Clipper Realty (CLPR) 10-Q/A 28 Apr 21 2020 Q3 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Apr. 22, 2021
Document Information [Line Items]
Entity Central Index Key	0001649096
Entity Registrant Name	Clipper Realty Inc.
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38010
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4579660
Entity Address, Address Line One	4611 12th Avenue, Suite 1L
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11219
City Area Code	718
Local Phone Number	438-2804
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CLPR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		16,063,228
Amendment Description	On March 11, 2021, the Audit Committee of the Board of Directors of Clipper Realty Inc. (the “Company”), after discussion with management and its independent registered public accountants, concluded that the previously issued unaudited consolidated financial statements covering the Company’s fiscal quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 (collectively, the “Restated Periods”), as included in its quarterly reports on Form 10-Q for the Restated Periods, required restatement and should no longer be relied upon as a result of the Company’s failure to take into account on a straight-line basis, rent increases that would become due under a commercial lease at the Company’s 141 Livingston Street property in the future years 2021-2025 once the lessee determined not to exercise its contractual right to terminate the lease as of year-end 2020. This Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q (this “Form 10-Q/A”) for the three and nine months ended September 30, 2020, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2020 (the “Original Form 10-Q”), restates the Company’s unaudited consolidated financial statements for the quarterly period ended September 30, 2020, and amends the related Notes and disclosures thereto, including the Company’s controls and procedures. The impact of the correction of the error described below on the Company’s unaudited financial statements for the three and nine months ended September 30, 2020, is to increase revenue by approximately $0.4 million and $1.3 million, respectively. In addition, the unaudited consolidated financial statements for the fiscal quarter ended June 30, 2020, contained an immaterial uncorrected misstatement related to a non-cash accrual for a contingent liability related to an outstanding legal case of approximately $0.1 million; the amount was previously recorded in the fiscal quarter ended September 30, 2020.   The following tables present the effect of the correction of the errors above on selected line items of our previously reported unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020 (in thousands).

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Land and improvements	$ 540,859	$ 540,859
Building and improvements	624,379	602,547
Tenant improvements	2,998	3,051
Furniture, fixtures and equipment	12,090	11,707
Real estate under development	35,176	31,787
Total investment in real estate	1,215,502	1,189,951
Accumulated depreciation	(126,270)	(109,418)
Investment in real estate, net	1,089,232	1,080,533
Cash and cash equivalents	82,856	42,500
Restricted cash	22,117	14,432
Tenant and other receivables, net of allowance for doubtful accounts of $4,985 and $3,361, respectively	8,058	4,187
Deferred rent	1,960	1,274
Deferred costs and intangible assets, net	7,898	8,782
Prepaid expenses and other assets	12,047	14,499
TOTAL ASSETS	1,224,168	1,166,207
LIABILITIES AND EQUITY
Notes payable, net of unamortized loan costs of $10,811 and $11,528, respectively	1,079,585	997,903
Accounts payable and accrued liabilities	11,757	13,029
Security deposits	7,079	7,570
Below-market leases, net	189	1,625
Other liabilities	4,172	4,297
TOTAL LIABILITIES	1,102,782	1,024,424
Equity:
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,768,814 and 17,814,672 shares issued and outstanding, respectively	178	178
Additional paid-in-capital	93,612	93,431
Accumulated deficit	(44,865)	(36,375)
Total stockholders’ equity	48,925	57,234
Non-controlling interests	72,461	84,549
TOTAL EQUITY	121,386	141,783
TOTAL LIABILITIES AND EQUITY	$ 1,224,168	$ 1,166,207

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 4,985	$ 3,361
Unamortized loan costs	$ 10,811	$ 11,528
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	100,000	100,000
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)	17,768,814	17,814,672
Common stock, shares outstanding (in shares)	17,768,814	17,814,672
Series A Cumulative Non-Voting Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	140	140
Preferred stock, dividend rate, percentage	12.50%	12.50%

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES
TOTAL REVENUES	$ 30,040	$ 29,440	$ 92,513	$ 85,538
OPERATING EXPENSES
Property operating expenses	7,867	7,357	21,894	21,667
Real estate taxes and insurance	7,463	6,740	21,105	18,178
General and administrative	2,297	1,904	7,324	6,151
Depreciation and amortization	5,934	4,929	17,364	14,068
TOTAL OPERATING EXPENSES	23,561	20,930	67,687	60,064
Gain on termination of lease	838	0	838	0
INCOME FROM OPERATIONS	7,317	8,510	25,664	25,474
Interest expense, net	(10,207)	(8,692)	(29,974)	(25,176)
Loss on modification/extinguishment of debt	0	0	(4,228)	(1,771)
Gain on involuntary conversion	0	0	85	0
Net loss	(2,890)	(182)	(8,453)	(1,473)
Net loss attributable to non-controlling interests	1,723	109	5,040	879
Net loss attributable to common stockholders	$ (1,167)	$ (73)	$ (3,413)	$ (594)
Basic and diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.21)	$ (0.05)
Residential Rental [Member]
REVENUES
TOTAL REVENUES	$ 21,948	$ 22,117	$ 69,345	$ 64,035
Commercial Real Estate [Member]
REVENUES
TOTAL REVENUES	$ 8,092	$ 7,323	$ 23,168	$ 21,503

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2018	17,812,755
Balance at Dec. 31, 2018	$ 178	$ 92,945	$ (27,941)	$ 65,182	$ 96,303	$ 161,485
Amortization of LTIP grants	0				156	156
Dividends and distributions	0	0	(1,692)	(1,692)		(4,261)
Dividends and distributions					(2,569)
Net loss	0		(54)	(54)	(79)	(133)
Reallocation of noncontrolling interests	$ 0	35	0	35	(35)	0
Balance (in shares) at Mar. 31, 2019	17,812,755
Balance at Mar. 31, 2019	$ 178	92,980	(29,687)	63,471	93,776	157,247
Balance (in shares) at Dec. 31, 2018	17,812,755
Balance at Dec. 31, 2018	$ 178	92,945	(27,941)	65,182	96,303	161,485
Net loss						(1,473)
Balance (in shares) at Sep. 30, 2019	17,814,672
Balance at Sep. 30, 2019	$ 178	93,332	(33,612)	59,898	88,486	148,384
Balance (in shares) at Mar. 31, 2019	17,812,755
Balance at Mar. 31, 2019	$ 178	92,980	(29,687)	63,471	93,776	157,247
Amortization of LTIP grants	0	0	0	0	704	704
Dividends and distributions	0	0	(1,693)	(1,693)		(4,277)
Dividends and distributions					(2,584)
Net loss	0	0	(467)	(467)	(691)	(1,158)
Reallocation of noncontrolling interests	$ 0	255	0	255	(255)	0
Issuance of common stock (in shares)	1,917
Issuance of common stock	$ 0	25	0	25	0	25
Redemption of LTIP grants	$ 0	(25)	0	(25)	0	(25)
Balance (in shares) at Jun. 30, 2019	17,814,672
Balance at Jun. 30, 2019	$ 178	93,235	(31,847)	61,566	90,950	152,516
Amortization of LTIP grants	0	0	0	0	325	325
Dividends and distributions	0	0	(1,692)	(1,692)		(4,275)
Dividends and distributions					(2,583)
Net loss	0	0	(73)	(73)	(109)	(182)
Reallocation of noncontrolling interests	$ 0	97	0	97	(97)	0
Balance (in shares) at Sep. 30, 2019	17,814,672
Balance at Sep. 30, 2019	$ 178	93,332	(33,612)	59,898	88,486	148,384
Balance (in shares) at Dec. 31, 2019	17,814,672
Balance at Dec. 31, 2019	$ 178	93,431	(36,375)	57,234	84,549	141,783
Amortization of LTIP grants	0				158	158
Dividends and distributions	0	0	(1,692)	(1,692)		(4,276)
Dividends and distributions					(2,584)
Net loss	0		(152)	(152)	(225)	(377)
Reallocation of noncontrolling interests	$ 0	30	0	30	(30)	0
Balance (in shares) at Mar. 31, 2020	17,814,672
Balance at Mar. 31, 2020	$ 178	93,461	(38,219)	55,420	81,868	137,288
Balance (in shares) at Dec. 31, 2019	17,814,672
Balance at Dec. 31, 2019	$ 178	93,431	(36,375)	57,234	84,549	141,783
Net loss						(8,453)
Balance (in shares) at Sep. 30, 2020	17,768,814
Balance at Sep. 30, 2020	$ 178	93,612	(44,865)	48,925	72,461	121,386
Balance (in shares) at Mar. 31, 2020	17,814,672
Balance at Mar. 31, 2020	$ 178	93,461	(38,219)	55,420	81,868	137,288
Amortization of LTIP grants	0	0	0	0	535	535
Dividends and distributions	0	0	(1,692)	(1,692)		(4,319)
Dividends and distributions					(2,627)
Net loss	0	0	(2,094)	(2,094)	(3,092)	(5,186)
Reallocation of noncontrolling interests	$ 0	165	0	165	(165)	0
Balance (in shares) at Jun. 30, 2020	17,814,672
Balance at Jun. 30, 2020	$ 178	93,626	(42,005)	51,799	76,519	128,318
Amortization of LTIP grants	0	0	0	0	556	556
Dividends and distributions	0	0	(1,693)	(1,693)		(4,327)
Dividends and distributions					(2,634)
Net loss	0	0	(1,167)	(1,167)	(1,723)	(2,890)
Reallocation of noncontrolling interests	$ 0	257	0	257	(257)	$ 0
Repurchase of common stock (in shares)	(45,858)					(45,858)
Repurchase of common stock	$ 0	(271)	0	(271)	0	$ (271)
Balance (in shares) at Sep. 30, 2020	17,768,814
Balance at Sep. 30, 2020	$ 178	$ 93,612	$ (44,865)	$ 48,925	$ 72,461	$ 121,386

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (8,453)	$ (1,473)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	16,939	13,496
Amortization of deferred financing costs	910	1,263
Amortization of deferred costs and intangible assets	785	933
Amortization of above- and below-market leases	(358)	(1,080)
Loss on modification/extinguishment of debt	4,228	1,771
Gain on involuntary conversion	(85)	0
Gain on termination of lease	(838)	0
Deferred rent	(686)	1,000
Stock-based compensation	1,249	1,185
Bad debt expense	1,558	0
Changes in operating assets and liabilities:
Tenant and other receivables	(5,429)	(1,399)
Prepaid expenses, other assets and deferred costs	2,341	1,839
Accounts payable and accrued liabilities	(1,299)	(1,369)
Security deposits	(491)	932
Other liabilities	(125)	1,292
Net cash provided by operating activities	10,246	18,390
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(24,885)	(34,962)
Insurance proceeds from involuntary conversion	111	0
Purchase of interest rate cap	(14)	0
Acquisition deposit	0	(1,550)
Net cash used in investing activities	(24,788)	(36,512)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(240)	0
Payments of mortgage notes	(248,706)	(77,127)
Proceeds from mortgage notes	329,671	125,000
Dividends and distributions	(12,922)	(12,813)
Loan issuance and extinguishment costs	(5,220)	(2,166)
Net cash provided by financing activities	62,583	32,894
Net increase in cash and cash equivalents and restricted cash	48,041	14,772
Cash and cash equivalents and restricted cash - beginning of period	56,932	45,864
Cash and cash equivalents and restricted cash - end of period	104,973	60,636
Cash and cash equivalents - beginning of period	42,500	37,028
Restricted cash - beginning of period	14,432	8,836
Cash and cash equivalents - end of period	82,856	43,552
Restricted cash - end of period	22,117	17,084
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $1,065 and $5,261 in 2020 and 2019, respectively	29,576	26,214
Non-cash interest capitalized to real estate under development	813	937
Additions to investment in real estate included in accounts payable and accrued liabilities	$ 3,887	$ 7,069

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Capitalized interest	$ 1,065	$ 5,261

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. The Company was organized in the state of Maryland on July 7, 2015. August 3, 2015, one one On June 27, 2016, 1955 On February 9, 2017, March 10, 2017) On May 9, 2017, 107 On October 27, 2017, 10 65th On November 8, 2019, 1010 As of September 30, 2020, • Tribeca House in Manhattan, comprising two one one • Flatbush Gardens in Brooklyn, a 59-building residential housing complex with 2,496 rentable units; • 141 • 250 • Aspen in Manhattan, a 7-story building containing residential and retail space with approximately 166,000 square feet of residential rental GLA and approximately 21,000 square feet of retail rental GLA; • Clover House in Brooklyn, a 11-story residential building with approximately 102,000 square feet of residential rental GLA; • 10 65 th • 1010 During 2019, three nine September 30, 2020, 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, 2020, The Company determined that the Operating Partnership and the LLCs 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 - Restatement of Previou

Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Accounting Changes and Error Corrections [Text Block]	2. On March 11, 2021, March 31, 2020, June 30, 2020, September 30, 2020, no These unaudited consolidated financial statements contained a non-cash error by failing to take into account on a straight-line basis, rent increases that would become due under a commercial lease at the Company’s 141 2021 2025 not 2020. October 17, 2019, 141 2025. The impact of the correction of the error on the Company’s unaudited financial statements for the three nine September 30, 2020, In addition, the unaudited consolidated financial statements for the fiscal quarter ended June 30, 2020, September 30, 2020. The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated balance sheet as of September 30, 2020 ( As of September 30, 2020 As Reported Adjustment Restated Balance Sheet: Deferred rent $ 673 $ 1,287 $ 1,960 Total Assets $ 1,222,881 $ 1,287 $ 1,224,168 Accumulated deficit $ (45,384 ) $ 519 $ (44,865 ) Total stockholders’ equity $ 48,406 $ 519 $ 48,925 Non-controlling interests $ 71,693 $ 768 $ 72,461 Total Equity $ 120,099 $ 1,287 $ 121,386 Total Liabilities and Equity $ 1,222,881 $ 1,287 $ 1,224,168 The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of operations for the three September 30, 2020 ( Three Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 7,663 $ 429 $ 8,092 Total Revenues $ 29,611 $ 429 $ 30,040 General and administrative $ 2,407 $ (110 ) $ 2,297 Total Operating Expenses $ 23,671 $ (110 ) $ 23,561 Income From Operations $ 6,778 $ 539 $ 7,317 Net loss $ (3,429 ) $ 539 $ (2,890 ) Net loss attributable to non-controlling interests $ 2,045 $ (322 ) $ 1,723 Net loss attributable to common stockholders $ (1,384 ) $ 217 $ (1,167 ) Basic and diluted net loss per share $ (0.09 ) $ 0.01 $ (0.08 ) The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of operations for the nine September 30, 2020 ( Nine Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 21,881 $ 1,287 $ 23,168 Total Revenues $ 91,226 $ 1,287 $ 92,513 Income From Operations $ 24,377 $ 1,287 $ 25,664 Net loss $ (9,740 ) $ 1,287 $ (8,453 ) Net loss attributable to non-controlling interests $ 5,808 $ (768 ) $ 5,040 Net loss attributable to common stockholders $ (3,932 ) $ 519 $ (3,413 ) Basic and diluted net loss per share $ (0.24 ) $ 0.03 $ (0.21 ) The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of changes in equity as of and for the three March 31, 2020 ( As of and for the Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (806 ) $ 429 $ (377 ) Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of changes in equity as of and for the three June 30, 2020 ( As of and for the Three Months Ended June 30, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (5,505 ) $ 319 $ (5,186 ) Accumulated deficit $ (42,307 ) $ 302 $ (42,005 ) Total stockholders’ equity $ 51,497 $ 302 $ 51,799 Non-controlling interests $ 76,073 $ 446 $ 76,519 Total Equity $ 127,570 $ 748 $ 128,318 The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of changes in equity as of and for the three September 30, 2020 ( As of and for the Three Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (3,429 ) $ 539 $ (2,890 ) Accumulated deficit $ (45,384 ) $ 519 $ (44,865 ) Total stockholders’ equity $ 48,406 $ 519 $ 48,925 Non-controlling interests $ 71,693 $ 768 $ 72,461 Total Equity $ 120,099 $ 1,287 $ 121,386 The following table presents the effect of the correction of the errors above on selected line items of our previously reported consolidated statements of cash flows for the nine September 30, 2020 ( Nine Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Cash Flows: Net loss $ (9,740 ) $ 1,287 $ (8,453 ) Deferred rent $ 601 $ (1,287 ) $ (686 )

Note 3 - Issuance Repurchase of

Note 3 - Issuance Repurchase of Common Stock	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Sale of Common Stock and Formation Transactions [Text Block]	3. On April 9, 2019, one one one not In August 2020, may may may not three September 30, 2020, September 30, 2020, may

Note 4 - Significant Accounting

Note 4 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	4. Segments At September 30, 2020, two may Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with 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. In accordance with ASU 2017 01, 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 relative 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 not September 30, 2020. 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 Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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, capital improvements, loan reserves 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 less allowance for doubtful accounts. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting 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 not Comprehensive Income (Loss) Comprehensive income (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, 2020 2019, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations. Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, In April 2020, In June 2020, At September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019, September 30, 2020, one 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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three Fair Value Measurements Refer to Note 10, Derivative Financial Instruments 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 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 (loss) (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, 2020, no Loss Per Share 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, 2020 2019, two not September 30, 2020 2019. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2020 2019 2020 2019 (restated) (restated) Numerator Net loss attributable to common stockholders $ (1,167 ) $ (73 ) $ (3,413 ) $ (594 ) Less: income attributable to participating securities (134 ) (84 ) (344 ) (236 ) Subtotal $ (1,301 ) $ (157 ) $ (3,757 ) $ (830 ) Denominator Weighted average common shares outstanding 17,811 17,815 17,814 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.01 ) $ (0.21 ) $ (0.05 ) Recently Issued Pronouncements In April 2020, 19 not 19 three nine September 30, 2020; not may In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, 842 2016 02 not not not third In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2021, January 1, 2022 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 not

Note 5 - Acquisitions

Note 5 - Acquisitions	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	5. On November 8, 2019, 1010

Note 6 - Deferred Costs and Int

Note 6 - Deferred Costs and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	6. Deferred costs and intangible assets consist of the following: September 30, 2020 December 31, 2019 (unaudited) Deferred costs $ 348 $ 348 Above-market leases — 444 Lease origination costs 1,078 1,385 In-place leases 428 859 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 10,996 12,178 Less accumulated amortization (3,098 ) (3,396 ) Total deferred costs and intangible assets, net $ 7,898 $ 8,782 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $73 and $189 for the three September 30, 2020 2019, nine September 30, 2020 2019, nine September 30, 2020. three September 30, 2020 2019, nine September 30, 2020 2019, three September 30, 2020 2019, nine September 30, 2020 2019, nine September 30, 2020. Deferred costs and intangible assets as of September 30, 2020, 2020 (Remainder) $ 178 2021 697 2022 668 2023 559 2024 544 Thereafter 5,252 Total $ 7,898

Note 7 - Below-market Leases, N

Note 7 - Below-market Leases, Net	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Below Market Lease Intangibles Disclosure [Text Block]	7. The Company’s below-market lease intangibles liabilities are as follows: September 30, 2020 December 31, 2019 (unaudited) Below-market leases $ 785 $ 4,087 Less accumulated amortization (596 ) (2,462 ) Below-market leases, net $ 189 $ 1,625 Rental income included amortization of below-market leases of $130 and $280 for the three September 30, 2020 2019, nine September 30, 2020 2019, nine September 30, 2020. Below-market leases as of September 30, 2020, 2020 (Remainder) $ 31 2021 105 2022 35 2023 18 Total $ 189

Note 8 - Notes Payable

Note 8 - Notes Payable	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	8. The mortgages, loans and mezzanine notes payable collateralized by the properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows: Property Maturity Interest Rate September 30, 2020 December 31, 2019 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ — Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% — 246,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 74,641 75,817 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 65,837 66,862 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 33,790 34,295 1010 Pacific Street, Brooklyn, NY (h) 12/24/2020 LIBOR + 3.60% 20,128 19,457 Total debt $ 1,090,396 $ 1,009,431 Unamortized debt issuance costs (10,811 ) (11,528 ) Total debt, net of unamortized debt issuance costs $ 1,079,585 $ 997,903 (a) On May 8, 2020, twelve first June 1, 2032, May 2027 May 2027, not (b) The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, June 6, 2029, not three (c) The $79,500 mortgage note agreement with NYCB matures on June 1, 2028, June 2017, 30 (d) The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, March 6, 2028, not December 6, 2027. (e) The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, July 2017, 30 (f) The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, December 1, 2029, January 1, 2024, September 2, 2029. (g) On October 27, 2017, 10 65 th November 1, 2027, October 2022 November 2019, 30 not (h) On December 24, 2019, 1010 September 30, 2020. December 24, 2020, one one September 30, 2020). The Company has provided a guaranty for the mortgage notes at several of its properties. The Company also must comply with certain covenants on the mortgage notes at several of its properties. The following table summarizes principal payment requirements under the terms of the mortgage notes as of September 30, 2020: 2020 (Remainder) $ 21,108 2021 3,777 2022 3,920 2023 4,068 2024 4,216 Thereafter 1,053,307 Total $ 1,090,396

Note 9 - Rental Income Under Op

Note 9 - Rental Income Under Operating Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	9. The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of September 30, 2020, five 2020 (Remainder) $ 6,913 2021 29,658 2022 29,787 2023 27,725 2024 27,314 Thereafter 31,101 Total $ 152,498 The Company has commercial leases with the City of New York that comprised approximately 22% of total revenues for the three September 30, 2020, three September 30, 2019, nine September 30, 2020, nine September 30, 2019.

Note 10 - Fair Value of Financi

Note 10 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	10. 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 quoted market prices from an independent third 1 2. not not third may third not 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 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, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and security deposits 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 carrying amount and estimated fair value of the notes payable are as follows: September 30, 2020 December 31, 2019 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,090,396 $ 1,009,431 Estimated fair value $ 1,224,758 $ 1,058,083 The Company purchased interest rate caps in connection with the 250 December 6, 2018, 1010 December 24, 2019. 2, The estimated fair values of the interest rate caps are as follows: Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at September 30, 2020 Estimated Fair Value at December 31, 2019 (unaudited) $75,000 250 Livingston Street December 15, 2020 4.0% $ — $ — $21,587 1010 Pacific Street December 24, 2020 3.6% — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ — These interest rate caps were not 250 May 2020, 1010 250 not three nine September 30, 2020 2019. not three nine September 30, 2020; three nine September 30, 2019, 1010 three nine September 30, 2020, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of September 30, 2020, December 31, 2019, not not may

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Legal On July 3, 2017, 41 50 53 Kuzmich 421 July 18, 2017, January 18, 2018, April 24, 2018. June 25, 2019, 421 not may 41 may July 25, 2019, September 12, 2019. October 24, 2019, January 13, 2020, August 13, 2019, October 23, 2019. October 17, 2019, August 13 January 7, 2020, May 2020 March 16, 2020, September 2020 July 13, 2020, October 2020 October 8, 2020. October 29, 2020, Regina 1 four 2016 2 four not no November 18, 2019, Kuzmich second 26 Crowe et al v 50 No. 161227/19 Kuzmich Crowe June 30, 2020; July 16, 2020, seven no August 5, 2020, not In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business, including a claim under the Americans with Disabilities Act of 1990 141 November 2020. not Commitments The Company is obligated to provide parking availability through August 2025 250 Contingencies The COVID- 19 19 19 may may 19 19 The Company’s properties have remained open and operational throughout the pandemic. The Company is taking the necessary steps to keep employees and tenants safe in compliance with state and local orders, and continues to provide typical services to its residents. The Company’s rent collection rate during the third 2020 September 30, 2020, 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 (unaudited): Commercial Residential Total Three months ended September 30, 2020 (as restated) 27 % 73 % 100 % Three months ended September 30, 2019 25 % 75 % 100 % Nine months ended September 30, 2020 (as restated) 25 % 75 % 100 % Nine months ended September 30, 2019 25 % 75 % 100 %

Note 12 - Related-party Transac

Note 12 - Related-party Transactions	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	12. The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $66 and $0 for the three September 30, 2020 2019, nine September 30, 2020 2019, The Company paid legal and advisory fees to firms in which two three September 30, 2020 2019, nine September 30, 2020 2019,

Note 13 - Segment Reporting

Note 13 - Segment Reporting	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 250 10 65 th 1010 250 The Company’s income from operations by segment for the three nine September 30, 2020 2019, Three months ended September 30, 2020 Commercial Residential Total (restated) (restated) Rental income $ 8,092 $ 21,948 $ 30,040 Total revenues 8,092 21,948 30,040 Property operating expenses 1,025 6,842 7,867 Real estate taxes and insurance 1,917 5,546 7,463 General and administrative 234 2,063 2,297 Depreciation and amortization 1,117 4,817 5,934 Total operating expenses 4,293 19,268 23,561 Gain on termination of lease 838 — 838 Income from operations $ 4,637 $ 2,680 $ 7,317 Three months ended September 30, 2019 Commercial Residential Total Rental income $ 7,323 $ 22,117 $ 29,440 Total revenues 7,323 22,117 29,440 Property operating expenses 1,119 6,238 7,357 Real estate taxes and insurance 1,532 5,208 6,740 General and administrative 259 1,645 1,904 Depreciation and amortization 959 3,970 4,929 Total operating expenses 3,869 17,061 20,930 Income from operations $ 3,454 $ 5,056 $ 8,510 Nine months ended September 30, 2020 Commercial Residential Total (restated) (restated) Rental income $ 23,168 $ 69,345 $ 92,513 Total revenues 23,168 69,345 92,513 Property operating expenses 3,060 18,834 21,894 Real estate taxes and insurance 4,853 16,252 21,105 General and administrative 1,083 6,241 7,324 Depreciation and amortization 3,228 14,136 17,364 Total operating expenses 12,224 55,463 67,687 Gain on termination of lease 838 — 838 Income from operations $ 11,782 $ 13,882 $ 25,664 Nine months ended September 30, 2019 Commercial Residential Total Rental income $ 21,503 $ 64,035 $ 85,538 Total revenues 21,503 64,035 85,538 Property operating expenses 3,296 18,371 21,667 Real estate taxes and insurance 4,004 14,174 18,178 General and administrative 947 5,204 6,151 Depreciation and amortization 2,876 11,192 14,068 Total operating expenses 11,123 48,941 60,064 Income from operations $ 10,380 $ 15,094 $ 25,474 The Company’s total assets by segment are as follows, as of: Commercial Residential Total September 30, 2020 (as restated) (unaudited) $ 282,291 $ 941,877 $ 1,224,168 December 31, 2019 285,103 881,104 1,166,207 The Company’s interest expense by segment for the three nine September 30, 2020 2019, Commercial Residential Total Three months ended September 30, 2020 $ 2,072 $ 8,135 $ 10,207 2019 1,764 6,928 8,692 Nine months ended September 30, 2020 $ 6,084 $ 23,890 $ 29,974 2019 5,219 19,957 25,176 The Company’s capital expenditures by segment for the three nine September 30, 2020 2019, Commercial Residential Total Three months ended September 30, 2020 $ 2,669 $ 8,703 $ 11,372 2019 2,145 10,822 12,967 Nine months ended September 30, 2020 $ 7,063 $ 18,631 $ 25,694 2019 4,292 32,678 36,970

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Segment Reporting, Policy [Policy Text Block]	Segments At September 30, 2020, two may
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with 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. In accordance with ASU 2017 01, 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 relative 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 not September 30, 2020. 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 Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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, capital improvements, loan reserves 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 less allowance for doubtful accounts. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting 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 not
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (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, 2020 2019, not not
Revenue [Policy Text Block]	Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations.
Share-based Payment Arrangement [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, In April 2020, In June 2020, At September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019, September 30, 2020, one
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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 10,
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments 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 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 (loss) (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, 2020, no
Earnings Per Share, Policy [Policy Text Block]	Loss Per Share 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, 2020 2019, two not September 30, 2020 2019. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2020 2019 2020 2019 (restated) (restated) Numerator Net loss attributable to common stockholders $ (1,167 ) $ (73 ) $ (3,413 ) $ (594 ) Less: income attributable to participating securities (134 ) (84 ) (344 ) (236 ) Subtotal $ (1,301 ) $ (157 ) $ (3,757 ) $ (830 ) Denominator Weighted average common shares outstanding 17,811 17,815 17,814 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.01 ) $ (0.21 ) $ (0.05 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Pronouncements In April 2020, 19 not 19 three nine September 30, 2020; not may In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, 842 2016 02 not not not third In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2021, January 1, 2022 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 not

Note 2 - Restatement of Previ_2

Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As of September 30, 2020 As Reported Adjustment Restated Balance Sheet: Deferred rent $ 673 $ 1,287 $ 1,960 Total Assets $ 1,222,881 $ 1,287 $ 1,224,168 Accumulated deficit $ (45,384 ) $ 519 $ (44,865 ) Total stockholders’ equity $ 48,406 $ 519 $ 48,925 Non-controlling interests $ 71,693 $ 768 $ 72,461 Total Equity $ 120,099 $ 1,287 $ 121,386 Total Liabilities and Equity $ 1,222,881 $ 1,287 $ 1,224,168 Three Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 7,663 $ 429 $ 8,092 Total Revenues $ 29,611 $ 429 $ 30,040 General and administrative $ 2,407 $ (110 ) $ 2,297 Total Operating Expenses $ 23,671 $ (110 ) $ 23,561 Income From Operations $ 6,778 $ 539 $ 7,317 Net loss $ (3,429 ) $ 539 $ (2,890 ) Net loss attributable to non-controlling interests $ 2,045 $ (322 ) $ 1,723 Net loss attributable to common stockholders $ (1,384 ) $ 217 $ (1,167 ) Basic and diluted net loss per share $ (0.09 ) $ 0.01 $ (0.08 ) Nine Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 21,881 $ 1,287 $ 23,168 Total Revenues $ 91,226 $ 1,287 $ 92,513 Income From Operations $ 24,377 $ 1,287 $ 25,664 Net loss $ (9,740 ) $ 1,287 $ (8,453 ) Net loss attributable to non-controlling interests $ 5,808 $ (768 ) $ 5,040 Net loss attributable to common stockholders $ (3,932 ) $ 519 $ (3,413 ) Basic and diluted net loss per share $ (0.24 ) $ 0.03 $ (0.21 ) As of and for the Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (806 ) $ 429 $ (377 ) Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 As of and for the Three Months Ended June 30, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (5,505 ) $ 319 $ (5,186 ) Accumulated deficit $ (42,307 ) $ 302 $ (42,005 ) Total stockholders’ equity $ 51,497 $ 302 $ 51,799 Non-controlling interests $ 76,073 $ 446 $ 76,519 Total Equity $ 127,570 $ 748 $ 128,318 As of and for the Three Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (3,429 ) $ 539 $ (2,890 ) Accumulated deficit $ (45,384 ) $ 519 $ (44,865 ) Total stockholders’ equity $ 48,406 $ 519 $ 48,925 Non-controlling interests $ 71,693 $ 768 $ 72,461 Total Equity $ 120,099 $ 1,287 $ 121,386 Nine Months Ended September 30, 2020 As Reported Adjustment Restated Statements of Cash Flows: Net loss $ (9,740 ) $ 1,287 $ (8,453 ) Deferred rent $ 601 $ (1,287 ) $ (686 )

Note 4 - Significant Accounti_2

Note 4 - Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in years) 3 – 15
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2020 2019 2020 2019 (restated) (restated) Numerator Net loss attributable to common stockholders $ (1,167 ) $ (73 ) $ (3,413 ) $ (594 ) Less: income attributable to participating securities (134 ) (84 ) (344 ) (236 ) Subtotal $ (1,301 ) $ (157 ) $ (3,757 ) $ (830 ) Denominator Weighted average common shares outstanding 17,811 17,815 17,814 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.01 ) $ (0.21 ) $ (0.05 )

Note 6 - Deferred Costs and I_2

Note 6 - Deferred Costs and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	September 30, 2020 December 31, 2019 (unaudited) Deferred costs $ 348 $ 348 Above-market leases — 444 Lease origination costs 1,078 1,385 In-place leases 428 859 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 10,996 12,178 Less accumulated amortization (3,098 ) (3,396 ) Total deferred costs and intangible assets, net $ 7,898 $ 8,782
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2020 (Remainder) $ 178 2021 697 2022 668 2023 559 2024 544 Thereafter 5,252 Total $ 7,898

Note 7 - Below-market Leases,_2

Note 7 - Below-market Leases, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block]	September 30, 2020 December 31, 2019 (unaudited) Below-market leases $ 785 $ 4,087 Less accumulated amortization (596 ) (2,462 ) Below-market leases, net $ 189 $ 1,625
Below Market Lease, Future Amortization Income [Table Text Block]	2020 (Remainder) $ 31 2021 105 2022 35 2023 18 Total $ 189

Note 8 - Notes Payable (Tables)

Note 8 - Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Property Maturity Interest Rate September 30, 2020 December 31, 2019 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ — Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% — 246,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 74,641 75,817 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 65,837 66,862 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 33,790 34,295 1010 Pacific Street, Brooklyn, NY (h) 12/24/2020 LIBOR + 3.60% 20,128 19,457 Total debt $ 1,090,396 $ 1,009,431 Unamortized debt issuance costs (10,811 ) (11,528 ) Total debt, net of unamortized debt issuance costs $ 1,079,585 $ 997,903
Schedule of Maturities of Long-term Debt [Table Text Block]	2020 (Remainder) $ 21,108 2021 3,777 2022 3,920 2023 4,068 2024 4,216 Thereafter 1,053,307 Total $ 1,090,396

Note 9 - Rental Income Under _2

Note 9 - Rental Income Under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	2020 (Remainder) $ 6,913 2021 29,658 2022 29,787 2023 27,725 2024 27,314 Thereafter 31,101 Total $ 152,498

Note 10 - Fair Value of Finan_2

Note 10 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2020 December 31, 2019 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,090,396 $ 1,009,431 Estimated fair value $ 1,224,758 $ 1,058,083
Schedule of Derivative Instruments [Table Text Block]	Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at September 30, 2020 Estimated Fair Value at December 31, 2019 (unaudited) $75,000 250 Livingston Street December 15, 2020 4.0% $ — $ — $21,587 1010 Pacific Street December 24, 2020 3.6% — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ —

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Three months ended September 30, 2020 (as restated) 27 % 73 % 100 % Three months ended September 30, 2019 25 % 75 % 100 % Nine months ended September 30, 2020 (as restated) 25 % 75 % 100 % Nine months ended September 30, 2019 25 % 75 % 100 %

Note 13 - Segment Reporting (Ta

Note 13 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended September 30, 2020 Commercial Residential Total (restated) (restated) Rental income $ 8,092 $ 21,948 $ 30,040 Total revenues 8,092 21,948 30,040 Property operating expenses 1,025 6,842 7,867 Real estate taxes and insurance 1,917 5,546 7,463 General and administrative 234 2,063 2,297 Depreciation and amortization 1,117 4,817 5,934 Total operating expenses 4,293 19,268 23,561 Gain on termination of lease 838 — 838 Income from operations $ 4,637 $ 2,680 $ 7,317 Three months ended September 30, 2019 Commercial Residential Total Rental income $ 7,323 $ 22,117 $ 29,440 Total revenues 7,323 22,117 29,440 Property operating expenses 1,119 6,238 7,357 Real estate taxes and insurance 1,532 5,208 6,740 General and administrative 259 1,645 1,904 Depreciation and amortization 959 3,970 4,929 Total operating expenses 3,869 17,061 20,930 Income from operations $ 3,454 $ 5,056 $ 8,510 Nine months ended September 30, 2020 Commercial Residential Total (restated) (restated) Rental income $ 23,168 $ 69,345 $ 92,513 Total revenues 23,168 69,345 92,513 Property operating expenses 3,060 18,834 21,894 Real estate taxes and insurance 4,853 16,252 21,105 General and administrative 1,083 6,241 7,324 Depreciation and amortization 3,228 14,136 17,364 Total operating expenses 12,224 55,463 67,687 Gain on termination of lease 838 — 838 Income from operations $ 11,782 $ 13,882 $ 25,664 Nine months ended September 30, 2019 Commercial Residential Total Rental income $ 21,503 $ 64,035 $ 85,538 Total revenues 21,503 64,035 85,538 Property operating expenses 3,296 18,371 21,667 Real estate taxes and insurance 4,004 14,174 18,178 General and administrative 947 5,204 6,151 Depreciation and amortization 2,876 11,192 14,068 Total operating expenses 11,123 48,941 60,064 Income from operations $ 10,380 $ 15,094 $ 25,474 Commercial Residential Total September 30, 2020 (as restated) (unaudited) $ 282,291 $ 941,877 $ 1,224,168 December 31, 2019 285,103 881,104 1,166,207 Commercial Residential Total Three months ended September 30, 2020 $ 2,072 $ 8,135 $ 10,207 2019 1,764 6,928 8,692 Nine months ended September 30, 2020 $ 6,084 $ 23,890 $ 29,974 2019 5,219 19,957 25,176 Commercial Residential Total Three months ended September 30, 2020 $ 2,669 $ 8,703 $ 11,372 2019 2,145 10,822 12,967 Nine months ended September 30, 2020 $ 7,063 $ 18,631 $ 25,694 2019 4,292 32,678 36,970

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) $ / shares in Units, $ in Millions	Feb. 09, 2017USD ($)$ / sharesshares	Sep. 30, 2020USD ($)ft²a	Jun. 30, 2019shares	Sep. 30, 2020USD ($)ft²a	Dec. 31, 2019	Nov. 08, 2019	Oct. 27, 2017	May 09, 2017	Aug. 03, 2015
Formation Transaction, Units Converted to Commons Shares, Ratio									1
Percentage of Aggregate Cash Distributions From, and Profits and Losses		40.30%		40.30%
Corporate Joint Venture [Member]
Joint Venture, Ownership Percentage					50.00%
Corporate Joint Venture [Member] | General and Administrative Expense [Member]
Joint Venture Expense | $		$ 0.1		$ 0.4
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member]
Number of Units							82
Residential Rental [Member] | Property Located Brooklyn, New York [Member]
Number of Units						175
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member]
Number of Units								158
Tribeca House properties in Manhattan [Member]
Number of Buildings		2		2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)		483,000		483,000
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member]
Gross Leasable Area (Square Foot)		77,000		77,000
Tribeca House properties in Manhattan, Building One [Member]
Number of Stories		21		21
Tribeca House properties in Manhattan, Building Two [Member]
Number of Stories		12		12
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member]
Number of Buildings		59		59
Number of Rentable Units		2,496		2,496
141 Livingston Street in Brooklyn [Member] | Office Building [Member]
Number of Stories		15		15
Gross Leasable Area (Square Foot)		216,000		216,000
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories		12		12
Gross Leasable Area (Square Foot) | a		370,000		370,000
Aspen [Member]
Number of Stories		7		7
Aspen [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)		166,000		166,000
Aspen [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot)		21,000		21,000
Clover House [Member]
Number of Stories		11		11
Clover House [Member] | Apartment Building [Member]
Gross Leasable Area (Square Foot)		102,000		102,000
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member]
Number of Stories		6		6
Gross Leasable Area (Square Foot)		76,000		76,000
Residential Property in Brooklyn, NY [Member] | Residential Rental [Member]
Number of Stories		9		9
Property Located Brooklyn, New York [Member] | Residential Rental [Member]
Area of Real Estate Property (Square Foot)		119,000		119,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares			1,917
IPO [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares	6,390,149
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 13.50
Proceeds from Issuance Initial Public Offering | $	$ 78.7

Note 2 - Restatement of Previ_3

Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 30,040	$ 29,440	$ 92,513	$ 85,538
Pending Litigation [Member]
Loss Contingency Accrual, Ending Balance	100		100
Revision of Prior Period, Error Correction, Adjustment [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 429		$ 1,287

Note 2 - Restatement of Previ_4

Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements - Effect of Correction of Error on Previously Reported Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Deferred rent	$ 1,960						$ 1,960		$ 1,274
Total Assets	1,224,168						1,224,168		1,166,207
Accumulated deficit	(44,865)						(44,865)		(36,375)
Total stockholders’ equity	48,925						48,925		57,234
Non-controlling interests	72,461						72,461		84,549
Total Equity	121,386	$ 128,318	$ 137,288	$ 148,384	$ 152,516	$ 157,247	121,386	$ 148,384	141,783	$ 161,485
Total Liabilities and Equity	1,224,168						1,224,168		1,166,207
TOTAL REVENUES	30,040			29,440			92,513	85,538
General and administrative	2,297			1,904			7,324	6,151
Total Operating Expenses	23,561			20,930			67,687	60,064
Income From Operations	7,317			8,510			25,664	25,474
Net loss	(2,890)	(5,186)	(377)	(182)	(1,158)	(133)	(8,453)	(1,473)
Net loss attributable to non-controlling interests	1,723			109			5,040	879
Net loss attributable to common stockholders	$ (1,167)			$ (73)			$ (3,413)	$ (594)
Basic and diluted net loss per share (in dollars per share)	$ (0.08)			$ (0.01)			$ (0.21)	$ (0.05)
Deferred rent							$ (686)	$ 1,000
Retained Earnings [Member]
Total Equity	$ (44,865)	(42,005)	(38,219)	$ (33,612)	(31,847)	(29,687)	(44,865)	(33,612)	(36,375)	(27,941)
Net loss	(1,167)	(2,094)	(152)	(73)	(467)	(54)
Parent [Member]
Total Equity	48,925	51,799	55,420	59,898	61,566	63,471	48,925	59,898	57,234	65,182
Net loss	(1,167)	(2,094)	(152)	(73)	(467)	(54)
Noncontrolling Interest [Member]
Total Equity	72,461	76,519	81,868	88,486	90,950	93,776	72,461	88,486	$ 84,549	$ 96,303
Net loss	(1,723)	(3,092)	(225)	(109)	$ (691)	$ (79)
Commercial Real Estate [Member]
TOTAL REVENUES	8,092			$ 7,323			23,168	$ 21,503
Previously Reported [Member]
Deferred rent	673						673
Total Assets	1,222,881						1,222,881
Accumulated deficit	(45,384)						(45,384)
Total stockholders’ equity	48,406						48,406
Non-controlling interests	71,693						71,693
Total Equity	120,099	127,570	136,859				120,099
Total Liabilities and Equity	1,222,881						1,222,881
TOTAL REVENUES	29,611						91,226
General and administrative	2,407
Total Operating Expenses	23,671
Income From Operations	6,778						24,377
Net loss	(3,429)	(5,505)	(806)				(9,740)
Net loss attributable to non-controlling interests	2,045						5,808
Net loss attributable to common stockholders	$ (1,384)						$ (3,932)
Basic and diluted net loss per share (in dollars per share)	$ (0.09)						$ (0.24)
Deferred rent							$ 601
Previously Reported [Member] | Retained Earnings [Member]
Total Equity	$ (45,384)	(42,307)	(38,393)				(45,384)
Previously Reported [Member] | Parent [Member]
Total Equity	48,406	51,497	55,246				48,406
Previously Reported [Member] | Noncontrolling Interest [Member]
Total Equity	71,693	76,073	81,613				71,693
Previously Reported [Member] | Commercial Real Estate [Member]
TOTAL REVENUES	7,663						21,881
Revision of Prior Period, Error Correction, Adjustment [Member]
Deferred rent	1,287						1,287
Total Assets	1,287						1,287
Accumulated deficit	519						519
Total stockholders’ equity	519						519
Non-controlling interests	768						768
Total Equity	1,287	748	429				1,287
Total Liabilities and Equity	1,287						1,287
TOTAL REVENUES	429						1,287
General and administrative	(110)
Total Operating Expenses	(110)
Income From Operations	539						1,287
Net loss	539	319	429				1,287
Net loss attributable to non-controlling interests	(322)						(768)
Net loss attributable to common stockholders	$ 217						$ 519
Basic and diluted net loss per share (in dollars per share)	$ 0.01						$ 0.03
Deferred rent							$ (1,287)
Revision of Prior Period, Error Correction, Adjustment [Member] | Retained Earnings [Member]
Total Equity	$ 519	302	174				519
Revision of Prior Period, Error Correction, Adjustment [Member] | Parent [Member]
Total Equity	519	302	174				519
Revision of Prior Period, Error Correction, Adjustment [Member] | Noncontrolling Interest [Member]
Total Equity	768	$ 446	$ 255				768
Revision of Prior Period, Error Correction, Adjustment [Member] | Commercial Real Estate [Member]
TOTAL REVENUES	$ 429						$ 1,287

Note 3 - Issuance Repurchase _2

Note 3 - Issuance Repurchase of Common Stock (Details Textual) - USD ($) $ in Thousands	Apr. 09, 2019	Sep. 30, 2020	Aug. 31, 2020
Stock Repurchase Program, Authorized Amount			$ 10,000
Stock Repurchased During Period, Shares (in shares)		45,858
Stock Repurchased During Period, Value		$ 271
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 9,700
Director [Member]
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)	1,917
Proceeds from Issuance of Common Stock	$ 0

Note 4 - Significant Accounti_3

Note 4 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2020$ / sharesshares	Apr. 30, 2020$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2019USD ($)$ / shares
Number of Operating Segments			2
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $			$ 3,000		$ 1,400	$ 1,400
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year
Percent of Distributed Dividends Equal to Taxable REIT Income			90.00%
Income Tax Expense (Benefit), Total | $			$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares)			0	0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			26,317
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	78,681	450,623
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 8.10	$ 4.75
LTIP Units [Member] | Non-employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			1,410,371		881,067
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares			$ 9.90			$ 12.70

Note 4 - Significant Accounti_4

Note 4 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2020
Building and Building Improvements [Member] | Minimum [Member]
Building and improvements (in years) (Year)	10 years
Building and Building Improvements [Member] | Maximum [Member]
Building and improvements (in years) (Year)	44 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Building and improvements (in years) (Year)	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Building and improvements (in years) (Year)	15 years

Note 4 - Significant Accounti_5

Note 4 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net loss attributable to common stockholders	$ (1,167)	$ (73)	$ (3,413)	$ (594)
Less: income attributable to participating securities	(134)	(84)	(344)	(236)
Subtotal	$ (1,301)	$ (157)	$ (3,757)	$ (830)
Weighted average common shares outstanding (in shares)	17,811	17,815	17,814	17,814
Basic and diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.01)	$ (0.21)	$ (0.05)

Note 5 - Acquisitions (Details

Note 5 - Acquisitions (Details Textual) - Residential Property in Brooklyn, NY [Member] $ in Thousands	Nov. 08, 2019USD ($)
Business Combination, Consideration Transferred, Total	$ 31,129
Business Combination, Acquisition Related Costs	$ 129

Note 6 - Deferred Costs and I_3

Note 6 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 73	$ 189	$ 425	$ 572
Write off of Fully Amortized Lease Origination Costs and In-place Leases			669
Amortization of Real Estate Abatements	120	122	360	361
Amortization of Intangible Assets, Total	$ 0	$ 30	30	$ 89
Impairment of Intangible Assets, Finite-lived			444
Gain on Termination of Lease [Member]
Write-off of Origination Costs and Leases Due to Termination			$ 180

Note 6 - Deferred Costs and I_4

Note 6 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred costs	$ 348	$ 348
Above-market leases	0	444
Lease origination costs	1,078	1,385
In-place leases	428	859
Real estate tax abatements	9,142	9,142
Total deferred costs and intangible assets	10,996	12,178
Less accumulated amortization	(3,098)	(3,396)
Total	$ 7,898	$ 8,782

Note 6 - Deferred Costs and I_5

Note 6 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
2020 (Remainder)	$ 178
2021	697
2022	668
2023	559
2024	544
Thereafter	5,252
Total	$ 7,898	$ 8,782

Note 7 - Below-market Leases,_3

Note 7 - Below-market Leases, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amortization of Below Market Lease	$ 130	$ 280	$ 388	$ 1,169
Amortization of Below Market Lease, Write Off			2,254
Gain on Termination of Lease [Member]
Amortization of Commercial Lease, Write Off			$ 1,048

Note 7 - Below-market Leases,_4

Note 7 - Below-market Leases, Net - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Below-market leases	$ 785	$ 4,087
Less accumulated amortization	(596)	(2,462)
Total	$ 189	$ 1,625

Note 7 - Below-market Leases,_5

Note 7 - Below-market Leases, Net - Future Amortization Income (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
2020 (Remainder)	$ 31
2021	105
2022	35
2023	18
Total	$ 189	$ 1,625

Note 8 - Notes Payable (Details

Note 8 - Notes Payable (Details Textual) - USD ($) $ in Thousands

May 08, 2020

Dec. 24, 2019

May 31, 2019

Dec. 24, 2020

Nov. 01, 2027

Jul. 31, 2028

Jun. 30, 2028

Sep. 30, 2020

Dec. 31, 2019

Nov. 08, 2019

Feb. 21, 2018

Oct. 27, 2017

Jun. 27, 2016

May 11, 2016

Long-term Debt, Gross

$ 1,090,396

$ 1,009,431

Long-term Debt, Total

$ 1,079,585

$ 997,903

Metlife Real Estate Lending LLC [Member] | Clover House Loans [Member]

Long-term Debt, Gross

$ 82,000

Debt Instrument, Interest Rate, Effective Percentage

3.53%

Secured First Mortgage Loan [Member] | New York Community Bank [Member]

Long-term Debt, Gross

$ 246,000

Debt Instrument, Face Amount

$ 329,000

Debt Instrument, Term (Year)

12 years

Debt Instrument, Interest Rate, Stated Percentage

3.125%

Debt Instrument, Interest and Principal Payments Period (Year)

30 years

Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

First Mortgage Loan With Interest-only Payments [Member] | Citi Real Estate Funding Inc. [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.63%

Proceeds from Issuance of Long-term Debt, Total

$ 125,000

Debt Instrument, Prepayment Option, Number of Months Before Maturity (Month)

3 months

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

Long-term Debt, Gross

$ 79,500

Debt Instrument, Interest Rate, Stated Percentage

3.875%

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

Debt Instrument, Periodic Payment, Total

$ 374

Fixed Interest Rate Financing [Member]

Long-term Debt, Gross

$ 360,000

Debt Instrument, Interest Rate, Stated Percentage

4.506%

Mortgages [Member] | New York Community Bank [Member] | Property at 10 W 65th St. Manhattan, NY [Member]

Long-term Debt, Gross

$ 34,350

Debt Instrument, Interest Rate, Stated Percentage

3.375%

Mortgages [Member] | New York Community Bank [Member] | Prime Rate [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | Forecast [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Debt Instrument, Periodic Payment, Total

$ 152

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] | Aspen [Member] | Forecast [Member]

Debt Instrument, Periodic Payment, Total

$ 321

Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member]

Long-term Debt, Gross

$ 18,600

Debt Instrument, Interest Rate, Effective Percentage

4.85%

DebtInstrumentExtensionOptionPeriod (Year)

1 year

Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Effective Percentage

1.25%

Mortgages [Member] | Citibank NA [Member] | London Interbank Offered Rate (LIBOR) [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

Construction Loans [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Agreement Maximum Borrowing Capacity

$ 2,987

Long-term Debt, Total

$ 1,528

Note 8 - Notes Payable - Mortga

Note 8 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Debt, gross		$ 1,090,396	$ 1,009,431
Unamortized debt issuance costs		(10,811)	(11,528)
Total debt, net of unamortized debt issuance costs		$ 1,079,585	997,903
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Interest rate	[1]	3.125%
Debt, gross	[1]	$ 329,000	0
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Debt, gross	[2]	$ 125,000	125,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[2]	3.63%
Variable rate	[2]	3.63%
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Interest rate	[3]	4.506%
Debt, gross	[3]	$ 360,000	360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Interest rate	[4]	3.68%
Debt, gross	[4]	$ 65,837	66,862
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]
Debt, gross	[5]	$ 82,000	82,000
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[5]	3.53%
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]
Interest rate	[6]	3.375%
Debt, gross	[6]	$ 33,790	34,295
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]
Debt, gross	[7]	$ 20,128	19,457
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	[7]	3.60%
Variable rate	[7]	3.60%
Mortgages and Mezzanine Notes 2 [Member] | Flatbush Gardens, Brooklyn, NY [Member]
Interest rate	[1]	3.50%
Debt, gross	[1]	$ 0	246,000
Mortgages and Mezzanine Notes 2 [Member] | 250 Livingston Street in Brooklyn [Member]
Interest rate	[8]	3.875%
Debt, gross	[8]	$ 74,641	75,817
Mortgages and Mezzanine Notes [Member]
Unamortized debt issuance costs		$ (10,811)	$ (11,528)
[1]	On May 8, 2020, the Company refinanced the $246,000 mortgage note with a $329,000, twelve-year secured first mortgage note with New York Community Bank (“NYCB”). The note matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
[2]	The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium.
[3]	The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027.
[4]	The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium.
[5]	The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029.
[6]	On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with NYCB, related to the 10 West 65th Street acquisition. The note matures on November 1, 2027, and bears interest at 3.375% through October 2022 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note required interest-only payments through November 2019, and monthly principal and interest payments of $152 thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
[7]	On December 24, 2019, the Company entered into a $18,600 mortgage note agreement with CIT Bank, N.A., related to the 1010 Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender that will provide up to $2,987 for eligible pre-development and carrying costs, of which $1,528 was drawn as of September 30, 2020. The notes mature on December 24, 2020, are subject to a one-year extension option, require interest-only payments and bear interest at one-month LIBOR (with a floor of 1.25%) plus 3.60% (4.85% as of September 30, 2020).
[8]	The $79,500 mortgage note agreement with NYCB matures on June 1, 2028, and bears interest at 3.875%. The note required interest-only payments through June 2017, and monthly principal and interest payments of $374 thereafter based on a 30-year amortization schedule.

Note 8 - Notes Payable - Summar

Note 8 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
2020 (Remainder)	$ 21,108
2021	3,777
2022	3,920
2023	4,068
2024	4,216
Thereafter	1,053,307
Total	$ 1,090,396	$ 1,009,431

Note 9 - Rental Income Under _3

Note 9 - Rental Income Under Operating Leases (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	22.00%	18.00%	20.00%	19.00%

Note 9 - Rental Income Under _4

Note 9 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Sep. 30, 2020USD ($)
2020 (Remainder)	$ 6,913
2021	29,658
2022	29,787
2023	27,725
2024	27,314
Thereafter	31,101
Total	$ 152,498

Note 10 - Fair Value of Finan_3

Note 10 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Not Designated as Hedging Instrument [Member] | Interest Rate Cap 1 [Member]
Derivative, Gain (Loss) on Derivative, Net, Total	$ 0	$ 0	$ 14	$ 24

Note 10 - Fair Value of Finan_4

Note 10 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Reported Value Measurement [Member]
Mortgage notes payable	$ 1,090,396	$ 1,009,431
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	$ 1,224,758	$ 1,058,083

Note 10 - Fair Value of Finan_5

Note 10 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Estimated fair market value	$ 0	$ 0
Interest Rate Cap 1 [Member]
Notional amount	$ 75,000
Maturity date	Dec. 15, 2020
Strike rate	4.00%
Estimated fair market value	$ 0	0
Interest Rate Cap 2 [Member]
Notional amount	$ 21,587
Maturity date	Dec. 24, 2020
Strike rate	3.60%
Estimated fair market value	$ 0	$ 0

Note 11 - Commitments and Con_3

Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Percentage of Rent Collection Rate to Last Quarter	97.00%
Percentage of Properties Leased	93.00%
Obligated to Provide Parking [Member]
Other Commitment, Total	$ 205

Note 11 - Commitments and Con_4

Note 11 - Commitments and Contingencies - Summary of Concentration Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Percentage	100.00%	100.00%	100.00%	100.00%
Commercial Segment [Member]
Percentage	27.00%	25.00%	25.00%	25.00%
Residential Segment [Member]
Percentage	73.00%	75.00%	75.00%	75.00%

Note 12 - Related-party Trans_2

Note 12 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Overhead Charged Related to Office Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 66	$ 0	$ 199	$ 45
Firms in Which Two Directors Were Principals or Partners [Member]
Related Party Transaction, Amounts of Transaction	$ 0	$ 7	$ 5	$ 319

Note 13 - Segment Reporting - S

Note 13 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Total revenues	$ 30,040	$ 29,440	$ 92,513	$ 85,538
Property operating expenses	7,867	7,357	21,894	21,667
Real estate taxes and insurance	7,463	6,740	21,105	18,178
General and administrative	2,297	1,904	7,324	6,151
Depreciation and amortization	5,934	4,929	17,364	14,068
Total operating expenses	23,561	20,930	67,687	60,064
Gain on termination of lease	838	0	838	0
Income from operations	7,317	8,510	25,664	25,474
Assets	1,224,168		1,224,168		$ 1,166,207
Interest expense	10,207	8,692	29,974	25,176
Capital expenditures	11,372	12,967	25,694	36,970
Rental Income [Member]
Total revenues	30,040	29,440	92,513	85,538
Commercial Segment [Member]
Total revenues	8,092	7,323	23,168	21,503
Property operating expenses	1,025	1,119	3,060	3,296
Real estate taxes and insurance	1,917	1,532	4,853	4,004
General and administrative	234	259	1,083	947
Depreciation and amortization	1,117	959	3,228	2,876
Total operating expenses	4,293	3,869	12,224	11,123
Gain on termination of lease	838		838
Income from operations	4,637	3,454	11,782	10,380
Assets	282,291		282,291		285,103
Interest expense	2,072	1,764	6,084	5,219
Capital expenditures	2,669	2,145	7,063	4,292
Commercial Segment [Member] | Rental Income [Member]
Total revenues	8,092	7,323	23,168	21,503
Residential Segment [Member]
Total revenues	21,948	22,117	69,345	64,035
Property operating expenses	6,842	6,238	18,834	18,371
Real estate taxes and insurance	5,546	5,208	16,252	14,174
General and administrative	2,063	1,645	6,241	5,204
Depreciation and amortization	4,817	3,970	14,136	11,192
Total operating expenses	19,268	17,061	55,463	48,941
Gain on termination of lease	0		0
Income from operations	2,680	5,056	13,882	15,094
Assets	941,877		941,877		$ 881,104
Interest expense	8,135	6,928	23,890	19,957
Capital expenditures	8,703	10,822	18,631	32,678
Residential Segment [Member] | Rental Income [Member]
Total revenues	$ 21,948	$ 22,117	$ 69,345	$ 64,035