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Debt (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following as of March 31, 2017 and December 31, 2016 (amounts in thousands):
 
 
 
 
 
As of March 31, 2017
 
 
Principal Balance as of March 31, 2017
 
Principal Balance as
of December 31, 2016
 
Stated
Rate
 
Effective
Rate(1)
 
Maturity
Date(2)
 
Mortgage debt collateralized by:
 
 
 
 
 
 
 
 
 
 
Fixed rate mortgage debt
 
 
 
 
 
 
 
 
 
 
10 Bank Street
$
31,370

 
$
31,544

 
5.72
%
 
6.23
%
 
6/1/2017
 
1542 Third Avenue
17,680

 
17,795

 
5.90
%
 
6.53
%
 
6/1/2017
 
First Stamford Place
234,053

 
235,067

 
5.65
%
 
6.09
%
 
7/5/2017
 
1010 Third Avenue and 77 West 55th Street
26,357

 
26,502

 
5.69
%
 
6.40
%
 
7/5/2017
 
383 Main Avenue
28,494

 
28,654

 
5.59
%
 
6.05
%
 
7/5/2017
 
1333 Broadway
67,399

 
67,656

 
6.32
%
 
3.77
%
 
1/5/2018
 
1400 Broadway
 
 
 
 
 
 
 
 
 
 
(first lien mortgage loan)
67,450

 
67,714

 
6.12
%
 
3.39
%
 
2/5/2018
 
(second lien mortgage loan)
9,335

 
9,389

 
3.35
%
 
3.36
%
 
2/5/2018
 
112 West 34th Street
 
 
 
 
 
 
 
 
 
 
(first lien mortgage loan)
74,964

 
75,261

 
6.01
%
 
3.35
%
 
4/5/2018
 
(second lien mortgage loan)
9,475

 
9,509

 
6.56
%
 
3.66
%
 
4/5/2018
 
1350 Broadway
37,612

 
37,764

 
5.87
%
 
3.72
%
 
4/5/2018
 
Metro Center
95,483

 
95,985

 
3.59
%
 
3.67
%
 
11/5/2024
 
10 Union Square
50,000

 
50,000

 
3.70
%
 
3.97
%
 
4/1/2026
 
Total mortgage debt
749,672

 
752,840

 
 
 
 
 
 
 
Senior unsecured notes - exchangeable
250,000

 
250,000

 
2.63
%
 
3.93
%
 
8/15/2019
 
Senior unsecured notes:(5)


 


 
 
 
 
 
 
 
   Series A
100,000

 
100,000

 
3.93
%
 
3.96
%
 
3/27/2025
 
   Series B
125,000

 
125,000

 
4.09
%
 
4.12
%
 
3/27/2027
 
   Series C
125,000

 
125,000

 
4.18
%
 
4.21
%
 
3/27/2030
 
Unsecured revolving credit facility(5)
—

 
—

 
(3) 
 
(3) 
 
1/23/2019
 
Unsecured term loan facility(5)
265,000

 
265,000

 
(4) 
 
(4) 
 
8/24/2022
 
Total principal
1,614,672

 
1,617,840

 
 
 
 
 
 
 
Unamortized premiums, net of unamortized discount

(163
)
 
905

 
 
 
 
 
 
 
Deferred financing costs, net

(5,710
)
 
(6,414
)
 
 
 
 
 
 
 
Total
$
1,608,799

 
$
1,612,331

 
 
 
 
 
 
 
______________
(1)
The effective rate is the yield as of March 31, 2017, 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)
At March 31, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at March 31, 2017 was 2.13%.
(4)
The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at March 31, 2017 was 2.58%. 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.
(5)
At March 31, 2017, we were in compliance with all debt covenants.

Mortgage Debt
During April 2017, we refinanced a mortgage loan collateralized by 1542 Third Avenue. The new $30.0 million loan bears interest at a fixed rate of 4.29% and matures in May 2027.
 
Schedule of Maturities of Long-term Debt
Aggregate required principal payments at March 31, 2017 are as follows (amounts in thousands):
 
Year
Amortization
 
Maturities
 
Total
2017
$
6,736

 
$
336,009

 
$
342,745

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
$
23,778

 
$
1,590,894

 
$
1,614,672
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following as of March 31, 2017 and December 31, 2016 (amounts in thousands):  

 
March 31, 2017
 
December 31, 2016
Leasing costs
$
143,245

 
$
140,325

Acquired in-place lease value and deferred leasing costs
252,441

 
253,113

Acquired above-market leases
74,623

 
74,770

 
470,309

 
468,208

Less: accumulated amortization
(203,804
)
 
(195,617
)
Total deferred costs, net, excluding net deferred financing costs
$
266,505

 
$
272,591

Deferred financing costs, net, consisted of the following at March 31, 2017 and December 31, 2016 (amounts in thousands):
 
 
March 31, 2017
 
December 31, 2016
Financing costs
 
$
23,190

 
$
23,145

Less: accumulated amortization
 
(13,529
)
 
(12,241
)
Total deferred financing costs, net
 
$
9,661

 
$
10,904