Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

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COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Tax Abatement Agreements
Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows:
PILOT Payments
PILOT 2023 2022 2021
Property Name Location Asset Type Expiration Dates (Dollars in Thousands)
BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 —  —  443 
111 River Street (b) Hoboken, NJ Office 4/2022 —  —  1,470 
Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 —  —  1,057 
Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 —  —  4,324 
BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 1,754  1,692  1,277 
RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 1,735  1,514  1,369 
Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 224  2,925  2,925 
RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 1,608  1,295  350 
Haus25 (i) Jersey City, NJ Mixed-Use 3/2047 2,619  975  — 
The James (j) Park Ridge, NJ Multifamily 6/2051 714  318  — 
Total Pilot taxes $ 8,654  $ 8,719  $ 13,215 
(a)The annual PILOT is equal to ten percent of Gross Revenues, as defined.
(b)The property was disposed of in the first quarter of 2022.
(c)The property was disposed of in the third quarter of 2023.
(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.
(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.
(g)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.
(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.
(i)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years following the substantial completion which occurred in April 2022.
(j)The property was acquired in July 2022. For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30; as defined.
Schedule of Future Minimum Rental Payments Of Ground Leases
Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of December 31, 2023, are as follows (dollars in thousands):
As of December 31, 2023
Year Amount
2024 $ 1,272
2025 1,279
2026 1,279
2027 1,280
2028 494
2029 through 2101 31,447
Total lease payments 37,051
Less: imputed interest (29,700)
Total $ 7,351
As of December 31, 2022
Year Amount
2023 $ 192
2024 192
2025 199
2026 199
2027 200
2028 through 2101 31,664
Total lease payments 32,646
Less: imputed interest (29,418)
Total $ 3,228