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Mortgages and Other Loans Payable (Tables)
6 Months Ended
Jun. 30, 2018
Mortgages and Other Loans Payable  
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases
The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at June 30, 2018 and December 31, 2017, respectively, were as follows (amounts in thousands):
Property
 
Maturity
Date
 
Interest
Rate (1)
 
June 30, 2018
 
December 31, 2017
Fixed Rate Debt:
 
 
 
 
 
 
 
 
 
One Madison Avenue
 
May 2020
 
 
5.91
%
 
$
469,564

 
$
486,153

762 Madison Avenue
 
February 2022
 
 
5.00
%
 
771

 
771

100 Church Street
 
July 2022
 
 
4.68
%
 
215,223

 
217,273

420 Lexington Avenue
 
October 2024
 
 
3.99
%
 
300,000

 
300,000

400 East 58th Street (2)
 
November 2026
 
 
3.00
%
 
40,000

 
40,000

Landmark Square
 
January 2027
 
 
4.90
%
 
100,000

 
100,000

485 Lexington Avenue
 
February 2027
 
 
4.25
%
 
450,000

 
450,000

1080 Amsterdam (3)
 
February 2027
 
 
3.58
%
 
36,138

 
36,363

315 West 33rd Street
 
February 2027
 
 
4.17
%
 
250,000

 
250,000

919 Third Avenue (4)
 
 
 
 

 

 
500,000

Unsecured Loan (5)
 
 
 
 
 
 

 
16,000

Series J Preferred Units (6)
 
 
 
 
 
 

 
4,000

Total fixed rate debt
 
 
 
 
 
 
$
1,861,696

 
$
2,400,560

Floating Rate Debt:
 
 
 
 
 
 
 
 
 
719 Seventh Avenue
 
February 2019
 
L+
3.05
%
 
$
44,000

 
$
41,622

183, 187 Broadway & 5-7 Dey Street (7)
 
May 2019
 
L+
2.70
%
 
58,000

 
58,000

2017 Master Repurchase Agreement (8)
 
June 2019
 
L+
2.34
%
 
300,000

 
90,809

220 East 42nd Street
 
October 2020
 
L+
1.60
%
 
275,000

 
275,000

Total floating rate debt
 
 
 
 
 
 
$
677,000

 
$
465,431

Total fixed rate and floating rate debt
 
 
 
 
 
 
$
2,538,696

 
$
2,865,991

Mortgages reclassed to liabilities related to assets held for sale
 
 
 
 
 
 

 

Total mortgages and other loans payable
 
 
 
 
 
 
$
2,538,696

 
$
2,865,991

Deferred financing costs, net of amortization
 
 
 
 
 
 
(21,599
)
 
(28,709
)
Total mortgages and other loans payable, net
 
 
 
 
 
 
$
2,517,097

 
$
2,837,282

(1)
Interest rate as of June 30, 2018, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.
(2)
The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.
(3)
The loan is comprised of a $35.5 million mortgage loan and $0.9 million subordinate loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.
(4)
Our investment in the property was deconsolidated as of January 1, 2018. See Note 6, "Investments in Unconsolidated Joint Ventures".
(5)
In May 2018, the loan was repaid in connection with the sale of property.
(6)
In June 2018, the Series J Preferred Units were redeemed in connection with the sale of the property.
(7)
In May 2018, we exercised a 12-month extension option.
(8)
In June 2018, we exercised a 12-month extension option.