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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of September 30, 2025.
|  |  | As of September 30, 2025
(Amounts in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| Interest rate derivative (included in other assets) |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024.
|  |  | As of December 31, 2024
(Amounts in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| Interest rate derivatives (included in other assets) |  | $ | 4,487 |  |  | $ | — |  |  | $ | 4,487 |  |  | $ | — |
Schedule of Interest Rate Derivatives | The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of September 30, 2025 and December 31, 2024, respectively.
|  |  |  | Fair Value as of |  | As of September 30, 2025
(Amounts in thousands) |  | September 30, 2025 |  | December 31, 2024 |  | Notional Amount |  | Swapped Rate |  | Expiration Date
Interest rate swap related to: |  |  |  |  |  |  |  |  |  |
|  | 731 Lexington Avenue mortgage loan, retail condominium |  | $ | — |  |  | $ | 4,117 |  |  | N/A |  | N/A |  | N/A
Interest rate cap related to: |  |  |  |  |  |  |  |  |  |
|  | Rego Park II shopping center mortgage loan |  | 4 |  |  | 370 |  |  | $ | 199,355 |  |  | (1) |  | 12/25
Included in other assets |  | $ | 4 |  |  | $ | 4,487 |  |  |  |  |  |  |
(1)SOFR cap strike rate of 4.15%.
Schedule of Carrying Amount and Fair Value of Financial Instruments | The table below summarizes the carrying amount and fair value of these financial instruments as of September 30, 2025 and December 31, 2024, respectively.
|  | As of September 30, 2025 |  | As of December 31, 2024
(Amounts in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 67,135 |  |  | $ | 67,135 |  |  | $ | 61,889 |  |  | $ | 61,889 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable (excluding deferred debt issuance costs, net) |  | $ | 993,355 |  |  | $ | 983,675 |  |  | $ | 996,544 |  |  | $ | 967,941 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of derivative assets at fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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