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 1,383 23,208 SH   SOLE   0 0 23,208
AMGEN INC COM 031162100 3,742 21,518 SH   SOLE   0 0 21,518
APACHE CORP COM 037411105 1,837 43,505 SH   SOLE   0 0 43,505
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,873 374,199 SH   SOLE   0 0 374,199
BANK NEW YORK MELLON CORP COM 064058100 3,191 59,243 SH   SOLE   0 0 59,243
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,672 8,435 SH   SOLE   0 0 8,435
CHEVRON CORP NEW COM 166764100 1,352 10,797 SH   SOLE   0 0 10,797
CORNING INC COM 219350105 7,744 242,076 SH   SOLE   0 0 242,076
DEVON ENERGY CORP NEW COM 25179M103 1,708 41,251 SH   SOLE   0 0 41,251
DISNEY WALT CO COM DISNEY 254687106 240 2,230 SH   SOLE   0 0 2,230
EXXON MOBIL CORP COM 30231G102 1,620 19,373 SH   SOLE   0 0 19,373
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 4,052 287,400 SH   SOLE   0 0 287,400
FORTIS INC COM 349553107 1,478 40,305 SH   SOLE   0 0 40,305
GENERAL ELECTRIC CO COM 369604103 1,177 67,446 SH   SOLE   0 0 67,446
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,239 186,153 SH   SOLE   0 0 186,153
INTERNATIONAL BUSINESS MACHS COM 459200101 242 1,575 SH   SOLE   0 0 1,575
JOHNSON & JOHNSON COM 478160104 627 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 343 3,206 SH   SOLE   0 0 3,206
JUNIPER NETWORKS INC COM 48203R104 5,206 182,676 SH   SOLE   0 0 182,676
KEYCORP NEW COM 493267108 3,594 178,168 SH   SOLE   0 0 178,168
KIMCO RLTY CORP COM 49446R109 5,093 280,625 SH   SOLE   0 0 280,625
LEUCADIA NATL CORP COM 527288104 883 33,321 SH   SOLE   0 0 33,321
LOEWS CORP COM 540424108 4,246 84,865 SH   SOLE   0 0 84,865
M & T BK CORP COM 55261F104 443 2,588 SH   SOLE   0 0 2,588
MERCK & CO INC COM 58933Y105 200 3,562 SH   SOLE   0 0 3,562
NUVEEN NEW YORK QLT MUN INC COM 67066X107 191 13,805 SH   SOLE   0 0 13,805
NVIDIA CORP COM 67066G104 13,625 70,411 SH   SOLE   0 0 70,411
PATTERSON COMPANIES INC COM 703395103 1,711 47,355 SH   SOLE   0 0 47,355
PAYCHEX INC COM 704326107 492 7,232 SH   SOLE   0 0 7,232
PFIZER INC COM 717081103 207 5,725 SH   SOLE   0 0 5,725
PHILLIPS 66 COM 718546104 1,677 16,577 SH   SOLE   0 0 16,577
POSCO SPONSORED ADR 693483109 2,827 36,178 SH   SOLE   0 0 36,178
PROCTER AND GAMBLE CO COM 742718109 205 2,234 SH   SOLE   0 0 2,234
QUALCOMM INC COM 747525103 5,017 78,368 SH   SOLE   0 0 78,368
QUEST DIAGNOSTICS INC COM 74834L100 246 2,500 SH   SOLE   0 0 2,500
RAYONIER INC COM 754907103 2,059 65,102 SH   SOLE   0 0 65,102
SERITAGE GROWTH PPTYS CL A 81752R100 1,436 35,499 SH   SOLE   0 0 35,499
STEPAN CO COM 858586100 3,560 45,077 SH   SOLE   0 0 45,077
TANGER FACTORY OUTLET CTRS I COM 875465106 3,889 146,692 SH   SOLE   0 0 146,692
TELEFONICA S A SPONSORED ADR 879382208 1,189 122,859 SH   SOLE   0 0 122,859
UNION PAC CORP COM 907818108 949 7,079 SH   SOLE   0 0 7,079
VALMONT INDS INC COM 920253101 2,940 17,727 SH   SOLE   0 0 17,727
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 3,192 100,056 SH   SOLE   0 0 100,056
WELLS FARGO CO NEW COM 949746101 454 7,490 SH   SOLE   0 0 7,490
WEYERHAEUSER CO COM 962166104 5,391 152,904 SH   SOLE   0 0 152,904