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Debt (Tables) | 6 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
Schedule of Debt | Mortgage notes payable are collateralized by the following respective real estate properties and assignment of operating leases as of June 30, 2014 and December 31, 2013 (amounts in thousands):
| Principal Balance as of June 30, 2014 |  | Principal Balance as of December 31, 2013 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate debt |  |  |  |  |  |  |  |  |  |
501 Seventh Avenue (3) | $ | 39,026 |  |  | $ | — |  |  | 5.80 | % |  | 5.89 | % |  | 8/1/2014 | (14)
(Note 1)(3) | — |  |  | 1,037 |  |  |  |  |  |  |  |
(Note 2)(3) | — |  |  | 31,459 |  |  |  |  |  |  |  |
(Note 2)(3) | — |  |  | 6,889 |  |  |  |  |  |  |  |
1359 Broadway(4) | 44,276 |  |  | — |  |  | 6.04 | % |  | 6.45 | % |  | 8/1/2014 | (14)
(first lien mortgage loan)(4) | — |  |  | 9,579 |  |  |  |  |  |  |  |
(second lien mortgage loan)(4) | — |  |  | 5,561 |  |  |  |  |  |  |  |
(second lien mortgage loan)(4) | — |  |  | 11,311 |  |  |  |  |  |  |  |
(second lien mortgage loan)(4) | — |  |  | 18,572 |  |  |  |  |  |  |  |
One Grand Central Place |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 70,578 |  |  | 71,723 |  |  | 5.34 | % |  | 5.98 | % |  | 11/5/2014 |
(second lien mortgage loan) | 14,724 |  |  | 14,884 |  |  | 7.00 | % |  | 7.64 | % |  | 11/5/2014 |
500 Mamaroneck Avenue | 32,260 |  |  | 32,620 |  |  | 5.41 | % |  | 6.58 | % |  | 1/1/2015 |
250 West 57th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 25,194 |  |  | 25,621 |  |  | 5.33 | % |  | 5.82 | % |  | 1/5/2015 |
(second lien mortgage loan) | 11,109 |  |  | 11,252 |  |  | 6.13 | % |  | 6.62 | % |  | 1/5/2015 |
Metro Center | 95,062 |  |  | 96,158 |  |  | 5.89 | % |  | 6.24 | % |  | 1/1/2016 |
10 Union Square | 20,807 |  |  | 20,972 |  |  | 6.00 | % |  | 6.65 | % |  | 5/1/2017 |
10 Bank Street | 33,150 |  |  | 33,444 |  |  | 5.72 | % |  | 6.15 | % |  | 6/1/2017 |
1542 Third Avenue | 18,820 |  |  | 19,011 |  |  | 5.90 | % |  | 6.49 | % |  | 6/1/2017 |
First Stamford Place | 243,966 |  |  | 245,629 |  |  | 5.65 | % |  | 6.26 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 27,849 |  |  | 28,096 |  |  | 5.69 | % |  | 6.17 | % |  | 7/5/2017 |
383 Main Avenue | 30,131 |  |  | 30,403 |  |  | 5.59 | % |  | 5.95 | % |  | 7/5/2017 |
1333 Broadway | 76,733 |  | (5) | 78,121 |  |  | 6.32 | % |  | 6.54 | % |  | 1/5/2018 |
1350 Broadway (first lien mortgage loan) | 42,545 |  | (6) | 43,305 |  |  | 5.87 | % |  | 6.20 | % |  | 4/5/2018 |
Total fixed rate debt | 826,230 |  |  | 835,647 |  |  |  |  |  |  |  |
Floating rate debt |  |  |  |  |  |  |  |  |  |
501 Seventh Avenue (second lien mortgage loan) | 6,540 |  |  | 6,540 |  |  | (7) |  | (7) |  | 8/1/2014 | (14)
1350 Broadway (second lien mortgage loan) | 13,711 |  | (8) | 13,543 |  |  | (9) |  | (9) |  | 10/10/2014 |
One Grand Central Place (third lien mortgage loan) | 6,382 |  |  | 6,382 |  |  | (10) |  | (10) |  | 11/5/2014 |
250 West 57th Street (third lien mortgage loan) | 21,000 |  |  | 21,000 |  |  | (11) |  | (11) |  | 1/5/2015 |
Secured revolving credit facility | 55,000 |  |  | 25,000 |  |  | (12) |  | (12) |  | 10/5/2017 |
Secured term credit facility | 300,000 |  |  | 300,000 |  |  | (13) |  | (13) |  | 10/5/2018 |
Total floating rate debt | 402,633 |  |  | 372,465 |  |  |  |  |  |  |  |
Total | $ | 1,228,863 |  |  | $ | 1,208,112 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of June 30, 2014, including the effects of debt issuance costs.
(2) | Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3) | The loan was consolidated in February 2014.
(4) | The loan was consolidated in February 2014.
(5) | Includes unamortized premium of $6,715.
(6) | Includes unamortized premium of $3,381.
(7) | Floating at 30 day LIBOR plus 2.0%. The rate as of June 30, 2014 was 2.16%.
(8) | Includes unamortized premium of $34.
(9) | Interest at the greater of 4.25% and Prime plus 1%. The rate at June 30, 2014 was 4.25%.
(10) | Interest at the greater of Prime plus 0.50% and 3.75%. The rate as of June 30, 2014 was 3.75%.
(11) | Interest at the greater of 4.25% and prime plus 1%. Prior to January 5, 2015, we have the option to fix the interest rate on all or any portion of the principal then outstanding, up to three times and in minimum increments of $5,000 to an annual rate equal to either (i) the greater of (a) 4.75% or (b) 300 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a maturity closest to January 5, 2015 as most recently made available by the Federal Reserve Board as of two days prior to the effective date of the fixing of the interest rate, and (ii) the greater of (a) 5.00% or (b) 300 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a maturity closest to January 5, 2015 as most recently made available by the Federal Reserve Board as of 30 days prior to the effective date of the fixing of the interest rate. If option (i) is selected, we will be subject to the payment of pre‑payment fees, and if option (ii) is selected, we may prepay the loan without any pre‑payment fees. The rate as of June 30, 2014 was 4.25%.
(12) | Floating at 30 day LIBOR plus 1.20%. The rate as of June 30, 2014 was 1.36%.
(13) | Floating at 30 day LIBOR plus 1.35%. The rate at June 30, 2014 was 1.52%.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments on mortgage notes payable at June 30, 2014 are as follows (amounts in thousands):
2014 | $ | 200,895 |
2015 | 98,481 |
2016 | 99,490 |
2017 | 416,154 |
2018 | 413,843 |
Total principal maturities | $ | 1,228,863 |

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