Notes and Mortgages Payable

9 Months Ended

Sep. 30, 2011

Notes and Mortgages Payable [Abstract]

4. Notes and Mortgages Payable

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

					Balance at
			Interest Rate at		September 30,		December 31,
(Amounts in thousands)		Maturity	September 30, 2011		2011		2010
First mortgage, secured by the Paramus property ⁽¹⁾		Oct. 2011	5.92	%	$	68,000	$	68,000
Construction loan, secured by the
	Rego Park II Shopping Center⁽²⁾	Dec. 2011	1.42	%		277,200		277,200
First mortgage, secured by the Rego Park I
	Shopping Center (100% cash collateralized)	Mar. 2012	0.75	%		78,246		78,246
First mortgage, secured by the office space
	at the Lexington Avenue property	Feb. 2014	5.33	%		342,928		351,751
First mortgage, secured by the retail space
	at the Lexington Avenue property⁽³⁾	Jul. 2015	4.93	%		320,000		320,000
First mortgage, secured by the Kings Plaza
	Regional Shopping Center⁽⁴⁾	Jun. 2016	2.04	%		250,000		151,214
					$	1,336,374	$	1,246,411
___________________

(1)	On October 5, 2011, this loan was refinanced for the same amount. The new seven-year interest-only loan has a fixed rate of 2.90%.
(2)	This loan bears interest at LIBOR plus 1.20%.
(3)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(4)	On June 10, 2011, we completed a $250,000 refinancing of this property. The five-year interest-only loan is at LIBOR plus 1.70%. We retained net proceeds of approximately $95,000 after repaying the existing loan and costs.