Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Activities:
Net income (loss)	$ 390,283	$ (20,070)
Adjustments to net cash provided by operating activities:
Depreciation and amortization	1,662	2,695
Amortization of acquired leases to rental revenue	(83)	(113)
Amortization of deferred costs	128	277
Amortization of discount and other fees	(9,642)	(12,751)
Straight-line rent adjustment	(701)	(96)
Non-cash impairment charges	9,323	39,713
Net gain on sale of properties and lease terminations	0	(11,996)
Net realized gain on sale of joint venture to related party	(1,317)	0
Net realized gain on loans	0	108
Net realized gain on disposal of Gramercy Finance	(389,140)	0
Equity in net (income) loss of joint ventures	4,596	(57)
Stock-based compensation	989	1,248
Provision for loan losses	0	8,534
Changes in operating assets and liabilities:
Restricted cash	(1,033)	8,384
Tenant and other receivables	(7,522)	(706)
Accrued interest	5,870	1,041
Other assets	15,248	301
Payment of capitalized tenant leasing costs	(2)	(67)
Accounts payable, accrued expenses and other liabilities	(3,774)	(5,155)
Deferred revenue	1,072	184
Net cash provided by operating activities	15,957	11,474
Investing Activities:
Capital expenditures and leasehold costs	(752)	(1,209)
Distribution received from joint ventures	20,781	186
Proceeds from sale of real estate	0	37,259
Proceeds from disposal of Gramercy Finance	6,291	0
Proceeds from sale of joint venture to related party	8,275	0
Payment of deferred investment costs	0	923
Principal collections on investments	34,947	111,117
Investment in joint ventures	(1,750)	0
Investment in commercial mortgage-backed securities	0	(535)
Acquisition of real estate	(125,510)	0
Net cash (used for) provided by investing activities	(57,718)	147,741
Financing Activities:
Repayment of collateralized debt obligations	(85,929)	(123,336)
Proceeds from mortgage note payables, net	14,500	0
Net proceeds from sale of common stock	0	2,669
Payment of deferred financing costs	(473)	0
Repayment of mortgage note payable	(75)	0
Proceeds from sale of repurchased bonds	34,381	0
Change in restricted cash from financing activities	22,948	(9,704)
Net cash used in financing activities	(14,648)	(130,371)
Net increase (decrease) in cash and cash equivalents	(56,409)	28,844
Cash and cash equivalents at beginning of period	105,402	163,725
Cash and cash equivalents at end of period	48,993	192,569
Non-cash activity:
Deferred gain (loss) and other non-cash activity related to derivatives	0	(5,133)
Land acquired for consideration of a note payable	4,839	0
Debt assumed in acquisition of real estate	31,312	0
Supplemental cash flow disclosures:
Interest paid	16,495	25,043
Income taxes paid	$ 2,682	$ 3,877