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Note 9 - Segment Reporting | 6 Months Ended
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Jun. 30, 2026
Notes to Financial Statements |
Segment Reporting [Text Block] | 9. Segment Reporting The Company is a New York City real estate investment trust that is focused on developing, redeveloping and operating properties in the commercial and residential space. Our Chief Operating Decision Maker (“CODM”), represented by our Co-Chairman and Chief Executive Officer, reviews the results in which the revenue and Income from Operations is divided between the commercial and residential performance. This metric enables the CODM to evaluate how the business is growing, as revenue is the key driver of growth. Additionally, the CODM uses segment income (loss) to allocate resources in the annual budgeting and forecasting process. The CODM considers budget to actual variances when making decisions about allocating capital to each segment. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 Livingston Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The residential reporting segment includes the Flatbush Gardens property, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable segment total operating expenses to consolidate operating expenses, the reportable income from operations to the consolidated income from operations, the segment and consolidated income from operations to segment and consolidated net income(loss), the reportable segment assets to the consolidated assets, the reportable segment interest expense to the consolidated interest expense and the reportable segment capital expenditures to the consolidated capital expenditures.
Three months ended June 30, 2026 |  | Commercial |  |  | Residential |  |  | Total |
Rental income |  | $ | 6,353 |  |  | $ | 32,222 |  |  | $ | 38,575 |
Total revenues |  |  | 6,353 |  |  |  | 32,222 |  |  |  | 38,575 |
Property operating expenses |  |  | 962 |  |  |  | 8,310 |  |  |  | 9,272 |
Real estate taxes and insurance |  |  | 3,113 |  |  |  | 4,316 |  |  |  | 7,429 |
General and administrative |  |  | 954 |  |  |  | 3,299 |  |  |  | 4,253 |
Depreciation and amortization |  |  | 1,575 |  |  |  | 6,448 |  |  |  | 8,023 |
Total operating expenses |  |  | 6,604 |  |  |  | 22,373 |  |  |  | 28,977 |
Litigation Settlement and other |  |  | — |  |  |  | (209 | ) |  |  | (209 | )
Income (Loss) from operations |  | $ | (251 | ) |  | $ | 9,640 |  |  | $ | 9,389 |
Interest Expense |  |  | (4,178 | ) |  |  | (11,476 | ) |  |  | (15,654 | )
Net Loss |  | $ | (4,429 | ) |  | $ | (1,836 | ) |  | $ | (6,265 | )
Three months ended June 30, 2025 |  | Commercial |  |  | Residential |  |  | Total |
Rental income |  | $ | 9,982 |  |  | $ | 29,054 |  |  | $ | 39,036 |
Total revenues |  | $ | 9,982 |  |  | $ | 29,054 |  |  | $ | 39,036 |
Property operating expenses |  |  | 1,333 |  |  |  | 8,228 |  |  |  | 9,561 |
Real estate taxes and insurance |  |  | 2,919 |  |  |  | 4,599 |  |  |  | 7,518 |
General and administrative |  |  | 718 |  |  |  | 3,101 |  |  |  | 3,819 |
Transaction pursuit costs |  |  | (1 | ) |  |  | (9 | ) |  |  | (10 | )
Depreciation and amortization |  |  | 1,521 |  |  |  | 5,793 |  |  |  | 7,314 |
Total operating expenses |  |  | 6,490 |  |  |  | 21,712 |  |  |  | 28,202 |
Litigation settlement and other |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Income from operations |  |  | 3,492 |  |  |  | 7,316 |  |  |  | 10,808 |
Loss on disposal of long-lived assets |  |  | — |  |  |  | (685 | ) |  |  | (685 | )
Interest Expense |  |  | (2,541 | ) |  |  | (8,938 | ) |  |  | (11,479 | )
Net Income (Loss) |  | $ | 951 |  |  | $ | (2,307 | ) |  | $ | (1,356 | )
Six months ended June 30, 2026 |  | Commercial |  |  | Residential |  |  | Total |
Rental income |  | $ | 12,564 |  |  | $ | 64,126 |  |  | $ | 76,690 |
Total revenues |  |  | 12,564 |  |  |  | 64,126 |  |  |  | 76,690 |
Property operating expenses |  |  | 2,171 |  |  |  | 17,431 |  |  |  | 19,602 |
Real estate taxes and insurance |  |  | 6,238 |  |  |  | 8,888 |  |  |  | 15,126 |
General and administrative |  |  | 1,821 |  |  |  | 6,539 |  |  |  | 8,360 |
Transaction pursuit costs |  |  | — |  |  |  | — |  |  |  | — |
Depreciation and amortization |  |  | 3,150 |  |  |  | 12,852 |  |  |  | 16,002 |
Total operating expenses |  |  | 13,380 |  |  |  | 45,710 |  |  |  | 59,090 |
Litigation settlement and other |  |  | — |  |  |  | (3,809 | ) |  |  | (3,809 | )
Income from operations |  | $ | (816 | ) |  | $ | 14,607 |  |  | $ | 13,791 |
Loss on disposal of long-lived assets |  |  | — |  |  |  | — |  |  |  | — |
Interest Expense |  |  | (8,319 | ) |  |  | (22,881 | ) |  |  | (31,200 | )
Net Loss |  |  | (9,135 | ) |  |  | (8,274 | ) |  |  | (17,409 | )
Six months ended June 30, 2025 |  | Commercial |  |  | Residential |  |  | Total |
Rental income |  | $ | 20,190 |  |  | $ | 58,244 |  |  | $ | 78,434 |
Total revenues |  |  | 20,190 |  |  |  | 58,244 |  |  |  | 78,434 |
Property operating expenses |  |  | 2,692 |  |  |  | 16,980 |  |  |  | 19,672 |
Real estate taxes and insurance |  |  | 5,882 |  |  |  | 9,263 |  |  |  | 15,145 |
General and administrative |  |  | 1,412 |  |  |  | 6,232 |  |  |  | 7,644 |
Transaction pursuit costs |  |  | (1 | ) |  |  | (9 | ) |  |  | (10 | )
Depreciation and amortization |  |  | 3,048 |  |  |  | 11,902 |  |  |  | 14,950 |
Loss on impairment of long lived assets |  |  | — |  |  |  | 33,780 |  |  |  | 33,780 |
Total operating expenses |  |  | 13,033 |  |  |  | 78,148 |  |  |  | 91,181 |
Litigation settlement and other |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Income from operations |  | $ | 7,157 |  |  | $ | (19,930 | ) |  | $ | (12,773 | )
Loss on disposal of long-lived assets |  |  | — |  |  |  | (685 | ) |  |  | (685 | )
Interest Expense |  |  | (5,033 | ) |  |  | (17,968 | ) |  |  | (23,001 | )
Net Income (Loss) |  |  | 2,124 |  |  |  | (38,583 | ) |  |  | (36,459 | )
The Company’s total assets by segment are as follows, as of:
|  | Commercial |  |  | Residential |  |  | Total |
June 30, 2026 |  | $ | 302,418 |  |  | $ | 918,320 |  |  | $ | 1,220,738 |
December 31, 2025 |  |  | 307,926 |  |  | $ | 926,393 |  |  | $ | 1,234,319 |
The Company’s capital expenditures, including acquisition by segment for the three months ended June 30, 2026 and 2025, is as follows:
|  | Commercial |  |  | Residential |  |  | Total |
Three months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |
2026 |  | $ | 120 |  |  | $ | 2,691 |  |  | $ | 2,811 |
2025 |  | $ | 788 |  |  | $ | 9,680 |  |  | $ | 10,468 |
Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |
2026 |  | $ | 238 |  |  | $ | 4,974 |  |  | $ | 5,212 |
2025 |  | $ | 1,422 |  |  | $ | 20,327 |  |  | $ | 21,749 |
The Company allocates assets, expenses and capital expenditures to each reportable segment by building. For those buildings that are shared between the segment’s allocations are done based on the percentage relative square footage of the building that is used to generate revenue for the segment. All corporate costs are allocated based on the percentage of square footage of the segment.

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