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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021:
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 |  |  |
Stonehenge Portfolio | Various | Various | Various | 1,439,016 |  |  |
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 |  |  |
One Vanderbilt Avenue | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | 1,657,198 |  |  |
Worldwide Plaza (5) | RXR Realty / New York REIT | 24.95% | 24.95% | 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 |  |  |
15 Beekman (6) | A fund managed by Meritz Alternative Investment Management | 20.00% | 20.00% | 221,884 |  |  |
85 Fifth Avenue | Wells Fargo | 36.30% | 36.30% | 12,946 |  |  |
One Madison Avenue (7) | National Pension Service of Korea/Hines Interest LP | 50.50% | 50.50% | 1,048,700 |  |  |
220 East 42nd Street (8) | A fund managed by Meritz Alternative Investment Management | 51.00% | 51.00% | 1,135,000 |  |  |
(1)Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2021. Changes in ownership or economic interests within the current year are disclosed in the notes below. (2)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 two 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 May 2021, the Company and RXR Realty jointly acquired the 1.2% interest in the property previously held by a private investor. This resulted in an increase in the Company's ownership interest of 0.6%. (6)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company. (7)In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million in 2020 and a fair value adjustment of $2.7 million during the nine months ended September 30, 2021. The fair value of our investment was determined by the terms of the joint venture agreement. The partners have committed aggregate equity to the project totaling no less than $492.2 million and their ownership interest in the joint venture is based on their capital contributions, up to an aggregate maximum of 49.5%. As of September 30, 2021, the total of the two partners' ownership interests based on equity contributed was 9.0%. (8)In July 2021, the Company sold a 49% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of the 51.0% interest we retained. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $206.8 million during the three and nine months ended September 30, 2021. The fair value of our investment was determined by the terms of the joint venture agreement.
Schedule of investments in unconsolidated joint ventures disposed | The following table summarizes the investments in unconsolidated joint ventures disposed of during the nine months ended September 30, 2021:
Property |  | Ownership Interest Disposed |  | Disposition Date |  | Gross Asset Valuation (in millions) |  | (Loss) Gain on Sale (in millions) (1) (2)
885 Third Avenue (3) |  | N/A |  | January 2021 |  | N/A |  | N/A
55 West 46th Street - Tower 46 |  | 25.0% |  | March 2021 |  | $ | 275.0 |  |  | $ | (15.2) |
605 West 42nd Street - Sky |  | 20.0% |  | June 2021 |  | 858.1 |  |  | 8.9 |
400 East 57th Street (4) |  | 41.0% |  | September 2021 |  | 133.5 |  |  | (1.0) |
(1)Represents the Company's share of the gain or loss. (2)The (losses) gains on sale are net of $1.4 million of employee compensation accrued in connection with the realization of the investment gains during the nine months ended September 30, 2021. Additionally, the amounts do not include adjustments for expenses recorded in subsequent periods. (3)In January 2021, pursuant to the partnership documents of our 885 Third Avenue investment, certain participating rights of the common member expired. As a result, it was determined that we are the primary beneficiary of the VIE and the investment was consolidated in our financial statements. See Note 3, "Property Acquisitions." (4)Prior to the close of the transaction and in connection with the contract we entered into to sell the property in April 2021, we recorded a charge of $5.7 million, which is included in Depreciable real estate reserves and impairment in the consolidated statements of operations.
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 as of September 30, 2021 and December 31, 2020, respectively, are as follows (dollars in thousands):
Property |  | Economic Interest (1) |  | Current Maturity Date | Final Maturity Date (2) |  | Interest Rate (3) |  | September 30, 2021 |  | December 31, 2020
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |
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 | % |  | 806,627 |  |  | 820,607 |
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 |
Worldwide Plaza |  | 24.95 | % |  | November 2027 | November 2027 |  |  | 3.98 | % |  | 1,200,000 |  |  | 1,200,000 |
One Vanderbilt Avenue |  | 71.01 | % |  | July 2031 | July 2031 |  |  | 2.95 | % |  | 3,000,000 |  |  | — |
Stonehenge Portfolio (4) |  | Various |  | Various | Various |  |  | 3.50 | % |  | 195,685 |  |  | 195,899 |
400 East 57th Street |  |  |  |  |  |  |  |  |  | — |  |  | 97,024 |
885 Third Avenue |  |  |  |  |  |  |  |  |  | — |  |  | 272,000 |
Total fixed rate debt |  |  |  |  |  |  |  |  |  | $ | 8,221,640 |  |  | $ | 5,604,858 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |
1552 Broadway (5) |  | 50.00 | % |  | October 2021 | October 2022 |  | L+ | 2.65 | % |  | $ | 195,000 |  |  | $ | 195,000 |
2 Herald Square (5) |  | 51.00 | % |  | November 2021 | November 2023 |  | L+ | 1.45 | % |  | 214,500 |  |  | 214,500 |
11 West 34th Street |  | 30.00 | % |  | January 2022 | January 2023 |  | L+ | 1.45 | % |  | 23,000 |  |  | 23,000 |
280 Park Avenue (6) |  | 50.00 | % |  | September 2022 | September 2024 |  | L+ | 1.73 | % |  | 1,200,000 |  |  | 1,200,000 |
121 Greene Street |  | 50.00 | % |  | November 2022 | November 2022 |  | L+ | 2.00 | % |  | 13,367 |  |  | 15,000 |
220 East 42nd Street |  | 51.00 | % |  | June 2023 | June 2025 |  | L+ | 2.75 | % |  | 510,000 |  |  | — |
115 Spring Street |  | 51.00 | % |  | September 2023 | September 2023 |  | L+ | 3.40 | % |  | 65,550 |  |  | 65,550 |
Property |  | Economic Interest (1) |  | Current Maturity Date | Final Maturity Date (2) |  | Interest Rate (3) |  | September 30, 2021 |  | December 31, 2020
100 Park Avenue |  | 49.90 | % |  | December 2023 | December 2025 |  | L+ | 2.25 | % |  | 360,000 |  |  | 360,000 |
15 Beekman (7) |  | 20.00 | % |  | January 2024 | July 2025 |  | L+ | 1.50 | % |  | 32,687 |  |  | 11,212 |
10 East 53rd Street |  | 55.00 | % |  | February 2025 | February 2025 |  | L+ | 1.35 | % |  | 220,000 |  |  | 220,000 |
One Madison Avenue (8) |  | 50.50 | % |  | November 2025 | November 2026 |  | L+ | 3.35 | % |  | 106,049 |  |  | — |
21 East 66th Street |  | 32.28 | % |  | June 2033 | June 2033 |  | T+ | 2.75 | % |  | 643 |  |  | 677 |
One Vanderbilt Avenue |  |  |  |  |  |  |  |  |  | — |  |  | 1,210,329 |
605 West 42nd Street |  |  |  |  |  |  |  |  |  | — |  |  | 550,000 |
55 West 46th Street |  |  |  |  |  |  |  |  |  | — |  |  | 192,524 |
Total floating rate debt |  |  |  |  |  |  |  |  |  | $ | 2,940,796 |  |  | $ | 4,257,792 |
Total joint venture mortgages and other loans payable |  |  |  |  |  | $ | 11,162,436 |  |  | $ | 9,862,650 |
Deferred financing costs, net |  |  |  |  |  |  |  |  |  | (139,427) |  |  | (113,446) |
Total joint venture mortgages and other loans payable, net |  |  |  |  |  | $ | 11,023,009 |  |  | $ | 9,749,204 |
(1)Economic interest represents the Company's interests in the joint venture as of September 30, 2021. 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 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, 2021, 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 ("L") or 1-year Treasury ("T"). (4)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. (5)In October 2021, the maturity date of this loan was extended by one year. (6)In September 2021, the maturity date of this loan was extended by one year. (7)This loan is a $125.0 million construction facility. Advances under the loan are subject to costs incurred. (8)The loan is a $1.25 billion construction facility with an initial term of five years with one, one year extension option. Advances under the loan are subject to costs incurred. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at September 30, 2021 and December 31, 2020 are as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
Assets (1) |  |  |
Commercial real estate property, net | $ | 14,720,722 |  |  | $ | 16,143,880 |
Cash and restricted cash | 791,702 |  |  | 357,076 |
Tenant and other receivables, related party receivables, and deferred rents receivable | 506,129 |  |  | 403,883 |
Other assets | 1,840,483 |  |  | 2,001,612 |
Total assets | $ | 17,859,036 |  |  | $ | 18,906,451 |
Liabilities and equity (1) |  |  |
Mortgages and other loans payable, net | $ | 11,023,009 |  |  | $ | 9,749,204 |
Deferred revenue | 1,216,079 |  |  | 1,341,571 |
Lease liabilities | 982,309 |  |  | 1,002,563 |
Other liabilities | 308,300 |  |  | 464,107 |
Equity | 4,329,339 |  |  | 6,349,006 |
Total liabilities and equity | $ | 17,859,036 |  |  | $ | 18,906,451 |
Company's investments in unconsolidated joint ventures | $ | 3,028,084 |  |  | $ | 3,823,322 |
(1)At September 30, 2021, $429.2 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, 2021 and 2020, are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Total revenues | $ | 314,288 |  |  | $ | 292,929 |  |  | $ | 905,017 |  |  | $ | 846,967 |
Operating expenses | 54,157 |  |  | 44,650 |  |  | 142,800 |  |  | 131,578 |
Real estate taxes | 58,367 |  |  | 56,459 |  |  | 166,974 |  |  | 161,566 |
Operating lease rent | 5,644 |  |  | 6,385 |  |  | 16,931 |  |  | 18,947 |
Interest expense, net of interest income | 90,710 |  |  | 79,723 |  |  | 248,588 |  |  | 245,685 |
Amortization of deferred financing costs | 10,661 |  |  | 5,575 |  |  | 24,249 |  |  | 15,197 |
Depreciation and amortization | 119,537 |  |  | 103,262 |  |  | 351,372 |  |  | 300,700 |
Total expenses | 339,076 |  |  | 296,054 |  |  | 950,914 |  |  | 873,673 |
Loss on early extinguishment of debt | (1,158) |  |  | — |  |  | (2,484) |  |  | — |
Net loss before gain on sale | $ | (25,946) |  |  | $ | (3,125) |  |  | $ | (48,381) |  |  | $ | (26,706) |
Company's equity in net loss from unconsolidated joint ventures | $ | (15,487) |  |  | $ | (432) |  |  | $ | (31,321) |  |  | $ | (15,445) |

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