Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable as of September 30, 2019 and December 31, 2018. We may refinance our maturing debt as it comes due or choose to repay it.



			Balance at
(Amounts in thousands)	Maturity	Interest Rate at September 30, 2019	September 30, 2019			December 31, 2018
First mortgages secured by:
Paramus	Oct. 2021	4.72%	$	68,000		$	68,000
731 Lexington Avenue, retail condominium⁽¹⁾	Aug. 2022	3.47%	350,000			350,000
731 Lexington Avenue, office condominium⁽²⁾	Jun. 2024	2.93%	500,000			500,000
Rego Park II shopping center⁽³⁾	Dec. 2025	3.39%	56,836			56,836
Total			974,836			974,836
Deferred debt issuance costs, net of accumulated amortization of $13,074 and $9,212, respectively			(5,163		)	(9,010		)
			$	969,673		$	965,826


(1)	Interest at LIBOR plus 1.40%. Maturity date represents the extended maturity based on our conditional right to extend.


(2)	Interest at LIBOR plus 0.90%. Maturity date represents the extended maturity based on our unilateral right to extend.

(3)

Interest at LIBOR plus 1.35%. The amount of this loan is net of our $195,708 loan participation (see Note 2 - Basis of Presentation).

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details