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Relationship with Vornado | 9 Months Ended
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Sep. 30, 2015
Relationship with Vornado [Abstract] |
Relationship with Vornado [Text Block] | 5. Relationship with Vornado A s of September 30, 2015, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable. Management and Development Agreements W e pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined. Leasing Agreements Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. Prior to December 22, 2014, the total of these amounts was payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0%. On December 22, 2014, the leasing agreements with Vornado were amended to eliminate the annual installment cap of $4,000,000 and we paid the accrued balance of leasing commissions of $40,353,000 to Vornado. Other Agreements We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties, for an annual fee equal to the cost of such services plus 6%. The following is a summary of fees to Vornado under the various agreements discussed above.
5. Relationship with Vornado - continued |
|  |  | Three Months Ended |  | Nine Months Ended |
|  |  |  | September 30, |  | September 30, |
| (Amounts in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
| Company management fees |  | $ | 700 |  | $ | 700 |  | $ | 2,100 |  | $ | 2,100 |
| Development fees |  |  | 517 |  |  | 1,714 |  |  | 2,176 |  |  | 2,463 |
| Leasing fees |  |  | 21 |  |  | 911 |  |  | 419 |  |  | 1,275 |
| Property management fees and payments for cleaning, engineering |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and security services |  |  | 838 |  |  | 1,012 |  |  | 2,621 |  |  | 2,723 |
|  |  |  | $ | 2,076 |  | $ | 4,337 |  | $ | 7,316 |  | $ | 8,561 |
A s of September 30, 2015, the amounts due to Vornado were $5,540,000 for development fees; $411,000 for management, property management, cleaning and security fees; and $15,000 for leasing fees. As of December 31, 2014, the amounts due to Vornado were $3,394,000 for development fees and $528,000 for management, property management and cleaning fees.

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