REAL ESTATE, NET

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

REAL ESTATE, NET

NOTE 3 – REAL ESTATE, NET

As of December 31, 2016 and December 31, 2015, real estate, net consisted of the following (dollars in thousands):

	December 31,		December 31,
	2016		2015
Real estate under development	$	53,712	$	37,856
Buildings and building improvements		5,794		3,868
Tenant improvements		569		400
Land		2,452		2,452
		62,527		44,576
Less: accumulated depreciation		2,143		1,938
	$	60,384	$	42,638

Real estate under development consists of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. Buildings and building improvements, tenant improvements and land consist of the West Palm Beach, Florida property.

Depreciation expense amounted to $205,000 and $121,000 for the year ended December 31, 2016 and the period ended December 31, 2015, respectively.