Trinity Place (TPHS) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-08546
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	TRINITY PLACE HOLDINGS INC.
Entity Central Index Key	0000724742
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2465228
Entity Address, Address Line One	340 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10173
City Area Code	212
Local Phone Number	235-2190
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Trading Symbol	TPHS
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		32,172,107

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Real estate, net	$ 263,883	$ 293,226
Cash and cash equivalents	5,192	9,196
Restricted cash	12,972	9,474
Prepaid expenses and other assets, net	2,639	9,097
Investments in unconsolidated joint ventures	19,893	10,673
Receivables	1,017	1,836
Deferred rents receivable	67	6
Right-of-use asset	1,651	1,904
Intangible assets, net	9,357	9,912
Total assets	316,671	345,324
LIABILITIES
Loans payable, net	185,951	169,735
Corporate credit facility, net	29,880	0
Secured line of credit, net	7,144	5,236
Note payable	5,863	670
Deferred real estate deposits	0	82,856
Accounts payable and accrued expenses	12,707	22,243
Pension liabilities	524	1,033
Lease liability	1,805	2,065
Warrant liability	465	1,795
Total liabilities	244,339	285,633
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value	0	0
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,326,367 and 37,612,465 shares issued at September 30, 2020 and December 31, 2019, respectively; 32,152,934 and 31,881,961 shares outstanding at September 30, 2020 and December 31, 2019, respectively	383	376
Additional paid-in capital	135,684	134,217
Treasury stock (6,173,433 and 5,730,504 shares at September 30, 2020 and December 31, 2019, respectively)	(56,791)	(55,731)
Accumulated other comprehensive loss	(2,837)	(3,174)
Retained earnings (accumulated deficit)	(4,107)	(15,997)
Total stockholders' equity	72,332	59,691
Total liabilities and stockholders' equity	316,671	345,324
Blank Check Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, value	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	38,326,367	37,612,465
Common Stock, Shares, Outstanding	32,152,934	31,881,961
Treasury Stock, Shares	6,173,433	5,730,504
Blank Check Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Special Stock, Shares Authorized	1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental revenues	$ 196	$ 946	$ 774	$ 3,520
Other income	80		231
Total revenues	276	946	1,005	3,520
Operating Expenses
Property operating expenses	2,709	1,191	5,464	2,687
Real estate taxes	19	90	59	264
General and administrative	1,188	1,286	3,953	3,971
Pension related costs	165	183	495	549
Transaction related costs	27	29	131	166
Depreciation and amortization	690	600	2,076	2,377
Total operating expenses	4,798	3,379	12,178	10,014
Operating loss	(4,522)	(2,433)	(11,173)	(6,494)
Gain on sale of school condominium			24,196	0
Equity in net loss from unconsolidated joint ventures	(176)	(218)	(1,302)	(626)
Unrealized (loss) gain on warrants	(58)		1,330	0
Interest (expense) income, net	(545)	14	(795)	53
Interest expense -amortization of deferred finance costs	(40)		(148)
(Loss) income before taxes	(5,341)	(2,637)	12,108	(7,067)
Tax expense	(51)	(8)	(218)	(199)
Net (loss) income attributable to common stockholders	(5,392)	(2,645)	11,890	(7,266)
Other comprehensive gain (loss):
Unrealized gain (loss) on pension liability	112	116	337	(1,302)
Comprehensive (loss) income attributable to common stockholders	$ (5,280)	$ (2,529)	$ 12,227	$ (8,568)
(Loss) income per share - basic	$ (0.17)	$ (0.08)	$ 0.37	$ (0.23)
(Loss) income per share - diluted	$ (0.17)	$ (0.08)	$ 0.36	$ (0.23)
Weighted average number of common shares - basic	32,297	31,953	32,290	31,896
Weighted average number of common shares - diluted	32,297	31,953	32,731	31,896

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	(Accumulated Deficit) / Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2018	$ 372	$ 132,831	$ (54,758)	$ (15,466)	$ (3,518)	$ 59,461
Balance (in shares) at Dec. 31, 2018	37,161		(5,514)
Net loss attributable to common stockholders	$ 0	0	$ 0	(2,213)	0	(2,213)
Settlement of stock awards	$ 3	0	$ (566)	0	0	(563)
Settlement of stock awards (in shares)	329		(134)
Unrealized gain (loss) on pension liability	$ 0	0	$ 0	1,649	(1,533)	116
Stock-based compensation expense	0	332	0	0	0	332
Balance at Mar. 31, 2019	$ 375	133,163	$ (55,324)	(16,030)	(5,051)	57,133
Balance (in shares) at Mar. 31, 2019	37,490		(5,648)
Balance at Dec. 31, 2018	$ 372	132,831	$ (54,758)	(15,466)	(3,518)	59,461
Balance (in shares) at Dec. 31, 2018	37,161		(5,514)
Net loss attributable to common stockholders						(7,266)
Balance at Sep. 30, 2019	$ 376	133,867	$ (55,527)	(21,083)	(4,820)	52,813
Balance (in shares) at Sep. 30, 2019	37,603		(5,699)
Balance at Dec. 31, 2018	$ 372	132,831	$ (54,758)	(15,466)	(3,518)	59,461
Balance (in shares) at Dec. 31, 2018	37,161		(5,514)
Stock-based consulting fees						1,800
Balance at Dec. 31, 2019	$ 376	134,217	$ (55,731)	(15,997)	(3,174)	59,691
Balance (in shares) at Dec. 31, 2019	37,612		(5,731)
Balance at Mar. 31, 2019	$ 375	133,163	$ (55,324)	(16,030)	(5,051)	57,133
Balance (in shares) at Mar. 31, 2019	37,490		(5,648)
Net loss attributable to common stockholders	$ 0	0	$ 0	(2,408)	0	(2,408)
Settlement of stock awards	$ 1	0	$ (203)	0	0	(202)
Settlement of stock awards (in shares)	109		(51)
Unrealized gain (loss) on pension liability	$ 0	0	$ 0	0	115	115
Stock-based compensation expense	0	351	0	0	0	351
Balance at Jun. 30, 2019	$ 376	133,514	$ (55,527)	(18,438)	(4,936)	54,989
Balance (in shares) at Jun. 30, 2019	37,599		(5,699)
Net loss attributable to common stockholders	$ 0	0	$ 0	(2,645)	0	(2,645)
Settlement of stock awards	$ 0	0	0	0	0	0
Settlement of stock awards (in shares)	4
Unrealized gain (loss) on pension liability	$ 0	0	0	0	116	116
Stock-based compensation expense	0	353	0	0	0	353
Balance at Sep. 30, 2019	$ 376	133,867	$ (55,527)	(21,083)	(4,820)	52,813
Balance (in shares) at Sep. 30, 2019	37,603		(5,699)
Balance at Dec. 31, 2019	$ 376	134,217	$ (55,731)	(15,997)	(3,174)	59,691
Balance (in shares) at Dec. 31, 2019	37,612		(5,731)
Net loss attributable to common stockholders	$ 0	0	$ 0	(3,253)	0	(3,253)
Settlement of stock awards	$ 4	0	$ (648)	0	0	(644)
Settlement of stock awards (in shares)	438		(197)
Unrealized gain (loss) on pension liability	$ 0	0	$ 0	0	112	112
Stock-based compensation expense	0	280	0	0	0	280
Stock-based consulting fees	$ 2	598	0	0	0	600
Stock-based consulting fees (in shares)	190
Stock buy-back	$ 0	0	$ (134)	0	0	(134)
Stock buy-back shares	0		(74)
Balance at Mar. 31, 2020	$ 382	135,095	$ (56,513)	(19,250)	(3,062)	56,652
Balance (in shares) at Mar. 31, 2020	38,240		(6,002)
Balance at Dec. 31, 2019	$ 376	134,217	$ (55,731)	(15,997)	(3,174)	59,691
Balance (in shares) at Dec. 31, 2019	37,612		(5,731)
Net loss attributable to common stockholders						11,890
Stock-based consulting fees						465,000,000
Balance at Sep. 30, 2020	$ 383	135,684	$ (56,791)	(4,107)	(2,837)	72,332
Balance (in shares) at Sep. 30, 2020	38,326		(6,173)
Balance at Mar. 31, 2020	$ 382	135,095	$ (56,513)	(19,250)	(3,062)	56,652
Balance (in shares) at Mar. 31, 2020	38,240		(6,002)
Net loss attributable to common stockholders	$ 0	0	$ 0	20,535	0	20,535
Settlement of stock awards	$ 1	0	$ (52)	0	0	(51)
Settlement of stock awards (in shares)	66		(26)
Unrealized gain (loss) on pension liability	$ 0	0	$ 0	0	113	113
Stock-based compensation expense	0	294	0	0	0	294
Stock buy-back	$ 0	0	$ (213)	0	0	(213)
Stock buy-back shares	0		(136)
Balance at Jun. 30, 2020	$ 383	135,389	$ (56,778)	1,285	(2,949)	77,330
Balance (in shares) at Jun. 30, 2020	38,306		(6,164)
Net loss attributable to common stockholders	$ 0	0	$ 0	(5,392)	0	(5,392)
Settlement of stock awards	$ 0	0	0	0	0	0
Settlement of stock awards (in shares)	20
Unrealized gain (loss) on pension liability	$ 0	0	0	0	112	112
Stock-based compensation expense	0	295	0	0	0	295
Stock buy-back	$ 0	0	$ (13)	0	0	(13)
Stock buy-back shares	0		(9)
Balance at Sep. 30, 2020	$ 383	$ 135,684	$ (56,791)	$ (4,107)	$ (2,837)	$ 72,332
Balance (in shares) at Sep. 30, 2020	38,326		(6,173)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) attributable to common stockholders	$ 11,890	$ (7,266)
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs	2,224	2,377
Stock-based compensation expense	602	675
Gain on sale of school condominium	(24,196)	0
Deferred rents receivable	(61)	(33)
Other non-cash adjustments - pension expense	337	346
Unrealized gain on warrants	(1,330)	0
Equity in net loss from unconsolidated joint ventures	1,302	626
Distribution from unconsolidated joint ventures	865	33
Decrease in operating assets:
Receivables	2,319	(73)
Prepaid expenses and other assets, net	355	476
(Decrease) increase in operating liabilities:
Accounts payable and accrued expenses	(807)	1,088
Pension liabilities	(509)	(1,010)
Net cash used in operating activities	(7,009)	(2,761)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(39,772)	(71,484)
Deferred real estate deposits of codominium	1,971	30,664
Investments in unconsolidated joint ventures	(10,575)	0
Net cash used in investing activities	(48,376)	(40,820)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate facility	69,740	42,448
Proceeds from secured line of credit	4,400	5,037
Payment of finance costs	(339)	(148)
Repayment of loans and secured line of credit	(17,868)	0
Settlement of stock awards	(695)	(765)
Stock buy-back	(359)	0
Net cash provided by financing activities	54,879	46,572
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(506)	2,991
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	18,670	14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	18,164	17,016
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	9,196	11,496
RESTRICTED CASH, BEGINNING OF PERIOD	9,474	2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	18,670	14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD	5,192	5,705
RESTRICTED CASH, END OF PERIOD	12,972	11,311
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	18,164	17,016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	11,466	9,072
Cash paid during the period for: Taxes	196	312
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	7,246	10,864
Capitalized amortization of deferred financing costs and warrants	2,107	2,105
Capitalized stock-based compensation expense	267	362
Right-of-use asset	0	1,986
Lease liabilities	$ 0	$ (2,149)

Business

Business	9 Months Ended
	Sep. 30, 2020
Business
Business	Note 1 – Business Overview Trinity Place Holdings Inc. (“Trinity,” “we,” “our,” or “us”) is a real estate holding, investment, development and asset management company. Our largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan (“77 Greenwich”). 77 Greenwich was a vacant building that was demolished and is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. We also own a newly built 105-unit, 12-story multi-family property located at 237 11 th th th th th 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. In addition, we had approximately $227.6 million of federal net operating loss carryforwards (“NOLs”) at September 30, 2020, which can be used to reduce our future taxable income and capital gains. 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. We completed our final payment and reserve obligations under the Plan in March 2016. On January 18, 2018, Syms and certain of its subsidiaries (the “Reorganized Debtors”) filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) a motion for entry of a final decree (the “Final Decree”) (i) closing the chapter 11 cases of the Reorganized Debtors; and (ii) 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, among other matters. On February 6, 2018, the Bankruptcy Court entered the Final Decree closing the chapter 11 cases of the Reorganized Debtors. COVID-19 Pandemic As a result of the COVID-19 pandemic, numerous federal, state, local and foreign governmental authorities issued a range of “stay-at-home orders”, proclamations and directives aimed at minimizing the spread of COVID-19, among other restrictions on businesses and individuals. Additional proclamations and directives have been issued in response to further outbreaks, and may be issued in the future. The outbreak and restrictions have adversely affected our business operations including, among other things, a temporary suspension of construction work at our most significant asset, 77 Greenwich, which resumed in mid-April, initially on a modified basis as certain work was deemed “essential” construction, and the temporary closing of the sales center for the 77 Greenwich residential condominium units as well as the temporary suspension of the remediation work being performed on 237 11 th The ultimate impact of the COVID-19 pandemic on our operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, recurring outbreaks, new information which may emerge concerning the pandemic and any additional preventative and protective actions that governments, lending institutions and other businesses, including us, may direct or institute. These and other developments have resulted in and are expected to result in an extended period of continued business disruption and reduced operations for us as well as for lending and other businesses and governmental entities with which we do business. The ultimate financial impacts cannot be reasonably estimated at this time but the outbreak, restrictions and future developments are anticipated to continue to have an adverse impact on our business, financial condition and results of operations, which has been and may continue to be material. The recent economic downturn and volatility in financial markets appear to have been primarily driven by uncertainties associated with the pandemic. As it relates to our business, these uncertainties include, but are not limited to, the adverse effect of the pandemic on the New York City and broader economy, residential and potential residential sentiment in New York City, particularly Manhattan, lending institutions, construction and material supply partners, travel and transportation services, our employees, residents and tenants, and traffic to and within geographic areas containing our real estate assets. The pandemic has adversely affected our near-term, and may adversely affect our long-term, liquidity, cash flows and revenues and has required and may continue to require significant actions in response, including, but not limited to, reducing or discounting prices for our residential condominium units more than originally budgeted, seeking loan extensions and covenant modifications, modifying, eliminating or deferring rent payments in the short term for tenants in an effort to mitigate financial hardships and seeking access to federal, state and/or local financing and other programs. In addition, we continue to be subject to a New York State mandate disallowing tenant evictions for non-payment of rent due to COVID-19 related hardships. The measures taken to date, together with any additional measures and developments including those noted above, impacted and will continue to impact the Company’s business for the third and fourth fiscal quarters of 2020 and beyond, although the extent of the significance of the impact of the COVID-19 outbreak on our business and the duration for which it may have an impact cannot be determined at this time. ​ Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. The impact of the COVID-19 pandemic may affect our ability to extend or refinance our secured line of credit and the 237 11 th

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies 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 also conform with 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. 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, 2019 audited consolidated financial statements, as previously filed with the SEC in our 2019 Annual Report on Form 10-K (the “2019 Annual Report”). a. Principles of Consolidation - interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. Accordingly, our share of the earnings or losses of our unconsolidated joint ventures, The Berkley and 250 North 10 th 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 September 30, 2020, 250 North 10 th 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 equally share authority, 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. Investments in Unconsolidated Joint Ventures - th c. Use of Estimates d. Reportable Segments e. Concentrations of Credit Risk f. Real Estate ​ ​ ​ ​ Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years ​ g. Real Estate Under Development compensation and related costs of personnel directly involved with the specific project related to real estate under development. Capitalization of these costs begin when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs. h. Valuation of Long-Lived Assets i. 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 the 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 j. Cash and Cash Equivalents k. Restricted Cash - l. Revenue Recognition estate taxes, insurance and other property operating expenses. As lessor, we have elected to combine the lease and non-lease component in accordance with ASC Topic 842 when reporting revenue. Lease revenues and reimbursement of real estate taxes, insurance and other property operating expenses are presented in the condensed consolidated statements of operations and comprehensive income (loss) as “rental revenues.” Also, these reimbursements of expenses are recognized within revenue in the period the expenses are incurred. We assess the collectability of our accounts receivable related to tenant revenues. With the adoption of ASC Topic 842, we will apply the guidance under ASC 842 in assessing its lease payments: if collection of rents under specific operating leases is not probable, then we recognize the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this assessment is completed, we apply a general reserve, as provided under ASC 450-20, if applicable. m. Stock-Based Compensation n. 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 increased other disclosures. As of both September 30, 2020 and December 31, 2019, we had determined that no liabilities are required in connection with unrecognized tax positions. As of September 30, 2020, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state and local income and franchise taxes. o. Earnings (loss) Per Share p. Deferred Finance Costs terms of the related financing arrangements. Unamortized deferred finance costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period in which it is determined that the financing will not close. q. Deferred Lease Costs r. Underwriting Commissions and Costs Accounting Standards Updates In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment removed, modified and added the disclosure requirements under Topic 820. The adoption of this guidance, effective January 1, 2020, did not have a material impact 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, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. We have no sales-type leases. As lessee, we are party to an office lease which had a present value of future payment obligations of $2.4 million as of January 1, 2019 (see Note 8 - Commitments), and as such we recorded right-of-use assets and corresponding lease liabilities in this amount upon the adoption of ASU 2016-02 on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) – Targeted Improvements,” which provides an optional transition method of applying the new leases standard at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this optional transition method, although it resulted in no cumulative-effect adjustment. As lessor, for reporting revenue, we elected to combine the lease and non-lease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Also, we elected the ‘package or practical expedients’ approach which allows us not to reassess our previous conclusions about lease identification, lease classification and initial direct costs.

Real Estate, Net

Real Estate, Net	9 Months Ended
	Sep. 30, 2020
Real Estate, Net
Real Estate, Net	Note 3 – Real Estate, Net As of September 30, 2020 and December 31, 2019, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ (unaudited) ​ (audited) Real estate under development ​ $ 197,525 ​ $ 225,673 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 127 ​ 125 Furniture and fixtures ​ 720 ​ 708 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 267,669 ​ 295,803 Less: accumulated depreciation ​ 3,786 ​ 2,577 ​ ​ $ 263,883 ​ $ 293,226 ​ Real estate under development as of September 30, 2020 and December 31, 2019 included 77 Greenwich and the Paramus, New Jersey property. The decrease in real estate under development mainly relates to the sale of the school condominium to the New York City School Construction Authority (the “SCA”) in April, 2020 (see 77 Greenwich and the New York City School Construction Authority below). Building and building improvements, tenant improvements, furniture and fixtures and land and land improvements included the 237 11 th Depreciation expense amounted to approximately $403,000 and $402,000 for the three months ended September 30, 2020 and 2019, respectively, and $1.2 million and $1.3 million for the nine months ended September 30, 2020 and 2019, respectively. Real Estate In May 2018, we closed on the acquisition of 237 11 th th We allocate the purchase price of real estate to land and land improvements and building and building improvements (inclusive of tenant improvements) and, intangibles, such as the value of above-market and below-market leases, real estate tax abatements and origination costs associated with the in-place leases. We depreciate the amount allocated to building and building improvements over their estimated useful lives, which generally range from one year to 27.5 years. We amortize the amount allocated to values associated with real estate tax abatement over the estimated period of benefit which is 15 years for 237 11 th one one As of September 30, 2020 and December 31, 2019, intangible assets, net consisted of real estate tax abatement at its original valuation of $11.1 million, respectively, partially offset by it related accumulated amortization of approximately $1.7 million and $1.2 million, respectively. For each of the three months ended September 30, 2020 and 2019, amortization expense amounted to $185,000, respectively, and for each of the nine months ended September 30, 2020 and 2019, amortization expense amounted to $555,000, respectively. ​ 77 Greenwich and the New York City School Construction Authority Through a wholly-owned subsidiary, we entered into an agreement with the SCA, whereby we agreed to construct a school to be sold to the SCA as part of our condominium development at 77 Greenwich. Pursuant to the agreement, the SCA agreed to pay us $41.5 million for the purchase of their condominium unit and reimburse us for the costs associated with constructing the school, including a construction supervision fee of approximately $5.0 million. Payments for construction are made by the SCA to the general contractor in installments as construction on their school condominium unit progresses. Payments to us for the land and construction supervision fee commenced in January 2018 and continued through October 2019 for the land and will continue through 2020 for the construction supervision fee, with an aggregate of $45.9 million having been paid to us as of September 30, 2020 from the SCA. We have also received an aggregate of $47.6 million in reimbursable construction costs from the SCA through September 30, 2020. Payments and reimbursements from the SCA received prior to April 2020 were recorded as deferred real estate deposits on our condensed consolidated balance sheets until sales criteria were satisfied in April 2020. Upon Substantial Completion, as defined in our agreement with the SCA, which occurred in April 2020, the SCA closed on the purchase of the school condominium unit with us, at which point title transferred to the SCA. Following the conveyance of the school condominium unit to the SCA, the SCA is proceeding to complete the buildout of the interior space, which is planned to become an approximately 476 seat public elementary school. Upon conveyance, we recognized a gain on the sale of approximately $20.0 million and an additional gain of $4.2 million related to the recognition of our construction supervision fee, and our liquidity requirement on the 77 Greenwich Construction Facility was decreased from $15.0 million to $10.0 million. We have also guaranteed certain obligations with respect to the construction of the school.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	9 Months Ended
	Sep. 30, 2020
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net	Note 4 – Prepaid Expenses and Other Assets, Net As of September 30, 2020 and December 31, 2019, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ (unaudited) ​ (audited) Trademarks and customer lists ​ $ — ​ $ 2,090 Prepaid expenses ​ 637 ​ 797 Lease commissions ​ — ​ 1,565 Deferred finance costs ​ ​ 1,795 ​ ​ 6,798 Other ​ 606 ​ 2,641 ​ ​ 3,038 ​ 13,891 Less: accumulated amortization ​ 399 ​ 4,794 ​ ​ $ 2,639 ​ $ 9,097 ​

Loans Payable and Secured Line

Loans Payable and Secured Line of Credit	9 Months Ended
	Sep. 30, 2020
Loans Payable and Secured Line of Credit
Loans Payable and Secured Line of Credit	Note 5 – Loans Payable and Secured Line of Credit Corporate Credit Facility In December 2019, we entered into a credit agreement (the “Corporate Credit Facility”) with an affiliate of a global institutional investment management firm as initial lender (the “Lender”), and Trimont Real Estate Advisors, LLC, as administrative agent, pursuant to which the Lender agreed to extend us credit in multiple draws aggregating $70.0 million, which may be increased by $25.0 million subject to satisfaction of certain conditions and the consent of the Lender (the “Loan”). Draws under the Corporate Credit Facility may be made during the 32-month period following the closing date of the Corporate Credit Facility (the “Closing Date”). The Corporate Credit Facility matures on December 19, 2024, subject to extensions until December 19, 2025 and June 19, 2026, respectively, under certain circumstances. The proceeds of the Corporate Credit Facility may be used for investments in certain multi-family apartment buildings in the greater New York City area and certain non-residential real estate investments approved by the Lender in its reasonable discretion, as well as in connection with certain property recapitalizations and in specified amounts for general corporate purposes and working capital. The Corporate Credit Facility was undrawn at December 31, 2019 and had an outstanding balance of $34.0 million at September 30, 2020. Accrued interest totaled approximately $1.1 million at September 30, 2020. The Corporate Credit Facility bears interest at a rate per annum equal to the sum of (i) 5.25% (the “PIK Interest Rate”) and (ii) a scheduled interest rate (the “Cash Pay Interest Rate”) based on six-month periods from the Closing Date, which Cash Pay Interest Rate, from the Closing Date until the six-month anniversary of the Closing Date, equals 4.0%, subject to increase during the extension periods. The effective interest rate at September 30, 2020 was 9.375%. A $2.45 million commitment fee is payable 50% on the initial draw and 50% as amounts under the Corporate Credit Facility are drawn, with any remaining balance due on the last date of the draw period, and a 1.0% exit fee is payable in respect of Corporate Credit Facility repayments. As of September 30, 2020, we had paid $1.8 million of the commitment fee. The Corporate Credit Facility may be prepaid at any time subject to a prepayment premium on the portion of the Corporate Credit Facility being repaid. The Corporate Credit Facility is subject to certain mandatory prepayment provisions, including that, subject to the terms of the mortgage loan documents applicable to the Company’s 77 Greenwich property, 90% or 100% of the net cash proceeds of residential condominium sales, depending on the circumstances, and 70% of the net cash proceeds of retail condominium sales at the Company’s 77 Greenwich property shall be used to repay the Corporate Credit Facility. Upon final repayment of the Corporate Credit Facility, a multiple on invested capital, or MOIC, amount equal to 130% of the initial Corporate Credit Facility amount plus drawn incremental amounts less the sum of all interest payments, commitment fee and exit fee payments and prepayment premiums, if any, shall be due, if such amounts together with the aggregate amount of principal repaid are less than the MOIC amount. The collateral for the Corporate Credit Facility consists of (i) 100% of the equity interests in our direct subsidiaries, to the extent such a pledge is permitted by the organizational documents of such subsidiary and any financing agreements to which such subsidiary is a party, (ii) our cash and cash equivalents, excluding restricted cash and cash applied toward certain liquidity requirements under existing financing arrangements, and (iii) other non-real estate assets of ours, including intellectual property. The Corporate Credit Facility provides that we and our subsidiaries, as defined in the Corporate Credit Facility, must comply with various affirmative and negative covenants including restrictions on debt, liens, business activities, equity repurchases, distributions and dividends, disposition of assets and transactions with affiliates, as well as financial covenants regarding corporate loan to value, net worth and liquidity. Under the Corporate Credit Facility, we are permitted to repurchase up to $2.0 million of our common stock pursuant to board approved programs with Loan proceeds, $1.5 million with other sources of cash and otherwise subject to the consent of the required lenders. The Corporate Credit Facility also provides for certain events of default, including cross-defaults to our other loans, and for a guaranty of the Loan obligations by our loan party subsidiaries. Pursuant to the terms of the Corporate Credit Facility, so long as the Loan is outstanding and the Lender is owed or holds greater than 50% of the sum of (x) the aggregate principal amount of the Loan outstanding and (y) the aggregate unused commitments, the Lender will have the right to appoint one member of our and each subsidiary’s board of directors or equivalent governing body (the “Designee”). At the election of the Lender, a board observer may be selected in lieu of a board member. The Designee may also sit on up to three committees of the board of directors or equivalent governing body of ours and each subsidiary of the Designee’s choosing from time to time. The Designee will be entitled to receive customary reimbursement of expenses incurred in connection with his or her service as a member of the board and/or any committee thereof but will not, except in the case of an independent director, receive compensation for such service. Loans Payable 237 11 th In May 2018, in connection with the acquisition of 237 11 th th th th th things interest and operating expenses, and in the case of the mortgage loan, a guaranty of 25% of the principal amount, decreasing to 10% of the principal balance upon the debt yield ratio becoming equal to or greater than 7.0%. The 237 11 th The collateral for the 237 11 th Loan is the fee interest of our subsidiary in 237 11 th . The 237 11 th Loan requires us to comply with various customary affirmative and negative covenants and provides for certain events of default, the occurrence of which would permit the lender to declare the 237 11 th Loan due and payable, among other remedies. As of September 30, 2020, we were in compliance with all covenants of the 237 11 th Loan. 77 Greenwich Construction Facility In December 2017, a wholly-owned subsidiary of ours closed on a $189.5 million construction facility for 77 Greenwich (the “77 Greenwich Construction Facility”) with Massachusetts Mutual Life Insurance Company as lender and administrative agent (the “77 Greenwich Lender”). We draw down proceeds as costs related to the construction of the new mixed-use building are incurred. The plans call for the development of 90 luxury residential condominium apartments, 7,500 square feet of street level retail space, a 476-seat elementary school serving New York City District 2, including the adaptive reuse of the landmarked Robert and Anne Dickey House, and construction of a new handicapped accessible subway entrance on Trinity Place. There was an outstanding balance of approximately $135.2 million and $104.9 million on the 77 Greenwich Construction Facility at September 30, 2020 and December 31, 2019, respectively, of which at September 30, 2020, $3.5 million is collateralizing letters of credit securing our obligation with the New York City MTA to upgrade the subway entrance. The 77 Greenwich Construction Facility has a four-year term ending January 2022 with an 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 77 Greenwich Lender, as well as related collateral and pledge of equity in the borrower. The 77 Greenwich Construction Facility bears 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 at September 30, 2020 and December 31, 2019 was 9.25% and 10.01%, respectively. The 77 Greenwich Construction Facility provides for certain loan proceeds to be advanced as an interest holdback and to the extent that the cash flow from 77 Greenwich is insufficient to pay the interest payments then due and payable, funds in the interest holdback will be applied by the 77 Greenwich Lender as a disbursement to the borrower to make the monthly interest payments on the 77 Greenwich Construction Facility, subject to certain conditions. The 77 Greenwich Construction Facility may be prepaid in part in certain circumstances such as in the event of the sale of residential and retail condominium units. Pursuant to the 77 Greenwich Construction Facility, we are required to achieve completion of the construction work and the improvements for the project on or before June 19, 2021, subject to certain exceptions. In connection with the 77 Greenwich Construction Facility, we executed certain guaranties and environmental indemnities, including a recourse guaranty under which we are required to satisfy certain net worth and liquidity requirements including the Company maintaining initial liquidity of at least $15.0 million, consisting of unrestricted cash and, for up to 50% of the requirement, qualified lines of credit, and additional customary affirmative and negative covenants for loans of this type and our agreements with the SCA. The liquidity requirement decreased to $10.0 million upon conveyance of the school condominium to the SCA in April 2020. We also entered into certain completion and other guarantees with the 77 Greenwich Lender and the SCA in connection with the 77 Greenwich Construction Facility. As of September 30, 2020, we were in compliance with all covenants of the 77 Greenwich Construction Facility. In early April 2020, New York State required all non-essential construction projects be shut down due to the impact of the COVID-19 pandemic. As a result, the construction of 77 Greenwich was temporarily suspended. Construction recommenced mid-April, initially on a modified basis, as certain work was deemed "essential" construction. Since June 2020, a full crew has been on site and operating in accordance with applicable guidelines in response to the COVID-19 outbreak. Future delays in construction may result in a delay in our ability to complete the construction project on its original timeline and our ability to sell condominium units. Our ability to meet certain sales requirements applicable as of the end of 2020 and thereafter has been materially adversely affected and we expect we will be unable to meet the December 31, 2020 sales pace covenant. We are in active discussion with the 77 Greenwich Lender to amend certain terms of the 77 Greenwich Construction Facility, including with respect to the December 31, 2020 sales pace covenant. Despite the construction delays, we currently expect that the construction project will be completed within budget. We currently anticipate receiving our temporary certificates in stages from December 2020 through the first half of 2021. In December 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 for the 2.5% interest rate cap on the 30-day LIBOR rate on a notional amount of $189.5 million. The fair value of the interest rate cap as of both September 30, 2020 and December 31, 2019 was approximately zero. We did not designate this interest rate cap as a hedge and are recognizing the change in estimated fair value in interest expense. During the nine months ended September 30, 2020, there was no change in value of this instrument. Secured Line of Credit Our $12.75 million line of credit with Sterling National Bank is secured by the Paramus, New Jersey property and matures in March 2021. The line of credit bears interest at a rate of 200 basis points over the 30-day LIBOR, and is pre-payable at any time without penalty. A portion of the line of credit is subject to an unused fee. This secured line of credit had an outstanding balance of $7.15 million at September 30, 2020 and $5.25 million December 31, 2019 and an effective interest rate of 2.15% as of September 30, 2020 and 3.76% as of December 31, 2019. Interest Consolidated interest expense (income), net includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Interest expense ​ $ 4,418 ​ $ 3,525 ​ $ 12,554 ​ $ 9,905 ​ Interest capitalized ​ (3,820) ​ (3,525) ​ (11,702) ​ (9,905) ​ Interest income ​ (53) ​ (14) ​ (57) ​ (53) ​ Interest expense (income), net ​ $ 545 ​ $ (14) ​ $ 795 ​ $ (53) ​ ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
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 prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices 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, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of their short-term nature. The fair value of the consolidated loans payable, corporate credit facility, the secured line of credit and the warrant liability approximated their carrying values as they are variable-rate instruments.

Pension Plans

Pension Plans	9 Months Ended
	Sep. 30, 2020
Pension Plans
Pension 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 September 30, 2020 and December 31, 2019, we had a recorded liability of $524,000 and $924,000, respectively, 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 currently plan to continue to maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; however, we may terminate it at any time. In the event we terminate the plan, we intend that any such termination would 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 currently have no intention of terminating the pension plan. In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $5.3 million to the Syms sponsored plan from September 17, 2012 through September 30, 2020. Historically, we have funded this plan in the third quarter of the calendar year. Multiemployer Pension Plans Certain Syms employees were covered by collective bargaining agreements and participated in various 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. As a result of the complete withdrawal, we were obligated to pay a withdrawal liability to one of these pension plans through the first quarter of 2020. We were required to make quarterly payments in the amount of approximately $203,000 until this liability was completely paid, which occurred with the final payment of $109,000 in January 2020. We had no liability and a liability of $109,000 as of September 30, 2020 and December 31, 2019, respectively, related to this plan which is included in pension liabilities on the accompanying condensed consolidated balance sheets. See Note 8 - Commitments - Legal Proceedings - for further information regarding a claim related to the multiemployer pension plan. ​

Commitments

Commitments	9 Months Ended
	Sep. 30, 2020
Commitments
Commitments	Note 8 – Commitments a. Leases – Legal Proceedings In addition to this matter, in the normal course of business, we are also party to routine legal proceedings. Based on advice of counsel and available information, including current status or stage of proceeding, and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from litigation we are currently involved in will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or liquidity.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	Note 9 – Income Taxes Effects of the Tax Cuts and Jobs Act Pursuant to the U.S Tax Cuts and Jobs Act (the "TCJA") of 2017, alternative minimum tax (“AMT”) credit carryforwards will be eligible for a 50% refund in 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 rules, as of December 31, 2017 we had released the valuation allowance of $3.1 million formerly reserved against our AMT credit carryforwards and we had recorded a tax benefit and refund receivable of $3.1 million in connection with this valuation allowance release. We received approximately $1.6 million of the refund receivable in October 2019 and the balance of approximately $1.5 million in July 2020. Other At September 30, 2020, we had federal NOLs of approximately $227.6 million. NOLs generated prior to tax-year 2018 will expire in years through fiscal 2037 while NOLs generated in 2018 and forward carry-over indefinitely. In connection with the conveyance of the school condominium to the SCA, we applied approximately $11.6 million of federal NOLs against taxable capital gains of approximately $18.5 million. Since 2009 through September 30, 2020, we have utilized approximately $28.4 million of the federal NOLs. At September 30, 2020, we also had state NOLs of approximately $119.9 million. These state NOLs have various expiration dates through 2039, if applicable. We also had New York State and New York City prior NOL conversion (“PNOLC”) subtraction pools of approximately $19.5 million and $13.9 million, respectively. The conversion to the PNOLC under the New York State and New York City corporate tax reforms does not have any material tax impact. 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 $59.7 million and $63.7 million as of September 30, 2020 and December 31, 2019, respectively. If our assumptions change and we determine we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recognized as a reduction of income tax expense and an increase in stockholders equity. ​ On March 27, 2020, President Trump signed into law the "Coronavirus Aid, Relief, and Economic Security (CARES) Act." The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. The CARES Act did not have a material impact on our financial position, results of operations or cash flows.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity
Stockholders' Equity	Note 10 – Stockholders’ Equity Capital Stock Our authorized capital stock consists of 120,000,000 shares consisting of 79,999,997 shares of common stock, $0.01 par value per share, two Warrants In December 2019, we entered into a Warrant Agreement (the “Warrant Agreement”) with the lender under our Corporate Credit Facility (see Note 5 – Loans Payable and Secured Line of Credit – Corporate Credit Facility) (the “Warrant Holder”) pursuant to which we issued ten-year warrants (the “Warrants”) to the Warrant Holder to purchase up to 7,179,000 shares of our common stock. The Warrants are exercisable immediately and have an exercise price of $6.50 per share (the “Exercise Price”), payable in cash or pursuant to a cashless exercise. The Warrant Agreement provides that we will not issue shares of common stock upon exercise of the Warrants if either (1) the Warrant Holder, together with its affiliates, would beneficially hold 5% or more of the shares of common stock outstanding immediately after giving effect to such exercise, or (2) such exercise would result in the issuance of more than 19.9% of the shares of issued and outstanding common stock as of the date of the Warrant Agreement, prior to giving effect to the issuance of the Warrants, and such issuance would require shareholder approval under the NYSE American LLC listing requirements. The Warrant Agreement provides for certain adjustments to the Exercise Price and/or the number of shares of common stock issuable upon exercise pursuant to customary anti-dilution provisions. Upon a change of control of the Company, the Warrants will be automatically converted into the right to receive the difference between the consideration the Warrant Holder would have received if it exercised the Warrants immediately prior to the change of control and the aggregate Exercise Price, payable at the election of the Warrant Holder in the consideration payable in the change of control or, if such consideration is other than cash, in cash. The Warrants, which were initially valued at approximately $1.8 million at December 31, 2019, are accounted for under the liability method. These Warrants were valued at approximately $465,000 at September 30, 2020. The $1.3 million change in fair value of the Warrants was recorded as an unrealized gain in the condensed consolidated statement of operations and comprehensive income (loss) during the nine months ended September 30, 2020. In connection with the issuance of the Warrants, we also entered into a registration rights agreement with the Warrant Holder, pursuant to which we agreed to register for resale the shares of common stock issuable upon exercise of the Warrants (the “Registration Rights Agreement”), and a letter agreement with the Warrant Holder (the “Letter Agreement”) pursuant to which we agreed to provide (i) certain information rights, (ii) the right to appoint one member of the board of directors of the Company, or in lieu thereof a board observer, and (iii) certain preemptive rights for a period of five years following the exercise of any of the Warrants so long as the Warrant Holder continues to hold shares of common stock. With respect to the board appointment right, the Letter Agreement includes a similar right as the Corporate Credit Facility described in Note 5 - Loans Payable and Secured Line of Credit, so long as the Warrant Holder together with its affiliates beneficially holds at least 5% of the outstanding common stock of the Company, assuming the exercise of all outstanding Warrants; provided that the Warrant Holder does not have such appointment right at any time a Designee or observer may be appointed pursuant to the terms of the Corporate Credit Facility. At-The-Market Equity Offering Program In December 2016, we entered into a sales agreement with a broker with respect to an "at-the-market" equity offering program for the sale of up to an aggregate of $12.0 million of our common stock. We have not issued any shares through this program since January 2017 and the sales agreement with our broker expired in June 2019 in accordance with its terms. Share Repurchase Program The following table shows the stock repurchase activity by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Exchange Act, by month for the three months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total number ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ of Shares ​ Dollar Value of ​ ​ ​ ​ ​ ​ ​ ​ Purchased As ​ Shares that ​ ​ ​ ​ ​ ​ ​ Part of ​ May Yet Be ​ ​ Total ​ Weighted ​ Publicly ​ Purchased ​ ​ Number of ​ Average ​ Announced ​ Under the ​ ​ Shares ​ Price Paid ​ Plans or ​ Plans or Period Purchased per Share Programs Programs 7/1/20 - 7/31/20 ​ 14,699 ​ $ 1.34 ​ 9,199 ​ $ 4,516,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/1/20 - 8/31/20 ​ 72 ​ $ 1.30 ​ 72 ​ $ 4,516,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/1/20 - 9/30/20 ​ — ​ $ — ​ — ​ $ 4,516,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ending September 30, 2020 (1) ​ 14,771 (2) $ 1.34 ​ 9,271 ​ $ 4,516,639 (3) ​ (1) In December 2019, our Board of Directors approved a share repurchase program under which we can purchase up to $5.0 million of shares of our common stock. Repurchases under the share repurchase program may be made through open market or privately negotiated transactions at times and on such terms and in such amounts as management deems appropriate, subject to market conditions, regulatory requirements and other factors. The share repurchase program is subject to the terms of our Corporate Credit Facility and does not obligate the Company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. (2) Includes an aggregate of (i) 5,500 shares purchased by affiliated purchasers of the Company and (ii) 9,271 shares purchased by the Company in the open market under its share repurchase program. (3) Since inception of the share repurchase program through September 30, 2020, the Company has repurchased 250,197 shares of common stock for approximately $483,361, or an average price per share of $1.93. As of September 30, 2020, approximately $4.5 million of shares remained available for purchase under the share repurchase program, subject to the terms of our Corporate Credit Facility. ​ Preferred Stock We are authorized to issue two shares of preferred stock (one share each of Series A and Series B preferred stock, each of which was automatically redeemed in 2016 and may not be reissued), one share of special stock and 40,000,000 shares of blank-check preferred stock. The share of special stock was issued and sold to Third Avenue Trust, on behalf of Third Avenue Real Estate Value Fund (“Third Avenue”), and enables Third Avenue or its affiliated designee to elect one member of the Board of Directors.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Stock-Based Compensation
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Fair ​ ​ ​ Average Fair ​ ​ ​ Number of ​ Value at ​ Number of ​ Value at ​ ​ Shares Grant Date Shares Grant Date Balance available, beginning of period ​ 1,017,535 ​ ​ — ​ 340,760 ​ ​ — ​ Additional shares approved by stockholders ​ — ​ ​ — ​ 1,000,000 ​ ​ — ​ Granted to employees (295,500) ​ $ 3.01 (267,000) ​ $ 4.15 Granted to non-employee directors (40,487) ​ $ 1.76 (13,050) ​ $ 3.98 Deferred under non-employee director's deferral program (80,230) ​ $ 1.90 (43,175) ​ $ 3.98 Balance available, end of period 601,318 ​ — 1,017,535 ​ — ​ Restricted Stock Units We grant RSUs to certain executive officers and employees as part of compensation. These grants generally have vesting dates ranging from immediate vest at grant date to three years, with a distribution of shares at various dates ranging from the time of vesting up to seven years after vesting. During the nine months ended September 30, 2020, we granted 295,500 RSUs to certain employees. These RSUs vest and settle at various times over a two Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive income (loss) during the three months ended September 30, 2020 and 2019 totaled $177,000 and $215,000, respectively, which is net of $91,000 and $120,000 capitalized as part of real estate under development, respectively. Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive income (loss) during the nine months ended September 30, 2020 and 2019 totaled $531,000 and $644,000, respectively, which is net of $272,000 and $362,000 capitalized as part of real estate under development, respectively. Our RSU activity was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Fair ​ ​ ​ Average Fair ​ ​ ​ Number of ​ Value at Grant ​ Number of ​ Value at Grant ​ ​ Shares Date Shares Date Non-vested at beginning of period 453,334 ​ $ 5.00 381,167 ​ $ 6.39 Granted RSUs 295,500 ​ $ 3.01 267,000 ​ $ 4.15 Vested (166,500) ​ $ 5.46 (194,833) ​ $ 5.98 Non-vested at end of period 582,334 ​ $ 3.86 453,334 ​ $ 5.00 ​ As of September 30, 2020, there was approximately $694,000 of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized through December 2022. During the nine months ended September 30, 2020, we issued 482,939 shares of common stock to employees and executive officers to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased 222,575 shares to provide for the employees’ withholding tax liabilities. During the three and nine months ended September 30, 2020, we issued 19,879 and 40,487 shares of common stock, respectively, to board members as part of their annual compensation. In January 2020, we issued 190,476 shares of common stock to consultants pursuant to their agreement related to the closing of the Corporate Credit Facility. Director Deferral Program Our Non-Employee Director’s Deferral Program (the “Deferral Program”), as amended in December 2018, allows our non-employee directors to elect to receive the cash portion of their annual compensation in shares of the Company’s common stock, as well as to defer receipt of the portion of their annual board compensation that is paid in equity. Any deferred amounts are paid under the SIP (as is non-employee directors’ annual equity compensation that is not deferred). Compensation deferred under the Deferral Program is reflected by the grant of stock units 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 under the SIP 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 September 30, 2020, a total of 143,384 stock units have been deferred under the Deferral Program.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2020
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures	Note 12 – Investments in Unconsolidated Joint Ventures Through a wholly-owned subsidiary, we own a 50% interest in a joint venture (the “Berkley Joint Venture”) formed to acquire and operate The Berkley, a newly built 95-unit multi-family property. In December 2016, the joint venture closed on the acquisition of The Berkley through a wholly-owned special purpose entity for a purchase price of $68.885 million, of which $42.5 million was financed through a 10-year loan (the “Berkley Loan”) secured by The Berkley, and the balance was paid in cash, half of which was funded by us. The non-recourse Berkley Loan bore interest at the 30-day LIBOR rate plus 216 basis points, was interest only for five years, was pre-payable after two years with a 1% prepayment premium, had covenants and defaults customary for a Freddie Mac financing and had an effective interest rate of 3.92% at December 31, 2019. On February 28, 2020, in connection with a refinancing, the Berkley Joint Venture repaid the Berkley Loan in full and replaced it with a new 7-year, $33.0 million loan (the “New Berkley Loan”) which bears interest at a fixed rate of 2.717% and is interest only during the initial five years. It is pre-payable at any time and can be upsized by up to $6.0 million under certain circumstances. We and our joint venture partner are joint and several recourse carve-out guarantors under the New Berkley Loan. Through a wholly-owned subsidiary, we own a 10% interest in a joint venture with TF Cornerstone (the “250 North 10 th th th th th th As of September 30, 2020, we have one unconsolidated VIE, namely 250 North 10 th As we do not control these joint ventures, we account for them under the equity method of accounting. The combined balance sheets for our unconsolidated joint ventures at September 30, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ ​ (unaudited) ​ ​ (audited) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 168,801 ​ $ 50,508 Cash and cash equivalents ​ 1,688 ​ 344 Restricted cash ​ 763 ​ 435 Tenant and other receivables, net ​ 293 ​ 42 Prepaid expenses and other assets, net ​ 173 ​ 66 Intangible assets, net ​ 25,481 ​ 11,757 Total assets ​ $ 197,199 ​ $ 63,152 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 114,481 ​ $ 41,207 Accounts payable and accrued expenses ​ 1,678 ​ 598 Total liabilities ​ 116,159 ​ 41,805 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 93,411 ​ 27,169 Accumulated deficit ​ (10,310) ​ (5,822) Accumulated other comprehensive loss ​ ​ (2,061) ​ ​ — Total members’ equity ​ 81,040 ​ 21,347 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 197,199 ​ $ 63,152 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 19,893 ​ $ 10,673 ​ The statements of operations for our unconsolidated joint ventures for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three ​ For the Three ​ For the Nine ​ For the Nine ​ ​ ​ Months Ended ​ Months Ended ​ Months Ended ​ Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ ​ ​ Rental revenues ​ $ 3,303 ​ $ 834 ​ $ 9,708 ​ $ 2,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 3,303 ​ 834 ​ 9,708 ​ 2,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ Property operating expenses ​ 925 ​ 270 ​ 2,430 ​ 715 ​ Real estate taxes ​ 25 ​ 12 ​ 60 ​ 34 ​ General and administrative ​ 3 ​ 2 ​ 8 ​ 7 ​ Amortization ​ 1,475 ​ 134 ​ 4,201 ​ 402 ​ Depreciation ​ 985 ​ 331 ​ 2,848 ​ 992 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 3,413 ​ 749 ​ 9,547 ​ 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating (loss) income ​ (110) ​ 85 ​ 161 ​ 349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (946) ​ (478) ​ (2,840) ​ (1,471) ​ Interest expense -amortization of deferred finance costs ​ (69) ​ (43) ​ (1,809) ​ (129) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,125) ​ $ (436) ​ $ (4,488) ​ $ (1,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ (176) ​ $ (218) ​ $ (1,302) ​ $ (626) ​ ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events We have performed subsequent event procedures through 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 Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
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 also conform with 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. 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, 2019 audited consolidated financial statements, as previously filed with the SEC in our 2019 Annual Report on Form 10-K (the “2019 Annual Report”).
Principles of Consolidation	a. Principles of Consolidation - interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. Accordingly, our share of the earnings or losses of our unconsolidated joint ventures, The Berkley and 250 North 10 th 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 September 30, 2020, 250 North 10 th 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 equally share authority, 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. Investments in Unconsolidated Joint Ventures - th
Use of Estimates	c. Use of Estimates
Reportable Segments	d. Reportable Segments
Concentrations of Credit Risk	e. Concentrations of Credit Risk
Real Estate	f. Real Estate ​ ​ ​ ​ Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years
Real Estate Under Development	g. Real Estate Under Development compensation and related costs of personnel directly involved with the specific project related to real estate under development. Capitalization of these costs begin when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs.
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets
Fair Value Measurements	i. 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 the 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	j. Cash and Cash Equivalents
Restricted Cash	k. Restricted Cash -
Revenue Recognition	l. Revenue Recognition estate taxes, insurance and other property operating expenses. As lessor, we have elected to combine the lease and non-lease component in accordance with ASC Topic 842 when reporting revenue. Lease revenues and reimbursement of real estate taxes, insurance and other property operating expenses are presented in the condensed consolidated statements of operations and comprehensive income (loss) as “rental revenues.” Also, these reimbursements of expenses are recognized within revenue in the period the expenses are incurred. We assess the collectability of our accounts receivable related to tenant revenues. With the adoption of ASC Topic 842, we will apply the guidance under ASC 842 in assessing its lease payments: if collection of rents under specific operating leases is not probable, then we recognize the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this assessment is completed, we apply a general reserve, as provided under ASC 450-20, if applicable.
Stock-Based Compensation	m. Stock-Based Compensation
Income Taxes	n. 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 increased other disclosures. As of both September 30, 2020 and December 31, 2019, we had determined that no liabilities are required in connection with unrecognized tax positions. As of September 30, 2020, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state and local income and franchise taxes.
Earnings (loss) Per Share	o. Earnings (loss) Per Share
Deferred Financing Costs	p. Deferred Finance Costs terms of the related financing arrangements. Unamortized deferred finance costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period in which it is determined that the financing will not close.
Deferred Lease Costs	q. Deferred Lease Costs
Underwriting Commissions and Costs	r. Underwriting Commissions and Costs
Accounting Standards Updates	Accounting Standards Updates In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment removed, modified and added the disclosure requirements under Topic 820. The adoption of this guidance, effective January 1, 2020, did not have a material impact 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, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. We have no sales-type leases. As lessee, we are party to an office lease which had a present value of future payment obligations of $2.4 million as of January 1, 2019 (see Note 8 - Commitments), and as such we recorded right-of-use assets and corresponding lease liabilities in this amount upon the adoption of ASU 2016-02 on January 1, 2019. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) – Targeted Improvements,” which provides an optional transition method of applying the new leases standard at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this optional transition method, although it resulted in no cumulative-effect adjustment. As lessor, for reporting revenue, we elected to combine the lease and non-lease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Also, we elected the ‘package or practical expedients’ approach which allows us not to reassess our previous conclusions about lease identification, lease classification and initial direct costs.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
Schedule of Property, Plant and Equipment	​ ​ ​ ​ Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years

Real Estate, Net (Tables)

Real Estate, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate, Net
Schedule of Real Estate Properties	As of September 30, 2020 and December 31, 2019, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ (unaudited) ​ (audited) Real estate under development ​ $ 197,525 ​ $ 225,673 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 127 ​ 125 Furniture and fixtures ​ 720 ​ 708 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 267,669 ​ 295,803 Less: accumulated depreciation ​ 3,786 ​ 2,577 ​ ​ $ 263,883 ​ $ 293,226 ​

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Prepaid Expenses and Other Assets, Net
Schedule of prepaid expenses and other assets	As of September 30, 2020 and December 31, 2019, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ (unaudited) ​ (audited) Trademarks and customer lists ​ $ — ​ $ 2,090 Prepaid expenses ​ 637 ​ 797 Lease commissions ​ — ​ 1,565 Deferred finance costs ​ ​ 1,795 ​ ​ 6,798 Other ​ 606 ​ 2,641 ​ ​ 3,038 ​ 13,891 Less: accumulated amortization ​ 399 ​ 4,794 ​ ​ $ 2,639 ​ $ 9,097

Loans Payable and Secured Lin_2

Loans Payable and Secured Line of Credit (Tables)	9 Months Ended
	Sep. 30, 2020
Loans Payable and Secured Line of Credit
Schedule of consolidated interest (income) expense	Consolidated interest expense (income), net includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Interest expense ​ $ 4,418 ​ $ 3,525 ​ $ 12,554 ​ $ 9,905 ​ Interest capitalized ​ (3,820) ​ (3,525) ​ (11,702) ​ (9,905) ​ Interest income ​ (53) ​ (14) ​ (57) ​ (53) ​ Interest expense (income), net ​ $ 545 ​ $ (14) ​ $ 795 ​ $ (53) ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity
Schedule of stock repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total number ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ of Shares ​ Dollar Value of ​ ​ ​ ​ ​ ​ ​ ​ Purchased As ​ Shares that ​ ​ ​ ​ ​ ​ ​ Part of ​ May Yet Be ​ ​ Total ​ Weighted ​ Publicly ​ Purchased ​ ​ Number of ​ Average ​ Announced ​ Under the ​ ​ Shares ​ Price Paid ​ Plans or ​ Plans or Period Purchased per Share Programs Programs 7/1/20 - 7/31/20 ​ 14,699 ​ $ 1.34 ​ 9,199 ​ $ 4,516,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/1/20 - 8/31/20 ​ 72 ​ $ 1.30 ​ 72 ​ $ 4,516,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/1/20 - 9/30/20 ​ — ​ $ — ​ — ​ $ 4,516,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ending September 30, 2020 (1) ​ 14,771 (2) $ 1.34 ​ 9,271 ​ $ 4,516,639 (3) ​ (1) In December 2019, our Board of Directors approved a share repurchase program under which we can purchase up to $5.0 million of shares of our common stock. Repurchases under the share repurchase program may be made through open market or privately negotiated transactions at times and on such terms and in such amounts as management deems appropriate, subject to market conditions, regulatory requirements and other factors. The share repurchase program is subject to the terms of our Corporate Credit Facility and does not obligate the Company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. (2) Includes an aggregate of (i) 5,500 shares purchased by affiliated purchasers of the Company and (ii) 9,271 shares purchased by the Company in the open market under its share repurchase program. (3) Since inception of the share repurchase program through September 30, 2020, the Company has repurchased 250,197 shares of common stock for approximately $483,361, or an average price per share of $1.93. As of September 30, 2020, approximately $4.5 million of shares remained available for purchase under the share repurchase program, subject to the terms of our Corporate Credit Facility. ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Stock-Based Compensation
Schedule of Share - based compensation stock incentive plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Fair ​ ​ ​ Average Fair ​ ​ ​ Number of ​ Value at ​ Number of ​ Value at ​ ​ Shares Grant Date Shares Grant Date Balance available, beginning of period ​ 1,017,535 ​ ​ — ​ 340,760 ​ ​ — ​ Additional shares approved by stockholders ​ — ​ ​ — ​ 1,000,000 ​ ​ — ​ Granted to employees (295,500) ​ $ 3.01 (267,000) ​ $ 4.15 Granted to non-employee directors (40,487) ​ $ 1.76 (13,050) ​ $ 3.98 Deferred under non-employee director's deferral program (80,230) ​ $ 1.90 (43,175) ​ $ 3.98 Balance available, end of period 601,318 ​ — 1,017,535 ​ —
Schedule of share- based compensation restricted stock units award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Fair ​ ​ ​ Average Fair ​ ​ ​ Number of ​ Value at Grant ​ Number of ​ Value at Grant ​ ​ Shares Date Shares Date Non-vested at beginning of period 453,334 ​ $ 5.00 381,167 ​ $ 6.39 Granted RSUs 295,500 ​ $ 3.01 267,000 ​ $ 4.15 Vested (166,500) ​ $ 5.46 (194,833) ​ $ 5.98 Non-vested at end of period 582,334 ​ $ 3.86 453,334 ​ $ 5.00

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
Investments in Unconsolidated Joint Ventures
Schedule of balance sheets for the unconsolidated joint venture	The combined balance sheets for our unconsolidated joint ventures at September 30, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ ​ (unaudited) ​ ​ (audited) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 168,801 ​ $ 50,508 Cash and cash equivalents ​ 1,688 ​ 344 Restricted cash ​ 763 ​ 435 Tenant and other receivables, net ​ 293 ​ 42 Prepaid expenses and other assets, net ​ 173 ​ 66 Intangible assets, net ​ 25,481 ​ 11,757 Total assets ​ $ 197,199 ​ $ 63,152 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 114,481 ​ $ 41,207 Accounts payable and accrued expenses ​ 1,678 ​ 598 Total liabilities ​ 116,159 ​ 41,805 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 93,411 ​ 27,169 Accumulated deficit ​ (10,310) ​ (5,822) Accumulated other comprehensive loss ​ ​ (2,061) ​ ​ — Total members’ equity ​ 81,040 ​ 21,347 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 197,199 ​ $ 63,152 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 19,893 ​ $ 10,673
Schedule of statement of operations for unconsolidated joint ventures	The statements of operations for our unconsolidated joint ventures for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three ​ For the Three ​ For the Nine ​ For the Nine ​ ​ ​ Months Ended ​ Months Ended ​ Months Ended ​ Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ ​ ​ Rental revenues ​ $ 3,303 ​ $ 834 ​ $ 9,708 ​ $ 2,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 3,303 ​ 834 ​ 9,708 ​ 2,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ Property operating expenses ​ 925 ​ 270 ​ 2,430 ​ 715 ​ Real estate taxes ​ 25 ​ 12 ​ 60 ​ 34 ​ General and administrative ​ 3 ​ 2 ​ 8 ​ 7 ​ Amortization ​ 1,475 ​ 134 ​ 4,201 ​ 402 ​ Depreciation ​ 985 ​ 331 ​ 2,848 ​ 992 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 3,413 ​ 749 ​ 9,547 ​ 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating (loss) income ​ (110) ​ 85 ​ 161 ​ 349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (946) ​ (478) ​ (2,840) ​ (1,471) ​ Interest expense -amortization of deferred finance costs ​ (69) ​ (43) ​ (1,809) ​ (129) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,125) ​ $ (436) ​ $ (4,488) ​ $ (1,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ (176) ​ $ (218) ​ $ (1,302) ​ $ (626) ​

Business (Details)

Business (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Federal [Member]
Operating Loss Carryforwards	$ 227.6
The Berkley [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
250 North 10th
Equity Method Investment, Ownership Percentage	10.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Depreciation (Details)	9 Months Ended
	Sep. 30, 2020
Building and building improvements | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and building improvements | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	39 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of remaining term of the lease or useful life
Tenant improvements | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Furniture and fixtures | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and fixtures | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	8 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)segmententity$ / sharesshares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)entity$ / shares	Jan. 01, 2019USD ($)
Unrecognized Tax Benefits	$ 0		$ 0
Unconsolidated VIE's | entity	1		1
Number of reportable segment | segment	1
Provision for impairment	$ 0	$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares			$ 6.50
Deferred Offering Costs			$ 5,000
Line of Credit Facility, Maximum Borrowing Capacity			70,000
Capital Lease Obligations, Noncurrent				$ 2,400
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	441,166
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	7,179,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 6.50
Accounting Standards Update 2016-02 [Member]
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Lease, Practical Expedients, Package [true false]	true
Prepaid Expenses and Other Current Assets [Member]
Deferred Offering Costs	$ 6,000		$ 3,000

Real Estate, Net (Details)

Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate Investment Property, at Cost	$ 267,669	$ 295,803
Less: accumulated depreciation	3,786	2,577
Real Estate Investment Property, Net, Total	263,883	293,226
Building and building improvements
Real Estate Investment Property, at Cost	41,358	41,358
Tenant improvements
Real Estate Investment Property, at Cost	127	125
Furniture and fixtures
Real Estate Investment Property, at Cost	720	708
Land and land improvements
Real Estate Investment Property, at Cost	27,939	27,939
Real estate under development
Real Estate Investment Property, at Cost	$ 197,525	$ 225,673

Real Estate, Net - Additional I

Real Estate, Net - Additional Information (Details) - USD ($)	Apr. 06, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Apr. 05, 2020	May 31, 2018
Depreciation		$ 403,000	$ 402,000	$ 1,200,000	$ 1,300,000
Total Purchase Price Of Property								$ 81,200,000
Business Acquisition, Transaction Costs								$ 700,000
Occupancy rate percentage		20.00%		20.00%
Expected remediation percentage prior to COVID-19				75.00%
Finite-Lived Intangible Assets, Net		$ 11,100,000		$ 11,100,000		$ 11,100,000
Accumulated amortization				1,700,000		$ 1,200,000
Amortization of Intangible Assets		185,000	$ 185,000	555,000	$ 555,000
Gain on sale of commercial condominium unit	$ 20,000,000
Other income related to construction service fee	4,200,000	80,000		$ 231,000
Liquidity requirement	$ 15,000,000						$ 10,000,000
Maximum [Member]
Expected period for lease term				2 years
Minimum [Member]
Expected period for lease term				1 year
Real estate under development | Minimum [Member]
Property Tax Abatement				15 years
Building and building improvements | Maximum [Member]
Property, Plant and Equipment, Useful Life				27 years 6 months
Building and building improvements | Minimum [Member]
Property, Plant and Equipment, Useful Life				1 year
Tenant improvements | Minimum [Member]
Property, Plant and Equipment, Useful Life				1 year
SCA [Member]
Contract Receivable		41,500,000		$ 41,500,000
Construction Supervision Fee receivable		$ 5,000,000		5,000,000
Construction Costs Reimbursed				47,600,000
Construction Supervision Fee				$ 45,900,000

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expenses and Other Assets, Net
Trademarks and customer lists		$ 2,090
Prepaid expenses	$ 637	797
Lease commissions		1,565
Deferred finance costs	1,795	6,798
Other	606	2,641
Prepaid Expense And Other Assets Gross	3,038	13,891
Less: accumulated amortization	399	4,794
Prepaid Expense and Other Assets	$ 2,639	$ 9,097

Loans Payable and Secured Lin_3

Loans Payable and Secured Line of Credit - Additional Information (Details)	Apr. 05, 2020USD ($)	Jun. 30, 2020USD ($)	May 31, 2018USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2017USD ($)ft²	Apr. 06, 2020USD ($)
Line of Credit Facility, Maximum Borrowing Capacity					$ 70,000,000
Loans Payable				$ 185,951,000	$ 169,735,000
Liquidity Requirement	$ 10,000,000						$ 15,000,000
Sterling National Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 12,750,000
Debt Instrument, Interest Rate Terms				200 basis points over the 30-day LIBOR
Landmarked Robert And Anne Dickey House [Member]
Area of Real Estate Property | ft²						7,500
Loans Payable [Member]
Loans Payable				$ 52,400,000
Debt Instrument, Interest Rate Terms			bearing interest at a blended average rate of 3.72% over the 30-day LIBOR, each with a one year extension option upon satisfaction of certain conditions
Delayed draw facility		$ 4,250,000
Remediation reserves		3,600,000
Interest reserve		$ 800,000
Debt Instrument, Interest Rate, Increase (Decrease)		25.00%
Exit fee (as a percent)		1.00%
Debt Instrument Blended Effective Interest Rate					5.48%
Debt Instrument, Face Amount			$ 67,800,000
Debt Instrument, Payment Terms		a guaranty of 25% of the principal amount, decreasing to 10% of the principal balance upon the debt yield ratio becoming equal to or greater than 7.0%.
Debt Instrument, Interest Rate, Effective Percentage		2.25%
Debt Instrument Exit Fee Rate, Increase (Decrease)		50.00%
Loans Payable [Member] | Canadian Imperial Bank of Commerce [Member]
Debt Instrument, Face Amount			52,400,000
Debt, Weighted Average Interest Rate		0.50%
Mezzanine Loan [Member] | RCG LV Debt VI REIT LLC [Member]
Debt Instrument, Face Amount			$ 15,400,000
Letter of Credit [Member]
Loans Payable				$ 7,150,000	$ 5,250,000
Debt Instrument, Interest Rate, Effective Percentage				2.15%	3.76%
Minimum [Member] | Loans Payable [Member]
Interest rate basis (as a percent)		50.00%
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage						2.50%
Maximum [Member] | Loans Payable [Member]
Interest rate basis (as a percent)				2.75%
Corporate Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 70,000,000
Increase in maximum borrowing capacity					$ 25,000,000
Accrued interest				$ 1,100,000
Term of the debt					32 months
Loans Payable				$ 34,000,000
Debt Instrument, Interest Rate Terms					a rate per annum equal to the sum of (i) 5.25% (the “PIK Interest Rate”) and (ii) a scheduled interest rate (the “Cash Pay Interest Rate”) based on six-month periods from the Closing Date, which Cash Pay Interest Rate, from the Closing Date until the six-month anniversary of the Closing Date, equals 4.0%, subject to increase during the extension periods.
Debt Instrument, Interest Rate, Basis for Effective Rate				9.375%
Commitment fee				$ 1,800,000	$ 2,450,000
Commitment fee, payable on the initial draw (as a percent)					50.00%
Commitment fee, payable on subsequent draws (as a percent)					50.00%
Exit fee (as a percent)					1.00%
Multiple On Invested Capital (as a percent)					130.00%
Collateral for loan, equity interests in subsidiaries (as a percent)					100.00%
Common stock repurchase through proceeds from debt, amount authorized					$ 2,000,000
Common stock repurchase through other sources of cash, amount authorized					$ 1,500,000
Threshold minimum loan outstanding (as a percent)					50.00%
Number of board members who can be appointed by the lender | item					1
Maximum number of committees of the board, that the Designee can sit | item					3
Corporate Loan [Member] | Greenwich Ny 77 [Member]
Net cash proceeds of residential condominium sales (as a percent)					70.00%
Corporate Loan [Member] | Minimum [Member]
Net cash proceeds of residential condominium sales (as a percent)					90.00%
Corporate Loan [Member] | Maximum [Member]
Net cash proceeds of residential condominium sales (as a percent)					100.00%
Corporate Loan [Member] | PIK Interest Rate
Interest rate basis (as a percent)					5.25%
Corporate Loan [Member] | Cash Pay Interest Rate
Interest rate basis (as a percent)					4.00%
Greenwich Construction Loan [Member]
Term of the debt				4 years
Loans Payable				$ 135,200,000	$ 104,900,000
Debt Instrument, Face Amount						$ 189,500,000
Debt Instrument, Interest Rate, Effective Percentage				9.25%	10.01%
Number of Real Estate Properties						90
Debt Instrument, Description						LIBOR plus 8.25% and (ii) 9.25%.
Liquidity Requirement	$ 15,000,000						$ 10,000,000
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments				$ 0
Maximum Unrestricted Cash on Liquidity Percent	50.00%
Debt Instrument, Unamortized Premium						$ 393,000
Derivative, Notional Amount						$ 189,500,000
Greenwich Construction Loan [Member] | Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Asset				0	$ 0
Greenwich Construction Loan [Member] | Letter of Credit [Member]
Loans Payable				$ 3,500,000

Loans Payable and Secured Lin_4

Loans Payable and Secured Line of Credit - Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Loans Payable and Secured Line of Credit
Interest expense	$ 4,418	$ 3,525	$ 12,554	$ 9,905
Interest capitalized	(3,820)	(3,525)	(11,702)	(9,905)
Interest income	(53)	(14)	(57)	(53)
Interest expense (income), net	$ 545	$ (14)	$ 795	$ (53)

Pension Plans (Details)

Pension Plans (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jan. 31, 2020	Sep. 17, 2012
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period	$ 524,000	$ 924,000
Multiemployer Plans, Withdrawal Obligation	0	$ 109,000
Syms Sponsored Plan [Member]
Syms Plan Minimum Contribution				$ 5,300,000
Multiemployer Plans, Pension [Member]
Multiemployer Plans, Accumulated Benefit Obligation	$ 203,000		$ 109,000

Commitments (Details)

Commitments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 01, 2020
Threatened Litigation [Member]
Estimated possible loss					$ 2,600,000
Fifth Avenue New York [Member]
Operating Leases, Rent Expense	$ 110,000	$ 329,000	$ 110,000	$ 329,000
Operating Leases, Future Minimum Payments Due	2,300,000		2,300,000
17 State New York
Operating Leases, Rent Expense	$ 65,000	$ 92,000	$ 239,000	$ 275,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2020	Oct. 31, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2017
Tax Credit Carryforward, Valuation Allowance					$ 3.1
Income tax refund receivable, due to release of valuation allowance against AMT credit carryfowards					$ 3.1
Refund received	$ 1.5	$ 1.6
Amount of federal NOLs applied against taxable capital gains in connection with the conveyance of the school condominium to the SCA			$ 11.6
Taxable capital gains in which federal NOLS were applied against in connection with the conveyance of the school condominium to the SCA			18.5
Federal NOLs utilized to date			28.4
Valuation Allowance			$ 59.7	$ 63.7
Tax Year 2018 to 2020 [Member]
AMT credit carryforwards, percentage eligble for refund pursuant to U.S. Tax Cuts and Jobs Act			50.00%
Tax Year 2021 [Member]
AMT credit carryforwards, percentage eligble for refund pursuant to U.S. Tax Cuts and Jobs Act			100.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards			$ 119.9
Federal [Member]
Operating Loss Carryforwards			227.6
New York State [Member]
New York State PNOLC			19.5
New York City [Member]
New York City PNOLC			$ 13.9

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended		3 Months Ended
	Aug. 31, 2020	Jul. 31, 2020	Sep. 30, 2020
Stockholders' Equity
Total Number of Shares Purchased	72	14,699	14,771
Average Price Paid per Share	$ 1.30	$ 1.34	$ 1.34
Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs	72	9,199	9,271
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs	$ 4,516,639	$ 4,516,733	$ 4,516,639

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2020USD ($)$ / sharesshares	Jul. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)
Capital Stock Shares authorized.			120,000,000		120,000,000
Common Stock, Shares Authorized			79,999,997		79,999,997		79,999,997
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.01		$ 0.01		$ 0.01
Preferred Stock, Shares Authorized			2		2		2
Preferred Stock, Par or Stated Value Per Share | $ / shares			$ 0.01		$ 0.01		$ 0.01
Special Stock, Shares Authorized			1		1		1
Special Stock, Par or Stated Value Per Share | $ / shares			$ 0.01		$ 0.01		$ 0.01
Excess Stock, Shares Authorized			1		1		1
Common Stock, Shares, Issued			38,326,367		38,326,367		37,612,465
Common Stock, Shares, Outstanding			32,152,934		32,152,934		31,881,961
Warrants, term							10 years
Warrants to purchase common stock issued (in shares)							7,179,000
Warrants, Exercise Price (in dollars per share) | $ / shares							$ 6.50
Threshold minimum beneficial ownership (as a percent)			5.00%		5.00%		5.00%
Threshold maximum percentage of issued and outstanding common stock, after exercise of warrants (as a percent)							19.90%
Unrealized gain on warrants | $			$ 58,000		$ (1,330,000)	$ 0
Number of board members who can be appointed by the warrant holder | item							1
Preemptive rights period							5 years
Stock repurchase program, authorized amount | $							$ 5,000,000
Stock repurchase program, settled shares outstanding (in shares)					5,500
Stock repurchase program, shares repurchased (in shares)	72	14,699	14,771
Stock repurchase program, shares repurchased, amount | $					$ 4,500,000
Stock Repurchase Program, Average Price Per Share | $ / shares	$ 1.30	$ 1.34	$ 1.34
Stock Issued During Period, Value, Issued for Services | $				$ 600,000	465,000,000,000		$ 1,800,000
Stock Repurchased During Period Value Yet To Be Purchased | $	$ 4,516,639	$ 4,516,733	$ 4,516,639		$ 4,516,639
Common Stock [Member]
Stock repurchase program, shares repurchased (in shares)					250,197
Stock repurchase program, shares repurchased, amount | $					$ 483,361
Stock Repurchase Program, Average Price Per Share | $ / shares					$ 1.93
Stock Issued During Period, Value, Issued for Services | $				$ 2,000
Series A And B Preferred Stock [Member]
Excess Stock, Shares Authorized			1		1
Share Repurchase in Open Market [Member]
Stock repurchase program, shares repurchased (in shares)					9,271
At-The-Market Equity Offering Program [Member]
Stock Issuance Program, Maximum Amount Authorized | $								$ 12,000,000
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized			40,000,000		40,000,000		40,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares			$ 0.01		$ 0.01		$ 0.01
Excess Stock, Shares Authorized			1		1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Balance available, beginning of period	1,017,535	340,760
Additional shares approved by stockholders	0	1,000,000
Number of Shares, Deferred under non-employee director's deferral program	(80,230)	(43,175)
Number of Shares, Balance available, end of period	601,318	1,017,535
Weighted Average Fair Value at Grant Date, Balance available, beginning of period	$ 0	$ 0
Weighted Average Fair Value at Grant Date, Additional shares approved by stockholders	0	0
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	1.90	3.98
Weighted Average Fair Value at Grant Date, Balance available, end of period	$ 0	$ 0
Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(40,487)	(13,050)
Weighted Average Fair Value at Grant Date, Granted	$ 1.76	$ 3.98
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(295,500)	(267,000)
Weighted Average Fair Value at Grant Date, Granted	$ 3.01	$ 4.15

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Stock-Based Compensation
Number of Shares, Non-vested at beginning of period	453,334	381,167
Number of Shares, Granted RSUs	295,500	267,000
Number of Shares, Vested	(166,500)	(194,833)
Number of Shares, Non-vested at end of period	582,334	453,334
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period	$ 5	$ 6.39
Weighted Average Fair Value at Grant Date, Granted RSUs	3.01	4.15
Weighted Average Fair Value at Grant Date, Vested	5.46	5.98
Weighted Average Fair Value at Grant Date, Non-vested at end of period	$ 3.86	$ 5

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	Sep. 09, 2015	Aug. 31, 2020	Jul. 31, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment
Allocated Share-based Compensation Expense					$ 91,000	$ 120,000	$ 272,000	$ 362,000
Stock Repurchased During Period, Shares		72	14,699		14,771
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							295,500		267,000
Deferred Compensation Arrangement with Individual Shares Outstanding					143,384		143,384
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized							0		1,000,000
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted							(295,500)		(267,000)
Minimum [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							2 years
Maximum [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							3 years
Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment
Restricted Stock or Unit Expense					$ 146,000		$ 438,000
Employees and executive officers [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues							482,939
Stock Repurchased During Period, Shares							222,575
Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues				190,476
Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues					19,879		40,487
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options					$ 694,000		$ 694,000
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability					177,000	$ 215,000	$ 531,000	$ 644,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							295,500
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Distribution Period							7 years
Restricted Stock Units (RSUs) [Member] | Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition					$ 51,000		$ 152,000
2015 Stock Incentive Plan[Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted							0
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, Award Vesting Period							10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized							1,000,000

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Balance sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
MEMBERS' EQUITY
Our investments in unconsolidated joint ventures	$ 19,893	$ 10,673
Corporate Joint Venture [Member]
ASSETS
Real estate, net	168,801	50,508
Cash and cash equivalents	1,688	344
Restricted cash	763	435
Tenant and other receivables, net	293	42
Prepaid expenses and other assets, net	173	66
Intangible assets, net	25,481	11,757
Total assets	197,199	63,152
LIABILITIES
Mortgages payable, net	114,481	41,207
Accounts payable and accrued expenses	1,678	598
Total liabilities	116,159	41,805
MEMBERS' EQUITY
Members' equity	93,411	27,169
Accumulated deficit	(10,310)	(5,822)
Accumulated other comprehensive loss	(2,061)
Total members' equity	81,040	21,347
Total liabilities and members' equity	197,199	63,152
Our investments in unconsolidated joint ventures	$ 19,893	$ 10,673

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Expenses
Equity in net loss from unconsolidated joint ventures	$ (176)	$ (218)	$ (1,302)	$ (626)
Corporate Joint Venture [Member]
Revenues
Rental revenues	3,303	834	9,708	2,499
Total revenues	3,303	834	9,708	2,499
Operating Expenses
Property operating expenses	925	270	2,430	715
Real estate taxes	25	12	60	34
General and administrative	3	2	8	7
Amortization	1,475	134	4,201	402
Depreciation	985	331	2,848	992
Total operating expenses	3,413	749	9,547	2,150
Operating income	(110)	85	161	349
Interest expense, net	(946)	(478)	(2,840)	(1,471)
Interest expense - amortization of deferred finance costs	(69)	(43)	(1,809)	(129)
Net loss	(1,125)	(436)	(4,488)	(1,251)
Equity in net loss from unconsolidated joint ventures	$ (176)	$ (218)	$ (1,302)	$ (626)

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Additional information (Details) $ / shares in Units, $ in Thousands	Feb. 28, 2020USD ($)	Jan. 15, 2020USD ($)$ / shares	Dec. 31, 2016USD ($)	Sep. 30, 2020USD ($)entity	Dec. 31, 2019entity
Schedule of Equity Method Investments [Line Items]
Unconsolidated VIE's | entity				1	1
Equity Method Investments				$ 5,700
Thirty Day London Inter Bank Offer Rate [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate				216.00%
Debt Instrument Interest				5 years
Debt Instrument Period				2 years
Debt Instrument Prepayment				1.00%
Berkley Loan [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property			$ 68,885
Equity Method Investment, Ownership Percentage				50.00%
Debt Instrument, Face Amount			$ 42,500
Debt Instrument, Term			10 years
Debt Instrument, Interest Rate, Effective Percentage					3.92%
New 7-year Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument Period	5 years
Debt Instrument Prepayment Premium	$ 33,000
Debt Instrument, Term	7 years
Debt Instrument, Interest Rate, Effective Percentage	2.717%
Partner Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Term		4 years
Debt Instrument, Interest Rate, Effective Percentage		7.00%
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument | $ / shares		$ 6.50
The Berkley [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument Prepayment Premium	$ 6,000
Equity Method Investment, Ownership Percentage				50.00%	50.00%
250 North 10th
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property		$ 137,750
Equity Method Investment, Ownership Percentage				10.00%
Debt Instrument, Face Amount		$ 82,750
Debt Instrument, Term		15 years
Debt Instrument, Interest Rate, Effective Percentage		3.39%
250 North 10th | Partner Loan [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 5,900