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Note 4 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Long term debt $ 1,255,347  
Unamortized debt issuance costs (11,212) $ (13,405)
Total debt, net of unamortized debt issuance costs 1,244,136 1,205,624
Mortgages and Mezzanine Notes 1[Member]    
Long term debt 1,255,348 1,219,029
Unamortized debt issuance costs $ (11,212) (13,405)
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]    
Interest rate [1] 3.125%  
Long term debt [1] $ 329,000 329,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]    
Interest rate [2] 3.63%  
Long term debt [2] $ 125,000 125,000
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]    
Interest rate [3] 3.21%  
Long term debt [3] $ 100,000 100,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]    
Interest rate [4] 4.506%  
Long term debt [4] $ 360,000 360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]    
Interest rate [5] 3.68%  
Long term debt [5] $ 60,211 61,004
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]    
Interest rate [6] 3.53%  
Long term debt [6] $ 82,000 82,000
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]    
Long term debt $ 31,644 31,836
Basis Spread 2.50%  
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]    
Interest rate 5.55%  
Long term debt $ 60,000 60,000
Mortgages and Mezzanine Notes 2 [Member] | Residential Property At 1010 Pacific Street [Member]    
Interest rate 6.37%  
Long term debt $ 20,000 [7] 20,000
Mortgages and Mezzanine Notes 2 [Member] | Dean Street, Prospect Heights [Member]    
Long term debt $ 78,531 42,909
Basis Spread 4.00%  
Mortgages and Mezzanine Notes 3[Member] | Dean Street, Prospect Heights [Member]    
Long term debt $ 8,962 $ 7,280
Basis Spread 10.00%  
[1] The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
[2] The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium.
[3] The $100,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on February 18, 2021 matures on March 6, 2031, bears interest at 3.21% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium.
[4] The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027.
[5] The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium.
[6] The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029.
[7] On December 22, 2021, the Company entered into a $30,000 mortgage note agreement with Bank Leumi, N.A related to the Dean Street acquisition. The notes original maturity was December 22, 2022 and was subsequently extended to September 22, 2023. The note required interest-only payments and bears interest at the prime rate (with a floor of 3.25%) plus 1.60%. In April 2022, the Company borrowed an additional $6,985 under the mortgage note in connection with the acquisition of additional parcels of land in February and April 2022.