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Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Debt consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):
Principal BalanceAs of June 30, 2024
June 30, 2024December 31, 2023Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center(3)
$78,774 $80,070 3.59 %3.67 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(4)
— 175,860 — — — 
1010 Third Avenue and 77 West 55th Street34,508 34,958 4.01 %4.21 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B6,857 7,209 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B14,938 15,801 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt713,177 891,998 
Senior unsecured notes:(5)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 — 7.20 %7.39 %6/17/2029
   Series J45,000 — 7.32 %7.46 %6/17/2031
   Series K25,000 — 7.41 %7.52 %6/17/2034
Unsecured term loan facility (5)
175,000 175,000 
SOFR plus 1.50%
4.61 %12/31/2026
Unsecured term loan facility (5)
95,000 215,000 
 SOFR plus 1.50%
4.48 %3/8/2029
Unsecured revolving credit facility (5)
120,000 — 
SOFR plus 1.30%
4.04 %3/8/2029
Total principal2,303,177 2,256,998 
Deferred financing costs, net(10,844)(9,488)
Unamortized debt discount(6,574)(6,964)
Total$2,285,759 $2,240,546 
______________
(1)The effective rate is the yield as of June 30, 2024 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.
(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3)In July 2024, this loan was refinanced and commencing in November 2024 the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option.
(4)In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to be included in debt associated with property under receivership in our condensed consolidated balance sheet as of June 30, 2024, consisting of a $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions.
(5)At June 30, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at June 30, 2024 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2024$2,827 $77,675 $80,502 
20253,664 100,000 103,664 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,556 146,092 149,648 
Thereafter18,523 1,562,607 1,581,130 
Total$36,803 $2,266,374 $2,303,177 
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024December 31, 2023
Leasing costs$220,917 $224,295 
Acquired in-place lease value and deferred leasing costs145,627 158,267 
Acquired above-market leases21,565 23,918 
Total deferred costs, excluding net deferred financing costs388,109 406,480 
Less: accumulated amortization(225,683)(236,900)
Total deferred costs, net, excluding net deferred financing costs$162,426 $169,580 
Deferred financing costs, net, consisted of the following at June 30, 2024 and December 31, 2023 (amounts in thousands):
 June 30, 2024December 31, 2023
Financing costs$52,498 $43,473 
Less: accumulated amortization(31,761)(31,108)
Total deferred financing costs, net$20,737 $12,365