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v3.23.1

Mortgages Payable (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following is a summary of our outstanding mortgages payable as of March 31, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down.
|  |  |  | Interest Rate at March 31, 2023 |  | Balance at
(Amounts in thousands) |  | Maturity |  |  | March 31, 2023 |  | December 31, 2022
First mortgages secured by: |  |  |  |  |  |  |  |
731 Lexington Avenue, office condominium (1)(2) |  | Jun. 11, 2024 |  | 5.58% |  | $ | 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 $16,458 and $16,071, respectively |  |  |  |  |  | (5,106) |  |  | (5,493) |
|  | $ | 1,091,438 |  |  | $ | 1,091,051 |
(1)Interest rate listed represents the rate in effect as of March 31, 2023 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 r ate of 6.00% thr ough June 2023). Maturity represents the extended maturity based on our one-year as-of right extension option. The interest rate of the loan will be equal to the Prime rate (8.00% as of March 31, 2023) during the one-year extension period beginning June 2023. (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% thr ough November 2024).

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