Mortgages Payable

9 Months Ended

Sep. 30, 2012

Notes and Mortgages Payable [Abstract]

Mortgages Payable [Text Block]

7.       Mortgages Payable

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it at maturity.

					Balance at
			Interest Rate at		September 30,		December 31,
(Amounts in thousands)		Maturity	September 30, 2012		2012		2011
First mortgage, secured by the Rego Park I
	Shopping Center (100% cash collateralized)	Mar. 2013	0.50	%	$	78,246	$	78,246
First mortgage, secured by the office space
	at the Lexington Avenue property	Feb. 2014	5.33	%		330,629		339,890
First mortgage, secured by the retail space
	at the Lexington Avenue property(1)	Jul. 2015	4.93	%		320,000		320,000
First mortgage, secured by the Paramus property		Oct. 2018	2.90	%		68,000		68,000
First mortgage, secured by the
	Rego Park II Shopping Center(2)	Nov. 2018	2.06	%		272,901		274,796
					$	1,069,776	$	1,080,932
___________________
(1)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(2)	This loan bears interest at LIBOR plus 1.85%.