Trinity Place (TPHS) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 09, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Trinity Place Holdings Inc.
Entity Central Index Key	724,742
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	TPHS
Entity Common Stock, Shares Outstanding		31,627,819

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Real estate, net	$ 86,328	$ 76,269
Cash and cash equivalents	24,806	15,273
Restricted cash	10,135	8,916
Investment in unconsolidated joint venture	12,343	12,533
Receivables, net	3,311	3,417
Deferred rents receivable	540	548
Prepaid expenses and other assets, net	3,982	4,059
Total assets	141,445	121,015
LIABILITIES
Loans payable, net	41,242	36,167
Deferred real estate deposits	20,580	0
Accounts payable and accrued expenses	9,863	13,323
Pension liabilities	4,031	4,235
Secured line of credit	0	0
Total liabilities	75,716	53,725
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock	0	0
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 36,984,753 and 36,803,218 shares issued at March 31, 2018 and December 31, 2017, respectively; 31,554,643 and 31,451,796 shares outstanding at March 31, 2018 and December 31, 2017, respectively	370	368
Additional paid-in capital	131,435	130,897
Treasury stock (5,430,110 and 5,351,422 shares at March 31, 2018 and December 31, 2017, respectively)	(54,209)	(53,666)
Accumulated other comprehensive loss	(2,732)	(2,732)
Accumulated deficit	(9,135)	(7,577)
Total stockholders' equity	65,729	67,290
Total liabilities and stockholders' equity	141,445	121,015
Blank Check Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	36,984,753	36,803,218
Common Stock, Shares, Outstanding	31,554,643	31,451,796
Treasury Stock, Shares	5,430,110	5,351,422
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental revenues	$ 281	$ 339
Tenant reimbursements	116	121
Total revenues	397	460
Operating Expenses
Property operating expenses	148	171
Real estate taxes	78	71
General and administrative	1,536	1,350
Transaction related costs	0	46
Depreciation and amortization	129	124
Total operating expenses	1,891	1,762
Operating loss	(1,494)	(1,302)
Equity in net loss from unconsolidated joint venture	(117)	(271)
Interest income (expense), net	53	(68)
Interest expense - amortization of deferred finance costs	0	(82)
Reduction of claims liability	0	1,043
Loss before taxes	(1,558)	(680)
Tax expense	0	(1)
Net loss attributable to common stockholders	$ (1,558)	$ (681)
Other comprehensive loss:
Loss per share - basic and diluted	$ (0.05)	$ (0.02)
Weighted average number of common shares - basic and diluted	31,531	27,560

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2017	$ 67,290	$ 368	$ 130,897	$ (53,666)	$ (7,577)	$ (2,732)
Balance (in shares) at Dec. 31, 2017		36,803		(5,351)
Net loss attributable to common stockholders	(1,558)	$ 0	0	$ 0	(1,558)	0
Settlement of stock awards	(541)	$ 2	0	$ (543)	0	0
Settlement of stock awards (in shares)		182		(79)
Stock-based compensation expense	538	$ 0	538	$ 0	0	0
Balance at Mar. 31, 2018	$ 65,729	$ 370	$ 131,435	$ (54,209)	$ (9,135)	$ (2,732)
Balance (in shares) at Mar. 31, 2018		36,985		(5,430)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$ (1,558)	$ (681)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization	129	124
Amortization of deferred finance costs	0	82
Stock-based compensation expense	349	309
Deferred rents receivable	8	(44)
Equity in net loss from unconsolidated joint venture	117	271
Distribution from unconsolidated joint venture	72	62
Decrease (increase) in operating assets:
Receivables, net	106	112
Prepaid expenses and other assets, net	(132)	(186)
Decrease in operating liabilities:
Accounts payable and accrued expenses	(1,787)	(1,258)
Pension liabilities	(204)	(203)
Net cash used in operating activities	(2,900)	(1,412)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(11,110)	(1,725)
Deferred real estate deposits	20,580	0
Investment in unconsolidated joint venture	0	(70)
Net cash provided by (used in) investing activities	9,470	(1,795)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans payable	4,915	0
Payment of finance costs	(192)	0
Settlement of stock awards	(541)	(693)
Proceeds from sale of common stock, net	0	26,601
Net cash provided by financing activities	4,182	25,908
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	10,752	22,701
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	24,189	8,366
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	34,941	31,067
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	15,273	4,678
RESTRICTED CASH, BEGINNING OF PERIOD	8,916	3,688
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	24,189	8,366
CASH AND CASH EQUIVALENTS, END OF PERIOD	24,806	26,679
RESTRICTED CASH, END OF PERIOD	10,135	4,388
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	34,941	31,067
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	623	564
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	8,502	1,279
Capitalized amortization of deferred financing costs and lease commissions	495	14
Real Estate [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized stock-based compensation expense	$ 189	$ 667

Business

Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Business	Note 1 – Business Overview Trinity Place Holdings Inc. (“Trinity,” “we,” “our,” or “us”) is a real estate holding, investment and asset management company. Our business is primarily to acquire, invest in, own, manage, develop or redevelop and sell real estate assets and/or real estate related securities. Our largest asset is 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 space 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 th 81.0 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 $ 232.6 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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with our December 31, 2017 audited consolidated financial statements, as previously filed with the SEC in our 2017 Annual Report on Form 10-K (the “2017 Annual Report”), and other public information. 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 March 31, 2018, we did not have any interests in VIEs. We assess the accounting treatment for joint venture investments, which includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. b. Investment in Unconsolidated Joint Venture - c. Use of Estimates d. Reportable Segments e. Concentrations of Credit Risk f. Real Estate Category Terms Buildings and improvements 10 39 Tenant improvements Shorter of remaining term of the lease or useful life g. Real Estate Under Development h. Valuation of Long-Lived Assets i. Trademarks and Customer Lists 10 j. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3 k. Cash and Cash Equivalents l. Restricted Cash - m. Revenue Recognition n. Stock-Based Compensation o. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both March 31, 2018 and December 31, 2017, we had determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2018, 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. p. Earnings (loss) Per Share q. Deferred Finance Costs r. Deferred Lease Costs s. Underwriting Commissions and Costs t. Reclassifications - In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 financial position, results of operations or cash flows 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 ASC 718. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. 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, 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. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. 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 acquired is concentrated in a single identifiable asset or group of assets. Upon the adoption of ASU No. 2017-01, we evaluated 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. 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. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The guidance requires 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 adoption of this guidance, effective January 1, 2018, resulted in a restatement of our statement of cash flows for the three months ended March 31, 2017, for comparative purposes.This resulted in a reduction of $ 0.7 2.1 1.4 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).” ASU 2016-15 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 adoption of this new guidance, effective January 1, 2018, did not have a material effect on our financial position, results of operations or cash flows. 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 various office leases with future payment obligations aggregating $ 3.2 In May 2014, the FASB issued ASU 2014-09 establishing ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We adopted this standard effective January 1, 2018 using the modified retrospective method approach, however, there was no cumulative-effect required to be recognized in our accumulated deficit at the date of application. The adoption of ASC 606 did not have a material impact on our financial position, results of operations or cash flows.

Real Estate, Net

Real Estate, Net	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate, Net	Note 3 – Real Estate, Net March 31, December 31, Real estate under development $ 79,904 $ 69,783 Building and building improvements 5,817 5,817 Tenant improvements 606 606 Land 2,452 2,452 88,779 78,658 Less: accumulated depreciation 2,451 2,389 $ 86,328 $ 76,269 Real estate under development as of March 31, 2018 and December 31, 2017 consisted of the 77 Greenwich and Paramus, New Jersey properties. Building and building improvements, tenant improvements and land at both dates consisted of the West Palm Beach, Florida property. Depreciation expense amounted to approximately $ 62,000 60,000 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 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 relating to the ultimate sale of the condominium unit 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 recorded on the balance sheet as deferred real estate deposits until sales criteria are satisfied.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Assets, Net	Note 4 – Prepaid Expenses and Other Assets, Net As of March 31, 2018 and December 31, 2017, prepaid expenses and other assets, net, include the following (in thousands): March 31, December 31, Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 1,611 1,673 Lease commissions 1,302 1,297 Other 1,393 1,203 6,396 6,263 Less: accumulated amortization 2,414 2,204 $ 3,982 $ 4,059

Loans Payable and Secured Line

Loans Payable and Secured Line of Credit	3 Months Ended
	Mar. 31, 2018
Long-term Debt, Unclassified [Abstract]
Loans Payable and Secured Line of Credit	Note 5 – Loans Payable and Secured Line of Credit Loans Payable 77 Greenwich Construction Facility On December 22, 2017, a wholly-owned subsidiary of ours closed on a $ 189.5 300,000 90 7,500 37.2 32.7 The 77 Greenwich Construction Facility has a four-year term with one extension option for an additional year under certain circumstances. The collateral for the 77 Greenwich Construction Facility is the borrower’s fee interest in 77 Greenwich, which is the subject of a mortgage in favor of the lender. The 77 Greenwich Construction Facility will bear interest on amounts drawn at a rate per annum equal to the greater of (i) LIBOR plus 8.25% and (ii) 9.25%. The effective interest rate on the 77 Greenwich Construction Facility was 10.13% as of March 31, 2018. On December 22, 2017, we entered into an interest rate cap agreement as required under the 77 Greenwich Construction Facility. 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 2.5 189.5 575,000 344,000 231,000 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 5.25 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 4.18 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 March 31, 2018, 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 5,000 1,000 Secured Line of Credit On February 22, 2017, we entered into two secured lines of credit for an aggregate of $ 12.0 2.9 9.1 11.0 February 22, 2019 100 3.75 Interest Three Months Ended Three Months Ended Interest expense $ 785 $ 575 Interest capitalized (785) (504) Interest income (53) (3) Interest (income) expense, net $ (53) $ 68

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 – Fair Value Measurements The fair value of our financial instruments are determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted process in active markets for identical assets or liabilities (Level 1), quoted process for similar instruments in active markets or quoted process for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The fair values of cash and cash equivalents, receivables, prepaid expenses and other assets, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of the short-term nature of these instruments. The fair value of each of the loans payable approximated their carrying value as all our loans are variable-rate instruments.

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2018
Compensation and Retirement Disclosure [Abstract]
Pension and Profit Sharing Plans	Note 7 – Pension Plans Defined Benefit Pension Plan Our predecessor, Syms, sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. As of both March 31, 2018 and December 31, 2017, we had a recorded liability of $2.5 million, which is included in pension liabilities on the accompanying condensed consolidated balance sheets. This liability represents the estimated cost to us of terminating the plan in a standard termination, which would require us to make additional contributions to the plan so that the assets of the plan are sufficient to satisfy all benefit liabilities. 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 million. As a result of the cost savings associated with the standard termination approach, Syms elected not to terminate the plan in a distress termination and formally notified the PBGC of this decision. We will maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; provided, however, that we may terminate the Syms pension plan at any time. In the event that we terminate the Syms pension plan, we intend that any such termination shall be a standard termination. Although we have accrued the liability associated with a standard termination, we have not taken any steps to commence such a termination and have made no commitment to do so by a certain date. In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $4.1 million to the Syms sponsored plan from September 17, 2012 through March 31, 2018. No amounts were funded to the Syms sponsored plan during each of the three months ended March 31, 2018 and March 31, 2017. Historically, we have funded this plan in the third quarter of the calendar year. Multiemployer Pension Plans 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 have recorded a liability of $1.5 million and $1.7 million which is included in pension liabilities on the accompanying condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, respectively. We are required to make quarterly distributions in the amount of approximately $203,000 until this liability is completely paid to the multiemployer plan by the beginning of 2020. In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $5.4 million to the multiemployer plans from September 17, 2012 through March 31, 2018. Approximately $203,000 was funded to the multiemployer plan during each of the three months ended March 31, 2018 and March 31, 2017.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 8 – Commitments a. Leases 3.2 19,000 b. Legal Proceedings -

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes Effects of the Tax Cuts and Jobs Act On December 22, 2017, the Act was signed into U.S. law. ASC 740 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 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 Act. As part of the ACT, the U.S. corporate income tax rate applicable to us decreased from 35 21 33.7 Pursuant to the ACT, alternative minimum tax (“AMT”) credit carryforwards will be eligible for a 50% refund through tax years 2018 through 2020. Beginning in tax year 2021, any remaining AMT credit carryforwards would be 100% refundable. As a result of these new regulations, as of December 31, 2017, we had released our valuation allowance of $ 3.1 3.1 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 are not limited too: 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. Other At March 31, 2018, we had federal NOLs of approximately $ 232.6 2034 103.9 2029 2034 31.1 25.5 Based on management’s assessment, we believe it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategy. In recognition of this risk, we have provided a valuation allowance of $ 59.9 59.5

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Note 10 – Stockholders’ Equity Capital Stock Our authorized capital stock consists of 120,000,000 79,999,997 0.01 0.01 0.01 40,000,000 0.01 36,984,753 36,803,218 31,554,643 31,451,796 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 2,492 23,000 9.32 10.8 Preferred Stock We are authorized to issue two shares of preferred stock, (one share each of Series A and Series B preferred stock), one share of special stock and 40,000,000 Upon the occurrence of the General Unsecured Claim Satisfaction, in March 2016 the share of Series A Preferred Stock was automatically redeemed in accordance with its terms and may not be reissued. In addition, upon the final payment to the former Majority Shareholder in March 2016, the share of Series B Preferred Stock was automatically redeemed in accordance with its terms and may not be reissued.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-Based Compensation	Note 11 – Stock-Based Compensation Stock Incentive Plan We adopted the Trinity Place Holdings Inc. 2015 Stock Incentive Plan (the “SIP”), effective September 9, 2015. Prior to the adoption of the SIP, we granted restricted stock units (“RSUs”) to our executive officers and employees pursuant to individual agreements. The SIP, which has a ten year term, authorizes (i) stock options that do not qualify as incentive stock options under Section 422 of the Code, or NQSOs, (ii) stock appreciation rights, (iii) shares of restricted and unrestricted common stock, and (iv) RSUs. The exercise price of stock options will be determined by the compensation committee, but may not be less than 100 800,000 Three Months Ended Year Ended Number of Weighted Number of Weighted Balance available, beginning of period 541,319 - 614,500 - Granted to employees (146,000) $ 6.95 (48,600) $ 7.34 Granted to non-employee directors - - (18,938) $ 6.88 Deferred under non-employee director's deferral program - - (5,643) $ 6.88 Balance available, end of period 395,319 - 541,319 - Restricted Stock Units We grant RSUs to certain employees and executive officers 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 three months ended March 31, 2018, we granted 146,000 190,000 76,000 Stock-based compensation expense recognized during the three months ended March 31, 2018 and March 31, 2017 totaled $ 351,000 311,000 189,000 667,000 Three Months Ended Number of Weighted Non-vested at beginning of period 677,734 $ 6.44 Granted RSUs 146,000 $ 6.95 Vested (193,142) $ 6.59 Non-vested at end of period 630,592 $ 6.40 As of March 31, 2018, there was approximately $ 2.0 During the three months ended March 31, 2018, we issued 181,535 78,688 Director Deferred Compensation Program We adopted our Non-Employee Director’s Deferral Program (the “Deferral Program”) on November 2, 2016. Under the Deferral Program, our non-employee directors may elect to defer receipt of their annual equity compensation. The non-employee directors’ annual equity compensation, and any deferred amounts, are paid under the SIP. Compensation deferred under the Deferral Program is reflected by the grant of stock units under the SIP equal to the number of shares that would have been received absent a deferral election. The stock units, which are fully vested at grant, generally will be settled for an equal number of shares of common stock within 10 days after the participant ceases to be a director. In the event that we distribute dividends, each participant shall receive a number of additional stock units (including fractional stock units) equal to the quotient of (i) the aggregate amount of the dividend that the participant would have received had all outstanding stock units been shares of common stock divided by (ii) the closing price of a share of common stock on the date the dividend was issued. As of March 31, 2018, 5,643

Investment in Our Unconsolidate

Investment in Our Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Our Unconsolidated Joint Venture	Note 12 – Investment in Our Unconsolidated Joint Venture Through a wholly-owned subsidiary, we own a 50 99,000 68.885 42.5 10 4.04 3.72 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. March 31, December 31, (unaudited) (audited) ASSETS Real estate, net $ 52,834 $ 53,137 Cash and cash equivalents 249 218 Restricted cash 407 361 Tenant and other receivables, net 16 21 Prepaid expenses and other assets, net 84 71 Intangible assets, net 12,695 12,829 Total assets $ 66,285 $ 66,637 LIABILITIES Mortgage payable, net $ 41,006 $ 40,963 Accounts payable and accrued expenses 592 608 Total liabilities 41,598 41,571 MEMBERS' EQUITY Members' equity 27,651 27,795 Accumulated deficit (2,964) (2,729) Total members' equity 24,687 25,066 Total liabilities and members' equity $ 66,285 $ 66,637 Our investment in unconsolidated joint venture $ 12,343 $ 12,533 Three Months Ended Three Months Ended (unaudited) (unaudited) Revenues Rental revenues $ 908 $ 795 Other income 1 1 Total revenues 909 796 Operating Expenses Property operating expenses 239 197 Real estate taxes 11 12 General and administrative 3 3 Transaction related costs - 5 Amortization 134 402 Depreciation 328 327 Total operating expenses 715 946 Operating income (loss) 194 (150) Interest expense, net 386 349 Interest expense - amortization of deferred finance costs 43 43 Net loss $ (235) $ (542) Our equity in net loss from unconsolidated joint venture $ (117) $ (271)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events We have performed subsequent event procedures through May 10, 2018, which is the date the condensed consolidated financial statements were available to be issued, and there were no subsequent events requiring adjustment to, or disclosure in, the condensed consolidated financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with our December 31, 2017 audited consolidated financial statements, as previously filed with the SEC in our 2017 Annual Report on Form 10-K (the “2017 Annual Report”), and other public information.
Principles of Consolidation	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 March 31, 2018, we did not have any interests in VIEs. We assess the accounting treatment for joint venture investments, which includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.
Investments in Unconsolidated Joint Ventures	b. Investment in Unconsolidated Joint Venture -
Use of Estimates	c. Use of Estimates
Reportable Segments	d. Reportable Segments
Concentrations of Credit Risk	e. Concentrations of Credit Risk
Real Estate	f. Real Estate Category Terms Buildings and improvements 10 39 Tenant improvements Shorter of remaining term of the lease or useful life
Real Estate Under Development	g. Real Estate Under Development
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets
Trademarks and Customer Lists	i. Trademarks and Customer Lists 10
Fair Value Measurement	j. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3
Cash and Cash Equivalents	k. Cash and Cash Equivalents
Restricted Cash	l. Restricted Cash -
Revenue Recognition	m. Revenue Recognition
Stock-Based Compensation	n. Stock-Based Compensation
Income Taxes	o. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both March 31, 2018 and December 31, 2017, we had determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2018, 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	p. Earnings (loss) Per Share
Deferred Financing Costs	q. Deferred Finance Costs
Deferred Lease Costs	r. Deferred Lease Costs
Underwriting Commissions and Costs	s. Underwriting Commissions and Costs
Reclassifications	t. Reclassifications -
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 financial position, results of operations or cash flows 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 ASC 718. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. 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, 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. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. 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 acquired is concentrated in a single identifiable asset or group of assets. Upon the adoption of ASU No. 2017-01, we evaluated 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. 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. The adoption of this guidance, effective January 1, 2018, did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The guidance requires 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 adoption of this guidance, effective January 1, 2018, resulted in a restatement of our statement of cash flows for the three months ended March 31, 2017, for comparative purposes.This resulted in a reduction of $ 0.7 2.1 1.4 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).” ASU 2016-15 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 adoption of this new guidance, effective January 1, 2018, did not have a material effect on our financial position, results of operations or cash flows. 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 various office leases with future payment obligations aggregating $ 3.2 In May 2014, the FASB issued ASU 2014-09 establishing ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We adopted this standard effective January 1, 2018 using the modified retrospective method approach, however, there was no cumulative-effect required to be recognized in our accumulated deficit at the date of application. The adoption of ASC 606 did not have a material impact on our financial position, results of operations or cash flows.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment	Depreciation and amortization are determined using the straight-line method over the estimated useful lives described in the table below: Category Terms Buildings and improvements 10 39 Tenant improvements Shorter of remaining term of the lease or useful life

Real Estate, Net (Tables)

Real Estate, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	As of March 31, 2018 and December 31, 2017, real estate, net, includes the following (in thousands): March 31, December 31, Real estate under development $ 79,904 $ 69,783 Building and building improvements 5,817 5,817 Tenant improvements 606 606 Land 2,452 2,452 88,779 78,658 Less: accumulated depreciation 2,451 2,389 $ 86,328 $ 76,269

Prepaid Expenses and Other As23

Prepaid Expenses and Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Prepaid Expense and Other Assets [Abstract]
Schedule Of Prepaid Expense And Other Assets	As of March 31, 2018 and December 31, 2017, prepaid expenses and other assets, net, include the following (in thousands): March 31, December 31, Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 1,611 1,673 Lease commissions 1,302 1,297 Other 1,393 1,203 6,396 6,263 Less: accumulated amortization 2,414 2,204 $ 3,982 $ 4,059

Loans Payable and Secured Lin24

Loans Payable and Secured Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2018
Long-term Debt, Unclassified [Abstract]
Schedule of Interest Income and Interest Expense	Consolidated interest (income) expense, net includes the following (in thousands): Three Months Ended Three Months Ended Interest expense $ 785 $ 575 Interest capitalized (785) (504) Interest income (53) (3) Interest (income) expense, net $ (53) $ 68

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Share-based Compensation, Stock Options, Activity	Our SIP activity was as follows: Three Months Ended Year Ended Number of Weighted Number of Weighted Balance available, beginning of period 541,319 - 614,500 - Granted to employees (146,000) $ 6.95 (48,600) $ 7.34 Granted to non-employee directors - - (18,938) $ 6.88 Deferred under non-employee director's deferral program - - (5,643) $ 6.88 Balance available, end of period 395,319 - 541,319 -
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Our RSU activity for the three months ended March 31, 2018 was as follows: Three Months Ended Number of Weighted Non-vested at beginning of period 677,734 $ 6.44 Granted RSUs 146,000 $ 6.95 Vested (193,142) $ 6.59 Non-vested at end of period 630,592 $ 6.40

Investment in Our Unconsolida26

Investment in Our Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, (unaudited) (audited) ASSETS Real estate, net $ 52,834 $ 53,137 Cash and cash equivalents 249 218 Restricted cash 407 361 Tenant and other receivables, net 16 21 Prepaid expenses and other assets, net 84 71 Intangible assets, net 12,695 12,829 Total assets $ 66,285 $ 66,637 LIABILITIES Mortgage payable, net $ 41,006 $ 40,963 Accounts payable and accrued expenses 592 608 Total liabilities 41,598 41,571 MEMBERS' EQUITY Members' equity 27,651 27,795 Accumulated deficit (2,964) (2,729) Total members' equity 24,687 25,066 Total liabilities and members' equity $ 66,285 $ 66,637 Our investment in unconsolidated joint venture $ 12,343 $ 12,533
Equity Method Investment, Summarized Financial Information, Statement of Operations	Three Months Ended Three Months Ended (unaudited) (unaudited) Revenues Rental revenues $ 908 $ 795 Other income 1 1 Total revenues 909 796 Operating Expenses Property operating expenses 239 197 Real estate taxes 11 12 General and administrative 3 3 Transaction related costs - 5 Amortization 134 402 Depreciation 328 327 Total operating expenses 715 946 Operating income (loss) 194 (150) Interest expense, net 386 349 Interest expense - amortization of deferred finance costs 43 43 Net loss $ (235) $ (542) Our equity in net loss from unconsolidated joint venture $ (117) $ (271)

Business (Details Textual)

Business (Details Textual) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Equity Method Investment, Ownership Percentage	50.00%
Total Purchase Price Of Property		$ 81
Federal [Member]
Operating Loss Carryforwards	$ 232.6

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2018
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 Accoun29

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%			35.00%
Lessee, Operating Lease, Liability, Payments, Due	$ 3,200
Net Cash Provided by (Used in) Operating Activities	(2,900)	$ (1,412)
Accounting Standards Update 2016-18 [Member]
Decrease in cash from operating activities	$ 700
Scenario, Plan [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			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	Mar. 31, 2018	Dec. 31, 2017
Real Estate Investment Property, at Cost	$ 88,779	$ 78,658
Less: accumulated depreciation	2,451	2,389
Real Estate Investment Property, Net	86,328	76,269
Real estate under development
Real Estate Investment Property, at Cost	79,904	69,783
Buildings and building improvements
Real Estate Investment Property, at Cost	5,817	5,817
Tenant improvements
Real Estate Investment Property, at Cost	606	606
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
	Sep. 30, 2017	Mar. 31, 2018	Mar. 31, 2017
Depreciation, Total		$ 62,000	$ 60,000
Escrow Deposits Related to Property Sales	$ 8,100,000
Total Purchase Price Of Property	$ 81,000,000
SCA [Member]
Construction Supervision Fee receivable		5,000,000
Contract Receivable		$ 41,500,000

Prepaid Expenses and Other As32

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Trademarks and customer lists	$ 2,090	$ 2,090
Prepaid expenses	1,611	1,673
Lease commissions	1,302	1,297
Other	1,393	1,203
Prepaid Expense And Other Assets Gross	6,396	6,263
Less: accumulated amortization	2,414	2,204
Prepaid Expense and Other Assets	$ 3,982	$ 4,059

Loans Payable and Secured Lin33

Loans Payable and Secured Line of Credit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest expense	$ 785	$ 575
Interest capitalized	(785)	(504)
Interest income	(53)	(3)
Interest (income) expense, net	$ (53)	$ 68

Loans Payable and Secured Lin34

Loans Payable and Secured Line of Credit (Details Textual)	May 11, 2016USD ($)	Feb. 09, 2015USD ($)	Dec. 22, 2017USD ($)ft²	Feb. 22, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Aug. 04, 2017USD ($)
Long Term Debt Maturity Date		Feb. 8, 2018
Interest Costs Capitalized					$ 231,000
Long-term Line of Credit					0		$ 0
Line of Credit Facility, Expiration Date				Feb. 22, 2019
Loans Payable					41,242,000		36,167,000
Landmarked Robert And Anne Dickey House [Member]
Area of Real Estate Property | ft²			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					1,000	$ 1,000
Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative Asset, Fair Value, Gross Asset					$ 575,000		$ 344,000
West Palm Beach Florida Loan [Member]
Debt Instrument, Interest Rate, Basis for Effective Rate	interest at 30-day LIBOR plus 230 basis points.
Debt Instrument, Interest Rate, Effective Percentage					4.18%		3.86%
Debt Instrument, Unamortized Premium	$ 14,000
Line of Credit Facility, Maximum Borrowing Capacity	12,600,000
Derivative, Notional Amount	$ 9,100,000
Derivative Asset, Fair Value, Gross Asset							$ 5,000
West Palm Beach Florida Loan [Member] | Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative Asset, Fair Value, Gross Asset					$ 4,000
Greenwich Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage						5.25%
Greenwich Construction Loan [Member]
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, Description			(i) LIBOR plus 8.25% and (ii) 9.25%. The effective interest rate on the 77 Greenwich Construction Facility was 10.13% as of March 31, 2018.
Loans Payable					$ 37,200,000		$ 32,700,000
Greenwich Construction Loan [Member] | Multi Use Building [Member]
Area of Real Estate Property | ft²			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

Pension Plans (Details Textual)

Pension Plans (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 27, 2012	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period	$ 15,000,000	$ 2,500,000		$ 2,500,000
Multiemployer Plans, Minimum Contribution		5,400,000
Syms Sponsored Plan [Member]
Syms Plan Minimum Contribution		4,100,000
Multiemployer Plans, Pension [Member]
Multiemployer Plans, Accumulated Benefit Obligation		1,500,000		$ 1,700,000
Multiemployer Plan, Contributions by Employer		$ 203,000	$ 203,000

Commitments (Details Textual)

Commitments (Details Textual)	3 Months Ended
	Mar. 31, 2018USD ($)
Operating Leases, Rent Expense	$ 19,000
Operating Leases, Future Minimum Payments, Due in Two Years	$ 3,200,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance	$ 59.9		$ 59.5
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		35.00%
Tax Credit Carryforward, Limitations on Use	Pursuant to the Tax Reform, alternative minimum tax (“AMT”) credit carryforwards will be eligible for a 50% refund through tax years 2018 through 2020.
Tax Credit Carryforward, Valuation Allowance	$ 3.1
Deferred Income Tax Assets, Net	3.1
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount			$ 33.7
Scenario, Plan [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 103.9
Operating Loss Carryforward Expiration Year	2,034
State and Local Jurisdiction [Member] | Minimum [Member]
Operating Loss Carryforward Expiration Year	2,029
Federal [Member]
Operating Loss Carryforwards	$ 232.6
Federal [Member] | Maximum [Member]
Operating Loss Carryforward Expiration Year	2,034
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 31.1
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 25.5

Stockholders_ Equity (Details T

Stockholders’ Equity (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Capital Stock Shares Authorised	120,000,000
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
Common Stock, Shares, Issued	36,984,753	36,803,218
Common Stock, Shares, Outstanding	31,554,643	31,451,796
At-The-Market Equity Offering Program [Member]
Stock Issued During Period, Value, New Issues	$ 23,000
Stock Issuance Program, Maximum Amount Authorized			$ 12,000,000
Shares Issued, Price Per Share	$ 9.32
Stock Issuance Program, Remaining Amount Authorized	$ 10,800,000
At-The-Market Equity Offering Program [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues	2,492
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized	40,000,000	40,000,000
Blank Check Preferred Stock [Member] | Preferred Stock [Member]
Preferred Stock, Shares Authorized	40,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Number of Shares, Balance available, beginning of period	541,319	614,500
Number of Shares, Deferred under non-employee director's deferral program	0	(5,643)
Number of Shares, Balance available, end of period	395,319	541,319
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	0	6.88
Weighted Average Fair Value at Grant Date, Balance available, end of period	$ 0	$ 0
Director [Member]
Number of Shares, Granted	0	(18,938)
Weighted Average Fair Value at Grant Date, Granted	$ 0	$ 6.88
Employees [Member]
Number of Shares, Granted	(146,000)	(48,600)
Weighted Average Fair Value at Grant Date, Granted	$ 6.95	$ 7.34

Stock-Based Compensation (Det40

Stock-Based Compensation (Details 1)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Shares, Non-vested at beginning of period | shares	677,734
Number of Shares, Granted RSUs | shares	146,000
Number of Shares, Vested | shares	(193,142)
Number of Shares, Non-vested at end of period | shares	630,592
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $ / shares	$ 6.44
Weighted Average Fair Value at Grant Date, Granted RSUs | $ / shares	6.95
Weighted Average Fair Value at Grant Date, Vested | $ / shares	6.59
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $ / shares	$ 6.4

Stock-Based Compensation (Det41

Stock-Based Compensation (Details Textual) - USD ($)	Sep. 09, 2015	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Allocated Share-based Compensation Expense		$ 189,000	$ 667,000
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability			$ 311,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		146,000
Deferred Compensation Arrangement with Individual, Shares Issued		0		5,643
Chief Executive Officer [Member]
Stock Issued During Period, Shares, New Issues		181,535
Stock Repurchased During Period, Shares		78,688
Other Employees [Member]
Restricted Stock or Unit Expense		$ 190,000
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		2,000,000
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability		351,000
Restricted Stock Units (RSUs) [Member] | Other Employees [Member]
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition		$ 76,000
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

Investment in Our Unconsolida42

Investment in Our Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
MEMBERS' EQUITY
Our investment in unconsolidated joint venture	$ 12,343	$ 12,533
Corporate Joint Venture [Member]
ASSETS
Real estate, net	52,834	53,137
Cash and cash equivalents	249	218
Restricted cash	407	361
Tenant and other receivables, net	16	21
Prepaid expenses and other assets, net	84	71
Intangible assets, net	12,695	12,829
Total assets	66,285	66,637
LIABILITIES
Mortgage payable, net	41,006	40,963
Accounts payable and accrued expenses	592	608
Total liabilities	41,598	41,571
MEMBERS' EQUITY
Members' equity	27,651	27,795
Accumulated deficit	(2,964)	(2,729)
Total members' equity	24,687	25,066
Total liabilities and members' equity	66,285	66,637
Our investment in unconsolidated joint venture	$ 12,343	$ 12,533

Investment in Our Unconsolida43

Investment in Our Unconsolidated Joint Venture (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Expenses
Our equity in net loss from unconsolidated joint venture	$ (117)	$ (271)
Corporate Joint Venture [Member]
Revenues
Rental revenues	908	795
Other income	1	1
Total revenues	909	796
Operating Expenses
Property operating expenses	239	197
Real estate taxes	11	12
General and administrative	3	3
Transaction related costs	0	5
Amortization	134	402
Depreciation	328	327
Total operating expenses	715	946
Operating income (loss)	194	(150)
Interest expense, net	386	349
Interest expense - amortization of deferred finance costs	43	43
Net loss	(235)	(542)
Our equity in net loss from unconsolidated joint venture	$ (117)	$ (271)

Investment in Our Unconsolida44

Investment in Our Unconsolidated Joint Venture (Details Textual) $ in Thousands	Dec. 05, 2016USD ($)	Mar. 31, 2018a	Dec. 31, 2017
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, Face Amount	$ 42,500
Debt Instrument, Term	10 years
Debt Instrument, Interest Rate, Effective Percentage		4.04%	3.72%
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