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Note 7 - Notes Payable
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Long-term Debt [Text Block]
7.
Notes Payable
 
The
first
mortgages and mezzanine notes payable collateralized by the respective properties, or the Company’s interest in the entities that own the properties and assignment of leases were as follows:
 
Property
Maturity
 
Interest Rate
 
 
March 31,
2017
 
 
December 31,
2016
 
                           
Flatbush Gardens, Brooklyn, NY (a)
10/1/2024
    
3.88
 %   $
150,000
     $
150,000
  
Flatbush Gardens, Brooklyn, NY(b)
10/1/2024
    
3.88
 %    
20,000
      
20,000
  
250 Livingston Street, Brooklyn, NY(c)
5/6/2023
    
4.00
 %    
34,848
      
35,093
  
141 Livingston Street, Brooklyn, NY(d)
6/1/2028
    
3.875
 %    
79,500
      
79,500
  
Tribeca House properties, NY(e)
11/9/2018
  
LIBOR +
3.75
 %    
410,000
      
410,000
  
Aspen property, NY(f)
7/1/2028
    
3.68
 %    
70,000
      
70,000
  
 
 
    
 
     $
764,348
     $
764,593
  
Unamortized debt issuance costs
    
 
     $
(9,548
 )   $
(10,134
 )
Total debt net of debt issuance costs
    
 
     $
754,800
     $
754,459
  
 
(a) The
$150,000
mortgage note agreement with New York Community Bank (“NYCB”) matures on
October
1,
2024
and bears interest at a fixed-rate of interest of
3.88%.
The note requires interest only payments through
April
2017
and monthly principal and interest payments thereafter based on a
30
-year amortization.
 
(b) The additional
$20,000
note with NYCB matures coterminous with the
$150,000
mortgage, and bears interest at
3.88%
through
September
2019
and thereafter at prime plus
2.75%,
subject to an option to fix the rate. The note requires interest only payments through
April
2017,
monthly principal and interest payments of
$94
from
May
2017
through
September
2019
based on a
30year
amortization schedule and principal and interest payments thereafter based on the remaining period of the initial
30
-year amortization schedule.
 
(c) The mortgage note agreement with Citigroup Global Markets Realty Corp. for
$37,500
that requires monthly principal and interest payments of
$179,
bears interest of
4.00%
and matures on
May
6,
2023.
 
(d) On
May
11,
2016,
the Company repaid the
$55,000
loan secured by the property at
141
Livingston Street, Brooklyn, New York from the proceeds of a
$79,500
loan from NYCB. The NYCB loan matures on
June
1,
2028,
and bears interest at
3.875%.
The note requires interest only payments through
June
2017,
monthly principal and interest payments of
$374
from
July
2017
through
June
2028
based on a
30
year amortization schedule.
 
(e) On
November
9,
2016,
the Company repaid the
$360,000
of mortgage notes and the
$100,000
mezzanine notes assumed in connection with the acquisition of the Tribeca House properties utilizing the proceeds from a
$410,000
loan package with DB and SL Green Finance and cash on hand. The loan package bears a blended interest rate of
one
-month LIBOR plus
3.75%,
or
4.73%
as of
March
31,
2017
matures on
November
9,
2018
and is subject to
three
one
-year extension options.
 
(f) On
June
27,
2016,
the Company entered into a
$70,000
mortgage note agreement with Capital One Multifamily finance LLC, related to the Aspen property acquisition. The note matures on
July
1,
2028
and bears interest at
3.68%.
The note requires interest only payments through
July
2017,
monthly principal and interest payments of
$321
from
August
2017
through
July
2028
based on a
30
year amortization schedule and principal and interest payments thereafter based on the remaining period of the initial
30
-year amortization schedule.
 
The following table summarizes principal payment requirements under terms as of
March
31,
2017
 
2017 (Remainder)
   $
4,245
  
2018
    
416,731
  
2019
    
6,678
  
2020
    
5,332
  
2021
    
5,560
  
Thereafter
    
325,802
  
Total
   $
764,348