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Mortgages Payable | 3 Months Ended
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Mar. 31, 2014
Mortgages Payable [Abstract] |
Mortgages Payable [Text Block] | 8. Mortgages Payable On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options. The proceeds of the new loan and existing cash were used to repay the existing loan and closing costs. In connection there with, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%. The following is a summary of our outstanding mortgage s payable. We may refinance our maturing debt as it comes due or choose to repay it at maturity.
|  |  |  |  |  |  |  |  |  | Balance at |
|  |  |  |  |  | Interest Rate at |  |  | March 31, |  | December 31, |
(Amounts in thousands) | Maturity(1) |  | March 31, 2014 |  |  | 2014 |  | 2013 |
First mortgages secured by: |  |  |  |  |  |  |  |  |  |  |  |
| 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 |  | 2.00 | % |  |  |  | 268,776 |  |  | 269,496 |
| 731 Lexington Avenue, office space | Mar. 2021 |  | 1.11 | % |  |  |  | 300,000 |  |  | 314,217 |
|  |  |  |  |  |  |  |  |  | $ | 1,035,022 |  | $ | 1,049,959 |
(1) | Represents the extended maturity where we have the unilateral right to extend. |
(2) | This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined. |
(3) | This loan bears interest at LIBOR plus 1.85%. |

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- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
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