Liquidity Risk	3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]
Liquidity Risk	Liquidity Risk The Company faces significant liquidity constraints due to a combination of factors, including sustained declines in rental income, constrained cash flow from operations, and ongoing debt service obligations. The Company’s portfolio consists primarily of office properties located in Manhattan, which have been adversely impacted by shifts in market demand following the COVID-19 pandemic. While management has successfully executed lease transactions to mitigate vacancy risk, new leases have been executed at market rental rates below prior contractual rates, resulting in decreased revenue compared to historical levels. Each of the Company’s properties is encumbered by non-recourse mortgage loans. While the Company has no corporate-level revolving credit facility or other committed liquidity sources, it successfully repaid its most imminent debt maturity and has no scheduled other mortgage obligation due until June 2026. However, each loan includes cash management provisions that have resulted in ongoing lender-imposed cash constraints, restricting the Company’s ability to access rental cash flows for general corporate purposes. In addition, the Company has received notices of default with respect to its indebtedness secured by the 400 E. 67th Street/200 Riverside Blvd. properties, and received a notice on April 7, 2025 from the lender with respect to the indebtedness secured by the 1140 Avenue of the Americas property that the outstanding principal balance due under the applicable loan agreement had been accelerated and all amounts under such loan agreement were due and payable. For more information, please see “Note 4. Mortgage Notes Payable—Debt Covenant Non-Compliance, Cash Sweep Events, Notice of Defaults and Notice of Acceleration” section above. These defaults and restrictions, combined with declining rental revenue and increasing accounts payable balances have exacerbated liquidity challenges, and, if not resolved, the notices of default and acceleration of debt described above could have a material adverse effect on the Company’s business. To address these liquidity constraints, the Company has suspended the corporate dividend, restructured advisory fee arrangements such that the Advisor can be paid with shares in lieu of cash when necessary, and approved a plan to market certain assets for sale to generate liquidity. While management believes that its current resources and expected cash flows are sufficient to meet its obligations as they become due over the next 12 months, there remains uncertainty regarding the Company’s longer-term liquidity position. If market conditions do not improve, or if the Company is unable to execute on planned liquidity initiatives, it may face challenges in meeting future obligations, which could have a material adverse effect on its business, financial condition, and results of operations. Management continues to evaluate its strategic alternatives and monitor market conditions closely to ensure the Company maintains sufficient liquidity to operate effectively.

The Company faces significant liquidity constraints due to a combination of factors, including sustained declines in rental income, constrained cash flow from operations, and ongoing debt service obligations. The Company’s portfolio consists primarily of office properties located in Manhattan, which have been adversely impacted by shifts in market demand following the COVID-19 pandemic. While management has successfully executed lease transactions to mitigate vacancy risk, new leases have been executed at market rental rates below prior contractual rates, resulting in decreased revenue compared to historical levels.

Each of the Company’s properties is encumbered by non-recourse mortgage loans. While the Company has no corporate-level revolving credit facility or other committed liquidity sources, it successfully repaid its most imminent debt maturity and has no scheduled other mortgage obligation due until June 2026. However, each loan includes cash management provisions that have resulted in ongoing lender-imposed cash constraints, restricting the Company’s ability to access rental cash flows for general corporate purposes. In addition, the Company has received notices of default with respect to its indebtedness secured by the 400 E. 67th Street/200 Riverside Blvd. properties, and received a notice on April 7, 2025 from the lender with respect to the indebtedness secured by the 1140 Avenue of the Americas property that the outstanding principal balance due under the applicable loan agreement had been accelerated and all amounts under such loan agreement were due and payable. For more information, please see “Note 4. Mortgage Notes Payable—Debt Covenant Non-Compliance, Cash Sweep Events, Notice of Defaults and Notice of Acceleration” section above. These defaults and restrictions, combined with declining rental revenue and increasing accounts payable balances have exacerbated liquidity challenges, and, if not resolved, the notices of default and acceleration of debt described above could have a material adverse effect on the Company’s business.

While management believes that its current resources and expected cash flows are sufficient to meet its obligations as they become due over the next 12 months, there remains uncertainty regarding the Company’s longer-term liquidity position. If market conditions do not improve, or if the Company is unable to execute on planned liquidity initiatives, it may face challenges in meeting future obligations, which could have a material adverse effect on its business, financial condition, and results of operations.