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Accrued Lease Liability Expense
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12 Months Ended | |||
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Dec. 31, 2011
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| Accrued Lease Liability Expense (Abstract) | ||||
| Accrued Lease Liability Expense (Text Block) |
In September 2001, BKF entered into a 10 year lease agreement with Levin Management Co. Inc. under which they agreed to lease several floors of a building located at One Rockefeller Plaza in New York City. Subsequent to that agreement, the Company determined that they did not need all of the space and surrendered some of the space back to the landlord and sublet other portions.
On December 31, 2010, the Company terminated the lease with the landlord. In connection with the early termination, the Company paid a sum of $1,139,049 which represented the present value of the aggregate net rent due under the lease. As a result of the early termination, the Company recorded a gain on settlement of approximately $371,000. |