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
ABBOTT LABS COM 002824100 2,442 54,250 SH   SOLE 15,000 0 39,250
ABBOTT LABS COM 002824100 450 10,000 SH   OTR 0 0 10,000
ABBVIE INC COM 00287y109 2,481 37,905 SH   SOLE 16,000 0 21,905
AFLAC INC COM 001055102 2,443 39,988 SH   SOLE 0 0 39,988
ALLSTATE CORP COM 020002101 5,128 73,000 SH   SOLE 20,000 0 53,000
AMERICAN EXPRESS CO COM 025816109 1,377 14,800 SH   SOLE 1,000 0 13,800
AMERICAN HOMES 4 RENT CL A 02665t306 2,582 151,600 SH   SOLE 18,700 0 132,900
AMERICAN INTL GROUP INC COM NEW 026874784 2,386 42,602 SH   SOLE 5,000 0 37,602
AMERICAN RESIDENTIAL PPTYS I COM 02927e303 220 12,500 SH   SOLE 0 0 12,500
APPLE INC COM 037833100 1,565 14,175 SH   SOLE 0 0 14,175
ASHFORD HOSPITALITY TR INC COM SHS 044103109 10 1,000 SH   SOLE 0 0 1,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 210 20,000 SH   OTR 0 0 20,000
ASHLAND INC NEW COM 044209104 479 4,000 SH   SOLE 0 0 4,000
AT&T INC COM 00206r102 441 13,132 SH   SOLE 0 0 13,132
AUTOMATIC DATA PROCESSING IN COM 053015103 6,470 77,600 SH   SOLE 8,800 0 68,800
AVALON RARE METALS INC COM 053470100 2 10,000 SH   SOLE 0 0 10,000
AVIS BUDGET GROUP COM 053774105 244 3,679 SH   SOLE 0 0 3,679
BAIDU INC SPON ADR REP A 056752108 456 2,000 SH   SOLE 0 0 2,000
BANK AMER CORP COM 060505104 537 30,040 SH   SOLE 10,000 0 20,040
BANK NEW YORK MELLON CORP COM 064058100 345 8,500 SH   SOLE 6,500 0 2,000
BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,944 44 SH   SOLE 0 0 44
BLACKROCK INC COM 09247x101 1,251 3,500 SH   SOLE 0 0 3,500
BOEING CO COM 097023105 336 2,587 SH   SOLE 0 0 2,587
BOSTON PROPERTIES INC COM 101121101 515 4,000 SH   SOLE 2,000 0 2,000
BRISTOL MYERS SQUIBB CO COM 110122108 5,113 86,610 SH   SOLE 27,200 0 59,410
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,499 69,800 SH   SOLE 16,000 0 53,800
CALPINE CORP COM NEW 131347304 283 12,797 SH   SOLE 1,367 0 11,430
CARNIVAL CORP PAIRED CTF 143658300 453 10,000 SH   OTR 0 0 10,000
CARNIVAL CORP PAIRED CTF 143658300 45 1,000 SH   SOLE 0 0 1,000
CATERPILLAR INC DEL COM 149123101 4,797 52,407 SH   SOLE 1,587 0 50,820
CHATHAM LODGING TR COM 16208t102 579 20,000 SH   OTR 0 0 20,000
CHESAPEAKE ENERGY CORP COM 165167107 497 25,400 SH   SOLE 0 0 25,400
CHEVRON CORP NEW COM 166764100 1,313 11,700 SH   SOLE 0 0 11,700
CHIMERA INVT CORP COM 16934q109 254 80,000 SH   OTR 0 0 80,000
CHIMERA INVT CORP COM 16934q109 223 70,000 SH   SOLE 0 0 70,000
CHUBB CORP COM 171232101 517 5,000 SH   SOLE 0 0 5,000
CIGNA CORPORATION COM 125509109 617 6,000 SH   SOLE 0 0 6,000
CISCO SYS INC COM 17275r102 834 30,000 SH   SOLE 30,000 0 0
COCA COLA CO COM 191216100 726 17,200 SH   SOLE 8,500 0 8,700
COLGATE PALMOLIVE CO COM 194162103 2,952 42,660 SH   SOLE 2,000 0 40,660
COMCAST CORP NEW CL A 20030n101 580 10,000 SH   OTR 0 0 10,000
COMCAST CORP NEW CL A 20030n101 3,340 57,576 SH   SOLE 15,000 0 42,576
CONOCOPHILLIPS COM 20825c104 616 8,926 SH   SOLE 0 0 8,926
CONTRAFECT CORP *W EXP 01/31/201 212326110 12 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP *W EXP 10/31/201 212326128 8 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP COM 212326102 58 16,666 SH   SOLE 0 0 16,666
COVANTA HLDG CORP COM 22282e102 990 45,000 SH   SOLE 0 0 45,000
CVS HEALTH CORP COM 126650100 289 3,000 SH   SOLE 2,500 0 500
DDR CORP COM 23317h102 3,353 182,600 SH   SOLE 13,000 0 169,600
DELTA AIR LINES INC DEL COM NEW 247361702 5,081 103,300 SH   SOLE 19,600 0 83,700
DIAMONDROCK HOSPITALITY CO COM 252784301 446 30,000 SH   OTR 0 0 30,000
DIAMONDROCK HOSPITALITY CO COM 252784301 149 10,000 SH   SOLE 0 0 10,000
DIRECTV COM 25490a309 2,946 33,979 SH   SOLE 0 0 33,979
DISNEY WALT CO COM DISNEY 254687106 10,921 115,950 SH   SOLE 20,700 0 95,250
DOW CHEM CO COM 260543103 1,277 28,000 SH   SOLE 2,500 0 25,500
DUN & BRADSTREET CORP DEL NE COM 26483e100 514 4,250 SH   SOLE 0 0 4,250
DYAX CORP COM 26746e103 20,619 1,466,492 SH   SOLE 0 0 1,466,492
ECOLAB INC COM 278865100 1,091 10,436 SH   SOLE 0 0 10,436
ELDORADO GOLD CORP NEW COM 284902103 92 15,000 SH   SOLE 0 0 15,000
EMPIRE ST RLTY TR INC CL A 292104106 176 10,000 SH   OTR 0 0 10,000
EMPIRE ST RLTY TR INC CL A 292104106 105 6,000 SH   SOLE 0 0 6,000
EXCO RESOURCES INC COM 269279402 22 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 1,194 14,100 SH   SOLE 0 0 14,100
EXXON MOBIL CORP COM 30231g102 1,473 15,928 SH   SOLE 2,400 0 13,528
FACEBOOK INC CL A 30303m102 295 3,775 SH   SOLE 0 0 3,775
FELCOR LODGING TR INC COM 31430f101 433 40,000 SH   OTR 0 0 40,000
FIRST TR SR FLG RTE INCM FD COM 33733u108 199 15,300 SH   SOLE 0 0 15,300
FOREST CITY ENTERPRISES INC CL A 345550107 1,129 53,000 SH   OTR 0 0 53,000
FOREST CITY ENTERPRISES INC CL A 345550107 1,713 80,400 SH   SOLE 5,000 0 75,400
FRANCO NEVADA CORP COM 351858105 215 4,350 SH   SOLE 0 0 4,350
FUELCELL ENERGY INC COM 35952h106 913 592,700 SH   SOLE 0 0 592,700
GENERAL ELECTRIC CO COM 369604103 3,461 136,955 SH   SOLE 18,500 0 118,455
GENERAL GROWTH PPTYS INC NEW COM 370023103 844 30,000 SH   OTR 0 0 30,000
GENERAL GROWTH PPTYS INC NEW COM 370023103 5,185 184,324 SH   SOLE 24,042 0 160,282
GOLDCORP INC NEW COM 380956409 324 17,500 SH   SOLE 0 0 17,500
GOOGLE INC CL A 38259p508 428 806 SH   SOLE 0 0 806
GOOGLE INC CL C 38259p706 424 806 SH   SOLE 0 0 806
GRAMERCY PPTY TR INC COM 38489r100 1,824 264,300 SH   SOLE 51,000 0 213,300
GRAMERCY PPTY TR INC COM 38489r100 483 70,000 SH   OTR 0 0 70,000
GULFMARK OFFSHORE INC CL A NEW 402629208 400 16,400 SH   SOLE 0 0 16,400
HERSHA HOSPITALITY TR SH BEN INT A 427825104 641 91,200 SH   SOLE 10,000 0 81,200
HILTON WORLDWIDE HLDGS INC COM 43300a104 783 30,000 SH   OTR 0 0 30,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 2,329 89,250 SH   SOLE 46,000 0 43,250
HOME DEPOT INC COM 437076102 1,606 15,300 SH   SOLE 13,300 0 2,000
HONEYWELL INTL INC COM 438516106 999 10,000 SH   OTR 0 0 10,000
HONEYWELL INTL INC COM 438516106 1,199 12,000 SH   SOLE 12,000 0 0
HOST HOTELS & RESORTS INC COM 44107p104 475 20,000 SH   OTR 0 0 20,000
HOST HOTELS & RESORTS INC COM 44107p104 2,861 120,344 SH   SOLE 20,723 0 99,621
ILLINOIS TOOL WKS INC COM 452308109 1,506 15,900 SH   SOLE 13,400 0 2,500
INTEL CORP COM 458140100 588 16,200 SH   SOLE 4,000 0 12,200
INTERNATIONAL BUSINESS MACHS COM 459200101 995 6,200 SH   SOLE 0 0 6,200
INTERSECTIONS INC COM 460981301 149 38,235 SH   SOLE 0 0 38,235
IRON MTN INC COM 462846106 426 11,016 SH   SOLE 0 0 11,016
ISHARES MSCI FRANCE ETF 464286707 1,060 43,000 SH   SOLE 0 0 43,000
ISHARES MSCI SZ CAP ETF 464286749 1,210 38,179 SH   SOLE 0 0 38,179
ISHARES U.S. PFD STK ETF 464288687 513 13,000 SH   SOLE 0 0 13,000
ISHARES US HOME CONS ETF 464288752 2,893 111,800 SH   SOLE 19,000 0 92,800
ISHARES GOLD TRUST ISHARES 464285105 1,075 94,000 SH   SOLE 0 0 94,000
ISHARES TR GLOBAL 100 ETF 464287572 640 8,400 SH   SOLE 0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,070 13,475 SH   SOLE 0 0 13,475
ISTAR FINL INC COM 45031u101 273 20,000 SH   OTR 0 0 20,000
ISTAR FINL INC COM 45031u101 341 25,000 SH   SOLE 0 0 25,000
JOHNSON & JOHNSON COM 478160104 5,260 50,300 SH   SOLE 16,000 0 34,300
JPMORGAN CHASE & CO COM 46625h100 6,709 107,200 SH   SOLE 30,200 0 77,000
KIMCO RLTY CORP COM 49446r109 1,908 75,900 SH   SOLE 8,500 0 67,400
KRAFT FOODS GROUP INC COM 50076q106 251 4,002 SH   SOLE 666 0 3,336
LABORATORY CORP AMER HLDGS COM NEW 50540r409 647 6,000 SH   SOLE 0 0 6,000
LAS VEGAS SANDS CORP COM 517834107 233 4,000 SH   SOLE 0 0 4,000
LENNAR CORP CL A 526057104 4,900 109,350 SH   SOLE 26,400 0 82,950
LIBERTY GLOBAL PLC SHS CL A g5480u104 753 15,000 SH   OTR 0 0 15,000
LIBERTY GLOBAL PLC SHS CL A g5480u104 50 1,000 SH   SOLE 0 0 1,000
LIBERTY GLOBAL PLC SHS CL C g5480u120 8,865 183,500 SH   SOLE 46,300 0 137,200
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 245 7,000 SH   SOLE 0 0 7,000
LOWES COS INC COM 548661107 894 13,000 SH   SOLE 13,000 0 0
LOWES COS INC COM 548661107 688 10,000 SH   OTR 0 0 10,000
MACYS INC COM 55616p104 907 13,800 SH   SOLE 13,000 0 800
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 521 28,350 SH   SOLE 2,000 0 26,350
MARRIOTT INTL INC NEW CL A 571903202 702 9,000 SH   SOLE 4,000 0 5,000
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 270 3,620 SH   SOLE 180 0 3,440
MARSH & MCLENNAN COS INC COM 571748102 2,576 45,000 SH   SOLE 21,500 0 23,500
MASTERCARD INC CL A 57636q104 1,745 20,250 SH   SOLE 0 0 20,250
METLIFE INC COM 59156r108 2,702 49,950 SH   SOLE 17,000 0 32,950
MICROSOFT CORP COM 594918104 953 20,520 SH   SOLE 0 0 20,520
MONDELEZ INTL INC CL A 609207105 582 16,020 SH   SOLE 2,000 0 14,020
MONMOUTH REAL ESTATE INVT CO CL A 609720107 453 40,892 SH   SOLE 10,000 0 30,892
NATHANS FAMOUS INC NEW COM 632347100 600 7,500 SH   SOLE 0 0 7,500
NEW GOLD INC CDA COM 644535106 43 10,000 SH   SOLE 0 0 10,000
NEW SR INVT GROUP INC COM 648691103 164 10,000 SH   OTR 0 0 10,000
NEW SR INVT GROUP INC COM 648691103 156 9,498 SH   SOLE 0 0 9,498
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 45 10,000 SH   OTR 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 5 1,165 SH   SOLE 0 0 1,165
NORFOLK SOUTHERN CORP COM 655844108 1,096 10,000 SH   OTR 0 0 10,000
NORFOLK SOUTHERN CORP COM 655844108 1,589 14,500 SH   SOLE 14,000 0 500
NORTHSTAR RLTY FIN CORP COM NEW 66704r704 527 30,000 SH   OTR 0 0 30,000
NORTHSTAR RLTY FIN CORP COM NEW 66704r704 1,004 57,100 SH   SOLE 10,000 0 47,100
ORACLE CORP COM 68389x105 1,259 28,000 SH   SOLE 0 0 28,000
PALO ALTO NETWORKS INC COM 697435105 245 2,000 SH   SOLE 0 0 2,000
PARKWAY PPTYS INC COM 70159q104 368 20,000 SH   SOLE 0 0 20,000
PEABODY ENERGY CORP COM 704549104 124 16,000 SH   SOLE 3,300 0 12,700
PEBBLEBROOK HOTEL TR COM 70509v100 228 5,000 SH   SOLE 0 0 5,000
PEBBLEBROOK HOTEL TR COM 70509v100 456 10,000 SH   OTR 0 0 10,000
PEPSICO INC COM 713448108 1,828 19,330 SH   SOLE 0 0 19,330
PFIZER INC COM 717081103 3,439 110,400 SH   SOLE 13,400 0 97,000
PHILIP MORRIS INTL INC COM 718172109 814 10,000 SH   SOLE 0 0 10,000
PHILLIPS 66 COM 718546104 320 4,462 SH   SOLE 0 0 4,462
PROCTER & GAMBLE CO COM 742718109 1,575 17,290 SH   SOLE 2,700 0 14,590
QUALCOMM INC COM 747525103 1,197 16,100 SH   SOLE 0 0 16,100
RAYTHEON CO COM NEW 755111507 1,082 10,000 SH   SOLE 10,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131n101 353 21,000 SH   SOLE 5,000 0 16,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 636 9,500 SH   SOLE 0 0 9,500
SANDRIDGE ENERGY INC COM 80007p307 74 40,500 SH   SOLE 0 0 40,500
SCHLUMBERGER LTD COM 806857108 2,212 25,896 SH   SOLE 0 0 25,896
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 1,876 26,000 SH   SOLE 5,000 0 21,000
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 4,039 83,297 SH   SOLE 12,300 0 70,997
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 2,434 35,600 SH   SOLE 6,000 0 29,600
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 495 20,000 SH   OTR 0 0 20,000
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 4,729 83,580 SH   SOLE 10,340 0 73,240
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 3,719 89,945 SH   SOLE 2,000 0 87,945
SEVENTY SEVEN ENERGY INC COM 818097107 54 10,028 SH   SOLE 0 0 10,028
SIMON PPTY GROUP INC NEW COM 828806109 747 4,100 SH   SOLE 0 0 4,100
SL GREEN RLTY CORP COM 78440x101 476 4,000 SH   SOLE 2,000 0 2,000
SPDR GOLD TRUST GOLD SHS 78463v107 19,858 174,838 SH   SOLE 8,365 0 166,473
SPDR S&P 500 ETF TR TR UNIT 78462f103 2,368 11,523 SH   SOLE 0 0 11,523
SPDR SERIES TRUST S&P BK ETF 78464a797 369 11,000 SH   SOLE 5,000 0 6,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 693 8,800 SH   SOLE 0 0 8,800
STARWOOD WAYPOINT RESIDENTL COM SHS 85571w109 1,226 46,500 SH   SOLE 4,400 0 42,100
STRATEGIC HOTELS & RESORTS I COM 86272t106 265 20,000 SH   OTR 0 0 20,000
STRATEGIC HOTELS & RESORTS I COM 86272t106 3,448 260,618 SH   SOLE 37,000 0 223,618
SUMMIT HOTEL PPTYS COM 866082100 719 57,800 SH   SOLE 0 0 57,800
SUMMIT HOTEL PPTYS COM 866082100 622 50,000 SH   OTR 0 0 50,000
TAUBMAN CTRS INC COM 876664103 1,582 20,700 SH   SOLE 2,000 0 18,700
TEMPLETON EMERGING MKTS FD I COM 880191101 171 20,000 SH   SOLE 0 0 20,000
TERRENO RLTY CORP COM 88146m101 301 14,600 SH   OTR 0 0 14,600
TERRENO RLTY CORP COM 88146m101 433 21,000 SH   SOLE 0 0 21,000
TIME WARNER CABLE INC COM 88732j207 449 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 1,281 15,000 SH   OTR 0 0 15,000
TIME WARNER INC COM NEW 887317303 8,462 99,058 SH   SOLE 21,875 0 77,183
TJX COS INC NEW COM 872540109 1,029 15,000 SH   OTR 0 0 15,000
TJX COS INC NEW COM 872540109 5,534 80,700 SH   SOLE 28,300 0 52,400
TOTAL S A SPONSORED ADR 89151e109 410 8,000 SH   SOLE 0 0 8,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 7,952 207,050 SH   SOLE 41,800 0 165,250
TWENTY FIRST CENTY FOX INC CL A 90130a101 768 20,000 SH   OTR 0 0 20,000
U S CONCRETE INC COM NEW 90333l201 284 10,000 SH   OTR 0 0 10,000
UNILEVER N V N Y SHS NEW 904784709 586 15,000 SH   SOLE 0 0 15,000
UNION PAC CORP COM 907818108 4,805 40,332 SH   SOLE 8,300 0 32,032
UNITED PARCEL SERVICE INC CL B 911312106 8,075 72,640 SH   SOLE 19,800 0 52,840
UNITED TECHNOLOGIES CORP COM 913017109 287 2,500 SH   SOLE 0 0 2,500
URSTADT BIDDLE PPTYS INC COM 917286106 405 18,500 SH   SOLE 4,500 0 14,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,194 14,500 SH   SOLE 0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,308 14,900 SH   SOLE 0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,650 53,300 SH   SOLE 0 0 53,300
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 901 19,230 SH   SOLE 0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 295 3,100 SH   SOLE 0 0 3,100
VECTOR GROUP LTD COM 92240m108 845 39,665 SH   SOLE 0 0 39,665
VERIZON COMMUNICATIONS INC COM 92343v104 568 12,145 SH   SOLE 460 0 11,685
VISA INC COM CL A 92826c839 852 3,250 SH   SOLE 0 0 3,250
VORNADO RLTY TR SH BEN INT 929042109 471 4,000 SH   SOLE 2,000 0 2,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 316 4,150 SH   SOLE 0 0 4,150
WAL-MART STORES INC COM 931142103 1,718 20,000 SH   SOLE 4,700 0 15,300
WEATHERFORD INTL PLC ORD SHS g48833100 172 15,000 SH   OTR 0 0 15,000
WEATHERFORD INTL PLC ORD SHS g48833100 1,394 121,750 SH   SOLE 4,900 0 116,850
WESTERN COPPER & GOLD CORP COM 95805v108 6 10,000 SH   SOLE 0 0 10,000
WEYERHAEUSER CO COM 962166104 610 17,000 SH   SOLE 15,000 0 2,000
WILLIAMS COS INC DEL COM 969457100 2,198 48,900 SH   SOLE 0 0 48,900
WINTHROP RLTY TR SH BEN INT NEW 976391300 156 10,000 SH   SOLE 10,000 0 0
XPLORE TECHNOLOGIES CORP COM PAR $0.001 983950700 225 33,493 SH   SOLE 0 0 33,493