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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Principal BalanceAs of December 31, 2024
(amounts in thousands)December 31, 2024December 31, 2023Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt:
First Stamford Place (3)
$— $175,860 — — — 
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
1010 Third Avenue and 77 West 55th Street34,048 34,958 4.01 %4.21 %1/5/2028
Metro Center (4)
71,600 80,070 3.59 %3.67 %11/5/2029
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 B6,490 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 B14,036 15,801 
SOFR plus 2.45%
3.85 %11/1/2033
Total fixed rate mortgage debt704,274 891,998 
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 principal2,294,274 2,256,998 
Deferred financing costs, net(10,123)(9,488)
Unamortized debt discount(6,183)(6,964)
Total$2,277,968 $2,240,546 
_____________
(1)The effective rate is the yield as of December 31, 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 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 debt associated with property under receivership in our consolidated balance sheet. As of December 31, 2024, this debt consists of $164.0 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See Note 3 Acquisitions and Dispositions.
(4)In July 2024, this loan was refinanced and commencing in November 2024, the new principal balance of $71.6 million is interest-only at an interest rate of 3.59%, with a four-year term plus a one-year extension option.
(5)At December 31, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at December 31, 2024 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2025$3,664 $100,000 $103,664 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 441,600 445,490 
Thereafter14,634 1,192,607 1,207,241 
Total$33,976 $2,260,298 $2,294,274 
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)December 31, 2024December 31, 2023
Deferred leasing costs$230,836 $224,295 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs137,580 158,267 
Acquired above-market leases19,636 23,918 
Total deferred costs, excluding deferred financing costs388,052 406,480 
Less: accumulated amortization(212,972)(236,900)
Total deferred costs, net, excluding net deferred financing costs175,080 169,580 
Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,783 and $5,709, respectively (See Note 5) and other deferred financing costs
8,907 2,877 
Total deferred costs, net$183,987 $172,457 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)December 31, 2024December 31, 2023
Deferred financing costs, included as a component of net debt$36,309 $34,887 
Deferred financing costs, included as a component of net deferred costs (See Note 4)16,638 8,586 
Total deferred financing costs52,947 43,473 
Less: accumulated amortization(33,970)(31,108)
Total deferred financing costs, net$18,977 $12,365