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Investment in Unconsolidated Joint Ventures (Details 2) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Mar. 31, 2014
Joint Venture
Dec. 31, 2013
Joint Venture
Mar. 31, 2014
Joint Venture
7 Renaissance
Dec. 31, 2013
Joint Venture
7 Renaissance
Mar. 31, 2014
Joint Venture
11 West 34th Street
Dec. 31, 2013
Joint Venture
11 West 34th Street
Mar. 31, 2014
Joint Venture
280 Park Avenue
Dec. 31, 2013
Joint Venture
280 Park Avenue
Mar. 31, 2014
Joint Venture
1745 Broadway
Dec. 31, 2013
Joint Venture
1745 Broadway
Mar. 31, 2014
Joint Venture
1 and 2 Jericho Plaza
Dec. 31, 2013
Joint Venture
1 and 2 Jericho Plaza
Mar. 31, 2014
Joint Venture
800 Third Avenue
Dec. 31, 2013
Joint Venture
800 Third Avenue
Mar. 31, 2014
Joint Venture
388 and 390 Greenwich Street
Dec. 31, 2013
Joint Venture
388 and 390 Greenwich Street
Mar. 31, 2014
Joint Venture
388 and 390 Greenwich Street
Mortgage loan
Mar. 31, 2014
Joint Venture
388 and 390 Greenwich Street
Mezzanine loans
Mar. 31, 2014
Joint Venture
315 West 36th Street
Dec. 31, 2013
Joint Venture
315 West 36th Street
Mar. 31, 2014
Joint Venture
717 Fifth Avenue
Mortgage loan
Mar. 31, 2014
Joint Venture
717 Fifth Avenue
Mezzanine loans
Mar. 31, 2014
Joint Venture
21 East 66th Street
Dec. 31, 2013
Joint Venture
21 East 66th Street
Feb. 28, 2014
Joint Venture
100 Park Avenue
Mar. 31, 2014
Joint Venture
100 Park Avenue
Dec. 31, 2013
Joint Venture
100 Park Avenue
Mar. 31, 2014
Joint Venture
21 West 34th Street
Dec. 31, 2013
Joint Venture
21 West 34th Street
Mar. 31, 2014
Joint Venture
1604-1610 Broadway
Dec. 31, 2013
Joint Venture
1604-1610 Broadway
Mar. 31, 2014
Joint Venture
747 Madison Avenue
Dec. 31, 2013
Joint Venture
747 Madison Avenue
Mar. 31, 2014
Joint Venture
180/182 Broadway
Dec. 31, 2013
Joint Venture
180/182 Broadway
Mar. 31, 2014
Joint Venture
The Meadows
Dec. 31, 2013
Joint Venture
The Meadows
Mar. 31, 2014
Joint Venture
3 Columbus Circle
Dec. 31, 2013
Joint Venture
3 Columbus Circle
Mar. 31, 2014
Joint Venture
1552 Broadway
extension
Dec. 31, 2013
Joint Venture
1552 Broadway
Mar. 31, 2014
Joint Venture
1552 Broadway
Mortgage loan
Mar. 31, 2014
Joint Venture
1552 Broadway
Mezzanine loans
Mar. 31, 2014
Joint Venture
Other loan payable
Dec. 31, 2013
Joint Venture
Other loan payable
Mar. 31, 2014
Joint Venture
724 Fifth Avenue
Dec. 31, 2013
Joint Venture
724 Fifth Avenue
Mar. 31, 2014
Joint Venture
10 East 53rd Street
Dec. 31, 2013
Joint Venture
10 East 53rd Street
Mar. 31, 2014
Joint Venture
33 Beekman
Dec. 31, 2013
Joint Venture
33 Beekman
Mar. 31, 2014
Joint Venture
600 Lexington Avenue
Dec. 31, 2013
Joint Venture
600 Lexington Avenue
Mar. 31, 2014
Joint Venture
521 Fifth Avenue
Dec. 31, 2013
Joint Venture
521 Fifth Avenue
Mar. 31, 2014
Joint Venture
West Coast office portfolio
Dec. 31, 2013
Joint Venture
West Coast office portfolio
Mar. 31, 2014
Joint Venture
Initial Maturity July 2022
717 Fifth Avenue
Dec. 31, 2013
Joint Venture
Initial Maturity July 2022
717 Fifth Avenue
Mar. 31, 2014
Joint Venture
Initial Maturity July 2024
717 Fifth Avenue
Dec. 31, 2013
Joint Venture
Initial Maturity July 2024
717 Fifth Avenue
Apr. 30, 2014
Joint Venture
Subsequent Event
724 Fifth Avenue
Mortgage loan
Apr. 30, 2014
Joint Venture
Subsequent Event
724 Fifth Avenue
Mezzanine loans
First mortgage notes and other loan payable                                                                                                                                    
Interest rate, fixed rate debt (as a percent)           10.00% [1]   4.82% [1]   6.57% [1]   5.68% [1]   5.65% [1]   6.00% [1]   3.20% [1],[2]       3.16% [1]       3.60% [1]             0.00% [1],[3]                                                       4.45% [1],[4]   9.00% [1],[4]      
Interest rate, floating rate debt (as a percent)                                   1.31% [1],[2]               2.87% [1]     4.28% [1],[5]           2.94% [1]   2.91% [1]   7.75% [1]   2.34% [1],[6]   4.07% [1],[7]       1.06% [1]   2.51% [1],[8]   2.66% [1]   2.91% [1],[9]   2.24% [1]   2.36% [1]   0.00% [1],[10]              
Total fixed rate debt $ 4,122,502,000   $ 4,130,629,000 $ 2,887,738,000 $ 3,223,895,000 $ 1,276,000 $ 1,276,000 $ 17,129,000 $ 17,205,000 $ 705,082,000 $ 706,886,000 $ 340,000,000 $ 340,000,000 $ 163,750,000 $ 163,750,000 $ 20,910,000 $ 20,910,000 $ 996,082,000 [2] $ 996,082,000 [2]     $ 25,000,000 $ 25,000,000 $ 300,000,000 $ 290,000,000 $ 12,000,000 $ 12,000,000   $ 0 [5] $ 209,786,000 [5] $ 0 [11] $ 100,000,000 [11] $ 0 [3] $ 27,000,000 [3]                                                     $ 300,000,000 [4] $ 300,000,000 [4] $ 306,509,000 [4] $ 304,000,000 [4]    
Total floating rate debt 848,520,000   729,949,000 1,689,440,000 1,842,815,000                         142,297,000 [2] 142,297,000 [2] 72,000,000 70,300,000         1,940,000 1,959,000   360,000,000 [5] 0 [5]         33,125,000 33,125,000 89,778,000 89,893,000 67,350,000 67,350,000 237,189,000 [6] 239,233,000 [6] 169,283,000 [7] 158,690,000 [7]     30,000,000 30,000,000 119,765,000 [8] 120,000,000 [8] 125,000,000 125,000,000 24,057,000 [9] 18,362,000 [9] 119,656,000 120,616,000 170,000,000 170,000,000 0 [10] 526,290,000 [10]            
Total mortgages and other loans payable 4,971,022,000   4,860,578,000 4,577,178,000 5,066,710,000                             576,000,000 562,400,000                                                                                          
Maximum amount of loan recourse to entity                                         200,000,000.0                                                               75,000,000                          
Face amount of loan                                                       360,000,000                                                                         235,000,000 40,000,000
Term of refinanced mortgage                                                       7 years                                                                            
Gain (loss) on early extinguishment of debt 3,000 (18,513,000)                                                   3,200,000                                                                            
Incentive income                                                                 7,700,000                                                                  
Possible increase in mortgage based on meeting certain performance hurdles                                                                                 40,000,000.0                                                  
Committed amount                                                                                         150,000,000 41,500,000                                        
Number of extension options (extensions)                                                                                     2                                              
Period of extension option for mortgage secured by the portfolio                                                                                     1 year                                              
Unfunded amount                                                                                         $ 12,200,000 $ 10,000,000                                        
[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] These loans are comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee.
[3] This loan was in default since November 2009 due to the non-payment of debt service. In January 2014, the joint venture relinquished its ground lease position to the lender. During the three months ended March 31, 2014, we also recognized $7.7 million of incentive income, which is included in other income on the consolidated statements of income.
[4] These loans are comprised of a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate.
[5] In February 2014, the joint venture replaced the previous fixed rate mortgage with a $360.0 million, seven-year floating rate, mortgage and realized a net loss on early extinguishment of $3.2 million.
[6] The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement and our joint venture partner executed a contribution agreement to reflect its pro rata obligation under the master lease. The lien on the mortgage and the master lease excludes the condominium interest owned by Y&R. See Note 5 of prior table.
[7] These loans are comprised of a $150.0 million mortgage loan and a $41.5 million mezzanine loan and are subject to two one-year extension options. As of March 31, 2014, $12.2 million of the mortgage loan and $10.0 million of the mezzanine loan remained unfunded.
[8] In April 2014, the joint venture refinanced the mortgage with a $235.0 million mortgage and a $40.0 million mezzanine loan. These new floating rate loans mature in April 2017.
[9] This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee.
[10] In March 2014, we sold our interest in the joint venture, inclusive of our share in the joint venture debt.
[11] In January 2014, we sold our interest in the joint venture, inclusive of our share of the joint venture debt.