Clipper Realty (CLPR) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 15, 2017
Document Information [Line Items]
Entity Registrant Name	Clipper Realty Inc.
Entity Central Index Key	1,649,096
Trading Symbol	clpr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		17,812,755
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Land and improvements	$ 433,666	$ 433,666
Building and improvements	438,281	435,318
Tenant improvements	2,986	2,986
Furniture, fixtures and equipment	9,420	9,281
Total Investment in real estate	884,353	881,251
Accumulated depreciation	(61,879)	(58,174)
Investment in real estate, net	822,474	823,077
Cash and cash equivalents	105,211	37,547
Restricted cash	16,539	11,105
Tenant and other receivables, net of allowance for doubtful accounts of $3,152 and $2,768, respectively	5,354	4,485
Deferred rent	3,748	3,825
Deferred costs and intangible assets, net	13,318	13,953
Prepaid expenses and other assets	14,639	11,216
TOTAL ASSETS	981,283	905,208
LIABILITIES AND EQUITY
Notes payable, net of unamortized loan costs of $9,548 and $10,134, respectively	754,800	754,459
Accounts payable and accrued liabilities	6,515	8,982
Security deposits	6,380	6,248
Below-market leases, net	6,415	6,862
Other liabilities	6,603	2,441
TOTAL LIABILITIES	780,713	778,992
Preferred stock, $0.01 par value, 12.5% Series A Cumulative Non-Voting Preferred Stock; $137,500 liquidation preference, 132 shares issued and outstanding
Common stock, $0.01 par value, 500,000,000 shares authorized, 17,812,755 and 11,422,606, respectively, issued and outstanding	178	114
Additional paid-in-capital	91,346	46,671
Accumulated deficit	(10,566)	(8,584)
Total stockholders’ equity	80,958	38,201
Non-controlling interests	119,612	88,015
TOTAL EQUITY	200,570	126,216
TOTAL LIABILITIES AND EQUITY	$ 981,283	$ 905,208

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 3,152	$ 2,768
Unamortized loan costs	$ 9,548	$ 10,134
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate, percentage	12.50%	12.50%
Preferred stock, liquidation preferrence	$ 137,500	$ 137,500
Preferred stock, shares issued (in shares)	132	132
Preferred stock, shares outstanding (in shares)	132	132
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	17,812,755	11,422,606
Common stock, shares outstanding (in shares)	17,812,755	11,422,606

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Residential rental income	$ 18,037	$ 15,827
Commercial income	5,471	4,439
Tenant recoveries	1,044	813
Garage and other income	711	647
TOTAL REVENUES	25,263	21,726
OPERATING EXPENSES
Property operating expenses	7,105	6,542
Real estate taxes and insurance	4,652	4,051
General and administrative	2,196	1,832
Acquisition costs	21	6
Depreciation and amortization	3,935	3,290
TOTAL OPERATING EXPENSES	17,909	15,721
INCOME FROM OPERATIONS	7,354	6,005
Interest expense, net	(8,652)	(9,211)
Net loss	(1,298)	(3,206)
Net loss attributable to non-controlling interests	833	2,236
Dividends attributable to preferred shares	(4)	(3)
Net loss attributable to common stockholders	$ (469)	$ (973)
Basic and diluted loss per share (in dollars per share)	$ (0.03)	$ (0.09)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2016	132	11,422,606
Balance at Dec. 31, 2016		$ 114	$ 46,671	$ (8,584)	$ 38,201	$ 88,015	$ 126,216
Issuance of common stock (in shares)		6,390,149
Issuance of common stock		$ 64	78,791		78,855		78,855
Amortization of LTIP grants						595	595
Dividends and distributions				(1,517)	(1,517)	(2,281)	(3,798)
Net loss				(465)	(465)	(833)	(1,298)
Reallocation of noncontrolling interest			(34,116)		(34,116)	34,116
Balance (in shares) at Mar. 31, 2017	132	17,812,755
Balance at Mar. 31, 2017		$ 178	$ 91,346	$ (10,566)	$ 80,958	$ 119,612	$ 200,570

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,298)	$ (3,206)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	3,705	3,073
Amortization of deferred financing costs	721	1,508
Amortization of deferred costs and intangible assets	635	555
Amortization of above and below market leases	(434)	(430)
Deferred rent	77	3
Stock-based compensation	595	510
Change in fair value of interest rate caps	137	9
Changes in operating assets and liabilities:
Restricted cash	(5,434)	(4,731)
Accounts and other receivables	(869)	(321)
Prepaid expenses, other assets and deferred costs	4,305	3,985
Accounts payable and accrued liabilities	(1,485)	(48)
Security deposits	132	78
Other liabilities	364	5
Net cash provided by operating activities	1,151	990
CASH FLOW FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(3,102)	(3,358)
Cash paid in connection with acquisition of real estate	(8,860)	(5,000)
Net cash used in investing activities	(11,962)	(8,358)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds and costs from sale of common and preferred stock	78,855	117
Payments of notes payable	(245)	(176)
Dividends and distributions		(2,479)
Loan costs and other	(135)	(49)
Net cash provided by (used in) financing activities	78,475	(2,587)
Net increase (decrease) in cash and cash equivalents	67,664	(9,955)
Cash and cash equivalents - beginning of period	37,547	125,332
Cash and cash equivalents - end of period	105,211	115,377
Supplemental cash flow information:
Cash paid for interest	$ 8,441	$ 7,934

Note 1 - Organization

Note 1 - Organization	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Clipper Realty Inc. (the “Company” or “We”) was organized in the state of Maryland on July 7, 2015. August 3, 2015, one one On February 9, 2017, 6,390,149 March 10, 2017) $13.50 $78.9 As of March 31, 2017, • Tribeca House properties in Manhattan, comprising two one 21 one 12 480,000 77,236 • Flatbush Gardens in Brooklyn, comprised of a 59 2,496 • 141 15 216,073 • 250 12 294,378 • Aspen property in Manhattan, a seven 166,000 21,000 The operations of Clipper Realty, Inc. and its consolidated subsidiaries are carried on primarily through the Operating Partnership. The Company has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856 860 At March 31, 2017, 40.4% As further discussed in Note 3, 2015 02,

Note 2 - Sale of Common Stock a

Note 2 - Sale of Common Stock and Formation Transactions	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Sale of Common Stock and Formation Transactions [Text Block]	2. As discussed in Note 1, February 9 March 10, 2017, 6,390,149 $13.50 $78,855. On August 3, 2015, 10,666,667 $13.50 $130,199. The Company contributed the net proceeds of the common stock offerings to the Operating Partnership in exchange for units in the Operating Partnership as described in Note 1.

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company have a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest. 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 commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant tenant’s tenant. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may March 31, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve If a tenant tenant Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment 3 – 15 The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks plus all short-term investments with a maturity of three may Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants tenant may Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third Comprehensive Income Comprehensive income is comprised of net income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three March 31, 2017 2016, Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered into by a resident for an apartment unit are generally for a one Reimbursements for operating expenses due from tenants Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, At March 31, 2017 December 31, 2016 483,517 $13.50 March 31, 2017 December 31, 2016, $2.9 $3.5 March 31, 2017, 1.3 Effective April 19, 2017, 151,853 $10.96 Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “Code”) commencing with its taxable year ended December 31, 2015. 90% not may four In accordance with the FASB ASC Topic 740, three Fair Value Measurements Refer to Note 9, Derivative Financial Instruments The FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings. Earnings (Loss) Per Share Basic and diluted earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding. As of March 31, 2017 2016, two not March 31, 2017 2016. The effect of the conversion of the 26,317 The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (unaudited): (dollar in thousands, except per share amounts) T hree Months Ended March 31, 2017 2016 Numerator Net loss attributable to common stockholders $ (469 ) $ (973 ) Less: net income attributable to participating securities (43 ) (41 ) Subtotal $ (512 ) $ (1,014 ) Denominator Weighted average common shares outstanding 14,644 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.03 ) $ (0.09 ) Recently Issued Pronouncements In February 2017, 2017 05, 610 20) 2017 05 2017 05 December 16, 2017, 2017 05 In January 2017, 2017 01 2017 01 2017 01 December 15, 2017 2014 15 In November 2016, 2016 18 230) December 15, 2017, December 15, 2018, December 15, 2019. 2016 18.

Note 4 - Acquisition

Note 4 - Acquisition	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	4. On June 27, 2016, $103,000. The purchase price was allocated as follows: Land $ 49,139 Buildings 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000 We have prepared the following unaudited pro forma income statement information for the three March 31, 2016 January 1, 2016. January 1, 2016. Three Months Ended Revenue $ 23,346 Total expenses (26,715 ) Net loss $ (3,369 ) Basic and diluted loss per share $ (0.03 )

Note 5 - Deferred Costs and Int

Note 5 - Deferred Costs and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	5. Deferred costs and intangible assets consist of the following: March 31, December 31, (Unaudited) Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,092 3,092 In-place lease 7,347 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 23,756 23,756 Less accumulated amortization (10,438 ) (9,803 ) Total deferred costs and intangible assets, net $ 13,318 $ 13,953 Amortization of lease origination costs and in-place lease intangible assets was $230 $217 three March 31, 2017 2016, $392 $338 three March 31, 2017 2016, $13 three March 31, 2017, Deferred costs and intangible assets as of March 31, 2017 2017 (Remainder) $ 1,920 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 13,318

Note 6 - Below-market Lease Int

Note 6 - Below-market Lease Intangibles	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Below Market Lease Intangibles Disclosure [Text Block]	6. The Company’s below-market lease intangibles liabilities are as follows: March 31, December 31, (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (16,763 ) (16,316 ) $ 6,415 $ 6,862 Rental income includes amortization of below-market leases of $447 $430 three March 31, 2017 2016, The balance of below-market leases as of March 31, 2017amortize 2017 (Remainder) $ 1,340 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 6,415

Note 7 - Notes Payable

Note 7 - Notes Payable	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	7. The first Property Maturity Interest Rate March 31, December 31, Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 150,000 $ 150,000 Flatbush Gardens, Brooklyn, NY(b) 10/1/2024 3.88 % 20,000 20,000 250 Livingston Street, Brooklyn, NY(c) 5/6/2023 4.00 % 34,848 35,093 141 Livingston Street, Brooklyn, NY(d) 6/1/2028 3.875 % 79,500 79,500 Tribeca House properties, NY(e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen property, NY(f) 7/1/2028 3.68 % 70,000 70,000 $ 764,348 $ 764,593 Unamortized debt issuance costs $ (9,548 ) $ (10,134 ) Total debt net of debt issuance costs $ 754,800 $ 754,459 (a) The $150,000 October 1, 2024 3.88%. April 2017 30 (b) The additional $20,000 $150,000 3.88% September 2019 2.75%, April 2017, $94 May 2017 September 2019 30year 30 (c) The mortgage note agreement with Citigroup Global Markets Realty Corp. for $37,500 $179, 4.00% May 6, 2023. (d) On May 11, 2016, $55,000 141 $79,500 June 1, 2028, 3.875%. June 2017, $374 July 2017 June 2028 30 (e) On November 9, 2016, $360,000 $100,000 $410,000 one 3.75%, 4.73% March 31, 2017 November 9, 2018 three one (f) On June 27, 2016, $70,000 July 1, 2028 3.68%. July 2017, $321 August 2017 July 2028 30 30 The following table summarizes principal payment requirements under terms as of March 31, 2017 2017 (Remainder) $ 4,245 2018 416,731 2019 6,678 2020 5,332 2021 5,560 Thereafter 325,802 Total $ 764,348

Note 8 - Rental Income Under Op

Note 8 - Rental Income Under Operating Leases	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	8. The Company’s three tenants March 31, 2017, tenant tenants five 2017 (Remainder) $ 16,154 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 23,629 Total 93,240 The Company has commercial leases with the City of New York that comprised approximately 20% three March 31, 2017 2016. December 2016, 250 August 2020

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9. GAAP requires the measurement of certain financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three one three Level 1: • Level 2: quoted • Level 3: When available, the Company utilizes quoted market prices from an independent third 1 2. third may third Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, accounts payable and accrued expenses, including interest rate caps, and mortgages. The carrying amount of cash and cash equivalents, restricted cash, receivables, and accounts payable and accrued expenses reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of mortgages, which is classified as Level 2, The carrying amount and fair value of the mortgage notes payable were as follows: March 31, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 764,348 $ 764,593 Fair value $ 751,016 $ 749,324 The Company purchased interest rate caps in connection with the mortgage loans on November 9, 2016 2.00%. $410 2, $271 $409 March 31, 2017 December 31, 2016, $137 $9 three March 31, 2017 2016, Disclosures about fair value of financial instruments were based on pertinent information available as of March 31, 2017 December 31, 2016. may

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Legal The Company is subject to certain legal proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s consolidated results of operations, financial position, or cash flows. Commitments The Company is obligated to provide parking through 2020 tenant 250 $160 Concentrations The Company’s properties are located in the Boroughs of Manhattan and Brooklyn in New York City, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. For the three March 31, 2017 2016, 27% 26%, 73% 74%,

Note 11 - Related-party Transac

Note 11 - Related-party Transactions	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. Included in general and administrative expense for the three March 31, 2017 $98

Note 12 - Segment Reporting

Note 12 - Segment Reporting	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. The Company has classified its reporting segments into commercial and residential rental properties. The commercial properties include the 141 250 250 three March 31, 2017 $1,881 $ 6,771 three March 31, 2016 1,844 $7,367, The Company’s income from operations by segment for the three March 31, 2017 2016 Three months ended March 31, 2017 Commercial Residential Total Rental revenues $ 5,471 $ 18,037 $ 23,508 Tenant recoveries 1,044 — 1,044 Garage and other revenue income 212 499 711 Total revenues 6,727 18,536 25,263 Property operating expenses 1,081 6,024 7,105 Real estate taxes and insurance 1,057 3,595 4,652 General and administrative 188 2,008 2,196 Acquisition costs — 21 21 Depreciation and amortization 768 3,167 3,935 Total operating expenses 3,094 14,815 17,909 Income from operations $ 3,633 $ 3,721 $ 7,354 Three months ended March 31, 2016 Commercial Residential Total Rental revenues $ 4,439 $ 15,827 $ 20,266 Tenant recoveries 813 — 813 Garage and other revenue income 395 252 647 Total revenues 5,647 16,079 21,726 Property operating expenses 960 5,582 6,542 Real estate taxes and insurance 968 3,083 4,051 General and administrative 157 1,675 1,832 Acquisition costs — 6 6 Depreciation and amortization 638 2,652 3,290 Total operating expenses 2,723 12,998 15,721 Income from operations $ 2,924 $ 3,081 $ 6,005 The Company’s total assets by segment are as follows as of: Commercial Residential Total March 31, 2017 $ 226,120 $ 755,163 $ 981,283 December 31, 2016 $ 225,608 $ 679,600 $ 905,208 The Company’s capital expenditures are $3,102 $3,358 three March 31, 2017 2016, ($1,011 $30 $2,091 3,328 three March 31, 2017 2016,

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	13. On May 9, 2017, $87,500. $73,700

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company have a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest.
Use of Estimates, Policy [Policy Text Block]	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 commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates.
Real Estate, Policy [Policy Text Block]	Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant tenant’s tenant. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may March 31, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve If a tenant tenant Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment 3 – 15 The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks plus all short-term investments with a maturity of three may
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants tenant may
Deferred Charges, Policy [Policy Text Block]	Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income Comprehensive income is comprised of net income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three March 31, 2017 2016,
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered into by a resident for an apartment unit are generally for a one Reimbursements for operating expenses due from tenants
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, At March 31, 2017 December 31, 2016 483,517 $13.50 March 31, 2017 December 31, 2016, $2.9 $3.5 March 31, 2017, 1.3 Effective April 19, 2017, 151,853 $10.96
Income Tax, Policy [Policy Text Block]	Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “Code”) commencing with its taxable year ended December 31, 2015. 90% not may four In accordance with the FASB ASC Topic 740, three
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 9,
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings.
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share Basic and diluted earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding. As of March 31, 2017 2016, two not March 31, 2017 2016. The effect of the conversion of the 26,317 The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (unaudited): (dollar in thousands, except per share amounts) T hree Months Ended March 31, 2017 2016 Numerator Net loss attributable to common stockholders $ (469 ) $ (973 ) Less: net income attributable to participating securities (43 ) (41 ) Subtotal $ (512 ) $ (1,014 ) Denominator Weighted average common shares outstanding 14,644 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.03 ) $ (0.09 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Pronouncements In February 2017, 2017 05, 610 20) 2017 05 2017 05 December 16, 2017, 2017 05 In January 2017, 2017 01 2017 01 2017 01 December 15, 2017 2014 15 In November 2016, 2016 18 230) December 15, 2017, December 15, 2018, December 15, 2019. 2016 18.

Note 3 - Significant Accounti21

Note 3 - Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment 3 – 15
Schedule of Nonvested Share Activity [Table Text Block]	(dollar in thousands, except per share amounts) T hree Months Ended March 31, 2017 2016 Numerator Net loss attributable to common stockholders $ (469 ) $ (973 ) Less: net income attributable to participating securities (43 ) (41 ) Subtotal $ (512 ) $ (1,014 ) Denominator Weighted average common shares outstanding 14,644 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.03 ) $ (0.09 )

Note 4 - Acquisition (Tables)

Note 4 - Acquisition (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Land $ 49,139 Buildings 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended Revenue $ 23,346 Total expenses (26,715 ) Net loss $ (3,369 ) Basic and diluted loss per share $ (0.03 )

Note 5 - Deferred Costs and I23

Note 5 - Deferred Costs and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	March 31, December 31, (Unaudited) Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,092 3,092 In-place lease 7,347 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 23,756 23,756 Less accumulated amortization (10,438 ) (9,803 ) Total deferred costs and intangible assets, net $ 13,318 $ 13,953
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2017 (Remainder) $ 1,920 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 13,318

Note 6 - Below-market Lease I24

Note 6 - Below-market Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block]	March 31, December 31, (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (16,763 ) (16,316 ) $ 6,415 $ 6,862
Below Market Lease, Future Amortization Income [Table Text Block]	2017 (Remainder) $ 1,340 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 6,415

Note 7 - Notes Payable (Tables)

Note 7 - Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Property Maturity Interest Rate March 31, December 31, Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 150,000 $ 150,000 Flatbush Gardens, Brooklyn, NY(b) 10/1/2024 3.88 % 20,000 20,000 250 Livingston Street, Brooklyn, NY(c) 5/6/2023 4.00 % 34,848 35,093 141 Livingston Street, Brooklyn, NY(d) 6/1/2028 3.875 % 79,500 79,500 Tribeca House properties, NY(e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen property, NY(f) 7/1/2028 3.68 % 70,000 70,000 $ 764,348 $ 764,593 Unamortized debt issuance costs $ (9,548 ) $ (10,134 ) Total debt net of debt issuance costs $ 754,800 $ 754,459
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 (Remainder) $ 4,245 2018 416,731 2019 6,678 2020 5,332 2021 5,560 Thereafter 325,802 Total $ 764,348

Note 8 - Rental Income Under 26

Note 8 - Rental Income Under Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	2017 (Remainder) $ 16,154 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 23,629 Total 93,240

Note 9 - Fair Value of Financ27

Note 9 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	March 31, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 764,348 $ 764,593 Fair value $ 751,016 $ 749,324

Note 12 - Segment Reporting (Ta

Note 12 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended March 31, 2017 Commercial Residential Total Rental revenues $ 5,471 $ 18,037 $ 23,508 Tenant recoveries 1,044 — 1,044 Garage and other revenue income 212 499 711 Total revenues 6,727 18,536 25,263 Property operating expenses 1,081 6,024 7,105 Real estate taxes and insurance 1,057 3,595 4,652 General and administrative 188 2,008 2,196 Acquisition costs — 21 21 Depreciation and amortization 768 3,167 3,935 Total operating expenses 3,094 14,815 17,909 Income from operations $ 3,633 $ 3,721 $ 7,354 Three months ended March 31, 2016 Commercial Residential Total Rental revenues $ 4,439 $ 15,827 $ 20,266 Tenant recoveries 813 — 813 Garage and other revenue income 395 252 647 Total revenues 5,647 16,079 21,726 Property operating expenses 960 5,582 6,542 Real estate taxes and insurance 968 3,083 4,051 General and administrative 157 1,675 1,832 Acquisition costs — 6 6 Depreciation and amortization 638 2,652 3,290 Total operating expenses 2,723 12,998 15,721 Income from operations $ 2,924 $ 3,081 $ 6,005 Commercial Residential Total March 31, 2017 $ 226,120 $ 755,163 $ 981,283 December 31, 2016 $ 225,608 $ 679,600 $ 905,208

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands	Feb. 09, 2017USD ($)$ / sharesshares	Mar. 31, 2017ft²shares	Aug. 03, 2015
Formation Transaction, Units Converted to Commons Shares, Ratio			1
Percentage of Aggregate Cash Distributions From, and Profits and Losses		40.40%
Tribeca House properties in Manhattan [Member]
Number of Buildings		2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area		480,000
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member]
Gross Leasable Area		77,236
Tribeca House properties in Manhattan, Building One [Member]
Number of Stories		21
Tribeca House properties in Manhattan, Building Two [Member]
Number of Stories		12
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member]
Number of Buildings		59
Number of Rentable Units		2,496
141 Livingston Street in Brooklyn [Member] | Office Building [Member]
Number of Stories		15
Gross Leasable Area		216,073
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories		12
Gross Leasable Area		294,378
Aspen [Member]
Number of Stories		7
Aspen [Member] | Residential Rental [Member]
Gross Leasable Area		166,000
Aspen [Member] | Retail Site [Member]
Gross Leasable Area		21,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares		6,390,149
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares	6,390,149
Shares Issued, Price Per Share | $ / shares	$ 13.50
Proceeds from Issuance Initial Public Offering | $	$ 78,855

Note 2 - Sale of Common Stock30

Note 2 - Sale of Common Stock and Formation Transactions (Details Textual) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	Feb. 09, 2017	Aug. 03, 2015	Mar. 31, 2017
Stock Issued During Period, Shares, New Issues			6,390,149
Proceeds from Issuance of Private Placement		$ 130,199
IPO [Member]
Stock Issued During Period, Shares, New Issues	6,390,149
Shares Issued, Price Per Share	$ 13.50
Proceeds from Issuance Initial Public Offering	$ 78,855
Private Placement [Member]
Stock Issued During Period, Shares, New Issues		10,666,667
Shares Issued, Price Per Share		$ 13.50

Note 3 - Significant Accounti31

Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Apr. 19, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 2,900		$ 3,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 109 days
Weighted Average Number Diluted Shares Outstanding Adjustment		0	0
Income Tax Expense (Benefit)		$ 0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		26,317
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		483,517		483,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 13.50		$ 13.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	151,853
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 10.96

Note 3 - Significant Accounti32

Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2017
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life (Year)	10 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life (Year)	44 years
Tenant Improvements [Member]
Estimated useful life	Shorter of useful life or lease term
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Estimated useful life (Year)	15 years

Note 3 - Significant Accounti33

Note 3 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss attributable to common stockholders	$ (469)	$ (973)
Less: net income attributable to participating securities	(43)	(41)
Subtotal	$ (512)	$ (1,014)
Weighted average common shares outstanding (in shares)	14,644	11,423
Basic and diluted loss per share (in dollars per share)	$ (0.03)	$ (0.09)

Note 4 - Acquisition (Details T

Note 4 - Acquisition (Details Textual) $ in Millions	Jun. 27, 2016USD ($)
Aspen [Member]
Business Combination, Consideration Transferred	$ 103

Note 4 - Acquisition - Properti

Note 4 - Acquisition - Properties Acquisition (Details) - Aspen [Member] $ in Thousands	Jun. 27, 2016USD ($)
Land	$ 49,139
Buildings	42,753
Tenant improvements	26
Site improvements	91
Furniture, fixtures and equipment	302
Above-market leases	444
Below-market leases	(783)
In-place leases	1,093
Lease origination costs	793
Real estate tax abatements	9,142
Total	$ 103,000

Note 4 - Acquisition - Pro Form

Note 4 - Acquisition - Pro Forma Data (Details) - Aspen [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / shares
Revenue	$ 23,346
Total expenses	(26,715)
Net loss	$ (3,369)
Basic and diluted loss per share (in dollars per share) | $ / shares	$ (0.03)

Note 5 - Deferred Costs and I37

Note 5 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 230	$ 217
Amortization of Real Estate Abatements	392	$ 338
Above Market Leases [Member]
Amortization of Intangible Assets	$ 13

Note 5 - Deferred Costs and I38

Note 5 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred costs	$ 266	$ 266
Above-market leases	480	480
Lease origination costs	3,092	3,092
In-place lease	7,347	7,347
Real estate tax abatements	12,571	12,571
Total deferred costs and intangible assets	23,756	23,756
Less accumulated amortization	(10,438)	(9,803)
Total	$ 13,318	$ 13,953

Note 5 - Deferred Costs and I39

Note 5 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
2017 (Remainder)	$ 1,920
2,018	1,284
2,019	1,056
2,020	812
2,021	812
Thereafter	7,434
Total	$ 13,318	$ 13,953

Note 6 - Below-market Lease I40

Note 6 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amortization of Below Market Lease	$ 447	$ 430

Note 6 - Below-market Lease I41

Note 6 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Below-market leases	$ 23,178	$ 23,178
Less accumulated amortization	(16,763)	(16,316)
Total	$ 6,415	$ 6,862

Note 6 - Below-market Lease I42

Note 6 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
2017 (Remainder)	$ 1,340
2,018	1,787
2,019	1,269
2,020	489
2,021	488
Thereafter	1,042
Total	$ 6,415	$ 6,862

Note 7 - Notes Payable (Details

Note 7 - Notes Payable (Details Textual) - USD ($) $ in Thousands

Nov. 09, 2016

May 11, 2016

May 01, 2013

Mar. 31, 2017

Sep. 30, 2019

Sep. 30, 2019

Oct. 01, 2024

Jul. 31, 2028

Jun. 30, 2028

Jun. 27, 2016

Oct. 31, 2014

Sep. 24, 2012

Mortgages 1 [Member] | New York Community Bank [Member]

Long-term Debt, Gross

$ 150,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.88%

Mortgages 1 [Member] | Citigroup Global Markets Realty Corp [Member]

Long-term Debt, Gross

$ 37,500

Debt Instrument, Periodic Payment

$ 179

Debt Instrument, Interest Rate, Stated Percentage

4.00%

Mortgages 1 [Member] | Citigroup Global Markets Inc. [Member] | 141 Livingston Street, Brooklyn [Member]

Repayments of Long-term Debt

$ 55,000

Mortgages 2 [Member] | New York Community Bank [Member]

Long-term Debt, Gross

$ 20,000

Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.875%

Proceeds from Issuance of Long-term Debt

$ 79,500

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member]

Debt Instrument, Interest Rate During Period

3.88%

Debt Instrument, Periodic Payment

$ 94

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Periodic Payment

$ 374

Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Mortgages [Member]

Repayments of Long-term Debt

$ 360,000

Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member]

Long-term Debt, Gross

$ 70,000

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Scenario, Forecast [Member] | Aspen [Member]

Debt Instrument, Periodic Payment

$ 321

Mezzanine Note Agreement [Member]

Repayments of Long-term Debt

100,000

Refinanced Loans [Member] | DB and SL Green Finance [Member] | Tribeca House Properties [Member]

Long-term Debt, Gross

$ 410,000

Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member] | Minimum [Member]

Debt Instrument, Basis Spread on Variable Rate

3.75%

Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

4.73%

Note 7 - Notes Payable - Mortga

Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Unamortized debt issuance costs		$ (9,548)	$ (10,134)
Total		764,348
Mortgages and Mezzanine Notes 1[Member]
Debt, gross		764,348	764,593
Unamortized debt issuance costs		(9,548)	(10,134)
Total		$ 754,800	754,459
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Maturity date	[1]	Oct. 1, 2024
Interest rate	[1]	3.88%
Debt, gross	[1]	$ 150,000	150,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Maturity date	[2]	May 6, 2023
Interest rate	[2]	4.00%
Debt, gross	[2]	$ 34,848	35,093
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]
Maturity date	[3]	Jun. 1, 2028
Interest rate	[3]	3.875%
Debt, gross	[3]	$ 79,500	79,500
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Maturity date	[4]	Nov. 9, 2018
Debt, gross	[4]	$ 410,000	410,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[4]	3.75%
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Maturity date	[5]	Jul. 1, 2028
Interest rate	[5]	3.68%
Debt, gross	[5]	$ 70,000	70,000
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Maturity date	[6]	Oct. 1, 2024
Interest rate	[6]	3.88%
Debt, gross	[6]	$ 20,000	$ 20,000
[1]	The $150,000 mortgage note agreement with New York Community Bank ("NYCB") matures on October 1, 2024 and bears interest at a fixed-rate of interest of 3.88%. The note requires interest only payments through April 2017 and monthly principal and interest payments thereafter based on a 30-year amortization.
[2]	The additional $20,000 note with NYCB matures coterminous with the $150,000 mortgage, and bears interest at 3.88% through September 2019 and thereafter at prime plus 2.75%, subject to an option to fix the rate. The note requires interest only payments through April 2017, monthly principal and interest payments of $94 from May 2017 through September 2019 based on a 30year amortization schedule and principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule.
[3]	On May 11, 2016, the Company repaid the $55,000 loan secured by the property at 141 Livingston Street, Brooklyn, New York from the proceeds of a $79,500 loan from NYCB. The NYCB loan matures on June 1, 2028, and bears interest at 3.875%. The note requires interest only payments through June 2017, monthly principal and interest payments of $374 from July 2017 through June 2028 based on a 30year amortization schedule.
[4]	On November 9, 2016, the Company repaid the $360,000 of mortgage notes and the $100,000 mezzanine notes assumed in connection with the acquisition of the Tribeca House properties utilizing the proceeds from a $410,000 loan package with DB and SL Green Finance and cash on hand. The loan package bears a blended interest rate of one-month LIBOR plus 3.75%, or 4.73% as of March 31, 2017 matures on November 9, 2018 and is subject to three one-year extension options.
[5]	On June 27, 2016, the Company entered into a $70,000 mortgage note agreement with Capital One Multifamily finance LLC, related to the Aspen property acquisition. The note matures on July 1, 2028 and bears interest at 3.68%. The note requires interest only payments through July 2017, monthly principal and interest payments of $321 from August 2017 through July 2028 based on a 30 year amortization schedule and principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule.
[6]	The mortgage note agreement with Citigroup Global Markets Realty Corp. for $37,500 that requires monthly principal and interest payments of $179, bears interest of 4.00% and matures on May 6, 2023.

Note 7 - Notes Payable - Summar

Note 7 - Notes Payable - Summarizes Principal Payment (Details) $ in Thousands	Mar. 31, 2017USD ($)
2017 (Remainder)	$ 4,245
2,018	416,731
2,019	6,678
2,020	5,332
2,021	5,560
Thereafter	325,802
Total	$ 764,348

Note 8 - Rental Income Under 46

Note 8 - Rental Income Under Operating Leases (Details Textual)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	20.00%	20.00%

Note 8 - Rental Income Under 47

Note 8 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Mar. 31, 2017USD ($)
2017 (Remainder)	$ 16,154
2,018	21,648
2,019	16,813
2,020	10,247
2,021	4,749
Thereafter	23,629
Total	$ 93,240

Note 9 - Fair Value of Financ48

Note 9 - Fair Value of Financial Instruments (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Nov. 09, 2016
Interest Rate Caps, LIBOR Strike Price, Percentage				2.00%
Interest Rate Cap [Member]
Derivative, Notional Amount				$ 410,000
Derivative, Fair Value, Net	$ 271		$ 409
Derivative, Gain (Loss) on Derivative, Net	$ 137	$ 9

Note 9 - Fair Value of Financ49

Note 9 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Mortgage notes payable	$ 764,348	$ 764,593
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	$ 751,016	$ 749,324

Note 10 - Commitments and Con50

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Total Revenue [Member] | Geographic Concentration Risk [Member] | Commercial Segment [Member] | New York City [Member]
Concentration Risk, Percentage	27.00%	26.00%
Total Revenue [Member] | Geographic Concentration Risk [Member] | Residential Segment [Member] | New York City [Member]
Concentration Risk, Percentage	73.00%	74.00%
Obligated to Provide Parking [Member]
Other Commitment	$ 160

Note 12 - Segment Reporting (De

Note 12 - Segment Reporting (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Expense	$ 8,652	$ 9,211
Payments to Acquire Real Estate	3,102	3,358
Commercial Segment [Member]
Interest Expense	1,881	1,844
Payments to Acquire Productive Assets	1,011	30
Residential Segment [Member]
Interest Expense	6,771	7,367
Payments to Acquire Productive Assets	$ 2,091	$ 3,328

Note 12 - Segment Reporting - I

Note 12 - Segment Reporting - Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Rental revenues	$ 23,508	$ 20,266
Tenant recoveries	1,044	813
Garage and other revenue income	711	647
Total revenues	25,263	21,726
Property operating expenses	7,105	6,542
Real estate taxes and insurance	4,652	4,051
General and administrative	2,196	1,832
Acquisition costs	21	6
Depreciation and amortization	3,935	3,290
Total operating expenses	17,909	15,721
Income from operations	7,354	6,005
Assets	981,283		$ 905,208
Commercial Segment [Member]
Rental revenues	5,471	4,439
Tenant recoveries	1,044	813
Garage and other revenue income	212	395
Total revenues	6,727	5,647
Property operating expenses	1,081	960
Real estate taxes and insurance	1,057	968
General and administrative	188	157
Acquisition costs
Depreciation and amortization	768	638
Total operating expenses	3,094	2,723
Income from operations	3,633	2,924
Assets	226,120		225,608
Residential Segment [Member]
Rental revenues	18,037	15,827
Tenant recoveries
Garage and other revenue income	499	252
Total revenues	18,536	16,079
Property operating expenses	6,024	5,582
Real estate taxes and insurance	3,595	3,083
General and administrative	2,008	1,675
Acquisition costs	21	6
Depreciation and amortization	3,167	2,652
Total operating expenses	14,815	12,998
Income from operations	3,721	$ 3,081
Assets	$ 755,163		$ 679,600

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	May 09, 2017	Mar. 31, 2017	Mar. 31, 2016
Payments to Acquire Real Estate		$ 3,102	$ 3,358
Subsequent Event [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | Loan Package [Member]
Proceeds from Issuance of Long-term Debt	$ 73,700
Residential Property in Brooklyn, NY [Member] | Subsequent Event [Member]
Payments to Acquire Real Estate	$ 87,500