Clipper Realty (CLPR) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 09, 2022
Document Information [Line Items]
Entity Central Index Key	0001649096
Entity Registrant Name	Clipper Realty Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Land and improvements	$ 540,859	$ 540,859
Building and improvements	652,887	649,686
Tenant improvements	3,406	3,406
Furniture, fixtures and equipment	12,697	12,500
Real estate under development	126,507	97,301
Total investment in real estate	1,336,356	1,303,752
Accumulated depreciation	(171,320)	(158,002)
Investment in real estate, net	1,165,036	1,145,750
Cash and cash equivalents	29,432	34,524
Restricted cash	14,537	17,700
Tenant and other receivables, net of allowance for doubtful accounts of $178 and $7,905, respectively	4,689	10,260
Deferred rent	2,600	2,656
Deferred costs and intangible assets, net	6,861	7,126
Prepaid expenses and other assets	9,916	15,641
TOTAL ASSETS	1,233,071	1,233,657
LIABILITIES AND EQUITY
Notes payable, net of unamortized loan costs of $11,489 and $12,898, respectively	1,152,301	1,131,154
Accounts payable and accrued liabilities	17,640	19,558
Security deposits	7,586	7,110
Below-market leases, net	36	53
Other liabilities	5,286	5,833
TOTAL LIABILITIES	1,182,849	1,163,708
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,16,063,228 shares issued and outstanding	160	160
Additional paid-in-capital	88,392	88,089
Accumulated deficit	(69,516)	(61,736)
Total stockholders’ equity	19,036	26,513
Non-controlling interests	31,186	43,436
TOTAL EQUITY	50,222	69,949
TOTAL LIABILITIES AND EQUITY	$ 1,233,071	$ 1,233,657

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 178	$ 7,905
Unamortized loan costs	$ 11,489	$ 12,898
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	16,063,228	16,063,228
Common stock, shares outstanding (in shares)	16,063,228	16,063,228
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES
TOTAL REVENUES	$ 31,887	$ 30,671	$ 63,937	$ 61,322
OPERATING EXPENSES
Property operating expenses	6,928	7,221	14,467	15,863
Real estate taxes and insurance	7,886	7,363	15,817	14,675
General and administrative	3,197	2,802	6,139	5,095
Transaction pursuit costs	92	0	516	60
Depreciation and amortization	6,732	6,289	13,437	12,516
TOTAL OPERATING EXPENSES	24,835	23,675	50,376	48,209
INCOME FROM OPERATIONS	7,052	6,996	13,561	13,113
Interest expense, net	(10,005)	(10,366)	(19,990)	(20,583)
Loss on extinguishment of debt	0	0	0	(3,034)
Gain on involuntary conversion	0	139	0	139
Net loss	(2,953)	(3,231)	(6,429)	(10,365)
Net loss attributable to non-controlling interests	1,834	2,006	3,992	6,436
Net loss attributable to common stockholders	$ (1,119)	$ (1,225)	$ (2,437)	$ (3,929)
Basic and diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.09)	$ (0.18)	$ (0.27)
Residential Rental [Member]
REVENUES
TOTAL REVENUES	$ 22,597	$ 21,573	$ 44,059	$ 43,177
Commercial Real Estate [Member]
REVENUES
TOTAL REVENUES	$ 9,290	$ 9,098	$ 19,878	$ 18,145

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2020					16,063,228
Balance at Dec. 31, 2020					$ 160	$ 87,347	$ (48,045)	$ 39,462	$ 64,652	$ 104,114
Amortization of LTIP grants									486	486
Dividends and distributions							(1,526)	(1,526)		(4,191)
Dividends and distributions									(2,665)
Net loss							(2,704)	(2,704)	(4,430)	(7,134)
Reallocation of noncontrolling interests					$ 0	122	0	122	(122)	0
Balance (in shares) at Mar. 31, 2021					16,063,228
Balance at Mar. 31, 2021					$ 160	87,469	(52,275)	35,354	57,921	93,275
Balance (in shares) at Dec. 31, 2020					16,063,228
Balance at Dec. 31, 2020					$ 160	87,347	(48,045)	39,462	64,652	104,114
Net loss										(10,365)
Balance (in shares) at Jun. 30, 2021					16,063,228
Balance at Jun. 30, 2021					$ 160	87,707	(55,026)	32,841	53,807	86,648
Balance (in shares) at Mar. 31, 2021					16,063,228
Balance at Mar. 31, 2021					$ 160	87,469	(52,275)	35,354	57,921	93,275
Amortization of LTIP grants					0	0	0	0	795	795
Dividends and distributions					0	0	(1,526)	(1,526)		(4,191)
Dividends and distributions									(2,665)
Net loss					0	0	(1,225)	(1,225)	(2,006)	(3,231)
Reallocation of noncontrolling interests					$ 0	238	0	238	(238)	0
Balance (in shares) at Jun. 30, 2021					16,063,228
Balance at Jun. 30, 2021					$ 160	87,707	(55,026)	32,841	53,807	86,648
Balance (in shares) at Dec. 31, 2021					16,063,228
Balance at Dec. 31, 2021	$ (2,291)	$ (2,291)	$ (3,755)	$ (6,046)	$ 160	88,089	(61,736)	26,513	43,436	69,949
Amortization of LTIP grants									495	495
Dividends and distributions							(1,526)	(1,526)		(4,188)
Dividends and distributions									(2,662)
Net loss							(1,318)	(1,318)	(2,158)	(3,476)
Reallocation of noncontrolling interests					$ 0	126	0	126	(126)	0
Balance (in shares) at Mar. 31, 2022					16,063,228
Balance at Mar. 31, 2022					$ 160	88,215	(66,871)	21,504	35,230	56,734
Balance (in shares) at Dec. 31, 2021					16,063,228
Balance at Dec. 31, 2021	$ (2,291)	$ (2,291)	$ (3,755)	$ (6,046)	$ 160	88,089	(61,736)	26,513	43,436	69,949
Net loss										(6,429)
Balance (in shares) at Jun. 30, 2022					16,063,228
Balance at Jun. 30, 2022					$ 160	88,392	(69,516)	19,036	31,186	50,222
Balance (in shares) at Mar. 31, 2022					16,063,228
Balance at Mar. 31, 2022					$ 160	88,215	(66,871)	21,504	35,230	56,734
Amortization of LTIP grants					0	0	0	0	714	714
Dividends and distributions					0	0	(1,526)	(1,526)		(4,273)
Dividends and distributions									(2,747)
Net loss					0	0	(1,119)	(1,119)	(1,834)	(2,953)
Reallocation of noncontrolling interests					$ 0	177	0	177	(177)	0
Balance (in shares) at Jun. 30, 2022					16,063,228
Balance at Jun. 30, 2022					$ 160	$ 88,392	$ (69,516)	$ 19,036	$ 31,186	$ 50,222

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,429)	$ (10,365)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	13,318	12,404
Amortization of deferred financing costs	626	621
Amortization of deferred costs and intangible assets	360	353
Amortization of above- and below-market leases	(17)	(63)
Loss on extinguishment of debt	0	3,034
Gain on involuntary conversion	0	(139)
Deferred rent	(190)	(53)
Stock-based compensation	1,209	1,281
Bad debt (recovery) expense	(379)	2,078
Transaction pursuit costs	0	60
Changes in operating assets and liabilities:
Tenant and other receivables	150	(1,579)
Prepaid expenses, other assets and deferred costs	3,615	1,989
Accounts payable and accrued liabilities	(510)	378
Security deposits	476	(13)
Other liabilities	(547)	(980)
Net cash provided by operating activities	(11,682)	(9,006)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(24,851)	(12,756)
Return of acquisition deposits	2,015	0
Cash paid in connection with acquisition of real estate	(8,043)	0
Net cash used in investing activities	(30,879)	(12,756)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of mortgage notes	(1,101)	(75,303)
Proceeds from mortgage notes	20,839	100,505
Dividends and distributions	(8,461)	(8,382)
Loan issuance and extinguishment costs	(335)	(3,809)
Net cash provided by financing activities	10,942	13,011
Net increase (decrease) in cash and cash equivalents and restricted cash	(8,255)	9,261
Cash and cash equivalents and restricted cash - beginning of period	52,224	89,032
Cash and cash equivalents and restricted cash - end of period	43,969	98,293
Cash and cash equivalents - beginning of period	34,524	72,058
Restricted cash - beginning of period	17,700	16,974
Cash and cash equivalents - end of period	29,432	85,035
Restricted cash - end of period	14,537	13,258
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $2,309 and $794 in 2022 and 2021, respectively	19,423	20,165
Non-cash interest capitalized to real estate under development	1,118	29
Additions to investment in real estate included in accounts payable and accrued liabilities	$ 7,158	$ 3,255

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capitalized interest	$ 2,309	$ 794

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. As of June 30, 2022, • Tribeca House in Manhattan, comprising two one one • Flatbush Gardens in Brooklyn, a 59-building residential housing complex with 2,494 rentable units and approximately 1,749,000 square feet of residential rental GLA; • 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 • the Dean Street property, which the Company plans to redevelop as a 9-story residential building with approximately 160,000 square feet of residential rental GLA and approximately 9,000 square feet of retail rental GLA. In February April 2022, During 2019, three six June 30, 2022, three six June 30, 2021, 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 June 30, 2022, The Company determined that the Operating Partnership and the LLCs are variable interest entities (“VIEs”) and that the Company had control over these entities and was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the Company’s assets and liabilities.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Segments At June 30, 2022, 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 interests. 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 not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2022. 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. As described more fully under Revenue Recognition first 2022 842 840 December 31, 2021. 842, not not 450. 842, January 1, 2022 842. 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 income (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 six June 30, 2022 2021, not not Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts first 2022, 842, 840. 842 not first 2022, not 450. three six June 30, 2022, not three six June 30, 2022 one three six June 30, 2021, 450. 842 first 2022, December 31, 2021, In accordance with the provisions of ASC 842, 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, As of June 30, 2022, December 31, 2021, June 30, 2022, December 31, 2021, June 30, 2022, five In April 2022, 2022 June 15, 2022 2015 2015 Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits. 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 no In accordance with FASB ASC Topic 740, not three Fair Value Measurements Refer to Note 7, 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. As of June 30, 2022, no Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2022 2021, two not June 30, 2022 2021. 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 June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net loss attributable to common stockholders $ (1,119 ) $ (1,225 ) $ (2,437 ) $ (3,929 ) Less: income attributable to participating securities (246 ) (165 ) (408 ) (330 ) Subtotal $ (1,365 ) $ (1,390 ) $ (2,845 ) $ (4,259 ) Denominator Weighted-average common shares outstanding 16,063 16,063 16,063 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.09 ) $ (0.18 ) $ (0.27 ) Recently Issued Pronouncements In April 2020, 19 not 19 three June 30, 2022 2021; not may In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In January 2021, 2021 01, 848 2021 01 848 2020 04 2021 01 848 2021 01 848 may not not 2021 01

Note 3 - Deferred Costs and Int

Note 3 - Deferred Costs and Intangible Assets	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	3. Deferred costs and intangible assets consist of the following: June 30, 2022 December 31, 2021 (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,286 1,191 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,204 11,109 Less accumulated amortization (4,343 ) (3,983 ) Total deferred costs and intangible assets, net $ 6,861 $ 7,126 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $60 and $56 for the three June 30, 2022 2021, six June 30, 2022 2021, three six June 30, 2021, three June 30, 2022 2021, six June 30, 2022 2021, Deferred costs and intangible assets as of June 30, 2022, 2022 (Remainder) $ 328 2023 581 2024 565 2025 555 2026 539 Thereafter 4,293 Total $ 6,861

Note 4 - Below-market Leases, N

Note 4 - Below-market Leases, Net	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Below Market Lease Intangibles Disclosure [Text Block]	4. The Company’s below-market lease intangibles liabilities are as follows: June 30, 2022 December 31, 2021 (unaudited) Below-market leases $ 297 $ 297 Less accumulated amortization (261 ) (244 ) Below-market leases, net $ 36 $ 53 Rental income included amortization of below-market leases of $8 and $32 for the three June 30, 2022 2021, six June 30, 2022 2021, Below-market leases as of June 30, 2022, 2022 Remainder 18 2023 18 Total $ 36

Note 5 - Notes Payable

Note 5 - Notes Payable	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	5. 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 June 30, 2022 December 31, 2021 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 3/6/2031 3.21% 100,000 100,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 63,303 64,047 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 32,563 32,921 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60% 34,939 21,084 Dean Street, Brooklyn, NY (i) 12/22/2022 Prime + 1.60% 36,985 30,000 Total debt $ 1,163,790 $ 1,144,052 Unamortized debt issuance costs (11,489 ) (12,898 ) Total debt, net of unamortized debt issuance costs $ 1,152,301 $ 1,131,154 (a) The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, 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) On February 18, 2021, ten first March 6, 2031, not three (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 June 24, 2021, one June 30, 2021). June 2021 August 30, 2021. On August 10, 2021, 1010 30 June 30, 2022). September 1, 2024 may September 1, 2026. may five six June 30, 2022, (i) On December 22, 2021, December 22, 2022, two six June 30, 2022). April 2022, February April 2022. The Company has provided a limited guaranty for the mortgage notes at several of its properties. The Company’s loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and debt yield ratios. In the event that they are not may not The following table summarizes principal payment requirements under the terms of the mortgage notes as of June 30, 2022: 2022 (Remainder) $ 38,099 2023 2,297 2024 37,312 2025 2,468 2026 4,549 Thereafter 1,079,065 Total $ 1,163,790 The Company recognized a loss on extinguishment of debt of $3,034 during the six June 30, 2021, 141 February 2021;

Note 6 - Rental Income Under Op

Note 6 - Rental Income Under Operating Leases	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	6. The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of June 30, 2022, five 2022 (Remainder) 15,286 2023 29,159 2024 28,916 2025 23,249 2026 2,933 Thereafter 11,018 Total $ 110,561 The Company has commercial leases with the City of New York that comprised approximately 24% and 25% of total revenues for the three June 30, 2022 2021, six June 30, 2022 2021,

Note 7 - Fair Value of Financia

Note 7 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. 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, prepaid expenses, accounts payable and accrued liabilities, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, prepaid expenses, 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: June 30, 2022 December 31, 2021 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,163,790 $ 1,144,052 Estimated fair value $ 1,102,724 $ 1,199,409

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. 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, 1 four 2016 2 four not May 20, 2021, October 27, 2021, December 14, 2021, January 19, 2022. November 17, 2021 not not December 3, 2021 March 4, 2022 May 9, 2022, $1.2 not June 23, 2022, February 28, 2022 fourth 2021 June 30, 2022. On 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, On March 9, 2021, Kuzmich Crowe third Horn v 50 No. 152415/21 Kuzmich Crowe May 21, 2021. On March 4, 2022, Kuzmich Kuzmich December 31, 2021 In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not The Office of the Attorney General of the State of New York (“OAG”) commenced an investigation concerning the conduct of screening of tenant applicants in the building portfolio in which Clipper Equity and its principals have a management and/or ownership interest. Clipper Equity cooperated with the investigation and, in April 2022 no Commitments The Company is obligated to provide parking availability through August 2025 250 Contingencies The COVID- 19 19 19 June 30, 2022, may 19 19 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 June 30, 2022 29 % 71 % 100 % Three months ended June 30, 2021 30 % 70 % 100 % Six months ended June 30, 2022 31 % 69 % 100 % Six months ended June 30, 2021 30 % 70 % 100 %

Note 9 - Related-party Transact

Note 9 - Related-party Transactions	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $64 and $68 for the three June 30, 2022 2021, six June 30, 2022 2021. three June 30, 2022 2021, six June 30, 2022 2021. The Company paid legal and advisory fees to firms in which two three June 30, 2022 2021 six June 30, 2022 2021.

Note 10 - Segment Reporting

Note 10 - Segment Reporting	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. 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 six June 30, 2022 2021, Three months ended June 30, 2022 Commercial Residential Total Rental income $ 9,290 $ 22,597 $ 31,887 Total revenues $ 9,290 $ 22,597 $ 31,887 Property operating expenses 1,184 5,744 6,928 Real estate taxes and insurance 2,016 5,870 7,886 General and administrative 624 2,573 3,197 Transaction pursuit costs 3 89 92 Depreciation and amortization 1,366 5,366 6,732 Total operating expenses 5,193 19,642 24,835 Income from operations $ 4,097 $ 2,955 $ 7,052 Three months ended June 30, 2021 Commercial Residential Total Rental income $ 9,098 $ 21,573 $ 30,671 Total revenues 9,098 21,573 30,671 Property operating expenses 1,112 6,109 7,221 Real estate taxes and insurance 1,893 5,470 7,363 General and administrative 535 2,267 2,802 Depreciation and amortization 1,274 5,015 6,289 Total operating expenses 4,814 18,861 23,675 Income from operations $ 4,284 $ 2,712 $ 6,996 Six months ended June 30, 2022 Commercial Residential Total Rental income $ 19,878 $ 44,059 $ 63,937 Total revenues 19,878 44,059 63,937 Property operating expenses 2,327 12,140 14,467 Real estate taxes and insurance 4,036 11,781 15,817 General and administrative 1,147 4,992 6,139 Transaction pursuit costs 81 435 516 Depreciation and amortization 2,722 10,715 13,437 Total operating expenses 10,313 40,063 50,376 Income from operations $ 9,565 $ 3,996 $ 13,561 Six months ended June 30, 2021 Commercial Residential Total Rental income $ 18,145 $ 43,177 $ 61,322 Total revenues 18,145 43,177 61,322 Property operating expenses 2,231 13,632 15,863 Real estate taxes and insurance 3,789 10,886 14,675 General and administrative 834 4,261 5,095 Transaction pursuit costs 60 — 60 Depreciation and amortization 2,517 9,999 12,516 Total operating expenses 9,431 38,778 48,209 Income from operations $ 8,714 $ 4,399 $ 13,113 The Company’s total assets by segment are as follows, as of: Commercial Residential Total June 30, 2022 (unaudited) $ 310,652 $ 922,419 $ 1,233,071 December 31, 2021 310,423 923,234 1,233,657 The Company’s interest expense by segment for the three six June 30, 2022 2021, Commercial Residential Total Three months ended June 30, 2022 $ 2,511 $ 7,494 $ 10,005 2021 $ 2,106 $ 8,260 $ 10,366 Six months ended June 30, 2022 $ 5,004 $ 14,986 $ 19,990 2021 $ 4,182 $ 16,401 $ 20,583 The Company’s capital expenditures, including acquisitions, by segment for the three six June 30, 2022 2021, Commercial Residential Total Three months ended June 30, 2022 $ 838 $ 15,332 $ 16,170 2021 $ 1,804 $ 4,505 $ 6,309 Six months ended June 30, 2022 $ 1,628 $ 30,976 $ 32,604 2021 $ 4,174 $ 7,677 $ 11,851

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Segment Reporting, Policy [Policy Text Block]	Segments At June 30, 2022, 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 interests.
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 not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2022. 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. As described more fully under Revenue Recognition first 2022 842 840 December 31, 2021. 842, not not 450. 842, January 1, 2022 842.
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 income (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 six June 30, 2022 2021, not not
Revenue [Policy Text Block]	Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts first 2022, 842, 840. 842 not first 2022, not 450. three six June 30, 2022, not three six June 30, 2022 one three six June 30, 2021, 450. 842 first 2022, December 31, 2021, In accordance with the provisions of ASC 842, 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, As of June 30, 2022, December 31, 2021, June 30, 2022, December 31, 2021, June 30, 2022, five In April 2022, 2022 June 15, 2022 2015 2015
Transaction Pursuit Costs, Policy [Policy Text Block]	Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits.
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 no In accordance with FASB ASC Topic 740, not three
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 7,
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. As of June 30, 2022, no
Earnings Per Share, Policy [Policy Text Block]	Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2022 2021, two not June 30, 2022 2021. 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 June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net loss attributable to common stockholders $ (1,119 ) $ (1,225 ) $ (2,437 ) $ (3,929 ) Less: income attributable to participating securities (246 ) (165 ) (408 ) (330 ) Subtotal $ (1,365 ) $ (1,390 ) $ (2,845 ) $ (4,259 ) Denominator Weighted-average common shares outstanding 16,063 16,063 16,063 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.09 ) $ (0.18 ) $ (0.27 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Pronouncements In April 2020, 19 not 19 three June 30, 2022 2021; not may In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In January 2021, 2021 01, 848 2021 01 848 2020 04 2021 01 848 2021 01 848 may not not 2021 01

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net loss attributable to common stockholders $ (1,119 ) $ (1,225 ) $ (2,437 ) $ (3,929 ) Less: income attributable to participating securities (246 ) (165 ) (408 ) (330 ) Subtotal $ (1,365 ) $ (1,390 ) $ (2,845 ) $ (4,259 ) Denominator Weighted-average common shares outstanding 16,063 16,063 16,063 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.08 ) $ (0.09 ) $ (0.18 ) $ (0.27 )

Note 3 - Deferred Costs and I_2

Note 3 - Deferred Costs and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	June 30, 2022 December 31, 2021 (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,286 1,191 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,204 11,109 Less accumulated amortization (4,343 ) (3,983 ) Total deferred costs and intangible assets, net $ 6,861 $ 7,126
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2022 (Remainder) $ 328 2023 581 2024 565 2025 555 2026 539 Thereafter 4,293 Total $ 6,861

Note 4 - Below-market Leases,_2

Note 4 - Below-market Leases, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block]	June 30, 2022 December 31, 2021 (unaudited) Below-market leases $ 297 $ 297 Less accumulated amortization (261 ) (244 ) Below-market leases, net $ 36 $ 53
Below Market Lease, Future Amortization Income [Table Text Block]	2022 Remainder 18 2023 18 Total $ 36

Note 5 - Notes Payable (Tables)

Note 5 - Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Property Maturity Interest Rate June 30, 2022 December 31, 2021 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 3/6/2031 3.21% 100,000 100,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 63,303 64,047 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 32,563 32,921 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60% 34,939 21,084 Dean Street, Brooklyn, NY (i) 12/22/2022 Prime + 1.60% 36,985 30,000 Total debt $ 1,163,790 $ 1,144,052 Unamortized debt issuance costs (11,489 ) (12,898 ) Total debt, net of unamortized debt issuance costs $ 1,152,301 $ 1,131,154
Schedule of Maturities of Long-Term Debt [Table Text Block]	2022 (Remainder) $ 38,099 2023 2,297 2024 37,312 2025 2,468 2026 4,549 Thereafter 1,079,065 Total $ 1,163,790

Note 6 - Rental Income Under _2

Note 6 - Rental Income Under Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	2022 (Remainder) 15,286 2023 29,159 2024 28,916 2025 23,249 2026 2,933 Thereafter 11,018 Total $ 110,561

Note 7 - Fair Value of Financ_2

Note 7 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2022 December 31, 2021 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,163,790 $ 1,144,052 Estimated fair value $ 1,102,724 $ 1,199,409

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Three months ended June 30, 2022 29 % 71 % 100 % Three months ended June 30, 2021 30 % 70 % 100 % Six months ended June 30, 2022 31 % 69 % 100 % Six months ended June 30, 2021 30 % 70 % 100 %

Note 10 - Segment Reporting (Ta

Note 10 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, 2022 Commercial Residential Total Rental income $ 9,290 $ 22,597 $ 31,887 Total revenues $ 9,290 $ 22,597 $ 31,887 Property operating expenses 1,184 5,744 6,928 Real estate taxes and insurance 2,016 5,870 7,886 General and administrative 624 2,573 3,197 Transaction pursuit costs 3 89 92 Depreciation and amortization 1,366 5,366 6,732 Total operating expenses 5,193 19,642 24,835 Income from operations $ 4,097 $ 2,955 $ 7,052 Three months ended June 30, 2021 Commercial Residential Total Rental income $ 9,098 $ 21,573 $ 30,671 Total revenues 9,098 21,573 30,671 Property operating expenses 1,112 6,109 7,221 Real estate taxes and insurance 1,893 5,470 7,363 General and administrative 535 2,267 2,802 Depreciation and amortization 1,274 5,015 6,289 Total operating expenses 4,814 18,861 23,675 Income from operations $ 4,284 $ 2,712 $ 6,996 Six months ended June 30, 2022 Commercial Residential Total Rental income $ 19,878 $ 44,059 $ 63,937 Total revenues 19,878 44,059 63,937 Property operating expenses 2,327 12,140 14,467 Real estate taxes and insurance 4,036 11,781 15,817 General and administrative 1,147 4,992 6,139 Transaction pursuit costs 81 435 516 Depreciation and amortization 2,722 10,715 13,437 Total operating expenses 10,313 40,063 50,376 Income from operations $ 9,565 $ 3,996 $ 13,561 Six months ended June 30, 2021 Commercial Residential Total Rental income $ 18,145 $ 43,177 $ 61,322 Total revenues 18,145 43,177 61,322 Property operating expenses 2,231 13,632 15,863 Real estate taxes and insurance 3,789 10,886 14,675 General and administrative 834 4,261 5,095 Transaction pursuit costs 60 — 60 Depreciation and amortization 2,517 9,999 12,516 Total operating expenses 9,431 38,778 48,209 Income from operations $ 8,714 $ 4,399 $ 13,113 Commercial Residential Total June 30, 2022 (unaudited) $ 310,652 $ 922,419 $ 1,233,071 December 31, 2021 310,423 923,234 1,233,657 Commercial Residential Total Three months ended June 30, 2022 $ 2,511 $ 7,494 $ 10,005 2021 $ 2,106 $ 8,260 $ 10,366 Six months ended June 30, 2022 $ 5,004 $ 14,986 $ 19,990 2021 $ 4,182 $ 16,401 $ 20,583 Commercial Residential Total Three months ended June 30, 2022 $ 838 $ 15,332 $ 16,170 2021 $ 1,804 $ 4,505 $ 6,309 Six months ended June 30, 2022 $ 1,628 $ 30,976 $ 32,604 2021 $ 4,174 $ 7,677 $ 11,851

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) ft² a	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² a	Jun. 30, 2021 USD ($)	Dec. 31, 2019
Payments to Acquire Real Estate, Total | $					$ 24,851	$ 12,756
Percentage of Aggregate Cash Distributions From, and Profits and Losses			37.90%		37.90%
Corporate Joint Venture [Member]
Joint Venture, Ownership Percentage							50%
Corporate Joint Venture [Member] | General and Administrative Expense [Member]
Joint Venture Expense | $			$ 90	$ 110	$ 40	$ 60
Land [Member]
Payments to Acquire Real Estate, Total | $	$ 4,300	$ 3,700
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
Tribeca House properties in Manhattan [Member] | Multifamily [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
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member]
Gross Leasable Area (Square Foot)			1,749,000		1,749,000
Number of Buildings			59		59
Number of Rentable Units			2,494		2,494
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)			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
Dean Street, Prospect Heights [Member] | Residential Rental [Member]
Number of Stories			9		9
Gross Leasable Area (Square Foot) | a			160,000		160,000
Dean Street, Prospect Heights [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot) | a			9,000		9,000

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2022 $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of Operating Segments				2
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $		$ 50,222	$ 86,648	$ 50,222	$ 86,648	$ 56,734		$ 69,949	$ 93,275	$ 104,114
Retained Earnings (Accumulated Deficit), Total | $		(69,516)		(69,516)				(61,736)
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $		$ 11,900		$ 11,900				$ 2,300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				5 years
Percent of Distributed Dividends Equal to Taxable REIT Income		90%		90%
Income Tax Expense (Benefit), Total | $				$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | shares				0	0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares				26,317
LTIP Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | shares		2,949,823		2,949,823				1,704,089
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares		$ 9.26		$ 9.26				$ 9.66
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	10 years
LTIP Units [Member] | The 2015 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized, Subject to Approval (in shares) | shares	1,300,000
LTIP Units [Member] | The 2015 Non-Employee Director Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized, Subject to Approval (in shares) | shares	500,000
LTIP Units [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	900,000
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	$ 8.70
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Subject to Approval (in shares) | shares	270,000
LTIP Units [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	275,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Subject to Approval (in shares) | shares	82,500
Collectability of Lease Receivables [Member]
Loss Contingency, Loss in Period | $		$ 700	$ 900	$ 1,500	$ 2,100
Revenues, Total | $		$ 0		$ 1,100
Cumulative Effect, Period of Adoption, Adjustment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $								$ (6,046)
Retained Earnings (Accumulated Deficit), Total | $								$ 6,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $							$ (6,000)

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2022
Building and Building Improvements [Member]
Estimated useful life (Year)	44 years
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life (Year)	10 years
Furniture, Fixtures and Equipment [Member]
Estimated useful life (Year)	15 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Estimated useful life (Year)	3 years

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net loss attributable to common stockholders	$ (1,119)	$ (1,225)	$ (2,437)	$ (3,929)
Less: income attributable to participating securities	(246)	(165)	(408)	(330)
Subtotal	$ (1,365)	$ (1,390)	$ (2,845)	$ (4,259)
Weighted-average common shares outstanding (in shares)	16,063	16,063	16,063	16,063
Basic and diluted net loss per share attributable to common stockholders (in dollars per share)	$ (0.08)	$ (0.09)	$ (0.18)	$ (0.27)

Note 3 - Deferred Costs and I_3

Note 3 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 60	$ 56	$ 119	$ 112
Write off of Fully Amortized Lease Origination Costs and In-place Leases		10		10
Amortization of Real Estate Abatements	$ 121	$ 121	$ 241	$ 241

Note 3 - Deferred Costs and I_4

Note 3 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred costs	$ 348	$ 348
Lease origination costs	1,286	1,191
In-place leases	428	428
Real estate tax abatements	9,142	9,142
Total deferred costs and intangible assets	11,204	11,109
Less accumulated amortization	(4,343)	(3,983)
Total	$ 6,861	$ 7,126

Note 3 - Deferred Costs and I_5

Note 3 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
2022 (Remainder)	$ 328
2023	581
2024	565
2025	555
2026	539
Thereafter	4,293
Total	$ 6,861	$ 7,126

Note 4 - Below-market Leases,_3

Note 4 - Below-market Leases, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amortization of Below Market Lease	$ 8	$ 32	$ 17	$ 63

Note 4 - Below-market Leases,_4

Note 4 - Below-market Leases, Net - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Below-market leases	$ 297	$ 297
Less accumulated amortization	(261)	(244)
Total	$ 36	$ 53

Note 4 - Below-market Leases,_5

Note 4 - Below-market Leases, Net - Future Amortization Income (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
2022 Remainder	$ 18
2023	18
Total	$ 36	$ 53

Note 5 - Notes Payable (Details

Note 5 - Notes Payable (Details Textual) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

60 Months Ended

132 Months Ended

Dec. 22, 2021

Aug. 10, 2021

Feb. 18, 2021

May 08, 2020

Dec. 24, 2019

May 31, 2019

Apr. 30, 2022

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Nov. 01, 2027

Jul. 31, 2028

Dec. 31, 2021

Nov. 08, 2019

Feb. 21, 2018

Oct. 27, 2017

Jun. 27, 2016

Long-term Debt, Gross

$ 1,163,790

$ 1,163,790

$ 1,144,052

Gain (Loss) on Extinguishment of Debt, Total

$ 0

$ 0

$ 0

$ (3,034)

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]

Debt Instrument, Face Amount

$ 329,000

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

Mortgages 2 [Member] | AIG Asset Management[Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.70%

4.70%

Proceeds from Issuance of Long-term Debt, Total

$ 13,854

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

5 months

Debt Instrument, Term (Year)

36 months

Mortgages 2 [Member] | AIG Asset Management[Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Mortgages 2 [Member] | AIG Asset Management[Member] | London Interbank Offered Rate (LIBOR) [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

Debt Agreement Maximum Borrowing Capacity

$ 52,500

Secured First Mortgage Note [Member] | Citi Real Estate Funding Inc. [Member] | 141 Livingston Street, Brooklyn [Member]

Debt Instrument, Face Amount

$ 100,000

Debt Instrument, Interest Rate, Stated Percentage

3.21%

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

3 months

Debt Instrument, Term (Year)

10 years

Gain (Loss) on Extinguishment of Debt, Total

$ (3,034)

Fixed Interest Rate Financing [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.506%

Long-term Debt, Gross

$ 360,000

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

Debt Instrument, Interest Rate, Stated Percentage

3.375%

Long-term Debt, Gross

$ 34,350

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]

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Long-term Debt, Gross

$ 70,000

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%

4.85%

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%

Mortgages [Member] | Bank Leumi, N.A [Member] | Dean Street, Prospect Heights [Member]

Long-term Debt, Gross

$ 30,000

Debt Instrument, Interest Rate, Effective Percentage

5.10%

5.10%

Proceeds from Issuance of Debt

$ 6,985

Mortgages [Member] | Bank Leumi, N.A [Member] | Dean Street, Prospect Heights [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Effective Percentage

3.25%

Mortgages [Member] | Bank Leumi, N.A [Member] | Prime Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

1.60%

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

Debt Agreement Maximum Borrowing Capacity

$ 2,987

Note 5 - Notes Payable - Mortga

Note 5 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Debt, gross		$ 1,163,790	$ 1,144,052
Unamortized debt issuance costs		(11,489)	(12,898)
Total debt, net of unamortized debt issuance costs		$ 1,152,301	1,131,154
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Interest rate	[1]	3.125%
Debt, gross	[1]	$ 329,000	329,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Interest rate	[2]	3.63%
Debt, gross	[2]	$ 125,000	125,000
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]
Interest rate	[3]	3.21%
Debt, gross	[3]		100,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Interest rate	[4]	4.506%
Debt, gross	[4]	$ 360,000	360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Interest rate	[5]	3.68%
Debt, gross	[5]	$ 63,303	64,047
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]
Interest rate	[6]	3.53%
Debt, gross	[6]	$ 82,000	82,000
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]
Interest rate	[7]	3.375%
Debt, gross	[7]	$ 32,563	32,921
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]
Debt, gross	[8]		21,084
Mortgages and Mezzanine Notes 1[Member] | Dean Street, Prospect Heights [Member]
Debt, gross		36,985	30,000
Mortgages and Mezzanine Notes [Member]
Unamortized debt issuance costs		$ (11,489)	$ (12,898)
[1]The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, 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]On February 18, 2021, the Company refinanced the $79,500 mortgage note agreement with NYCB, with a $100,000, ten-year secured first mortgage note with Citi Real Estate Funding Inc. The note matures on March 6, 2031, bears interest at 3.21% 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.[4]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.[5]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.[6]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.[7]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.[8]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 to provide up to $2,987 for eligible pre-development and carrying costs, of which $2,280 was drawn as of June 30, 2021. The notes were scheduled to mature on June 24, 2021, required interest-only payments and bore interest at one-month LIBOR (with a floor of 1.25%) plus 3.60% (4.85% as of June 30, 2021). The notes were extended in June 2021 with a new maturity date of August 30, 2021. The Company guaranteed this mortgage note and complied with the financial covenants therein. On August 10, 2021, the Company refinanced the above 1010 Pacific Street loan with a group of loans with AIG Asset Management (U.S.), LLC providing for maximum borrowings of $52,500 to develop the property. The notes have a 36 month term, bear interest at 30 day LIBOR plus 3.60% (with a floor of 4.1%). The notes mature on September 1, 2024 and may be extended until September 1, 2026. The Company may prepay the unpaid balance of the note within five months of maturity.

Note 5 - Notes Payable - Summar

Note 5 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
2022 (Remainder)	$ 38,099
2023	2,297
2024	37,312
2025	2,468
2026	4,549
Thereafter	1,079,065
Total	$ 1,163,790	$ 1,144,052

Note 6 - Rental Income Under _3

Note 6 - Rental Income Under Operating Leases (Details Textual)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	24%	25%	24%	25%

Note 6 - Rental Income Under _4

Note 6 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022 (Remainder)	$ 15,286
2023	29,159
2024	28,916
2025	23,249
2026	2,933
Thereafter	11,018
Total	$ 110,561

Note 7 - Fair Value of Financ_3

Note 7 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Reported Value Measurement [Member]
Mortgage notes payable	$ 1,163,790	$ 1,144,052
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	$ 1,102,724	$ 1,199,409

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands			3 Months Ended
	Jun. 23, 2022	May 09, 2022	Dec. 31, 2021	Jun. 30, 2022
Litigation Settlement, Expense			$ 2,700
Financing Receivable Deferred Payments				$ 1,500
Obligated to Provide Parking [Member]
Other Commitment, Total				$ 205
The Kuzmich Case [Member]
Litigation Settlement, Amount Awarded to Other Party		$ 1,200
Litigation Settlement, Amount Awarded to Other Party, Attorney Fee's	$ 400

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Summary of Concentration Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Three months ended June 30, 2022	100%	100%	100%	100%
Commercial Segment [Member]
Three months ended June 30, 2022	29%	30%	31%	30%
Residential Segment [Member]
Three months ended June 30, 2022	71%	70%	69%	70%

Note 9 - Related-party Transa_2

Note 9 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Overhead Charged Related to Office Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 64	$ 68	$ 128	$ 134
Reimbursable Payroll Expense [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction	9	8	17	33
Firms in Which Two Directors Were Principals or Partners [Member]
Related Party Transaction, Amounts of Transaction	$ 0	$ 0	$ 0	$ 404

Note 10 - Segment Reporting - S

Note 10 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Total revenues	$ 31,887	$ 30,671	$ 63,937	$ 61,322
Property operating expenses	6,928	7,221	14,467	15,863
Real estate taxes and insurance	7,886	7,363	15,817	14,675
General and administrative	3,197	2,802	6,139	5,095
Transaction pursuit costs	92	0	516	60
Depreciation and amortization	6,732	6,289	13,437	12,516
Total operating expenses	24,835	23,675	50,376	48,209
Income from operations	7,052	6,996	13,561	13,113
Transaction pursuit costs	92	0	516	60
Total Assets	1,233,071		1,233,071		$ 1,233,657
Interest expense	10,005	10,366	19,990	20,583
Capital expenditures	16,170	6,309	32,604	11,851
Rental Income [Member]
Total revenues	31,887	30,671	63,937	61,322
Commercial Segment [Member]
Total revenues	9,290	9,098	19,878	18,145
Property operating expenses	1,184	1,112	2,327	2,231
Real estate taxes and insurance	2,016	1,893	4,036	3,789
General and administrative	624	535	1,147	834
Transaction pursuit costs	3		81	60
Depreciation and amortization	1,366	1,274	2,722	2,517
Total operating expenses	5,193	4,814	10,313	9,431
Income from operations	4,097	4,284	9,565	8,714
Transaction pursuit costs	3		81	60
Total Assets	310,652		310,652		310,423
Interest expense	2,511	2,106	5,004	4,182
Capital expenditures	838	1,804	1,628	4,174
Commercial Segment [Member] | Rental Income [Member]
Total revenues	9,290	9,098	19,878	18,145
Residential Segment [Member]
Total revenues	22,597	21,573	44,059	43,177
Property operating expenses	5,744	6,109	12,140	13,632
Real estate taxes and insurance	5,870	5,470	11,781	10,886
General and administrative	2,573	2,267	4,992	4,261
Transaction pursuit costs	89		435	0
Depreciation and amortization	5,366	5,015	10,715	9,999
Total operating expenses	19,642	18,861	40,063	38,778
Income from operations	2,955	2,712	3,996	4,399
Transaction pursuit costs	89		435	0
Total Assets	922,419		922,419		$ 923,234
Interest expense	7,494	8,260	14,986	16,401
Capital expenditures	15,332	4,505	30,976	7,677
Residential Segment [Member] | Rental Income [Member]
Total revenues	$ 22,597	$ 21,573	$ 44,059	$ 43,177