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
AMERICAN INTL GROUP INC COM NEW 026874784 1,372 22,348 SH   SOLE   0 0 22,348
AMGEN INC COM 031162100 3,828 20,533 SH   SOLE   0 0 20,533
APACHE CORP COM 037411105 1,930 42,137 SH   SOLE   0 0 42,137
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,658 363,949 SH   SOLE   0 0 363,949
BANK NEW YORK MELLON CORP COM 064058100 3,056 57,643 SH   SOLE   0 0 57,643
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,544 8,425 SH   SOLE   0 0 8,425
BROOKDALE SR LIVING INC COM 112463104 1,265 119,330 SH   SOLE   0 0 119,330
CHEVRON CORP NEW COM 166764100 1,269 10,797 SH   SOLE   0 0 10,797
CISCO SYS INC COM 17275R102 2,719 80,863 SH   SOLE   0 0 80,863
CORNING INC COM 219350105 6,986 233,493 SH   SOLE   0 0 233,493
DEVON ENERGY CORP NEW COM 25179M103 1,507 41,051 SH   SOLE   0 0 41,051
DISNEY WALT CO COM DISNEY 254687106 225 2,280 SH   SOLE   0 0 2,280
EXXON MOBIL CORP COM 30231G102 1,502 18,323 SH   SOLE   0 0 18,323
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,708 271,850 SH   SOLE   0 0 271,850
FORTIS INC COM 349553107 1,442 40,305 SH   SOLE   0 0 40,305
GENERAL ELECTRIC CO COM 369604103 1,579 65,290 SH   SOLE   0 0 65,290
GENERAL MTRS CO COM 37045V100 1,604 39,731 SH   SOLE   0 0 39,731
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,306 177,056 SH   SOLE   0 0 177,056
JOHNSON & JOHNSON COM 478160104 583 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 306 3,206 SH   SOLE   0 0 3,206
KEYCORP NEW COM 493267108 3,309 175,816 SH   SOLE   0 0 175,816
LEUCADIA NATL CORP COM 527288104 841 33,321 SH   SOLE   0 0 33,321
LOEWS CORP COM 540424108 3,949 82,514 SH   SOLE   0 0 82,514
M & T BK CORP COM 55261F104 372 2,313 SH   SOLE   0 0 2,313
NUVEEN NEW YORK QLT MUN INC COM 67066X107 195 13,805 SH   SOLE   0 0 13,805
NVIDIA CORP COM 67066G104 20,713 115,865 SH   SOLE   0 0 115,865
PATTERSON COMPANIES INC COM 703395103 1,722 44,555 SH   SOLE   0 0 44,555
PAYCHEX INC COM 704326107 434 7,232 SH   SOLE   0 0 7,232
PHILLIPS 66 COM 718546104 1,470 16,051 SH   SOLE   0 0 16,051
POSCO SPONSORED ADR 693483109 2,511 36,178 SH   SOLE   0 0 36,178
PROCTER AND GAMBLE CO COM 742718109 203 2,234 SH   SOLE   0 0 2,234
QUALCOMM INC COM 747525103 3,889 75,023 SH   SOLE   0 0 75,023
QUEST DIAGNOSTICS INC COM 74834L100 234 2,500 SH   SOLE   0 0 2,500
RAYONIER INC COM 754907103 1,899 65,728 SH   SOLE   0 0 65,728
SEARS HLDGS CORP COM 812350106 1,160 158,935 SH   SOLE   0 0 158,935
SERITAGE GROWTH PPTYS CL A 81752R100 1,487 32,271 SH   SOLE   0 0 32,271
STEPAN CO COM 858586100 3,712 44,376 SH   SOLE   0 0 44,376
TANGER FACTORY OUTLET CTRS I COM 875465106 3,385 138,596 SH   SOLE   0 0 138,596
TELEFONICA S A SPONSORED ADR 879382208 1,334 123,638 SH   SOLE   0 0 123,638
UNION PAC CORP COM 907818108 450 3,879 SH   SOLE   0 0 3,879
VALMONT INDS INC COM 920253101 2,803 17,727 SH   SOLE   0 0 17,727
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 2,828 99,356 SH   SOLE   0 0 99,356
WELLS FARGO CO NEW COM 949746101 413 7,490 SH   SOLE   0 0 7,490
WEYERHAEUSER CO COM 962166104 4,984 146,454 SH   SOLE   0 0 146,454