Clipper Realty (CLPR) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38010
Entity Registrant Name	CLIPPER REALTY INC.
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CLPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,077,290
Entity Central Index Key	0001649096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Land and improvements	$ 571,988	$ 571,988
Building and improvements	732,917	726,273
Tenant improvements	3,366	3,366
Furniture, fixtures and equipment	13,616	13,278
Real estate under development	124,071	87,285
Total investment in real estate	1,445,958	1,402,190
Accumulated depreciation	(228,387)	(213,606)
Investment in real estate, net	1,217,571	1,188,584
Cash and cash equivalents	20,254	22,163
Restricted cash	16,490	14,062
Tenant and other receivables, net of allowance for doubtful accounts of $250 and $234, respectively	5,836	5,181
Deferred rent	2,273	2,359
Deferred costs and intangible assets, net	5,903	6,127
Prepaid expenses and other assets	6,275	10,854
TOTAL ASSETS	1,274,602	1,249,330
Liabilities:
Notes payable, net of unamortized loan costs of $11,212 and $13,405, respectively	1,244,136	1,205,624
Accounts payable and accrued liabilities	19,802	20,994
Security deposits	9,109	8,765
Other liabilities	6,247	6,712
TOTAL LIABILITIES	1,279,294	1,242,095
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, 16,077,290 and 16,063,228 shares issued and outstanding, at June 30, 2024 and December 31, 2023, respectively	160	160
Additional paid-in-capital	89,685	89,483
Accumulated deficit	(91,623)	(86,899)
Total stockholders’ equity	(1,778)	2,744
Non-controlling interests	(2,914)	4,491
TOTAL EQUITY (DEFICIT)	(4,692)	7,235
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 1,274,602	$ 1,249,330

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 250	$ 234
Unamortized loan costs	$ 11,212	$ 13,405
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, Outstanding (in shares)	16,077,290	16,063,228
Common Stock, Shares, Issued (in shares)	16,077,290	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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
TOTAL REVENUES	$ 37,346	$ 34,543	$ 73,106	$ 68,210
OPERATING EXPENSES
Property operating expenses	8,996	6,782	17,618	14,881
Real estate taxes and insurance	7,438	8,700	14,574	17,236
General and administrative	3,459	3,396	7,010	6,689
Transaction pursuit costs	0	357	0	357
Depreciation and amortization	7,455	7,269	14,834	14,094
TOTAL OPERATING EXPENSES	27,348	26,504	54,036	53,257
INCOME FROM OPERATIONS	9,998	8,039	19,070	14,953
Interest expense, net	(11,741)	(11,334)	(23,480)	(21,469)
Loss on extinguishment of debt			0	(3,868)
Net loss	(1,743)	(3,295)	(4,410)	(10,384)
Net loss attributable to non-controlling interests	1,083	2,046	2,737	6,448
Net loss attributable to common stockholders	$ (660)	$ (1,249)	$ (1,673)	$ (3,936)
Basic and diluted net loss per share (in dollars per share)	$ (0.06)	$ (0.1)	$ (0.15)	$ (0.29)
Residential Rental [Member]
REVENUES
TOTAL REVENUES	$ 27,748	$ 25,040	$ 53,854	$ 48,980
Commercial Real Estate [Member]
REVENUES
TOTAL REVENUES	$ 9,598	$ 9,503	$ 19,252	$ 19,230

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, 2022	16,063,228
Balance at Dec. 31, 2022	$ 160	$ 88,829	$ (74,895)	$ 14,094	$ 23,085	$ 37,179
Amortization of LTIP grants	0	0	0	0	648	648
Dividends and distributions	0	0	(1,526)	(1,526)		(4,348)
Dividends and distributions					(2,822)
Net loss	0	0	(2,687)	(2,687)	(4,402)	(7,089)
Reallocation of noncontrolling interests	$ 0	123	0	123	(123)	0
Balance (in shares) at Mar. 31, 2023	16,063,228
Balance at Mar. 31, 2023	$ 160	88,952	(79,108)	10,004	16,386	26,390
Balance (in shares) at Dec. 31, 2022	16,063,228
Balance at Dec. 31, 2022	$ 160	88,829	(74,895)	14,094	23,085	37,179
Net loss						(10,384)
Balance (in shares) at Jun. 30, 2023	16,063,228
Balance at Jun. 30, 2023	$ 160	89,127	(81,883)	7,404	12,126	19,530
Balance (in shares) at Mar. 31, 2023	16,063,228
Balance at Mar. 31, 2023	$ 160	88,952	(79,108)	10,004	16,386	26,390
Amortization of LTIP grants					783	783
Dividends and distributions		0	(1,526)	(1,526)		(4,348)
Dividends and distributions					(2,822)
Net loss	$ 0	0	(1,249)	(1,249)	(2,046)	(3,295)
Reallocation of noncontrolling interests				175	(175)	0
Balance (in shares) at Jun. 30, 2023	16,063,228
Balance at Jun. 30, 2023	$ 160	89,127	(81,883)	7,404	12,126	19,530
Balance (in shares) at Dec. 31, 2023	16,063,228
Balance at Dec. 31, 2023	$ 160	89,483	(86,899)	2,744	4,491	7,235
Amortization of LTIP grants					561	561
Dividends and distributions	0	0	(1,526)	(1,526)		(4,396)
Dividends and distributions					(2,870)
Net loss	0	0	(1,011)	(1,011)	(1,655)	(2,666)
Reallocation of noncontrolling interests	$ 0	72	0	72	(72)	0
Balance (in shares) at Mar. 31, 2024	16,063,228
Balance at Mar. 31, 2024	$ 160	89,555	(89,436)	279	455	734
Balance (in shares) at Dec. 31, 2023	16,063,228
Balance at Dec. 31, 2023	$ 160	89,483	(86,899)	2,744	4,491	7,235
Net loss						(4,410)
Balance (in shares) at Jun. 30, 2024	16,077,290
Balance at Jun. 30, 2024	$ 160	89,685	(91,623)	(1,778)	(2,914)	(4,692)
Balance (in shares) at Mar. 31, 2024	16,063,228
Balance at Mar. 31, 2024	$ 160	89,555	(89,436)	279	455	734
Amortization of LTIP grants					713	713
Dividends and distributions	0	0	(1,527)	(1,527)		(4,396)
Dividends and distributions					(2,869)
Net loss	0	0	(660)	(660)	(1,083)	(1,743)
Reallocation of noncontrolling interests	$ 0	130	0	130	(130)	0
Conversion of LTIP units (in shares)	14,062
Balance (in shares) at Jun. 30, 2024	16,077,290
Balance at Jun. 30, 2024	$ 160	$ 89,685	$ (91,623)	$ (1,778)	$ (2,914)	$ (4,692)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,410)	$ (10,384)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	14,781	14,044
Amortization of deferred financing costs	1,061	675
Amortization of deferred costs and intangible assets	294	292
Amortization of above- and below-market leases	0	(17)
Loss on extinguishment of debt	0	3,868
Deferred rent	87	27
Stock-based compensation	1,274	1,431
Bad debt (recovery) expense	16	(142)
Changes in operating assets and liabilities:
Tenant and other receivables	(671)	(18)
Prepaid expenses, other assets and deferred costs	4,511	7,608
Accounts payable and accrued liabilities	(1,777)	(424)
Security deposits	345	720
Other liabilities	(467)	(459)
Net cash provided by operating activities	15,044	17,221
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(42,051)	(18,915)
Net cash used in investing activities	(42,051)	(18,915)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of mortgage notes	(985)	(46,810)
Proceeds from mortgage notes	37,303	62,330
Dividends and distributions	(8,792)	(8,696)
Loan issuance and extinguishment costs	0	(4,723)
Net cash provided by financing activities	27,526	2,101
Net increase in cash and cash equivalents and restricted cash	519	407
Cash and cash equivalents and restricted cash - beginning of period	36,225	30,666
Cash and cash equivalents and restricted cash - end of period	36,744	31,073
Cash and cash equivalents and restricted cash – beginning of period:
Cash and cash equivalents	22,163	18,152
Restricted cash	14,062	12,514
Cash and cash equivalents and restricted cash - beginning of period	36,225	30,666
Cash and cash equivalents	20,254	16,342
Restricted cash	16,490	14,731
Restricted cash	16,490	14,731
Cash and cash equivalents and restricted cash - end of period	36,744	31,073
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $2,097 and $2,382 in 2024 and 2023, respectively	21,232	21,099
Non-cash interest capitalized to real estate under development	1,132	27
Additions to investment in real estate included in accounts payable and accrued liabilities	$ 10,070	$ 3,527

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2024
Interest Paid, Capitalized, Investing Activities	$ 2,382	$ 2,097

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization As of June 30, 2024, the properties owned by the Company consist of the following (collectively, the “Properties”): • Tribeca House in Manhattan, comprising two • 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 Livingston Street in Brooklyn, a 15-story office building with approximately 216,000 square feet of GLA; • 250 Livingston Street in Brooklyn, a 12-story office and residential building with approximately 370,000 square feet of GLA (fully remeasured); • 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 West 65 • 1010 Pacific Street in Brooklyn, 9-story residential building with approximately 119,000 square feet of residential rental GLA; and • the Dean Street property in Brooklyn, 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. The operations of Clipper Realty Inc. and its consolidated subsidiaries are carried on primarily through Clipper Realty L.P., the Company’s operating partnership subsidiary (the "Operating Partnership”). The Company has elected to be taxed as a Real Estate Investment Trust ("REIT”) under Sections 856 through 860 of the Internal Revenue Code (the "Code”). The Company is the sole general partner of the Operating Partnership and the Operating Partnership is the sole managing member of the limited liability companies (the "LLCs”) that comprised the predecessor of the Company (the "Predecessor”). At June 30, 2024, the Company’s interest, through the Operating Partnership, in the LLCs that own the properties generally entitles it to 37.9% of the aggregate cash distributions from, and the profits and losses of, the LLCs. 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- Significant Accounting

Note 2- Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Segments At June 30, 2024, the Company had two 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 2018-01, "Business Combinations – Clarifying the Definition of a Business,” the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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 meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. 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 be recoverable. A property’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. In the event that the Company obtains proceeds through an insurance policy due to impairment, the proceeds are offset against the write-down in calculating gain/loss on disposal of assets. Management of the Company does not believe that any of its properties within the portfolio are impaired as of June 30, 2024. 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 months. Real estate held-for-sale is carried at the lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held-for-sale properties are charged to expense as incurred. Expenditures for improvements, renovations and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real estate held-for-sale. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balances of the related intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (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 months or less when purchased. The Company maintains some of its cash in bank deposit accounts, which, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts. 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. In accordance with Accounting Standards Codification ("ASC”) 842 "Leases,” the Company performed a detailed review of amounts due from tenants to determine if accounts receivable balances and future lease payments were probable of collection, wrote off receivables not probable of collection and recorded a general reserve against revenues for receivables probable of collection for which a loss can be reasonably estimated. If management determines that the tenant receivable is not probable of collection it is written off against revenues. In addition, the Company records a general reserve under ASC 450. 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-party costs associated with obtaining financing. These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period the financing transaction is terminated. 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 and six months ended June 30, 2024 and 2023, the Company did not own any financial instruments for which the change in value was not reported in net income (loss); accordingly, its comprehensive income (loss) was its net income (loss) as presented in the consolidated statements of operations. Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts the Company records lease income under ASC842,"Leases” which replaces the guidance under ASC 840. ASC 842 applies to the Company principally as lessor; as a lessee, the Company’s leases are immaterial. The Company has determined that all its leases as lessor are operating leases. The Company has elected to not bifurcate lease and non-lease components under a practical expedient provision. With respect to collectability, the Company has written off all receivables not probable of collection and related deferred rent, and has recorded income for those tenants on a cash basis. When the probability assessment has changed for these receivables, the Company has recognized lease income to the extent of the difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date. For remaining receivables probable of collection, the Company has recorded a general reserve under ASC450. For the three months ended June 30, 2024 and 2023, the Company charged revenue in the amount of $933 and $880, respectively, for residential receivables not deemed probably of collection and recognized revenue of $113 and $415, respectively, for a reassessment of collectability of residential receivables previously not deemed probably of collection. For the six months ended June 30, 2024 and 2023, the Company charged revenue in the amount of $1,719 and $2,444, respectively, for residential receivables not deemed probably of collection and recognized revenue of $229 and $1,114, respectively, for a reassessment of collectability of residential receivables previously not deemed probably of collection. In accordance with the provisions of ASC 842, 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 materially different from the straight-line basis. Leases entered by residents for apartment units are generally for one-year terms, renewable upon consent of both parties on an annual or monthly basis. 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, “Compensation — Stock Compensation.” As such, all equity-based awards are reflected as compensation expense in the Company’s consolidated statements of operations over their vesting period based on the fair value at the date of grant. In the event of a forfeiture, the previously recognized expense would be reversed. As of June 30, 2024, and December 31, 2023, there were 3,879,616 and 3,391,904 long-term incentive plan (“LTIP”) units outstanding, respectively, with a weighted average grant date fair value of $8.29 and $8.80 per unit, respectively. As of June 30, 2024, and December 31, 2023, there was $10.8 million and $10.2 million, respectively, of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. As of June 30, 2024, the weighted-average period over which the unrecognized compensation expense will be recorded is approximately three and a half In March 2024, the Company granted employees and non-employee directors 320,172 and 181,602 LTIP units, respectively, with a weighted-average grant date value of $4.90 per unit. The grants vesting period range from up to one In March 2023, the Company granted employees and non-employee directors 274,911 and 157,731 LTIP units, respectively, with a weighted-average grant date value of $5.62 per unit. The grants vesting period range from up to one Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits. During the three- and six-month periods ended June 30, 2023 transaction pursuit costs include $357 of costs related to the Article 11 Agreement. 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 subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. The entities comprising the Predecessor are limited liability companies and are treated as pass-through entities for income tax purposes. Accordingly, no In accordance with FASB ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on its financial position or results of operations. The prior three years’ income tax returns are subject to review by the Internal Revenue Service. Fair Value Measurements Refer to Note 7, “Fair Value of Financial Instruments”. 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 designated as hedges, changes in fair value would be recognized in earnings. As of June 30, 2024, the Company has no derivatives for which it applies hedge accounting. 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, 2024 and 2023, the Company had unvested LTIP units which provide for non-forfeitable rights to dividend-equivalent payments. Accordingly, these unvested LTIP units are considered participating securities and are included in the computation of basic and diluted net loss per share pursuant to the two-class method. The Company did not The effect of the conversion of the 26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted net loss per share, as the effect would be anti-dilutive. The net loss allocable to such units is reflected as non-controlling interests in the accompanying consolidated financial statements. 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) 2024 2023 2024 2023 Numerator Net loss attributable to common stockholders $ (660 ) $ (1,249 ) $ (1,673 ) $ (3,936 ) Less: income attributable to participating securities (369 ) (322 ) (738 ) (644 ) Subtotal $ (1,029 ) $ (1,571 ) $ (2,411 ) $ (4,580 ) Denominator Weighted-average common shares outstanding 16,077 16,063 16,077 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.06 ) $ (0.10 ) $ (0.15 ) $ (0.29 ) On August 23, 2023, the FASB issued ASU 2023-05 that will require a joint venture, upon formation, to measure its assets and liabilities at fair value in its standalone financial statements. A joint venture will recognize the difference between the fair value of its equity and the fair value of its identifiable assets and liabilities as goodwill (or an equity adjustment, if negative) using the business combination accounting guidance regardless of whether the net assets meet the definition of a business. The new accounting standard is intended to reduce diversity in practice. This ASU will apply to joint ventures that meet the definition of a corporate joint venture under GAAP, thus limiting its scope to joint ventures not controlled and therefore not consolidated by any joint venture investor. We currently have no material joint ventures and as such do not expect it to have a material impact on our consolidated financial statements. This accounting standard will become effective for joint ventures with a formation date on or after January 1, 2025, with early adoption permitted. We expect to adopt this ASU on January 1, 2025. On November 27, 2023, the FASB issued ASU 2023-07 to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Compliance with these and certain other disclosure requirements will be required for our annual report on Form 10-K for the year 2024, and for subsequent quarterly and annual reports, with early adoption permitted. The Company is currently evaluating the impact of this standard on our current disclosures.

Note 3 - Deferred Costs and Int

Note 3 - Deferred Costs and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Deferred Costs and Intangible Assets Disclosure [Text Block]	3. Deferred Costs and Intangible Assets Deferred costs and intangible assets consist of the following: June 30, December 31, (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,544 1,474 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,462 11,392 Less accumulated amortization (5,559 ) (5,265 ) Total deferred costs and intangible assets, net $ 5,903 $ 6,127 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $27 and $26 for the three months ended June 30, 2024 and 2023, respectively, and $53 and $51 for the six months ended June 30, 2024 and 2023, respectively; Amortization of real estate tax abatements of $120 and $120 for the three months ended June 30, 2024 and 2023, respectively, and $241 and $241 for the six months ended June 30, 2024 and 2023, is included in real estate taxes and insurance in the consolidated statements of operations. Deferred costs and intangible assets as of June 30, 2024, amortize in future years as follows: 2024 (Remainder) $ 294 2025 570 2026 546 2027 534 2028 520 Thereafter 3,439 Total $ 5,903

Note 4 - Notes Payable

Note 4 - Notes Payable	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	4. Notes Payable 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, December 31, 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 % 60,211 61,004 Clover House, Brooklyn, NY(f) 12/1/2029 3.53 % 82,000 82,000 10 West 65th Street, Manhattan, NY(g) 11/1/2027 SOFR + 2.50 % 31,644 31,836 1010 Pacific Street, Brooklyn, NY(h) 9/15/2025 5.55 % 60,000 60,000 1010 Pacific Street, Brooklyn, NY(h) 9/15/2025 6.37 % 20,000 20,000 953 Dean Street, Brooklyn, NY(i) 8/10/2026 SOFR + 4 % 78,531 42,909 953 Dean Street, Brooklyn, NY(i) 8/10/2026 SOFR+ 10 % 8,962 7,280 Total debt $ 1,255,348 $ 1,219,029 Unamortized debt issuance costs (11,212 ) (13,405 ) Total debt, net of unamortized debt issuance costs $ 1,244,136 $ 1,205,624 (a) 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. (b) 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 In connection with the termination of the City of New York 342,496 square foot lease, pursuant to the terms of the Loan Agreement, the Company expects to establish a cash management account for the benefit of the lender into which the Company will be obligated to deposit all revenue generated by the building. All amounts remaining in such cash management account after the lender’s allocations set forth in the loan agreement will be disbursed to the Company once the tenant cure conditions are satisfied under the loan agreement. (c) The $100,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on February 18, 2021 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. The Company and the City of New York are negotiating the terms of a five-year extension of its current lease upon its termination in December of 2025. There can be no assurance that the negotiations will conclude with an agreement. Should the lease not be extended, in accordance with the terms of the mortgage note, the Company will be required to either fund an escrow account in the amount of $10,000 payable in equal monthly payments over the 18 months prior to lease expiration or deliver to the lender a letter of credit in the amount of $10,000. (d) 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. (e) 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. (f) 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. (g) The $31,644 mortgage note agreement with NYCB entered into in connection with the acquisition of the property matures on November 1, 2027. Through October 2022 the Company paid a fixed interest rate of 3.375% and thereafter was scheduled to pay interest at the prime rate plus 2.75%, subject to an option to fix the rate. On August 26, 2022, the Company and NYCB amended the note to replace prime plus 2.75% rate with SOFR plus 2.5% (7.875% at June 30, 2024). The note required interest-only payments through November 2019, 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. (h) On August 10, 2021, the Company entered into a group of loans with AIG Asset Management (U.S.), LLC, succeeding a property acquisition loan, providing for maximum borrowings of $52,500 to develop the property. The notes had a 36-month term, bore interest at 30 day LIBOR plus 3.60% (with a floor of 4.1%). The notes were scheduled to mature on September 1, 2024 and could have been extended until September 1, 2026. The Company could have prepaid the unpaid balance of the note within five months of maturity without penalty. On February 9, 2023, the Company refinanced this construction loan with a mortgage loan with Valley National Bank which provided for maximum borrowings of $80,000. The loan provided initial funding of $60,000 and a further $20,000 subject to achievement of certain financial targets. The loan has a term of five On September 15, 2023, the Company borrowed an additional $20,000 from Valley National Bank. The additional borrowing has a term of twenty-four months and an annual interest rate of 6.37%. The loan is interest only subject to the maintenance of certain financial targets after the first 16 months of the term. In conjunction with the additional borrowing, the Company and the bank agreed to amend the expiration date of the initial $60,000 to expire at the same time as the additional borrowing. No change was made to the interest rate on the initial borrowing. In conjunction with the refinancing the Company incurred $3,868 of loan extinguishment costs related to prepayment penalties, writing off unamortized deferred financed costs of the previous loan and other fees. These costs are included in the consolidated statement of operations for the six-month period ended June 30, 2023. (i) On December 22, 2021, the Company entered into a $30,000 mortgage note agreement with Bank Leumi, N.A related to the Dean Street acquisition. The notes original maturity was December 22, 2022 and was subsequently extended to September 22, 2023. The note required interest-only payments and bears interest at the prime rate (with a floor of 3.25%) plus 1.60%. In April 2022, the Company borrowed an additional $6,985 under the mortgage note in connection with the acquisition of additional parcels of land in February and April 2022. On August 10, 2023, the Company refinanced its $37,000 mortgage on its Dean Street development with a senior construction loan (“Senior Loan”) with Valley National Bank that permits borrowings up to $115,000 and a mezzanine loan (the “Mezzanine Loan”) with BADF 953 Dean Street Lender LLC that permits borrowings up to $8,000. The Senior Loan allows maximum borrowings of $115,000 for a 30-month term, has two 6-month extension options, and bears interest at 1-Month Term SOFR plus 4.00%, with an all-in floor of 5.50% (9.31% at June 30, 2024). The Senior Loan consists of a land loan, funded at closing to refinance the existing loan totaling $36,985, a construction loan of up to $62,400 and a project loan of up to $15,600. The Company has provided a 30% payment guarantee of outstanding borrowings among other standard indemnities. As of June 30,2024, the Company has drawn $33,955 from the construction loan and $7,591 from the project loan. The Mezzanine Loan allows maximum borrowings of $8,000 for a 30-month term, have two 6-month extension options, and bears interest at 1-Month Term SOFR plus 10%, with an all-in floor of 13% (15.31% at June 30, 2024). Interest shall accrue on the principal, is compounded monthly and is due at the end of the term of the loan. At closing, $4,500 was funded to cover closing costs incurred on the construction loans. As of June 30,2024, the remaining $3,500 was drawn for ongoing construction costs. During the three and six months ended June 30, 2024, the Company incurred $338 and $799, respectively, in interest and is included in the balance of the Notes Payable in the Consolidated Balance Sheet. On August 10, 2023 the Company entered into a $5,000 corporate line of credit with Valley National Bank. The line of credit bears interest of Prime + 1.5%. The Company has not The Company has provided limited guaranties 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 they are not compliant, certain lenders may require cash sweeps of rent until the conditions are cured. The Company believes it is not in default on any of its loan agreements. The following table summarizes principal payment requirements under the terms of the mortgage notes as of June 30, 2024: 2024 (Remainder) $ 1,008 2025 82,092 2026 89,682 2027 33,461 2028 416,554 Thereafter 632,550 Total $ 1,255,347

Note 5 - Rental Income Under Op

Note 5 - Rental Income Under Operating Leases	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	5. Rental Income under Operating Leases The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of June 30, 2024, the minimum future cash rents receivable (excluding tenant reimbursements for operating expenses) under non-cancelable operating leases for the commercial tenants in each of the next five years and thereafter are as follows: 2024 (Remainder) $ 15,390 2025 25,119 2026 4,854 2027 4,355 2028 3,331 Thereafter 21,074 Total $ 74,123 The Company has commercial leases with the City of New York that comprised approximately 21% and 23% of total revenues for the three months ended June 30, 2024 and 2023, respectively, and 22% and 23% of total revenues for the six months ended June 30, 2024 and 2023, respectively. As of February 23, 2024, the City of New York notified the Company of its intention to terminate its lease for 342,496 square feet of office space located at 240-250 Livingston Street effective August 23, 2025. The Lease generally provides for rent payments in the amount of $15,400 over the next year. Additionally, the Company and the City of New York are negotiating the terms of a five-year extension of its current 206,084 square foot lease at 141 Livingston Street that expires in December of 2025. There can be no assurance that the negotiations will conclude with an agreement. The current lease at 141 Livingston Street provides for $10,304 rent per annum.

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments 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-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. 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 be realized in an immediate settlement of the instrument. 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, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates. The carrying amount and estimated fair value of the notes payable are as follows: June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,255,348 $ 1,219,029 Estimated fair value $ 1,183,808 $ 1,160,393

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Commitments and Contingencies Legal On July 3, 2017, the Supreme Court of the State of New York (the “Court”) ruled in favor of 41 present or former tenants of apartment units at the Company’s buildings located at 50 Murray Street and 53 Park Place in Manhattan, New York (the Tribeca House property), who brought an action (the “Kuzmich” case) against the Company alleging that they were subject to applicable rent stabilization laws with the result that rental payments charged by the Company exceeded amounts permitted under these laws because the buildings were receiving certain tax abatements under Real Property Tax Law (“RPTL”) 421-g. The Court also awarded the plaintiffs- tenants their attorney’s fees and costs. After various court proceedings and discussions from 2018-2022, on March 4, 2022 the court issued a ruling, finalized on May 9, 2022, on the rent overcharges to which the plaintiffs are entitled. While the court ruled that the overcharges to which the plaintiffs are entitled total $1.2 million, the court agreed with the Company’s legal arguments that rendered the overcharge liability lower than it could have been, and therefore the Company did not appeal the ruling. On June 23, 2022, the court ruled that the plaintiffs are entitled to attorneys’ fees incurred through February 28, 2022, in the amount of $0.4 million. The only remaining outstanding issues of which the Company is aware relate to the proper form of rent-stabilized renewal leases for the six plaintiffs who remain as tenants in the building. The parties are seeking judicial intervention to resolve this remaining issue. On July 17, 2023, a hearing was held at which the Judicial Hearing Officer (“JHO”) determined five (5) of the tenant’s lease renewal amounts, term and form. The amount of the lease renewal concerning the sixth plaintiff was made on August 28, 2023. On June 14, 2024, the Court amended its August 28, 2023 decision, holding that no renewal lease had been entered into by one of the remaining tenants who claimed to have entered into a renewal lease at a preferential rent. On July 20, 2024, Plaintiff filed a notice of appeal from the June 14, 2024 decision. Renewal leases for certain of the remaining tenants are outstanding. On November 18, 2019, the same law firm which filed the Kuzmich case filed a second action involving a separate group of 26 tenants (captioned Crowe et al v 50 Murray Street Acquisition LLC, Supreme Court, New York County, Index No. 161227/19), which action advances essentially the same claims as in Kuzmich. The Company’s deadline to answer or otherwise respond to the complaint in Crowe had been extended to June 30, 2020; on such date, the Company filed its answer to the complaint. Pursuant to the court’s rules, on July 16, 2020, the plaintiffs filed an amended complaint; the sole difference as compared to the initial complaint is that seven new plaintiffs-tenants were added to the caption; there were no substantive changes to the complaint’s allegations. On August 5, 2020, the Company filed its answer to the amended complaint. The case was placed on the court’s calendar and was next scheduled for a discovery conference on November 16, 2022. Counsel for the parties have been engaged in and are continuing settlement discussions. On November 16, 2022, the court held a compliance conference and ordered the plaintiffs to provide rent overcharge calculations in response to proposed calculations previously provided by the Company. On July 12, 2023, the court referred this matter to a JHO to determine the outstanding issues. A hearing before the JHO was held in September 2023 in which the Company and Plaintiffs produced their rent overcharge calculations. In addition, on November 28, 2023, the Court denied the motion for use and occupancy against one of the tenants based on a technical error in Plaintiffs’ amended complaint. The Plaintiff has filed with the Court to correct its error. At this time all parties are continuing to engage in settlement discussions and discussions with the JHO seeking to resolve differences between their rent calculations. On March 9, 2021, the same law firm which filed the Kuzmich and Crowe cases filed a third action involving another tenant (captioned Horn v 50 Murray Street Acquisition LLC, Supreme Court, New York County, Index No. 152415/21), which action advances the same claims as in Kuzmich and Crowe. The Company filed its answer to the complaint on May 21, 2021. A preliminary conference was held in December 2023 to discuss the calculations for the Horn lease renewal. The parties are currently attempting to settle this matter before the same JHO as in the hearing for the the Kuzmich and Crowe matters. As a result of the March 4 and May 9, 2022 decisions which established the probability and ability to reasonably compute amounts owed to tenants for all the cases, the Company recorded a charge for litigation settlement and other of $2.7million in the consolidated statements of operations during the year ended December 31, 2021 comprising rent overcharges, interest and legal costs of plaintiff’s counsel. The Company paid $2.3million to the plaintiffs related to the Kuzmich case during the year ended December 31, 2022 and $0.4 million related to the Crowe case during the nine month period ended September 30, 2023. 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 have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows. The New York City Department of Citywide Administrative Services is currently engaged in an audit of the Company’s operating expense escalation charges for the period of June 2014 to December 2018. Based on the preliminary results of the audit the Company believes it has adequate reserves to cover any adverse conclusions. Commitments June 29, 2023, the Company entered into the Article 11 Agreement. Under this agreement, the Company has entered into a Housing Repair and Maintenance Letter Agreement in which the Company has agreed to perform certain capital improvements to Flatbush Gardens over the next 3 years. The current estimate is that the costs of that work will be an amount up to $27 million. The Company expects those costs to be offset by the savings provided by a property tax exemption and enhanced payments for tenants receiving government assistance. Through June 30, 2024 the Company spent approximately $4.5 million on capital improvements required under the HRMLA. The Company is obligated to provide parking availability through August 2025 under a lease with a tenant at the 250 Livingston Street property; the current cost to the Company is approximately $205 per year. 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, 2024 26 % 74 % 100 % Three months ended June 30, 2023 28 % 72 % 100 % Six months ended June 30, 2024 26 % 74 % 100 % Six months ended June 30, 2023 28 % 72 % 100 %

Note 9 - Related-party Transact

Note 9 - Related-party Transactions	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	8. Related-Party Transactions The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $148 and $133 for the three months ended June 30, 2024 and 2023, respectively, and $197 and $198 for the six months ended June 30, 2024 and 2023. The Company recognized a charge/(credit) to reimbursable payroll expense pertaining to a related company in general and administrative expense of $(23) and $(53) for the three months ended June 30, 2024 and 2023, respectively, and $(37) and $(30) for the six months ended June 30, 2024 and 2023.

Note 10 - Segment Reporting

Note 10 - Segment Reporting	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9. Segment Reporting The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 Livingston Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The residential reporting segment includes the Flatbush Gardens property, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property, and portions of the 250 Livingston Street, Tribeca House Aspen properties and the Dean street development The Company’s income from operations by segment for the three and six months ended June 30, 2024 and 2023, is as follows (unaudited): Three months ended June 30, 2024 Commercial Residential Total Rental income $ 9,598 $ 27,748 $ 37,346 Total revenues $ 9,598 $ 27, 748 $ 37,346 Property operating expenses 1,116 7,880 8,996 Real estate taxes and insurance 2,538 4,900 7,438 General and administrative 577 2,882 3,459 Transaction pursuit costs — — — Depreciation and amortization 1,501 5,954 7,455 Total operating expenses 5,732 21,616 27,348 Income from operations $ 3,866 $ 6,132 $ 9,998 Three months ended June 30, 2023 Commercial Residential Total Rental income $ 9,503 $ 25,040 $ 34,543 Total revenues $ 9,503 $ 25,040 $ 34,543 Property operating expenses 1,048 5,734 6,782 Real estate taxes and insurance 2,280 6,420 8,700 General and administrative 615 2,781 3,396 Transaction pursuit costs — 357 357 Depreciation and amortization 1,447 5,822 7,269 Total operating expenses 5,390 21,114 26,504 Income from operations 4,113 $ 3,926 $ 8,039 Six months ended June 30, 2024 Commercial Residential Total Rental income $ 19,252 $ 53,854 $ 73,106 Total revenues 19,252 53,854 73,106 Property operating expenses 2,366 15,252 17,618 Real estate taxes and insurance 5,054 9,520 14,574 General and administrative 1,221 5,789 7,010 Transaction pursuit costs — — - Depreciation and amortization 2,997 11,837 14,834 Total operating expenses 11,638 42,398 54,036 Income from operations $ 7,614 $ 11,456 $ 19,070 Six months ended June 30, 2023 Commercial Residential Total Rental income $ 19,230 $ 48,980 $ 68,210 Total revenues 19,230 48,980 68,210 Property operating expenses 2,263 12,618 14,881 Real estate taxes and insurance 4,529 12,707 17,236 General and administrative 1,186 5,503 6,689 Transaction pursuit costs — 357 357 Depreciation and amortization 2,889 11,205 14,094 Total operating expenses 10,867 42,390 53,257 Income from operations $ 8,363 $ 6,590 $ 14,953 The Company’s total assets by segment are as follows, as of: Commercial Residential Total June 30, 2024 (unaudited) $ 313,427 $ 961,175 $ 1,274,602 December 31, 2023 313,666 935,664 1,249,330 The Company’s interest expense by segment for the three and six months ended June 30, 2024 and 2023, is as follows (unaudited): Commercial Residential Total Three months ended June 30, 2024 $ 2,530 $ 9,211 $ 11,741 2023 $ 2,547 $ 8,787 $ 11,334 Six months ended June 30, 2024 $ 5,052 $ 18,248 $ 23,480 2023 $ 5,007 $ 16,462 $ 21,469 The Company’s capital expenditures, including acquisitions, by segment for the three and six months ended June 30, 2024 and 2023, are as follows (unaudited): Commercial Residential Total Three months ended June 30, 2024 $ 1,230 $ 21,601 $ 22,831 2023 $ 563 $ 5,858 $ 6,421 Six months ended June 30, 2024 $ 2,249 $ 41,320 $ 43,769 2023 $ 2,240 $ 15,347 $ 17,587

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Segment Reporting, Policy [Policy Text Block]	Segments At June 30, 2024, the Company had two
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 2018-01, "Business Combinations – Clarifying the Definition of a Business,” the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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 meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. 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 be recoverable. A property’s value is impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the fair value of the asset. In the event that the Company obtains proceeds through an insurance policy due to impairment, the proceeds are offset against the write-down in calculating gain/loss on disposal of assets. Management of the Company does not believe that any of its properties within the portfolio are impaired as of June 30, 2024. 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 months. Real estate held-for-sale is carried at the lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held-for-sale properties are charged to expense as incurred. Expenditures for improvements, renovations and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real estate held-for-sale. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balances of the related intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (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 months or less when purchased. The Company maintains some of its cash in bank deposit accounts, which, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts.
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.
Tenant and Other Receivables, 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. In accordance with Accounting Standards Codification ("ASC”) 842 "Leases,” the Company performed a detailed review of amounts due from tenants to determine if accounts receivable balances and future lease payments were probable of collection, wrote off receivables not probable of collection and recorded a general reserve against revenues for receivables probable of collection for which a loss can be reasonably estimated. If management determines that the tenant receivable is not probable of collection it is written off against revenues. In addition, the Company records a general reserve under ASC 450.
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-party costs associated with obtaining financing. These costs are amortized over the term of the financing and are recorded in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period the financing transaction is terminated.
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 and six months ended June 30, 2024 and 2023, the Company did not own any financial instruments for which the change in value was not reported in net income (loss); accordingly, its comprehensive income (loss) was its net income (loss) as presented in the consolidated statements of operations.
Revenue [Policy Text Block]	Revenue Recognition As mentioned above under Tenant and Other Receivables and Allowance for Doubtful Accounts the Company records lease income under ASC842,"Leases” which replaces the guidance under ASC 840. ASC 842 applies to the Company principally as lessor; as a lessee, the Company’s leases are immaterial. The Company has determined that all its leases as lessor are operating leases. The Company has elected to not bifurcate lease and non-lease components under a practical expedient provision. With respect to collectability, the Company has written off all receivables not probable of collection and related deferred rent, and has recorded income for those tenants on a cash basis. When the probability assessment has changed for these receivables, the Company has recognized lease income to the extent of the difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date. For remaining receivables probable of collection, the Company has recorded a general reserve under ASC450. For the three months ended June 30, 2024 and 2023, the Company charged revenue in the amount of $933 and $880, respectively, for residential receivables not deemed probably of collection and recognized revenue of $113 and $415, respectively, for a reassessment of collectability of residential receivables previously not deemed probably of collection. For the six months ended June 30, 2024 and 2023, the Company charged revenue in the amount of $1,719 and $2,444, respectively, for residential receivables not deemed probably of collection and recognized revenue of $229 and $1,114, respectively, for a reassessment of collectability of residential receivables previously not deemed probably of collection. In accordance with the provisions of ASC 842, 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 materially different from the straight-line basis. Leases entered by residents for apartment units are generally for one-year terms, renewable upon consent of both parties on an annual or monthly basis. 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, “Compensation — Stock Compensation.” As such, all equity-based awards are reflected as compensation expense in the Company’s consolidated statements of operations over their vesting period based on the fair value at the date of grant. In the event of a forfeiture, the previously recognized expense would be reversed. As of June 30, 2024, and December 31, 2023, there were 3,879,616 and 3,391,904 long-term incentive plan (“LTIP”) units outstanding, respectively, with a weighted average grant date fair value of $8.29 and $8.80 per unit, respectively. As of June 30, 2024, and December 31, 2023, there was $10.8 million and $10.2 million, respectively, of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. As of June 30, 2024, the weighted-average period over which the unrecognized compensation expense will be recorded is approximately three and a half In March 2024, the Company granted employees and non-employee directors 320,172 and 181,602 LTIP units, respectively, with a weighted-average grant date value of $4.90 per unit. The grants vesting period range from up to one In March 2023, the Company granted employees and non-employee directors 274,911 and 157,731 LTIP units, respectively, with a weighted-average grant date value of $5.62 per unit. The grants vesting period range from up to one
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. During the three- and six-month periods ended June 30, 2023 transaction pursuit costs include $357 of costs related to the Article 11 Agreement.
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 subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. The entities comprising the Predecessor are limited liability companies and are treated as pass-through entities for income tax purposes. Accordingly, no In accordance with FASB ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on its financial position or results of operations. The prior three years’ income tax returns are subject to review by the Internal Revenue Service.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Refer to Note 7, “Fair Value of Financial Instruments”.
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 designated as hedges, changes in fair value would be recognized in earnings. As of June 30, 2024, the Company has no derivatives for which it applies hedge accounting.
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, 2024 and 2023, the Company had unvested LTIP units which provide for non-forfeitable rights to dividend-equivalent payments. Accordingly, these unvested LTIP units are considered participating securities and are included in the computation of basic and diluted net loss per share pursuant to the two-class method. The Company did not The effect of the conversion of the 26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted net loss per share, as the effect would be anti-dilutive. The net loss allocable to such units is reflected as non-controlling interests in the accompanying consolidated financial statements. 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) 2024 2023 2024 2023 Numerator Net loss attributable to common stockholders $ (660 ) $ (1,249 ) $ (1,673 ) $ (3,936 ) Less: income attributable to participating securities (369 ) (322 ) (738 ) (644 ) Subtotal $ (1,029 ) $ (1,571 ) $ (2,411 ) $ (4,580 ) Denominator Weighted-average common shares outstanding 16,077 16,063 16,077 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.06 ) $ (0.10 ) $ (0.15 ) $ (0.29 )
New Accounting Pronouncements, Policy [Policy Text Block]

Note 2- Significant Accountin_2

Note 2- Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator Net loss attributable to common stockholders $ (660 ) $ (1,249 ) $ (1,673 ) $ (3,936 ) Less: income attributable to participating securities (369 ) (322 ) (738 ) (644 ) Subtotal $ (1,029 ) $ (1,571 ) $ (2,411 ) $ (4,580 ) Denominator Weighted-average common shares outstanding 16,077 16,063 16,077 16,063 Basic and diluted net loss per share attributable to common stockholders $ (0.06 ) $ (0.10 ) $ (0.15 ) $ (0.29 )

Note 3 - Deferred Costs and I_2

Note 3 - Deferred Costs and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Deferred Costs and Intangible Assets [Table Text Block]	June 30, December 31, (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,544 1,474 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,462 11,392 Less accumulated amortization (5,559 ) (5,265 ) Total deferred costs and intangible assets, net $ 5,903 $ 6,127
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block]	2024 (Remainder) $ 294 2025 570 2026 546 2027 534 2028 520 Thereafter 3,439 Total $ 5,903

Note 4 - Notes Payable (Tables)

Note 4 - Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Property Maturity Interest Rate June 30, December 31, 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 % 60,211 61,004 Clover House, Brooklyn, NY(f) 12/1/2029 3.53 % 82,000 82,000 10 West 65th Street, Manhattan, NY(g) 11/1/2027 SOFR + 2.50 % 31,644 31,836 1010 Pacific Street, Brooklyn, NY(h) 9/15/2025 5.55 % 60,000 60,000 1010 Pacific Street, Brooklyn, NY(h) 9/15/2025 6.37 % 20,000 20,000 953 Dean Street, Brooklyn, NY(i) 8/10/2026 SOFR + 4 % 78,531 42,909 953 Dean Street, Brooklyn, NY(i) 8/10/2026 SOFR+ 10 % 8,962 7,280 Total debt $ 1,255,348 $ 1,219,029 Unamortized debt issuance costs (11,212 ) (13,405 ) Total debt, net of unamortized debt issuance costs $ 1,244,136 $ 1,205,624
Schedule of Maturities of Long-Term Debt [Table Text Block]	2024 (Remainder) $ 1,008 2025 82,092 2026 89,682 2027 33,461 2028 416,554 Thereafter 632,550 Total $ 1,255,347

Note 5 - Rental Income Under _2

Note 5 - Rental Income Under Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]	2024 (Remainder) $ 15,390 2025 25,119 2026 4,854 2027 4,355 2028 3,331 Thereafter 21,074 Total $ 74,123

Note 6 - Fair Value of Financ_2

Note 6 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,255,348 $ 1,219,029 Estimated fair value $ 1,183,808 $ 1,160,393

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Commercial Residential Total Three months ended June 30, 2024 26 % 74 % 100 % Three months ended June 30, 2023 28 % 72 % 100 % Six months ended June 30, 2024 26 % 74 % 100 % Six months ended June 30, 2023 28 % 72 % 100 %

Note 10 - Segment Reporting (Ta

Note 10 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, 2024 Commercial Residential Total Rental income $ 9,598 $ 27,748 $ 37,346 Total revenues $ 9,598 $ 27, 748 $ 37,346 Property operating expenses 1,116 7,880 8,996 Real estate taxes and insurance 2,538 4,900 7,438 General and administrative 577 2,882 3,459 Transaction pursuit costs — — — Depreciation and amortization 1,501 5,954 7,455 Total operating expenses 5,732 21,616 27,348 Income from operations $ 3,866 $ 6,132 $ 9,998 Three months ended June 30, 2023 Commercial Residential Total Rental income $ 9,503 $ 25,040 $ 34,543 Total revenues $ 9,503 $ 25,040 $ 34,543 Property operating expenses 1,048 5,734 6,782 Real estate taxes and insurance 2,280 6,420 8,700 General and administrative 615 2,781 3,396 Transaction pursuit costs — 357 357 Depreciation and amortization 1,447 5,822 7,269 Total operating expenses 5,390 21,114 26,504 Income from operations 4,113 $ 3,926 $ 8,039 Six months ended June 30, 2024 Commercial Residential Total Rental income $ 19,252 $ 53,854 $ 73,106 Total revenues 19,252 53,854 73,106 Property operating expenses 2,366 15,252 17,618 Real estate taxes and insurance 5,054 9,520 14,574 General and administrative 1,221 5,789 7,010 Transaction pursuit costs — — - Depreciation and amortization 2,997 11,837 14,834 Total operating expenses 11,638 42,398 54,036 Income from operations $ 7,614 $ 11,456 $ 19,070 Six months ended June 30, 2023 Commercial Residential Total Rental income $ 19,230 $ 48,980 $ 68,210 Total revenues 19,230 48,980 68,210 Property operating expenses 2,263 12,618 14,881 Real estate taxes and insurance 4,529 12,707 17,236 General and administrative 1,186 5,503 6,689 Transaction pursuit costs — 357 357 Depreciation and amortization 2,889 11,205 14,094 Total operating expenses 10,867 42,390 53,257 Income from operations $ 8,363 $ 6,590 $ 14,953 Commercial Residential Total June 30, 2024 (unaudited) $ 313,427 $ 961,175 $ 1,274,602 December 31, 2023 313,666 935,664 1,249,330 Commercial Residential Total Three months ended June 30, 2024 $ 2,530 $ 9,211 $ 11,741 2023 $ 2,547 $ 8,787 $ 11,334 Six months ended June 30, 2024 $ 5,052 $ 18,248 $ 23,480 2023 $ 5,007 $ 16,462 $ 21,469 Commercial Residential Total Three months ended June 30, 2024 $ 1,230 $ 21,601 $ 22,831 2023 $ 563 $ 5,858 $ 6,421 Six months ended June 30, 2024 $ 2,249 $ 41,320 $ 43,769 2023 $ 2,240 $ 15,347 $ 17,587

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Jun. 30, 2024 ft²
Percentage of Aggregate Cash Distributions From, and Profits and Losses	37.90%
Tribeca House properties in Manhattan [Member]
Number of Buildings	2
Tribeca House properties in Manhattan [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)	483,000
Tribeca House properties in Manhattan, Building One [Member]
Number of Stories	21
Tribeca House properties in Manhattan, Building One [Member] | Rental Retail and Parking [Member]
Gross Leasable Area (Square Foot)	77,000
Tribeca House properties in Manhattan, Building Two [Member]
Number of Stories	12
Flatbush Gardens, Brooklyn, NY [Member] | Multifamily [Member]
Number of Buildings	59
Gross Leasable Area (Square Foot)	1,749,000
Number of Rentable Units	2,494
141 Livingston Street in Brooklyn [Member] | Office Building [Member]
Number of Stories	15
Gross Leasable Area (Square Foot)	216,000
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member]
Number of Stories	12
Gross Leasable Area (Square Foot)	370,000
Aspen [Member]
Number of Stories	7
Aspen [Member] | Residential Rental [Member]
Gross Leasable Area (Square Foot)	166,000
Aspen [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot)	21,000
Clover House [Member]
Number of Stories	11
Clover House [Member] | Apartment Building [Member]
Gross Leasable Area (Square Foot)	102,000
Residential Property At 10 West 65th Street [Member] | Residential Rental [Member]
Number of Stories	6
Gross Leasable Area (Square Foot)	76,000
Residential Property At 1010 Pacific Street [Member] | Residential Rental [Member]
Number of Stories	9
Gross Leasable Area (Square Foot)	119,000
Dean Street, Prospect Heights [Member] | Residential Rental [Member]
Number of Stories	9
Gross Leasable Area (Square Foot)	160,000
Dean Street, Prospect Heights [Member] | Retail Site [Member]
Gross Leasable Area (Square Foot)	9,000

Note 2- Significant Accountin_3

Note 2- Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		9 Months Ended
	Mar. 31, 2024 $ / shares shares	Mar. 31, 2023 $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares
Number of Operating Segments					2
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $			$ 10,800		$ 10,800			$ 10,200
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					4 years
Percent of Distributed Dividends Equal to Taxable REIT Income							90%
Income Tax Expense (Benefit) | $							$ 0
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | shares					0	0
Class B LLC Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares					26,317
Flatbush Gardens, Brooklyn, NY [Member] | Multifamily [Member]
Transaction Pursuit Costs, Total | $				$ 357		$ 357
LTIP Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | shares			3,879,616		3,879,616			3,391,904
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares			$ 8.29		$ 8.29			$ 8.8
LTIP Units [Member] | Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	320,172	274,911
LTIP Units [Member] | Employees [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		2 years 6 months
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) | shares	181,602	157,731
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	$ 4.9	$ 5.62
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year	1 year
Collectability of Lease Receivables [Member]
Loss Contingency, Loss in Period | $			$ 933	880	$ 1,719	2,444
Revenues | $			$ 113	$ 415	$ 229	$ 1,114

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	Jun. 30, 2024
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 2 - Significant Accounti_2

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss attributable to common stockholders	$ (660)	$ (1,249)	$ (1,673)	$ (3,936)
Less: income attributable to participating securities	(369)	(322)	(738)	(644)
Subtotal	$ (1,029)	$ (1,571)	$ (2,411)	$ (4,580)
Weighted-average common shares outstanding (in shares)	16,077	16,063	16,077	16,063
Basic and diluted net loss per share (in dollars per share)	$ (0.06)	$ (0.1)	$ (0.15)	$ (0.29)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amortization of Lease Origination Costs and In-place Lease Intangible Assets	$ 27	$ 26	$ 53	$ 51
Amortization of Real Estate Abatements	$ 120	$ 120	$ 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, 2024	Dec. 31, 2023
Deferred costs	$ 348	$ 348
Lease origination costs	1,544	1,474
In-place leases	428	428
Real estate tax abatements	9,142	9,142
Total deferred costs and intangible assets	11,462	11,392
Less accumulated amortization	(5,559)	(5,265)
Total deferred costs and intangible assets, net	$ 5,903	$ 6,127

Note 3 - Deferred Costs and I_5

Note 3 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2024 (Remainder)	$ 294
2025	570
2026	546
2027	534
2028	520
Thereafter	3,439
Total deferred costs and intangible assets, net	$ 5,903	$ 6,127

Note 4 - Notes Payable (Details

Note 4 - Notes Payable (Details Textual)

1 Months Ended

5 Months Ended

6 Months Ended

60 Months Ended

132 Months Ended

Jun. 30, 2024 USD ($)

Mar. 31, 2024 USD ($)

Sep. 15, 2023 USD ($)

Aug. 10, 2023 USD ($)

Feb. 10, 2023

Feb. 09, 2023 USD ($)

Aug. 26, 2022 USD ($)

Dec. 22, 2021 USD ($)

Aug. 10, 2021 USD ($)

Feb. 18, 2021 USD ($)

May 08, 2020 USD ($)

May 31, 2019 USD ($)

Apr. 30, 2022 USD ($)

Jun. 30, 2023 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Nov. 01, 2027

Jul. 31, 2028 USD ($)

Feb. 23, 2024 ft²

Sep. 30, 2023 USD ($)

Mar. 31, 2023 a

Oct. 31, 2022

Nov. 08, 2019 USD ($)

Feb. 21, 2018 USD ($)

Jun. 27, 2016 USD ($)

Escrow Deposits Related to Property Sales

$ 10,000,000

Long-Term Debt, Gross

$ 1,255,347,000

$ 1,255,347,000

Gain (Loss) on Extinguishment of Debt

0

$ (3,868,000)

Notes Payable [Member]

Interest Payable

338,000

$ 799,000

338,000

$ 799,000

Letter of Credit [Member]

Long-Term Line of Credit

10,000,000

$ 10,000,000

Office Space At 250 Livingston [Member]

Area of Real Estate Property (Acre)

342,496

342,496

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

Debt Instrument, Interest Rate, Effective Percentage

7.875%

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

Long-Term Debt, Gross

$ 82,000,000

Debt Instrument, Interest Rate, Effective Percentage

3.53%

Valley National Bank [Member] | Dean Street, Prospect Heights [Member]

Long-Term Line of Credit

$ 0

Line of Credit Facility, Maximum Borrowing Capacity

$ 5,000,000

BADF 953 Dean Street Lender LLC [Member] | Dean Street, Prospect Heights [Member]

Line of Credit Facility, Maximum Borrowing Capacity

8,000,000

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

Debt Instrument, Face Amount

$ 329,000,000

Debt Instrument, Interest Rate, Stated Percentage

3.125%

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

$ 125,000,000

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

3 years

Secured First Mortgage Note [Member] | Citi Real Estate Funding Inc. [Member] | 250 Livingston Street in Brooklyn [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.63%

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

Debt Instrument, Interest Rate, Stated Percentage

3.21%

Proceeds from Issuance of Long-Term Debt

$ 100,000,000

Gain (Loss) on Extinguishment of Debt

$ 3,868,000

Fixed Interest Rate Financing [Member]

Debt Instrument, Interest Rate, Stated Percentage

4.506%

Long-Term Debt, Gross

$ 360,000,000

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

Debt Instrument, Interest Rate, Stated Percentage

2.50%

3.375%

Long-Term Debt, Gross

$ 31,644,000

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%

Mortgages [Member] | New York Community Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Property at 10 W 65th St. Manhattan, NY [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

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

Debt Instrument, Interest Rate, Stated Percentage

3.68%

Long-Term Debt, Gross

$ 70,000,000

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

Debt Instrument, Periodic Payment

$ 321,000

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

Debt Instrument, Face Amount

36,985,000

Long-Term Debt, Gross

$ 30,000,000

Proceeds from Issuance of Debt

$ 6,985,000

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%

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

Debt Agreement Maximum Borrowing Capacity

$ 52,500,000

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 [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Basis Spread on Variable Rate

3.60%

Mortgages 2 [Member] | Valley National Bank [Member] | Residential Property At 1010 Pacific Street [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.37%

5.70%

5.55%

5.55%

Proceeds from Issuance of Long-Term Debt

$ 20,000,000

$ 60,000,000

Debt Agreement Maximum Borrowing Capacity

80,000,000

Debt Instrument, Contingent Funding.

$ 20,000,000

Debt Instrument, Term (Year)

5 years

Mortgages 2 [Member] | Valley National Bank [Member] | Contingent Rate [member]

Debt Instrument, Basis Spread on Variable Rate

0.25%

Mezzanine Note Agreement [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 8,000,000

Debt Instrument, Basis Spread on Variable Rate

10%

Proceeds from Issuance of Long-Term Debt

$ 3,500,000

$ 4,500,000

Debt Instrument, Term (Year)

30 months

Debt Instrument, Interest Rate Floor

13%

15.31%

Mezzanine Note Agreement [Member] | Valley National Bank [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 115,000,000

Senior Notes [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 115,000,000

Debt Instrument, Term (Year)

30 months

Debt Instrument, Interest Rate Floor

9.31%

5.50%

9.31%

Debt Instrument, Payment Guarantee Percentage

30%

Senior Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

4%

Construction Loans [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 62,400,000

Proceeds from Issuance of Long-Term Debt

$ 33,955,000

Project Loan [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Face Amount

$ 15,600,000

Proceeds from Issuance of Long-Term Debt

$ 7,591

Line of Credit [Member] | Valley National Bank [Member] | Prime Rate [Member] | Dean Street, Prospect Heights [Member]

Debt Instrument, Basis Spread on Variable Rate

1.50%

Note 4 - Notes Payable - Mortga

Note 4 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Long term debt		$ 1,255,347
Unamortized debt issuance costs		(11,212)		$ (13,405)
Total debt, net of unamortized debt issuance costs		1,244,136		1,205,624
Mortgages and Mezzanine Notes 1[Member]
Long term debt		1,255,348		1,219,029
Unamortized debt issuance costs		$ (11,212)		(13,405)
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]
Interest rate	[1]	3.125%
Long term debt	[1]	$ 329,000		329,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]
Interest rate	[2]	3.63%
Long term debt	[2]	$ 125,000		125,000
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]
Interest rate	[3]	3.21%
Long term debt	[3]	$ 100,000		100,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]
Interest rate	[4]	4.506%
Long term debt	[4]	$ 360,000		360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]
Interest rate	[5]	3.68%
Long term debt	[5]	$ 60,211		61,004
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]
Interest rate	[6]	3.53%
Long term debt	[6]	$ 82,000		82,000
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]
Long term debt		$ 31,644		31,836
Basis Spread		2.50%
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]
Interest rate		5.55%
Long term debt		$ 60,000		60,000
Mortgages and Mezzanine Notes 2 [Member] | Residential Property At 1010 Pacific Street [Member]
Interest rate		6.37%
Long term debt		$ 20,000	[7]	20,000
Mortgages and Mezzanine Notes 2 [Member] | Dean Street, Prospect Heights [Member]
Long term debt		$ 78,531		42,909
Basis Spread		4%
Mortgages and Mezzanine Notes 3[Member] | Dean Street, Prospect Heights [Member]
Long term debt		$ 8,962		$ 7,280
Basis Spread		10%
[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

Note 4 - Notes Payable - Summar

Note 4 - Notes Payable - Summary of Principal Payment Requirements (Details) $ in Thousands	Jun. 30, 2024 USD ($)
2024 (Remainder)	$ 1,008
2025	82,092
2026	89,682
2027	33,461
2028	416,554
Thereafter	632,550
Total	$ 1,255,347

Note 5 - Rental Income Under _3

Note 5 - Rental Income Under Operating Leases (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 ft²	Jun. 30, 2023	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023	Dec. 31, 2023 USD ($)	Feb. 23, 2024 ft²	Mar. 31, 2023 a
Office Space At 250 Livingston [Member]
Area of Real Estate Property (Acre)						342,496	342,496
Proceeds from Lease Payment, Operating Activity					$ 15,400
141 Livingston Street, Brooklyn [Member]
Area of Real Estate Property (Acre) | ft²	206,084		206,084
Proceeds from Lease Payment, Operating Activity			$ 10,304
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member]
Concentration Risk, Percentage	21%	23%	22%	23%

Note 5 - Rental Income Under _4

Note 5 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
2024 (Remainder)	$ 15,390
2025	25,119
2026	4,854
2027	4,355
2028	3,331
Thereafter	21,074
Total	$ 74,123

Note 6 - Fair Value of Financ_3

Note 6 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Long-term debt	$ 1,255,348	$ 1,219,029
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 1,183,808	$ 1,160,393

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 23, 2022	May 09, 2022	Dec. 31, 2021	Jun. 30, 2024	Dec. 31, 2022	Sep. 30, 2023	Jun. 29, 2023
Litigation Settlement, Fee Expense			$ 2,700
Housing Repair and Maintenance Letter Agreement [Member]
Other Commitment							$ 27,000
Payments for Capital Improvements				$ 4,500
Obligated to Provide Parking [Member]
Other Commitment				$ 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
Horn v 50 Murray Street Acquisition LLC, Index No.152415/21 [Member]
Loss Contingency Accrual, Payments					$ 2,300
Loss Contingency Accrual						$ 400

Note 8 - Commitments and Contin

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Concentration risk	100%	100%	100%	100%
Commercial Segment [Member]
Concentration risk	26%	28%	26%	28%
Residential Segment [Member]
Concentration risk	74%	72%	74%	72%

Note 9 - Related-party Transa_2

Note 9 - Related-party Transactions (Details Textual) - General and Administrative Expense [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Overhead Charged Related to Office Expenses [Member]
Related Party Transaction, Amounts of Transaction	$ 148	$ 133	$ 197	$ 198
Reimbursable Payroll Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 23	$ 53	$ 37	$ 30

Note 10 - Segment Reporting - S

Note 10 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Total revenues	$ 37,346	$ 34,543	$ 73,106	$ 68,210
Assets	1,274,602		1,274,602		$ 1,249,330
Interest Expense, Nonoperating	11,741	11,334	23,480	21,469
capital expenditures	22,831	6,421	43,769	17,587
Property operating expenses	8,996	6,782	17,618	14,881
Real estate taxes and insurance	7,438	8,700	14,574	17,236
General and administrative	3,459	3,396	7,010	6,689
Transaction pursuit costs	0	357	0	357
Depreciation and amortization	7,455	7,269	14,834	14,094
Total operating expenses	27,348	26,504	54,036	53,257
Income from operations	9,998	8,039	19,070	14,953
Rental Income [Member]
Total revenues	37,346	34,543	73,106	68,210
Commercial Segment [Member]
Total revenues	9,598	9,503	19,252	19,230
Assets	313,427		313,427		313,666
Interest Expense, Nonoperating	2,530	2,547	5,052	5,007
capital expenditures	1,230	563	2,249	2,240
Property operating expenses	1,116	1,048	2,366	2,263
Real estate taxes and insurance	2,538	2,280	5,054	4,529
General and administrative	577	615	1,221	1,186
Transaction pursuit costs	0	0	0	0
Depreciation and amortization	1,501	1,447	2,997	2,889
Total operating expenses	5,732	5,390	11,638	10,867
Income from operations	3,866	4,113	7,614	8,363
Commercial Segment [Member] | Rental Income [Member]
Total revenues	9,598	9,503	19,252	19,230
Residential Segment [Member]
Total revenues	27,748	25,040	53,854	48,980
Assets	961,175		961,175		$ 935,664
Interest Expense, Nonoperating	9,211	8,787	18,248	16,462
capital expenditures	21,601	5,858	41,320	15,347
Property operating expenses	7,880	5,734	15,252	12,618
Real estate taxes and insurance	4,900	6,420	9,520	12,707
General and administrative	2,882	2,781	5,789	5,503
Transaction pursuit costs	0	357	0	357
Depreciation and amortization	5,954	5,822	11,837	11,205
Total operating expenses	21,616	21,114	42,398	42,390
Income from operations	6,132	3,926	11,456	6,590
Residential Segment [Member] | Rental Income [Member]
Total revenues	$ 27,748	$ 25,040	$ 53,854	$ 48,980