Mortgages Payable

12 Months Ended

Dec. 31, 2012

Notes and Mortgages Payable [Text Block]

6. MORTGAGES PAYABLE

The following is a summary of outstanding mortgages payable.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity	December 31, 2012		2012		2011
First mortgages secured by:
	Rego Park I shopping center (100% cash
	collateralized)	Mar. 2013	0.50	%	$	78,246	$	78,246
	731 Lexington Avenue, office space	Feb. 2014	5.33	%		327,425		339,890
	731 Lexington Avenue, retail space⁽¹⁾	Jul. 2015	4.93	%		320,000		320,000
	Paramus	Oct. 2018	2.90	%		68,000		68,000
	Rego Park II shopping center⁽²⁾	Nov. 2018	2.06	%		272,245		274,796
					$	1,065,916	$	1,080,932
___________________

(1)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(2)	This loan bears interest at LIBOR plus 1.85%.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $746,867,000 at December 31, 2012. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, provide for lender approval of tenants' leases in certain circumstances, and provide for yield maintenance to prepay them. As of December 31, 2012, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2013	$	94,203
2014		317,179
2015		323,193
2016		3,440
2017		3,707
Thereafter		324,194

We may refinance our maturing debt as it comes due or choose to repay it at maturity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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