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COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2024
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, as follows (dollars in thousands):
PILOTPILOT Payments
Property NameLocationAsset TypeExpiration Dates202420232022
BLVD 401 (a)Jersey City, NJMultifamily4/20262,235 1,754 1,692 
RiverHouse 11 at Port Imperial (b)Weehawken, NJMultifamily7/20331,924 1,735 1,514 
Port Imperial 4/5 Hotel (c)Weehawken, NJHotel12/2033— 224 2,925 
RiverHouse 9 at Port Imperial (d)Weehawken, NJMultifamily6/20461,751 1,608 1,295 
Haus25 (e)Jersey City, NJMultifamily3/20473,070 2,619 975 
The James (f)Park Ridge, NJMultifamily6/2051881 714 318 
Total PILOT taxes$9,861 $8,654 $8,719 
(a)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.
(b)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.
(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.
(d)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.
(e)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.
(f)The property was acquired in July 2022. 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 office and ground leases under which the Company is the lessee, as of December 31, 2024, are as follows (dollars in thousands):
As of December 31, 2024
YearAmount
2025$1,279
20261,279
20271,280
2028494
2029222
2030 through 210131,225
Total lease payments35,779
Less: imputed interest(29,235)
Total$6,544
As of December 31, 2023
YearAmount
2024$1,272
20251,279
20261,279
20271,280
2028494
2029 through 210131,447
Total lease payments37,051
Less: imputed interest(29,700)
Total$7,351