Mortgages Payable

6 Months Ended

Jun. 30, 2026

The following is a summary of our outstanding mortgages payable as of June 30, 2026 and December 31, 2025. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at June 30, 2026	Balance at
(Amounts in thousands)	Maturity		June 30, 2026		December 31, 2025
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
Rego Park shopping center (1)(2)	Dec. 05, 2030	5.62%	175,000		175,000
731 Lexington Avenue, retail condominium(3)	Dec. 23, 2035	4.55%	171,522		167,691
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			840,522		836,691
Deferred debt issuance costs, net of accumulated amortization of $6,551 and $5,263, respectively			(5,950)		(7,240)
			$	834,572	$	829,451

(1)Interest rate listed represents the rate in effect as of June 30, 2026 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026).

(3)Includes PIK interest of $4,022 and $191 as of June 30, 2026 and December 31, 2025, respectively. See below for further discussion.

The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan of $300,000,000 which matures in December 2035. The loan was initially split into (i) a $132,500,000 senior A-Note held by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by third party lenders, which accrues PIK interest at 4.55%. In addition, Alexander’s funds operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which is junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. As of June 30, 2026, the B-Note balance is approximately $1,307,000.

All future net sales or refinancing proceeds will be distributed through the payment waterfall per the terms of the loan agreement. If such proceeds (or appraised value in such refinancing) are insufficient to cover the C-Note loan balance, any outstanding C-Note indebtedness that remains unpaid shall be forgiven. Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balances presented as mortgages payable for this loan on our consolidated balance sheets are comprised of the principal balance of the C-Note and the PIK interest due upon maturity.