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LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASES LEASES
Lessor Accounting

The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported
as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease
components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842.

Lessee Accounting

The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of December 31, 2022, the remaining lease term, including the renewal option, is 22.8 years.

The Company is also a lessee under a corporate office lease in Great Neck, NY, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is 14.0 years.
NOTE 5 - LEASES (continued)

As of December 31, 2022, the Company's right-of-use ("ROU") assets and lease liabilities were $2,371,000 and $2,472,000, respectively and as of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The ROU assets and lease liabilities are reported on the consolidated balance sheets in Other assets and Accounts payable and accrued liabilities, respectively.

The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing
rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors
in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease.
As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease
offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of
exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain
will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.

As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (dollars in thousands):

Year Ending December 31,Amount
2023$236 
2024243 
2025252 
2026257 
2027262 
Thereafter3,240 
Total undiscounted cash flows$4,490 
Present value discount(2,018)
Lease liability$2,472 
LEASES LEASES
Lessor Accounting

The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported
as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease
components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842.

Lessee Accounting

The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of December 31, 2022, the remaining lease term, including the renewal option, is 22.8 years.

The Company is also a lessee under a corporate office lease in Great Neck, NY, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is 14.0 years.
NOTE 5 - LEASES (continued)

As of December 31, 2022, the Company's right-of-use ("ROU") assets and lease liabilities were $2,371,000 and $2,472,000, respectively and as of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The ROU assets and lease liabilities are reported on the consolidated balance sheets in Other assets and Accounts payable and accrued liabilities, respectively.

The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing
rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors
in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease.
As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease
offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of
exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain
will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.

As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (dollars in thousands):

Year Ending December 31,Amount
2023$236 
2024243 
2025252 
2026257 
2027262 
Thereafter3,240 
Total undiscounted cash flows$4,490 
Present value discount(2,018)
Lease liability$2,472