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Debt (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Schedule of Debt | as of December 31, 2014 and 2013 (amounts in thousands):
|  |  |  |  | As of December 31, 2014 |
| Principal Balance as of December 31, 2014 |  | Principal Balance as of December 31, 2013 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
10 Union Square | $ | 20,641 |  |  | $ | 20,972 |  |  | 6.00 | % |  | 6.77 | % |  | 5/1/2017 |
10 Bank Street | 32,847 |  |  | 33,444 |  |  | 5.72 | % |  | 6.21 | % |  | 6/1/2017 |
1542 Third Avenue | 18,628 |  |  | 19,011 |  |  | 5.90 | % |  | 6.60 | % |  | 6/1/2017 |
First Stamford Place | 242,294 |  |  | 245,629 |  |  | 5.65 | % |  | 6.15 | % |  | 7/5/2017 |
383 Main Avenue | 29,852 |  |  | 30,403 |  |  | 5.59 | % |  | 6.09 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 27,595 |  |  | 28,096 |  |  | 5.69 | % |  | 6.20 | % |  | 7/5/2017 |
1333 Broadway | 69,575 |  |  | 70,447 |  |  | 6.32 | % |  | 3.82 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 69,689 |  |  | — |  |  | 6.12 | % |  | 3.80 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,803 |  |  | — |  |  | 3.35 | % |  | 1.00 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 77,484 |  |  | — |  |  | 6.01 | % |  | 3.45 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,763 |  |  | — |  |  | 6.56 | % |  | 4.01 | % |  | 4/5/2018 |
1350 Broadway (first lien mortgage loan) | 38,900 |  |  | 39,420 |  |  | 5.87 | % |  | 3.60 | % |  | 4/5/2018 |
Metro Center(3) | 99,845 |  |  | 96,158 |  |  | 3.59 | % |  | 3.66 | % |  | 11/5/2024 |
One Grand Central Place |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan)(4) | — |  |  | 71,723 |  |  |  |  |  |  |  |
(second lien mortgage loan)(4) | — |  |  | 14,884 |  |  |  |  |  |  |  |
500 Mamaroneck Avenue(5) | — |  |  | 32,620 |  |  |  |  |  |  |  |
250 West 57th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan)(5) | — |  |  | 25,621 |  |  |  |  |  |  |  |
(second lien mortgage loan)(5) | — |  |  | 11,252 |  |  |  |  |  |  |  |
501 Seventh Avenue |  |  |  |  |  |  |  |  |  |
(Note 1)(6) | — |  |  | 1,037 |  |  |  |  |  |  |  |
(Note 2)(6) | — |  |  | 31,459 |  |  |  |  |  |  |  |
(Note 2)(6) | — |  |  | 6,889 |  |  |  |  |  |  |  |
1359 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan)(7) | — |  |  | 9,579 |  |  |  |  |  |  |  |
(second lien mortgage loan)(7) | — |  |  | 5,561 |  |  |  |  |  |  |  |
(second lien mortgage loan)(7) | — |  |  | 11,311 |  |  |  |  |  |  |  |
(second lien mortgage loan)(7) | — |  |  | 18,572 |  |  |  |  |  |  |  |
Total fixed rate mortgage debt | 746,916 |  |  | 824,088 |  |  |  |  |  |  |  |
Floating rate mortgage debt |  |  |  |  |  |  |  |  |  |
1359 Broadway(7) | 44,146 |  |  | — |  |  | (7) |  | (7) |  | 8/1/2015 |
One Grand Central Place(4) | 91,000 |  |  | — |  |  | (4) |  | (4) |  | 11/5/2017 |
One Grand Central Place (third lien mortgage loan)(4) | — |  |  | 6,382 |  |  |  |  |  |  |  |
250 West 57th Street (third lien mortgage loan)(5) | — |  |  | 21,000 |  |  |  |  |  |  |  |
501 Seventh Avenue (second lien mortgage loan)(6) | — |  |  | 6,540 |  |  |  |  |  |  |  |
1350 Broadway (second lien mortgage loan)(8) | — |  |  | 13,409 |  |  |  |  |  |  |  |
Total floating rate mortgage debt | 135,146 |  |  | 47,331 |  |  |  |  |  |  |  |
Total mortgage debt | 882,062 |  |  | 871,419 |  |  |  |  |  |  |  |
Secured revolving credit facility | 170,000 |  |  | 25,000 |  |  | (9) |  | (9) |  | 10/5/2017 |
Secured term credit facility | 300,000 |  |  | 300,000 |  |  | (10) |  | (10) |  | 10/5/2018 |
Senior unsecured notes | 250,000 |  |  | — |  |  | 2.63 | % |  | 3.95 | % |  | 8/15/2019 |
Total principal | 1,602,062 |  |  | 1,196,419 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 9,590 |  |  | 11,693 |  |  |  |  |  |  |  |
Total | $ | 1,611,652 |  |  | $ | 1,208,112 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of December 31, 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 refinanced in November 2014 prior to the original maturity of January 1, 2016. We paid a discounted prepayment fee of $2.8 million.
(4) | The first, second and third mortgage loans were refinanced with a new loan in November 2014. The new loan bears interest at 30 day LIBOR plus 1.35%. The rate at December 31, 2014 was 1.52%.
(5) | The loans were repaid in December 2014 with proceeds from our secured revolving credit facility.
(6) | The fixed rate loans were consolidated in February 2014; the consolidated loan was repaid in December 2014 together with the floating rate loan.
(7) | The loan was consolidated in February 2014. The new loan bears interest at 30 day LIBOR plus 1.75%. The rate at December 31, 2014 was 1.92%. Subsequent to December 31, 2014, the maturity date was extended to August 1, 2015.
(8) | The loan was repaid in October 2014 using available cash and cash equivalents.
(9) | Floating at 30 day LIBOR plus 1.20%. The rate at December 31, 2014 was 1.37%.
(10) | Floating at 30 day LIBOR plus 1.35%. The rate at December 31, 2014 was 1.52%.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at December 31, 2014 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2015 | $ | 11,772 |  |  | $ | 44,146 |  |  | $ | 55,918 |
2016 | 12,387 |  |  | — |  |  | 12,387 |
2017 | 10,070 |  |  | 616,760 |  |  | 626,830 |
2018 | 2,880 |  |  | 562,210 |  |  | 565,090 |
2019 | 14,163 |  |  | 327,674 |  |  | 341,837 |
Total principal maturities | $ | 51,272 |  |  | $ | 1,550,790 |  |  | $ | 1,602,062 |

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