n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( c o n t i n u e d ) the realization of this investment gain ( $ 5624 net of the award ) .this award , which will be paid out over a three-year period , is presented as deferred compensation award on the balance sheet .as of december 31 , 2002 , $ 1504 had been paid against this compensation award .401 ( k ) plan during august 1997 , the company implemented a 401 ( k ) savings/retirement plan ( the 201c401 ( k ) plan 201d ) to cover eligible employees of the company and any designated affiliate .the 401 ( k ) plan permits eligible employees of the company to defer up to 15% ( 15 % ) of their annual compensation , subject to cer- tain limitations imposed by the code .the employees 2019 elec- tive deferrals are immediately vested and non-forfeitable upon contribution to the 401 ( k ) plan .during 2000 , the company amended its 401 ( k ) plan to include a matching contribution , subject to erisa limitations , equal to 50% ( 50 % ) of the first 4% ( 4 % ) of annual compensation deferred by an employee .for the years ended december 31 , 2002 , 2001 and 2000 , the company made matching contributions of $ 140 , $ 116 and $ 54 , respectively .18 .commitments and contingencies the company and the operating partnership are not presently involved in any material litigation nor , to their knowledge , is any material litigation threatened against them or their properties , other than routine litigation arising in the ordinary course of business .management believes the costs , if any , incurred by the company and the operating partnership related to this litigation will not materially affect the financial position , operating results or liquidity of the company and the operating partnership .on october 24 , 2001 , an accident occurred at 215 park avenue south , a property which the company manages , but does not own .personal injury claims have been filed against the company and others by 11 persons .the company believes that there is sufficient insurance coverage to cover the cost of such claims , as well as any other personal injury or property claims which may arise .the company has entered into employment agreements with certain executives .six executives have employment agreements which expire between november 2003 and december 2007 .the cash based compensation associated with these employment agreements totals approximately $ 2125 for 2003 .during march 1998 , the company acquired an operating sub-leasehold position at 420 lexington avenue .the oper- ating sub-leasehold position requires annual ground lease payments totaling $ 6000 and sub-leasehold position pay- ments totaling $ 1100 ( excluding an operating sub-lease position purchased january 1999 ) .the ground lease and sub-leasehold positions expire 2008 .the company may extend the positions through 2029 at market rents .the property located at 1140 avenue of the americas operates under a net ground lease ( $ 348 annually ) with a term expiration date of 2016 and with an option to renew for an additional 50 years .the property located at 711 third avenue operates under an operating sub-lease which expires in 2083 .under the sub- lease , the company is responsible for ground rent payments of $ 1600 annually which increased to $ 3100 in july 2001 and will continue for the next ten years .the ground rent is reset after year ten based on the estimated fair market value of the property .in april 1988 , the sl green predecessor entered into a lease agreement for property at 673 first avenue in new york city , which has been capitalized for financial statement purposes .land was estimated to be approximately 70% ( 70 % ) of the fair market value of the property .the portion of the lease attributed to land is classified as an operating lease and the remainder as a capital lease .the initial lease term is 49 years with an option for an additional 26 years .beginning in lease years 11 and 25 , the lessor is entitled to additional rent as defined by the lease agreement .the company continues to lease the 673 first avenue prop- erty which has been classified as a capital lease with a cost basis of $ 12208 and cumulative amortization of $ 3579 and $ 3306 at december 31 , 2002 and 2001 , respectively .the fol- lowing is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of december 31 , 2002 .non-cancellable operating december 31 , capital leases leases .
[['december 31,', 'capital leases', 'non-cancellable operating leases'], ['2003', '$ 1290', '$ 11982'], ['2004', '1290', '11982'], ['2005', '1290', '11982'], ['2006', '1322', '11982'], ['2007', '1416', '11982'], ['thereafter', '56406', '296277'], ['total minimum lease payments', '63014', '356187'], ['less amount representing interest', '47152', '2014'], ['present value of net minimum lease payments', '$ 15862', '$ 356187']]
19 .financial instruments : derivatives and hedging financial accounting standards board 2019s statement no .133 , 201caccounting for derivative instruments and hedging activities , 201d ( 201csfas 133 201d ) which became effective january 1 , 2001 requires the company to recognize all derivatives on the balance sheet at fair value .derivatives that are not hedges must be adjusted to fair value through income .if a derivative is a hedge , depending on the nature of the hedge , f i f t y - t w o s l g r e e n r e a l t y c o r p . .

Question: for the 673 first avenue property which has been classified as a capital lease , what percent of the basis was amortized in the year december 31 , 2002?
Answer: 29.3%