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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS During April 2014, Fund III completed the disposition of its Sheepshead Bay property located in Brooklyn, New York, for a sales price of $20.2 million. During April 2014, Fund IV completed the acquisition of eight additional properties in its Broughton Street Portfolio for an aggregate purchase price of $13.8 million. During April 2014, the Company completed the acquisition of the retail condominium units in 152-154 Spring Street, located in Manhattan, New York, for a purchase price of $38.0 million. In consideration for this investment, the Company canceled $38.0 million of a $42.0 million note receivable from the sellers. Simultaneously with this transaction, the Company sold a 10% interest in this investment for $3.8 million. During April 2014, the Company issued a $13.0 million note receivable collateralized by a property. This loan has an effective interest rate of 12.7% and matures October 3, 2015. During April 2014, the Company received the full payment on two outstanding non-performing notes receivable as well as all accrued interest. The $10.3 million payment consisted of $6.8 million in principal and $3.5 million in accrued interest. The notes had an aggregate carrying value at March 31, 2014 of $4.8 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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