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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of general information on joint ventures | The table below provides general information on each of our joint ventures as of September 30, 2020:
Property | Partner | Ownership Interest(1) | Economic Interest(1) | Unaudited Approximate Square Feet |  |
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 |  |  |
717 Fifth Avenue | Wharton Properties/Private Investor | 10.92% | 10.92% | 119,500 |  |  |
800 Third Avenue | Private Investors | 60.52% | 60.52% | 526,000 |  |  |
919 Third Avenue | New York State Teacher's Retirement System | 51.00% | 51.00% | 1,454,000 |  |  |
11 West 34th Street | Private Investor/Wharton Properties | 30.00% | 30.00% | 17,150 |  |  |
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 |  |  |
1552-1560 Broadway(2) | Wharton Properties | 50.00% | 50.00% | 57,718 |  |  |
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 |  |  |
21 East 66th Street(3) | Private Investors | 32.28% | 32.28% | 13,069 |  |  |
650 Fifth Avenue(4) | Wharton Properties | 50.00% | 50.00% | 69,214 |  |  |
121 Greene Street | Wharton Properties | 50.00% | 50.00% | 7,131 |  |  |
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 |  |  |
Stonehenge Portfolio | Various | Various | Various | 1,439,016 |  |  |
605 West 42nd Street | The Moinian Group | 20.00% | 20.00% | 927,358 |  |  |
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 |  |  |
333 East 22nd Street | Private Investors | 33.33% | 33.33% | 26,926 |  |  |
400 East 57th Street(5) | BlackRock, Inc and Stonehenge Partners | 51.00% | 41.00% | 290,482 |  |  |
Property | Partner | Ownership Interest(1) | Economic Interest(1) | Unaudited Approximate Square Feet |  |
One Vanderbilt | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | — |  |  |
Worldwide Plaza | RXR Realty / New York REIT / Private Investor | 24.35% | 24.35% | 2,048,725 |  |  |
1515 Broadway | Allianz Real Estate of America | 56.87% | 56.87% | 1,750,000 |  |  |
2 Herald Square | Israeli Institutional Investor | 51.00% | 51.00% | 369,000 |  |  |
115 Spring Street | Private Investor | 51.00% | 51.00% | 5,218 |  |  |
885 Third Avenue(6) | Private Investor | (6) | 100.00% | 625,300 |  |  |
126 Nassau Street(7) | Meritz Alternative Investment Management | 20.00% | 20.00% | 98,412 |  |  |
(1)Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2020. Changes in ownership or economic interests within the current year are disclosed in the notes below. (2)The acquisition price represents only the purchase of the 1552 Broadway interest, which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (3)We hold a 32.28% interest in three retail units and one residential unit at the property and a 16.14% interest in three residential units at the property. (4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. (5)In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet. (6)We hold 100% of the preferred equity interest in the property and believe there is no value to the common equity. (7)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company. As a result of this transaction, we recognized a gain of $17.7 million, which is included in Gain on sale of real estate, net, in our consolidated statements of operations. This gain was calculated in accordance with ASC 842, as the Company identified the lease and non-lease components included in the sublease agreement and allocated the consideration in the agreement to each lease and non-lease component based on each components’ standalone selling price, which was estimated utilizing a combination of the adjusted market assessment and residual approaches as provided for in ASC 606.
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases | The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2020 and December 31, 2019, respectively, are as follows (dollars in thousands):
Property |  | Economic Interest (1) |  | Initial Maturity Date | Final Maturity Date (2) |  | Interest Rate (3) |  | September 30, 2020 |  | December 31, 2019
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |
885 Third Avenue (4) |  | 100.00 | % |  | April 2021 | April 2021 |  |  | 3.35 | % |  | $ | 272,000 |  |  | $ | — |
717 Fifth Avenue (mortgage) |  | 10.92 | % |  | July 2022 | July 2022 |  |  | 4.45 | % |  | 300,000 |  |  | 300,000 |
717 Fifth Avenue (mezzanine) |  | 10.92 | % |  | July 2022 | July 2022 |  |  | 5.50 | % |  | 355,328 |  |  | 355,328 |
650 Fifth Avenue (mortgage) |  | 50.00 | % |  | October 2022 | October 2022 |  |  | 4.46 | % |  | 210,000 |  |  | 210,000 |
650 Fifth Avenue (mezzanine) |  | 50.00 | % |  | October 2022 | October 2022 |  |  | 5.45 | % |  | 65,000 |  |  | 65,000 |
21 East 66th Street |  | 32.28 | % |  | April 2023 | April 2028 |  |  | 3.60 | % |  | 12,000 |  |  | 12,000 |
919 Third Avenue |  | 51.00 | % |  | June 2023 | June 2023 |  |  | 5.12 | % |  | 500,000 |  |  | 500,000 |
1515 Broadway |  | 56.87 | % |  | March 2025 | March 2025 |  |  | 3.93 | % |  | 825,204 |  |  | 838,546 |
11 Madison Avenue |  | 60.00 | % |  | September 2025 | September 2025 |  |  | 3.84 | % |  | 1,400,000 |  |  | 1,400,000 |
800 Third Avenue |  | 60.52 | % |  | February 2026 | February 2026 |  |  | 3.37 | % |  | 177,000 |  |  | 177,000 |
400 East 57th Street |  | 41.00 | % |  | November 2026 | November 2026 |  |  | 3.00 | % |  | 97,024 |  |  | 97,735 |
Worldwide Plaza |  | 24.35 | % |  | November 2027 | November 2027 |  |  | 3.98 | % |  | 1,200,000 |  |  | 1,200,000 |
Stonehenge Portfolio (5) |  | Various |  | Various | Various |  |  | 3.50 | % |  | 195,899 |  |  | 196,112 |
Property |  | Economic Interest (1) |  | Initial Maturity Date | Final Maturity Date (2) |  | Interest Rate (3) |  | September 30, 2020 |  | December 31, 2019
Total fixed rate debt |  |  |  |  |  |  |  |  |  | $ | 5,609,455 |  |  | $ | 5,351,721 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |
121 Greene Street |  | 50.00 | % |  | November 2020 | November 2021 |  | L+ | 1.50 | % |  | $ | 15,000 |  |  | $ | 15,000 |
11 West 34th Street |  | 30.00 | % |  | January 2021 | January 2023 |  | L+ | 1.45 | % |  | 23,000 |  |  | 23,000 |
100 Park Avenue |  | 49.90 | % |  | February 2021 | February 2021 |  | L+ | 1.75 | % |  | 354,087 |  |  | 356,972 |
280 Park Avenue |  | 50.00 | % |  | September 2021 | September 2024 |  | L+ | 1.73 | % |  | 1,200,000 |  |  | 1,200,000 |
One Vanderbilt (6) |  | 71.01 | % |  | September 2021 | September 2023 |  | L+ | 2.50 | % |  | 1,094,873 |  |  | 732,928 |
1552 Broadway |  | 50.00 | % |  | October 2021 | October 2022 |  | L+ | 2.65 | % |  | 195,000 |  |  | 195,000 |
2 Herald Square |  | 51.00 | % |  | November 2021 | November 2023 |  | L+ | 1.45 | % |  | 214,500 |  |  | 190,000 |
55 West 46th Street (7) |  | 25.00 | % |  | August 2022 | August 2024 |  | L+ | 1.25 | % |  | 192,524 |  |  | 192,524 |
115 Spring Street |  | 51.00 | % |  | September 2023 | September 2023 |  | L+ | 3.40 | % |  | 65,550 |  |  | 65,550 |
126 Nassau Street (8) |  | 20.00 | % |  | January 2024 | July 2025 |  | L+ | 1.50 | % |  | 5,593 |  |  | — |
10 East 53rd Street |  | 55.00 | % |  | February 2025 | February 2025 |  | L+ | 1.35 | % |  | 220,000 |  |  | 170,000 |
605 West 42nd Street |  | 20.00 | % |  | August 2027 | August 2027 |  | L+ | 1.44 | % |  | 550,000 |  |  | 550,000 |
21 East 66th Street |  | 32.28 | % |  | June 2033 | June 2033 |  | 1 Year Treasury+ | 2.75 | % |  | 688 |  |  | 712 |
Total floating rate debt |  |  |  |  |  |  |  |  |  | $ | 4,130,815 |  |  | $ | 3,691,686 |
Total joint venture mortgages and other loans payable |  |  |  |  |  | $ | 9,740,270 |  |  | $ | 9,043,407 |
Deferred financing costs, net |  |  |  |  |  |  |  |  |  | (87,763) |  |  | (91,538) |
Total joint venture mortgages and other loans payable, net |  |  |  |  |  | $ | 9,652,507 |  |  | $ | 8,951,869 |
(1)Economic interest represents the Company's interests in the joint venture as of September 30, 2020. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above. (2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (3)Interest rates as of September 30, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified. (4)The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity. In August 2020, the servicer asserted certain loan defaults. The venture has determined that the servicer is misinterpreting the loan documents and is contesting the assertion. The servicer has taken no additional action on the loan. (5)Comprised of three mortgages totaling $132.4 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029. (6)This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting conditions, the first of which has been satisfied, and has an initial five-year term with two one-year extension options. Advances under the loan are subject to costs incurred. (7)This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of September 30, 2020. (8)This loan is a $125.0 million construction facility. Advances under the loan are subject to costs incurred.
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at September 30, 2020 and December 31, 2019 are as follows (in thousands):
| September 30, 2020 |  | December 31, 2019
Assets (1) |  |  |
Commercial real estate property, net | $ | 15,045,603 |  |  | $ | 14,349,628 |
Cash and restricted cash | 326,488 |  |  | 336,189 |
Tenant and other receivables, related party receivables, and deferred rents receivable | 404,138 |  |  | 371,065 |
Other assets | 1,940,540 |  |  | 2,039,429 |
Total assets | $ | 17,716,769 |  |  | $ | 17,096,311 |
Liabilities and equity (1) |  |  |
Mortgages and other loans payable, net | $ | 9,652,507 |  |  | $ | 8,951,869 |
Deferred revenue | 1,400,458 |  |  | 1,501,616 |
Lease liabilities | 1,015,477 |  |  | 897,380 |
Other liabilities | 294,972 |  |  | 308,304 |
Equity | 5,353,355 |  |  | 5,437,142 |
Total liabilities and equity | $ | 17,716,769 |  |  | $ | 17,096,311 |
Company's investments in unconsolidated joint ventures | $ | 2,946,673 |  |  | $ | 2,912,842 |
(1)The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained, non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. In addition, at September 30, 2020, $166.8 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
Schedule of combined statements of income for the unconsolidated joint ventures | The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and nine months ended September 30, 2020 and 2019, are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Total revenues | $ | 292,929 |  |  | $ | 286,010 |  |  | $ | 846,967 |  |  | $ | 883,977 |
Operating expenses | 44,650 |  |  | 50,759 |  |  | 131,578 |  |  | 153,397 |
Real estate taxes | 56,459 |  |  | 53,321 |  |  | 161,566 |  |  | 159,544 |
Operating lease rent | 6,385 |  |  | 6,713 |  |  | 18,947 |  |  | 18,848 |
Interest expense, net of interest income | 79,723 |  |  | 92,601 |  |  | 245,685 |  |  | 282,917 |
Amortization of deferred financing costs | 5,575 |  |  | 4,436 |  |  | 15,197 |  |  | 14,434 |
Depreciation and amortization | 103,262 |  |  | 100,736 |  |  | 300,700 |  |  | 308,748 |
Total expenses | 296,054 |  |  | 308,566 |  |  | 873,673 |  |  | 937,888 |
Loss on early extinguishment of debt | — |  |  | (1,031) |  |  | — |  |  | (1,031) |
Net loss before gain on sale (1) | $ | (3,125) |  |  | $ | (23,587) |  |  | $ | (26,706) |  |  | $ | (54,942) |
Company's equity in net loss from unconsolidated joint ventures (1) | $ | (432) |  |  | $ | (9,864) |  |  | $ | (15,445) |  |  | $ | (22,644) |
(1)The combined statements of operations and the Company's equity in net loss for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

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