The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALASKA AIR GROUP INC COM 011659109 4,662 76,613 SH   SOLE   0 0 76,613
AMERICAN INTL GROUP INC COM NEW 026874784 937 23,788 SH   SOLE   0 0 23,788
AMGEN INC COM 031162100 8,945 45,951 SH   SOLE   0 0 45,951
APACHE CORP COM 037411105 1,176 44,804 SH   SOLE   0 0 44,804
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,521 445,639 SH   SOLE   0 0 445,639
BANK NEW YORK MELLON CORP COM 064058100 2,879 61,171 SH   SOLE   0 0 61,171
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,778 8,707 SH   SOLE   0 0 8,707
CORNING INC COM 219350105 7,808 258,470 SH   SOLE   0 0 258,470
DEVON ENERGY CORP NEW COM 25179M103 940 41,724 SH   SOLE   0 0 41,724
DISCOVERY INC COM SER C 25470F302 5,019 217,465 SH   SOLE   0 0 217,465
DISNEY WALT CO COM DISNEY 254687106 256 2,335 SH   SOLE   0 0 2,335
EXXON MOBIL CORP COM 30231G102 1,302 19,089 SH   SOLE   0 0 19,089
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,825 551,120 SH   SOLE   0 0 551,120
FORTIS INC COM 349553107 944 28,289 SH   SOLE   0 0 28,289
FRANKLIN RES INC COM 354613101 5,054 170,400 SH   SOLE   0 0 170,400
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,725 212,365 SH   SOLE   0 0 212,365
JOHNSON & JOHNSON COM 478160104 579 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 292 2,995 SH   SOLE   0 0 2,995
JUNIPER NETWORKS INC COM 48203R104 5,266 195,702 SH   SOLE   0 0 195,702
KEYCORP NEW COM 493267108 2,741 185,456 SH   SOLE   0 0 185,456
KIMCO RLTY CORP COM 49446R109 4,728 322,752 SH   SOLE   0 0 322,752
LOEWS CORP COM 540424108 6,910 151,802 SH   SOLE   0 0 151,802
M & T BK CORP COM 55261F104 339 2,368 SH   SOLE   0 0 2,368
MERCK & CO INC COM 58933Y105 254 3,325 SH   SOLE   0 0 3,325
NUVEEN NEW YORK QLT MUN INC COM 67066X107 169 13,805 SH   SOLE   0 0 13,805
NVIDIA CORP COM 67066G104 8,702 65,187 SH   SOLE   0 0 65,187
PATTERSON COMPANIES INC COM 703395103 901 45,853 SH   SOLE   0 0 45,853
PAYCHEX INC COM 704326107 471 7,232 SH   SOLE   0 0 7,232
PFIZER INC COM 717081103 270 6,175 SH   SOLE   0 0 6,175
PHILLIPS 66 COM 718546104 1,815 21,074 SH   SOLE   0 0 21,074
QUALCOMM INC COM 747525103 4,654 81,787 SH   SOLE   0 0 81,787
QUEST DIAGNOSTICS INC COM 74834L100 208 2,500 SH   SOLE   0 0 2,500
SERITAGE GROWTH PPTYS CL A 81752R100 4,033 124,735 SH   SOLE   0 0 124,735
STEPAN CO COM 858586100 3,500 47,291 SH   SOLE   0 0 47,291
TANGER FACTORY OUTLET CTRS I COM 875465106 4,027 199,168 SH   SOLE   0 0 199,168
TIDEWATER INC NEW COM 88642R109 3,558 185,965 SH   SOLE   0 0 185,965
TRINITY PL HLDGS INC COM 89656D101 64 14,800 SH   SOLE   0 0 14,800
UNION PAC CORP COM 907818108 968 7,004 SH   SOLE   0 0 7,004
WEYERHAEUSER CO COM 962166104 3,909 178,805 SH   SOLE   0 0 178,805