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COMMITMENTS AND CONTINGENCIES (Details) (USD $)
1 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Jun. 30, 2012
Non binding letter of intent with New York City Economic Authority
Dec. 31, 2011
Non binding letter of intent with New York City Economic Authority
Jun. 29, 2012
Non binding letter of intent with New York City Economic Authority
Commitments          
Amount of outstanding letters of credit and surety bonds $ 34,500,000 $ 41,600,000      
Annual ground rent     1,200,000    
Annual escalation rate (as a percent)         3.00%
Rent credit to be received     1,500,000    
Maximum period for rent credit     30 months    
Esplanade maintenance costs agreed to be paid         1,100,000
Period during which esplanade maintenance costs are agreed to be paid (in years)       5 years  
Initial esplanade payments     $ 210,000