Trinity Place (TPHS) 10-Q/A5 Oct 222022 Q1 Quarterly report (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 16, 2022
Document and Entity Information
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-08546
Entity Registrant Name	TRINITY PLACE HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2465228
Entity Address, Address Line One	340 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10173
City Area Code	212
Local Phone Number	235-2190
Title of 12(b) Security	Common Stock
Trading Symbol	TPHS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000724742
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	Trinity Place Holdings Inc. (the "Company," "we", "our" or "us") is filing this Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the "Form 10-Q/A" or "Amended Quarterly Report") to amend our Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2022 and 2021, included in the original filing with the Securities and Exchange Commission (the "SEC") on May 16, 2022 (the "Original Form 10-Q"), to restate the financial statements as of and for the quarterly periods ended March 31, 2022 and 2021. 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-Q 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. This Amended Quarterly 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-Q, 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 March 31, 2022, and its disclosure controls and procedures were not effective. See additional discussion included in Part I, Item 4 of this Amended Quarterly Report.Except as discussed above, and as further described in Note 3 – Restatement and Revision of Previously Issued Interim Financial Statements in the Notes to Financial Statements, the Company has not modified or updated disclosures presented in this Amended Quarterly Report. Accordingly, the Amended Quarterly Report does not reflect events occurring after the Original Form 10-Q 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-Q.Other financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this Amended Quarterly Report and in the amendment to our Annual Report on Form 10-K for the year ended December 31, 2021 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 of the Notes to Financial Statements included herein.
Entity Common Stock, Shares Outstanding		36,850,373

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate, net		$ 66,705	[1]	$ 67,334	[1]	$ 69,353
Residential condominiums for sale		214,591	[1]	216,983	[1]	213,223
Cash and cash equivalents	[1]	1,381		4,310		5,034	$ 6,515
Restricted cash	[1]	14,232		20,535		6,694	9,554
Prepaid expenses and other assets, net		5,007	[1]	4,126	[1]	3,343
Investments in unconsolidated joint ventures		18,517	[1]	17,938	[1]	18,814
Receivables		60	[1]	84	[1]	919
Deferred rents receivable		118	[1]	114	[1]	102
Right-of-use asset		1,224	[1]	1,314	[1]	1,478
Intangible assets, net		8,247	[1]	8,432	[1]	8,987
Total assets		330,082	[1]	341,170	[1]	327,947
LIABILITIES
Loans payable, net		210,768	[1]	219,249	[1]	207,317
Corporate credit facility, net		33,090	[1]	32,844	[1]	32,104
Secured line of credit, net		12,750	[1]	12,750	[1]	8,950
Note payable		5,863	[1]	5,863	[1]	5,863
Accounts payable and accrued expenses		19,876	[1]	17,864	[1]	14,368
Lease liability		1,347	[1]	1,447	[1]	1,626
Warrant liability		1,515	[1]	1,146	[1]	3,196
Total liabilities		285,209	[1]	291,163	[1]	273,424
Commitments and Contingencies			[1]		[1]
STOCKHOLDERS' EQUITY
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2021 and December 31, 2020	[1]
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,387,563 and 43,024,424 shares issued at March 31, 2022 and December 31, 2021, respectively; 36,836,146 and 36,626,549 shares outstanding at March 31, 2022 and December 31, 2021, respectively		434	[1]	430	[1]	388
Additional paid-in capital		144,451	[1]	144,282	[1]	(136,151)
Treasury stock (6,551,447 and 6,397,875 shares at March 31, 2022 and December 31, 2021, respectively)		(57,461)	[1]	(57,166)	[1]	(57,166)
Accumulated other comprehensive loss		(1,224)	[1]	(1,343)	[1]	(2,040)
Accumulated deficit		(41,327)	[1]	(36,196)	[1]	(22,810)
Total stockholders' equity		44,873	[1]	50,007	[1]	54,523	$ 62,020
Total liabilities and stockholders' equity		330,082	[1]	341,170	[1]	$ 327,947
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	[1]
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	[1]

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

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1	1
Special Stock, Shares Issued	1	1	1
Special Stock, Shares Outstanding	1	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997	79,999,997
Common Stock, Shares, Issued	43,387,563	43,024,424	38,840,508
Common Stock, Shares, Outstanding	36,836,146	36,626,549	32,442,633
Treasury Stock, Shares	6,551,447	6,397,875	6,397,875
Blank Check Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	40,000,000	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0	0
Preferred Stock, Shares Outstanding	0	0	0
Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	2	2	2
Preferred Stock, Shares Issued	0	0	0
Preferred Stock, Shares Outstanding	0	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021
Revenues
Rental revenues		$ 1,260	[1]	$ 447	[2]
Other income		16	[1]	46	[2]
Sale of residential condominium units	[1]	6,069
Total revenues		7,345	[1]	493	[2]
Operating Expenses
Property operating expenses		804	[1]	1,907	[2]
Real estate taxes		390	[1]	79	[2]
General and administrative		1,502	[1]	1,243	[2]
Pension related costs		158	[1]	163	[2]
Cost of sale - residential condominium units	[1]	5,721
Depreciation and amortization		1,003	[1]	1,000	[2]
Total operating expenses		9,578	[1]	4,392	[2]
Operating loss		(2,233)	[1]	(3,899)	[2]
Equity in net income (loss) from unconsolidated joint ventures	[1]	746		(372)	[2]
Unrealized loss on warrants	[1]	(369)		(1,977)	[2]
Interest expense, net		(2,769)	[1]	(875)	[2]
Interest expense - amortization of deferred finance costs		(436)	[1]	(261)	[2]
Loss before taxes		(5,061)	[1]	(7,384)	[2]
Tax expense		(70)	[1]	(35)	[2]
Net loss attributable to common stockholders		(5,131)	[1]	(7,419)	[2]
Other comprehensive loss:
Unrealized gain on pension liability		119	[1]	119	[2]
Comprehensive loss attributable to common stockholders		$ (5,012)	[1]	$ (7,300)	[2]
Loss per share - basic		$ (0.14)	[1]	$ (0.23)	[2]
Loss per share - diluted		$ (0.14)		$ (0.23)
Weighted average number of common shares - basic		37,104	[1]	32,591	[2]
Weighted average number of common shares - diluted		37,104		32,591

[1] Amounts are Restated. See Note 3 for more information. 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
Balance at Dec. 31, 2020		$ 383	$ 135,978	$ (56,791)	$ (15,391)	$ (2,159)
Balance (in shares) at Dec. 31, 2020		38,345		(6,173)
Net income (loss) attributable to common stockholders					(7,419)
Settlement of stock awards		$ 5		$ (375)
Settlement of stock awards (in shares)		496		(225)
Unrealized gain (loss) on pension liability						119
Stock-based compensation expense			173
Balance at Mar. 31, 2021		$ 388	136,151	$ (57,166)	(22,810)	(2,040)
Balance (in shares) at Mar. 31, 2021		38,841		(6,398)
Balance at Dec. 31, 2020		$ 383	135,978	$ (56,791)	(15,391)	(2,159)
Balance (in shares) at Dec. 31, 2020		38,345		(6,173)
Balance at Dec. 31, 2021	[1]	$ 430	144,282	$ (57,166)	(36,196)	(1,343)
Balance (in shares) at Dec. 31, 2021	[1]	43,024		(6,398)
Net income (loss) attributable to common stockholders					(5,131)
Settlement of stock awards		$ 4		$ (295)
Settlement of stock awards (in shares)		364		(153)
Unrealized gain (loss) on pension liability						119
Stock-based compensation expense			169
Balance at Mar. 31, 2022	[1]	$ 434	$ 144,451	$ (57,461)	$ (41,327)	$ (1,224)
Balance (in shares) at Mar. 31, 2022	[1]	43,388		(6,551)

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	[1]	$ (5,131)		$ (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	[1]	1,439		1,261
Stock-based compensation expense	[1]	123		133
Deferred rents receivable	[1]	(4)		(12)
Other non-cash adjustments - pension expense	[1]	119		119
Unrealized loss on warrants	[1]	369		1,977	[2]
Equity in net (income) loss from unconsolidated joint ventures	[1]	(746)		372	[2]
Distributions from unconsolidated joint ventures	[1]	168		194
Decrease (increase) in operating assets:
Residential condominium units for sale	[1]	3,548		(11,672)
Receivables	[1]	24		47
Prepaid expenses and other assets, net	[1]	(1,008)		(371)
Increase in operating liabilities:
Accounts payable and accrued expenses	[1]	1,474		1,294
Net cash used in operating activities	[1]	375		(14,077)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	[1]	(64)		(53)
Net cash provided by (used in) investing activities	[1]	(64)		(53)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	[1]	2,390		8,980
Proceeds from secured line of credit	[1]			1,200
Payment of finance costs	[1]			(21)
Repayment of loans	[1]	(11,642)
Settlement of stock awards	[1]	(291)		(370)
Net cash (used in) provided by financing activities	[1]	(9,543)		9,789
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(9,232)	[1]	(4,341)	[1]	$ (9,232)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	[1]	24,845		16,069		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	[1]	15,613		11,728		24,845
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	[1]	4,310		6,515		6,515
RESTRICTED CASH, BEGINNING OF PERIOD	[1]	20,535		9,554		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	[1]	24,845		16,069		16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	[1]	1,381		5,034		4,310
RESTRICTED CASH, END OF PERIOD	[1]	14,232		6,694		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	[1]	15,613		11,728		$ 24,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	[1]	3,050		4,130
Cash paid during the period for: Taxes	[1]	66		46
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants	[1]	583		692
Capitalized stock-based compensation expense	[1]	$ 18		$ 37

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

Business

Business	3 Months Ended
Business	Mar. 31, 2022
Business
Business	Note 1 – Business Overview 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 $260.3 million of federal net operating loss carryforwards (“NOLs”) at March 31, 2022, which can be used to reduce our future taxable income and capital gains. 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 17 residential condominium units as of March 31, 2022. As of March 31, 2022, we had total cash and restricted cash of $15.6 million, of which approximately $1.4 million was cash and cash equivalents and approximately $14.2 million was restricted cash. At this time, we believe our existing balances of cash and cash equivalents, together with net proceeds that were generated from the sale of The Berkley, which closed 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited consolidated interim financial information also conform with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Management believes that the disclosures presented in these unaudited consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited consolidated interim financial information should be read in conjunction with our December 31, 2021 audited consolidated financial statements, as previously filed with the SEC in our 2021 Annual Report on Form 10-K/A (the “2021 Annual Report”). a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021 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 inventory is 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 taxes, insurance and other property operating expenses are presented in the consolidated statements of operations and comprehensive loss as “rental revenues.” Also, these reimbursements of expenses are recognized within revenue in the period the expenses are incurred. We assess the collectability of our accounts receivable related to tenant revenues. We applied the guidance under ASC 842 in assessing our lease payments: if collection of rents under specific operating leases is not probable, then we recognize the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this assessment is completed, we apply a general reserve, as provided under ASC 450-20, if applicable. 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 n. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and increased other disclosures. As of March 31, 2022 and December 31, 2021, we determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2022, 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, depending on the jurisdiction, through December 31, 2021. We are subject to certain federal, state and local income and franchise taxes. o. Earnings (loss) Per Share have vested but not yet settled and 7,179,000 warrants exercisable at $4.31 per share were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the three months ended March 31, 2022 and 2021. p. Deferred Finance Costs q. Deferred Lease Costs r. Underwriting Commissions and Costs – Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital in stockholders’ equity. Any references to square footage, property count or occupancy percentages, and any amounts derived from these values in these notes to the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. Accounting Standards Updates Recently 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	3 Months Ended
	Mar. 31, 2022
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 year ended December 31, 2021, 2020 and 2019 as filed in the amendment to our Annual Report on Form 10-K for the year ended December 31, 2021 filed on the date hereof; and (ii) consolidated interim financial statements for the three months ended March 31, 2022 and 2021, collectively referred to as the “Restatement” or “Revision”, as illustrated in this note to the consolidated financial statements. 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; and (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, 2022 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 294,108 $ (227,403) $ 66,705 Residential condominium units for sale — 214,591 214,591 Cash and cash equivalents 1,381 — 1,381 Restricted cash 14,232 — 14,232 Prepaid expenses and other assets, net 5,007 — 5,007 Investments in unconsolidated joint ventures 18,517 — 18,517 Receivables 60 — 60 Deferred rents receivable 118 — 118 Right-of-use asset 1,224 — 1,224 Intangible assets, net 8,247 — 8,247 Total assets $ 342,894 $ (12,812) $ 330,082 LIABILITIES Loans payable, net $ 210,768 $ — $ 210,768 Corporate credit facility, net 33,090 — 33,090 Secured line of credit, net 12,750 — 12,750 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 19,876 — 19,876 Lease liability 1,347 — 1,347 Warrant liability 1,515 — 1,515 Total liabilities 285,209 — 285,209 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; 43,387,563 shares issued at March 31, 2022; shares outstanding at March 31, 2022 434 — 434 Additional paid-in capital 144,451 — 144,451 Treasury stock (6,551,447 shares at March 31, 2022) (57,461) — (57,461) Accumulated other comprehensive loss (1,224) — (1,224) Accumulated deficit (28,515) (12,812) (41,327) Total stockholders' equity 57,685 (12,812) 44,873 Total liabilities and stockholders' equity $ 342,894 $ (12,812) $ 330,082 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) For the Three Months Ended March 31, 2022 As Previously Restatement Reported Impact As Restated Revenues Rental revenues $ 1,260 $ — $ 1,260 Other income 16 — 16 Sale of residential condominium units 6,278 (209) 6,069 Total revenues 7,554 (209) 7,345 Operating Expenses Property operating expenses 548 256 804 Real estate taxes 74 316 390 General and administrative 1,139 363 1,502 Pension related costs 158 — 158 Cost of sale - residential condominium units 6,273 (552) 5,721 Depreciation and amortization 1,003 — 1,003 Total operating expenses 9,195 383 9,578 Operating loss (1,641) (592) (2,233) Equity in net income from unconsolidated joint ventures 746 — 746 Unrealized loss on warrants (369) — (369) Interest expense, net (802) (1,967) (2,769) Interest expense - amortization of deferred finance costs (402) (34) (436) Loss before taxes (2,468) (2,593) (5,061) Tax expense (70) — (70) Net loss attributable to common stockholders $ (2,538) $ (2,593) $ (5,131) Other comprehensive loss: Unrealized gain on pension liability 119 — 119 Comprehensive loss attributable to common stockholders $ (2,419) $ (2,593) $ (5,012) Loss per share - basic and diluted $ (0.07) $ (0.07) $ (0.14) Weighted average number of common shares - basic and diluted 37,104 37,104 37,104 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE THREE MONTHS ENDED MARCH 31, 2022 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, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (25,977) $ (1,343) $ 60,226 Net loss attributable to common stockholders — — — — — (2,538) — (2,538) Settlement of stock awards 364 4 — (153) (295) — — (291) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 169 — — — — 169 Balance as of March 31, 2022 43,388 $ 434 $ 144,451 (6,551) $ (57,461) $ (28,515) $ (1,224) $ 57,685 Restatement Impact Balance as of December 31, 2021 — $ — $ — — $ — $ (10,219) $ — $ (10,219) Net loss attributable to common stockholders — — — — — (2,593) — (2,593) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of March 31, 2022 — $ — $ — — $ — $ (12,812) $ — $ (12,812) As Restated Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (36,196) $ (1,343) $ 50,007 — — — — — — — — Net loss attributable to common stockholders — — — — — (5,131) — (5,131) Settlement of stock awards 364 4 — (153) (295) — — (291) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 169 — — — — 169 Balance as of March 31, 2022 43,388 $ 434 $ 144,451 (6,551) $ (57,461) $ (41,327) $ (1,224) $ 44,873 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Three Months Ended March 31, 2022 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (2,538) $ (2,593) $ (5,131) Adjustments to reconcile net loss attributable to common stockholders to net cash (used in) provided by operating activities: Depreciation and amortization and amortization of deferred finance costs 1,405 34 1,439 Stock-based compensation expense 123 — 123 Deferred rents receivable (4) (4) Other non-cash adjustments - pension expense 119 — 119 Unrealized loss on warrants 369 — 369 Equity in net loss from unconsolidated joint ventures (746) — (746) Distributions from unconsolidated joint ventures 168 — 168 (Increase) decrease in operating assets: Residential condominium units for sale (5) 3,553 3,548 Receivables 24 — 24 Prepaid expenses and other assets, net (1,008) — (1,008) Increase in operating liabilities: Accounts payable and accrued expenses 1,474 — 1,474 Net cash (used in) provided by operating activities (619) 994 375 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (4,704) 4,640 (64) Net proceeds from the sale of residential condominium units 5,634 (5,634) — Net cash provided by (used in) investing activities 930 (994) (64) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 2,390 — 2,390 Repayment of loans (11,642) — (11,642) Settlement of stock awards (291) — (291) Net cash used in financing activities (9,543) — (9,543) NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (9,232) — (9,232) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 — 24,845 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 15,613 $ — $ 15,613 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 4,310 $ — $ 4,310 RESTRICTED CASH, BEGINNING OF PERIOD 20,535 — 20,535 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 24,845 $ — $ 24,845 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,381 $ — $ 1,381 RESTRICTED CASH, END OF PERIOD 14,232 — 14,232 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 15,613 $ — $ 15,613 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 3,050 $ — $ 3,050 Cash paid during the period for: Taxes $ 66 $ — $ 66 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 9,332 $ (9,332) $ — Capitalized amortization of deferred financing costs and warrants $ 617 $ (34) $ 583 Capitalized stock-based compensation expense $ 46 $ (28) $ 18 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 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 — — — 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 per 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

Real Estate, Net

Real Estate, Net	3 Months Ended
Real Estate, Net	Mar. 31, 2022
Real Estate, Net
Real Estate, Net	Note 4 – Real Estate, Net As of March 31, 2022 and December 31, 2021, real estate, net, includes the following (dollars in thousands): March 31, December 31, 2022 2021 As Restated (a) As Restated (a) Building and building improvements $ 51,141 $ 51,141 Tenant improvements 221 200 Furniture and fixtures 818 775 Land and land improvements 28,847 28,847 81,027 80,963 Less: accumulated depreciation 14,322 13,629 $ 66,705 $ 67,334 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 March 31, 2022 and December 31, 2021, 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 $2.9 million and $2.7 million at March 31, 2022 and December 31, 2021, respectively. Amortization expense amounted to $185,000 for each of the three months ended March 31, 2022 and 2021, respectively. 77 Greenwich and the New York City School Construction Authority We entered into an agreement with the New York City School Construction Authority (the “SCA”), whereby we agreed to construct a school to be sold to the SCA as part of our condominium development at 77 Greenwich. Pursuant to the agreement, the SCA agreed to pay us $41.5 million for the purchase of their condominium unit and reimburse us for the costs associated with constructing the school, including a construction supervision fee of approximately $5.0 million. Payments for construction are being made by the SCA to the general contractor in installments as construction on their condominium unit progresses. Payments to us for the land and construction supervision fee commenced in January 2018 and continued through October 2019 for the land and will continue through completion of the SCA buildout for the construction supervision fee, with an aggregate of $46.1 million having been paid to us as of March 31, 2022 from the SCA, with approximately $430,000 remaining to be paid. We have also received an aggregate of $51.0 million in reimbursable construction costs from the SCA through March 31, 2022. 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. We have also guaranteed certain obligations with respect to the construction of the school.

Residential Condominium Units f

Residential Condominium Units for Sale	3 Months Ended
Residential Condominium Units for Sale	Mar. 31, 2022
Residential Condominium Units for Sale
Residential Condominium Units for Sale	Note 5 – Residential Condominium Units for Sale Residential condominium units for sale as of March 31, 2022 and December 31, 2021 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 three closings during the three months ended March 31, 2022. Residents have begun to move into their respective units.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets, Net	3 Months Ended
Prepaid Expenses and Other Assets, Net	Mar. 31, 2022
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net	Note 6 – Prepaid Expenses and Other Assets, Net As of March 31, 2022 and December 31, 2021, prepaid expenses and other assets, net, include the following (dollars in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 1,659 $ 673 Deferred finance costs 2,184 2,184 Other 2,758 2,736 6,601 5,593 Less: accumulated amortization 1,594 1,467 $ 5,007 $ 4,126

Loans Payable and Secured Line

Loans Payable and Secured Line of Credit	3 Months Ended
Loans Payable and Secured Line of Credit	Mar. 31, 2022
Loans Payable and Secured Line of Credit
Loans Payable and Secured Line of Credit	Note 7 – 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 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 $4.50 per share (the “Warrant Agreement Amendment”) (see Note 12 – Stockholders Equity – Warrants to our consolidated financial statements for further discussion regarding the warrants). In connection with the closing of the 77 Mortgage Loan and amendment to the Mezzanine Loan described below, we entered into amendments to our Corporate Credit Facility, dated as of October 22, 2021 and November 10, 2021, 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 March 31, 2022 and December 31, 2021, excluding deferred finance fees of $2.7 million and $2.9 million, respectively. Accrued interest, which is included in accounts payable and accrued expenses, totaled approximately $3.9 million at March 31, 2022 and $3.8 million at December 31, 2021. As of March 31, 2022, we were in compliance with all covenants of the Corporate Credit Facility. The Corporate Credit Facility bears interest at a rate per annum equal to the sum of (i) 5.25% and (ii) a scheduled interest rate of 4% (the “Cash Pay Interest Rate”) which increases by 0.125% every six-month period from the Closing Date, subject to increase during the extension periods. The effective interest rate at March 31, 2022 and December 31, 2021 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 March 31, 2022, 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. 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”). As a result of the refinancing transaction in October 2021, the 77 Greenwich Construction Facility was repaid in full. The 77 Greenwich Construction Facility had an aggregate balance of $159.4 million at the time it was repaid at closing of the 77 Mortgage Loan (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”). We borrowed $133.1 million on the closing date of the 77 Mortgage Loan and the balance of the funds used to repay the 77 Greenwich Construction 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 March 31, 2022, the 77 Mortgage Loan had a balance of $116.0 million and we had accrued $2.5 million in PIK interest, which is recorded in accounts payable and accrued expenses in the consolidated balance sheet. Through March 31, 2022, the 77 Mortgage loan was paid down by approximately $20.5 million through closed sales of residential condominium units. As of March 31, 2022, we were in compliance with all covenants under the 77 Mortgage Loan. 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 11-35, excluding the hoist units, 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 at that time, 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. 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 in 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. The blended interest rate for the 77 Mortgage Loan and the Mezzanine Loan, assuming the 77 Mortgage Loan and the Mezzanine Loan are fully drawn, was 8.3% 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. 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. 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 March 31, 2022 and December 31, 2021, the Mezzanine Loan had a balance of $30.3 million for both periods, respectively, and accrued interest totaled approximately $2.1 million and $1.1 million, respectively. As of March 31, 2022, 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 million and $48.7 million from the 237 11 th th In June 2021, we entered into an interest rate cap agreement as required under the New 237 11 th The 237 11 th th 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 Secured Line of Credit Our $12.75 million secured line of credit is secured by the Paramus, New Jersey property. The secured line of credit matures in March 2023. The secured line of credit bears interest at the prime rate, currently 3.50%. 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 at March 31, 2022 and December 31, 2021, respectively, and an effective interest rate of 3.50% and 3.25% at March 31, 2022 and December 31, 2021, 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 March 31, 2022, excluding extension options, were as follows (dollars in thousands): Year of Maturity Principal Restated 2022 $ 10,064 2023 223,664 2024 35,750 2025 — 2026 — 269,478 Less: deferred finance costs, net (7,007) Total loans, secured line of credit, and note payable, net $ 262,471 Interest Consolidated interest expense, net includes the following (dollars in thousands): Three Months Ended Three Months Ended March 31, March 31, 2022 2021 Interest expense $ 4,287 $ 4,990 Interest capitalized (1,518) (4,115) Interest expense, net $ 2,769 $ 875

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 8 – 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.

Pension Plan

Pension Plan	3 Months Ended
Pension Plan	Mar. 31, 2022
Pension Plans
Pension Plan	Note 9 – Pension Plan Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. At March 31, 2022 and December 31, 2021, we had recorded an overfunded pension balance of approximately $1.6 million, respectively, which is included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets. If we decided to terminate the plan under a standard termination, we would be required to make additional contributions to the plan so that the assets of the plan are sufficient to satisfy all benefit liabilities. We currently plan to continue to maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; however, we may terminate it at any time. In the event we terminate the plan, we intend that any such termination would be a standard termination. Although we have accrued the liability associated with a standard termination, we have not taken any steps to commence such a termination and currently have no intention of terminating the pension plan. In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $5.7 million to the Syms sponsored plan from September 17, 2012 through March 31, 2022. Historically, we have funded this plan in the third quarter of the calendar year. We funded $400,000 to the Syms sponsored plan in September 2021.

Commitments

Commitments	3 Months Ended
Commitments	Mar. 31, 2022
Commitments
Commitments	Note 10 – 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 $118,000 and $112,000 for the three months ended March 31, 2022 and 2021, respectively. The remaining lease obligation, excluding any extension options, for our corporate office is approximately $1.4 million through 2025. b. Legal Proceedings – In the normal course of business, we are party to routine legal proceedings. Based on advice of counsel and available information, including current status or stage of proceeding, and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from litigation we are currently involved in will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or liquidity.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Taxes
Income Taxes	Note 11 – Income Taxes As of March 31, 2022, we had federal NOLs of approximately $260.3 million. NOLs generated prior to tax-year 2018 will expire in years through fiscal 2037 while NOLs generated in 2018 and forward carry-over indefinitely. The gain resulting from the conveyance of the school condominium to the SCA was fully offset by our available NOL carryforward. Since 2009 through March 31, 2022, we have utilized approximately $22.5 million of our federal NOLs. As of March 31, 2022, we also had state NOLs of approximately $171.9 million. These state NOLs have various expiration dates through 2039, if applicable. We also had New York State and New York City prior NOL conversion (“PNOLC”) subtraction pools of approximately $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 $72.0 million as of March 31, 2022. If our assumptions change and we determine we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recognized as a reduction of income tax expense and an increase in stockholders equity.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	Note 12 – Stockholders’ Equity Capital Stock Our authorized capital stock consists of 120,000,000 shares consisting of 79,999,997 shares of common stock, $0.01 par value per share, two (2) shares of preferred stock, $0.01 par value per share (which have been redeemed in accordance with their terms and may not be reissued), one (1) share of special stock, $0.01 par value per share, and 40,000,000 shares of a new class of blank-check preferred stock, $0.01 par value per share. As of March 31, 2022 and December 31, 2021, there were 43,387,563 shares and 43,024,424 shares of common stock issued, respectively, and 36,836,146 shares and 36,626,549 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 7 – 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. On December 22, 2020, the Company entered into the Warrant Agreement Amendment, whereby the exercise price of the warrants issued in connection with the Corporate Credit Facility was amended to be $4.50 per share. In connection with the October 2021 Private Placement, the exercise price of the warrants were further reduced to $4.31 per share (the “Exercise Price”), which is payable in cash or pursuant to a cashless exercise. The Warrant Agreement provides that we will not issue shares of common stock upon exercise of the Warrants if either (1) the Warrant Holder, together with its affiliates, would beneficially hold 5% or more of the shares of common stock outstanding immediately after giving effect to such exercise, or (2) such exercise would result in the issuance of more than 19.9% of the shares of issued and outstanding common stock as of the date of the Warrant Agreement, prior to giving effect to the issuance of the Warrants, and such issuance would require shareholder approval under the NYSE American LLC listing requirements. The Warrant Agreement provides for certain adjustments to the Exercise Price and/or the number of shares of common stock issuable upon exercise pursuant to customary anti-dilution provisions. Upon a change of control of the Company, the Warrants will be automatically converted into the right to receive the difference between the consideration the Warrant Holder would have received if it exercised the Warrants immediately prior to the change of control and the aggregate Exercise Price, payable at the election of the Warrant Holder in the consideration payable in the change of control or, if such consideration is other than cash, in cash. The Warrants were valued at approximately $1.5 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. The $369,000 unrealized gain and $2.0 million unrealized loss from the change in fair value of the Warrants during the three months ended March 31, 2022 and 2021, respectively, was recorded in the consolidated statement of operations and comprehensive loss. 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 7 – Loans Payable and Secured Line of Credit, so long as the Warrant Holder together with its affiliates beneficially holds at least 5% of the outstanding common stock of the Company, assuming the exercise of all outstanding Warrants; provided that the Warrant Holder does not have such appointment right at any time a Designee or observer may be appointed pursuant to the terms of the Corporate Credit Facility. At-The-Market Equity Offering Program In August 2021, we entered into an “at-the-market” equity offering program (the “ATM Program”), to sell up to an aggregate of $10.0 million in shares of our common stock. We sold no shares of our common stock during the three months ended March 31, 2022. 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 March 31, 2022, 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 March 31, 2022, 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 March 31, 2022, 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 three months ended March 31, 2022 or 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	3 Months Ended
Stock-Based Compensation	Mar. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	Note 13 – 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 March 31, 2022 and December 31, 2021 was as follows: Three Months Ended Year Ended March 31, 2022 December 31, 2021 Weighted Weighted Average Fair Average Fair Number of Value at Number of Value at Shares Grant Date Shares Grant Date Balance available, beginning of period 1,569,449 - 548,370 - Additional shares approved by stockholders - - 1,500,000 - Granted to employees (333,500) $ 1.84 (310,000) $ 1.25 Granted to non-employee directors (14,692) $ 1.84 (61,167) $ 1.77 Deferred under non-employee director's deferral program (25,882) $ 1.84 (107,754) $ 1.77 Balance available, end of period 1,195,375 - 1,569,449 - 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 three months ended March 31, 2022, we granted 333,500 RSUs to certain employees. These RSUs vest and settle at various times over a two Total stock-based compensation expense for the three months ended March 31, 2022 and 2021 was $151,000 and $151,000, respectively, of which approximately $23,000 and $42,000, respectively, was capitalized into residential condominium units for sale with the remaining net amount recognized in the consolidated statements of operations and comprehensive loss. Our RSU activity was as follows: Three Months Ended Year Ended March 31, 2022 December 31, 2021 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 551,083 $ 2.14 469,000 $ 3.43 Granted RSUs 333,500 $ 1.84 310,000 $ 1.25 Vested (286,084) $ 2.20 (227,917) $ 3.59 Non-vested at end of period 598,499 $ 1.80 551,083 $ 2.14 As of March 31, 2022, there was approximately $659,000 of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized through December 2024. During the three months ended March 31, 2022, we issued 366,099 shares of common stock to employees and executive officers to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased 171,196 shares to provide for the employees’ withholding tax liabilities. During the three months ended March 31, 2022, we issued 14,692 shares of immediately vested common stock to board members as part of their annual compensation. Director Deferral Program Our Non-Employee Director’s Deferral Program (the “Deferral Program”), as amended in December 2018, allows our non-employee directors to elect to receive the cash portion of their annual compensation in shares of the Company’s common stock, as well as to defer receipt of the portion of their annual board compensation that is paid in equity. Any deferred amounts are paid under the SIP (as is non-employee directors’ annual equity compensation that is not deferred). Compensation deferred under the Deferral Program is reflected by the grant of stock units equal to the number of shares that would have been received absent a deferral election. The stock units, which are fully vested at grant, generally will be settled under the SIP for an equal number of shares of common stock within 10 days after the participant ceases to be a director. In the event that we distribute dividends, each participant shall receive a number of additional stock units (including fractional stock units) equal to the quotient of (i) the aggregate amount of the dividend that the participant would have received had all outstanding stock units been shares of common stock divided by (ii) the closing price of a share of common stock on the date the dividend was issued. As of March 31, 2022, a total of 310,795 stock units have been deferred under the Deferral Program.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
Investments in Unconsolidated Joint Ventures	Mar. 31, 2022
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures	Note 14 – Investments in Unconsolidated Joint Ventures Prior to its sale in April 2022, we owned 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. On February 28, 2020, in connection with a refinancing, the Berkley JV repaid the acquisition loan in full and replaced it with a new 7-year, $33.0 million loan (the “New Berkley Loan”) which bore interest at a fixed rate of 2.717% and was interest only during the initial five years. It was pre-payable at any time and could have been increased by up to $6.0 million under certain circumstances. We and our joint venture partner were 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 7 – Loans Payable and Secured Line of Credit – The Berkley Partner Loan). This property was sold in April 2022. See Note 15 – Subsequent Events for information regarding the sale. We own a 10% interest in the 250 North 10 th th th th th th th As we do not control the 250 North 10 th The combined balance sheets for our unconsolidated joint ventures at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): March 31, December 31, 2022 2021 ASSETS Real estate, net $ 163,303 $ 164,143 Cash and cash equivalents 1,393 1,244 Restricted cash 929 891 Tenant and other receivables, net 229 225 Prepaid expenses and other assets, net 1,055 315 Intangible assets, net 20,944 21,527 Total assets $ 187,853 $ 188,345 LIABILITIES Mortgages payable, net $ 111,326 $ 112,934 Accounts payable and accrued expenses 1,821 1,849 Total liabilities 113,147 114,783 MEMBERS’ EQUITY Members’ equity 87,539 87,654 Accumulated deficit (12,833) (14,092) Total members’ equity 74,706 73,562 Total liabilities and members’ equity $ 187,853 $ 188,345 Our investments in unconsolidated joint ventures $ 18,517 $ 17,938 The statements of operations for our unconsolidated joint ventures for the three months ended March 31, 2022 and 2021 are as follows (dollars in thousands): For the Three Months Ended For the Three Months Ended March 31, March 31, 2022 2021 Revenues Rental revenues $ 3,263 $ 2,979 Total revenues 3,263 2,979 Operating Expenses Property operating expenses 1,112 1,065 Real estate taxes 25 25 General and administrative 2 2 Amortization 583 731 Depreciation 961 984 Total operating expenses 2,683 2,807 Operating income 580 172 Interest expense (930) (939) Interest expense - amortization of deferred finance costs (72) (72) Interest income (expense) - change in fair market value of interest rate swap 1,681 (396) Net income (loss) $ 1,259 $ (1,235) Our equity in net income (loss) from unconsolidated joint ventures $ 746 $ (372)

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events
Subsequent Events	Note 15 – Subsequent Events In April 2022, our joint venture with Pacolet Milliken closed on the sale of The Berkley for a sale price of $71,020,000. The net proceeds from the sale, after repayment of the property’s mortgage and partner loan and settlement proceeds from the interest rate swap associated with the property’s mortgage, is expected to be used for working capital and/or new investment opportunities for the Company. Other than as set forth above, there were no other subsequent events requiring adjustment to, or disclosure in, the condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries. The accompanying unaudited consolidated interim financial information also conform with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Management believes that the disclosures presented in these unaudited consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited consolidated interim financial information should be read in conjunction with our December 31, 2021 audited consolidated financial statements, as previously filed with the SEC in our 2021 Annual Report on Form 10-K/A (the “2021 Annual Report”).
Principles of Consolidation	a. Principles of Consolidation - th We are required to consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021 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 inventory is 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 taxes, insurance and other property operating expenses are presented in the consolidated statements of operations and comprehensive loss as “rental revenues.” Also, these reimbursements of expenses are recognized within revenue in the period the expenses are incurred. We assess the collectability of our accounts receivable related to tenant revenues. We applied the guidance under ASC 842 in assessing our lease payments: if collection of rents under specific operating leases is not probable, then we recognize the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this assessment is completed, we apply a general reserve, as provided under ASC 450-20, if applicable. 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
Income Taxes	n. Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and increased other disclosures. As of March 31, 2022 and December 31, 2021, we determined that no liabilities are required in connection with unrecognized tax positions. As of March 31, 2022, 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, depending on the jurisdiction, through December 31, 2021. We are subject to certain federal, state and local income and franchise taxes.
Earnings (loss) Per Share	o. Earnings (loss) Per Share have vested but not yet settled and 7,179,000 warrants exercisable at $4.31 per share were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the three months ended March 31, 2022 and 2021.
Deferred Financing Costs	p. Deferred Finance Costs
Deferred Lease Costs	q. Deferred Lease Costs
Underwriting Commissions and Costs	r. Underwriting Commissions and Costs – Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital in stockholders’ equity.
Accounting Standards Updates	Accounting Standards Updates Recently Issued Accounting Pronouncements In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
Restatement and Revision of Previously Issued Consolidated Financial Statements
Schedule of revisions of previously issued consolidated financial statements	As of March 31, 2022 As Previously Restatement Reported Impact As Restated ASSETS Real estate, net $ 294,108 $ (227,403) $ 66,705 Residential condominium units for sale — 214,591 214,591 Cash and cash equivalents 1,381 — 1,381 Restricted cash 14,232 — 14,232 Prepaid expenses and other assets, net 5,007 — 5,007 Investments in unconsolidated joint ventures 18,517 — 18,517 Receivables 60 — 60 Deferred rents receivable 118 — 118 Right-of-use asset 1,224 — 1,224 Intangible assets, net 8,247 — 8,247 Total assets $ 342,894 $ (12,812) $ 330,082 LIABILITIES Loans payable, net $ 210,768 $ — $ 210,768 Corporate credit facility, net 33,090 — 33,090 Secured line of credit, net 12,750 — 12,750 Note payable 5,863 — 5,863 Accounts payable and accrued expenses 19,876 — 19,876 Lease liability 1,347 — 1,347 Warrant liability 1,515 — 1,515 Total liabilities 285,209 — 285,209 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; 43,387,563 shares issued at March 31, 2022; shares outstanding at March 31, 2022 434 — 434 Additional paid-in capital 144,451 — 144,451 Treasury stock (6,551,447 shares at March 31, 2022) (57,461) — (57,461) Accumulated other comprehensive loss (1,224) — (1,224) Accumulated deficit (28,515) (12,812) (41,327) Total stockholders' equity 57,685 (12,812) 44,873 Total liabilities and stockholders' equity $ 342,894 $ (12,812) $ 330,082 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) For the Three Months Ended March 31, 2022 As Previously Restatement Reported Impact As Restated Revenues Rental revenues $ 1,260 $ — $ 1,260 Other income 16 — 16 Sale of residential condominium units 6,278 (209) 6,069 Total revenues 7,554 (209) 7,345 Operating Expenses Property operating expenses 548 256 804 Real estate taxes 74 316 390 General and administrative 1,139 363 1,502 Pension related costs 158 — 158 Cost of sale - residential condominium units 6,273 (552) 5,721 Depreciation and amortization 1,003 — 1,003 Total operating expenses 9,195 383 9,578 Operating loss (1,641) (592) (2,233) Equity in net income from unconsolidated joint ventures 746 — 746 Unrealized loss on warrants (369) — (369) Interest expense, net (802) (1,967) (2,769) Interest expense - amortization of deferred finance costs (402) (34) (436) Loss before taxes (2,468) (2,593) (5,061) Tax expense (70) — (70) Net loss attributable to common stockholders $ (2,538) $ (2,593) $ (5,131) Other comprehensive loss: Unrealized gain on pension liability 119 — 119 Comprehensive loss attributable to common stockholders $ (2,419) $ (2,593) $ (5,012) Loss per share - basic and diluted $ (0.07) $ (0.07) $ (0.14) Weighted average number of common shares - basic and diluted 37,104 37,104 37,104 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) FOR THE THREE MONTHS ENDED MARCH 31, 2022 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, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (25,977) $ (1,343) $ 60,226 Net loss attributable to common stockholders — — — — — (2,538) — (2,538) Settlement of stock awards 364 4 — (153) (295) — — (291) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 169 — — — — 169 Balance as of March 31, 2022 43,388 $ 434 $ 144,451 (6,551) $ (57,461) $ (28,515) $ (1,224) $ 57,685 Restatement Impact Balance as of December 31, 2021 — $ — $ — — $ — $ (10,219) $ — $ (10,219) Net loss attributable to common stockholders — — — — — (2,593) — (2,593) Settlement of stock awards — — — — — — — — Unrealized gain on pension liability — — — — — — — — Stock-based compensation expense — — — — — — — — Balance as of March 31, 2022 — $ — $ — — $ — $ (12,812) $ — $ (12,812) As Restated Balance as of December 31, 2021 43,024 $ 430 $ 144,282 (6,398) $ (57,166) $ (36,196) $ (1,343) $ 50,007 — — — — — — — — Net loss attributable to common stockholders — — — — — (5,131) — (5,131) Settlement of stock awards 364 4 — (153) (295) — — (291) Unrealized gain on pension liability — — — — — — 119 119 Stock-based compensation expense — — 169 — — — — 169 Balance as of March 31, 2022 43,388 $ 434 $ 144,451 (6,551) $ (57,461) $ (41,327) $ (1,224) $ 44,873 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Three Months Ended March 31, 2022 As Previously Restatement Reported Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to common stockholders $ (2,538) $ (2,593) $ (5,131) Adjustments to reconcile net loss attributable to common stockholders to net cash (used in) provided by operating activities: Depreciation and amortization and amortization of deferred finance costs 1,405 34 1,439 Stock-based compensation expense 123 — 123 Deferred rents receivable (4) (4) Other non-cash adjustments - pension expense 119 — 119 Unrealized loss on warrants 369 — 369 Equity in net loss from unconsolidated joint ventures (746) — (746) Distributions from unconsolidated joint ventures 168 — 168 (Increase) decrease in operating assets: Residential condominium units for sale (5) 3,553 3,548 Receivables 24 — 24 Prepaid expenses and other assets, net (1,008) — (1,008) Increase in operating liabilities: Accounts payable and accrued expenses 1,474 — 1,474 Net cash (used in) provided by operating activities (619) 994 375 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to real estate (4,704) 4,640 (64) Net proceeds from the sale of residential condominium units 5,634 (5,634) — Net cash provided by (used in) investing activities 930 (994) (64) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from loans and corporate credit facility 2,390 — 2,390 Repayment of loans (11,642) — (11,642) Settlement of stock awards (291) — (291) Net cash used in financing activities (9,543) — (9,543) NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (9,232) — (9,232) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 — 24,845 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 15,613 $ — $ 15,613 CASH AND CASH EQUIVALENTS, BEGINNING PERIOD $ 4,310 $ — $ 4,310 RESTRICTED CASH, BEGINNING OF PERIOD 20,535 — 20,535 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 24,845 $ — $ 24,845 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,381 $ — $ 1,381 RESTRICTED CASH, END OF PERIOD 14,232 — 14,232 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 15,613 $ — $ 15,613 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 3,050 $ — $ 3,050 Cash paid during the period for: Taxes $ 66 $ — $ 66 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued development costs included in accounts payable and accrued expenses $ 9,332 $ (9,332) $ — Capitalized amortization of deferred financing costs and warrants $ 617 $ (34) $ 583 Capitalized stock-based compensation expense $ 46 $ (28) $ 18 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 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 — — — 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 per 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

Real Estate, Net (Tables)

Real Estate, Net (Tables)	3 Months Ended
Real Estate, Net (Tables)	Mar. 31, 2022
Real Estate, Net
Schedule of Real Estate Properties	As of March 31, 2022 and December 31, 2021, real estate, net, includes the following (dollars in thousands): March 31, December 31, 2022 2021 As Restated (a) As Restated (a) Building and building improvements $ 51,141 $ 51,141 Tenant improvements 221 200 Furniture and fixtures 818 775 Land and land improvements 28,847 28,847 81,027 80,963 Less: accumulated depreciation 14,322 13,629 $ 66,705 $ 67,334

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets, Net (Tables)	3 Months Ended
Prepaid Expenses and Other Assets, Net (Tables)	Mar. 31, 2022
Prepaid Expenses and Other Assets, Net
Schedule of prepaid expenses and other assets	As of March 31, 2022 and December 31, 2021, prepaid expenses and other assets, net, include the following (dollars in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 1,659 $ 673 Deferred finance costs 2,184 2,184 Other 2,758 2,736 6,601 5,593 Less: accumulated amortization 1,594 1,467 $ 5,007 $ 4,126

Loans Payable and Secured Lin_2

Loans Payable and Secured Line of Credit (Tables)	3 Months Ended
Loans Payable and Secured Line of Credit (Tables)	Mar. 31, 2022
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 March 31, 2022, excluding extension options, were as follows (dollars in thousands): Year of Maturity Principal Restated 2022 $ 10,064 2023 223,664 2024 35,750 2025 — 2026 — 269,478 Less: deferred finance costs, net (7,007) Total loans, secured line of credit, and note payable, net $ 262,471
Schedule of consolidated interest (income) expense	Consolidated interest expense, net includes the following (dollars in thousands): Three Months Ended Three Months Ended March 31, March 31, 2022 2021 Interest expense $ 4,287 $ 4,990 Interest capitalized (1,518) (4,115) Interest expense, net $ 2,769 $ 875

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2022
Stock-Based Compensation
Schedule of Share - based compensation stock incentive plan	Three Months Ended Year Ended March 31, 2022 December 31, 2021 Weighted Weighted Average Fair Average Fair Number of Value at Number of Value at Shares Grant Date Shares Grant Date Balance available, beginning of period 1,569,449 - 548,370 - Additional shares approved by stockholders - - 1,500,000 - Granted to employees (333,500) $ 1.84 (310,000) $ 1.25 Granted to non-employee directors (14,692) $ 1.84 (61,167) $ 1.77 Deferred under non-employee director's deferral program (25,882) $ 1.84 (107,754) $ 1.77 Balance available, end of period 1,195,375 - 1,569,449 -
Schedule of share- based compensation restricted stock units award activity	Three Months Ended Year Ended March 31, 2022 December 31, 2021 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 551,083 $ 2.14 469,000 $ 3.43 Granted RSUs 333,500 $ 1.84 310,000 $ 1.25 Vested (286,084) $ 2.20 (227,917) $ 3.59 Non-vested at end of period 598,499 $ 1.80 551,083 $ 2.14

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
Investments in Unconsolidated Joint Ventures (Tables)	Mar. 31, 2022
Investments in Unconsolidated Joint Ventures
Schedule of balance sheets for the unconsolidated joint venture	The combined balance sheets for our unconsolidated joint ventures at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): March 31, December 31, 2022 2021 ASSETS Real estate, net $ 163,303 $ 164,143 Cash and cash equivalents 1,393 1,244 Restricted cash 929 891 Tenant and other receivables, net 229 225 Prepaid expenses and other assets, net 1,055 315 Intangible assets, net 20,944 21,527 Total assets $ 187,853 $ 188,345 LIABILITIES Mortgages payable, net $ 111,326 $ 112,934 Accounts payable and accrued expenses 1,821 1,849 Total liabilities 113,147 114,783 MEMBERS’ EQUITY Members’ equity 87,539 87,654 Accumulated deficit (12,833) (14,092) Total members’ equity 74,706 73,562 Total liabilities and members’ equity $ 187,853 $ 188,345 Our investments in unconsolidated joint ventures $ 18,517 $ 17,938
Schedule of statement of operations for unconsolidated joint ventures	The statements of operations for our unconsolidated joint ventures for the three months ended March 31, 2022 and 2021 are as follows (dollars in thousands): For the Three Months Ended For the Three Months Ended March 31, March 31, 2022 2021 Revenues Rental revenues $ 3,263 $ 2,979 Total revenues 3,263 2,979 Operating Expenses Property operating expenses 1,112 1,065 Real estate taxes 25 25 General and administrative 2 2 Amortization 583 731 Depreciation 961 984 Total operating expenses 2,683 2,807 Operating income 580 172 Interest expense (930) (939) Interest expense - amortization of deferred finance costs (72) (72) Interest income (expense) - change in fair market value of interest rate swap 1,681 (396) Net income (loss) $ 1,259 $ (1,235) Our equity in net income (loss) from unconsolidated joint ventures $ 746 $ (372)

Business (Details)

Business (Details) $ in Thousands		3 Months Ended	12 Months Ended
Business (Details) $ in Thousands		Mar. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2020
Total cash and restricted cash	[1]	$ 15,613	$ 24,845	$ 11,728	$ 16,069
Cash and cash equivalents	[1]	1,381	4,310	5,034	6,515
Restricted cash	[1]	$ 14,232	$ 20,535	$ 6,694	$ 9,554
Greenwich Ny 77 [Member]
Number of residential condominium units closed \| item		3	14
Number of additional residential condominium units closed or under contract \| item		17
Federal [Member]
Operating Loss Carryforwards		$ 260,300
Berkley JV
Equity Method Investment, Ownership Percentage		50%				50%
250 North 10th JV
Equity Method Investment, Ownership Percentage		10%				10%

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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Depreciation (Details)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022 USD ($) segment $ / shares shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($)	Oct. 31, 2021 $ / shares	Dec. 22, 2020 $ / shares
Unrecognized Tax Benefits	$ 0		$ 0
Number of reportable segment \| segment	1
Provision for impairment	$ 0	$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 4.31			$ 4.31	$ 4.50
Deferred Offering Costs	$ 2,700,000		2,900,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	228,060	290,074
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	7,179,000
Prepaid Expenses and Other Current Assets [Member]
Deferred Offering Costs	$ 4,300,000		$ 5,100,000

Restatement and Revision of P_3

Restatement and Revision of Previously Issued Consolidated Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate, net		$ 66,705	[1]	$ 67,334	[1]	$ 69,353
Residential condominiums for sale		214,591	[1]	216,983	[1]	213,223
Cash and cash equivalents	[1]	1,381		4,310		5,034	$ 6,515
Restricted cash	[1]	14,232		20,535		6,694	9,554
Prepaid expenses and other assets, net		5,007	[1]	4,126	[1]	3,343
Investments in unconsolidated joint ventures		18,517	[1]	17,938	[1]	18,814
Receivables		60	[1]	84	[1]	919
Deferred rents receivable		118	[1]	114	[1]	102
Right-of-use asset		1,224	[1]	1,314	[1]	1,478
Intangible assets, net		8,247	[1]	8,432	[1]	8,987
Total assets		330,082	[1]	341,170	[1]	327,947
LIABILITIES
Loans payable, net		210,768	[1]	219,249	[1]	207,317
Corporate credit facility, net		33,090	[1]	32,844	[1]	32,104
Secured line of credit, net		12,750	[1]	12,750	[1]	8,950
Note payable		5,863	[1]	5,863	[1]	5,863
Accounts payable and accrued expenses		19,876	[1]	17,864	[1]	14,368
Lease liability		1,347	[1]	1,447	[1]	1,626
Warrant liability		1,515	[1]	1,146	[1]	3,196
Total liabilities		285,209	[1]	291,163	[1]	273,424
Commitments and Contingencies			[1]		[1]
STOCKHOLDERS' EQUITY
Special stock	[1]
Common stock		434	[1]	430	[1]	388
Additional paid-in capital		144,451	[1]	144,282	[1]	(136,151)
Treasury stock		(57,461)	[1]	(57,166)	[1]	(57,166)
Accumulated other comprehensive loss		(1,224)	[1]	(1,343)	[1]	(2,040)
Accumulated deficit		(41,327)	[1]	(36,196)	[1]	(22,810)
Total stockholders' equity		44,873	[1]	50,007	[1]	54,523	62,020
Total liabilities and stockholders' equity		330,082	[1]	341,170	[1]	327,947
Blank Check Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	[1]
Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, value	[1]
Previously Reported
ASSETS
Real estate, net		294,108				289,294
Cash and cash equivalents		1,381		4,310		5,034	6,515
Restricted cash		14,232		20,535		6,694	9,554
Prepaid expenses and other assets, net		5,007				3,343
Investments in unconsolidated joint ventures		18,517				18,814
Receivables		60				919
Deferred rents receivable		118				102
Right-of-use asset		1,224				1,478
Intangible assets, net		8,247				8,987
Total assets		342,894				334,665
LIABILITIES
Loans payable, net		210,768				207,317
Corporate credit facility, net		33,090				32,104
Secured line of credit, net		12,750				8,950
Note payable		5,863				5,863
Accounts payable and accrued expenses		19,876				14,368
Lease liability		1,347				1,626
Warrant liability		1,515				3,196
Total liabilities		285,209				273,424
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Common stock		434				388
Additional paid-in capital		144,451				(136,151)
Treasury stock		(57,461)				(57,166)
Accumulated other comprehensive loss		(1,224)				(2,040)
Accumulated deficit		(28,515)				(16,092)
Total stockholders' equity		57,685		60,226		61,241	67,908
Total liabilities and stockholders' equity		342,894				334,665
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
ASSETS
Real estate, net		(227,403)				(219,941)
Residential condominiums for sale		214,591				213,223
Total assets		(12,812)				(6,718)
LIABILITIES
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Accumulated deficit		(12,812)				(6,718)
Total stockholders' equity		(12,812)		$ (10,219)		(6,718)	$ (5,888)
Total liabilities and stockholders' equity		$ (12,812)				$ (6,718)

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

Restatement and Revision of P_4

Restatement and Revision of Previously Issued Consolidated Financial Statements - Balance Sheet - Parenthetical (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Revision of Previously Issued Consolidated Financial Statements
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1	1
Special Stock, Shares Issued	1	1	1
Special Stock, Shares Outstanding	1	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997	79,999,997
Common Stock, Shares, Issued	43,387,563	43,024,424	38,840,508
Common Stock, Shares, Outstanding	36,836,146	36,626,549	32,442,633
Treasury Stock, Shares	6,551,447	6,397,875	6,397,875
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
Preferred Stock, Shares Authorized	40,000,000	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0	0
Preferred Stock, Shares Outstanding	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
Preferred Stock, Shares Authorized	2	2	2
Preferred Stock, Shares Issued	0	0	0
Preferred Stock, Shares Outstanding	0	0	0

Restatement and Revision of P_5

Restatement and Revision of Previously Issued Consolidated Financial Statements - Income Statement (Details - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021
Revenues
Rental revenues		$ 1,260	[1]	$ 447	[2]
Other income		16	[1]	46	[2]
Sale of residential condominium units	[1]	6,069
Total revenues		7,345	[1]	493	[2]
Operating Expenses
Property operating expenses		804	[1]	1,907	[2]
Real estate taxes		390	[1]	79	[2]
General and administrative		1,502	[1]	1,243	[2]
Pension related costs		158	[1]	163	[2]
Cost of sale - residential condominium units	[1]	5,721
Depreciation and amortization		1,003	[1]	1,000	[2]
Total operating expenses		9,578	[1]	4,392	[2]
Operating loss		(2,233)	[1]	(3,899)	[2]
Equity in net income (loss) from unconsolidated joint ventures	[1]	746		(372)	[2]
Unrealized loss on warrants	[1]	(369)		(1,977)	[2]
Interest expense, net		(2,769)	[1]	(875)	[2]
Interest expense - amortization of deferred finance costs		(436)	[1]	(261)	[2]
Loss before taxes		(5,061)	[1]	(7,384)	[2]
Tax expense		(70)	[1]	(35)	[2]
Net loss attributable to common stockholders		(5,131)	[1]	(7,419)	[2]
Other comprehensive loss:
Unrealized gain on pension liability		119	[1]	119	[2]
Comprehensive loss attributable to common stockholders		$ (5,012)	[1]	$ (7,300)	[2]
Loss per share - basic		$ (0.14)	[1]	$ (0.23)	[2]
Loss per share - diluted		$ (0.14)		$ (0.23)
Weighted average number of common shares - basic		37,104	[1]	32,591	[2]
Weighted average number of common shares - diluted		37,104		32,591
Previously Reported
Revenues
Rental revenues		$ 1,260		$ 299
Other income		16		46
Sale of residential condominium units		6,278
Total revenues		7,554		345
Operating Expenses
Property operating expenses		548		1,655
Real estate taxes		74		20
General and administrative		1,139		1,203
Pension related costs		158		163
Cost of sale - residential condominium units		6,273
Depreciation and amortization		1,003		715
Total operating expenses		9,195		3,756
Operating loss		(1,641)		(3,411)
Equity in net income (loss) from unconsolidated joint ventures		746		(372)
Unrealized loss on warrants		(369)		(1,977)
Interest expense, net		(802)		(601)
Interest expense - amortization of deferred finance costs		(402)		(193)
Loss before taxes		(2,468)		(6,554)
Tax expense		(70)		(35)
Net loss attributable to common stockholders		(2,538)		(6,589)
Other comprehensive loss:
Unrealized gain on pension liability		119		119
Comprehensive loss attributable to common stockholders		$ (2,419)		$ (6,470)
Loss per share - basic		$ (0.07)		$ (0.20)
Loss per share - diluted		$ (0.07)
Weighted average number of common shares - basic		37,104		32,591
Weighted average number of common shares - diluted		37,104
Revision/Restatement Impact
Other comprehensive loss:
Loss per share - diluted		$ (0.07)
Weighted average number of common shares - diluted		37,104
Error Related to Classification of Real Estate Under Development
Other comprehensive loss:
Loss per share - diluted				$ (0.21)
Weighted average number of common shares - diluted				32,591
Error Related to Classification of Real Estate Under Development \| Previously Reported
Other comprehensive loss:
Loss per share - diluted				$ (0.20)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Revenues
Rental revenues				$ 148
Sale of residential condominium units		$ (209)
Total revenues		(209)		148
Operating Expenses
Property operating expenses		256		252
Real estate taxes		316		59
General and administrative		363		40
Cost of sale - residential condominium units		(552)
Depreciation and amortization				285
Total operating expenses		383		636
Operating loss		(592)		(488)
Interest expense, net		(1,967)		(274)
Interest expense - amortization of deferred finance costs		(34)		(68)
Loss before taxes		(2,593)		(830)
Net loss attributable to common stockholders		(2,593)		(830)
Other comprehensive loss:
Comprehensive loss attributable to common stockholders		$ (2,593)		$ (830)
Loss per share - basic		$ (0.07)		$ (0.03)
Loss per share - diluted				$ (0.01)
Weighted average number of common shares - basic		37,104		32,591

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

Restatement and Revision of P_6

Restatement and Revision of Previously Issued Consolidated Financial Statements - Equity Statement (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2021
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 50,007	[1]	$ 62,020		$ 62,020
Net income (loss) attributable to common stockholders	(5,131)	[1]	(7,419)	[2]
Settlement of stock awards	(291)		(370)
Unrealized gain (loss) on pension liability	119		119
Stock-based compensation expense	169		173
Balance	44,873	[1]	54,523		50,007	[1]
Common Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 430	[1]	$ 383		$ 383
Balance (in shares)	43,024	[1]	38,345		38,345
Settlement of stock awards	$ 4		$ 5
Settlement of stock awards (in shares)	364		496
Balance	$ 434	[1]	$ 388		$ 430	[1]
Balance (in shares)	43,388	[1]	38,841		43,024	[1]
Additional Paid-In Capital
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 144,282	[1]	$ 135,978		$ 135,978
Stock-based compensation expense	169		173
Balance	144,451	[1]	136,151		144,282	[1]
Treasury Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (57,166)	[1]	$ (56,791)		$ (56,791)
Balance (in shares)	(6,398)	[1]	(6,173)		(6,173)
Settlement of stock awards	$ (295)		$ (375)
Settlement of stock awards (in shares)	(153)		(225)
Balance	$ (57,461)	[1]	$ (57,166)		$ (57,166)	[1]
Balance (in shares)	(6,551)	[1]	(6,398)		(6,398)	[1]
Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (36,196)	[1]	$ (15,391)		$ (15,391)
Net income (loss) attributable to common stockholders	(5,131)		(7,419)
Balance	(41,327)	[1]	(22,810)		(36,196)	[1]
Accumulated Other Comprehensive Loss
Revision of Previously Issued Consolidated Financial Statements
Balance	(1,343)	[1]	(2,159)		(2,159)
Unrealized gain (loss) on pension liability	119		119
Balance	(1,224)	[1]	(2,040)		(1,343)	[1]
Previously Reported
Revision of Previously Issued Consolidated Financial Statements
Balance	60,226		67,908		67,908
Net income (loss) attributable to common stockholders	(2,538)		(6,589)
Settlement of stock awards	(291)		(370)
Unrealized gain (loss) on pension liability	119		119
Stock-based compensation expense	169		173
Balance	57,685		61,241		60,226
Previously Reported \| Common Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 430		$ 383		$ 383
Balance (in shares)	43,024		38,345		38,345
Settlement of stock awards	$ 4		$ 5
Settlement of stock awards (in shares)	364		496
Balance	$ 434		$ 388		$ 430
Balance (in shares)	43,388		38,841		43,024
Previously Reported \| Additional Paid-In Capital
Revision of Previously Issued Consolidated Financial Statements
Balance	$ 144,282		$ 135,978		$ 135,978
Stock-based compensation expense	169		173
Balance	144,451		136,151		144,282
Previously Reported \| Treasury Stock
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (57,166)		$ (56,791)		$ (56,791)
Balance (in shares)	(6,398)		(6,173)		(6,173)
Settlement of stock awards	$ (295)		$ (375)
Settlement of stock awards (in shares)	(153)		(225)
Balance	$ (57,461)		$ (57,166)		$ (57,166)
Balance (in shares)	(6,551)		(6,398)		(6,398)
Previously Reported \| Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	$ (25,977)		$ (9,503)		$ (9,503)
Net income (loss) attributable to common stockholders	(2,538)		(6,589)
Balance	(28,515)		(16,092)		(25,977)
Previously Reported \| Accumulated Other Comprehensive Loss
Revision of Previously Issued Consolidated Financial Statements
Balance	(1,343)		(2,159)		(2,159)
Unrealized gain (loss) on pension liability	119		119
Balance	(1,224)		(2,040)		(1,343)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
Revision of Previously Issued Consolidated Financial Statements
Balance	(10,219)		(5,888)		(5,888)
Net income (loss) attributable to common stockholders	(2,593)		(830)
Balance	(12,812)		(6,718)		(10,219)
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact \| Accumulated Deficit
Revision of Previously Issued Consolidated Financial Statements
Balance	(10,219)		(5,888)		(5,888)
Net income (loss) attributable to common stockholders	(2,593)		(830)
Balance	$ (12,812)		$ (6,718)		$ (10,219)

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

Restatement and Revision of P_7

Restatement and Revision of Previously Issued Consolidated Financial Statements - Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	[1]	$ (5,131)		$ (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	[1]	1,439		1,261
Stock-based compensation expense	[1]	123		133
Deferred rents receivable	[1]	(4)		(12)
Other non-cash adjustments - pension expense	[1]	119		119
Unrealized loss on warrants	[1]	369		1,977	[2]
Equity in net (income) loss from unconsolidated joint ventures	[1]	(746)		372	[2]
Distributions from unconsolidated joint ventures	[1]	168		194
Decrease (increase) in operating assets:
Residential condominium units for sale	[1]	3,548		(11,672)
Receivables	[1]	24		47
Prepaid expenses and other assets, net	[1]	(1,008)		(371)
Increase in operating liabilities:
Accounts payable and accrued expenses	[1]	1,474		1,294
Net cash used in operating activities	[1]	375		(14,077)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	[1]	(64)		(53)
Net cash provided by (used in) investing activities	[1]	(64)		(53)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	[1]	2,390		8,980
Proceeds from secured line of credit	[1]			1,200
Payment of finance costs	[1]			(21)
Repayment of loans	[1]	11,642
Settlement of stock awards	[1]	(291)		(370)
Net cash (used in) provided by financing activities	[1]	(9,543)		9,789
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(9,232)	[1]	(4,341)	[1]	$ (9,232)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	[1]	24,845		16,069		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	[1]	15,613		11,728		24,845
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	[1]	4,310		6,515		6,515
RESTRICTED CASH, BEGINNING OF PERIOD	[1]	20,535		9,554		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	[1]	24,845		16,069		16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	[1]	1,381		5,034		4,310
RESTRICTED CASH, END OF PERIOD	[1]	14,232		6,694		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	[1]	15,613		11,728		24,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	[1]	3,050		4,130
Cash paid during the period for: Taxes	[1]	66		46
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants	[1]	583		692
Capitalized stock-based compensation expense	[1]	18		37
Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders		(2,538)		(6,589)
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		1,405		908
Stock-based compensation expense		123		133
Deferred rents receivable		(4)		(12)
Other non-cash adjustments - pension expense		119		119
Unrealized loss on warrants		369		1,977
Equity in net (income) loss from unconsolidated joint ventures		(746)		372
Distributions from unconsolidated joint ventures		168		194
Decrease (increase) in operating assets:
Residential condominium units for sale		(5)
Receivables		24		47
Prepaid expenses and other assets, net		(1,008)		(371)
Increase in operating liabilities:
Accounts payable and accrued expenses		1,474		1,294
Net cash used in operating activities		(619)		(1,928)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(4,704)		(12,202)
Net proceeds from the sale of residential condominium units		5,634
Net cash provided by (used in) investing activities		930		(12,202)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		2,390		8,980
Proceeds from secured line of credit				1,200
Payment of finance costs				(21)
Repayment of loans		11,642
Settlement of stock awards		(291)		(370)
Net cash (used in) provided by financing activities		(9,543)		9,789
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(9,232)		(4,341)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		24,845		16,069		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		15,613		11,728		24,845
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD		4,310		6,515		6,515
RESTRICTED CASH, BEGINNING OF PERIOD		20,535		9,554		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		24,845		16,069		16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD		1,381		5,034		4,310
RESTRICTED CASH, END OF PERIOD		14,232		6,694		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		15,613		11,728		$ 24,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest		3,050		4,130
Cash paid during the period for: Taxes		66		46
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses		9,332		7,496
Capitalized amortization of deferred financing costs and warrants		617		760
Capitalized stock-based compensation expense		46		39
Error Related to Classification of Real Estate Under Development \| Revision/Restatement Impact
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders		(2,593)		(830)
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		34		353
Decrease (increase) in operating assets:
Residential condominium units for sale		3,553		(11,672)
Increase in operating liabilities:
Net cash used in operating activities		994		(12,149)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		4,640		12,149
Net proceeds from the sale of residential condominium units		(5,634)
Net cash provided by (used in) investing activities		(994)		12,149
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses		(9,332)		(7,496)
Capitalized amortization of deferred financing costs and warrants		(34)		(68)
Capitalized stock-based compensation expense		$ (28)		$ (2)

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

Real Estate, Net - Properties (

Real Estate, Net - Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021
Real Estate, Net
Building and building improvements	$ 51,141		$ 51,141
Tenant improvements	221		200
Furniture and fixtures	818		775
Land and land improvements	28,847		28,847
Real Estate Investment Property, at Cost	81,027		80,963
Less: accumulated depreciation	14,322		13,629
Real Estate Investment Property, Net, Total	$ 66,705	[1]	$ 67,334	[1]	$ 69,353

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

Real Estate, Net - Additional I

Real Estate, Net - Additional Information (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Real Estate, Net - Additional Information (Details)	May 31, 2018 USD ($)	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) item	Dec. 31, 2017 USD ($)
Real Estate, Net
Depreciation		$ 693,000
Percentage of property leased		100%
Finite-Lived Intangible Assets, Net		$ 11,100,000		$ 11,100,000
Accumulated amortization		2,900,000		$ 2,700,000
Amortization of Intangible Assets		185,000	$ 185,000
Aggregate fees paid by SCA to the Company		46,100,000
Remaining fees to be paid by SCA to the Company		430,000
SCA [Member]
Real Estate, Net
Contract Receivable		41,500,000
Construction Supervision Fee receivable		5,000,000
Construction Costs Reimbursed		$ 51,000,000
Greenwich Ny 77 [Member]
Real Estate, Net
Debt Instrument, Face Amount					$ 189,500,000
Number of residential condominium units closed \| item		3		14
237 11th Property
Real Estate, Net
Purchase price of property	$ 81,200,000
Business Acquisition, Transaction Costs	$ 700,000

Residential Condominium Units_2

Residential Condominium Units for Sale (Details) - item	3 Months Ended	12 Months Ended
Residential Condominium Units for Sale (Details) - item	Mar. 31, 2022	Dec. 31, 2021
Greenwich Ny 77 [Member]
Residential Condominium Units for Sale
Number of residential condominium units closed	3	14

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Assets, Net
Prepaid expenses	$ 1,659	$ 673
Deferred finance costs	2,184	2,184
Other	2,758	2,736
Prepaid Expense And Other Assets Gross	6,601	5,593
Less: accumulated amortization	1,594	1,467
Prepaid Expense and Other Assets	$ 5,007	$ 4,126

Loans Payable and Secured Lin_3

Loans Payable and Secured Line of Credit - Additional Information (Details)					1 Months Ended				3 Months Ended		12 Months Ended
		Oct. 20, 2021 USD ($)	Jan. 31, 2020 USD ($) $ / shares	Jan. 15, 2020 USD ($) $ / shares	Oct. 31, 2021 USD ($) item $ / shares	Jun. 30, 2021 USD ($) item	Dec. 31, 2019 USD ($)	May 31, 2018 USD ($)	Mar. 31, 2022 USD ($) item $ / shares		Dec. 31, 2021 USD ($)		Dec. 31, 2020 USD ($) item $ / shares	Dec. 31, 2019 USD ($)	Nov. 10, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 22, 2020 $ / shares	Dec. 31, 2017 USD ($)
Accrued interest									$ 3,900,000		$ 3,800,000
Deferred finance fees									7,007,000
Loans Payable									$ 210,768,000	[1]	219,249,000	[1]				$ 207,317,000
Maximum number of committees of the board, that the Designee can sit \| item									3
Warrants, Exercise Price (in dollars per share) \| $ / shares					$ 4.31				$ 4.31								$ 4.50
Derivative Asset									$ 840,000
Secured Debt									12,750,000	[1]	$ 12,750,000	[1]				$ 8,950,000
Equity Method Investments									4,700,000
Repayment of loans	[1]								$ 11,642,000
Letter of credit
Debt Instrument, Interest Rate, Effective Percentage									3.50%		3.25%
250 North 10th JV
Equity Method Investment, Ownership Percentage			10%						10%
Sterling National Bank [Member]
Maximum borrowing capacity									$ 12,750,000
RCG LV Debt VI REIT LLC [Member]
Debt Instrument, Face Amount								$ 15,400,000
Principal amount								$ 15,400,000
Mezzanine Loan
Accrued interest									2,100,000		$ 1,100,000
Term of the debt													3 years
Loans Payable									30,300,000		30,300,000
Debt Instrument Blended Effective Interest Rate													8.30%
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
Principal amount													$ 7,500,000
Greenwich Ny 77 [Member]
Loans Payable									159,400,000
Debt Instrument, Face Amount																		$ 189,500,000
Principal amount																		$ 189,500,000
Loans Payable 2018, 237 11th Loans
Delayed draw facility						$ 4,250,000
Debt Instrument, Interest Rate Terms								loan 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
Principal amount								67,800,000
Loans Payable 2018, 237 11th Loans \| Minimum
Interest rate basis (as a percent)						50%
Partner Loan
Term of the debt			4 years	4 years	1 year
Loans Payable									5,900,000		5,900,000
Debt Instrument, Interest Rate, Effective Percentage				7%
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	$ 6.50
Debt Instrument, Face Amount			$ 5,900,000	$ 5,900,000	$ 10,500,000
Interest rate			7%		10%
Amount available for interest payments					$ 500,000
Amount funded at closing									10,100,000		10,000,000
Principal amount			$ 5,900,000	$ 5,900,000	10,500,000
250 North 10th Loan
Term of the debt				15 years
Debt Instrument, Face Amount				$ 82,750,000
Interest rate				3.39%
Principal amount				$ 82,750,000
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
Debt Instrument, Face Amount								52,400,000
Interest rate						3.05%
Principal amount								$ 52,400,000
New Senior Loan
Initial advance at closing									48,800,000		48,700,000
Debt Instrument, Face Amount						$ 50,000,000
Principal amount						50,000,000
New Mezzanine Loan
Initial advance at closing									10,000,000		10,000,000
Debt Instrument, Face Amount						10,000,000
Principal amount						10,000,000
Interest Rate Cap Agreement New 237 11 Loan
Debt Instrument, Unamortized Premium						32,500
Derivative, Notional Amount						$ 60,000,000
Interest rate						2.50%
77 Mortgage Loan
Term of the debt		2 years
Loans Payable									116,000,000
Accrued PIK interest									2,500,000
Repayment of loans and secured line of credit									20,500,000
Debt Instrument, Face Amount					133,100,000
Maximum borrowing capacity					166,700,000
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%
Principal amount					$ 133,100,000
77 Mortgage Loan \| Letter of credit
Minimum total return for mortgage lender		$ 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 basis (as a percent)		7%
Interest rate		7.25%
77 Mortgage Loan \| Principal balance equal or greater than $91.0 Million
Interest rate basis (as a percent)		9.25%
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									2,700,000		2,900,000
Term of the debt							32 months
Loans Payable									$ 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%		9.5%
Commitment fee							$ 2,450,000		$ 1,850,000					$ 2,450,000
Commitment fee, payable on the initial draw (as a percent)							50%							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
Reduction in commitments made by CCF									$ 7,500,000
Warrants, Exercise Price (in dollars per share) \| $ / shares									$ 4.50				$ 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%
Secured Line of Credit
Loans Payable									$ 12,750,000		$ 12,750,000
Debt Instrument, Interest Rate Terms									The secured line of credit bears interest at the prime rate, currently 3.50%. The secured line of credit

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

Loans Payable and Secured Lin_4

Loans Payable and Secured Line of Credit - Maturities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Principal maturities of loans, secured line of credit and note payable
2021 (Remainder of fiscal year)	$ 10,064
2022	223,664
2023	35,750
Total	269,478
Less: deferred finance costs, net	(7,007)
Total loans, secured line of credit, and note payable, net	$ 262,471

Loans Payable and Secured Lin_5

Loans Payable and Secured Line of Credit - Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Loans Payable and Secured Line of Credit
Interest expense	$ 4,287		$ 4,990
Interest capitalized	(1,518)		(4,115)
Interest expense, net	$ 2,769	[1]	$ 875	[2]

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

Pension Plan (Details)

Pension Plan (Details) - USD ($)	1 Months Ended	114 Months Ended
Pension Plan (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets [Member]
Overfunded pension balance		$ 1,600,000	$ 1,600,000
Syms Sponsored Plan [Member]
Payment for Pension Benefits		$ 5,700,000
Amount funded by Company to the plan	$ 400,000

Commitments - Additional inform

Commitments - Additional information (Details) - Fifth Avenue New York [Member] - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leases, Rent Expense	$ 118,000	$ 112,000
Operating Leases, Future Minimum Payments Due	$ 1,400,000

Income Taxes - Additional infor

Income Taxes - Additional information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Federal NOLs utilized to date	$ 22.5
Valuation Allowance	72
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	171.9
Federal [Member]
Operating Loss Carryforwards	260.3
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	24.3
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 19.3

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details)	3 Months Ended			12 Months Ended
Stockholders' Equity - Additional information (Details)	Mar. 31, 2022 USD ($) item $ / shares shares		Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares		Oct. 31, 2021 $ / shares	Aug. 31, 2021 USD ($)	Dec. 22, 2020 $ / shares	Dec. 31, 2019 USD ($) shares
Capital Stock Shares authorized.	120,000,000
Common Stock, Shares Authorized	79,999,997		79,999,997	79,999,997
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01		$ 0.01	$ 0.01
Special Stock, Shares Authorized	1
Special Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01		$ 0.01	$ 0.01
Excess Stock, Shares Authorized	1		1	1
Common Stock, Shares, Issued	43,387,563		38,840,508	43,024,424
Common Stock, Shares, Outstanding	36,836,146		32,442,633	36,626,549
Warrant liability \| $	$ 1,515,000	[1]	$ 3,196,000	$ 1,146,000	[1]
Warrants, term									10 years
Warrants to purchase common stock issued (in shares)									7,179,000
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 4.31					$ 4.31		$ 4.50
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%
Unrealized gain (loss) on warrants \| $	$ 369,000		$ (2,000,000)
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
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
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
Shares issued	0			701,327
ATM Program \| Common Stock \| Weighted Average
Share price (in dollars per share) \| $ / shares				$ 1.95
Preferred Stock
Preferred Stock, Shares Authorized	2		2	2
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01		$ 0.01	$ 0.01
Blank Check Preferred Stock
Preferred Stock, Shares Authorized	40,000,000		40,000,000	40,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01		$ 0.01	$ 0.01

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

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment
Balance available, beginning of period	1,569,449	548,370
Additional shares approved by stockholders	0	1,500,000
Deferred under non-employee director's deferral program	(25,882)	(107,754)
Balance available, end of period	1,195,375	1,569,449
Weighted Average Fair Value at Grant Date, Balance available, beginning of period	$ 0	$ 0
Weighted Average Fair Value at Grant Date, Additional shares approved by stockholders	0	0
Weighted Average Fair Value at Grant Date, Deferred under non-employee director's deferral program	1.84	1.77
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	(14,692)	(61,167)
Weighted Average Fair Value at Grant Date, Granted	$ 1.84	$ 1.77
Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment
Number of Shares, Granted	(333,500)	(310,000)
Weighted Average Fair Value at Grant Date, Granted	$ 1.84	$ 1.25

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Number of Shares, Non-vested at beginning of period	551,083	469,000
Number of Shares, Granted RSUs	333,500	310,000
Number of Shares, Vested	(286,084)	(227,917)
Number of Shares, Non-vested at end of period	598,499	551,083
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period	$ 2.14	$ 3.43
Weighted Average Fair Value at Grant Date, Granted RSUs	1.84	1.25
Weighted Average Fair Value at Grant Date, Vested	2.20	3.59
Weighted Average Fair Value at Grant Date, Non-vested at end of period	$ 1.80	$ 2.14

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
	Sep. 09, 2015	Jun. 30, 2021	Jun. 30, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
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				333,500		310,000
Deferred Compensation Arrangement with Individual Shares Outstanding				310,795
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized				0		1,500,000
Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment
Restricted Stock or Unit Expense				$ 100,000
Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment
Shares issued				14,692
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment
Allocated Share-based Compensation Expense				$ 151,000	$ 151,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				659,000
Stock based compensation capitalized				$ 23,000	$ 42,000
Shares issued				366,099
Stock Repurchased During Period, Shares				171,196
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				333,500
Restricted Stock Units (RSUs) [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Restricted Stock Units (RSUs) [Member] \| Maximum
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				$ 15,000
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
	Feb. 28, 2020	Jan. 31, 2020	Jan. 15, 2020	Oct. 31, 2021	Dec. 31, 2016	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity Method Investments						$ 4,700,000
Fair value of assets						$ 840,000
Fair Value Liability							$ 198,000
Berkley Loan
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property					$ 68,885,000
New 7-year Loan
Schedule of Equity Method Investments [Line Items]
Debt Instrument Period	5 years
Debt Instrument Prepayment Premium	$ 33,000,000
Debt Instrument, Term	7 years
Debt Instrument, Interest Rate, Effective Percentage	2.717%
Partner Loan
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Face Amount		$ 5,900,000	$ 5,900,000	$ 10,500,000
Debt Instrument, Term		4 years	4 years	1 year
Debt Instrument, Interest Rate, Stated Percentage		7%		10%
Debt Instrument, Interest Rate, Effective Percentage			7%
Threshold Maximum Common Stock Price Per Share, To Trigger Prepayment Of Debt Instrument		$ 6.50	$ 6.50
250 North 10th Loan
Schedule of Equity Method Investments [Line Items]
Purchase Price Of Property			$ 137,750,000
Debt Instrument, Face Amount			$ 82,750,000
Debt Instrument, Term			15 years
Debt Instrument, Interest Rate, Stated Percentage			3.39%
Berkley JV
Schedule of Equity Method Investments [Line Items]
Debt Instrument Prepayment Premium	$ 6,000,000
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%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Balance sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate, net		$ 66,705	[1]	$ 67,334	[1]	$ 69,353
Cash and cash equivalents	[1]	1,381		4,310		5,034	$ 6,515
Restricted cash	[1]	14,232		20,535		6,694	$ 9,554
Prepaid expenses and other assets, net		5,007	[1]	4,126	[1]	3,343
Intangible assets, net		8,247	[1]	8,432	[1]	8,987
Total assets		330,082	[1]	341,170	[1]	327,947
LIABILITIES
Accounts payable and accrued expenses		19,876	[1]	17,864	[1]	14,368
Total liabilities		285,209	[1]	291,163	[1]	273,424
STOCKHOLDERS' EQUITY
Accumulated deficit		(41,327)	[1]	(36,196)	[1]	(22,810)
Accumulated other comprehensive loss		(1,224)	[1]	(1,343)	[1]	(2,040)
Total liabilities and stockholders' equity		330,082	[1]	341,170	[1]	327,947
Our investments in unconsolidated joint ventures		18,517	[1]	17,938	[1]	$ 18,814
Unconsolidated Joint Ventures
ASSETS
Real estate, net		163,303		164,143
Cash and cash equivalents		1,393		1,244
Restricted cash		929		891
Tenant and other receivables, net		229		225
Prepaid expenses and other assets, net		1,055		315
Intangible assets, net		20,944		21,527
Total assets		187,853		188,345
LIABILITIES
Mortgages payable, net		111,326		112,934
Accounts payable and accrued expenses		1,821		1,849
Total liabilities		113,147		114,783
STOCKHOLDERS' EQUITY
Members' equity		87,539		87,654
Accumulated deficit		(12,833)		(14,092)
Total members' equity		74,706		73,562
Total liabilities and stockholders' equity		187,853		188,345
Our investments in unconsolidated joint ventures		$ 18,517		$ 17,938

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

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Statement of operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021
Revenues
Rental revenues		$ 1,260	[1]	$ 447	[2]
Total revenues		7,345	[1]	493	[2]
Operating Expenses
Property operating expenses		804	[1]	1,907	[2]
Real estate taxes		390	[1]	79	[2]
General and administrative		1,502	[1]	1,243	[2]
Total operating expenses		9,578	[1]	4,392	[2]
Operating loss		(2,233)	[1]	(3,899)	[2]
Interest expense		(2,769)	[1]	(875)	[2]
Interest expense - amortization of deferred finance costs		(436)	[1]	(261)	[2]
Net loss attributable to common stockholders		(5,131)	[1]	(7,419)	[2]
Our equity in net loss from unconsolidated joint ventures	[1]	746		(372)	[2]
Unconsolidated Joint Ventures
Revenues
Rental revenues		3,263		2,979
Total revenues		3,263		2,979
Operating Expenses
Property operating expenses		1,112		1,065
Real estate taxes		25		25
General and administrative		2		2
Amortization		583		731
Depreciation		961		984
Total operating expenses		2,683		2,807
Operating loss		580		172
Interest expense		(930)		(939)
Interest expense - amortization of deferred finance costs		(72)		(72)
Interest income (expense) - change in fair market value of interest rate swap		(1,681)		396
Net loss attributable to common stockholders		$ 1,259		$ (1,235)

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

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Apr. 30, 2022 USD ($)
Subsequent Event \| Pacolet Milliken Joint Venture \| The Berkley
Subsequent Events
Sale price	$ 71,020,000