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Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of December 31, 2016 and 2015 (amounts in thousands):
|  |  |  |  | As of December 31, 2016 |
| Principal Balance as of December 31, 2016 |  | Principal Balance as of December 31, 2015 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
10 Bank Street | $ | 31,544 |  |  | $ | 32,214 |  |  | 5.72 | % |  | 6.22 | % |  | 6/1/2017 |
1542 Third Avenue | 17,795 |  |  | 18,222 |  |  | 5.90 | % |  | 6.62 | % |  | 6/1/2017 |
First Stamford Place | 235,067 |  |  | 238,765 |  |  | 5.65 | % |  | 6.18 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 26,502 |  |  | 27,064 |  |  | 5.69 | % |  | 6.39 | % |  | 7/5/2017 |
383 Main Avenue | 28,654 |  |  | 29,269 |  |  | 5.59 | % |  | 6.04 | % |  | 7/5/2017 |
1333 Broadway | 67,656 |  |  | 68,646 |  |  | 6.32 | % |  | 3.75 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 67,714 |  |  | 68,732 |  |  | 6.12 | % |  | 3.41 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,389 |  |  | 9,600 |  |  | 3.35 | % |  | 3.36 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 75,261 |  |  | 76,406 |  |  | 6.01 | % |  | 3.38 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,509 |  |  | 9,640 |  |  | 6.56 | % |  | 3.68 | % |  | 4/5/2018 |
1350 Broadway | 37,764 |  |  | 38,348 |  |  | 5.87 | % |  | 3.74 | % |  | 4/5/2018 |
Metro Center | 95,985 |  |  | 97,950 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2024 |
10 Union Square(3) | 50,000 |  |  | 20,289 |  |  | 3.70 | % |  | 3.99 | % |  | 4/1/2026 |
Total mortgage debt | 752,840 |  |  | 735,145 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019 |
Senior unsecured notes payable: |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | 100,000 |  |  | 3.93 | % |  | 4.03 | % |  | 3/27/2025 |
Series B | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.19 | % |  | 3/27/2027 |
Series C | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.28 | % |  | 3/27/2030 |
Unsecured revolving credit facility | — |  |  | 40,000 |  |  | (4) |  | (4) |  | 1/23/2019 |
Unsecured term loan facility | 265,000 |  |  | 265,000 |  |  | (5) |  | (5) |  | 8/24/2022 |
Total principal | 1,617,840 |  |  | 1,640,145 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 905 |  |  | 5,181 |  |  |  |  |  |  |  |
Deferred financing costs, net | (6,414 | ) |  | (12,910 | ) |  |  |  |  |  |  |
Total | $ | 1,612,331 |  |  | $ | 1,632,416 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of December 31, 2016, 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) | The mortgage loan collateralized by 10 Union Square was refinanced in March 2016.
(4) | At December 31, 2016, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at December 31, 2016 was 1.92%.
(5) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at December 31, 2016 was 2.37%. Pursuant to a forward interest rate swap agreement, the LIBOR rate is fixed at 2.1485% for the period beginning on August 31, 2017 through maturity.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at December 31, 2016 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2017 | $ | 9,904 |  |  | $ | 336,009 |  |  | $ | 345,913 |
2018 | 2,880 |  |  | 262,210 |  |  | 265,090 |
2019 | 2,188 |  |  | 250,000 |  |  | 252,188 |
2020 | 2,268 |  |  | — |  |  | 2,268 |
2021 | 2,350 |  |  | — |  |  | 2,350 |
Thereafter | 7,356 |  |  | 742,675 |  |  | 750,031 |
Total principal maturities | $ | 26,946 |  |  | $ | 1,590,894 |  |  | $ | 1,617,840 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following at December 31, 2016 and 2015 (amounts in thousands):
| 2016 |  | 2015
Leasing costs | $ | 140,325 |  |  | $ | 121,864 |
Acquired in-place lease value and deferred leasing costs | 253,113 |  |  | 285,902 |
Acquired above-market leases | 74,770 |  |  | 81,680 |
| 468,208 |  |  | 489,446 |
Less: accumulated amortization | (195,617 | ) |  | (178,767 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 272,591 |  |  | $ | 310,679 |
Deferred financing costs, net, consisted of the following at December 31, 2016 and 2015 (amounts in thousands):
| 2016 |  | 2015
Financing costs | $ | 23,145 |  |  | $ | 20,882 |
Less: accumulated amortization | (12,241 | ) |  | (7,972 | )
Total deferred financing costs, net | $ | 10,904 |  |  | $ | 12,910 |

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