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Notes and Mortgages Payable | 12 Months Ended
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Dec. 31, 2011
Notes and Mortgages Payable [Abstract] |
Notes and Mortgages Payable [Text Block] | 4. NOTES AND MORTGAGES PAYABLE The following is a summary of outstanding notes and mortgages payable.
|  |  |  | Interest Rate at |  | Balance at December 31, |
(Amounts in thousands) | Maturity |  | December 31, 2011 |  | 2011 |  |  | 2010 |
First mortgage, secured by the Rego Park I |  |  |  |  |  |  |  |  |  |  |  |
| Shopping Center (100% cash collateralized) | Mar. 2012 |  | 0.75 | % |  | $ | 78,246 |  |  | $ | 78,246 |
First mortgage, secured by the office space |  |  |  |  |  |  |  |  |  |  |  |
| at the Lexington Avenue property | Feb. 2014 |  | 5.33 | % |  |  | 339,890 |  |  |  | 351,751 |
First mortgage, secured by the retail space |  |  |  |  |  |  |  |  |  |  |  |
| at the Lexington Avenue property(1) | Jul. 2015 |  | 4.93 | % |  |  | 320,000 |  |  |  | 320,000 |
First mortgage, secured by the Kings Plaza |  |  |  |  |  |  |  |  |  |  |  |
| Regional Shopping Center(2) | Jun. 2016 |  | 2.24 | % |  |  | 250,000 |  |  |  | 151,214 |
First mortgage, secured by the Paramus property(3) | Oct. 2018 |  | 2.90 | % |  |  | 68,000 |  |  |  | 68,000 |
First mortgage, secured by the |  |  |  |  |  |  |  |  |  |  |  |
| Rego Park II Shopping Center(4) | Nov. 2018 |  | 2.15 | % |  |  | 274,796 |  |  |  | 277,200 |
|  |  |  |  |  |  | $ | 1,330,932 |  |  | $ | 1,246,411 |
___________________ |  |  |  |  |  |  |  |  |  |  |  |
(1) | In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(2) | On June 10, 2011, we completed a $250,000 refinancing of this property. The five-year interest-only loan is at LIBOR plus 1.70%.
| We retained net proceeds of approximately $95,000 after repaying the existing loan and costs.
(3) | On October 5, 2011, this loan was refinanced for the same amount. The new seven-year interest-only loan has a fixed rate of 2.90%.
(4) | On November 30, 2011, we completed a $275,000 refinancing of this property. The seven-year loan bears interest at LIBOR plus
| 1.85% and amortizes based on a 30-year schedule. The proceeds of the new loan were used to repay the existing loan on the property.
All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $873,911,000 at December 31, 2011. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, provide for lender approval of tenants' leases in certain circumstances, and provide for yield maintenance to prepay them. As of December 31, 2011, the principal repayments for the next five years and thereafter are as follows:
| (Amounts in thousands) |  |  |  |  |
| Year Ending December 31, |  | Amount |  |
| 2012 |  | $ | 93,262 |  |
| 2013 |  |  | 15,957 |  |
| 2014 |  |  | 317,179 |  |
| 2015 |  |  | 323,192 |  |
| 2016 |  |  | 253,440 |  |
| Thereafter |  |  | 327,902 |  |
We may refinance our maturing debt as it comes due or choose to repay it at maturity.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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