ADDED
On May 30, 2025, the Company completed the sale of 10 West 65th Street in Manhattan, a 6-story residential building with approximately 76,000 square feet of residential rental GLA.
The Company incurred $1,900 in closing costs and paid $800 in accrued interest at closing.
At closing, the Company repaid in full its $31,200 mortgage note (the Mortgage ) with Flagstar Bank ( Flagstar ) (see note 4 below).
The Company recorded a loss on the disposal of long-lived assets of $857 and a loss on impairment of long-lived assets of $33,780 during the year-ended December 31, 2025.
During the fiscal year ended December 31, 2025, we derived approximately 78% of our revenues from rents received from residents in our apartment rental properties and the remainder from commercial and retail rental customers.
As of August 23, 2025, the City of New York vacated its 342,496 square feet of office space located at 240-250 Livingston Street, concurrently with the termination of its lease period.
The Lease generally provided rent payments of approximately $15,400 per annum.
Additionally, the City of New York s 206,084 square foot lease at 141 Livingston Street expired on December 27, 2025.
The Company and City of New York are continuing to finalize a five-year extension of its expired lease for 141 Livingston Property.
The expired lease at 141 Livingston Street provided for $10,300 million rent per annum.
REMOVED
These risks include, but are not limited to, the following: We depend on two commercial leases with certain agencies of the City of New York (NYC), as a single government tenant in our office buildings, with one lease terminating effective August 23, 2025 and the other lease expiring on December 27, 2025.
Our inability to replace NYC as a tenant at rent rates comparable to the rates in the lease that terminates in August 2025 or to negotiate a five-year extension of the lease expiring in December 2025 could cause a material adverse effect on us, including our financial condition, results of operations and cash flow.
We derive approximately 74% of our revenues from rents received from residents in our apartment rental properties and the remainder from commercial and retail rental customers.
As of December 31, 2024, agencies of the City of New York leased an aggregate of 548,580 rentable square feet of commercial space at our commercial office properties at 141 Livingston Street and 250 Livingston Street, representing approximately 22% of our total revenues for the year ended December 31, 2024.
As of February 23, 2024, the City of New York notified the Company of its intention to terminate its lease for 342,496 square feet of office space located at 240-250 Livingston Street effective August 23, 2025.
The Lease generally provides for rent payments in the amount of $9.9 million through the end of the term.
Additionally, the Company and the City of New York are negotiating the terms of a five-year extension of its current 206,084 square foot lease at 141 Livingston Street that expires in December of 2025.
The current lease at 141 Livingston Street provides for $10.3 million rent per annum.
The Company has also been working to identify areas where it can improve the carbon footprint of its properties.
This includes complying with NYC Local Law 97 (LL97) that requires most buildings over 25 thousand square feet meet stringent carbon emissions caps starting in 2024.