Trinity Place (TPHS) 10-K 15 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 15, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	Trinity Place Holdings Inc.
Entity Central Index Key	724,742
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 175,834,000
Trading Symbol	TPHS
Entity Common Stock, Shares Outstanding		31,554,643

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Real estate, net	$ 76,269	$ 60,384
Cash and cash equivalents	15,273	4,678
Restricted cash	8,916	3,688
Investment in unconsolidated joint venture	12,533	13,939
Receivables, net	3,417	220
Deferred rents receivable	548	543
Prepaid expenses and other assets, net	4,059	2,149
Total assets	121,015	85,601
LIABILITIES
Loans payable, net	36,167	48,705
Accounts payable and accrued expenses	13,323	2,935
Pension liabilities	4,235	5,936
Secured line of credit	0	0
Total liabilities	53,725	57,576
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock	0	0
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 36,803,218 and 30,679,566 shares issued at December 31, 2017 and December 31, 2016, respectively; 31,451,796 and 25,663,820 shares outstanding at December 31, 2017 and December 31, 2016, respectively	368	307
Additional paid-in capital	130,897	87,521
Treasury stock (5,351,422 and 5,015,746 shares at December 31, 2017 and December 31, 2016, respectively)	(53,666)	(51,086)
Accumulated other comprehensive loss	(2,732)	(3,161)
Accumulated deficit	(7,577)	(5,556)
Total stockholders' equity	67,290	28,025
Total liabilities and stockholders' equity	121,015	85,601
Blank Check Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	36,803,218	30,679,566
Common Stock, Shares, Outstanding	31,451,796	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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental revenues	$ 659	$ 1,287	$ 1,315
Tenant reimbursements	182	575	541
Total revenues	841	1,862	1,856
Operating Expenses
Property operating expenses	576	733	624
Real estate taxes	165	467	275
General and administrative	6,533	5,828	7,435
Transaction related costs	0	83	243
Depreciation and amortization	309	544	457
Costs relating to demolished asset	0	3,426	0
Total operating expenses	7,583	11,081	9,034
Operating loss	(6,742)	(9,219)	(7,178)
Equity in net loss from unconsolidated joint venture	0	(1,057)	(308)
Interest income (expense), net	(246)	215	42
Interest expense - amortization of deferred finance costs	(63)	0	(98)
Reduction of claims liability	557	1,043	132
Loss before gain on sale of real estate and taxes	(6,494)	(9,018)	(7,410)
Gain on sale of real estate	0	3,853	0
Tax benefit (expense)	(67)	3,144	(26)
Net loss available to common stockholders	(6,561)	(2,021)	(7,436)
Other comprehensive loss:
Unrealized gain (loss) on pension liability	(861)	429	(824)
Comprehensive loss available to common stockholders	$ (7,422)	$ (1,592)	$ (8,260)
Loss per share - basic and diluted	$ (0.32)	$ (0.07)	$ (0.29)
Weighted average number of common shares - basic and diluted	20,518	30,451	25,439

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Feb. 27, 2015	$ 5,201	$ 245	$ 45,375	$ (47,166)	$ 8,223	$ (1,476)
Balance (in shares) at Feb. 27, 2015		24,473		(4,457)
Net loss available to common stockholders	(6,561)	$ 0	0	$ 0	(6,561)	0
Sale of common stock, net	29,558	$ 50	29,508	$ 0	0	0
Sale of common stock, net (in shares)		5,000		0
Settlement of stock awards	(1,943)	$ 5	0	$ (1,948)	0	0
Settlement of stock awards (in shares)		506		(281)
Unrealized loss on pension liability	(861)	$ 0	0	$ 0	0	(861)
Reclassification of stock-based compensation to liability	(2,516)	0	(2,516)	0	0	0
Reclassification of liability related to stock-based compensation to equity	1,560	0	1,560	0	0	0
Stock-based compensation expense	528	0	528	0	0	0
Balance at Dec. 31, 2015	24,966	$ 300	74,455	$ (49,114)	1,662	(2,337)
Balance (in shares) at Dec. 31, 2015		29,979		(4,738)
Net loss available to common stockholders	(7,436)	$ 0	0	$ 0	(7,436)	0
Sale of common stock, net	880	$ 1	879	$ 0	0	0
Sale of common stock, net (in shares)		120		0
Settlement of stock awards	(1,966)	$ 6	0	$ (1,972)	0	0
Settlement of stock awards (in shares)		581		(278)
Unrealized loss on pension liability	(824)	$ 0	0	$ 0	0	(824)
Stock-based compensation expense	7,806	0	7,806	0	0	0
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)
Cumulative change in accounting principle (Note 2)	4,599	$ 0	4,381	$ 0	218	0
Net loss available to common stockholders	(2,021)	0	0	0	(2,021)	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	(2,574)	$ 6	0	$ (2,580)	0	0
Settlement of stock awards (in shares)		651		(335)
Unrealized loss on pension liability	429	$ 0	0	$ 0	0	429
Stock-based compensation expense	2,870	0	2,870	0	0	0
Balance at Dec. 31, 2017	$ 67,290	$ 368	$ 130,897	$ (53,666)	$ (7,577)	$ (2,732)
Balance (in shares) at Dec. 31, 2017		36,803		(5,351)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss available to common stockholders	$ (6,561)	$ (2,021)	$ (7,436)
Adjustments to reconcile net loss available to common stockholders to net cash used in operating activities:
Depreciation and amortization	309	544	457
Amortization of deferred finance costs	63	255	98
Costs relating to demolished asset	0	1,585	0
Stock-based compensation expense	1,446	1,225	2,782
Gain on sale of real estate	0	(3,853)	0
Deferred rents receivable	(200)	(5)	(343)
Reduction of claims liability	(230)	0	(135)
Equity in net loss from unconsolidated joint venture	0	1,057	308
Distribution from unconsolidated joint venture	0	419	39
Decrease (increase) in operating assets:
Restricted cash	17,978	2,872	(88)
Receivables, net	59	(3,197)	(189)
Prepaid expenses and other assets, net	(517)	(2,456)	(472)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(1,943)	212	(1,544)
Pension liabilities	(1,241)	(1,277)	(1,388)
Obligation to former Majority Shareholder	0	0	(6,931)
Other liabilities, primarily lease settlement liabilities	(16,197)	0	0
Net cash used in operating activities	(7,034)	(4,640)	(14,842)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(6,278)	(16,788)	(11,928)
Investment in unconsolidated joint venture	0	(70)	(14,286)
Net proceeds from the sale of real estate	0	15,232	0
Restricted cash	0	(8,100)	0
Net cash used in investing activities	(6,278)	(9,726)	(26,214)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of loan	0	(40,000)	0
Proceeds from loan, net	0	32,302	9,100
Payment of finance costs	0	(5,328)	(453)
Settlement of stock awards	(1,943)	(2,574)	(1,966)
Proceeds from sale of common stock, net	29,558	40,561	880
Net cash provided by financing activities	27,615	24,961	7,561
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	14,303	10,595	(33,495)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	23,870	4,678	38,173
CASH AND CASH EQUIVALENTS, END OF PERIOD	38,173	15,273	4,678
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	1,483	2,467	2,073
Cash paid during the period for: Taxes	67	37	38
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to accumulated deficit for capitalized stock-based compensation expense	0	0	(541)
Accrued development costs included in accounts payable and accrued expenses	1,866	10,175	1,195
Amounts due related to development costs included in receivables, net	0	0	0
Capitalized amortization of deferred financing costs	228	487	345
Stock Compensation Plan [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment of liability related to stock-based compensation	5,140	0	(5,140)
Real Estate [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized stock-based compensation expense	$ 3,266	$ 1,645	$ 5,024

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION General Business Plan 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 currently a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan. 77 Greenwich was a vacant building that was demolished and is 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, a property formerly occupied by a retail tenant in Paramus, New Jersey, and, through a joint venture, a 50 We also control a variety of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. (“Syms”), 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 $ 231.0 Trinity is the successor to 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 On January 18, 2018, Syms and certain of its subsidiaries (together, the “Reorganized Debtors”) filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) a motion (the “Motion”) for entry of a final decree (the “Final Decree”) (i) closing the chapter 11 cases of the Reorganized Debtors; (ii) terminating the services of the claims and noticing agent; and (iii) retaining the Bankruptcy Court’s jurisdiction as provided for in the Plan, including to enforce or interpret its own orders pertaining to the chapter 11 cases including, but not limited to, the Plan and Final Decree. On the same date, the Reorganized Debtors filed a Final Report in support of the Motion. On February 6, 2018, the Bankruptcy Court entered the Final Decree pursuant to which the chapter 11 cases of the Reorganized Debtors were closed. Change in Basis of Accounting Effective February 9, 2015, we ceased reporting on the liquidation basis of accounting in light of our available cash resources, the estimated range of outstanding payments on unresolved claims, and our ability to operate as a going concern. We resumed reporting on the going concern basis of accounting on February 10, 2015 which resulted in all remaining assets and liabilities at that date being adjusted to their historic carrying values reduced by depreciation and/or amortization calculated from the date we entered liquidation through the date we emerged from liquidation. Accordingly, this change in accounting basis resulted in a decrease in the reporting basis of the respective assets and liabilities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Accounting Period b. 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 December 31, 2017 and December 31, 2016, we had no VIEs. We assess the accounting treatment for each joint venture. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all 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. c. Investments in Unconsolidated Joint Ventures - d. Use of Estimates e. Reportable Segments f. Concentrations of Credit Risk g. Real Estate Category Terms Building and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life h. Real Estate Under Development i. Valuation of Long-Lived Assets j. Trademarks and Customer Lists k. 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 l. Cash and Cash Equivalents m. Restricted Cash - n. Revenue Recognition o. Stock-Based Compensation p. 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 December 31, 2017 and December 31, 2016, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2017, our tax returns for the prior three years are subject to review by the Internal Revenue Service. On December 22, 2017, the President of the United States signed into law P.L. 115-97, commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Act”). The Act modifies several provisions of the Internal Revenue Code related to corporations, including a permanent corporate income tax rate reduction from 35% to 21%, effective January 1, 2018. See Note 5 – Taxes for additional detail on our accounting for income taxes, including additional discussion on the enactment of the Act and the resulting impact on our 2017 financial statements. We are subject to certain federal, state, local and franchise taxes. q. Earnings (loss) Per Share r. Deferred Financing Costs s. Deferred Lease Costs t. Underwriting Commissions and Costs u. Reclassifications - v. Change in Estimate Accounting Standards Updates In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in the new standard will permit more flexibility in hedging interest rate risk for both variable rate and fixed rate financial instruments. The standard will also enhance the presentation of hedge results in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We have not yet adopted the guidance and do not expect a material impact on our consolidated financial statements when the new standard is implemented. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting. The guidance clarifies the changes to the terms or conditions of a share-based payment award that require an entity to apply modification accounting in Topic 718. The guidance is effective for fiscal years beginning after December 15, 2017 and early adoption is permitted. We have not yet adopted the guidance and do not expect a material impact on our consolidated financial statements when the new standard is implemented. In February 2017, the FASB issued 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. Upon the adoption of ASU No. 2017-01 in 2017, we evaluate each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: · Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or · The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). An acquired process is considered substantive if: · The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; · The process cannot be replaced without significant cost, effort, or delay; or · The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance will require entities to show the changes on the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between these items on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We have not yet adopted this new guidance and are currently evaluating the impact of adopting this new accounting standard on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We will adopt this new guidance for the year beginning January 1, 2018 and we have determined this new accounting standard will not have a material effect on our consolidated financial statements. In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $0.5 million, a reduction in liability related to stock-based compensation of $5.1 million, an increase in additional paid-in capital of $4.4 million and an increase in retained earnings of $0.2 million (see Adoption of New Accounting Principle below). In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. As lessee, we are party to an office lease with future payment obligations aggregating $3.2 million at December 31, 2017 (see Note 9 - Commitments) for which we expect to record right of use assets and liabilities upon adoption of ASU 2016-02. The new guidance also requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. We do not capitalize internal leasing costs. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but may apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. Management believes the majority of our revenue falls outside of the scope of this guidance and does not anticipate any significant changes to the timing of our revenue recognition. We intend to implement the standard on a modified retrospective basis with the cumulative effect recognized in retained earnings at the date of application.

REAL ESTATE, NET

REAL ESTATE, NET	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
REAL ESTATE, NET	NOTE 3 – REAL ESTATE, NET December 31, December 31, Real estate under development 69,783 $ 53,712 Building and building improvements 5,817 5,794 Tenant improvements 606 569 Land 2,452 2,452 78,658 62,527 Less: accumulated depreciation 2,389 2,143 $ 76,269 $ 60,384 Real estate under development as of December 31, 2017 consisted of the 77 Greenwich and Paramus, New Jersey properties while real estate under development as of December 31, 2016 consisted of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. Building and building improvements, tenant improvements and land at both dates consisted of the West Palm Beach, Florida property. In August 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 Depreciation expense amounted to $ 246,000 205,000 Costs 3.4 In September 2017, a wholly-owned subsidiary of ours entered into an agreement pursuant to which it acquired an option to purchase a newly built 105-unit, 12 story apartment building located at 237 11th Street, Brooklyn, New York for a purchase price of $ 81.0 March 9, 8.1 Through a wholly-owned subsidiary, we also entered into an agreement with the New York City School Construction Authority (the "SCA"), whereby we will construct a school that will be sold to the SCA as part of our condominium development at the 77 Greenwich property. Pursuant to the agreement, the SCA will pay us $ 41.5 5.0 Revenue will not be recognized until control of the asset is transferred to the buyer. This generally will include transfer of title to the property. As payments from the SCA are received, the amounts will be recognized as a deferred liability until sales criteria are satisfied.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS, NET	12 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS, NET	NOTE 4 – PREPAID EXPENSES AND OTHER ASSETS, NET December 31, December 31, Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 1,673 867 Lease commissions 1,297 433 Other 1,203 417 6,263 3,807 Less: accumulated amortization 2,204 1,658 $ 4,059 $ 2,149

TAXES

TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
TAXES	NOTE 5 - TAXES Year Ended Year Ended For the Period Current: Federal $ - $ - $ - State 38 26 41 $ 38 $ 26 $ 41 Deferred: Federal $ (3,182) $ - - State - - $ - $ (3,182) $ - $ - Tax (benefit) expense $ (3,144) $ 26 $ 41 Year Ended Year Ended For the Period Statuary federal income tax rate 35.0 % 35.0 % 35.0 % State taxes -0.7 % 7.5 % 16.2 % Permanent non-deductible expenses -10.5 % -6.9 % -7.4 % Federal rate change -654.5 % 0.0 % 0.0 % AMT credit calculation allowance release 61.6 % 0.0 % 0.0 % Change of valuation allowance 630.0 % -35.7 % -44.4 % Effective income tax rate 60.9 % -0.1 % -0.6 % Year Ended Year Ended Deferred tax assets: Pension costs $ 1,008 $ 1,801 Stock-based compensation reserves not currently deductible (147) (220) Net operating loss carry forwards 56,462 88,968 Depreciation (including air rights) 1,796 1,685 AMT Credit - 3,181 Investment in joint venture 254 - Accrued expenses 220 212 Total deferred tax assets $ 59,593 $ 95,627 Valuation allowance (59,469) (95,327) Deferred tax asset after valuation allowance $ 124 $ 300 Deferred tax liabilities: Intangibles $ (124) $ (300) Other - - Total deferred tax liabilities $ (124) $ (300) Net deferred tax assets $ - $ - Current deferred tax assets $ - $ - Long term deferred tax assets - - Total deferred tax assets $ - $ - Effects of the Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into U.S. law. ASC Topic 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017, or in the case of certain other provisions of the law, January 1, 2018. Given the significance of the legislation, the U.S. Securities and Exchange Commission (the "SEC") staff issued Staff Accounting Bulletin ("SAB") No. 118 (“SAB 118”), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended prior to the one year term when the registrant has obtained, prepared, and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared, or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Cuts and Jobs Act. As part of the Tax Reform, the U.S. corporate income tax rate applicable to us decreased from 35% to 21 Our accounting for the above elements of the Act is complete. Other significant provisions that are not yet effective but may impact income taxes in future years include, but not limited to, an exemption from U.S. tax on dividends of future foreign earnings, limitation on the current deductibility of net interest expense in excess of 30% of adjusted taxable income and a limitation of net operating losses generated after fiscal 2018 to 80% of taxable income. At December 31, 2017, we had federal NOLs carry forwards of approximately $ 231.0 and 2037 102.3 2029 2037 31.1 25.5 Based on management’s assessment, it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategies 95.3 35.8 59.5 35

RENTAL REVENUE

RENTAL REVENUE	12 Months Ended
	Dec. 31, 2017
Operating Leases, Income Statement, Lease Revenue [Abstract]
RENTAL REVENUES	NOTE 6 – RENTAL REVENUE Our properties are leased to various national and local companies under leases expiring through 2031. As of December 31, 2017, 17 67.3 100 Year ended: Future 2018 $ 1,177 2019 1,045 2020 960 2021 728 2022 704 Thereafter 4,489 $ 9,103

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 7 – FAIR VALUE MEASUREMENTS The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair value of the loans payable approximated their carrying values as they are variable-rate instruments. On an annual recurring basis, we are required to use fair value measures when measuring plan assets of our pension plans. As we elected to adopt the measurement date provisions of ASC 715, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans,” as of March 4, 2007, we are required to determine the fair value of our pension plan assets as of December 31, 2017. The fair value of pension plan assets was $ 12.1

PENSION AND PROFIT SHARING PLAN

PENSION AND PROFIT SHARING PLANS	12 Months Ended
	Dec. 31, 2017
Compensation and Retirement Disclosure [Abstract]
PENSION AND PROFIT SHARING PLANS	NOTE 8 – PENSION AND PROFIT SHARING PLANS a. Pension Plans - 2.5 3.4 We had contemplated other courses of action, including a distress termination, whereby the Pension Benefits Guaranty Corporation (“PBGC”) would take over the plan. On February 27, 2012, Syms notified the PBGC and other affected parties of its consideration to terminate the plan in a distress termination. However, the estimated total cost associated with a distress termination was approximately $ 15 In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $ 4.1 0.5 Year Ended Year Ended CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 14,278 $ 13,394 Interest cost 697 653 Actuarial loss 295 867 Gross benefits paid (650) (636) Net benefit obligation - end of period $ 14,620 $ 14,278 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 10,889 $ 10,254 Employer contributions 460 575 Gross benefits paid (650) (636) Actual return on plan assets 1,421 696 Fair value of plan assets - end of period $ 12,120 $ 10,889 Un-funded status at end of period $ (2,500) $ (3,389) Year Ended Year Ended COMPONENTS OF NET PERIODIC COST: Interest cost $ 697 $ 653 Gain on assets (1,421) (696) Amortization of loss 1,241 478 Net periodic cost $ 517 $ 435 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 % The expected long-term rate of return on plan assets was 6 Year Amount 2018 $ 996 2019 999 2020 997 2021 1,017 2022 1,028 2023-2027 5,132 December 31, 2017 December 31, 2016 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value Assets Cash and equivalents 0% to 10% $ 768 6 % $ 648 6 % Equity securities 40% to 57% 6,848 57 % 5,871 54 % Fixed income securities 35% to 50% 4,369 36 % 4,150 38 % Alternative investments 1% to 10% 135 1 % 220 2 % Total $ 12,120 100 % $ 10,889 100 % Under the provisions of ASC 715, we are required to recognize in our consolidated balance sheets the unfunded status of a benefit plan. This is measured as the difference between plan assets at fair value and the projected benefit obligation. For the pension plan, this is equal to the accumulated benefit obligation. Certain employees covered by collective bargaining agreements participate 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 these pension funds. We had a recorded liability of $ 1.7 2.5 0.2 5.2 0.8 401(k) Plan 55,000 54,000

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 9 – COMMITMENTS a. Leases 256,000 300,000 225,000 Year Amount 2018 $ 348 2019 439 2020 439 2021 447 2022 470 Thereafter 1,057 $ 3,200 b. Legal Proceedings –

LOANS PAYABLE AND SECURED LINE

LOANS PAYABLE AND SECURED LINE OF CREDIT	12 Months Ended
	Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]
LOANS PAYABLE	NOTE 10 – LOANS PAYABLE AND SECURED LINE OF CREDIT Mortgages 77 Greenwich Construction Loan On December 22, 2017, a wholly-owned subsidiary of ours closed on a $ 189.5 300,000 is expected to 90 7,500 40.1 32.3 36.5 The 77 Greenwich Construction Loan has a four-year term with one extension option for an additional year under certain circumstances. The collateral for the 77 Greenwich Construction Loan is the borrower’s fee interest in the 77 Greenwich, which is the subject of a mortgage in favor of the lender. The 77 Greenwich Construction Loan will bear interest at a rate per annum equal to the greater of (i) 8.25% in excess of LIBOR and (ii) 9.25 9.81 On December 22, 2017, we entered into an interest rate cap agreement as required under the 77 Greenwich Construction 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 approximately $ 393,000 2.5 189.5 344,000 Prior 77 Greenwich Loan On February 9, 2015, our wholly-owned subsidiary that owns 77 Greenwich and related assets entered into a loan agreement with Sterling National Bank, as lender and administrative agent, and Israel Discount Bank of New York, as lender, pursuant to which we borrowed $ 40.0 February 8, 2018 5.00 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 2.75 3.86 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 December 31, 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 9.1 4,000 Secured Line of Credit On February 22, 2017, we entered into two secured lines of credit for an aggregate of $ 12.0 February 22, 2018 2.9 9.1 11.0 100 3.75 Interest Expense Year Ended Year Ended For the Period Interest expense $ 2,488 $ 2,110 $ 1,534 Interest capitalized (2,488) (1,929) (1,201) Interest income (215) (223) (87) Interest (income) expense, net $ (215) $ (42) $ 246

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 11 – 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 December 31, 2016 36,803,218 30,679,566 31,451,796 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 10.8 Preferred Stock We were 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, 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 (as defined in the Plan) occurred. 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

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 12 – 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 Year Ended December 31, Year Ended December 31, Number of Weighted Number of Weighted Balance available, beginning of period 614,500 - 770,000 - Granted to employees (48,600) $ 7.34 (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 541,319 - 614,500 - 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 up to seven years after vesting. During the year ended December 31, 2017, we granted 48,600 63,000 compensation 20,000 In April, 2015, we issued 238,095 132,904 8.00 0.5 5.1 4.4 0.2 Stock-based compensation expense recognized in the consolidated statements of operations during the years ended December 31, 2017, December 31, 2016 and the period ended December 31, 2015 totaled $ 1.1 2.8 1.4 1.6 5.0 3.3 Year ended December 31, 2017 Year ended December 31, 2016 Period from March 1, 2015 Number of Weighted Number of Weighted Number of Weighted Non-vested at beginning of period 1,621,235 $ 6.38 1,220,097 $ 6.65 1,244,463 $ 6.48 Granted RSUs 48,600 $ 7.46 1,289,669 $ 6.02 393,095 $ 7.02 Vested (992,101) $ 6.45 (888,531) $ 6.23 (417,461) $ 6.47 Non-vested at end of period 677,734 $ 6.44 1,621,235 $ 6.38 1,220,097 $ 6.65 As of December 31, 2017, there was approximately $1.6 million of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized through December 2020. During the year ended December 31, 2017, we issued 636,355 339,375 Director Deferral Plan 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 we distribute During the year ended December 31, 2017, 5,643

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 13 – RELATED PARTY TRANSACTIONS Former Majority Shareholder On March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) 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 payment to the former Majority Shareholder (as defined in the Plan) in the amount of approximately $ 6.9

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	NOTE 14 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURE Through a wholly-owned subsidiary, we own a 50 99,000 68.885 42.5 10 1 3.72 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. December 31, December 31, ASSETS Real estate, net $ 53,137 $ 54,310 Cash and cash equivalents 218 77 Restricted cash 361 52 Tenant and other receivables, net 21 101 Prepaid expenses and other assets, net 71 169 Intangible assets, net 12,829 14,362 Total assets $ 66,637 $ 69,071 LIABILITIES Mortgage payable, net $ 40,963 $ 40,799 Accounts payable and accrued expenses 608 403 Total liabilities 41,571 41,202 MEMBERS' EQUITY Members' equity 27,795 28,485 Accumulated deficit (2,729) (616) Total members' equity 25,066 27,869 Total liabilities and members' equity $ 66,637 $ 69,071 Our investment in unconsolidated joint venture $ 12,533 $ 13,939 For the Year For the Period Revenues Rental revenues $ 3,367 $ 238 Other income 5 - Total revenues 3,372 238 Operating Expenses Property operating expenses 944 107 Real estate taxes 47 3 General and administrative 15 24 Interest expense, net 1,452 106 Transaction related costs 11 395 Amortization 1,706 126 Depreciation 1,310 93 Total operating expenses 5,485 854 Net loss $ (2,113) $ (616) Our equity in net loss from unconsolidated joint venture $ (1,057) $ (308)

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
QUARTERLY FINANCIAL DATA	NOTE 15 – QUARTERLY FINANCIAL DATA (unaudited) For the Year Ended December 31, 2017 January 1, April 1, July 1, October 1, Total revenues $ 460 $ 495 $ 507 $ 400 Total operating expenses 1,762 1,838 5,391 2,090 Operating loss (1,302) (1,343) (4,884) (1,690) Equity in net loss from unconsolidated joint venture (271) (237) (296) (253) Interest (expense) income, net (68) (41) 20 304 Interest expense - amortization of deferred finance costs (82) (118) (145) 345 Reduction of claims liability 1,043 - - - Loss before gain on sale of real estate and taxes (680) (1,739) (5,305) (1,294) Gain on sale of real estate - - 3,853 - Tax (expense) benefit (1) (37) - 3,182 Net (loss) income available to common stockholders $ (681) $ (1,776) $ (1,452) $ 1,888 (Loss) income per share - basic and diluted $ (0.02) $ (0.06) $ (0.05) $ 0.06 Weighted average number of common shares - basic and diluted 27,560 31,290 31,446 31,452 For the Year Ended December 31, 2016 January 1, April 1, July 1, October 1, Total revenues $ 475 $ 398 $ 536 $ 447 Total operating expenses 2,519 1,892 1,906 2,717 Operating loss (2,044) (1,494) (1,370) (2,270) Equity in net loss from unconsolidated joint venture - - - (308) Interest income (expense), net 73 22 (12) (41) Interest expense - amortization of deferred finance costs (2) (20) (38) (38) Reduction of claims liability 135 (1) (2) - Loss before taxes (1,838) (1,493) (1,422) (2,657) Tax expense - - - (26) Net loss available to common stockholders $ (1,838) $ (1,493) $ (1,422) $ (2,683) Loss per share - basic and diluted $ (0.07) $ (0.06) $ (0.06) $ (0.11) Weighted average number of common shares - basic and diluted 25,284 25,458 25,483 25,531

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS In January 2018, we received approximately $ 8.4 (See Note 3 - Real Estate, net for further discussion). 3.2 33.6 25.4 8.2 36.5 On March 9, 2018, we exercised our option to purchase 237 11 th customary

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Real Estate and Accumulated Depreciation	Schedule III - Consolidated Real Estate and Accumulated Depreciation (dollars in thousands) Initial Cost Amounts at which Carried at December 31, 2017 Property Encumbrances Land Real Estate Under Building, Building and Cost Land Real Estate Under Building, Building and Total Accumulated Date of 77 Greenwich, NY $ 32,302 $ - $ 16,634 $ - $ 47,333 $ - $ 63,967 $ - $ 63,967 $ - 1990 Paramus, NJ - - 1,548 - 4,268 - 5,816 - 5,816 - 1980 (A) / 1984 (C) West Palm Beach, FL 9,100 2,452 - 3,707 2,716 2,452 - 6,423 8,875 2,389 2001 $ 41,402 $ 2,452 $ 18,182 $ 3,707 $ 54,317 $ 2,452 $ 69,783 $ 6,423 $ 78,658 $ 2,389 (1) Depreciation on buildings and improvements reflected in the consolidated statements of operations is calculated on the straight-line basis over estimated useful lives of 10 39 (2) (a) Reconciliation of Total Real Estate Properties: The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands): Year Ended Year Ended Balance at beginning of period $ 62,527 $ 44,576 Additions 28,522 17,951 Sold real estate (10,806) - Write-off of demolished building (1,585) - Balance at end of period $ 78,658 $ 62,527 The aggregate cost of land, real estate under development, 78.7 53.4 (b) Reconciliation of Accumulated Depreciation: The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands): Year Ended Year Ended Balance at beginning of period $ 2,143 $ 1,938 Depreciation related to real estate 246 205 Balance at end of period $ 2,389 $ 2,143

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Period	a. Accounting Period
Principles of Consolidation	b. 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 December 31, 2017 and December 31, 2016, we had no VIEs. We assess the accounting treatment for each joint venture. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all 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.
Investments in Unconsolidated Joint Ventures	c. Investments in Unconsolidated Joint Ventures -
Use of Estimates	d. Use of Estimates
Reportable Segments	e. Reportable Segments
Concentrations of Credit Risk	f. Concentrations of Credit Risk
Real Estate	g. Real Estate Category Terms Building and improvements 10 39 Tenant improvements Shorter of remaining term of the lease or useful life
Real Estate Under Development	h. Real Estate Under Development
Valuation of Long-Lived Assets	i. Valuation of Long-Lived Assets
Trademarks and Customer Lists	j. Trademarks and Customer Lists - 10
Fair Value Measurement	k. 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	l. Cash and Cash Equivalents
Restricted Cash	m. Restricted Cash -
Revenue Recognition	n. Revenue Recognition
Stock-Based Compensation	o. Stock-Based Compensation
Income Taxes	p. 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 December 31, 2017 and December 31, 2016, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2017, our tax returns for the prior three years are subject to review by the Internal Revenue Service. On December 22, 2017, the President of the United States signed into law P.L. 115-97, commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Act”). The Act modifies several provisions of the Internal Revenue Code related to corporations, including a permanent corporate income tax rate reduction from 35 21 We are subject to certain federal, state, local and franchise taxes.
Earnings (loss) Per Share	q. Earnings (loss) Per Share
Deferred Financing Costs	r. Deferred Financing Costs
Deferred Lease Costs	s. Deferred Lease Costs
Underwriting Commissions and Costs	t. Underwriting Commissions and Costs
Reclassifications	u. Reclassifications -
Change in Estimate	v. Change in Estimate - 0.8
Accounting Standards Updates	Accounting Standards Updates In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in the new standard will permit more flexibility in hedging interest rate risk for both variable rate and fixed rate financial instruments. The standard will also enhance the presentation of hedge results in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We have not yet adopted the guidance and do not expect a material impact on our consolidated financial statements when the new standard is implemented. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting. The guidance clarifies the changes to the terms or conditions of a share-based payment award that require an entity to apply modification accounting in Topic 718. The guidance is effective for fiscal years beginning after December 15, 2017 and early adoption is permitted. We have not yet adopted the guidance and do not expect a material impact on our consolidated financial statements when the new standard is implemented. In February 2017, the FASB issued 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. Upon the adoption of ASU No. 2017-01 in 2017, we evaluate each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: ⋅ Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or ⋅ The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). An acquired process is considered substantive if: ⋅ The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; ⋅ The process cannot be replaced without significant cost, effort, or delay; or ⋅ The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The guidance will require entities to show the changes on the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between these items on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We have not yet adopted this new guidance and are currently evaluating the impact of adopting this new accounting standard on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We will adopt this new guidance for the year beginning January 1, 2018 and we have determined this new accounting standard will not have a material effect on our consolidated financial statements. In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $ 0.5 5.1 4.4 0.2 In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. As lessee, we are party to an office lease with future payment obligations aggregating $ 3.2 and liabilities In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but may apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. Management believes the majority of our revenue falls outside of the scope of this guidance and does not anticipate any significant changes to the timing of our revenue recognition. We intend to implement the standard on a modified retrospective basis with the cumulative effect recognized in retained earnings at the date of application.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 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, as described in the table below: Category Terms Building and improvements 10 39 Tenant improvements Shorter of remaining term of the lease or useful life

REAL ESTATE, NET (Tables)

REAL ESTATE, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Real Estate Properties	As of December 31, 2017 and December 31, 2016, real estate, net consisted of the following (dollars in thousands): December 31, December 31, Real estate under development 69,783 $ 53,712 Building and building improvements 5,817 5,794 Tenant improvements 606 569 Land 2,452 2,452 78,658 62,527 Less: accumulated depreciation 2,389 2,143 $ 76,269 $ 60,384

PREPAID EXPENSES AND OTHER AS27

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Prepaid Expense and Other Assets [Abstract]
Schedule Of Prepaid Expense And Other Assets	As of December 31, 2017 and December 31, 2016, December 31, December 31, Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 1,673 867 Lease commissions 1,297 433 Other 1,203 417 6,263 3,807 Less: accumulated amortization 2,204 1,658 $ 4,059 $ 2,149

TAXES (Tables)

TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for taxes is as follows (dollars in thousands): Year Ended Year Ended For the Period Current: Federal $ - $ - $ - State 38 26 41 $ 38 $ 26 $ 41 Deferred: Federal $ (3,182) $ - - State - - $ - $ (3,182) $ - $ - Tax (benefit) expense $ (3,144) $ 26 $ 41
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of income taxes computed at the U.S. Federal statuary rate to the provision for income taxes: Year Ended Year Ended For the Period Statuary federal income tax rate 35.0 % 35.0 % 35.0 % State taxes -0.7 % 7.5 % 16.2 % Permanent non-deductible expenses -10.5 % -6.9 % -7.4 % Federal rate change -654.5 % 0.0 % 0.0 % AMT credit calculation allowance release 61.6 % 0.0 % 0.0 % Change of valuation allowance 630.0 % -35.7 % -44.4 % Effective income tax rate 60.9 % -0.1 % -0.6 %
Schedule of Deferred Tax Assets and Liabilities	The composition of our deferred tax assets and liabilities is as follows (dollars in thousands): Year Ended Year Ended Deferred tax assets: Pension costs $ 1,008 $ 1,801 Stock-based compensation reserves not currently deductible (147) (220) Net operating loss carry forwards 56,462 88,968 Depreciation (including air rights) 1,796 1,685 AMT Credit - 3,181 Investment in joint venture 254 - Accrued expenses 220 212 Total deferred tax assets $ 59,593 $ 95,627 Valuation allowance (59,469) (95,327) Deferred tax asset after valuation allowance $ 124 $ 300 Deferred tax liabilities: Intangibles $ (124) $ (300) Other - - Total deferred tax liabilities $ (124) $ (300) Net deferred tax assets $ - $ - Current deferred tax assets $ - $ - Long term deferred tax assets - - Total deferred tax assets $ - $ -

RENTAL REVENUE (Tables)

RENTAL REVENUE (Tables)	12 Months Ended
	Dec. 31, 2017
Operating Leases, Income Statement, Lease Revenue [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rentals under non-cancellable terms of tenants’ operating leases (excluding license agreements) as of December 31, 2017 are as follows (dollars in thousands): Year ended: Future 2018 $ 1,177 2019 1,045 2020 960 2021 728 2022 704 Thereafter 4,489 $ 9,103

PENSION AND PROFIT SHARING PL30

PENSION AND PROFIT SHARING PLANS (Tables)	12 Months Ended
	Dec. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Presented below is financial information relating to this plan for the periods indicated (dollars in thousands): Year Ended Year Ended CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 14,278 $ 13,394 Interest cost 697 653 Actuarial loss 295 867 Gross benefits paid (650) (636) Net benefit obligation - end of period $ 14,620 $ 14,278 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 10,889 $ 10,254 Employer contributions 460 575 Gross benefits paid (650) (636) Actual return on plan assets 1,421 696 Fair value of plan assets - end of period $ 12,120 $ 10,889 Un-funded status at end of period $ (2,500) $ (3,389)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)	The pension expense includes the following components (dollars in thousands): Year Ended Year Ended COMPONENTS OF NET PERIODIC COST: Interest cost $ 697 $ 653 Gain on assets (1,421) (696) Amortization of loss 1,241 478 Net periodic cost $ 517 $ 435 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 %
Schedule of Expected Benefit Payments	As of December 31, 2017 the benefits expected to be paid in the next five fiscal years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands): Year Amount 2018 $ 996 2019 999 2020 997 2021 1,017 2022 1,028 2023-2027 5,132
Schedule Of Level One Defined Benefit Plan Assets Roll Forward	The fair values and asset allocation of our plan assets as of December 31, 2017 and December 31, 2016 and the target allocation for fiscal 2017, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands): December 31, 2017 December 31, 2016 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value Assets Cash and equivalents 0% to 10% $ 768 6 % $ 648 6 % Equity securities 40% to 57% 6,848 57 % 5,871 54 % Fixed income securities 35% to 50% 4,369 36 % 4,150 38 % Alternative investments 1% to 10% 135 1 % 220 2 % Total $ 12,120 100 % $ 10,889 100 %

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule	The remaining lease obligation for our corporate office is as follows (dollars in thousands): Year Amount 2018 $ 348 2019 439 2020 439 2021 447 2022 470 Thereafter 1,057 $ 3,200

LOANS PAYABLE AND SECURED LIN32

LOANS PAYABLE AND SECURED LINE OF CREDIT (Tables)	12 Months Ended
	Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]
Schedule of Interest Income and Interest Expense	Interest expense, excluding capitalized interest, was comprised of the following (dollars in thousands): Year Ended Year Ended For the Period Interest expense $ 2,488 $ 2,110 $ 1,534 Interest capitalized (2,488) (1,929) (1,201) Interest income (215) (223) (87) Interest (income) expense, net $ (215) $ (42) $ 246

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Share-based Compensation, Stock Options, Activity	Our SIP activity was as follows: Year Ended December 31, Year Ended December 31, Number of Weighted Number of Weighted Balance available, beginning of period 614,500 - 770,000 - Granted to employees (48,600) $ 7.34 (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 541,319 - 614,500 -
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Our RSU activity is as follows: Year ended December 31, 2017 Year ended December 31, 2016 Period from March 1, 2015 Number of Weighted Number of Weighted Number of Weighted Non-vested at beginning of period 1,621,235 $ 6.38 1,220,097 $ 6.65 1,244,463 $ 6.48 Granted RSUs 48,600 $ 7.46 1,289,669 $ 6.02 393,095 $ 7.02 Vested (992,101) $ 6.45 (888,531) $ 6.23 (417,461) $ 6.47 Non-vested at end of period 677,734 $ 6.44 1,621,235 $ 6.38 1,220,097 $ 6.65

INVESTMENT IN UNCONSOLIDATED 34

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2017 and December 31, 2016 are as follows (in thousands): December 31, December 31, ASSETS Real estate, net $ 53,137 $ 54,310 Cash and cash equivalents 218 77 Restricted cash 361 52 Tenant and other receivables, net 21 101 Prepaid expenses and other assets, net 71 169 Intangible assets, net 12,829 14,362 Total assets $ 66,637 $ 69,071 LIABILITIES Mortgage payable, net $ 40,963 $ 40,799 Accounts payable and accrued expenses 608 403 Total liabilities 41,571 41,202 MEMBERS' EQUITY Members' equity 27,795 28,485 Accumulated deficit (2,729) (616) Total members' equity 25,066 27,869 Total liabilities and members' equity $ 66,637 $ 69,071 Our investment in unconsolidated joint venture $ 12,533 $ 13,939
Equity Method Investment, Summarized Financial Information, Statement of Operations	The statement of operations for the unconsolidated joint venture, for the year ended December 31, 2017 and from December 5, 2016 through December 31, 2016, is as follows (in thousands): For the Year For the Period Revenues Rental revenues $ 3,367 $ 238 Other income 5 - Total revenues 3,372 238 Operating Expenses Property operating expenses 944 107 Real estate taxes 47 3 General and administrative 15 24 Interest expense, net 1,452 106 Transaction related costs 11 395 Amortization 1,706 126 Depreciation 1,310 93 Total operating expenses 5,485 854 Net loss $ (2,113) $ (616) Our equity in net loss from unconsolidated joint venture $ (1,057) $ (308)

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Schedule of Quarterly Financial Information	The following table reflects quarterly condensed consolidated statements of operations for the periods indicated (in thousands, except per share amounts): For the Year Ended December 31, 2017 January 1, April 1, July 1, October 1, Total revenues $ 460 $ 495 $ 507 $ 400 Total operating expenses 1,762 1,838 5,391 2,090 Operating loss (1,302) (1,343) (4,884) (1,690) Equity in net loss from unconsolidated joint venture (271) (237) (296) (253) Interest (expense) income, net (68) (41) 20 304 Interest expense - amortization of deferred finance costs (82) (118) (145) 345 Reduction of claims liability 1,043 - - - Loss before gain on sale of real estate and taxes (680) (1,739) (5,305) (1,294) Gain on sale of real estate - - 3,853 - Tax (expense) benefit (1) (37) - 3,182 Net (loss) income available to common stockholders $ (681) $ (1,776) $ (1,452) $ 1,888 (Loss) income per share - basic and diluted $ (0.02) $ (0.06) $ (0.05) $ 0.06 Weighted average number of common shares - basic and diluted 27,560 31,290 31,446 31,452 For the Year Ended December 31, 2016 January 1, April 1, July 1, October 1, Total revenues $ 475 $ 398 $ 536 $ 447 Total operating expenses 2,519 1,892 1,906 2,717 Operating loss (2,044) (1,494) (1,370) (2,270) Equity in net loss from unconsolidated joint venture - - - (308) Interest income (expense), net 73 22 (12) (41) Interest expense - amortization of deferred finance costs (2) (20) (38) (38) Reduction of claims liability 135 (1) (2) - Loss before taxes (1,838) (1,493) (1,422) (2,657) Tax expense - - - (26) Net loss available to common stockholders $ (1,838) $ (1,493) $ (1,422) $ (2,683) Loss per share - basic and diluted $ (0.07) $ (0.06) $ (0.06) $ (0.11) Weighted average number of common shares - basic and diluted 25,284 25,458 25,483 25,531

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 14, 2016	Dec. 31, 2017
Operating Loss Carryforwards		$ 231
Equity Method Investment, Ownership Percentage		50.00%
Repayment By Former Majority Shareholder	$ 6.9

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2017
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	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 ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease), Total				$ 800
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 4,599
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate	35.00%		35.00%	35.00%
Lessee, Operating Lease, Liability, Payments, Due			$ 3,200
Deferred Compensation, Share-based Payments [Member] | Restricted Stock Units (RSUs) [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 5,100
Additional Paid-in Capital [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				4,381
Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				4,400
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				218
Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				200
Real Estate [Member] | Restricted Stock Units (RSUs) [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 500
Scenario, Plan [Member]
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate		21.00%
Trademarks and Customer Lists [Member]
Finite-Lived Intangible Asset, Useful Life			10 years

REAL ESTATE, NET (Details)

REAL ESTATE, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Investment Property, at Cost	$ 78,658	$ 62,527
Less: accumulated depreciation	2,389	2,143
Real Estate Investment Property, Net	76,269	60,384
Real estate under development
Real Estate Investment Property, at Cost	69,783	53,712
Buildings and building improvements
Real Estate Investment Property, at Cost	5,817	5,794
Tenant improvements
Real Estate Investment Property, at Cost	606	569
Land
Real Estate Investment Property, at Cost	$ 2,452	$ 2,452

REAL ESTATE, NET (Details Textu

REAL ESTATE, NET (Details Textual) - USD ($)	1 Months Ended		3 Months Ended				10 Months Ended	12 Months Ended
	Sep. 30, 2017	Aug. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Depreciation, Total								$ 246,000	$ 205,000
Sales of Real Estate		$ 16,000,000
Gain (Loss) on Disposition of Assets			$ 0	$ 3,853,000	$ 0	$ 0	$ 0	3,853,000	0
Proceeds from Sale of Real Estate								15,200,000
Escrow Deposits Related to Property Sales	$ 8,100,000
Total Purchase Price Of Property	$ 81,000,000			$ 81,000,000
Asset Impairment Charges							$ 0	3,426,000	$ 0
SCA [Member]
Construction Supervision Fee receivable			5,000,000					5,000,000
Contract Receivable			$ 41,500,000					$ 41,500,000

PREPAID EXPENSES AND OTHER AS41

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Trademarks and customer lists	$ 2,090	$ 2,090
Prepaid expenses	1,673	867
Lease commissions	1,297	433
Other	1,203	417
Prepaid Expense And Other Assets Gross	6,263	3,807
Less: accumulated amortization	2,204	1,658
Prepaid Expense and Other Assets	$ 4,059	$ 2,149

TAXES (Details)

TAXES (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal									$ 0	$ 0	$ 0
State									41	38	26
Current Income Tax Expense Total									41	38	26
Deferred:
Federal									0	(3,182)	0
State									0	0	0
Deferred Income Tax Expense Total									0	(3,182)	0
Tax (benefit) expense	$ (3,182)	$ 0	$ 37	$ 1	$ 26	$ 0	$ 0	$ 0	$ 67	$ (3,144)	$ 26

TAXES (Details 1)

TAXES (Details 1)	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Statuary federal income tax rate	35.00%	35.00%	35.00%
State taxes	16.20%	(0.70%)	7.50%
Permanent non-deductible expenses	(7.40%)	(10.50%)	(6.90%)
Federal rate change	0.00%	(654.50%)	0.00%
AMT credit calculation allowance release	0.00%	61.60%	0.00%
Change of valuation allowance	(44.40%)	630.00%	(35.70%)
Effective income tax rate	(0.60%)	60.90%	(0.10%)

TAXES (Details 2)

TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Pension costs	$ 1,008	$ 1,801
Stock-based compensation reserves not currently deductible	(147)	(220)
Net operating loss carry forwards	56,462	88,968
Depreciation (including air rights)	1,796	1,685
AMT Credit	0	3,181
Investment in joint venture	254	0
Accrued expenses	220	212
Total deferred tax assets	59,593	95,627
Valuation allowance	(59,469)	(95,327)
Deferred tax asset after valuation allowance	124	300
Deferred tax liabilities:
Intangibles	(124)	(300)
Other	0	0
Total deferred tax liabilities	(124)	(300)
Net deferred tax assets	0	0
Current deferred tax assets	0	0
Long term deferred tax assets	0	0
Total deferred tax assets	$ 0	$ 0

TAXES (Details Textual)

TAXES (Details Textual) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards			$ 231,000
Valuation Allowance			59,469	$ 95,327
Valuation Allowance, Deferred Tax Asset, Change in Amount			$ 35,800
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate	35.00%		35.00%	35.00%
Scenario, Plan [Member]
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate		21.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards			$ 102,300
State and Local Jurisdiction [Member] | Maximum [Member]
Operating Loss Carryforward Expiration Year			2,037
State and Local Jurisdiction [Member] | Minimum [Member]
Operating Loss Carryforward Expiration Year			2,029
Federal [Member]
Operating Loss Carryforwards			$ 231,000
Federal [Member] | Maximum [Member]
Operating Loss Carryforward Expiration Year			2,037
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			$ 31,100
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			$ 25,500

RENTAL REVENUE (Details)

RENTAL REVENUE (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 1,177
2,019	1,045
2,020	960
2,021	728
2,022	704
Thereafter	4,489
Operating Leases, Future Minimum Payments Receivable	$ 9,103

RENTAL REVENUE (Details Textual

RENTAL REVENUE (Details Textual)	Dec. 31, 2017
West Palm Beach property [Member]
Leased Asset Percent	67.30%
Number Of Tenants	17
Paramus, New Jersey property [Member]
Leased Asset Percent	100.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Fair Value Of Plan Assets	$ 12,120	$ 10,889	$ 10,254

PENSION AND PROFIT SHARING PL49

PENSION AND PROFIT SHARING PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$ 14,278	$ 13,394
Interest cost	697	653
Actuarial loss	295	867
Gross benefits paid	(650)	(636)
Net benefit obligation - end of period	14,620	14,278
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	10,889	10,254
Employer contributions	460	575
Gross benefits paid	(650)	(636)
Actual return on plan assets	1,421	696
Fair value of plan assets - end of period	12,120	10,889
Un-funded status at end of period	$ (2,500)	$ (3,389)

PENSION AND PROFIT SHARING PL50

PENSION AND PROFIT SHARING PLANS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
COMPONENTS OF NET PERIODIC COST:
Interest cost	$ 697	$ 653
Gain on assets	(1,421)	(696)
Amortization of loss	1,241	478
Net periodic cost	$ 517	$ 435
WEIGHTED-AVERAGE ASSUMPTION USED:
Discount rate	5.00%	5.00%
Rate of compensation increase	0.00%	0.00%

PENSION AND PROFIT SHARING PL51

PENSION AND PROFIT SHARING PLANS (Details 2) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 996
2,019	999
2,020	997
2,021	1,017
2,022	1,028
2023-2027	$ 5,132

PENSION AND PROFIT SHARING PL52

PENSION AND PROFIT SHARING PLANS (Details 3) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value	$ 12,120	$ 10,889	$ 10,254
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%	100.00%
Cash and Cash Equivalents [Member]
Fair Value	$ 768	$ 648
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	6.00%	6.00%
Cash and Cash Equivalents [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
Cash and Cash Equivalents [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Equity Securities [Member]
Fair Value	$ 6,848	$ 5,871
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	57.00%	54.00%
Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	57.00%
Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	40.00%
Fixed Income Securities [Member]
Fair Value	$ 4,369	$ 4,150
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	36.00%	38.00%
Fixed Income Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50.00%
Fixed Income Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35.00%
Alternative Investment [Member]
Fair Value	$ 135	$ 220
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%	2.00%
Alternative Investment [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
Alternative Investment [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%

PENSION AND PROFIT SHARING PL53

PENSION AND PROFIT SHARING PLANS (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 27, 2012	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period	$ 15,000,000	$ 2,500,000	$ 3,400,000
Multiemployer Plans, Withdrawal Obligation		200,000
Multiemployer Plans, Minimum Contribution		5,200,000
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount		$ 55,000	$ 54,000
Expected Long Term Rate Of Return		6.00%	6.00%
Syms Sponsored Plan [Member]
Syms Plan Minimum Contribution		$ 4,100,000
Multiemployer Plan, Contributions by Employer		500,000
Multiemployer Plans, Pension [Member]
Multiemployer Plans, Accumulated Benefit Obligation		1,700,000	$ 2,500,000
Multiemployer Plan, Contributions by Employer		$ 800,000

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 348
2,019	439
2,020	439
2,021	447
2,022	470
Thereafter	1,057
Operating Leases, Future Minimum Payments Due	$ 3,200

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual) - USD ($)	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Fifth Avenue, New York [Member]
Operating Leases, Rent Expense	$ 225,000	$ 256,000	$ 300,000

LOANS PAYABLE AND SECURED LIN56

LOANS PAYABLE AND SECURED LINE OF CREDIT (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Interest expense									$ 1,534	$ 2,488	$ 2,110
Interest capitalized									(1,201)	(2,488)	(1,929)
Interest income									(87)	(215)	(223)
Interest (income) expense, net	$ (304)	$ (20)	$ 41	$ 68	$ 41	$ 12	$ (22)	$ (73)	$ 246	$ (215)	$ (42)

LOANS PAYABLE AND SECURED LIN57

LOANS PAYABLE AND SECURED LINE OF CREDIT (Details Textual)	May 11, 2016USD ($)	Feb. 09, 2015USD ($)	Dec. 22, 2017USD ($)a	Feb. 22, 2017USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 28, 2018USD ($)	Sep. 30, 2017USD ($)	Aug. 04, 2017USD ($)
Long Term Debt Maturity Date		Feb. 8, 2018
Interest Costs Capitalized						$ 49,000
Long-term Line of Credit						0	$ 0
Line of Credit Facility, Expiration Date				Feb. 22, 2018
Repayments of Debt					$ 0	40,000,000	0
Loans Payable						36,167,000	$ 48,705,000
Landmarked Robert And Anne Dickey House [Member]
Area of Real Estate Property | a			7,500
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					$ 11,000,000
Secured Debt										$ 2,900,000
Line of Credit Facility, Remaining Borrowing Capacity						9,100,000
Interest Rate Cap [Member]
Interest Expense, Debt						4,000
Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative Asset, Fair Value, Gross Asset						$ 344,000
West Palm Beach Florida Loan [Member]
Debt Instrument, Interest Rate, Basis for Effective Rate	interest at the 30-day LIBOR plus 230 basis points
Debt Instrument, Interest Rate, Effective Percentage						3.86%	2.75%
Debt Instrument, Unamortized Premium	$ 14,000
Line of Credit Facility, Maximum Borrowing Capacity	12,600,000
Derivative, Notional Amount	$ 9,100,000
Greenwich Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage							5.00%
Greenwich Construction Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage						9.81%
Debt Instrument, Unamortized Premium			$ 393,000
Derivative, Notional Amount			189,500,000
Debt Instrument, Face Amount			$ 189,500,000
Number of Real Estate Properties			90
Debt Instrument, Term			4 years
Debt Instrument, Description			(i) 8.25% in excess of LIBOR and (ii) 9.25%. The effective interest rate on the 77 Greenwich Loan was 9.81% as of December 31, 2017
Repayments of Debt			$ 40,100,000
Loans Payable						$ 32,300,000
Greenwich Construction Loan [Member] | Subsequent Event [Member]
Loans Payable								$ 36,500,000
Greenwich Construction Loan [Member] | Multi Use Building [Member]
Area of Real Estate Property | a			300,000
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.00%		2.50%
TPH Borrower [Member]
Loans Payable to Bank		$ 40,000,000
TPH Borrower [Member] | West Palm Beach Florida Loan [Member]
Long-term Line of Credit	$ 9,100,000

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Apr. 05, 2017	Feb. 14, 2017	Mar. 14, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Capital Stock Shares Authorised						120,000,000
Capital Stock par or Stated Value Per Share						$ 0.01
Common Stock, Shares Authorized						79,999,997	79,999,997
Common Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01
Preferred Stock, Shares Authorized						2	2
Preferred Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01
Special Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01
Stock Issued During Period, Value, New Issues				$ 29,558,000		$ 40,561,000	$ 880,000
Common Stock, Shares, Issued						36,803,218	30,679,566
Common Stock, Shares, Outstanding						31,451,796	25,663,820
Payment to Majority Shareholder			$ 6,900,000
Proceeds from Issuance of Common Stock					$ 29,558,000	$ 40,561,000	$ 880,000
Common Stock [Member]
Stock Issued During Period, Value, New Issues				$ 50,000		$ 55,000	$ 1,000
Stock Issued During Period, Shares, New Issues				5,000,000		5,472,000	120,000
At-The-Market Equity Offering Program [Member]
Stock Issued During Period, Shares, New Issues						0.01
Stock Issuance Program, Maximum Amount Authorized							$ 12,000,000
Payments for Brokerage Fees						$ 218,000
Shares Issued, Price Per Share						$ 9.76
Stock Issuance Program, Remaining Amount Authorized						$ 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
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized						40,000,000	40,000,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Shares, Balance available, beginning of period	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	541,319	614,500
Weighted Average Fair Value at Grant Date, Balance available, beginning of period	$ 0	$ 0
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	6.88	0
Weighted Average Fair Value at Grant Date, Balance available, end of period	$ 0	$ 0
Director [Member]
Number of Shares, Granted	(18,938)	(50,000)
Weighted Average Fair Value at Grant Date, Granted	$ 6.88	$ 9.85
Employees [Member]
Number of Shares, Granted	(48,600)	(105,500)
Weighted Average Fair Value at Grant Date, Granted	$ 7.34	$ 5.29

STOCK-BASED COMPENSATION (Det60

STOCK-BASED COMPENSATION (Details 1) - $ / shares	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Number of Shares, Non-vested at beginning of period	1,244,463	1,621,235	1,220,097
Number of Shares, Granted RSUs	393,095	48,600	1,289,669
Number of Shares, Vested	(417,461)	(992,101)	(888,531)
Number of Shares, Non-vested at end of period	1,220,097	677,734	1,621,235
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period	$ 6.48	$ 6.38	$ 6.65
Weighted Average Fair Value at Grant Date, Granted RSUs	7.02	7.46	6.02
Weighted Average Fair Value at Grant Date, Vested	6.47	6.45	6.23
Weighted Average Fair Value at Grant Date, Non-vested at end of period	$ 6.65	$ 6.44	$ 6.38

STOCK-BASED COMPENSATION (Det61

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	Sep. 09, 2015	Apr. 27, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allocated Share-based Compensation Expense					$ 1,600,000	$ 5,000,000	$ 3,300,000
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability			$ 2,516,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				393,095	48,600	1,289,669
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						$ 4,599,000
Deferred Compensation Arrangement with Individual, Shares Issued					5,643	0
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability			2,516,000
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						$ 4,381,000
Retained Earnings [Member]
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability			$ 0
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						218,000
Chief Executive Officer [Member]
Stock Repurchased Per Share					$ 8
Stock Issued During Period, Shares, New Issues		238,095			636,355
Stock Repurchased During Period, Shares		132,904			339,375
Other Employees [Member]
Restricted Stock or Unit Expense					$ 63,000
Restricted Stock Units (RSUs) [Member]
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability					$ 1,100,000	2,800,000	$ 1,400,000
Restricted Stock Units (RSUs) [Member] | Real Estate [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						500,000
Restricted Stock Units (RSUs) [Member] | Additional Paid-in Capital [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						4,400,000
Restricted Stock Units (RSUs) [Member] | Deferred Compensation, Share-based Payments [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						5,100,000
Restricted Stock Units (RSUs) [Member] | Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						$ 200,000
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					48,600
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition					$ 20,000
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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) $ in Millions	1 Months Ended
	Mar. 14, 2016USD ($)
Payment to Majority Shareholder	$ 6.9

INVESTMENT IN UNCONSOLIDATED 63

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
MEMBERS' EQUITY
Our investment in unconsolidated joint venture	$ 12,533	$ 13,939
Corporate Joint Venture [Member]
ASSETS
Real estate, net	53,137	54,310
Cash and cash equivalents	218	77
Restricted cash	361	52
Tenant and other receivables, net	21	101
Prepaid expenses and other assets, net	71	169
Intangible assets, net	12,829	14,362
Total assets	66,637	69,071
LIABILITIES
Mortgage payable, net	40,963	40,799
Accounts payable and accrued expenses	608	403
Total liabilities	41,571	41,202
MEMBERS' EQUITY
Members' equity	27,795	28,485
Accumulated deficit	(2,729)	(616)
Total members' equity	25,066	27,869
Total liabilities and members' equity	66,637	69,071
Our investment in unconsolidated joint venture	$ 12,533	$ 13,939

INVESTMENT IN UNCONSOLIDATED 64

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details 1) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Operating Expenses
Our equity in net loss from unconsolidated joint venture		$ (253)	$ (296)	$ (237)	$ (271)	$ (308)	$ 0	$ 0	$ 0	$ 0	$ (1,057)	$ (308)
Corporate Joint Venture [Member]
Revenues
Rental revenues	$ 238										3,367
Other income	0										5
Total revenues	238										3,372
Operating Expenses
Property operating expenses	107										944
Real estate taxes	3										47
General and administrative	24										15
Interest expense, net	106										1,452
Transaction related costs	395										11
Amortization	126										1,706
Depreciation	93										1,310
Total operating expenses	854										5,485
Net loss	(616)										(2,113)
Our equity in net loss from unconsolidated joint venture	$ (308)										$ (1,057)

INVESTMENT IN UNCONSOLIDATED 65

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details Textual)	Dec. 05, 2016USD ($)	Dec. 31, 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	$ 42,500,000
Debt Instrument, Term	10 years
Debt Instrument, Interest Rate, Effective Percentage		3.72%	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

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								10 Months Ended		12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Total revenues	$ 400	$ 507	$ 495	$ 460	$ 447	$ 536	$ 398	$ 475		$ 841	$ 1,862	$ 1,856
Total operating expenses	2,090	5,391	1,838	1,762	2,717	1,906	1,892	2,519		7,583	11,081	9,034
Operating loss	(1,690)	(4,884)	(1,343)	(1,302)	(2,270)	(1,370)	(1,494)	(2,044)		(6,742)	(9,219)	(7,178)
Equity in net loss from unconsolidated joint venture	(253)	(296)	(237)	(271)	(308)	0	0	0		0	(1,057)	(308)
Interest (expense) income, net	304	20	(41)	(68)	(41)	(12)	22	73		(246)	215	42
Interest expense - amortization of deferred finance costs	345	(145)	(118)	(82)	(38)	(38)	(20)	(2)		(63)	0	(98)
Reduction of claims liability	0	0	0	1,043	0	(2)	(1)	135		557	1,043	132
Loss before gain on sale of real estate and taxes	(1,294)	(5,305)	(1,739)	(680)	(2,657)	(1,422)	(1,493)	(1,838)		(6,494)	(9,018)	(7,410)
Gain on sale of real estate	0	3,853	0	0						0	3,853	0
Tax (expense) benefit	3,182	0	(37)	(1)	(26)	0	0	0		(67)	3,144	(26)
Net (loss) income available to common stockholders	$ 1,888	$ (1,452)	$ (1,776)	$ (681)	$ (2,683)	$ (1,422)	$ (1,493)	$ (1,838)	$ (6,561)	$ (6,561)	$ (2,021)	$ (7,436)
(Loss) income per share - basic and diluted	$ 0.06	$ (0.05)	$ (0.06)	$ (0.02)	$ (0.11)	$ (0.06)	$ (0.06)	$ (0.07)		$ (0.32)	$ (0.07)	$ (0.29)
Weighted average number of common shares - basic and diluted	31,452	31,446	31,290	27,560	25,531	25,483	25,458	25,284		20,518	30,451	25,439

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2018	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Subsequent Event [Line Items]
Cash and Cash Equivalents, at Carrying Value			$ 15,273	$ 4,678	$ 38,173	$ 23,870
Subsequent Event [Member]
Subsequent Event [Line Items]
Reimbursement of pre-development costs	$ 8,400
Overfunding Of Equity Due		$ 3,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		33,600
Cash and Cash Equivalents, at Carrying Value		25,400
Restricted Cash		8,200
Long-term Debt		$ 36,500

Schedule III - Consolidated R68

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Real Estate Under Development		18,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	[1]	3,707
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs		54,317
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land		2,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development		69,783
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	[1]	6,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total		78,658	$ 62,527	$ 44,576
SEC Schedule III, Real Estate Accumulated Depreciation		2,389	$ 2,143	$ 1,938
77 Greenwich, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		32,302
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Real Estate Under Development		16,634
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	[1]	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs		47,333
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development		63,967
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	[1]	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total		63,967
SEC Schedule III, Real Estate Accumulated Depreciation		$ 0
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1		1,990
Paramus, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Real Estate Under Development		1,548
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	[1]	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs		4,268
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development		5,816
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	[1]	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total		5,816
SEC Schedule III, Real Estate Accumulated Depreciation		$ 0
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1		1,980
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Construction 1		1,984
West Palm Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 9,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Real Estate Under Development		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	[1]	3,707
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs		2,716
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land		2,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	[1]	6,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total		8,875
SEC Schedule III, Real Estate Accumulated Depreciation		$ 2,389
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1		2,001
[1]	Depreciation on buildings and improvements reflected in the consolidated statements of operations is calculated on the straight-line basis over estimated useful lives of 10 to 39 years.

Schedule III - Consolidated R69

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of period	$ 62,527	$ 44,576
Additions	28,522	17,951
Sold real estate	(10,806)	0
Write-off of demolished building	(1,585)	0
Balance at end of period	$ 78,658	$ 62,527

Schedule III - Consolidated R70

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of period	$ 2,143	$ 1,938
Depreciation related to real estate	246	205
Balance at end of period	$ 2,389	$ 2,143

Schedule III - Consolidated R71

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	$ 78,658	$ 62,527	$ 44,576
Buildings and Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	$ 78,700	$ 53,400
Buildings and Improvements [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	10 years
Buildings and Improvements [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	39 years