Trinity Place (TPHS) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Trinity Place Holdings Inc.
Entity Central Index Key	724,742
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	TPHS
Entity Common Stock, Shares Outstanding		31,445,493

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Real estate, net	$ 55,464	$ 60,384
Asset held for sale	11,379	0
Cash and cash equivalents	34,555	4,678
Restricted cash	4,387	3,688
Investment in unconsolidated joint venture	13,337	13,939
Receivables, net	244	220
Deferred rents receivable	581	543
Prepaid expenses and other assets, net	2,432	2,149
Total assets	122,379	85,601
LIABILITIES
Loans payable, net	48,425	48,705
Secured lines of credit	0	0
Accounts payable and accrued expenses	3,216	2,935
Pension liabilities	5,530	5,936
Total liabilities	57,171	57,576
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock	0	0
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 36,796,915 and 30,679,566 shares issued at June 30, 2017 and December 31, 2016, respectively; 31,445,493 and 25,663,820 shares outstanding at June 30, 2017 and December 31, 2016, respectively	368	307
Additional paid-in capital	129,654	87,521
Treasury stock (5,351,422 and 5,015,746 shares at June 30, 2017 and December 31, 2016, respectively)	(53,640)	(51,086)
Accumulated other comprehensive loss	(3,161)	(3,161)
Accumulated deficit	(8,013)	(5,556)
Total stockholders' equity	65,208	28,025
Total liabilities and stockholders' equity	122,379	85,601
Blank Check Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2	2
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1
Special Stock, Shares Issued	1	1
Special Stock, Shares Outstanding	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997
Common Stock, Shares, Issued	36,796,915	30,679,566
Common Stock, Shares, Outstanding	31,445,493	25,663,820
Treasury Stock, Shares	5,351,422	5,015,746
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental revenues	$ 342	$ 328	$ 681	$ 646
Tenant reimbursements	153	70	274	227
Total revenues	495	398	955	873
Operating Expenses
Property operating expenses	200	144	371	301
Real estate taxes	150	55	221	104
General and administrative	1,341	1,568	2,691	3,743
Transaction related costs	22	16	68	50
Depreciation and amortization	125	109	249	213
Total operating expenses	1,838	1,892	3,600	4,411
Operating loss	(1,343)	(1,494)	(2,645)	(3,538)
Equity in net loss from unconsolidated joint venture	(237)	0	(508)	0
Interest (expense) income, net	(41)	22	(109)	95
Amortization of deferred finance costs	(118)	(20)	(200)	(22)
Reduction of claims liability	0	(1)	1,043	134
Loss before taxes	(1,739)	(1,493)	(2,419)	(3,331)
Tax expense	37	0	38	0
Net loss available to common stockholders	$ (1,776)	$ (1,493)	$ (2,457)	$ (3,331)
Loss per share - basic and diluted	$ (0.06)	$ (0.06)	$ (0.08)	$ (0.13)
Weighted average number of common shares - basic and diluted	31,290	25,458	29,436	25,371

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2016	$ 28,025	$ 307	$ 87,521	$ (51,086)	$ (5,556)	$ (3,161)
Balance (in shares) at Dec. 31, 2016		30,680		(5,016)
Net loss available to common stockholders	(2,457)	$ 0	0	$ 0	(2,457)	0
Sale of common stock, net	40,561	$ 55	40,506	$ 0	0	0
Sale of common stock, net (in shares)		5,472		0
Settlement of stock awards	(2,548)	$ 6	0	$ (2,554)	0	0
Settlement of stock awards (in shares)		645		(335)
Stock-based compensation expense	1,627	$ 0	1,627	$ 0	0	0
Balance at Jun. 30, 2017	$ 65,208	$ 368	$ 129,654	$ (53,640)	$ (8,013)	$ (3,161)
Balance (in shares) at Jun. 30, 2017		36,797		(5,351)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss available to common stockholders	$ (2,457)	$ (3,331)
Adjustments to reconcile net loss available to common stockholders to net cash used in operating activities:
Depreciation and amortization	249	213
Amortization of deferred finance costs	195	22
Stock-based compensation expense	612	1,411
Deferred rents receivable	(38)	(257)
Reduction of claims liability	0	(135)
Equity in net loss from unconsolidated joint venture	508	0
Distribution of cumulative earnings from unconsolidated joint venture	163	0
(Increase) decrease in operating assets:
Restricted cash, net	(699)	(102)
Receivables, net	(24)	9
Prepaid expenses and other assets, net	(529)	(325)
Decrease in operating liabilities:
Accounts payable and accrued expenses	(1,452)	(2,208)
Pension liabilities	(406)	(406)
Obligation to former Majority Shareholder	0	(6,931)
Net cash used in operating activities	(3,878)	(12,040)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(3,775)	(7,907)
Investment in unconsolidated joint venture	(69)	0
Restricted cash	0	(200)
Net cash used in investing activities	(3,844)	(8,107)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan, net	0	8,653
Deferred financing costs	(414)	0
Settlement of stock awards	(2,548)	(1,876)
Net proceeds from sale of common stock	40,561	0
Net cash provided by financing activities	37,599	6,777
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	29,877	(13,370)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,678	38,173
CASH AND CASH EQUIVALENTS, END OF PERIOD	34,555	24,803
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	1,172	976
Cash paid during the period for: Taxes	37	38
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to accumulated deficit for capitalized stock-based compensation expense	0	(541)
Accrued development costs included in accounts payable and accrued expenses	1,733	1,133
Capitalized amortization of deferred financing costs	59	171
Stock Compensation Plan [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment of liability related to stock-based compensation	0	(5,140)
Real Estate [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized stock-based compensation expense	$ 1,015	$ 3,124

Business

Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Business	Note 1 – Business Overview Trinity Place Holdings Inc. (“Trinity,” “we”, “our”, or “us”) is a real estate holding, investment and asset management company. Our business is primarily to acquire, invest in, own, manage, develop or redevelop and sell real estate assets and/or real estate related securities. Our largest asset is a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan. 77 Greenwich is a vacant building that is being demolished and under development as a residential condominium tower that also includes plans for retail and a New York City elementary school. We also own a retail strip center located in West Palm Beach, Florida, properties formerly occupied by a retail tenant in Westbury, New York (see Note 13 – Subsequent Event) and Paramus, New Jersey, and, through a joint venture, a 50 We control a variety of intellectual property assets focused on the consumer sector, including our on-line marketplace at FilenesBasement.com, our rights to the Stanley Blacker® brand, as well as the intellectual property associated with the Running of the Brides® event and An Educated Consumer is Our Best Customer® slogan. We also had approximately $ 232.9 Trinity is the successor to Syms Corp. (“Syms”), which also owned Filene’s Basement. Syms and its subsidiaries filed for relief under the United States Bankruptcy Code in 2011. In September 2012, the Syms Plan of Reorganization (the “Plan”) became effective and Syms and its subsidiaries consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act. On or about March 8, 2016, a General Unsecured Claim Satisfaction occurred under the Plan. On March 14, 2016, we made the final Majority Shareholder payment (as defined in the Plan) to the former Majority Shareholder in the amount of approximately $ 6.9

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with our December 31, 2016 audited consolidated financial statements, as previously filed with the SEC in our 2016 Annual Report on Form 10-K (the “2016 Annual Report”), and other public information. a. Principles of Consolidation - We consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of June 30, 2017, we had no VIEs. We assess the accounting treatment for joint venture investments. This assessment includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. As of June 30, 2017, we account for our investment in one joint venture under the equity method (see Note 12 - Investment in Unconsolidated Joint Venture). b. Investment in Unconsolidated Joint Venture - c. Use of Estimates d. Reportable Segments e. Concentrations of Credit Risk f. Real Estate Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Real Estate Under Development h. Valuation of Long-Lived Assets i. Trademarks and Customer Lists 10 j. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3 k. Cash and Cash Equivalents l. Restricted Cash - Revenue Recognition n. Stock-Based Compensation o. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both June 30, 2017 and December 31, 2016, we had determined that no liabilities are required in connection with unrecognized tax positions. As of June 30, 2017, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state, and certain local and franchise taxes. p. Earnings (loss) Per Share Deferred Financing Costs r. Deferred Lease Costs Underwriting Commissions and Costs t. Reclassifications - In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-05, Other Income-Gains and Losses from the De-recognition of Nonfinancial Assets (Subtopic 610-20) to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. ASU 2017-05 reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. ASU 2017-05 is effective for annual reporting periods after December 16, 2017, including interim reporting period within that reporting period. The adoption of ASU 2017-05 is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business and provides guidance to assist with determining whether transactions should be accounted for as acquisitions of assets or businesses. The main provision is that an acquiree is not a business if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or group of assets. We adopted the guidance on the issuance date effective January 5, 2017. We expect that most of our real estate acquisitions will be considered asset acquisitions under the new guidance and that transaction costs will be capitalized to the investment basis which is then subject to a purchase price allocation based on relative fair value.

Real Estate, Net

Real Estate, Net	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate, Net	Note 3 – Real Estate, Net As of June 30, 2017 and December 31, 2016, real estate, net, includes the following (in thousands): June 30, December 31, (unaudited) (audited) Real estate under development $ 48,890 $ 53,712 Buildings and building improvements 5,817 5,794 Tenant improvements 571 569 Land 2,452 2,452 57,730 62,527 Less: accumulated depreciation 2,266 2,143 $ 55,464 $ 60,384 Real estate under development as of June 30, 2017 consists of the 77 Greenwich and Paramus, New Jersey properties while real estate under development as of December 31, 2016 consists of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. As disclosed in Note 13 – Subsequent Event, the Westbury, New York property was sold on August 4, 2017 and thus is classified as an asset held for sale as of June 30, 2017. Buildings and building improvements, tenant improvements and land at both dates consist of the West Palm Beach, Florida property. Depreciation expense amounted to $ 62,000 47,000

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Assets, Net	Note 4 – Prepaid Expenses and Other Assets, Net As of June 30, 2017 and December 31, 2016, prepaid expenses and other assets, net, include the following (in thousands): June 30, December 31, (unaudited) (audited) Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 915 867 Lease commissions 440 433 Other 891 417 4,336 3,807 Less: accumulated amortization 1,904 1,658 $ 2,432 $ 2,149

Loans Payable and Secured Lines

Loans Payable and Secured Lines of Credit	6 Months Ended
	Jun. 30, 2017
Long-term Debt, Unclassified [Abstract]
Loans Payable and Secured Lines of Credit	Note 5 – Loans Payable and Secured Lines of Credit Mortgages 77 Greenwich Loan On February 9, 2015, our wholly-owned subsidiary that owns 77 Greenwich and related assets (“TPH Greenwich Borrower”), entered into a loan agreement with Sterling National Bank as lender and administrative agent (the “Agent”), and Israel Discount Bank of New York, as lender (the “Lender”), pursuant to which we borrowed $ 40.0 50.0 August 8, 2017 The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the “Contract Rate”) or (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 5.00% as of December 31, 2016 and 5.50% as of June 30, 2017. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with the Agent and the Lender sufficient to make payments then due under the 77 Greenwich Loan documents. The collateral for the 77 Greenwich Loan is TPH Greenwich Borrower’s fee interest in 77 Greenwich and the related air rights, which is the subject of a mortgage in favor of the Agent. TPH Greenwich Borrower also entered into an environmental compliance and indemnification undertaking. The 77 Greenwich Loan agreement requires TPH Greenwich Borrower to comply with various affirmative and negative covenants including restrictions on debt, liens, business activities, distributions and dividends, disposition of assets and transactions with affiliates. TPH Greenwich Borrower has established blocked accounts with the initial lenders, and pledged the funds maintained in such accounts, in the amount of 9 We entered into a Nonrecourse Carve-Out Guaranty pursuant to which we agreed to guarantee certain items, including losses arising from fraud, intentional harm to 77 Greenwich, or misapplication of loan, insurance or condemnation proceeds, a voluntary bankruptcy filing by TPH Greenwich Borrower, and the payment by TPH Greenwich Borrower of maintenance costs, insurance premiums and real estate taxes. West Palm Beach, Florida Loan On May 11, 2016, our subsidiary that owns our West Palm Beach, Florida property commonly known as The Shoppes at Forest Hill (the “TPH Forest Hill Borrower”), entered into a loan agreement with Citizens Bank, National Association, as lender (the “WPB Lender”), pursuant to which the WPB Lender will provide a loan to the TPH Forest Hill Borrower in the amount of up to $ 12.6 9.1 interest at the 30-day LIBOR plus 230 basis points 2.75 3.52 May 11, 2019 The collateral for the WPB Loan is the TPH Forest Hill Borrower’s fee interest in our West Palm Beach, Florida property. The WPB Loan requires the TPH Forest Hill Borrower to comply with various customary affirmative and negative covenants and provides for certain events of default, the occurrence of which permit the WPB Lender to declare the WPB Loan due and payable, among other remedies. As of June 30, 2017, the TPH Forest Hill Borrower was in compliance with all WPB Loan covenants. On May 11, 2016 we entered into an interest rate cap agreement as required under the WPB Loan. The interest rate cap agreement provides the right to receive cash if the reference interest rate rises above a contractual rate. We paid a premium of $ 14,000 3.0 LIBOR 9.1 2,000 7,000 Secured Lines of Credit On February 22, 2017, we entered into two secured lines of credit for an aggregate of $ 12.0 February 22, 2018 12 100 3.75 9.1 Interest Three Months Three Months Six Months Six Months Interest expense $ 613 $ 516 $ 1,188 $ 997 Interest capitalized (536) (480) (1,040) (953) Interest income (36) (58) (39) (139) Interest expense (income), net $ 41 $ (22) $ 109 $ (95)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 – Fair Value Measurements The fair value of our financial instruments are determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted process in active markets for identical assets or liabilities (Level 1), quoted process for similar instruments in active markets or quoted process for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The fair values of cash and cash equivalents, receivables, prepaid expenses and other assets, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of the short-term nature of these instruments. The fair value of each of the loans payable approximated their carrying value as all our loans are variable-rate instruments.

Pension and Profit Sharing Plan

Pension and Profit Sharing Plans	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Pension and Profit Sharing Plans	Pension Plans 3.4 Prior to the bankruptcy, certain employees were covered by collective bargaining agreements and participated in multiemployer pension plans. Syms ceased to have an obligation to contribute to these plans in 2012, thereby triggering a complete withdrawal from the plans within the meaning of section 4203 of the Employee Retirement Income Security Act of 1974. Consequently, we are subject to the payment of a withdrawal liability to the remaining pension fund. As of June 30, 2017 and December 31, 2016, we had a recorded liability of $ 2.1 2.5 0.2 In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $ 3.6 4.8 0.4

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 8 – Commitments a. Leases 0.1 75,000 150,000 b. Legal Proceedings -

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes At June 30, 2017, we had federal NOLs of approximately $ 232.9 2034 102.9 2029 2034 31.1 25.5 Based on management’s assessment, we believe it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategy. In recognition of this risk, we have provided a valuation allowance of $ 96.2 95.3

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Note 10 – Stockholders’ Equity Capital Stock Our authorized capital stock consists of 120,000,000 0.01 79,999,997 0.01 0.01 0.01 40,000,000 0.01 36,796,915 30,679,566 31,445,493 25,663,820 On February 14, 2017, we issued an aggregate of 3,585,000 7.50 26.9 1,884,564 7.50 14.1 At-The-Market Equity Offering Program In December 2016, we entered into an "at-the-market" equity offering program (the “ATM Program”), to sell up to an aggregate of $ 12.0 120,299 1.2 218,000 9.76 2,492 0 23,000 9.32 10.8 Preferred Stock We are authorized to issue two shares of preferred stock, (one share each of Series A and Series B preferred stock), one share of special stock and 40,000,000 shares of blank-check preferred stock. The share of Series A preferred stock was issued to a trustee acting for the benefit of our creditors. The share of Series B preferred stock was issued to the former Majority Shareholder. The share of special stock was issued and sold to Third Avenue Trust, on behalf of Third Avenue Real Estate Value Fund (“Third Avenue), and enables Third Avenue or its affiliated designee to elect one member of the Board of Directors. On or about March 8, 2016, a General Unsecured Claim Satisfaction occurred. Under the Plan, a General Unsecured Claim Satisfaction occurs when all of the allowed creditor claims of Syms Corp. and Filene’s Basement, LLC, have been paid in full their distributions provided for under the Plan and any disputed creditor claims have either been disallowed or reserved for by Trinity. On March 14, 2016, we made the final Majority Shareholder payment (as defined in the Plan) to the Majority Shareholder in the amount of approximately $ 6.9 Upon the occurrence of the General Unsecured Claim Satisfaction, the share of Series A preferred stock was automatically redeemed in accordance with its terms and may not be reissued. In addition, upon the payment to the former Majority Shareholder, the share of Series B preferred stock was automatically redeemed in accordance with its terms and may not be reissued.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-Based Compensation	Note 11 – Stock-Based Compensation Stock Incentive Plan We adopted the Trinity Place Holdings Inc. 2015 Stock Incentive Plan (the “SIP”), effective September 9, 2015. Prior to the adoption of the SIP, we granted restricted stock units (“RSUs”) to our executive officers and employees pursuant to individual agreements. The SIP, which has a ten year term, authorizes (i) stock options that do not qualify as incentive stock options under Section 422 of the Code, or NQSOs, (ii) stock appreciation rights, (iii) shares of restricted and unrestricted common stock, and (iv) RSUs. The exercise price of stock options will be determined by the compensation committee, but may not be less than 100 800,000 Six Months Ended June Year Ended December Number of Weighted Average Number of Weighted Balance available, beginning of period 614,500 770,000 Granted to employees (8,600) $ 9.13 (105,500) $ 5.29 Granted to non-employee directors (18,938) $ 6.88 (50,000) $ 9.85 Deferred under non-employee director's deferral program (5,643) $ 6.88 - Balance available, end of period 581,319 614,500 We recognized stock-based compensation expense of approximately $ 42,000 84,000 Restricted Stock Units We have typically granted RSUs to certain employees and executive officers each year as part of compensation. These grants have vesting dates ranging from immediate vest at grant date to five years, with a distribution of shares at various dates ranging from the time of vesting to four years after vesting. During the six months ended June 30, 2017, we granted 8,600 16,000 35,000 5,000 13,000 Stock-based compensation expense recognized in the condensed consolidated statements of operations during the three and six months ended June 30, 2017 totaled $ 243,000 554,000 347,000 1.0 Six Months Ended June 30, 2017 Number of Weighted Average Non-vested at beginning of period 1,621,235 $ 6.38 Granted RSUs 8,600 $ 9.13 Vested (659,917) $ 6.44 Non-vested at end of period 969,918 $ 6.36 As of June 30, 2017, there was approximately $ 2.5 During the six months ended June 30, 2017, we issued 626,356 335,676 Director Deferred Compensation Program We adopted our Non-Employee Director’s Deferral Program (the “Deferral Program”) on November 2, 2016. Under the Deferral Program, our non-employee directors may elect to defer receipt of their annual equity compensation. The non-employee directors’ annual equity compensation, and any deferred amounts, are paid under the SIP. Compensation deferred under the Deferral Program is reflected by the grant of stock units under the SIP equal to the number of shares that would have been received absent a deferral election. The stock units, which are fully vested at grant, generally will be settled for an equal number of shares of common stock within 10 days after the participant ceases to be a director. In the event that the Company distributes dividends, each participant shall receive a number of additional stock units (including fractional stock units) equal to the quotient of (i) the aggregate amount of the dividend that the participant would have received had all outstanding stock units been shares of common stock divided by (ii) the closing price of a share of common stock on the date the dividend was issued. During the six months ended June 30, 2017, 5,643

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Note 12 – Investment in Unconsolidated Joint Venture Through a wholly-owned subsidiary, we own a 50 99,000 68.885 42.5 10 1 3.38 2.93 This joint venture is a voting interest entity. As we do not control this joint venture, we account for it under the equity method of accounting. June 30, December 31, ASSETS Real estate, net $ 53,677 $ 54,310 Cash and cash equivalents 306 77 Restricted cash 324 52 Tenant and other receivables, net 119 101 Prepaid expenses and other assets, net 117 169 Intangible assets, net 13,557 14,362 Total assets $ 68,100 $ 69,071 LIABILITIES Mortgage payable, net $ 40,867 $ 40,799 Accounts payable and accrued expenses 559 403 Total liabilities 41,426 41,202 MEMBERS' EQUITY Members' equity 28,307 28,485 Accumulated deficit (1,633) (616) Total members' equity 26,674 27,869 Total liabilities and members' equity $ 68,100 $ 69,071 Our investment in unconsolidated joint venture $ 13,337 $ 13,939 Three Months Six Months Revenues Rental revenues $ 882 $ 1,677 Other income 1 2 Total revenues 883 1,679 Operating Expenses Property operating expenses 212 409 Real estate taxes 11 23 General and administrative 2 5 Interest expense, net 352 701 Transaction related costs 6 11 Amortization 447 892 Depreciation 328 655 Total operating expenses 1,358 2,696 Net loss $ (475) $ (1,017) Our equity in net loss from unconsolidated joint venture $ (237) $ (508)

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Event On August 4, 2017, we closed on the sale of our property located in Westbury, New York for a gross sale price of $ 16.0 3.9 15.2

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with our December 31, 2016 audited consolidated financial statements, as previously filed with the SEC in our 2016 Annual Report on Form 10-K (the “2016 Annual Report”), and other public information.
Principles of Consolidation	a. Principles of Consolidation - We consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of June 30, 2017, we had no VIEs. We assess the accounting treatment for joint venture investments. This assessment includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. As of June 30, 2017, we account for our investment in one joint venture under the equity method (see Note 12 - Investment in Unconsolidated Joint Venture).
Investments in Unconsolidated Joint Ventures	b. Investment in Unconsolidated Joint Venture -
Use of Estimates	c. Use of Estimates
Reportable Segments	d. Reportable Segments
Concentrations of Credit Risk	e. Concentrations of Credit Risk
Real Estate	f. Real Estate Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life
Real Estate Under Development	g. Real Estate Under Development
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets
Trademarks and Customer Lists	i. Trademarks and Customer Lists 10
Fair Value Measurement	j. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3
Cash and Cash Equivalents	k. Cash and Cash Equivalents
Restricted Cash	l. Restricted Cash -
Revenue Recognition	m. Revenue Recognition
Stock-Based Compensation	n. Stock-Based Compensation
Income Taxes	o. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both June 30, 2017 and December 31, 2016, we had determined that no liabilities are required in connection with unrecognized tax positions. As of June 30, 2017, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state, and certain local and franchise taxes.
Earnings (loss) Per Share	p. Earnings (loss) Per Share
Deferred Financing Costs	q. Deferred Financing Costs
Deferred Lease Costs	r. Deferred Lease Costs
Underwriting Commissions and Costs	s. Underwriting Commissions and Costs
Reclassifications	t. Reclassifications -
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-05, Other Income-Gains and Losses from the De-recognition of Nonfinancial Assets (Subtopic 610-20) to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. ASU 2017-05 reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. ASU 2017-05 is effective for annual reporting periods after December 16, 2017, including interim reporting period within that reporting period. The adoption of ASU 2017-05 is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business and provides guidance to assist with determining whether transactions should be accounted for as acquisitions of assets or businesses. The main provision is that an acquiree is not a business if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or group of assets. We adopted the guidance on the issuance date effective January 5, 2017. We expect that most of our real estate acquisitions will be considered asset acquisitions under the new guidance and that transaction costs will be capitalized to the investment basis which is then subject to a purchase price allocation based on relative fair value.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment	Depreciation and amortization are determined using the straight-line method over the estimated useful lives described in the table below: Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life

Real Estate, Net (Tables)

Real Estate, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Real Estate Properties	As of June 30, 2017 and December 31, 2016, real estate, net, includes the following (in thousands): June 30, December 31, (unaudited) (audited) Real estate under development $ 48,890 $ 53,712 Buildings and building improvements 5,817 5,794 Tenant improvements 571 569 Land 2,452 2,452 57,730 62,527 Less: accumulated depreciation 2,266 2,143 $ 55,464 $ 60,384

Prepaid Expenses and Other As23

Prepaid Expenses and Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Prepaid Expense and Other Assets [Abstract]
Schedule Of Prepaid Expense And Other Assets	As of June 30, 2017 and December 31, 2016, prepaid expenses and other assets, net, include the following (in thousands): June 30, December 31, (unaudited) (audited) Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 915 867 Lease commissions 440 433 Other 891 417 4,336 3,807 Less: accumulated amortization 1,904 1,658 $ 2,432 $ 2,149

Loans Payable and Secured Lin24

Loans Payable and Secured Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2017
Long-term Debt, Unclassified [Abstract]
Schedule of Interest Income and Interest Expense	Consolidated interest expense (income), net includes the following (in thousands): Three Months Three Months Six Months Six Months Interest expense $ 613 $ 516 $ 1,188 $ 997 Interest capitalized (536) (480) (1,040) (953) Interest income (36) (58) (39) (139) Interest expense (income), net $ 41 $ (22) $ 109 $ (95)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Our SIP activity was as follows: Six Months Ended June Year Ended December Number of Weighted Average Number of Weighted Balance available, beginning of period 614,500 770,000 Granted to employees (8,600) $ 9.13 (105,500) $ 5.29 Granted to non-employee directors (18,938) $ 6.88 (50,000) $ 9.85 Deferred under non-employee director's deferral program (5,643) $ 6.88 - Balance available, end of period 581,319 614,500
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Our RSU activity for the six months ended June 30, 2017 was as follows: Six Months Ended June 30, 2017 Number of Weighted Average Non-vested at beginning of period 1,621,235 $ 6.38 Granted RSUs 8,600 $ 9.13 Vested (659,917) $ 6.44 Non-vested at end of period 969,918 $ 6.36

Investment in Unconsolidated 26

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment, Summarized Financial Information, Statement of Financial Position	The balance sheets for the unconsolidated joint venture at June 30, 2017 and December 31, 2016 are as follows (in thousands): June 30, December 31, ASSETS Real estate, net $ 53,677 $ 54,310 Cash and cash equivalents 306 77 Restricted cash 324 52 Tenant and other receivables, net 119 101 Prepaid expenses and other assets, net 117 169 Intangible assets, net 13,557 14,362 Total assets $ 68,100 $ 69,071 LIABILITIES Mortgage payable, net $ 40,867 $ 40,799 Accounts payable and accrued expenses 559 403 Total liabilities 41,426 41,202 MEMBERS' EQUITY Members' equity 28,307 28,485 Accumulated deficit (1,633) (616) Total members' equity 26,674 27,869 Total liabilities and members' equity $ 68,100 $ 69,071 Our investment in unconsolidated joint venture $ 13,337 $ 13,939
Equity Method Investment, Summarized Financial Information, Statement of Operations	The statements of operations for the unconsolidated joint venture for the three and six months ended June 30, 2017 are as follows (in thousands): Three Months Six Months Revenues Rental revenues $ 882 $ 1,677 Other income 1 2 Total revenues 883 1,679 Operating Expenses Property operating expenses 212 409 Real estate taxes 11 23 General and administrative 2 5 Interest expense, net 352 701 Transaction related costs 6 11 Amortization 447 892 Depreciation 328 655 Total operating expenses 1,358 2,696 Net loss $ (475) $ (1,017) Our equity in net loss from unconsolidated joint venture $ (237) $ (508)

Business (Details Textual)

Business (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 14, 2016	Jun. 30, 2017
Operating Loss Carryforwards		$ 232.9
Equity Method Investment, Ownership Percentage		50.00%
Claim Satisfaction To Former Majority Shareholder	$ 6.9

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2017
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	39 years
Tenant Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of remaining term of the lease or useful life

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2017
Trademarks and Customer Lists [Member]
Finite-Lived Intangible Asset, Useful Life	10 years

Real Estate, Net (Details)

Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investment Property, at Cost	$ 57,730	$ 62,527
Less: accumulated depreciation	2,266	2,143
Real Estate Investment Property, Net	55,464	60,384
Real estate under development
Real Estate Investment Property, at Cost	48,890	53,712
Buildings and building improvements
Real Estate Investment Property, at Cost	5,817	5,794
Tenant improvements
Real Estate Investment Property, at Cost	571	569
Land
Real Estate Investment Property, at Cost	$ 2,452	$ 2,452

Real Estate, Net (Details Textu

Real Estate, Net (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Depreciation, Total	$ 62,000	$ 47,000	$ 123,000	$ 88,000

Prepaid Expenses and Other As32

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Trademarks and customer lists	$ 2,090	$ 2,090
Prepaid expenses	915	867
Lease commissions	440	433
Other	891	417
Prepaid Expense And Other Assets Gross	4,336	3,807
Less: accumulated amortization	1,904	1,658
Prepaid Expense and Other Assets	$ 2,432	$ 2,149

Loans Payable and Secured Lin33

Loans Payable and Secured Lines of Credit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest expense	$ 613	$ 516	$ 1,188	$ 997
Interest capitalized	(536)	(480)	(1,040)	(953)
Interest income	(36)	(58)	(39)	(139)
Interest expense (income), net	$ 41	$ (22)	$ 109	$ (95)

Loans Payable and Secured Lin34

Loans Payable and Secured Lines of Credit (Details Textual) - USD ($)	May 11, 2016	Feb. 09, 2015	Feb. 22, 2017	Jun. 30, 2017	Dec. 31, 2016
Long Term Debt Maturity Date		Aug. 8, 2017
Long-term Line of Credit				$ 0	$ 0
Interest Rate Cap [Member]
Interest Expense, Debt				$ 2,000
West Palm Beach Florida Loan [Member]
Long Term Debt Maturity Date	May 11, 2019
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Interest Rate, Basis for Effective Rate	interest at the 30-day LIBOR plus 230 basis points
Debt Instrument, Interest Rate, Effective Percentage				3.52%	2.75%
Debt Instrument, Unamortized Premium	$ 14,000
Derivative, Notional Amount	$ 9,100,000
Debt Instrument, Unamortized Discount				$ 7,000
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
TPH Borrower [Member]
Loans Payable to Bank		$ 40,000,000
Debt Instrument, Description of Variable Rate Basis				The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the Contract Rate) or (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 5.00% as of December 31, 2016 and 5.50% as of June 30, 2017. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with the Agent and the Lender sufficient to make payments then due under the 77 Greenwich Loan documents.
Percentage Of Loans		9.00%
TPH Borrower [Member] | West Palm Beach Florida Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 12,600,000
Long-term Line of Credit	$ 9,100,000
TPH Borrower [Member] | Maximum [Member]
Loans Payable to Bank		$ 50,000,000
Sterling National Bank [Member]
Debt Instrument, Description of Variable Rate Basis			100
Debt Instrument, Interest Rate, Effective Percentage			3.75%
Line of Credit Facility, Maximum Borrowing Capacity			$ 12,000,000
Line of Credit Facility, Expiration Date			Feb. 22, 2018
Line of Credit Facility, Expiration Period			12 months
Line of Credit Facility, Remaining Borrowing Capacity			$ 9.1

Pension and Profit Sharing Pl35

Pension and Profit Sharing Plans (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period	$ 3,400,000		$ 3,400,000
Multiemployer Plans, Accumulated Benefit Obligation	2,100,000		$ 2,500,000
Multiemployer Plan, Contributions by Employer	4,800,000
Syms Sponsored Plan [Member]
Multiemployer Plans, Withdrawal Obligation	200,000
Syms Plan Minimum Contribution	3,600,000
Multiemployer Plans, Pension [Member]
Multiemployer Plan, Contributions by Employer	$ 400,000	$ 3.4

Commitments (Details Textual)

Commitments (Details Textual) - Fifth Avenue, New York [Member]	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)
Operating Leases, Rent Expense	$ 75,000	$ 150,000
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	$ 100,000	$ 100,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Operating Loss Carryforwards	$ 232.9
Valuation Allowance	96.2	$ 95.3
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 102.9
State and Local Jurisdiction [Member] | Maximum [Member]
Operating Loss Carryforward Expiration Year	2,034
State and Local Jurisdiction [Member] | Minimum [Member]
Operating Loss Carryforward Expiration Year	2,029
Federal [Member]
Operating Loss Carryforwards	$ 232.9
Operating Loss Carryforward Expiration Year	2,034
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 31.1
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 25.5

Stockholders_ Equity (Details T

Stockholders’ Equity (Details Textual) - USD ($)	Apr. 05, 2017	Feb. 14, 2017	Mar. 14, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Capital Stock Shares Authorized				120,000,000	120,000,000
Capital Stock par or Stated Value Per Share				$ 0.01	$ 0.01
Common Stock, Shares Authorized				79,999,997	79,999,997		79,999,997
Common Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized				2	2		2
Preferred Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01		$ 0.01
Special Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01		$ 0.01
Stock Issued During Period, Value, New Issues					$ 40,561,000
Common Stock, Shares, Issued				36,796,915	36,796,915		30,679,566
Common Stock, Shares, Outstanding				31,445,493	31,445,493		25,663,820
Payment to Majority Shareholder			$ 6,900,000
Proceeds from Issuance of Common Stock					$ 40,561,000	$ 0
Common Stock [Member]
Stock Issued During Period, Value, New Issues					$ 55,000
Stock Issued During Period, Shares, New Issues					5,472
At-The-Market Equity Offering Program [Member]
Stock Issued During Period, Value, New Issues				$ 0	$ 23,000
Stock Issued During Period, Shares, New Issues				0	2,492
Stock Issuance Program, Maximum Amount Authorized							$ 12,000,000
Payments for Brokerage Fees							$ 218,000
Shares Issued, Price Per Share				$ 9.32	$ 9.32		$ 9.76
Stock Issuance Program, Remaining Amount Authorized				$ 10,800,000	$ 10,800,000
At-The-Market Equity Offering Program [Member] | Common Stock [Member]
Stock Issued During Period, Value, New Issues							$ 1,200,000
Stock Issued During Period, Shares, New Issues							120,299
Rights Offering [Member]
Stock Issued During Period, Shares, New Issues	1,884,564
Shares Issued, Price Per Share	$ 7.50
Proceeds from Issuance of Common Stock	$ 14,100,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues		3,585,000
Shares Issued, Price Per Share		$ 7.50
Proceeds from Issuance of Common Stock		$ 26,900,000
Series A and Series B preferred stock [Member]
Preferred Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized				40,000,000	40,000,000		40,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Number of Shares, Granted to employees	614,500	770,000
Number of Shares, Deferred under non-employee director's deferral program	(5,643)	0
Number of Shares, Balance available, end of period	581,319	614,500
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	$ 6.88
Employees [Member]
Number of Shares, Granted	(8,600)	(105,500)
Weighted Average Fair Value at Grant Date, Granted	$ 9.13	$ 5.29
Director [Member]
Number of Shares, Granted	(18,938)	(50,000)
Weighted Average Fair Value at Grant Date, Granted	$ 6.88	$ 9.85

Stock-Based Compensation (Det40

Stock-Based Compensation (Details 1)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of Shares, Non-vested at beginning of period | shares	1,621,235
Number of Shares, Granted RSUs | shares	8,600
Number of Shares, Vested | shares	(659,917)
Number of Shares, Non-vested at end of period | shares	969,918
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $ / shares	$ 6.38
Weighted Average Fair Value at Grant Date, Granted RSUs | $ / shares	9.13
Weighted Average Fair Value at Grant Date, Vested | $ / shares	6.44
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $ / shares	$ 6.36

Stock-Based Compensation (Det41

Stock-Based Compensation (Details Textual) - USD ($)	Sep. 09, 2015	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			8,600
Share-based Compensation			$ 612,000	$ 1,411,000
Deferred Compensation Arrangement with Individual, Shares Issued			5,643		0
Deferred Compensation, Share-based Payments [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 2,500,000	$ 2,500,000
Chief Executive Officer [Member]
Stock Issued During Period, Shares, New Issues			626,356
Stock Repurchased During Period, Shares			335,676
Other Employees [Member]
Restricted Stock or Unit Expense		16,000	$ 35,000
Non Employee Director [Member]
Share-based Compensation		42,000	84,000
Restricted Stock Units (RSUs) [Member]
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition		347,000	1,000,000
Restricted Stock or Unit Expense		243,000	$ 554,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			These grants have vesting dates ranging from immediate vest at grant date to five years, with a distribution of shares at various dates ranging from the time of vesting to four years after vesting.
Restricted Stock Units (RSUs) [Member] | Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			8,600
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition		$ 5,000	$ 13,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
2015 Stock Incentive Plan[Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

Investment in Unconsolidated 42

Investment in Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Real estate, net	$ 53,677	$ 54,310
Cash and cash equivalents	306	77
Restricted cash	324	52
Tenant and other receivables, net	119	101
Prepaid expenses and other assets, net	117	169
Intangible assets, net	13,557	14,362
Total assets	68,100	69,071
LIABILITIES
Mortgage payable, net	40,867	40,799
Accounts payable and accrued expenses	559	403
Total liabilities	41,426	41,202
MEMBERS' EQUITY
Members' equity	28,307	28,485
Accumulated deficit	(1,633)	(616)
Total members' equity	26,674	27,869
Total liabilities and members' equity	68,100	69,071
Our investment in unconsolidated joint venture	$ 13,337	$ 13,939

Investment in Unconsolidated 43

Investment in Unconsolidated Joint Venture (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental revenues	$ 882		$ 1,677
Other income	1		2
Total revenues	883		1,679
Operating Expenses
Property operating expenses	212		409
Real estate taxes	11		23
General and administrative	2		5
Interest expense, net	352		701
Transaction related costs	6		11
Amortization	447		892
Depreciation	328		655
Total operating expenses	1,358		2,696
Net loss	(475)		(1,017)
Our equity in net loss from unconsolidated joint venture	$ (237)	$ 0	$ (508)	$ 0

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture (Details Textual) $ in Thousands	Dec. 05, 2016USD ($)	Jun. 30, 2017a	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%
The Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument,Prepayment Premium	1.00%
Debt Instrument, Face Amount	$ 42,500
Debt Instrument, Term	10 years
Debt Instrument, Interest Rate, Effective Percentage		3.38%	2.93%
The Berkley [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property	$ 68,885
Equity Method Investment, Ownership Percentage		50.00%
Area of Land | a		99,000

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - Subsequent Event [Member] $ in Millions	Aug. 04, 2017USD ($)
Subsequent Event [Line Items]
Total Purchase Price Of Property	$ 16
Gain (Loss) on Disposition of Property Plant Equipment	3.9
Proceeds from Sale of Property, Plant, and Equipment	$ 15.2