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, 2019			December 31, 2018

Flatbush Gardens, Brooklyn, NY (a)	3/1/2028	3.50%	$	246,000		$	246,000
250 Livingston Street, Brooklyn, NY (b)	12/9/2020	LIBOR + 2.15%		—			75,000
250 Livingston Street, Brooklyn, NY (b)	6/6/2029	3.63%		125,000			—
141 Livingston Street, Brooklyn, NY (c)	6/1/2028	3.875%		75,817			77,333
Tribeca House, Manhattan, NY (d)	3/6/2028	4.506%		360,000			360,000
Aspen, Manhattan, NY (e)	7/1/2028	3.68%		66,862			68,199
Clover House, Brooklyn, NY (f)	5/9/2020	LIBOR + 3.85%		—			64,731
Clover House, Brooklyn, NY (f)	12/1/2029	3.53%		82,000			—
10 West 65 th Street, Manhattan, NY (g)	11/1/2027	3.375%		34,295			34,350
1010 Pacific Street, Brooklyn, NY (h)	12/24/2020	LIBOR + 3.60%		19,457			—
Total debt			$	1,009,431		$	925,613
Unamortized debt issuance costs				(11,528	)		(12,049	)
Total debt, net of unamortized debt issuance costs			$	997,903		$	913,564

(a) The

$246,000

mortgage note agreement with New York Community Bank (“NYCB”), entered into on

February 21, 2018,

matures on

March 1, 2028,

and bears interest at

3.5%

through

February 2023

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 note 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 note prior to the maturity date, subject to certain prepayment premiums, as defined.

(b) On

May 31, 2019,

the Company repaid the debt secured by the

250

Livingston Street property that was scheduled to mature in

2020,

from the proceeds of a

$125,000

first

mortgage loan with Citi Real Estate Funding Inc. The loan matures on

June 6, 2029,

bears interest at

3.63%

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 note within

three

months of maturity, without a prepayment premium.

$79,500

mortgage note agreement with NYCB 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

-year amortization schedule.

(d) The

$360,000

loan with Deutsche Bank, entered into on

February 21, 2018,

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 note prior to the maturity date, subject to a prepayment premium.

(f) On

November 8, 2019,

the Company repaid the debt secured by the Clover House property that was scheduled to mature in

2020,

from the proceeds of a

$82,000

first

mortgage loan with MetLife Investment Management. The loan matures on

December 1, 2029,

bears interest at

3.53%

and requires interest-only payments for the entire term. The Company has the option, commencing on

January 1, 2024,

to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to

September 2, 2029.

(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%

through

October 2022,

and thereafter at the prime rate plus

2.75%,

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

October 2019,

and monthly principal and interest payments of

$152

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 note prior to the maturity date, subject to certain prepayment premiums, as defined.

(h) On

December 24, 2019,

the Company entered into a

$18,600

mortgage note agreement with CIT Bank, N.A., related to the

1010

Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender that will provide up to

$2,987

for eligible pre-development and carrying costs, of which

$857

was drawn as of

December 31, 2019.

The notes mature on

December 24, 2020,

are subject to a

one

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

one

-month LIBOR plus

3.60%

(

5.4%

as of

December 31, 2019).

The following table summarizes principal payment requirements under terms of notes payable as of

December 31, 2019:

2020	$	24,700
2021		8,553
2022		8,866
2023		9,191
2024		9,521
Thereafter		948,600
Total	$	1,009,431

The Company recognized a loss on extinguishment of debt of

$2,432

during the year ended

December 31, 2019,

in connection with the refinancing of debt on the

250

Livingston Street property in

May 2019

and the refinancing of debt on the Clover House property in

November 2019;

the loss consisted of the write-off of unamortized debt costs and other fees. The Company recognized a loss on extinguishment of debt of

$8,872

during the year ended

December 31, 2018,

in connection with the refinancing of debt on the Flatbush Gardens and Tribeca House properties in

February 2018

and the refinancing of debt on the

250

Livingston Street property in

December 2018;

the loss consisted of the write-off of unamortized debt costs, prepayment and other fees and defeasance costs.