Significant Accounting Policy

6 Months Ended

Jun. 30, 2015

Significant Accounting Policy [Abstract]

Significant Accounting Policy [Text Block]

3.       Significant Accounting Policy

Development and Construction inProgress – We are constructing an apartment tower above our Rego Park II shopping center, containing 312 units aggregating 255,000 square feet. The estimated cost of this project is approximately $125,000,000, of which $103,307,000 has been incurred as of June 30, 2015. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense.  The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy (“TCO”).In July 2015, we receivedTCOs for certain floors of theRego Park II apartment tower where construction has been substantially completed. Construction of the remaining floors is expected to be substantially completed during 2015 and the related TCOs are expected to be obtained by December 31, 2015.