XML 36 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Mortgages Payable
 6 Months Ended
Jun. 30, 2015
Mortgages Payable [Abstract]  
Mortgages Payable [Text Block]

9.              Mortgages Payable

The following is a summary of our outstanding mortgages payable as of June 30, 2015 and December 31, 2014.

 

           Balance at  
      Interest Rate at  June 30, December 31, 
(Amounts in thousands) Maturity(1) June 30, 2015  2015 2014 
First mortgages secured by:            
 731 Lexington Avenue, retail space(2)Aug. 2015 4.93%  $320,000 $320,000 
 Rego Park I shopping center (100% cash            
  collateralized)(3)Mar. 2016 0.40%   78,246  78,246 
 ParamusOct. 2018 2.90%   68,000  68,000 
 Rego Park II shopping center(4)Nov. 2018 2.04%   264,967  266,534 
 731 Lexington Avenue, office space(5)Mar. 2021 1.14%   300,000  300,000 
          $1,031,213 $1,032,780 
              
(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. We expect to complete the refinancing of this loan in August 2015. 
(3)Extended for one year from March 10, 2015. 
(4)Interest at LIBOR plus 1.85%. 
(5)Interest at LIBOR plus 0.95%.