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Debt (Tables) | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of September 30, 2014 and December 31, 2013 (amounts in thousands):
|  |  |  |  | As of September 30, 2014 |
| Principal Balance as of September 30, 2014 |  | Principal Balance as of December 31, 2013 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
One Grand Central Place |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | $ | 69,994 |  |  | $ | 71,723 |  |  | 5.34 | % |  | 6.85 | % |  | 11/5/2014 |
(second lien mortgage loan) | 14,642 |  |  | 14,884 |  |  | 7.00 | % |  | 8.51 | % |  | 11/5/2014 |
500 Mamaroneck Avenue | 32,076 |  |  | 32,620 |  |  | 5.41 | % |  | 6.47 | % |  | 1/1/2015 |
250 West 57th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 24,976 |  |  | 25,621 |  |  | 5.33 | % |  | 6.46 | % |  | 1/5/2015 |
(second lien mortgage loan) | 11,036 |  |  | 11,252 |  |  | 6.13 | % |  | 7.26 | % |  | 1/5/2015 |
1359 Broadway(4) | 44,146 |  |  | — |  |  | 6.04 | % |  | 6.56 | % |  | 2/1/2015 | (10)
(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 |  |  |  |  |  |  |  |
Metro Center | 94,501 |  |  | 96,158 |  |  | 5.89 | % |  | 6.76 | % |  | 1/1/2016 |
10 Union Square | 20,726 |  |  | 20,972 |  |  | 6.00 | % |  | 6.76 | % |  | 5/1/2017 |
10 Bank Street | 32,999 |  |  | 33,444 |  |  | 5.72 | % |  | 6.21 | % |  | 6/1/2017 |
1542 Third Avenue | 18,727 |  |  | 19,011 |  |  | 5.90 | % |  | 6.58 | % |  | 6/1/2017 |
First Stamford Place | 243,156 |  |  | 245,629 |  |  | 5.65 | % |  | 6.17 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 27,723 |  |  | 28,096 |  |  | 5.69 | % |  | 6.14 | % |  | 7/5/2017 |
383 Main Avenue | 29,993 |  |  | 30,403 |  |  | 5.59 | % |  | 6.10 | % |  | 7/5/2017 |
1333 Broadway | 69,798 |  |  | 70,447 |  |  | 6.32 | % |  | 3.82 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 69,920 |  |  | — |  |  | 6.12 | % |  | 3.85 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,853 |  |  | — |  |  | 3.35 | % |  | 1.03 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 77,744 |  |  | — |  |  | 6.01 | % |  | 3.45 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,792 |  |  | — |  |  | 6.56 | % |  | 4.01 | % |  | 4/5/2018 |
1350 Broadway (first lien mortgage loan) | 39,033 |  |  | 39,420 |  |  | 5.87 | % |  | 4.39 | % |  | 4/5/2018 |
501 Seventh Avenue(3) | — |  |  | — |  |  |  |  |  |  |  |
(Note 1)(3) | — |  |  | 1,037 |  |  |  |  |  |  |  |
(Note 2)(3) | — |  |  | 31,459 |  |  |  |  |  |  |  |
(Note 2)(3) | — |  |  | 6,889 |  |  |  |  |  |  |  |
Total fixed rate mortgage debt | 940,835 |  |  | 824,088 |  |  |  |  |  |  |  |
Floating rate mortgage debt |  |  |  |  |  |  |  |  |  |
1350 Broadway (second lien mortgage loan) | 13,677 |  |  | 13,409 |  |  | (5) |  | (5) |  | 10/10/2014 |
One Grand Central Place (third lien mortgage loan) | 6,382 |  |  | 6,382 |  |  | (6) |  | (6) |  | 11/5/2014 |
250 West 57th Street (third lien mortgage loan) | 21,000 |  |  | 21,000 |  |  | (7) |  | (7) |  | 1/5/2015 |
501 Seventh Avenue (second lien mortgage loan) | — |  |  | 6,540 |  |  |  |  |  |  |  |
Total floating rate mortgage debt | 41,059 |  |  | 47,331 |  |  |  |  |  |  |  |
Total mortgage debt | 981,894 |  |  | 871,419 |  |  |  |  |  |  |  |
Secured revolving credit facility | 55,600 |  |  | 25,000 |  |  | (8) |  | (8) |  | 10/5/2017 |
Secured term credit facility | 300,000 |  |  | 300,000 |  |  | (9) |  | (9) |  | 10/5/2018 |
Senior unsecured notes | 250,000 |  |  | — |  |  | 2.63 | % |  | 3.92 | % |  | 8/15/2019 |
Total principal | 1,587,494 |  |  | 1,196,419 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 10,674 |  |  | 11,693 |  |  |  |  |  |  |  |
Total | $ | 1,598,168 |  |  | $ | 1,208,112 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of September 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) | Interest at the greater of 4.25% and Prime plus 1.0%. The rate at September 30, 2014 was 4.25%.
(6) | Interest at the greater of Prime plus 0.50% and 3.75%. The rate as of September 30, 2014 was 3.75%.
(7) | Interest at the greater of 4.25% and Prime plus 1.0%. 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 September 30, 2014 was 4.25%.
(8) | Floating at 30 day LIBOR plus 1.20%. The rate as of September 30, 2014 was 1.36%.
(9) | Floating at 30 day LIBOR plus 1.35%. The rate at September 30, 2014 was 1.51%.
(10) | Original maturity date of August 1, 2014 was extended to February 1, 2015.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments on mortgage notes payable at September 30, 2014 are as follows (amounts in thousands):
2014 | $ | 108,137 |
2015 | 144,989 |
2016 | 101,994 |
2017 | 419,395 |
2018 | 562,979 |
2019 | 250,000 |
Total principal maturities | $ | 1,587,494 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
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