COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Tax Abatement Agreements

Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows:

				Pilot Payments
			PILOT	2022		2021		2020
Property Name	Location	Asset Type	Expiration Dates	(Dollars in Thousands)
Port Imperial South 1/3 Garage (a)	Weehawken, NJ	Parking Garage	12/2020	$	—	$	—	$	303
BLVD 475 (Monaco) (b)	Jersey City, NJ	Multifamily	2/2021	—		443		1,811
111 River Street (c)	Hoboken, NJ	Office	4/2022	—		1,470		1,470
Harborside Plaza 4A (d)	Jersey City, NJ	Office	2/2022	—		1,057		1,062
Harborside Plaza 5 (e)	Jersey City, NJ	Office	6/2022	—		4,324		4,415
BLVD 401 (Marbella 2) (f)	Jersey City, NJ	Multifamily	4/2026	1,692		1,277		1,151
RiverHouse 11 at Port Imperial (g)	Weehawken, NJ	Multifamily	7/2033	1,514		1,369		1,143
Port Imperial 4/5 Hotel (h)	Weehawken, NJ	Hotel	12/2033	2,925		2,925		2,161
RiverHouse 9 at Port Imperial (i)	Weehawken, NJ	Multifamily	6/2046	1,295		350		—
Haus 25 (j)	Jersey City, NJ	Mixed-Use	(i)	975		—		—
The James (k)	Park Ridge, NJ	Multifamily	6/2051	318		—		—
Total Pilot taxes				$	8,719	$	13,215	$	13,516

(a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.

(b)The annual PILOT is equal to ten percent of Gross Revenues, as defined.

(c)The property was disposed of in the first quarter of 2022.

(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.

(e)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.

(f)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.

(g)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.

(h)The annual PILOT is equal to two percent of Total Project Costs, as defined.

(i)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.

(j)For a term of 25 years following substantial completion, which occured in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.

(k)For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30; as defined.

Schedule of Future Minimum Rental Payments Of Ground Leases

Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2022, are as follows (dollars in thousands):

	As of December 31, 2022
Year	Amount
2023	$	192
2024	192
2025	199
2026	199
2027	200
2028 through 2101	31,664
Total lease payments	32,646
Less: imputed interest	(29,418)
Total	$	3,228

	As of December 31, 2021
Year	Amount
2022	$	1,695
2023	1,702
2024	1,721
2025	1,728
2026	1,728
2027 through 2101	151,253
Total lease payments	159,827
Less: imputed interest	(136,141)
Total	$	23,686