COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

As of December 31, 2024 and 2023, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st Street, which was accounted for as a finance lease, are included in the accompanying consolidated balance sheets as follows:

	December 31,
	2024			2023
Right-of-use asset (included in real estate held for investment, net, in thousands)	$	6,014		$	6,391
Lease obligation (included in other liabilities, in thousands)	9,632			9,537
Remaining lease term	89.0 years			90.0 years
Discount rate	4.8		%	4.8		%

Schedule of Finance Lease, Liability, Fiscal Year Maturity

As of December 31, 2024, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of December 31, 2024 are as follows (in thousands):

2025	$	393
2026	396
2027	396
2028	396
2029	396
Thereafter	50,979
Total expected minimum lease obligations	52,956
Less: Amount representing interest (1)	(43,324)
Present value of net minimum lease payments	$	9,632

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(1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition.