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 5,339 77,536 SH   SOLE   0 0 77,536
AMERICAN INTL GROUP INC COM NEW 026874784 1,328 24,936 SH   SOLE   0 0 24,936
AMGEN INC COM 031162100 9,636 46,484 SH   SOLE   0 0 46,484
APACHE CORP COM 037411105 2,000 41,961 SH   SOLE   0 0 41,961
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 2,813 450,037 SH   SOLE   0 0 450,037
BANK NEW YORK MELLON CORP COM 064058100 3,156 61,885 SH   SOLE   0 0 61,885
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,862 8,697 SH   SOLE   0 0 8,697
BP PLC SPONSORED ADR 055622104 242 5,258 SH   SOLE   0 0 5,258
CORNING INC COM 219350105 9,191 260,361 SH   SOLE   0 0 260,361
DEVON ENERGY CORP NEW COM 25179M103 1,619 40,528 SH   SOLE   0 0 40,528
DISCOVERY INC COM SER C 25470F302 6,485 219,240 SH   SOLE   0 0 219,240
DISNEY WALT CO COM DISNEY 254687106 273 2,335 SH   SOLE   0 0 2,335
EXXON MOBIL CORP COM 30231G102 1,647 19,374 SH   SOLE   0 0 19,374
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 4,914 522,250 SH   SOLE   0 0 522,250
FORTIS INC COM 349553107 1,307 40,305 SH   SOLE   0 0 40,305
FRANKLIN RES INC COM 354613101 5,126 168,555 SH   SOLE   0 0 168,555
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 4,775 210,643 SH   SOLE   0 0 210,643
INTERNATIONAL BUSINESS MACHS COM 459200101 238 1,575 SH   SOLE   0 0 1,575
JOHNSON & JOHNSON COM 478160104 620 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 338 2,995 SH   SOLE   0 0 2,995
JUNIPER NETWORKS INC COM 48203R104 5,954 198,670 SH   SOLE   0 0 198,670
KEYCORP NEW COM 493267108 3,774 189,751 SH   SOLE   0 0 189,751
KIMCO RLTY CORP COM 49446R109 5,365 320,464 SH   SOLE   0 0 320,464
LOEWS CORP COM 540424108 7,652 152,349 SH   SOLE   0 0 152,349
M & T BK CORP COM 55261F104 444 2,698 SH   SOLE   0 0 2,698
MERCK & CO INC COM 58933Y105 236 3,325 SH   SOLE   0 0 3,325
NUVEEN NEW YORK QLT MUN INC COM 67066X107 170 13,805 SH   SOLE   0 0 13,805
NVIDIA CORP COM 67066G104 17,635 62,752 SH   SOLE   0 0 62,752
PATTERSON COMPANIES INC COM 703395103 1,105 45,185 SH   SOLE   0 0 45,185
PAYCHEX INC COM 704326107 533 7,232 SH   SOLE   0 0 7,232
PFIZER INC COM 717081103 272 6,175 SH   SOLE   0 0 6,175
PHILLIPS 66 COM 718546104 2,307 20,469 SH   SOLE   0 0 20,469
QUALCOMM INC COM 747525103 5,885 81,697 SH   SOLE   0 0 81,697
QUEST DIAGNOSTICS INC COM 74834L100 270 2,500 SH   SOLE   0 0 2,500
SERITAGE GROWTH PPTYS CL A 81752R100 5,826 122,672 SH   SOLE   0 0 122,672
STEPAN CO COM 858586100 4,110 47,239 SH   SOLE   0 0 47,239
TANGER FACTORY OUTLET CTRS I COM 875465106 4,561 199,357 SH   SOLE   0 0 199,357
TIDEWATER INC NEW COM 88642R109 5,593 179,310 SH   SOLE   0 0 179,310
TRINITY PL HLDGS INC COM 89656D101 65 10,700 SH   SOLE   0 0 10,700
UNION PAC CORP COM 907818108 1,145 7,034 SH   SOLE   0 0 7,034
WEYERHAEUSER CO COM 962166104 5,537 171,582 SH   SOLE   0 0 171,582