Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

 

			Interest Rate at December 31, 2019	Balance at December 31,
(Amounts in thousands)		Maturity		2019			2018
First mortgages secured by:
	Paramus	Oct. 2021	4.72%	$	68,000		$	68,000
	731 Lexington Avenue, retail condominium(1)	Aug. 2022	3.10%	350,000			350,000
	731 Lexington Avenue, office condominium(2)	Jun. 2024	2.64%	500,000			500,000
	Rego Park II shopping center(3)	Dec. 2025	3.15%	56,836			56,836
	Total			974,836			974,836
	Deferred debt issuance costs, net of accumulated
	amortization of $14,362 and $9,212, respectively			(3,875		)	(9,010		)
				$	970,961		$	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 - Summary of Significant Accounting Policies).

Schedule of Maturities of Long-term Debt

As of December 31, 2019, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2020	$	—
2021	68,000
2022	350,000
2023	—
2024	500,000
Thereafter	56,836