Net Assets in Liquidation	12 Months Ended
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.

Net Assets in Liquidation

12 Months Ended

Dec. 31, 2022

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.