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Related Parties | 12 Months Ended
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Dec. 31, 2024
Related Party Transactions [Abstract] |
Related Parties | 20. Related Parties HT Consulting GmbH Albert Behler, our Chairman, Chief Executive Officer and President, owns 100% of HT Consulting GmbH (“HTC”), a licensed broker in Germany. We have an agreement with HTC to supervise selling efforts for our joint ventures and private equity real estate related funds (or investments in feeder vehicles for these funds) to investors in Germany. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred plus a mark-up of 10%. We incurred costs aggregating $462,000, $392,000 and $713,000 for the years ended December 31, 2024, 2023 and 2022, respectively, in connection with this agreement. As of December 31, 2024 and 2023, we owed $113,000 and $102,000, respectively, to HTC under this agreement, which is included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets. Aircraft Services Mr. Behler owns 50% of a private aviation company, in addition to owning a private aircraft that is managed by third-party aviation management companies. From time to time, Mr. Behler utilizes aircraft sourced from his private aviation company and his private aircraft for business travel. We incurred costs aggregating $1,667,000, $1,147,000 and $289,000 for the years ended December 31, 2024, 2023 and 2022, respectively, related to the charter by Mr. Behler of such aircraft for business purposes, which is included as a component of “general and administrative” in our consolidated statements of income. Weingut Karthauserhof KG Mr. Behler owns 100% of Weingut Karthauserhof KG (“Karthauserhof”), a winery in Germany. Mr. Behler authorizes the purchases of Karthauserhof wines for gifts and company events. We paid $12,000, for the year ended December 31, 2024 relating to these purchases. Kramer Design Services Kramer Design Services (“Kramer Design”) is 100% owned by the spouse of Mr. Behler. We have entered into an agreement with Kramer Design to develop branding and signage for the Paramount Club, our amenity center at 1301 Avenue of the Americas, which opened in May 2024. We paid Kramer Design $42,000 and $165,000 for the years ended December 31, 2024 and 2023, respectively, in connection with services rendered pursuant to this agreement. In addition, Kramer Design was retained by one of our consultants to perform other services relating to the Paramount Club for which Kramer Design was paid $36,000, $41,000 and $137,000 for the years ended December 31, 2024, 2023 and 2022, respectively. In February 2025, we entered into new agreements with Kramer Design to provide additional branding and design services relating to certain of our properties in San Francisco for an aggregate cost of $220,000 excluding expenses. Mannheim Trust The Mannheim Trust is for the benefit of the children of Dr. Martin Bussmann, who is a member of our board of directors. A subsidiary of Mannheim Trust leases 3,127 square feet of office space at 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture, pursuant to a lease agreement which expires in June 2025. In November 2024, the joint venture extended the lease for an additional fourteen months at an annual base rent of $76.00 per square foot, with two months of free rent. We recognized $119,000, $183,000 and $364,000 for the years ended December 31, 2024, 2023 and 2022, respectively, for our share of rental income pursuant to this lease. ParkProperty Capital, LP ParkProperty Capital, LP (“ParkProperty”), an entity partially owned by Katharina Otto-Bernstein, who is a member of our board of directors, leases 4,233 square feet at 1325 Avenue of the Americas, pursuant to a lease agreement that expires in November 2027. We recognized rental revenue of $283,000, $276,000 and $220,000 for the years ended December 31, 2024, 2023 and 2022, respectively, pursuant to this lease. Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized fee income of $695,000, $1,042,000 and $1,322,000 for the years ended December 31, 2024, 2023 and 2022, respectively, in connection with these agreements, which is included as a component of “fee and other income” in our consolidated statements of income. As of December 31, 2024 and 2023, amounts owed to us under these agreements aggregated $31,000 and $40,000, respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. We also provide asset management, property management, leasing and other related services to our unconsolidated joint ventures and real estate related funds. We recognized fee income of $17,915,000, $16,567,000 and $24,315,000 for the years ended December 31, 2024, 2023 and 2022, respectively, in connection with these agreements, which is included as a component of “fee and other income” in our consolidated statements of income. As of December 31, 2024 and 2023, amounts owed to us under these agreements aggregated $1,652,000 and $2,552,000, respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets.

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