Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at March 31, 2014 and December 31, 2013 were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate(1)		March 31, 2014		December 31, 2013
Fixed Rate Debt:
609 Partners, LLC⁽²⁾	July 2014	5.00	%	$	23	$	23
125 Park Avenue	October 2014	5.75	%	146,250		146,250
711 Third Avenue	June 2015	4.99	%	120,000		120,000
625 Madison Avenue	November 2015	7.27	%	119,373		120,830
500 West Putnam	January 2016	5.52	%	23,392		23,529
420 Lexington Avenue	September 2016	7.15	%	182,233		182,641
Landmark Square	December 2016	4.00	%	82,505		82,909
485 Lexington Avenue	February 2017	5.61	%	450,000		450,000
120 West 45th Street	February 2017	6.12	%	170,000		170,000
762 Madison Avenue	February 2017	3.75	%	8,169		8,211
2 Herald Square	April 2017	5.36	%	191,250		191,250
885 Third Avenue	July 2017	6.26	%	267,650		267,650
Other loan payable⁽³⁾	September 2019	8.00	%	50,000		50,000
One Madison Avenue	May 2020	5.91	%	581,940		587,336
100 Church	July 2022	4.68	%	230,000		230,000
919 Third Avenue⁽⁴⁾	June 2023	5.12	%	500,000		500,000
400 East 57th Street	February 2024	4.13	%	69,802		70,000
400 East 58th Street	February 2024	4.13	%	29,915		30,000
1515 Broadway	March 2025	3.93	%	900,000		900,000
Total fixed rate debt				$	4,122,502	$	4,130,629
Floating Rate Debt:
Master repurchase agreement⁽⁵⁾	December 2014	3.37	%	212,216		91,000
16 Court Street	April 2016	4.00	%	78,768		79,243
180 Maiden Lane⁽⁶⁾	November 2016	2.35	%	260,536		262,706
248-252 Bedford Avenue	March 2018	2.42	%	22,000		22,000
220 East 42nd Street	October 2020	1.76	%	275,000		275,000
Total floating rate debt				$	848,520	$	729,949
Total mortgages and other loans payable				$	4,971,022	$	4,860,578

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(1)	Effective weighted average interest rate for the three months ended March 31, 2014, taking into account interest rate hedges in effect during the period.


(2)	As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of March 31, 2014, 22,658 Series E units remained outstanding. In April 2014, these Series E units were subsequently canceled.


(3)	This loan is secured by a portion of a preferred equity investment.


(4)	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.

(5)

The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us an ability to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 and 325 basis points over one-month LIBOR depending on the pledged collateral.


(6)	In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease.

The gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was $8.0 billion at both March 31, 2014 and December 31, 2013.