Sale of property	6 Months Ended
Apr. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Sale of property	Note 5 – Sale of property: On January 11, 2016, FREIT was notified by Lakeland Bank (as successor by merger to Pascack Community Bank) of its election and exercise of the option to purchase the property leased by FREIT to Lakeland Bank located in Rochelle Park, New Jersey. Pursuant to the Lease Agreement, Lakeland Bank had the right to exercise this option at a price equal to the greater of $3 million or the fair market value of the property as determined by mutual agreement between tenant and landlord. FREIT and Lakeland Bank agreed to a purchase price of $3.1 million. On June 17, 2016, FREIT sold this property, having a carrying amount of approximately $2.7 million (including a straight-line rent receivable in the amount of approximately $0.5 million), to Lakeland Bank for $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale resulted in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023. As the disposal of this property did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the property’s operations were not reflected as discontinued operations in the accompanying financial statements. On March 23, 2017, FREIT entered into an agreement to sell its residential property, Hammel Gardens, located in Maywood, New Jersey, which has a carrying value of approximately $0.7 million, for a sales price of $17 million. The sale of this property will result in a capital gain of approximately $16 million net of sales fees and commissions and is expected to close in June 2017. As a result of this sale, FREIT will incur a mortgage prepayment penalty of approximately $1 million. FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $16 million capital gain. The net proceeds from this sale, which are expected to be approximately $7.7 million, will be held in escrow until a replacement property is purchased.

Sale of property

6 Months Ended

Apr. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Note 5 – Sale of property:

On January 11, 2016, FREIT was notified by Lakeland Bank (as successor by merger to Pascack Community Bank) of its election and exercise of the option to purchase the property leased by FREIT to Lakeland Bank located in Rochelle Park, New Jersey. Pursuant to the Lease Agreement, Lakeland Bank had the right to exercise this option at a price equal to the greater of $3 million or the fair market value of the property as determined by mutual agreement between tenant and landlord. FREIT and Lakeland Bank agreed to a purchase price of $3.1 million. On June 17, 2016, FREIT sold this property, having a carrying amount of approximately $2.7 million (including a straight-line rent receivable in the amount of approximately $0.5 million), to Lakeland Bank for $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale resulted in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023. As the disposal of this property did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the property’s operations were not reflected as discontinued operations in the accompanying financial statements.

On March 23, 2017, FREIT entered into an agreement to sell its residential property, Hammel Gardens, located in Maywood, New Jersey, which has a carrying value of approximately $0.7 million, for a sales price of $17 million. The sale of this property will result in a capital gain of approximately $16 million net of sales fees and commissions and is expected to close in June 2017. As a result of this sale, FREIT will incur a mortgage prepayment penalty of approximately $1 million. FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $16 million capital gain. The net proceeds from this sale, which are expected to be approximately $7.7 million, will be held in escrow until a replacement property is purchased.