Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of general information on joint ventures

As of March 31, 2017 and December 31, 2016, the carrying value for acquisition, development and construction arrangements were as follows (in thousands):



Loan Type	March 31, 2017		December 31, 2016		Maturity Date
Mezzanine Loan and Preferred Equity⁽¹⁾	$	100,000	$	100,000	March 2018
Mezzanine Loan⁽²⁾	45,551		45,622		February 2022
Mezzanine Loan⁽³⁾	24,965		24,542		July 2036
	$	170,516	$	170,164

The table below provides general information on each of our joint ventures as of March 31, 2017:



Property	Partner	Ownership Interest⁽¹⁾	Economic Interest ⁽¹⁾	Unaudited Approximate Square Feet	Acquisition Date⁽²⁾	Acquisition Price⁽²⁾(in thousands)
100 Park Avenue	Prudential Real Estate Investors	49.90%	49.90%	834,000	January 2000	$	95,800
717 Fifth Avenue	Jeff Sutton/Private Investor	10.92%	10.92%	119,500	September 2006	251,900
800 Third Avenue	Private Investors	60.52%	60.52%	526,000	December 2006	285,000
1745 Broadway	Ivanhoe Cambridge, Inc.	56.88%	56.88%	674,000	April 2007	520,000
Jericho Plaza	Onyx Equities/Credit Suisse	11.67%	11.67%	640,000	April 2007	210,000
11 West 34th Street	Private Investor/ Jeff Sutton	30.00%	30.00%	17,150	December 2010	10,800
3 Columbus Circle⁽³⁾	The Moinian Group	48.90%	48.90%	741,500	January 2011	500,000
280 Park Avenue	Vornado Realty Trust	50.00%	50.00%	1,219,158	March 2011	400,000
1552-1560 Broadway⁽⁴⁾	Jeff Sutton	50.00%	50.00%	57,718	August 2011	136,550
724 Fifth Avenue	Jeff Sutton	50.00%	50.00%	65,010	January 2012	223,000
10 East 53rd Street	Canadian Pension Plan Investment Board	55.00%	55.00%	354,300	February 2012	252,500
521 Fifth Avenue	Plaza Global Real Estate Partners LP	50.50%	50.50%	460,000	November 2012	315,000
21 East 66th Street⁽⁵⁾	Private Investors	32.28%	32.28%	13,069	December 2012	75,000
650 Fifth Avenue⁽⁶⁾	Jeff Sutton	50.00%	50.00%	69,214	November 2013	—
121 Greene Street	Jeff Sutton	50.00%	50.00%	7,131	September 2014	27,400
175-225 Third Street Brooklyn, New York	KCLW 3rd Street LLC/LIVWRK LLC	95.00%	95.00%	—	October 2014	74,600
55 West 46th Street	Prudential Real Estate Investors	25.00%	25.00%	347,000	November 2014	295,000
Stonehenge Portfolio ⁽⁷⁾	Various	Various	Various	1,439,016	February 2015	36,668
131-137 Spring Street	Invesco Real Estate	20.00%	20.00%	68,342	August 2015	277,750
76 11th Avenue⁽⁸⁾	Oxford/Vornado	33.33%	35.09%	764,000	March 2016	138,240
605 West 42nd Street	The Moinian Group	20.00%	20.00%	927,358	April 2016	759,000
11 Madison Avenue	PGIM Real Estate	60.00%	60.00%	2,314,000	August 2016	2,605,000
333 East 22nd Street ⁽⁹⁾	Private Investors	33.33%	33.33%	26,926	August 2016	—
400 E 57th Street⁽¹⁰⁾	Blackrock, Inc and Stonehenge Partners	51.00%	41.00%	290,482	October 2016	170,000

Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases

March 31, 2017 and December 31, 2016, respectively, are as follows (amounts in thousands):



Property	Maturity Date	Interest Rate ⁽¹⁾		March 31, 2017		December 31, 2016
Fixed Rate Debt:
521 Fifth Avenue	November 2019	3.73	%	$	170,000	$	170,000
717 Fifth Avenue ⁽²⁾	July 2022	4.45	%	300,000		300,000
717 Fifth Avenue ⁽²⁾	July 2022	5.50	%	355,328		355,328
21 East 66th Street	April 2023	3.60	%	12,000		12,000
3 Columbus Circle	March 2025	3.61	%	350,000		350,000
11 Madison Avenue	September 2025	3.84	%	1,400,000		1,400,000
800 Third Avenue	February 2026	3.37	%	177,000		177,000
400 East 57th Street	November 2026	3.00	%	100,000		100,000
Stonehenge Portfolio ⁽³⁾	Various	4.19	%	347,671		362,518
1745 Broadway ⁽⁴⁾				—		340,000
Total fixed rate debt				$	3,211,999	$	3,566,846



Property	Maturity Date	Interest Rate ⁽¹⁾		March 31, 2017			December 31, 2016
Floating Rate Debt:
55 West 46th Street ⁽⁵⁾	October 2017	3.08	%	$	159,718		$	157,322
175-225 Third Street	December 2017	4.79	%	40,000			40,000
Jericho Plaza ⁽⁶⁾	March 2018	4.93	%	76,993			76,993
724 Fifth Avenue	April 2018	3.20	%	275,000			275,000
1552 Broadway ⁽⁷⁾	April 2018	4.99	%	185,410			185,410
605 West 42nd Street	July 2018	3.02	%	539,000			539,000
650 Fifth Avenue ⁽⁸⁾	August 2018	4.54	%	86,500			77,500
280 Park Avenue	June 2019	2.78	%	900,000			900,000
121 Greene Street	November 2019	2.28	%	15,000			15,000
1745 Broadway ⁽⁹⁾	January 2020	2.98	%	345,000			—
10 East 53rd Street	February 2020	3.13	%	170,000			125,000
131-137 Spring Street	August 2020	2.33	%	141,000			141,000
11 West 34th Street	January 2021	2.23	%	23,000			23,000
100 Park Avenue	February 2021	2.53	%	360,000			360,000
21 East 66th Street	June 2033	3.00	%	1,706			1,726
Stonehenge Portfolio ⁽¹⁰⁾	Various	5.85	%	65,489			65,577
Total floating rate debt				$	3,383,816		$	2,982,528
Total joint venture mortgages and other loans payable				$	6,595,815		$	6,549,374
Deferred financing costs, net				(97,083		)	(95,408		)
Total joint venture mortgages and other loans payable, net				$	6,498,732		$	6,453,966


(1)	Effective weighted average interest rate for the three months ended March 31, 2017, taking into account interest rate hedges in effect during the period.


(2)	These loans are comprised of a $300.0 million fixed rate mortgage loan and $355.3 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate.


(3)	Amount is comprised of $34.3 million, $139.0 million, and $174.4 million in fixed-rate mortgages that mature in November 2017, August 2019, and June 2024, respectively.


(4)	In January 2017, this loan was refinanced with a floating rate loan as shown above.


(5)	This loan has a committed amount of $190.0 million, of which $30.3 million was unfunded as of March 31, 2017.


(6)	We hold an 11.67% non-controlling interest in the joint venture and the property secures a two year $100.0 million loan, of which $77.0 million is currently outstanding.


(7)	These loans are comprised of a $145.0 million mortgage loan and a $41.5 million mezzanine loan. As of March 31, 2017, $0.6 million of the mortgage loan and $0.5 million of the mezzanine loan were unfunded.


(8)	This loan has a committed amount of $97.0 million, of which $10.5 million was unfunded as of March 31, 2017.


(9)	This loan has a committed amount of $375.0 million, of which $30.0 million was unfunded as of March 31, 2017.


(10)	Amount is comprised of $55.3 million and $10.2 million in floating-rate mortgages that mature in June 2017 and December 2017, respectively.

Schedule of combined balance sheets for the unconsolidated joint ventures

March 31, 2017 and December 31, 2016 are as follows (in thousands):



	March 31, 2017		December 31, 2016
Assets
Commercial real estate property, net	$	8,734,099	$	9,131,717
Cash and restricted cash	263,301		328,455
Tenant and other receivables, related party receivables, and deferred rents receivable, net of allowance	248,492		232,778
Debt and preferred equity investments, net	336,518		336,164
Other assets	694,384		683,481
Total assets	$	10,276,794	$	10,712,595
Liabilities and members' equity
Mortgages and other loans payable, net	$	6,498,732	$	6,453,966
Deferred revenue/gain	351,614		356,414
Other liabilities	367,980		391,500
Members' equity	3,058,468		3,510,715
Total liabilities and members' equity	$	10,276,794	$	10,712,595
Company's investments in unconsolidated joint ventures	$	1,861,077	$	1,890,186

Schedule of combined statements of income for the unconsolidated joint ventures

The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2017 and 2016, are as follows (in thousands):



	Three Months Ended March 31,
	2017		2016
Total revenues	$	216,521	$	162,512
Operating expenses	38,794		27,254
Ground rent	4,251		3,211
Real estate taxes	34,939		24,210
Interest expense, net of interest income	55,328		49,736
Amortization of deferred financing costs	6,505		3,236
Transaction related costs	89		—
Depreciation and amortization	71,164		37,851
Total expenses	211,070		145,498
Loss on early extinguishment of debt	—		(1,606		)
Net income before gain on sale	$	5,451	$	15,408
Company's equity in net income from unconsolidated joint ventures	$	6,614	$	10,096