Mortgages and Other Loans Payable (Tables)

9 Months Ended

Sep. 30, 2019

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 or debt investments at September 30, 2019 and December 31, 2018, respectively, were as follows (dollars in thousands):



Property	Maturity Date	Interest Rate ⁽¹⁾			September 30, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00	%	771			771
100 Church Street	July 2022		4.68	%	210,382			213,208
420 Lexington Avenue	October 2024		3.99	%	300,000			300,000
400 East 58th Street ⁽²⁾	November 2026		3.00	%	39,306			39,931
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		3.59	%	35,297			35,807
315 West 33rd Street	February 2027		4.17	%	250,000			250,000
Total fixed rate debt					$	1,385,756		$	1,389,717
Floating Rate Debt:
FHLB Facility	December 2019	L+	0.18	%	14,500			14,500
FHLB Facility	January 2020	L+	0.26	%	10,000			—
FHLB Facility	February 2020	L+	0.32	%	15,000			—
2017 Master Repurchase Agreement	June 2020	L+	2.22	%	190,107			300,000
133 Greene Street	August 2020	L+	2.00	%	15,523			15,523
106 Spring Street	January 2021	L+	2.50	%	38,025			—
609 Fifth Avenue	March 2021	L+	2.40	%	52,990			—
185 Broadway ⁽⁴⁾	November 2021	L+	2.85	%	115,886			111,869
712 Madison Avenue	December 2021	L+	2.50	%	28,000			28,000
460 West 34th Street⁽⁵⁾	May 2022	L+	2.23	%	310,236
Suburban Loan ⁽⁶⁾	July 2022	L+	2.79	%	228,660			—
719 Seventh Avenue	September 2023	L+	1.20	%	50,000			50,000
FHLB Facility ⁽⁷⁾					—			13,000
115 Spring Street ⁽⁸⁾					—			65,550
Total floating rate debt					$	1,068,927		$	598,442
Total mortgages and other loans payable					$	2,454,683		$	1,988,159
Deferred financing costs, net of amortization					(37,522		)	(26,919		)
Total mortgages and other loans payable, net					$	2,417,161		$	1,961,240


(1)	Interest rate as of September 30, 2019, 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 mezzanine 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)	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 two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.


(5)	This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.


(6)	Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.


(7)	In August 2019, the loan was repaid.


(8)	In August 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. See Note 6, "Investments in Unconsolidated Joint Ventures."