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Real Estate Properties | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Real Estate Properties | Real Estate Properties Real estate properties, consists of the following (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
Land |  | $ | 74,246 |  |  | $ | 74,246 |
Building |  | 616,979 |  |  | 616,979 |
Building improvements |  | 37,081 |  |  | 31,115 |
Real estate properties |  | 728,306 |  |  | 722,340 |
Accumulated depreciation |  | (126,165) |  |  | (106,425) |
Total real estate properties, net |  | $ | 602,141 |  |  | $ | 615,915 |
A summary of real estate properties owned is as follows (dollars in thousands):
|  | December 31, 2024 Balance |  | Improvements |  | Depreciation |  | Real Estate Sold |  | September 30, 2025 Balance
Multi-family |  | $ | 614,235 |  |  | $ | 5,966 |  |  | $ | (19,657) |  |  | $ | — |  |  | $ | 600,544 |
Retail shopping center and other |  | 1,680 |  |  | 158 |  |  | (83) |  |  | (158) |  |  | 1,597 |
Total real estate properties |  | $ | 615,915 |  |  | $ | 6,124 |  |  | $ | (19,740) |  |  | $ | (158) |  |  | $ | 602,141 |
Property Dispositions During the quarter ended September 30, 2025, the Company sold a cooperative apartment unit located in New York, NY for a sales price of $995,000 and, after closing costs, recognized a gain of $755,000 on the sale.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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