Notes Payable

The mortgages, loans and mezzanine notes payable collateralized by the properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows:

Property	Maturity	Interest Rate		June 30, 2019			December 31, 2018
					(unaudited)
Flatbush Gardens, Brooklyn, NY (a)	3/1/2028		3.50%	$	246,000		$	246,000
250 Livingston Street, Brooklyn, NY (b)	12/9/2020		LIBOR + 2.15%		—			75,000
250 Livingston Street, Brooklyn, NY (b)	6/6/2029		3.63%		125,000			—
141 Livingston Street, Brooklyn, NY (c)	6/1/2028		3.875%		76,582			77,333
Tribeca House, Manhattan, NY (d)	3/6/2028		4.506%		360,000			360,000
Aspen, Manhattan, NY (e)	7/1/2028		3.68%		67,534			68,199
107 Columbia Heights, Brooklyn, NY (f)	5/9/2020		LIBOR + 3.85%		64,731			64,731
10 West 65 th Street, Manhattan, NY (g)	11/1/2027		3.375%		34,350			34,350
Total debt				$	974,197		$	925,613
Unamortized debt issuance costs					(10,862	)		(12,049	)
Total debt, net of unamortized debt issuance costs				$	963,335		$	913,564

(a) The

$246,000

mortgage note agreement with New York Community Bank (“NYCB”), entered into on

February 21, 2018,

matures on

March 1, 2028,

and bears interest at

3.5%

for the

first

five

years and thereafter at the prime rate plus

2.75%,

with an option to fix the rate subject to the payment of a fee that fluctuates depending on the date the election is made. The note requires interest-only payments through

August 2020,

and monthly principal and interest payments thereafter based on a

-year amortization schedule. The Company has the option to prepay all (but

not

less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.

(b) On

May 31, 2019,

the Company repaid the debt secured by the

250

Livingston Street property that was scheduled to mature in

2020,

from the proceeds of a

$125,000

first

mortgage loan with Citi Real Estate Funding Inc. The loan matures on

June 6, 2029,

bears interest at

3.63%

and requires interest-only payments for the entire term. The Company has the option to prepay all (but

not

less than all) of the unpaid balance of the note within

three

months of maturity, without a prepayment premium.

$79,500

mortgage note agreement with NYCB matures on

June 1, 2028,

and bears interest at

3.875%.

The note required interest-only payments through

June 2017,

and monthly principal and interest payments of

$374

thereafter based on a

-year amortization schedule.

(d) The

$360,000

loan with Deutsche Bank, entered into on

February 21, 2018,

matures on

March 6, 2028,

bears interest at

4.506%

and requires interest-only payments for the entire term. The Company has the option to prepay all (but

not

less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to

December 6, 2027.

(e) The

$70,000

mortgage note agreement with Capital One Multifamily Finance LLC matures on

July 1, 2028,

and bears interest at

3.68%.

The note required interest-only payments through

July 2017,

and monthly principal and interest payments of

$321

thereafter based on a

-year amortization schedule. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium.

(f) On

May 9, 2017,

the Company entered into a

$59,000

mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc., related to the

107

Columbia Heights acquisition. The Company also entered into a construction loan secured by the building with the same lender that will provide up to

$14,700

for eligible capital improvements and carrying costs, of which

$5,731

was drawn as of

June 30, 2019.

The notes mature on

May 9, 2020,

are subject to

two one

-year extension options, require interest-only payments and bear interest at

one

-month LIBOR plus

3.85%

(

6.2%

as of

June 30, 2019).

(g) On

October 27, 2017,

the Company entered into a

$34,350

mortgage note agreement with NYCB, related to the

West

Street acquisition. The note matures on

November 1, 2027,

and bears interest at

3.375%

for the

first

five

years and thereafter at the prime rate plus

2.75%,

subject to an option to fix the rate. The note requires interest-only payments through

October 2019,

and monthly principal and interest payments thereafter based on a

-year amortization schedule.

The following table summarizes principal payment requirements under terms of notes payable as of

June 30, 2019 (

unaudited):

2019 (Remainder)	$	1,546
2020		69,919
2021		8,553
2022		8,866
2023		9,191
Thereafter		876,122
Total	$	974,197

The Company recognized a loss on extinguishment of debt of

$1,771

during the

three

months ended

June 30, 2019,

in connection with the refinancing of debt on the

250

Livingston Street property; the loss consisted of the write-off of unamortized debt costs. The Company recognized a loss on extinguishment of debt of

$6,981

during the

six

months ended

June 30, 2018,

in connection with the refinancing of debt on the Flatbush Gardens and Tribeca House properties; the loss consisted of prepayment and other fees and the write-off of unamortized debt costs.