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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Unconsolidated Joint Ventures
The following is a summary of the Company's unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 (dollars in thousands):
Property Debt
Entity / Property NameNumber of
Apartment Units		Company's
Effective
Ownership % (a)		Carrying ValueAs of September, 30, 2024
September 30,
2024		December 31,
2023		BalanceMaturity
Date		Interest
Rate
Multifamily
Metropolitan and Lofts at 40 Park (b) (c)130units(c)$1,135 $908 $40,110 (d)(d)
RiverTrace at Port Imperial 316units22.50 %4,176 4,506 82,000 11/10/26 3.21 %
The Capstone at Port Imperial360units40.00 %20,402 21,361 135,000 12/22/24
SOFR+
1.20 %
Riverpark at Harrison141units45.00 %— — 30,192 07/01/353.19 %
Station House378units50.00 %31,635 32,022 87,883 07/01/334.82 %
Urby at Harborside (e)762units85.00 %54,150 57,060 183,362 08/01/295.20 %
PI North - Land (b) (f)829potential units20.00 %1,678 1,678 — — —
Other (g)419 419 — — —
Totals:$113,595 $117,954 $558,547 
(a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
(b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.
(c)Through the joint venture, the Company owns a 25 percent interest in a 130-unit multifamily rental property ("The Metropolitan at 40 Park") and also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park"). In January 2024, the joint venture sold the 59-unit, five story multifamily rental property ("Lofts at 40 Park") for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million. In October 2024, the Company's joint venture sold Shops at 40 Park retail property for $15.7 million.
(d)Property debt balance as of September 30, 2024 consists of: (i) an interest only loan, collateralized by The Metropolitan at 40 Park, with a balance of $34.1 million, bears interest at SOFR +2.85%, matures on October 10, 2024; and (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.0 million, bears interest at SOFR +2.00% and matures on January 9, 2025. Proceeds from the sale of Lofts at 40 Park were used to repay an interest-only loan with a balance of $17.2 million in January 2024. In October 2024, the loan collateralized by The Metropolitan at 40 Park was extended to October 10, 2025. Proceeds from the sale of Shops at 40 Park were used to repay the $6.0 million loan in October 2024.
(e)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.
(f)The Company owns a 20 percent residual interest in undeveloped land parcels: parcel 6 and parcel I that can accommodate the development of 829 apartment units.
(g)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term.
Schedule Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2024 and 2023, respectively (dollars in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Entity / Property Name2024202320242023
Multifamily
Metropolitan and Lofts at 40 Park (a)$(378)$(357)$(852)$(965)
RiverTrace at Port Imperial 304 125 595 407 
Capstone at Port Imperial 104 38 148 (275)
Riverpark at Harrison68 68 204 473 
Station House(92)(198)(263)(205)
Urby at Harborside (574)615 3,013 3,588 
PI North - Land— (80)(226)(176)
Liberty Landing— (1)— (4)
Other
Other300 — 300 — 
Company's equity in earnings (loss) of unconsolidated joint ventures (b)$(268)$210 $2,919 $2,843 
(a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million.
(b)Amounts are net of amortization of basis differences of $154 thousand for each of the three months ended September 30, 2024 and 2023 and $463 thousand for each of the nine months ended September 30, 2024 and 2023.