Significant Accounting Policy

9 Months Ended

Sep. 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, The Alexander, above our Rego Park II shopping center, containing 312 units aggregating 255,000 square feet. The estimated cost of this project, including initial leasing costs to achieve stabilized occupancy,is approximately $125,000,000, of which $113,000,000 has been incurred as of September 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 the third quarter of 2015, we receiveda TCO for certain floorsof the apartment tower where construction has been substantially completed. Accordingly, this portion of the apartment tower has been placed in service. Construction of the remaining floors is expected to be substantially completed duringthe fourth quarter of 2015 and we expect to receive the relatedTCO by December 31, 2015.