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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 17,170 $ 913,051
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 300,487 241,538
Equity in net income of partially owned entities (76,017) (113,648)
Distributions of income from partially owned entities 52,871 54,205
Straight-lining of rents (52,508) (19,706)
Gain on debt extinguishment (32,073) 0
Stock-based compensation expense 13,459 13,541
Change in deferred tax liability 3,800 4,488
Amortization of below-market leases, net (236) (184)
Amortization of interest rate cap premiums 88 14,176
Prepaid lease payment (net of initial direct costs) 0 901,409
Gain on sales-type lease 0 (803,248)
Net gains on disposition of wholly owned and partially owned assets 0 (24,039)
Other non-cash adjustments 7,430 4,022
Changes in operating assets and liabilities:    
Tenant and other receivables (23,995) (5,265)
Prepaid assets (2,740) 14,578
Other assets 7,468 (48,632)
Lease liabilities (3,415) (39,498)
Accounts payable and accrued expenses 13,006 (20,388)
Other liabilities (13,345) (7,454)
Net cash provided by operating activities 211,450 1,078,946
Cash Flows from Investing Activities:    
Investments in partially owned entities (281,964) (16,967)
Acquisitions of real estate and other (171,840) (22,771)
Additions to real estate (120,333) (152,513)
Proceeds from repayment of loan receivable 85,000 0
Development costs and construction in progress (62,849) (82,064)
Proceeds from sales of real estate and other 49,750 22,308
Distributions of capital from partially owned entities 3,589 3,323
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 0 749,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 0 24,839
Net cash (used in) provided by investing activities (498,647) 525,155
Cash Flows from Financing Activities:    
Proceeds from borrowings 1,714,781 120,000
Repayments of borrowings (1,415,569) (1,278,232)
Repurchase of common shares (133,396) 0
Deferred financing costs (34,281) (470)
Dividends paid on preferred shares (31,050) (31,052)
Distributions to noncontrolling interests (1,995) (1,365)
Contributions from noncontrolling interests 0 673
Other financing activity, net 81 24
Net cash provided by (used in) financing activities 98,571 (1,190,422)
Net (decrease) increase in cash and cash equivalents and restricted cash (188,626) 413,679
Cash and cash equivalents and restricted cash at beginning of period 977,546 949,619
Cash and cash equivalents and restricted cash at end of period 788,920 1,363,298
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 840,850 733,947
Restricted cash at beginning of period 136,696 215,672
Cash and cash equivalents and restricted cash 788,920 1,363,298
Cash and cash equivalents at end of period 675,353 1,204,863
Restricted cash at end of period 113,567 158,435
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 149,310 167,233
Cash payments for income taxes 5,299 3,627
Non-Cash Information:    
Redeemable Class A unit measurement adjustment (102,097) 102,388
Write-off of fully depreciated assets (42,515) (68,003)
Forgiveness of mortgage principal (27,005) 0
Accrued capital expenditures included in accounts payable and accrued expenses 22,020 21,323
Change in fair value of consolidated interest rate hedges and other 18,681 (41,142)
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:    
Real Estate 0 172,120
Receivable arising from the straight-lining of rents 0 26,362
Deferred leasing costs, net of accumulated amortization 0 60,308
Other $ 0 $ 7,322