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
AFLAC INC COM 001055102 2,325 39,988 SH   SOLE 0 0 39,988
ALPHABET INC CLASS A COM 02079k305 547 856 SH   SOLE 0 0 856
ALPHABET INC CLASS C COM 02079k107 522 858 SH   SOLE 0 0 858
AMAZON COM INC COM 023135106 742 1,450 SH   SOLE 0 0 1,450
AMERICAN ELEC PWR INC COM 025537101 762 13,400 SH   SOLE 0 0 13,400
AMERICAN EXPRESS CO COM 025816109 697 9,400 SH   SOLE 1,000 0 8,400
AMERICAN HOMES 4 RENT CL A 02665t306 3,376 209,950 SH   SOLE 23,200 0 186,750
AMERICAN HOMES 4 RENT CL A 02665t306 322 20,000 SH   OTR 0 0 20,000
AMERICAN INTL GROUP INC COM NEW 026874784 1,279 22,502 SH   SOLE 0 0 22,502
AMERICAN RESIDENTIAL PPTYS I COM 02927e303 414 24,000 SH   SOLE 5,000 0 19,000
AMERICAN TOWER CORP NEW COM 03027x100 449 5,100 SH   SOLE 5,000 0 100
APPLE INC COM 037833100 1,257 11,400 SH   SOLE 0 0 11,400
ASHFORD HOSPITALITY TR INC COM SHS 044103109 6 1,000 SH   SOLE 0 0 1,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 183 30,000 SH   OTR 0 0 30,000
AT&T INC COM 00206r102 2,522 77,420 SH   SOLE 0 0 77,420
AUTOMATIC DATA PROCESSING IN COM 053015103 538 6,700 SH   SOLE 0 0 6,700
AVALON RARE METALS INC COM 053470100 1 10,000 SH   SOLE 0 0 10,000
BAIDU INC SPON ADR REP A 056752108 275 2,000 SH   SOLE 0 0 2,000
BANK AMER CORP COM 060505104 468 30,040 SH   SOLE 30,000 0 40
BANK NEW YORK MELLON CORP COM 064058100 940 24,000 SH   SOLE 10,000 0 14,000
BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,591 44 SH   SOLE 0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,487 49,750 SH   SOLE 0 0 49,750
BLACKROCK INC COM 09247x101 967 3,250 SH   SOLE 0 0 3,250
BOEING CO COM 097023105 339 2,587 SH   SOLE 0 0 2,587
BRISTOL MYERS SQUIBB CO COM 110122108 3,556 60,070 SH   SOLE 15,700 0 44,370
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,114 99,073 SH   SOLE 31,500 0 67,573
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 472 15,000 SH   OTR 0 0 15,000
CALPINE CORP COM NEW 131347304 147 10,043 SH   SOLE 1,367 0 8,676
CARNIVAL CORP PAIRED CTF 143658300 3,181 64,000 SH   SOLE 13,000 0 51,000
CATERPILLAR INC DEL COM 149123101 2,628 40,207 SH   SOLE 1,587 0 38,620
CHATHAM LODGING TR COM 16208t102 644 30,000 SH   OTR 0 0 30,000
CHATHAM LODGING TR COM 16208t102 107 5,000 SH   SOLE 0 0 5,000
CHESAPEAKE ENERGY CORP COM 165167107 194 26,400 SH   SOLE 0 0 26,400
CHEVRON CORP NEW COM 166764100 923 11,700 SH   SOLE 0 0 11,700
CHIMERA INVT CORP COM NEW 16934q208 214 16,000 SH   OTR 0 0 16,000
CHIMERA INVT CORP COM NEW 16934q208 192 14,400 SH   SOLE 0 0 14,400
CHUBB CORP COM 171232101 613 5,000 SH   SOLE 0 0 5,000
CIGNA CORPORATION COM 125509109 810 6,000 SH   SOLE 0 0 6,000
CISCO SYS INC COM 17275r102 262 10,000 SH   SOLE 10,000 0 0
COCA COLA CO COM 191216100 642 16,000 SH   SOLE 7,000 0 9,000
COLGATE PALMOLIVE CO COM 194162103 812 12,800 SH   SOLE 0 0 12,800
COMCAST CORP NEW CL A 20030n101 1,554 27,322 SH   SOLE 0 0 27,322
CONOCOPHILLIPS COM 20825c104 307 6,397 SH   SOLE 0 0 6,397
CONTRAFECT CORP *W EXP 01/31/201 212326110 28 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP *W EXP 10/31/201 212326128 4 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP COM 212326102 229 51,450 SH   SOLE 0 0 51,450
COSTCO WHSL CORP NEW COM 22160k105 1,561 10,800 SH   SOLE 10,800 0 0
COVANTA HLDG CORP COM 22282e102 262 15,000 SH   OTR 0 0 15,000
COVANTA HLDG CORP COM 22282e102 87 5,000 SH   SOLE 0 0 5,000
CREDIT SUISSE GROUP SPONSORED ADR 225401108 481 20,000 SH   SOLE 0 0 20,000
CVS HEALTH CORP COM 126650100 1,302 13,500 SH   SOLE 12,500 0 1,000
DDR CORP COM 23317h102 2,724 177,100 SH   SOLE 5,000 0 172,100
DIAGEO P L C SPON ADR NEW 25243q205 5,869 54,450 SH   SOLE 7,550 0 46,900
DIAMONDROCK HOSPITALITY CO COM 252784301 221 20,000 SH   OTR 0 0 20,000
DIAMONDROCK HOSPITALITY CO COM 252784301 1,326 119,950 SH   SOLE 4,900 0 115,050
DISNEY WALT CO COM DISNEY 254687106 8,241 80,632 SH   SOLE 12,200 0 68,432
DUN & BRADSTREET CORP DEL NE COM 26483e100 446 4,250 SH   SOLE 0 0 4,250
DYAX CORP COM 26746e103 26,373 1,381,511 SH   SOLE 0 0 1,381,511
ECOLAB INC COM 278865100 1,197 10,909 SH   SOLE 0 0 10,909
ELDORADO GOLD CORP NEW COM 284902103 48 15,000 SH   SOLE 0 0 15,000
EMPIRE ST RLTY TR INC CL A 292104106 102 6,000 SH   SOLE 0 0 6,000
EMPIRE ST RLTY TR INC CL A 292104106 170 10,000 SH   OTR 0 0 10,000
EQUITY ONE COM 294752100 365 15,000 SH   OTR 0 0 15,000
EQUITY ONE COM 294752100 146 6,000 SH   SOLE 3,000 0 3,000
EXCO RESOURCES INC COM 269279402 7 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 1,061 13,100 SH   SOLE 0 0 13,100
EXXON MOBIL CORP COM 30231g102 1,095 14,728 SH   SOLE 2,400 0 12,328
FACEBOOK INC CL A 30303m102 969 10,775 SH   SOLE 0 0 10,775
FELCOR LODGING TR INC COM 31430f101 141 20,000 SH   OTR 0 0 20,000
FIRST REP BK SAN FRANCISCO C COM 33616c100 251 4,000 SH   SOLE 0 0 4,000
FIRST TR SR FLG RTE INCM FD COM 33733u108 192 15,300 SH   SOLE 0 0 15,300
FOREST CITY ENTERPRISES INC CL A 345550107 1,630 81,000 SH   SOLE 10,000 0 71,000
FOREST CITY ENTERPRISES INC CL A 345550107 1,067 53,000 SH   OTR 0 0 53,000
FREEPORT-MCMORAN INC CL B 35671d857 97 10,000 SH   SOLE 0 0 10,000
FUELCELL ENERGY INC COM 35952h106 1,342 1,826,200 SH   SOLE 4,950 0 1,821,250
FUELCELL ENERGY INC COM 35952h106 73 100,000 SH   OTR 0 0 100,000
GENERAL ELECTRIC CO COM 369604103 3,107 123,210 SH   SOLE 11,500 0 111,710
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,506 96,490 SH   SOLE 8,021 0 88,469
GENERAL MLS INC COM 370334104 842 15,000 SH   SOLE 15,000 0 0
GOLDCORP INC NEW COM 380956409 219 17,500 SH   SOLE 0 0 17,500
GOLDMAN SACHS GROUP INC COM 38141g104 721 4,150 SH   SOLE 0 0 4,150
GRAMERCY PPTY TR INC COM NEW 38489r605 1,377 66,325 SH   SOLE 11,750 0 54,575
GRAMERCY PPTY TR INC COM NEW 38489r605 519 25,000 SH   OTR 0 0 25,000
GULFMARK OFFSHORE INC CL A NEW 402629208 100 16,400 SH   SOLE 0 0 16,400
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 493 21,725 SH   SOLE 2,500 0 19,225
HILTON WORLDWIDE HLDGS INC COM 43300a104 688 30,000 SH   OTR 0 0 30,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 1,508 65,750 SH   SOLE 26,000 0 39,750
HOME DEPOT INC COM 437076102 1,767 15,300 SH   SOLE 13,300 0 2,000
HOST HOTELS & RESORTS INC COM 44107p104 1,848 116,910 SH   SOLE 12,700 0 104,210
INTERSECTIONS INC COM 460981301 92 44,395 SH   SOLE 0 0 44,395
ISHARES MSCI FRANCE ETF 464286707 518 21,500 SH   SOLE 0 0 21,500
ISHARES MSCI JAPAN ETF 464286848 171 15,000 SH   SOLE 0 0 15,000
ISHARES MSCI SZ CAP ETF 464286749 602 19,679 SH   SOLE 0 0 19,679
ISHARES GOLD TRUST ISHARES 464285105 1,013 94,000 SH   SOLE 0 0 94,000
ISHARES TR GLOBAL 100 ETF 464287572 581 8,400 SH   SOLE 0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 980 13,475 SH   SOLE 0 0 13,475
ISHARES TR U.S. REAL ES ETF 464287739 780 11,000 SH   SOLE 10,000 0 1,000
ISHARES TR US HOME CONS ETF 464288752 522 20,000 SH   OTR 0 0 20,000
ISHARES TR US HOME CONS ETF 464288752 5,671 217,300 SH   SOLE 55,300 0 162,000
ISTAR INC COM 45031u101 377 30,000 SH   OTR 0 0 30,000
ISTAR INC COM 45031u101 340 27,000 SH   SOLE 0 0 27,000
JOHNSON & JOHNSON COM 478160104 3,258 34,900 SH   SOLE 4,500 0 30,400
JPMORGAN CHASE & CO COM 46625h100 5,768 94,600 SH   SOLE 10,700 0 83,900
KENNEDY-WILSON HLDGS INC COM 489398107 443 20,000 SH   OTR 0 0 20,000
KIMCO RLTY CORP COM 49446r109 1,830 74,900 SH   SOLE 8,500 0 66,400
KINDER MORGAN INC DEL COM 49456b101 329 11,900 SH   SOLE 0 0 11,900
KROGER CO COM 501044101 721 20,000 SH   SOLE 20,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,627 15,000 SH   SOLE 10,000 0 5,000
LENNAR CORP CL A 526057104 4,455 92,550 SH   SOLE 15,700 0 76,850
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 241 7,000 SH   SOLE 0 0 7,000
LOWES COS INC COM 548661107 689 10,000 SH   SOLE 10,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 186 13,600 SH   SOLE 2,000 0 11,600
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 231 3,394 SH   SOLE 180 0 3,214
MARSH & MCLENNAN COS INC COM 571748102 1,425 27,300 SH   SOLE 9,500 0 17,800
MASTERCARD INC CL A 57636q104 2,276 25,250 SH   SOLE 5,000 0 20,250
MCDONALDS CORP COM 580135101 985 10,000 SH   SOLE 10,000 0 0
METLIFE INC COM 59156r108 2,348 49,800 SH   SOLE 16,200 0 33,600
MICROSOFT CORP COM 594918104 908 20,520 SH   SOLE 0 0 20,520
MONDELEZ INTL INC CL A 609207105 692 16,520 SH   SOLE 2,000 0 14,520
MONMOUTH REAL ESTATE INVT CO CL A 609720107 604 61,892 SH   SOLE 10,000 0 51,892
NEW GOLD INC CDA COM 644535106 23 10,000 SH   SOLE 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 5 1,166 SH   SOLE 0 0 1,166
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 44 10,000 SH   OTR 0 0 10,000
NEWELL RUBBERMAID INC COM 651229106 397 10,000 SH   SOLE 10,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 726 9,500 SH   SOLE 9,000 0 500
NORFOLK SOUTHERN CORP COM 655844108 764 10,000 SH   OTR 0 0 10,000
PARKWAY PPTYS INC COM 70159q104 233 15,000 SH   SOLE 0 0 15,000
PEBBLEBROOK HOTEL TR COM 70509v100 177 5,000 SH   SOLE 0 0 5,000
PEBBLEBROOK HOTEL TR COM 70509v100 269 7,600 SH   OTR 0 0 7,600
PEPSICO INC COM 713448108 1,823 19,330 SH   SOLE 0 0 19,330
PFIZER INC COM 717081103 3,725 118,600 SH   SOLE 28,400 0 90,200
PINNACLE WEST CAP CORP COM 723484101 802 12,500 SH   SOLE 0 0 12,500
PROCTER & GAMBLE CO COM 742718109 255 3,540 SH   SOLE 0 0 3,540
RAYTHEON CO COM NEW 755111507 219 2,000 SH   SOLE 2,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131n101 359 21,700 SH   SOLE 5,000 0 16,700
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 735 15,500 SH   SOLE 0 0 15,500
SANDRIDGE ENERGY INC COM 80007p307 11 40,500 SH   SOLE 0 0 40,500
SCHLUMBERGER LTD COM 806857108 1,786 25,896 SH   SOLE 0 0 25,896
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 472 10,000 SH   SOLE 10,000 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 993 15,000 SH   SOLE 5,000 0 10,000
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 433 10,000 SH   SOLE 10,000 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 592 15,000 SH   SOLE 0 0 15,000
SEVENTY SEVEN ENERGY INC COM 818097107 14 10,028 SH   SOLE 0 0 10,028
SIMON PPTY GROUP INC NEW COM 828806109 753 4,100 SH   SOLE 0 0 4,100
SPDR GOLD TRUST GOLD SHS 78463v107 20,783 194,488 SH   SOLE 7,365 0 187,123
SPDR INDEX SHS FDS EURO STOXX 50 78463x202 7,553 223,150 SH   SOLE 25,300 0 197,850
SPDR S&P 500 ETF TR TR UNIT 78462f103 2,208 11,523 SH   SOLE 0 0 11,523
SPDR SERIES TRUST S&P BK ETF 78464a797 365 11,000 SH   SOLE 5,000 0 6,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 635 8,800 SH   SOLE 0 0 8,800
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 2,156 63,000 SH   SOLE 26,000 0 37,000
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 685 20,000 SH   OTR 0 0 20,000
STARWOOD WAYPOINT RESIDENTL COM SHS 85571w109 1,112 46,700 SH   SOLE 1,400 0 45,300
STRATEGIC HOTELS & RESORTS I COM 86272t106 3,845 278,818 SH   SOLE 52,000 0 226,818
STRATEGIC HOTELS & RESORTS I COM 86272t106 414 30,000 SH   OTR 0 0 30,000
SUMMIT HOTEL PPTYS COM 866082100 371 31,800 SH   SOLE 0 0 31,800
TARGET CORP COM 87612e106 3,201 40,700 SH   SOLE 17,800 0 22,900
TAUBMAN CTRS INC COM 876664103 1,022 14,800 SH   SOLE 1,000 0 13,800
TECO ENERGY INC COM 872375100 1,050 40,000 SH   SOLE 0 0 40,000
TERRENO RLTY CORP COM 88146m101 287 14,600 SH   OTR 0 0 14,600
TERRENO RLTY CORP COM 88146m101 364 18,500 SH   SOLE 0 0 18,500
TIME WARNER CABLE INC COM 88732j207 529 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 1,031 15,000 SH   OTR 0 0 15,000
TIME WARNER INC COM NEW 887317303 4,601 66,925 SH   SOLE 6,375 0 60,550
TJX COS INC NEW COM 872540109 4,196 58,750 SH   SOLE 18,000 0 40,750
TOTAL S A SPONSORED ADR 89151e109 313 7,000 SH   SOLE 0 0 7,000
U M H PROPERTIES INC COM 903002103 167 17,908 SH   SOLE 0 0 17,908
UNION PAC CORP COM 907818108 2,735 30,932 SH   SOLE 4,500 0 26,432
UNITED PARCEL SERVICE INC CL B 911312106 5,452 55,240 SH   SOLE 7,400 0 47,840
UNITED TECHNOLOGIES CORP COM 913017109 312 3,500 SH   SOLE 0 0 3,500
URSTADT BIDDLE PPTYS INC CL A 917286205 366 19,500 SH   SOLE 4,500 0 15,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,188 14,500 SH   SOLE 0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,216 14,900 SH   SOLE 0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,262 53,300 SH   SOLE 0 0 53,300
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 820 19,230 SH   SOLE 0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 281 3,100 SH   SOLE 0 0 3,100
VECTOR GROUP LTD COM 92240m108 1,100 48,665 SH   SOLE 0 0 48,665
VERIZON COMMUNICATIONS INC COM 92343v104 572 13,145 SH   SOLE 460 0 12,685
VISA INC COM CL A 92826c839 906 13,000 SH   SOLE 0 0 13,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 345 4,150 SH   SOLE 0 0 4,150
WAL-MART STORES INC COM 931142103 1,051 16,210 SH   SOLE 4,700 0 11,510
WELLS FARGO & CO NEW COM 949746101 5,016 97,677 SH   SOLE 30,300 0 67,377
WESTERN COPPER & GOLD CORP COM 95805v108 3 10,000 SH   SOLE 0 0 10,000
WILLIAMS COS INC DEL COM 969457100 1,992 54,050 SH   SOLE 0 0 54,050
WINTHROP RLTY TR SH BEN INT NEW 976391300 323 22,500 SH   SOLE 22,500 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717x701 820 15,000 SH   SOLE 0 0 15,000
XL GROUP PLC SHS g98290102 363 10,000 SH   SOLE 10,000 0 0