Termination of Purchase and Sale Agreement	6 Months Ended
Apr. 30, 2022
Business Combination, Consideration Transferred [Abstract]
Termination of Purchase and Sale Agreement	Note 6 – Termination of Purchase and Sale Agreement: FREIT previously reported that on February 4, 2022, the Superior Court of New Jersey, Monmouth County (“Court”) entered an Order with respect to summary judgment motions filed by the parties in connection with litigation between certain affiliates of FREIT (the “Sellers” or “Defendant”) and Sinatra Properties, LLC (“Sinatra” or “Plaintiff”). The litigation relates to a Purchase and Sale Agreement entered into on January 14, 2020 (“PSA”) between the Sellers and Sinatra involving the sale by the Sellers of 100% of their ownership interests in six (6) real properties held by the Sellers. The February 4, 2022 Order provides as follows: (1) The Court finds that the Plaintiff’s have breached the subject contract and the Court dismisses all claims for relief filed by the Plaintiff in this suit. The Court dismissed the Complaint and dismisses the Lis Pendens. (2) The Court finds that the liquidated damage provision of the contract is not enforceable and the Court Orders that the $15 million held in escrow be returned to the Plaintiff. (3) The Court dismisses the Counterclaims and Third Party Complaint. All pleadings are dismissed. The Sellers have been evaluating the February 4, 2022 Order and their rights and remedies with respect thereto. On May 31, 2022, Sinatra filed a Motion for Reconsideration with the Court, requesting that the Court reconsider its February 4, 2022 Order and, among other things, (a) grant Sinatra’s motion for summary judgment, and (b) reverse the Court’s findings that (1) Sinatra breached the PSA, (2) the Sellers did not breach the PSA and (3) the Court’s dismissal of the Complaint and Lis Pendens. The Sellers continue to believe that the allegations set forth in the Complaint and Answer filed by Sinatra and in the Answer and Affirmative Defenses filed by Sinatra and Kushner Realty Acquisition LLC are without merit. Through the quarter ended April 30, 2022, the $15 million deposit has not been included in income in the accompanying condensed consolidated statements of operations. Legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra Properties, LLC have been incurred in the amount of approximately $892,000 and $279,000 for the six and three months ended April 30, 2022, respectively, and $1,108,000 and $628,000, for the six and three months ended April 30, 2021, respectively, and are included in operating expenses on the condensed consolidated statements of operations.

Termination of Purchase and Sale Agreement

6 Months Ended

Apr. 30, 2022

Business Combination, Consideration Transferred [Abstract]

Termination of Purchase and Sale Agreement

Note 6 – Termination of Purchase and Sale Agreement:

FREIT previously reported that on February 4, 2022, the Superior Court of New Jersey, Monmouth County (“Court”) entered an Order with respect to summary judgment motions filed by the parties in connection with litigation between certain affiliates of FREIT (the “Sellers” or “Defendant”) and Sinatra Properties, LLC (“Sinatra” or “Plaintiff”). The litigation relates to a Purchase and Sale Agreement entered into on January 14, 2020 (“PSA”) between the Sellers and Sinatra involving the sale by the Sellers of 100% of their ownership interests in six (6) real properties held by the Sellers.

The February 4, 2022 Order provides as follows:

(1) The Court finds that the Plaintiff’s have breached the subject contract and the Court dismisses all claims for relief filed by the Plaintiff in this suit. The Court dismissed the Complaint and dismisses the Lis Pendens.

(2) The Court finds that the liquidated damage provision of the contract is not enforceable and the Court Orders that the $15 million held in escrow be returned to the Plaintiff.

(3) The Court dismisses the Counterclaims and Third Party Complaint. All pleadings are dismissed.

The Sellers have been evaluating the February 4, 2022 Order and their rights and remedies with respect thereto.

On May 31, 2022, Sinatra filed a Motion for Reconsideration with the Court, requesting that the Court reconsider its February 4, 2022 Order and, among other things, (a) grant Sinatra’s motion for summary judgment, and (b) reverse the Court’s findings that (1) Sinatra breached the PSA, (2) the Sellers did not breach the PSA and (3) the Court’s dismissal of the Complaint and Lis Pendens.

The Sellers continue to believe that the allegations set forth in the Complaint and Answer filed by Sinatra and in the Answer and Affirmative Defenses filed by Sinatra and Kushner Realty Acquisition LLC are without merit.

Through the quarter ended April 30, 2022, the $15 million deposit has not been included in income in the accompanying condensed consolidated statements of operations. Legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra Properties, LLC have been incurred in the amount of approximately $892,000 and $279,000 for the six and three months ended April 30, 2022, respectively, and $1,108,000 and $628,000, for the six and three months ended April 30, 2021, respectively, and are included in operating expenses on the condensed consolidated statements of operations.