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v3.23.2

Mortgages Payable (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following is a summary of our outstanding mortgages payable as of June 30, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down.
|  |  |  | Interest Rate at June 30, 2023 |  | Balance as of
(Amounts in thousands) |  | Maturity |  |  | June 30, 2023 |  | December 31, 2022
First mortgages secured by: |  |  |  |  |  |  |  |
731 Lexington Avenue, office condominium(1)(2) |  | Jun. 11, 2024 |  | 6.09% |  | $ | 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 $16,842 and $16,071, respectively |  |  |  |  |  | (4,757) |  |  | (5,493) |
|  |  |  |  |  | $ | 1,091,787 |  |  | $ | 1,091,051 |
(1)Interest rate listed represents the rate in effect as of June 30, 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% through July 15, 2023 (LIBOR was capped at 6.00% through July 15, 2023) and then at the Prime Rate (capped at 6.00% through loan maturity). (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 4.15% through November 2024).

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