AmBase (ABCP) 10-Q 13 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	AMBASE CORP
Entity Central Index Key	0000020639
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		40,737,751
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Compensation and benefits	$ 343	$ 524
Professional and outside services	476	818
Property operating and maintenance	8	32
Insurance	46	62
Other operating	15	27
Total operating expenses	888	1,463
Operating income (loss)	(888)	(1,463)
Interest income	0	1
Interest expense	0	(10)
Gain on sale of real estate owned	0	3,278
Income (loss) before income taxes	(888)	1,806
Income tax expense (benefit)	(30)	2
Net income (loss)	$ (858)	$ 1,804
Net income (loss) per common share - basic (in dollars per share)	$ (0.02)	$ 0.04
Weighted average common shares outstanding - basic (in shares)	40,738	40,738

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 10,619	$ 237
Federal income tax receivable	0	10,742
Deferred tax asset	10,741	10,741
Other assets	17	33
Total assets	21,377	21,753
Liabilities:
Accounts payable and accrued liabilities	426	414
Other liabilities	0	0
Total liabilities	426	414
Litigation funding agreement (Note 9)	3,672	3,202
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock ($0.01 par value, 85,000 authorized in 2019 and 85,000 authorized in 2018, 46,410 issued and 40,738 outstanding in 2019 and 46,410 issued and 40,738 outstanding in 2018)	464	464
Additional paid-in capital	548,304	548,304
Accumulated deficit	(526,321)	(525,463)
Treasury stock, at cost - 2019 - 5,672 shares; and 2018 - 5,672 shares	(5,168)	(5,168)
Total stockholders' equity	17,279	18,137
Total liabilities and stockholders' equity	$ 21,377	$ 21,753

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	85,000	85,000
Common stock, shares issued (in shares)	46,410	46,410
Common stock, shares outstanding (in shares)	40,738	40,738
Treasury stock, at cost (in shares)	5,672	5,672

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2017	$ 464	$ 548,304	$ (525,798)	$ (5,168)	$ 17,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	1,804	0	1,804
Balance at Mar. 31, 2018	464	548,304	(525,463)	(5,168)	19,606
Balance at Dec. 31, 2018	464	548,304	(525,463)	(5,168)	18,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	(858)	0	(858)
Balance at Mar. 31, 2019	$ 464	$ 548,304	$ (526,321)	$ (5,168)	$ 17,279

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (858)	$ 1,804
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
Gain on sale of real estate owned	0	(3,278)
Other income	0	0
Changes in operating assets and liabilities:
Federal income tax receivable	10,742	0
Other assets	16	84
Accounts payable and accrued liabilities	12	104
Other liabilities	0	0
Net cash provided (used) by operating activities	9,912	(1,286)
Cash flows from investing activities:
Proceeds from sale of real estate owned, net	0	4,910
Net cash provided (used) by investing activities	0	4,910
Cash flows from financing activities:
Payoff of loan payable - related party	0	(2,546)
Proceeds from loan payable - related party	0	250
Proceeds from litigation funding agreement	470	588
Net cash provided (used) by financing activities	470	(1,708)
Net change in cash and cash equivalents	10,382	1,916
Cash and cash equivalents at beginning of period	237	70
Cash and cash equivalents at end of period	10,619	1,986
Supplemental cash flow disclosure:
Income taxes refunded (paid)	$ 10,741	$ 0

The Company and Basis of Presen

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
The Company and Basis of Presentation [Abstract]
The Company and Basis of Presentation	Note 1 – The Company and Basis of Presentation The accompanying condensed consolidated financial statements of AmBase Corporation and subsidiaries (“AmBase” or the “Company”) are unaudited and subject to year-end adjustments. All material intercompany transactions and balances have been eliminated. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal recurring adjustments unless otherwise disclosed, necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows. Results for interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that it deems reasonable, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates and assumptions. The unaudited interim condensed consolidated financial statements presented herein are condensed and should be read in conjunction with the Company’s consolidated financial statements filed in its Annual Report on Form 10‑K for the year ended December 31, 2018. The Company is engaged in the management of its assets and liabilities. At March 31, 2019, the Company’s assets consisted primarily of cash and cash equivalents and tax assets. In January 2019, the Company filed its 2018 federal income tax return seeking a refund of alternative minimum tax (“AMT”) credit carryforwards as provided for in the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”). This amount was reflected as a federal tax receivable at December 31, 2018. In March 2019, the Company received a federal tax refund based on the Company’s 2018 federal income tax return as filed. The remaining AMT credit carryforward amounts are reflected as a deferred tax asset at March 31, 2019, based on tax returns to be filed in future years. For additional information see Note 7. In January 2018, the Company sold its commercial office building in Greenwich, Connecticut. For additional information, see Note 3. In June 2013, the Company purchased an equity interest in a real estate development property through a joint venture agreement to purchase and develop real property located at 105 through 111 West 57 th Street in New York, New York th On August 30, 2017, Spruce issued a Notice of Retention of Pledged Collateral in Full Satisfaction of Indebtedness. By purporting to accept the pledged collateral, pursuant to a Strict Foreclosure process, Spruce claims to have completed the retention of the collateral pledged by the junior mezzanine borrower, and therefore, the Company’s interest in the 111 West 57th Street Property (the “Strict Foreclosure”). Despite ongoing litigation challenging the legitimacy of the actions taken by the Sponsor and Spruce in connection with the Company’s investment in the 111 West 57 th th While the Company’s management is evaluating future courses of action to protect and/or recover the value of the Company’s equity investment in the 111 West 57 th For additional information regarding the Company’s recording of an impairment of its equity investment in the 111 West 57 th th Note 4 Note 8. The Company has incurred operating losses and used cash for operating activities over the past several years. The Company has continued to keep operating expenses at a reduced level; however, there can be no assurance that the Company’s current level of operating expenses will not increase or that other uses of cash will not be necessary. The In September 2017, the Company and Mr. Richard A. Bianco, the Company’s Chairman, President and Chief Executive Officer (“Mr. R. A. Bianco”) entered into an agreement pursuant to which Mr. R. A. Bianco will fund the Company’s litigation expenses in connection with the 111 West 57 th Note 9.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies New accounting pronouncements There are no new accounting pronouncements, except as noted below , that would likely materially affect the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), “Leases”, which requires lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability. Additional qualitative and quantitative disclosures are also required. The Company adopted the standard effective January 1, 2019, using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedient and elected the following accounting policy related to this standard update: Short-term lease accounting policy election allowing lessees to not recognize right-of-use assets and liabilities for leases with a term of 12 months or less. Adoption of this standard did not result in any operating lease right-of-use assets and corresponding lease liabilities as all Company leases meet the definition of short-term leases. The standard did not materially impact operating results or liquidity.

Real Estate Sold

Real Estate Sold	3 Months Ended
	Mar. 31, 2019
Real Estate Sold [Abstract]
Real Estate Sold	Note 3 – Real Estate Sold In January 2018, the Company sold its building in Greenwich, Connecticut, to Maria USA, Inc., an unaffiliated third party. A gain from the sale is reflected in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018. The Company used a portion of the sale proceeds to repay the full amount of the working capital loan plus accrued interest aggregating $2,623,000 to Mr. R. A. Bianco, and the working capital line of credit agreement was terminated. The remaining proceeds were used for working capital. Information relating to the sale of the Company’s real estate owned in Greenwich, Connecticut is as follows: (in thousands) Amounts Gross sales price $ 5,200 Less: Transactions costs (290 ) Net cash proceeds 4,910 Less: Real estate carrying value, (net of accumulated depreciation) (1,632 ) Net gain on sale of real estate $ 3,278

Investment in 111 West 57th Par

Investment in 111 West 57th Partners LLC	3 Months Ended
	Mar. 31, 2019
Investment in 111 West 57th Partners LLC [Abstract]
Investment in 111 West 57th Partners LLC	Note 4 – Investment in 111 West 57 th In June 2013, the Company purchased an equity interest in the 111 West 57 th th th th th Note 8. See below for additional information regarding the Company’s 111 West 57 th th In June 2013, 111 West 57 th th th th th th th Amounts relating to the Company’s initial June 2013 investment and other information relating to the 111 West 57 th ($ in thousands) Company’s aggregate initial investment $ 57,250 Company’s aggregate initial membership interest % 60.3 % Other members and Sponsor initial investment $ 37,750 Approximate gross square feet of project 346,000 The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor. Additionally, the JV Agreement provides that (i) Mr. R. A. Bianco, his immediate family, and/or any limited liability company wholly-owned thereby, and/or a trust in which Mr. R. A. Bianco and/or his immediate family is the beneficiary, shall at all times own, in the aggregate, not less than 20% of the outstanding shares of AmBase; and (ii) Mr. R. A. Bianco shall remain the Chairman of the Board of Directors of AmBase for the duration of the JV Agreement. In March 2014, the Company entered into an amended and restated operating agreement for Investment LLC (the “Amended and Restated Investment Operating Agreement”) to grant a 10% subordinated participation interest in Investment LLC to as contingent future incentive for Mr. R. A. Bianco’s past, current and anticipated ongoing role to develop and commercialize the Company’s equity investment in the 111 West 57 th Property. Pursuant to the terms of the Amended and Restated Investment Operating Agreement, Mr. R.A. Bianco has no voting rights with respect to his interest in Investment LLC, and his entitlement to receive 10% of the distributions from Investment LLC is subject to the Company first receiving distributions equal to 150% of the Company’s initial aggregate investment in Investment LLC and the Joint Venture, plus any additional investments by the Company, and only with respect to any distributions thereafter. At the current time the Company has not expensed nor accrued any amounts relating to this subordinated participation interest, as no amount or range of amounts can be reasonably estimated or assured. During 2014, in connection with the funding of additional capital calls under the JV Agreement for required borrowing and development costs for the 111 West 57 th th th In accordance with the JV Agreement, Shortfall Capital Contributions may be treated either as a member loan or as a dilutive capital contribution by the funding party valued at one and one-half times the amount actually contributed. The Sponsor deemed the Shortfall Capital Contributions as dilutive capital contributions to the Company. The Company disagrees with the Sponsor’s investment percentage calculations. The Sponsor has taken the position that the Capital Contribution Requests, if taken together, would have caused the Company’s combined ownership percentage to be diluted to approximately 48%. The parties have a dispute with regard to the calculation of the revised investment percentages resulting from the Capital Contribution Requests, along with the treatment and allocation of these Shortfall Capital Contribution amounts. On June 30, 2015, 111 West 57 th th th th Information relating to the June 30, 2015 financing for 111 West 57 th (in thousands) Financing obtained by 111 West 57 th $ 400,000 Financing obtained by 111 West 57 th $ 325,000 Annaly CRE LLC initial mortgage and acquisition loan repaid $ 230,000 In April 2016, AmBase initiated a litigation in the New York State Supreme Court for New York County (the “NY Court”), Index No. 652301/2016, (“ AmBase v. 111 West 57 th Sponsor LLC, et al.”) (the “111 West 57 th Action”). The defendants in that litigation are 111 West 57th Sponsor LLC, 111 West 57th JDS LLC, PMG West 57th Street LLC, 111 West 57th Control LLC, 111 West 57th Developer LLC, 111 West 57 th KM Equity LLC, 111 West 57 th KM Group LLC, Kevin Maloney, Matthew Phillips, Michael Stern, Ned White, 111 Construction Manager LLC, Property Markets Group, Inc., JDS Development LLC, JDS Construction Group LLC (collectively, “Defendants”) and nominal defendant 111 West 57th Partners LLC . In th Note 8. In December 2016, the Sponsor proposed for approval a “proposed budget” (the “Proposed Budget”), which the Sponsor claims reflected an increase in other costs resulting in the need for additional funding in order to complete the project. The Company disputes, among other items, the calculation of the percentage increase of hard costs shown in the Proposed Budget. The Company believes the aggregate projected hard costs in the Proposed Budget exceed a contractually stipulated limit as a percentage of the hard costs set forth in the prior approved budget, thus allowing Investment LLC the option to exercise its Equity Put Right. Consequently, subsequent to the Sponsor’s presentation of the Proposed Budget, Investment LLC notified the Sponsor that it was exercising its Equity Put Right pursuant to the JV Agreement. The Sponsor refused to honor the exercise of Investment LLC’s Equity Put Right. The Sponsor claims, among other things, that the conditions precedent were not met because they claim that the increase in aggregate hard costs in the Proposed Budget does not exceed the contractually stipulated limit that would allow the exercise of the Equity Put Right. The Company further contends that a portion of the Proposed Budget increases are manager overruns (as defined in the JV Agreement) and thus should be paid for by the Sponsor. The Sponsor denies that the Proposed Budget increases were manager overruns. The Company continues to challenge the nature and substance of the Proposed Budget increases and how they should be treated pursuant to the JV Agreement. The Sponsor claimed that additional borrowings of $60 million to $100 million were needed to complete the project. Shortly thereafter, the Sponsor informed the Company that Apollo had indicated that due to budget increases, it believed the current loan was “out of balance” (meaning, according to Apollo, the projected budget exceeds the original budget approved in connection with the loan); and thus 111 West 57th Partners LLC, or its subsidiaries would need additional funding in order to bring the loan back into balance. The Company considered approving the additional financing, but informed the Sponsor that it had concerns about the Proposed Budget and the implications of the Proposed Budget, as well as other questions which needed to be addressed first. In March 2017, the Company and Mr. R. A. Bianco entered into an agreement for Mr. R. A. Bianco to provide to the Company a financial commitment in the form of a line of credit up to ten million dollars ($10,000,000) or additional amount(s) as may be necessary and agreed to enable AmBase to contribute capital to Investment LLC and/or other affiliated subsidiaries of the Company to meet capital calls for the of 111 West 57 th Around this time, Apollo provided loan forbearances to the borrowers and guarantors in order to allow the Sponsor time (while the building continued to be built) to raise the additional financing that Sponsor claimed would be needed in order to complete the 111 West 57th project. This forbearance period ended on June 29, 2017. Around this date, the Company was advised that Apollo sold a portion of the mezzanine loan—broken off as a junior mezzanine loan—to an affiliate of Spruce Capital Partners LLC, (“Spruce”) (the “Junior Mezzanine Loan”). On June 30, 2017, Spruce declared an event of default under the Junior Mezzanine Loan and demanded immediate payment of the full outstanding balance of the Junior Mezzanine Loan. Spruce then gave notice to the junior mezzanine borrower that it proposed to accept the pledged collateral (including the joint venture members’ collective interest in the property) in full satisfaction of the joint venture’s indebtedness under the Junior Mezzanine Loan (i.e., a “Strict Foreclosure”). On July 25, 2017, the Company filed a complaint against Spruce and the Sponsor and requested injunctive relief halting the Strict Foreclosure from the New York State Supreme Court for New York County, (the “NY Court”) Index No. 655031/2017, (the “111 West 57 th Spruce Action”) The defendants in the 111 West 57 th Spruce action were 111 W57 Mezz Investor, LLC, Spruce Capital Partners LLC, 111 West 57th Sponsor LLC, Michael Z. Stern, and Kevin P. Maloney (collectively, “Defendants”) and nominal defendants 111 West 57th Partners LLC and 111 West 57 th Mezz 1 LLC. The Company has since voluntarily discontinued its claims against Sponsor, Stern, and Maloney, without prejudice to reinstating them in the 111 West 57 th Spruce Action or any other action. th Note 8. On August 30, 2017, Spruce issued a Notice of Retention of Pledged Collateral in Full Satisfaction of Indebtedness. By purporting to accept the pledged collateral, pursuant to a Strict Foreclosure process, Spruce claims to have completed the retention of the collateral pledged by the junior mezzanine borrower, and therefore, the Company’s interest in the 111 West 57th Street Property. In June 2018, the Company initiated another litigation in the NY Court, Index No. 655031/2017, (the “Apollo Action”) The defendants in the Apollo Action are ACREFI Mortgage Lending, LLC, Apollo Credit Opportunity Fund III AIV I LP, AGRE Debt 1 – 111 W 57, LLC, and Apollo Commercial Real Estate Finance, Inc. (collectively, the “Apollo Defendants”). West 57 th Property and tortuously interfered with the JV Agreement. Note 8. As further discussed herein, despite ongoing litigation challenging the legitimacy of the actions taken by the Sponsor and Spruce in connection with the Company’s investment in the 111 West 57 th th th For information relating to the Litigation Funding Agreement entered into between the Company and Mr. Richard A. Bianco, the Company’s President and Chief Executive Officer, see Note 9. With respect to its disputes and litigation relating to its interest in the 111 West 57th Property, the Company is continuing to pursue various legal courses of action, as well as considering other possible economic strategies, including the possible sale of the Company’s interest in and/or rights with respect to the 111 West 57th Property. The Company is continuing to pursue other options to realize the Company’s investment value and/or protect its legal rights. The Company can give no assurances regarding the outcome of the matters described herein, including as to the effect of Spruce’s actions described herein, whether the Sponsor will perform their contractual commitments to the Company under the JV Agreement, as to what further action, if any, the lenders may take with respect to the project, as to the ultimate resolution of the ongoing litigation proceedings relating to the Company’s investment interest in the 111 West 57 th th th Note 8. While the Company’s management is evaluating future courses of action to protect and/or recover the value of the Company’s equity investment in the 111 West 57 th

Savings Plan

Savings Plan	3 Months Ended
	Mar. 31, 2019
Savings Plan [Abstract]
Savings Plan	Note 5 - Savings Plan The Company sponsors the AmBase 401(k) Savings Plan (the “Savings Plan”), which is a “Section 401(k) Plan” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”). The Savings Plan permits eligible employees to make contributions of a percentage of their compensation, which are matched by the Company at a percentage of the employees’ elected deferral. Employee contributions to the Savings Plan are invested at the employee’s discretion, in various investment funds. The Company’s matching contributions are invested in the same manner as the compensation reduction contributions. All contributions are subject to maximum limitations contained in the Code. The Company’s matching contributions to the Savings Plan, charged to expense, were as follows: ($ in thousands Three Months Ended March 31, 2019 March 31, 2018 Company matching contributions $ 13 $ 22 Employer match % 33 % 33 %

Common Stock Repurchase Plan

Common Stock Repurchase Plan	3 Months Ended
	Mar. 31, 2019
Common Stock Repurchase Plan [Abstract]
Common Stock Repurchase Plan	Note 6 – Common Stock Repurchase Plan The Company’s common stock repurchase plan (the “Repurchase Plan”) allows for the repurchase by the Company of its common stock in the open market. The Repurchase Plan is conditioned upon favorable business conditions and acceptable prices for the common stock. Purchases under the Repurchase Plan may be made, from time to time, in the open market, through block trades or otherwise. Depending on market conditions and other factors, purchases may be commenced or suspended any time or from time to time without prior notice. Pursuant to the Repurchase Plan, the Company has repurchased shares of common stock from unaffiliated parties at various dates at market prices at their time of purchase, including broker commissions. Information relating to the Repurchase Plan is as follows: (in thousands Three months ended March 31, 2019 Common shares repurchased to treasury during period - Aggregate cost of shares repurchased during period $ - (in thousands) March 31, 2019 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased to date 6,226 Total number of shares that may yet be repurchased 3,774

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 7 - Income Taxes The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company recognizes both the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements, calculated based on the provisions of enacted tax laws, including the tax rates in effect for current and future years. Net deferred tax assets are recognized immediately when a more likely than not criterion is met; that is, a greater than 50% probability exists that the tax benefits will actually be realized sometime in the future. The Company has not been notified of any potential tax audits by any federal, state or local tax authorities. As such, the Company believes the statutes of limitations for the assessment of additional federal and state tax liabilities are generally closed for tax years prior to 2016. Interest and/or penalties related to uncertain tax positions, if applicable, would be included as a component of income tax expense (benefit). The accompanying financial statements do not include any amounts for interest and/or penalties. State income tax amounts for the three months ended March 31, 2019 and the three months ended March 31, 2018, reflect a provision for a tax on capital imposed by the state jurisdictions. The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. Based on the Company’s federal tax returns as filed and to be filed, the Company estimates it has federal NOL carryforwards available to reduce future federal taxable income which would expire if unused, as indicated below. The federal NOL carryforwards as of December 31, 2018, are as follows: Tax Year Originating Tax Year Expiring Amount 2006 2026 $ 500,000 2007 2027 12,700,000 2008 2028 4,600,000 2009 2029 2,400,000 2010 2030 1,900,000 2011 2031 1,900,000 2013 2033 3,700,000 2014 2034 4,900,000 2015 2035 4,200,000 2016 2036 3,400,000 2017 2037 68,000,000 2018 - 500,000 $ 108,700,000 Alternative Minimum Tax (“AMT”) Credit carryforwards available, which can be used to offset income generated in future years which are not subject to expiration, are as follows : Amount AMT Credits carryforwards $ 10,741,000 As noted above the Company has AMT credit carryforwards from prior tax years. In accordance with the 2017 Tax Act AMT credit carryforwards, are expected to be claimed by the Company as refundable on tax returns filed and/or to be filed in future tax years and at various percentages as noted below. The Company’s AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year are Tax Year (a) Declining balance of the AMT credit carryforward amount(s) available for each tax year (a)(b) % of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year (a)(b) 2019 $ 10,741,000 50 % $ 5,371,000 2020 5,371,000 50 % 2,685,000 2021 2,685,000 100 % 2,685,000 $ 10,741,000 (a) Assumes no regular federal income tax liability in tax years presented above which would reduce any AMT credit carryforward amount(s) ultimately refunded. (b) See herein with regard the filing of the Company’s 2018 federal income tax return and the March 2019 federal tax refund received. In January 2019, the Company filed its 2018 federal income tax return seeking a refund of AMT credit carryforwards as provided for in the 2017 Tax Act. This amount was reflected as a federal tax receivable at December 31, 2018. In March 2019, the Company received a $10.7 million federal tax refund based on the Company’s 2018 federal income tax return as filed. The remaining AMT credit carryforward amounts of $10.7 million are reflected as a deferred tax asset at March 31, 2019, based on tax returns to be filed in future years. The Company’s management is continuing to work closely with outside advisors on the Company’s tax matters as they relate to the 2017 Tax Act and on the various federal tax return matters for the numerous interrelated tax years, including the provisions and application of the 2017 Tax Act along with the amounts and timing of any AMT credit carryforward refunds. The IRS typically has broad discretion to examine taxpayer tax returns, even after refunds have been paid to taxpayers, which could result in adjustments to AMT credit carryforward amounts refunded and/or claimed as refundable and/or AMT credit carryforward amounts ultimately received. The AMT credit carryforward amounts from prior tax years and related refund(s) received and/or projected to be received could potentially be subject to IRS or other tax authority audits, including possible IRS Joint Committee review and/or approval. The Company cannot predict whether or not the IRS and/or other tax authorities will review the Company’s tax returns filed, to be filed and/or as filed in prior years, and/or if they will seek repayment from the Company of any amounts already refunded as a result of an IRS review, if any. Moreover, applicable provisions of the Code The 2017 Tax Act makes broad and complex changes to the Code, including, among other changes, significant changes to the U.S. corporate tax rate and certain other changes to the Code that impact the taxation of corporations. The U.S. Treasury Department, the IRS, and other standard-setting bodies could interpret or issue additional guidance in the future on how provisions of the 2017 Tax Act will be applied or otherwise administered that differs from our interpretation. As we complete our analysis of the 2017 Tax Act, and IRS regulations and guidance issued in respect thereof and collect and prepare necessary data, and interpret any additional guidance, we may make adjustments to provisional amounts that we have recorded that may materially impact our provision for income taxes in the period in which the adjustments are made. Additionally, there is risk relating to assumptions regarding the outcome of tax matters, Based on the Company’s state tax returns as filed and to be filed, the Company estimates that it has state NOL carryforwards to reduce future state taxable income, which would expire if unused. The state NOL carryforwards as of December 31, 2018, are as follows: Tax Year Originating Tax Year Expiring Amount 2011 2031 $ 1,800,000 2013 2033 2,700,000 2014 2034 4,200,000 2015 2035 4,100,000 2016 2036 2,800,000 2017 2037 68,000,000 2018 2038 500,000 $ 84,100,000 The Company has a deferred tax asset arising primarily from NOL carryforwards and AMT Credit carryforwards. At December 31, 2017, a valuation allowance was released in relation to the AMT credit carryforwards which are projected to be refundable as part of the 2017 Tax Act enacted in December 2017. In 2018, the Company released its valuation allowance in relation to additional AMT credit carryforwards available for refund (under the 2017 Tax Act), due to the elimination of reductions for the effect of sequestration amounts. A full valuation allowance remains on the remaining deferred tax asset amounts, as management has no basis to conclude that realization is more likely than not. Management does not believe that any significant changes in unrecognized income tax benefits are expected to occur over the next year.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2019
Legal Proceedings [Abstract]
Legal Proceedings	Note 8 - Legal Proceedings From time to time, the Company and its subsidiaries may be named as a defendant in various lawsuits or proceedings. At the current time except as set forth below, the Company is unaware of any legal proceedings pending against the Company. The Company intends to aggressively contest all litigation and contingencies, as well as pursue all sources for contributions to settlements. The Company is a party to material legal proceedings as follows: AmBase Corp., et al. v. 111 West 57 th Sponsor LLC, et al. In April 2016, AmBase initiated a litigation in the New York State Supreme Court for New York County (the “NY Court”), Index No. 652301/2016, (“ AmBase v. 111 West 57 th Sponsor LLC, et al.”) (the “111 West 57 th Action”). The defendants in that litigation are 111 West 57th Sponsor LLC, 111 West 57th JDS LLC, PMG West 57th Street LLC, 111 West 57th Control LLC, 111 West 57th Developer LLC, 111 West 57 th KM Equity LLC, 111 West 57 th KM Group LLC, Kevin Maloney, Matthew Phillips, Michael Stern, Ned White, 111 Construction Manager LLC, Property Markets Group, Inc., JDS Development LLC, JDS Construction Group LLC (collectively, “Defendants”) and nominal defendant 111 West 57th Partners LLC . In the current version of the complaint, AmBase alleges that Defendants violated multiple provisions in the JV Agreement, including by failing to honor the exercise of AmBase’s contractual “equity put right” as set forth in the JV Agreement (the “Equity Put Right”), and committed numerous acts of fraud and breaches of fiduciary duty. AmBase is seeking compensatory damages, as well as treble damages under the federal Racketeer Influenced and Corrupt Organizations Act (RICO), punitive damages, indemnification and equitable relief including a declaration of the parties’ rights, and an accounting. The Company has also demanded from the Sponsor access to the books and records for the 111 West 57 th Property which the Sponsor refused, claiming they have provided all books and records as required. The Defendants filed motions to dismiss, and on January 12, 2018, the NY Court issued an opinion allowing some of AmBase’s claims to go forward and dismissing others. Among other claims that the NY Court declined to dismiss was AmBase’s claim that the Defendants violated the implied covenant of good faith and fair dealing by frustrating AmBase’s Equity Put Right. Claims that the NY Court dismissed included AmBase’s claim that the Defendants breached their contract with AmBase by financing capital contributions for the project through funds obtained from third parties. On January 16, 2018, some of the Defendants wrote to the NY Court suggesting that the opinion contained certain clerical errors and was missing a page. On January 18, 2018, the NY Court removed its previous opinion from the docket and on January 29, 2018, posted a revised opinion. A discovery conference in this case was held on February 27, 2018. On April 27, 2018, the Company filed a third amended complaint adding federal RICO claims, and new claims for declaratory judgment, breach of contract, fraud, and breach of fiduciary duty, based on information discovered during the course of discovery and events that have transpired since the Company filed its previous complaint in the 111 West 57th Action. On October 25, 2018, the Federal Court issued an order granting the defendants’ motion to dismiss the Company’s RICO claims and declined to exercise supplemental jurisdiction over the Company’s state-law claims. The next month, the Company noticed an appeal, and on January 11, 2019, it served its opening brief in that appeal. The United States Court of Appeals for the Second Circuit (the “Appeals Court”) granted the Company’s motion to file its brief under seal and on the public docket in redacted form. Subsequently, in February 2019 the Defendant’s filed their response brief and in March 2019, the Company filed its reply brief. The Company is awaiting the scheduling of oral argument and/or a decision from the Appeals Court. For additional information with regard to the Company’s investment in the 111 West 57 th Property, see Note 4 . AmBase Corp., et al. v. Spruce Capital Partners, et al. 655031/2017, (the “111 West 57 th Spruce Action”) The defendants in the 111 West 57 th Spruce action were 111 W57 Mezz Investor, LLC, Spruce Capital Partners LLC, 111 West 57th Sponsor LLC, Michael Z. Stern, and Kevin P. Maloney (collectively, “Defendants”) and nominal defendants 111 West 57th Partners LLC and 111 West 57 th Mezz 1 LLC. The Company has since voluntarily discontinued its claims against Sponsor, Stern, and Maloney, without prejudice to reinstating them in the 111 West 57 th Spruce Action or any other action. Spruce had given notice to the junior mezzanine borrower that it proposed to accept the pledged collateral (including the joint venture members’ collective interest in the property) in full satisfaction of the joint venture’s indebtedness under the Junior Mezzanine Loan (i.e., a “Strict Foreclosure”). After the Sponsor refused to object to Spruce’s proposal on behalf of the junior mezzanine borrower, and Spruce refused to commit to honor Investment LLC’s objection on its own behalf, the Company initiated the 111 West 57 th Note 4 On July 26, 2017, the NY Court issued a temporary restraining order barring Spruce from accepting the collateral, pending a preliminary injunction hearing scheduled for August 14, 2017. Spruce and the Sponsor subsequently filed papers in opposition to the request for a preliminary injunction and cross-motions to dismiss and quash subpoenas. On August 14, 2017, the NY Court postponed the hearing until August 28, 2017, keeping the temporary restraining order preventing a Strict Foreclosure in effect until the August 28, 2017 hearing. Subsequently the Company filed response briefs in support of their request for injunctive relief halting the Strict Foreclosure process and briefs in opposition to the motions to quash the subpoenas. On August 28, 2017, the NY Court held a preliminary injunction hearing, lifted the temporary restraining order, denied Plaintiffs’ request for a preliminary injunction, and granted Defendants’ cross-motions. In order to prevent the Strict Foreclosure process from going forward, the Company immediately obtained an interim stay from the New York Supreme Court Appellate Division, First Judicial Department (“Appellate Division”). That stay remained in place until four (4) P.M. August 29, 2017, permitting the Company to obtain an appealable order, notice an appeal, and move for a longer-term stay or injunctive relief pending appeal. The Appellate Division held a hearing on August 29, 2017, to consider the Company’s motion for an interim stay or injunctive relief pending appeal, both of which it denied, thus allowing the purported Strict Foreclosure to move forward. On August 30, 2017, Spruce issued a Notice of Retention of Pledged Collateral in Full Satisfaction of Indebtedness. By purporting to accept the pledged collateral, pursuant to a Strict Foreclosure process, Spruce claims to have completed the retention of the collateral pledged by the junior mezzanine borrower, and therefore, the Company’s interest in the 111 West 57th Street Property. Prior to the Strict Foreclosure, the carrying value of the Company’s equity investment in the 111 West 57 th The Appellate Division recently issued a decision that resolves the Company’s appeal from the order denying a preliminary injunction and dismissing its claims. The Appellate Division’s decision indicates that the Company’s request for a declaratory judgment was not moot “because plaintiff 111 West 57th Investment LLC (‘Investment’) might be entitled to damages from defendant 111 W57 Mezz Investor LLC (‘Junior Mezz Lender’) if it is judicially determined that Investment had the right to object to the Strict Foreclosure pursuant to Uniform Commercial Code.” The Appellate Division noted that the Company should be allowed to move for leave to amend to state claims for damages and/or the imposition of a constructive trust, as the dismissal of the Company’s claims was without prejudice. On March 19, 2019, the Company’s subsidiary, 111 West 57th Investment LLC (“Investment”), moved for leave to amend the complaint in the 111 West 57th Spruce Action to state claims against 111 W57 Mezz Investor LLC (“Junior Mezz Lender”) for breaches of the Uniform Commercial Code and Pledge Agreement and various torts. The proposed amended complaint seeks the entry of a declaratory judgment, the impression of a constructive trust, permanent injunctive relief restraining Spruce from disposing of or encumbering the Property, and damages, including punitive damages. On May 1, 2019, Junior Mezz Lender stipulated to the amendment of the complaint, and on May 3, 2019, Investment filed the executed stipulation and requested that the NY Court enter an order granting leave to file the proposed amended complaint. The amended complaint does not name the Company as a plaintiff or Spruce Capital Partners as a defendant. Pursuant to the terms of the May 1, 2019 stipulation, Junior Mezz Lender will answer or move to dismiss the amended complaint on or before May 31, 2019. If Spruce determines to file a motion to dismiss in lieu of an answer, briefing on the motion will be completed by July 23, 2019. Since the Company is not party to the Loan Agreements, it does not have access to communications with the lenders, except for those individual communications that the Sponsor has elected to share or that have been produced in the ongoing litigation. The Company has continued to demand access to such information, including access to the books and records for the 111 West 57 th th th th th Note 4. AmBase Corp., et al. v. ACREFI Mortgage Lending LLC, et al. 655031/2017, (the “Apollo Action”) The defendants in the Apollo Action are ACREFI Mortgage Lending, LLC, Apollo Credit Opportunity Fund III AIV I LP, AGRE Debt 1 – 111 W 57, LLC, and Apollo Commercial Real Estate Finance, Inc. (collectively, the “Apollo Defendants”). West 57 th Property and tortuously interfered with the JV Agreement. th Note 4. For information relating to the Litigation Funding Agreement entered into between the Company and Mr. Richard A. Bianco, the Company’s President and Chief Executive Officer, see Note 9. With respect to its disputes and litigation relating to its interest in the 111 West 57th Property, the Company is continuing to pursue various legal courses of action, as well as considering other possible economic strategies, including the possible sale of the Company’s interest in and/or rights with respect to the 111 West 57th Property. The Company is continuing to pursue other options to realize the Company’s investment value and/or protect its legal rights. The Company can give no assurances regarding the outcome of the matters described herein, including as to the effect of Spruce’s actions described herein, whether the Sponsor will perform their contractual commitments to the Company under the JV Agreement, as to what further action, if any, the lenders may take with respect to the project, as to the ultimate resolution of the ongoing litigation proceedings relating to the Company’s investment interest in the 111 West 57 th th th Note 4. While the Company’s management is evaluating future courses of action to protect and/or recover the value of the Company’s equity investment in the 111 West 57 th IsZo Capital L.P. derivatively and on behalf of AmBase Corporation v. Richard A. Bianco, et al . IsZo Capital L.P. derivatively and on behalf of AmBase Corporation v. Richard A. Bianco, et al. th th Oral argument on the Company’s motion to dismiss was held on the motion on October 19, 2018, at which time the Court decided that Alessandra Bianco, Richard Bianco, Jr., Jerry Carnegie, John Ferrara and Joseph Bianco should be dismissed as defendants in the case. The Court reserved decision as to dismissal of the balance of the case pending the Court’s receipt of a transcript of the oral argument. On December, 26, 2018, the Court issued its written decision on the balance of the motion to dismiss. The Court dismissed a cause of action against Richard Bianco, dismissed in part the single cause of action against Kenneth Schmidt, and dismissed a cause of action for declaratory judgment. What remains is a single cause of action against Richard Bianco, a single cause of action against Kenneth Schmidt (in part), and a single declaratory judgment cause of action. The remaining defendants moved for re-argument of the December 26, 2018 decision, which motion was denied by the Court by Decision and Order entered on April 24, 2019. The remaining defendants, in addition, filed a Notice of Appeal as regards the December 26, 2018 decision on March 6, 2019, which appeal must be perfected on or before September 6, 2019. On January 15, 2019, the Company filed its answer to the surviving causes of action, as well as asserted counterclaims against the plaintiff. The case is now in the discovery phase. The Company intends to continue to vigorously defend against plaintiff’s action and prosecute its counterclaims. The Company can give no assurances regarding the outcome of the matters described herein.

Litigation Funding Agreement

Litigation Funding Agreement	3 Months Ended
	Mar. 31, 2019
Litigation Funding Agreement [Abstract]
Litigation Funding Agreement	Note 9 – Litigation Funding Agreement In September 2017, the Company’s executive officers and its Board of Directors concluded that it was in the Company’s interest to obtain a litigation funding commitment to finance litigation with respect to the ongoing disputes with the Sponsors and the lenders in the 111 West 57 th th As a result of developments in the legal proceedings concerning the Company’s equity investment in the 111 West 57 th th th In consideration of such financial commitment, the Litigation Funding Agreement provides that any financial recovery in such Future Recovery Litigation shall be distributed as follows: i. first, to reimburse Mr. R. A. Bianco on a dollar-for-dollar basis for any Company litigation expenses and/or other unpaid amounts advanced by him in connection with Future Recovery Litigation; and ii. thereafter, a percentage of the recovery to the Company and a percentage of the recovery to Mr. R. A. Bianco, respectively, (the “Recovery Sharing Ratio”); with the ratio and percentages of 30% to 45% depending on the length of time to obtain recovery. The payment of the amounts pursuant to the Litigation Funding Agreement could become payable by the Company in the future based on the recovery by the Company of amounts relating to the 111 West 57 th Legal expenses incurred attributable to the Litigation Funding Agreement are included in the Company’s condensed consolidated statement of operations as part of professional and outside services, as follows: (in thousands Three Months Ended March 31, 2019 March 31, 2018 Legal expenses attributable to the Litigation Funding Agreement $ 470 $ 681

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 10 - Subsequent Events The Company has performed a review of events subsequent to the balance sheet dated March 31, 2019, through the report issuance date. In April 2019, the Company paid compensation bonuses to its employees of $1,356,000.

The Company and Basis of Pres_2

The Company and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
The Company and Basis of Presentation [Abstract]
Basis of Presentation	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that it deems reasonable, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
New Accounting Pronouncements	New accounting pronouncements There are no new accounting pronouncements, except as noted below , that would likely materially affect the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), “Leases”, which requires lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability. Additional qualitative and quantitative disclosures are also required. The Company adopted the standard effective January 1, 2019, using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedient and elected the following accounting policy related to this standard update: Short-term lease accounting policy election allowing lessees to not recognize right-of-use assets and liabilities for leases with a term of 12 months or less. Adoption of this standard did not result in any operating lease right-of-use assets and corresponding lease liabilities as all Company leases meet the definition of short-term leases. The standard did not materially impact operating results or liquidity.

Real Estate Sold (Tables)

Real Estate Sold (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate Sold [Abstract]
Information Relating to Sale of Real Estate Owned	Information relating to the sale of the Company’s real estate owned in Greenwich, Connecticut is as follows: (in thousands) Amounts Gross sales price $ 5,200 Less: Transactions costs (290 ) Net cash proceeds 4,910 Less: Real estate carrying value, (net of accumulated depreciation) (1,632 ) Net gain on sale of real estate $ 3,278

Investment in 111 West 57th P_2

Investment in 111 West 57th Partners LLC (Tables)	3 Months Ended
	Mar. 31, 2019
Investment in 111 West 57th Partners LLC [Abstract]
Initial Investment and Other Information Relating to the 111 West 57th Property	Amounts relating to the Company’s initial June 2013 investment and other information relating to the 111 West 57 th ($ in thousands) Company’s aggregate initial investment $ 57,250 Company’s aggregate initial membership interest % 60.3 % Other members and Sponsor initial investment $ 37,750 Approximate gross square feet of project 346,000
Information Relating to Financing for 111 West 57th Partners	Information relating to the June 30, 2015 financing for 111 West 57 th (in thousands) Financing obtained by 111 West 57 th $ 400,000 Financing obtained by 111 West 57 th $ 325,000 Annaly CRE LLC initial mortgage and acquisition loan repaid $ 230,000

Savings Plan (Tables)

Savings Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Savings Plan [Abstract]
Matching Contributions to Savings Plan	The Company’s matching contributions to the Savings Plan, charged to expense, were as follows: ($ in thousands Three Months Ended March 31, 2019 March 31, 2018 Company matching contributions $ 13 $ 22 Employer match % 33 % 33 %

Common Stock Repurchase Plan (T

Common Stock Repurchase Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Common Stock Repurchase Plan [Abstract]
Information Relating to Repurchase Plan	Information relating to the Repurchase Plan is as follows: (in thousands Three months ended March 31, 2019 Common shares repurchased to treasury during period - Aggregate cost of shares repurchased during period $ - (in thousands) March 31, 2019 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased to date 6,226 Total number of shares that may yet be repurchased 3,774

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Alternate Minimum Tax Credit Carryforwards	Alternative Minimum Tax (“AMT”) Credit carryforwards available, which can be used to offset income generated in future years which are not subject to expiration, are as follows : Amount AMT Credits carryforwards $ 10,741,000
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year	The Company’s AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year are Tax Year (a) Declining balance of the AMT credit carryforward amount(s) available for each tax year (a)(b) % of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year (a)(b) 2019 $ 10,741,000 50 % $ 5,371,000 2020 5,371,000 50 % 2,685,000 2021 2,685,000 100 % 2,685,000 $ 10,741,000 (a) Assumes no regular federal income tax liability in tax years presented above which would reduce any AMT credit carryforward amount(s) ultimately refunded. (b) See herein with regard the filing of the Company’s 2018 federal income tax return and the March 2019 federal tax refund received.
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	The federal NOL carryforwards as of December 31, 2018, are as follows: Tax Year Originating Tax Year Expiring Amount 2006 2026 $ 500,000 2007 2027 12,700,000 2008 2028 4,600,000 2009 2029 2,400,000 2010 2030 1,900,000 2011 2031 1,900,000 2013 2033 3,700,000 2014 2034 4,900,000 2015 2035 4,200,000 2016 2036 3,400,000 2017 2037 68,000,000 2018 - 500,000 $ 108,700,000
State [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	The state NOL carryforwards as of December 31, 2018, are as follows: Tax Year Originating Tax Year Expiring Amount 2011 2031 $ 1,800,000 2013 2033 2,700,000 2014 2034 4,200,000 2015 2035 4,100,000 2016 2036 2,800,000 2017 2037 68,000,000 2018 2038 500,000 $ 84,100,000

Litigation Funding Agreement (T

Litigation Funding Agreement (Tables)	3 Months Ended
	Mar. 31, 2019
Litigation Funding Agreement [Abstract]
Litigation Funding Agreement	Legal expenses incurred attributable to the Litigation Funding Agreement are included in the Company’s condensed consolidated statement of operations as part of professional and outside services, as follows: (in thousands Three Months Ended March 31, 2019 March 31, 2018 Legal expenses attributable to the Litigation Funding Agreement $ 470 $ 681

Real Estate Sold (Details)

Real Estate Sold (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Information Relating to Sale of Real Estate Owned [Abstract]
Net gain on sale of real estate	$ 0	$ 3,278
R. A. Bianco [Member] | Line of Credit [Member]
Information regarding accrued interest expense on the loan payable [Abstract]
Repayment of working capital loan plus accrued interest	2,623
Commercial Office Building [Member]
Information Relating to Sale of Real Estate Owned [Abstract]
Gross sales price	5,200
Less: Transactions costs	(290)
Net cash proceeds	4,910
Less: Real estate carrying value, (net of accumulated depreciation)	(1,632)
Net gain on sale of real estate	$ 3,278

Investment in 111 West 57th P_3

Investment in 111 West 57th Partners LLC (Details) - Investment in 111 West 57th Partners LLC [Member] $ in Thousands	Jun. 28, 2013USD ($)ft²
Initial Investment and Other Information Relating to the 111 West 57th Property [Abstract]
Company's aggregate initial investment	$ 57,250
Company's aggregate initial membership interest %	60.30%
Other members and Sponsor initial investment	$ 37,750
Approximate gross square feet of project | ft²	346,000

Investment in 111 West 57th P_4

Investment in 111 West 57th Partners LLC, Additional Information Regarding Equity Investment in 111 West 57th Property (Details) $ in Thousands	Jun. 30, 2015USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2014	Mar. 31, 2017USD ($)
Additional Information Regarding Equity Investment in 111 West 57th Property [Abstract]
Description of partnership agreement distribution		The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor.
Subordinated participation interest to CEO			10.00%
Percentage of distribution on company's initial investment to be received prior to CEO receiving percentage distribution			150.00%
Valuation of shortfall capital contribution as multiple of amount actually contributed		1.5
Sponsor calculation of investment LLC aggregate investment percentage after dilution		48.00%
Information Relating to Financing for Investment Property [Abstract]
Annaly CRE LLC initial mortgage and acquisition loan repaid	$ 230,000
Line of Credit [Member] | R. A. Bianco [Member]
Information Relating to Financing for Investment Property [Abstract]
Maximum borrowing capacity				$ 10,000
Minimum [Member]
Information Relating to Financing for Investment Property [Abstract]
Additional borrowing required to complete project		$ 60,000
Maximum [Member]
Information Relating to Financing for Investment Property [Abstract]
Additional borrowing required to complete project		$ 100,000
Capital LLC [Member]
Additional Information Regarding Equity Investment in 111 West 57th Property [Abstract]
Percentage of outstanding shares to be owned by CEO		20.00%
Investment LLC [Member] | Capital LLC [Member]
Additional Information Regarding Equity Investment in 111 West 57th Property [Abstract]
Terms of distributions to Capital LLC		available cash of Investment LLC will be distributed first to Capital LLC until it has received a 20% internal rate of return (calculated as provided for in the JV Agreement as noted above), second to the Company until it has received 150% of its capital, and, thereafter, available cash is split 10/90, with 10% going to Mr. R. A. Bianco as the subordinated participation interest noted above and 90% going to Capital LLC and the Company pari-passu, with Capital LLC receiving one-half of its pro-rata share based on capital contributed and the Company receiving the balance.
AIG [Member]
Additional Information Regarding Equity Investment in 111 West 57th Property [Abstract]
Term of loan		4 years
Extension option of loan		1 year
Information Relating to Financing for Investment Property [Abstract]
Financing obtained by 111 W 57th Partners	400,000
Apollo [Member]
Information Relating to Financing for Investment Property [Abstract]
Financing obtained by 111 W 57th Partners	$ 325,000

Savings Plan (Details)

Savings Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Savings Plan [Abstract]
Company matching contributions	$ 13	$ 22
Employer match %	33.00%	33.00%

Common Stock Repurchase Plan (D

Common Stock Repurchase Plan (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)shares
Common Stock Repurchase Plan [Abstract]
Common shares repurchased to treasury during period (in shares)	0
Aggregate cost of shares repurchased during period | $	$ 0
Total number of common shares authorized for repurchase (in shares)	10,000
Total number of common shares repurchased to date (in shares)	6,226
Total number of shares that may yet be repurchased (in shares)	3,774

Income Taxes, Federal and State

Income Taxes, Federal and State NOL Carryforwards (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Federal [Member]
NOL Carryforwards [Abstract]
Operating loss carryforwards, amount		$ 108,700,000
Federal [Member] | Tax Year 2006 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2006
Tax year expiring	2026
Operating loss carryforwards, amount		500,000
Federal [Member] | Tax Year 2007 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2007
Tax year expiring	2027
Operating loss carryforwards, amount		12,700,000
Federal [Member] | Tax Year 2008 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2008
Tax year expiring	2028
Operating loss carryforwards, amount		4,600,000
Federal [Member] | Tax Year 2009 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2009
Tax year expiring	2029
Operating loss carryforwards, amount		2,400,000
Federal [Member] | Tax Year 2010 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2010
Tax year expiring	2030
Operating loss carryforwards, amount		1,900,000
Federal [Member] | Tax Year 2011 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2011
Tax year expiring	2031
Operating loss carryforwards, amount		1,900,000
Federal [Member] | Tax Year 2013 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2013
Tax year expiring	2033
Operating loss carryforwards, amount		3,700,000
Federal [Member] | Tax Year 2014 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2014
Tax year expiring	2034
Operating loss carryforwards, amount		4,900,000
Federal [Member] | Tax Year 2015 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2015
Tax year expiring	2035
Operating loss carryforwards, amount		4,200,000
Federal [Member] | Tax Year 2016 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2016
Tax year expiring	2036
Operating loss carryforwards, amount		3,400,000
Federal [Member] | Tax Year 2017 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2017
Tax year expiring	2037
Operating loss carryforwards, amount		68,000,000
Federal [Member] | Tax Year 2018 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2018
Tax year expiring
Operating loss carryforwards, amount		500,000
State [Member]
NOL Carryforwards [Abstract]
Operating loss carryforwards, amount		84,100,000
State [Member] | Tax Year 2011 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2011
Tax year expiring	2031
Operating loss carryforwards, amount		1,800,000
State [Member] | Tax Year 2013 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2013
Tax year expiring	2033
Operating loss carryforwards, amount		2,700,000
State [Member] | Tax Year 2014 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2014
Tax year expiring	2034
Operating loss carryforwards, amount		4,200,000
State [Member] | Tax Year 2015 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2015
Tax year expiring	2035
Operating loss carryforwards, amount		4,100,000
State [Member] | Tax Year 2016 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2016
Tax year expiring	2036
Operating loss carryforwards, amount		2,800,000
State [Member] | Tax Year 2017 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2017
Tax year expiring	2037
Operating loss carryforwards, amount		68,000,000
State [Member] | Tax Year 2018 [Member]
NOL Carryforwards [Abstract]
Tax year originating	2018
Tax year expiring	2038
Operating loss carryforwards, amount		$ 500,000

Income Taxes, AMT Credits Carry

Income Taxes, AMT Credits Carryforwards (Details) - USD ($)		1 Months Ended	3 Months Ended
		Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018
AMT Credit Carryforwards Available [Abstract]
AMT Credits carryforwards		$ 10,741,000	$ 10,741,000
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year [Abstract]
Income taxes refunded (paid)		10,741,000	10,741,000	$ 0
Alternative Minimum Tax (AMT) Credit Carryforward [Member]
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year [Abstract]
AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year	[1],[2]	10,741,000	10,741,000
Alternative Minimum Tax (AMT) Credit Carryforward [Member] | Tax Year 2019 [Member]
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year [Abstract]
Declining balance of the AMT credit carryforward amount(s) available for each tax year	[1],[2]	10,741,000	$ 10,741,000
% of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year			50.00%
AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year	[1],[2]	5,371,000	$ 5,371,000
Alternative Minimum Tax (AMT) Credit Carryforward [Member] | Tax Year 2020 [Member]
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year [Abstract]
Declining balance of the AMT credit carryforward amount(s) available for each tax year	[1],[2]	5,371,000	$ 5,371,000
% of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year			50.00%
AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year	[1],[2]	2,685,000	$ 2,685,000
Alternative Minimum Tax (AMT) Credit Carryforward [Member] | Tax Year 2021 [Member]
Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year [Abstract]
Declining balance of the AMT credit carryforward amount(s) available for each tax year	[1],[2]	2,685,000	$ 2,685,000
% of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year			100.00%
AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year	[1],[2]	$ 2,685,000	$ 2,685,000
[1]	Assumes no regular federal income tax liability in tax years presented above which would reduce any AMT credit carryforward amount(s) ultimately refunded.
[2]	See herein with regard the filing of the Company's 2018 federal income tax return and the March 2019 federal tax refund received.

Litigation Funding Agreement (D

Litigation Funding Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Litigation Funding Agreement [Member]
Legal expenses incurred attributable to Litigation Funding Agreement [Abstract]
Legal expense	$ 470,000	$ 681,000
R. A. Bianco [Member]
Litigation Funding Commitment [Abstract]
Litigation fund	$ 7,000,000
R. A. Bianco [Member] | Minimum [Member]
Litigation Funding Commitment [Abstract]
Percentage of recovery sharing ratio	30.00%
R. A. Bianco [Member] | Maximum [Member]
Litigation Funding Commitment [Abstract]
Percentage of recovery sharing ratio	45.00%

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Apr. 30, 2019USD ($)
Subsequent Event [Member]
Payments to employees [Abstract]
Compensation bonuses paid to employees	$ 1,356,000