COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
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 ThreePILOT Payments Six
Property NameLocationAsset TypePILOT
Expiration Dates		Months Ended
June 30,		Months Ended
June 30,
2023202220232022
(Dollars in Thousands)(Dollars in Thousands)
111 River Street (a)Hoboken, NJOffice4/2022$—$—$—$85
Harborside Plaza 4A (b)Jersey City, NJOffice2/2022———218
Harborside Plaza 5 (c)Jersey City, NJOffice6/2022—1,109—2,217
BLVD 401 (Marbella 2) (d)Jersey City, NJMultifamily4/2026461376864735
RiverHouse 11 at Port Imperial (e)Weehawken, NJMultifamily7/2033405356779706
Port Imperial 4/5 Hotel (f)Weehawken, NJHotel12/2033—7332241,466
RiverHouse 9 at Port Imperial (g)Weehawken, NJMultifamily6/2046372318754640
Haus25 (h)Jersey City, NJMixed-Use3/20475731241,147124
The James (i)Park Ridge, NJMultifamily6/2051144—287—
Total Pilot taxes$1,955$3,016$4,055$6,191
(a)The property was disposed of in the first quarter of 2022.
(b)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.
(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(d)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.
(e)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.
(f)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.
(g)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.
(h)For a term of 25 years following substantial completion, which occurred in April 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.
(i)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.
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 June 30, 2023 and December 31, 2022, are as follows (dollars in thousands):
Year
As of June 30, 2023
Amount
July 1 through December 31, 2023$636
20241,272
20251,279
20261,279
20271,280
2028 through 2101 31,940
Total lease payments37,686
Less: imputed interest(29,948)
Total$7,738
Year
As of December 31, 2022
Amount
2023$192
2024192
2025199
2026199
2027200
2028 through 2101 31,664
Total lease payments32,646
Less: imputed interest(29,418)
Total$3,228