New York City REIT (NYC) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	222 Bellevue Ave.
Entity Address, City or Town	Newport
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02840
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		2,578,702
Entity Central Index Key	0001595527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Real estate investments, at cost:
Land	$ 188,935	$ 188,935
Buildings and improvements	479,672	479,265
Acquired intangible assets	56,919	56,929
Total real estate investments, at cost	725,526	725,129
Less accumulated depreciation and amortization	(149,916)	(144,956)
Total real estate investments, net	575,610	580,173
Cash and cash equivalents	5,293	5,292
Restricted cash	8,806	7,516
Operating lease right-of-use asset	54,682	54,737
Prepaid expenses and other assets	5,908	6,150
Derivative asset, at fair value	0	400
Straight-line rent receivable	30,782	30,752
Deferred leasing costs, net	8,718	9,152
Total assets	689,799	694,172
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	396,088	395,702
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $615 and $20 at March 31, 2024 and December 31, 2023, respectively)	15,488	12,975
Operating lease liability	54,641	54,657
Below-market lease liabilities, net	1,848	2,061
Deferred revenue	4,367	3,983
Total liabilities	472,432	469,378
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,403,994 and 2,334,340 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	24	23
Additional paid-in capital	730,230	729,644
Accumulated other comprehensive income	0	406
Distributions in excess of accumulated earnings	(512,887)	(505,279)
Total stockholders’ equity	217,367	224,794
Total liabilities and equity	$ 689,799	$ 694,172

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payable (receivable) as of	$ 15,488	$ 12,975
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)	2,403,994	2,334,340
Common stock, shares outstanding (in shares)	2,403,994	2,334,340
Related Party
Payable (receivable) as of	$ 615	$ 20
Common stock, shares outstanding (in shares)	361,544	290,937

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue from tenants	$ 15,481	$ 15,534
Operating expenses:
Asset and property management fees to related parties	1,903	1,884
Property operating	8,382	8,421
Equity-based compensation	54	2,200
General and administrative	2,801	3,181
Depreciation and amortization	5,261	6,952
Total operating expenses	18,401	22,638
Operating loss	(2,920)	(7,104)
Other income (expense):
Interest expense	(4,697)	(4,663)
Other income (expense)	9	9
Total other expense	(4,688)	(4,654)
Net loss before income tax	(7,608)	(11,758)
Net loss and Net loss attributable to common stockholders	(7,608)	(11,758)
Other comprehensive income (loss):
Change in unrealized (loss) gain on derivative	(406)	(382)
Other comprehensive (loss) income	(406)	(382)
Comprehensive loss	$ (8,014)	$ (12,140)
Weighted-average shares outstanding — basic (in shares)	2,322,594	2,038,880
Weighted-average shares outstanding — diluted (in shares)	2,322,594	2,038,880
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (3.28)	$ (5.77)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (3.28)	$ (5.77)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Class A	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, 2022				1,886,298
Beginning 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 (in shares)				31,407
Common stock issued to the Advisor in connection with management fees (see Note 7)	485		485		485
Equity-based compensation (in shares)				2,038
Equity-based compensation	2,200		108		108			2,092
Redemption of fraction shares of common stock (in shares)				(1,948)
Redemption of fractional shares of common stock	(24)		(24)		(24)
Net loss	(11,758)		(11,758)				(11,758)
Other comprehensive loss	(382)		(382)			(382)
Ending balance (in shares) at Mar. 31, 2023				2,303,895
Ending balance at Mar. 31, 2023	$ 316,156		293,550	$ 23	703,385	1,255	(411,113)	22,606
Beginning balance (in shares) at Dec. 31, 2023	2,334,340			2,334,340
Beginning balance at Dec. 31, 2023	$ 224,794		224,794	$ 23	729,644	406	(505,279)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to the Advisor in connection with management fees (in shares)				70,607
Common stock issued to the Advisor in connection with management fees (see Note 7)	533	$ 1	533		532
Equity-based compensation (in shares)				(953)
Equity-based compensation	54		54		54
Net loss	(7,608)		(7,608)				(7,608)
Other comprehensive loss	$ (406)		(406)			(406)
Ending balance (in shares) at Mar. 31, 2024	2,403,994			2,403,994
Ending balance at Mar. 31, 2024	$ 217,367		$ 217,367	$ 24	$ 730,230	$ 0	$ (512,887)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (7,608)	$ (11,758)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,261	6,952
Amortization of deferred financing costs	386	386
Accretion of below- and amortization of above-market lease liabilities and assets, net	(55)	36
Equity-based compensation	54	2,200
Management fees paid/reinvested in common stock by the Advisor	533	485
Impairments of real estate investments	0	0
Changes in assets and liabilities:
Straight-line rent receivable	(30)	(204)
Straight-line rent payable	27	27
Prepaid expenses, other assets and deferred costs	234	(865)
Accounts payable, accrued expenses and other liabilities	2,470	1,193
Deferred revenue	383	806
Net cash provided by (used in) operating activities	1,655	(742)
Cash flows from investing activities:
Capital expenditures	(364)	(2,308)
Net cash used in investing activities	(364)	(2,308)
Cash flows from financing activities:
Proceeds from Rights Offering, net (see Note 7)	0	4,059
Redemption of fractional shares of common stock and restricted shares	0	(24)
Net cash provided by (used in) financing activities	0	4,035
Net change in cash, cash equivalents and restricted cash	1,291	985
Cash, cash equivalents and restricted cash, beginning of period	12,808	16,117
Cash, cash equivalents and restricted cash, end of period	14,099	17,102
Cash and cash equivalents	5,293	8,753
Restricted cash	8,806	8,349
Cash, cash equivalents and restricted cash, end of period	14,099	17,102
Supplemental Disclosures:
Cash paid for interest	4,321	4,190
Non-Cash Investing and Financing Activities:
Net change in accrued capital expenditures for the period	43	(867)
Common stock issued to the Advisor in connection with management fees (see Note 7)	$ 533	$ 485

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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. As of March 31, 2024, the Company owned seven properties consisting of 1.2 million rentable square feet. On December 30, 2022, the Company announced that it was changing its business strategy by expanding the scope of the assets and businesses 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 the 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. par value $0.01 per share (the “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. Additionally, 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 (the “Rights Offering”). 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, 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, 2023, which are included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on April 1, 2024. 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, 2024. 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 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 have historically been reflected as part of non-controlling interest. The performance period under the 2020 OPP expired on August 18, 2023. Following the end of the performance period, as required under the 2020 OPP the compensation committee of the board of directors of the Company, determined that none of the 501,605 of the LTIP Units subject to the 2020 OPP had been earned, and these LTIP Units were thus automatically forfeited effective as of August 18, 2023. On that date, the Company reclassified $25.8 million of amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of changes in equity. No amounts remain in non-controlling interests after the expiration date. Please see Note 7 — Stockholders’ Equity and Note 11 — Equity-Based Compensation for additional information. Continuing Adverse Impacts Since 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. New York City, where all of the Company’s properties are located, was among the hardest hit locations in the country and fully reopened from relevant restrictions and lockdowns in March 2022. While the Company’s properties remain accessible to all tenants and operating restrictions have now expired, some tenants have vacated, terminated or otherwise did not renew their lease. The Company has incurred increased unreimbursed property operating expenses because the Company’s occupancy has not fully recovered to pre-pandemic levels, and these increased expenses have been compounded by inflation. The pace of recovery in the New York City office market from the COVID-19 pandemic continues to be challenging as leasing and occupancy trends for the broader market have slowed, leading political, community and business leaders to propose repositioning plans for many New York City office assets that are experiencing high vacancy rates. There can be no assurance 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. Cash Collection and Mortgage Covenant Breaches In prior periods, the COVID-19 pandemic caused certain of the Company’s tenants to be unable to make rent payments to the Company timely, or at all. Rent collections from the Company’s tenants have generally been timely in the quarters ended March 31, 2024 and 2023 and no new deferral or abatement agreements were entered into. In the years ended December 31, 2021 and 2022, the Company executed different types of lease amendments with tenants which included deferrals, abatements, extensions to the term of the leases, and in one instance, a reduction of the lease term. Beginning in the third and fourth quarters of 2020, the operating results at (i) 9 Times Square, (ii) 1140 Avenue of Americas, (iii) Laurel/Riverside and (iv) 8713 Fifth Avenue properties caused cash trap events under their non-recourse mortgages, which are not considered events of default. When a cash trap is active, operating cash flow from the property after debt service is held in restricted cash as additional collateral for the loan, and the Company is unable to access those funds for other purposes. The Company remains in breach of the 1140 Avenue of the Americas and 8713 Fifth Avenue loans as of March 31, 2024. See Note 4 — Mortgage Notes Payable, Net for further details regarding the status of the debt covenants under the above mentioned mortgages as of March 31, 2024. 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, 2024, these leases had a weighted-average remaining lease ter m of 6.3 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 years 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, 2024 and 2023, 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, 2023, 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 of March 31, 2024 the Company did not have any leases as a lessor that would be considered as sales-type leases or financing under sales-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 Adopted as of March 31, 2024 In November 2023, the FASB issued ASU 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures (Topic 280). The guidance in Topic 280 may be elected beginning December 15, 2023, with interim periods beginning after December 15, 2024, as segment reporting activities occur. The new standard requires a public entity to disclose significant segment expense categories and amounts for each reportable segment. A significant expense is an expense that (i) is significant to the segment, (ii) regularly provided or easily computed from information regularly provided to management and (iii) included in the reported measure of profit or loss. The Company is continuing to evaluate the impact on the Company’s financial statements. The Company does not believe the impact of the adoption of the standard will be material to the financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2024
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, 2024 or 2023. Also, there were no dispositions of real estate during the three months ended March 31, 2024 or 2023. 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, 2024 2023 In-place leases $ 580 $ 1,094 Other intangibles 177 177 Total included in depreciation and amortization $ 757 $ 1,271 Above-market lease intangibles $ 145 $ 280 Below-market lease liabilities (213) (256) Total included in revenue from tenants $ (68) $ 24 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, 2024: (In thousands) 2024 (remainder) 2025 2026 2027 2028 In-place leases $ 1,509 $ 1,164 $ 632 $ 624 $ 584 Other intangibles 531 708 708 708 708 Total to be included in depreciation and amortization $ 2,040 $ 1,872 $ 1,340 $ 1,332 $ 1,292 Above-market lease assets $ 277 $ 123 $ 117 $ 117 $ 112 Below-market lease liabilities (638) (503) (183) (180) (180) Total to be included in revenue from tenants $ (361) $ (380) $ (66) $ (63) $ (68) Significant Tenants As of March 31, 2024 and December 31, 2023, 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.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable, net as of March 31, 2024 and December 31, 2023 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 $ 140,000 $ 140,000 4.74 % Fixed Mar. 2027 9 Times Square (5) 1 49,500 49,500 3.73 % Fixed (1) Apr. 2024 1140 Avenue of the Americas (2) 1 99,000 99,000 4.18 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.59 % Fixed May 2028 8713 Fifth Avenue (3) 1 10,000 10,000 5.05 % Fixed Nov. 2028 196 Orchard Street 1 51,000 51,000 3.91 % Fixed Aug. 2029 Mortgage notes payable, gross 7 399,500 399,500 4.36 % Less: deferred financing costs, net (4) (3,412) (3,798) Mortgage notes payable, net $ 396,088 $ 395,702 _______ (1) 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, 2024 (see Note 6 — Derivatives and Hedging Activities for additional information). (2) 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, 2024 and December 31, 2023, there were $2.6 million and $2.5 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. (3) 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 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, 2024 and December 31, 2023, no cash was trapped related to this property. The Company signed a lease with a new tenant at this property in November 2021, and the tenant began occupying a portion of the leased space in the quarter ended March 31, 2023 and is expected to occupy the remainder of the space in the second quarter of the year ending December 31, 2024, which will bring the occupancy to 100.0%. (4) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements 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. (5) Subsequent to March 31, 2024, the Company entered into an amendment to the loan agreement that extends the maturity of the loan to October 31, 2024, (with the option of an additional extension to January 31, 2025, subject to certain conditions) at an effective variable interest rate of one-month SOFR plus a spread of 2.60% per annum. As announced in the Company’s press release on April 29, 2024, the Company has determined to market certain of their properties for sale, including 9 Times Square. This amended agreement allows the Company to begin marketing the property for sale, with the option to extend in the event the property is under contract for sale but has not yet closed at the time of maturity. For additional information please see Note 14 — Subsequent Events . Collateral and Principal Payments Real estate assets and intangible assets of $716.3 million, at cost (net of below-market lease liabilities), as of March 31, 2024 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, 2024: (In thousands) Future Minimum Principal Payments 2024 (remainder) $ 49,500 2024 (1) — 2026 99,000 2027 140,000 2028 60,000 Thereafter 51,000 Total $ 399,500 (1) Subsequent to March 31, 2024 , the Company entered into an amendment to the loan agreement that extends the maturity of the loan to October 31, 2024, (with the option of an additional extension to January 31, 2025, subject to certain conditions) at an effective variable interest rate of one-month SOFR plus a spread 2.60% per annum. As announced in the Company’s press release on April 29, 2024, the Company has determined to market certain of their properties for sale, including 9 Times Square. This amended agreement allows the Company to begin marketing the property for sale, with the option to extend in the event the property is under contract for sale but has not yet closed at the time of maturity. For additional information please see Note 14 — Subsequent Events . 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 15 quarters ended March 31, 2024. The principal amount of the loan was $99.0 million as of March 31, 2024. 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, 2024 and December 31, 2023 the Company had $2.6 million and $2.5 million, respectivel y, 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 15 quarters ended March 31, 2024. The principal amount for the loan was $10.0 million as of March 31, 2024. The breach of this covenant did not result in an event of default but rather triggered an excess cash flow sweep period that has been ongoing. 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 continues to not elect to fund the $125,000 additional collateral, 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, and the tenant began occupying a portion of the leased space in the quarter ended March 31, 2023 and is expected to occupy the remainder of the space in the second quarter of the year ending December 31, 2024, which will bring the occupancy to 100.0%. 400 E. 67th Street/200 Riverside Blvd. The Company entered a lease sweep period under the non-recourse mortgage secured by 400 E. 67th Street/200 Riverside Blvd. in the three months ended March 31, 2024, resulting from a near-maturity lease with a major tenant at the property set to expire in the second quarter of 2024 that, as of March 31, 2024, was not renewed or extended. The principal amount for the loan was $50.0 million as of March 31, 2024. Under the loan agreement, a lease sweep period is triggered when (i) the date that is twelve months prior to the end of the term of the major lease, (ii) the date required by the major tenant to give notice of its exercise of a renewal option, (iii) any major tenant lease is surrendered or terminated prior to the expiration date, (iv) if the major tenant discontinues its operations and the major tenants long term debt is not rated lower than investment grade, (v) any material default under the major tenant’s lease, (vi) any major tenant insolvency proceeding. Under the lease sweep period, any excess cash generated, if any, is to be held in a segregated reserve account controlled by the lender as additional collateral. 9 Times Square Subsequent to March 31, 2024, the Company entered a cash sweep period under the mortgage secured by the 9 Times Square asset pursuant to an amendment which, among other things, extends the maturity of the loan from April 2024 to October 2024. The amendment provides that Excess Cash Flow (as defined in the Amendment) shall be deposited to an account maintained by the Administrative Agent within ten (10) calendar days of the end of each month. For additional information, please see Note 14 — Subsequent Events. As of March 31, 2024 the Company had $1.1 million retained by the lender in a restricted cash account on the Company’s consolidated balance sheet. The Company may exit the lease sweep period when the major tenant executes a renewal or extension option. Other Debt Covenants The Company was in compliance with the remaining covenants under its other mortgage notes payable as of March 31, 2024 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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, 2024, 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, 2024 Interest rate “Pay - Fixed” swaps - assets $ — $ — $ — $ — Total $ — $ — $ — $ — December 31, 2023 Interest rate “Pay - Fixed” swaps - assets $ — $ 400 $ — $ 400 Total $ — $ 400 $ — $ 400 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 approximate their carrying value on the consolidated balance sheets due to their short-term nature. 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, 2024 December 31, 2023 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 49,452 $ 49,500 $ 49,265 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 69,570 99,000 69,619 Mortgage note payable — 123 William Street 3 140,000 129,242 140,000 130,463 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,837 50,000 45,442 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,050 10,000 9,193 Mortgage note payable — 196 Orchard Street 3 51,000 44,590 51,000 44,857 Total $ 399,500 $ 346,741 $ 399,500 $ 348,839

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023. (In thousands) Balance Sheet Location March 31, December 31, 2023 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset, at fair value $ — $ 400 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, 2024 and year ended December 31, 2023, 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 a $55.0 million notional, LIBOR based “pay-fixed” interest rate swap and replaced it with a $49.5 million notional, SOFR based “pay-fixed” interest rate swap. In connection with this termination/replacement of the swap derivatives, the Company reflected as a charge (associated with the reduced notional amount) of approximately $38,338 in Other Income (Expense) on the Company’s Statement of Operations for the six month period ended June 30, 2022. At the time of the modification a net carrying amount reflecting the amount paid and the off market value rolled into the new swap and remained in Accumulated Other Comprehensive Income. The amount will be amortized into interest expense over the term of the hedged item. There was $66 of unamortized balance left as of March 31, 2024. 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 $65 will be reclassified from other comprehensive income (loss) as a decrease to interest expense. As of March 31, 2024 and December 31, 2023, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. March 31, 2024 December 31, 2023 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) 2024 2023 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ 8 $ (74) Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 414 $ 308 Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,697 $ 4,663 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, 2024 and December 31, 2023. 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 Company’s consolidated balance sheets. 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, 2024 $ — $ — $ — $ — $ — $ — — December 31, 2023 $ 400 $ — $ — $ 400 $ — $ — 400 Credit-Risk-Related Contingent Feature s The Company has agreements with its derivative counterparty that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2024, the Company did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of March 31, 2024, the Company did not post any collateral related to these agreements and was not in breach of any agreement provisions.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of March 31, 2024 and December 31, 2023, the Company had 2.4 million and 2.3 million shares of common stock outstanding, respectively, including unvested restricted shares. As of March 31, 2024, all of the Company’s shares of common stock outstanding were 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 On July 1, 2022, the Company announced that it suspended paying dividends and has not declared or paid dividends, beginning with the quarter ended June 30, 2022. Class A Common Stock Issued to the Advisor In Lieu of Cash In January 2023, the Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee for that month. The Company issued 31,407 shares of its Class A common stock using the 10-day average price of $15.92 per share, which was greater than minimum price required by the NYSE rules. The Company paid the Advisor in cash for the Advisor’s management fees in subsequent months through February 2024. In March 2024, the Advisor elected to receive shares of Class A common stock in lieu of cash in respect of its management fee for that month. The Company issued 70,607 shares of its Class A common stock using the 10-day average price of $7.08 per share, which was greater than minimum price required by the NYSE rules. For accounting purposes, the shares of the Company’s Class A common stock 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. The related expenses are reflected as $0.5 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. The following table shows the shares issued in relation to the advisory and property management agreements as of March 31, 2024 and 2023: Period of Issuance Recipient Agreement Shares Issued Closing Share Price January 2023 The Advisor Advisory Agreement 31,407 (1) $ 15.44 (1) March 2024 The Advisor Advisory Agreement 70,607 $ 7.54 __________ (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization for additional information). Subsequent to March 31, 2024 , the Company issued 91,165 shares of its Class A common stock to the Advisor in April 2024 as a result of the Advisor’s decision to elect to receive shares of the Company’s stock in lieu of cash with respect to the property management fees for the month of March and general and administrative expense reimbursements for the month of February, pursuant to the advisory agreement and property management agreement, respectively. These shares were issued using the 10-day average price of $6.64 per share. Additionally, the Company issued 83,543 shares of its Class A common stock to the Advisor in May 2024 as a result of the Advisor’s decision to elect to receive shares of the Company’s stock in lieu of cash with respect to the asset management fee for the month of May. These shares were issued using the 10-day average price of $6.04 per share. The shares were issued at the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the Second Amended and Restated Advisory Agreement and the Third Amendment to the Property Management and Leasing Agreement. The 10-day average price is calculated as the average of the daily market price of such security for the ten consecutive trading days immediately preceding the date of such valuation. For additional information, please see Note 9 — Related Party Transactions and Agreements and Note 14 — Subsequent Events. 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”). The Company’s ability to sell shares under its existing shelf registration statement, including under the Common Stock ATM Program, was limited to one third of the Company’s market capitalization or “public float” unless the aggregate value of its Class A Common Stock held by non-affiliates exceeds $75.0 million. The shelf Registration Statement covering sales under the Common Stock ATM Program expired on October 1, 2023. 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 of the Company’s shares on the NYSE 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. The expiration date of these rights has subsequently been extended 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 of the Company’s shares on the NYSE 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, 2024 and year ended December 31, 2023 , any DRIP transactions were settled through open market transactions and no shares were issued by the Company. Non-Controlling Interest Following the end of the performance period, which ended on August 18, 2023, as required under the 2020 OPP the compensation committee of the board of directors of the Company determined that none of the 501,605 of the LTIP Units subject to the 2020 OPP had been earned, and these LTIP Units were thus automatically forfeited effective as of August 18, 2023. On that date, the Company reclassified $25.8 million of amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of changes in equity. No amounts remain in non-controlling interests after the expiration date. For additional information on the 2020 OPP, please see Note 11 — Equity-Based Compensation. Tender Offers by an Affiliate of the Advisor On September 27, 2023, Bellevue announced a tender offer to purchase up to 350,000 shares of the Company’s Class A common stock at a purchase price equal to $10.25 per share. The tender offer expired on October 26, 2023 and, 223,460 shares were tendered and accepted by Bellevue for a purchase price to Bellevue of an aggregate of approximately $2.3 million, less any fees, expenses, or taxes withheld. Subsequent to March 31, 2024, Bellevue announced a tender offer to purchase up to 125,000 shares of the Company’s Class A common stock, at a purchase price equal to $9.25 per share. The tender offer expires on July 5, 2024 unless the tender offer is extended or terminated.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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, 2024, the Company’s ground lease had a weighted-average remaining lease term of 42.8 years and a discount rate of 8.6%. As of March 31, 2024, the Company’s balance sheet includes an ROU asset and liability of $54.7 million and $54.6 million, respectively, which are included in operating lease right-of-use asset and operating lease liability, respectively, on the consolidated balance sheet. For both the three months ended March 31, 2024 and 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. 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, 2024 and 2023. 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, 2024: (In thousands) Future Base Rent Payments 2024 (remainder) $ 3,560 2025 4,746 2026 4,746 2027 4,746 2028 4,746 Thereafter 188,262 Total lease payments 210,806 Less: Effects of discounting (156,165) Total present value of lease payments $ 54,641 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, 2024, 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, 2024
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of March 31, 2024 and December 31, 2023, entities wholly owned by AR Global owned 361,544 and 290,937 shares, respectively, of the Company’s outstanding Class A common stock. As of March 31, 2024 and December 31, 2023, Bellevue owned approximately 47.0% and 45.4% 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, or a combination thereof, at the Advisor’s election. Equity proceeds are defined as, with respect to any period, cumulative net proceeds of all common and preferred equity and equity-linked securities issued by the Company and its subsidiaries during the period, including: (i) any equity issued in exchange or conversion of exchangeable notes based on the stock price at the date of issuance and convertible equity; (ii) any other issuances of equity, including but not limited to units in the OP (excluding equity-based compensation but including issuances related to an acquisition, investment, joint-venture or partnership); and (iii) effective following the time the Company commences paying a dividend of at least $0.05 per share per annum to its stockholders, (which occurred in October 2020), any cumulative Core Earnings (as defined in the Advisory Agreement) in excess of cumulative distributions paid on the Company’s common stock since November 16, 2018, the effective date of the most recent amendment and restatement of the Advisory Agreement. The Advisory Agreement also entitles the Advisor to an incentive variable management fee. Currently and since 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, or a combination thereof, at the Advisor’s election. No incentive variable management fees were earned during the three months ended March 31, 2024 or 2023. Management Fee Expense The Compan y recorded expense of $1.5 million and $1.5 million for base asset management fees during and three months ended March 31, 2024 and 2023, respectively. There were no variable management fees incurred in either of these periods. The management fees for the three months ended March 31, 2024 and 2023 were paid partially with cash and partly with shares of the Company’s Class A common stock. 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 base management fees in cash of $1.0 million (for January and February 2024) in the three months ended March 31, 2024 and it issued $0.5 million (for March 2024) in the three months ended March 31, 2024 in shares of Class A common stock in lieu of cash. As a result, the Company issued 70,607 shares of its Class A common stock using the 10-day average price of $7.08 . • The Company paid base management fees in cash of $1.0 million (for February and March 2023) in the three months ended March 31, 2023 and it issued $0.5 million (for January 2023) in the three months ended March 31, 2023 in shares of Class A common stock in lieu of cash. 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). • On May 1, 2024, the Company issued $0.5 million in its shares of Class A common stock in lieu of cash for the May 2024 asset management fee. As a result, the company issued 83,543 of its Class A common stock using the 10-day average price of $6.04 per share. For more information please see Note 14 — Subsequent Events . For accounting purposes, the shares of the Company’s Class A common stock issued in lieu of cash for the management fees to the Advisor for March 2024 and 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 for the three months ended March 31, 2024 and 2023, 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. In March 2024, the Company and the Property Manager amended the PMA to allow the Property Manager to elect to receive Class A Units or shares of the Company’s common stock in lieu of cash for all fees payable to the Property Manager. Subsequent to March 31, 2024, the Company issued 22,857 shares of its Class A common stock to the Advisor in April 2024 as a result of the Advisor’s decision to accept shares of the Company’s stock in lieu of cash with respect to the March property management fees. These shares were issued using the 10-day average price of $6.64 per share for the April issuance, of which was the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the PMA (as amended). The 10-day average price is calculated as the average of the daily market price of such security for the ten consecutive Trading Days immediately preceding the date of such valuation. For additional information, please see Note 14 — Subsequent Events . The Company incurred approximately $0.4 million in property management fees during three months ended March 31, 2024, and $0.4 million in property management fees during the three months ended March 31, 2023. 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: • (a) With respect to administrative and overhead expenses of the Advisor, including administrative and overhead expenses of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services but not including their salaries, wages, and benefits, these costs may not exceed in any fiscal year, (i) $0.4 million, or (ii) if the Asset Cost (as defined in the Advisory Agreement) as of the last day of the fiscal quarter immediately preceding the month is equal to or greater than $1.25 billion, (x) the Asset Cost as of the last day of the fiscal quarter multiplied by (y) 0.10%. • (b) With respect to the salaries, wages, and benefits of all employees of the Advisor or its affiliates directly or indirectly involved in the performance of services (including the Company’s executive officers), these amounts must be comparable to market rates and reimbursements may not exceed, in any fiscal year, (i) $3.0 million ($2.6 million before the three months ended March 31, 2024), or (ii) if the Asset Cost as of the last day of the fiscal year is equal to or greater than $1.25 billion, (x) the Asset Cost as of the last day of the fiscal year multiplied by (y) 0.30%. Professional fees and other reimbursement 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. Professional fees and other reimbursements for three months ended March 31, 2024 were $1.4 million. 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, 2024 were $1.2 million ( $0.9 million were for salaries, wages, and benefits and $0.3 million related to administrative and overhead expenses). Professional fees and other reimbursements for the three months ended March 31, 2023 were $1.4 million. 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 was $1.0 million ( $0.8 million were for salaries, wages, and benefits and $0.2 million related to administrative and overhead expenses). In March 2024, the Company and the Advisor amended the Advisory Agreement to increase the limit of incurred costs from 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) from $2.6 million to $3.0 million, and to allow the Advisor to elect to receive any expense reimbursement amounts pursuant to the Advisory Agreement in cash, OP Units, shares of the Company’s common stock, or any combination thereof. Subsequent to March 31, 2024, the Company issued 68,308 shares of its Class A common stock to the Advisor in April 2024 as a result of the Advisor’s decision to elect to receive shares of the Company’s stock in lieu of cash with respect to the reimbursement of professional fees for the month of February. These shares were issued using the 10-day average price of $6.64 per share. This issuances was the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the Advisory Agreement (as amended). The 10-day average price is calculated as the average of the daily market price of such security for the ten consecutive Trading Days immediately preceding the date of such valuation. For additional information, please see Note 14 — Subsequent Events . 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) 2024 2023 March 31, 2024 December 31, 2023 Ongoing fees: Asset and property management fees to related parties (1) $ 1,903 $ 1,884 $ 615 $ 20 Professional fees and other reimbursements (2) 1,392 1,361 — — Total related party operation fees and reimbursements $ 3,295 $ 3,245 $ 615 $ 20 ________ (1) During the three months ended March 31, 2024 and 2023, approximately $0.5 million of this expense was for the asset and property management fees paid in shares of the Company’s Class A common stock (see above) in lieu of cash. (2) Amounts for the three months ended March 31, 2024 and 2023 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 (ii) four (if the termination is effective after June 30, 2020), multiplied by applicable Subject Fees (defined below). The “Subject Fees” are equal to the product of 12 and the actual base management fee for the month immediately prior to the month in which the Advisory Agreement is terminated, plus the product of four and the actual variable management fee for the quarter immediately prior to the quarter in which the Advisory Agreement is terminated, plus without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity issued by the Company and its subsidiaries in respect of the fiscal quarter immediately prior to the fiscal quarter in which the Advisory Agreement is terminated. In connection with the termination or expiration of the Advisory Agreement, the Advisor will be entitled to receive (in addition to any termination fee) all amounts then accrued and owing to the Advisor, including an amount equal to then-present fair market value of its shares of the Company’s Class A common stock and interest in the OP.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2024
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, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity Plans Restricted Share Plan Prior to the Company listing its shares on the NYSE, 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 time of 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 then existing RSP. Following the effectiveness of the 2020 Equity Plan at the listing of its shares on the NYSE, 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 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 its shares of 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 of March 31, 2024 there have been no shares awarded to anyone who is also a partner, member or equity owner of the parent of the Advisor. Restricted share awards that have been granted to the Company’s directors provide for accelerated vesting of the portion of the unvested restricted shares scheduled to vest in the year of the recipient’s voluntary termination or the failure to be re-elected to the Company’s board of directors. In the quarter ended March 31, 2023, the Company issued 2,038 restricted shares (adjusted for the Reverse Stock Split) to a member of the Company’s board of directors. During the quarter ended June 30, 2023 the Company issued 13 restricted shares to an employee of the advisor and its affiliates. In the quarter ended September 30, 2023, the Company issued 24,042 shares to the Company’s the board of directors as part of the annual award of restricted shares by the Company to the board of directors. These restricted shares issued to the board of directors will vest in 20% increments on each of the first five four In the quarter ended March 31, 2024, three former employees of the Advisor terminated their employment, and as defined in the award agreement, forfeited a total of 953 restricted shares. The following table displays restricted share award activity during the three months ended March 31, 2024: Number of Restricted Shares (1) Weighted-Average Issue Price (1) Unvested, December 31, 2023 36,198 $ 29.37 Granted — — Vested (408) 15.44 Forfeitures (953) 65.86 Unvested, March 31, 2024 34,837 $ 28.53 As of March 31, 2024, the Company ha d $0.7 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, 2024, and $0.1 million for the three months ended March 31, 2023. Compensation expense related to restricted share awards is recorded as equity-based compensation in the accompanying unaudited consolidated statements of operations and comprehensive loss. Multi-Year Outperformance Award 2020 OPP 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 represented the maximum number of LTIP Units that could have been earned by the Advisor during a performance period which ended on August 18, 2023. The compensation committee of the board of directors of the Company determined that none of the 501,605 of the LTIP Units subject to the 2020 OPP had been earned under the performance measures. For accounting purposes, July 19, 2020 was 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 was 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, 2024, the Company did not record any equity-based compensation expense related to the LTIP Units. For the three months ended March 31, 2023 the Company recorded equity-based compensation expense related to the LTIP Units of $2.1 million. As of August 18, 2023, the total fair value of the LTIP Units has been amortized to expense and no future expense remains. Equity-based compensation expense related to the LTIP Units was recorded in equity-based compensation in the consolidated statements of operations and comprehensive loss. The LTIP Units issued pursuant to the 2020 OPP could potentially have been earned by the Advisor during a performance period which ended on August 18, 2023. The compensation committee of the board of directors of the Company determined that none of the 501,605 of the LTIP Units subject to the 2020 OPP had been earned under the performance measures. These LTIP Units were thus automatically forfeited effective as of August 18, 2023, without the payment of any consideration by the Company or the OP. On that date, the Company reclassified amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of equity. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units were governed by the terms of the LTIP Units set forth in the agreement of limited partnership of the OP. Holders of LTIP Units were 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 if, and when, the LTIP Units were earned. Distributions paid on a Class A Unit were equal to dividends paid on a share of Class A common stock and were not subject to forfeiture, even though the LTIP Units were not earned and have been forfeited. If the LTIP Units had been earned, the Advisor would have been 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 were earned would have become entitled to receive the same distributions paid on the Class A Units. If the Advisor’s capital account with respect to an earned LTIP Unit had been 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, would have been entitled to convert the LTIP Unit into a Class A Unit, which would have in turn been 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. Through the six months ended June 30, 2022 we paid dividends to our common stockholders at our current annual rate of $3.20 per share of Class A common stock (adjusted for the Reverse Stock Split), or $0.80 per share (adjusted for the Reverse Stock Split) on a quarterly basis. Subsequently, the board decided not to declare any further dividends. There is no assurance as to when or if the board will declare future dividends or the amount of any future dividends that may be declared. Because the LTIP Units only receive distributions when the Class A common stock receives dividends, no distributions have been paid since the quarter ended March 31, 2022. For the three months ended March 31, 2024 and 2023, the Company did not pay distributions on the LTIP Units. As discussed above, the LTIP Units were automatically forfeited effective as of August 18, 2023, without the payment of any consideration by the Company or the OP. Performance Measures As indicated above, on November 7, 2023, following the end of the performance period that expired on August 18, 2023, the compensation committee of the Company’s board of directors determined that none of the 501,605 LTIP Units under the 2020 OPP had been earned. These LTIP Units were thus automatically forfeited effective as of August 18, 2023, without the payment of any consideration by the Company or the OP. With respect to one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that could have potentially become earned was 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 was more than 12% but less than 18%, or more than 18% but less than 24%, the percentage of the Absolute TSR LTIP Units that would have been earned would have been 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 could have potentially become earned was 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 was between -600 basis points and zero basis points, or between zero basis points and +600 basis points, the number of LTIP Units that would have been earned would have been determined using linear interpolation as between those tiers, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 the termination of the Company’s REIT election which became effective as of 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. 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 continuing adverse economic impacts since the COVID-19 pandemic on the Company’s 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, 2024 and as of December 31, 2023 . 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, 2024 and 2023 . The Company expects to have a taxable loss for federal, state and local income taxes for the year ending December 31, 2024. Accordingly, the Company has recorded no income tax expense (after considering changes in the valuation allowance) for and three months ended March 31, 2024 . The Company remains in a net deferred tax asset position with a full valuation allowance as of both March 31, 2024 and December 31, 2023 . As of March 31, 2024 , the Company had no material uncertain tax positions.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Net loss attributable to common stockholders (in thousands) $ (7,608) $ (11,758) Adjustments to net loss attributable to common stockholders — — Adjusted net loss attributable to common stockholders $ (7,608) $ (11,758) Weighted average shares outstanding — Basic and Diluted 2,322,594 2,038,880 Net loss per share attributable to common stockholders — Basic and Diluted $ (3.28) $ (5.77) 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, 2024 or 2023 relating to distributions to LTIP Units which are paid in arrears. 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. 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, 2024 2023 Unvested restricted shares (1) 35,025 20,104 LTIP Units (2) — 501,605 Total weighted-average anti-dilutive common share equivalents 35,025 521,709 _______ (1) There were 34,837 and 20,172 unvested restricted shares outstanding as of March 31, 2024 and 2023, respectively. (2) There were no LTIP units outstanding as of March 31, 2024 and there were 501,605 LTIP Units outstanding as of March 31, 2023 (see Note 11 — Equity-Based Compensation for additional information). If dilutive, conditionally issuable shares relating to the 2020 OPP award 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, 2024 and 2023, 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, 2024 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, 2024 and 2023 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, 2024
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 other than the following: Asset Management, Property Management Fees and Advisor Expense Reimbursements On April 1, 2024, the Company issued 91,165 total shares of its Class A common stock to the Advisor as a result of the Advisor’s decision to elect to receive shares of the Company’s common stock in lieu of cash with respect to the March property management fees (22,857 shares) and February general and administrative expense reimbursements (68,308 shares). These shares were issued using the 10-day average price of $6.64, which was the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the Advisory Agreement and the Property Management and Leasing Agreement, as applicable. The 10-day average price is calculated as the average of the daily market price of such security for the ten consecutive Trading Days immediately preceding the date of such valuation. On May 1, 2024, the Company issued 83,543 shares of its Class A common stock to the Advisor in May 2024 as a result of the Advisor’s decision to elect to receive shares of the Company’s stock in lieu of cash with respect to the asset management fees for May. These shares were issued using the 10-day average price of $6.04 per share. These issuances were the higher value per share between the minimum price required by the New York Stock Exchange regulations and the price set forth in the terms of the Advisory Agreement (as amended). The 10-day average price is calculated as the average of the daily market price of such security for the ten consecutive Trading Days immediately preceding the date of such valuation. 9 Times Square Loan Agreement Amendment On April 29, 2024 the Company entered into a second amendment to its 9 Times Square loan agreement with Capital One. The second amendment primarily affects the following changes: (i) extends of the maturity date of the mortgage to October 31, 2024 (with the option of an additional extension to January 31, 2025, subject to certain conditions) in order to facilitate the sale of the 9 Times Square property, (ii) increases the interest rate spread on one-month SOFR from 1.60% to 2.60%, (iii) provides that excess operating cash flows shall be deposited to an account maintained by the lender, (iv) requires that the Company deliver a purchase and sale agreement to the lender with respect to 9 Times Square (or another offering document with a prospective buyer) within 60 days of the second amendment, (v) prohibits the Company from making distributions while the mortgage is outstanding and (vi) requires the OP to pledge its equity interest in 9 Times Square as additional collateral for the mortgage if the mortgage is not paid in full on or prior to maturity. As announced in the Company’s press release on April 29, 2024, the Company has determined to market certain of their properties for sale, including 9 Times Square. This amended agreement facilitates the Company to market the property for sale, with the option to extend maturity to January 31, 2025 in the event the property is under contract for sale but has not yet closed by October 31, 2024. There can be no assurance the Company will be able to sell the property before January 31, 2025. The Company may record significant impairment charges on the property while the property is marketed for sale. Tender Offer by Affiliates of the Advisor On May 7, 2024, Bellevue Capital Partners, LLC announced a tender offer to purchase up to 125,000 shares of the Company’s Class A common stock, at a purchase price equal to $9.25 per share. The tender offer expires on July 5, 2024 unless the tender offer is extended or terminated.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (7,608)	$ (11,758)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, 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, 2023, which are included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on April 1, 2024. 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, 2024.
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 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 have historically been reflected as part of non-controlling interest. The performance period under the 2020 OPP expired on August 18, 2023. Following the end of the performance period, as required under the 2020 OPP the compensation committee of the board of directors of the Company, determined that none of the 501,605 of the LTIP Units subject to the 2020 OPP had been earned, and these LTIP Units were thus automatically forfeited effective as of August 18, 2023. On that date, the Company reclassified $25.8 million of amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of changes in equity. No amounts remain in non-controlling interests after the expiration date. Please see Note 7 — Stockholders’ Equity and Note 11 — Equity-Based Compensation for additional information.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2024, these leases had a weighted-average remaining lease ter m of 6.3 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 years 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 . 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 and Not Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted as of March 31, 2024 In November 2023, the FASB issued ASU 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures (Topic 280). The guidance in Topic 280 may be elected beginning December 15, 2023, with interim periods beginning after December 15, 2024, as segment reporting activities occur. The new standard requires a public entity to disclose significant segment expense categories and amounts for each reportable segment. A significant expense is an expense that (i) is significant to the segment, (ii) regularly provided or easily computed from information regularly provided to management and (iii) included in the reported measure of profit or loss. The Company is continuing to evaluate the impact on the Company’s financial statements. The Company does not believe the impact of the adoption of the standard will be material to the financial statements.
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, 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivatives valuation in its entirety is classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate Investments, Net [Abstract]
Schedule of Amortization and Accretion of Market Lease Assets and Liabilities	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, 2024 2023 In-place leases $ 580 $ 1,094 Other intangibles 177 177 Total included in depreciation and amortization $ 757 $ 1,271 Above-market lease intangibles $ 145 $ 280 Below-market lease liabilities (213) (256) Total included in revenue from tenants $ (68) $ 24 Below-market ground lease, included in property operating expenses $ 12 $ 12
Schedule of Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years as of March 31, 2024: (In thousands) 2024 (remainder) 2025 2026 2027 2028 In-place leases $ 1,509 $ 1,164 $ 632 $ 624 $ 584 Other intangibles 531 708 708 708 708 Total to be included in depreciation and amortization $ 2,040 $ 1,872 $ 1,340 $ 1,332 $ 1,292 Above-market lease assets $ 277 $ 123 $ 117 $ 117 $ 112 Below-market lease liabilities (638) (503) (183) (180) (180) Total to be included in revenue from tenants $ (361) $ (380) $ (66) $ (63) $ (68)

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable, Net	The Company’s mortgage notes payable, net as of March 31, 2024 and December 31, 2023 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 $ 140,000 $ 140,000 4.74 % Fixed Mar. 2027 9 Times Square (5) 1 49,500 49,500 3.73 % Fixed (1) Apr. 2024 1140 Avenue of the Americas (2) 1 99,000 99,000 4.18 % Fixed Jul. 2026 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 2 50,000 50,000 4.59 % Fixed May 2028 8713 Fifth Avenue (3) 1 10,000 10,000 5.05 % Fixed Nov. 2028 196 Orchard Street 1 51,000 51,000 3.91 % Fixed Aug. 2029 Mortgage notes payable, gross 7 399,500 399,500 4.36 % Less: deferred financing costs, net (4) (3,412) (3,798) Mortgage notes payable, net $ 396,088 $ 395,702 _______ (1) 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, 2024 (see Note 6 — Derivatives and Hedging Activities for additional information). (2) 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, 2024 and December 31, 2023, there were $2.6 million and $2.5 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. (3) 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 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, 2024 and December 31, 2023, no cash was trapped related to this property. The Company signed a lease with a new tenant at this property in November 2021, and the tenant began occupying a portion of the leased space in the quarter ended March 31, 2023 and is expected to occupy the remainder of the space in the second quarter of the year ending December 31, 2024, which will bring the occupancy to 100.0%. (4) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements 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. (5) Subsequent to March 31, 2024, the Company entered into an amendment to the loan agreement that extends the maturity of the loan to October 31, 2024, (with the option of an additional extension to January 31, 2025, subject to certain conditions) at an effective variable interest rate of one-month SOFR plus a spread of 2.60% per annum. As announced in the Company’s press release on April 29, 2024, the Company has determined to market certain of their properties for sale, including 9 Times Square. This amended agreement allows the Company to begin marketing the property for sale, with the option to extend in the event the property is under contract for sale but has not yet closed at the time of maturity. For additional information please see Note 14 — Subsequent Events .
Schedule of Aggregate Principal Payments	The following table summarizes the scheduled aggregate principal payments subsequent to March 31, 2024: (In thousands) Future Minimum Principal Payments 2024 (remainder) $ 49,500 2024 (1) — 2026 99,000 2027 140,000 2028 60,000 Thereafter 51,000 Total $ 399,500 (1) Subsequent to March 31, 2024 , the Company entered into an amendment to the loan agreement that extends the maturity of the loan to October 31, 2024, (with the option of an additional extension to January 31, 2025, subject to certain conditions) at an effective variable interest rate of one-month SOFR plus a spread 2.60% per annum. As announced in the Company’s press release on April 29, 2024, the Company has determined to market certain of their properties for sale, including 9 Times Square. This amended agreement allows the Company to begin marketing the property for sale, with the option to extend in the event the property is under contract for sale but has not yet closed at the time of maturity. For additional information please see Note 14 — Subsequent Events .

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	(In thousands) Quoted Prices Significant Other Significant Total March 31, 2024 Interest rate “Pay - Fixed” swaps - assets $ — $ — $ — $ — Total $ — $ — $ — $ — December 31, 2023 Interest rate “Pay - Fixed” swaps - assets $ — $ 400 $ — $ 400 Total $ — $ 400 $ — $ 400
Schedule of Financial Instruments that are 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, 2024 December 31, 2023 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage note payable — 9 Times Square 3 $ 49,500 $ 49,452 $ 49,500 $ 49,265 Mortgage note payable — 1140 Avenue of the Americas 3 99,000 69,570 99,000 69,619 Mortgage note payable — 123 William Street 3 140,000 129,242 140,000 130,463 Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage 3 50,000 44,837 50,000 45,442 Mortgage note payable — 8713 Fifth Avenue 3 10,000 9,050 10,000 9,193 Mortgage note payable — 196 Orchard Street 3 51,000 44,590 51,000 44,857 Total $ 399,500 $ 346,741 $ 399,500 $ 348,839

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023. (In thousands) Balance Sheet Location March 31, December 31, 2023 Derivatives designated as hedging instruments: Interest Rate “Pay-fixed” Swap Derivative asset, at fair value $ — $ 400
Schedule of Derivatives that were Designated as Cash Flow Hedges of Interest Rate Risk	As of March 31, 2024 and December 31, 2023, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. March 31, 2024 December 31, 2023 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 (Loss) Recognized on Derivatives	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) 2024 2023 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion) $ 8 $ (74) Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 414 $ 308 Total interest expense recorded in consolidated statements of operations and comprehensive loss $ 4,697 $ 4,663
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, 2024 and December 31, 2023. 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 Company’s consolidated balance sheets. 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, 2024 $ — $ — $ — $ — $ — $ — — December 31, 2023 $ 400 $ — $ — $ 400 $ — $ — 400

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stock by Class	The following table shows the shares issued in relation to the advisory and property management agreements as of March 31, 2024 and 2023: Period of Issuance Recipient Agreement Shares Issued Closing Share Price January 2023 The Advisor Advisory Agreement 31,407 (1) $ 15.44 (1) March 2024 The Advisor Advisory Agreement 70,607 $ 7.54 __________ (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization for additional information).

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Ground Lease Rent Payments	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, 2024: (In thousands) Future Base Rent Payments 2024 (remainder) $ 3,560 2025 4,746 2026 4,746 2027 4,746 2028 4,746 Thereafter 188,262 Total lease payments 210,806 Less: Effects of discounting (156,165) Total present value of lease payments $ 54,641

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule 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) 2024 2023 March 31, 2024 December 31, 2023 Ongoing fees: Asset and property management fees to related parties (1) $ 1,903 $ 1,884 $ 615 $ 20 Professional fees and other reimbursements (2) 1,392 1,361 — — Total related party operation fees and reimbursements $ 3,295 $ 3,245 $ 615 $ 20 ________ (1) During the three months ended March 31, 2024 and 2023, approximately $0.5 million of this expense was for the asset and property management fees paid in shares of the Company’s Class A common stock (see above) in lieu of cash. (2) Amounts for the three months ended March 31, 2024 and 2023 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, 2024
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, 2024: Number of Restricted Shares (1) Weighted-Average Issue Price (1) Unvested, December 31, 2023 36,198 $ 29.37 Granted — — Vested (408) 15.44 Forfeitures (953) 65.86 Unvested, March 31, 2024 34,837 $ 28.53 With respect to one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that could have potentially become earned was 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 % With respect to the remaining one-half of the LTIP Units granted under the 2020 OPP, the number of LTIP Units that could have potentially become earned was 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, 2024
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2024 2023 Net loss attributable to common stockholders (in thousands) $ (7,608) $ (11,758) Adjustments to net loss attributable to common stockholders — — Adjusted net loss attributable to common stockholders $ (7,608) $ (11,758) Weighted average shares outstanding — Basic and Diluted 2,322,594 2,038,880 Net loss per share attributable to common stockholders — Basic and Diluted $ (3.28) $ (5.77)
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, 2024 2023 Unvested restricted shares (1) 35,025 20,104 LTIP Units (2) — 501,605 Total weighted-average anti-dilutive common share equivalents 35,025 521,709 _______ (1) There were 34,837 and 20,172 unvested restricted shares outstanding as of March 31, 2024 and 2023, respectively. (2) There were no LTIP units outstanding as of March 31, 2024 and there were 501,605 LTIP Units outstanding as of March 31, 2023 (see Note 11 — Equity-Based Compensation for additional information).

Organization (Details)

Organization (Details) $ / shares in Units, ft² in Millions, $ in Millions	Feb. 27, 2023 shares	Feb. 22, 2023 USD ($)	Jan. 11, 2023 $ / shares	Mar. 31, 2024 ft² property $ / shares	Dec. 31, 2023 $ / shares
Reclassification [Line Items]
Number of real estate properties | property				7
Net rentable area (sqft) | ft²				1.2
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Reverse stock split			0.125
Rights Offering
Reclassification [Line Items]
Gross proceeds | $		$ 5
Common Class A
Reclassification [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Shares purchased (in shares) | shares	386,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 18, 2023	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining lease term		6 years 3 months 18 days
Performance-based equity award | 2020 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units forfeited during period (in shares)	501,605
Forfeiture of 2020 LTIP Units	$ 25.8

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, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	$ (55)	$ 36
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	757	1,271
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	580	1,094
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	(213)	(256)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases and other intangibles	145	280
Rental Income | Amortization and (accretion) of above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	(68)	24
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, 2024 USD ($)
Depreciation and Amortization
Finite-Lived Intangible Assets, Net [Abstract]
2024 (remainder)	$ 2,040
2025	1,872
2026	1,340
2027	1,332
2028	1,292
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
2024 (remainder)	1,509
2025	1,164
2026	632
2027	624
2028	584
Depreciation and Amortization | Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2024 (remainder)	531
2025	708
2026	708
2027	708
2028	708
Rental Income
Below-market lease liabilities
2024 (remainder)	(638)
2025	(503)
2026	(183)
2027	(180)
2028	(180)
Below Market Lease, Amortization Income,Net Of Fnite Lived Intangible Assets, Maturity Schedule [Abstract]
2024 (remainder)	(361)
2025	(380)
2026	(66)
2027	(63)
2028	(68)
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets, Net [Abstract]
2024 (remainder)	277
2025	123
2026	117
2027	117
2028	$ 112

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Schedule of Mortgage Notes Payable, Net (Details) $ in Thousands				1 Months Ended
	May 10, 2024	Apr. 29, 2024	Apr. 28, 2024	May 10, 2024	Jun. 30, 2024	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, gross						$ 399,500
Mortgage notes payable, net						$ 396,088	$ 395,702
Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property						7
Mortgage notes payable, gross						$ 399,500	399,500
Less: deferred financing costs, net						(3,412)	(3,798)
Mortgage notes payable, net						$ 396,088	395,702
Effective Interest Rate						4.36%
Mortgages note payable | Subsequent event | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate				2.60%
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						4.74%
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						3.73%
Restricted cash						$ 1,100
9 Times Square | Mortgages note payable | Subsequent event | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate	2.60%	2.60%	1.60%
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						4.18%
Restricted cash						$ 2,600	2,500
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						4.59%
8713 Fifth Avenue | Mortgages note payable
Debt Instrument [Line Items]
Encumbered Properties | property						1
Mortgage notes payable, gross						$ 10,000	10,000
Effective Interest Rate						5.05%
8713 Fifth Avenue | Mortgages note payable | Forecast
Debt Instrument [Line Items]
Percentage of property occupied					100%
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						3.91%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 10, 2024	Mar. 31, 2024 USD ($) quarter	Jun. 30, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, collateral amount		$ 716,300
Mortgage notes payable, gross		399,500
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross		399,500		$ 399,500
One Thousand One Hundred Forty Avenue of the Americas [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross		99,000		99,000
Restricted cash		$ 2,600		2,500
One Thousand One Hundred Forty Avenue of the Americas [Member] | 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		10,000
8713 Fifth Avenue | Mortgages | Forecast
Debt Instrument [Line Items]
Percentage of property occupied			100%
8713 Fifth Avenue | Mortgages | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Number of consecutive quarters without causing a default event | quarter		2
400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 50,000		50,000
Lease sweep period		12 months
9 Times Square | Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, gross		$ 49,500		$ 49,500
Restricted cash		$ 1,100
9 Times Square | Mortgages | Subsequent event
Debt Instrument [Line Items]
Excess cash flow deposit, period due subsequent to each month end	10 days

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Schedule of Aggregate Principal Payments (Details) - USD ($) $ in Thousands	1 Months Ended
	May 10, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 (remainder)		$ 49,500
2024		0
2026		99,000
2027		140,000
2028		60,000
Thereafter		51,000
Total		399,500
Mortgages
Debt Instrument [Line Items]
Total		$ 399,500	$ 399,500
Mortgages | Subsequent event | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate	2.60%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate “Pay - Fixed” swaps - assets	$ 0	$ 400
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	400
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	0	400
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	0	400
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	0	400
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 - Schedule of Financial Instruments that are Not Reported at Fair Value (Details) - Mortgages note payable - Significant unobservable inputs - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	346,741	348,839
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	49,452	49,265
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	69,570	69,619
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	129,242	130,463
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	44,837	45,442
8713 Fifth Avenue | Gross Principal Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	10,000	10,000
8713 Fifth Avenue | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	9,050	9,193
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	$ 44,590	$ 44,857

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of derivatives instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 0	$ 400
Designated as hedging instrument | Interest Rate “Pay-fixed” Swap
Derivatives, Fair Value [Line Items]
Derivative asset, at fair value	$ 0	$ 400

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Derivative [Line Items]
Unamortized amount	$ 66
Interest Rate Swap, LIBOR Based
Derivative [Line Items]
Derivative, notional amount				$ 55,000
Interest Rate Swap, SOFR Based
Derivative [Line Items]
Derivative, notional amount				$ 49,500
Interest Rate “Pay-fixed” Swap
Derivative [Line Items]
Loss on the derivative			$ 38,338
Interest Rate “Pay-fixed” Swap | Cash flow hedging
Derivative [Line Items]
Loss on the derivative	4,697	$ 4,663
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	$ 65

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Derivatives that were Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Interest Rate “Pay-fixed” Swap $ in Thousands	Mar. 31, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) 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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in consolidated statements of operations and comprehensive loss			$ 38,338
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives (effective portion)	$ 8	$ (74)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense	414	308
Total interest expense recorded in consolidated statements of operations and comprehensive loss	$ 4,697	$ 4,663

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Schedule of Offsetting Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 0	$ 400
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	0	400
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ 0	$ 400

Stockholders_ Equity- Narrative

Stockholders’ Equity- Narrative (Details) $ / shares in Units, $ in Thousands										1 Months Ended						3 Months Ended
	May 10, 2024 trading_day day $ / shares shares	May 07, 2024 $ / shares shares	May 01, 2024 trading_day day $ / shares shares	Apr. 01, 2024 day trading_day shares	Oct. 26, 2023 USD ($) shares	Sep. 27, 2023 $ / shares shares	Aug. 18, 2023 USD ($) shares	Feb. 27, 2023 shares	Oct. 01, 2020 USD ($)	May 10, 2024 trading_day day $ / shares shares	Apr. 30, 2024 day $ / shares shares	Mar. 31, 2024 day $ / shares shares	Feb. 28, 2023 USD ($) $ / shares shares	Jan. 31, 2023 day $ / shares shares	May 31, 2020 $ / shares shares	Mar. 31, 2024 USD ($) day $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 $ / shares shares	Sep. 30, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)												2,403,994				2,403,994		2,334,340
Rights offering, net proceeds | $																	$ 4,059
Related party transaction, amount | $																$ 3,295	3,245
Preferred stock, par value (in dollars per share) | $ / shares												$ 0.01				$ 0.01		$ 0.01
Performance-based equity award | 2020 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average share price (in dollars per share) | $ / shares																			$ 99.68
Units forfeited during period (in shares)							501,605
Forfeiture of 2020 LTIP Units | $							$ 25,800
Property Management and Leasing Fees, Paid with Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Related party transaction, amount | $																$ 500	500
Related Party
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)												361,544				361,544		290,937
Related Party | Unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures (in shares)																953
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | day												10		10		10
Conversion of stock, shares issued (in shares)															1
Shares purchased (in shares)								386,100
Common Class A | At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate maximum offering price | $									$ 250,000
Common Stock held by non-affiliates | $									$ 75,000
Common Class A | Tender Offer | Bellevue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, maximum number of shares to be sold (in shares)						350,000
Sale of stock, price per share (in dollars per share) | $ / shares						$ 10.25
Shares purchased (in shares)					223,460
Gross proceeds | $					$ 2,300
Common Class A | Subsequent event | Tender Offer | Bellevue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, maximum number of shares to be sold (in shares)		125,000								125,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 9.25	$ 9.25								$ 9.25
Common Class A | Related Party
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | day														10
Shares issued for management fees (in shares)												70,607		31,407
Average share price (in dollars per share) | $ / shares												$ 7.08		$ 15.92		$ 7.08
Common Class A | Related Party | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | day			10	10
Shares issued for management fees (in shares)	83,543		83,543	91,165							91,165
Average share price (in dollars per share) | $ / shares	$ 6.04		$ 6.04							$ 6.04	$ 6.64
Average share price, number of days | day	10		10	10						10	10
Number of consecutive trading days | trading_day	10		10	10						10
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]
Preferred stock, par value (in dollars per share) | $ / shares															$ 0.01
Right to purchase share, price per one one-thousandth of a share (in dollars per share) | $ / shares															$ 55
Right to receives shares, shares per right															0.055
Rights Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rights offering, gross | $													$ 5,000
Rights offering, net proceeds | $																	$ 4,100
Rights Offering | Common Class A
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
Rights Offering | Common Class A | Bellevue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants or rights (in shares)								367,956

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Stock by Class (Details) - Common Class A - Related Party - $ / shares	1 Months Ended
	Mar. 31, 2024	Jan. 31, 2023
Class of Stock [Line Items]
Shares issued for management fees (in shares)	70,607	31,407
Closing Share Price (in dollars per share)	$ 7.54	$ 15.44

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	42 years 9 months 18 days
Weighted average discount rate	8.60%
Operating lease right-of-use asset	$ 54,682		$ 54,737
Operating lease liability	54,641		$ 54,657
Cash paid for lease liabilities	1,200	$ 1,200
Lease expense	$ 1,200	$ 1,200

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Ground Lease Rent Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (remainder)	$ 3,560
2025	4,746
2026	4,746
2027	4,746
2028	4,746
Thereafter	188,262
Total lease payments	210,806
Less: Effects of discounting	(156,165)
Total present value of lease payments	$ 54,641	$ 54,657

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

May 10, 2024 day $ / shares shares

May 01, 2024 USD ($) day $ / shares shares

Apr. 01, 2024 day shares

Nov. 16, 2018

Apr. 13, 2018

May 10, 2024 day $ / shares shares

Apr. 30, 2024 day $ / shares shares

Mar. 31, 2024 day $ / shares shares

Jan. 31, 2023 day $ / shares shares

Mar. 31, 2024 USD ($) day $ / shares shares

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($) shares

Jun. 29, 2020

Related Party Transaction [Line Items]

Common stock, shares outstanding (in shares) | shares

2,403,994

2,403,994

2,334,340

Renewal term

5 years

Period prior to expiration date needed to terminate agreement

180 days

Related party transaction, amount

$ 3,295

$ 3,245

Common Class A

Related Party Transaction [Line Items]

Number of trading days | day

10

10

10

Property Management and Leasing Fees, Paid with Shares

Related Party Transaction [Line Items]

Related party transaction, amount

$ 500

500

Professional fees and other reimbursements

Related Party Transaction [Line Items]

Related party transaction, amount

1,392

1,361

New York City Reit Advisors, LLC | Asset Management Fees

Related Party Transaction [Line Items]

Related party transaction, amount

1,000

1,000

New York City Reit Advisors, LLC | Asset Management Fees Paid in Shares

Related Party Transaction [Line Items]

Related party transaction, amount

500

500

New York City Reit Advisors, LLC | Asset Management Fees Paid in Shares | Common Class A | Subsequent event

Related Party Transaction [Line Items]

Related party transaction, amount

$ 500

New York City Reit Advisors, LLC | Property Management Fees

Related Party Transaction [Line Items]

Related party transaction, amount

400

400

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

Related Party Transaction [Line Items]

Related party transaction, amount

$ 1,200

1,000

American Strategic Investment Co. | Bellevue

Related Party Transaction [Line Items]

Ownership percentage

47%

47%

45.40%

Related Party

Related Party Transaction [Line Items]

Common stock, shares outstanding (in shares) | shares

361,544

361,544

290,937

Management fee expense

$ 1,500

1,500

Renewal basis percentage

66%

Related Party | Common Class A

Related Party Transaction [Line Items]

Shares issued for management fees (in shares) | shares

70,607

31,407

Number of trading days | day

10

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

$ 7.08

$ 15.92

$ 7.08

Related Party | Common Class A | Subsequent event

Related Party Transaction [Line Items]

Shares issued for management fees (in shares) | shares

83,543

83,543

91,165

91,165

Number of trading days | day

10

10

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

$ 6.04

$ 6.04

$ 6.04

$ 6.64

Average share price, number of days | day

10

10

10

10

10

Related Party | New York City Reit Advisors, LLC | The Second Advisory Agreement

Related Party Transaction [Line Items]

Related party transaction, termination fee

$ 15,000

Related Party | New York City Reit Advisors, LLC | Subsequent event

Related Party Transaction [Line Items]

Shares issued for management fees (in shares) | shares

22,857

Related Party | New York City Reit Advisors, LLC | The Second Advisory Agreement

Related Party Transaction [Line Items]

Base asset management fee as a percentage of benchmark

$ 500

Asset management fee, percentage of benchmark

1.25%

Variable management fee as a percentage of benchmark

10%

Related Party | New York City Reit Advisors, LLC | The Second Advisory Agreement | Performance-based equity award

Related Party Transaction [Line Items]

Variable management fee as a percentage of benchmark

15%

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

Related Party Transaction [Line Items]

Dividend to common stockholders (in dollars per share) | $ / shares

$ 0.05

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

Related Party Transaction [Line Items]

Variable management fee (in dollars per share) | $ / shares

0.1944

Related Party | New York City Reit Advisors, LLC | The Second Advisory Agreement, Core Earnings Per Adjusted Share | Performance-based equity award

Related Party Transaction [Line Items]

Variable management fee (in dollars per share) | $ / shares

$ 0.1458

Related Party | New York City Reit Advisors, LLC | Asset Management Fees | Subsequent event

Related Party Transaction [Line Items]

Shares issued for management fees (in shares) | shares

22,857

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

Related Party Transaction [Line Items]

Percentage of management fees earned

3.25%

4%

Related party initial term

1 year

Related party extended initial term

1 year

Other related parties terminate notice period

60 days

Related Party | 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

$ 300

200

Related party transactions related to salaries, wages and benefits

900

$ 800

Related Party | New York City Reit Advisors, LLC | Reimbursement of Costs and Expenses | Maximum

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

$ 3,000

$ 2,600

Related Party | New York City Reit Advisors, LLC | Reimbursement of Administrative and Overhead Expenses | Maximum

Related Party Transaction [Line Items]

Operating expenses as a percentage of benchmark

0.10%

0.10%

Related Party | New York City Reit Advisors, LLC | Reimbursement of Wage and Benefit Expenses | Maximum

Related Party Transaction [Line Items]

Operating expenses as a percentage of benchmark

0.30%

0.30%

Related Party | New York City Reit Advisors, LLC | Termination Prior to June 30, 2020 | The Second Advisory Agreement

Related Party Transaction [Line Items]

Termination fee multiplier

3

Related Party | New York City Reit Advisors, LLC | Termination After June 30, 2020 | The Second Advisory Agreement

Related Party Transaction [Line Items]

Termination fee multiplier

4

Related Party | New York City Reit Advisors, LLC | Actual Base Management Fee | The Second Advisory Agreement

Related Party Transaction [Line Items]

Termination fee multiplier

12

Related Party | New York City Reit Advisors, LLC | Actual Variable Management Fee | The Second Advisory Agreement

Related Party Transaction [Line Items]

Termination fee multiplier

4

Related Party | New York City Reit Advisors, LLC | General and administrative expense | Subsequent event

Related Party Transaction [Line Items]

Shares issued for management fees (in shares) | shares

68,308

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Fees, Expenses and Related Payables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amount	$ 3,295	$ 3,245
Payable (receivable) as of	15,488		$ 12,975
Related Party
Related Party Transaction [Line Items]
Payable (receivable) as of	615		20
Asset and property management fees
Related Party Transaction [Line Items]
Related party transaction, amount	1,903	1,884
Asset and property management fees | Related Party
Related Party Transaction [Line Items]
Payable (receivable) as of	615		20
Professional fees and other reimbursements
Related Party Transaction [Line Items]
Related party transaction, amount	1,392	1,361
Professional fees and other reimbursements | Related Party
Related Party Transaction [Line Items]
Payable (receivable) as of	0		$ 0
Property Management and Leasing Fees, Paid with Shares
Related Party Transaction [Line Items]
Related party transaction, amount	$ 500	$ 500

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Aug. 18, 2023 shares

Aug. 18, 2020 USD ($)

Aug. 31, 2017 USD ($)

Oct. 31, 2023 shares

Mar. 31, 2022 shares

Mar. 31, 2024 USD ($) employee $ / shares shares

Sep. 30, 2023 shares

Jun. 30, 2023 shares

Mar. 31, 2023 USD ($) shares

Mar. 31, 2022 USD ($)

Jun. 30, 2022 $ / shares

Jan. 31, 2023 $ / shares

Sep. 30, 2020 USD ($) trading_day $ / shares shares

Sep. 29, 2020 trading_day

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation | $

$ 54,000

$ 2,200,000

Trading day | trading_day

30

10

Equity-based compensation expenses | $

2,100,000

Distributions on the LTIP unit

10%

Distribution on the earned LTIP unit

90%

Common Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Distributions paid to non-controlling interest holders | $

$ 0

Related Party | Common Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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

$ 7.08

$ 15.92

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) | shares

1

Distributions paid to non-controlling interest holders | $

$ 0

$ 0

2020 Equity Plan | Common Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Dividends declared (in dollars per share) | $ / shares

$ 3.20

Dividends declared, adjusted (in dollars per share) | $ / shares

$ 0.80

Unvested restricted shares | Related Party

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of employees that terminated employment | employee

3

Forfeitures (in shares) | shares

953

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

5 years

Shares granted (in shares) | shares

10,139

25,000

Forfeitures (in shares) | shares

2,792

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) | shares

2,038

Shares issued in period (in shares) | shares

24,042

Unvested restricted shares | Share-based Payment Arrangement, Nonemployee | Advisor

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in period (in shares) | shares

13

Unvested restricted shares | Year 1 | Share-based Payment Arrangement, Nonemployee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Periodic vesting percentage

25%

20%

Unvested restricted shares | Year 2 | Share-based Payment Arrangement, Nonemployee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Periodic vesting percentage

25%

20%

Unvested restricted shares | Year 3 | Share-based Payment Arrangement, Nonemployee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Periodic vesting percentage

25%

20%

Unvested restricted shares | Year 4 | Share-based Payment Arrangement, Nonemployee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Periodic vesting percentage

25%

20%

Unvested restricted shares | Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Value of shares granted | $

$ 65,000

$ 30,000

$ 30,000

Restricted shares vesting period

5 years

Nonvested awards, compensation cost not yet recognized | $

$ 700,000

Unrecognized compensation period

3 years 7 months 6 days

Equity-based compensation | $

$ 100,000

$ 100,000

Unvested restricted shares | Restricted Share Plan | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Periodic vesting percentage

20%

Performance-based equity award | 2020 OPP

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

Units forfeited during period (in shares) | shares

501,605

Fair value of units | $

$ 25,800,000

Service period

3 years 25 days

Absolute TSR | Below Threshold

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

12%

Absolute TSR | Target

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

18%

Absolute TSR | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

24%

Relative TSR Excess | Below Threshold

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

(6.00%)

Relative TSR Excess | Target

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

0%

Relative TSR Excess | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of TSR return

6%

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Share Activity (Details) - Restricted Share Plan - Unvested restricted shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Restricted Shares
Beginning balance, unvested (in shares) | shares	36,198
Granted (in shares) | shares	0
Vested (in shares) | shares	(408)
Forfeitures (in shares) | shares	(953)
Ending balance, unvested (in shares) | shares	34,837
Weighted-Average Issue Price
Unvested beginning balance (in dollars per share) | $ / shares	$ 29.37
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	15.44
Forfeitures (in dollars per share) | $ / shares	65.86
Unvested ending balance (in dollars per share) | $ / shares	$ 28.53

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of LTIP Units (Details)	Mar. 31, 2024
Below Threshold | Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	12%
Percentage of LTIP Units Earned	0%
Below Threshold | Relative TSR Excess
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	(6.00%)
Percentage of LTIP Units Earned	0%
Threshold | Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	12%
Percentage of LTIP Units Earned	25%
Threshold | Relative TSR Excess
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	(6.00%)
Percentage of LTIP Units Earned	25%
Target | Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	18%
Percentage of LTIP Units Earned	50%
Target | Relative TSR Excess
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	0%
Percentage of LTIP Units Earned	50%
Maximum | Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of TSR return	24%
Percentage of LTIP Units Earned	100%
Maximum | Relative TSR Excess
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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax asset, valuation allowance (as a percent)	100%		100%
Effective tax rate (as a percent)	0%	0%
Income tax expense	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Net loss attributable to common stockholders	$ (7,608)	$ (11,758)
Adjustments to net loss attributable to common stockholders	0	0
Adjusted net loss attributable to common stockholders	$ (7,608)	$ (11,758)
Weighted-average shares outstanding — basic (in shares)	2,322,594	2,038,880
Weighted-average shares outstanding — diluted (in shares)	2,322,594	2,038,880
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (3.28)	$ (5.77)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (3.28)	$ (5.77)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	35,025	521,709
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	0	501,605
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares outstanding (in shares)	34,837	20,172
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	35,025	20,104
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted-average anti-dilutive common share equivalents (in shares)	0	501,605

Subsequent Events (Details)

Subsequent Events (Details)									1 Months Ended
	May 10, 2024 trading_day day $ / shares shares	May 10, 2024 trading_day day $ / shares	May 07, 2024 $ / shares shares	May 01, 2024 trading_day day $ / shares shares	Apr. 29, 2024	Apr. 28, 2024	Apr. 01, 2024 day trading_day $ / shares shares	Sep. 27, 2023 $ / shares shares	May 10, 2024 trading_day day $ / shares shares	Apr. 30, 2024 day shares	Mar. 31, 2024 day shares	Jan. 31, 2023 day shares
Common Class A
Subsequent Event [Line Items]
Number of trading days | day											10	10
Common Class A | Bellevue | Tender Offer
Subsequent Event [Line Items]
Sale of stock, maximum number of shares to be sold (in shares)								350,000
Sale of stock, price per share (in dollars per share) | $ / shares								$ 10.25
Related Party | Common Class A
Subsequent Event [Line Items]
Shares issued for management fees (in shares)											70,607	31,407
Number of trading days | day												10
Subsequent event | Mortgages | Secured Overnight Financing Rate
Subsequent Event [Line Items]
Variable rate									2.60%
Subsequent event | 9 Times Square | Mortgages
Subsequent Event [Line Items]
Borrower to deliver period					60 days
Subsequent event | 9 Times Square | Mortgages | Secured Overnight Financing Rate
Subsequent Event [Line Items]
Variable rate		2.60%			2.60%	1.60%
Subsequent event | Common Class A | Bellevue | Tender Offer
Subsequent Event [Line Items]
Sale of stock, maximum number of shares to be sold (in shares)			125,000						125,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 9.25	$ 9.25	$ 9.25						$ 9.25
Subsequent event | Related Party | New York City Reit Advisors, LLC
Subsequent Event [Line Items]
Shares issued for management fees (in shares)									22,857
Subsequent event | Related Party | New York City Reit Advisors, LLC | Asset Management Fees
Subsequent Event [Line Items]
Shares issued for management fees (in shares)							22,857
Subsequent event | Related Party | New York City Reit Advisors, LLC | General and administrative expense
Subsequent Event [Line Items]
Shares issued for management fees (in shares)									68,308
Subsequent event | Related Party | New York City Reit Advisors, LLC | February General and Administrative Reimbursements
Subsequent Event [Line Items]
Shares issued for management fees (in shares)							68,308
Subsequent event | Related Party | Common Class A
Subsequent Event [Line Items]
Shares issued for management fees (in shares)	83,543			83,543			91,165			91,165
Number of trading days | day				10			10
Shares issued, price per share (in dollars per share) | $ / shares				$ 6.04			$ 6.64
Average share price, number of days | day	10	10		10			10		10	10
Number of consecutive trading days | trading_day	10	10		10			10		10