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INVESTMENTS IN RENTAL PROPERTY
 12 Months Ended
Dec. 31, 2024
Investments in Rental Properties [Abstract]  
INVESTMENTS IN RENTAL PROPERTY INVESTMENTS IN RENTAL PROPERTY
Acquisitions of Rental Property

During the year ended December 31, 2022, the Company acquired the following rental property (dollars in thousands):
Acquisition DatePropertyLocationProperty
Type		# of
Apartment Units		Acquisition
 Cost
7/21/2022The James (a)Park Ridge, NJMultifamily240$130,308 
Totals240$130,308 
(a)    This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility.
Properties Commencing Initial Operations
During the year ended December 31, 2022, the following property commenced initial operations (dollars in thousands):
In Service
Date		PropertyLocationProperty
Type		# of
Apartment Units		 Total Development
Costs Incurred
04/01/22Haus25 (a)Jersey CityMultifamily750$485,587
Totals   750$485,587
(a)As of December 31, 2022, all apartment units were in service. The development costs included approximately $53.4 million in land costs.

Dispositions of Rental Properties and Developable Land
Dispositions during 2024
The Company disposed of the following rental properties during the year ended December 31, 2024 (dollars in thousands)
Disposition
Date		PropertyLocation# of
Bldgs.		Rentable
Square
Feet		Property
Type		Net
Sales
Proceeds		Net
Carrying
Value		Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
03/20/24Harborside 5Jersey City, New Jersey1977,225 Office81,515 81,228 287 
Others (a)3,160 
Totals1977,225 $81,515 $81,228 $3,447 
(a)Others represent return of a $1.9 million escrow not originally expected to be received at the time of closing and resolution of estimated accrued expenses from various previously sold rental properties.
The Company disposed of the following developable land holdings during the year ended December 31, 2024 (dollars in thousands):
Disposition
Date		PropertyLocationNet
Sales
Proceeds		Net
Carrying
Value		Gain (loss) on disposition of developable land
01/03/242 CampusParsippany-Troy Hills, New Jersey$10,155 $9,371 $784 
04/16/24107 MorganJersey City, New Jersey$50,630 $50,929 (a)$(299)
04/30/246 Becker Farm / 85 LivingstonRoseland, New Jersey$27,985 $16,955 $11,030 
Totals  $88,770 $77,255 $11,515 
(a)Carrying value reflects previously recorded impairment charges of $10.5 million.
Dispositions during 2023
The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		PropertyLocation# of
Bldgs.		Rentable
Square
Feet		Property
Type		Net
Sales
 Proceeds		Net
 Carrying
Value		Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
02/10/23XS HotelsWeehawken, New Jersey2— Hotel$93,358 (a)$92,578 $780 
04/04/23Harborside 1, 2 and 3Jersey City, New Jersey31,886,800 Office362,446 362,304 142 
09/13/23Harborside 6Jersey City, New Jersey1231,856 Office44,145 43,722 423 
10/13/2323 Main StreetHolmdel, New Jersey1350,000 Office15,884 (b)13,372 2,512 
Others (c)2,184 
Unrealized gains (losses) on real estate held for sale(3,630)
Totals72,468,656 $515,833 $511,976 $2,411 
(a)    Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing.
(b)    Included deposits totaling $1.3 million received by the Company in February and August 2023.
(c)    Others represent resolution of estimated accrued expenses from previously sold rental properties.
The Company disposed of the following developable land during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		PropertyLocationNet
Sales
 Proceeds		Net
Carrying
 Value		Gain (loss) on disposition of developable landDiscontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
03/17/23Columbia-HoneywellMorris Township, New Jersey$8,214 
(a)
$8,236 $(22)$— 
10/12/233 CampusParsippany-Troy Hills, New Jersey13,248 7,847 5,401 — 
10/05/23Harborside 4Jersey City, New Jersey53,656 14,385 — 39,271 
Others (b)1,689—
Totals$75,118 $30,468 $7,068 $39,271 
(a)    Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023.
(b)    Others represent reversals of estimated accrued expenses from previously sold developable land holdings.
Dispositions during 2022

The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands):
Disposition
Date		PropertyLocation# of
Bldgs.		Rentable
Square
Feet		Property
Type		Net
Sales
 Proceeds		Net
 Carrying
Value		Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
01/21/22111 River StreetHoboken, New Jersey1566,215Office$208,268 (a)$206,432 $1,836 
10/07/22101 Hudson StreetJersey City, New Jersey11,246,283 Office342,578 (b)270,198 72,380 
Unrealized gains (losses) on real estate held for sale(12,540)
Totals21,812,498 $550,846 $476,630 $61,676 
(a)    The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as extinguishment of debt during the year ended December 31, 2022.
(b)    The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as extinguishment of debt during the year ended December 31, 2022. The assumed mortgage comprised the non-cash portion of this sales transaction.

The Company disposed of the following developable land during the year ended December 31, 2022 (dollars in thousands):
Disposition
Date		PropertyLocationNet
Sales
 Proceeds		Net
Carrying
 Value		Gain (loss) on disposition of developable land
03/22/22Palladium residential landWest Windsor, New Jersey$23,908 $24,182 $(274)
03/22/22Palladium commercial landWest Windsor, New Jersey4,688 1,791 2,897 
04/15/22Port Imperial Park parcelWeehawken, New Jersey29,331 29,744 (413)
04/21/22Urby II/IIIJersey City, New Jersey68,854 13,316 55,538 
11/03/22Port Imperial Parcels 3 & 16 (a)Weehawken, New Jersey24,885 25,371 (486)
Totals$151,666 $94,404 $57,262 
(a)    Included non-cash expenses of $2.5 million.
Dispositions of Unconsolidated Joint Venture
2024 — On January 12, 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million of which the Company received net proceeds of $6.0 million. The Company recorded a gain on the sale for its interest of approximately $7.1 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
On October 22, 2024, the Company's joint venture sold the Shops at 40 Park retail property for $15.7 million, of which the
Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return
distributions to its joint venture partner. The Company recorded a loss on the sale for its interest of approximately $0.2 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
2022 — On November 30, 2022, the Company's Hyatt Regency Hotel Jersey City joint venture was sold for $117.0 million of which the Company received net proceeds of $8.2 million. The Company recorded a gain on the sale for its interest of approximately $7.7 million in Discontinued Operations - Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net.
Real Estate Held for Sale
The following table summarizes the real estate held for sale, net (dollars in thousands):
Year Ended December 31,
20242023
Land$9,910$59,464
Building & Other—9,688
Less: Accumulated depreciation—— 
Less: Cumulative unrealized losses on property held for sale(2,619)(10,544)
Real estate held for sale, net$7,291$58,608
2024 — As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey, as held for sale. In January 2025, the land parcel was sold for gross proceeds of $7.3 million.

2023 — As of December 31, 2023, the Company had classified as held for sale several developable land parcels, which are located in Jersey City and Parsippany, New Jersey.
Discontinued Operations
The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations. During the first quarter of 2024, the
Company identified one additional office property as discontinued operations. See Note 7: Discontinued Operations.