Notes Payable

The mortgages, loans and mezzanine notes payable collateralized by the properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows:

Property	Maturity	Interest Rate		December 31, 2018			December 31, 2017

Flatbush Gardens, Brooklyn, NY (a)	10/1/2024		3.88%		—		$	148,438
Flatbush Gardens, Brooklyn, NY (a)	10/1/2024		3.88%		—			19,792
Flatbush Gardens, Brooklyn, NY (a)	3/1/2028		3.50%	$	246,000			—
250 Livingston Street, Brooklyn, NY (b)	5/6/2023		4.00%		—			34,294
250 Livingston Street, Brooklyn, NY (b)	12/9/2020	LIBOR + 2.15%			75,000			—
141 Livingston Street, Brooklyn, NY (c)	6/1/2028		3.875%		77,333			78,792
Tribeca House, Manhattan, NY (d)	11/9/2018	LIBOR + 3.75%			—			410,000
Tribeca House, Manhattan, NY (d)	3/6/2028		4.506%		360,000			—
Aspen, Manhattan, NY (e)	7/1/2028		3.68%		68,199			69,383
107 Columbia Heights, Brooklyn, NY (f)	5/9/2020	LIBOR + 3.85%			64,731			60,067
10 West 65 th Street, Manhattan, NY (g)	11/1/2027		3.375%		34,350			34,350
Total debt				$	925,613		$	855,116
Unamortized debt issuance costs					(12,049	)		(11,170	)
Total debt, net of unamortized debt issuance costs				$	913,564		$	843,946

(a) On

February 21, 2018,

the Company repaid the debt secured by the Flatbush Gardens property that was scheduled to mature in

2024,

from the proceeds of a

$246,000

first

mortgage loan with New York Community Bank (“NYCB”). The loan matures on

March 1, 2028,

and bears interest at

3.5%

for the

first

five

years and thereafter at the prime rate plus

2.75%,

with an option to fix the rate subject to the payment of a fee that fluctuates depending on the date the election is made. The loan requires interest-only payments through

August 2020,

and monthly principal and interest payments thereafter based on a

-year amortization schedule. The Company has the option to prepay all (but

not

less than all) of the unpaid balance of the loan prior to the maturity date, subject to certain prepayment premiums, as defined.

(b) On

December 6, 2018,

the Company defeased the debt secured by the

250

Livingston Street property that was scheduled to mature in

2023,

from the proceeds of a

$75,000

first

mortgage loan with Citibank, N.A.. The loan matures on

December 9, 2020,

is subject to

three one

-year extension options, requires interest-only payments and bears interest at

one

-month LIBOR plus

2.15%

(

4.7%

as of

December 31, 2018).

The Company

may

prepay the debt within

eighteen

months of maturity, in whole or in part, without a prepayment premium.

June 1, 2028,

and bears interest at

3.875%.

The note required interest-only payments through

June 2017,

and monthly principal and interest payments of

$374

thereafter based on a

-year amortization schedule.

(d) On

February 21, 2018,

the Company repaid the

$410,000

loan package secured by the Tribeca House property with the proceeds of a

$360,000

loan with Deutsche Bank and cash on hand. The loan matures on

March 6, 2028,

bears interest at

4.506%

and requires interest-only payments for the entire term. The Company has the option to prepay all (but

not

less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to

December 6, 2027.

(e) The

$70,000

mortgage note agreement with Capital One Multifamily Finance LLC matures on

July 1, 2028,

and bears interest at

3.68%.

The note required interest-only payments through

July 2017,

and monthly principal and interest payments of

$321

thereafter based on a

-year amortization schedule. The Company has the option to prepay the mortgage note prior to the maturity date, subject to a prepayment premium.

(f) On

May 9, 2017,

the Company entered into a

$59,000

mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc., related to the

107

Columbia Heights acquisition. The Company also entered into a construction loan secured by the building with the same lender that will provide up to

$14,700

for eligible capital improvements and carrying costs, of which

$5,731

was drawn as of

December 31, 2018.

The notes mature on

May 9, 2020,

are subject to

two one

-year extension options, require interest-only payments and bear interest at

one

-month LIBOR plus

3.85%

(

6.4%

as of

December 31, 2018).

(g) On

October 27, 2017,

the Company entered into a

$34,350

mortgage note agreement with NYCB, related to the

West

Street acquisition. The note matures on

November 1, 2027,

and bears interest at

3.375%

for the

first

five

years and thereafter at the prime rate plus

2.75%,

subject to an option to fix the rate. The note requires interest-only payments through

October 2019,

and monthly principal and interest payments thereafter based on a

-year amortization schedule.

The following table summarizes principal payment requirements under terms as of

December 31, 2018:

2019	$	2,962
2020		144,919
2021		8,553
2022		8,866
2023		9,191
Thereafter		751,122
Total	$	925,613