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Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Debt, gross $ 925,613 $ 855,116
Unamortized debt issuance costs (12,049) (11,170)
Total debt, net of unamortized debt issuance costs $ 913,564 843,946
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]    
Maturity date [1] Oct. 01, 2024  
Interest rate [1] 3.88%  
Debt, gross [1] 148,438
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]    
Maturity date [2] May 06, 2023  
Interest rate [2] 4.00%  
Debt, gross [2] 34,294
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]    
Maturity date [3] Jun. 01, 2028  
Interest rate [3] 3.875%  
Debt, gross [3] $ 77,333 78,792
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]    
Maturity date [4] Nov. 09, 2018  
Debt, gross [4] 410,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Interest rate [4] 3.75%  
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]    
Maturity date [5] Jul. 01, 2028  
Interest rate [5] 3.68%  
Debt, gross [5] $ 68,199 69,383
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member]    
Maturity date [6] May 09, 2020  
Debt, gross [6] $ 64,731 60,067
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Interest rate [6] 3.85%  
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]    
Maturity date [7] Nov. 01, 2027  
Interest rate [7] 3.375%  
Debt, gross [7] $ 34,350 34,350
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member]    
Maturity date [1] Oct. 01, 2024  
Interest rate [1] 3.88%  
Debt, gross [1] 19,792
Mortgages and Mezzanine Notes 2[Member] | 250 Livingston Street in Brooklyn [Member]    
Maturity date [2] Dec. 09, 2020  
Debt, gross [2] $ 75,000
Interest rate [2] 2.15%  
Mortgages and Mezzanine Notes 2[Member] | Tribeca House Properties [Member]    
Maturity date [4] Mar. 06, 2028  
Interest rate [4] 4.506%  
Debt, gross [4] $ 360,000
Mortgages and Mezzanine Notes 3[Member] | Flatbush Gardens, Brooklyn, NY [Member]    
Maturity date [1] Mar. 01, 2028  
Interest rate [1] 3.50%  
Debt, gross [1] $ 246,000
Mortgages and Mezzanine Notes [Member]    
Unamortized debt issuance costs $ (12,049) $ (11,170)
[1] 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%, subject to an option to fix the rate. The loan requires interest-only payments through August 2020, and monthly principal and interest payments thereafter based on a 30-year amortization schedule.
[2] 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).
[3] The NYCB loan matures on 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 30-year amortization schedule.
[4] 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.
[5] 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 30-year amortization schedule.
[6] 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).
[7] On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with NYCB, related to the 10 West 65th 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 30-year amortization schedule.