New York REIT Liquidating (NYRT) 10-K31 Mar 232022 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 28, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	NEW YORK REIT LIQUIDATING LLC
Entity Central Index Key	0001474464
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,791,769
Entity Public Float	$ 0
Entity Address, State or Province	MA
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Entity Address, Address Line One	2 Liberty Square, 9th Floor
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02109
Entity File Number	001-36416
Entity Tax Identification Number	83-2426528
City Area Code	617
Local Phone Number	570-4750
Entity Incorporation, State or Country Code	DE
ICFR Auditor Attestation Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Stamford, CT

Consolidated Statements of Net

Consolidated Statements of Net Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets
Liquidation Basis of Accounting [true false]	true	true
Investment in unconsolidated joint venture	$ 22,692	$ 226,175
Cash and cash equivalents	8,192	7,535
Restricted cash	92,538	92,127
Total Assets	123,422	325,837
Liabilities
Liability for estimated costs in excess of estimated receipts during liquidation	1,420	2,384
Accounts payable, accrued expenses and other liabilities	841	342
Total Liabilities	2,261	2,726
Commitments and Contingencies
Net assets in liquidation	$ 121,161	$ 323,111

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net assets in liquidation, beginning of period	$ 323,111
Changes in net assets in liquidation:
Net assets in liquidation, end of period	121,161	$ 323,111
Liquidation Value [Member]
Net assets in liquidation, beginning of period	323,111	327,390	$ 362,791
Changes in net assets in liquidation:
Changes in liquidation value of investment in unconsolidated joint venture	(194,888)	10,848	(21,065)
Remeasurement of assets and liabilities	(1,690)	(2,533)	(2,582)
Net increase (decrease) in liquidation value	(196,578)	8,315	(23,647)
Liquidating distributions to unitholders/common stockholders	(5,372)	(12,594)	(11,754)
Changes in net assets in liquidation	(201,950)	(4,279)	(35,401)
Net assets in liquidation, end of period	$ 121,161	$ 323,111	$ 327,390

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Or ganization New York REIT Liquidating LLC (the “Company”) was formed on November 7, 2018 and is the successor entity to New York REIT, Inc., (the “Predecessor”). The Predecessor was incorporated on October 6, 2009 as a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Predecessor listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT” (the “Listing”). The sole purpose of the Company is to wind up the Company’s affairs and the liquidation of the Company’s assets with no objective to continue or to engage in the conduct of a trade or business, except as necessary for the orderly liquidation of the Company’s assets. Substantially all of the Predecessor’s business was conducted through its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”). On August 22, 2016, the Predecessor’s Board of Directors approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Predecessor and its OP and to liquidate and dissolve the Predecessor and the OP (the “Liquidation Plan”), subject to stockholder approval. The Liquidation Plan was approved at a special meeting of the Predecessor’s stockholders on January 3, 2017. All of the assets held by the OP have been sold and the OP was dissolved prior to the conversion to a liquidating entity on November 7, 2018. As of December 31, 2022 , the Company’s only significant assets are a 50.1 % equity interest in WWP Holdings LLC (“WWP”) which owns one property aggregating 2.0 million rentable square feet, with an average occupancy of 91.0 % , and cash, cash equivalents and restricted cash totaling $ 100.7 million. The property at December 31, 2022 consisted of office space, retail space and a garage representing 88 %, 5 % and 7 %, respectively, of rentable square feet as of year ended December 31, 2022. The Company has no employees. Since March 8, 2017, all advisory duties are administered by Winthrop REIT Advisors, LLC (the “Winthrop Advisor”).

Liquidation Plan

Liquidation Plan	12 Months Ended
Liquidation Plan	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Plan	Note 2 – Liquidation Plan The Liquidation Plan provides for an orderly sale of the Company’s assets, payment of the Company’s liabilities and other obligations and the winding down of operations and dissolution of the Company. The Predecessor was not, and the Company is not, permitted to make any new investments except to make protective acquisitions or advances with respect to its existing assets (see Note 6). The Company is permitted to satisfy any existing contractual obligations and fund required tenant improvements and capital expenditures at its real estate property owned by the joint venture in which the Company owns an interest. The Liquidation Plan enables the Company to sell any and all of its assets without further approval of the unitholders and provides that liquidating distributions be made to the unitholders as determined by the Company’s board of managers (the “Board of Managers”). In order to comply with applicable laws, the Predecessor converted into the Company, a limited liability company. The conversion of the Predecessor to a limited liability company was approved by the stockholders on September 7, 2018 and became effective on November 7, 2018. In October 2018, the Predecessor announced the withdrawal of its common stock from listing on the NYSE in connection with the conversion. November 2, 2018 was the last day on which shares of its common stock were traded on the NYSE and our stock transfer books were closed as of 4:00 p.m. (Eastern Time) on such date. At the effective time of the conversion, each outstanding share of common stock was converted into one unit of common membership interest in the Liquidating LLC (a “Unit”), and holders of shares of the Predecessor’s common stock automatically received one Unit (which Unit was in book entry form) for each share of the common stock held by such stockholder. Unlike shares of the Predecessors common stock, which, in addition to being listed on the NYSE, were freely transferable, Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Therefore, the holders of Units do not have the ability to realize any value from these interests except from distributions made by the Company, the timing of which will be solely in the discretion of the Board of Managers. The Board of Managers was initially comprised of three members: Randolph C. Read, Craig T. Bouchard and Howard Goldberg. On November 7, 2022, Howard Goldberg resigned from the Board of Managers, effective immediately, pursuant to the terms of the Limited Liability Agreement of the Company and not as a result of any disagreement with the operations, policies or practices of the Company. On November 9, 2022, Michael L. Ashner was appointed as a member of the Board of Managers. As of November 9, 2022, the Board of Managers is comprised of Randolph C. Read, Craig T. Bouchard and Michael L. Ashner. Additionally, John Lee and Joseph Moinian, representing two of the Company’s largest unitholders, served as observers to the Board of Managers from October 4, 2021 and June 30, 2020, respectively, in unpaid positions with no voting rights in connection with Board of Managers matters. On November 8, 2022, John Lee resigned from his position as an observer to the Board of Managers, effective immediately, in accordance with the terms of the previously disclosed Board Observer Agreement between himself and the Company. On November 13, 2022, Joseph Moinian resigned from his position as an observer to the Board of Managers, effective immediately, in accordance with the terms of the previously disclosed Board Observer Agreement between himself and the Company. The Company is deemed to be the same entity as the Predecessor with the same assets and liabilities as the Predecessor. In addition, the charter and bylaws of the Predecessor were replaced by the operating agreement of the Company. For tax purposes, the fair value of each Unit in the Company received by stockholders when the conversion became effective, which reflects the value of the remaining assets of the Company (net of liabilities), was equal to the average of the high and low trading prices for shares of the Predecessor’s common stock on the last three days on which the shares were traded on the NYSE. The business of the Company is the same as the business of the Predecessor immediately preceding the conversion, which, consistent with the Liquidation Plan, consists of the continued ownership of the Predecessor’s interest in Worldwide Plaza, the only remaining property-related asset. Under its operating agreement, the business and affairs of the Company will be managed by or under the direction of its Board of Managers, and the sole purpose is winding up the affairs of the Company and the liquidation of its remaining asset. On March 14, 2022, pursuant to the terms of the operating agreement of the Company, the Board of Managers extended the term of the Company such that the Company will remain in existence until the earlier of (i) the distribution of all Company assets pursuant to liquidation, or (ii) December 31, 2023. The term may be extended to such later date as the Board of Managers determines is reasonably necessary to fulfill the purposes of the Company. The dissolution process and the amount and timing of future distributions to unitholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will be ultimately distributed to unitholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statement of Net Assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Rent collections for retail and amenities tenants at Worldwide Plaza were not impacted by the COVID-19 pandemic during the years ended December 31, 2022, thought they were impacted during the year ended December 31, 2021 . It is uncertain as to the extent of the future impact of the COVID-19 pandemic, including its multiple variants and government protective measures thereto on rent collections at the property for future quarters. WWP has forgiven of approximately $ 494,000 of base rents for current retail and amenities tenants and has written off approximately $ 477,000 of base rents related to surrendered retail and amenities space. To date, the impact of the COVID-19 pandemic has not been material to Worldwide Plaza, however, it is not possible to estimate the future impact of the pandemic at this time. Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represented the estimated amount of cash that the Company expected to collect on disposal of assets as it carried out its liquidation activities under the Liquidation Plan. All properties have been sold except the remaining interest in Worldwide Plaza. For purposes of liquidation accounting, which requires estimating go-forward revenues and expenses including net sale proceeds, the Company’s estimate of net assets in liquidation value assumes a sale of Worldwide Plaza at December 31, 2023 which is the end of our current projected liquidation period as discussed below. The actual timing of sale has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of sale of the Company’s remaining property. Liabilities are carried at their contractual amounts due as adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn as it carries out its liquidation activities through the end of the projected liquidation period to the extent it has a reasonable basis for estimation. Under the liquidation basis of accounting, it is generally accepted that the period of time to assume a reasonable basis for estimation would not exceed one year from the reporting date. As such, our current projected liquidation period ends on December 31, 2023. Estimated costs expected to be incurred through the end of the liquidation period include corporate overhead costs associated with satisfying known and contingent liabilities and other costs associated with the winding down and dissolution of the Company. Revenues are based on current interest rate assumptions. These amounts are classified as a net liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and revenues may differ from amounts reflected in the consolidated financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of December 31, 2022 and 2021 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Net Assets. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests, either through voting or similar rights or by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). The portions of any consolidated joint venture arrangements not owned by the Company would be presented as noncontrolling interests. There were no consolidated joint venture arrangements at December 31, 2022 or 2021. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests in a VIE. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company continually evaluates the need to consolidate its joint venture. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners or members as well as whether the entity is a VIE for which the Company is the primary beneficiary. Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. Under liquidation accounting, the Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations. Cash and Cash Equivalents The Company deposits cash with high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the “FDIC”) up to an insurance limit. The Company’s cash balances fluctuate throughout the year and may exceed insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash At December 31, 2022 and 2021 , management has included in restricted cash $ 92.1 million. Of this sum, $ 90.7 million has been reserved either for potential capital improvement work at Worldwide Plaza, should the Company elect to contribute, or to be paid as a liquidating distribution to unitholders. The remaining $ 1.4 million is being held in escrow in connection with the sale of the Viceroy Hotel (the “Viceroy Escrow”). The Viceroy Escrow was established from proceeds of the sale of the Viceroy Hotel and was required to cover a potential seller’s obligation to fund any shortfalls to the New York Hotel Pension Fund should the purchaser of the property withdraw from the Pension Fund without fully funding the then outstanding shortfall due the Pension Fund. The Viceroy Escrow is set to expire in October 2023, and the funds will be used to satisfy the liabilities under agreement or will be distributed to unitholders. Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over but does not control the entity and is not considered to be the primary beneficiary. The investment in unconsolidated joint venture is recorded at its liquidation value, or net realizable value, which is comprised of an estimate of the expected sale proceeds upon disposition plus the estimated net income from the venture during the liquidation period. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of December 31, 2022 and 2021 is based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information and assumptions regarding capital expenditures. Revenue Recognition The Company has no revenue sources other than interest income which are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Income Taxes The Predecessor qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code effective for its taxable year ended December 31, 2010 through November 7, 2018, the date of the conversion. In order to qualify for taxation as a REIT, the Predecessor was generally required, among other things, to distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. The Predecessor distributed to its stockholders amounts in excess of 100 % of its REIT taxable income for the period January 1, 2018 through November 7, 2018 and for the year ended December 31, 2017. From and after November 8, 2018, the Company is taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All future distributions from the Company will be considered a return of capital for tax purposes. Holder of Units will receive a Schedule K-1 from the Company annually reflecting their allocable share of the Company’s income, loss, gain and deduction. During the year ended December 31, 2013, the Predecessor purchased a hotel, which was owned by a subsidiary of the OP and leased to a taxable REIT subsidiary (“TRS”), that was owned by the OP. The hotel was sold on October 4, 2018, and the TRS was terminated. A TRS is subject to federal, state and local income taxes. The TRS was a tax paying component for purposes of classifying deferred tax assets and liabilities. As of December 31, 2022 , the Predecessor had no material uncertain income tax positions. The tax years subsequent to and including the year ended December 31, 2018 remain open to examination by the major taxing jurisdictions to which the Company and the Predecessor is subject. Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate through a joint venture. The Company’s joint venture invests in real estate which generates rental revenue and other income through the leasing of the property. Management evaluates the operating performance of the Company’s investment at the individual property level. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that are applicable under liquidation basis accounting. Recently Adopted Accounting Pronouncements None.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	12 Months Ended
	Dec. 31, 2022
Text Block [Abstract]
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	Note 4—Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for operating expenses, interest earned on reserves and the costs associated with the winding down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. At December 31, 2022 and 2021, the Company accrued the following expenses expected to be incurred during liquidation (in thousands): 2022 2021 General and administrative expenses $ ( 1,420 ) $ ( 2,384 ) Liability for estimated costs in excess of estimated receipts during liquidation $ ( 1,420 ) $ ( 2,384 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2022 and 2021 is as follows (in thousands): January 1, 2021 Net Change Remeasurement December 31, 2022 General and administrative expenses $ ( 2,384 ) $ 2,654 $ ( 1,690 ) $ ( 1,420 ) Total liability for estimated costs in excess of estimated $ ( 2,384 ) $ 2,654 $ ( 1,690 ) $ ( 1,420 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2022 . January 1, 2020 Net Change Remeasurement December 31, 2021 General and administrative expenses $ ( 2,342 ) $ 2,491 $ ( 2,533 ) $ ( 2,384 ) Total liability for estimated costs in excess of estimated $ ( 2,342 ) $ 2,491 $ ( 2,533 ) $ ( 2,384 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2021 .

Net Assets in Liquidation

Net Assets in Liquidation	12 Months Ended
Net Assets in Liquidation	Dec. 31, 2022
Text Block [Abstract]
Net Assets in Liquidation	Note 5 – Net Assets in Liquidation Net assets in liquidation decreased by $ 202.0 million during the year ended December 31, 2022. The reduction was primarily due to net decrease of $ 194.9 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to a decrease in value as well as a decrease in estimated distributions from working capital and property operations. The decrease in value is driven by increased interest rates, inflation, uncertainty of the timing of market recovery and continued lack of transactions in the market for office buildings, especially in the New York City market. The reduction also included liquidating distributions to unitholders totaling $ 5.4 million and a $ 1.7 million decrease due to a remeasurement of estimated costs. Net assets in liquidation decreased by $ 4.3 million during the year ended December 31, 2021 . The reduction was primarily due to liquidating distributions to unitholders totaling $ 12.6 million and a $ 2.5 million decrease due to a remeasurement of estimated costs. The reduction in net assets was offset by a net increase of $ 10.8 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the estimated distributions from working capital and property operations. Net assets in liquidation decreased by $ 35.4 million during the year ended December 31, 2020 . The reduction was primarily due to a $ 37.6 million decrease in the Company’s investment in Worldwide Plaza based on a decrease of the estimated property value of Worldwide Plaza, liquidating distributions to unitholders totaling $ 11.8 million and a $ 2.6 million decrease due to a remeasurement of estimated costs. The reduction in net assets was offset by a net increase of $ 16.6 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the estimated distributions from working capital and property operations. The net assets in liquidation at December 31, 2022, presented on an undiscounted basis, include the Company’s proportionate share in Worldwide Plaza’s net assets which include a property value based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information. The estimated cash flow projections, which include minimal future capital investment, were negatively impacted by the market factors discussed above and result in a property value that approximates Worldwide Plaza’s current debt balance. There were 16,791,769 Units outstanding at December 31, 2022. The net assets in liquidation as of December 31, 2022, if sold at their net asset value, would result in liquidating distributions of approximately $ 7.22 per Unit. The net assets in liquidation as of December 31, 2022 of $ 121.2 million , if sold at their net asset value, plus the cumulative liquidating distributions paid to stockholders of $ 1.03 billion ( $ 61.58 per common share/Unit) prior to December 31, 2022 would result in cumulative liquidating distributions to stockholders/unitholders of $ 68.80 per Unit. There is inherent uncertainty with these estimates, and they could change materially based on the timing of the sales, the performance of the underlying assets and any changes in the underlying assumptions of the estimated cash flows.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
Investment in Unconsolidated Joint Venture	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 6 — Investment in Unconsolidated Joint Venture On October 30, 2013, the Predecessor purchased a 48.9 % equity interest in Worldwide Plaza for a contract purchase price of $ 220.1 million, based on the property value at that time for Worldwide Plaza of $ 1.3 billion less $ 875.0 million of debt on the property. On June 1, 2017, the Predecessor acquired an additional 49.9 % equity interest on exercise of the WWP Option pursuant to the Company’s rights under the joint venture agreement of Worldwide Plaza for a contract purchase price of $ 276.7 million, based on the option price of approximately $ 1.4 billion less $ 875.0 million of debt on the property. The Predecessor’s joint venture partner exercised its right to retain 1.2 % of the aggregate membership interests in Worldwide Plaza. Following the exercise of the option, the Predecessor owned a total equity interest of 98.8 % in Worldwide Plaza. On October 18, 2017, the Predecessor sold a 48.7 % interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on an estimated underlying property value of $ 1.725 billion. In conjunction with the equity sale, there was a concurrent $ 1.2 billion refinancing of the existing Worldwide Plaza debt. The Predecessor received cash at closing of approximately $ 446.5 million from the sale and excess proceeds from the financing, net of closing costs which included $ 108.3 million of defeasance and prepayment costs. The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3.98 % per annum, requires monthly payments of interest only and matures in November 2027 . If by August 31, 2023, the space currently leased by Cravath, Swaine & Moore has not been sufficiently re-leased on terms that would generate sufficient cash flow to satisfy debt service requirements, the joint venture that owns Worldwide Plaza would be restricted from making distributions under the terms of its indebtedness. The Company initially set aside approximately $ 90.7 million from the 2017 refinancing proceeds to cover our share of potential future leasing and capital costs at the property; as discussed in “Note 8 – Commitments and Contingencies,” the Company believes that there is no obligation to reserve this amount, and even if such an obligation existed, it has lapsed and we are seeking a declaratory judgment in the Delaware Court of Chancery that we are permitted to distribute the reserved funds. Following the sale of its interest discussed above, the Company now holds a 50.1 % interest in Worldwide Plaza. The Company has determined that this investment is an investment in a VIE. The Company has determined that it is not the primary beneficiary of this VIE since the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance. The Company accounts for this investment using the equity method of accounting. The lease with one of the tenants at the Worldwide Plaza property contains a right of first offer in the event that Worldwide Plaza sells 100 % of the property. The right requires Worldwide Plaza to offer the tenant the option to purchase 100 % of the Worldwide Plaza property, at the price, and on other material terms, proposed by Worldwide Plaza to third parties. If, after a 45 -day period, that tenant does not accept the offer, Worldwide Plaza may then sell the property to a third party, provided that Worldwide Plaza will be required to re-offer the property to that tenant if it desires to sell the property for a purchase price (and other economic consideration) less than 92.5 % of the initial purchase price contained in the offer to that tenant. We have a right to transfer our membership interests in Worldwide Plaza to purchasers meeting certain qualifications, subject to a right of first offer to our joint venture partner. Commencing January 18, 2022, we and our joint venture partner also have the right to require the joint venture to market the property owned by it for sale, subject to a right of first offer to our joint venture partner. Any transferee of our interest would acquire an interest subject to the same limitations on participation in the management of Worldwide Plaza that are applicable to us. There can be no assurance these limitations will not affect our ability to sell our interest in Worldwide Plaza or the amount we would receive on a sale. In addition, we may determine that a sale of the property rather than our interest in Worldwide Plaza is the best way to maximize the value of our interest in Worldwide Plaza. A sale of the property could substantially delay the timing of our complete liquidation. Additionally, the existence of the right of first offers may delay our ability to sell the Worldwide Plaza property or our interest in Worldwide Plaza on terms and in the timeframe of our choosing and may diminish the price we receive on a sale. The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent at the Company as of December 31, 2022, 2021 and 2020, including annualized cash rent related to the Company’s unconsolidated joint venture: December 31, Property Portfolio Tenant 2022 2021 2020 Worldwide Plaza Cravath, Swaine & Moore, LLP 50 % 48 % 48 % Worldwide Plaza Nomura Holdings America, Inc. 29 % 30 % 31 % The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on the Company’s operations. The lease with Cravath, Swaine & Moore expires in August 2024 and the tenant has informed Worldwide Plaza that they do not intend to enter into a new lease upon expiration of the existing lease. The amounts reflected in the following tables are based on the financial information of Worldwide Plaza. Under liquidation accounting, equity investments are carried at net realizable value. The condensed balance sheets as of December 31, 2022 and 2021 for Worldwide Plaza are as follows: December 31, (In thousands) 2022 2021 Real estate assets, at cost $ 846,124 $ 840,798 Less accumulated depreciation and amortization ( 298,953 ) ( 281,011 ) Total real estate assets, net 547,171 559,787 Cash and cash equivalents 47,613 53,351 Other assets 126,811 122,921 Total assets $ 721,595 $ 736,059 Debt $ 1,241,903 $ 1,271,177 Other liabilities 240,428 181,005 Total liabilities 1,482,331 1,452,182 Deficit ( 760,736 ) ( 716,123 ) Total liabilities and deficit $ 721,595 $ 736,059 The condensed statements of operations for the years ended December 2022, 2021 and 2020 for Worldwide Plaza are as follows: December 31, (In thousands) 2022 2021 2020 Rental income $ 142,201 $ 150,815 $ 135,435 Operating expenses: Operating expenses 67,626 65,845 65,396 Depreciation and amortization 20,884 29,440 21,004 Total operating expenses 88,510 95,285 86,400 Operating income 53,691 55,530 49,035 Interest expense ( 80,823 ) ( 78,892 ) ( 77,265 ) Net loss allocated to non-controlling interest 30,227 34,489 35,621 Net income $ 3,095 $ 11,127 $ 7,391

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2022
Equity [Abstract]
Common Stock	Note 7 — Common Stock As of December 31, 2022 and 2021 , the Company had 16,791,769 Units outstanding. The Company expects to make periodic liquidating distributions out of cash flow distributions from our investment in Worldwide Plaza and ultimate sale of the Company's interest in Worldwide Plaza, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. During 2022, 2021 and 2020 , the Company paid aggregate liquidating distributions equal to $ 0.32 per unit, $ 0.75 per unit and $ 0.70 per unit, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 — Commitments and Contingencies Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. Other than the matters described below (about which the Company offers no prediction), there are no legal or regulatory proceedings pending or known to be contemplated against the Company from which the Company expects to incur a material loss. On December 28, 2022, the Company filed suit against WWP JV LLC captioned New York REIT Liquidating LLC v. WWP JV LLC, C.A. (Del. Ch.). The Company is seeking declaratory relief that it may release to its unitholders a reserve of more than $ 90 million (the “Reserve”) that was established in 2017 in connection with a transaction between the Company’s subsidiary, ARC NYWWPJV 001, LLC, and WWP JV LLC relating to a proposed investment in Worldwide Plaza, an office and retail mixed-use project located in midtown Manhattan. The Company’s subsidiary, ARC NYWWPJV001, LLC filed suit against WWP JV LLC on December 22, 2022. The suit is captioned ARC NYWWPJV001, LLC v. WWP JV LLC, (Sup. Ct. N.Y. City), and, on February 10, 2023, the Company was named as Counterclaim Defendant and Third-Party Defendant in such action. ARC NYWWPJV001, LLC has sought declaratory relief that it need not fund certain disputed capital contributions exceeding $ 82 million under the Third Amended and Restated Limited Liability Company Agreement of WWP Holdings, LLC (“LLC Agreement”) related to proposed capital improvements at Worldwide Plaza. WWP JV LLC’s counterclaim against the Company seeks declaratory relief that the Company must continue to maintain the Reserve until such time as a member of WWP Holdings, LLC issues a call notice for the Reserve under the LLC Agreement (the “Counterclaim”). WWP JV LLC’s third party claims against the Company assert claims for fraud, fraudulent inducement, and unjust enrichment and seek damages in excess of $ 90 million (the “Third Party Claims”). It is the Company’s and ARC NYWWPJV001’s position that the Counterclaim and Third Party Claims are without merit and fail to state any causes of action upon which relief may be granted as a matter of law and/or pursuant to the express terms of the LLC Agreement. Moreover, NYRT is not a party to the LLC Agreement and there is a prior action between NYRT and WWP JV LLC pending in Delaware. If the Company is unsuccessful in receiving favorable declaratory judgments in the above referenced actions or is unsuccessful in defending the claims against it therein, the Company may be required to contribute additional capital to the joint venture. The Company cannot predict and expresses no prediction as to the outcome of these matters. Therefore, the Company cannot estimate the range of any reasonably possible loss. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company, through its joint venture, maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
Related Party Transactions and Arrangements	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 9 — Related Party Transactions and Arrangements The activities of the Liquidating LLC are administered by the Winthrop Advisor pursuant to the terms of an advisory agreement, as amended, (the “Advisory Agreement”) between the Company and the Winthrop Advisor. The Advisory Agreement is subject to automatic one-month renewal periods on the expiration of any renewal term, unless terminated by a majority of the Board of Managers or the Winthrop Advisor, upon written notice 45 days before the expiration of any renewal term and will automatically terminate at the effective time of the final disposition of the assets held by the Company. The Advisory Agreement may be terminated upon 15 days written notice by a majority of the Board of Managers if the Company’s chief executive officer resigns or is otherwise unavailable to serve as the Company’s chief executive officer for any reason and the Winthrop Advisor has not proposed a new chief executive officer acceptable to a majority of the Board of Managers. From the Liquidation Date through July 31, 2020, the Company paid the Winthrop Advisor a monthly fee of $ 100,000 and a supplemental fee of $ 50,000 per quarter (prorated for any partial quarter) for any period that the principal executive and financial officers of the successor entity to the Company are required to certify the financial and other information contained in the successor entity’s quarterly and annual reports pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended. On October 30, 2020, the Advisory Agreement was amended to reduce the monthly fee payable to Winthrop Advisor to $ 83,000 effective August 1, 2020. All other terms of the Advisory Agreement remained unchanged. In connection with the adoption of liquidation accounting, the Company accrues costs it expects to incur through the end of liquidation. As of December 31, 2022 and 2021 the Company has accrued asset management fees and compensation reimbursements totaling $ 1.2 million payable to Winthrop Advisor representing management’s estimate of future asset management fees to final liquidation, provided there is no assurance that the contract will continue to be extended at the same terms, if at all. This amount is included in estimated costs in excess of estimated receipts during liquidation. In connection with the payment of (i) any distributions of money or other property by the Company to its stockholders or unitholders during the term of the Advisory Agreement and (ii) any other amounts paid to the Company’s stockholders or unitholders on account of their shares of common stock or membership interests in the Company in connection with a merger or other change in control transaction pursuant to an agreement with the Company entered into after March 8, 2017 (such distributions and payments, the “Hurdle Payments”), in excess of $ 110.00 per share (adjusted for the Reverse Split, the “Hurdle Amount”), when taken together with all other Hurdle Payments, the Company will pay an incentive fee to Winthrop Advisor in an amount equal to 10.0 % of such excess (the “Incentive Fee”). The Hurdle Amount will be increased on an annualized basis by an amount equal to the product of (a) the Treasury Rate plus 200 basis points and (b) the Hurdle Amount minus all previous Hurdle Payments. Based on the current estimated undiscounted net assets in liquidation, the Winthrop Advisor would not be entitled to receive any such incentive fee. The Company paid the Winthrop Advisor $ 1.2 million, $ 1.2 million and $ 1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. On June 30, 2020, the Company entered into a Manager Designation Agreement (the “Manager Designation Agreement”) with WW Investors LLC, (“WW Investors”), an affiliate of the Winthrop Advisor, which owned, as of the date of the Manager Designation Agreement, 132,774 Units in the aggregate. The Manager Designation Agreement provided that Howard Goldberg, who was a member of the Board at the time, was deemed to be WW Investors’ designee on the Board and further provides that for so long as they are not in breach of the Manager Designation Agreement, WW Investors shall be entitled to recommend a replacement nominee to the Board to fill a vacancy on the Board resulting from Mr. Goldberg’s resignation, death or disability, subject to the approval of the Board in its reasonable discretion. On November 7, 2022, Mr. Goldberg resigned from the Board of Managers. On November 9, 2022, Michael L. Ashner was appointed as a member of the Board of Managers. Furthermore, pursuant to the Manager Designation Agreement, WW Investors, and their affiliates agree to certain standstill restrictions until the earlier of ( A ) such time that WW Investors’ Board designee is removed and the Company fails to seat a replacement pursuant to the Manager Designation Agreement, ( B ) the Winthrop Advisor is replaced as the Company’s advisor and ( C ) the later of ( i ) 14 months from the date of the Manager Designation Agreement and ( ii ) such time as a WW Investor designee is no longer a member of the Board.

Economic Dependency

Economic Dependency	12 Months Ended
Economic Dependency	Dec. 31, 2022
Text Block [Abstract]
Economic Dependency	Note 10 — Economic Dependency Under various agreements, the Company has engaged Winthrop Advisor, its affiliates and entities under common control with Winthrop Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of the property owned by the Company, asset disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon Winthrop Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11 — Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments or disclosures in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Rent collections for retail and amenities tenants at Worldwide Plaza were not impacted by the COVID-19 pandemic during the years ended December 31, 2022, thought they were impacted during the year ended December 31, 2021 . It is uncertain as to the extent of the future impact of the COVID-19 pandemic, including its multiple variants and government protective measures thereto on rent collections at the property for future quarters. WWP has forgiven of approximately $ 494,000 of base rents for current retail and amenities tenants and has written off approximately $ 477,000 of base rents related to surrendered retail and amenities space. To date, the impact of the COVID-19 pandemic has not been material to Worldwide Plaza, however, it is not possible to estimate the future impact of the pandemic at this time.
Liquidation Basis of Accounting	Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represented the estimated amount of cash that the Company expected to collect on disposal of assets as it carried out its liquidation activities under the Liquidation Plan. All properties have been sold except the remaining interest in Worldwide Plaza. For purposes of liquidation accounting, which requires estimating go-forward revenues and expenses including net sale proceeds, the Company’s estimate of net assets in liquidation value assumes a sale of Worldwide Plaza at December 31, 2023 which is the end of our current projected liquidation period as discussed below. The actual timing of sale has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of sale of the Company’s remaining property. Liabilities are carried at their contractual amounts due as adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn as it carries out its liquidation activities through the end of the projected liquidation period to the extent it has a reasonable basis for estimation. Under the liquidation basis of accounting, it is generally accepted that the period of time to assume a reasonable basis for estimation would not exceed one year from the reporting date. As such, our current projected liquidation period ends on December 31, 2023. Estimated costs expected to be incurred through the end of the liquidation period include corporate overhead costs associated with satisfying known and contingent liabilities and other costs associated with the winding down and dissolution of the Company. Revenues are based on current interest rate assumptions. These amounts are classified as a net liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statements of Net Assets. Actual costs and revenues may differ from amounts reflected in the consolidated financial statements due to the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid as of December 31, 2022 and 2021 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Net Assets.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests, either through voting or similar rights or by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). The portions of any consolidated joint venture arrangements not owned by the Company would be presented as noncontrolling interests. There were no consolidated joint venture arrangements at December 31, 2022 or 2021. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests in a VIE. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company continually evaluates the need to consolidate its joint venture. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners or members as well as whether the entity is a VIE for which the Company is the primary beneficiary.
Use of Estimates	Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. Under liquidation accounting, the Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company deposits cash with high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the “FDIC”) up to an insurance limit. The Company’s cash balances fluctuate throughout the year and may exceed insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result.
Restricted Cash	Restricted Cash At December 31, 2022 and 2021 , management has included in restricted cash $ 92.1 million. Of this sum, $ 90.7 million has been reserved either for potential capital improvement work at Worldwide Plaza, should the Company elect to contribute, or to be paid as a liquidating distribution to unitholders. The remaining $ 1.4 million is being held in escrow in connection with the sale of the Viceroy Hotel (the “Viceroy Escrow”). The Viceroy Escrow was established from proceeds of the sale of the Viceroy Hotel and was required to cover a potential seller’s obligation to fund any shortfalls to the New York Hotel Pension Fund should the purchaser of the property withdraw from the Pension Fund without fully funding the then outstanding shortfall due the Pension Fund. The Viceroy Escrow is set to expire in October 2023, and the funds will be used to satisfy the liabilities under agreement or will be distributed to unitholders.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over but does not control the entity and is not considered to be the primary beneficiary. The investment in unconsolidated joint venture is recorded at its liquidation value, or net realizable value, which is comprised of an estimate of the expected sale proceeds upon disposition plus the estimated net income from the venture during the liquidation period. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of December 31, 2022 and 2021 is based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information and assumptions regarding capital expenditures.
Revenue Recognition	Revenue Recognition The Company has no revenue sources other than interest income which are classified in liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets.
Income Taxes	Income Taxes The Predecessor qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code effective for its taxable year ended December 31, 2010 through November 7, 2018, the date of the conversion. In order to qualify for taxation as a REIT, the Predecessor was generally required, among other things, to distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. The Predecessor distributed to its stockholders amounts in excess of 100 % of its REIT taxable income for the period January 1, 2018 through November 7, 2018 and for the year ended December 31, 2017. From and after November 8, 2018, the Company is taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All future distributions from the Company will be considered a return of capital for tax purposes. Holder of Units will receive a Schedule K-1 from the Company annually reflecting their allocable share of the Company’s income, loss, gain and deduction. During the year ended December 31, 2013, the Predecessor purchased a hotel, which was owned by a subsidiary of the OP and leased to a taxable REIT subsidiary (“TRS”), that was owned by the OP. The hotel was sold on October 4, 2018, and the TRS was terminated. A TRS is subject to federal, state and local income taxes. The TRS was a tax paying component for purposes of classifying deferred tax assets and liabilities. As of December 31, 2022 , the Predecessor had no material uncertain income tax positions. The tax years subsequent to and including the year ended December 31, 2018 remain open to examination by the major taxing jurisdictions to which the Company and the Predecessor is subject.
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate through a joint venture. The Company’s joint venture invests in real estate which generates rental revenue and other income through the leasing of the property. Management evaluates the operating performance of the Company’s investment at the individual property level.
Recent Accounting Pronouncement	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that are applicable under liquidation basis accounting. Recently Adopted Accounting Pronouncements None.

Liability for Estimated Costs_2

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	12 Months Ended
	Dec. 31, 2022
Text Block [Abstract]
Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation	At December 31, 2022 and 2021, the Company accrued the following expenses expected to be incurred during liquidation (in thousands): 2022 2021 General and administrative expenses $ ( 1,420 ) $ ( 2,384 ) Liability for estimated costs in excess of estimated receipts during liquidation $ ( 1,420 ) $ ( 2,384 )
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2022 and 2021 is as follows (in thousands): January 1, 2021 Net Change Remeasurement December 31, 2022 General and administrative expenses $ ( 2,384 ) $ 2,654 $ ( 1,690 ) $ ( 1,420 ) Total liability for estimated costs in excess of estimated $ ( 2,384 ) $ 2,654 $ ( 1,690 ) $ ( 1,420 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2022 . January 1, 2020 Net Change Remeasurement December 31, 2021 General and administrative expenses $ ( 2,342 ) $ 2,491 $ ( 2,533 ) $ ( 2,384 ) Total liability for estimated costs in excess of estimated $ ( 2,342 ) $ 2,491 $ ( 2,533 ) $ ( 2,384 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2021 .

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	12 Months Ended
Investment in Unconsolidated Joint Venture (Tables)	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of annualized rental income by major tenants	The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent at the Company as of December 31, 2022, 2021 and 2020, including annualized cash rent related to the Company’s unconsolidated joint venture: December 31, Property Portfolio Tenant 2022 2021 2020 Worldwide Plaza Cravath, Swaine & Moore, LLP 50 % 48 % 48 % Worldwide Plaza Nomura Holdings America, Inc. 29 % 30 % 31 %
Condensed Balance Sheet	The condensed balance sheets as of December 31, 2022 and 2021 for Worldwide Plaza are as follows: December 31, (In thousands) 2022 2021 Real estate assets, at cost $ 846,124 $ 840,798 Less accumulated depreciation and amortization ( 298,953 ) ( 281,011 ) Total real estate assets, net 547,171 559,787 Cash and cash equivalents 47,613 53,351 Other assets 126,811 122,921 Total assets $ 721,595 $ 736,059 Debt $ 1,241,903 $ 1,271,177 Other liabilities 240,428 181,005 Total liabilities 1,482,331 1,452,182 Deficit ( 760,736 ) ( 716,123 ) Total liabilities and deficit $ 721,595 $ 736,059
Condensed Income Statement	The condensed statements of operations for the years ended December 2022, 2021 and 2020 for Worldwide Plaza are as follows: December 31, (In thousands) 2022 2021 2020 Rental income $ 142,201 $ 150,815 $ 135,435 Operating expenses: Operating expenses 67,626 65,845 65,396 Depreciation and amortization 20,884 29,440 21,004 Total operating expenses 88,510 95,285 86,400 Operating income 53,691 55,530 49,035 Interest expense ( 80,823 ) ( 78,892 ) ( 77,265 ) Net loss allocated to non-controlling interest 30,227 34,489 35,621 Net income $ 3,095 $ 11,127 $ 7,391

Organization - Additional Infor

Organization - Additional Information (Detail) - Liquidation Value [Member] - WWP Holdings Llc [Member] ft² in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) ft² Investment
Organization [Line Items]
Area of investments \| ft²	2
Occupancy percentage	91%
Number of investments \| Investment	1
Ownership percentage	50.10%
Cash, cash equivalents and restricted cash \| $	$ 100.7
Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Office Building [Member]
Organization [Line Items]
Concentration risk percent	88%
Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Retail Site [Member]
Organization [Line Items]
Concentration risk percent	5%
Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Parking Garage [Member]
Organization [Line Items]
Concentration risk percent	7%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	10 Months Ended	12 Months Ended
	Nov. 07, 2018	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2017	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Taxable Income, Percent Distributed	100%		100%
Number of reportable segments \| Segment		1
Worldwide Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concessions On Rental Income		$ 494,000
Writeoff amount of rental income		477,000
Liquidation Value [Member] \| Worldwide Plaza [Member] \| Capital Improvement Reserve [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash		92,100,000		$ 90,700,000
Liquidation Value [Member] \| Escrow [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash		$ 1,400,000		$ 1,400,000

Liability for Estimated Costs_3

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liquidation Basis Of Accounting [Line Items]
General and administrative expenses	$ (1,420)	$ (2,384)
Liability for estimated costs in excess of estimated receipts during liquidation	$ (1,420)	$ (2,384)

Liability for Estimated Costs_4

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period	$ 323,111
Net assets in liquidation, end of period	121,161		$ 323,111
Liquidation Value [Member]
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period	323,111		327,390		$ 362,791
Net Change in Working Capital	2,654	[1]	2,491	[2]
Remeasurement of assets and liabilities	(1,690)		(2,533)		(2,582)
Net assets in liquidation, end of period	121,161		323,111		327,390
Liquidation Value [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period	(2,384)		(2,342)
Net assets in liquidation, end of period	(1,420)		(2,384)		(2,342)
Liquidation Value [Member] \| General And Administrative Expenses [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance	(2,384)		(2,342)
Net Change in Working Capital	2,654	[1]	2,491	[2]
Remeasurement of assets and liabilities	(1,690)		(2,533)
Total liability for estimated costs, ending balance	$ (1,420)		$ (2,384)		$ (2,342)

[1] Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2022 . Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2021 .

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Assets In Liquidation [Line Items]
Net assets in liquidation	$ 121,161	$ 323,111
Liquidation Value [Member]
Net Assets In Liquidation [Line Items]
Increase (decrease) in net assets subject to liquidation	(202,000)	(4,300)	$ (35,400)
Net increase (decrease) in liquidation value	$ 196,578	(8,315)	23,647
Liquidating distributions per common share	$ 7.22
Net assets in liquidation	$ 121,161	323,111	327,390	$ 362,791
Liquidating distributions to unit holders	$ 1,030,000
Liquidating distributions per unit	$ 68.80
Increase decrease in equity method investment due to property value change			37,600
Liquidation Value [Member] \| Viceroy Management Agreement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value	$ 5,400	12,600	11,800
Liquidation Value [Member] \| Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value	(1,700)	(2,500)	(2,600)
Liquidation Value [Member] \| Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value	$ (194,900)	$ 10,800	$ 16,600
Common Stock [Member] \| Liquidation Value [Member]
Net Assets In Liquidation [Line Items]
Common stock, shares outstanding	16,791,769	16,791,769
Stock Units [Member]
Net Assets In Liquidation [Line Items]
Liquidating distributions per unit	$ 61.58

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Detail) - Worldwide Plaza [Member] - USD ($) $ in Millions			12 Months Ended
	Oct. 18, 2017	Jun. 01, 2017	Dec. 31, 2022	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.10%	48.90%
Aggregate cost		$ 276.7		$ 220.1
Agreed upon value				1,300
Notes payable				$ 875
Additional acquire percentage		49.90%
Purchase obligation		$ 1,400
Mortgage notes payable		$ 875
Joint venture partner's right to maintain minimum ownership percentage		1.20%
Debt refinance amount	$ 1,200
Cash received from sale and excess proceeds from financing	446.5
Defeasance and prepayment costs	108.3
Reserved amount	$ 90.7
Debt blended rate	3.98%
Maturity date			2027-11
Property selling percentage			100%
Option to purchase percentage of property			100%
Property purchase option period			45 days
Re-offer property selling percentage			92.50%
SL Green Realty Corp. and RXR Realty LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.70%
Liquidation value of property	$ 1,725
Liquidation Value [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		98.80%

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture (Detail) - Liquidation Value [Member] - Worldwide Plaza [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	50%	48%	48%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	29%	30%	31%

Investment in Unconsolidated _5

Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 8,192	$ 7,535
Total Assets	123,422	325,837
Total Liabilities	2,261	2,726
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	846,124	840,798
Less accumulated depreciation and amortization	(298,953)	(281,011)
Total real estate assets, net	547,171	559,787
Cash and cash equivalents	47,613	53,351
Other assets	126,811	122,921
Total Assets	721,595	736,059
Debt	1,241,903	1,271,177
Other liabilities	240,428	181,005
Total Liabilities	1,482,331	1,452,182
Deficit	(760,736)	(716,123)
Total liabilities and deficit	$ 721,595	$ 736,059

Investment in Unconsolidated _6

Investment in Unconsolidated Joint Venture - Condensed Income Statement (Detail 2) - Worldwide Plaza [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Rental income	$ 142,201	$ 150,815	$ 135,435
Operating expenses:
Operating expenses	67,626	65,845	65,396
Depreciation and amortization	20,884	29,440	21,004
Total operating expenses	88,510	95,285	86,400
Operating income	53,691	55,530	49,035
Interest expense	(80,823)	(78,892)	(77,265)
Net loss allocated to non-controlling interest	(30,227)	(34,489)	(35,621)
Net income (loss)	$ 3,095	$ 11,127	$ 7,391

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - Liquidation Value [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Aggregate liquidating distributions per share	$ 0.32	$ 0.75	$ 0.70
Liquidating distributions per common share	$ 7.22
Common Stock [Member]
Class of Stock [Line Items]
Common stock shares outstanding	16,791,769	16,791,769

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Minimum [Member] - USD ($) $ in Millions	Dec. 28, 2022	Dec. 22, 2022
WWP Holdings Llc [Member]
Loss Contingencies [Line Items]
Capital contributions		$ 82
Reserve for third party claim		$ 90
Worldwide Plaza [Member]
Loss Contingencies [Line Items]
Reserve for unitholders	$ 90

Related Party Transactions an_2

Related Party Transactions and Arrangements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	Oct. 30, 2020	Jul. 31, 2020	Mar. 31, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				$ 1,200	$ 1,200	$ 1,300
Liquidation Value [Member] \| Asset Management Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties	$ 83,000
Liquidation Value [Member] \| Advisor [Member] \| Post Liquidation Date Agreement Monthly Supplemental Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties		$ 100,000
Liquidation Value [Member] \| Advisor [Member] \| Post Liquidation Date Agreement Quarterly Supplemental Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties		$ 50,000
Liquidation Value [Member] \| Service Provider and Affiliates [Member]
Related Party Transaction [Line Items]
Incentive fee, percentage of excess of hurdle amount			10%
Hurdle amount (in dollars per share)			$ 110
Liquidation Value [Member] \| Winthrop Advisor and its Affiliates [Member] \| Asset Management Fees [Member]
Related Party Transaction [Line Items]
Asset management fees				$ 1,200	$ 1,200