Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 8. RELATED PARTY TRANSACTIONS: Green Holland Management LLC: Paul Cooper, the Chairman and Chief Executive Officer of the Company, and Louis Sheinker, the President, Secretary and Chief Operating Officer of the Company, each hold a 50% interest in a real estate brokerage firm, Green Holland Management LLC ("GHM"). In October 2022, the Company sold a property to a buyer that was introduced to the property by a broker working for GHM. GHM received a brokerage commission of $600,000. In January 2023, the Company purchased a property and was introduced to the property by a broker working for GHM, resulting in $574,000 of brokerage commissions. In December 2024, the Company purchased a property and was introduced to the property by a broker working for GHM, resulting in $349,800 of brokerage commissions paid to GHM. The Rochlin Organization: Paul Cooper and Louis Sheinker each held minority ownership interests in a real estate brokerage firm, The Rochlin Organization ("Rochlin") through their ownership of GHM. Paul Cooper and Louis Sheinker did not engage in management activities for Rochlin. In November 2023, GHM sold its interest in The Rochlin Organization to Adam Rochlin and The Rochlin Organization. 612 Wortman Avenue: Rochlin acted as the exclusive broker for one of the Company’s properties. In 2013, Rochlin introduced a new tenant to the property, resulting in the execution of a lease agreement and a subsequent lease modification and Rochlin earning brokerage commissions. In subsequent years, the tenant expanded square footage and exercised renewal options, resulting in Rochlin earning additional brokerage commissions. In July 2020, Rochlin introduced an additional tenant to the property, resulting in the execution of a lease agreement and Rochlin earning a brokerage commission of approximately $406,000 on the aggregate contractual rents of approximately $21,000,000. In June 2023, a successor of the original tenant concluded negotiations to extend their current lease and also expand the premises which resulted in approximately $1,500,000 of brokerage commissions for Rochlin on the aggregate contractual rents of approximately $32,300,000. 23-85 87th Street: In October 2022, Rochlin acted as the exclusive broker for this property. The tenant signed an extension agreement which resulted in approximately $2,900,000 of brokerage commissions on the aggregate contractual rents of approximately $82,500,000. |