New York REIT Liquidating (NYRT) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	NEW YORK REIT LIQUIDATING LLC
Entity Central Index Key	0001474464
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		16,791,769
Entity Address, State or Province	MA
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Address, Address Line One	2 Liberty Square
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02109
Securities Act 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

Consolidated Statements of Net

Consolidated Statements of Net Assets - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Assets
Liquidation Basis of Accounting [true false]	true	true
Investment in unconsolidated joint venture	$ 28,116	$ 27,331
Cash and cash equivalents	1,402	4,578
Restricted cash	90,693	90,693
Asset for estimated receipts in excess of estimated costs	152	1,482
Total Assets	120,363	124,084
Liabilities
Accounts payable, accrued expenses and other liabilities	3,190	1,036
Total Liabilities	3,190	1,036
Commitments and Contingencies
Net assets in liquidation	$ 117,173	$ 123,048

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net assets in liquidation, beginning of period			$ 123,048
Changes in net assets in liquidation:
Net assets in liquidation, end of period	$ 117,173		117,173
Liquidation Value [Member]
Net assets in liquidation, beginning of period	118,701	$ 127,050	123,048	$ 121,161
Changes in net assets in liquidation:
Changes in liquidation value of investment in unconsolidated joint venture	311	4,226	940	8,988
Remeasurement of assets and liabilities	(1,839)	328	(6,815)	1,455
Net changes in liquidation value	(1,528)	4,554	(5,875)	10,443
Changes in net assets in liquidation	(1,528)	4,554	(5,875)	10,443
Net assets in liquidation, end of period	$ 117,173	$ 131,604	$ 117,173	$ 131,604

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization All references to the “Company” refer to New York REIT Liquidating LLC and all references to “we”, “us”, or “our”, refer to New York REIT Liquidating LLC and its consolidated subsidiaries. References to the Company’s ownership, investment in, and rights and obligations and actions concerning WWP Holdings LLC or Worldwide Plaza refer to the interests, rights and obligations, and actions of the Company’s subsidiary ARC NYWWPJV001, LLC, except that references relating to the $ 90.7 million cash reserve established in 2017 from the proceeds of our sale of a 48.7 % interest in Worldwide Plaza refer to amounts held by the Company and not by ARC NYWWPJV001, LLC. For example, statements such as “our sole remaining property-related asset is a 50.1 % ownership interest in Worldwide Plaza,” “our interest in Worldwide Plaza,” “our joint venture partner in Worldwide Plaza,” and similar statements refer to ARC NYWWPJV001, LLC’s interests, activities, rights and obligations, and partner with respect to Worldwide Plaza. 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 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. On August 22, 2016, the Predecessor’s Board of Directors (the “Board”) approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Predecessor and its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”), and to liquidate and dissolve the Predecessor and the OP (the “Liquidation Plan”), subject to stockholder approval (see Note 2). The Liquidation Plan was approved at a special meeting of 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 on November 7, 2018. As of September 30, 2024 , the Company’s only significant assets are a 50.1 % equity interest in WWP Holdings LLC (“WWP”), which owns one property, known as Worldwide Plaza, aggregating 2.0 million rentable square feet with an average occupancy of 62.8 % and cash, cash equivalents and restricted cash totaling $ 92.1 million . The property consisted of office space, retail space and a garage representing 88 %, 5 % and 7 %, respectively, of rentable square feet as of September 30, 2024. 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	9 Months Ended
Liquidation Plan	Sep. 30, 2024
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, 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 the Company into 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 its 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 of the Predecessor was converted into one unit of common membership interest in the Company (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 Predecessor’s 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 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. The sole purpose of the Company is winding up affairs of the Company and the liquidation of its remaining asset. On November 6, 2023, 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, 2024. 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 impossible to predict the timing or aggregate amount which will be ultimately distributed to unitholders. No assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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. 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 September 30,2025, 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 September 30, 2025. 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 asset for estimated receipts in excess of estimated costs 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 September 30, 2024 and December 31, 2023 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Net Assets. 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. Revenue Recognition The Company has no revenue sources other than interest income, which is classified in assets for estimated receipts in excess of estimated costs. 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 the 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 cash flow 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 September 30, 2024 and December 31, 2023 includes 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 and assumptions regarding capital expenditures. Restricted Cash At September 30, 2024 and December 31, 2023, management has included in restricted cash $ 90.7 million . This amount 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.

Estimated Costs and Estimated R

Estimated Costs and Estimated Receipts During Liquidation	9 Months Ended
Estimated Costs and Estimated Receipts During Liquidation	Sep. 30, 2024
Text Block [Abstract]
Estimated Costs and Estimated Receipts During Liquidation	Note 4 — Estimated Costs and 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 receipts in excess of estimated costs 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 September 30, 2024 and December 31, 2023, the Company accrued the following net receipts/(costs) expected to be incurred during liquidation (in thousands): September 30, December 31, 2023 Interest income $ 4,081 $ 4,750 General and administrative expenses ( 3,929 ) ( 3,268 ) Assets for estimated receipts in excess of estimated costs during liquidation $ 152 $ 1,482 The change in estimated costs and estimated receipts during liquidation for the nine months ended September 30, 2024 and 2023 is as follows (in thousands): January 1, Net Change (1) Remeasurement September 30, Assets: Estimated inflows of interest income $ 4,750 $ ( 3,990 ) $ 3,321 $ 4,081 Liabilities: General and administrative expenses ( 3,268 ) 9,475 ( 10,136 ) ( 3,929 ) Total assets for estimated receipts in excess of estimated $ 1,482 $ 5,485 $ ( 6,815 ) $ 152 January 1, Net Change (1) Remeasurement September 30, Assets: Estimated inflows of interest income $ 2,040 $ ( 2,748 ) $ 5,208 $ 4,500 Liabilities: General and administrative expenses ( 3,460 ) 3,737 ( 3,753 ) ( 3,476 ) Total assets for estimated receipts in excess of estimated $ ( 1,420 ) $ 989 $ 1,455 $ 1,024 Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the nine months ended September 30, 2024 and 2023 .

Net Assets in Liquidation

Net Assets in Liquidation	9 Months Ended
Net Assets in Liquidation	Sep. 30, 2024
Text Block [Abstract]
Net Assets in Liquidation	Note 5 — Net Assets in Liquidation Net assets in liquidation decreased by $ 1.5 million during the three months ended September 30, 2024 . The decrease was primarily due to a $ 1.8 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of estimated legal fees and a decrease in estimated interest income to be earned on cash and cash equivalents and restricted cash. The decrease was offset by an increase of $ 0.3 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from the estimated distributions to be received from working capital at the property and interest thereon. Net assets in liquidation decreased by $ 5.9 million during the nine months ended September 30, 2024 . The decrease was primarily due to a $ 6.8 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of estimated legal fees and a decrease in estimated interest income to be earned on cash and cash equivalents and restricted cash. The decrease was offset by an increase of $ 0.9 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from the estimated distributions to be received from working capital at the property and interest thereon. Net assets in liquidation increased by $ 4.6 million during the three months ended September 30, 2023 . The increase was primarily due to a net increase of $ 4.3 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily resulting from an increase in estimated distributions from working capital and property operations and a $ 0.3 million net increase due to a remeasurement of estimated receipts and costs primarily related to an increase of estimated interest income. Net assets in liquidation increased by $ 10.4 million during the nine months ended September 30, 2023 . The increase was primarily due to an increase of $ 9.0 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from the estimated distributions to be received from working capital at the property and property operations and a $ 1.4 million net increase due to a remeasurement of estimated receipts and costs primarily related to an increase of estimated interest income. The net assets in liquidation at September 30, 2024, 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 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, and result in a property value that approximates Worldwide Plaza’s current debt balance. There were 16,791,769 Units outstanding at September 30, 2024. The net assets in liquidation as of September 30, 2024, if sold at their net asset value, would result in liquidating distributions of approximately $ 6.98 per Unit. The net assets in liquidation as of September 30, 2024 of $ 117.2 million , if sold at their net asset value, plus the cumulative liquidating distributions paid to stockholders of $ 1.03 billion ( $ 61.83 per common share/Unit) prior to September 30, 2024 would result in cumulative liquidating distributions to stockholders/unitholders of $ 68.81 per Unit. There is inherent uncertainty with these estimates, and they could change materially based on the timing of the sale of the Company’s remaining assets, 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	9 Months Ended
Investment in Unconsolidated Joint Venture	Sep. 30, 2024
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 Predecessor’s option to purchase 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 WWP JV LLC, 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 . As the space previously leased by Cravath, Swaine & Moore, LLP (“Cravath”) 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 is currently restricted from making distributions under the terms of its indebtedness. The lender initiated a cash sweep in September 2023 and, as a result, all rent payments are being directed to the sweep account and the lender controls disbursements to cover operating expenditures and capital improvements at Worldwide Plaza. The lease with Cravath expired on August 31, 2024 and interest on the mezzanine debt has not been paid since August 6, 2024. On September 13, 2024, ARC NYWWPJV001, LLC received a copy of a default notice to WWP Mezz, LLC, a subsidiary of WWP Holdings LLC, as borrower under a $ 190.0 million mezzanine first loan, as a result of failure by the borrower to make a required interest payment of $ 0.8 million under the loan agreement. The borrower has entered into pre-negotiation agreements with the lenders and has begun discussions on potential loan modifications. 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. We filed an action in the Delaware Court of Chancery seeking a declaratory judgment that we are permitted to distribute the reserved funds; that action has been stayed pending resolution of an action brought by ARC NYWWPJV001, LLC in the New York Supreme Court. 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 if 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 45 days, 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 it owns 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 apply 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 . For the nine months ended September 30, 2024 , rent from Nomura Holdings America, Inc. (“Nomura”) represented 56.8 % of the total annualized cash rent at Worldwide Plaza, excluding any rent from Cravath, whose lease terminated August 31, 2024. The termination, delinquency or non-renewal of Nomura would have a material effect on the Company’s operations. With the termination of the Cravath lease, Nomura is the only tenan t at Worldwide Plaza whose annualized cash rent represents greater than 10% of the total annualized cash rent at the property . There are two tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the nine months ended September 30, 2024 and 2023 . Nomura rent represented 31.1 % and 29.2 % of the total annualized cash rent for the nine months ended September 30, 2024 and 2023 , respectively. Cravath rent represented 45.2 % and 51.3 % of total annualized cash rent for the nine months ended September 30, 2024 and 2023, respectively. The lease with Cravath expired on August 31, 2024 and the space as not been re-leased. The expiration of this lease will have a material adverse effect on the Company’s operations. See "Note 8 — Commitments and Contingencies" for a discussion of legal proceedings. The amounts reflected in the following tables are based on the going concern basis financial information of Worldwide Plaza. Under liquidation accounting, equity investments are carried at net realizable value. The condensed balance sheets as of September 30, 2024 and December 31, 2023 for Worldwide Plaza are as follows: (In thousands) September 30, 2024 December 31, 2023 Real estate assets, at cost $ 850,137 $ 848,231 Less accumulated depreciation and amortization ( 330,730 ) ( 317,058 ) Total real estate assets, net 519,407 531,173 Cash and cash equivalents 81,540 66,000 Restricted cash 35,230 17,000 Other assets 90,847 108,919 Total assets $ 727,024 $ 723,092 Debt $ 1,328,725 $ 1,253,810 Other liabilities 216,902 260,473 Total liabilities 1,545,627 1,514,283 Deficit ( 818,603 ) ( 791,191 ) Total liabilities and deficit $ 727,024 $ 723,092 The condensed statements of operations for the three and nine months ended September 30, 2024 and 2023 for Worldwide Plaza are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Rental income $ 29,671 $ 34,297 $ 100,474 $ 104,642 Operating expenses: Operating expenses 15,842 16,307 47,909 48,879 Depreciation and amortization 5,214 5,247 15,761 15,771 Total operating expenses 21,056 21,554 63,670 64,650 Operating income 8,615 12,743 36,804 39,992 Interest expense ( 21,444 ) ( 20,888 ) ( 63,781 ) ( 61,999 ) Net loss $ ( 12,829 ) $ ( 8,145 ) $ ( 26,977 ) $ ( 22,007 )

Common Equity

Common Equity	9 Months Ended
Common Equity	Sep. 30, 2024
Equity [Abstract]
Common Equity	Note 7 — Common Equity As of September 30, 2024 and December 31, 2023 , 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. Through September 30, 2024, the Company paid aggregate distribution equal to $ 61.83 per share/Unit. There can be no assurance as to the amount or timing of future liquidating distributions unitholders will receive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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 (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 NYWWPJV001, LLC, and WWP JV LLC relating to a proposed investment in Worldwide Plaza, an office and retail mixed-use project located in midtown Manhattan. On May 11, 2023, the Delaware Court of Chancery issued a stay of the case, pending resolution of the New York litigation filed by the Company's subsidiary, ARC NYWWPJV001, LLC, as described below. 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. County), 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, because it is ARC NYWWPJV001, LLC's position that the Initial Budget expired at year end 2018 and the subject capital improvements would require a new Annual Budget that has received Board Approval, which has not occurred. 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 under various theories of tort and unjust enrichment and seek damages in excess of $ 90 million (the “Third Party Claims”). The Supreme Court, New York County dismissed the Third Party Claims against the Company on November 14, 2023; WWP JV LLC has appealed that dismissal. It is the Company's and ARC NYWWPJV001, LLC'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. 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. As stated above, it is the Company's and ARC NYWWPJV001, LLC's position that the Counterclaim and the Third Party Claims are without merit and the Company and ARC NYWWPJV001, LLC vigorously dispute the Counterclaim and Third Party Claims. 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. Through its joint venture, the Company maintains environmental insurance for its property 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	9 Months Ended
Related Party Transactions and Arrangements	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 9 — Related Party Transactions and Arrangements Winthrop Advisor and its Affiliates The activities of the Company 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 Company are required to certify the financial and other information contained in the Company’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 the 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 September 30, 2024 and December 31, 2023 , the Company has accrued asset management fees and compensation reimbursements totaling $ 1.2 million payable to the 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 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 the 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 $ 0.3 million for each of the three months ended September 30, 2024 and 2023 and $ 0.9 million for each of the nine months ended September 30, 2024 and 2023.

Economic Dependency

Economic Dependency	9 Months Ended
Economic Dependency	Sep. 30, 2024
Text Block [Abstract]
Economic Dependency	Note 10 — Economic Dependency Under various agreements, the Company has engaged the Winthrop Advisor, its affiliates and entities under common control with the 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 the 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	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 11 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q 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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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.
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 September 30,2025, 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 September 30, 2025. 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 asset for estimated receipts in excess of estimated costs 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 September 30, 2024 and December 31, 2023 are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Net Assets.
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.
Revenue Recognition	Revenue Recognition The Company has no revenue sources other than interest income, which is classified in assets for estimated receipts in excess of estimated costs.
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 the 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 cash flow 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 September 30, 2024 and December 31, 2023 includes 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 and assumptions regarding capital expenditures.
Restricted Cash	Restricted Cash At September 30, 2024 and December 31, 2023, management has included in restricted cash $ 90.7 million . This amount 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.

Estimated Costs and Estimated_2

Estimated Costs and Estimated Receipts During Liquidation (Tables)	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Schedule of Accrued Revenues and Net Receipts/(Costs) in Liquidation	At September 30, 2024 and December 31, 2023, the Company accrued the following net receipts/(costs) expected to be incurred during liquidation (in thousands): September 30, December 31, 2023 Interest income $ 4,081 $ 4,750 General and administrative expenses ( 3,929 ) ( 3,268 ) Assets for estimated receipts in excess of estimated costs during liquidation $ 152 $ 1,482
Schedule of Changes in Estimated Costs and Estimated Receipts During Liquidation	The change in estimated costs and estimated receipts during liquidation for the nine months ended September 30, 2024 and 2023 is as follows (in thousands): January 1, Net Change (1) Remeasurement September 30, Assets: Estimated inflows of interest income $ 4,750 $ ( 3,990 ) $ 3,321 $ 4,081 Liabilities: General and administrative expenses ( 3,268 ) 9,475 ( 10,136 ) ( 3,929 ) Total assets for estimated receipts in excess of estimated $ 1,482 $ 5,485 $ ( 6,815 ) $ 152 January 1, Net Change (1) Remeasurement September 30, Assets: Estimated inflows of interest income $ 2,040 $ ( 2,748 ) $ 5,208 $ 4,500 Liabilities: General and administrative expenses ( 3,460 ) 3,737 ( 3,753 ) ( 3,476 ) Total assets for estimated receipts in excess of estimated $ ( 1,420 ) $ 989 $ 1,455 $ 1,024 Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the nine months ended September 30, 2024 and 2023 .

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	9 Months Ended
Investment in Unconsolidated Joint Venture (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The condensed balance sheets as of September 30, 2024 and December 31, 2023 for Worldwide Plaza are as follows: (In thousands) September 30, 2024 December 31, 2023 Real estate assets, at cost $ 850,137 $ 848,231 Less accumulated depreciation and amortization ( 330,730 ) ( 317,058 ) Total real estate assets, net 519,407 531,173 Cash and cash equivalents 81,540 66,000 Restricted cash 35,230 17,000 Other assets 90,847 108,919 Total assets $ 727,024 $ 723,092 Debt $ 1,328,725 $ 1,253,810 Other liabilities 216,902 260,473 Total liabilities 1,545,627 1,514,283 Deficit ( 818,603 ) ( 791,191 ) Total liabilities and deficit $ 727,024 $ 723,092
Condensed Income Statement	The condensed statements of operations for the three and nine months ended September 30, 2024 and 2023 for Worldwide Plaza are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Rental income $ 29,671 $ 34,297 $ 100,474 $ 104,642 Operating expenses: Operating expenses 15,842 16,307 47,909 48,879 Depreciation and amortization 5,214 5,247 15,761 15,771 Total operating expenses 21,056 21,554 63,670 64,650 Operating income 8,615 12,743 36,804 39,992 Interest expense ( 21,444 ) ( 20,888 ) ( 63,781 ) ( 61,999 ) Net loss $ ( 12,829 ) $ ( 8,145 ) $ ( 26,977 ) $ ( 22,007 )

Organization - Additional Infor

Organization - Additional Information (Detail) ft² in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) ft² Investment	Oct. 18, 2017 USD ($)	Jun. 01, 2017	Oct. 30, 2013
Worldwide Plaza [Member]
Organization [Line Items]
Reserved amount		$ 90.7
Ownership percentage	50.10%			48.90%
Worldwide Plaza [Member] \| SL Green Realty Corp. and RXR Realty LLC [Member]
Organization [Line Items]
Ownership percentage		48.70%
Liquidation Value [Member] \| WWP Holdings Llc [Member]
Organization [Line Items]
Area of investments \| ft²	2
Occupancy percentage	62.80%
Number of investments \| Investment	1
Ownership percentage	50.10%
Cash, cash equivalents and restricted cash	$ 92.1
Liquidation Value [Member] \| Worldwide Plaza [Member]
Organization [Line Items]
Ownership percentage			98.80%
Liquidation Value [Member] \| Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Office Building [Member] \| WWP Holdings Llc [Member]
Organization [Line Items]
Concentration risk percent	88%
Liquidation Value [Member] \| Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Retail Site [Member] \| WWP Holdings Llc [Member]
Organization [Line Items]
Concentration risk percent	5%
Liquidation Value [Member] \| Supplier Concentration Risk [Member] \| Composition of Real Estate Portfolio [Member] \| Parking Garage [Member] \| WWP Holdings Llc [Member]
Organization [Line Items]
Concentration risk percent	7%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Liquidation Value [Member] \| Worldwide Plaza [Member] \| Capital Improvement Reserve [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 90.7	$ 90.7

Estimated Costs and Estimated_3

Estimated Costs and Estimated Receipts During Liquidation -Schedule Of Accrued Revenues And Net Receipts/(Costs) In Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Liquidation Basis Of Accounting [Line Items]
Interest income	$ 4,081	$ 4,750
General and administrative expenses	(3,929)	(3,268)
Assets for estimated receipts in excess of estimated costs during liquidation	$ 152	$ 1,482

Estimated Costs and Estimated_4

Estimated Costs and Estimated Receipts During Liquidation - Schedule Of Changes In Estimated Costs And Estimated Receipts During Liquidation (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period				$ 123,048
Net assets in liquidation, end of period		$ 117,173		117,173
Liquidation Value [Member]
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period		118,701	$ 127,050	123,048	$ 121,161
Net Change in Working Capital	[1]			5,485	989
Remeasurement of assets and liabilities		(1,839)	328	(6,815)	1,455
Net assets in liquidation, end of period		117,173	131,604	117,173	131,604
Liquidation Value [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Business Acquisition [Line Items]
Net assets in liquidation, beginning of period				1,482	(1,420)
Net assets in liquidation, end of period		152	1,024	152	1,024
Liquidation Value [Member] \| General And Administrative Expenses [Member]
Business Acquisition [Line Items]
Total assets (liability) for estimated costs, beginning balance				(3,268)	(3,460)
Net Change in Working Capital	[1]			9,475	3,737
Remeasurement of assets and liabilities				(10,136)	(3,753)
Total assets (liability) for estimated costs, ending balance		(3,929)	(3,476)	(3,929)	(3,476)
Liquidation Value [Member] \| Estimated Inflows of Interest Income [Member]
Business Acquisition [Line Items]
Total assets for estimated costs, beginning balance				4,750	2,040
Net Change in Working Capital	[1]			(3,990)	(2,748)
Remeasurement of assets and liabilities				3,321	5,208
Total assets for estimated costs, ending balance		$ 4,081	$ 4,500	$ 4,081	$ 4,500

[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 nine months ended September 30, 2024 and 2023 .

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Net Assets In Liquidation [Line Items]
Net assets in liquidation	$ 117,173		$ 117,173			$ 123,048
Liquidation Value [Member]
Net Assets In Liquidation [Line Items]
Increase (decrease) in net assets subject to liquidation	(1,500)	$ 4,600	(5,900)	$ 10,400
Net increase (decrease) in liquidation value	1,528	(4,554)	$ 5,875	(10,443)
Liquidating distributions per common share			$ 6.98
Net assets in liquidation	117,173	131,604	$ 117,173	131,604	$ 118,701	$ 123,048	$ 127,050	$ 121,161
Liquidating distributions to unit holders			$ 1,030,000
Liquidating distributions per unit			$ 68.81
Liquidation Value [Member] \| Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value	(1,800)	300	$ (6,800)	1,400
Liquidation Value [Member] \| Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value	$ 300	$ 4,300	$ 900	$ 9,000
Common Stock [Member] \| Liquidation Value [Member]
Net Assets In Liquidation [Line Items]
Common stock, shares outstanding	16,791,769		16,791,769			16,791,769
Stock Units [Member]
Net Assets In Liquidation [Line Items]
Liquidating distributions per unit			$ 61.83

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Detail) $ in Millions			9 Months Ended
	Oct. 18, 2017 USD ($)	Jun. 01, 2017 USD ($)	Sep. 30, 2024 Tenants	Sep. 30, 2023 Tenants	Sep. 13, 2024 USD ($)	Oct. 30, 2013 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of tenants \| Tenants			2	2
Cravath, Swaine & Moore LLP [Member]
Schedule of Equity Method Investments [Line Items]
Lease expiration date			Aug. 31, 2024
Worldwide Plaza [Member]
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
Interest payment					$ 0.8
Property selling percentage			100%
Option to purchase percentage of property			100%
Property purchase option period			45 days
Re-offer property selling percentage			92.50%
Worldwide Plaza [Member] \| 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
Worldwide Plaza [Member] \| Nomura Holdings America, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of total annualized rental income			56.80%
Mezzanine First Loan [Member] \| Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Subsidiary borrowings loan amount					$ 190
Liquidation Value [Member] \| Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		98.80%
Liquidation Value [Member] \| Worldwide Plaza [Member] \| Nomura Holdings America, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of total annualized rental income			31.10%	29.20%
Liquidation Value [Member] \| Worldwide Plaza [Member] \| Cravath, Swaine & Moore LLP [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of total annualized rental income			45.20%	51.30%

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 1,402	$ 4,578
Restricted cash	90,693	90,693
Total Assets	120,363	124,084
Total Liabilities	3,190	1,036
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	850,137	848,231
Less accumulated depreciation and amortization	(330,730)	(317,058)
Total real estate assets, net	519,407	531,173
Cash and cash equivalents	81,540	66,000
Restricted cash	35,230	17,000
Other assets	90,847	108,919
Total Assets	727,024	723,092
Debt	1,328,725	1,253,810
Other liabilities	216,902	260,473
Total Liabilities	1,545,627	1,514,283
Deficit	(818,603)	(791,191)
Total liabilities and deficit	$ 727,024	$ 723,092

Investment in Unconsolidated _5

Investment in Unconsolidated Joint Venture - Condensed Income Statement (Detail 2) - Worldwide Plaza [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Rental income	$ 29,671	$ 34,297	$ 100,474	$ 104,642
Operating expenses:
Operating expenses	15,842	16,307	47,909	48,879
Depreciation and amortization	5,214	5,247	15,761	15,771
Total operating expenses	21,056	21,554	63,670	64,650
Operating income	8,615	12,743	36,804	39,992
Interest expense	(21,444)	(20,888)	(63,781)	(61,999)
Net loss	$ (12,829)	$ (8,145)	$ (26,977)	$ (22,007)

Common Equity - Additional Info

Common Equity - Additional Information (Detail) - Liquidation Value [Member] - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Aggregate liquidating distributions per share	$ 61.83
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	3 Months Ended		9 Months Ended
	Oct. 30, 2020	Jul. 31, 2020	Mar. 31, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				$ 300	$ 300	$ 900	$ 900
Liquidation Value [Member] \| Asset Management Fees and Compensation Reimbursements [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 and Compensation Reimbursements [Member]
Related Party Transaction [Line Items]
Asset management fees and compensation reimbursements				$ 1,200		$ 1,200		$ 1,200