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Mortgages and Other Loans Payable (Tables)
9 Months Ended
Sep. 30, 2014
Mortgages and Other Loans Payable  
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases
The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at September 30, 2014 and December 31, 2013 were as follows (amounts in thousands):
Property
 
Maturity
Date
 
Interest
Rate(1)
 
September 30, 2014
 
December 31, 2013
Fixed Rate Debt:
 
 
 
 
 
 
 
 
125 Park Avenue(2)
 
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
%
 
116,383

 
120,830

500 West Putnam Avenue
 
January 2016

 
5.52
%
 
23,112

 
23,529

Landmark Square
 
December 2016

 
4.00
%
 
81,685

 
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
%
 
8,087

 
8,211

2 Herald Square(3)
 
April 2017

 
5.36
%
 
191,250

 
191,250

885 Third Avenue
 
July 2017

 
6.26
%
 
267,650

 
267,650

388-390 Greenwich Street(4)
 
June 2018

 
3.80
%
 
504,000

 

Other loan payable(5)
 
September 2019

 
8.00
%
 
50,000

 
50,000

One Madison Avenue
 
May 2020

 
5.91
%
 
571,284

 
587,336

100 Church
 
July 2022

 
4.68
%
 
229,472

 
230,000

919 Third Avenue(6)
 
June 2023

 
5.12
%
 
500,000

 
500,000

400 East 57th Street
 
February 2024

 
4.13
%
 
69,201

 
70,000

400 East 58th Street
 
February 2024

 
4.13
%
 
29,658

 
30,000

420 Lexington Avenue(7)
 
October 2024

 
6.77
%
 
300,000

 
182,641

1515 Broadway
 
March 2025

 
3.93
%
 
900,000

 
900,000

Series J Preferred Units(8)
 
April 2051

 
3.75
%
 
4,000

 

609 Partners, LLC(9)
 

 

 

 
23

Total fixed rate debt
 
 
 
 
 
$
4,732,032

 
$
4,130,629

Floating Rate Debt:
 
 
 
 
 
 
 
 
Master repurchase agreement(10)
 
December 2014

 
3.37
%
 
100,000

 
91,000

180 Maiden Lane(11)
 
November 2016

 
2.34
%
 
256,152

 
262,706

388-390 Greenwich Street(4)
 
June 2018

 
1.91
%
 
946,000

 

248-252 Bedford Avenue(12)
 
June 2019

 
1.66
%
 
29,000

 
22,000

220 East 42nd Street
 
October 2020

 
1.76
%
 
275,000

 
275,000

16 Court Street(13)
 
0

 
0

 

 
79,243

Total floating rate debt
 
 
 
 
 
$
1,606,152

 
$
729,949

Total mortgages and other loans payable(14)
 
 
 
 
 
$
6,338,184

 
$
4,860,578

_________________________________ 
(1)
Effective weighted average interest rate for the three months ended September 30, 2014, taking into account interest rate hedges in effect during the period.
(2)
This loan was repaid at maturity.
(3)
This property is held for sale at September 30, 2014 and the related mortgage is included in liabilities related to assets held for sale.
(4)
Simultaneous with the acquisition of our joint venture partner's interest, we refinanced the $1.1 billion floating rate mortgage with a $1.5 billion seven-year floating rate mortgage, and have consolidated the property.
(5)
This loan is secured by a portion of a preferred equity investment.
(6)
We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.
(7)
In September 2014, we refinanced the $181.0 million fixed rate mortgage with a $300.0 million 10-year fixed rate mortgage and incurred a loss on early extinguishment of debt of $24.5 million, which consisted mainly of a prepayment penalty fee.
(8)
In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million or 4,000 3.75% Series J Preferred Units of limited partnership interest, of the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as further prescribed in the related agreement.
(9)
In April 2014, the remaining 22,658 Series E Preferred Units of the Operating Partnership were canceled.
(10)
The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $300.0 million.
(11)
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. This property is held for sale at September 30, 2014 and the related mortgage is included in liabilities related to assets held for sale.
(12)
In June 2014, we replaced the previous floating rate mortgage with a $29.0 million, five-year floating rate mortgage and incurred a net loss on early extinguishment of debt of $0.5 million.
(13)
In April 2014, we repaid the loan and incurred a loss on early extinguishment of debt of $0.5 million.
(14)
Includes mortgages related to 2 Herald Square and 180 Maiden, which are currently held for sale.