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Mortgages Payable | 12 Months Ended
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Dec. 31, 2013
Mortgages Payable [Abstract] |
Mortgages Payable [Text Block] | 6. MORTGAGES PAYABLE The following is a summary of outstanding mortgages payable.
|  |  |  | Interest Rate at |  | Balance at December 31, |
(Amounts in thousands) | Maturity |  | December 31, 2013 |  | 2013 |  |  | 2012 |
First mortgages secured by: |  |  |  |  |  |  |  |  |  |  |  |
| 731 Lexington Avenue, office space(1) | Feb. 2014 |  | 5.33 | % |  | $ | 314,217 |  |  | $ | 327,425 |
| Rego Park I shopping center (100% cash |  |  |  |  |  |  |  |  |  |  |  |
| collateralized) | Mar. 2015 |  | 0.40 | % |  |  | 78,246 |  |  |  | 78,246 |
| 731 Lexington Avenue, retail space(2) | Jul. 2015 |  | 4.93 | % |  |  | 320,000 |  |  |  | 320,000 |
| Paramus | Oct. 2018 |  | 2.90 | % |  |  | 68,000 |  |  |  | 68,000 |
| Rego Park II shopping center(3) | Nov. 2018 |  | 2.02 | % |  |  | 269,496 |  |  |  | 272,245 |
|  |  |  |  |  |  | $ | 1,049,959 |  |  | $ | 1,065,916 |
___________________ |  |  |  |  |  |  |  |  |  |  |  |
(1) | We are in the process of finalizing a $300,000 refinancing of this loan.
(2) | In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(3) | This loan bears interest at LIBOR plus 1.85%.
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 $728,007,000 at December 31, 2013. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2013, the principal repayments for the next five years and thereafter are as follows:
| (Amounts in thousands) |  |  |  |  |
| Year Ending December 31, |  | Amount |  |
| 2014 |  | $ | 317,179 |  |
| 2015 |  |  | 401,439 |  |
| 2016 |  |  | 3,440 |  |
| 2017 |  |  | 3,707 |  |
| 2018 |  |  | 324,194 |  |
| Thereafter |  |  | - |  |
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 mortgage notes payable. + References No definition available. + Details
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