Investments in Joint Ventures and Partnerships

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3. Investments in Joint Ventures and Partnerships

a. At December 31, 2012, we assigned our 50% joint venture ownership interest in the IATG property to Signature Community Investment Group. LLC (“Signature”). Presidential wrote down its interest in the asset to $0 dollars at fiscal yearend 2011. In addition to the IATG interest, Presidential also assigned the promissory note dated February 27, 2009 made by David Lichtenstein in the original principal amount of $750,000; and the Security and Pledge Agreement dated February 27, 2009. The Promissory Note matured in 2010 and the sole source of payment for the note is an additional 25% interest in the IATG property. As consideration for the assignment of the IATG interests, Signature will pay to Presidential one half of any net proceeds (after Signature pays the first $25,000 of expenses) received by Signature from the asset. Signature is wholly owned by Nickolas W. Jekogian III, our Chairman and Chief Executive Officer. This transaction was unanimously approved by a vote of the independent members of the board of directors. 

b. In December 2013 we received a distribution from Broadway Partners Fund II in the amount of $77,642. This amount is reported as investment income on the statement of operations. This investment was previously written off. The Company recognizes income received on the cash basis.