Investments in Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Equity Method Investment Summarized Financial Information [Table Text Block]

The summary financial information for IATG is as follows:

	December 31,
	2011
Condensed balance sheet
Net real estate	$	5,156,600
Cash and cash equivalents		29,000
Accounts receivable		36,000
Deferred expenses		4,400
Prepaid expenses		84,000
	$	5,310,000
Note payable (1)	$	10,124,000
Other liabilities		3,269,000
Total liabilities		13,393,000
Members' deficit		(8,083,000	)
Total liabilities and members' deficit	$	5,310,000

(1) The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company’s right to receive its share of any proceeds of a sale or refinancing.

Schedule Of Equity Method Investment Summarized Financial Information Income Statement [Table Text Block]

Year Ended December 31,			Nine Months Ended September 30,			Three Months Ended September 30,
	2011			2011			2011
Condensed statements of operations
Revenues	$	975,000		$	765,900		$	209,979
Interest on notes payable		(1,127,000	)		(831,736	)		(285,563	)
Other expenses		(1,480,000	)		(1,129,674	)		(355,310	)
Loss before depreciation and amortization		(1,632,000	)		(1,195,510	)		(430,894	)
Depreciation and amortization		(350,000	)		(301,571	)		(25,115	)
Net loss	$	(1,982,000	)	$	(1,497,081	)	$	(456,009	)