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Debt (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands):
|  |  |  |  | As of June 30, 2015 |
| Principal Balance as of June 30, 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 | $ | 20,466 |  |  | $ | 20,641 |  |  | 6.00 | % |  | 6.71 | % |  | 5/1/2017 |
10 Bank Street | 32,535 |  |  | 32,847 |  |  | 5.72 | % |  | 6.21 | % |  | 6/1/2017 |
1542 Third Avenue | 18,427 |  |  | 18,628 |  |  | 5.90 | % |  | 6.54 | % |  | 6/1/2017 |
First Stamford Place | 240,536 |  |  | 242,294 |  |  | 5.65 | % |  | 6.14 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 27,333 |  |  | 27,595 |  |  | 5.69 | % |  | 6.36 | % |  | 7/5/2017 |
383 Main Avenue | 29,565 |  |  | 29,852 |  |  | 5.59 | % |  | 6.00 | % |  | 7/5/2017 |
1333 Broadway | 69,118 |  |  | 69,575 |  |  | 6.32 | % |  | 3.79 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 69,218 |  |  | 69,689 |  |  | 6.12 | % |  | 3.29 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,702 |  |  | 9,803 |  |  | 3.35 | % |  | 3.35 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 76,953 |  |  | 77,484 |  |  | 6.01 | % |  | 3.22 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,702 |  |  | 9,763 |  |  | 6.56 | % |  | 3.51 | % |  | 4/5/2018 |
1350 Broadway | 38,628 |  |  | 38,900 |  |  | 5.87 | % |  | 3.77 | % |  | 4/5/2018 |
Metro Center | 98,906 |  |  | 99,845 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2024 |
Total fixed rate mortgage debt | 741,089 |  |  | 746,916 |  |  |  |  |  |  |  |
Floating rate mortgage debt |  |  |  |  |  |  |  |  |  |
One Grand Central Place(3) | — |  |  | 91,000 |  |  |  |  |  |  |  |
1359 Broadway(3) | — |  |  | 44,146 |  |  |  |  |  |  |  |
Total floating rate mortgage debt | — |  |  | 135,146 |  |  |  |  |  |  |  |
Total mortgage debt | 741,089 |  |  | 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 | 285,000 |  |  | — |  |  | (4) |  | (4) |  | 1/23/2019 |
Secured revolving credit facility | — |  |  | 170,000 |  |  | (4) |  | (4) |  |  |
Secured term credit facility | — |  |  | 300,000 |  |  | (4) |  | (4) |  |  |
Total principal | 1,626,089 |  |  | 1,602,062 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 7,318 |  |  | 9,590 |  |  |  |  |  |  |  |
Total | $ | 1,633,407 |  |  | $ | 1,611,652 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of June 30, 2015, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.
(2) | Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3) | Repaid in 2015.
(4) | The secured revolving and term credit facility was terminated on January 23, 2015 concurrent with entering into the unsecured revolving credit facility. At June 30, 2015, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at June 30, 2015 was 1.34%.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at June 30, 2015 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2015 | $ | 5,943 |  |  | $ | — |  |  | $ | 5,943 |
2016 | 12,387 |  |  | — |  |  | 12,387 |
2017 | 10,070 |  |  | 355,761 |  |  | 365,831 |
2018 | 2,880 |  |  | 262,210 |  |  | 265,090 |
2019 | 2,188 |  |  | 535,000 |  |  | 537,188 |
2020 and thereafter | 11,975 |  |  | 427,675 |  |  | 439,650 |
Total | $ | 45,443 |  |  | $ | 1,580,646 |  |  | $ | 1,626,089 |

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