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
ALASKA AIR GROUP INC COM 011659109 4,651 77,018 SH   SOLE   0 0 77,018
AMERICAN INTL GROUP INC COM NEW 026874784 1,322 24,935 SH   SOLE   0 0 24,935
AMGEN INC COM 031162100 8,584 46,501 SH   SOLE   0 0 46,501
APACHE CORP COM 037411105 1,966 42,058 SH   SOLE   0 0 42,058
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 2,969 427,237 SH   SOLE   0 0 427,237
BANK NEW YORK MELLON CORP COM 064058100 3,310 61,385 SH   SOLE   0 0 61,385
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,586 8,497 SH   SOLE   0 0 8,497
BP PLC SPONSORED ADR 055622104 240 5,258 SH   SOLE   0 0 5,258
CORNING INC COM 219350105 7,153 260,000 SH   SOLE   0 0 260,000
DEVON ENERGY CORP NEW COM 25179M103 1,811 41,202 SH   SOLE   0 0 41,202
DISCOVERY INC COM SER C 25470F302 5,551 217,680 SH   SOLE   0 0 217,680
DISNEY WALT CO COM DISNEY 254687106 245 2,335 SH   SOLE   0 0 2,335
EXXON MOBIL CORP COM 30231G102 1,609 19,449 SH   SOLE   0 0 19,449
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 5,617 499,325 SH   SOLE   0 0 499,325
FORTIS INC COM 349553107 1,285 40,305 SH   SOLE   0 0 40,305
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 4,556 212,422 SH   SOLE   0 0 212,422
INTERNATIONAL BUSINESS MACHS COM 459200101 220 1,575 SH   SOLE   0 0 1,575
JOHNSON & JOHNSON COM 478160104 544 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 312 2,995 SH   SOLE   0 0 2,995
JUNIPER NETWORKS INC COM 48203R104 5,462 199,209 SH   SOLE   0 0 199,209
KEYCORP NEW COM 493267108 3,602 184,323 SH   SOLE   0 0 184,323
KIMCO RLTY CORP COM 49446R109 5,365 315,792 SH   SOLE   0 0 315,792
LOEWS CORP COM 540424108 7,327 151,767 SH   SOLE   0 0 151,767
M & T BK CORP COM 55261F104 459 2,698 SH   SOLE   0 0 2,698
MERCK & CO INC COM 58933Y105 202 3,325 SH   SOLE   0 0 3,325
NUVEEN NEW YORK QLT MUN INC COM 67066X107 174 13,805 SH   SOLE   0 0 13,805
NVIDIA CORP COM 67066G104 15,006 63,342 SH   SOLE   0 0 63,342
PATTERSON COMPANIES INC COM 703395103 1,029 45,385 SH   SOLE   0 0 45,385
PAYCHEX INC COM 704326107 494 7,232 SH   SOLE   0 0 7,232
PFIZER INC COM 717081103 224 6,175 SH   SOLE   0 0 6,175
PHILLIPS 66 COM 718546104 2,265 20,168 SH   SOLE   0 0 20,168
QUALCOMM INC COM 747525103 4,601 81,990 SH   SOLE   0 0 81,990
QUEST DIAGNOSTICS INC COM 74834L100 275 2,500 SH   SOLE   0 0 2,500
SERITAGE GROWTH PPTYS CL A 81752R100 5,207 122,709 SH   SOLE   0 0 122,709
STEPAN CO COM 858586100 3,677 47,139 SH   SOLE   0 0 47,139
TANGER FACTORY OUTLET CTRS I COM 875465106 4,510 191,983 SH   SOLE   0 0 191,983
TIDEWATER INC NEW COM 88642R109 5,075 175,415 SH   SOLE   0 0 175,415
UNION PAC CORP COM 907818108 997 7,034 SH   SOLE   0 0 7,034
WEYERHAEUSER CO COM 962166104 6,011 164,861 SH   SOLE   0 0 164,861