Commitments and Contingencies Future Minimum Lease Payments The Company entered into a lease agreement related to the acquisition of 350 Bleecker Street similar to a leasehold interest arrangement. The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter under this arrangement. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. (In thousands) Future minimum base rent payments 2013 $ 86 2014 86 2015 86 2016 86 2017 86 Thereafter 3,662 $ 4,092 Litigation In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations. Hurricane Sandy None of the properties owned by us suffered any structural damage as a result of Hurricane Sandy. All of the properties owned by us are fully operational except for the four retail condominiums located at 416 Washington Street in the Tribeca neighborhood of Manhattan. The property remains without full electrical power capacity and the property's tenants are not permitted to operate until power is fully restored and operation is authorized by the applicable New York municipal authorities. The Company continues to communicate with its tenants, insurance carriers and the condominium board in connection with the property. The total annualized straightline rental income for the property represents 3.6% of the Company'