COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Tax Abatement Agreements

Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows:

				PILOT Payments
			PILOT	2023		2022		2021
Property Name	Location	Asset Type	Expiration Dates	(Dollars in Thousands)
BLVD 475 (Monaco) (a)	Jersey City, NJ	Multifamily	2/2021	—		—		443
111 River Street (b)	Hoboken, NJ	Office	4/2022	—		—		1,470
Harborside Plaza 4A (c)	Jersey City, NJ	Office	2/2022	—		—		1,057
Harborside Plaza 5 (d)	Jersey City, NJ	Office	6/2022	—		—		4,324
BLVD 401 (Marbella 2) (e)	Jersey City, NJ	Multifamily	4/2026	1,754		1,692		1,277
RiverHouse 11 at Port Imperial (f)	Weehawken, NJ	Multifamily	7/2033	1,735		1,514		1,369
Port Imperial 4/5 Hotel (g)	Weehawken, NJ	Hotel	12/2033	224		2,925		2,925
RiverHouse 9 at Port Imperial (h)	Weehawken, NJ	Multifamily	6/2046	1,608		1,295		350
Haus25 (i)	Jersey City, NJ	Mixed-Use	3/2047	2,619		975		—
The James (j)	Park Ridge, NJ	Multifamily	6/2051	714		318		—
Total Pilot taxes				$	8,654	$	8,719	$	13,215

(a)The annual PILOT is equal to ten percent of Gross Revenues, as defined.

(b)The property was disposed of in the first quarter of 2022.

(c)The property was disposed of in the third quarter of 2023.

(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.

(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.

(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.

(g)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.

(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.

(i)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years following the substantial completion which occurred in April 2022.

(j)The property was acquired in July 2022. For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30; as defined.

Schedule of Future Minimum Rental Payments Of Ground Leases

Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of December 31, 2023, are as follows (dollars in thousands):

	As of December 31, 2023
Year	Amount
2024	$	1,272
2025	1,279
2026	1,279
2027	1,280
2028	494
2029 through 2101	31,447
Total lease payments	37,051
Less: imputed interest	(29,700)
Total	$	7,351

	As of December 31, 2022
Year	Amount
2023	$	192
2024	192
2025	199
2026	199
2027	200
2028 through 2101	31,664
Total lease payments	32,646
Less: imputed interest	(29,418)
Total	$	3,228