Clipper Realty (CLPR) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Land and improvements	$ 433,666,000	$ 433,666,000
Building and improvements	445,482,000	435,318,000
Tenant improvements	3,003,000	2,986,000
Furniture, fixtures and equipment	9,758,000	9,281,000
Real estate under development	92,441,000
Total investment in real estate	984,350,000	881,251,000
Accumulated depreciation	(69,570,000)	(58,174,000)
Investment in real estate, net	914,780,000	823,077,000
Cash and cash equivalents	54,769,000	37,547,000
Restricted cash	17,799,000	11,105,000
Tenant and other receivables, net of allowance for doubtful accounts of $2,115 and $2,768, respectively	5,206,000	4,485,000
Deferred rent	3,588,000	3,825,000
Deferred costs and intangible assets, net	12,046,000	13,953,000
Prepaid expenses and other assets	15,201,000	11,216,000
TOTAL ASSETS	1,023,389,000	905,208,000
LIABILITIES AND EQUITY
Notes payable, net of unamortized loan costs of $11,351 and $10,134, respectively	810,044,000	754,459,000
Accounts payable and accrued liabilities	7,415,000	8,982,000
Security deposits	6,501,000	6,248,000
Below-market leases, net	5,522,000	6,862,000
Other liabilities	3,671,000	2,441,000
TOTAL LIABILITIES	833,153,000	778,992,000
Preferred stock, $0.01 par value, 12.5% Series A cumulative non-voting, $137,500 liquidation preference; zero and 132 shares issued and outstanding, respectively
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,812,755 and 11,422,606 shares issued and outstanding, respectively	178,000	114,000
Additional paid-in-capital	91,841,000	46,671,000
Accumulated deficit	(15,232,000)	(8,584,000)
Total stockholders’ equity	76,787,000	38,201,000
Non-controlling interests	113,449,000	88,015,000
TOTAL EQUITY	190,236,000	126,216,000
TOTAL LIABILITIES AND EQUITY	$ 1,023,389,000	$ 905,208,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 2,115,000	$ 2,768,000
Unamortized loan costs	$ 11,351	$ 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 preference	$ 137,500,000	$ 137,500,000
Preferred stock, shares issued (in shares)	0	132
Preferred stock, shares outstanding (in shares)	0	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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES
Residential rental income	$ 18,558,000	$ 17,667,000	$ 54,674,000	$ 49,405,000
Commercial income	5,476,000	4,884,000	16,418,000	13,843,000
Tenant recoveries	1,162,000	1,086,000	3,223,000	2,969,000
Garage and other income	812,000	1,199,000	2,314,000	2,550,000
TOTAL REVENUES	26,008,000	24,836,000	76,629,000	68,767,000
OPERATING EXPENSES
Property operating expenses	6,519,000	6,201,000	20,188,000	18,885,000
Real estate taxes and insurance	5,536,000	4,883,000	15,005,000	13,023,000
General and administrative	2,501,000	2,395,000	7,285,000	6,317,000
Acquisition costs	10,000		37,000	407,000
Depreciation and amortization	4,086,000	4,008,000	12,084,000	10,646,000
TOTAL OPERATING EXPENSES	18,652,000	17,487,000	54,599,000	49,278,000
INCOME FROM OPERATIONS	7,356,000	7,349,000	22,030,000	19,489,000
Interest expense, net	(8,925,000)	(9,886,000)	(26,508,000)	(28,749,000)
Net loss	(1,569,000)	(2,537,000)	(4,478,000)	(9,260,000)
Net loss attributable to non-controlling interests	938,000	1,769,000	2,736,000	6,457,000
Dividends attributable to preferred shares		(4,000)	(8,000)	(11,000)
Net loss attributable to common stockholders	$ (631,000)	$ (772,000)	$ (1,750,000)	$ (2,814,000)
Basic and diluted net loss per share (in dollars per share)	$ (0.04)	$ (0.07)	$ (0.11)	$ (0.25)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)	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		$ 114,000	$ 46,671,000	$ (8,584,000)	$ 38,201,000	$ 88,015,000	$ 126,216,000
Issuance of common stock (in shares)		6,390,149
Issuance of common stock		$ 64,000	78,621,000		78,685,000		78,685,000
Redemption of preferred shares	$ (132)		(145,000)		(145,000)		(145,000)
Amortization of LTIP grants						2,268,000	2,268,000
Dividends and distributions				(4,906,000)	(4,906,000)	(7,404,000)	(12,310,000)
Net loss				(1,742,000)	(1,742,000)	(2,736,000)	(4,478,000)
Reallocation of noncontrolling interest			(33,306,000)		(33,306,000)	33,306,000
Balance (in shares) at Sep. 30, 2017		17,812,755
Balance at Sep. 30, 2017		$ 178,000	$ 91,841,000	$ (15,232,000)	$ 76,787,000	$ 113,449,000	$ 190,236,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,478,000)	$ (9,260,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	11,396,000	9,845,000
Amortization of deferred financing costs	2,163,000	4,253,000
Amortization of deferred costs and intangible assets	1,864,000	1,987,000
Amortization of above- and below-market leases	(1,297,000)	(1,357,000)
Deferred rent	237,000	(60,000)
Stock-based compensation	2,268,000	1,891,000
Change in fair value of interest rate caps	359,000	9,000
Changes in operating assets and liabilities:
Restricted cash	(6,694,000)	(4,234,000)
Tenant and other receivables	(721,000)	(2,451,000)
Prepaid expenses, other assets and deferred costs	2,760,000	1,747,000
Accounts payable and accrued liabilities	(1,321,000)	2,267,000
Security deposits	253,000	257,000
Other liabilities	1,230,000	359,000
Net cash provided by operating activities	8,019,000	5,253,000
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(14,104,000)	(12,988,000)
Acquisition deposit	(8,126,000)	(15,000,000)
Cash paid in connection with acquisition of real estate	(87,586,000)	(102,845,000)
Net cash used in investing activities	(109,816,000)	(130,833,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds and costs from sale of common stock	78,685,000	(526,000)
(Redemption) sale of preferred stock	(145,000)	132,000
Payments of mortgage notes	(2,545,000)	(55,530,000)
Proceeds from mortgage notes	59,347,000	149,500,000
Dividends and distributions	(12,310,000)	(7,457,000)
Loan costs and other	(4,013,000)	(3,770,000)
Net cash provided by financing activities	119,019,000	82,349,000
Net increase (decrease) in cash and cash equivalents	17,222,000	(43,231,000)
Cash and cash equivalents - beginning of period	37,547,000	125,332,000
Cash and cash equivalents - end of period	54,769,000	82,101,000
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $1,720 in 2017	24,848,000	24,868,000
Other non-cash items capitalized to real estate under development	$ 1,409,000

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Capitalized interest	$ 1,720

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 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, priced an initial public offering of 6,390,149 March 10, 2017) $13.50 $78.7 On May 9, 2017, purchase of 107 161 $87.5 $59 As of September 30, 2017, • Tribeca House in Manhattan, comprising two one 21 one 12 481,000 77,000 • Flatbush Gardens in Brooklyn, a 59 2,496 • 141 15 216,000 • 250 12 382,000 • Aspen in Manhattan, a 7 166,000 21,000 • 107 10 154,000 residential space. On October 27, 2017, 10 65th $79.0 $34.35 ty. The note bears interest at 3.375% first five 2.75%, first two 30 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 September 30, 2017, 40.4% As further discussed in Note 3, 2015 02, Operating Partnership and the LLC’s are variable interest entities (“VIEs”) and that the Company was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the Company’s assets and liabilities.

Note 2 - Sale of Common Stock,

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Sale of Common Stock and Formation Transactions [Text Block]	2. k, Formation Transactions and Preferred Stock Redemption As discussed in Note 1, February 2017, 6,390,149 March 10, 2017) $13.50 The proceeds, net of offering costs, were approximately $78,685. On August 3, 2015, 10,666,667 $13.50 $130,199. The Company contributed the net proceeds of the common stock offering s to the Operating Partnership in exchange for units in the Operating Partnership as described in Note 1. On June 21, 2017, $145.

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Basis of Consolidation The accompanying c onsolidated 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 has 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 the adoption of ASU 2017 01, – Clarifying the Definition of a Business,” the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expects that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. 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 relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not ’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. Management of the Company does not September 30, 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 not If a tenant vacates its space prior to the contractual termination of the lease and no tized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). 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 (years) 3 - 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms 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 is 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 No 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 to determine if accounts receivable balances are impaired based on factors affec ting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company 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 These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated financial statements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not Comprehensive Los s Comprehensive loss is comprised of net loss 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 nine September 30, 2017 201 6, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respe ctive leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. Beginning in 2018, 2014 09, Revenue with Contracts with Customers.” This ASU does not not Beginning in 2019, 2016 02, 2014 09 Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“ FASB ASC”) Topic 718, In April 2017, 151,853 $10.96 At September 30, 2017, December 31, 2016, 653,338 501,485 $12.95 $13.50 September 30, 2017, December 31, 2016, $3.0 $3.5 September 30, 2017, 1.2 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 not four no In accordance with FASB ASC Topic 740, not three Fair Value Measurements Refer to Note 9, Fair Value of Financial Instruments”. Derivative Financial Instrumen ts 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 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 chan ges 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 September 30, 2017, no Earnings (Loss) Per Shar e Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of September 30, 2017 2016, le rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic and diluted loss per share pursuant to the two not September 30, 2017 2016. The effect of the conversion of the 26,317 not e to such units is reflected as noncontrolling interests in the accompanying consolidated financial statements. 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) Three Months Ended September 30, Nine Months Ended September 30, 2017 201 6 2017 2016 Numerator Net loss attributable to common stockholders $ (631 ) $ (772 ) $ (1,750 ) $ (2,814 ) Less: income attributable to participating securities (62 ) (32 ) (167 ) (87 ) Subtotal $ (693 ) $ (804 ) $ (1,917 ) $ (2,901 ) Denominator Weighted average c ommon shares outstanding 17,813 11,423 16,756 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.04 ) $ (0.07 ) $ (0.11 ) $ (0.25 ) Recently Issued Pronouncements In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018, The adoption of ASU 2017 05 not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2017 05 not In February 2017, FASB issued ASU 2017 05, 610 20 2017 05 2017 05 December 16, 2017, 2017 05 not In January 2017, FASB issued ASU 2017 01, 2017 01 2017 01 December 15, 2017, 2017 01 2017. In November 2016, FASB issued ASU 2016 18, 230 2016 18 2016 18 not 2016 18 December 15, 2017, 2016 18 December 15, 2018, December 15, 2019. 2016 18.

Note 4 - Acquisitions

Note 4 - Acquisitions	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	4. ons 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 nine September 30, 2016, January 1, 2016. not January 1, 2016. Pro Forma Nine Months Ended Revenue $ 71,927 Total expenses (81,612 ) Net loss $ (9,685 ) Basic and diluted net loss per share $ (0.26 ) On May 9, 2017, purchased 107 $87.5 7 50% 50%

Note 5 - Deferred Costs and Int

Note 5 - Deferred Costs and Intangible Assets	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	5. red Costs and Intangible Assets Deferred costs and intangible assets consist of the following: September 30, December 31, 2016 (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 d eferred costs and intangible assets 23,756 23,756 Less accumulated amortization (11,710 ) (9,803 ) Total deferred costs and intangible assets, net $ 12,046 $ 13,953 Amortization of lease origination costs and in-place lease intangible assets was $228 $360 three September 30, 2017 2016, $688 $801 nine September 30, 2017 2016, rtization of real estate abatements of $392 $518 three September 30, 2017 2016, $1,176 $1,186 nine September 30, 2017 2016, $15 $11 three September 30, 2017 2016, $43 $11 nine September 30, 2017 2016, Deferred costs and intangible assets as of September 30, 2017, 2017 (Remainder) $ 648 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 12,046

Note 6 - Below-market Lease Int

Note 6 - Below-market Lease Intangibles	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Below Market Lease Intangibles Disclosure [Text Block]	6. The Company’s below-market lease intangibles liabilities are as follows: September 30, December 31, 2016 (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (17,656 ) (16,316 ) Below-market leases, net $ 5,522 $ 6,862 Rental income includes amortization of below-market leases of $446 $449 three September 30, 2017 2016, $1,340 $1,368 nine September 30, 2017 2016, B elow-market leases as of September 30, 2017, 2017 (Remainder) $ 447 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 5,522

Note 7 - Notes Payable

Note 7 - Notes Payable	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	7. Notes Payable The first , loans and mezzanine notes payable collateralized by the respective properties, or the Company’s interest in the entities that own the properties and assignment of leases, were as follows: Property Maturity Interest Rate September 30, December 31, 2016 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 148,888 $ 150,000 Flatbush Gardens, Brooklyn, NY (b) 10/1/2024 3.88 % 19,852 20,000 250 Livingston Street, Brooklyn, NY (c) 5/6/2023 4.00 % 34,479 35,093 141 Livingston Street, Brooklyn, NY (d) 6/1/2028 3.875 % 79,029 79,500 Tribeca House , Manhattan, NY (e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen , Manhattan, NY (f) 7/1/2028 3.68 % 69,800 70,000 107 Columbia Heights, Brooklyn, NY (g) 5 /9/2020 LIBOR + 3.85 % 59,347 — $ 821,395 $ 764,593 Unamortized debt issuance costs (11,351 ) (10,134 ) Total debt , net of debt issuance costs $ 810,044 $ 754,459 (a) The $150,000 October 1, 2024, 3.88%. April 2017 $705 30 (b) The additional $20,000 $150,000 3.88% September 2019 2.75%, payments through April 2017, $94 May 2017 September 2019 30 30 (c) The $37,500 May 6, 2023, 4.00%. $179. (d) On May 11, 2016, $55,000 $79,500 June 1, 2028, 3.875%. June 2017, $374 30 (e) On November 9, 2016, $360,000 $100,000 $410,000 November 9, 2018, three one one 3.75% 5.0% September 30, 2017). (f) On June 27, 2016, $70,000 July 1, 2028, 3.68%. July 2017, $321 30 (g) On May 9, 2017, $59,000 a unit of Blackstone Mortgage Trust, Inc. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,700 $347 September 30, 2017. May 9, 2020, two one one 3.85% 5.1% September 30, 2017). The following table summarizes principal payment requirements und er terms as of September 30, 2017: 2017 (Remainder) $ 1,638 2018 416,712 2019 6,975 2020 66,595 2021 7,532 Thereafter 321,943 Total $ 821,395

Note 8 - Rental Income Under Op

Note 8 - Rental Income Under Operating Leases	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	8. Rental Income under Operating Leases The Company ’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of September 30, 2017, five 2017 (Remainder) $ 5,367 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 24,599 Total $ 83,423 The Company has commercial leases with the City of New York that comprised approximately 20% three nine September 30, 2017, 18% 19% three nine September 30, 2016, December 2016, 250 August 2020,

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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: not • Level 3: no When available, the Company utilizes quote d market prices from an independent third 1 2. not not third may third not Changes in assumptions or est imation 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 not The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, interest rate caps, accounts payable and accrued liabilities, and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, and accounts payable and accrued liabilities reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of notes payable, which are classified as Level 2, The carryi ng amount and estimated fair value of the notes payable are as follows: September 30, December 31, 2016 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 821,395 $ 764,593 Estimated f air value $ 807,702 $ 749,324 The Company purchased interest rate caps in connection with the Tribeca House loans on November 9, 2016, 107 May 9, 2017. 2, T he estimated fair values of the interest rate caps are as follows: Notational Amount Related Property Loans Type of Instrument Maturity Date Strike Rate Est imated Fair Value at September 30, 2017 Estimated Fair Value at December 31, 2016 $410,000 Tribeca House Interest rate cap December 15 , 2018 2.0 % $ 50 $ 409 $73,700 107 Columbia Heights Interest rate cap May 9 , 2020 3.0 % 42 NA Total fair value of derivative instruments included in prepaid expenses and other assets $ 92 $ 409 These interest rate caps were not 107 elopment. Changes in fair value of the Tribeca House instrument of $30 $0 three September 30, 2017 2016, $359 $9 nine September 30, 2017 2016, 107 $28 $92 three nine September 30, 2017, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of September 30, 2017, December 31, 2016, not not may

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Commitments and Contingencies Legal On July 3, 2017 , the New York Supreme Court (the “Court”) ruled in favor of 41 50 53 421 , their attorney’s fees and costs. The Court declared that the plaintiff-tenants were subject to rent stabilization requirements and referred the matter to a special referee to determine the amount of rent over-charges , if any. Two other cases have resulted in similar decisions. The Company believes that these court decisions are incorrect and conflict with other recent court decisions that directly uphold the Company’s position . On July 18, 2017, , and the Company intends to expeditiously appeal the Court’s decision to the Appellate Division, First Department. Due to the inherent uncertainty and unpredictability of litigation, we cannot determine at this time with any specificity the Company’s potential liability if the Court’s decision is upheld. In addition to the above, t he 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 Commitments The Company is obligated to provide parking availability through August 2020 250 $240 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. The breakdown between commercial and residential revenue is as follows: Commercial Residential Total Three months ended September 30, 2017 26 % 74 % 100 % Three months ended September 30, 2016 25 % 75 % 100 % Nine months ended September 30, 2017 26 % 74 % 100 % Nine months ended September 30, 2016 26 % 74 % 100 %

Note 11 - Related-party Transac

Note 11 - Related-party Transactions	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. Included in general and administrative expense for the three nine September 30, 2017, $78 $311,

Note 12 - Segment Reporting

Note 12 - Segment Reporting	9 Months Ended
	Sep. 30, 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 reporting segment includes the 141 250 107 250 The Company ’s income from operations by segment for the three nine September 30, 2017 2016, Three months ended September 30, 2017 Commercial Residential Total Rental revenues $ 5,476 $ 18,558 $ 24,034 Tenant recoveries 1,162 — 1,162 Garage and other revenue income 203 609 812 Total revenues 6,841 19,167 26,008 Property operating expenses 1,089 5,430 6,519 Real estate taxes and insurance 1,148 4,388 5,536 General and administrative 194 2,307 2,501 Acquisition costs — 10 10 Depreciation and amortization 803 3,283 4,086 Total operating expenses 3,234 15,418 18,652 Income from operations $ 3,607 $ 3,749 $ 7,356 Three months ended September 30, 2016 Commercial Residential Total Rental revenues $ 4,884 $ 17,667 $ 22,551 Tenant recoveries 1,086 — 1,086 Garage and other revenue income 205 994 1,199 Total revenues 6,175 18,661 24,836 Property operating expenses 1,149 5,052 6,201 Real estate taxes and insurance 1,072 3,811 4,883 General and administrative 220 2,175 2,395 Acquisition costs — — — Depreciation and amortization 743 3,265 4,008 Total operating expenses 3,184 14,303 17,487 Income from operations $ 2,991 $ 4,358 $ 7,349 Nine months ended September 30, 2017 Commercial Residential Total Rental revenues $ 16,418 $ 54,674 $ 71,092 Tenant recoveries 3,223 — 3,223 Garage and other revenue income 630 1,684 2,314 Total revenues 20,271 56,358 76,629 Property operating expenses 3,196 16,992 20,188 Real estate taxes and insurance 3,271 11,734 15,005 General and administrative 590 6,695 7,285 Acquisition costs — 37 37 Depreciation and amortization 2,406 9,678 12,084 Total operating expenses 9,463 45,136 54,599 Income from operations $ 10,808 $ 11,222 $ 22,030 Nine months ended September 30, 2016 Commercial Residential Total Rental revenues $ 13,843 $ 49,405 $ 63,248 Tenant recoveries 2,969 — 2,969 Garage and other revenue income 1,186 1,364 2,550 Total revenues 17,998 50,769 68,767 Property operating expenses 3,023 15,862 18,885 Real estate taxes and insurance 2,996 10,027 13,023 General and administrative 541 5,776 6,317 Acquisition costs — 407 407 Depreciation and amortization 1,980 8,666 10,646 Total operating expenses 8,540 40,738 49,278 Income from operations $ 9,458 $ 10,031 $ 19,489 The Company ’s total assets by segment are as follows, as of: Commercial Residential Total September 30, 2017 $ 222,262 $ 801,127 $ 1,023,389 December 31, 2016 225,608 679,600 905,208 The Com pany’s interest expense by segment for the three nine September 30, 2017 2016, Commercial Residential Total Three months ended September 30, 2017 $ 1,941 $ 6,984 $ 8,925 2016 1,921 7,965 9,886 Nine months ended September 30, 2017 $ 5,764 $ 20,744 $ 26,508 2016 5,594 23,155 28,749 The Com pany’s capital expenditures by segment for the three nine September 30, 2017 2016, Commercial Residential Total Three months ended September 30, 2017 $ 598 $ 5,776 $ 6,374 2016 856 3,593 4,449 Nine months ended September 30, 2017 $ 3,611 $ 11,902 $ 15,513 2016 1,255 11,733 12,988

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The accompanying c onsolidated 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 has 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 improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. 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 relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not ’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. Management of the Company does not September 30, 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 not If a tenant vacates its space prior to the contractual termination of the lease and no tized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). 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 (years) 3 - 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms 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 is 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 No
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 to determine if accounts receivable balances are impaired based on factors affec ting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company 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 These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated financial statements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Los s Comprehensive loss is comprised of net loss 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 nine September 30, 2017 201 6, not not
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 respe ctive leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs.
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, In April 2017, 151,853 $10.96 At September 30, 2017, December 31, 2016, 653,338 501,485 $12.95 $13.50 September 30, 2017, December 31, 2016, $3.0 $3.5 September 30, 2017, 1.2
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 not four no In accordance with FASB ASC Topic 740, not three
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 9, Fair Value of Financial Instruments”.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instrumen ts 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 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 chan ges 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 September 30, 2017, no
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Shar e Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of September 30, 2017 2016, le rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic and diluted loss per share pursuant to the two not September 30, 2017 2016. The effect of the conversion of the 26,317 not e to such units is reflected as noncontrolling interests in the accompanying consolidated financial statements. The following table sets forth the computation of basic and diluted loss per share for the periods 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) Three Months Ended September 30, Nine Months Ended September 30, 2017 201 6 2017 2016 Numerator Net loss attributable to common stockholders $ (631 ) $ (772 ) $ (1,750 ) $ (2,814 ) Less: income attributable to participating securities (62 ) (32 ) (167 ) (87 ) Subtotal $ (693 ) $ (804 ) $ (1,917 ) $ (2,901 ) Denominator Weighted average c ommon shares outstanding 17,813 11,423 16,756 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.04 ) $ (0.07 ) $ (0.11 ) $ (0.25 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Pronouncements In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018, The adoption of ASU 2017 05 not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2017 05 not In February 2017, FASB issued ASU 2017 05, 610 20 2017 05 2017 05 December 16, 2017, 2017 05 not In January 2017, FASB issued ASU 2017 01, 2017 01 2017 01 December 15, 2017, 2017 01 2017. In November 2016, FASB issued ASU 2016 18, 230 2016 18 2016 18 not 2016 18 December 15, 2017, 2016 18 December 15, 2018, December 15, 2019. 2016 18.

Note 3 - Significant Accounti21

Note 3 - Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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 (years) 3 - 15
Schedule of Nonvested Share Activity [Table Text Block]	(dollar in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2017 201 6 2017 2016 Numerator Net loss attributable to common stockholders $ (631 ) $ (772 ) $ (1,750 ) $ (2,814 ) Less: income attributable to participating securities (62 ) (32 ) (167 ) (87 ) Subtotal $ (693 ) $ (804 ) $ (1,917 ) $ (2,901 ) Denominator Weighted average c ommon shares outstanding 17,813 11,423 16,756 11,423 Basic and diluted net loss per share attributable to common stockholders $ (0.04 ) $ (0.07 ) $ (0.11 ) $ (0.25 )

Note 4 - Acquisitions (Tables)

Note 4 - Acquisitions (Tables)	9 Months Ended
	Sep. 30, 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]	Pro Forma Nine Months Ended Revenue $ 71,927 Total expenses (81,612 ) Net loss $ (9,685 ) Basic and diluted net loss per share $ (0.26 )

Note 5 - Deferred Costs and I23

Note 5 - Deferred Costs and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	September 30, December 31, 2016 (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 d eferred costs and intangible assets 23,756 23,756 Less accumulated amortization (11,710 ) (9,803 ) Total deferred costs and intangible assets, net $ 12,046 $ 13,953
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2017 (Remainder) $ 648 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 12,046

Note 6 - Below-market Lease I24

Note 6 - Below-market Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block]	September 30, December 31, 2016 (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (17,656 ) (16,316 ) Below-market leases, net $ 5,522 $ 6,862
Below Market Lease, Future Amortization Income [Table Text Block]	2017 (Remainder) $ 447 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 5,522

Note 7 - Notes Payable (Tables)

Note 7 - Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Property Maturity Interest Rate September 30, December 31, 2016 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 148,888 $ 150,000 Flatbush Gardens, Brooklyn, NY (b) 10/1/2024 3.88 % 19,852 20,000 250 Livingston Street, Brooklyn, NY (c) 5/6/2023 4.00 % 34,479 35,093 141 Livingston Street, Brooklyn, NY (d) 6/1/2028 3.875 % 79,029 79,500 Tribeca House , Manhattan, NY (e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen , Manhattan, NY (f) 7/1/2028 3.68 % 69,800 70,000 107 Columbia Heights, Brooklyn, NY (g) 5 /9/2020 LIBOR + 3.85 % 59,347 — $ 821,395 $ 764,593 Unamortized debt issuance costs (11,351 ) (10,134 ) Total debt , net of debt issuance costs $ 810,044 $ 754,459
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 (Remainder) $ 1,638 2018 416,712 2019 6,975 2020 66,595 2021 7,532 Thereafter 321,943 Total $ 821,395

Note 8 - Rental Income Under 26

Note 8 - Rental Income Under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	2017 (Remainder) $ 5,367 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 24,599 Total $ 83,423

Note 9 - Fair Value of Financ27

Note 9 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, December 31, 2016 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 821,395 $ 764,593 Estimated f air value $ 807,702 $ 749,324
Schedule of Derivative Instruments [Table Text Block]	Notational Amount Related Property Loans Type of Instrument Maturity Date Strike Rate Est imated Fair Value at September 30, 2017 Estimated Fair Value at December 31, 2016 $410,000 Tribeca House Interest rate cap December 15 , 2018 2.0 % $ 50 $ 409 $73,700 107 Columbia Heights Interest rate cap May 9 , 2020 3.0 % 42 NA Total fair value of derivative instruments included in prepaid expenses and other assets $ 92 $ 409

Note 10 - Commitments and Con28

Note 10 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Three months ended September 30, 2017 26 % 74 % 100 % Three months ended September 30, 2016 25 % 75 % 100 % Nine months ended September 30, 2017 26 % 74 % 100 % Nine months ended September 30, 2016 26 % 74 % 100 %

Note 12 - Segment Reporting (Ta

Note 12 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended September 30, 2017 Commercial Residential Total Rental revenues $ 5,476 $ 18,558 $ 24,034 Tenant recoveries 1,162 — 1,162 Garage and other revenue income 203 609 812 Total revenues 6,841 19,167 26,008 Property operating expenses 1,089 5,430 6,519 Real estate taxes and insurance 1,148 4,388 5,536 General and administrative 194 2,307 2,501 Acquisition costs — 10 10 Depreciation and amortization 803 3,283 4,086 Total operating expenses 3,234 15,418 18,652 Income from operations $ 3,607 $ 3,749 $ 7,356 Three months ended September 30, 2016 Commercial Residential Total Rental revenues $ 4,884 $ 17,667 $ 22,551 Tenant recoveries 1,086 — 1,086 Garage and other revenue income 205 994 1,199 Total revenues 6,175 18,661 24,836 Property operating expenses 1,149 5,052 6,201 Real estate taxes and insurance 1,072 3,811 4,883 General and administrative 220 2,175 2,395 Acquisition costs — — — Depreciation and amortization 743 3,265 4,008 Total operating expenses 3,184 14,303 17,487 Income from operations $ 2,991 $ 4,358 $ 7,349 Nine months ended September 30, 2017 Commercial Residential Total Rental revenues $ 16,418 $ 54,674 $ 71,092 Tenant recoveries 3,223 — 3,223 Garage and other revenue income 630 1,684 2,314 Total revenues 20,271 56,358 76,629 Property operating expenses 3,196 16,992 20,188 Real estate taxes and insurance 3,271 11,734 15,005 General and administrative 590 6,695 7,285 Acquisition costs — 37 37 Depreciation and amortization 2,406 9,678 12,084 Total operating expenses 9,463 45,136 54,599 Income from operations $ 10,808 $ 11,222 $ 22,030 Nine months ended September 30, 2016 Commercial Residential Total Rental revenues $ 13,843 $ 49,405 $ 63,248 Tenant recoveries 2,969 — 2,969 Garage and other revenue income 1,186 1,364 2,550 Total revenues 17,998 50,769 68,767 Property operating expenses 3,023 15,862 18,885 Real estate taxes and insurance 2,996 10,027 13,023 General and administrative 541 5,776 6,317 Acquisition costs — 407 407 Depreciation and amortization 1,980 8,666 10,646 Total operating expenses 8,540 40,738 49,278 Income from operations $ 9,458 $ 10,031 $ 19,489 Commercial Residential Total September 30, 2017 $ 222,262 $ 801,127 $ 1,023,389 December 31, 2016 225,608 679,600 905,208
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Commercial Residential Total Three months ended September 30, 2017 $ 1,941 $ 6,984 $ 8,925 2016 1,921 7,965 9,886 Nine months ended September 30, 2017 $ 5,764 $ 20,744 $ 26,508 2016 5,594 23,155 28,749 Commercial Residential Total Three months ended September 30, 2017 $ 598 $ 5,776 $ 6,374 2016 856 3,593 4,449 Nine months ended September 30, 2017 $ 3,611 $ 11,902 $ 15,513 2016 1,255 11,733 12,988

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands	Oct. 25, 2017USD ($)	May 09, 2017USD ($)	Feb. 09, 2017USD ($)$ / sharesshares	Sep. 30, 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%
Subsequent Event [Member] | Note Payable With New York Community Bank [Member]
Long-term Debt, Gross | $	$ 34,350
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Subsequent Event [Member] | Note Payable With New York Community Bank [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Residential Property At 10 West 65th Street [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred | $	$ 79,000
107 Columbia Heights in Brooklyn, NY [Member]
Number of Stories				10
107 Columbia Heights in Brooklyn, NY [Member] | Mortgages [Member]
Debt Instrument, Face Amount | $		$ 59,000
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member]
Number of Units		161
Business Combination, Consideration Transferred | $		$ 87,500
Gross Leasable Area				154,000
Tribeca House properties in Manhattan [Member]
Number of Buildings				2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area				481,000
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member]
Gross Leasable Area				77,000
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				216,000
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories				12
Gross Leasable Area				382,000
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 | $			$ 78,685

Note 2 - Sale of Common Stock31

Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jun. 21, 2017	Feb. 09, 2017	Aug. 03, 2015	Sep. 30, 2017
Payments for Repurchase of Redeemable Preferred Stock	$ 145
Common Stock [Member]
Stock Issued During Period, Shares, New Issues				6,390,149
Proceeds from Issuance of Private Placement			$ 130,199
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues		6,390,149
Shares Issued, Price Per Share		$ 13.50
Proceeds from Issuance Initial Public Offering		$ 78,685
Private Placement [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues			10,666,667
Shares Issued, Price Per Share			$ 13.50

Note 3 - Significant Accounti32

Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Apr. 19, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 3,000		$ 3,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 73 days
Income Tax Expense (Benefit)		$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment		0	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, 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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		653,338		501,485
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 12.95		$ 13.50

Note 3 - Significant Accounti33

Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 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 Accounti34

Note 3 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net loss attributable to common stockholders	$ (631)	$ (772)	$ (1,750)	$ (2,814)
Less: income attributable to participating securities	(62)	(32)	(167)	(87)
Subtotal	$ (693)	$ (804)	$ (1,917)	$ (2,901)
Weighted average common shares outstanding (in shares)	17,813	11,423	16,756	11,423
Basic and diluted net loss per share attributable to common stockholders (in dollars per share)	$ (0.04)	$ (0.07)	$ (0.11)	$ (0.25)

Note 4 - Acquisitions (Details

Note 4 - Acquisitions (Details Textual) - USD ($) $ in Millions	May 09, 2017	Jun. 27, 2016
Aspen [Member]
Business Combination, Consideration Transferred		$ 103
107 Columbia Heights in Brooklyn, NY [Member]
Business Combination, Consideration Transferred	$ 87.5
107 Columbia Heights in Brooklyn, NY [Member] | Land [Member]
Business Combination Purchase Price Allocation Percentage	50.00%
107 Columbia Heights in Brooklyn, NY [Member] | Building [Member]
Business Combination Purchase Price Allocation Percentage	50.00%

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	9 Months Ended
	Sep. 30, 2016USD ($)$ / shares
Revenue	$ 71,927
Total expenses	(81,612)
Net loss	$ (9,685)
Basic and diluted net loss per share (in dollars per share) | $ / shares	$ (260)

Note 5 - Deferred Costs and I38

Note 5 - Deferred Costs and Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 228,000	$ 360,000	$ 688,000	$ 801,000
Amortization of Real Estate Abatements	392,000	518,000	1,176,000	1,186,000
Above Market Leases [Member]
Amortization of Intangible Assets	$ 15,000	$ 11	$ 43,000	$ 11

Note 5 - Deferred Costs and I39

Note 5 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 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	(11,710)	(9,803)
Total	$ 12,046	$ 13,953

Note 5 - Deferred Costs and I40

Note 5 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
2017 (Remainder)	$ 648
2,018	1,284
2,019	1,056
2,020	812
2,021	812
Thereafter	7,434
Total	$ 12,046	$ 13,953

Note 6 - Below-market Lease I41

Note 6 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Amortization of Below Market Lease	$ 446	$ 449	$ 1,340	$ 1,368

Note 6 - Below-market Lease I42

Note 6 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Below-market leases	$ 23,178	$ 23,178
Less accumulated amortization	(17,656)	(16,316)
Total	$ 5,522	$ 6,862

Note 6 - Below-market Lease I43

Note 6 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
2017 (Remainder)	$ 447
2,018	1,787
2,019	1,269
2,020	489
2,021	488
Thereafter	1,042
Total	$ 5,522	$ 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

Sep. 30, 2017

Sep. 30, 2017

Sep. 30, 2017

Sep. 30, 2019

Sep. 30, 2019

Oct. 01, 2024

Jul. 31, 2028

Jun. 30, 2028

May 09, 2017

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%

Debt Instrument, Periodic Payment

$ 705

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, Periodic Payment

$ 94

Debt Instrument, Interest Rate During Period

3.88%

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

Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Long-term Debt, Gross

$ 59,000

Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Debt Instrument, Basis Spread on Variable Rate

3.85%

Debt Instrument, Interest Rate, Effective Percentage

5.10%

5.10%

5.10%

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]

Debt Instrument, Interest Rate, Effective Percentage

5.00%

5.00%

5.00%

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%

Construction Loans [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member]

Proceeds from Issuance of Long-term Debt

$ 347

Debt Agreement Maximum Borrowing Capacity

$ 14,700

Note 7 - Notes Payable - Mortga

Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($)		9 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Unamortized debt issuance costs		$ (11,351)	$ (10,134)
Total		821,395,000
Mortgages and Mezzanine Notes 1[Member]
Debt, gross		821,395,000	764,593,000
Unamortized debt issuance costs		(11,351,000)	(10,134,000)
Total		$ 810,044,000	754,459,000
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]	$ 148,888,000	150,000,000
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]	$ 34,479,000	35,093,000
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]	$ 79,029,000	79,500,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Maturity date	[4]	Nov. 9, 2018
Debt, gross	[4]	$ 410,000,000	410,000,000
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]	$ 69,800,000	70,000,000
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member]
Maturity date	[6]	May 9, 2020
Debt, gross	[6]	$ 59,347,000
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[6]	3.85%
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Maturity date	[7]	Oct. 1, 2024
Interest rate	[7]	3.88%
Debt, gross	[7]	$ 19,852,000	$ 20,000,000
[1]	The $150,000 mortgage note agreement with New York Community Bank ("NYCB") matures on October 1, 2024, and bears interest at 3.88%. The note requires interest-only payments through April 2017 and monthly principal and interest payments of $705 thereafter based on a 30-year amortization schedule.
[2]	The $37,500 mortgage note agreement with Citigroup Global Markets Realty Corp. matures on May 6, 2023, and bears interest at 4.00%. The note requires monthly principal and interest payments of $179.
[3]	On May 11, 2016, the Company repaid a $55,000 loan secured by the property with 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, and monthly principal and interest payments of $374 thereafter based on a 30-year amortization schedule.
[4]	On November 9, 2016, the Company repaid $360,000 of mortgage notes and $100,000 of mezzanine notes assumed in connection with the acquisition of the Tribeca House properties, with the proceeds of a $410,000 loan package with Deutsche Bank and SL Green Finance, and cash on hand. The loan package matures on November 9, 2018, is subject to three one-year extension options and bears interest at one-month LIBOR plus 3.75% (equivalent to 5.0% as of September 30, 2017).
[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, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule.
[6]	On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,700 for eligible capital improvements and carrying costs, of which $347 was drawn as of September 30, 2017. The notes mature on May 9, 2020, are subject to two one-year extension options and bear interest at one-month LIBOR plus 3.85% (equivalent to 5.1% as of September 30, 2017).
[7]	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 30-year amortization schedule and monthly principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule.

Note 7 - Notes Payable - Summar

Note 7 - Notes Payable - Summarizes Principal Payment (Details) $ in Thousands	Sep. 30, 2017USD ($)
2017 (Remainder)	$ 1,638
2,018	416,712
2,019	6,975
2,020	66,595
2,021	7,532
Thereafter	321,943
Total	$ 821,395

Note 8 - Rental Income Under 47

Note 8 - Rental Income Under Operating Leases (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	20.00%	18.00%	20.00%	19.00%

Note 8 - Rental Income Under 48

Note 8 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Sep. 30, 2017USD ($)
2017 (Remainder)	$ 5,367
2,018	21,648
2,019	16,813
2,020	10,247
2,021	4,749
Thereafter	24,599
Total	$ 83,423

Note 9 - Fair Value of Financ49

Note 9 - Fair Value of Financial Instruments (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest Rate Cap [Member] | Tribeca House Properties [Member]
Derivative, Gain (Loss) on Derivative, Net	$ 30,000	$ 0	$ 359,000	$ 9,000
Interest Rate Cap 2 [Member]
Derivative, Gain (Loss) on Derivative, Net	$ 28,000		$ 92,000

Note 9 - Fair Value of Financ50

Note 9 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Reported Value Measurement [Member]
Mortgage notes payable	$ 821,395	$ 764,593
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	$ 807,702	$ 749,324

Note 9 - Fair Value of Financ51

Note 9 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Estimated Fair Market Value	$ 92	$ 409
Interest Rate Cap 1 [Member]
Notional Amount	$ 410,000
Maturity Date	Dec. 15, 2018
Strike Rate	2.00%
Estimated Fair Market Value	$ 50	409
Interest Rate Cap 2 [Member]
Notional Amount	$ 73,700
Maturity Date	May 9, 2020
Strike Rate	3.00%
Estimated Fair Market Value	$ 42

Note 10 - Commitments and Con52

Note 10 - Commitments and Contingencies (Details Textual) $ in Thousands	Sep. 30, 2017USD ($)
Obligated to Provide Parking [Member]
Other Commitment	$ 240

Note 10 - Commitments and Con53

Note 10 - Commitments and Contingencies - Summary of Concentrations Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Three months ended September 30, 2017	100.00%	100.00%	100.00%	100.00%
Commercial Segment [Member]
Three months ended September 30, 2017	26.00%	25.00%	26.00%	26.00%
Residential Segment [Member]
Three months ended September 30, 2017	74.00%	75.00%	74.00%	74.00%

Note 11 - Related-party Trans54

Note 11 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
General and Administrative Expense [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 78	$ 311

Note 12 - Segment Reporting - I

Note 12 - Segment Reporting - Income From Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Rental revenues	$ 24,034	$ 22,551	$ 71,092	$ 63,248
Tenant recoveries	1,162	1,086	3,223	2,969
Garage and other revenue income	812	1,199	2,314	2,550
Total revenues	26,008	24,836	76,629	68,767
Property operating expenses	6,519	6,201	20,188	18,885
Real estate taxes and insurance	5,536	4,883	15,005	13,023
General and administrative	2,501	2,395	7,285	6,317
Acquisition costs	10		37	407
Depreciation and amortization	4,086	4,008	12,084	10,646
Total operating expenses	18,652	17,487	54,599	49,278
Income from operations	7,356	7,349	22,030	19,489
Assets	1,023,389		1,023,389		$ 905,208
Commercial Segment [Member]
Rental revenues	5,476	4,884	16,418	13,843
Tenant recoveries	1,162	1,086	3,223	2,969
Garage and other revenue income	203	205	630	1,186
Total revenues	6,841	6,175	20,271	17,998
Property operating expenses	1,089	1,149	3,196	3,023
Real estate taxes and insurance	1,148	1,072	3,271	2,996
General and administrative	194	220	590	541
Acquisition costs
Depreciation and amortization	803	743	2,406	1,980
Total operating expenses	3,234	3,184	9,463	8,540
Income from operations	3,607	2,991	10,808	9,458
Assets	222,262		222,262		225,608
Residential Segment [Member]
Rental revenues	18,558	17,667	54,674	49,405
Tenant recoveries
Garage and other revenue income	609	994	1,684	1,364
Total revenues	19,167	18,661	56,358	50,769
Property operating expenses	5,430	5,052	16,992	15,862
Real estate taxes and insurance	4,388	3,811	11,734	10,027
General and administrative	2,307	2,175	6,695	5,776
Acquisition costs	10		37	407
Depreciation and amortization	3,283	3,265	9,678	8,666
Total operating expenses	15,418	14,303	45,136	40,738
Income from operations	3,749	$ 4,358	11,222	$ 10,031
Assets	$ 801,127		$ 801,127		$ 679,600

Note 12 - Segment Reporting - E

Note 12 - Segment Reporting - Expenditures by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest Expense	$ 8,925	$ 9,886	$ 26,508	$ 28,749
Capital Expenditures	6,374	4,449	14,104	12,988
Commercial Segment [Member]
Interest Expense	1,941	1,921	5,764	5,594
Capital Expenditures	598	856	3,611	1,255
Residential Segment [Member]
Interest Expense	6,984	7,965	20,744	23,155
Capital Expenditures	$ 5,776	$ 3,593	$ 11,902	$ 11,733