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 2,123 43,250 SH   SOLE 5,000 0 38,250
ABBOTT LABS COM 002824100 491 10,000 SH   OTR 0 0 10,000
ABBVIE INC COM 00287y109 877 13,055 SH   SOLE 0 0 13,055
AFLAC INC COM 001055102 2,487 39,988 SH   SOLE 0 0 39,988
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609w102 247 3,000 SH   SOLE 0 0 3,000
ALPS ETF TR ALERIAN MLP 00162q866 233 15,000 SH   SOLE 0 0 15,000
AMAZON COM INC COM 023135106 477 1,100 SH   SOLE 0 0 1,100
AMERICAN ELEC PWR INC COM 025537101 710 13,400 SH   SOLE 0 0 13,400
AMERICAN EXPRESS CO COM 025816109 1,034 13,300 SH   SOLE 1,000 0 12,300
AMERICAN HOMES 4 RENT CL A 02665t306 321 20,000 SH   OTR 0 0 20,000
AMERICAN HOMES 4 RENT CL A 02665t306 3,161 197,050 SH   SOLE 24,700 0 172,350
AMERICAN INTL GROUP INC COM NEW 026874784 1,391 22,502 SH   SOLE 0 0 22,502
AMERICAN RESIDENTIAL PPTYS I COM 02927e303 444 24,000 SH   SOLE 5,000 0 19,000
APPLE INC COM 037833100 1,506 12,005 SH   SOLE 0 0 12,005
ASHFORD HOSPITALITY TR INC COM SHS 044103109 8 1,000 SH   SOLE 0 0 1,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 254 30,000 SH   OTR 0 0 30,000
AT&T INC COM 00206r102 466 13,132 SH   SOLE 0 0 13,132
AUTOMATIC DATA PROCESSING IN COM 053015103 538 6,700 SH   SOLE 0 0 6,700
AVALON RARE METALS INC COM 053470100 2 10,000 SH   SOLE 0 0 10,000
BAIDU INC SPON ADR REP A 056752108 398 2,000 SH   SOLE 0 0 2,000
BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,013 44 SH   SOLE 0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,771 49,750 SH   SOLE 0 0 49,750
BLACKROCK INC COM 09247x101 1,124 3,250 SH   SOLE 0 0 3,250
BOEING CO COM 097023105 359 2,587 SH   SOLE 0 0 2,587
BRISTOL MYERS SQUIBB CO COM 110122108 4,559 68,510 SH   SOLE 21,700 0 46,810
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 524 15,000 SH   OTR 0 0 15,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,814 109,200 SH   SOLE 31,500 0 77,700
CALPINE CORP COM NEW 131347304 184 10,210 SH   SOLE 1,367 0 8,843
CARNIVAL CORP PAIRED CTF 143658300 3,507 71,000 SH   SOLE 14,000 0 57,000
CATERPILLAR INC DEL COM 149123101 4,301 50,707 SH   SOLE 1,587 0 49,120
CENTURY CMNTYS INC COM 156504300 201 10,000 SH   SOLE 0 0 10,000
CHATHAM LODGING TR COM 16208t102 794 30,000 SH   OTR 0 0 30,000
CHATHAM LODGING TR COM 16208t102 265 10,000 SH   SOLE 0 0 10,000
CHESAPEAKE ENERGY CORP COM 165167107 295 26,400 SH   SOLE 0 0 26,400
CHEVRON CORP NEW COM 166764100 1,129 11,700 SH   SOLE 0 0 11,700
CHUBB CORP COM 171232101 476 5,000 SH   SOLE 0 0 5,000
CIGNA CORPORATION COM 125509109 972 6,000 SH   SOLE 0 0 6,000
CISCO SYS INC COM 17275r102 275 10,000 SH   SOLE 10,000 0 0
COCA COLA CO COM 191216100 549 14,000 SH   SOLE 7,000 0 7,000
COLGATE PALMOLIVE CO COM 194162103 837 12,800 SH   SOLE 0 0 12,800
COMCAST CORP NEW CL A 20030n101 2,136 35,522 SH   SOLE 0 0 35,522
CONOCOPHILLIPS COM 20825c104 393 6,397 SH   SOLE 0 0 6,397
CONTRAFECT CORP *W EXP 01/31/201 212326110 30 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP *W EXP 10/31/201 212326128 12 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP COM 212326102 270 51,450 SH   SOLE 0 0 51,450
COSTCO WHSL CORP NEW COM 22160k105 1,459 10,800 SH   SOLE 10,800 0 0
COVANTA HLDG CORP COM 22282e102 318 15,000 SH   OTR 0 0 15,000
COVANTA HLDG CORP COM 22282e102 106 5,000 SH   SOLE 0 0 5,000
CREDIT SUISSE GROUP SPONSORED ADR 225401108 552 20,000 SH   SOLE 0 0 20,000
CVS HEALTH CORP COM 126650100 1,049 10,000 SH   SOLE 9,500 0 500
D R HORTON INC COM 23331a109 547 20,000 SH   OTR 0 0 20,000
DDR CORP COM 23317h102 2,622 169,600 SH   SOLE 7,000 0 162,600
DIAGEO P L C SPON ADR NEW 25243q205 6,504 56,050 SH   SOLE 13,050 0 43,000
DIAMONDROCK HOSPITALITY CO COM 252784301 256 20,000 SH   OTR 0 0 20,000
DIAMONDROCK HOSPITALITY CO COM 252784301 1,502 117,250 SH   SOLE 4,900 0 112,350
DIRECTV COM 25490a309 3,153 33,979 SH   SOLE 0 0 33,979
DISNEY WALT CO COM DISNEY 254687106 11,831 103,650 SH   SOLE 8,700 0 94,950
DOW CHEM CO COM 260543103 1,330 26,000 SH   SOLE 2,500 0 23,500
DUN & BRADSTREET CORP DEL NE COM 26483e100 518 4,250 SH   SOLE 0 0 4,250
DYAX CORP COM 26746e103 39,578 1,493,492 SH   SOLE 0 0 1,493,492
ECOLAB INC COM 278865100 1,150 10,170 SH   SOLE 0 0 10,170
ELDORADO GOLD CORP NEW COM 284902103 62 15,000 SH   SOLE 0 0 15,000
EMPIRE ST RLTY TR INC CL A 292104106 171 10,000 SH   OTR 0 0 10,000
EMPIRE ST RLTY TR INC CL A 292104106 102 6,000 SH   SOLE 0 0 6,000
EQUITY ONE COM 294752100 350 15,000 SH   OTR 0 0 15,000
EQUITY ONE COM 294752100 140 6,000 SH   SOLE 3,000 0 3,000
EXCO RESOURCES INC COM 269279402 12 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 1,165 13,100 SH   SOLE 0 0 13,100
EXXON MOBIL CORP COM 30231g102 510 6,128 SH   SOLE 2,400 0 3,728
FACEBOOK INC CL A 30303m102 324 3,775 SH   SOLE 0 0 3,775
FELCOR LODGING TR INC COM 31430f101 198 20,000 SH   OTR 0 0 20,000
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620r303 555 15,000 SH   OTR 0 0 15,000
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620r303 129 3,500 SH   SOLE 0 0 3,500
FOREST CITY ENTERPRISES INC CL A 345550107 1,171 53,000 SH   OTR 0 0 53,000
FOREST CITY ENTERPRISES INC CL A 345550107 1,777 80,400 SH   SOLE 10,000 0 70,400
FRANCO NEVADA CORP COM 351858105 207 4,350 SH   SOLE 0 0 4,350
FUELCELL ENERGY INC COM 35952h106 1,761 1,802,700 SH   SOLE 0 0 1,802,700
FUELCELL ENERGY INC COM 35952h106 98 100,000 SH   OTR 0 0 100,000
GENERAL ELECTRIC CO COM 369604103 3,074 115,710 SH   SOLE 13,500 0 102,210
GENERAL GROWTH PPTYS INC NEW COM 370023103 770 30,000 SH   OTR 0 0 30,000
GENERAL GROWTH PPTYS INC NEW COM 370023103 4,554 177,469 SH   SOLE 24,042 0 153,427
GILEAD SCIENCES INC COM 375558103 211 1,800 SH   SOLE 0 0 1,800
GOLDCORP INC NEW COM 380956409 283 17,500 SH   SOLE 0 0 17,500
GOLDMAN SACHS GROUP INC COM 38141g104 846 4,050 SH   SOLE 0 0 4,050
GOOGLE INC CL A 38259p508 435 806 SH   SOLE 0 0 806
GOOGLE INC CL C 38259p706 421 808 SH   SOLE 0 0 808
GRAMERCY PPTY TR INC COM NEW 38489r605 584 25,000 SH   OTR 0 0 25,000
GRAMERCY PPTY TR INC COM NEW 38489r605 1,445 61,825 SH   SOLE 12,750 0 49,075
GULFMARK OFFSHORE INC CL A NEW 402629208 190 16,400 SH   SOLE 0 0 16,400
HARLEY DAVIDSON INC COM 412822108 563 10,000 SH   OTR 0 0 10,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 826 30,000 SH   OTR 0 0 30,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 1,880 68,250 SH   SOLE 26,000 0 42,250
HOME DEPOT INC COM 437076102 1,700 15,300 SH   SOLE 13,300 0 2,000
HOST HOTELS & RESORTS INC COM 44107p104 2,208 111,344 SH   SOLE 13,723 0 97,621
INTERNATIONAL BUSINESS MACHS COM 459200101 781 4,800 SH   SOLE 0 0 4,800
INTERSECTIONS INC COM 460981301 132 42,985 SH   SOLE 0 0 42,985
IRON MTN INC NEW COM 46284v101 310 10,000 SH   SOLE 0 0 10,000
ISHARES MSCI FRANCE ETF 464286707 553 21,500 SH   SOLE 0 0 21,500
ISHARES MSCI JAPAN ETF 464286848 192 15,000 SH   SOLE 0 0 15,000
ISHARES MSCI SZ CAP ETF 464286749 644 19,679 SH   SOLE 0 0 19,679
ISHARES US HOME CONS ETF 464288752 549 20,000 SH   OTR 0 0 20,000
ISHARES US HOME CONS ETF 464288752 6,098 222,150 SH   SOLE 57,300 0 164,850
ISHARES GOLD TRUST ISHARES 464285105 1,066 94,000 SH   SOLE 0 0 94,000
ISHARES TR GLOBAL 100 ETF 464287572 632 8,400 SH   SOLE 0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,013 13,475 SH   SOLE 0 0 13,475
ISTAR FINL INC COM 45031u101 333 25,000 SH   SOLE 0 0 25,000
ISTAR FINL INC COM 45031u101 400 30,000 SH   OTR 0 0 30,000
JOHNSON & JOHNSON COM 478160104 3,470 35,600 SH   SOLE 6,000 0 29,600
JPMORGAN CHASE & CO COM 46625h100 5,719 84,400 SH   SOLE 6,700 0 77,700
KENNEDY-WILSON HLDGS INC COM 489398107 492 20,000 SH   OTR 0 0 20,000
KIMCO RLTY CORP COM 49446r109 1,636 72,600 SH   SOLE 8,500 0 64,100
KROGER CO COM 501044101 725 10,000 SH   SOLE 10,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,818 15,000 SH   SOLE 10,000 0 5,000
LENNAR CORP CL A 526057104 5,489 107,550 SH   SOLE 26,400 0 81,150
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 251 7,000 SH   SOLE 0 0 7,000
LKQ CORP COM 501889208 302 10,000 SH   OTR 0 0 10,000
LOWES COS INC COM 548661107 670 10,000 SH   SOLE 10,000 0 0
MACYS INC COM 55616p104 256 3,800 SH   SOLE 3,000 0 800
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 230 12,950 SH   SOLE 2,000 0 10,950
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 289 3,150 SH   SOLE 180 0 2,970
MARSH & MCLENNAN COS INC COM 571748102 1,945 34,300 SH   SOLE 11,500 0 22,800
MASCO CORP COM 574599106 400 15,000 SH   OTR 0 0 15,000
MASTERCARD INC CL A 57636q104 1,893 20,250 SH   SOLE 0 0 20,250
METLIFE INC COM 59156r108 2,755 49,200 SH   SOLE 17,000 0 32,200
MICROSOFT CORP COM 594918104 906 20,520 SH   SOLE 0 0 20,520
MONDELEZ INTL INC CL A 609207105 638 15,520 SH   SOLE 2,000 0 13,520
MONMOUTH REAL ESTATE INVT CO CL A 609720107 427 43,892 SH   SOLE 10,000 0 33,892
NEW GOLD INC CDA COM 644535106 27 10,000 SH   SOLE 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 44 10,000 SH   OTR 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 4 833 SH   SOLE 0 0 833
NORFOLK SOUTHERN CORP COM 655844108 874 10,000 SH   OTR 0 0 10,000
NORFOLK SOUTHERN CORP COM 655844108 1,267 14,500 SH   SOLE 14,000 0 500
NORTHSTAR RLTY FIN CORP COM NEW 66704r704 477 30,000 SH   OTR 0 0 30,000
NORTHSTAR RLTY FIN CORP COM NEW 66704r704 828 52,100 SH   SOLE 10,000 0 42,100
PALO ALTO NETWORKS INC COM 697435105 349 2,000 SH   SOLE 0 0 2,000
PARKWAY PPTYS INC COM 70159q104 262 15,000 SH   SOLE 0 0 15,000
PEABODY ENERGY CORP COM 704549104 101 46,000 SH   SOLE 3,300 0 42,700
PEBBLEBROOK HOTEL TR COM 70509v100 326 7,600 SH   OTR 0 0 7,600
PEBBLEBROOK HOTEL TR COM 70509v100 214 5,000 SH   SOLE 0 0 5,000
PENN NATL GAMING INC COM 707569109 183 10,000 SH   OTR 0 0 10,000
PEPSICO INC COM 713448108 1,804 19,330 SH   SOLE 0 0 19,330
PFIZER INC COM 717081103 4,111 122,600 SH   SOLE 33,400 0 89,200
PHILIP MORRIS INTL INC COM 718172109 321 4,000 SH   SOLE 0 0 4,000
PINNACLE WEST CAP CORP COM 723484101 711 12,500 SH   SOLE 0 0 12,500
PROCTER & GAMBLE CO COM 742718109 1,118 14,290 SH   SOLE 0 0 14,290
QUALCOMM INC COM 747525103 695 11,100 SH   SOLE 0 0 11,100
RETAIL OPPORTUNITY INVTS COR COM 76131n101 328 21,000 SH   SOLE 5,000 0 16,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 314 5,500 SH   SOLE 0 0 5,500
SANDRIDGE ENERGY INC COM 80007p307 36 40,500 SH   SOLE 0 0 40,500
SAP SE SPON ADR 803054204 281 4,000 SH   SOLE 0 0 4,000
SCHLUMBERGER LTD COM 806857108 2,232 25,896 SH   SOLE 0 0 25,896
SCHWAB CHARLES CORP NEW COM 808513105 326 10,000 SH   SOLE 10,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 7,671 100,300 SH   SOLE 13,000 0 87,300
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 3,826 80,369 SH   SOLE 12,300 0 68,069
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 2,648 35,600 SH   SOLE 6,000 0 29,600
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 4,378 80,980 SH   SOLE 10,340 0 70,640
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 3,670 88,645 SH   SOLE 2,000 0 86,645
SEVENTY SEVEN ENERGY INC COM 818097107 43 10,028 SH   SOLE 0 0 10,028
SIMON PPTY GROUP INC NEW COM 828806109 709 4,100 SH   SOLE 0 0 4,100
SPDR GOLD TRUST GOLD SHS 78463v107 19,399 172,638 SH   SOLE 8,365 0 164,273
SPDR INDEX SHS FDS EURO STOXX 50 78463x202 7,334 195,950 SH   SOLE 26,300 0 169,650
SPDR S&P 500 ETF TR TR UNIT 78462f103 2,372 11,523 SH   SOLE 0 0 11,523
SPDR SERIES TRUST S&P BK ETF 78464a797 363 10,000 SH   SOLE 5,000 0 5,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 671 8,800 SH   SOLE 0 0 8,800
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 732 20,000 SH   OTR 0 0 20,000
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 3,076 84,000 SH   SOLE 36,000 0 48,000
STARWOOD PPTY TR INC COM 85571b105 216 10,000 SH   OTR 0 0 10,000
STARWOOD PPTY TR INC COM 85571b105 108 5,000 SH   SOLE 0 0 5,000
STARWOOD WAYPOINT RESIDENTL COM SHS 85571w109 1,110 46,700 SH   SOLE 1,400 0 45,300
STRATEGIC HOTELS & RESORTS I COM 86272t106 485 40,000 SH   OTR 0 0 40,000
STRATEGIC HOTELS & RESORTS I COM 86272t106 3,468 286,118 SH   SOLE 46,000 0 240,118
SUMMIT HOTEL PPTYS COM 866082100 752 57,800 SH   SOLE 0 0 57,800
SUMMIT HOTEL PPTYS COM 866082100 390 30,000 SH   OTR 0 0 30,000
TARGET CORP COM 87612e106 2,277 27,900 SH   SOLE 7,800 0 20,100
TAUBMAN CTRS INC COM 876664103 1,230 17,700 SH   SOLE 1,000 0 16,700
TECO ENERGY INC COM 872375100 706 40,000 SH   SOLE 0 0 40,000
TERRENO RLTY CORP COM 88146m101 288 14,600 SH   OTR 0 0 14,600
TERRENO RLTY CORP COM 88146m101 355 18,000 SH   SOLE 0 0 18,000
TESLA MTRS INC COM 88160r101 268 1,000 SH   SOLE 0 0 1,000
TIME WARNER CABLE INC COM 88732j207 526 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 1,311 15,000 SH   OTR 0 0 15,000
TIME WARNER INC COM NEW 887317303 7,304 83,558 SH   SOLE 6,875 0 76,683
TJX COS INC NEW COM 872540109 993 15,000 SH   OTR 0 0 15,000
TJX COS INC NEW COM 872540109 4,811 72,700 SH   SOLE 23,300 0 49,400
TOTAL S A SPONSORED ADR 89151e109 246 5,000 SH   SOLE 0 0 5,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 651 20,000 SH   OTR 0 0 20,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 5,372 165,050 SH   SOLE 16,800 0 148,250
U M H PROPERTIES INC COM 903002103 175 17,908 SH   SOLE 0 0 17,908
UBS GROUP AG SHS h42097107 212 10,000 SH   SOLE 0 0 10,000
UNILEVER N V N Y SHS NEW 904784709 1,255 30,000 SH   SOLE 15,000 0 15,000
UNION PAC CORP COM 907818108 3,147 33,000 SH   SOLE 4,500 0 28,500
UNITED PARCEL SERVICE INC CL B 911312106 5,625 58,040 SH   SOLE 7,400 0 50,640
UNITED TECHNOLOGIES CORP COM 913017109 266 2,400 SH   SOLE 0 0 2,400
URSTADT BIDDLE PPTYS INC CL A 917286205 364 19,500 SH   SOLE 4,500 0 15,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,178 14,500 SH   SOLE 0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,371 14,900 SH   SOLE 0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,704 53,300 SH   SOLE 0 0 53,300
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 934 19,230 SH   SOLE 0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 316 3,100 SH   SOLE 0 0 3,100
VECTOR GROUP LTD COM 92240m108 907 38,665 SH   SOLE 0 0 38,665
VERIZON COMMUNICATIONS INC COM 92343v104 566 12,145 SH   SOLE 460 0 11,685
VISA INC COM CL A 92826c839 873 13,000 SH   SOLE 0 0 13,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 350 4,150 SH   SOLE 0 0 4,150
WAL-MART STORES INC COM 931142103 1,419 20,000 SH   SOLE 4,700 0 15,300
WELLS FARGO & CO NEW COM 949746101 4,802 85,377 SH   SOLE 25,800 0 59,577
WESTERN COPPER & GOLD CORP COM 95805v108 4 10,000 SH   SOLE 0 0 10,000
WEYERHAEUSER CO COM 962166104 220 7,000 SH   SOLE 5,000 0 2,000
WILLIAMS COS INC DEL COM 969457100 2,806 48,900 SH   SOLE 0 0 48,900
WINTHROP RLTY TR SH BEN INT NEW 976391300 341 22,500 SH   SOLE 22,500 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717x701 924 15,000 SH   SOLE 0 0 15,000