Trinity Place (TPHS) 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-08546
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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	Non-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		32,455,568

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate, net	$ 289,294	$ 279,204
Cash and cash equivalents	5,034	6,515
Restricted cash	6,694	9,554
Prepaid expenses and other assets, net	3,343	2,703
Investments in unconsolidated joint ventures	18,814	19,379
Receivables	919	966
Deferred rents receivable	102	90
Right-of-use asset	1,478	1,565
Intangible assets, net	8,987	9,172
Total assets	334,665	329,148
LIABILITIES
Loans payable, net	207,317	197,330
Corporate credit facility, net	32,104	31,858
Secured line of credit, net	8,950	7,747
Note payable	5,863	5,863
Accounts payable and accrued expenses	14,368	15,896
Lease liability	1,626	1,716
Warrant liability	3,196	830
Total liabilities	273,424	261,240
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,840,508 and 38,345,540 shares issued at March 31, 2021 and December 31, 2020, respectively; 32,442,633 and 32,172,107 shares outstanding at March 31, 2021 and December 31, 2020, respectively	388	383
Additional paid-in capital	136,151	135,978
Treasury stock (6,397,875 and 6,173,433 shares at March 31, 2021 and December 31, 2020, respectively)	(57,166)	(56,791)
Accumulated other comprehensive loss	(2,040)	(2,159)
Accumulated deficit	(16,092)	(9,503)
Total stockholders' equity	61,241	67,908
Total liabilities and stockholders' equity	334,665	329,148
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	0	0
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	38,840,508	38,345,540
Common Stock, Shares, Outstanding	32,442,633	32,172,107
Treasury Stock, Shares	6,397,875	6,173,433
Blank Check Preferred Stock
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
Preferred Stock
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Rental revenues	$ 299	$ 327
Other income	46
Total revenues	345	327
Operating Expenses
Property operating expenses	1,654	1,593
Real estate taxes	20	20
General and administrative	1,203	1,334
Pension related costs	163	165
Transaction related costs	1	15
Depreciation and amortization	715	601
Total operating expenses	3,756	3,728
Operating loss	(3,411)	(3,401)
Equity in net loss from unconsolidated joint ventures	(372)	(991)
Unrealized (loss) gain on warrants	(1,977)	1,200
Interest (expense) income, net	(601)	4
Interest expense - amortization of deferred finance costs	(193)
Loss before taxes	(6,554)	(3,188)
Tax expense	(35)	(65)
Net loss attributable to common stockholders	(6,589)	(3,253)
Other comprehensive gain:
Unrealized gain on pension liability	119	112
Comprehensive loss attributable to common stockholders	$ (6,470)	$ (3,141)
Loss per share - basic and diluted	$ (0.20)	$ (0.10)
Weighted average number of common shares - basic and diluted	32,591	32,268

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
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 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		0
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, 2020	$ 383	135,978	$ (56,791)	(9,503)	(2,159)	67,908
Balance (in shares) at Dec. 31, 2020	38,345		(6,173)
Net loss attributable to common stockholders	$ 0	0	$ 0	(6,589)	0	(6,589)
Settlement of stock awards	$ 5	0	$ (375)	0	0	(370)
Settlement of stock awards (in shares)	496		(225)
Unrealized gain on pension liability	$ 0	0	$ 0	0	119	119
Stock-based compensation expense	0	173	0	0	0	173
Balance at Mar. 31, 2021	$ 388	$ 136,151	$ (57,166)	$ (16,092)	$ (2,040)	$ 61,241
Balance (in shares) at Mar. 31, 2021	38,841		(6,398)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$ (6,589)	$ (3,253)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs	908	601
Stock-based compensation expense	133	194
Deferred rents receivable	(12)	(15)
Other non-cash adjustments - pension expense	119	112
Unrealized loss (gain) on warrants	1,977	(1,200)
Equity in net loss from unconsolidated joint ventures	372	991
Distribution from unconsolidated joint ventures	194	305
Decrease (increase) in operating assets:
Receivables	47	(5)
Prepaid expenses and other assets, net	(371)	324
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	1,294	(2,378)
Pension liabilities	0	(109)
Net cash used in operating activities	(1,928)	(4,433)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(12,202)	(18,244)
Deferred real estate deposits of condominiums	0	3,508
Investments in unconsolidated joint ventures	0	(5,382)
Net cash used in investing activities	(12,202)	(20,118)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	8,980	47,925
Proceeds from secured line of credit	1,200	0
Payment of finance costs	(21)	(77)
Repayment of loan	0	(15,368)
Settlement of stock awards	(370)	(644)
Stock buy-back	0	(134)
Net cash provided by financing activities	9,789	31,702
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(4,341)	7,151
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	16,069	18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	11,728	25,821
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	6,515	9,196
RESTRICTED CASH, BEGINNING OF PERIOD	9,554	9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	16,069	18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD	5,034	11,192
RESTRICTED CASH, END OF PERIOD	6,694	14,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	11,728	25,821
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	4,130	3,813
Cash paid during the period for: Taxes	46	63
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	7,496	8,905
Capitalized amortization of deferred financing costs and warrants	760	968
Capitalized stock-based compensation expense	39	86
Investment in unconsolidated joint venture	$ 0	$ 5,193

Business

Business	3 Months Ended
	Mar. 31, 2021
Business
Business	Note 1 – Business Overview Trinity Place Holdings Inc., which we refer to in this report as “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 previously a vacant building that we demolished. It 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 recently 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 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 $236.3 million of federal net operating loss carryforwards (“NOLs”) at March 31, 2021, which can be used to reduce our future taxable income and capital gains. COVID-19 Pandemic, Liquidity and Going Concern As a result of the COVID-19 pandemic which reached the USA in early 2020, 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 2020, 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 and restoration work being performed on 237 11 th The 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 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, although in recent months we have seen indications of a recovery in the New York City real estate market and improvements in the financing markets. 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 in 2021 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. Given the impacts of COVID-19, it is possible that we may be unable to extend or refinance maturing debt, including the 237 11 th

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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 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 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 consolidated interim financial information should be read in conjunction with our December 31, 2020 audited consolidated financial statements, as previously filed with the SEC in our 2020 Annual Report on Form 10-K (the “2020 Annual Report”). a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2021, 250 North 10 th was determined to be a VIE. Due to our lack of control and no equity at risk, we determined that we are not the primary beneficiary and we account for this investment under the equity method. 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 h. Valuation of Long-Lived Assets events occur, we compare the carrying amount of the asset to the undiscounted expected future cash flows, excluding interest charges, from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. 77 Greenwich is a residential condominium development project currently in the development stage and forecasting the expected future cash flows requires management to make significant assumptions and estimates in relation to the remaining costs to complete the project, potential delays or disruptions in construction due to COVID-19 restrictions, and potential sales proceeds to be received upon sale of residential condominium units in light of market disruptions due to the COVID-19 pandemic. We also identified the existence of an impairment evaluation triggering event in relation to our 237 11 th Street property as a result of property damage caused by certain construction defects in place prior to acquisition. Significant judgments and estimates are required by management in determining the asset’s estimated future cash flows, including future revenue and operating expense growth rates, holding period, estimated terminal value, estimated costs to sell, and other market-based assumptions. 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 taxes, insurance and other property operating expenses are presented in the consolidated statements of operations and comprehensive 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 applied 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. Also, we have 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. 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 March 31, 2021 and December 31, 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2021, our tax returns for the years ended December 31, 2017 through December 31, 2020 are subject to review by the Internal Revenue Service. Our state returns are open to examination for the years December 31, 2016 or 2017 through December 31, 2020, depending on the jurisdiction. We are subject to certain federal, state and local income and franchise taxes. o. Earnings (loss) Per Share p. Deferred Finance Costs 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 Recently Adopted Accounting and Reporting Guidance In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Account Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. In January 2020, the FASB issued ASU 2020-01 Investments—Equity securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815. Recently Issued Accounting Pronouncements In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848)

Real Estate, Net

Real Estate, Net	3 Months Ended
	Mar. 31, 2021
Real Estate, Net
Real Estate, Net	Note 3 – Real Estate, Net As of March 31, 2021 and December 31, 2020, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ Real estate under development ​ $ 223,670 ​ $ 213,178 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 189 ​ 189 Furniture and fixtures ​ 734 ​ 731 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 293,890 ​ 283,395 Less: accumulated depreciation ​ 4,596 ​ 4,191 ​ ​ $ 289,294 ​ $ 279,204 ​ Real estate under development as of March 31, 2021 and December 31, 2020 included 77 Greenwich and the Paramus, New Jersey property. Building and building improvements, tenant improvements, furniture and fixtures, and land and land improvements included the 237 11 th Depreciation expense amounted to approximately $408,000 and $403,000 for the three months ended March 31, 2021 and 2020, respectively. 77 Greenwich and the New York City School Construction Authority 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 being made by the SCA to the general contractor in installments as construction on their 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 the second quarter of 2021 for the construction supervision fee, with an aggregate of $46.0 million having been paid to us as of March 31, 2021 from the SCA, with $333,000 remaining to be paid. We have also received an aggregate of $49.3 million in reimbursable construction costs from the SCA through March 31, 2021. The payments and reimbursements from the SCA received prior to April 2020 were recorded as deferred real estate deposits on the consolidated balance sheets until sales criteria were satisfied in April 2020. In April 2020, the SCA closed on the purchase of the school condominium unit with us, at which point title transferred to the SCA, and the SCA is now 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 deferred construction supervision fee, and our liquidity requirement on the 77 Greenwich Construction Facility decreased from $15.0 million to $10.0 million. We have also guaranteed certain obligations with respect to the construction of the school. 237 11 th In May 2018, we closed on the acquisition of 237 11 th th th repair the property through the litigations and/or settlement negotiations with the seller, its parent company, the general contractor, the subcontractors, and the insurance carrier, although the amount of damages that may be recoverable in litigation and/or potential settlement negotiations are uncertain at this time, as is the receipt of any such payments, which has been impacted by the COVID-19 pandemic, including the resulting backlog in the court system and slowdown in judicial proceedings. We have been in discussions with the seller, its parent company, the general contractor, and the third-party defendants impleaded by the general contractor about engaging in mediation to potentially settle the case involving those parties. A mediation process commenced at the end of February 2021. We incurred significant cash outflows for costs associated with these repairs and remediation, which commenced in September 2019. As of April 30, 2021, the property was approximately 43% leased. We allocated the purchase price of the real estate to land and land improvements, 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. As of March 31, 2021 and December 31, 2020, intangible assets, net consisted of the real estate tax abatement at its original valuation of $11.1 million offset by its related accumulated amortization of approximately $2.1 million and $1.9 million at March 31, 2021 and December 31, 2020, respectively. Amortization expense amounted to $185,000 for the three months ended March 31, 2021 and 2020, respectively.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	3 Months Ended
	Mar. 31, 2021
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net	Note 4 – Prepaid Expenses and Other Assets, Net As of March 31, 2021 and December 31, 2020, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ Prepaid expenses ​ 794 ​ 454 Deferred finance costs ​ 2,184 ​ 1,795 Other ​ 1,449 ​ 954 ​ ​ 4,427 ​ 3,203 Less: accumulated amortization ​ 1,084 ​ 500 ​ ​ $ 3,343 ​ $ 2,703 ​

Loans Payable and Secured Line

Loans Payable and Secured Line of Credit	3 Months Ended
	Mar. 31, 2021
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 multiple draw credit agreement aggregating $70.0 million (the “Corporate Credit Facility”), which may be increased by $25.0 million subject to satisfaction of certain conditions and the consent of the lender (the “CCF Lender”). 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 CCF 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 had an outstanding balance of $35.75 million at both March 31, 2021 and December 31, 2020, excluding deferred finance fees of $3.6 million and $3.9 million, respectively. Accrued interest totaled approximately $2.0 million and $1.5 million at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, we were in compliance with all covenants of the Corporate Credit Facility. The Corporate Credit Facility bears interest at a rate per annum equal to the sum of (i) 5.25% and (ii) a scheduled interest rate of 4% (the “Cash Pay Interest Rate”) which increases by 0.125% every six-month period from the Closing Date, subject to increase during the extension periods. The effective interest rate at March 31, 2021 and December 31, 2020 was 9.5%. A $2.45 million commitment fee was 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 March 31, 2021, we had paid $1.85 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 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 Corporate Credit Facility 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 Corporate Credit Facility obligations by our loan party subsidiaries. Pursuant to the terms of the Corporate Credit Facility, so long as the Corporate Credit Facility is outstanding and the CCF Lender is owed or holds greater than 50% of the sum of (x) the aggregate principal amount of the balance outstanding and (y) the aggregate unused commitments, the CCF Lender will have the right to appoint one member to our and each of our subsidiary’s board of directors or equivalent governing body (the “Designee”). At the election of the CCF 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. In connection with the December 2020 transaction noted below, the Company entered into an amendment to the Corporate Credit Facility, pursuant to which, among other things, (i) we were permitted to enter into the Mezzanine Loan Agreement (as defined below), the amendment to the 77 Greenwich Construction Facility (as defined below) and related documents, (ii) the commitment made by the CCF Lender under the Corporate Credit Facility was reduced by $7.5 million, and (iii) the MOIC amount, was amended to combine the Corporate Credit Facility and the Mezzanine Loan. In addition, the exercise price of the warrants issued in connection with the Corporate Credit Facility was amended from $6.50 per share to $4.50 per share (the “Warrant Agreement Amendment”) (see Note 10 – Stockholders Equity – Warrants for further discussion regarding the warrants). Loans Payable 237 11 th Loans In May 2018, in connection with the acquisition of 237 11 th th th th th 2.75%, respectively. The 237 11 th th The 237 11 th th th th 77 Greenwich Construction Facility In December 2017, we closed on a $189.5 million construction facility for 77 Greenwich (the “77 Greenwich Construction Facility”). 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 retail space, almost all of which is street level, 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 $145.9 million and $139.0 million on the 77 Greenwich Construction Facility at March 31, 2021 and December 31, 2020, respectively. 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 a 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 March 31, 2021 and December 31, 2020 was 9.25%, 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 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 December 2020 amendment to the 77 Greenwich Construction Facility, we are required to achieve substantial completion of the construction work and the improvements for the project on or before November 30, 2021, subject to certain exceptions. As of April 30, 2021, in connection with a potential refinancing of this loan, we have received several indicative offers from lenders across the debt stack. 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 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 and was further decreased to $8.0 million upon obtaining the first temporary certificate of occupancy (“TCO”). We also entered into certain completion and other guarantees with the lender and the SCA in connection with the 77 Greenwich Construction Facility. As of March 31, 2021, 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. We currently anticipate receiving our TCOs in stages throughout 2021, with the first TCO having been received on March 8, 2021. In December 2020, we entered into an amendment to the 77 Greenwich Construction Facility, pursuant to which, among other things, the sales pace covenants were amended and extended to provide for a reduction in the gross value of condominium sales at the 77 Greenwich and to afford more favorable cure rights than previously existed if a required sales threshold is not satisfied. We were in compliance with the April 1, 2021 sales pace covenant test and the sales pace covenant will be tested again on July 1, 2021 and October 2, 2021. Additionally, the outside date by which we are required to have substantially completed construction of all improvements to 77 Greenwich was extended to November 30, 2021 and the liquidity requirements will be reduced based on construction progress. We received our first TCO on March 8, 2021. Upon the granting of the TCO and our condominium offering plan being declared effective, unit purchasers may occupy their units. In connection with this amendment, we paid down $8.0 million of the 77 Greenwich Construction Facility and funded certain reserves to the lender, a portion of which was funded by a release of certain cash collateral and the balance of which was funded by a mezzanine loan (see below). Under the terms of this amendment, to the extent that any payments are needed to satisfy the minimum multiple fee owed to the mortgage lender upon the repayment of the 77 Greenwich Construction Facility that have not already been paid, such minimum multiple fee will be reduced by 60% if the 77 Greenwich Construction Facility is repaid in full prior to June 30, 2021, and by 40% if repaid between July 1, 2021 and September 30, 2021. The Company currently expects any such payments to be minimal (if anything). In December 2017, we entered into an interest rate cap agreement as required under the 77 Greenwich Construction Facility. The interest rate cap agreement provided the right to receive cash if the reference interest rate rose 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 interest rate cap matured in December 2020. We did not designate this interest rate cap as a hedge and are recognizing the change in estimated fair value in interest expense. Mezzanine Loan In December 2020, we entered into a mezzanine loan agreement with an affiliate of the CCF Lender (the “Mezzanine Loan Agreement”, and the loan thereunder, the “Mezzanine Loan”). Secured Line of Credit Our $12.75 million secured line of credit is secured by the Paramus, New Jersey property. In March 2021, we entered into an amendment to extend the maturity date to March 2022. The secured line of credit, which prior to the amendment, bore interest at a rate of 200 basis points over the 30-day LIBOR, now bears interest at the prime rate, currently 3.25%. The secured line of credit is pre-payable at any time without penalty. This secured line of credit had an outstanding balance of $8.95 million and $7.75 million at March 31, 2021 and December 31, 2020, respectively, and an effective interest rate of 3.25% and 2.14% as of March 31, 2021 and December 31, 2020, respectively. 250 North 10 th Note We own a 10% interest in a joint venture with TF Cornerstone (the “250 North 10 th th th of the equity totaling approximately $5.9 million was funded through a loan (the “Partner Loan”) from our joint venture partner. The Partner Loan had a balance of $5.9 million at March 31, 2021 and December 31, 2020, respectively, bears interest at 7.0% and is prepayable any time within its four year term. Our partner has the option of having the Partner Loan repaid in our common stock if the price of our common stock exceeds $6.50 per share at the time of conversion. Interest Consolidated interest expense (income), net includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended ​ ​ March 31, ​ March 31, ​ ​ ​ 2021 ​ 2020 ​ Interest expense ​ $ 4,988 ​ $ 3,970 ​ Interest capitalized ​ (4,387) ​ (3,970) ​ Interest income ​ — ​ (4) ​ Interest expense (income), net ​ $ 601 ​ $ (4) ​ ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 note payable approximated their carrying values as they are variable-rate instruments. The warrant liability is recorded at fair value.

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2021
Pension Plans
Pension Plans	Note 7 – Pension Plans Defined Benefit Pension Plan 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. At March 31, 2021 and December 31, 2020, we had recorded an overfunded pension balance of $343,000, respectively, which is included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets. If we decided to terminate the plan under a standard termination, we would be required 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 March 31, 2021. Historically, we have funded this plan in the third quarter of the calendar year. We funded $400,000 to the Syms sponsored plan during the year ended December 31, 2020. ​

Commitments

Commitments	3 Months Ended
	Mar. 31, 2021
Commitments
Commitments	Note 8 – Commitments a. Leases – The lease for our corporate office located at 340 Madison Avenue, New York, New York expires on March 31, 2025. Rent expense paid for this operating lease was approximately $110,000 for the three months ended March 31, 2021 and 2020, respectively. The lease for our sales center for 77 Greenwich located at 17 State Street, New York, New York expires on May 31, 2021. Rent expense paid for this operating lease was approximately $65,000 and $92,000 for the three months ended March 31, 2021 and 2020, respectively. The remaining lease obligation, excluding any extension options, for our corporate office and the sales office is approximately $1.9 million. b. Legal Proceedings – In the normal course of business, we are 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	3 Months Ended
	Mar. 31, 2021
Income Taxes
Income Taxes	Note 9 – Income Taxes Effects of the Tax Cuts and Jobs Act Pursuant to the tax legislation known as the Tax Cuts and Jobs Act (the "TCJA") of 2017, corporate alternative minimum tax (“AMT”) credit carryforwards are eligible for a 50% refund in tax years 2018 through 2020, and beginning in tax year 2021, any remaining AMT credit carryforwards are 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 became fully refundable in 2020 as a result of the Coronavirus Aid, Relief, and Economic Security Act, discussed in more detail below, and was received in July 2020. Other As of March 31, 2021, we had federal NOLs of approximately $236.3 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. The gain resulting from the conveyance of the school condominium to the SCA was fully offset by our available NOL carryforward. Since 2009 through March 31, 2021, we have utilized approximately $23.9 million of our federal NOLs. As of March 31, 2021, we also had state NOLs of approximately $127.5 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 $23.6 million and $18.0 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 $62.4 million as of March 31, 2021. 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, the "Coronavirus Aid, Relief, and Economic Security (CARES) Act" was signed into law. The CARES Act, suspended the limitations under the TCJA on the use of NOLs for tax years beginning before January 1, 2021, and allowed losses arising in taxable years beginning after December 31, 2017 and before January 1, 2021 to be carried back up to five years. The CARES Act also accelerated the ability of corporations to recover AMT credits, permitting a full refund for tax years 2018 and 2019. Additionally, the CARES Act included provisions relating to refundable payroll tax credits, deferral of employer side social security payments, 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 for the three months ended March 31, 2021 and the year ended December 31, 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
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 (2) shares of preferred stock, $0.01 par value per share (which have been redeemed in accordance with their terms and may not be reissued), one (1) share of special stock, $0.01 par value per share, and 40,000,000 shares of a new class of blank-check preferred stock, $0.01 par value per share. As of March 31, 2021 and December 31, 2020, there were 38,840,508 shares and 38,345,540 shares of common stock issued, respectively, and 32,442,633 shares and 32,172,107 shares of common stock outstanding, respectively, with the difference being held in treasury stock. 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 had 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. On December 22, 2020, the Company entered into the Warrant Agreement Amendment, whereby the exercise price of the warrants issued in connection with the Corporate Credit Facility was amended to be $4.50 per share. 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 were valued at approximately $3.2 million and $830,000 at March 31, 2021 and December 31, 2020, respectively. The $2.4 million change in fair value of the Warrants was recorded as an unrealized loss in the consolidated statement of operations and comprehensive loss during the three months ended March 31, 2021. 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 an “at-the-market” equity offering program (the “ATM Program”), to sell up to an aggregate of $12.0 million of our common stock. There were no sales during the periods presented. Stock Repurchase Program In December 2019, our Board of Directors approved a stock repurchase program under which we can buy up to $5.0 million of shares of our common stock, which is now subject to the terms of our Corporate Credit Facility. Repurchases under the stock 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 program does not obligate the Company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. We did not purchase any shares of our common stock during the three months ended March 31, 2021. During the year ended December 31, 2020, we purchased 200,803 shares of our common stock at an average price of $1.67 per share, for a total of 250,197 shares of our common stock purchased at an average price of $1.93 per share since the inception of the stock repurchase program. As of March 31, 2021, approximately $4.5 million of shares remained available for purchase under the stock 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	3 Months Ended
	Mar. 31, 2021
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 term, authorizes (i) stock options that do not qualify as incentive stock options under Section 422 of the Code, or NQSOs, (ii) stock appreciation rights, (iii) shares of restricted and unrestricted common stock, and (iv) RSUs. The exercise price of stock options will be determined by the compensation committee, but may not be less than 100% of the fair market value of the shares of common stock on the date of grant. To date, no stock options have been granted under the SIP. The SIP initially authorized the issuance of up to 800,000 shares of common stock. In June 2019, our stockholders approved an amendment and restatement of the SIP, including an increase to the number of shares of common stock available for awards under the SIP by 1,000,000 shares. Our Board has approved, subject to stockholder approval at the 2021 annual shareholder meeting, an increase in the number of shares of common stock available for awards under the SIP by 1,500,000. Our SIP activity as of March 31, 2021 and December 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ 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 ​ 548,370 ​ ​ ​ ​ 1,017,535 ​ ​ ​ Granted to employees (310,000) ​ $ 1.25 (295,500) ​ $ 3.01 Granted to non-employee directors (21,627) ​ $ 1.25 (59,660) ​ $ 1.65 Deferred under non-employee director's deferral program (38,100) ​ $ 1.25 (114,005) ​ $ 1.76 Balance available, end of period 178,643 ​ ​ 548,370 ​ ​ ​ 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 During the three months ended March 31, 2021, we granted 310,000 RSUs to certain employees. These RSUs vest and settle at various times over a two three year Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss during the three months ended March 31, 2021 and 2020 totaled $151,000 and $177,000, respectively, which is net of $45,000 and $91,000 capitalized as part of real estate under development, respectively. ​ Our RSU activity was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ 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 469,000 ​ $ 3.43 453,334 ​ $ 5.00 Granted RSUs 310,000 ​ $ 1.25 295,500 ​ $ 3.01 Vested (207,917) ​ $ 3.59 (279,834) ​ $ 5.46 Non-vested at end of period 571,083 ​ $ 2.19 469,000 ​ $ 3.43 ​ As of March 31, 2021, there was approximately $661,000 of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized through December 2023. During the three months ended March 31, 2021, we issued 473,343 shares of common stock to employees and executive officers to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased 224,442 shares to provide for the employees’ withholding tax liabilities. During the three months ended March 31, 2021, we issued 21,627 shares of immediately vested common stock to board members as part of their annual compensation. 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 March 31, 2021, a total of 215,259 stock units have been deferred under the Deferral Program.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures	​ Note 12 – Investments in Unconsolidated Joint Ventures We own a 50% interest in a joint venture (the “Berkley JV”) formed to acquire and operate The Berkley, a recently built 95-unit multi-family property. In December 2016, the Berkley JV closed on the acquisition of The Berkley 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 and had covenants and defaults customary for a Freddie Mac financing. On February 28, 2020, in connection with a refinancing, the Berkley JV 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 increased 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. We own a 10% interest in a joint venture with TF Cornerstone (the “250 North 10 th th th th th th As of March 31, 2021, 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. During the three months ended March 31, 2021, we recognized our share of the fair value liability associated with an interest rate swap entered into on February 28, 2020 of approximately $198,000. The combined balance sheets for our unconsolidated joint ventures at March 31, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 166,784 ​ $ 167,749 Cash and cash equivalents ​ 1,307 ​ 1,344 Restricted cash ​ 835 ​ 766 Tenant and other receivables, net ​ 247 ​ 254 Prepaid expenses and other assets, net ​ 231 ​ 204 Intangible assets, net ​ 23,275 ​ 24,006 Total assets ​ $ 192,679 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 112,960 ​ $ 114,218 Accounts payable and accrued expenses ​ 1,823 ​ 1,705 Total liabilities ​ 114,783 ​ 115,923 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 91,074 ​ 92,070 Accumulated deficit ​ (13,178) ​ (11,943) Accumulated other comprehensive loss ​ ​ — ​ ​ (1,727) Total members’ equity ​ 77,896 ​ 78,400 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 192,679 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 18,814 ​ $ 19,379 ​ The statements of operations for our unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Three Months Ended ​ ​ ​ March 31, ​ March 31, ​ ​ 2021 2020 ​ ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ Rental revenues ​ $ 2,979 ​ $ 2,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 2,979 ​ 2,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ Property operating expenses ​ 1,065 ​ 706 ​ Real estate taxes ​ 25 ​ 11 ​ General and administrative ​ 2 ​ 2 ​ Amortization ​ 731 ​ 1,251 ​ Depreciation ​ 984 ​ 876 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 2,807 ​ 2,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ 172 ​ 152 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (939) ​ (954) ​ Interest expense -amortization of deferred finance costs ​ (72) ​ (1,666) ​ Interest expense -change in fair market value of interest rate swap ​ (396) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,235) ​ $ (2,468) ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ (372) ​ $ (991) ​ ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events We have performed subsequent event procedures through the date the consolidated financial statements were available to be issued, and there were no subsequent events requiring adjustment to, or disclosure in, the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited 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 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 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 consolidated interim financial information should be read in conjunction with our December 31, 2020 audited consolidated financial statements, as previously filed with the SEC in our 2020 Annual Report on Form 10-K (the “2020 Annual Report”).
Principles of Consolidation	a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2021, 250 North 10 th was determined to be a VIE. Due to our lack of control and no equity at risk, we determined that we are not the primary beneficiary and we account for this investment under the equity method. 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
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets events occur, we compare the carrying amount of the asset to the undiscounted expected future cash flows, excluding interest charges, from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. 77 Greenwich is a residential condominium development project currently in the development stage and forecasting the expected future cash flows requires management to make significant assumptions and estimates in relation to the remaining costs to complete the project, potential delays or disruptions in construction due to COVID-19 restrictions, and potential sales proceeds to be received upon sale of residential condominium units in light of market disruptions due to the COVID-19 pandemic. We also identified the existence of an impairment evaluation triggering event in relation to our 237 11 th Street property as a result of property damage caused by certain construction defects in place prior to acquisition. Significant judgments and estimates are required by management in determining the asset’s estimated future cash flows, including future revenue and operating expense growth rates, holding period, estimated terminal value, estimated costs to sell, and other market-based assumptions.
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 taxes, insurance and other property operating expenses are presented in the consolidated statements of operations and comprehensive 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 applied 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. Also, we have 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.
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 March 31, 2021 and December 31, 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2021, our tax returns for the years ended December 31, 2017 through December 31, 2020 are subject to review by the Internal Revenue Service. Our state returns are open to examination for the years December 31, 2016 or 2017 through December 31, 2020, depending on the jurisdiction. 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 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 Recently Adopted Accounting and Reporting Guidance In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Account Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. In January 2020, the FASB issued ASU 2020-01 Investments—Equity securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815. Recently Issued Accounting Pronouncements In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
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)	3 Months Ended
	Mar. 31, 2021
Real Estate, Net
Schedule of Real Estate Properties	As of March 31, 2021 and December 31, 2020, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ Real estate under development ​ $ 223,670 ​ $ 213,178 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 189 ​ 189 Furniture and fixtures ​ 734 ​ 731 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 293,890 ​ 283,395 Less: accumulated depreciation ​ 4,596 ​ 4,191 ​ ​ $ 289,294 ​ $ 279,204

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Prepaid Expenses and Other Assets, Net
Schedule of prepaid expenses and other assets	As of March 31, 2021 and December 31, 2020, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ Prepaid expenses ​ 794 ​ 454 Deferred finance costs ​ 2,184 ​ 1,795 Other ​ 1,449 ​ 954 ​ ​ 4,427 ​ 3,203 Less: accumulated amortization ​ 1,084 ​ 500 ​ ​ $ 3,343 ​ $ 2,703

Loans Payable and Secured Lin_2

Loans Payable and Secured Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2021
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 ​ ​ March 31, ​ March 31, ​ ​ ​ 2021 ​ 2020 ​ Interest expense ​ $ 4,988 ​ $ 3,970 ​ Interest capitalized ​ (4,387) ​ (3,970) ​ Interest income ​ — ​ (4) ​ Interest expense (income), net ​ $ 601 ​ $ (4) ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Stock-Based Compensation
Schedule of Share - based compensation stock incentive plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ 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 ​ 548,370 ​ ​ ​ ​ 1,017,535 ​ ​ ​ Granted to employees (310,000) ​ $ 1.25 (295,500) ​ $ 3.01 Granted to non-employee directors (21,627) ​ $ 1.25 (59,660) ​ $ 1.65 Deferred under non-employee director's deferral program (38,100) ​ $ 1.25 (114,005) ​ $ 1.76 Balance available, end of period 178,643 ​ ​ 548,370 ​ ​
Schedule of share- based compensation restricted stock units award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ 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 469,000 ​ $ 3.43 453,334 ​ $ 5.00 Granted RSUs 310,000 ​ $ 1.25 295,500 ​ $ 3.01 Vested (207,917) ​ $ 3.59 (279,834) ​ $ 5.46 Non-vested at end of period 571,083 ​ $ 2.19 469,000 ​ $ 3.43

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Investments in Unconsolidated Joint Ventures
Schedule of balance sheets for the unconsolidated joint venture	The combined balance sheets for our unconsolidated joint ventures at March 31, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 166,784 ​ $ 167,749 Cash and cash equivalents ​ 1,307 ​ 1,344 Restricted cash ​ 835 ​ 766 Tenant and other receivables, net ​ 247 ​ 254 Prepaid expenses and other assets, net ​ 231 ​ 204 Intangible assets, net ​ 23,275 ​ 24,006 Total assets ​ $ 192,679 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 112,960 ​ $ 114,218 Accounts payable and accrued expenses ​ 1,823 ​ 1,705 Total liabilities ​ 114,783 ​ 115,923 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 91,074 ​ 92,070 Accumulated deficit ​ (13,178) ​ (11,943) Accumulated other comprehensive loss ​ ​ — ​ ​ (1,727) Total members’ equity ​ 77,896 ​ 78,400 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 192,679 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 18,814 ​ $ 19,379
Schedule of statement of operations for unconsolidated joint ventures	The statements of operations for our unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Three Months Ended ​ ​ ​ March 31, ​ March 31, ​ ​ 2021 2020 ​ ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ Rental revenues ​ $ 2,979 ​ $ 2,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 2,979 ​ 2,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ Property operating expenses ​ 1,065 ​ 706 ​ Real estate taxes ​ 25 ​ 11 ​ General and administrative ​ 2 ​ 2 ​ Amortization ​ 731 ​ 1,251 ​ Depreciation ​ 984 ​ 876 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 2,807 ​ 2,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ 172 ​ 152 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (939) ​ (954) ​ Interest expense -amortization of deferred finance costs ​ (72) ​ (1,666) ​ Interest expense -change in fair market value of interest rate swap ​ (396) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,235) ​ $ (2,468) ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ (372) ​ $ (991) ​

Business (Details)

Business (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 31, 2020
Federal [Member]
Operating Loss Carryforwards	$ 236.3
The Berkley [Member]
Equity Method Investment, Ownership Percentage		50.00%
250 North 10th
Equity Method Investment, Ownership Percentage	10.00%	10.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Depreciation (Details)	3 Months Ended
	Mar. 31, 2021
Building and improvements | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and 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	3 Months Ended
	Mar. 31, 2021USD ($)segmententity$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 22, 2020$ / shares	Dec. 31, 2019$ / shares
Unrecognized Tax Benefits	$ 0		$ 0
Unconsolidated VIE's | entity	1
Number of reportable segment | segment	1
Provision for impairment	$ 0	$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 4.50			$ 4.50	$ 6.50
Deferred Offering Costs	$ 3,600		3,900
Operating Lease, Liability	$ 1,626		1,716
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	290,074
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	7,179,000
Prepaid Expenses and Other Current Assets [Member]
Deferred Offering Costs	$ 1,600		$ 2,600

Real Estate, Net - Properties (

Real Estate, Net - Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Investment Property, at Cost	$ 293,890	$ 283,395
Less: accumulated depreciation	4,596	4,191
Real Estate Investment Property, Net, Total	289,294	279,204
Building and building improvements
Real Estate Investment Property, at Cost	41,358	41,358
Tenant improvements
Real Estate Investment Property, at Cost	189	189
Furniture and fixtures
Real Estate Investment Property, at Cost	734	731
Land and land improvements
Real Estate Investment Property, at Cost	27,939	27,939
Real estate under development
Real Estate Investment Property, at Cost	$ 223,670	$ 213,178

Real Estate, Net - Additional I

Real Estate, Net - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 06, 2020	Apr. 05, 2020	May 24, 2018
Depreciation			$ 408,000	$ 403,000
Total Purchase Price Of Property								$ 81,200,000
Business Acquisition, Transaction Costs								$ 700,000
Percentage of property leased	43.00%
Finite-Lived Intangible Assets, Net			11,100,000		$ 11,100,000
Accumulated amortization			2,100,000		$ 1,900,000
Amortization of Intangible Assets			185,000	$ 185,000
Aggregate fees paid by SCA to the Company			46,000,000
Remaining fees to be paid by SCA to the Company			333,000
Gain on sale of school condominium		$ 20,000,000
Gain on sale of school condominium, recognition of deferred construction supervision fee		$ 4,200,000
Liquidity requirement						$ 10,000,000	$ 15,000,000
SCA [Member]
Contract Receivable			41,500,000
Construction Supervision Fee receivable			5,000,000
Construction Costs Reimbursed			$ 49,300,000

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expenses and Other Assets, Net
Prepaid expenses	$ 794	$ 454
Deferred finance costs	2,184	1,795
Other	1,449	954
Prepaid Expense And Other Assets Gross	4,427	3,203
Less: accumulated amortization	1,084	500
Prepaid Expense and Other Assets	$ 3,343	$ 2,703

Loans Payable and Secured Lin_3

Loans Payable and Secured Line of Credit - Additional Information (Details)	Apr. 05, 2020USD ($)	Jan. 15, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)item$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2018	May 31, 2018USD ($)	Mar. 31, 2021USD ($)item$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 22, 2020$ / shares	Apr. 06, 2020USD ($)	Mar. 31, 2020USD ($)	Jan. 31, 2020	Dec. 31, 2017USD ($)ft²item
Loans Payable			$ 197,330,000				$ 207,317,000	$ 197,330,000
Warrants, Exercise Price (in dollars per share) | $ / shares							$ 4.50		$ 6.50	$ 4.50
Liquidity Requirement	$ 15,000,000										$ 10,000,000
Secured Debt			$ 7,747,000				$ 8,950,000	$ 7,747,000
Equity Method Investments							$ 5,200,000
250 North 10th
Equity Method Investment, Ownership Percentage							10.00%						10.00%
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, now bears interest at the prime rate, currently 3.25%.  The secured line of credit
Landmarked Robert And Anne Dickey House [Member]
Area of Real Estate Property | ft²														7,500
Mezzanine Loan | RCG LV Debt VI REIT LLC [Member]
Debt Instrument, Face Amount						$ 15,400,000
Letter of Credit [Member]
Loans Payable							$ 8,950,000
Debt Instrument, Interest Rate, Effective Percentage			2.14%				3.25%	2.14%
Letter of Credit [Member] | Sterling National Bank [Member]
Loans Payable			$ 7,750,000					$ 7,750,000
Loans Payabe 2018, 237 11th Loans
Loans Payable			$ 53,200,000				$ 55,200,000	$ 53,200,000
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
Interest rate basis (as a percent)				50.00%
Delayed draw facility				$ 4,250,000
Remediation reserves				3,600,000
Funds drawn on the delayed draw facility												$ 2,800,000
Interest reserve				$ 800,000
Debt Instrument, Interest Rate, Increase (Decrease)					25.00%
Exit fee (as a percent)				2.25%
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 Exit Fee Rate, Increase (Decrease)				50.00%
Debt, Weighted Average Interest Rate				0.50%
Loans Payabe 2018, 237 11th Loans | Minimum [Member]
Exit fee (as a percent)				1.00%
Loans Payabe 2018, 237 11th Loans | Maximum [Member]
Interest rate basis (as a percent)				2.75%
237 11th Loan
Debt Instrument, Face Amount						$ 52,400,000
Mezzanine Loan
Term of the debt			3 years
Debt Instrument, Term			3 years
Debt Instrument Blended Effective Interest Rate								9.44%
Collateral for loan, equity interests in subsidiaries (as a percent)			100.00%					100.00%
Debt Instrument, Face Amount			$ 7,500,000					$ 7,500,000
Debt Instrument, Number of Extensions | item			2
Debt Instrument , Extension Term			1 year
Partner Loan
Term of the debt		4 years
Debt Instrument, Term		4 years
Debt Instrument, Face Amount		$ 5,900,000	$ 5,900,000				$ 5,900,000	5,900,000
Debt Instrument, Interest Rate, Effective Percentage		7.00%
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument | $ / shares		$ 6.50
250 North 10th Loan
Term of the debt		15 years
Debt Instrument, Term		15 years
Equity Method Investment, Ownership Percentage							10.00%
Debt Instrument, Face Amount		$ 82,750,000
Debt Instrument, Interest Rate, Stated Percentage		3.39%
Corporate Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity									$ 70,000,000
Increase in maximum borrowing capacity									$ 25,000,000
Accrued interest			1,500,000				$ 2,000,000	1,500,000
Deferred finance fees			3,900,000				3,600,000	3,900,000
Term of the debt									32 months
Loans Payable			35.75				$ 35.75	$ 35.75
Debt Instrument, Interest Rate Terms									a rate per annum equal to the sum of (i) 5.25% and (ii) a scheduled interest rate of 4% (the “Cash Pay Interest Rate”) which increases by 0.125% every six-month period from the Closing Date, subject to increase during the extension periods.
Debt Instrument, Term									32 months
Debt Instrument, Interest Rate, Increase (Decrease)								0.125%
Debt Instrument, Interest Rate, Basis for Effective Rate							9.5%
Commitment fee			$ 2,450,000				$ 1,850,000	$ 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
Reduction in commitments made by CCF							$ 7,500,000
Warrants, Exercise Price (in dollars per share) | $ / shares			$ 6.50				$ 4.50	$ 6.50
Corporate Credit Facility | Greenwich Ny 77 [Member]
Net cash proceeds of residential condominium sales (as a percent)							70.00%
Corporate Credit Facility | Minimum [Member]
Net cash proceeds of residential condominium sales (as a percent)							90.00%
Corporate Credit Facility | Maximum [Member]
Net cash proceeds of residential condominium sales (as a percent)							100.00%
Corporate Credit Facility | PIK Interest Rate
Interest rate basis (as a percent)									5.25%
Corporate Credit Facility | Cash Pay Interest Rate
Interest rate basis (as a percent)									4.00%
Greenwich Construction Loan
Term of the debt							4 years
Loans Payable			$ 139,000,000				$ 145,900,000	$ 139,000,000
Debt Instrument, Term							4 years
Debt Instrument, Face Amount														$ 189,500,000
Debt Instrument, Interest Rate, Effective Percentage			9.25%				9.25%	9.25%
Number of Real Estate Properties | item														90
Debt Instrument, Description							LIBOR plus 8.25% and (ii) 9.25%
Liquidity Requirement	15,000,000										$ 10,000,000
Repayment of loans and secured line of credit	$ 8,000,000						$ 8,000,000
Maximum Unrestricted Cash on Liquidity Percent	50.00%
Debt Instrument, Unamortized Premium														$ 393,000
Debt Instrument, Interest Rate, Stated Percentage														2.50%
Derivative, Notional Amount														$ 189,500,000
Greenwich Construction Loan | Construction Facility is Repaid in Full Prior To June 30, 2021 [Member]
Percentage of minimum multiple fee							60.00%
Greenwich Construction Loan | Construction Facility is Repaid in Between July1, 2021 And September 30, 2021 [Member]
Percentage of minimum multiple fee							40.00%

Loans Payable and Secured Lin_4

Loans Payable and Secured Line of Credit - Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans Payable and Secured Line of Credit
Interest expense	$ 4,988	$ 3,970
Interest capitalized	(4,387)	(3,970)
Interest income		(4)
Interest expense (income), net	$ 601	$ (4)

Pension Plans (Details)

Pension Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Sep. 17, 2012
Prepaid Expenses and Other Current Assets [Member]
Overfunded pension balance	$ 343,000	$ 343,000
Syms Sponsored Plan [Member]
Syms Plan Minimum Contribution			$ 5,300,000
Payment for Pension Benefits	$ 400,000

Commitments - Additional inform

Commitments - Additional information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fifth Avenue New York [Member]
Operating Leases, Rent Expense	$ 110,000	$ 110,000
Operating Leases, Future Minimum Payments Due	1,900,000
17 State New York
Operating Leases, Rent Expense	$ 65,000	$ 92,000

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 31, 2020	Oct. 31, 2019	Mar. 31, 2021	Dec. 31, 2017
Tax Credit Carryforward, Limitations on Use			Pursuant to the tax legislation known as the Tax Cuts and Jobs Act (the "TCJA") of 2017, corporate alternative minimum tax (“AMT”) credit carryforwards are eligible for a 50% refund in tax years 2018 through 2020
Tax Credit Carryforward, Valuation Allowance				$ 3,100,000
Refund received	$ 1,500,000	$ 1,600,000
Federal NOLs utilized to date			$ 23.9
Valuation Allowance			$ 62,400,000
Tax Year 2018 to 2020 [Member]
AMT credit carryforwards, percentage eligible for refund pursuant to U.S. Tax Cuts and Jobs Act			50.00%
Tax Year 2021 [Member]
AMT credit carryforwards, percentage eligible for refund pursuant to U.S. Tax Cuts and Jobs Act			100.00%
Loans and Finance Receivables [Member]
Deferred Income Tax Assets, Net				$ 3,100,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards			$ 127,500,000
Federal [Member]
Operating Loss Carryforwards			236,300,000
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			23,600,000
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			$ 18,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)item$ / sharesshares	Mar. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 22, 2020$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Capital Stock Shares authorized.	120,000,000
Common Stock, Shares Authorized	79,999,997		79,999,997
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01
Special Stock, Shares Authorized	1
Special Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01
Excess Stock, Shares Authorized	1		1
Common Stock, Shares, Issued	38,840,508		38,345,540
Common Stock, Shares, Outstanding	32,442,633		32,172,107
Warrant liability | $	$ 3,196		$ 830
Warrants, term					10 years
Warrants to purchase common stock issued (in shares)					7,179,000
Warrants, Exercise Price (in dollars per share) | $ / shares	$ 4.50			$ 4.50	$ 6.50
Threshold minimum beneficial ownership (as a percent)	5.00%				5.00%
Threshold maximum percentage of issued and outstanding common stock, after exercise of warrants (as a percent)					19.90%
Unrealized loss on warrants | $	$ 2,400
Number of board members who can be appointed by the warrant holder | item	1
Preemptive rights period	5 years
Share repurchase program, authorized amount | $					$ 5,000
Share repurchase program, number of shares repurchased (in shares)	250,197		200,803
Share repurchase program, average price paid per share (in dollars per share) | $ / shares	$ 1.93		$ 1.67
Share repurchase program, approximate dollar value of shares available for purchase | $	$ 4,500
Stock Issued During Period, Value, Issued for Services | $		$ 600
Common Stock
Stock Issued During Period, Value, Issued for Services | $		$ 2
Series A And B Preferred Stock [Member]
Excess Stock, Shares Authorized	1
At-The-Market Equity Offering Program [Member]
Stock Issuance Program, Maximum Amount Authorized | $						$ 12,000
Stock Issued During Period, Shares, New Issues	0	0
Preferred Stock
Preferred Stock, Shares Authorized	2		2
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01
Blank Check Preferred Stock
Preferred Stock, Shares Authorized	40,000,000		40,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment
Balance available, beginning of period	548,370	1,017,535
Deferred under non-employee director's deferral program	(38,100)	(114,005)
Balance available, end of period	178,643	548,370
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	$ 1.25	$ 1.76
Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(21,627)	(59,660)
Weighted Average Fair Value at Grant Date, Granted	$ 1.25	$ 1.65
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(310,000)	(295,500)
Weighted Average Fair Value at Grant Date, Granted	$ 1.25	$ 3.01

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Number of Shares, Non-vested at beginning of period	469,000	453,334
Number of Shares, Granted RSUs	310,000	295,500
Number of Shares, Vested	(207,917)	(279,834)
Number of Shares, Non-vested at end of period	571,083	469,000
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period	$ 3.43	$ 5
Weighted Average Fair Value at Grant Date, Granted RSUs	1.25	3.01
Weighted Average Fair Value at Grant Date, Vested	3.59	5.46
Weighted Average Fair Value at Grant Date, Non-vested at end of period	$ 2.19	$ 3.43

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	Sep. 09, 2015	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment
Stock Repurchased During Period, Shares			250,197		200,803
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			310,000		295,500
Deferred Compensation Arrangement with Individual Shares Outstanding			215,259
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted			(310,000)		(295,500)
Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment
Restricted Stock or Unit Expense			$ 64,000
Employees and executive officers [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues			473,343
Stock Repurchased During Period, Shares			224,442
Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues			21,627
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment
Allocated Share-based Compensation Expense			$ 45,000	$ 91,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			661,000
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability			$ 151,000	$ 177,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			310,000
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
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			$ 20,000
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	1,500,000

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Additional information (Details)	Feb. 28, 2020USD ($)	Jan. 15, 2020USD ($)$ / shares	Dec. 31, 2016USD ($)	Mar. 31, 2021USD ($)entity	Dec. 31, 2020USD ($)	Jan. 31, 2020
Schedule of Equity Method Investments [Line Items]
Unconsolidated VIE's | entity				1
Equity Method Investments				$ 5,200,000
Fair Value Liability				$ 198,000
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, Interest Rate, Stated Percentage				1.00%
Berkley Loan [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property				$ 68,885,000
Equity Method Investment, Ownership Percentage				50.00%
Debt Instrument, Face Amount			$ 42,500,000
Debt Instrument, Term			10 years
New 7-year Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument Period	5 years
Debt Instrument Prepayment Premium	$ 33,000,000
Debt Instrument, Term	7 years
Debt Instrument, Interest Rate, Effective Percentage	2.717%
Partner Loan
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Face Amount		$ 5,900,000		$ 5,900,000	$ 5,900,000
Debt Instrument, Term		4 years
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Debt Instrument, Interest Rate, Effective Percentage		7.00%
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument | $ / shares		$ 6.50
250 North 10th Loan
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property		$ 137,750,000
Equity Method Investment, Ownership Percentage				10.00%
Debt Instrument, Face Amount		$ 82,750,000
Debt Instrument, Term		15 years
Debt Instrument, Interest Rate, Stated Percentage		3.39%
The Berkley [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument Prepayment Premium	$ 6,000,000
Equity Method Investment, Ownership Percentage						50.00%
250 North 10th
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage				10.00%		10.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
MEMBERS' EQUITY
Our investments in unconsolidated joint ventures	$ 18,814	$ 19,379
Unconsolidated Joint Ventures
ASSETS
Real estate, net	166,784	167,749
Cash and cash equivalents	1,307	1,344
Restricted cash	835	766
Tenant and other receivables, net	247	254
Prepaid expenses and other assets, net	231	204
Intangible assets, net	23,275	24,006
Total assets	192,679	194,323
LIABILITIES
Mortgages payable, net	112,960	114,218
Accounts payable and accrued expenses	1,823	1,705
Total liabilities	114,783	115,923
MEMBERS' EQUITY
Members' equity	91,074	92,070
Accumulated deficit	(13,178)	(11,943)
Other comprehensive loss		(1,727)
Total members' equity	77,896	78,400
Total liabilities and members' equity	192,679	194,323
Our investments in unconsolidated joint ventures	$ 18,814	$ 19,379

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Expenses
Equity in net loss from unconsolidated joint ventures	$ (372)	$ (991)
Unconsolidated Joint Ventures
Revenues
Rental revenues	2,979	2,998
Total revenues	2,979	2,998
Operating Expenses
Property operating expenses	1,065	706
Real estate taxes	25	11
General and administrative	2	2
Amortization	731	1,251
Depreciation	984	876
Total operating expenses	2,807	2,846
Operating income	172	152
Interest expense, net	(939)	(954)
Interest expense - amortization of deferred finance costs	(72)	(1,666)
Interest expense - change in fair market value of interest rate swap	(396)
Net loss	(1,235)	(2,468)
Equity in net loss from unconsolidated joint ventures	$ (372)	$ (991)