Mortgages Payable

6 Months Ended

Jun. 30, 2014

Mortgages Payable [Abstract]

Mortgages Payable [Text Block]

9.Mortgages Payable

On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options. The proceeds of the new loan and existing cash were used to repay the existing loan and closing costs. In connection therewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%.

The following is a summary of our outstanding mortgages payable. We intend to refinance our maturing debt as it comes due.

						Balance at
				Interest Rate at		June 30,		December 31,
(Amounts in thousands)			Maturity(1)	June 30, 2014		2014		2013
First mortgages secured by:
	Rego Park I shopping center (100% cash
		collateralized)	Mar. 2015	0.40	%	$	78,246	$	78,246
	731 Lexington Avenue, retail space(2)		Jul. 2015	4.93	%		320,000		320,000
	Paramus		Oct. 2018	2.90	%		68,000		68,000
	Rego Park II shopping center(3)		Nov. 2018	2.00	%		268,043		269,496
	731 Lexington Avenue, office space		Mar. 2021	1.10	%		300,000		314,217
						$	1,034,289	$	1,049,959
(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined.
(3)	This loan bears interest at LIBOR plus 1.85%.