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Debt (Tables) | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of March 31, 2015 and December 31, 2014 (amounts in thousands):
|  |  |  |  | As of March 31, 2015 |
| Principal Balance as of March 31, 2015 |  | Principal Balance as of December 31, 2014 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
10 Union Square | $ | 20,551 |  |  | $ | 20,641 |  |  | 6.00 | % |  | 6.67 | % |  | 5/1/2017 |
10 Bank Street | 32,692 |  |  | 32,847 |  |  | 5.72 | % |  | 6.21 | % |  | 6/1/2017 |
1542 Third Avenue | 18,525 |  |  | 18,628 |  |  | 5.90 | % |  | 6.50 | % |  | 6/1/2017 |
First Stamford Place | 241,384 |  |  | 242,294 |  |  | 5.65 | % |  | 6.14 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 27,465 |  |  | 27,595 |  |  | 5.69 | % |  | 6.36 | % |  | 7/5/2017 |
383 Main Avenue | 29,709 |  |  | 29,852 |  |  | 5.59 | % |  | 5.97 | % |  | 7/5/2017 |
1333 Broadway | 69,348 |  |  | 69,575 |  |  | 6.32 | % |  | 3.80 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 69,455 |  |  | 69,689 |  |  | 6.12 | % |  | 3.14 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,753 |  |  | 9,803 |  |  | 3.35 | % |  | 3.35 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 77,221 |  |  | 77,484 |  |  | 6.01 | % |  | 3.08 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,733 |  |  | 9,763 |  |  | 6.56 | % |  | 3.36 | % |  | 4/5/2018 |
1350 Broadway | 38,765 |  |  | 38,900 |  |  | 5.87 | % |  | 3.78 | % |  | 4/5/2018 |
Metro Center | 99,378 |  |  | 99,845 |  |  | 3.59 | % |  | 3.71 | % |  | 11/5/2024 |
Total fixed rate mortgage debt | 743,979 |  |  | 746,916 |  |  |  |  |  |  |  |
Floating rate mortgage debt |  |  |  |  |  |  |  |  |  |
One Grand Central Place | 91,000 |  |  | 91,000 |  |  | (3) |  | (3) |  | 11/5/2017 |
1359 Broadway(4) | — |  |  | 44,146 |  |  |  |  |  |  |  |
Total floating rate mortgage debt | 91,000 |  |  | 135,146 |  |  |  |  |  |  |  |
Total mortgage debt | 834,979 |  |  | 882,062 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019 |
Senior unsecured notes |  |  |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | — |  |  | 3.93 | % |  | 3.93 | % |  | 3/27/2025 |
Series B | 125,000 |  |  | — |  |  | 4.09 | % |  | 4.09 | % |  | 3/27/2027 |
Series C | 125,000 |  |  | — |  |  | 4.18 | % |  | 4.18 | % |  | 3/27/2030 |
Unsecured revolving credit facility | 165,000 |  |  | — |  |  | (5) |  | (5) |  | 1/23/2019 |
Secured revolving credit facility | — |  |  | 170,000 |  |  | (5) |  | (5) |  |  |
Secured term credit facility | — |  |  | 300,000 |  |  | (5) |  | (5) |  |  |
Total principal | 1,599,979 |  |  | 1,602,062 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 8,388 |  |  | 9,590 |  |  |  |  |  |  |  |
Total | $ | 1,608,367 |  |  | $ | 1,611,652 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of March 31, 2015, 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) | Floating at 30 day LIBOR plus 1.35%. The rate at March 31, 2015 was 1.53%.
(4) | The loan was repaid in March 2015 with a portion of the proceeds from the issuance of senior unsecured notes.
(5) | The secured revolving and term credit facility was terminated on January 23, 2015 concurrent with entering into the unsecured revolving credit facility. At March 31, 2015 the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at March 31, 2015 was 1.33%.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at March 31, 2015 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2015 | $ | 8,833 |  |  | $ | — |  |  | $ | 8,833 |
2016 | 12,387 |  |  | — |  |  | 12,387 |
2017 | 10,070 |  |  | 446,761 |  |  | 456,831 |
2018 | 2,880 |  |  | 262,210 |  |  | 265,090 |
2019 | 2,188 |  |  | 415,000 |  |  | 417,188 |
2020 and thereafter | 11,975 |  |  | 427,675 |  |  | 439,650 |
Total | $ | 48,333 |  |  | $ | 1,551,646 |  |  | $ | 1,599,979 |

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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=34725769&loc=d3e28878-108400 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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