Mortgages and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2018

Mortgages and Other Loans Payable

Schedule of senior unsecured notes and other related disclosures by scheduled maturity date

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at December 31, 2018 and 2017, respectively, were as follows (amounts in thousands):

Property	Maturity Date	Interest Rate (1)		December 31, 2018			December 31, 2017
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00%	771			771
100 Church Street	July 2022		4.68%	213,208			217,273
420 Lexington Avenue	October 2024		3.99%	300,000			300,000
400 East 58th Street (2)	November 2026		3.00%	39,931			40,000
Landmark Square	January 2027		4.90%	100,000			100,000
485 Lexington Avenue	February 2027		4.25%	450,000			450,000
1080 Amsterdam (3)	February 2027		3.58%	35,807			36,363
315 West 33rd Street	February 2027		4.17%	250,000			250,000
919 Third Avenue (4)				—			500,000
Unsecured Loan (5)				—			16,000
Series J Preferred Units (6)				—			4,000
One Madison Avenue (7)				—			486,153
Total fixed rate debt				$	1,389,717		$	2,400,560
Floating Rate Debt:
FHLB Facility	May 2019	L+	0.27%	$	13,000		$	—
2017 Master Repurchase Agreement	June 2019	L+	2.34%	300,000			90,809
FHLB Facility	December 2019	L+	0.18%	14,500			—
133 Greene Street	August 2020	L+	2.00%	15,523			—
185 Broadway (8)	November 2021	L+	2.85%	111,869			58,000
712 Madison	December 2021	L+	2.50%	28,000			—
115 Spring Street	September 2023	L+	3.40%	65,550			—
719 Seventh Avenue	September 2023	L+	1.20%	50,000			41,622
220 East 42nd Street (9)				—			275,000
Total floating rate debt				$	598,442		$	465,431
Total fixed rate and floating rate debt				$	1,988,159		$	2,865,991
Mortgages reclassed to liabilities related to assets held for sale				—			—
Total mortgages and other loans payable				$	1,988,159		$	2,865,991
Deferred financing costs, net of amortization				(26,919		)	(28,709		)
Total mortgages and other loans payable, net				$	1,961,240		$	2,837,282

(1) Interest rate as of December 31, 2018, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(2) The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.

(3) The loan is comprised of a $35.5 million mortgage loan and $0.9 million subordinate loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.

(4) Our investment in the property was deconsolidated as of January 1, 2018. See Note 6, "Investments in Unconsolidated Joint Ventures".

(5) In May 2018, the loan was repaid in connection with the sale of the property.

(6) In June 2018, the Series J Preferred Units were redeemed in connection with the sale of the property.

(7) In 2018, the Company recognized a $14.9 million loss on extinguishment of debt related to the early repayment of this loan.

(8) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with twoone-year extension options.

cured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2018 and 2017, respectively, by scheduled maturity date (amounts in thousands):

Issuance	December 31, 2018 Unpaid Principal Balance		December 31, 2018 Accreted Balance			December 31, 2017 Accreted Balance			Interest Rate (1)			Initial Term (in Years)	Maturity Date
March 16, 2010 (2)	$	250,000	$	250,000		$	250,000			7.75	%	10	March 2020
August 7, 2018 (3) (4)	350,000		350,000			—			L+	0.98	%	3	August 2021
October 5, 2017 (3)	500,000		499,591			499,489				3.25	%	5	October 2022
November 15, 2012 (5)	300,000		304,168			305,163				4.50	%	10	December 2022
December 17, 2015 (2)	100,000		100,000			100,000				4.27	%	10	December 2025
August 5, 2011 (2) (6)	—		—			249,953
	$	1,500,000	$	1,503,759		$	1,404,605
Deferred financing costs, net			(8,545		)	(8,666		)
	$	1,500,000	$	1,495,214		$	1,395,939

(1) Interest rate as of December 31, 2018, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over 3-month LIBOR, unless otherwise specified. Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.

(2) Issued by the Company and the Operating Partnership as co-obligors.

(3) Issued by the Operating Partnership with the Company as the guarantor.

(4) Beginning on August 8, 2019 and at any time thereafter, the notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date.

(5) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334%.

(6)