, offer, issue and sell to the public, through its sales agents, shares of Class A common stock having an aggregate offering price of up to $250.0 million in an “at the market” equity offering program (the “Common Stock ATM Program”). To potentially enhance the Company’s cash resources to fund operating and capital needs, in August 2022, Bellevue Capital Partners, LLC, (“Bellevue”) which is an entity that controls the Advisor 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 that were purchased by Bellevue. These shares were issued to Bellevue through 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. However, 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. 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 were 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 An amendment and restatement of the distribution reinvestment plan (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 A&R DRIP, if any, would be recorded within stockholders’ equity in the consolidated balance sheets in the period dividends or other distributions are declared. During the three months ended March 31, 2023 and year ended December 31, 2022, any DRIP transactions were settled through open market transactions and no shares were issued by the Company.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee Arrangement - Ground Lease The Company entered into a ground lease agreement in 2016 related to the acquisition of 1140 Avenue of the Americas under a leasehold interest arrangement and recorded an ROU asset and lease liability related to this lease upon adoption of ASU 2016-02 during the year ended December 31, 2019. The ground lease is considered an operating lease. In computing the lease liabilities, the Company discounts future lease payments at an estimated incremental borrowing rate at adoption or acquisition if later. The term of the Company’s ground lease is significantly longer than the term of borrowings available to the Company on a fully-collateralized basis. The Company’s estimate of the incremental borrowing rate required significant judgment. As of March 31, 2023, the Company’s ground lease had a weighted-average remaining lease term of 43.8 years and a discount rate of 8.6%. As of March 31, 2023, the Company’s balance sheet includes an ROU asset and liability of $54.9 million and $54.7 million, respectively, which are included in operating lease right-of-use asset and operating lease liability, respectively, on the consolidated balance sheet. For the three months ended March 31, 2023, the Company paid cash of $1.2 million for amounts included in the measurement of lease liabilities and recorded expense of $1.2 million, on a straight-line basis in accordance with the standard. For the three months ended March 31, 2022, the Company paid cash of $1.2 million for amounts included in the measurement of lease liabilities and recorded expense of $1.2 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 three months ended March 31, 2023 and 2022. 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 March 31, 2023: (In thousands) Future Base Rent Payments 2023 (remainder) $ 3,560 2024 4,746 2025 4,746 2026 4,746 2027 4,746 Thereafter 193,008 Total lease payments 215,552 Less: Effects of discounting (160,850) Total present value of lease payments $ 54,702 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of March 31, 2023, the Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of March 31, 2023 and December 31, 2022, entities wholly owned by AR Global owned 290,937 and 129,671 shares (both adjusted for the Reverse Stock Split), respectively, of the Company’s outstanding Class A common stock. As of March 31, 2023 and December 31, 2022, Bellevue owned approximately 34.2% and 20% of outstanding shares of the Company, respectively. Fees and Participations Incurred in Connection with the Operations of the Company Summary of Advisory Agreement Pursuant to the advisory agreement with the Advisor (as amended from time to time, the “Advisory Agreement”), the Advisor manages the Company’s day-to-day operations. The initial term of the Advisory Agreement ends in July 2030 and will automatically renew for successive five-year terms unless either party gives written notice of its election not to renew at least 180 days prior to the then-applicable expiration date. The Company may only elect not to renew the Advisory Agreement on this basis with the prior approval of at least two-thirds of the Company’s independent directors, and no change of control fee (as defined in the Advisory Agreement) is payable if the Company makes this election. Asset Management Fees and Variable Management/Incentive Fees 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 January 2023 (see Note 7 — Stockholders Equity ). Equity proceeds are defined as, with respect to any period, cumulative net proceeds of all common and preferred equity and equity-linked securities issued by the Company and its subsidiaries during the period, including: (i) any equity issued in exchange or conversion of exchangeable notes based on the stock price at the date of issuance and convertible equity; (ii) any other issuances of equity, including but not limited to units in the OP (excluding equity-based compensation but including issuances related to an acquisition, investment, joint-venture or partnership); and (iii) effective following the time the Company commences paying a dividend of at least $0.05 per share per annum to its stockholders, (which occurred in October 2020), any cumulative Core Earnings (as defined in the Advisory Agreement) in excess of cumulative distributions paid on the Company’s common stock since November 16, 2018, the effective date of the most recent amendment and restatement of the Advisory Agreement. The Advisory Agreement also entitles the Advisor to an incentive variable management fee. Currently and during the year ended December 31, 2021, the variable management fee is equal to (i) the product of (a) the diluted weighted-average outstanding shares of common stock for the calendar quarter (excluding any equity-based awards that are subject to performance metrics that are not currently achieved) multiplied by (b) 15.0% multiplied by (c) the excess of Core Earnings Per Adjusted Share for the previous three-month period in excess of $0.1458 (before any adjustment 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 $0.1944 (before any adjustment for the Reverse Stock Split). The variable management fee is payable quarterly in arrears in cash, shares of common stock, units of limited partnership inter est in the OP or a combination thereof, at the Advisor’s election. No incentive variable management fees were earned during the three months ended March 31, 2023 or 2022. 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 $10.55 per share. The Advisor reinvested base management fees, aggregating approximately $1.0 million in shares of the Company’s Class A common stock in the first quarter of 2022 (see Note 7 — Stockholders Equity for more information) . Management Fee Expense The Compan y recorded expense of $1.5 million and $1.5 million for base asset management fees during the three months ended March 31, 2023 and 2022. There were no variable management fees incurred in either of these periods. The management fees for the first quarter of 2023 and 2022 were paid partially with cash. The Advisor may elect to but is not obligated to accept shares in lieu of cash for these management fees and makes this election on a monthly basis. The management fees for both periods were paid as follows: • The Company paid cash base management fees of $1.0 million (for February 2023 and March 2023) in the three months ended March 31, 2023. In addition, the Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee for January 2023 and as a result, the Company issued 31,407 shares of its Class A common stock (adjusted for the Reverse Stock Split) using the 10-day average price of $15.92 (adjusted for the Reverse Stock Split). Subsequent to the quarter ended March 31, 2023, the Advisor was paid cash for its management fee for April and May 2023. • The Company paid cash base management fees of $0.5 million (for January 2022) in the three months ended March 31, 2022. Also, in accordance with the Side Letter, the Advisor reinvested base management fees, aggregating approximately $1.0 million in shares of the Company’s Class A common stock in the first quarter of the year ended December 31, 2022. As a result, the Company issued 5,672 and 5,438 shares (both adjusted for the Reverse Stock Split) of its Class A common stock in February and March 2022, respectively, in connection with the reinvestment by the Advisor of 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. For the full year ended December 31, 2022 in connection with the monthly base management fee earned by the Advisor, an aggregate of 129,671 shares were issued (including those issued in the three months ended March 31, 2022). 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 for January 2023, as elected by the Advisor, are treated as issued using the closing price on date of issue and the related expense totaled $0.5 million and $1.0 million and for the three months ended March 31, 2023 and 2022 , respectively. Property Management Fees Pursuant to the Property Management and Leasing Agreement (the “PMA”), as most recently amended on November 16, 2018, except in certain cases where the Company contracts with a third party, the Company pays the Property Manager a property management fee equal to: (i) for non-hotel properties, 3.25% of gross revenues from the properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on a percentage of gross revenues. The term of the PMA is coterminous with the term of the Advisory Agreement. Pursuant to the PMA, the Company reimburses the Property Manager for property-level expenses. These reimbursements are not limited in amount and may include reasonable salaries, bonuses, and benefits of individuals employed by the Property Manager, except for the salaries, bonuses, and benefits of individuals who also serve as one of the Company’s executive officers or as an executive officer of the Property Manager or any of its affiliates. The Property Manager may also subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracts for these services. On April 13, 2018, in connection with the loan for its 400 E. 67th Street - Laurel Condominium and 200 Riverside Boulevard properties, the Company entered into a new property management agreement with the Property Manager (the “April 2018 PMA”) to manage the properties secured by the loan. With respect to these properties, the substantive terms of the April 2018 PMA are identical to the terms of the PMA, except that the property management fee for non-hotel properties is 4.0% of gross revenues from the properties managed, plus market-based leasing commissions. The April 2018 PMA has an initial term of one year that is automatically extended for an unlimited number of successive one-year terms at the end of each year unless any party gives 60 days’ written notice to the other parties of its intention to terminate. The Company incurred approximately $0.4 million in property management fees during both the three months ended March 31, 2023, and three months ended March 31, 2022. 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: • (i) 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, (ii) $0.4 million, or (iii) 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%. • (i) 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, (ii) $2.6 million, or (iii) if the Asset Cost as of the last day of the fiscal year is equal to or greater than $1.25 billion, (x) the Asset Cost as of the last day of the fiscal year multiplied by (y) 0.30%. Professional fees and other reimbursements for the three months ended March 31, 2023 were $1.4 million, and were $1.5 million for the three months ended March 31, 2022. These amounts include reimbursements to the Advisor for administrative, overhead and personnel services, which are subject to the limits noted above, as well as costs associated with directors and officers insurance which are not subject to those limits. The amount of expenses included within professional fees and other reimbursements related to administrative, overhead and personnel services provided by and reimbursed to the Advisor for the three months ended March 31, 2023 and 2022 were $1.0 million ( $0.8 million were for salaries, wages, and benefits and $0.2 million related to administrative and overhead expenses) and $1.3 million ($1.0 million were for salaries, wages, and benefits and $0.3 million related to administrative and overhead expenses), respectively. Summary of Fees, Expenses and Related Payables The following table details amounts incurred in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended March 31, Payable (receivable) as of (In thousands) 2023 2022 March 31, 2023 December 31, 2022 Ongoing fees: Asset and property management fees to related parties (1) $ 1,884 $ 1,922 $ 437 $ 118 Professional fees and other reimbursements (2) 1,361 1,484 — — Total related party operation fees and reimbursements $ 3,245 $ 3,406 $ 437 $ 118 ________ (1) During the three months ended March 31, 2023, approximately $0.5 million of this expense was paid with shares of the Company’s Class A common stock (see disclosed above) for shares accepted in lieu of cash. During the three months ended March 31, 2022, the Advisor was paid base management fees aggregating $1.0 million in cash and reinvested these fees in shares of the Company’s Class A common stock in February and March of 2022. (2) Amounts for the three months ended March 31, 2023 and 2022 are included in general and administrative expenses in the unaudited consolidated statements of operations and comprehensive loss. Termination Fees Payable to the Advisor The Advisory Agreement requires the Company to pay a termination fee to the Advisor in the event the Advisory Agreement is terminated prior to the expiration of the initial term in certain limited scenarios. The termination fee will be payable to the Advisor if either the Company or the Advisor exercises the right to terminate the Advisory Agreement in connection with the consummation of the first change of control (as defined in the Advisory Agreement). The termination fee is equal to • $15 million plus an amount equal to the product of (i) three (if the termination was effective on or prior to June 30, 2020) or four (if the termination is effective after June 30, 2020), multiplied by (ii) applicable Subject Fees. The “Subject Fees” are equal to (i) the product of • (a) 12, multiplied by (b) the actual base management fee for the month immediately prior to the month in which the Advisory Agreement is terminated, plus (ii) the product of (x) four multiplied by (y) the actual variable management fee for the quarter immediately prior to the quarter in which the Advisory Agreement is terminated, plus, (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity issued by the Company and its subsidiaries in respect of the fiscal quarter immediately prior to the fiscal quarter in which the Advisory Agreement is terminated.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity Plans Restricted Share Plan Prior to the Listing, the Company had an employee and director incentive restricted share plan (as amended, the “RSP”). The RSP provided for the automatic grant of the number of restricted shares equal to $30,000 divided by the then-current Estimated Per-Share NAV, which were made without any further approval by the Company’s board of directors or the stockholders, after initial election to the board of directors and after each annual stockholder meeting, with such restricted shares vesting annually over a five-year period following the grant date in increments of 20.0% per annum. The RSP also provided the Company with the ability to grant awards of restricted shares to the Company’s board of directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. 2020 Equity Plan Effective at the Listing, the Company’s independent directors approved an equity plan for the Advisor (the “Advisor Plan”) and an equity plan for individuals (the “Individual Plan” and together with the Advisor Plan, the “2020 Equity Plan”). The Advisor Plan is substantially similar to the Individual Plan, except with respect to the eligible participants. Awards under the Individual Plan are open to the Company’s directors, officers and employees (if the Company ever has employees), employees, officers and directors of the Advisor and as a general matter, employees of affiliates of the Advisor that provide services to the Company. Awards under the Advisor Plan may only be granted to the Advisor and its affiliates (including any person to whom the Advisor subcontracts substantially all of responsibility for directing or performing the day-to-day business affairs of the Company). The 2020 Equity Plan succeeded and replaced the existing RSP. Following the effectiveness of the 2020 Equity Plan at the Listing, no further awards have been or will be granted under the RSP; provided, however, any outstanding awards under the RSP, such as unvested restricted shares held by the Company’s independent directors, will remain in effect in accordance with their terms and the terms of the RSP, until all those awards are exercised, settled, forfeited, canceled, expired or otherwise terminated. The Company accounts for forfeitures when they occur. While the RSP provided only for awards of restricted shares, the 2020 Equity Plan has been e xpanded to also permit awards of restricted stock units, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards. In addition, the 2020 Equity Plan eliminates the “automatic grant” provisions of the RSP that dictated the terms and amount of the annual award of restricted shares to independent directors. Grants to independent directors after the Listing are made in accordance with the Company’s new director compensation program, as described below under “—Director Compensation.” The 2020 Equity Plan has a term of 10 years, expiring August 18, 2030. The number of shares of the Company’s capital stock that may be issued or subject to awards under the 2020 Equity Plan, in the aggregate, is equal to 20.0% of the Company’s outstanding shares of 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 On August 18, 2020 the Company listed shares of its Class A common stock on the NYSE (the “Listing Date”), and effective on that date, the Company’s independent directors approved a change to the Company’s director compensation program. Starting with the annual award of restricted shares made in connection with the Company’s 2021 annual meeting of stockholders, the amount of the annual award was increased from $30,000 to $65,000. No other changes have been made to the Company’s director compensation program. Restricted Shares Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends on the same basis as dividends paid on shares of common stock, if any, prior to the time that the restrictions on the restricted shares have lapsed and thereafter. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. In March 2022, the compensation committee delegated authority to the Company’s chief executive officer to award up to 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 . As o f March 31, 2023 there have been no shares awarded. Restricted share awards that have been granted to the Company’s directors provide for accelerated vesting of the portion of the unvested restricted shares scheduled to vest in the year of the recipient’s voluntary termination or the failure to be re-elected to the Company’s board of directors. During the second quarter of the year ended December 31, 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 The following table displays restricted share award activity during the three months ended March 31, 2023: Number of Weighted-Average Issue Price Unvested, December 31, 2022 18,134 $ 90.16 Granted 2,038 $ 15.44 Vested — $ — Forfeitures — $ — Unvested, March 31, 2023 20,172 $ 82.61 As of March 31, 2023, the Company ha d $1.3 million of unrecognized compensation cost related to unvested restricted share awards granted and is expected to be recognized over a weighted-average period of 3.6 years. Restricted share awar ds are expensed in accordance with the service period required. Compensation expense related to restricted share awards was approximat ely $0.1 million for the three months ended March 31, 2023, and $27,746 for the three months ended March 31, 2022. Compensation expense related to restricted share awards is recorded as equity-based compensation in the accompanying unaudited consolidated statements of operations and comprehensive loss. Also, for the three and nine months ended September 30, 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 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 LTIP Unit. On September 30, 2020, the 30th trading day following the Listing Date, in accordance with its terms, the single LTIP Unit automatically converted into 501,605 LTIP Units (adjusted for the Reverse Stock Split), the quotient of $50.0 million divided by $99.68 (adjusted for the Reverse Stock Split), representing 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 single LTIP Unit converted (September 30, 2020), on which date the fair value was also fixed. The total fair value of the LTIP Units of $25.8 million is being recorded over the requisite service period of 3.07 years beginning on the Grant Date and ending on the third anniversary of the Listing Date (August 18, 2023). As a result, during the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense related to the LTIP Units of $2.1 million. Equity-based compensation expense related to the LTIP Units is recorded in equity-based compensation in the consolidated statements of operations and comprehensive loss. As of March 31, 2023, the Company had $3.2 million of unrecognized compensation expense related to the LTIP Units, which is expected to be recognized over a period of 0.4 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 three month period ended March 31, 2023, the Company did zero pay distributions related to the LTIP units and during the three months ended March 31, 2022, the Company paid $40,000 of distributions related to the LTIP units. Performance Measures With respect to one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute total stockholder return (“TSR”) levels as shown in the table below. Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12% 0 % Threshold 12% 25 % Target 18 % 50 % Maximum 24 % or higher 100 % If the Company’s absolute TSR is more than 12% but less than 18%, or more than 18% but less than 24%, the percentage of the Absolute TSR LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. With respect to the remaining one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period base on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Empire State Realty Trust, Inc., Franklin Street Properties Corp., Paramount Group, Inc. and Clipper Realty Inc. as of the last day of the performance period. Performance Level Relative TSR Excess Percentage of LTIP Units Earned Below Threshold Less than -600 basis points 0 % Threshold -600 basis points 25 % Target 0 basis points 50 % Maximum +600 basis points 100 % If the relative TSR excess is between -600 basis points and zero basis points, or between zero basis points and +600 basis points, the number of LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. Other Terms In the case of a change of control (as defined in the Advisory Agreement) 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 (as defined in the Advisory Agreement) 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(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 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

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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. The Company is subject to U.S. federal, state and local income taxes. For deferred items, the Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. 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 March 31, 2023 and 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). The effective tax rate was zero for the three months ended March 31, 2023 and 2022. The Company expects to have a taxable loss for federal, state and local income taxes for the year ending December 31, 2023. Accordingly, the Company has recorded no income tax expense (after considering changes in the valuation allowance) for the period ended March 31, 2023. The Company remains in a net deferred tax asset with a full valuation allowance as of both March 31, 2023 and December 31, 2022. As of March 31, 2023, the Company had no material uncertain tax positions.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2023 2022 (1) Net loss attributable to common stockholders (in thousands) $ (11,758) $ (11,712) Adjustments to net loss attributable to common stockholders — (40) Adjusted net loss attributable to common stockholders $ (11,758) $ (11,752) Weighted average shares outstanding — Basic and Diluted (2) 2,038,880 1,662,456 (2) Net loss per share attributable to common stockholders — Basic and Diluted (2) $ (5.77) $ (7.07) (2) - (1) The three month period ended March 31, 2022 was revised ( s ee Note 1 — Organization for more information). (2) Retroactively adjusted for the effects of the Reverse Stock Split (s ee Note 1 ). 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 is no adjustment for the three month period ended March 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 loss 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. Three Months Ended March 31, 2023 2022 Unvested restricted shares (1) 20,104 3,147 LTIP Units (2) 501,605 501,605 Total weighted-average anti-dilutive common share equivalents 521,709 504,752 _______ (1) There were 20,172 and 18,134 unvested restricted shares outstanding as of March 31, 2023 and 2022, respectively (adjusted for the Reverse Stock Split). (2) There were 501,605 LTIP Units outstanding (adjusted for the Reverse Stock Split) as of March 31, 2023 and 2022, respectively (see Note 11 — Equity-Based Compensation for additional information). If dilutive, conditionally issuable shares relating to the 2020 OPP award (see Note 11 — Equity-Based Compensation for additional information) would be included, as applicable, in the computation of fully diluted EPS on a weighted-average basis for and three month periods ended March 31, 2023 and 2022, respectively, 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 three month periods ended March 31, 2023 because either or both (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 March 31, 2023 and 2022 or (ii) the Company recorded a net loss to common stockholders for all periods presented and any shares conditionally issuable under the LTIPs would be anti-dilutive.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2023 and 2022, respectively, are not necessarily indicative of the results for the entire year or any subsequent interim period.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable.
Non-controlling Interests	Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Under the multi-year outperformance agreement with the Advisor (the “2020 OPP”), the OP issued a class of units of limited partnership (“LTIP Units”) during 2020, which are reflected as part of non-controlling interest as of March 31, 2023 and December 31, 2022 (see Note 7 - Stockholders’ Equity and Note 11 - Equity-Based Compensation
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2023, these leases had a weighted-average remaining lease ter m of 7.0 years . B ecause many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in total revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. To the extent such costs exceed the applicable tenant’s base year, many but not all of the Company’s leases require the tenant to pay its allocable share of increases in operating expenses, which may include common area maintenance costs, real estate taxes and insurance. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard, 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 December 31, 2022, 2021 and 2020, respectively, this assessment 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.
Lessee Accounting	For additional information and disclosures related to the Company’s operating leases, see Note 8 - Commitments and Contingencies .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Fully Adopted as of March 31, 2023 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 Measurement	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instrument, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Financial Instruments Measured at Fair Value on a Recurring Basis Derivative Instruments The Company’s derivative instruments are measured at fair value on a recurring basis. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of March 31, 2023, 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.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Restatement and Revision of Previously Issued Interim Financial Statements	Consolidated Balance Sheet: As of March 31, 2022 As Previously Reported Adjustments As Revised Total Assets $ 810,182 — $ 810,182 Accounts payable, accrued expenses and other liabilities $ 10,141 607 $ 10,748 Total liabilities $ 466,583 607 $ 467,190 Distributions in excess of accumulated earnings $ (363,183) (607) $ (363,790) Total stockholders’ equity $ 329,360 (607) $ 328,753 Total equity $ 343,599 (607) $ 342,992 Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Revenue from tenants $ 15,646 $ — $ 15,646 Operating expenses: Asset and property management fees to related parties 1,922 — 1,922 Property operating 8,578 19 8,597 Equity-based compensation 2,120 — 2,120 General and administrative 2,398 588 2,986 Depreciation and amortization 6,981 — 6,981 Total operating expenses 21,999 607 22,606 Operating loss (6,353) (607) (6,960) Other income (expense): Interest expense (4,715) — (4,715) Other expense (37) — (37) Total other expense (4,752) — (4,752) Net loss and Net loss attributable to common stockholders (11,105) (607) (11,712) Other comprehensive income (loss): Change in unrealized gain on derivative 1,750 — 1,750 Other comprehensive income 1,750 — 1,750 Comprehensive loss (9,355) (607) (9,962) Weighted-average shares outstanding — Basic and Diluted (1) 1,662,456 1,662,456 Net loss per share attributable to common stockholders — Basic and Diluted (1) (6.70) (0.37) (7.07) (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 ). Consolidated Statements of Changes in Equity: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Distributions in excess of accumulated earnings, Beginning of the period $ (350,709) — $ (350,709) Total Stockholders equity, beginning of the period $ 338,989 — $ 338,989 Total equity, Beginning of the period $ 351,136 — $ 351,136 Net loss $ (11,105) (607) $ (11,712) Distributions in excess of accumulated earnings, end of the period $ (363,183) (607) $ (363,790) Total Stockholders equity, end of the period $ 329,360 (607) $ 328,753 Total equity, end of the period $ 343,599 (607) $ 342,992 Consolidated Statements of Cash Flows: Three Months Ended March 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Net loss $ (11,105) (607) $ (11,712) Changes in assets and liabilities: Accounts payable, accrued expenses and other liabilities $ 1,384 607 $ 1,991

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate Investments, Net [Abstract]
Schedule of Finite-lived intangible assets amortization expense	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented: Three Months Ended March 31, 2023 2022 In-place leases $ 1,094 $ 1,280 Other intangibles 177 177 Total included in depreciation and amortization $ 1,271 $ 1,457 Above-market lease intangibles $ 280 $ 262 Below-market lease liabilities (256) (326) Total included in revenue from tenants $ 24 $ (64) Below-market ground lease, included in property operating expenses $ 12 $ 12
Schedule of finite-lived intangible assets, future amortization expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years as of March 31, 2023: (In thousands) 2023 (remainder) 2024 2025 2026 2027 In-place leases $ 2,276 $ 2,259 $ 1,200 $ 632 $ 624 Other intangibles 531 708 708 708 708 Total to be included in depreciation and amortization $ 2,807 $ 2,967 $ 1,908 $ 1,340 $ 1,332 Above-market lease assets $ 545 $ 314 $ 123 $ 117 $ 117 Below-market lease liabilities (690) (850) (503) (183) (180) Total to be included in revenue from tenants $ (145) $ (536) $ (380) $ (66) $ (63)

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The Company’s mortgage notes payable, net as of March 31, 2023 and December 31, 2022 are as follows: Outstanding Loan Amount Portfolio Encumbered Properties March 31, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) 123 William Street (1) 1 $ 140,000 $ 140,000 4.73 % Fixed Mar. 2027 9 Times Square 1 49,500 49,500 3.72 % Fixed (2) Apr. 2024 1140 Avenue of the Americas (3) 1 99,000 99,000 4.17 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.58 % Fixed May 2028 8713 Fifth Avenue (4) 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 7 399,500 399,500 4.35 % Less: deferred financing costs, net (5) (4,955) (5,341) Mortgage notes payable, net $ 394,545 $ 394,159 _______ (1) As of March 31, 2023, $0.5 million was in escrow in accordance with the conditions under the loan agreement and presented as part of restricted cash on the consolidated balance sheet. The restricted cash can be used to fund leasing activity, tenant improvements and leasing commissions related to this property. (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 March 31, 2023 (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 March 31, 2023 and December 31, 2022, there was $4.3 million and $3.6 million, respectively, held in a cash management account, which is part of the Company’s restricted cash on its consolidated balance sheet. See “Debt Covenants” section below for additional details (4) 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 March 31, 2023 and 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 began occupying a portion of the leased space in the first quarter of 2023, which brought the occupancy at this property back to 88.6%, and when this same tenant occupies the remainder of the space in the second quarter of 2023, it will bring the occupancy to 100%. (5) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal payments subsequent to March 31, 2023: (In thousands) Future Minimum Principal Payments 2023 (remainder) $ — 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)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured on a non-recurring basis	(In thousands) Quoted Prices Significant Other Significant Total March 31, 2023 Interest rate “Pay - Fixed” swaps - assets $ — $ 1,230 $ — $ 1,230 Total $ — $ 1,230 $ — $ 1,230 December 31, 2022 Interest rate “Pay - Fixed” swaps - assets $ — $ 1,607 $ — $ 1,607 Total $ — $ 1,607 $ — $ 1,607
Schedule of instruments not reported at fair value	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below: March 31, 2023 December 31, 2022 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 48,494 $ 49,500 $ 48,282 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 90,147 99,000 89,015 Mortgage note payable — 123 William Street 3 140,000 128,347 140,000 126,814 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,649 50,000 44,023 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,060 10,000 8,933 Mortgage note payable — 196 Orchard Street 3 51,000 44,604 51,000 42,349 Total $ 399,500 $ 365,301 $ 399,500 $ 359,416

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. (In thousands) Balance Sheet Location March 31, December 31, 2022 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset (liability), at fair value $ 1,230 $ 1,607
Schedule of notional amounts of outstanding derivative positions	As of March 31, 2023 and December 31, 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. March 31, 2023 December 31, 2022 Interest Rate Derivative Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest Rate “Pay-fixed” Swap 1 $ 49,500 1 $ 49,500
Schedule of gain or loss recognized	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the periods indicated. Three Months Ended March 31, (In thousands) 2023 2022 Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ (74) $ 1,424 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 308 $ (288) Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,663 $ 4,715
Schedule of offsetting derivatives	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 $ 1,230 $ — $ — $ 1,230 $ — $ — 1,230 December 31, 2022 $ 1,607 $ — $ — $ 1,607 $ — $ — 1,607

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments for operating leases under Topic 842	The following table reflects the ground lease rent payments due from the Company and a reconciliation to the net present value of those payments as of March 31, 2023: (In thousands) Future Base Rent Payments 2023 (remainder) $ 3,560 2024 4,746 2025 4,746 2026 4,746 2027 4,746 Thereafter 193,008 Total lease payments 215,552 Less: Effects of discounting (160,850) Total present value of lease payments $ 54,702

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of amount contractually due and forgiven in connection with operation related services	The following table details amounts incurred in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended March 31, Payable (receivable) as of (In thousands) 2023 2022 March 31, 2023 December 31, 2022 Ongoing fees: Asset and property management fees to related parties (1) $ 1,884 $ 1,922 $ 437 $ 118 Professional fees and other reimbursements (2) 1,361 1,484 — — Total related party operation fees and reimbursements $ 3,245 $ 3,406 $ 437 $ 118 ________ (1) During the three months ended March 31, 2023, approximately $0.5 million of this expense was paid with shares of the Company’s Class A common stock (see disclosed above) for shares accepted in lieu of cash. During the three months ended March 31, 2022, the Advisor was paid base management fees aggregating $1.0 million in cash and reinvested these fees in shares of the Company’s Class A common stock in February and March of 2022. (2) Amounts for the three months ended March 31, 2023 and 2022 are included in general and administrative expenses in the unaudited consolidated statements of operations and comprehensive loss.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of equity based compensation	The following table displays restricted share award activity during the three months ended March 31, 2023: Number of Weighted-Average Issue Price Unvested, December 31, 2022 18,134 $ 90.16 Granted 2,038 $ 15.44 Vested — $ — Forfeitures — $ — Unvested, March 31, 2023 20,172 $ 82.61 Performance Level Absolute TSR Percentage of LTIP Units Earned Below Threshold Less than 12% 0 % Threshold 12% 25 % Target 18 % 50 % Maximum 24 % or higher 100 % With respect to the remaining one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period base on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Empire State Realty Trust, Inc., Franklin Street Properties Corp., Paramount Group, Inc. and Clipper Realty Inc. as of the last day of the performance period. Performance Level Relative TSR Excess Percentage of LTIP Units Earned Below Threshold Less than -600 basis points 0 % Threshold -600 basis points 25 % Target 0 basis points 50 % Maximum +600 basis points 100 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of earnings per share	The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2023 2022 (1) Net loss attributable to common stockholders (in thousands) $ (11,758) $ (11,712) Adjustments to net loss attributable to common stockholders — (40) Adjusted net loss attributable to common stockholders $ (11,758) $ (11,752) Weighted average shares outstanding — Basic and Diluted (2) 2,038,880 1,662,456 (2) Net loss per share attributable to common stockholders — Basic and Diluted (2) $ (5.77) $ (7.07) (2) - (1) The three month period ended March 31, 2022 was revised ( s ee Note 1 — Organization for more information). (2) Retroactively adjusted for the effects of the Reverse Stock Split (s ee Note 1 ).
Schedule of antidilutive securities excluded from computation of earnings per share	The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented. Three Months Ended March 31, 2023 2022 Unvested restricted shares (1) 20,104 3,147 LTIP Units (2) 501,605 501,605 Total weighted-average anti-dilutive common share equivalents 521,709 504,752 _______ (1) There were 20,172 and 18,134 unvested restricted shares outstanding as of March 31, 2023 and 2022, respectively (adjusted for the Reverse Stock Split). (2) There were 501,605 LTIP Units outstanding (adjusted for the Reverse Stock Split) as of March 31, 2023 and 2022, respectively (see Note 11 — Equity-Based Compensation for additional information).

Organization - Narrative (Detai

Organization - Narrative (Details) ft² in Millions, $ in Millions	Feb. 27, 2023 shares	Feb. 22, 2023 USD ($)	Jan. 11, 2023	Mar. 31, 2023 USD ($) ft² property
Reclassification [Line Items]
Number of real estate properties | property				8
Net rentable area (sqft) | ft²				1.2
Aggregate purchase price of real estate				$ 790.7
Reverse stock split			0.125
Gross proceeds		$ 5
Common Class A
Reclassification [Line Items]
Shares purchased (in shares) | shares	386,100

Organization - Schedule of Cond

Organization - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Reclassification [Line Items]
Total Assets	$ 786,283	$ 790,455	$ 810,182
Accounts payable, accrued expenses and other liabilities	13,113	12,787	10,748
Total liabilities	470,127	468,879	467,190
Distributions in excess of accumulated earnings	(411,113)	(399,355)	(363,790)
Total stockholders’ equity	293,550	301,062	328,753
Total equity	$ 316,156	$ 321,576	342,992	$ 351,136
As Previously Reported
Reclassification [Line Items]
Total Assets			810,182
Accounts payable, accrued expenses and other liabilities			10,141
Total liabilities			466,583
Distributions in excess of accumulated earnings			(363,183)
Total stockholders’ equity			329,360
Total equity			343,599	351,136
Adjustments
Reclassification [Line Items]
Total Assets			0
Accounts payable, accrued expenses and other liabilities			607
Total liabilities			607
Distributions in excess of accumulated earnings			(607)
Total stockholders’ equity			(607)
Total equity			$ (607)	$ 0

Organization - Schedule of Cons

Organization - Schedule of Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Reclassification [Line Items]
Revenue from tenants		$ 15,534	$ 15,646
Operating expenses:
Asset and property management fees to related parties		1,884	1,922
Property operating		8,421	8,597
Equity-based compensation		2,200	2,120
General and administrative		3,181	2,986
Depreciation and amortization		6,952	6,981
Total operating expenses		22,638	22,606
Operating loss		(7,104)	(6,960)
Other income (expense):
Interest expense		(4,663)	(4,715)
Other expense		9	(37)
Total other expense		(4,654)	(4,752)
Net loss and Net loss attributable to common stockholders		$ (11,758)	(11,712)
Other comprehensive income (loss):
Change in unrealized (loss) gain on derivative			1,750
Other comprehensive income			1,750
Comprehensive loss			$ (9,962)
Weighted-average shares outstanding — basic (in shares)	[1]	2,038,880	1,662,456
Weighted-average shares outstanding — diluted (in shares)	[1]	2,038,880	1,662,456
Net loss per share attributable to common stockholders - basic (in dollars per share)	[1]	$ (5.77)	$ (7.07)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	[1]	$ (5.77)	$ (7.07)
As Previously Reported
Reclassification [Line Items]
Revenue from tenants			$ 15,646
Operating expenses:
Asset and property management fees to related parties			1,922
Property operating			8,578
Equity-based compensation			2,120
General and administrative			2,398
Depreciation and amortization			6,981
Total operating expenses			21,999
Operating loss			(6,353)
Other income (expense):
Interest expense			(4,715)
Other expense			(37)
Total other expense			(4,752)
Net loss and Net loss attributable to common stockholders			(11,105)
Other comprehensive income (loss):
Change in unrealized (loss) gain on derivative			1,750
Other comprehensive income			1,750
Comprehensive loss			$ (9,355)
Weighted-average shares outstanding — basic (in shares)			1,662,456
Weighted-average shares outstanding — diluted (in shares)			1,662,456
Net loss per share attributable to common stockholders - basic (in dollars per share)			$ (6.70)
Net loss per share attributable to common stockholders - diluted (in dollars per share)			$ (6.70)
Adjustments
Reclassification [Line Items]
Revenue from tenants			$ 0
Operating expenses:
Asset and property management fees to related parties			0
Property operating			19
Equity-based compensation			0
General and administrative			588
Depreciation and amortization			0
Total operating expenses			607
Operating loss			(607)
Other income (expense):
Interest expense			0
Other expense			0
Total other expense			0
Net loss and Net loss attributable to common stockholders			(607)
Other comprehensive income (loss):
Change in unrealized (loss) gain on derivative			0
Other comprehensive income			0
Comprehensive loss			$ (607)
Net loss per share attributable to common stockholders - basic (in dollars per share)			$ (0.37)
Net loss per share attributable to common stockholders - diluted (in dollars per share)			$ (0.37)
[1] (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information).

Organization - Consolidated Sta

Organization - Consolidated Statements of Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions in excess of accumulated earnings, Beginning of the period	$ (350,709)	$ (350,709)
Beginning balance	351,136	351,136
Net loss	(11,712)	(11,712)
Distributions in excess of accumulated earnings, end of the period	(363,790)
Ending balance	342,992
Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	338,989	338,989
Ending balance	328,753
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions in excess of accumulated earnings, Beginning of the period	(350,709)	(350,709)
Beginning balance	351,136	351,136
Net loss	(11,105)
Distributions in excess of accumulated earnings, end of the period	(363,183)
Ending balance	343,599
As Previously Reported | Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	338,989	338,989
Ending balance	329,360
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions in excess of accumulated earnings, Beginning of the period	0	0
Beginning balance	0	0
Net loss	(607)
Distributions in excess of accumulated earnings, end of the period	(607)
Ending balance	(607)
Adjustments | Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	$ 0
Ending balance	$ (607)

Organization - Schedule of Co_2

Organization - Schedule of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Reclassification [Line Items]
Net loss		$ (11,712)	$ (11,712)
Accounts payable, accrued expenses and other liabilities	$ 1,193	1,991	$ 1,991
As Previously Reported
Reclassification [Line Items]
Net loss		(11,105)
Accounts payable, accrued expenses and other liabilities		1,384
Adjustments
Reclassification [Line Items]
Net loss		(607)
Accounts payable, accrued expenses and other liabilities		$ 607

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Weighted average remaining lease term	7 years

Real Estate Investments - Sched

Real Estate Investments - Schedule of Amortization and Accretion of Market Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	$ 36	$ (51)
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	1,271	1,457
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	1,094	1,280
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	177	177
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	(256)	(326)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	280	262
Rental Income | Amortization and (accretion) of above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	24	(64)
Property Operating Expense | Amortization of below-market ground lease
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	$ 12	$ 12

Real Estate Investments - Sch_2

Real Estate Investments - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets, Net [Abstract]
2023 (remainder)	$ 2,807
2024	2,967
2025	1,908
2026	1,340
2027	1,332
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
2023 (remainder)	2,276
2024	2,259
2025	1,200
2026	632
2027	624
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2023 (remainder)	531
2024	708
2025	708
2026	708
2027	708
Rental Income
Below-market lease liabilities
2023 (remainder)	(690)
2024	(850)
2025	(503)
2026	(183)
2027	(180)
Below Market Lease, Amortization Income,Net Of Fnite Lived Intangible Assets, Maturity Schedule [Abstract]
2023 (remainder)	(145)
2024	(536)
2025	(380)
2026	(66)
2027	(63)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2023 (remainder)	545
2024	314
2025	123
2026	117
2027	$ 117

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Note (Details) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 399,500
Mortgage notes payable, net		$ 394,545	$ 394,159
Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		7
Mortgage notes payable, gross		$ 399,500	399,500
Less: deferred financing costs, net		(4,955)	(5,341)
Mortgage notes payable, net		$ 394,545	394,159
Effective Interest Rate		4.35%
123 William Street | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 140,000	140,000
Effective Interest Rate		4.73%
Escrow deposit		$ 500
9 Times Square | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 49,500	49,500
Effective Interest Rate		3.72%
1140 Avenue of the Americas | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 99,000	99,000
Effective Interest Rate		4.17%
Restricted cash		$ 4,300	3,600
400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		2
Mortgage notes payable, gross		$ 50,000	50,000
Effective Interest Rate		4.58%
8713 5th Avenue | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 10,000	10,000
Effective Interest Rate		5.04%
196 Orchard Street | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage notes payable, gross		$ 51,000	$ 51,000
Effective Interest Rate		3.90%
8713 Fifth Avenue | Mortgages note payable
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 10,000
Percentage of property occupied		88.60%
8713 Fifth Avenue | Mortgages note payable | Forecast
Debt Instrument [Line Items]
Percentage of property occupied	100%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 quarter	Jun. 30, 2023	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument, collateral amount			$ 826,900
Mortgage notes payable, gross			399,500
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross			399,500	$ 399,500
1140 Avenue of the Americas | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross			99,000	99,000
Restricted cash			4,300	$ 3,600
1140 Avenue of the Americas | Mortgages | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Number of consecutive quarters without causing a default event | quarter	2
8713 Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Debt instrument, collateral amount			125
Mortgage notes payable, gross			$ 10,000
Percentage of property occupied			88.60%
8713 Fifth Avenue | Mortgages | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Number of consecutive quarters without causing a default event | quarter	2
8713 Fifth Avenue | Mortgages | Forecast
Debt Instrument [Line Items]
Percentage of property occupied		100%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Mortgage Principal Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder)	$ 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	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	$ 1,230	$ 1,607
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,230	1,607
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair value, measurements, nonrecurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,230	1,607
Fair value, measurements, nonrecurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	1,230	1,607
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	0	0
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	1,230	1,607
Interest Rate “Pay-fixed” Swap | Fair value, measurements, nonrecurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Not Carried at Fair Value (Details) - Mortgages note payable - Significant unobservable inputs - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 399,500	$ 399,500
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	365,301	359,416
9 Times Square | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	49,500	49,500
9 Times Square | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	48,494	48,282
1140 Avenue of the Americas | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	99,000	99,000
1140 Avenue of the Americas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	90,147	89,015
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	128,347	126,814
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
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	44,649	44,023
8713 5th Avenue | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	10,000	10,000
8713 5th Avenue | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	9,060	8,933
196 Orchard Street | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	51,000	51,000
196 Orchard Street | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 44,604	$ 42,349

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 1,230	$ 1,607
Designated as hedging instrument | Interest Rate “Pay-fixed” Swap
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 1,230
Derivative liability		$ 1,607

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Unamortized amount	$ 24,308
Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Loss on hedge		$ 38,388
Interest Rate Swap, LIBOR Based
Derivative [Line Items]
Derivative, notional amount		55,000,000
Interest Rate Swap, SOFR Based
Derivative [Line Items]
Derivative, notional amount		49,500,000
Cash flow hedging | Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Loss on hedge	4,663,000	$ 4,715,000
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	$ 1,300,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Notional Amounts (Details) - Interest Rate “Pay-fixed” Swap $ in Thousands	Mar. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | derivative	1	1
Notional Amount | $	$ 49,500	$ 49,500

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
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in consolidated statements of operations and comprehensive loss		$ 38,388
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion)	$ (74,000)	1,424,000
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense	308,000	(288,000)
Total interest expense recorded in consolidated statements of operations and comprehensive loss	$ 4,663,000	$ 4,715,000

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Schedule of Gross Presentation, Effects of Offsetting and Net Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 1,230	$ 1,607
Gross Amounts of Recognized (Liabilities)	0	0
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets (Liabilities) Presented on the Balance Sheet	1,230	1,607
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ 1,230	$ 1,607

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) $ / shares in Units, $ in Thousands			1 Months Ended									3 Months Ended				12 Months Ended
	Feb. 27, 2023 USD ($) $ / shares shares	Oct. 01, 2020 USD ($)	Jan. 31, 2023 d $ / shares shares	Dec. 31, 2022 $ / shares shares	Nov. 30, 2022 $ / shares shares	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Aug. 31, 2022 $ / shares shares	May 31, 2022 shares	Mar. 31, 2022 shares	Feb. 28, 2022 shares	Mar. 31, 2023 USD ($) d $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 04, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)				1,886,298								2,303,895				1,886,298
Proceeds from rights offering, net | $												$ 4,059			$ 0
Dividend to common stockholders (in dollars per share) | $ / shares															$ 1.60
Management expenses | $												1,500			$ 1,500
Common stock issued to the Advisor in connection with management fees | $												$ 485			1,008
Common stock, shares authorized (in shares)				300,000,000								300,000,000				300,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01								$ 0.01				$ 0.01
Rights Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rights offering, gross | $	$ 5,000
Proceeds from rights offering, net | $	$ 4,100
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)			31,407	24,744	19,320	18,285	18,899	15,586		5,438	5,672
Number of trading days | d			10									10
Average share price (in dollars per share) | $ / shares			$ 15.92	$ 20.24	$ 25.92	$ 27.36	$ 26.24	$ 32.08					$ 26.24			$ 20.24	$ 10.55
Advisor reinvested base management fees | $															$ 1,000	$ 1,000
Shares purchased (in shares)	386,100
Conversion of stock, shares issued (in shares)									1
Common Class A | Rights Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Securities called by each warrant or right (in shares)	0.20130805
Exercise price of warrants or rights (in dollars per share) | $ / shares	$ 12.95
Number of shares called by warrants or rights (in shares)	386,100
Common Class A | Rights Offering | Bellevue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants or rights (in shares)	367,956
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares)												0		606	649
Common Class A | At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to the Advisor in connection with management fees | $		$ 250,000
Common stock, shares authorized (in shares)								125,000
Shares purchased (in shares)													79,114
Proceeds from Issuance or Sale of Equity | $													$ 2,000
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, shares issued (in shares)									1
Series A preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average share price (in dollars per share) | $ / shares												$ 55
Right to receive shares (in shares)												0.055
Preferred stock, par value (in dollars per share) | $ / shares												$ 0.01

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	43 years 9 months 18 days
Weighted average discount rate	8.60%
Operating lease right-of-use asset	$ 54,901		$ 54,954
Operating lease liability	54,702		$ 54,716
Cash paid for lease liabilities	1,200	$ 1,200
Lease expense	$ 1,200	$ 1,200

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Due (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remainder)	$ 3,560
2024	4,746
2025	4,746
2026	4,746
2027	4,746
Thereafter	193,008
Total lease payments	215,552
Less: Effects of discounting	(160,850)
Total present value of lease payments	$ 54,702	$ 54,716

Related Party Transactions an_3

Related Party Transactions and Arrangements (Details) - shares		3 Months Ended
	Nov. 16, 2018	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		2,303,895	1,886,298
Renewal term		5 years
Period prior to expiration date needed to terminate agreement	180 days
Renewal basis percentage		66%
American Strategic Investment Co. | Bellevue
Related Party Transaction [Line Items]
Ownership percentage		34.20%	20%
Special limited partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		290,937	129,671

Related Party Transactions an_4

Related Party Transactions and Arrangements - Asset Management Fees and Variable Management/Incentive Fees (Details) $ / shares in Units, $ in Thousands			1 Months Ended								3 Months Ended		12 Months Ended
	Feb. 04, 2022 USD ($) $ / shares	Jul. 31, 2020	Jan. 31, 2023 d $ / shares shares	Dec. 31, 2022 $ / shares shares	Nov. 30, 2022 $ / shares shares	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Aug. 31, 2022 $ / shares shares	Mar. 31, 2022 shares	Feb. 28, 2022 shares	Mar. 31, 2023 USD ($) d $ / shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares
Related Party Transaction [Line Items]
Asset management fee, percentage of benchmark											1.25%
Dividend to common stockholders (in dollars per share) | $ / shares												$ 1.60
Common stock, par value (in dollars per share) | $ / shares				$ 0.01							$ 0.01		$ 0.01
Management fee expense											$ 1,500	$ 1,500
Common stock issued to the Advisor (in shares) | shares													129,671
Related party transaction expense											3,245	3,406
Property Management and Leasing Fees, Paid with Shares | Incurred | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense											$ 500	1,000
Common Class A
Related Party Transaction [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Advisory agreement management fees	$ 3,000
Average share price (in dollars per share) | $ / shares	$ 10.55		$ 15.92	$ 20.24	$ 25.92	$ 27.36	$ 26.24	$ 32.08					$ 20.24
Advisor reinvested base management fees												1,000	$ 1,000
Common stock issued to directors in lieu of cash for board fees (in shares) | shares			31,407	24,744	19,320	18,285	18,899	15,586	5,438	5,672
Number of trading days | d			10								10
New York City Reit Advisors, LLC | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction, amount												$ 500
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement
Related Party Transaction [Line Items]
Base asset management fee as a percentage of benchmark											$ 500
Variable management fee as a percentage of benchmark											10%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Performance-based equity award
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark											15%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Dividend to common stockholders (in dollars per share) | $ / shares											$ 0.05
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Core Earnings Per Adjusted Share
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark		19.44%
New York City Reit Advisors, LLC | Advisor | The Second Advisory Agreement | Core Earnings Per Adjusted Share | Performance-based equity award
Related Party Transaction [Line Items]
Variable management fee as a percentage of benchmark		14.58%
New York City Reit Advisors, LLC [Member] | Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction, amount											$ 1,000

Related Party Transactions an_5

Related Party Transactions and Arrangements - Property Management Fees (Details) - New York City Reit Advisors, LLC - Advisor - USD ($) $ in Millions		3 Months Ended
	Apr. 13, 2018	Mar. 31, 2023	Mar. 31, 2022
Property Management Fees
Related Party Transaction [Line Items]
Related party transaction, amount		$ 0.4	$ 0.4
Gross Revenue, Stand-alone Single-tenant Net Leased Properties
Related Party Transaction [Line Items]
Percentage of management fees earned	4%	3.25%
Related party initial term	1 year
Related party extended initial term	1 year
Other related parties terminate notice period	60 days

Related Party Transactions an_6

Related Party Transactions and Arrangements - Professional Fees and Other Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction expense	$ 3,245	$ 3,406
Payable (receivable) as of	437		$ 118
Asset and property management fees | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,884	1,922
Payable (receivable) as of	437		118
Professional fees and other reimbursements | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,361	1,484
Payable (receivable) as of	0		$ 0
Property Management and Leasing Fees, Paid with Shares | Incurred | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	500	1,000
Advisor | Professional fees and other reimbursements | Recurring fees
Related Party Transaction [Line Items]
Related party transaction expense	1,400	1,500
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	200	300
Related party transactions related to salaries, wages and benefits	800	1,000
Related party transaction, amount	1,000	$ 1,300
Advisor | Maximum | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Related party transaction related to administrative and overhead expenses	400
Asset cost	1,250,000
Related party transactions related to salaries, wages and benefits	$ 2,600
Advisor | Asset Cost, Administrative and Overhead Expense | Maximum | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.10%
Advisor | Asset Cost, Wage and Benefit Expense | Maximum | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	0.30%

Related Party Transactions an_7

Related Party Transactions and Arrangements - Termination Fees Payable to the Advisor (Details) - Advisor - New York City Reit Advisors, LLC - The Second Advisory Agreement $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 29, 2020
Related Party Transaction [Line Items]
Related party transaction, termination fee	$ 15
Termination Prior to June 30, 2020
Related Party Transaction [Line Items]
Termination fee multiplier		3
Termination After June 30, 2020
Related Party Transaction [Line Items]
Termination fee multiplier		4
Actual Base Management Fee
Related Party Transaction [Line Items]
Termination fee multiplier		12
Actual Variable Management Fee
Related Party Transaction [Line Items]
Termination fee multiplier		4

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended				9 Months Ended
	Aug. 18, 2020	Aug. 31, 2017	Mar. 31, 2022	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation				$ 2,200,000			$ 2,120,000
Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting period						4 years
Periodic vesting percentage						50%
Shares granted (in shares)			25,000		762	13,734
Amortization					$ 100,000			$ 100,000
Unvested restricted shares | 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 Share Plan | Unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares granted	$ 65,000	$ 30,000		$ 30,000
Restricted shares vesting period				5 years
Equity-based compensation				$ 100,000			$ 27,746
Nonvested awards, compensation cost not yet recognized				$ 1,300,000
Unrecognized compensation period				3 years 7 months 6 days
2020 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting period				10 years
Common stock, shares authorized for grant, percentage				20%
Number of shares available for awards under the advisor plan (in shares)				1
Year 1 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage						25%
Year 1 | Restricted Share Plan | Unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage				20%
Year 2 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage						25%
Year 3 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage						25%
Year 4 | Unvested restricted shares | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Periodic vesting percentage						25%

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Share Activity (Details) - Restricted Share Plan - Unvested restricted shares	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Restricted Shares
Beginning balance, unvested (in shares) | shares	18,134
Granted (in shares) | shares	2,038
Vested (in shares) | shares	0
Forfeitures (in shares) | shares	0
Ending balance, unvested (in shares) | shares	20,172
Weighted-Average Issue Price
Unvested beginning balance (in dollars per share) | $ / shares	$ 90.16
Granted (in dollars per share) | $ / shares	15.44
Vested (in dollars per share) | $ / shares	0
Forfeitures (in dollars per share) | $ / shares	0
Unvested ending balance (in dollars per share) | $ / shares	$ 82.61

Equity-Based Compensation - Mul

Equity-Based Compensation - Multi Year Outperformance Award (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2020 USD ($) trading_day $ / shares shares	Sep. 29, 2020 trading_day
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading day | trading_day		30	10
Equity-based compensation expenses	$ 2,100,000
2020 OPP | Performance-based equity award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares		501,605
Value of shares available for grant		$ 50,000,000
Average share price (in dollars per share) | $ / shares		$ 99.68
Fair value of units	$ 25,800,000
Service period	3 years 25 days
Nonvested awards, compensation cost not yet recognized	$ 3,200,000
Unrecognized compensation period	4 months 24 days

Equity-Based Compensation - LTI

Equity-Based Compensation - LTIP TSR (Details) - USD ($)	1 Months Ended								3 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Mar. 31, 2022	Feb. 28, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on the LTIP unit									10%
Distribution on the earned LTIP unit									90%
Distributions paid to non-controlling interest holders											$ 40,000
Performance period									3 years
2020 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for awards under the advisor plan (in shares)									1
Distributions paid to non-controlling interest holders									$ 0		$ 40,000
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)	31,407	24,744	19,320	18,285	18,899	15,586	5,438	5,672
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors in lieu of cash for board fees (in shares)									0	606	649
Absolute TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									12%
Percentage of LTIP Units Earned									0%
Absolute TSR LTIP Units | Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									12%
Percentage of LTIP Units Earned									25%
Absolute TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									18%
Percentage of LTIP Units Earned									50%
Absolute TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									24%
Percentage of LTIP Units Earned									100%
Relative TSR LTIP Units | Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									(6.00%)
Percentage of LTIP Units Earned									0%
Relative TSR LTIP Units | Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									(6.00%)
Percentage of LTIP Units Earned									25%
Relative TSR LTIP Units | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									0%
Percentage of LTIP Units Earned									50%
Relative TSR LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return									6%
Percentage of LTIP Units Earned									100%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax asset, valuation allowance (as a percent)	100%
Effective tax rate (as a percent)	0%	0%
Income tax expense	$ 0

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculations for EPS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net loss and Net loss attributable to common stockholders		$ (11,758)	$ (11,712)
Adjustments to net loss attributable to common stockholders		0	(40)
Adjusted net loss attributable to common stockholders		$ (11,758)	$ (11,752)
Weighted-average shares outstanding — basic (in shares)	[1]	2,038,880	1,662,456
Weighted-average shares outstanding — diluted (in shares)	[1]	2,038,880	1,662,456
Net loss per share attributable to common stockholders - basic (in dollars per share)	[1]	$ (5.77)	$ (7.07)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	[1]	$ (5.77)	$ (7.07)
[1] (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information).

Net Loss Per Share - Shares Exc

Net Loss Per Share - Shares Excluded From Calculation (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	521,709	504,752
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	501,605	501,605
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares outstanding (in shares)	20,172	18,134
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	20,104	3,147
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	501,605	501,605