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Investments in Equity Affiliates | 9 Months Ended
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Sep. 30, 2014
Investments in Equity Affiliates |
Investments in Equity Affiliates | Note 5 — Investments in Equity Affiliates The following is a summary of the Company’s investments in equity affiliates at September 30, 2014 and December 31, 2013:
|  | Investment in Equity Affiliates at |  | Unpaid Principal Balance of Loans to Equity Affiliates at |
Equity Affiliates |  | September 30, 2014 |  | December 31, 2013 |  | September 30, 2014 |
Lightstone Value Plus REIT L.P. |  | $ | 1,894,727 |  | $ | 1,894,727 |  | $ | — |
West Shore Café |  | 1,690,280 |  | 1,690,280 |  | 1,687,500 |
Issuers of Junior Subordinated Notes |  | 578,000 |  | 578,000 |  | — |
JT Prime |  | 425,000 |  | 425,000 |  | — |
450 West 33 rd Street |  | 331,788 |  | — |  | — |
East River Portfolio |  | 102,607 |  | — |  | 4,994,166 |
Lexford Portfolio |  | 100 |  | 100 |  | 96,194,510 |
930 Flushing & 80 Evergreen |  | — |  | 92,199 |  | — |
Ritz-Carlton Club |  | — |  | — |  | — |
Total |  | $ | 5,022,502 |  | $ | 4,680,306 |  | $ | 102,876,176 |
The Company accounts for the 450 West 33 rd Street investment under the cost method of accounting and the remaining investments under the equity method. 450 West 33rd Street — The Company is a participant in an investor group that owns a non-controlling interest in an office building at 450 West 33rd Street in Manhattan, New York. The investor group as a whole has a 1.44% retained ownership interest in the property and 50% of the property’s air rights. The Company has a 29% interest in the 1.44% retained ownership interest and 50% air rights. In the third quarter of 2014, the Company made an additional investment of $0.3 million. In 2007, the Company, as part of the investor group transferred control of the property and recorded deferred revenue of approximately $77.1 million. The gain was deferred as a result of the agreement of the joint venture members to guarantee a portion of the debt outstanding on the property. The guarantee was allocated to the members in accordance with their ownership percentages. The Company’s portion of the guarantee was $76.3 million. In July 2014, the existing debt on the property was refinanced and the Company’s portion of the guarantee was terminated, resulting in the recognition of the $77.1 million deferred gain as well as a $19.0 million prepaid incentive management fee for a net gain of $58.1 million. See Note 14 — “Agreements and Transactions with Related Parties” for details of the prepaid incentive fee recorded in 2007 related to this investment. East River Portfolio — During the quarter ended September 30, 2014, the Company invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture consists of a consortium of investors consisting of certain officers of the Company, including Mr. Ivan Kaufman, and other related parties, who together own an interest of approximately 95%. In August 2014, the Company originated two bridge loans totaling $5.0 million with an interest rate of 5.5% over one-month LIBOR and a maturity date of August 2015. See Note 14 — “Agreements and Transactions with Related Parties” for further details. 930 Flushing & 80 Evergreen — The Company had a 12.5% preferred interest in a joint venture that owns and operates two commercial properties. The Company also had a $22.4 million bridge loan and a $0.5 million mezzanine loan to affiliated entities of the joint venture with scheduled maturities in 2017. In May 2014, the Company’s interest in the properties was sold, and the Company received $7.9 million in cash. As a result, the Company recorded a gain on sale of equity interest in the Consolidated Statements of Income of approximately $7.9 million and reduced its investment by its carrying value of approximately $0.1 million. In July 2014, the Company’s outstanding loans totaling $22.9 million to this joint venture were repaid in full.

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