Trinity Place (TPHS) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-08546
Entity Registrant Name	TRINITY PLACE HOLDINGS INC.
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
Title of 12(b) Security	Common Stock
Trading Symbol	TPHS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000724742
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		35,313,518

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Real estate, net	$ 307,112,000	$ 279,204,000
Cash and cash equivalents	917,000	6,515,000
Restricted cash	11,732,000	9,554,000
Prepaid expenses and other assets, net	3,555,000	2,703,000
Investments in unconsolidated joint ventures	18,056,000	19,379,000
Receivables	79,000	966,000
Deferred rents receivable	110,000	90,000
Right-of-use asset	1,374,000	1,565,000
Intangible assets, net	8,617,000	9,172,000
Total assets	351,552,000	329,148,000
LIABILITIES
Loans payable, net	223,503,000	197,330,000
Corporate credit facility, net	32,597,000	31,858,000
Secured line of credit, net	11,950,000	7,747,000
Note payable	5,863,000	5,863,000
Accounts payable and accrued expenses	18,457,000	15,896,000
Lease liability	1,516,000	1,716,000
Warrant liability	1,411,000	830,000
Total liabilities	295,297,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 39,016,012 and 38,345,540 shares issued at September 30, 2021 and December 31, 2020, respectively; 32,618,137 and 32,172,107 shares outstanding at September 30, 2021 and December 31, 2020, respectively	390,000	383,000
Additional paid-in capital	136,672,000	135,978,000
Treasury stock (6,397,875 and 6,173,433 shares at September 30, 2021 and December 31, 2020, respectively)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,803,000)	(2,159,000)
Accumulated deficit	(21,838,000)	(9,503,000)
Total stockholders' equity	56,255,000	67,908,000
Total liabilities and stockholders' equity	351,552,000	329,148,000
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	Sep. 30, 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	39,016,012	38,345,540
Common Stock, Shares, Outstanding	32,618,137	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) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental revenues	$ 803	$ 196	$ 1,527	$ 774
Other income	30	80	332	231
Sale of residential condominium units	1,450		1,450
Total revenues	2,283	276	3,309	1,005
Operating Expenses
Property operating expenses	705	2,709	3,819	5,464
Real estate taxes	17	19	57	59
General and administrative	1,217	1,188	3,655	3,953
Pension related costs	158	165	483	495
Cost of sale - residential condominium units	1,417		1,417
Transaction related costs		27	4	131
Depreciation and amortization	716	690	2,146	2,076
Total operating expenses	4,230	4,798	11,581	12,178
Gain on sale of school condominium			0	24,196
Operating (loss) income	(1,947)	(4,522)	(8,272)	13,023
Equity in net loss from unconsolidated joint ventures		(176)	(636)	(1,302)
Unrealized gain (loss) on warrants	1,718	(58)	(192)	1,330
Interest expense, net	(690)	(545)	(2,172)	(795)
Interest expense - amortization of deferred finance costs	(160)	(40)	(976)	(148)
(Loss) income before taxes	(1,079)	(5,341)	(12,248)	12,108
Tax expense	47	(51)	(87)	(218)
Net (loss) income attributable to common stockholders	(1,032)	(5,392)	(12,335)	11,890
Other comprehensive income (loss):
Unrealized gain on pension liability	119	112	356	337
Comprehensive (loss) income attributable to common stockholders	$ (913)	$ (5,280)	$ (11,979)	$ 12,227
(Loss) income per share - basic	$ (0.03)	$ (0.17)	$ (0.38)	$ 0.37
(Loss) income per share - diluted	$ (0.03)	$ (0.17)	$ (0.38)	$ 0.36
Weighted average number of common shares - basic	32,756	32,297	32,681	32,290
Weighted average number of common shares - diluted	32,756	32,297	32,681	32,731

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 income (loss) attributable to common stockholders				11,890		11,890
Settlement of stock awards	$ 5		$ (700)			(695)
Settlement of stock awards (in shares)	524		(223)
Unrealized gain on pension liability					337	337
Stock-based compensation		869				869
Stock-based consulting fees	$ 2	598				600
Stock-based consulting fees (in shares)	190
Stock buy-back			$ (360)			(360)
Stock buy-back (in shares)			(219)
Balance at Sep. 30, 2020	$ 383	135,684	$ (56,791)	(4,107)	(2,837)	72,332
Balance (in shares) at Sep. 30, 2020	38,326		(6,173)
Balance at Jun. 30, 2020	$ 383	135,389	$ (56,778)	1,285	(2,949)	77,330
Balance (in shares) at Jun. 30, 2020	38,306		(6,164)
Net income (loss) attributable to common stockholders				(5,392)		(5,392)
Settlement of stock awards (in shares)	20
Unrealized gain on pension liability					112	112
Stock-based compensation		295				295
Stock buy-back			$ (13)			(13)
Stock buy-back (in shares)			(9)
Balance at Sep. 30, 2020	$ 383	135,684	$ (56,791)	(4,107)	(2,837)	72,332
Balance (in shares) at Sep. 30, 2020	38,326		(6,173)
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 income (loss) attributable to common stockholders				(12,335)		(12,335)
Settlement of stock awards	$ 5		$ (375)			(370)
Settlement of stock awards (in shares)	521		(225)
Unrealized gain on pension liability					356	356
Sale of common stock	$ 2	165				167
Sale of common stock (in shares)	150
Stock-based compensation		529				529
Balance at Sep. 30, 2021	$ 390	136,672	$ (57,166)	(21,838)	(1,803)	56,255
Balance (in shares) at Sep. 30, 2021	39,016		(6,398)
Balance at Jun. 30, 2021	$ 389	136,329	$ (57,166)	(20,806)	(1,922)	56,824
Balance (in shares) at Jun. 30, 2021	38,853		(6,398)
Net income (loss) attributable to common stockholders				(1,032)		(1,032)
Settlement of stock awards (in shares)	13
Unrealized gain on pension liability					119	119
Sale of common stock	$ 1	165				166
Sale of common stock (in shares)	150
Stock-based compensation		178				178
Balance at Sep. 30, 2021	$ 390	$ 136,672	$ (57,166)	$ (21,838)	$ (1,803)	$ 56,255
Balance (in shares) at Sep. 30, 2021	39,016		(6,398)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to common stockholders	$ (12,335)	$ 11,890
Adjustments to reconcile net loss (income) attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs	3,122	2,224
Stock-based compensation expense	399	602
Gain on sale of school condominium	0	(24,196)
Loss on sale of residential condominium, net	(33)	0
Deferred rents receivable	(20)	(61)
Other non-cash adjustments - pension expense	356	337
Unrealized loss (gain) on warrants	192	(1,330)
Equity in net loss from unconsolidated joint ventures	636	1,302
Distribution from unconsolidated joint ventures	686	865
Loan forgiveness	(243)	0
Decrease (increase) in operating assets:
Receivables	887	2,319
Prepaid expenses and other assets, net	(846)	355
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	5,775	(807)
Pension liabilities	0	(509)
Net cash used in operating activities	(1,424)	(7,009)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(30,784)	(39,772)
Deferred real estate deposits of condominiums	1,328	1,971
Investments in unconsolidated joint ventures	0	(10,575)
Net cash used in investing activities	(29,456)	(48,376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	82,318	69,740
Proceeds from secured line of credit	4,200	4,400
Payment of finance costs	(2,442)	(338)
Repayment of loan	(56,413)	(17,868)
Settlement of stock awards	(370)	(695)
Stock buy-back	0	(360)
Sale of common stock	167	0
Net cash provided by financing activities	27,460	54,879
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(3,420)	(506)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	16,069	18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	12,649	18,164
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	917	5,192
RESTRICTED CASH, END OF PERIOD	11,732	12,972
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	12,649	18,164
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	13,329	11,466
Cash paid during the period for: Taxes	189	196
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	7,101	7,246
Capitalized amortization of deferred financing costs and warrants	2,406	2,107
Capitalized stock-based compensation expense	$ 130	$ 267

Business

Business	9 Months Ended
	Sep. 30, 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 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 $244.3 million of federal net operating loss carryforwards (“NOLs”) at September 30, 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, 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, impacting sales activity at our most significant asset, 77 Greenwich, as well as a temporary suspension of construction work 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 downturn in segments of the economy appears 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 New York State statutes limiting evictions against certain tenants for non-payment of rent due to COVID-19 related financial 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, distribution, effectiveness and acceptance of vaccines, recurring outbreaks, including a resurgence of COVID-19 cases triggering additional shutdowns due to the emergence of COVID-19 variants for which existing vaccines may not be effective, 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, during the quarter ended September 30, 2021, certain events of default existed under the 77 Greenwich construction facility, mezzanine loan facility and corporate credit facility and in addition, we have a limited amount of unrestricted cash and liquidity available for working capital and other cash obligations, creating substantial doubt about our ability to continue as a going concern (see Note 5 – Loans Payable and Secured Line of Credit for a description of the terms of the events of defaults and related forbearance agreements). In October 2021, we completed a refinancing transaction pursuant to which we replaced the 77 Greenwich construction facility with an inventory loan and amended our mezzanine loan and corporate credit facility, with the result being that the events of default described above were deemed waived or cured. We also closed on a loan secured by a partnership interest and completed a private placement of shares of common stock to certain existing stockholders (see Note 13 – Subsequent Events for additional details). Further, although the impact of the pandemic has impeded the sale of residential condominium units at 77 Greenwich, the pace of signing contracts has increased in 2021, our condominium offering plan has been declared effective, and closing of residential condominium units has commenced and is ongoing and residents have begun to move into the building. Although there are no assurances that any transaction will be completed on acceptable terms or at all, management’s plans currently include exploring pursuing a variety of capital raising and other transactions, including the sale of certain assets or interests in assets, capital raises through equity offerings, including the recently announced rights offering and our ATM program, debt borrowings, refinancings and/or strategic transactions, in each case, with the goal of maximizing the value of the assets and attributes of the Company while balancing short-term liquidity constraints. If we are not successful in raising additional capital or completing one or more other transactions discussed above, we would have insufficient cash and liquidity to service our debt and pay operating expenses and other obligations. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to our ability to continue as a going concern and there can be no assurance that we will enter into any strategic or other transaction on terms acceptable to us or at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 - accounted for under the equity method. Accordingly, our share of the earnings or losses of our unconsolidated joint ventures, The Berkley and 250 North 10 th We 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 September 30, 2021, 250 North 10 th We assess the accounting treatment for joint venture investments, which includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. In situations where we and our partner equally share authority, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. b. Investments in Unconsolidated Joint Ventures - th c. Use of Estimates d. Reportable Segments e. Concentrations of Credit Risk f. Real Estate ​ ​ ​ Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years ​ g. Real Estate Under Development ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs. h. Valuation of Long-Lived Assets 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 Revenues and related profits from sales of residential condominium units are recognized at the time of the closing of a sale, when title to and possession of the units are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon condominium, is generally satisfied in less than one year from the original contract date. Cash proceeds from unit closings held in escrow for the Company’s benefit are included in restricted cash in the Company's consolidated balance sheets. Customer cash deposits on residential condominiums that are in contract are recorded as restricted cash and the related liability is recorded in accounts payable and accrued expenses in the Company's consolidated balance sheets. 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 September 30, 2021 and December 31, 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of September 30, 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 q. Deferred Lease Costs r. Underwriting Commissions and Costs Any references to square footage, property count or occupancy percentages, and any amounts derived from these values in these notes to the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. 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. for under the equity method of accounting. This ASU is effective for fiscal years beginning after December 15, 2020. Currently, we do not apply the measurement alternative and we do not have any such forward contracts or purchase options. As a result, the implementation of this guidance did not have any effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements ​ In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848)

Real Estate, Net

Real Estate, Net	9 Months Ended
	Sep. 30, 2021
Real Estate, Net
Real Estate, Net	Note 3 – Real Estate, Net As of September 30, 2021 and December 31, 2020, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ (audited) ​ ​ ​ ​ ​ ​ ​ Real estate under development ​ $ 242,274 ​ $ 213,178 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 189 ​ 189 Furniture and fixtures ​ 759 ​ 731 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 312,519 ​ 283,395 Less: accumulated depreciation ​ 5,407 ​ 4,191 ​ ​ $ 307,112 ​ $ 279,204 ​ Real estate under development as of September 30, 2021 and December 31, 2020 includes 77 Greenwich and the Paramus, New Jersey property. Building and building improvements, tenant improvements, furniture and fixtures, and land and land improvements includes the 237 11 th Depreciation expense amounted to approximately $406,000 and $403,000 for the three months ended September 30, 2021 and 2020, respectively, and $1.2 million and $1.2 million for the nine months ended September 30, 2021 and 2020, respectively 77 Greenwich and the New York City School Construction Authority We entered into an agreement with the New York City School Construction Authority (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 end of 2021 for the construction supervision fee, with an aggregate of $46.1 million having been paid to us as of September 30, 2021 from the SCA, with approximately $469,000 remaining to be paid. We have also received an aggregate of $50.1 million in reimbursable construction costs from the SCA through September 30, 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. The school is currently anticipated to open in September 2022. 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. We have also guaranteed certain obligations with respect to the construction of the school. Unrelated to the SCA, closings on residential condominium units started in September 2021 and residents have started to move in. ​ 237 11 th In May 2018, we closed on the acquisition of 237 11 th th th As of September 30, 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 $2.5 million and $1.9 million at September 30, 2021 and December 31, 2020, respectively. Amortization expense amounted to $185,000 for each of the three months ended September 30, 2021 and 2020, respectively, and $555,000 for each of the nine months ended September 30, 2021 and 2020, respectively

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net	Note 4 – Prepaid Expenses and Other Assets, Net As of September 30, 2021 and December 31, 2020, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ (audited) ​ ​ ​ ​ ​ ​ ​ Prepaid expenses ​ $ 873 ​ $ 454 Deferred finance costs ​ 2,184 ​ 1,795 Other ​ 1,837 ​ 954 ​ ​ 4,894 ​ 3,203 Less: accumulated amortization ​ 1,339 ​ 500 ​ ​ $ 3,555 ​ $ 2,703 ​

Loans Payable and Secured Line

Loans Payable and Secured Line of Credit	9 Months Ended
	Sep. 30, 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 provided for an increase 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 were originally permitted to 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 Corporate Credit Facility provided for the proceeds of the Corporate Credit Facility to 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. See Note 13 – Subsequent Events for details on the Corporate Credit Facility amendment. The Corporate Credit Facility had an outstanding balance of $35.75 million at both September 30, 2021 and December 31, 2020, excluding deferred finance fees of $3.2 million and $3.9 million, respectively. Accrued interest, which is included in accounts payable and accrued expenses, totaled approximately $3.0 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively. 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 September 30, 2021 and December 31, 2020 was 9.63%. 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 September 30, 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 30% of the 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 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). See Note 13 – Subsequent Events for details on the Corporate Credit Facility amendment. As of September 30, 2021, we were in compliance with all covenants of the Corporate Credit Facility, except for a cross-default due to the Senior Loan Defaults and Mezzanine Loan Defaults described below (the “CCF Defaults”). Effective June 30, 2021 and October 1, 2021, the Company entered into forbearance agreements (together the “CCF Forbearance Agreement”), pursuant to which the CCF Lender agreed to forbear from exercising its rights and remedies with respect to the CCF Defaults, subject to certain conditions. On October 22, 2021, in connection with the refinancing of the 77 Greenwich Construction Facility, the Company entered into an amendment to the Corporate Credit Facility. As a result of the refinancing transaction, the CCF Defaults no longer exist. See Note 13 – Subsequent Events for further information. Loans Payable 237 11 th Loans In May 2018, in connection with the acquisition of 237 11 th In June 2021, in connection with the refinancing of the mortgage loan, we entered into a $50.0 million senior loan (the “237 11 th th th th th th th th The 237 11 th th th In June 2021, we entered into an interest rate cap agreement as required under the New 237 11 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 drew down proceeds as costs related to the construction of the new mixed-use building were incurred. There was an outstanding balance of approximately $159.4 million and $139.0 million on the 77 Greenwich Construction Facility at September 30, 2021 and December 31, 2020, respectively. The 77 Greenwich Construction Facility had a four-year term ending January 2022. The collateral for the 77 Greenwich Construction Facility was the borrower’s fee interest in 77 Greenwich, which was 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 bore interest on amounts drawn at a rate per annum equal to the greater of (i) LIBOR plus 8.25% and (ii) 9.25%. The effective interest rate at September 30, 2021 and December 31, 2020 was 9.25%, respectively. The 77 Greenwich Construction Facility provided for certain loan proceeds to be advanced as an interest holdback and to the extent that the cash flow from 77 Greenwich was insufficient to pay the interest payments then due and payable, funds in the interest holdback would 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 was prepayable in part in certain circumstances such as in the event of the sale of residential and retail condominium units. 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 recognized the change in estimated fair value in interest expense. 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 77 Greenwich and to afford more favorable cure rights than previously existed if a required sales threshold was not satisfied. Additionally, the outside date by which we were required to have substantially completed construction of all improvements to 77 Greenwich was extended to November 30, 2021 and the liquidity requirements would be reduced based on construction progress. 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 are currently receiving our temporary certificates of occupancy (“TCOs”) in stages which we anticipate will continue through 2022, with TCOs having been received in March 2021 and June 2021, respectively, which covers floors 11-26 and 28, the lobby, mechanical rooms and portions of the cellar. Floors 27, 29-34 and 36-39 have passed inspection and a TCO for these floors is currently pending with the Department of Buildings. Upon the granting of our first TCO in March 2021 and 16 units under contract, our offering plan was declared effective. We submitted our request to create separate tax lots to the department of finance and the tax lots were created. We closed on the sale of one residential condominium unit during the third quarter of 2021 and expect additional closings on the residential condominium units for which we have TCOs to continue throughout the fourth quarter of 2021 and beyond. In connection with the December 2020 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 the Mezzanine loan (see below). As of September 30, 2021, we were in compliance with all covenants, except for (i) an $8.0 million liquidity requirement, (ii) the required deposits to an interest reserve, (iii) the achievement of certain construction hurdles, (iv) certain sales pace covenant tests and (v) delivery of an amendment to our Transit Improvement Agreement with the New York City Transit Authority in connection with the construction of certain improvements to a subway entrance adjacent to 77 Greenwich (collectively, the “Senior Loan Defaults”). Effective June 30, 2021 and October 1, 2021, the Company entered into forbearance agreements (together, the “77 Greenwich Forbearance Agreement”), pursuant to which the 77 Greenwich Lender agreed to forbear from exercising its rights and remedies with respect to the Senior Loan Defaults, subject to certain conditions. As a result of the refinancing transaction in October 2021, the 77 Greenwich Construction Facility was repaid in full and the Senior Loan Defaults were deemed to have been waived. See Note 13 – Subsequent Events for further information. 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”). million and has a term of three years with two one-year extension options, exercisable under certain circumstances. The collateral for the Mezzanine Loan was the borrower’s equity interest in its direct, wholly-owned subsidiary, which owns 100% of the equity interests in the borrower under the 77 Greenwich Construction Facility. The blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan, assuming the 77 Greenwich Construction Facility and the Mezzanine Loan are fully drawn, was 9.44% on an annual basis. Interest on the Mezzanine Loan is not payable on a monthly basis but instead is automatically added to the unpaid principal amount on a monthly basis (and therefore accrues interest) and is payable in full on the maturity date of the Mezzanine Loan. Upon final repayment of the Mezzanine Loan, a MOIC shall be due on substantially the same terms as provided for in the Corporate Credit Facility. The Mezzanine Loan may not be prepaid prior to prepayment in full of the 77 Greenwich Construction Facility, but if the 77 Greenwich Construction Facility is being prepaid in full, the Mezzanine Loan may be prepaid simultaneously therewith. Subject to the prior sentence the Mezzanine Loan may be prepaid in whole or in part, without penalty or premium (other than payment of the MOIC amount, if applicable, as provided above), upon prior written notice to lender under the Mezzanine Loan. In connection with the Mezzanine Loan, the Company entered into a completion guaranty, carry guaranty, equity funding guaranty, recourse guaranty and environmental indemnification undertaking substantially consistent with the Company’s existing guarantees made to the 77 Greenwich Lender in connection with the 77 Greenwich Construction Facility. As of September 30, 2021, we were in compliance with the covenants of the Mezzanine Loan, except for the occurrence of a liquidity default under the Mezzanine Loan comparable to the liquidity default under the 77 Greenwich Construction Facility, other defaults substantially comparable to the Senior Loan Defaults, and a cross-default due to the Senior Loan Defaults (collectively, the “Mezzanine Loan Defaults”). Effective June 30, 2021 and October 1, 2021, the Company entered into forbearance agreements (together, the “Mezzanine Loan Forbearance Agreement”), pursuant to which the lender had agreed to forbear from exercising its rights and remedies with respect to the Mezzanine Loan Defaults, subject to certain conditions. On October 22, 2021, in connection with the refinancing of the 77 Greenwich Construction Facility, the Company entered into an amendment to the Mezzanine Loan which, among other things, increased the amount of the loan thereunder by approximately $22.77 million, of which $0.77 million reflects interest previously accrued under the original Mezzanine Loan. As a result of the refinancing transaction in October 2021, the Mezzanine Loan Defaults were deemed to have been waived. See Note 13 – Subsequent Events for further information. 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 $11.95 million and $7.75 million at September 30, 2021 and December 31, 2020, respectively, and an effective interest rate of 3.25% and 2.14% as of September 30, 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 Principal Maturities Combined aggregate principal maturities of our loans, secured line of credit and note payable as of September 30, 2021, excluding extension options, were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ Year of Maturity Principal at September 30, 2021 Principal at December 31, 2020 2021 ​ $ — ​ $ 61,153 2022 ​ 171,325 ​ 139,025 2023 ​ 64,579 ​ 5,863 2024 ​ ​ 43,250 ​ ​ 43,250 2025 ​ ​ — ​ ​ — ​ ​ 279,154 ​ 249,291 Less: deferred finance costs, net ​ (5,241) ​ (6,493) Total loans, secured line of credit, and note payable, net ​ $ 273,913 ​ $ 242,798 ​ ​ ​ Interest Consolidated interest expense, net includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ Interest expense ​ $ 5,473 ​ $ 4,418 ​ $ 15,743 ​ $ 12,554 ​ Interest capitalized ​ (4,783) ​ (3,820) ​ (13,570) ​ (11,702) ​ Interest income ​ — ​ (53) ​ (1) ​ (57) ​ Interest expense, net ​ $ 690 ​ $ 545 ​ $ 2,172 ​ $ 795 ​ ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 Plan

Pension Plan	9 Months Ended
	Sep. 30, 2021
Pension Plan
Pension Plan	Note 7 – 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 September 30, 2021 and December 31, 2020, we had recorded an overfunded pension balance of approximately $744,000 and $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 $5.7 million to the Syms sponsored plan from September 17, 2012 through September 30, 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 nine months ended September 30, 2021 and the year ended December 31, 2020, respectively.

Commitments

Commitments	9 Months Ended
	Sep. 30, 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 $112,000 and $110,000 for the three months ended September 30, 2021 and 2020, respectively and $331,000 and $329,000 for the nine months ended September 30, 2021 and 2020, respectively. The lease for our sales center for 77 Greenwich located at 17 State Street, New York, New York expired on May 31, 2021. Rent expense paid for this operating lease was approximately $108,000 for the five months ended May 31, 2021. For the three and nine months ended September 30, 2020, the rent expense paid for this operating lease was approximately $92,000 and $275,000 respectively. The remaining lease obligation, excluding any extension options, for our corporate office is approximately $1.6 million through 2025. 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	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	Note 9 – Income Taxes As of September 30, 2021, we had federal NOLs of approximately $244.3 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 September 30, 2021, we have utilized approximately $23.8 million of our federal NOLs. As of September 30, 2021, we also had state NOLs of approximately $143.5 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 $24.3 million and $19.3 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 $65.8 million as of September 30, 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 nine months ended September 30, 2021 and the year ended December 31, 2020.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, there were 39,016,012 shares and 38,345,540 shares of common stock issued, respectively, and 32,618,137 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 $1.4 million and $830,000 at September 30, 2021 and December 31, 2020, respectively. The $192,000 change in fair value of the Warrants was recorded as an unrealized loss on warrants in the consolidated statement of operations and comprehensive (loss) income during the nine months ended September 30, 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 August 2021, we entered into an “at-the-market” equity offering program (the “ATM Program”), to sell up to an aggregate of $10.0 million in shares of our common stock. During the three and nine months ended September 30, 2021, we sold 149,757 shares of our common stock for aggregate gross proceeds of $306,000 (excluding approximately $141,000 in professional and brokerage fees) at a weighted average price of $2.04 per share. As of September 30, 2021, approximately $9.7 million of our common stock remained available for issuance under the ATM Program. 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 nine months ended September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 and in June 2021, our stockholders approved an increase to the number of shares of common stock available for awards under the SIP by 1,500,000 shares. Our SIP activity as of September 30, 2021 and December 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ September 30, 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 ​ ​ - Additional shares approved by stockholders ​ 1,500,000 ​ ​ - ​ - ​ ​ - Granted to employees (310,000) ​ $ 1.25 (295,500) ​ $ 3.01 Granted to non-employee directors (47,374) ​ $ 1.71 (59,660) ​ $ 1.65 Deferred under non-employee director's deferral program (83,456) ​ $ 1.71 (114,005) ​ $ 1.76 Balance available, end of period 1,607,540 ​ - 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, with a distribution of shares at various dates ranging from the time of vesting up to seven years after vesting. During the nine months ended September 30, 2021, we granted 310,000 RSUs to certain employees. These RSUs vest and settle at various times over a two ended September 30, 2021, respectively, of which approximately $20,000 and $61,000 was capitalized into real estate under development. Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive (loss) income during the three months ended September 30, 2021 and 2020 totaled $106,000 and $177,000, respectively, which is net of $45,000 and $91,000 capitalized as part of real estate under development, respectively. Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive (loss) income during the nine months ended September 30, 2021 and 2020 totaled $317,000 and $531,000, respectively, which is net of $136,000 and $272,000 capitalized as part of real estate under development, respectively. ​ Our RSU activity was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 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 September 30, 2021, there was approximately $359,000 of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized through December 2023. During the nine months ended September 30, 2021, we issued 310,000 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 nine months ended September 30, 2021, we issued 47,374 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 September 30, 2021, a total of 260,615 stock units have been deferred under the Deferral Program.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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. In October 2021, we entered into a loan agreement with our joint venture partner (see Note 13 – Subsequent Events). We own a 10% interest in the 250 North 10 th th th th th th th As of September 30, 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 nine months ended September 30, 2021, we recognized our share of the fair value liability associated with an interest rate swap entered into on February 28, 2020 of approximately $272,000. The combined balance sheets for our unconsolidated joint ventures at September 30, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ (unaudited) ​ ​ (audited) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 164,942 ​ $ 167,749 Cash and cash equivalents ​ 1,291 ​ 1,344 Restricted cash ​ 852 ​ 766 Tenant and other receivables, net ​ 314 ​ 254 Prepaid expenses and other assets, net ​ 226 ​ 204 Intangible assets, net ​ 22,109 ​ 24,006 Total assets ​ $ 189,734 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 113,253 ​ $ 114,218 Accounts payable and accrued expenses ​ 1,859 ​ 1,705 Total liabilities ​ 115,112 ​ 115,923 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 88,662 ​ 92,070 Accumulated deficit ​ (14,040) ​ (11,943) Accumulated other comprehensive loss ​ ​ — ​ ​ (1,727) Total members’ equity ​ 74,622 ​ 78,400 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 189,734 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 18,056 ​ $ 19,379 ​ The statements of operations for our unconsolidated joint ventures for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Three Months Ended ​ For the Nine Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ ​ ​ Rental revenues ​ $ 3,291 ​ $ 3,303 ​ $ 9,455 ​ $ 9,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 3,291 ​ 3,303 ​ 9,455 ​ 9,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ Property operating expenses ​ 1,004 ​ 925 ​ 3,000 ​ 2,430 ​ Real estate taxes ​ 25 ​ 25 ​ 75 ​ 60 ​ General and administrative ​ 3 ​ 3 ​ 8 ​ 8 ​ Amortization ​ 583 ​ 1,475 ​ 1,897 ​ 4,201 ​ Depreciation ​ 985 ​ 985 ​ 2,957 ​ 2,848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 2,600 ​ 3,413 ​ 7,937 ​ 9,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ 691 ​ (110) ​ 1,518 ​ 161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (959) ​ (946) ​ (2,855) ​ (2,840) ​ Interest expense -amortization of deferred finance costs ​ (71) ​ (69) ​ (216) ​ (1,809) ​ Interest income (expense) -change in fair market value of interest rate swap ​ 193 ​ — ​ (544) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (146) ​ $ (1,125) ​ $ (2,097) ​ $ (4,488) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ — ​ $ (176) ​ $ (636) ​ $ (1,302) ​ ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events Partner Loan ​ On October 7, 2021, we entered into a loan agreement with our partner in The Berkley JV, pursuant to which our partner agreed to lend us up to $10.5 million principal amount, $500,000 of which is available only to be applied to interest payments, secured by our interest in the joint venture entity, maturing in one year, with two 12-month Refinancing Transaction ​ On October 22, 2021, a wholly-owned subsidiary of ours (the “Mortgage Borrower”) entered into a loan agreement with Macquarie PF Inc. (a part of Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group), as lender and administrative agent (the “77 Mortgage Lender”), pursuant to which 77 Mortgage Lender agreed to extend credit to Mortgage Borrower in the amount of up to $166.7 million (the “77 Mortgage Loan”), subject to the satisfaction of certain conditions (the “77 Mortgage Loan Agreement”). Our existing 77 Greenwich Construction Facility was repaid in full at closing and the $33.6 million balance of the proceeds will be used to, among other things, complete construction of 77 Greenwich and fund carry costs while the residential condominiums are being sold. We borrowed $133.1 million on the date of closing of the 77 Mortgage Loan. ​ The 77 Mortgage Loan has a two-year term with an option to extend for an additional year under certain circumstances and is secured by the Mortgage Borrower’s fee interest in 77 Greenwich. The 77 Mortgage Loan will bear interest at a rate per annum equal to the greater of (i) 7.00% in excess of LIBOR and (ii) 7.25%; provided that, if, on April 22, 2023, the outstanding principal balance of the 77 Mortgage Loan, together with any accrued and unpaid PIK Interest and unpaid Additional Unused Fee (as those terms are defined below) is equal to or greater than $91.0 million, the rate per annum will be equal to the greater of (i) 9.00% in excess of LIBOR and (ii) 9.25%. If cash flow from 77 Greenwich (including proceeds from the sales of residential units) is insufficient to pay interest payments when due, any accrued but unpaid interest will remain unpaid and interest will continue to accrue on such unpaid amounts (“PIK Interest”) until the cumulative PIK Interest and Additional Unused Fee accrues to $4.5 million (the “Threshold Amount”), after which all such amounts in excess of the Threshold Amount shall be paid in cash on a monthly basis until such amounts are less than the Threshold Amount. As advances of the 77 Mortgage Loan are made to Mortgage Borrower and the outstanding principle balance of the 77 Mortgage Loan increases, net proceeds from the sales of condominium units will be paid to 77 Mortgage Lender to reduce the outstanding balance of the 77 Mortgage Loan. A 1% per annum fee (the “Additional Unused Fee”) on a $3.0 million portion (the “Additional Amount”) of the 77 Mortgage Loan, is payable on a monthly basis on the undrawn portion of such Additional Amount. To the extent the 77 Mortgage Loan is not fully funded by October 22, 2022 (April 22, 2023 in the case of amounts with respect to construction work related to the new handicapped accessible subway entrance on Trinity Place), 77 Mortgage Lender may in its discretion force fund the remaining balance other than the Additional Amount into a reserve account held by 77 Mortgage Lender and disbursed in accordance with the terms of the 77 Mortgage Loan Agreement. The 77 Mortgage Loan is prepayable without penalty, subject to 77 Mortgage Lender receiving a minimum total return of $15.26 million, or if an advance has been made of the Additional Amount, the sum of $15.26 million, plus 10% of the Additional Amount that has been disbursed, in each case, inclusive of interest and fees, and must be prepaid in part in certain circumstances such as in the event of the sale of residential and retail condominium units. Mortgage Borrower is required to achieve completion of the construction work and the improvements for the Project on or before July 1, 2022, subject to certain exceptions. The 77 Mortgage Loan Agreement also includes additional customary affirmative and negative covenants for loans of this type, with the first sales pace covenant in April 2023. ​ In connection with the 77 Mortgage Loan Agreement, we entered into guarantees with the 77 Mortgage Lender pursuant to which we guaranteed the completion and payment of costs and expenses related to the construction (the “Guaranty of Payment and Completion”); the payment of accrued and unpaid interest and other fees, costs, expenses and payments due and payable with respect to the 77 Mortgage Loan or 77 Greenwich (the “Interest and Carry Guaranty”); and the payment when due of all amounts due to 77 Mortgage Lender, as a result of “bad-boy” provisions (the “Recourse Guaranty” and together with the Guaranty of Payment and Completion and the Interest and Carry Guaranty, collectively, the “Mortgage Guarantees”). Mortgage Borrower and the Company also entered into an environmental compliance and indemnification undertaking for the benefit of 77 Mortgage Lender (the “Mortgage Environmental Indemnity”). Additionally, Mortgage Borrower is required to provide a letter of credit (the “Letter of Credit”) in an amount not less than $4.0 million. The Letter of Credit will be reduced to $3.0 million following, among other things, (x) final completion of the Project, subject to certain exceptions, and (y) paydown of the 77 Mortgage Loan to a basis of $625 per square feet of the unsold residential units. ​ In addition, on October 22, 2021, the Mezzanine Loan Agreement was amended and restated to, among other things, (i) increase the amount of the loan thereunder by approximately $22.77 million, of which $0.77 million reflects interest previously accrued under the original Mezzanine Loan, (ii) reflected the pledge of the equity interests in the Mortgage Borrower to the Mezzanine Lender as additional collateral for the Mezzanine Loan and (iii) conform certain of the covenants to those included in the 77 Mortgage Loan Agreement, as applicable. Additionally, the existing completion guaranty, carry guaranty, recourse guaranty and environmental indemnification executed in connection with the original Mezzanine Loan Agreement were amended to conform to the Mortgage Guarantees and Mortgage Environmental Indemnity made in connection with the 77 Mortgage Loan (and the existing equity funding guaranty was terminated). ​ In connection with the foregoing, we entered into amendments, dated as of October 22, 2021 and November 10, 2021, to our Corporate Credit Facility pursuant to which, among other things, the parties agreed that no additional funds will be drawn under the Corporate Credit Facility, the minimum liquidity requirement was made consistent with the 77 Mortgage Loan Agreement until May 1, 2023 and the MOIC provisions were revised to provide that (i) the MOIC amount due upon final repayment of the Corporate Credit Facility loan was amended to be consistent with the Mezzanine Loan such that if no event of default exists and is continuing under the Corporate Credit Facility at any time prior to June 22, 2023, the amount due will be combined with the Mezzanine Loan, to the extent not previously paid, if any, and (ii) the amount of the Corporate Credit Facility used to calculate the MOIC was reduced to $35.75 million. ​ Private Placement Transaction and Rights Offering ​ On October 22, 2021, we entered into a private placement agreement with certain existing shareholders (“Investors”), pursuant to which we issued to the Investors an aggregate of 2,539,473 shares of common stock at a price of $1.90 per share, for aggregate gross proceeds to the Company of $4.825 million, which closed on the same day. The private placement agreement contains customary representations, warranties, covenants, conditions and indemnities for agreements of this type. The Company also entered into a registration rights agreement with the Investors pursuant to which it agreed to file a shelf registration statement registering offers and sales of the private placement shares. The sale of the private placement shares in accordance with the private placement agreement was made in reliance on the exemption from registration of Section 4(a)(2) of the Securities Act of 1933, as amended. ​ Our Board of Directors also approved a rights offering of 2,650,000 shares of common stock to existing shareholders of ours on the record date of November 3, 2021, at a price of $1.90 per share. The rights offering commenced on November 5, 2021. ​ Other than as set forth above, there were no other subsequent events requiring adjustment to, or disclosure in, the condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 - accounted for under the equity method. Accordingly, our share of the earnings or losses of our unconsolidated joint ventures, The Berkley and 250 North 10 th We 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 September 30, 2021, 250 North 10 th We assess the accounting treatment for joint venture investments, which includes a review of the joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For potential VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. In situations where we and our partner equally share authority, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.
Investments in Unconsolidated Joint Ventures	b. Investments in Unconsolidated Joint Ventures - th
Use of Estimates	c. Use of Estimates
Reportable Segments	d. Reportable Segments
Concentrations of Credit Risk	e. Concentrations of Credit Risk
Real Estate	f. Real Estate ​ ​ ​ Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years
Real Estate Under Development	g. Real Estate Under Development ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs.
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets 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 Revenues and related profits from sales of residential condominium units are recognized at the time of the closing of a sale, when title to and possession of the units are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon condominium, is generally satisfied in less than one year from the original contract date. Cash proceeds from unit closings held in escrow for the Company’s benefit are included in restricted cash in the Company's consolidated balance sheets. Customer cash deposits on residential condominiums that are in contract are recorded as restricted cash and the related liability is recorded in accounts payable and accrued expenses in the Company's consolidated balance sheets.
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 September 30, 2021 and December 31, 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of September 30, 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
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. for under the equity method of accounting. This ASU is effective for fiscal years beginning after December 15, 2020. Currently, we do not apply the measurement alternative and we do not have any such forward contracts or purchase options. As a result, the implementation of this guidance did not have any effect on our financial position, results of operations or cash flows. 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)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2021
Real Estate, Net
Schedule of Real Estate Properties	As of September 30, 2021 and December 31, 2020, real estate, net, includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ (audited) ​ ​ ​ ​ ​ ​ ​ Real estate under development ​ $ 242,274 ​ $ 213,178 Building and building improvements ​ 41,358 ​ 41,358 Tenant improvements ​ 189 ​ 189 Furniture and fixtures ​ 759 ​ 731 Land and land improvements ​ 27,939 ​ 27,939 ​ ​ 312,519 ​ 283,395 Less: accumulated depreciation ​ 5,407 ​ 4,191 ​ ​ $ 307,112 ​ $ 279,204

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Assets, Net
Schedule of prepaid expenses and other assets	As of September 30, 2021 and December 31, 2020, prepaid expenses and other assets, net, include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ (audited) ​ ​ ​ ​ ​ ​ ​ Prepaid expenses ​ $ 873 ​ $ 454 Deferred finance costs ​ 2,184 ​ 1,795 Other ​ 1,837 ​ 954 ​ ​ 4,894 ​ 3,203 Less: accumulated amortization ​ 1,339 ​ 500 ​ ​ $ 3,555 ​ $ 2,703

Loans Payable and Secured Lin_2

Loans Payable and Secured Line of Credit (Tables)	9 Months Ended
	Sep. 30, 2021
Loans Payable and Secured Line of Credit
Schedule of combined aggregate principal maturities of our loans	Combined aggregate principal maturities of our loans, secured line of credit and note payable as of September 30, 2021, excluding extension options, were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ Year of Maturity Principal at September 30, 2021 Principal at December 31, 2020 2021 ​ $ — ​ $ 61,153 2022 ​ 171,325 ​ 139,025 2023 ​ 64,579 ​ 5,863 2024 ​ ​ 43,250 ​ ​ 43,250 2025 ​ ​ — ​ ​ — ​ ​ 279,154 ​ 249,291 Less: deferred finance costs, net ​ (5,241) ​ (6,493) Total loans, secured line of credit, and note payable, net ​ $ 273,913 ​ $ 242,798
Schedule of consolidated interest (income) expense	Consolidated interest expense, net includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ Interest expense ​ $ 5,473 ​ $ 4,418 ​ $ 15,743 ​ $ 12,554 ​ Interest capitalized ​ (4,783) ​ (3,820) ​ (13,570) ​ (11,702) ​ Interest income ​ — ​ (53) ​ (1) ​ (57) ​ Interest expense, net ​ $ 690 ​ $ 545 ​ $ 2,172 ​ $ 795 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation
Schedule of Share - based compensation stock incentive plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ September 30, 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 ​ ​ - Additional shares approved by stockholders ​ 1,500,000 ​ ​ - ​ - ​ ​ - Granted to employees (310,000) ​ $ 1.25 (295,500) ​ $ 3.01 Granted to non-employee directors (47,374) ​ $ 1.71 (59,660) ​ $ 1.65 Deferred under non-employee director's deferral program (83,456) ​ $ 1.71 (114,005) ​ $ 1.76 Balance available, end of period 1,607,540 ​ - 548,370 ​ -
Schedule of share- based compensation restricted stock units award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Year Ended ​ ​ ​ September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ (unaudited) ​ ​ (audited) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 164,942 ​ $ 167,749 Cash and cash equivalents ​ 1,291 ​ 1,344 Restricted cash ​ 852 ​ 766 Tenant and other receivables, net ​ 314 ​ 254 Prepaid expenses and other assets, net ​ 226 ​ 204 Intangible assets, net ​ 22,109 ​ 24,006 Total assets ​ $ 189,734 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 113,253 ​ $ 114,218 Accounts payable and accrued expenses ​ 1,859 ​ 1,705 Total liabilities ​ 115,112 ​ 115,923 ​ ​ ​ ​ ​ ​ ​ MEMBERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ Members’ equity ​ 88,662 ​ 92,070 Accumulated deficit ​ (14,040) ​ (11,943) Accumulated other comprehensive loss ​ ​ — ​ ​ (1,727) Total members’ equity ​ 74,622 ​ 78,400 ​ ​ ​ ​ ​ ​ ​ Total liabilities and members’ equity ​ $ 189,734 ​ $ 194,323 ​ ​ ​ ​ ​ ​ ​ Our investments in unconsolidated joint ventures ​ $ 18,056 ​ $ 19,379
Schedule of statement of operations for unconsolidated joint ventures	The statements of operations for our unconsolidated joint ventures for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Three Months Ended ​ For the Nine Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ Revenues ​ ​ ​ ​ Rental revenues ​ $ 3,291 ​ $ 3,303 ​ $ 9,455 ​ $ 9,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ 3,291 ​ 3,303 ​ 9,455 ​ 9,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ Property operating expenses ​ 1,004 ​ 925 ​ 3,000 ​ 2,430 ​ Real estate taxes ​ 25 ​ 25 ​ 75 ​ 60 ​ General and administrative ​ 3 ​ 3 ​ 8 ​ 8 ​ Amortization ​ 583 ​ 1,475 ​ 1,897 ​ 4,201 ​ Depreciation ​ 985 ​ 985 ​ 2,957 ​ 2,848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ 2,600 ​ 3,413 ​ 7,937 ​ 9,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ 691 ​ (110) ​ 1,518 ​ 161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (959) ​ (946) ​ (2,855) ​ (2,840) ​ Interest expense -amortization of deferred finance costs ​ (71) ​ (69) ​ (216) ​ (1,809) ​ Interest income (expense) -change in fair market value of interest rate swap ​ 193 ​ — ​ (544) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (146) ​ $ (1,125) ​ $ (2,097) ​ $ (4,488) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our equity in net loss from unconsolidated joint ventures ​ $ — ​ $ (176) ​ $ (636) ​ $ (1,302) ​

Business (Details)

Business (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jan. 31, 2020
Federal [Member]
Operating Loss Carryforwards	$ 244.3
The Berkley
Equity Method Investment, Ownership Percentage	50.00%	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)	9 Months Ended
	Sep. 30, 2021
Building and improvements | Minimum
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
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Furniture and fixtures | Minimum
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	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)segment$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 22, 2020$ / shares	Dec. 31, 2019$ / shares
Unrecognized Tax Benefits	$ 0	$ 0		$ 0
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			$ 4.50	$ 6.50
Deferred Offering Costs	$ 3,200	$ 3,200		3,900
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	290,074	290,074
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	7,179,000	7,179,000
Prepaid Expenses and Other Current Assets [Member]
Deferred Offering Costs	$ 2,100	$ 2,100		$ 2,600

Real Estate, Net - Properties (

Real Estate, Net - Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Investment Property, at Cost	$ 312,519	$ 283,395
Less: accumulated depreciation	5,407	4,191
Real Estate Investment Property, Net, Total	307,112	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	759	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	$ 242,274	$ 213,178

Real Estate, Net - Additional I

Real Estate, Net - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2021	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	May 24, 2018
Depreciation			$ 406,000	$ 403,000	$ 1,200,000	$ 1,200,000
Total Purchase Price Of Property								$ 81,200,000
Business Acquisition, Transaction Costs								$ 700,000
Percentage of property leased	92.40%
Finite-Lived Intangible Assets, Net			11,100,000		11,100,000		$ 11,100,000
Accumulated amortization					2,500,000		$ 1,900,000
Amortization of Intangible Assets			185,000	$ 185,000	555,000	$ 555,000
Aggregate fees paid by SCA to the Company			46,100,000		46,100,000
Remaining fees to be paid by SCA to the Company			469,000		469,000
Gain on sale of school condominium		$ 20,000,000
Gain on sale of school condominium, recognition of deferred construction supervision fee		$ 4,200,000
SCA [Member]
Contract Receivable			41,500,000		41,500,000
Construction Supervision Fee receivable			$ 5,000,000		5,000,000
Construction Costs Reimbursed					$ 50,100,000

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Assets, Net
Prepaid expenses	$ 873	$ 454
Deferred finance costs	2,184	1,795
Other	1,837	954
Prepaid Expense And Other Assets Gross	4,894	3,203
Less: accumulated amortization	1,339	500
Prepaid Expense and Other Assets	$ 3,555	$ 2,703

Loans Payable and Secured Lin_3

Loans Payable and Secured Line of Credit - Additional Information (Details)	Oct. 22, 2021USD ($)$ / shares	Oct. 07, 2021USD ($)item	Jan. 15, 2020USD ($)$ / shares	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)item$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2018	May 31, 2018USD ($)	Sep. 30, 2021USD ($)item$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Nov. 10, 2021USD ($)	Dec. 22, 2020$ / shares	Sep. 30, 2020USD ($)	Jan. 31, 2020	Dec. 31, 2017USD ($)
Deferred finance fees									$ 5,241,000					$ 6,493,000
Loans Payable					$ 197,330,000				$ 223,503,000	$ 197,330,000
Warrants, Exercise Price (in dollars per share) | $ / shares									$ 4.50		$ 6.50		$ 4.50
Debt covenant, liquidity requirement, not met									$ 8,000,000
Secured Debt					$ 7,747,000				11,950,000	$ 7,747,000
Equity Method Investments									$ 5,100,000
250 North 10th
Equity Method Investment, Ownership Percentage									10.00%						10.00%
Loans Payable 2018, 237 11th Loans
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)						0.50%
Delayed draw facility						$ 4,250,000
Debt Instrument, Interest Rate, Increase (Decrease)							0.25%
Exit fee (as a percent)						2.25%
Debt Instrument, Face Amount								$ 67,800,000
Debt Instrument Exit Fee Rate, Increase (Decrease)						0.50%
Repayment of loans and secured line of credit				$ 56,400,000
Debt Instrument, Exit Fees				$ 567,000
Loans Payable 2018, 237 11th Loans | Minimum
Exit fee (as a percent)						1.00%
237 11th Loan
Debt Instrument, Face Amount								52,400,000
Mezzanine Loan
Term of the debt					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
Mezzanine Loan | RCG LV Debt VI REIT LLC [Member]
Debt Instrument, Face Amount								$ 15,400,000
Partner Loan
Term of the debt			4 years
Loans Payable					$ 5,900,000				$ 5,900,000	5,900,000
Debt Instrument, Face Amount			$ 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, Face Amount			$ 82,750,000
Debt Instrument, Interest Rate, Stated Percentage			3.39%
New 237 11th Loans
Term of the debt				2 years
Debt Instrument, Number of Extensions | item				3
Debt Instrument , Extension Term				1 year
Debt Instrument, Interest Rate, Stated Percentage				3.05%
New Senior Loan
Debt Instrument, Face Amount				$ 50,000,000
Initial advance at closing				48,700,000
Proceeds From Debt Reserved To Cover Debt Service, Operating Expense Shortfall And Leasing Related Costs				1,500,000
New Mezzanine Loan
Debt Instrument, Face Amount				10,000,000
Initial advance at closing				10,000,000
Interest Rate Cap Agreement New 237 11 Loan
Debt Instrument, Unamortized Premium				$ 32,500
Debt Instrument, Interest Rate, Stated Percentage				2.50%
Derivative, Notional Amount				$ 60,000,000
Subsequent Event
Warrants, Exercise Price (in dollars per share) | $ / shares	$ 1.90
Subsequent Event | Mezzanine Loan
Increase in loans including accrued interest	$ 22,770,000
Previously accrued interest	770,000
Subsequent Event | Partner Loan
Term of the debt		1 year
Debt Instrument, Face Amount		$ 10,500,000
Debt Instrument, Number of Extensions | item		2
Debt Instrument , Extension Term		12 months
Amount funded at closing		$ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Proceeds from Issuance of Debt		$ 10,000,000
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				3,000,000	1,500,000
Deferred finance fees					3,900,000				3,200,000	3,900,000
Term of the debt											32 months
Loans Payable					35,750,000				$ 35,750,000	$ 35,750,000
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, Interest Rate, Increase (Decrease)										0.125%
Debt Instrument, Interest Rate, Basis for Effective Rate									9.63%	9.63%
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)									30.00%
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
Derivative, Notional Amount																$ 189,500,000
Corporate Credit Facility | Greenwich Ny 77 [Member]
Net cash proceeds of residential condominium sales (as a percent)									70.00%
Corporate Credit Facility | Minimum
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%
Corporate Credit Facility | Subsequent Event
Debt amount used to calculate the MOIC	$ 35,750,000											$ 35,750,000
Greenwich Construction Loan
Term of the debt									4 years
Loans Payable					$ 139,000,000				$ 159,400,000	$ 139,000,000
Debt Instrument, Face Amount																189,500,000
Debt Instrument, Interest Rate, Effective Percentage					9.25%				9.25%	9.25%
Debt Instrument, Description									LIBOR plus 8.25% and (ii) 9.25%
Repayment of loans and secured line of credit									$ 8,000,000
Debt Instrument, Unamortized Premium																$ 393,000,000
Debt Instrument, Interest Rate, Stated Percentage																2.50%
Secured Line of Credit
Line of Credit Facility, Maximum Borrowing Capacity									12,750,000
Loans Payable					$ 7,750,000				$ 11,950,000	$ 7,750,000
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
Debt Instrument, Interest Rate, Effective Percentage					2.14%				3.25%	2.14%

Loans Payable and Secured Lin_4

Loans Payable and Secured Line of Credit - Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loans Payable and Secured Line of Credit
Interest expense	$ 5,473	$ 4,418	$ 15,743	$ 12,554
Interest capitalized	(4,783)	(3,820)	(13,570)	(11,702)
Interest income		(53)	(1)	(57)
Interest expense, net	$ 690	$ 545	$ 2,172	$ 795

Loans Payable and Secured Lin_5

Loans Payable and Secured Line of Credit - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Principal maturities of loans, secured line of credit and note payable
2021	$ 171,325	$ 61,153
2022	64,579	139,025
2023	43,250	5,863
2024		43,250
Total	279,154	249,291
Less: deferred finance costs, net	(5,241)	(6,493)
Total loans, secured line of credit, and note payable, net	$ 273,913	$ 242,798

Pension Plan (Details)

Pension Plan (Details) - USD ($)	12 Months Ended	108 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Prepaid Expenses and Other Current Assets [Member]
Overfunded pension balance	$ 343,000	$ 744,000
Syms Sponsored Plan [Member]
Payment for Pension Benefits		$ 5,700,000
Amount funded by Company to the plan	$ 400,000

Commitments - Additional inform

Commitments - Additional information (Details) - USD ($)	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Fifth Avenue New York [Member]
Operating Leases, Rent Expense	$ 112,000	$ 110,000		$ 331,000	$ 329,000
Operating Leases, Future Minimum Payments Due	$ 1,600,000			$ 1,600,000
17 State New York
Operating Leases, Rent Expense		$ 92,000	$ 108,000		$ 275,000

Income Taxes - Additional infor

Income Taxes - Additional information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Federal NOLs utilized to date	$ 23.8
Valuation Allowance	65,800,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	143,500,000
Federal [Member]
Operating Loss Carryforwards	244,300,000
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	24,300,000
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 19,300,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details)	3 Months Ended	9 Months Ended		12 Months Ended	13 Months Ended
	Sep. 30, 2021USD ($)item$ / sharesshares	Sep. 30, 2021USD ($)item$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Aug. 31, 2021USD ($)	Dec. 22, 2020$ / shares	Dec. 31, 2019USD ($)$ / sharesshares
Capital Stock Shares authorized.	120,000,000	120,000,000
Common Stock, Shares Authorized	79,999,997	79,999,997		79,999,997	79,999,997
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1
Special Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Excess Stock, Shares Authorized	1	1		1	1
Common Stock, Shares, Issued	39,016,012	39,016,012		38,345,540	38,345,540
Common Stock, Shares, Outstanding	32,618,137	32,618,137		32,172,107	32,172,107
Warrant liability | $	$ 1,411,000	$ 1,411,000		$ 830,000	$ 830,000
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					$ 4.50	$ 6.50
Threshold minimum beneficial ownership (as a percent)	5.00%	5.00%						5.00%
Threshold maximum percentage of issued and outstanding common stock, after exercise of warrants (as a percent)								19.90%
Sale of common stock, net | $	$ 166,000	$ 167,000
Unrealized loss on warrants | $		$ 192,000
Number of board members who can be appointed by the warrant holder | item	1	1
Preemptive rights period		5 years
Share repurchase program, authorized amount | $								$ 5,000,000
Share repurchase program, number of shares repurchased (in shares)		0		200,803	250,197
Share repurchase program, average price paid per share (in dollars per share) | $ / shares				$ 1.67	$ 1.93
Share repurchase program, approximate dollar value of shares available for purchase | $	$ 4,500,000	$ 4,500,000
Stock Issued During Period, Value, Issued for Services | $			$ 600,000
Common Stock
Sale of common stock, net | $	$ 1,000	$ 2,000
Stock Issued During Period, Shares, New Issues	150,000	150,000
Stock Issued During Period, Value, Issued for Services | $			$ 2,000
Series A And B Preferred Stock [Member]
Excess Stock, Shares Authorized	1	1
ATM Program
Stock Issuance Program, Maximum Amount Authorized | $						$ 10,000,000
Agreement with B. Riley | Common Stock
Stock Issued During Period, Shares, New Issues	149,757	149,757
Gross proceeds from issuance of common stock | $	$ 306,000	$ 306,000
Stock issuance costs, professional and brokerage fees | $	141,000	141,000
Value of common stock available for issuance | $	$ 9,700,000	$ 9,700,000
Agreement with B. Riley | Common Stock | Weighted Average
Share price (in dollars per share) | $ / shares	$ 2.04	$ 2.04
Preferred Stock
Preferred Stock, Shares Authorized	2	2		2	2
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Blank Check Preferred Stock
Preferred Stock, Shares Authorized	40,000,000	40,000,000		40,000,000	40,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01		$ 0.01	$ 0.01

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment
Balance available, beginning of period	548,370	1,017,535
Additional shares approved by stockholders	1,500,000	0
Deferred under non-employee director's deferral program	(83,456)	(114,005)
Balance available, end of period	1,607,540	548,370
Weighted Average Fair Value at Grant Date, Balance available, beginning of period	$ 0	$ 0
Weighted Average Fair Value at Grant Date, Additional shares approved by stockholders	0	0
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	1.71	1.76
Weighted Average Fair Value at Grant Date, Balance available, end of period	$ 0	$ 0
Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(47,374)	(59,660)
Weighted Average Fair Value at Grant Date, Granted	$ 1.71	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 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, 2021	Jun. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment
Stock Repurchased During Period, Shares						0		200,803	250,197
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				260,615		260,615
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized						1,500,000		0
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
Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment
Stock Issued During Period, Shares, New Issues						47,374
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment
Allocated Share-based Compensation Expense				106,000	$ 177,000	$ 317,000	$ 531,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				359,000		359,000
Stock based compensation capitalized				45,000	$ 91,000	$ 136,000	$ 272,000
Stock Issued During Period, Shares, New Issues						310,000
Stock Repurchased During Period, Shares						224,442
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						310,000
Restricted Stock or Unit Expense						$ 192,000
Restricted Stock Units (RSUs) [Member] | Minimum
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		$ 61,000
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		1,500,000	1,000,000

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Additional information (Details)	Feb. 28, 2020USD ($)	Jan. 15, 2020USD ($)$ / shares	Dec. 31, 2016USD ($)	Sep. 30, 2021USD ($)entity	Jan. 31, 2020
Schedule of Equity Method Investments [Line Items]
Unconsolidated VIE's | entity				1
Equity Method Investments				$ 5,100,000
Fair Value Liability				$ 272,000
Thirty Day London Inter Bank Offer Rate
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.16%
Debt Instrument Interest				5 years
Debt Instrument Period				2 years
Debt Instrument, Interest Rate, Stated Percentage				1.00%
Berkley Loan
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property			$ 68,885,000
Debt Instrument, Face Amount			$ 42,500,000
Debt Instrument, Term			10 years
New 7-year Loan
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
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
Debt Instrument, Face Amount		$ 82,750,000
Debt Instrument, Term		15 years
Debt Instrument, Interest Rate, Stated Percentage		3.39%
The Berkley
Schedule of Equity Method Investments [Line Items]
Debt Instrument Prepayment Premium	$ 6,000,000
Equity Method Investment, Ownership Percentage				50.00%	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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Real estate, net	$ 307,112	$ 279,204
Cash and cash equivalents	917	6,515	$ 5,192	$ 9,196
Restricted cash	11,732	9,554	$ 12,972	$ 9,474
Prepaid expenses and other assets, net	3,555	2,703
Intangible assets, net	8,617	9,172
Total assets	351,552	329,148
LIABILITIES
Accounts payable and accrued expenses	18,457	15,896
Total liabilities	295,297	261,240
STOCKHOLDERS' EQUITY
Accumulated deficit	(21,838)	(9,503)
Accumulated other comprehensive loss	(1,803)	(2,159)
Total liabilities and stockholders' equity	351,552	329,148
Our investments in unconsolidated joint ventures	18,056	19,379
Unconsolidated Joint Ventures
ASSETS
Real estate, net	164,942	167,749
Cash and cash equivalents	1,291	1,344
Restricted cash	852	766
Tenant and other receivables, net	314	254
Prepaid expenses and other assets, net	226	204
Intangible assets, net	22,109	24,006
Total assets	189,734	194,323
LIABILITIES
Mortgages payable, net	113,253	114,218
Accounts payable and accrued expenses	1,859	1,705
Total liabilities	115,112	115,923
STOCKHOLDERS' EQUITY
Members' equity	88,662	92,070
Accumulated deficit	(14,040)	(11,943)
Accumulated other comprehensive loss		(1,727)
Total members' equity	74,622	78,400
Total liabilities and stockholders' equity	189,734	194,323
Our investments in unconsolidated joint ventures	$ 18,056	$ 19,379

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental revenues	$ 803	$ 196	$ 1,527	$ 774
Total revenues	2,283	276	3,309	1,005
Operating Expenses
Property operating expenses	705	2,709	3,819	5,464
Real estate taxes	17	19	57	59
General and administrative	1,217	1,188	3,655	3,953
Total operating expenses	4,230	4,798	11,581	12,178
Operating (loss) income	(1,947)	(4,522)	(8,272)	13,023
Interest expense, net	(690)	(545)	(2,172)	(795)
Interest expense - amortization of deferred finance costs	(160)	(40)	(976)	(148)
Net (loss) income attributable to common stockholders	(1,032)	(5,392)	(12,335)	11,890
Our equity in net loss from unconsolidated joint ventures		(176)	(636)	(1,302)
Unconsolidated Joint Ventures
Revenues
Rental revenues	3,291	3,303	9,455	9,708
Total revenues	3,291	3,303	9,455	9,708
Operating Expenses
Property operating expenses	1,004	925	3,000	2,430
Real estate taxes	25	25	75	60
General and administrative	3	3	8	8
Amortization	583	1,475	1,897	4,201
Depreciation	985	985	2,957	2,848
Total operating expenses	2,600	3,413	7,937	9,547
Operating (loss) income	691	(110)	1,518	161
Interest expense, net	959	946	2,855	2,840
Interest expense - amortization of deferred finance costs	(71)	(69)	(216)	(1,809)
Interest expense - change in fair market value of interest rate swap	(193)		544
Net (loss) income attributable to common stockholders	$ (146)	(1,125)	(2,097)	(4,488)
Our equity in net loss from unconsolidated joint ventures		$ (176)	$ (636)	$ (1,302)

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 22, 2021USD ($)$ / sharesshares	Oct. 07, 2021USD ($)item	Jan. 15, 2020USD ($)	Dec. 31, 2020USD ($)item$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Nov. 10, 2021USD ($)	Sep. 30, 2021USD ($)$ / shares	Dec. 22, 2020$ / shares
Disclosure of Subsequent Events [Line Items]
Loans Payable				$ 197,330,000			$ 223,503,000
Rights issued | shares					7,179,000
Offering price | $ / shares					$ 6.50		$ 4.50	$ 4.50
Corporate Credit Facility
Disclosure of Subsequent Events [Line Items]
Loans Payable				$ 35,750,000			$ 35,750,000
Term of the debt					32 months
Maximum borrowing capacity					$ 70,000,000
Offering price | $ / shares				$ 6.50			$ 4.50
Partner Loan
Disclosure of Subsequent Events [Line Items]
Loans Payable				$ 5,900,000			$ 5,900,000
Principal amount			$ 5,900,000
Interest rate			7.00%
Term of the debt			4 years
Mezzanine Loan
Disclosure of Subsequent Events [Line Items]
Principal amount				$ 7,500,000
Term of the debt				3 years
Number of extensions | item				2
Extension term				1 year
Subsequent Event
Disclosure of Subsequent Events [Line Items]
Rights issued | shares	2,650,000
Offering price | $ / shares	$ 1.90
Subsequent Event | Private Placement
Disclosure of Subsequent Events [Line Items]
Shares issued | shares	2,539,473
Share price | $ / shares	$ 1.90
Gross proceeds	$ 4,825,000
Subsequent Event | Corporate Credit Facility
Disclosure of Subsequent Events [Line Items]
Debt amount used to calculate the MOIC	35,750,000					$ 35,750,000
Subsequent Event | Partner Loan
Disclosure of Subsequent Events [Line Items]
Principal amount		$ 10,500,000
Amount available for interest payments		$ 500,000
Interest rate		10.00%
Term of the debt		1 year
Number of extensions | item		2
Extension term		12 months
Amount funded at closing		$ 10,000,000
Subsequent Event | 77 Mortgage Loan
Disclosure of Subsequent Events [Line Items]
Principal amount	$ 133,100,000
Term of the debt	2 years
Maximum borrowing capacity	$ 166,700,000
Threshold amount of accrued and unpaid PIK interest and additional unused fee	91,000,000
Threshold amount for accrual of interests and additional unused fee	$ 4,500,000
Percentage of additional unused fee	1.00%
Additional unused amount	$ 3,000,000
Minimum total return for mortgage lender	$ 15,260,000
Percentage of additional amounts advanced	10.00%
Proceeds from debt issuance used to fund construction and carry costs while condo units are being sold	$ 33,600,000
Subsequent Event | 77 Mortgage Loan | Letter of credit
Disclosure of Subsequent Events [Line Items]
Borrower guaranteed amount	4,000,000
Borrower guaranteed reduced amount	3,000,000
Pay-down amount per square feet of unsold residential units	$ 625
Subsequent Event | 77 Mortgage Loan | Principal balance below $91.0 Million
Disclosure of Subsequent Events [Line Items]
Interest rate	7.25%
Subsequent Event | 77 Mortgage Loan | Principal balance equal or greater than $91.0 Million
Disclosure of Subsequent Events [Line Items]
Interest rate	9.25%
Subsequent Event | 77 Mortgage Loan | LIBOR | Principal balance below $91.0 Million
Disclosure of Subsequent Events [Line Items]
Interest rate basis (as a percent)	7.00%
Subsequent Event | 77 Mortgage Loan | LIBOR | Principal balance equal or greater than $91.0 Million
Disclosure of Subsequent Events [Line Items]
Interest rate basis (as a percent)	9.00%
Subsequent Event | Mezzanine Loan
Disclosure of Subsequent Events [Line Items]
Increase in loans including accrued interest	$ 22,770,000
Previously accrued interest	$ 770,000