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Equity Investments in Ground Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Equity Method Investments [Line Items] |
Schedule of Equity Investments | The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Earnings (losses) from
​ | ​ | Carrying Value | ​ | Equity Method Investments(1)
​ | ​ | as of | ​ | For the Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​ | 2022
Equity investment | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
425 Park Avenue | ​ | $ | 137,348 | ​ | $ | 135,288 | ​ | $ | 3,245 | ​ | $ | 3,536 | ​ | $ | 3,403
32 Old Slip | ​ |  | 57,574 | ​ |  | 52,425 | ​ |  | 5,662 | ​ |  | 5,670 | ​ |  | 5,652
Ground Lease Plus Fund(1) | ​ | ​ | 30,103 | ​ | ​ | 73,428 | ​ | ​ | 2,271 | ​ | ​ | 5,415 | ​ | ​ | —
Leasehold Loan Fund(2) | ​ | ​ | 25,009 | ​ | ​ | 49,179 | ​ | ​ | 11,799 | ​ | ​ | 9,608 | ​ | ​ | —
Total | ​ | $ | 250,034 | ​ | $ | 310,320 | ​ | $ | 22,977 | ​ | $ | 24,229 | ​ | $ | 9,055
(1) | As of December 31, 2024, the Company has a basis difference of $19.4 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 105.6 years using the effective interest method. During the years ended December 31, 2024 and 2023, ($0.1) million and $2.4 million, respectively, of the basis difference was amortized as a (decrease) increase to earnings from equity method investments.
(2) | As of December 31, 2024, the Company has a basis difference of $6.5 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.3 years using the effective interest method. During the years ended December 31, 2024 and 2023, $4.8 million and $3.0 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.
Equity Method Investee |
Schedule of Equity Method Investments [Line Items] |
Schedule of Equity Investments | The following table presents the investee level summarized financial information of the Company’s equity method investments as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | ​ | ​
Total assets | ​ | $ | 1,026,071 | ​ | $ | 1,179,050 | ​ | ​ | ​
Total liabilities | ​ | ​ | 602,428 | ​ | ​ | 599,538 | ​ | ​ | ​
Noncontrolling interests | ​ | ​ | 552 | ​ | ​ | 24,313 | ​ | ​ | ​
Total equity attributable to parent entities | ​ | ​ | 423,091 | ​ | ​ | 555,199 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Total revenues | ​ | $ | 65,094 | ​ | $ | 64,728 | ​ | $ | 45,975
Total expenses | ​ | ​ | 24,860 | ​ | ​ | 23,451 | ​ | ​ | 22,636
Net income | ​ | ​ | 40,234 | ​ | ​ | 41,277 | ​ | ​ | 23,339
Net income attributable to parent entities | ​ | ​ | 40,095 | ​ | ​ | 40,856 | ​ | ​ | 23,339

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