Trinity Place (TPHS) 10-K/A5 Oct 222021 FY Annual report (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K/A
Document Period End Date	Dec. 31, 2021
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-08546
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 $0.01 Par Value Per Share
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	FY
Amendment Flag	true
Entity Public Float			$ 49,736,000
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		36,836,146
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Auditor Name	BDO USA, LLP
Auditor Firm ID	243
Auditor Location	New York, New York
Amendment Description	Trinity Place Holdings Inc. (the "Company," "we", "our" or "us") is filing this Amendment No. 1 to the Annual Report on Form 10-K/A (the "Form 10-K/A" or "Amended Annual Report") to amend our Annual Report on Form 10-K for the years ended December 31, 2021 and 2020, included in the original filing with the Securities and Exchange Commission (the "SEC") on March 31, 2022 (the "Original Form 10-K"), to restate the financial statements as of and for the year ended December 31, 2021 and to restate and revise the financial statements as of and for the year ended December 31, 2020, and December 31, 2019, included in the Original Form 10-K. In August 2022, the Company determined that it made certain errors in accounting treatment regarding the overcapitalization of internally allocated construction related costs related to the development project at the 77 Greenwich property, as well as the presentation of the 77 Greenwich property on the consolidated balance sheets and in the statements of cash flows. The restatement is based on an error in the application of generally accepted accounting principles ("GAAP") as they relate to the capitalization of construction soft costs and internally allocated costs incurred in connection with a development project, which involves significant judgment. As a result, after consultation with BDO USA LLP ("BDO"), the Company's independent registered public accounting firm, the Company's audit committee concluded that the original financial statements included in the Original Form 10-K should no longer be relied upon and are to be restated in order to correct the error in accounting treatment.The Company also identified certain immaterial errors during the periods presented and have revised the consolidated financial statements for such errors as discussed in Note 3 and Note 16. This Amended Annual Report also amends and restates the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations, Risk Factors and other disclosures made in the Original Form 10-K, as appropriate, to reflect the restatement of the relevant periods.In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Company is also including with this Amended Annual Report currently dated certifications of the Company's Chief Executive Officer and Principal Financial Officer (attached as Exhibits 31.1, 31.2, 32.1 and 32.2).As a result of the restatement, the Company has concluded there was a material weakness in its internal control over financial reporting as of December 31, 2021, and its disclosure controls and procedures were not effective. See additional discussion included in Part II, Item 9A of this Amended Annual Report.Except as discussed above, and as further described in Note 3 - Restatement of Previously Issued Financial Statements and Note 16 - Restatement of Previously Issued Interim Financial Statements in the Notes to Financial Statements, the Company has not modified or updated disclosures presented in this Amended Annual Report. Accordingly, the Amended Annual Report does not reflect events occurring after the Original Form 10-K or modify or update those disclosures affected by subsequent events. Information not affected by the restatement is unchanged and reflects disclosures made at the time of the filing of the Original Form 10-K.Other financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this Amended Annual Report and in the amendment to our Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed on the date hereof, and the financial statements and related financial information contained in such previously filed reports should no longer be relied upon.The restatement is more fully described in Note 3 and Note 16 of the Notes to Financial Statements included herein.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
ASSETS
Real estate, net	$ 67,334,000	$ 67,996,000	$ 68,663,000	$ 69,353,000	$ 70,040,000
Residential condominium units for sale	216,983,000	228,102,000	222,713,000	213,223,000	203,276,000
Cash and cash equivalents	4,310,000	917,000	2,169,000	5,034,000	6,515,000		$ 9,196,000		$ 11,496,000
Restricted cash	20,535,000	11,732,000	7,626,000	6,694,000	9,554,000		9,474,000		2,529,000
Prepaid expenses and other assets, net	4,126,000	3,555,000	2,934,000	3,343,000	2,703,000
Investments in unconsolidated joint ventures	17,938,000	18,056,000	18,318,000	18,814,000	19,379,000
Receivables	84,000	79,000	146,000	919,000	966,000
Deferred rents receivable	114,000	110,000	106,000	102,000	90,000
Right-of-use asset	1,314,000	1,374,000	1,389,000	1,478,000	1,565,000
Intangible assets, net	8,432,000	8,617,000	8,802,000	8,987,000	9,172,000
Total assets	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
LIABILITIES
Loans payable, net	219,249,000	223,503,000	215,193,000	207,317,000	197,330,000
Corporate credit facility, net	32,844,000	32,597,000	32,351,000	32,104,000	31,858,000
Secured line of credit, net	12,750,000	11,950,000	8,950,000	8,950,000	7,747,000
Note payable	5,863,000	5,863,000	5,863,000	5,863,000	5,863,000
Accounts payable and accrued expenses	17,864,000	18,457,000	17,458,000	14,368,000	15,896,000
Lease liability	1,447,000	1,516,000	1,536,000	1,626,000	1,716,000
Warrant liability	1,146,000	1,411,000	3,129,000	3,196,000	830,000
Total liabilities	291,163,000	295,297,000	284,480,000	273,424,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2021 and December 31, 2020
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 and 38,345,540 shares issued at December 31, 2021 and December 31, 2020, respectively; 36,626,549 and 32,172,107 shares outstanding at December 31, 2021 and December 31, 2020, respectively	430,000	390,000	389,000	388,000	383,000
Additional paid-in capital	144,282,000	(136,672,000)	(136,329,000)	136,151,000	135,978,000
Treasury stock (6,397,875 and 6,173,433 shares at December 31, 2021 and December 31, 2020, respectively)	(57,166,000)	(57,166,000)	(57,166,000)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,343,000)	(1,803,000)	(1,922,000)	(2,040,000)	(2,159,000)
Accumulated deficit	(36,196,000)	(32,852,000)	(29,244,000)	(22,810,000)	(15,391,000)
Total stockholders' equity	50,007,000	45,241,000	48,386,000	54,523,000	62,020,000	[1]	$ 55,964,000	[1]	$ 58,847,000
Total liabilities and stockholders' equity	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value

[1] Amounts are revised. See Note 3 for more information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1	1	1	1
Special Stock, Shares Issued	1	1	1	1	1
Special Stock, Shares Outstanding	1	1	1	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997	79,999,997	79,999,997	79,999,997
Common Stock, Shares, Issued	43,024,424	39,016,012	38,853,433	38,840,508	38,345,540
Common Stock, Shares, Outstanding	36,626,549	32,618,137	32,455,568	32,442,633	32,172,107
Treasury Stock, Shares	6,397,875	6,397,875	6,397,875	6,397,875	6,173,433
Blank Check Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0
Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2	2	2	2	2
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 23, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]
Revenues
Rental revenues		$ 967	$ 577	$ 447	$ 1,024	$ 1,991	$ 3,225	$ 1,563		$ 4,631
Other income		30	256	46	302	332	355	263		0
Sale of residential condominium units		1,428				1,428	23,685	0		0
Total revenues		2,425	833	493	1,326	3,751	27,265	1,826		4,631
Operating Expenses
Property operating expenses		897	1,888		3,795	4,692	5,583	9,120		7,140
Real estate taxes		271	79	79	158	429	724	254		510
General and administrative		1,440	1,387	1,243	2,630	4,070	5,133	5,217		5,677
Pension related costs		158	162	163	325	483	67	345		733
Cost of sale - residential condominium units		1,395				1,395	22,370	0		0
Transaction related costs							0	133		167
Depreciation and amortization		1,001	1,000	1,000	2,000	3,001	4,003	3,907		4,118
Total operating expenses		5,162	4,516	4,392	8,908	14,070	37,880	18,976		18,345
Gain on sale of school condominium							0	24,196		0
Gain on sale of real estate	$ (9,500)						0	0		9,521
Operating (loss) income		(2,737)	(3,683)	(3,899)	(7,582)	(10,319)	(10,615)	7,046		(4,193)
Equity in net loss from unconsolidated joint ventures			(264)	(372)	(636)	(636)	(555)	(1,571)		(819)
Unrealized gain on warrants		1,718	67	(1,977)	(1,910)	(192)	73	965		0
Interest expense, net		(2,367)	(1,772)	(875)	(2,647)	(5,014)	(7,922)	(1,540)		(113)
Interest expense - amortization of deferred finance costs		(269)	(683)	(261)	(944)	(1,213)	(1,521)	(261)		(39)
(Loss) income before taxes		(3,655)	(6,335)	(7,384)	(13,719)	(17,374)	(20,540)	4,639		(5,164)
Tax expense		47	(99)	(35)	(134)	(87)	(265)	(306)		(128)
Net (loss) income attributable to common stockholders		(3,608)	(6,434)	(7,419)	(13,853)	(17,461)	(20,805)	4,333		(5,292)
Other comprehensive (loss) income:
Unrealized gain on pension liability		119	118	119	237	356	816	1,015		344
Comprehensive (loss) income attributable to common stockholders		$ (3,489)	$ (6,316)	$ (7,300)	$ (13,616)	$ (17,105)	$ (19,989)	$ 5,348		$ (4,948)
(Loss) income per share - basic		$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13		$ (0.17)
(Loss) income per share - diluted		$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13		$ (0.17)
Weighted average number of common shares - basic		32,756	32,694	32,591	32,643	32,681	33,322	32,305		31,915
Weighted average number of common shares - diluted		32,756	32,694	32,591	32,643	32,681	33,322	32,860		31,915

[1] Amounts are revised. See Note 3 for more information.

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, 2018		$ 372	$ 132,831	$ (54,758)	$ (16,080)	$ (3,518)	$ 58,847
Balance (in shares) at Dec. 31, 2018		37,161		(5,514)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders		$ 0	0	$ 0	(5,292)	0	(5,292)	[1]
Settlement of stock awards		$ 4	0	$ (776)	0	0	(772)
Settlement of stock awards (in shares)		451		(187)
Unrealized gain on pension liability		$ 0	0	$ 0	1,648	344	1,992
Stock-based compensation expense		0	1,386	0	0	0	1,386
Stock buy-back		$ 0	0	$ (197)	0	0	(197)
Stock buy-back (in shares)		0		(30)
Balance at Dec. 31, 2019	[1]	$ 376	134,217	$ (55,731)	(19,724)	(3,174)	55,964
Balance (in shares) at Dec. 31, 2019	[1]	37,612		(5,731)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders		$ 0	0	$ 0	4,333	0	4,333	[1]
Settlement of stock awards		$ 5	0	$ (701)	0	0	(696)
Settlement of stock awards (in shares)		543		(222)
Unrealized gain on pension liability		$ 0	0	$ 0	0	1,015	1,015
Stock-based compensation expense		0	1,163	0	0	0	1,163
Stock-based consulting fees		$ 2	598	0	0	0	600
Stock-based consulting fees (in shares)		190
Stock buy-back		$ 0	0	$ (359)	0	0	(359)
Stock buy-back (in shares)				(220)
Balance at Dec. 31, 2020	[1]	$ 383	135,978	$ (56,791)	(15,391)	(2,159)	62,020
Balance (in shares) at Dec. 31, 2020	[1]	38,345		(6,173)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders					(7,419)		(7,419)
Settlement of stock awards		$ 5		$ (375)			(370)
Settlement of stock awards (in shares)		496		(225)
Unrealized gain on pension liability						119	119
Stock-based compensation expense			173				173
Balance at Mar. 31, 2021		$ 388	136,151	$ (57,166)	(22,810)	(2,040)	54,523
Balance (in shares) at Mar. 31, 2021		38,841		(6,398)
Balance at Dec. 31, 2020	[1]	$ 383	135,978	$ (56,791)	(15,391)	(2,159)	62,020
Balance (in shares) at Dec. 31, 2020	[1]	38,345		(6,173)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders					(13,853)		(13,853)
Settlement of stock awards		$ 6		$ (375)			(369)
Settlement of stock awards (in shares)		508		(225)
Unrealized gain on pension liability						237	237
Stock-based compensation expense			351				351
Balance at Jun. 30, 2021		$ 389	136,329	$ (57,166)	(29,244)	(1,922)	48,386
Balance (in shares) at Jun. 30, 2021		38,853		(6,398)
Balance at Dec. 31, 2020	[1]	$ 383	135,978	$ (56,791)	(15,391)	(2,159)	62,020
Balance (in shares) at Dec. 31, 2020	[1]	38,345		(6,173)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders					(17,461)		(17,461)
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 expense			529				529
Balance at Sep. 30, 2021		$ 390	136,672	$ (57,166)	(32,852)	(1,803)	45,241
Balance (in shares) at Sep. 30, 2021		39,016		(6,398)
Balance at Dec. 31, 2020	[1]	$ 383	135,978	$ (56,791)	(15,391)	(2,159)	62,020
Balance (in shares) at Dec. 31, 2020	[1]	38,345		(6,173)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders		$ 0	0	$ 0	(20,805)	0	(20,805)
Settlement of stock awards		$ 5	0	$ (375)	0	0	(370)
Settlement of stock awards (in shares)		535		(225)
Unrealized gain on pension liability		$ 0	0	$ 0	0	816	816
Sale of common stock		$ 42	7,597	0	0	0	7,639
Sale of common stock (in shares)		4,144
Stock-based compensation expense		$ 0	707	$ 0	0	0	707
Stock buy-back (in shares)		0		0
Balance at Dec. 31, 2021		$ 430	144,282	$ (57,166)	(36,196)	(1,343)	50,007
Balance (in shares) at Dec. 31, 2021		43,024		(6,398)
Balance at Mar. 31, 2021		$ 388	136,151	$ (57,166)	(22,810)	(2,040)	54,523
Balance (in shares) at Mar. 31, 2021		38,841		(6,398)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders					(6,434)		(6,434)
Settlement of stock awards		$ 1					1
Settlement of stock awards (in shares)		12
Unrealized gain on pension liability						118	118
Stock-based compensation expense			178				178
Balance at Jun. 30, 2021		$ 389	136,329	$ (57,166)	(29,244)	(1,922)	48,386
Balance (in shares) at Jun. 30, 2021		38,853		(6,398)
Changes in Stockholders' Equity
Net (loss) income attributable to common stockholders					(3,608)		(3,608)
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 expense			178				178
Balance at Sep. 30, 2021		$ 390	$ 136,672	$ (57,166)	$ (32,852)	$ (1,803)	$ 45,241
Balance (in shares) at Sep. 30, 2021		39,016		(6,398)

[1] Amounts are revised. See Note 3 for more information.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to common stockholders	$ (7,419)	$ (13,853)	$ (17,461)	$ (20,805)	$ 4,333	[1]	$ (5,292)	[1]
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	1,261	2,944	4,214	5,524	4,168		4,157
Stock-based compensation expense	133	265	399	530	806		905
Gain on sale of school condominium				0	(24,196)	[1]	0	[1]
Gain on sale of real estate				0	0	[1]	(9,521)	[1]
Deferred rents receivable	(12)	(16)	(20)	(24)	(84)		578
Other non-cash adjustments - pension expense	119	238	356	816	1,015		1,992
Unrealized gain on warrants	1,977	1,910	192	(73)	(965)	[1]	0	[1]
Equity in net loss from unconsolidated joint ventures	372	636	636	555	1,571	[1]	819	[1]
Distributions from unconsolidated joint ventures	194	425	686	885	1,110		33
(Increase) decrease in operating assets:
Residential condominium units for sale	(11,672)	(19,479)	(25,371)	(11,450)	(46,473)		(65,098)
Receivables	47	820	887	882	2,392		1,577
Prepaid expenses and other assets, net	(371)	(97)	(846)	(257)	190		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	1,294	3,559	5,775	3,467	1,285		1,649
Pension liabilities				(1,288)	(1,033)		(2,705)
Net cash used in operating activities	(14,077)	(22,891)	(30,796)	(21,238)	(55,881)		(70,628)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(53)	(56)	(84)	(140)	(4,279)		(24,816)
Net proceeds from the sale of real estate				0	0		18,812
Deferred real estate deposits of SCA condominium				0	0		33,609
Investments in unconsolidated joint ventures				0	(5,383)		0
Net (cash used in) provided by investing activities	(53)	(56)	(84)	(140)	(9,662)		27,605
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	8,980	74,486	82,318	249,984	86,361		55,475
Proceeds from secured line of credit	1,200	1,200	4,200	8,200	5,000		7,250
Payment of finance costs	(21)	(2,231)	(2,442)	(6,552)	(1,497)		(1,531)
Repayment of loans		(56,413)	(56,413)	(225,547)	(23,368)		(10,557)
Repayment of secured line of credit				(3,200)	(2,500)		(2,000)
Settlement of stock awards	(370)	(369)	(370)	(370)	(695)		(772)
Stock buy-back				0	(359)		(197)
Sale of common stock, net			167	7,639	0		0
Net cash provided by financing activities	9,789	16,673	27,460	30,154	62,942		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(4,341)	(6,274)	(3,420)	8,776	(2,601)		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	11,728	9,795	12,649	24,845	16,069		18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	6,515	6,515	6,515	6,515	9,196		11,496
RESTRICTED CASH, BEGINNING OF PERIOD	9,554	9,554	9,554	9,554	9,474		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD	5,034	2,169	917	4,310	6,515		9,196
RESTRICTED CASH, END OF PERIOD	6,694	7,626	11,732	20,535	9,554		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	11,728	9,795	12,649	24,845	16,069		18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	4,130	8,564	13,329	16,042	15,495		12,631
Cash paid during the period for: Taxes	46	49	189	395	251		352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants	692	1,501	2,169	3,193	2,668		2,700
Capitalized stock-based compensation expense	$ 37	$ 70	$ 97	122	299		401
Loan forgiveness				243	0		0
Investment in unconsolidated joint venture				0	5,193		0
Right-of-use asset				0	0		1,904
Lease liabilities				0	0		(2,065)
Warrant liability				$ 0	$ 0		$ (1,795)

[1] Amounts are revised. See Note 3 for more information.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION General Business Plan Trinity Place Holdings Inc., which we refer to in these financial statements 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”), which is nearing completion of 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 $254.8 million of federal net operating loss carryforwards (“NOLs”) at December 31, 2021, which can be used to reduce our future taxable income and capital gains. Trinity is the successor to Syms, which also owned Filene’s Basement. Syms and its subsidiaries filed for relief under the United States Bankruptcy Code in 2011. In September 2012, the Syms Plan of Reorganization (the “Plan”) became effective and Syms and its subsidiaries consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into Trinity, with Trinity as the surviving corporation. We completed our final payment and reserve obligations under the Plan in March 2016. On January 18, 2018, Syms and certain of its subsidiaries (the “Reorganized Debtors”) filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) a motion for entry of a final decree (the “Final Decree”) (i) closing the chapter 11 cases of the Reorganized Debtors; and (ii) retaining the Bankruptcy Court’s jurisdiction as provided for in the Plan, including to enforce or interpret its own orders pertaining to the chapter 11 cases including, but not limited to, the Plan and Final Decree, among other matters. On February 6, 2018, the Bankruptcy Court entered the Final Decree closing the chapter 11 cases of the Reorganized Debtors. Square footage, leased occupancy percentage and residential unit disclosures in the notes to consolidated financial statements are unaudited. COVID-19 Pandemic, Management’s Plans and Liquidity As a result of the COVID-19 pandemic, numerous federal, state, local and foreign governmental authorities issued a range of “stay-at-home orders”, proclamations and directives aimed at minimizing the spread of COVID-19, among other restrictions on businesses and individuals. Additional proclamations and directives have been issued in response to further outbreaks, and may be issued in the future. The outbreak and restrictions have adversely affected our business operations including, among other things, a temporary suspension of construction work at our most significant asset, 77 Greenwich, which resumed in mid-April 2020, initially on a modified basis as certain work was deemed “essential” construction, and the temporary closing of the sales center for the 77 Greenwich residential condominium units as well as the temporary suspension of the remediation work being performed on 237 11 th The economic downturn and volatility in financial markets appear to have been primarily driven by uncertainties associated with the pandemic. As it relates to our business, these uncertainties include, but are not limited to, the adverse effect of the pandemic on the New York City and broader economy, residential and potential residential sentiment in New York City, particularly Manhattan, lending institutions, construction and material supply partners, travel and transportation services, our employees, residents and tenants, and traffic to and within geographic areas containing our real estate assets. The pandemic has adversely affected our near-term, and may adversely affect our long-term, liquidity, cash flows and revenues and has required and may continue to require significant actions in response, including, but not limited to, reducing or discounting prices for our residential condominium units more than originally budgeted, seeking loan extensions and covenant modifications, modifying, eliminating or deferring rent payments in the short term for tenants in an effort to mitigate financial hardships and seeking access to federal, state and/or local financing and other programs in 2020 and 2021. We were also subject to a New York State mandate disallowing tenant evictions for non-payment of rent due to COVID-19 related hardships throughout 2021, which was recently lifted on January 15, 2022. The ultimate impact of the COVID-19 pandemic on our operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, recurring outbreaks, new information which may emerge concerning the pandemic and any additional preventative and protective actions that governments, lending institutions and other businesses, including us, may direct or institute. These and other developments have resulted in and are expected to result in an extended period of continued business disruption and reduced operations for us as well as for lending and other businesses and governmental entities with which we do business. The ultimate financial impacts cannot be reasonably estimated at this time but the outbreak, restrictions and future developments are anticipated to continue to have an adverse impact on our business, financial condition and results of operations, which has been and may continue to be material, although in recent months we have seen indications of a recovery in the New York City real estate market and improvements in the financing markets. The measures taken to date, together with any additional measures and developments including those noted above, impacted and will continue to impact the Company’s business in 2022 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. Although the impact of the pandemic has impeded the sale of residential condominium units at 77 Greenwich, we have closed on 14 residential condominium units in 2021 and have closed on three additional residential condominium units as of March 31, 2022. As of December 31, 2021, we had total cash and restricted cash of $24.8 million, of which approximately $4.3 million was cash and cash equivalents and approximately $20.5 million was restricted cash. At this time, we believe our existing balances of cash and cash equivalents, together with proceeds that may be raised from the sale of The Berkley, which is under contract, subject to usual closing conditions and currently anticipated to close in April 2022, planned refinancing of the Paramus line of credit, or sale of the Paramus property and sales of the larger, higher floor condominium units at 77 Greenwich will be sufficient to satisfy our working capital needs and projected capital and other expenditures associated with our operations over the next 12 months, and the Company has concluded that management’s current plan alleviates the substantial doubt about its ability to continue as a going concern. Additionally, we continue to evaluate opportunities to raise capital through sales of equity, including under our ATM program, debt issuances or refinancings, including refinancing the property located at 237 11 th

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 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. Residential Condominium Units for Sale 77 Greenwich is a residential condominium development project currently in the development stage which include condominium units that are ready for sale. Residential condominium units for sale as of December 31, 2021 and 2020 includes 77 Greenwich, and in all cases, excludes costs of development for the residential condominium units at 77 Greenwich that were sold. The residential condominium units to be sold are stated at the lower of cost or net realizable value. Management considers relevant cash flows relating to budgeted project costs and estimated costs to complete, estimated sales velocity, expected proceeds from the sales of completed condominium units, including any potential declines in market values, and other available information in assessing whether the 77 Greenwich development project is impaired. Residential condominium units that are under contract are evaluated for impairment based on the contracted sales price compared to the total estimated cost to construct. Unsold residential condominium units are evaluated for impairment by analyzing recent comparable sales prices within the applicable project to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately in cost of sales. h. Valuation of Long-Lived Assets i. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to the fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3 j. Cash and Cash Equivalents k. Restricted Cash l. Revenue Recognition Revenues on sale of residential condominiums reflects the gross sales price from sales of residential condominium units which are recognized at the time of the closing of a sale, when title to and possession of the units are transferred to the buyer. Our 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 our benefit are included in restricted cash in the 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 our consolidated balance sheets. m. Stock-Based Compensation ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the related vesting periods. n. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and increased other disclosures. As of both December 31, 2021 and 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2021, our tax returns for the years ended December 31, 2018 through December 31, 2021 are subject to review by the Internal Revenue Service. Our state returns are open to examination for the years December 31, 2017 or 2018 through December 31, 2021, 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 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. The amendments in this ASU affect all entities that apply the guidance in Topics 321, 323, and 815 and (i) elect to apply the measurement alternative or (ii) enter into a forward contract or purchase an option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting. The adoption of this guidance in 2021 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)

RESTATEMENT AND REVISION OF PRE

RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2021
RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS
RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	NOTE 3 – RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS The Company identified errors in its previously issued annual and interim financial statements that required restatements, as well as errors that were determined individually, and in the aggregate, quantitatively and qualitatively immaterial that required revisions. As such the Company has restated and revised its (i) consolidated financial statements as of and for the years ended December 31, 2021, 2020 and 2019 as illustrated in this note to the consolidated financial statements; and (ii) consolidated interim financial statements for the three months ended March 31, 2021, the three and six months ended June 30, 2021, and the three and nine months ended September 30, 2021, as illustrated in Note 16; collectively referred to as the “Restatement” or “Revision”. During the three month period ended June 30, 2022, the Company identified areas of restatement errors. Adjustments depicted in the tables below relate to the following: (a) an error in the accounting treatment regarding the overcapitalization of internally allocated construction related costs related to the development project at 77 Greenwich Street; (b) a disclosure error in the classification on the balance sheets of our 77 Greenwich property which was classified as real estate under development in real estate and is now classified as residential condominium units for sale; (c) a disclosure error in the classification on the statements of cash flows of our 77 Greenwich property relating to additions and sales of condominiums where they were reported in the statement of cash flows under cash flows from investing activities when they should have been reported in cash flows from operations. During the three month period ended March 31, 2022, the Company identified one revision error. Adjustments depicted in the tables below relate to the following: (d) an error in the accounting treatment of a property that, upon emergence from bankruptcy, was classified as real estate under development, but was not subsequently reported as an operating property when circumstances at the property changed. During the year ended December 31, 2021, the Company identified one revision error. Adjustments depicted in the tables below relate to the following: (e) an error in the accounting treatment regarding certain advertising and marketing costs which were capitalized to construction costs at the development project at 77 Greenwich Street and should have been expensed as incurred. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2019 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 4,062 $ 569 $ 4,631 Total revenues 4,062 569 4,631 Operating Expenses Property operating expenses 5,328 1,812 7,140 Real estate taxes 328 182 510 General and administrative 5,349 328 5,677 Pension related costs 733 — 733 Transaction related costs 167 — 167 Depreciation and amortization 2,977 1,141 4,118 Total operating expenses 14,882 3,463 18,345 Gain on sale of real estate 9,521 — 9,521 Operating loss (1,299) (2,894) (4,193) Equity in net loss from unconsolidated joint ventures (819) — (819) Interest income (expense), net 67 (180) (113) Interest expense - amortization of deferred finance costs — (39) (39) Loss before taxes (2,051) (3,113) (5,164) Tax expense (128) — (128) Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Other comprehensive loss: Unrealized gain on pension liability 344 — 344 Comprehensive loss attributable to common stockholders $ (1,835) $ (3,113) $ (4,948) Loss per share - basic and diluted $ (0.07) $ (0.10) $ (0.17) Weighted average number of common shares - basic and diluted 31,915 31,915 31,915 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2019 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (15,466) $ (3,518) $ 59,461 Net loss attributable to common stockholders — — — — — (2,179) — (2,179) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Revision Impact Balance as of December 31, 2018 — $ — $ — — $ — $ (614) $ — $ (614) Net loss attributable to common stockholders — — — — — (3,113) — (3,113) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) As Revised Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (16,080) $ (3,518) $ 58,847 Net loss attributable to common stockholders — — — — — (5,292) — (5,292) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2019 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,977 1,180 4,157 Stock-based compensation expense 905 — 905 Gain on sale of real estate (9,521) — (9,521) Deferred rents receivable 578 — 578 Other non-cash adjustments - pension expense 1,992 — 1,992 Equity in net loss from unconsolidated joint ventures 819 — 819 Distributions from unconsolidated joint ventures 33 — 33 Decrease (increase) in operating assets: Residential condominium units for sale — (65,098) (65,098) Receivables 1,577 — 1,577 Prepaid expenses and other assets, net 278 — 278 Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 1,649 — 1,649 Pension liabilities (2,705) — (2,705) Net cash used in operating activities (3,597) (67,031) (70,628) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (91,847) 67,031 (24,816) Net proceeds from the sale of real estate 18,812 — 18,812 Deferred real estate deposits of SCA condominium 33,609 — 33,609 Net cash used in (provided by) investing activities (39,426) 67,031 27,605 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 55,475 — 55,475 Proceeds from secured line of credit 7,250 — 7,250 Payment of finance costs (1,531) — (1,531) Repayment of loans (10,557) — (10,557) Repayment of secured line of credit (2,000) — (2,000) Settlement of stock awards (772) — (772) Stock buy-back (197) — (197) Net cash provided by financing activities 47,668 — 47,668 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,645 — 4,645 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 14,025 — 14,025 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 11,496 $ — $ 11,496 RESTRICTED CASH, BEGINNING OF PERIOD 2,529 — 2,529 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 14,025 $ — $ 14,025 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, END OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 12,631 $ — $ 12,631 Cash paid during the period for: Taxes $ 352 $ — $ 352 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 12,698 $ (12,698) $ — Capitalized amortization of deferred financing costs and warrants $ 2,739 $ (39) $ 2,700 Capitalized stock-based compensation expense $ 480 $ (79) $ 401 Right of use asset $ 1,904 $ — $ 1,904 Lease liabilities $ (2,065) $ — $ (2,065) Warrant liability $ (1,795) $ — $ (1,795) CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2020 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 279,204 $ (209,164) $ 70,040 Residential condominium units for sale — 203,276 203,276 Cash and cash equivalents 6,515 — 6,515 Restricted cash 9,554 — 9,554 Prepaid expenses and other assets, net 2,703 — 2,703 Investments in unconsolidated joint ventures 19,379 — 19,379 Receivables 966 — 966 Deferred rents receivable 90 — 90 Right-of-use asset 1,565 — 1,565 Intangible assets, net 9,172 — 9,172 Total assets $ 329,148 $ (5,888) $ 323,260 LIABILITIES Loans payable, net $ 197,330 $ — $ 197,330 Corporate credit facility, net 31,858 — 31,858 Secured line of credit, net 7,747 — 7,747 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 15,896 — 15,896 Lease liability 1,716 — 1,716 Warrant liability 830 — 830 Total liabilities 261,240 — 261,240 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 38,345,540 shares issued at December 31, 2020; 32,172,107 shares outstanding at December 31, 2020 383 — 383 Additional paid-in capital 135,978 — 135,978 Treasury stock (6,173,433 shares at December 31, 2020) (56,791) — (56,791) Accumulated other comprehensive loss (2,159) — (2,159) Accumulated deficit (9,503) (5,888) (15,391) Total stockholders' equity 67,908 (5,888) 62,020 Total liabilities and stockholders' equity $ 329,148 $ (5,888) $ 323,260 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share amounts) For the Year Ended December 31, 2020 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 993 $ 570 $ 1,563 Other income 263 — 263 Total revenues 1,256 570 1,826 Operating Expenses Property operating expenses 8,166 954 9,120 Real estate taxes 79 175 254 General and administrative 4,955 262 5,217 Pension related costs 345 — 345 Transaction related costs 133 — 133 Depreciation and amortization 2,768 1,139 3,907 Total operating expenses 16,446 2,530 18,976 Gain on sale of school condominium 24,196 — 24,196 Operating income 9,006 (1,960) 7,046 Equity in net loss from unconsolidated joint ventures (1,571) — (1,571) Unrealized gain on warrants 965 — 965 Interest expense, net (1,398) (142) (1,540) Interest expense - amortization of deferred finance costs (202) (59) (261) Income before taxes 6,800 (2,161) 4,639 Tax expense (306) — (306) Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Other comprehensive income: Unrealized gain on pension liability 1,015 — 1,015 Comprehensive income attributable to common stockholders $ 7,509 $ (2,161) $ 5,348 Income per share - basic $ 0.20 $ (0.07) $ 0.13 Income per share - diluted $ 0.20 $ (0.07) $ 0.13 Weighted average number of common shares - basic 32,305 32,305 32,305 Weighted average number of common shares - diluted 32,860 32,860 32,860 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2020 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Net income attributable to common stockholders — — — — — 6,494 — 6,494 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Revision Impact Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) Net loss attributable to common stockholders — — — — — (2,161) — (2,161) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock-based consulting fees — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) As Revised Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 Net income attributable to common stockholders — — — — — 4,333 — 4,333 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2020 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Adjustments to reconcile net income attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,970 1,198 4,168 Stock-based compensation expense 806 — 806 Gain on sale of school condominium (24,196) — (24,196) Deferred rents receivable (84) — (84) Other non-cash adjustments - pension expense 1,015 — 1,015 Unrealized gain on warrants (965) — (965) Equity in net loss from unconsolidated joint ventures 1,571 — 1,571 Distributions from unconsolidated joint ventures 1,110 — 1,110 Decrease in operating assets: Residential condominium units for sale — (46,473) (46,473) Receivables 2,392 — 2,392 Prepaid expenses and other assets, net 190 — 190 (Decrease) increase in operating liabilities: Accounts payable and accrued expenses (686) 1,971 1,285 Pension liabilities (1,033) — (1,033) Net cash used in operating activities (10,416) (45,465) (55,881) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (51,715) 47,436 (4,279) Deferred real estate deposits of condominiums 1,971 (1,971) — Investments in unconsolidated joint ventures (5,383) — (5,383) Net cash used in investing activities (55,127) 45,465 (9,662) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 86,361 — 86,361 Proceeds from secured line of credit 5,000 — 5,000 Payment of finance costs (1,497) — (1,497) Repayment of loans (23,368) — (23,368) Repayment of secured line of credit (2,500) — (2,500) Settlement of stock awards (695) — (695) Stock buy-back (359) — (359) Net cash provided by financing activities 62,942 — 62,942 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,601) — (2,601) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 18,670 — 18,670 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, BEGINNING OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, END OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 15,495 $ — $ 15,495 Cash paid during the period for: Taxes $ 251 $ — $ 251 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 10,319 $ (10,319) $ — Capitalized amortization of deferred financing costs and warrants $ 2,727 $ (59) $ 2,668 Capitalized stock-based compensation expense $ 356 $ (57) $ 299 Investment in unconsolidated joint venture $ 5,193 $ — $ 5,193 CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 294,536 $ (227,202) $ 67,334 Residential condominium units for sale — 216,983 216,983 Cash and cash equivalents 4,310 — 4,310 Restricted cash 20,535 — 20,535 Prepaid expenses and other assets, net 4,126 — 4,126 Investments in unconsolidated joint ventures 17,938 — 17,938 Receivables 84 — 84 Deferred rents receivable 114 — 114 Right-of-use asset 1,314 — 1,314 Intangible assets, net 8,432 — 8,432 Total assets $ 351,389 $ (10,219) $ 341,170 LIABILITIES Loans payable, net $ 219,249 $ — $ 219,249 Corporate credit facility, net 32,844 — 32,844 Secured line of credit, net 12,750 — 12,750 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 17,864 — 17,864 Lease liability 1,447 — 1,447 Warrant liability 1,146 — 1,146 Total liabilities 291,163 — 291,163 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 shares issued at December 31, 2021; shares outstanding at December 31, 2021 430 — 430 Additional paid-in capital 144,282 — 144,282 Treasury stock (6,397,875 shares at December 31, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (1,343) — (1,343) Accumulated deficit (25,977) (10,219) (36,196) Total stockholders' equity 60,226 (10,219) 50,007 Total liabilities and stockholders' equity $ 351,389 $ (10,219) $ 341,170 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated Revenues Rental revenues $ 2,600 $ 625 $ 3,225 Other income 355 — 355 Sale of residential condominium units 24,802 (1,117) 23,685 Total revenues 27,757 (492) 27,265 Operating Expenses Property operating expenses 7,414 (1,831) 5,583 Real estate taxes 74 650 724 General and administrative 4,492 641 5,133 Pension related costs 67 — 67 Cost of sale - residential condominium units 24,432 (2,062) 22,370 Depreciation and amortization 2,864 1,139 4,003 Total operating expenses 39,343 (1,463) 37,880 Operating loss (11,586) 971 (10,615) Equity in net loss from unconsolidated joint ventures (555) — (555) Unrealized gain on warrants 73 — 73 Interest expense, net (3,007) (4,915) (7,922) Interest expense - amortization of deferred finance costs (1,134) (387) (1,521) Loss before taxes (16,209) (4,331) (20,540) Tax expense (265) — (265) Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Other comprehensive loss: Unrealized gain on pension liability 816 — 816 Comprehensive loss attributable to common stockholders $ (15,658) $ (4,331) $ (19,989) Loss per share - basic and diluted $ (0.49) $ (0.13) $ (0.62) Weighted average number of common shares - basic and diluted 33,322 33,322 33,322 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECEMBER 31, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Net loss attributable to common stockholders — — — — — (16,474) — (16,474) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (25,977) $ (1,343) $ 60,226 Restatement Impact Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) Net loss attributable to common stockholders — — — — — (4,331) — (4,331) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Sale of common stock — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of December 31, 2021 — $ — $ — — $ — $ (10,219) $ — $ (10,219) As Restated Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 Net loss attributable to common stockholders — — — — — (20,805) — (20,805) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (36,196) $ (1,343) $ 50,007 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 3,998 1,526 5,524 Stock-based compensation expense 530 — 530 Deferred rents receivable (24) — (24) Other non-cash adjustments - pension expense 816 — 816 Unrealized gain on warrants (73) — (73) Equity in net loss from unconsolidated joint ventures 555 — 555 Distributions from unconsolidated joint ventures 885 — 885 (Increase) decrease in operating assets: Residential condominium units for sale (321) (11,129) (11,450) Receivables 882 — 882 Prepaid expenses and other assets, net (257) — (257) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 3,467 — 3,467 Pension liabilities (1,288) — (1,288) Net cash used in operating activities (7,304) (13,934) (21,238) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (36,349) 36,209 (140) Net proceeds from the sale of residential condominium units 22,275 (22,275) — Net cash used in investing activities (14,074) 13,934 (140) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 249,984 — 249,984 Proceeds from secured line of credit 8,200 — 8,200 Payment of finance costs (6,552) — (6,552) Repayment of loans (225,547) — (225,547) Repayment of secured line of credit (3,200) — (3,200) Settlement of stock awards (370) — (370) Sale of common stock, net 7,639 — 7,639 Net cash provided by financing activities 30,154 — 30,154 NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 8,776 — 8,776 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 — 16,069 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 24,845 $ — $ 24,845 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, BEGINNING OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQU

REAL ESTATE, NET

REAL ESTATE, NET	12 Months Ended
REAL ESTATE, NET	Dec. 31, 2021
REAL ESTATE, NET
REAL ESTATE, NET	NOTE 4 – REAL ESTATE, NET As of December 31, 2021 and 2020, real estate, net consisted of the following (dollars in thousands): December 31, December 31, 2021 2020 As Restated (a) As Restated (a) Building and building improvements 51,141 51,141 Tenant improvements 200 189 Furniture and fixtures 775 731 Land and land improvements 28,847 28,847 80,963 80,908 Less: accumulated depreciation 13,629 10,868 $ 67,334 $ 70,040 (a) Amounts are restated. See Note 3 for more information. Building and building improvements, tenant improvements, furniture and fixtures, and land and land improvements included the 237 11 th In May 2018, we closed on the acquisition of 237 11 th th th As of December 31, 2021 and 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 $2.7 million and $1.9 million at December 31, 2021 and 2020, respectively. Amortization expense amounted to $740,000 for each of the three years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the estimated annual amortization of intangible assets for each of the five succeeding years and thereafter is as follows (dollars in thousands): Real Estate Tax Abatement Year Amortization 2022 $ 740 2023 740 2024 740 2025 740 2026 740 Thereafter 4,732 Disposition We disposed of the West Palm Beach, Florida property on November 23, 2019 for a gross sales price of $19.6 million. The balance of the West Palm Beach loan of $10.6 million was repaid simultaneously when we sold this property. We recorded a gain on sale of approximately $9.5 million 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 completion of the SCA buildout for the construction supervision fee, with an aggregate of $46.1 million having been paid to us as of December 31, 2021 from the SCA, with approximately $450,000 remaining to be paid. We have also received an aggregate of $50.6 million in reimbursable construction costs from the SCA through December 31, 2021. The payments and reimbursements from the SCA received prior to April 2020 were recorded as deferred real estate deposits on the consolidated balance sheets until sales criteria were satisfied in April 2020. In April 2020, the SCA closed on the purchase of the school condominium unit with us, at which point title transferred to the SCA, and the SCA is now proceeding to complete the buildout of the interior space, which is planned to become an approximately 476 seat public elementary school. 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.

RESIDENTIAL CONDOMINIUM UNITS F

RESIDENTIAL CONDOMINIUM UNITS FOR SALE	12 Months Ended
RESIDENTIAL CONDOMINIUM UNITS FOR SALE	Dec. 31, 2021
RESIDENTIAL CONDOMINIUM UNITS FOR SALE
RESIDENTIAL CONDOMINIUM UNITS FOR SALE	NOTE 5 – RESIDENTIAL CONDOMINIUM UNITS FOR SALE Residential condominium units for sale as of December 31, 2021 and 2020 includes 77 Greenwich, and in all cases, excludes costs of development for the residential condominium units at 77 Greenwich that were sold. Closings on residential condominium units started in September 2021 with 14 closings through December 31, 2021, and residents have begun to move into their respective units.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS, NET	12 Months Ended
PREPAID EXPENSES AND OTHER ASSETS, NET	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS, NET
PREPAID EXPENSES AND OTHER ASSETS, NET	NOTE 6 – PREPAID EXPENSES AND OTHER ASSETS, NET As of December 31, 2021 and 2020, prepaid expenses and other assets, net consisted of the following (dollars in thousands): December 31, December 31, 2021 2020 Prepaid expenses $ 673 $ 454 Deferred finance costs 2,184 1,795 Other 2,736 954 5,593 3,203 Less: accumulated amortization 1,467 500 $ 4,126 $ 2,703

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 7 – INCOME TAXES The provision for taxes is as follows (dollars in thousands): Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Current: Federal $ — $ — $ — State 265 306 128 $ 265 $ 306 $ 128 Deferred: Federal $ — $ — $ — State — — — $ — $ — $ — Tax expense $ 265 $ 306 $ 128 The following is a reconciliation of income taxes computed at the U.S. Federal statutory rate to the provision for income taxes: Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State taxes 16.7 % 6.3 % 49.7 % Permanent non-deductible expenses (0.3) % 5.0 % (5.6) % Change of valuation allowance (38.5) % (27.8) % (71.3) % Effective income tax rate (1.1) % 4.5 % (6.2) % The composition of our deferred tax assets and liabilities is as follows (dollars in thousands): December 31, 2021 December 31, 2020 As Restated (a) As Restated Deferred tax assets: Charitable contributions $ 1 $ 15 Net operating loss carry forwards 66,851 58,635 Depreciation (including air rights) 5,737 4,677 Lease liability 507 571 Other 256 222 Investment in joint ventures 777 678 Accrued expenses 332 132 Total deferred tax assets $ 74,461 $ 64,930 Valuation allowance (70,134) (60,931) Deferred tax asset after valuation allowance $ 4,327 $ 3,999 Deferred tax liabilities: Intangibles $ (3,003) $ (3,334) Other (253) — Pension costs (571) (114) Right-of-use asset (500) (551) Total deferred tax liabilities $ (4,327) $ (3,999) Net deferred tax assets $ — $ — Current deferred tax assets $ — $ — Long-term deferred tax assets — — Total deferred tax assets $ — $ — (a) Amounts are restated. See Note 3 for more information. Effects of the Tax Cuts and Jobs Act 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. Pursuant to the tax legislation known as the Tax Cuts and Jobs Act (the "TCJA") of 2017, corporate alternative minimum tax (“AMT”) credit carryforwards are eligible for a 50% refund in tax years 2018 through 2020, and beginning in tax year 2021, any remaining AMT credit carryforwards are 100% refundable. As a result of these new rules, we had recorded a tax benefit and refund receivable of $3.1 million in connection with our valuation allowance release. We received approximately $1.6 million of the refund receivable in October 2019 and the balance of approximately $1.5 million became fully refundable in 2020 as a result of the CARES Act, and was received in July 2020. Other As of December 31, 2021, we had federal NOLs of approximately $254.8 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 December 31, 2021, we have utilized approximately $22.5 million of our federal NOLs. As of December 31, 2021, we also had state NOLs of approximately $161.7 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 $70.1 million and $60.9 million as of December 31, 2021 and 2020, respectively. If our assumptions change and we determine we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance in deferred tax assets would be recognized as a reduction of income tax expense and an increase in stockholders equity.

RENTAL REVENUE

RENTAL REVENUE	12 Months Ended
RENTAL REVENUE	Dec. 31, 2021
RENTAL REVENUE
RENTAL REVENUE	NOTE 8 – RENTAL REVENUE Our retail property located in Paramus, New Jersey is 100% leased to two tenants as of December 31, 2021 with leases expiring through 2022. Our multi-family property at 237 11 th one We currently have one retail lease signed at 77 Greenwich which expires in 2032. Future minimum rent due under non-cancellable tenant operating leases (excluding license agreements) as of December 31, 2021 is as follows (dollars in thousands): Future Minimum Year Rent 2022 $ 3,267 2023 1,010 2024 453 2025 477 2026 487 Thereafter 2,615 $ 8,309

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9 – 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 note payable approximated their carrying values as they are variable-rate instruments. The warrant liability is recorded at fair value. On an annual recurring basis, we are required to use fair value measures when measuring plan assets of our pension plans. As we elected to adopt the measurement date provisions of ASC 715, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans,” as of March 4, 2007, we are required to determine the fair value of our pension plan assets as of December 31, 2021. The fair value of pension plan assets was $15.9 million at December 31, 2021. These assets are valued in active liquid markets.

PENSION PLANS

PENSION PLANS	12 Months Ended
PENSION PLANS	Dec. 31, 2021
Pension Plans
Pension Plan	NOTE 10 – PENSION PLANS Defined Benefit Pension Plan Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. At December 31, 2021 and 2020, we had recorded an overfunded pension balance of $1.6 million and $344,000, respectively, which is included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets. This overfunded asset does not include the estimated cost to us of terminating the plan in a standard termination, which would require us to make additional contributions to the plan so that the assets of the plan are sufficient to satisfy all benefit liabilities. We currently plan to continue to maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; however, we may terminate it at any time. In the event we terminate the plan, we intend that any such termination would be a standard termination. 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 December 31, 2021. Historically, we have funded this plan in the third quarter of the calendar year. We funded $400,000 to the Syms sponsored plan during each of the years ended December 31, 2021, 2020 and 2019, respectively. Presented below is financial information relating to this plan for the periods indicated (dollars in thousands): Year Ended Year Ended December 31, December 31, 2021 2020 CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 14,224 $ $ 13,933 Interest cost 665 658 Actuarial loss 344 408 Gross benefits paid (925) (775) Net benefit obligation - end of period $ 14,308 $ 14,224 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 14,568 $ 13,009 Employer contributions 400 400 Gross benefits paid (925) (775) Return on plan assets 1,897 1,934 Fair value of plan assets - end of period $ 15,940 $ 14,568 Over funded status at end of period $ 1,632 $ 344 The pension expense includes the following components (dollars in thousands): Year Ended Year Ended Year Ended December 31, December 31, December 31, 2021 2020 2019 COMPONENTS OF NET PERIODIC COST: Interest cost $ 665 $ 658 $ 644 Gain on assets (842) (758) (628) Amortization of loss 105 247 484 Net periodic (benefit) cost $ (72) $ 147 $ 500 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 % 0.0 % The expected long-term rate of return on plan assets was 6% for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021 the benefits expected to be paid in the next five years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands): Year Amount 2022 $ 925 2023 974 2024 1,026 2025 1,085 2026 1,152 2027-2031 4,854 The fair values and asset allocation of our plan assets as of December 31, 2021 and 2020 and the target allocation for fiscal 2021, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands): December 31, 2021 December 31, 2020 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value (1) Assets Cash and equivalents 0% to 10 % $ 928 6 % $ 877 6 % Equity securities 40% to 57 % 9,678 61 % 9,755 67 % Fixed income securities 35% to 50 % 5,334 33 % 3,936 27 % Total $ 15,940 100 % $ 14,568 100 % Under the provisions of ASC 715, we are required to recognize in our consolidated balance sheets the unfunded status of the benefit plan. This is measured as the difference between plan assets at fair value and the projected benefit obligation. For the pension plan, this is equal to the accumulated benefit obligation. 401(k) Plan –

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2021
COMMITMENTS
COMMITMENTS	NOTE 11 – 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 $447,000 , $439,000 and $439,000 for the years ended December 31, 2021, 2020 and 2019, respectively. The lease for our sales center for 77 Greenwich located at 17 State Street, New York, New York expired on May 31, 2021 and was terminated. Rent expense paid for this operating lease was approximately $108,000 , $303,000 and $366,000 for the years ended December 31, 2021, 2020 and 2019, respectively. The remaining lease obligation, excluding any extension options, for our corporate office is as follows (dollars in thousands): Future Minimum Year Ended Rentals 2022 $ 470 2023 470 2024 470 2025 116 Total undiscounted lease payments $ 1,526 Discount (79) Lease Liability $ 1,447 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.

LOANS PAYABLE AND SECURED LINE

LOANS PAYABLE AND SECURED LINE OF CREDIT	12 Months Ended
LOANS PAYABLE AND SECURED LINE OF CREDIT	Dec. 31, 2021
LOANS PAYABLE AND SECURED LINE OF CREDIT
LOANS PAYABLE AND SECURED LINE OF CREDIT	NOTE 12 – LOANS PAYABLE AND SECURED LINE OF CREDIT Corporate Credit Facility In December 2019, we entered into a multiple draw credit agreement aggregating $70.0 million (the “Corporate Credit Facility”), which may be increased by $25.0 million subject to satisfaction of certain conditions and the consent of the lender (the “CCF Lender”). Draws under the Corporate Credit Facility may be made during the 32-month period following the closing date of the Corporate Credit Facility (the “Closing Date”). The Corporate Credit Facility matures on December 19, 2024, subject to extensions until December 19, 2025 and June 19, 2026, respectively, under certain circumstances. The 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. In connection with the closing of the 77 Mortgage Loan and amendment to the Mezzanine Loan described below, 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 multiple on invested capital (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. The Corporate Credit Facility had an outstanding balance of $35.75 million at both December 31, 2021 and 2020, excluding deferred finance fees of $2.9 million and $3.9 million, respectively. Accrued interest, which is included in accounts payable and accrued expenses, totaled approximately $3.8 million at December 31, 2021, of which approximately $413,000 was paid during the first week of January 2022, and $1.5 million at December 31, 2020. As of December 31, 2021, we were in compliance with all covenants of the Corporate Credit Facility. The Corporate Credit Facility bears interest at a rate per annum equal to the sum of (i) 5.25% and (ii) a scheduled interest rate of 4% (the “Cash Pay Interest Rate”) which increases by 0.125% every six-month period from the Closing Date, subject to increase during the extension periods. The effective interest rate at December 31, 2021 and 2020 was 9.5%, respectively. 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 December 31, 2021, we had paid $1.85 million of the commitment fee. The Corporate Credit Facility may be prepaid at any time subject to a prepayment premium on the portion of the Corporate Credit Facility being repaid. The Corporate Credit Facility is subject to certain mandatory prepayment provisions, including that, subject to the terms of the mortgage loan documents applicable to the Company’s 77 Greenwich property, 90% or 100% of the net cash proceeds of residential condominium sales, depending on the circumstances, and 70% of the net cash proceeds of retail condominium sales at the Company’s 77 Greenwich property shall be used to repay the Corporate Credit Facility. Upon final repayment of the Corporate Credit Facility, the MOIC amount equal to 30% of the initial Corporate Credit Facility amount plus drawn incremental amounts less the sum of all interest payments, commitment fee and exit fee payments and prepayment premiums, if any, shall be due, if such amounts 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 the $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 $4.31 per share (the “Warrant Agreement Amendment”) (see Note 13 – Stockholders Equity – Warrants to our consolidated financial statements for further discussion regarding the warrants). Loans Payable 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 $139.0 million on the 77 Greenwich Construction Facility at December 31, 2020. The 77 Greenwich Construction Facility had a four-year term ending January 2022. 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 December 31, 2020 was 9.25%. 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 residential 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 have received our TCOs for floors 11-30 and 32-34, the lobby, mechanical rooms and portions of the cellar and anticipate receiving TCOs for the balance of the development through completion of the project. Upon the granting of our first TCO in March 2021 and having 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. 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 a result of the refinancing transaction in October 2021, the 77 Greenwich Construction Facility was repaid in full, see 77 Mortgage Loan below. 77 Mortgage Loan In October 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”). The 77 Greenwich Construction Facility had an aggregate balance of $159.4 million at the time it was repaid in full at closing of the 77 Mortgage Loan. We borrowed $133.1 million on the closing date of the 77 Mortgage Loan and the balance of the funds used to repay the facility were obtained from an increase in the Mezzanine Loan, the Berkley Partner Loan as well as funds raised through the Private Placement. The $33.6 million remaining availability will be used to, among other things, complete construction of 77 Greenwich and fund carry costs while the residential condominium units are being sold. 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 bears 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 condominium 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 principal 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 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; and the payment when due of all amounts due to 77 Mortgage Lender, as a result of “bad-boy” provisions. Mortgage Borrower and the Company also entered into an environmental compliance and indemnification undertaking for the benefit of 77 Mortgage Lender. Additionally, Mortgage Borrower is required to provide a 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. As of December 31, 2021, the 77 Mortgage Loan had a balance of $125.4 million and we had accrued $1.8 million in PIK interest, which is recorded in accounts payable and accrued expenses in the consolidated balance sheet. In 2021, the 77 Mortgage loan was paid down by approximately $8.9 million through closed sales of residential condominium units. As of December 31, 2021, we were in compliance with all covenants under the 77 Mortgage Loan. 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”). The Mezzanine Loan was originally for the amount of $7.5 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 will be due on substantially the same terms as provided for in the CCF. 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 the 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. In October 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). As of December 31, 2021, the Mezzanine Loan had a balance of $30.3 million and accrued interest totaled approximately $1.1 million. As of December 31, 2021, we were in compliance with the covenants of the Mezzanine Loan. 237 11 th 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 The Berkley Partner Loan In October 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 extension options subject to satisfaction of certain conditions. The loan bears interest at a rate of 10% per year, with a portion deferred until maturity. $10.0 million was funded at closing of the loan and is the balance of the loan at December 31, 2021. 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, and in February 2022 it was extended to March 2023. 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 $12.75 million and $7.75 million at December 31, 2021 and 2020, respectively, and an effective interest rate of 3.25% and 2.14% as of December 31, 2021 and 2020, respectively. Note Payable (250 North 10 th 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 December 31, 2021, excluding extension options, were as follows (dollars in thousands): Year of Maturity Principal (As Restated) 2022 $ 10,000 2023 232,981 2024 35,750 2025 — 2026 — 278,731 Less: deferred finance costs, net (8,025) Total loans, secured line of credit, and note payable, net $ 270,706 Interest Consolidated interest expense (income), net includes the following (dollars in thousands): Year Ended Year Ended Year Ended December 31, December 31, December 31, 2021 2020 2019 Restated (a) Revised (b) Revised (b) Interest expense $ 21,238 $ 17,174 $ 13,513 Interest capitalized (13,314) (15,577) (13,333) Interest income (2) (57) (67) Interest expense (income), net $ 7,922 $ 1,540 $ 113 (a) Amounts are restated. See Note 3 for more information. (b) Amounts are revised. See Note 3 for more information.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 13 – 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 December 31, 2021 and 2020, there were 43,024,424 shares and 38,345,540 shares of common stock issued, respectively, and 36,626,549 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 12 – 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 Agreement was amended to be $4.31 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. These Warrants were valued at approximately $1.1 million and $830,000 at December 31, 2021 and 2020, respectively. The $73,000 and $965,000 change in fair value of the Warrants at December 31, 2021 and 2020, respectively, was recorded as an unrealized gain in the consolidated statement of operations and comprehensive (loss) income during the year ended December 31, 2021 and 2020, respectively. 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 12 – 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. Private Placement Transaction and Rights Offering On October 22, 2021, we entered into a private placement agreement with certain existing stockholders (“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, and we received gross proceeds of $4.8 million, which closed on the same day. The private placement agreement contained customary representations, warranties, covenants, conditions and indemnities for agreements of this type. We 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. On December 8, 2021, we consummated our common stock rights offering of 2,650,000 shares of common stock to existing stockholders of ours on the record date of November 3, 2021, at a price of $1.90 per share. The consummation of the rights offering resulted in the issuance of 903,576 shares of our common stock and we received gross proceeds of $1.7 million. 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 year ended December 31, 2021, we sold 701,327 shares of our common stock for aggregate gross proceeds of approximately $1.4 million (excluding approximately $169,000 in professional and brokerage fees) at a weighted average price of $1.95 per share. As of December 31, 2021, approximately $8.6 million of our common stock remained available for issuance under the ATM Program. Share Repurchase Program In December 2019, our Board of Directors approved a stock repurchase program under which we can purchase 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. Since inception of the stock repurchase program through December 31, 2021, the Company has repurchased 250,197 shares of common stock for approximately $483,361, or an average price per share of $1.93. As of December 31, 2021, approximately $4.5 million of shares remained available for purchase under the stock repurchase program, subject to the terms of our Corporate Credit Facility. There was no stock repurchase activity by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Exchange Act, during the year ended December 31, 2021. 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	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14 – 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 December 31, 2021 and 2020 was as follows: Year Ended Year Ended December 31, 2021 December 31, 2020 Weighted Weighted Average Fair Average Fair Number of Value at Number of Value at Shares Grant Date Shares Grant Date Balance available, beginning of period 548,370 - 1,017,535 - Additional shares approved by stockholders 1,500,000 - - - Granted to employees (310,000) $ 1.25 (295,500) $ 3.01 Granted to non-employee directors (61,167) $ 1.77 (59,660) $ 1.65 Deferred under non-employee director's deferral program (107,754) $ 1.77 (114,005) $ 1.76 Balance available, end of period 1,569,449 - 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 year ended December 31, 2021, we granted 310,000 RSUs to certain employees. These RSUs vest and settle at various times over a two Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive (loss) income during the years ended December 31, 2021, 2020 and 2019 totaled $477,000, $765,000 and $938,000, respectively, which is net of $127,000, $305,000 and $400,000 capitalized as part of residential condominium units for sale, respectively. Year ended December 31, 2021 Year ended 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 (227,917) $ 3.59 (279,834) $ 5.46 Non-vested at end of period 551,083 $ 2.14 469,000 $ 3.43 As of December 31, 2021, there was approximately $208,000 of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized through December 2023. During the year ended December 31, 2021, we issued 473,343 shares of common stock to employees and executive officers to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased 224,442 shares to provide for the employees’ withholding tax liabilities. Director Deferral Plan 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 December 31, 2021 and 2020 a total of 284,913 and 177,159 stock units, respectively, have been deferred under the Deferral Program.

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	Dec. 31, 2021
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	NOTE 15 – 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, 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 12 – Loans Payable and Secured Line of Credit). See Note 17 – Subsequent Events below for information regarding a contract to sell The Berkley. We own a 10% interest in the 250 North 10 th th th th th th fee at closing and are entitled to ongoing asset management fees and a promote upon the achievement of certain performance hurdles. See Note 12 - Loans Payable and Secured Line of Credit – 250 North 10 th As we do not control these joint ventures, we account for them under the equity method of accounting. During the year ended December 31, 2021, we recognized our share of the fair value liability associated with an interest rate swap entered into on February 28, 2020 of approximately $77,000. The combined balance sheets for our unconsolidated joint ventures at December 31, 2021 and 2020 are as follows (dollars in thousands): December 31, December 31, 2021 2020 ASSETS Real estate, net $ 164,143 $ 167,749 Cash and cash equivalents 1,244 1,344 Restricted cash 891 766 Tenant and other receivables, net 225 254 Prepaid expenses and other assets, net 315 204 Intangible assets, net 21,527 24,006 Total assets $ 188,345 $ 194,323 LIABILITIES Mortgages payable, net $ 112,934 $ 114,218 Accounts payable and accrued expenses 1,849 1,705 Total liabilities 114,783 115,923 MEMBERS’ EQUITY Members’ equity 87,654 92,070 Accumulated deficit (14,092) (11,943) Accumulated other comprehensive loss — (1,727) Total members’ equity 73,562 78,400 Total liabilities and members’ equity $ 188,345 $ 194,323 Our investments in unconsolidated joint ventures $ 17,938 $ 19,379 The combined statements of operations for the unconsolidated joint ventures for the years ended December 31, 2021, 2020, and 2019 are as follows (dollars in thousands): For the Year Ended For the Year Ended For the Year Ended December 31, December 31, December 31, 2021 2020 2019 Revenues Rental revenues $ 12,679 $ 12,747 $ 3,314 Total revenues 12,679 12,747 3,314 Operating Expenses Property operating expenses 4,055 3,595 956 Real estate taxes 100 94 45 General and administrative 10 10 10 Amortization 2,479 5,676 536 Depreciation 3,937 3,833 1,328 Total operating expenses 10,581 13,208 2,875 Operating income (loss) 2,098 (461) 439 Interest expense, net (3,806) (3,780) (1,905) Interest expense - amortization of deferred finance costs (289) (1,881) (172) Interest expense - change in fair market value of interest rate swap (153) — — Net loss $ (2,150) $ (6,122) $ (1,638) Our equity in net loss from unconsolidated joint ventures $ (555) $ (1,571) $ (819)

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	NOTE 16 – RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company identified errors in its previously issued annual and interim financial statements that required restatements, as well as errors that were determined individually, and in the aggregate, quantitatively and qualitatively immaterial that required revisions. As such the Company has restated and revised its (i) consolidated interim financial statements for the three months ended March 31, 2021, the three and six months ended June 30, 2021, and the three and nine months ended September 30, 2021, as illustrated in this Note 16; collectively referred to as the “Restatement” or “Revision”. During the three month period ended June 30, 2022, the Company identified areas of restatement errors. Adjustments depicted in the tables below relate to the following: (a) an error in the accounting treatment regarding the overcapitalization of internally allocated construction related costs related to the development project at 77 Greenwich Street; (b) a disclosure error in the classification on the balance sheets of our 77 Greenwich property which was classified as real estate under development in real estate and is now classified as residential condominium units for sale; (c) a disclosure error in the classification on the statements of cash flows of our 77 Greenwich property relating to additions and sales of condominiums where they were reported in the statement of cash flows under cash flows from investing activities when they should have been reported in cash flows from operations. During the three month period ended March 31, 2022, the Company identified one revision error. Adjustments depicted in the tables below relate to the following: (d) an error in the accounting treatment of a property that, upon emergence from bankruptcy, was classified as real estate under development, but was not subsequently reported as an operating property when circumstances at the property changed. During the year ended December 31, 2021, the Company identified one revision error. Adjustments depicted in the tables below relate to the following: (e) an error in the accounting treatment regarding certain advertising and marketing costs which were capitalized to construction costs at the development project at 77 Greenwich Street and should have been expensed as incurred. CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of March 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 289,294 $ (219,941) $ 69,353 Residential condominium units for sale — 213,223 213,223 Cash and cash equivalents 5,034 — 5,034 Restricted cash 6,694 — 6,694 Prepaid expenses and other assets, net 3,343 — 3,343 Investments in unconsolidated joint ventures 18,814 — 18,814 Receivables 919 — 919 Deferred rents receivable 102 — 102 Right-of-use asset 1,478 — 1,478 Intangible assets, net 8,987 — 8,987 Total assets $ 334,665 $ (6,718) $ 327,947 LIABILITIES Loans payable, net $ 207,317 $ — $ 207,317 Corporate credit facility, net 32,104 — 32,104 Secured line of credit, net 8,950 — 8,950 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 14,368 — 14,368 Pension liabilities — — — Lease liability 1,626 — 1,626 Warrant liability 3,196 — 3,196 Total liabilities 273,424 — 273,424 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 38,840,508 shares issued at March 31, 2021; shares outstanding at March 31, 2021 388 — 388 Additional paid-in capital 136,151 — 136,151 Treasury stock (6,397,875 shares at March 31, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (2,040) — (2,040) Accumulated deficit (16,092) (6,718) (22,810) Total stockholders' equity 61,241 (6,718) 54,523 Total liabilities and stockholders' equity $ 334,665 $ (6,718) $ 327,947 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Three Months Ended March 31, 2021 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 299 $ 148 $ 447 Other income 46 — 46 Total revenues 345 148 493 Operating Expenses Property operating expenses 1,655 252 1,907 Real estate taxes 20 59 79 General and administrative 1,203 40 1,243 Pension related costs 163 — 163 Depreciation and amortization 715 285 1,000 Total operating expenses 3,756 636 4,392 Operating loss (3,411) (488) (3,899) Equity in net loss from unconsolidated joint ventures (372) — (372) Unrealized loss on warrants (1,977) — (1,977) Interest expense, net (601) (274) (875) Interest expense - amortization of deferred finance costs (193) (68) (261) Loss before taxes (6,554) (830) (7,384) Tax expense (35) — (35) Net loss attributable to common stockholders $ (6,589) $ (830) $ (7,419) Other comprehensive loss: Unrealized gain on pension liability 119 — 119 Comprehensive loss attributable to common stockholders $ (6,470) $ (830) $ (7,300) Loss per share - basic and diluted $ (0.20) $ (0.03) $ (0.23) Weighted average number of common shares - basic and diluted 32,591 32,591 32,591 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE THREE MONTHS ENDED MARCH 31, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Net loss attributable to common stockholders — — — — — (6,589) — (6,589) Settlement of stock awards 496 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 173 — — — — 173 Balance as of March 31, 2021 38,841 $ 388 $ 136,151 (6,398) $ (57,166) $ (16,092) $ (2,040) $ 61,241 Revision Impact Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) Net loss attributable to common stockholders — — — — — (830) — (830) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of March 31, 2021 — $ — $ — — $ — $ (6,718) $ — $ (6,718) As Revised Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 Net loss attributable to common stockholders — — — — — (7,419) — (7,419) Settlement of stock awards 496 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 173 — — — — 173 Balance as of March 31, 2021 38,841 $ 388 $ 136,151 (6,398) $ (57,166) $ (22,810) $ (2,040) $ 54,523 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Three Months Ended March 31, 2021 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (6,589) $ (830) $ (7,419) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 908 353 1,261 Stock-based compensation expense 133 — 133 Deferred rents receivable (12) — (12) Other non-cash adjustments - pension expense 119 — 119 Unrealized loss on warrants 1,977 — 1,977 Equity in net loss from unconsolidated joint ventures 372 — 372 Distributions from unconsolidated joint ventures 194 — 194 (Increase) decrease in operating assets: Residential condominium units for sale — (11,672) (11,672) Receivables 47 — 47 Prepaid expenses and other assets, net (371) — (371) Increase in operating liabilities: Accounts payable and accrued expenses 1,294 — 1,294 Net cash used in operating activities (1,928) (12,149) (14,077) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (12,202) 12,149 (53) Net cash used in investing activities (12,202) 12,149 (53) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 8,980 — 8,980 Proceeds from secured line of credit 1,200 — 1,200 Payment of finance costs (21) — (21) Settlement of stock awards (370) — (370) Net cash provided by financing activities 9,789 — 9,789 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (4,341) — (4,341) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 — 16,069 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 11,728 $ — $ 11,728 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, BEGINNING OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,034 $ — $ 5,034 RESTRICTED CASH, END OF PERIOD 6,694 — 6,694 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 11,728 $ — $ 11,728 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 4,130 $ — $ 4,130 Cash paid during the period for: Taxes $ 46 $ — $ 46 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 7,496 $ (7,496) $ — Capitalized amortization of deferred financing costs and warrants $ 760 $ (68) $ 692 Capitalized stock-based compensation expense $ 39 $ (2) $ 37 CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of June 30, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 299,814 $ (231,151) $ 68,663 Residential condominium units for sale — 222,713 222,713 Cash and cash equivalents 2,169 — 2,169 Restricted cash 7,626 — 7,626 Prepaid expenses and other assets, net 2,934 — 2,934 Investments in unconsolidated joint ventures 18,318 — 18,318 Receivables 146 — 146 Deferred rents receivable 106 — 106 Right-of-use asset 1,389 — 1,389 Intangible assets, net 8,802 — 8,802 Total assets $ 341,304 $ (8,438) $ 332,866 LIABILITIES Loans payable, net $ 215,193 $ — $ 215,193 Corporate credit facility, net 32,351 — 32,351 Secured line of credit, net 8,950 — 8,950 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 17,458 — 17,458 Lease liability 1,536 — 1,536 Warrant liability 3,129 — 3,129 Total liabilities 284,480 — 284,480 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 38,853,433 shares issued at June 30, 2021; shares outstanding at June 30, 2021 389 — 389 Additional paid-in capital 136,329 — 136,329 Treasury stock (6,397,875 shares at June 30, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (1,922) — (1,922) Accumulated deficit (20,806) (8,438) (29,244) Total stockholders' equity 56,824 (8,438) 48,386 Total liabilities and stockholders' equity $ 341,304 $ (8,438) $ 332,866 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 As Previously Restatement As Previously Restatement Reported Impact As Restated Reported Impact As Restated Revenues Rental revenues $ 425 $ 152 $ 577 $ 724 $ 300 $ 1,024 Other income 256 — 256 302 — 302 Total revenues 681 152 833 1,026 300 1,326 Operating Expenses Property operating expenses 1,463 425 1,888 3,118 677 3,795 Real estate taxes 20 59 79 40 118 158 General and administrative 1,235 152 1,387 2,438 192 2,630 Pension related costs 162 — 162 325 — 325 Depreciation and amortization 715 285 1,000 1,430 570 2,000 Total operating expenses 3,595 921 4,516 7,351 1,557 8,908 Operating loss (2,914) (769) (3,683) (6,325) (1,257) (7,582) Equity in net loss from unconsolidated joint ventures (264) — (264) (636) — (636) Unrealized gain (loss) on warrants 67 — 67 (1,910) — (1,910) Interest expense, net (881) (891) (1,772) (1,482) (1,165) (2,647) Interest expense - amortization of deferred finance costs (623) (60) (683) (816) (128) (944) Loss before taxes (4,615) (1,720) (6,335) (11,169) (2,550) (13,719) Tax expense (99) — (99) (134) — (134) Net loss attributable to common stockholders $ (4,714) $ (1,720) $ (6,434) $ (11,303) $ (2,550) $ (13,853) Other comprehensive loss: Unrealized gain on pension liability 118 — 118 237 — 237 Comprehensive loss attributable to common stockholders $ (4,596) $ (1,720) $ (6,316) $ (11,066) $ (2,550) $ (13,616) Loss per share - basic and diluted $ (0.14) $ (0.05) $ (0.20) $ (0.35) $ (0.08) $ (0.42) Weighted average number of common shares - basic and diluted 32,694 32,694 32,694 32,643 32,643 32,643 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE THREE MONTHS ENDED JUNE 30, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of March 31, 2021 38,841 $ 388 $ 136,151 (6,398) $ (57,166) $ (16,092) $ (2,040) $ 61,241 Net loss attributable to common stockholders — — — — — (4,714) — (4,714) Settlement of stock awards 12 1 — — — — — 1 Unrealized gain on pension liability — — — — — — 118 118 Stock-based compensation expense — — 178 — — — — 178 Balance as of June 30, 2021 38,853 $ 389 $ 136,329 (6,398) $ (57,166) $ (20,806) $ (1,922) $ 56,824 Restatement Impact Balance as of March 31, 2021 — $ — $ — — $ — $ (6,718) $ — $ (6,718) Net loss attributable to common stockholders — — — — — (1,720) — (1,720) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of June 30, 2021 — $ — $ — — $ — $ (8,438) $ — $ (8,438) As Restated Balance as of March 31, 2021 38,841 $ 388 $ 136,151 (6,398) $ (57,166) $ (22,810) $ (2,040) $ 54,523 Net loss attributable to common stockholders — — — — — (6,434) — (6,434) Settlement of stock awards 12 1 — — — — — 1 Unrealized gain on pension liability — — — — — — 118 118 Stock-based compensation expense — — 178 — — — — 178 Balance as of June 30, 2021 38,853 $ 389 $ 136,329 (6,398) $ (57,166) $ (29,244) $ (1,922) $ 48,386 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE SIX MONTHS ENDED JUNE 30, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Net loss attributable to common stockholders — — — — — (11,303) — (11,303) Settlement of stock awards 508 6 — (225) (375) — — (369) Unrealized gain on pension liability — — — — — — 237 237 Stock-based compensation expense — — 351 — — — — 351 Balance as of June 30, 2021 38,853 $ 389 $ 136,329 (6,398) $ (57,166) $ (20,806) $ (1,922) $ 56,824 Restatement Impact Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) Net loss attributable to common stockholders — — — — — (2,550) — (2,550) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of June 30, 2021 — $ — $ — — $ — $ (8,438) $ — $ (8,438) As Restated Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 Net loss attributable to common stockholders — — — — — (13,853) — (13,853) Settlement of stock awards 508 6 — (225) (375) — — (369) Unrealized gain on pension liability — — — — — — 237 237 Stock-based compensation expense — — 351 — — — — 351 Balance as of June 30, 2021 38,853 $ 389 $ 136,329 (6,398) $ (57,166) $ (29,244) $ (1,922) $ 48,386 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Six Months Ended June 30, 2021 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (11,303) $ (2,550) $ (13,853) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,246 698 2,944 Stock-based compensation expense 265 — 265 Deferred rents receivable (16) — (16) Other non-cash adjustments - pension expense 238 — 238 Unrealized loss on warrants 1,910 — 1,910 Equity in net loss from unconsolidated joint ventures 636 — 636 Distributions from unconsolidated joint ventures 425 — 425 Loan forgiveness (243) — (243) (Increase) decrease in operating assets: Residential condominium units for sale — (19,479) (19,479) Receivables 820 — 820 Prepaid expenses and other assets, net (97) — (97) Increase in operating liabilities: Accounts payable and accrued expenses 3,559 — 3,559 Net cash used in operating activities (1,560) (21,331) (22,891) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (21,387) 21,331 (56) Net cash used in investing activities (21,387) 21,331 (56) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 74,486 — 74,486 Proceeds from secured line of credit 1,200 — 1,200 Payment of finance costs (2,231) — (2,231) Repayment of loans (56,413) — (56,413) Settlement of stock awards (369) — (369) Net cash provided by financing activities 16,673 — 16,673 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (6,274) — (6,274) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 — 16,069 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 9,795 $ — $ 9,795 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, BEGINNING OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,169 $ — $ 2,169 RESTRICTED CASH, END OF PERIOD 7,626 — 7,626 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 9,795 $ — $ 9,795 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 8,564 $ — $ 8,564 Cash paid during the period for: Taxes $ 49 $ — $ 49 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 8,321 $ (8,321) $ — Capitalized amortization of deferred financing costs and warrants $ 1,629 $ (128) $ 1,501 Capitalized stock-based compensation expense $ 85 $ (15) $ 70 CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of September 30, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 307,112 $ (239,116) $ 67,996 Residential condominium units for sale — 228,102 228,102 Cash and cash equivalents 917 — 917 Restricted cash 11,732 — 11,732 Prepaid expenses and other assets, net 3,555 — 3,555 Investments in unconsolidated joint ventures 18,056 — 18,056 Receivables 79 — 79 Deferred rents receivable 110 — 110 Right-of-use asset 1,374 — 1,374 Intangible assets, net 8,617 — 8,617 Total assets $ 351,552 $ (11,014) $ 340,538 LIABILITIES Loans payable, net $ 223,503 $ — $ 223,503 Corporate credit facility, net 32,597 — 32,597 Secured line of credit, net 11,950 — 11,950 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 18,457 — 18,457 Lease liability 1,516 — 1,516 Warrant liability 1,411 — 1,411 Total liabilities 295,297 — 295,297 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 39,016,012 shares issued at September 30, 2021; shares outstanding at September 30, 2021 390 — 390 Additional paid-in capital 136,672 — 136,672 Treasury stock (6,397,875 shares at September 30, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (1,803) — (1,803) Accumulated deficit (21,838) (11,014) (32,852) Total stockholders' equity 56,255 (11,014) 45,241 Total liabilities and stockholders' equity $ 351,552 $ (11,014) $ 340,538 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 As Previously Restatement As Previously Restatement Reported Impact As Restated Reported Impact As Restated Revenues Rental revenues $ 803 $ 164 $ 967 $ 1,527 $ 464 $ 1,991 Other income 30 — 30 332 — 332 Sale of residential condominium units 1,450 (22) 1,428 1,450 (22) 1,428 Total revenues 2,283 142 2,425 3,309 442 3,751 Operating Expenses Property operating expenses 705 192 897 3,823 869 4,692 Real estate taxes 17 254 271 57 372 429 General and administrative 1,217 223 1,440 3,655 415 4,070 Pension related costs 158 — 158 483 — 483 Cost of sale - residential condominium units 1,417 (22) 1,395 1,417 (22) 1,395 Depreciation and amortization 716 285 1,001 2,146 855 3,001 Total operating expenses 4,230 932 5,162 11,581 2,489 14,070 Operating loss (1,947) (790) (2,737) (8,272) (2,047) (10,319) Equity in net loss from unconsolidated joint ventures — — — (636) — (636) Unrealized gain (loss) on warrants 1,718 — 1,718 (192) — (192) Interest expense, net (690) (1,677) (2,367) (2,172) (2,842) (5,014) Interest expense - amortization of deferred finance costs (160) (109) (269) (976) (237) (1,213) Loss before taxes (1,079) (2,576) (3,655) (12,248) (5,126) (17,374) Tax benefit (expense) 47 — 47 (87) — (87) Net loss attributable to common stockholders $ (1,032) $ (2,576) $ (3,608) $ (12,335) $ (5,126) $ (17,461) Other comprehensive loss: Unrealized gain on pension liability 119 — 119 356 — 356 Comprehensive loss attributable to common stockholders $ (913) $ (2,576) $ (3,489) $ (11,979) $ (5,126) $ (17,105) Loss per share - basic and diluted $ (0.03) $ (0.08) $ (0.11) $ (0.38) $ (0.16) $ (0.53) Weighted average number of common shares - basic and diluted 32,756 32,756 32,756 32,681 32,681 32,681 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of June 30, 2021 38,853 $ 389 $ 136,329 (6,398) $ (57,166) $ (20,806) $ (1,922) $ 56,824

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS In March 2022, our joint venture with Pacolet Milliken entered into a contract to sell The Berkley. The closing, which is subject to usual closing conditions as well as approval from the Department of Housing Preservation and Development of the assignment of the regulatory agreement, is scheduled to occur in April 2022 for a sale price of $71,020,000. In February 2022, we entered into an amendment to extend the maturity date of our Secured Line of Credit to March 2023. Other than as disclosed above, there were no subsequent events requiring adjustment to, or disclosure in, the consolidated financial statements.

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Schedule III - Consolidated Real Estate and Accumulated Depreciation	Schedule III - Consolidated Real Estate and Accumulated Depreciation (dollars in thousands) Restated (a) Initial Cost Amounts at which Carried at December 31, 2021 Building, Cost Building, Building, Building and Capitalized Building and Building and Date of Land and Real Estate Tenant Subsequent Tenant Real Estate Tenant Acquisition Property Encumbrances Land Under Improvements to Improvements Under Improvements Accumulated (A) / Construction Description (1) Improvements Development (2) Acquisition (2) Land Development (2) Total Depreciation (C) Brooklyn, New York 57,492 27,939 — 42,177 — 156 27,939 — 42,333 70,272 5,814 2018 (A) / 2017(C) Paramus, NJ Restated (a) 12,750 908 — 3,647 — 6,136 908 — 9,783 10,691 7,815 1980 (A) / 1984(C) $ 70,242 $ 28,847 $ — $ 45,824 $ — $ 6,292 $ 28,847 $ — $ 52,116 $ 80,963 $ 13,629 (a) Amounts are restated. See Note 3 for more information. (1) Encumbrances are net of deferred finance costs of approximately $1.2 million. (2) Depreciation on buildings and improvements reflected in the consolidated statements of operations and comprehensive (loss) income is calculated on the straight-line basis over estimated useful lives of 10 to 39 years . (a) Reconciliation of Total Real Estate Properties: The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands): Year Ended Year Ended December 31, December 31, 2021 2020 Restated (a) Restated (a) Balance at beginning of period $ 80,908 $ 80,821 Additions 55 87 Balance at end of period $ 80,963 $ 80,908 (a) Amounts are restated. See Note 3 for more information. The aggregate cost of land, building and improvements, before depreciation, for federal income tax purposes at December 31, 2021 and 2020 was $81.0 million (unaudited) and $80.9 million (unaudited), respectively. (b) Reconciliation of Accumulated Depreciation: The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands): Year Ended Year Ended December 31, December 31, 2021 2020 Restated (a) Restated (a) Balance at beginning of period $ 10,868 $ 8,115 Depreciation related to real estate 2,761 2,753 Balance at end of period $ 13,629 $ 10,868 (a) Amounts are restated. See Note 3 for more information.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 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
Residential Condominium Units for Sale	g. Residential Condominium Units for Sale 77 Greenwich is a residential condominium development project currently in the development stage which include condominium units that are ready for sale. Residential condominium units for sale as of December 31, 2021 and 2020 includes 77 Greenwich, and in all cases, excludes costs of development for the residential condominium units at 77 Greenwich that were sold. The residential condominium units to be sold are stated at the lower of cost or net realizable value. Management considers relevant cash flows relating to budgeted project costs and estimated costs to complete, estimated sales velocity, expected proceeds from the sales of completed condominium units, including any potential declines in market values, and other available information in assessing whether the 77 Greenwich development project is impaired. Residential condominium units that are under contract are evaluated for impairment based on the contracted sales price compared to the total estimated cost to construct. Unsold residential condominium units are evaluated for impairment by analyzing recent comparable sales prices within the applicable project to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately in cost of sales.
Valuation of Long-Lived Assets	h. Valuation of Long-Lived Assets
Fair Value Measurements	i. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to the fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 Level 2 Level 3
Cash and Cash Equivalents	j. Cash and Cash Equivalents
Restricted Cash	k. Restricted Cash
Revenue Recognition	l. Revenue Recognition Revenues on sale of residential condominiums reflects the gross sales price from sales of residential condominium units which are recognized at the time of the closing of a sale, when title to and possession of the units are transferred to the buyer. Our 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 our benefit are included in restricted cash in the 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 our consolidated balance sheets.
Stock-Based Compensation	m. Stock-Based Compensation ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the related vesting periods.
Income Taxes	n. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and increased other disclosures. As of both December 31, 2021 and 2020, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2021, our tax returns for the years ended December 31, 2018 through December 31, 2021 are subject to review by the Internal Revenue Service. Our state returns are open to examination for the years December 31, 2017 or 2018 through December 31, 2021, 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. The amendments in this ASU affect all entities that apply the guidance in Topics 321, 323, and 815 and (i) elect to apply the measurement alternative or (ii) enter into a forward contract or purchase an option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting. The adoption of this guidance in 2021 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)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Property, Plant and Equipment	Category Terms Buildings and improvements 10 - 39 years Tenant improvements Shorter of remaining term of the lease or useful life Furniture and fixtures 5 - 8 years

RESTATEMENT AND REVISION OF P_2

RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS
Schedule of restatement and revision of previously issued consolidated financial statements	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2019 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 4,062 $ 569 $ 4,631 Total revenues 4,062 569 4,631 Operating Expenses Property operating expenses 5,328 1,812 7,140 Real estate taxes 328 182 510 General and administrative 5,349 328 5,677 Pension related costs 733 — 733 Transaction related costs 167 — 167 Depreciation and amortization 2,977 1,141 4,118 Total operating expenses 14,882 3,463 18,345 Gain on sale of real estate 9,521 — 9,521 Operating loss (1,299) (2,894) (4,193) Equity in net loss from unconsolidated joint ventures (819) — (819) Interest income (expense), net 67 (180) (113) Interest expense - amortization of deferred finance costs — (39) (39) Loss before taxes (2,051) (3,113) (5,164) Tax expense (128) — (128) Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Other comprehensive loss: Unrealized gain on pension liability 344 — 344 Comprehensive loss attributable to common stockholders $ (1,835) $ (3,113) $ (4,948) Loss per share - basic and diluted $ (0.07) $ (0.10) $ (0.17) Weighted average number of common shares - basic and diluted 31,915 31,915 31,915 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2019 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (15,466) $ (3,518) $ 59,461 Net loss attributable to common stockholders — — — — — (2,179) — (2,179) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Revision Impact Balance as of December 31, 2018 — $ — $ — — $ — $ (614) $ — $ (614) Net loss attributable to common stockholders — — — — — (3,113) — (3,113) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) As Revised Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (16,080) $ (3,518) $ 58,847 Net loss attributable to common stockholders — — — — — (5,292) — (5,292) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2019 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,977 1,180 4,157 Stock-based compensation expense 905 — 905 Gain on sale of real estate (9,521) — (9,521) Deferred rents receivable 578 — 578 Other non-cash adjustments - pension expense 1,992 — 1,992 Equity in net loss from unconsolidated joint ventures 819 — 819 Distributions from unconsolidated joint ventures 33 — 33 Decrease (increase) in operating assets: Residential condominium units for sale — (65,098) (65,098) Receivables 1,577 — 1,577 Prepaid expenses and other assets, net 278 — 278 Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 1,649 — 1,649 Pension liabilities (2,705) — (2,705) Net cash used in operating activities (3,597) (67,031) (70,628) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (91,847) 67,031 (24,816) Net proceeds from the sale of real estate 18,812 — 18,812 Deferred real estate deposits of SCA condominium 33,609 — 33,609 Net cash used in (provided by) investing activities (39,426) 67,031 27,605 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 55,475 — 55,475 Proceeds from secured line of credit 7,250 — 7,250 Payment of finance costs (1,531) — (1,531) Repayment of loans (10,557) — (10,557) Repayment of secured line of credit (2,000) — (2,000) Settlement of stock awards (772) — (772) Stock buy-back (197) — (197) Net cash provided by financing activities 47,668 — 47,668 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,645 — 4,645 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 14,025 — 14,025 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 11,496 $ — $ 11,496 RESTRICTED CASH, BEGINNING OF PERIOD 2,529 — 2,529 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 14,025 $ — $ 14,025 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, END OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 12,631 $ — $ 12,631 Cash paid during the period for: Taxes $ 352 $ — $ 352 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 12,698 $ (12,698) $ — Capitalized amortization of deferred financing costs and warrants $ 2,739 $ (39) $ 2,700 Capitalized stock-based compensation expense $ 480 $ (79) $ 401 Right of use asset $ 1,904 $ — $ 1,904 Lease liabilities $ (2,065) $ — $ (2,065) Warrant liability $ (1,795) $ — $ (1,795) CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2020 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 279,204 $ (209,164) $ 70,040 Residential condominium units for sale — 203,276 203,276 Cash and cash equivalents 6,515 — 6,515 Restricted cash 9,554 — 9,554 Prepaid expenses and other assets, net 2,703 — 2,703 Investments in unconsolidated joint ventures 19,379 — 19,379 Receivables 966 — 966 Deferred rents receivable 90 — 90 Right-of-use asset 1,565 — 1,565 Intangible assets, net 9,172 — 9,172 Total assets $ 329,148 $ (5,888) $ 323,260 LIABILITIES Loans payable, net $ 197,330 $ — $ 197,330 Corporate credit facility, net 31,858 — 31,858 Secured line of credit, net 7,747 — 7,747 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 15,896 — 15,896 Lease liability 1,716 — 1,716 Warrant liability 830 — 830 Total liabilities 261,240 — 261,240 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 38,345,540 shares issued at December 31, 2020; 32,172,107 shares outstanding at December 31, 2020 383 — 383 Additional paid-in capital 135,978 — 135,978 Treasury stock (6,173,433 shares at December 31, 2020) (56,791) — (56,791) Accumulated other comprehensive loss (2,159) — (2,159) Accumulated deficit (9,503) (5,888) (15,391) Total stockholders' equity 67,908 (5,888) 62,020 Total liabilities and stockholders' equity $ 329,148 $ (5,888) $ 323,260 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share amounts) For the Year Ended December 31, 2020 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 993 $ 570 $ 1,563 Other income 263 — 263 Total revenues 1,256 570 1,826 Operating Expenses Property operating expenses 8,166 954 9,120 Real estate taxes 79 175 254 General and administrative 4,955 262 5,217 Pension related costs 345 — 345 Transaction related costs 133 — 133 Depreciation and amortization 2,768 1,139 3,907 Total operating expenses 16,446 2,530 18,976 Gain on sale of school condominium 24,196 — 24,196 Operating income 9,006 (1,960) 7,046 Equity in net loss from unconsolidated joint ventures (1,571) — (1,571) Unrealized gain on warrants 965 — 965 Interest expense, net (1,398) (142) (1,540) Interest expense - amortization of deferred finance costs (202) (59) (261) Income before taxes 6,800 (2,161) 4,639 Tax expense (306) — (306) Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Other comprehensive income: Unrealized gain on pension liability 1,015 — 1,015 Comprehensive income attributable to common stockholders $ 7,509 $ (2,161) $ 5,348 Income per share - basic $ 0.20 $ (0.07) $ 0.13 Income per share - diluted $ 0.20 $ (0.07) $ 0.13 Weighted average number of common shares - basic 32,305 32,305 32,305 Weighted average number of common shares - diluted 32,860 32,860 32,860 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2020 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Net income attributable to common stockholders — — — — — 6,494 — 6,494 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Revision Impact Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) Net loss attributable to common stockholders — — — — — (2,161) — (2,161) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock-based consulting fees — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) As Revised Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 Net income attributable to common stockholders — — — — — 4,333 — 4,333 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2020 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Adjustments to reconcile net income attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,970 1,198 4,168 Stock-based compensation expense 806 — 806 Gain on sale of school condominium (24,196) — (24,196) Deferred rents receivable (84) — (84) Other non-cash adjustments - pension expense 1,015 — 1,015 Unrealized gain on warrants (965) — (965) Equity in net loss from unconsolidated joint ventures 1,571 — 1,571 Distributions from unconsolidated joint ventures 1,110 — 1,110 Decrease in operating assets: Residential condominium units for sale — (46,473) (46,473) Receivables 2,392 — 2,392 Prepaid expenses and other assets, net 190 — 190 (Decrease) increase in operating liabilities: Accounts payable and accrued expenses (686) 1,971 1,285 Pension liabilities (1,033) — (1,033) Net cash used in operating activities (10,416) (45,465) (55,881) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (51,715) 47,436 (4,279) Deferred real estate deposits of condominiums 1,971 (1,971) — Investments in unconsolidated joint ventures (5,383) — (5,383) Net cash used in investing activities (55,127) 45,465 (9,662) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 86,361 — 86,361 Proceeds from secured line of credit 5,000 — 5,000 Payment of finance costs (1,497) — (1,497) Repayment of loans (23,368) — (23,368) Repayment of secured line of credit (2,500) — (2,500) Settlement of stock awards (695) — (695) Stock buy-back (359) — (359) Net cash provided by financing activities 62,942 — 62,942 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,601) — (2,601) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 18,670 — 18,670 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, BEGINNING OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, END OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 15,495 $ — $ 15,495 Cash paid during the period for: Taxes $ 251 $ — $ 251 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 10,319 $ (10,319) $ — Capitalized amortization of deferred financing costs and warrants $ 2,727 $ (59) $ 2,668 Capitalized stock-based compensation expense $ 356 $ (57) $ 299 Investment in unconsolidated joint venture $ 5,193 $ — $ 5,193 CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 294,536 $ (227,202) $ 67,334 Residential condominium units for sale — 216,983 216,983 Cash and cash equivalents 4,310 — 4,310 Restricted cash 20,535 — 20,535 Prepaid expenses and other assets, net 4,126 — 4,126 Investments in unconsolidated joint ventures 17,938 — 17,938 Receivables 84 — 84 Deferred rents receivable 114 — 114 Right-of-use asset 1,314 — 1,314 Intangible assets, net 8,432 — 8,432 Total assets $ 351,389 $ (10,219) $ 341,170 LIABILITIES Loans payable, net $ 219,249 $ — $ 219,249 Corporate credit facility, net 32,844 — 32,844 Secured line of credit, net 12,750 — 12,750 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 17,864 — 17,864 Lease liability 1,447 — 1,447 Warrant liability 1,146 — 1,146 Total liabilities 291,163 — 291,163 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 shares issued at December 31, 2021; shares outstanding at December 31, 2021 430 — 430 Additional paid-in capital 144,282 — 144,282 Treasury stock (6,397,875 shares at December 31, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (1,343) — (1,343) Accumulated deficit (25,977) (10,219) (36,196) Total stockholders' equity 60,226 (10,219) 50,007 Total liabilities and stockholders' equity $ 351,389 $ (10,219) $ 341,170 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated Revenues Rental revenues $ 2,600 $ 625 $ 3,225 Other income 355 — 355 Sale of residential condominium units 24,802 (1,117) 23,685 Total revenues 27,757 (492) 27,265 Operating Expenses Property operating expenses 7,414 (1,831) 5,583 Real estate taxes 74 650 724 General and administrative 4,492 641 5,133 Pension related costs 67 — 67 Cost of sale - residential condominium units 24,432 (2,062) 22,370 Depreciation and amortization 2,864 1,139 4,003 Total operating expenses 39,343 (1,463) 37,880 Operating loss (11,586) 971 (10,615) Equity in net loss from unconsolidated joint ventures (555) — (555) Unrealized gain on warrants 73 — 73 Interest expense, net (3,007) (4,915) (7,922) Interest expense - amortization of deferred finance costs (1,134) (387) (1,521) Loss before taxes (16,209) (4,331) (20,540) Tax expense (265) — (265) Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Other comprehensive loss: Unrealized gain on pension liability 816 — 816 Comprehensive loss attributable to common stockholders $ (15,658) $ (4,331) $ (19,989) Loss per share - basic and diluted $ (0.49) $ (0.13) $ (0.62) Weighted average number of common shares - basic and diluted 33,322 33,322 33,322 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECEMBER 31, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Net loss attributable to common stockholders — — — — — (16,474) — (16,474) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (25,977) $ (1,343) $ 60,226 Restatement Impact Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) Net loss attributable to common stockholders — — — — — (4,331) — (4,331) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Sale of common stock — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of December 31, 2021 — $ — $ — — $ — $ (10,219) $ — $ (10,219) As Restated Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 Net loss attributable to common stockholders — — — — — (20,805) — (20,805) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (36,196) $ (1,343) $ 50,007 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 3,998 1,526 5,524 Stock-based compensation expense 530 — 530 Deferred rents receivable (24) — (24) Other non-cash adjustments - pension expense 816 — 816 Unrealized gain on warrants (73) — (73) Equity in net loss from unconsolidated joint ventures 555 — 555 Distributions from unconsolidated joint ventures 885 — 885 (Increase) decrease in operating assets: Residential condominium units for sale (321) (11,129) (11,450) Receivables 882 — 882 Prepaid expenses and other assets, net (257) — (257) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 3,467 — 3,467 Pension liabilities (1,288) — (1,288) Net cash used in operating activities (7,304) (13,934) (21,238) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (36,349) 36,209 (140) Net proceeds from the sale of residential condominium units 22,275 (22,275) — Net cash used in investing activities (14,074) 13,934 (140) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 249,984 — 249,984 Proceeds from secured line of credit 8,200 — 8,200 Payment of finance costs (6,552) — (6,552) Repayment of loans (225,547) — (225,547) Repayment of secured line of credit (3,200) — (3,200) Settlement of stock awards (370) — (370) Sale of common stock, net 7,639 — 7,639 Net cash provided by financing activities 30,154 — 30,154 NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 8,776 — 8,776 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 — 16,069 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 24,845 $ — $ 24,845 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, BEGINNING OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,310 $ — $ 4,310 RESTRICTED CASH, END OF PERIOD 20,535 — 20,535 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 24,845 $ — $ 24,845 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 16,042 $ — $ 16,042 Cash paid during the period for: Taxes $ 395 $ — $ 395 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 8,805 $ (8,805) $ — Capitalized amortization of deferred financing costs and warrants $ 3,580 $ (387) $ 3,193 Capitalized stock-based compensation expense $ 177 $ (55) $ 122 Loan forgiveness $ 243 $ — $ 243 As of March 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 289,294 $ (219,941) $ 69,353 Residential condominium units for sale — 213,223 213,223 Cash and cash equivalents 5,034 — 5,034 Restricted cash 6,694 — 6,694 Prepaid expenses and other assets, net 3,343 — 3,343 Investments in unconsolidated joint ventures 18,814 — 18,814 Receivables 919 — 919 Deferred rents receivable 102 — 102 Right-of-use asset 1,478 — 1,478 Intangible assets, net 8,987 — 8,987 Total assets $ 334,665 $ (6,718) $ 327,947 LIABILITIES Loans payable, net $ 207,317 $ — $ 207,317 Corporate credit facility, net 32,104 — 32,104 Secured line of credit, net 8,950 — 8,950 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 14,368 — 14,368 Pension liabilities — — — Lease liability 1,626 — 1,626 Warrant liability 3,196 — 3,196 Total liabilities 273,424 — 273,424 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par valu

REAL ESTATE, NET (Tables)

REAL ESTATE, NET (Tables)	12 Months Ended
REAL ESTATE, NET (Tables)	Dec. 31, 2021
REAL ESTATE, NET
Schedule of Real Estate Properties	As of December 31, 2021 and 2020, real estate, net consisted of the following (dollars in thousands): December 31, December 31, 2021 2020 As Restated (a) As Restated (a) Building and building improvements 51,141 51,141 Tenant improvements 200 189 Furniture and fixtures 775 731 Land and land improvements 28,847 28,847 80,963 80,908 Less: accumulated depreciation 13,629 10,868 $ 67,334 $ 70,040 (a) Amounts are restated. See Note 3 for more information.
Schedule of estimated annual amortization of intangible assets	As of December 31, 2021, the estimated annual amortization of intangible assets for each of the five succeeding years and thereafter is as follows (dollars in thousands): Real Estate Tax Abatement Year Amortization 2022 $ 740 2023 740 2024 740 2025 740 2026 740 Thereafter 4,732

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	12 Months Ended
PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS, NET
Schedule of prepaid expenses and other assets	As of December 31, 2021 and 2020, prepaid expenses and other assets, net consisted of the following (dollars in thousands): December 31, December 31, 2021 2020 Prepaid expenses $ 673 $ 454 Deferred finance costs 2,184 1,795 Other 2,736 954 5,593 3,203 Less: accumulated amortization 1,467 500 $ 4,126 $ 2,703

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of provision for taxes	The provision for taxes is as follows (dollars in thousands): Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Current: Federal $ — $ — $ — State 265 306 128 $ 265 $ 306 $ 128 Deferred: Federal $ — $ — $ — State — — — $ — $ — $ — Tax expense $ 265 $ 306 $ 128
Schedule of effective income tax rate reconciliation	The following is a reconciliation of income taxes computed at the U.S. Federal statutory rate to the provision for income taxes: Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State taxes 16.7 % 6.3 % 49.7 % Permanent non-deductible expenses (0.3) % 5.0 % (5.6) % Change of valuation allowance (38.5) % (27.8) % (71.3) % Effective income tax rate (1.1) % 4.5 % (6.2) %
Schedule of deferred tax assets and liabilities	The composition of our deferred tax assets and liabilities is as follows (dollars in thousands): December 31, 2021 December 31, 2020 As Restated (a) As Restated Deferred tax assets: Charitable contributions $ 1 $ 15 Net operating loss carry forwards 66,851 58,635 Depreciation (including air rights) 5,737 4,677 Lease liability 507 571 Other 256 222 Investment in joint ventures 777 678 Accrued expenses 332 132 Total deferred tax assets $ 74,461 $ 64,930 Valuation allowance (70,134) (60,931) Deferred tax asset after valuation allowance $ 4,327 $ 3,999 Deferred tax liabilities: Intangibles $ (3,003) $ (3,334) Other (253) — Pension costs (571) (114) Right-of-use asset (500) (551) Total deferred tax liabilities $ (4,327) $ (3,999) Net deferred tax assets $ — $ — Current deferred tax assets $ — $ — Long-term deferred tax assets — — Total deferred tax assets $ — $ — (a) Amounts are restated. See Note 3 for more information.

RENTAL REVENUE (Tables)

RENTAL REVENUE (Tables)	12 Months Ended
RENTAL REVENUE (Tables)	Dec. 31, 2021
RENTAL REVENUE
Schedule of future minimum rental payments for operating lease	Future minimum rent due under non-cancellable tenant operating leases (excluding license agreements) as of December 31, 2021 is as follows (dollars in thousands): Future Minimum Year Rent 2022 $ 3,267 2023 1,010 2024 453 2025 477 2026 487 Thereafter 2,615 $ 8,309

PENSION PLANS (Tables)

PENSION PLANS (Tables)	12 Months Ended
PENSION PLANS (Tables)	Dec. 31, 2021
Pension Plans
Schedule of financial information related to pension plan	Presented below is financial information relating to this plan for the periods indicated (dollars in thousands): Year Ended Year Ended December 31, December 31, 2021 2020 CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 14,224 $ $ 13,933 Interest cost 665 658 Actuarial loss 344 408 Gross benefits paid (925) (775) Net benefit obligation - end of period $ 14,308 $ 14,224 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 14,568 $ 13,009 Employer contributions 400 400 Gross benefits paid (925) (775) Return on plan assets 1,897 1,934 Fair value of plan assets - end of period $ 15,940 $ 14,568 Over funded status at end of period $ 1,632 $ 344
Schedule of pension expense components	The pension expense includes the following components (dollars in thousands): Year Ended Year Ended Year Ended December 31, December 31, December 31, 2021 2020 2019 COMPONENTS OF NET PERIODIC COST: Interest cost $ 665 $ 658 $ 644 Gain on assets (842) (758) (628) Amortization of loss 105 247 484 Net periodic (benefit) cost $ (72) $ 147 $ 500 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 % 0.0 %
Schedule of expected benefit payments	As of December 31, 2021 the benefits expected to be paid in the next five years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands): Year Amount 2022 $ 925 2023 974 2024 1,026 2025 1,085 2026 1,152 2027-2031 4,854
Schedule of fair values and asset allocation	The fair values and asset allocation of our plan assets as of December 31, 2021 and 2020 and the target allocation for fiscal 2021, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands): December 31, 2021 December 31, 2020 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value (1) Assets Cash and equivalents 0% to 10 % $ 928 6 % $ 877 6 % Equity securities 40% to 57 % 9,678 61 % 9,755 67 % Fixed income securities 35% to 50 % 5,334 33 % 3,936 27 % Total $ 15,940 100 % $ 14,568 100 %

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
COMMITMENTS (Tables)	Dec. 31, 2021
COMMITMENTS
Schedule of remaining lease obligation	The remaining lease obligation, excluding any extension options, for our corporate office is as follows (dollars in thousands): Future Minimum Year Ended Rentals 2022 $ 470 2023 470 2024 470 2025 116 Total undiscounted lease payments $ 1,526 Discount (79) Lease Liability $ 1,447

LOANS PAYABLE AND SECURED LIN_2

LOANS PAYABLE AND SECURED LINE OF CREDIT (Tables)	12 Months Ended
LOANS PAYABLE AND SECURED LINE OF CREDIT (Tables)	Dec. 31, 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 December 31, 2021, excluding extension options, were as follows (dollars in thousands): Year of Maturity Principal (As Restated) 2022 $ 10,000 2023 232,981 2024 35,750 2025 — 2026 — 278,731 Less: deferred finance costs, net (8,025) Total loans, secured line of credit, and note payable, net $ 270,706
Schedule of consolidated interest (income) expense	Consolidated interest expense (income), net includes the following (dollars in thousands): Year Ended Year Ended Year Ended December 31, December 31, December 31, 2021 2020 2019 Restated (a) Revised (b) Revised (b) Interest expense $ 21,238 $ 17,174 $ 13,513 Interest capitalized (13,314) (15,577) (13,333) Interest income (2) (57) (67) Interest expense (income), net $ 7,922 $ 1,540 $ 113 (a) Amounts are restated. See Note 3 for more information. (b) Amounts are revised. See Note 3 for more information.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2021
STOCK-BASED COMPENSATION
Schedule of Share - based compensation stock incentive plan	Year Ended Year Ended December 31, 2021 December 31, 2020 Weighted Weighted Average Fair Average Fair Number of Value at Number of Value at Shares Grant Date Shares Grant Date Balance available, beginning of period 548,370 - 1,017,535 - Additional shares approved by stockholders 1,500,000 - - - Granted to employees (310,000) $ 1.25 (295,500) $ 3.01 Granted to non-employee directors (61,167) $ 1.77 (59,660) $ 1.65 Deferred under non-employee director's deferral program (107,754) $ 1.77 (114,005) $ 1.76 Balance available, end of period 1,569,449 - 548,370 -
Schedule of share- based compensation restricted stock units award activity	Year ended December 31, 2021 Year ended 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 (227,917) $ 3.59 (279,834) $ 5.46 Non-vested at end of period 551,083 $ 2.14 469,000 $ 3.43

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)	Dec. 31, 2021
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
Schedule of balance sheets for the unconsolidated joint venture	During the year ended December 31, 2021, we recognized our share of the fair value liability associated with an interest rate swap entered into on February 28, 2020 of approximately $77,000. The combined balance sheets for our unconsolidated joint ventures at December 31, 2021 and 2020 are as follows (dollars in thousands): December 31, December 31, 2021 2020 ASSETS Real estate, net $ 164,143 $ 167,749 Cash and cash equivalents 1,244 1,344 Restricted cash 891 766 Tenant and other receivables, net 225 254 Prepaid expenses and other assets, net 315 204 Intangible assets, net 21,527 24,006 Total assets $ 188,345 $ 194,323 LIABILITIES Mortgages payable, net $ 112,934 $ 114,218 Accounts payable and accrued expenses 1,849 1,705 Total liabilities 114,783 115,923 MEMBERS’ EQUITY Members’ equity 87,654 92,070 Accumulated deficit (14,092) (11,943) Accumulated other comprehensive loss — (1,727) Total members’ equity 73,562 78,400 Total liabilities and members’ equity $ 188,345 $ 194,323 Our investments in unconsolidated joint ventures $ 17,938 $ 19,379
Schedule of statement of operations for unconsolidated joint ventures	The combined statements of operations for the unconsolidated joint ventures for the years ended December 31, 2021, 2020, and 2019 are as follows (dollars in thousands): For the Year Ended For the Year Ended For the Year Ended December 31, December 31, December 31, 2021 2020 2019 Revenues Rental revenues $ 12,679 $ 12,747 $ 3,314 Total revenues 12,679 12,747 3,314 Operating Expenses Property operating expenses 4,055 3,595 956 Real estate taxes 100 94 45 General and administrative 10 10 10 Amortization 2,479 5,676 536 Depreciation 3,937 3,833 1,328 Total operating expenses 10,581 13,208 2,875 Operating income (loss) 2,098 (461) 439 Interest expense, net (3,806) (3,780) (1,905) Interest expense - amortization of deferred finance costs (289) (1,881) (172) Interest expense - change in fair market value of interest rate swap (153) — — Net loss $ (2,150) $ (6,122) $ (1,638) Our equity in net loss from unconsolidated joint ventures $ (555) $ (1,571) $ (819)

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Schedule of restatement and revision of previously issued consolidated financial statements	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2019 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 4,062 $ 569 $ 4,631 Total revenues 4,062 569 4,631 Operating Expenses Property operating expenses 5,328 1,812 7,140 Real estate taxes 328 182 510 General and administrative 5,349 328 5,677 Pension related costs 733 — 733 Transaction related costs 167 — 167 Depreciation and amortization 2,977 1,141 4,118 Total operating expenses 14,882 3,463 18,345 Gain on sale of real estate 9,521 — 9,521 Operating loss (1,299) (2,894) (4,193) Equity in net loss from unconsolidated joint ventures (819) — (819) Interest income (expense), net 67 (180) (113) Interest expense - amortization of deferred finance costs — (39) (39) Loss before taxes (2,051) (3,113) (5,164) Tax expense (128) — (128) Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Other comprehensive loss: Unrealized gain on pension liability 344 — 344 Comprehensive loss attributable to common stockholders $ (1,835) $ (3,113) $ (4,948) Loss per share - basic and diluted $ (0.07) $ (0.10) $ (0.17) Weighted average number of common shares - basic and diluted 31,915 31,915 31,915 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2019 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (15,466) $ (3,518) $ 59,461 Net loss attributable to common stockholders — — — — — (2,179) — (2,179) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Revision Impact Balance as of December 31, 2018 — $ — $ — — $ — $ (614) $ — $ (614) Net loss attributable to common stockholders — — — — — (3,113) — (3,113) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) As Revised Balance as of December 31, 2018 37,161 $ 372 $ 132,831 (5,514) $ (54,758) $ (16,080) $ (3,518) $ 58,847 Net loss attributable to common stockholders — — — — — (5,292) — (5,292) Settlement of stock awards 451 4 — (187) (776) — — (772) Unrealized gain on pension liability — — — — — 1,648 344 1,992 Stock-based compensation expense — — 1,386 — — — — 1,386 Stock buy-back — — — (30) (197) — — (197) Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2019 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (2,179) $ (3,113) $ (5,292) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,977 1,180 4,157 Stock-based compensation expense 905 — 905 Gain on sale of real estate (9,521) — (9,521) Deferred rents receivable 578 — 578 Other non-cash adjustments - pension expense 1,992 — 1,992 Equity in net loss from unconsolidated joint ventures 819 — 819 Distributions from unconsolidated joint ventures 33 — 33 Decrease (increase) in operating assets: Residential condominium units for sale — (65,098) (65,098) Receivables 1,577 — 1,577 Prepaid expenses and other assets, net 278 — 278 Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 1,649 — 1,649 Pension liabilities (2,705) — (2,705) Net cash used in operating activities (3,597) (67,031) (70,628) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (91,847) 67,031 (24,816) Net proceeds from the sale of real estate 18,812 — 18,812 Deferred real estate deposits of SCA condominium 33,609 — 33,609 Net cash used in (provided by) investing activities (39,426) 67,031 27,605 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 55,475 — 55,475 Proceeds from secured line of credit 7,250 — 7,250 Payment of finance costs (1,531) — (1,531) Repayment of loans (10,557) — (10,557) Repayment of secured line of credit (2,000) — (2,000) Settlement of stock awards (772) — (772) Stock buy-back (197) — (197) Net cash provided by financing activities 47,668 — 47,668 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,645 — 4,645 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 14,025 — 14,025 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 11,496 $ — $ 11,496 RESTRICTED CASH, BEGINNING OF PERIOD 2,529 — 2,529 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 14,025 $ — $ 14,025 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, END OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 18,670 $ — $ 18,670 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 12,631 $ — $ 12,631 Cash paid during the period for: Taxes $ 352 $ — $ 352 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 12,698 $ (12,698) $ — Capitalized amortization of deferred financing costs and warrants $ 2,739 $ (39) $ 2,700 Capitalized stock-based compensation expense $ 480 $ (79) $ 401 Right of use asset $ 1,904 $ — $ 1,904 Lease liabilities $ (2,065) $ — $ (2,065) Warrant liability $ (1,795) $ — $ (1,795) CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2020 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 279,204 $ (209,164) $ 70,040 Residential condominium units for sale — 203,276 203,276 Cash and cash equivalents 6,515 — 6,515 Restricted cash 9,554 — 9,554 Prepaid expenses and other assets, net 2,703 — 2,703 Investments in unconsolidated joint ventures 19,379 — 19,379 Receivables 966 — 966 Deferred rents receivable 90 — 90 Right-of-use asset 1,565 — 1,565 Intangible assets, net 9,172 — 9,172 Total assets $ 329,148 $ (5,888) $ 323,260 LIABILITIES Loans payable, net $ 197,330 $ — $ 197,330 Corporate credit facility, net 31,858 — 31,858 Secured line of credit, net 7,747 — 7,747 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 15,896 — 15,896 Lease liability 1,716 — 1,716 Warrant liability 830 — 830 Total liabilities 261,240 — 261,240 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 38,345,540 shares issued at December 31, 2020; 32,172,107 shares outstanding at December 31, 2020 383 — 383 Additional paid-in capital 135,978 — 135,978 Treasury stock (6,173,433 shares at December 31, 2020) (56,791) — (56,791) Accumulated other comprehensive loss (2,159) — (2,159) Accumulated deficit (9,503) (5,888) (15,391) Total stockholders' equity 67,908 (5,888) 62,020 Total liabilities and stockholders' equity $ 329,148 $ (5,888) $ 323,260 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share amounts) For the Year Ended December 31, 2020 As Previously Revision Reported Impact As Revised Revenues Rental revenues $ 993 $ 570 $ 1,563 Other income 263 — 263 Total revenues 1,256 570 1,826 Operating Expenses Property operating expenses 8,166 954 9,120 Real estate taxes 79 175 254 General and administrative 4,955 262 5,217 Pension related costs 345 — 345 Transaction related costs 133 — 133 Depreciation and amortization 2,768 1,139 3,907 Total operating expenses 16,446 2,530 18,976 Gain on sale of school condominium 24,196 — 24,196 Operating income 9,006 (1,960) 7,046 Equity in net loss from unconsolidated joint ventures (1,571) — (1,571) Unrealized gain on warrants 965 — 965 Interest expense, net (1,398) (142) (1,540) Interest expense - amortization of deferred finance costs (202) (59) (261) Income before taxes 6,800 (2,161) 4,639 Tax expense (306) — (306) Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Other comprehensive income: Unrealized gain on pension liability 1,015 — 1,015 Comprehensive income attributable to common stockholders $ 7,509 $ (2,161) $ 5,348 Income per share - basic $ 0.20 $ (0.07) $ 0.13 Income per share - diluted $ 0.20 $ (0.07) $ 0.13 Weighted average number of common shares - basic 32,305 32,305 32,305 Weighted average number of common shares - diluted 32,860 32,860 32,860 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECMEBER 31, 2020 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (15,997) $ (3,174) $ 59,691 Net income attributable to common stockholders — — — — — 6,494 — 6,494 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Revision Impact Balance as of December 31, 2019 — $ — $ — — $ — $ (3,727) $ — $ (3,727) Net loss attributable to common stockholders — — — — — (2,161) — (2,161) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Stock-based consulting fees — — — — — — — — Stock buy-back — — — — — — — — Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) As Revised Balance as of December 31, 2019 37,612 $ 376 $ 134,217 (5,731) $ (55,731) $ (19,724) $ (3,174) $ 55,964 Net income attributable to common stockholders — — — — — 4,333 — 4,333 Settlement of stock awards 543 5 — (222) (701) — — (696) Unrealized gain on pension liability — — — — — — 1,015 1,015 Stock-based compensation expense — — 1,163 — — — — 1,163 Stock-based consulting fees 190 2 598 — — — — 600 Stock buy-back — — — (220) (359) — — (359) Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2020 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income attributable to common stockholders $ 6,494 $ (2,161) $ 4,333 Adjustments to reconcile net income attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 2,970 1,198 4,168 Stock-based compensation expense 806 — 806 Gain on sale of school condominium (24,196) — (24,196) Deferred rents receivable (84) — (84) Other non-cash adjustments - pension expense 1,015 — 1,015 Unrealized gain on warrants (965) — (965) Equity in net loss from unconsolidated joint ventures 1,571 — 1,571 Distributions from unconsolidated joint ventures 1,110 — 1,110 Decrease in operating assets: Residential condominium units for sale — (46,473) (46,473) Receivables 2,392 — 2,392 Prepaid expenses and other assets, net 190 — 190 (Decrease) increase in operating liabilities: Accounts payable and accrued expenses (686) 1,971 1,285 Pension liabilities (1,033) — (1,033) Net cash used in operating activities (10,416) (45,465) (55,881) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (51,715) 47,436 (4,279) Deferred real estate deposits of condominiums 1,971 (1,971) — Investments in unconsolidated joint ventures (5,383) — (5,383) Net cash used in investing activities (55,127) 45,465 (9,662) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 86,361 — 86,361 Proceeds from secured line of credit 5,000 — 5,000 Payment of finance costs (1,497) — (1,497) Repayment of loans (23,368) — (23,368) Repayment of secured line of credit (2,500) — (2,500) Settlement of stock awards (695) — (695) Stock buy-back (359) — (359) Net cash provided by financing activities 62,942 — 62,942 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,601) — (2,601) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 18,670 — 18,670 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 9,196 $ — $ 9,196 RESTRICTED CASH, BEGINNING OF PERIOD 9,474 — 9,474 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 18,670 $ — $ 18,670 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, END OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 16,069 $ — $ 16,069 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 15,495 $ — $ 15,495 Cash paid during the period for: Taxes $ 251 $ — $ 251 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 10,319 $ (10,319) $ — Capitalized amortization of deferred financing costs and warrants $ 2,727 $ (59) $ 2,668 Capitalized stock-based compensation expense $ 356 $ (57) $ 299 Investment in unconsolidated joint venture $ 5,193 $ — $ 5,193 CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) As of December 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 294,536 $ (227,202) $ 67,334 Residential condominium units for sale — 216,983 216,983 Cash and cash equivalents 4,310 — 4,310 Restricted cash 20,535 — 20,535 Prepaid expenses and other assets, net 4,126 — 4,126 Investments in unconsolidated joint ventures 17,938 — 17,938 Receivables 84 — 84 Deferred rents receivable 114 — 114 Right-of-use asset 1,314 — 1,314 Intangible assets, net 8,432 — 8,432 Total assets $ 351,389 $ (10,219) $ 341,170 LIABILITIES Loans payable, net $ 219,249 $ — $ 219,249 Corporate credit facility, net 32,844 — 32,844 Secured line of credit, net 12,750 — 12,750 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 17,864 — 17,864 Lease liability 1,447 — 1,447 Warrant liability 1,146 — 1,146 Total liabilities 291,163 — 291,163 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 shares issued at December 31, 2021; shares outstanding at December 31, 2021 430 — 430 Additional paid-in capital 144,282 — 144,282 Treasury stock (6,397,875 shares at December 31, 2021) (57,166) — (57,166) Accumulated other comprehensive loss (1,343) — (1,343) Accumulated deficit (25,977) (10,219) (36,196) Total stockholders' equity 60,226 (10,219) 50,007 Total liabilities and stockholders' equity $ 351,389 $ (10,219) $ 341,170 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share amounts) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated Revenues Rental revenues $ 2,600 $ 625 $ 3,225 Other income 355 — 355 Sale of residential condominium units 24,802 (1,117) 23,685 Total revenues 27,757 (492) 27,265 Operating Expenses Property operating expenses 7,414 (1,831) 5,583 Real estate taxes 74 650 724 General and administrative 4,492 641 5,133 Pension related costs 67 — 67 Cost of sale - residential condominium units 24,432 (2,062) 22,370 Depreciation and amortization 2,864 1,139 4,003 Total operating expenses 39,343 (1,463) 37,880 Operating loss (11,586) 971 (10,615) Equity in net loss from unconsolidated joint ventures (555) — (555) Unrealized gain on warrants 73 — 73 Interest expense, net (3,007) (4,915) (7,922) Interest expense - amortization of deferred finance costs (1,134) (387) (1,521) Loss before taxes (16,209) (4,331) (20,540) Tax expense (265) — (265) Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Other comprehensive loss: Unrealized gain on pension liability 816 — 816 Comprehensive loss attributable to common stockholders $ (15,658) $ (4,331) $ (19,989) Loss per share - basic and diluted $ (0.49) $ (0.13) $ (0.62) Weighted average number of common shares - basic and diluted 33,322 33,322 33,322 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE YEAR ENDED DECEMBER 31, 2021 Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total As Previously Reported Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (9,503) $ (2,159) $ 67,908 Net loss attributable to common stockholders — — — — — (16,474) — (16,474) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (25,977) $ (1,343) $ 60,226 Restatement Impact Balance as of December 31, 2020 — $ — $ — — $ — $ (5,888) $ — $ (5,888) Net loss attributable to common stockholders — — — — — (4,331) — (4,331) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Sale of common stock — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of December 31, 2021 — $ — $ — — $ — $ (10,219) $ — $ (10,219) As Restated Balance as of December 31, 2020 38,345 $ 383 $ 135,978 (6,173) $ (56,791) $ (15,391) $ (2,159) $ 62,020 Net loss attributable to common stockholders — — — — — (20,805) — (20,805) Settlement of stock awards 535 5 — (225) (375) — — (370) Unrealized gain on pension liability — — — — — — 816 816 Sale of common stock 4,144 42 7,597 — — — — 7,639 Stock-based compensation expense — — 707 — — — — 707 Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (36,196) $ (1,343) $ 50,007 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year Ended December 31, 2021 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (16,474) $ (4,331) $ (20,805) Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 3,998 1,526 5,524 Stock-based compensation expense 530 — 530 Deferred rents receivable (24) — (24) Other non-cash adjustments - pension expense 816 — 816 Unrealized gain on warrants (73) — (73) Equity in net loss from unconsolidated joint ventures 555 — 555 Distributions from unconsolidated joint ventures 885 — 885 (Increase) decrease in operating assets: Residential condominium units for sale (321) (11,129) (11,450) Receivables 882 — 882 Prepaid expenses and other assets, net (257) — (257) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 3,467 — 3,467 Pension liabilities (1,288) — (1,288) Net cash used in operating activities (7,304) (13,934) (21,238) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (36,349) 36,209 (140) Net proceeds from the sale of residential condominium units 22,275 (22,275) — Net cash used in investing activities (14,074) 13,934 (140) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 249,984 — 249,984 Proceeds from secured line of credit 8,200 — 8,200 Payment of finance costs (6,552) — (6,552) Repayment of loans (225,547) — (225,547) Repayment of secured line of credit (3,200) — (3,200) Settlement of stock awards (370) — (370) Sale of common stock, net 7,639 — 7,639 Net cash provided by financing activities 30,154 — 30,154 NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 8,776 — 8,776 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 — 16,069 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 24,845 $ — $ 24,845 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 6,515 $ — $ 6,515 RESTRICTED CASH, BEGINNING OF PERIOD 9,554 — 9,554 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 16,069 $ — $ 16,069 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,310 $ — $ 4,310 RESTRICTED CASH, END OF PERIOD 20,535 — 20,535 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 24,845 $ — $ 24,845 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 16,042 $ — $ 16,042 Cash paid during the period for: Taxes $ 395 $ — $ 395 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 8,805 $ (8,805) $ — Capitalized amortization of deferred financing costs and warrants $ 3,580 $ (387) $ 3,193 Capitalized stock-based compensation expense $ 177 $ (55) $ 122 Loan forgiveness $ 243 $ — $ 243 As of March 31, 2021 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 289,294 $ (219,941) $ 69,353 Residential condominium units for sale — 213,223 213,223 Cash and cash equivalents 5,034 — 5,034 Restricted cash 6,694 — 6,694 Prepaid expenses and other assets, net 3,343 — 3,343 Investments in unconsolidated joint ventures 18,814 — 18,814 Receivables 919 — 919 Deferred rents receivable 102 — 102 Right-of-use asset 1,478 — 1,478 Intangible assets, net 8,987 — 8,987 Total assets $ 334,665 $ (6,718) $ 327,947 LIABILITIES Loans payable, net $ 207,317 $ — $ 207,317 Corporate credit facility, net 32,104 — 32,104 Secured line of credit, net 8,950 — 8,950 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 14,368 — 14,368 Pension liabilities — — — Lease liability 1,626 — 1,626 Warrant liability 3,196 — 3,196 Total liabilities 273,424 — 273,424 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding — — — Preferred stock, $0.01 par value; 2 shares authorized, no shares issued — — — Special stock, $0.01 par value; 1 share authorized, issued outstanding — — — Common stock, $0.01 par valu

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended	12 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Mar. 31, 2022 item	Dec. 31, 2021 USD ($) item	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2020	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Total cash and restricted cash		$ 24,845	$ 12,649	$ 9,795	$ 11,728	$ 16,069		$ 18,670	$ 14,025
Cash and cash equivalents		4,310	917	2,169	5,034	6,515		9,196	11,496
Restricted cash		$ 20,535	$ 11,732	$ 7,626	$ 6,694	$ 9,554		$ 9,474	$ 2,529
Greenwich Ny 77 [Member]
Number of residential condominium units closed \| item		14
Number of additional residential condominium units closed or under contract \| item	3
Federal [Member]
Operating Loss Carryforwards		$ 254,800
Berkley JV
Equity Method Investment, Ownership Percentage		50%					50%
250 North 10th JV
Equity Method Investment, Ownership Percentage		10%					10%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Depreciation (Details)	12 Months Ended
	Dec. 31, 2021
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and improvements \| Maximum
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
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and fixtures \| Maximum
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	12 Months Ended
	Dec. 31, 2021 USD ($) segment $ / shares shares	Dec. 08, 2021 $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 22, 2020 $ / shares	Dec. 31, 2019 $ / shares
Number of reportable segment \| segment	1
Unrecognized Tax Benefits	$ 0		$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 4.31	$ 1.90		$ 4.31	$ 6.50
Corporate Credit Facility
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 4.31		$ 6.50
Deferred Offering Costs	$ 2,900		$ 3,900
Loans Payable and Secured Line of Credit Member [Member]
Deferred Offering Costs	$ 5,100		$ 3,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	310,074
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	7,179,000

RESTATEMENT AND REVISION OF CON

RESTATEMENT AND REVISION OF CONSOLIDATED FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
ASSETS
Real estate, net	$ 67,334,000	$ 67,996,000	$ 68,663,000	$ 69,353,000	$ 70,040,000
Residential condominium units for sale	216,983,000	228,102,000	222,713,000	213,223,000	203,276,000
Cash and cash equivalents	4,310,000	917,000	2,169,000	5,034,000	6,515,000		$ 9,196,000		$ 11,496,000
Restricted cash	20,535,000	11,732,000	7,626,000	6,694,000	9,554,000		9,474,000		2,529,000
Prepaid expenses and other assets, net	4,126,000	3,555,000	2,934,000	3,343,000	2,703,000
Investments in unconsolidated joint ventures	17,938,000	18,056,000	18,318,000	18,814,000	19,379,000
Receivables	84,000	79,000	146,000	919,000	966,000
Deferred rents receivable	114,000	110,000	106,000	102,000	90,000
Right-of-use asset	1,314,000	1,374,000	1,389,000	1,478,000	1,565,000
Intangible assets, net	8,432,000	8,617,000	8,802,000	8,987,000	9,172,000
Total assets	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
LIABILITIES
Loans payable, net	219,249,000	223,503,000	215,193,000	207,317,000	197,330,000
Corporate credit facility, net	32,844,000	32,597,000	32,351,000	32,104,000	31,858,000
Secured line of credit, net	12,750,000	11,950,000	8,950,000	8,950,000	7,747,000
Note payable	5,863,000	5,863,000	5,863,000	5,863,000	5,863,000
Accounts payable and accrued expenses	17,864,000	18,457,000	17,458,000	14,368,000	15,896,000
Lease liability	1,447,000	1,516,000	1,536,000	1,626,000	1,716,000
Warrant liability	1,146,000	1,411,000	3,129,000	3,196,000	830,000
Total liabilities	291,163,000	295,297,000	284,480,000	273,424,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Common stock	430,000	390,000	389,000	388,000	383,000
Additional paid-in capital	144,282,000	(136,672,000)	(136,329,000)	136,151,000	135,978,000
Treasury stock	(57,166,000)	(57,166,000)	(57,166,000)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,343,000)	(1,803,000)	(1,922,000)	(2,040,000)	(2,159,000)
Accumulated deficit	(36,196,000)	(32,852,000)	(29,244,000)	(22,810,000)	(15,391,000)
Total stockholders' equity	50,007,000	45,241,000	48,386,000	54,523,000	62,020,000	[1]	55,964,000	[1]	58,847,000
Total liabilities and stockholders' equity	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| As Previously Reported
ASSETS
Real estate, net	294,536,000	307,112,000	299,814,000	289,294,000	279,204,000
Cash and cash equivalents	4,310,000	917,000	2,169,000	5,034,000	6,515,000		9,196,000		11,496,000
Restricted cash	20,535,000	11,732,000	7,626,000	6,694,000	9,554,000		9,474,000		2,529,000
Prepaid expenses and other assets, net	4,126,000	3,555,000	2,934,000	3,343,000	2,703,000
Investments in unconsolidated joint ventures	17,938,000	18,056,000	18,318,000	18,814,000	19,379,000
Receivables	84,000	79,000	146,000	919,000	966,000
Deferred rents receivable	114,000	110,000	106,000	102,000	90,000
Right-of-use asset	1,314,000	1,374,000	1,389,000	1,478,000	1,565,000
Intangible assets, net	8,432,000	8,617,000	8,802,000	8,987,000	9,172,000
Total assets	351,389,000	351,552,000	341,304,000	334,665,000	329,148,000
LIABILITIES
Loans payable, net	219,249,000	223,503,000	215,193,000	207,317,000	197,330,000
Corporate credit facility, net	32,844,000	32,597,000	32,351,000	32,104,000	31,858,000
Secured line of credit, net	12,750,000	11,950,000	8,950,000	8,950,000	7,747,000
Note payable	5,863,000	5,863,000	5,863,000	5,863,000	5,863,000
Accounts payable and accrued expenses	17,864,000	18,457,000	17,458,000	14,368,000	15,896,000
Lease liability	1,447,000	1,516,000	1,536,000	1,626,000	1,716,000
Warrant liability	1,146,000	1,411,000	3,129,000	3,196,000	830,000
Total liabilities	291,163,000	295,297,000	284,480,000	273,424,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Common stock	430,000	390,000	389,000	388,000	383,000
Additional paid-in capital	144,282,000	(136,672,000)	(136,329,000)	136,151,000	135,978,000
Treasury stock	(57,166,000)	(57,166,000)	(57,166,000)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,343,000)	(1,803,000)	(1,922,000)	(2,040,000)	(2,159,000)
Accumulated deficit	(25,977,000)	(21,838,000)	(20,806,000)	(16,092,000)	(9,503,000)
Total stockholders' equity	60,226,000	56,255,000	56,824,000	61,241,000	67,908,000		59,691,000		59,461,000
Total liabilities and stockholders' equity	351,389,000	351,552,000	341,304,000	334,665,000	329,148,000
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
ASSETS
Real estate, net	(227,202,000)	(239,116,000)	(231,151,000)	(219,941,000)	(209,164,000)
Residential condominium units for sale	216,983,000	228,102,000	222,713,000	213,223,000	203,276,000
Total assets	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
LIABILITIES
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Accumulated deficit	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
Total stockholders' equity	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)		$ (3,727,000)		$ (614,000)
Total liabilities and stockholders' equity	$ (10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT AND REVISION OF C_2

RESTATEMENT AND REVISION OF CONSOLIDATED FINANCIAL STATEMENTS - Balance Sheet - Parenthetical (Details) - $ / shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Revision of Previously Issued Consolidated Financial Statements
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1	1	1	1
Special Stock, Shares Issued	1	1	1	1	1
Special Stock, Shares Outstanding	1	1	1	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997	79,999,997	79,999,997	79,999,997
Common Stock, Shares, Issued	43,024,424	39,016,012	38,853,433	38,840,508	38,345,540
Common Stock, Shares, Outstanding	36,626,549	32,618,137	32,455,568	32,442,633	32,172,107
Treasury Stock, Shares	6,397,875	6,397,875	6,397,875	6,397,875	6,173,433
Blank Check Preferred Stock
Revision of Previously Issued Consolidated Financial Statements
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0
Preferred Stock
Revision of Previously Issued Consolidated Financial Statements
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2	2	2	2	2
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0

RESTATEMENT AND REVISION OF C_3

RESTATEMENT AND REVISION OF CONSOLIDATED FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Revenues
Rental revenues	$ 967	$ 577	$ 447	$ 1,024	$ 1,991	$ 3,225	$ 1,563	[1]	$ 4,631	[1]
Other income	30	256	46	302	332	355	263	[1]	0	[1]
Sale of residential condominium units	1,428				1,428	23,685	0	[1]	0	[1]
Total revenues	2,425	833	493	1,326	3,751	27,265	1,826	[1]	4,631	[1]
Operating Expenses
Property operating expenses	897	1,888		3,795	4,692	5,583	9,120	[1]	7,140	[1]
Real estate taxes	271	79	79	158	429	724	254	[1]	510	[1]
General and administrative	1,440	1,387	1,243	2,630	4,070	5,133	5,217	[1]	5,677	[1]
Pension related costs	158	162	163	325	483	67	345	[1]	733	[1]
Cost of sale - residential condominium units	1,395				1,395	22,370	0	[1]	0	[1]
Transaction related costs						0	133	[1]	167	[1]
Depreciation and amortization	1,001	1,000	1,000	2,000	3,001	4,003	3,907	[1]	4,118	[1]
Total operating expenses	5,162	4,516	4,392	8,908	14,070	37,880	18,976	[1]	18,345	[1]
Gain on sale of real estate									9,521
Gain on sale of school condominium						0	24,196	[1]	0	[1]
Operating (loss) income	(2,737)	(3,683)	(3,899)	(7,582)	(10,319)	(10,615)	7,046	[1]	(4,193)	[1]
Equity in net loss from unconsolidated joint ventures		(264)	(372)	(636)	(636)	(555)	(1,571)	[1]	(819)	[1]
Unrealized gain on warrants	1,718	67	(1,977)	(1,910)	(192)	73	965	[1]	0	[1]
Interest expense, net	(2,367)	(1,772)	(875)	(2,647)	(5,014)	(7,922)	(1,540)	[1]	(113)	[1]
Interest expense - amortization of deferred finance costs	(269)	(683)	(261)	(944)	(1,213)	(1,521)	(261)	[1]	(39)	[1]
(Loss) income before taxes	(3,655)	(6,335)	(7,384)	(13,719)	(17,374)	(20,540)	4,639	[1]	(5,164)	[1]
Tax expense	47	(99)	(35)	(134)	(87)	(265)	(306)	[1]	(128)	[1]
Net (loss) income attributable to common stockholders	(3,608)	(6,434)	(7,419)	(13,853)	(17,461)	(20,805)	4,333	[1]	(5,292)	[1]
Other comprehensive (loss) income:
Unrealized gain on pension liability	119	118	119	237	356	816	1,015	[1]	344	[1]
Comprehensive (loss) income attributable to common stockholders	$ (3,489)	$ (6,316)	$ (7,300)	$ (13,616)	$ (17,105)	$ (19,989)	$ 5,348	[1]	$ (4,948)	[1]
(Loss) income per share - basic	$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13	[1]	$ (0.17)	[1]
(Loss) income per share - diluted	$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13	[1]	$ (0.17)	[1]
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305	[1]	31,915	[1]
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860	[1]	31,915	[1]
Error Related to Classification of Real Estate Under Development \| As Previously Reported
Revenues
Rental revenues	$ 803	$ 425	$ 299	$ 724	$ 1,527	$ 2,600	$ 993		$ 4,062
Other income	30	256	46	302	332	355	263
Sale of residential condominium units	1,450				1,450	24,802
Total revenues	2,283	681	345	1,026	3,309	27,757	1,256		4,062
Operating Expenses
Property operating expenses	705	1,463		3,118	3,823	7,414	8,166		5,328
Real estate taxes	17	20	20	40	57	74	79		328
General and administrative	1,217	1,235	1,203	2,438	3,655	4,492	4,955		5,349
Pension related costs	158	162	163	325	483	67	345		733
Cost of sale - residential condominium units	1,417				1,417	24,432
Transaction related costs							133		167
Depreciation and amortization	716	715	715	1,430	2,146	2,864	2,768		2,977
Total operating expenses	4,230	3,595	3,756	7,351	11,581	39,343	16,446		14,882
Gain on sale of real estate									9,521
Gain on sale of school condominium							24,196
Operating (loss) income	(1,947)	(2,914)	(3,411)	(6,325)	(8,272)	(11,586)	9,006		(1,299)
Equity in net loss from unconsolidated joint ventures		(264)	(372)	(636)	(636)	(555)	(1,571)		(819)
Unrealized gain on warrants	1,718	67	(1,977)	(1,910)	(192)	73	965
Interest expense, net	(690)	(881)	(601)	(1,482)	(2,172)	(3,007)	(1,398)		67
Interest expense - amortization of deferred finance costs	(160)	(623)	(193)	(816)	(976)	(1,134)	(202)
(Loss) income before taxes	(1,079)	(4,615)	(6,554)	(11,169)	(12,248)	(16,209)	6,800		(2,051)
Tax expense	47	(99)	(35)	(134)	(87)	(265)	(306)		(128)
Net (loss) income attributable to common stockholders	(1,032)	(4,714)	(6,589)	(11,303)	(12,335)	(16,474)	6,494		(2,179)
Other comprehensive (loss) income:
Unrealized gain on pension liability	119	118	119	237	356	816	1,015		344
Comprehensive (loss) income attributable to common stockholders	$ (913)	$ (4,596)	$ (6,470)	$ (11,066)	$ (11,979)	$ (15,658)	$ 7,509		$ (1,835)
(Loss) income per share - basic	$ (0.03)	$ (0.14)	$ (0.20)	$ (0.35)	$ (0.38)	$ (0.49)	$ 0.20		$ (0.07)
(Loss) income per share - diluted	$ (0.03)	$ (0.14)	$ (0.20)	$ (0.35)	$ (0.38)	$ (0.49)	$ 0.20		$ (0.07)
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305		31,915
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860		31,915
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Revenues
Rental revenues	$ 164	$ 152	$ 148	$ 300	$ 464	$ 625	$ 570		$ 569
Sale of residential condominium units	(22)				(22)	(1,117)
Total revenues	142	152	148	300	442	(492)	570		569
Operating Expenses
Property operating expenses	192	425		677	869	(1,831)	954		1,812
Real estate taxes	254	59	59	118	372	650	175		182
General and administrative	223	152	40	192	415	641	262		328
Cost of sale - residential condominium units	(22)				(22)	(2,062)
Depreciation and amortization	285	285	285	570	855	1,139	1,139		1,141
Total operating expenses	932	921	636	1,557	2,489	(1,463)	2,530		3,463
Operating (loss) income	(790)	(769)	(488)	(1,257)	(2,047)	971	(1,960)		(2,894)
Interest expense, net	(1,677)	(891)	(274)	(1,165)	(2,842)	(4,915)	(142)		(180)
Interest expense - amortization of deferred finance costs	(109)	(60)	(68)	(128)	(237)	(387)	(59)		(39)
(Loss) income before taxes	(2,576)	(1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
Net (loss) income attributable to common stockholders	(2,576)	(1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
Other comprehensive (loss) income:
Comprehensive (loss) income attributable to common stockholders	$ (2,576)	$ (1,720)	$ (830)	$ (2,550)	$ (5,126)	$ (4,331)	$ (2,161)		$ (3,113)
(Loss) income per share - basic	$ (0.08)	$ (0.05)	$ (0.03)	$ (0.08)	$ (0.16)	$ (0.13)	$ (0.07)		$ (0.10)
(Loss) income per share - diluted	$ (0.08)	$ (0.05)	$ (0.03)	$ (0.08)	$ (0.16)	$ (0.13)	$ (0.07)		$ (0.10)
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305		31,915
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860		31,915

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT AND REVISION OF C_4

RESTATEMENT AND REVISION OF CONSOLIDATED FINANCIAL STATEMENTS - Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021		Jun. 30, 2021		Sep. 30, 2021		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Changes in Stockholders' Equity
Balance	$ 48,386	$ 54,523	$ 62,020	[1]	$ 62,020	[1]	$ 62,020	[1]	$ 62,020	[1]	$ 55,964	[1]	$ 58,847
Net (loss) income attributable to common stockholders	(3,608)	(6,434)	(7,419)		(13,853)		(17,461)		(20,805)		4,333	[1]	(5,292)	[1]
Settlement of stock awards		1	(370)		(369)		(370)		(370)		(696)		(772)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		1,992
Sale of common stock	166						167		7,639
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											600
Stock buy-back											(359)		(197)
Balance	45,241	48,386	54,523		48,386		45,241		50,007		62,020	[1]	55,964	[1]
Common Stock
Changes in Stockholders' Equity
Balance	$ 389	$ 388	$ 383	[1]	$ 383	[1]	$ 383	[1]	$ 383	[1]	$ 376	[1]	$ 372
Balance (in shares)	38,853	38,841	38,345	[1]	38,345	[1]	38,345	[1]	38,345	[1]	37,612	[1]	37,161
Net (loss) income attributable to common stockholders									$ 0		$ 0		$ 0
Settlement of stock awards		$ 1	$ 5		$ 6		$ 5		$ 5		$ 5		$ 4
Settlement of stock awards (in shares)	13	12	496		508		521		535		543		451
Unrealized gain on pension liability									$ 0		$ 0		$ 0
Sale of common stock	$ 1						$ 2		$ 42
Sale of common stock (in shares)	150						150		4,144
Stock-based compensation expense									$ 0		0		0
Stock-based consulting fees											$ 2
Stock-based consulting fees (in shares)											190
Stock buy-back											$ 0		$ 0
Stock buy-back (in shares)									0				0
Balance	$ 390	$ 389	$ 388		$ 389		$ 390		$ 430		$ 383	[1]	$ 376	[1]
Balance (in shares)	39,016	38,853	38,841		38,853		39,016		43,024		38,345	[1]	37,612	[1]
Additional Paid-In Capital
Changes in Stockholders' Equity
Balance	$ 136,329	$ 136,151	$ 135,978	[1]	$ 135,978	[1]	$ 135,978	[1]	$ 135,978	[1]	$ 134,217	[1]	$ 132,831
Net (loss) income attributable to common stockholders									0		0		0
Settlement of stock awards									0		0		0
Unrealized gain on pension liability									0		0		0
Sale of common stock	165						165		7,597
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											598
Stock buy-back											0		0
Balance	136,672	136,329	136,151		136,329		136,672		144,282		135,978	[1]	134,217	[1]
Treasury Stock
Changes in Stockholders' Equity
Balance	$ (57,166)	$ (57,166)	$ (56,791)	[1]	$ (56,791)	[1]	$ (56,791)	[1]	$ (56,791)	[1]	$ (55,731)	[1]	$ (54,758)
Balance (in shares)	(6,398)	(6,398)	(6,173)	[1]	(6,173)	[1]	(6,173)	[1]	(6,173)	[1]	(5,731)	[1]	(5,514)
Net (loss) income attributable to common stockholders									$ 0		$ 0		$ 0
Settlement of stock awards			$ (375)		$ (375)		$ (375)		$ (375)		$ (701)		$ (776)
Settlement of stock awards (in shares)			(225)		(225)		(225)		(225)		(222)		(187)
Unrealized gain on pension liability									$ 0		$ 0		$ 0
Sale of common stock									0
Stock-based compensation expense									$ 0		0		0
Stock-based consulting fees											0
Stock buy-back											$ (359)		$ (197)
Stock buy-back (in shares)									0		(220)		(30)
Balance	$ (57,166)	$ (57,166)	$ (57,166)		$ (57,166)		$ (57,166)		$ (57,166)		$ (56,791)	[1]	$ (55,731)	[1]
Balance (in shares)	(6,398)	(6,398)	(6,398)		(6,398)		(6,398)		(6,398)		(6,173)	[1]	(5,731)	[1]
Accumulated Deficit
Changes in Stockholders' Equity
Balance	$ (29,244)	$ (22,810)	$ (15,391)	[1]	$ (15,391)	[1]	$ (15,391)	[1]	$ (15,391)	[1]	$ (19,724)	[1]	$ (16,080)
Net (loss) income attributable to common stockholders	(3,608)	(6,434)	(7,419)		(13,853)		(17,461)		(20,805)		4,333		(5,292)
Settlement of stock awards									0		0		0
Unrealized gain on pension liability									0		0		1,648
Sale of common stock									0
Stock-based compensation expense									0		0		0
Stock-based consulting fees											0
Stock buy-back											0		0
Balance	(32,852)	(29,244)	(22,810)		(29,244)		(32,852)		(36,196)		(15,391)	[1]	(19,724)	[1]
Accumulated Other Comprehensive Loss
Changes in Stockholders' Equity
Balance	(1,922)	(2,040)	(2,159)	[1]	(2,159)	[1]	(2,159)	[1]	(2,159)	[1]	(3,174)	[1]	(3,518)
Net (loss) income attributable to common stockholders									0		0		0
Settlement of stock awards									0		0		0
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		344
Sale of common stock									0
Stock-based compensation expense									0		0		0
Stock-based consulting fees											0
Stock buy-back											0		0
Balance	(1,803)	(1,922)	(2,040)		(1,922)		(1,803)		(1,343)		(2,159)	[1]	(3,174)	[1]
Error Related to Classification of Real Estate Under Development \| As Previously Reported
Changes in Stockholders' Equity
Balance	56,824	61,241	67,908		67,908		67,908		67,908		59,691		59,461
Net (loss) income attributable to common stockholders	(1,032)	(4,714)	(6,589)		(11,303)		(12,335)		(16,474)		6,494		(2,179)
Settlement of stock awards		1	(370)		(369)		(370)		(370)		(696)		(772)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		1,992
Sale of common stock	166						167		7,639
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											600
Stock buy-back											(359)		(197)
Balance	56,255	56,824	61,241		56,824		56,255		60,226		67,908		59,691
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Common Stock
Changes in Stockholders' Equity
Balance	$ 389	$ 388	$ 383		$ 383		$ 383		$ 383		$ 376		$ 372
Balance (in shares)	38,853	38,841	38,345		38,345		38,345		38,345		37,612		37,161
Settlement of stock awards		$ 1	$ 5		$ 6		$ 5		$ 5		$ 5		$ 4
Settlement of stock awards (in shares)	13	12	496		508		521		535		543		451
Sale of common stock	$ 1						$ 2		$ 42
Sale of common stock (in shares)	150						150		4,144
Stock-based consulting fees											$ 2
Stock-based consulting fees (in shares)											190
Balance	$ 390	$ 389	$ 388		$ 389		$ 390		$ 430		$ 383		$ 376
Balance (in shares)	39,016	38,853	38,841		38,853		39,016		43,024		38,345		37,612
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Additional Paid-In Capital
Changes in Stockholders' Equity
Balance	$ 136,329	$ 136,151	$ 135,978		$ 135,978		$ 135,978		$ 135,978		$ 134,217		$ 132,831
Sale of common stock	165						165		7,597
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											598
Balance	136,672	136,329	136,151		136,329		136,672		144,282		135,978		134,217
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Treasury Stock
Changes in Stockholders' Equity
Balance	$ (57,166)	$ (57,166)	$ (56,791)		$ (56,791)		$ (56,791)		$ (56,791)		$ (55,731)		$ (54,758)
Balance (in shares)	(6,398)	(6,398)	(6,173)		(6,173)		(6,173)		(6,173)		(5,731)		(5,514)
Settlement of stock awards			$ (375)		$ (375)		$ (375)		$ (375)		$ (701)		$ (776)
Settlement of stock awards (in shares)			(225)		(225)		(225)		(225)		(222)		(187)
Stock buy-back											$ (359)		$ (197)
Stock buy-back (in shares)											(220)		(30)
Balance	$ (57,166)	$ (57,166)	$ (57,166)		$ (57,166)		$ (57,166)		$ (57,166)		$ (56,791)		$ (55,731)
Balance (in shares)	(6,398)	(6,398)	(6,398)		(6,398)		(6,398)		(6,398)		(6,173)		(5,731)
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Accumulated Deficit
Changes in Stockholders' Equity
Balance	$ (20,806)	$ (16,092)	$ (9,503)		$ (9,503)		$ (9,503)		$ (9,503)		$ (15,997)		$ (15,466)
Net (loss) income attributable to common stockholders	(1,032)	(4,714)	(6,589)		(11,303)		(12,335)		(16,474)		6,494		(2,179)
Unrealized gain on pension liability													1,648
Balance	(21,838)	(20,806)	(16,092)		(20,806)		(21,838)		(25,977)		(9,503)		(15,997)
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Accumulated Other Comprehensive Loss
Changes in Stockholders' Equity
Balance	(1,922)	(2,040)	(2,159)		(2,159)		(2,159)		(2,159)		(3,174)		(3,518)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		344
Balance	(1,803)	(1,922)	(2,040)		(1,922)		(1,803)		(1,343)		(2,159)		(3,174)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Changes in Stockholders' Equity
Balance	(8,438)	(6,718)	(5,888)		(5,888)		(5,888)		(5,888)		(3,727)		(614)
Net (loss) income attributable to common stockholders	(2,576)	(1,720)	(830)		(2,550)		(5,126)		(4,331)		(2,161)		(3,113)
Balance	(11,014)	(8,438)	(6,718)		(8,438)		(11,014)		(10,219)		(5,888)		(3,727)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Accumulated Deficit
Changes in Stockholders' Equity
Balance	(8,438)	(6,718)	(5,888)		(5,888)		(5,888)		(5,888)		(3,727)		(614)
Net (loss) income attributable to common stockholders	(2,576)	(1,720)	(830)		(2,550)		(5,126)		(4,331)		(2,161)		(3,113)
Balance	$ (11,014)	$ (8,438)	$ (6,718)		$ (8,438)		$ (11,014)		$ (10,219)		$ (5,888)		$ (3,727)

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT AND REVISION OF C_5

RESTATEMENT AND REVISION OF CONSOLIDATED FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 23, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to common stockholders		$ (3,608)	$ (6,434)	$ (7,419)	$ (13,853)	$ (17,461)	$ (20,805)	$ 4,333	[1]	$ (5,292)	[1]
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				1,261	2,944	4,214	5,524	4,168		4,157
Stock-based compensation expense				133	265	399	530	806		905
Gain on sale of school condominium							0	(24,196)	[1]	0	[1]
Gain on sale of real estate	$ 9,500						0	0	[1]	(9,521)	[1]
Deferred rents receivable				(12)	(16)	(20)	(24)	(84)		578
Other non-cash adjustments - pension expense				119	238	356	816	1,015		1,992
Unrealized gain on warrants		(1,718)	(67)	1,977	1,910	192	(73)	(965)	[1]	0	[1]
Equity in net loss from unconsolidated joint ventures			264	372	636	636	555	1,571	[1]	819	[1]
Distributions from unconsolidated joint ventures				194	425	686	885	1,110		33
(Increase) decrease in operating assets:
Residential condominium units for sale				(11,672)	(19,479)	(25,371)	(11,450)	(46,473)		(65,098)
Receivables				47	820	887	882	2,392		1,577
Prepaid expenses and other assets, net				(371)	(97)	(846)	(257)	190		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses				1,294	3,559	5,775	3,467	1,285		1,649
Pension liabilities							(1,288)	(1,033)		(2,705)
Net cash used in operating activities				(14,077)	(22,891)	(30,796)	(21,238)	(55,881)		(70,628)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				(53)	(56)	(84)	(140)	(4,279)		(24,816)
Net proceeds from the sale of real estate							0	0		18,812
Deferred real estate deposits of SCA condominium							0	0		33,609
Investments in unconsolidated joint ventures							0	(5,383)		0
Net (cash used in) provided by investing activities				(53)	(56)	(84)	(140)	(9,662)		27,605
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility				8,980	74,486	82,318	249,984	86,361		55,475
Proceeds from secured line of credit				1,200	1,200	4,200	8,200	5,000		7,250
Payment of finance costs				(21)	(2,231)	(2,442)	(6,552)	(1,497)		(1,531)
Repayment of loans					(56,413)	(56,413)	(225,547)	(23,368)		(10,557)
Repayment of secured line of credit							(3,200)	(2,500)		(2,000)
Settlement of stock awards				(370)	(369)	(370)	(370)	(695)		(772)
Stock buy-back							0	(359)		(197)
Sale of common stock, net						167	7,639	0		0
Net cash provided by financing activities				9,789	16,673	27,460	30,154	62,942		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH				(4,341)	(6,274)	(3,420)	8,776	(2,601)		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD		2,169	5,034	6,515	6,515	6,515	6,515	9,196		11,496
RESTRICTED CASH, BEGINNING OF PERIOD		7,626	6,694	9,554	9,554	9,554	9,554	9,474		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD		917	2,169	5,034	2,169	917	4,310	6,515		9,196
RESTRICTED CASH, END OF PERIOD		11,732	7,626	6,694	7,626	11,732	20,535	9,554		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest				4,130	8,564	13,329	16,042	15,495		12,631
Cash paid during the period for: Taxes				46	49	189	395	251		352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants				692	1,501	2,169	3,193	2,668		2,700
Capitalized stock-based compensation expense				37	70	97	122	299		401
Loan forgiveness							243	0		0
Investment in unconsolidated joint venture							0	5,193		0
Right-of-use asset							0	0		1,904
Lease liabilities							0	0		(2,065)
Warrant liability							0	0		(1,795)
Error Related to Classification of Real Estate Under Development \| As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to common stockholders		(1,032)	(4,714)	(6,589)	(11,303)	(12,335)	(16,474)	6,494		(2,179)
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				908	2,246	3,122	3,998	2,970		2,977
Stock-based compensation expense				133	265	399	530	806		905
Gain on sale of school condominium								(24,196)
Gain on sale of real estate										(9,521)
Deferred rents receivable				(12)	(16)	(20)	(24)	(84)		578
Other non-cash adjustments - pension expense				119	238	356	816	1,015		1,992
Unrealized gain on warrants		(1,718)	(67)	1,977	1,910	192	(73)	(965)
Equity in net loss from unconsolidated joint ventures			264	372	636	636	555	1,571		819
Distributions from unconsolidated joint ventures				194	425	686	885	1,110		33
(Increase) decrease in operating assets:
Residential condominium units for sale						(33)	(321)
Receivables				47	820	887	882	2,392		1,577
Prepaid expenses and other assets, net				(371)	(97)	(846)	(257)	190		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses				1,294	3,559	5,775	3,467	(686)		1,649
Pension liabilities							(1,288)	(1,033)		(2,705)
Net cash used in operating activities				(1,928)	(1,560)	(1,424)	(7,304)	(10,416)		(3,597)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				(12,202)	(21,387)	(30,784)	(36,349)	(51,715)		(91,847)
Net proceeds from the sale of real estate						1,328	22,275			18,812
Deferred real estate deposits of SCA condominium								1,971		33,609
Investments in unconsolidated joint ventures								(5,383)
Net (cash used in) provided by investing activities				(12,202)	(21,387)	(29,456)	(14,074)	(55,127)		(39,426)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility				8,980	74,486	82,318	249,984	86,361		55,475
Proceeds from secured line of credit				1,200	1,200	4,200	8,200	5,000		7,250
Payment of finance costs				(21)	(2,231)	(2,442)	(6,552)	(1,497)		(1,531)
Repayment of loans					(56,413)	(56,413)	(225,547)	(23,368)		(10,557)
Repayment of secured line of credit							(3,200)	(2,500)		(2,000)
Settlement of stock awards				(370)	(369)	(370)	(370)	(695)		(772)
Stock buy-back								(359)		(197)
Sale of common stock, net						167	7,639
Net cash provided by financing activities				9,789	16,673	27,460	30,154	62,942		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH				(4,341)	(6,274)	(3,420)	8,776	(2,601)		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD		2,169	5,034	6,515	6,515	6,515	6,515	9,196		11,496
RESTRICTED CASH, BEGINNING OF PERIOD		7,626	6,694	9,554	9,554	9,554	9,554	9,474		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD		917	2,169	5,034	2,169	917	4,310	6,515		9,196
RESTRICTED CASH, END OF PERIOD		11,732	7,626	6,694	7,626	11,732	20,535	9,554		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest				4,130	8,564	13,329	16,042	15,495		12,631
Cash paid during the period for: Taxes				46	49	189	395	251		352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses				7,496	8,321	7,101	8,805	10,319		12,698
Capitalized amortization of deferred financing costs and warrants				760	1,629	2,406	3,580	2,727		2,739
Capitalized stock-based compensation expense				39	85	130	177	356		480
Loan forgiveness							243
Investment in unconsolidated joint venture								5,193
Right-of-use asset										1,904
Lease liabilities										(2,065)
Warrant liability										(1,795)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to common stockholders		$ (2,576)	$ (1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
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				353	698	1,092	1,526	1,198		1,180
(Increase) decrease in operating assets:
Residential condominium units for sale				(11,672)	(19,479)	(25,338)	(11,129)	(46,473)		(65,098)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses								1,971
Net cash used in operating activities				(12,149)	(21,331)	(29,372)	(13,934)	(45,465)		(67,031)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				12,149	21,331	30,700	36,209	47,436		67,031
Net proceeds from the sale of real estate						(1,328)	(22,275)
Deferred real estate deposits of SCA condominium								(1,971)
Net (cash used in) provided by investing activities				12,149	21,331	29,372	13,934	45,465		67,031
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses				(7,496)	(8,321)	(7,101)	(8,805)	(10,319)		(12,698)
Capitalized amortization of deferred financing costs and warrants				(68)	(128)	(237)	(387)	(59)		(39)
Capitalized stock-based compensation expense				$ (2)	$ (15)	$ (33)	$ (55)	$ (57)		$ (79)

[1] Amounts are revised. See Note 3 for more information.

REAL ESTATE, NET - Properties (

REAL ESTATE, NET - Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
REAL ESTATE, NET
Building and building improvements	$ 51,141				$ 51,141
Tenant improvements	200				189
Furniture and fixtures	775				731
Land and land improvements	28,847				28,847
Real Estate Investment Property, at Cost	80,963				80,908
Less: accumulated depreciation	13,629				10,868
Real Estate Investment Property, Net, Total	$ 67,334	$ 67,996	$ 68,663	$ 69,353	$ 70,040

REAL ESTATE, NET - Estimated an

REAL ESTATE, NET - Estimated annual amortization of intangible assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
REAL ESTATE, NET
2022	$ 740
2023	740
2024	740
2025	740
2026	740
Thereafter	$ 4,732

REAL ESTATE, NET - Additional I

REAL ESTATE, NET - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Nov. 23, 2019	Apr. 30, 2020	May 31, 2018	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Real Estate [Line Items]
Depreciation				$ 4,000,000	$ 3,900,000		$ 4,100,000
Finite-Lived Intangible Assets, Net				11,100,000	11,100,000
Accumulated amortization				2,700,000	1,900,000
Amortization of Intangible Assets				740,000	740,000		740,000
Aggregate fees paid by SCA to the Company				46,100,000
Remaining fees to be paid by SCA to the Company				450,000
Repayments of Debt	$ 10,600,000
Gross sales price of real estate	19,600,000
Gain on sale of real estate	$ (9,500,000)			0	$ 0	[1]	$ 9,521,000	[1]
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]
Real Estate [Line Items]
Contract Receivable				41,500,000
Construction Supervision Fee receivable				5,000,000
Construction Costs Reimbursed				$ 50,600,000
237 11th Property
Real Estate [Line Items]
Purchase price of property			$ 81,200,000
Business Acquisition, Transaction Costs			$ 700,000
Percentage of property leased				97.10%

[1] Amounts are revised. See Note 3 for more information.

RESIDENTIAL CONDOMINIUM UNITS_2

RESIDENTIAL CONDOMINIUM UNITS FOR SALE (Details)	12 Months Ended
RESIDENTIAL CONDOMINIUM UNITS FOR SALE (Details)	Dec. 31, 2021 item
Greenwich Ny 77 [Member]
Number of residential condominium units closed	14

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER ASSETS, NET
Prepaid expenses	$ 673	$ 454
Deferred finance costs	2,184	1,795
Other	2,736	954
Prepaid Expense And Other Assets Gross	5,593	3,203
Less: accumulated amortization	1,467	500
Prepaid Expense and Other Assets	$ 4,126	$ 2,703

INCOME TAXES - Provision for ta

INCOME TAXES - Provision for taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Current:
Federal						$ 0	$ 0		$ 0
State						265	306		128
Current Income Tax Expense (Benefit), Total						265	306		128
Deferred:
Federal						0	0		0
State						0	0		0
Deferred Income Tax Expense Total						0	0		0
Tax expense	$ (47)	$ 99	$ 35	$ 134	$ 87	$ 265	$ 306	[1]	$ 128	[1]

[1] Amounts are revised. See Note 3 for more information.

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of income taxes (Details)	12 Months Ended
INCOME TAXES - Reconciliation of income taxes (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Statuary federal income tax rate	21%	21%	21%
State taxes	16.70%	6.30%	49.70%
Permanent non-deductible expenses	(0.30%)	5%	(5.60%)
Change of valuation allowance	(38.50%)	(27.80%)	(71.30%)
Effective income tax rate	(1.10%)	4.50%	(6.20%)

INCOME TAXES - Composition of o

INCOME TAXES - Composition of our deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Charitable contributions	$ 1	$ 15
Net operating loss carry forwards	66,851	58,635
Depreciation (including air rights)	5,737	4,677
Lease liability	507	571
Other	256	222
Investment in joint venture	777	678
Accrued expenses	332	132
Total deferred tax assets	74,461	64,930
Valuation allowance	(70,134)	(60,931)
Deferred tax asset after valuation allowance	4,327	3,999
Deferred tax liabilities:
Intangibles	(3,003)	(3,334)
Other	(253)	0
Pension costs	(571)	(114)
Right-of-use asset	(500)	(551)
Total deferred tax liabilities	(4,327)	(3,999)
Net deferred tax assets	0	0
Current deferred tax assets	0	0
Long-term deferred tax assets	0	0
Total deferred tax assets	$ 0	$ 0

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Oct. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%	21%	21%
Tax Credit Carryforward, Limitations on Use			Pursuant to the tax legislation known as the Tax Cuts and Jobs Act (the "TCJA") of 2017, corporate alternative minimum tax (“AMT”) credit carryforwards are eligible for a 50% refund in tax years 2018 through 2020
Refund received	$ 1,500	$ 1,600
Federal NOLs utilized to date			$ 22,500
Valuation Allowance			$ 70,134	$ 60,931
Tax Year 2018 to 2020 [Member]
AMT credit carryforwards, percentage eligible for refund pursuant to U.S. Tax Cuts and Jobs Act			50%
Tax Year 2021 [Member]
AMT credit carryforwards, percentage eligible for refund pursuant to U.S. Tax Cuts and Jobs Act			100%
Loans and Finance Receivables [Member]
Deferred Income Tax Assets, Net						$ 3,100
State and Local Jurisdiction [Member]
Operating Loss Carryforwards			$ 161,700
Federal [Member]
Operating Loss Carryforwards			254,800
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			24,300
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal			$ 19,300

RENTAL REVENUE - Future minimum

RENTAL REVENUE - Future minimum rentals (Details) $ in Thousands	Dec. 31, 2021 USD ($)
RENTAL REVENUE
2022	$ 3,267
2023	1,010
2024	453
2025	477
2026	487
Thereafter	2,615
Operating Leases, Future Minimum Payments Receivable	$ 8,309

RENTAL REVENUE - Additional inf

RENTAL REVENUE - Additional information (Details)	12 Months Ended
RENTAL REVENUE - Additional information (Details)	Dec. 31, 2021 tenant item
Number of retail lease signed that expires \| item	1
Paramus New Jersey Property [Member]
Leased Asset Percent	100%
Number Of Tenants	2
Multi Family Property 237 11th [Member]
Number Of Tenants	3
Maximum \| Multi Family Property 237 11th [Member]
Expected period for lease term	2 years
Minimum \| Multi Family Property 237 11th [Member]
Expected period for lease term	1 year

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Defined Benefit Plan, Plan Assets, Amount	$ 15,940	$ 14,568	$ 13,009

PENSION PLANS - Financial infor

PENSION PLANS - Financial information relating to pension plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$ 14,224	$ 13,933
Interest cost	665	658	$ 644
Actuarial loss	344	408
Gross benefits paid	(925)	(775)
Net benefit obligation - end of period	14,308	14,224	13,933
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	14,568	13,009
Employer contributions	400	400
Gross benefits paid	(925)	(775)
Return on plan assets	1,897	1,934
Fair value of plan assets - end of period	15,940	14,568	$ 13,009
Over funded status at end of period	$ 1,632	$ 344

PENSION PLANS - Pension expense

PENSION PLANS - Pension expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
COMPONENTS OF NET PERIODIC COST:
Interest cost	$ 665	$ 658	$ 644
Gain on assets	(842)	(758)	(628)
Amortization of loss	105	247	484
Net periodic (benefit) cost	$ (72)	$ 147	$ 500
WEIGHTED-AVERAGE ASSUMPTION USED:
Discount rate	5%	5%	5%
Rate of compensation increase	0%	0%	0%

PENSION PLANS - Benefits expect

PENSION PLANS - Benefits expected paid in the next five fiscal years (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Plans
2022	$ 925
2023	974
2024	1,026
2025	1,085
2026	1,152
2027-2031	$ 4,854

PENSION PLANS - Fair values and

PENSION PLANS - Fair values and asset allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value	$ 15,940	$ 14,568	$ 13,009
Level 1
Fair Value	$ 15,940	$ 14,568
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100%	100%
Cash and Cash Equivalents [Member] \| Level 1
Fair Value	$ 928	$ 877
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	6%	6%
Cash and Cash Equivalents [Member] \| Level 1 \| Maximum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10%
Cash and Cash Equivalents [Member] \| Level 1 \| Minimum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0%
Equity Securities [Member] \| Level 1
Fair Value	$ 9,678	$ 9,755
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	61%	67%
Equity Securities [Member] \| Level 1 \| Maximum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	57%
Equity Securities [Member] \| Level 1 \| Minimum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	40%
Fixed income securities [Member] \| Level 1
Fair Value	$ 5,334	$ 3,936
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	33%	27%
Fixed income securities [Member] \| Level 1 \| Maximum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Fixed income securities [Member] \| Level 1 \| Minimum
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35%

PENSION PLANS (Details)

PENSION PLANS (Details) - USD ($)	12 Months Ended			111 Months Ended
PENSION PLANS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Amount funded by Company to the plan	$ 400,000	$ 400,000
Expected Long Term Rate Of Return	6%	6%	6%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 69,000	$ 71,000	$ 67,000
Prepaid Expenses and Other Current Assets [Member]
Overfunded pension balance	1,600,000	344,000		$ 1,600,000
Syms Sponsored Plan [Member]
Payment for Pension Benefits				$ 5,700,000
Amount funded by Company to the plan	$ 400,000	$ 400,000	$ 400,000

COMMITMENTS - Additional inform

COMMITMENTS - Additional information (Details) - USD ($)	12 Months Ended
COMMITMENTS - Additional information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leases, Future Minimum Payments Due	$ 1,526,000
Fifth Avenue New York [Member]
Operating Leases, Rent Expense	447,000	$ 439,000	$ 439,000
17 State New York
Operating Leases, Rent Expense	$ 108,000	$ 303,000	$ 366,000

COMMITMENTS - Remaining lease o

COMMITMENTS - Remaining lease obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
COMMITMENTS
2022	$ 470
2023	470
2024	470
2025	116
Total undiscounted lease payments	1,526
Discount	(79)
Lease liability	$ 1,447	$ 1,516	$ 1,536	$ 1,626	$ 1,716

LOANS PAYABLE AND SECURED LIN_3

LOANS PAYABLE AND SECURED LINE OF CREDIT - Additional Information (Details)		1 Months Ended						6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 15, 2020 USD ($) $ / shares	Oct. 31, 2021 USD ($) item	Jun. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($) item $ / shares	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($) item $ / shares	May 31, 2018 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) item $ / shares	Jan. 31, 2022 USD ($)	Dec. 08, 2021 $ / shares	Nov. 10, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 22, 2020 $ / shares	Jan. 31, 2020	Dec. 31, 2017 USD ($)
Accrued interest				$ 1,500,000						$ 3,800,000	$ 1,500,000		$ 413,000
Deferred finance fees										8,025,000
Loans Payable			$ 215,193,000	197,330,000				$ 215,193,000	$ 223,503,000	$ 219,249,000	197,330,000					$ 207,317,000
Warrants, Exercise Price (in dollars per share) \| $ / shares						$ 6.50				$ 4.31		$ 6.50		$ 1.90			$ 4.31
Debt Instrument, Interest Rate, Effective Percentage	7%
Repayment of loans and secured line of credit										$ 3,200,000	2,500,000	$ 2,000,000
Secured Debt			8,950,000	$ 7,747,000				8,950,000	11,950,000	12,750,000	7,747,000					$ 8,950,000
Equity Method Investments										4,800,000
Repayment of loans								$ 56,413,000	$ 56,413,000	$ 225,547,000	$ 23,368,000	10,557,000
250 North 10th JV
Equity Method Investment, Ownership Percentage										10%								10%
Debt Instrument, Face Amount	$ 82,750,000
Sterling National Bank [Member]
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
Maximum borrowing capacity										$ 12,750,000
Mezzanine Loan
Accrued interest										1,100,000
Term of the debt				3 years
Loans Payable										30,300,000
Debt Instrument Blended Effective Interest Rate				9.44%
Collateral for loan, equity interests in subsidiaries (as a percent)				100%							100%
Debt Instrument, Number of Extensions \| item				2
Debt Instrument , Extension Term				1 year
Increase in loans including accrued interest		$ 22,770,000
Previously accrued interest		$ 770,000
Debt Instrument, Face Amount				$ 7,500,000							$ 7,500,000
Mezzanine Loan \| RCG LV Debt VI REIT LLC [Member]
Debt Instrument, Face Amount							$ 15,400,000
Letter of Credit [Member]
Loans Payable				$ 7,750,000						$ 12,750,000	$ 7,750,000
Debt Instrument, Interest Rate, Effective Percentage				2.14%						3.25%	2.14%
Loans Payable 2018, 237 11th Loans
Delayed draw facility					$ 4,250,000
Debt Instrument, Interest Rate Terms							bearing interest at a blended average rate of 3.72% over the 30-day LIBOR, each with a one-year extension option upon satisfaction of certain conditions
Debt Instrument, Interest Rate, Increase (Decrease)					25%
Exit fee (as a percent)					1%
Debt Instrument, Interest Rate, Effective Percentage					2.25%
Debt Instrument Exit Fee Rate, Increase (Decrease)					50%
Repayment of loans and secured line of credit			56,400,000
Debt Instrument, Exit Fees			$ 567,000
Debt Instrument, Face Amount							$ 67,800,000
Loans Payable 2018, 237 11th Loans \| Minimum
Interest rate basis (as a percent)					50%
237 11th Loan
Debt Instrument, Face Amount							$ 52,400,000
Partner Loan
Term of the debt	4 years	1 year
Loans Payable										$ 5,900,000
Debt Instrument, Number of Extensions \| item		2
Debt Instrument , Extension Term		12 months
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument \| $ / shares	$ 6.50
Debt Instrument, Face Amount	$ 5,900,000	$ 10,500,000
Interest rate	7%	10%
Amount available for interest payments		$ 500,000
Amount funded at closing		$ 10,000,000
250 North 10th Loan
Term of the debt	15 years
Interest rate	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
Proceeds From Debt Reserved To Cover Debt Service, Operating Expense Shortfall And Leasing Related Costs			$ 1,500,000
Interest rate			3.05%					3.05%
New Senior Loan
Initial advance at closing										48,700,000
Debt Instrument, Face Amount			$ 50,000,000					$ 50,000,000
New Mezzanine Loan
Initial advance at closing										10,000,000
Debt Instrument, Face Amount			10,000,000					10,000,000
Interest Rate Cap Agreement New 237 11 Loan
Debt Instrument, Unamortized Premium			32,500					32,500
Derivative, Notional Amount			$ 60,000,000					$ 60,000,000
Interest rate			2.50%					2.50%
77 Mortgage Loan
Term of the debt		2 years
Loans Payable										125,400,000
Accrued PIK interest										1,800,000
Repayment of loans and secured line of credit										8,900,000
Debt Instrument, Face Amount		$ 133,100,000
Maximum borrowing capacity		166,700,000
Repayment of loans		159,400,000
Proceeds from debt issuance used to fund construction and carry costs while condo units are being sold		33,600,000
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%
Additional unused amount		$ 3,000,000
Minimum total return for mortgage lender		$ 15,260,000
Percentage of additional amounts advanced		10%
77 Mortgage Loan \| Letter of credit
Borrower guaranteed amount		$ 4,000,000
Borrower guaranteed reduced amount		3,000,000
Pay-down amount per square feet of unsold residential units		$ 625
77 Mortgage Loan \| Principal balance below $91.0 Million
Interest rate		7.25%
77 Mortgage Loan \| Principal balance equal or greater than $91.0 Million
Interest rate		9.25%
77 Mortgage Loan \| LIBOR \| Principal balance below $91.0 Million
Interest rate basis (as a percent)		7%
77 Mortgage Loan \| LIBOR \| Principal balance equal or greater than $91.0 Million
Interest rate basis (as a percent)		9%
Corporate Credit Facility
Increase in maximum borrowing capacity						$ 25,000,000						25,000,000
Deferred finance fees				$ 3,900,000						2,900,000	$ 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										9.5%
Commitment fee						$ 2,450,000				$ 1,850,000		$ 2,450,000
Commitment fee, payable on the initial draw (as a percent)										50%
Commitment fee, payable on subsequent draws (as a percent)										50%
Exit fee (as a percent)										1%
Multiple On Invested Capital (as a percent)										30%
Collateral for loan, equity interests in subsidiaries (as a percent)										100%
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%
Number of board members who can be appointed by the lender \| item						1						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						$ 4.31	$ 6.50
Debt amount used to calculate the MOIC															$ 35,750,000
Maximum borrowing capacity						$ 70,000,000						$ 70,000,000
Corporate Credit Facility \| Greenwich Ny 77 [Member]
Net cash proceeds of residential condominium sales (as a percent)										70%
Corporate Credit Facility \| Minimum
Net cash proceeds of residential condominium sales (as a percent)										90%
Corporate Credit Facility \| Maximum
Net cash proceeds of residential condominium sales (as a percent)										100%
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%
Greenwich Construction Loan
Term of the debt										4 years
Loans Payable				$ 139,000,000							$ 139,000,000
Debt Instrument, Interest Rate, Effective Percentage				9.25%							9.25%
Repayment of loans and secured line of credit										$ 8,000,000
Debt Instrument, Face Amount																			$ 189,500,000
Interest rate description										LIBOR plus 8.25% and (ii) 9.25%

LOANS PAYABLE AND SECURED LIN_4

LOANS PAYABLE AND SECURED LINE OF CREDIT - Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Principal maturities of loans, secured line of credit and note payable
2022	$ 10,000
2023	232,981
2024	35,750
Total	278,731
Less: deferred finance costs, net	(8,025)
Total loans, secured line of credit, and note payable, net	$ 270,706

LOANS PAYABLE AND SECURED LIN_5

LOANS PAYABLE AND SECURED LINE OF CREDIT - Interest (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
LOANS PAYABLE AND SECURED LINE OF CREDIT
Interest expense						$ 21,238	$ 17,174		$ 13,513
Interest capitalized						(13,314)	(15,577)		(13,333)
Interest income						(2)	(57)		(67)
Interest expense (income), net	$ 2,367	$ 1,772	$ 875	$ 2,647	$ 5,014	$ 7,922	$ 1,540	[1]	$ 113	[1]

[1] Amounts are revised. See Note 3 for more information.

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Details)			3 Months Ended	9 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY - Additional information (Details)	Dec. 08, 2021 USD ($) $ / shares shares	Oct. 22, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Aug. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 22, 2020 $ / shares	Dec. 31, 2019 USD ($) $ / shares shares
Capital Stock Shares authorized.					120,000,000
Common Stock, Shares Authorized			79,999,997	79,999,997	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		$ 0.01	$ 0.01
Special Stock, Shares Authorized					1
Special Stock, Par or Stated Value Per Share \| $ / shares			$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Excess Stock, Shares Authorized			1	1	1	1		1	1
Common Stock, Shares, Issued			39,016,012	39,016,012	43,024,424	38,345,540		38,853,433	38,840,508
Common Stock, Shares, Outstanding			32,618,137	32,618,137	36,626,549	32,172,107		32,455,568	32,442,633
Warrant liability \| $			$ 1,411,000	$ 1,411,000	$ 1,146,000	$ 830,000		$ 3,129,000	$ 3,196,000
Warrants, term											10 years
Warrants to purchase common stock issued (in shares)	2,650,000										7,179,000
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 1.90				$ 4.31					$ 4.31	$ 6.50
Threshold minimum beneficial ownership (as a percent)					5%						5%
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	$ 7,639,000
Unrealized loss on warrants \| $					$ 73,000	$ 965,000
Number of board members who can be appointed by the warrant holder \| item					1
Preemptive rights period					5 years
Share repurchase program, authorized amount \| $											$ 5,000,000
Share repurchase program, number of shares repurchased (in shares)					250,197
Share repurchase program, average price paid per share (in dollars per share) \| $ / shares					$ 1.93
Share repurchase program, approximate dollar value of shares available for purchase \| $					$ 4,500,000
Stock repurchase program, shares repurchased, amount \| $					483,361
Common Stock
Sale of common stock, net \| $			$ 1,000	$ 2,000	$ 42,000
Shares issued			150,000	150,000	4,144,000
Series A And B Preferred Stock [Member]
Excess Stock, Shares Authorized					1
ATM Program
Stock Issuance Program, Maximum Amount Authorized \| $							$ 10,000,000
ATM Program \| Common Stock
Shares issued					701,327
Agreement with B. Riley \| Common Stock
Gross proceeds from issuance of common stock \| $					$ 1,400,000
Stock issuance costs, professional and brokerage fees \| $					169,000
Value of common stock available for issuance \| $					$ 8,600,000
Agreement with B. Riley \| Common Stock \| Weighted Average
Share price (in dollars per share) \| $ / shares					$ 1.95
Private Placement
Shares issued		2,539,473
Share Price \| $ / shares		$ 1.90
Gross proceeds \| $		$ 4,800,000
Preferred Stock
Preferred Stock, Shares Authorized			2	2	2	2		2	2
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 0.01	$ 0.01	$ 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		40,000,000	40,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Rights Offering
Gross proceeds from issuance of common stock \| $	$ 1,700,000
Shares issued	903,576

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 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
Deferred under non-employee director's deferral program	(107,754)	(114,005)
Balance available, end of period	1,569,449	548,370
Weighted Average Fair Value at Grant Date, Balance available, beginning of period	$ 0	$ 0
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	1.77	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	(61,167)	(59,660)
Weighted Average Fair Value at Grant Date, Granted	$ 1.77	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
STOCK-BASED COMPENSATION
Number of Shares, Non-vested at beginning of period	469,000	453,334
Number of Shares, Granted RSUs	310,000	295,500
Number of Shares, Vested	(227,917)	(279,834)
Number of Shares, Non-vested at end of period	551,083	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	$ 2.14	$ 3.43

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Sep. 09, 2015	Jun. 30, 2021	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment
Stock Repurchased During Period, Shares				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				284,913	177,159
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized				1,500,000
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted				(310,000)	(295,500)
Minimum \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Maximum \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment
Restricted Stock or Unit Expense				$ 256,000
Employees and executive officers [Member]
Share-based Compensation Arrangement by Share-based Payment
Shares issued for settlement of stock awards				473,343
Stock Repurchased During Period, Shares				224,442
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment
Allocated Share-based Compensation Expense				$ 477,000,000	$ 765,000,000	$ 938,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				208,000
Stock based compensation capitalized				$ 127,000,000	$ 305,000,000	$ 400,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				310,000
Restricted Stock Units (RSUs) [Member] \| Maximum
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				$ 42,000
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%
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) - USD ($)			1 Months Ended		12 Months Ended
	Feb. 28, 2020	Jan. 15, 2020	Oct. 31, 2021	Dec. 31, 2016	Dec. 31, 2021	Jan. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 4,800,000
Fair Value Liability					$ 77,000
Debt Instrument, Interest Rate, Effective Percentage		7%
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 Prepayment					1%
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 Berkley Loan
Schedule of Equity Method Investments [Line Items]
Debt Instrument Period	5 years
Debt Instrument, Face Amount	$ 33,000,000
Maximum increase available under debt agreement	$ 6,000,000
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	$ 10,500,000
Debt Instrument, Term		4 years	1 year
Debt Instrument, Interest Rate, Stated Percentage		7%	10%
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument		$ 6.50
250 North 10th Loan
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property		$ 137,750,000
Debt Instrument, Term		15 years
Debt Instrument, Interest Rate, Stated Percentage		3.39%
Berkley JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					50%	50%
250 North 10th JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					10%	10%
Debt Instrument, Face Amount		$ 82,750,000

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Real estate, net	$ 67,334	$ 67,996	$ 68,663	$ 69,353	$ 70,040
Cash and cash equivalents	4,310	917	2,169	5,034	6,515	$ 9,196	$ 11,496
Restricted cash	20,535	11,732	7,626	6,694	9,554	$ 9,474	$ 2,529
Prepaid expenses and other assets, net	4,126	3,555	2,934	3,343	2,703
Intangible assets, net	8,432	8,617	8,802	8,987	9,172
Total assets	341,170	340,538	332,866	327,947	323,260
LIABILITIES
Accounts payable and accrued expenses	17,864	18,457	17,458	14,368	15,896
Total liabilities	291,163	295,297	284,480	273,424	261,240
STOCKHOLDERS' EQUITY
Accumulated deficit	(36,196)	(32,852)	(29,244)	(22,810)	(15,391)
Accumulated other comprehensive loss	(1,343)	(1,803)	(1,922)	(2,040)	(2,159)
Total liabilities and stockholders' equity	341,170	340,538	332,866	327,947	323,260
Our investments in unconsolidated joint ventures	17,938	$ 18,056	$ 18,318	$ 18,814	19,379
Unconsolidated Joint Ventures
ASSETS
Real estate, net	164,143				167,749
Cash and cash equivalents	1,244				1,344
Restricted cash	891				766
Tenant and other receivables, net	225				254
Prepaid expenses and other assets, net	315				204
Intangible assets, net	21,527				24,006
Total assets	188,345				194,323
LIABILITIES
Mortgages payable, net	112,934				114,218
Accounts payable and accrued expenses	1,849				1,705
Total liabilities	114,783				115,923
STOCKHOLDERS' EQUITY
Members' equity	87,654				92,070
Accumulated deficit	(14,092)				(11,943)
Accumulated other comprehensive loss					(1,727)
Total members' equity	73,562				78,400
Total liabilities and stockholders' equity	188,345				194,323
Our investments in unconsolidated joint ventures	$ 17,938				$ 19,379

INVESTMENTS IN UNCONSOLIDATED_5

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Revenues
Rental revenues	$ 967	$ 577	$ 447	$ 1,024	$ 1,991	$ 3,225	$ 1,563	[1]	$ 4,631	[1]
Total revenues	2,425	833	493	1,326	3,751	27,265	1,826	[1]	4,631	[1]
Operating Expenses
Property operating expenses	897	1,888		3,795	4,692	5,583	9,120	[1]	7,140	[1]
Real estate taxes	271	79	79	158	429	724	254	[1]	510	[1]
General and administrative	1,440	1,387	1,243	2,630	4,070	5,133	5,217	[1]	5,677	[1]
Total operating expenses	5,162	4,516	4,392	8,908	14,070	37,880	18,976	[1]	18,345	[1]
Operating (loss) income	(2,737)	(3,683)	(3,899)	(7,582)	(10,319)	(10,615)	7,046	[1]	(4,193)	[1]
Interest expense, net	(2,367)	(1,772)	(875)	(2,647)	(5,014)	(7,922)	(1,540)	[1]	(113)	[1]
Interest expense - amortization of deferred finance costs	(269)	(683)	(261)	(944)	(1,213)	(1,521)	(261)	[1]	(39)	[1]
Net (loss) income attributable to common stockholders	$ (3,608)	(6,434)	(7,419)	(13,853)	(17,461)	(20,805)	4,333	[1]	(5,292)	[1]
Our equity in net loss from unconsolidated joint ventures		$ (264)	$ (372)	$ (636)	$ (636)	(555)	(1,571)	[1]	(819)	[1]
Unconsolidated Joint Ventures
Revenues
Rental revenues						12,679	12,747		3,314
Total revenues						12,679	12,747		3,314
Operating Expenses
Property operating expenses						4,055	3,595		956
Real estate taxes						100	94		45
General and administrative						10	10		10
Amortization						2,479	5,676		536
Depreciation						3,937	3,833		1,328
Total operating expenses						10,581	13,208		2,875
Operating (loss) income						2,098	(461)		439
Interest expense, net						(3,806)	(3,780)		(1,905)
Interest expense - amortization of deferred finance costs						(289)	(1,881)		(172)
Interest expense - change in fair market value of interest rate swap						(153)
Net (loss) income attributable to common stockholders						$ (2,150)	$ (6,122)		$ (1,638)

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Balance Sheet (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
ASSETS
Real estate, net	$ 67,334,000	$ 67,996,000	$ 68,663,000	$ 69,353,000	$ 70,040,000
Residential condominium units for sale	216,983,000	228,102,000	222,713,000	213,223,000	203,276,000
Cash and cash equivalents	4,310,000	917,000	2,169,000	5,034,000	6,515,000		$ 9,196,000		$ 11,496,000
Restricted cash	20,535,000	11,732,000	7,626,000	6,694,000	9,554,000		9,474,000		2,529,000
Prepaid expenses and other assets, net	4,126,000	3,555,000	2,934,000	3,343,000	2,703,000
Investments in unconsolidated joint ventures	17,938,000	18,056,000	18,318,000	18,814,000	19,379,000
Receivables	84,000	79,000	146,000	919,000	966,000
Deferred rents receivable	114,000	110,000	106,000	102,000	90,000
Right-of-use asset	1,314,000	1,374,000	1,389,000	1,478,000	1,565,000
Intangible assets, net	8,432,000	8,617,000	8,802,000	8,987,000	9,172,000
Total assets	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
LIABILITIES
Loans payable, net	219,249,000	223,503,000	215,193,000	207,317,000	197,330,000
Corporate credit facility, net	32,844,000	32,597,000	32,351,000	32,104,000	31,858,000
Secured line of credit, net	12,750,000	11,950,000	8,950,000	8,950,000	7,747,000
Note payable	5,863,000	5,863,000	5,863,000	5,863,000	5,863,000
Accounts payable and accrued expenses	17,864,000	18,457,000	17,458,000	14,368,000	15,896,000
Lease liability	1,447,000	1,516,000	1,536,000	1,626,000	1,716,000
Warrant liability	1,146,000	1,411,000	3,129,000	3,196,000	830,000
Total liabilities	291,163,000	295,297,000	284,480,000	273,424,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Common stock	430,000	390,000	389,000	388,000	383,000
Additional paid-in capital	144,282,000	(136,672,000)	(136,329,000)	136,151,000	135,978,000
Treasury stock	(57,166,000)	(57,166,000)	(57,166,000)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,343,000)	(1,803,000)	(1,922,000)	(2,040,000)	(2,159,000)
Accumulated deficit	(36,196,000)	(32,852,000)	(29,244,000)	(22,810,000)	(15,391,000)
Total stockholders' equity	50,007,000	45,241,000	48,386,000	54,523,000	62,020,000	[1]	55,964,000	[1]	58,847,000
Total liabilities and stockholders' equity	341,170,000	340,538,000	332,866,000	327,947,000	323,260,000
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| As Previously Reported
ASSETS
Real estate, net	294,536,000	307,112,000	299,814,000	289,294,000	279,204,000
Cash and cash equivalents	4,310,000	917,000	2,169,000	5,034,000	6,515,000		9,196,000		11,496,000
Restricted cash	20,535,000	11,732,000	7,626,000	6,694,000	9,554,000		9,474,000		2,529,000
Prepaid expenses and other assets, net	4,126,000	3,555,000	2,934,000	3,343,000	2,703,000
Investments in unconsolidated joint ventures	17,938,000	18,056,000	18,318,000	18,814,000	19,379,000
Receivables	84,000	79,000	146,000	919,000	966,000
Deferred rents receivable	114,000	110,000	106,000	102,000	90,000
Right-of-use asset	1,314,000	1,374,000	1,389,000	1,478,000	1,565,000
Intangible assets, net	8,432,000	8,617,000	8,802,000	8,987,000	9,172,000
Total assets	351,389,000	351,552,000	341,304,000	334,665,000	329,148,000
LIABILITIES
Loans payable, net	219,249,000	223,503,000	215,193,000	207,317,000	197,330,000
Corporate credit facility, net	32,844,000	32,597,000	32,351,000	32,104,000	31,858,000
Secured line of credit, net	12,750,000	11,950,000	8,950,000	8,950,000	7,747,000
Note payable	5,863,000	5,863,000	5,863,000	5,863,000	5,863,000
Accounts payable and accrued expenses	17,864,000	18,457,000	17,458,000	14,368,000	15,896,000
Lease liability	1,447,000	1,516,000	1,536,000	1,626,000	1,716,000
Warrant liability	1,146,000	1,411,000	3,129,000	3,196,000	830,000
Total liabilities	291,163,000	295,297,000	284,480,000	273,424,000	261,240,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Common stock	430,000	390,000	389,000	388,000	383,000
Additional paid-in capital	144,282,000	(136,672,000)	(136,329,000)	136,151,000	135,978,000
Treasury stock	(57,166,000)	(57,166,000)	(57,166,000)	(57,166,000)	(56,791,000)
Accumulated other comprehensive loss	(1,343,000)	(1,803,000)	(1,922,000)	(2,040,000)	(2,159,000)
Accumulated deficit	(25,977,000)	(21,838,000)	(20,806,000)	(16,092,000)	(9,503,000)
Total stockholders' equity	60,226,000	56,255,000	56,824,000	61,241,000	67,908,000		59,691,000		59,461,000
Total liabilities and stockholders' equity	351,389,000	351,552,000	341,304,000	334,665,000	329,148,000
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
ASSETS
Real estate, net	(227,202,000)	(239,116,000)	(231,151,000)	(219,941,000)	(209,164,000)
Residential condominium units for sale	216,983,000	228,102,000	222,713,000	213,223,000	203,276,000
Total assets	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
LIABILITIES
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, value
Special stock
Accumulated deficit	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
Total stockholders' equity	(10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)		$ (3,727,000)		$ (614,000)
Total liabilities and stockholders' equity	$ (10,219,000)	(11,014,000)	(8,438,000)	(6,718,000)	(5,888,000)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Balance Sheet - Parenthetical (Details) - $ / shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Revision of Previously Issued Consolidated Financial Statements
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1	1	1	1
Special Stock, Shares Issued	1	1	1	1	1
Special Stock, Shares Outstanding	1	1	1	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997	79,999,997	79,999,997	79,999,997
Common Stock, Shares, Issued	43,024,424	39,016,012	38,853,433	38,840,508	38,345,540
Common Stock, Shares, Outstanding	36,626,549	32,618,137	32,455,568	32,442,633	32,172,107
Treasury Stock, Shares	6,397,875	6,397,875	6,397,875	6,397,875	6,173,433
Blank Check Preferred Stock
Revision of Previously Issued Consolidated Financial Statements
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0
Preferred Stock
Revision of Previously Issued Consolidated Financial Statements
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2	2	2	2	2
Preferred Stock, Shares Issued	0	0	0	0	0
Preferred Stock, Shares Outstanding	0	0	0	0	0

RESTATEMENT OF PREVIOUSLY ISS_5

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Income Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Revenues
Rental revenues	$ 967	$ 577	$ 447	$ 1,024	$ 1,991	$ 3,225	$ 1,563	[1]	$ 4,631	[1]
Other income	30	256	46	302	332	355	263	[1]	0	[1]
Sale of residential condominium units	1,428				1,428	23,685	0	[1]	0	[1]
Total revenues	2,425	833	493	1,326	3,751	27,265	1,826	[1]	4,631	[1]
Operating Expenses
Property operating expenses	897	1,888		3,795	4,692	5,583	9,120	[1]	7,140	[1]
Property operating expenses			1,907
Real estate taxes	271	79	79	158	429	724	254	[1]	510	[1]
General and administrative	1,440	1,387	1,243	2,630	4,070	5,133	5,217	[1]	5,677	[1]
Pension related costs	158	162	163	325	483	67	345	[1]	733	[1]
Cost of sale - residential condominium units	1,395				1,395	22,370	0	[1]	0	[1]
Transaction related costs						0	133	[1]	167	[1]
Depreciation and amortization	1,001	1,000	1,000	2,000	3,001	4,003	3,907	[1]	4,118	[1]
Total operating expenses	5,162	4,516	4,392	8,908	14,070	37,880	18,976	[1]	18,345	[1]
Gain on sale of school condominium						0	24,196	[1]	0	[1]
Operating (loss) income	(2,737)	(3,683)	(3,899)	(7,582)	(10,319)	(10,615)	7,046	[1]	(4,193)	[1]
Equity in net loss from unconsolidated joint ventures		(264)	(372)	(636)	(636)	(555)	(1,571)	[1]	(819)	[1]
Unrealized gain on warrants	1,718	67	(1,977)	(1,910)	(192)	73	965	[1]	0	[1]
Interest expense, net	(2,367)	(1,772)	(875)	(2,647)	(5,014)	(7,922)	(1,540)	[1]	(113)	[1]
Interest expense - amortization of deferred finance costs	(269)	(683)	(261)	(944)	(1,213)	(1,521)	(261)	[1]	(39)	[1]
(Loss) income before taxes	(3,655)	(6,335)	(7,384)	(13,719)	(17,374)	(20,540)	4,639	[1]	(5,164)	[1]
Tax expense	47	(99)	(35)	(134)	(87)	(265)	(306)	[1]	(128)	[1]
Net (loss) income attributable to common stockholders	(3,608)	(6,434)	(7,419)	(13,853)	(17,461)	(20,805)	4,333	[1]	(5,292)	[1]
Other comprehensive (loss) income:
Unrealized gain on pension liability	119	118	119	237	356	816	1,015	[1]	344	[1]
Comprehensive (loss) income attributable to common stockholders	$ (3,489)	$ (6,316)	$ (7,300)	$ (13,616)	$ (17,105)	$ (19,989)	$ 5,348	[1]	$ (4,948)	[1]
(Loss) income per share - basic	$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13	[1]	$ (0.17)	[1]
(Loss) income per share - diluted	$ (0.11)	$ (0.20)	$ (0.23)	$ (0.42)	$ (0.53)	$ (0.62)	$ 0.13	[1]	$ (0.17)	[1]
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305	[1]	31,915	[1]
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860	[1]	31,915	[1]
Error Related to Classification of Real Estate Under Development \| As Previously Reported
Revenues
Rental revenues	$ 803	$ 425	$ 299	$ 724	$ 1,527	$ 2,600	$ 993		$ 4,062
Other income	30	256	46	302	332	355	263
Sale of residential condominium units	1,450				1,450	24,802
Total revenues	2,283	681	345	1,026	3,309	27,757	1,256		4,062
Operating Expenses
Property operating expenses	705	1,463		3,118	3,823	7,414	8,166		5,328
Property operating expenses			1,655
Real estate taxes	17	20	20	40	57	74	79		328
General and administrative	1,217	1,235	1,203	2,438	3,655	4,492	4,955		5,349
Pension related costs	158	162	163	325	483	67	345		733
Cost of sale - residential condominium units	1,417				1,417	24,432
Transaction related costs							133		167
Depreciation and amortization	716	715	715	1,430	2,146	2,864	2,768		2,977
Total operating expenses	4,230	3,595	3,756	7,351	11,581	39,343	16,446		14,882
Gain on sale of school condominium							24,196
Operating (loss) income	(1,947)	(2,914)	(3,411)	(6,325)	(8,272)	(11,586)	9,006		(1,299)
Equity in net loss from unconsolidated joint ventures		(264)	(372)	(636)	(636)	(555)	(1,571)		(819)
Unrealized gain on warrants	1,718	67	(1,977)	(1,910)	(192)	73	965
Interest expense, net	(690)	(881)	(601)	(1,482)	(2,172)	(3,007)	(1,398)		67
Interest expense - amortization of deferred finance costs	(160)	(623)	(193)	(816)	(976)	(1,134)	(202)
(Loss) income before taxes	(1,079)	(4,615)	(6,554)	(11,169)	(12,248)	(16,209)	6,800		(2,051)
Tax expense	47	(99)	(35)	(134)	(87)	(265)	(306)		(128)
Net (loss) income attributable to common stockholders	(1,032)	(4,714)	(6,589)	(11,303)	(12,335)	(16,474)	6,494		(2,179)
Other comprehensive (loss) income:
Unrealized gain on pension liability	119	118	119	237	356	816	1,015		344
Comprehensive (loss) income attributable to common stockholders	$ (913)	$ (4,596)	$ (6,470)	$ (11,066)	$ (11,979)	$ (15,658)	$ 7,509		$ (1,835)
(Loss) income per share - basic	$ (0.03)	$ (0.14)	$ (0.20)	$ (0.35)	$ (0.38)	$ (0.49)	$ 0.20		$ (0.07)
(Loss) income per share - diluted	$ (0.03)	$ (0.14)	$ (0.20)	$ (0.35)	$ (0.38)	$ (0.49)	$ 0.20		$ (0.07)
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305		31,915
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860		31,915
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Revenues
Rental revenues	$ 164	$ 152	$ 148	$ 300	$ 464	$ 625	$ 570		$ 569
Sale of residential condominium units	(22)				(22)	(1,117)
Total revenues	142	152	148	300	442	(492)	570		569
Operating Expenses
Property operating expenses	192	425		677	869	(1,831)	954		1,812
Property operating expenses			252
Real estate taxes	254	59	59	118	372	650	175		182
General and administrative	223	152	40	192	415	641	262		328
Cost of sale - residential condominium units	(22)				(22)	(2,062)
Depreciation and amortization	285	285	285	570	855	1,139	1,139		1,141
Total operating expenses	932	921	636	1,557	2,489	(1,463)	2,530		3,463
Operating (loss) income	(790)	(769)	(488)	(1,257)	(2,047)	971	(1,960)		(2,894)
Interest expense, net	(1,677)	(891)	(274)	(1,165)	(2,842)	(4,915)	(142)		(180)
Interest expense - amortization of deferred finance costs	(109)	(60)	(68)	(128)	(237)	(387)	(59)		(39)
(Loss) income before taxes	(2,576)	(1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
Net (loss) income attributable to common stockholders	(2,576)	(1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
Other comprehensive (loss) income:
Comprehensive (loss) income attributable to common stockholders	$ (2,576)	$ (1,720)	$ (830)	$ (2,550)	$ (5,126)	$ (4,331)	$ (2,161)		$ (3,113)
(Loss) income per share - basic	$ (0.08)	$ (0.05)	$ (0.03)	$ (0.08)	$ (0.16)	$ (0.13)	$ (0.07)		$ (0.10)
(Loss) income per share - diluted	$ (0.08)	$ (0.05)	$ (0.03)	$ (0.08)	$ (0.16)	$ (0.13)	$ (0.07)		$ (0.10)
Weighted average number of common shares - basic	32,756	32,694	32,591	32,643	32,681	33,322	32,305		31,915
Weighted average number of common shares - diluted	32,756	32,694	32,591	32,643	32,681	33,322	32,860		31,915

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT OF PREVIOUSLY ISS_6

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Equity Statement (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021		Jun. 30, 2021		Sep. 30, 2021		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 48,386	$ 54,523	$ 62,020	[1]	$ 62,020	[1]	$ 62,020	[1]	$ 62,020	[1]	$ 55,964	[1]	$ 58,847
Net loss attributable to common stockholders	(3,608)	(6,434)	(7,419)		(13,853)		(17,461)		(20,805)		4,333	[1]	(5,292)	[1]
Settlement of stock awards		1	(370)		(369)		(370)		(370)		(696)		(772)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		1,992
Sale of common stock	166						167		7,639
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											600
Stock buy-back											(359)		(197)
Balance	45,241	48,386	54,523		48,386		45,241		50,007		62,020	[1]	55,964	[1]
Common Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 389	$ 388	$ 383	[1]	$ 383	[1]	$ 383	[1]	$ 383	[1]	$ 376	[1]	$ 372
Balance (in shares)	38,853	38,841	38,345	[1]	38,345	[1]	38,345	[1]	38,345	[1]	37,612	[1]	37,161
Net loss attributable to common stockholders									$ 0		$ 0		$ 0
Settlement of stock awards		$ 1	$ 5		$ 6		$ 5		$ 5		$ 5		$ 4
Settlement of stock awards (in shares)	13	12	496		508		521		535		543		451
Unrealized gain on pension liability									$ 0		$ 0		$ 0
Sale of common stock	$ 1						$ 2		$ 42
Sale of common stock (in shares)	150						150		4,144
Stock-based compensation expense									$ 0		0		0
Stock-based consulting fees											$ 2
Stock-based consulting fees (in shares)											190
Stock buy-back											$ 0		$ 0
Stock buy-back (in shares)									0				0
Balance	$ 390	$ 389	$ 388		$ 389		$ 390		$ 430		$ 383	[1]	$ 376	[1]
Balance (in shares)	39,016	38,853	38,841		38,853		39,016		43,024		38,345	[1]	37,612	[1]
Additional Paid-In Capital
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 136,329	$ 136,151	$ 135,978	[1]	$ 135,978	[1]	$ 135,978	[1]	$ 135,978	[1]	$ 134,217	[1]	$ 132,831
Net loss attributable to common stockholders									0		0		0
Settlement of stock awards									0		0		0
Unrealized gain on pension liability									0		0		0
Sale of common stock	165						165		7,597
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											598
Stock buy-back											0		0
Balance	136,672	136,329	136,151		136,329		136,672		144,282		135,978	[1]	134,217	[1]
Treasury Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (57,166)	$ (57,166)	$ (56,791)	[1]	$ (56,791)	[1]	$ (56,791)	[1]	$ (56,791)	[1]	$ (55,731)	[1]	$ (54,758)
Balance (in shares)	(6,398)	(6,398)	(6,173)	[1]	(6,173)	[1]	(6,173)	[1]	(6,173)	[1]	(5,731)	[1]	(5,514)
Net loss attributable to common stockholders									$ 0		$ 0		$ 0
Settlement of stock awards			$ (375)		$ (375)		$ (375)		$ (375)		$ (701)		$ (776)
Settlement of stock awards (in shares)			(225)		(225)		(225)		(225)		(222)		(187)
Unrealized gain on pension liability									$ 0		$ 0		$ 0
Sale of common stock									0
Stock-based compensation expense									$ 0		0		0
Stock-based consulting fees											0
Stock buy-back											$ (359)		$ (197)
Stock buy-back (in shares)									0		(220)		(30)
Balance	$ (57,166)	$ (57,166)	$ (57,166)		$ (57,166)		$ (57,166)		$ (57,166)		$ (56,791)	[1]	$ (55,731)	[1]
Balance (in shares)	(6,398)	(6,398)	(6,398)		(6,398)		(6,398)		(6,398)		(6,173)	[1]	(5,731)	[1]
Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (29,244)	$ (22,810)	$ (15,391)	[1]	$ (15,391)	[1]	$ (15,391)	[1]	$ (15,391)	[1]	$ (19,724)	[1]	$ (16,080)
Net loss attributable to common stockholders	(3,608)	(6,434)	(7,419)		(13,853)		(17,461)		(20,805)		4,333		(5,292)
Settlement of stock awards									0		0		0
Unrealized gain on pension liability									0		0		1,648
Sale of common stock									0
Stock-based compensation expense									0		0		0
Stock-based consulting fees											0
Stock buy-back											0		0
Balance	(32,852)	(29,244)	(22,810)		(29,244)		(32,852)		(36,196)		(15,391)	[1]	(19,724)	[1]
Accumulated Other Comprehensive Loss
Revision of Previously Issued Consolidated Financial Statements
Balance	(1,922)	(2,040)	(2,159)	[1]	(2,159)	[1]	(2,159)	[1]	(2,159)	[1]	(3,174)	[1]	(3,518)
Net loss attributable to common stockholders									0		0		0
Settlement of stock awards									0		0		0
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		344
Sale of common stock									0
Stock-based compensation expense									0		0		0
Stock-based consulting fees											0
Stock buy-back											0		0
Balance	(1,803)	(1,922)	(2,040)		(1,922)		(1,803)		(1,343)		(2,159)	[1]	(3,174)	[1]
Error Related to Classification of Real Estate Under Development \| As Previously Reported
Revision of Previously Issued Consolidated Financial Statements
Balance	56,824	61,241	67,908		67,908		67,908		67,908		59,691		59,461
Net loss attributable to common stockholders	(1,032)	(4,714)	(6,589)		(11,303)		(12,335)		(16,474)		6,494		(2,179)
Settlement of stock awards		1	(370)		(369)		(370)		(370)		(696)		(772)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		1,992
Sale of common stock	166						167		7,639
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											600
Stock buy-back											(359)		(197)
Balance	56,255	56,824	61,241		56,824		56,255		60,226		67,908		59,691
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Common Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 389	$ 388	$ 383		$ 383		$ 383		$ 383		$ 376		$ 372
Balance (in shares)	38,853	38,841	38,345		38,345		38,345		38,345		37,612		37,161
Settlement of stock awards		$ 1	$ 5		$ 6		$ 5		$ 5		$ 5		$ 4
Settlement of stock awards (in shares)	13	12	496		508		521		535		543		451
Sale of common stock	$ 1						$ 2		$ 42
Sale of common stock (in shares)	150						150		4,144
Stock-based consulting fees											$ 2
Stock-based consulting fees (in shares)											190
Balance	$ 390	$ 389	$ 388		$ 389		$ 390		$ 430		$ 383		$ 376
Balance (in shares)	39,016	38,853	38,841		38,853		39,016		43,024		38,345		37,612
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Additional Paid-In Capital
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 136,329	$ 136,151	$ 135,978		$ 135,978		$ 135,978		$ 135,978		$ 134,217		$ 132,831
Sale of common stock	165						165		7,597
Stock-based compensation expense	178	178	173		351		529		707		1,163		1,386
Stock-based consulting fees											598
Balance	136,672	136,329	136,151		136,329		136,672		144,282		135,978		134,217
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Treasury Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (57,166)	$ (57,166)	$ (56,791)		$ (56,791)		$ (56,791)		$ (56,791)		$ (55,731)		$ (54,758)
Balance (in shares)	(6,398)	(6,398)	(6,173)		(6,173)		(6,173)		(6,173)		(5,731)		(5,514)
Settlement of stock awards			$ (375)		$ (375)		$ (375)		$ (375)		$ (701)		$ (776)
Settlement of stock awards (in shares)			(225)		(225)		(225)		(225)		(222)		(187)
Stock buy-back											$ (359)		$ (197)
Stock buy-back (in shares)											(220)		(30)
Balance	$ (57,166)	$ (57,166)	$ (57,166)		$ (57,166)		$ (57,166)		$ (57,166)		$ (56,791)		$ (55,731)
Balance (in shares)	(6,398)	(6,398)	(6,398)		(6,398)		(6,398)		(6,398)		(6,173)		(5,731)
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (20,806)	$ (16,092)	$ (9,503)		$ (9,503)		$ (9,503)		$ (9,503)		$ (15,997)		$ (15,466)
Net loss attributable to common stockholders	(1,032)	(4,714)	(6,589)		(11,303)		(12,335)		(16,474)		6,494		(2,179)
Unrealized gain on pension liability													1,648
Balance	(21,838)	(20,806)	(16,092)		(20,806)		(21,838)		(25,977)		(9,503)		(15,997)
Error Related to Classification of Real Estate Under Development \| As Previously Reported \| Accumulated Other Comprehensive Loss
Revision of Previously Issued Consolidated Financial Statements
Balance	(1,922)	(2,040)	(2,159)		(2,159)		(2,159)		(2,159)		(3,174)		(3,518)
Unrealized gain on pension liability	119	118	119		237		356		816		1,015		344
Balance	(1,803)	(1,922)	(2,040)		(1,922)		(1,803)		(1,343)		(2,159)		(3,174)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Revision of Previously Issued Consolidated Financial Statements
Balance	(8,438)	(6,718)	(5,888)		(5,888)		(5,888)		(5,888)		(3,727)		(614)
Net loss attributable to common stockholders	(2,576)	(1,720)	(830)		(2,550)		(5,126)		(4,331)		(2,161)		(3,113)
Balance	(11,014)	(8,438)	(6,718)		(8,438)		(11,014)		(10,219)		(5,888)		(3,727)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	(8,438)	(6,718)	(5,888)		(5,888)		(5,888)		(5,888)		(3,727)		(614)
Net loss attributable to common stockholders	(2,576)	(1,720)	(830)		(2,550)		(5,126)		(4,331)		(2,161)		(3,113)
Balance	$ (11,014)	$ (8,438)	$ (6,718)		$ (8,438)		$ (11,014)		$ (10,219)		$ (5,888)		$ (3,727)

[1] Amounts are revised. See Note 3 for more information.

RESTATEMENT OF PREVIOUSLY ISS_7

RESTATEMENT OF PREVIOUSLY ISSUED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 23, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders		$ (3,608)	$ (6,434)	$ (7,419)	$ (13,853)	$ (17,461)	$ (20,805)	$ 4,333	[1]	$ (5,292)	[1]
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				1,261	2,944	4,214	5,524	4,168		4,157
Stock-based compensation expense				133	265	399	530	806		905
Gain on sale of school condominium							0	(24,196)	[1]	0	[1]
Gain on sale of real estate	$ 9,500						0	0	[1]	(9,521)	[1]
Gain on sale of school condominium										(9,521)
Deferred rents receivable				(12)	(16)	(20)	(24)	(84)		578
Other non-cash adjustments - pension expense				119	238	356	816	1,015		1,992
Unrealized loss (gain) on warrants		(1,718)	(67)	1,977	1,910	192	(73)	(965)	[1]	0	[1]
Equity in net loss from unconsolidated joint ventures			264	372	636	636	555	1,571	[1]	819	[1]
Distributions from unconsolidated joint ventures				194	425	686	885	1,110		33
Loan forgiveness					(243)	(243)
(Increase) decrease in operating assets:
Residential condominium units for sale				(11,672)	(19,479)	(25,371)	(11,450)	(46,473)		(65,098)
Receivables				47	820	887	882	2,392		1,577
Prepaid expenses and other assets, net				(371)	(97)	(846)	(257)	190		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses				1,294	3,559	5,775	3,467	1,285		1,649
Pension liabilities							(1,288)	(1,033)		(2,705)
Net cash used in operating activities				(14,077)	(22,891)	(30,796)	(21,238)	(55,881)		(70,628)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				(53)	(56)	(84)	(140)	(4,279)		(24,816)
Net proceeds from the sale of real estate							0	0		18,812
Deferred real estate deposits of SCA condominium							0	0		33,609
Investments in unconsolidated joint ventures							0	(5,383)		0
Net (cash used in) provided by investing activities				(53)	(56)	(84)	(140)	(9,662)		27,605
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility				8,980	74,486	82,318	249,984	86,361		55,475
Proceeds from secured line of credit				1,200	1,200	4,200	8,200	5,000		7,250
Payment of finance costs				(21)	(2,231)	(2,442)	(6,552)	(1,497)		(1,531)
Repayment of loans					(56,413)	(56,413)	(225,547)	(23,368)		(10,557)
Repayment of secured line of credit							(3,200)	(2,500)		(2,000)
Settlement of stock awards				(370)	(369)	(370)	(370)	(695)		(772)
Stock buy-back							0	(359)		(197)
Sale of common stock, net						167	7,639	0		0
Net cash provided by financing activities				9,789	16,673	27,460	30,154	62,942		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH				(4,341)	(6,274)	(3,420)	8,776	(2,601)		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD		2,169	5,034	6,515	6,515	6,515	6,515	9,196		11,496
RESTRICTED CASH, BEGINNING OF PERIOD		7,626	6,694	9,554	9,554	9,554	9,554	9,474		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD		917	2,169	5,034	2,169	917	4,310	6,515		9,196
RESTRICTED CASH, END OF PERIOD		11,732	7,626	6,694	7,626	11,732	20,535	9,554		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest				4,130	8,564	13,329	16,042	15,495		12,631
Cash paid during the period for: Taxes				46	49	189	395	251		352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants				692	1,501	2,169	3,193	2,668		2,700
Capitalized stock-based compensation expense				37	70	97	122	299		401
Loan forgiveness							243	0		0
Investment in unconsolidated joint venture							0	5,193		0
Right-of-use asset							0	0		1,904
Lease liabilities							0	0		(2,065)
Warrant liability							0	0		(1,795)
Error Related to Classification of Real Estate Under Development \| As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders		(1,032)	(4,714)	(6,589)	(11,303)	(12,335)	(16,474)	6,494		(2,179)
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				908	2,246	3,122	3,998	2,970		2,977
Stock-based compensation expense				133	265	399	530	806		905
Gain on sale of school condominium								(24,196)
Gain on sale of real estate										(9,521)
Gain on sale of school condominium										(9,521)
Deferred rents receivable				(12)	(16)	(20)	(24)	(84)		578
Other non-cash adjustments - pension expense				119	238	356	816	1,015		1,992
Unrealized loss (gain) on warrants		(1,718)	(67)	1,977	1,910	192	(73)	(965)
Equity in net loss from unconsolidated joint ventures			264	372	636	636	555	1,571		819
Distributions from unconsolidated joint ventures				194	425	686	885	1,110		33
Loan forgiveness					(243)	(243)
(Increase) decrease in operating assets:
Residential condominium units for sale						(33)	(321)
Receivables				47	820	887	882	2,392		1,577
Prepaid expenses and other assets, net				(371)	(97)	(846)	(257)	190		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses				1,294	3,559	5,775	3,467	(686)		1,649
Pension liabilities							(1,288)	(1,033)		(2,705)
Net cash used in operating activities				(1,928)	(1,560)	(1,424)	(7,304)	(10,416)		(3,597)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				(12,202)	(21,387)	(30,784)	(36,349)	(51,715)		(91,847)
Net proceeds from the sale of real estate						1,328	22,275			18,812
Deferred real estate deposits of SCA condominium								1,971		33,609
Investments in unconsolidated joint ventures								(5,383)
Net (cash used in) provided by investing activities				(12,202)	(21,387)	(29,456)	(14,074)	(55,127)		(39,426)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility				8,980	74,486	82,318	249,984	86,361		55,475
Proceeds from secured line of credit				1,200	1,200	4,200	8,200	5,000		7,250
Payment of finance costs				(21)	(2,231)	(2,442)	(6,552)	(1,497)		(1,531)
Repayment of loans					(56,413)	(56,413)	(225,547)	(23,368)		(10,557)
Repayment of secured line of credit							(3,200)	(2,500)		(2,000)
Settlement of stock awards				(370)	(369)	(370)	(370)	(695)		(772)
Stock buy-back								(359)		(197)
Sale of common stock, net						167	7,639
Net cash provided by financing activities				9,789	16,673	27,460	30,154	62,942		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH				(4,341)	(6,274)	(3,420)	8,776	(2,601)		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD		2,169	5,034	6,515	6,515	6,515	6,515	9,196		11,496
RESTRICTED CASH, BEGINNING OF PERIOD		7,626	6,694	9,554	9,554	9,554	9,554	9,474		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		9,795	11,728	16,069	16,069	16,069	16,069	18,670		14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD		917	2,169	5,034	2,169	917	4,310	6,515		9,196
RESTRICTED CASH, END OF PERIOD		11,732	7,626	6,694	7,626	11,732	20,535	9,554		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		12,649	9,795	11,728	9,795	12,649	24,845	16,069		18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest				4,130	8,564	13,329	16,042	15,495		12,631
Cash paid during the period for: Taxes				46	49	189	395	251		352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses				7,496	8,321	7,101	8,805	10,319		12,698
Capitalized amortization of deferred financing costs and warrants				760	1,629	2,406	3,580	2,727		2,739
Capitalized stock-based compensation expense				39	85	130	177	356		480
Loan forgiveness							243
Investment in unconsolidated joint venture								5,193
Right-of-use asset										1,904
Lease liabilities										(2,065)
Warrant liability										(1,795)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders		$ (2,576)	$ (1,720)	(830)	(2,550)	(5,126)	(4,331)	(2,161)		(3,113)
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				353	698	1,092	1,526	1,198		1,180
(Increase) decrease in operating assets:
Residential condominium units for sale				(11,672)	(19,479)	(25,338)	(11,129)	(46,473)		(65,098)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses								1,971
Net cash used in operating activities				(12,149)	(21,331)	(29,372)	(13,934)	(45,465)		(67,031)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate				12,149	21,331	30,700	36,209	47,436		67,031
Net proceeds from the sale of real estate						(1,328)	(22,275)
Deferred real estate deposits of SCA condominium								(1,971)
Net (cash used in) provided by investing activities				12,149	21,331	29,372	13,934	45,465		67,031
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses				(7,496)	(8,321)	(7,101)	(8,805)	(10,319)		(12,698)
Capitalized amortization of deferred financing costs and warrants				(68)	(128)	(237)	(387)	(59)		(39)
Capitalized stock-based compensation expense				$ (2)	$ (15)	$ (33)	$ (55)	$ (57)		$ (79)

[1] Amounts are revised. See Note 3 for more information.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Mar. 31, 2022 USD ($)
Pacolet Milliken Joint Venture \| The Berkley \| Subsequent Event
Disclosure of Subsequent Events [Line Items]
Sale price per contract	$ 71,020,000

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 70,242
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	28,847
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	45,824
Real Estate And Accumulated Depreciation Buildings And Improvements	6,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land	28,847
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	52,116
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total	80,963	$ 80,908	$ 80,821
SEC Schedule III, Real Estate Accumulated Depreciation	13,629	$ 10,868	$ 8,115
Deferred Offering Costs, Net	1,200
Paramus Nj [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,750
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	908
Real Estate Under Development	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,647
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate And Accumulated Depreciation Buildings And Improvements	6,136
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land	908
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	9,783
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total	10,691
SEC Schedule III, Real Estate Accumulated Depreciation	$ 7,815
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1	1980
Brooklyn New York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 57,492
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	27,939
Real Estate Under Development	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	42,177
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate And Accumulated Depreciation Buildings And Improvements	156
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Land	27,939
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount Of Real Estate Under Development	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Amount of Buildings and Improvements	42,333
SEC Schedule III, Real Estate and Accumulated Depreciation, Carried Total	70,272
SEC Schedule III, Real Estate Accumulated Depreciation	$ 5,814
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1	2018
Maximum
Useful lives	39 years
Minimum
Useful lives	10 years

Schedule III - Consolidated R_3

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Balance at beginning of period	$ 80,908	$ 80,821
Additions	55	87
Balance at end of period	$ 80,963	$ 80,908

Schedule III - Consolidated R_4

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Balance at beginning of period	$ 10,868	$ 8,115
Depreciation related to real estate	2,761	2,753
Balance at end of period	$ 13,629	$ 10,868

Schedule III - Consolidated R_5

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 80,963	$ 80,908	$ 80,821
Building and building improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 81,000	$ 80,900