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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following:
| Principal Balance |  | As of June 30, 2025
(amounts in thousands) | June 30, 2025 |  | December 31, 2024 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Fixed rate mortgage debt: |  |  |  |  |  |  |  |  |
10 Union Square | $ | 50,000 |  |  | $ | 50,000 |  |  | 3.70 | % |  | 3.97 | % |  | 4/1/2026
1542 Third Avenue | 30,000 |  |  | 30,000 |  |  | 4.29 | % |  | 4.53 | % |  | 5/1/2027
1010 Third Avenue and 77 West 55th Street | 33,580 |  |  | 34,048 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028
Metro Center (3) | 71,600 |  |  | 71,600 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2029
250 West 57th Street | 180,000 |  |  | 180,000 |  |  | 2.83 | % |  | 3.21 | % |  | 12/1/2030
1333 Broadway | 160,000 |  |  | 160,000 |  |  | 4.21 | % |  | 4.29 | % |  | 2/5/2033
345 East 94th Street - Series A | 43,600 |  |  | 43,600 |  |  | 70% of SOFR plus 0.95% |  | 3.56 | % |  | 11/1/2030
345 East 94th Street - Series B | 6,106 |  |  | 6,490 |  |  | SOFR plus 2.24% |  | 3.56 | % |  | 11/1/2030
561 10th Avenue - Series A | 114,500 |  |  | 114,500 |  |  | 70% of SOFR plus 1.07% |  | 3.85 | % |  | 11/1/2033
561 10th Avenue - Series B | 13,092 |  |  | 14,036 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 702,478 |  |  | 704,274 |  |  |  |  |  |  |
Senior unsecured notes:(4) |  |  |  |  |  |  |  |  |
Series A | — |  |  | 100,000 |  |  | — |  |  | — |  |  | — |
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
Series D | 115,000 |  |  | 115,000 |  |  | 4.08 | % |  | 4.11 | % |  | 1/22/2028
Series E | 160,000 |  |  | 160,000 |  |  | 4.26 | % |  | 4.27 | % |  | 3/22/2030
Series F | 175,000 |  |  | 175,000 |  |  | 4.44 | % |  | 4.45 | % |  | 3/22/2033
Series G | 100,000 |  |  | 100,000 |  |  | 3.61 | % |  | 4.89 | % |  | 3/17/2032
Series H | 75,000 |  |  | 75,000 |  |  | 3.73 | % |  | 5.00 | % |  | 3/17/2035
Series I | 155,000 |  |  | 155,000 |  |  | 7.20 | % |  | 7.39 | % |  | 6/17/2029
Series J | 45,000 |  |  | 45,000 |  |  | 7.32 | % |  | 7.46 | % |  | 6/17/2031
Series K | 25,000 |  |  | 25,000 |  |  | 7.41 | % |  | 7.52 | % |  | 6/17/2034
Unsecured term loan facility (4) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.61 | % |  | 12/31/2026
Unsecured term loan facility (3),(4) | 95,000 |  |  | 95,000 |  |  | SOFR plus 1.50% |  | 5.16 | % |  | 3/8/2029
Unsecured revolving credit facility (3),(4) | — |  |  | 120,000 |  |  | SOFR plus 1.30% |  | 4.04 | % |  | 3/8/2029
Total principal | 2,072,478 |  |  | 2,294,274 |  |  |  |  |  |  |
Deferred financing costs, net | (9,007) |  |  | (10,123) |  |  |  |  |  |  |
Unamortized debt discount | (5,793) |  |  | (6,183) |  |  |  |  |  |  |
Total | $ | 2,057,678 |  |  | $ | 2,277,968 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of June 30, 2025 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)Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage. (4)At June 30, 2025, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments | Aggregate required principal payments at June 30, 2025 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2025 | $ | 1,868 |  |  | $ | — |  |  | $ | 1,868 |
2026 | 3,957 |  |  | 225,000 |  |  | 228,957 |
2027 | 4,276 |  |  | 155,000 |  |  | 159,276 |
2028 | 3,555 |  |  | 146,091 |  |  | 149,646 |
2029 | 3,890 |  |  | 321,600 |  |  | 325,490 |
Thereafter | 14,634 |  |  | 1,192,607 |  |  | 1,207,241 |
Total | $ | 32,180 |  |  | $ | 2,040,298 |  |  | $ | 2,072,478 |
Schedule of Deferred Financing Costs, Net | Deferred costs, net, consisted of the following:
(amounts in thousands) | June 30, 2025 |  | December 31, 2024
Deferred leasing costs | $ | 224,592 |  |  | $ | 230,836 |
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs | 137,329 |  |  | 137,580 |
Acquired above-market leases | 19,589 |  |  | 19,636 |
Total deferred costs, excluding deferred financing costs | 381,510 |  |  | 388,052 |
Less: accumulated amortization | (208,099) |  |  | (212,972) |
Total deferred costs, net, excluding net deferred financing costs | 173,411 |  |  | 175,080 |
Deferred financing costs, net, of accumulated amortization of $8,841 and $7,783, respectively (See Note 5) | 8,283 |  |  | 8,907 |
Total deferred costs, net | $ | 181,694 |  |  | $ | 183,987 |
Deferred financing costs, net, consisted of the following:
(amounts in thousands) |  | June 30, 2025 |  | December 31, 2024
Deferred financing costs, included as a component of net debt |  | $ | 16,121 |  |  | $ | 36,309 |
Deferred financings costs, included as a component of net deferred costs (See Note 4) |  | 17,124 |  |  | 16,638 |
Total deferred financing costs |  | $ | 33,245 |  |  | $ | 52,947 |
Less: accumulated amortization |  | (15,955) |  |  | (33,970) |
Total deferred financing costs, net |  | $ | 17,290 |  |  | $ | 18,977 |
The total amortization expense related to deferred financing costs consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization of deferred financing costs | $ | 1,080 |  |  | $ | 1,050 |  |  | $ | 2,174 |  |  | $ | 2,069 |

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