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Mortgages Payable (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Mortgages Payable
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, 2026Balance at
(Amounts in thousands)MaturityJune 30, 2026December 31, 2025
First mortgages secured by:
731 Lexington Avenue, office condominium Oct. 09, 20285.04%$400,000 $400,000 
Rego Park shopping center (1)(2)
Dec. 05, 20305.62%175,000 175,000 
731 Lexington Avenue, retail condominium(3)
Dec. 23, 20354.55%171,522 167,691 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total840,522 836,691 
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.