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Mortgages Payable (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.
|  |  |  |  | Interest Rate at December 31, 2022 |  | Balance at December 31,
(Amounts in thousands) | Maturity |  |  | 2022 |  | 2021
First mortgages secured by: |  |  |  |  |  |  |
|  | 731 Lexington Avenue, office condominium(1)(2) | Jun. 11, 2024 |  | 5.22% |  | $ | 500,000 |  |  | $ | 500,000 |
|  | 731 Lexington Avenue, retail condominium(1)(3) | Aug. 05, 2025 |  | 1.76% |  | 300,000 |  |  | 300,000 |
|  | Rego Park II shopping center(1)(4) | Dec. 12, 2025 |  | 5.60% |  | 202,544 |  |  | 202,544 |
|  | The Alexander apartment tower | Nov. 01, 2027 |  | 2.63% |  | 94,000 |  |  | 94,000 |
|  | Total |  |  |  |  | 1,096,544 |  |  | 1,096,544 |
|  | Deferred debt issuance costs, net of accumulated amortization of $16,071 and $14,551, respectively |  |  |  |  | (5,493) |  |  | (6,931) |
|  |  |  |  |  |  | $ | 1,091,051 |  |  | $ | 1,089,613 |
(1) |  | Interest rate listed represents the rate in effect as of December 31, 2022 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2) |  | Interest at LIBOR plus 0.90% (LIBOR capped at a rate of 6.00% through June 2023). Maturity date represents the extended maturity based on our as-of right to extend.
(3) |  | Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4) |  | Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).
Schedule of Maturities of Long-term Debt | As of December 31, 2022, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:
(Amounts in thousands) |  |
Year Ending December 31, |  | Amount
2023 |  | $ | — |
2024 |  | 500,000 |
2025 |  | 502,544 |
2026 |  | — |
2027 |  | 94,000 |
Thereafter |  | — |

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