Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Holdings TRS and Observatory TRS are taxable entities and their consolidated provision for income taxes consisted of the following for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	(319)	$	(266)	$	4,932
State and local	(227)		(347)		2,699
Total current	(546)		(613)		7,631
Deferred:
Federal	(264)		1,206		(340)
State and local	(736)		1,141		(320)
Total deferred	(1,000)		2,347		(660)
Income tax (expense) benefit	$	(1,546)	$	1,734	$	6,971

Schedule of Actual Tax Provision Differed From Federal Statutory Corporate Rate

The actual tax provision differed from that computed at the federal statutory corporate rate as follows (amounts in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Federal tax benefit (expense) at statutory rate	$	(583)	$	940	$	2,544
State income tax benefit (expense), net of federal benefit	(963)		794		2,379
Corporate income tax rate adjustment	—		—		2,048
Income tax (expense) benefit	$	(1,546)	$	1,734	$	6,971

Schedule of Deferred Tax Assets

The income tax effects of temporary differences that give rise to deferred tax assets are presented below as of December 31, 2022, 2021 and 2020 (amounts in thousands):

	2022		2021		2020
Deferred tax assets:
Deferred revenue on unredeemed observatory admission ticket sales	$	535	$	383	$	256
Federal net operating loss carryforward credit	969		1,393		—
New York State net operating loss carryforward credit	250		612		—
New York City net operating loss carryforward credit	233		704		334
Other deferred tax assets	261		—		—
Deferred tax assets	$	2,248	$	3,092	$	590