Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

(dollars in thousands)

			Initial Cost								Amounts at which Carried at December 31, 2018
Property Description	Encumbrances (1)		Land and Land Improvements		Real Estate  Under Development		Building,  Building and  Tenant  Improvements (2)		Cost  Capitalized  Subsequent  to  Acquisition		Land		Real Estate Under  Development		Building,  Building and  Tenant Improvements (2)		Total		Accumulated Depreciation		Date of Acquisition (A) / Construction (C)
77 Greenwich, NY	$	47,719	$	-	$	16,634	$	-	$	114,737	$	-	$	131,371	$	-	$	131,371	$	-		1990(A)
Brooklyn, New York		66,568		27,939		-		42,177		-		27,939		-		42,177		70,116		968		2018 (A) / 2017 (C)
Paramus, NJ		-		-		1,548		-		4,747		-		6,295		-		6,295		-		1980 (A) / 1984 (C)
West Palm Beach, FL		9,046		2,452		-		3,707		2,731		2,452		-		6,438		8,890		2,640		2001(A)
	$	123,333	$	30,391	$	18,182	$	45,884	$	122,215	$	30,391	$	137,666	$	48,615	$	216,672	$	3,608

(1) Encumbrances are net of deferred finance costs of approximately $5.1 million.

(2) Depreciation on buildings and improvements reflected in the consolidated statements of operations and comprehensive loss is calculated on the straight-line basis over estimated useful lives of 10 to 39 years.

(3) (a) Reconciliation of Total Real Estate Properties:

The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands):

	Year Ended  December 31,  2018		Year Ended  December 31,  2017
Balance at beginning of period	$	78,658	$	62,527
Additions		138,014		28,522
Sold real estate		-		(10,806	)
Write-off of demolished building		-		(1,585	)
Balance at end of period	$	216,672	$	78,658

The aggregate cost of land, real estate under development, building and improvements, before depreciation, for federal income tax purposes at December 31, 2018 and 2017 was $216.7 million (unaudited) and $78.7 million (unaudited), respectively.

(b) Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands):

	Year Ended  December 31,  2018		Year Ended  December 31,  2017
Balance at beginning of period	$	2,389	$	2,143
Depreciation related to real estate		1,219		246
Balance at end of period	$	3,608	$	2,389