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Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of December 31, 2017 and 2016 (amounts in thousands):
|  |  |  |  | As of December 31, 2017 |
| Principal Balance as of December 31, 2017 |  | Principal Balance as of December 31, 2016 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
1333 Broadway | $ | 66,602 |  |  | $ | 67,656 |  |  | 6.32 | % |  | 3.73 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 66,632 |  |  | 67,714 |  |  | 6.12 | % |  | 3.37 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,172 |  |  | 9,389 |  |  | 3.35 | % |  | 3.36 | % |  | 2/5/2018 |
111 West 33rd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 74,045 |  |  | 75,261 |  |  | 6.01 | % |  | 3.34 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,369 |  |  | 9,509 |  |  | 6.56 | % |  | 3.64 | % |  | 4/5/2018 |
1350 Broadway | 37,144 |  |  | 37,764 |  |  | 5.87 | % |  | 3.71 | % |  | 4/5/2018 |
Metro Center | 93,948 |  |  | 95,985 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2024 |
10 Union Square | 50,000 |  |  | 50,000 |  |  | 3.70 | % |  | 3.97 | % |  | 4/1/2026 |
10 Bank Street | 34,602 |  |  | 31,544 |  |  | 4.23 | % |  | 4.49 | % |  | 6/1/2032 |
1542 Third Avenue | 30,000 |  |  | 17,795 |  |  | 4.29 | % |  | 4.64 | % |  | 5/1/2027 |
First Stamford Place(3) | 180,000 |  |  | 235,067 |  |  | 4.28 | % |  | 4.60 | % |  | 7/1/2027 |
1010 Third Avenue and 77 West 55th Street | 39,710 |  |  | 26,502 |  |  | 4.01 | % |  | 4.39 | % |  | 1/5/2028 |
383 Main Avenue | 30,000 |  |  | 28,654 |  |  | 4.44 | % |  | 4.72 | % |  | 6/30/2032 |
Total mortgage debt | 721,224 |  |  | 752,840 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019 |
Senior unsecured notes: |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | 100,000 |  |  | 3.93 | % |  | 3.98 | % |  | 3/27/2025 |
Series B | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.14 | % |  | 3/27/2027 |
Series C | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.23 | % |  | 3/27/2030 |
Series D | 115,000 |  |  | — |  |  | 4.08 | % |  | 4.08 | % |  | 1/22/2028 |
Series E (4) | — |  |  | — |  |  | 4.26 | % |  | — | % |  | 3/22/2030 |
Series F (4) | — |  |  | — |  |  | 4.44 | % |  | — | % |  | 3/22/2033 |
Unsecured revolving credit facility | — |  |  | — |  |  | (5) |  | (5) |  | 8/29/2021 |
Unsecured term loan facility | 265,000 |  |  | 265,000 |  |  | (6) |  | (6) |  | 8/29/2022 |
Total principal | 1,701,224 |  |  | 1,617,840 |  |  |  |  |  |  |  |
Unamortized (discount) premiums, net of unamortized premiums (discount) | (3,370 | ) |  | 905 |  |  |  |  |  |  |  |
Deferred financing costs, net | (9,133 | ) |  | (6,414 | ) |  |  |  |  |  |  |
Total | $ | 1,688,721 |  |  | $ | 1,612,331 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of December 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) | Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.
(4) | Senior unsecured notes Series E, totaling $160 million, and Series F, totaling $175 million, will be issued during March 2018.
(5) | At December 31, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at December 31, 2017 was 2.66%.
(6) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. 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. The rate at December 31, 2017 was 3.35%
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at December 31, 2017 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2018 | $ | 4,417 |  |  | $ | 262,195 |  |  | $ | 266,612 |
2019 | 3,790 |  |  | 250,000 |  |  | 253,790 |
2020 | 3,938 |  |  | — |  |  | 3,938 |
2021 | 4,090 |  |  | — |  |  | 4,090 |
2022 | 5,455 |  |  | 265,000 |  |  | 270,455 |
Thereafter | 37,890 |  |  | 864,449 |  |  | 902,339 |
Total principal maturities | $ | 59,580 |  |  | $ | 1,641,644 |  |  | $ | 1,701,224 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following at December 31, 2017 and 2016 (amounts in thousands):
| 2017 |  | 2016
Leasing costs | $ | 164,751 |  |  | $ | 140,325 |
Acquired in-place lease value and deferred leasing costs | 237,364 |  |  | 253,113 |
Acquired above-market leases | 67,415 |  |  | 74,770 |
| 469,530 |  |  | 468,208 |
Less: accumulated amortization | (215,102 | ) |  | (195,617 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 254,428 |  |  | $ | 272,591 |
Deferred financing costs, net, consisted of the following at December 31, 2017 and 2016 (amounts in thousands):
| 2017 |  | 2016
Financing costs | $ | 24,446 |  |  | $ | 23,145 |
Less: accumulated amortization | (7,039 | ) |  | (12,241 | )
Total deferred financing costs, net | $ | 17,407 |  |  | $ | 10,904 |

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