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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023 (dollars in thousands):
 Number of Apartment UnitsCompany's Carrying ValueProperty Debt
As of December 31, 2024
Entity / Property NameDecember 31, 2024Effective
Ownership % (a)		December 31,
2024		December 31,
2023		 BalanceMaturity
Date		 Interest
Rate
Multifamily
Metropolitan and Lofts at 40 Park (b) (c)130units25.00 %$689 $908 $34,100 10/10/25 SOFR+2.85 %
RiverTrace at Port Imperial 316units22.50 %4,074 4,506 82,000 11/10/26 3.21 %
The Capstone at Port Imperial360units40.00 %20,519 21,361 135,000 12/22/25SOFR+1.20 %
Riverpark at Harrison141units45.00 %— — 30,192 07/01/35 3.19 %
Station House378units50.00 %31,509 32,022 87,350 07/01/33 4.82 %
Urby Harborside (d)762units85.00 %52,832 57,060 182,604 08/01/29 5.20 %
PI North - Land (b) (e)829potential units20.00 %1,678 1,678 — — — 
Other
Other (f)— 419 — — — 
Totals:$111,301 $117,954 $551,246 
(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)As of December 31, 2024, through the joint venture, the Company owns a 25 percent interest in a 130-unit multifamily rental property ("The Metropolitan at 40 Park"). In January 2024, the joint venture sold the 59-unit, five story multifamily rental property ("Lofts at 40 Park"), and in October 2024, the joint venture sold the Shops at 40 Park retail property. See Note 3: Investments in Rental Property – Dispositions of Unconsolidated Joint Venture.
(d)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company formerly guaranteed $22 million of the principal outstanding debt, which on February 1, 2023, the lender released the Company of all obligations under the Guaranty Agreement.
(e)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6 and I that can accommodate the development of 829 apartment units.
(f)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term.
Schedule of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
 Year Ended December 31,
Entity / Property Name202420232022
Multifamily
Metropolitan and Lofts at 40 Park (a)$(1,143)$(1,239)$(674)
RiverTrace at Port Imperial 782 546 356 
The Capstone at Port Imperial235 (294)(212)
Riverpark at Harrison270 540 234 
Station House(201)(299)(722)
Urby Harborside 4,161 4,110 2,374 
PI North - Land(276)(240)(205)
Liberty Landing (b)— (22)36 
Other
Other106 — 13 
Company's equity in earnings (loss) of unconsolidated joint ventures (c)$3,934 $3,102 $1,200 
(a)    In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property, and in October 2024, the Company's joint venture sold the Shops at 40 Park retail property.
(b)    Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.
(c)    Amounts are net of amortization of basis differences of $618 thousand, $618 thousand and $154 thousand for the year ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2024 and 2023 (dollars in thousands):

December 31, 2024
December 31, 2023
Urby Harborside
OthersUrby HarborsideOthers
Assets:
Rental Property, net$236,589 $456,604 $244,895 $497,037 
Other assets6,108 28,574 4,702 26,778 
Total assets$242,697 $485,178 $249,597 $523,815 
Liabilities and partners'/members' capital:
Mortgages and loans payable$182,604 $368,642 $185,742 $393,999 
Other liabilities2,260 7,155 1,221 7,677 
Partners'/members' capital57,833 109,381 62,634 122,139 
Total liabilities and partners'/members' capital$242,697 $485,178 $249,597 $523,815 
Schedule of Equity Method Investment, Summarized Financial Information, Income Statement
The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):

Year ended December 31, 2024
Year ended December 31, 2023
Year ended December 31, 2022
Urby Harborside
Others
Urby Harborside
Others
Urby Harborside
Others
Total revenues$37,714 $72,076 $35,656 $58,616 $32,951 $107,686 
Operating and other expenses(13,897)(23,361)(11,826)(24,219)(11,092)(70,822)
Depreciation and amortization(8,804)(13,417)(8,754)(13,587)(8,682)(16,730)
Interest expense(9,926)(18,262)(10,049)(20,439)(10,191)(19,586)
Net income (loss)$5,087 $17,036 $5,027 $371 $2,986 $548 
(a)Includes Metropolitan and Lofts at 40 Park, RiverTrace at Port Imperial, The Capstone at Port Imperial, Riverpark at Harrison, Station House, PI North - Land, Liberty Landing, Hyatt Regency Hotel Jersey City, 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 that are not expected to significantly impact the Company's operations in the near term.