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Mortgages Payable
 9 Months Ended
Sep. 30, 2015
Mortgages Payable [Abstract]  
Mortgages Payable [Text Block]

9.              Mortgages Payable

On August 5, 2015, we completed a $350,000,000 refinancing of the retail portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 1.40% and matures in August 2020, with two one-year extension options.

 

The following is a summary of our outstanding mortgages payable as of September 30, 2015 and December 31, 2014.

 

           Balance at  
      Interest Rate at  September 30, December 31, 
(Amounts in thousands) Maturity(1) September 30, 2015  2015  2014 
First mortgages secured by:            
 Rego Park I shopping center (100% cash            
  collateralized)(2)Mar. 2016 0.40%  $78,246 $78,246 
 ParamusOct. 2018 2.90%   68,000   68,000 
 Rego Park II shopping center(3)Nov. 2018 2.04%   264,162  266,534 
 731 Lexington Avenue, office space(4)Mar. 2021 1.16%   300,000  300,000 
 731 Lexington Avenue, retail spaceAug. 2022 1.61%   350,000 (5) 320,000 
          $1,060,408 $1,032,780 
              
(1)Represents the extended maturity where we have the unilateral right to extend. 
(2)Extended for one year from March 10, 2015. 
(3)Interest at LIBOR plus 1.85%. 
(4)Interest at LIBOR plus 0.95%. 
(5)Interest at LIBOR plus 1.40%.