Mortgages and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018, respectively, were as follows (dollars in thousands):



Property	Maturity Date	Interest Rate ⁽¹⁾		December 31, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00%	$	771		$	771
100 Church Street	July 2022		4.68%	209,296			213,208
420 Lexington Avenue	October 2024		3.99%	299,165			300,000
400 East 58th Street ⁽²⁾	November 2026		3.00%	39,094			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%	35,123			35,807
315 West 33rd Street	February 2027		4.17%	250,000			250,000
Total fixed rate debt				$	1,383,449		$	1,389,717
Floating Rate Debt:
FHLB Facility ⁽⁴⁾	January 2020	L+	0.26%	$	10,000		$	—
FHLB Facility ⁽⁵⁾	February 2020	L+	0.32%	15,000			—
FHLB Facility	June 2020	L+	0.17%	14,500			—
2017 Master Repurchase Agreement	June 2020	L+	2.19%	152,684			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%	53,773			—
185 Broadway ⁽⁶⁾	November 2021	L+	2.85%	120,110			111,869
712 Madison Avenue	December 2021	L+	1.85%	28,000			28,000
410 Tenth Avenue ⁽⁷⁾	May 2022	L+	2.23%	330,819			—
719 Seventh Avenue	September 2023	L+	1.20%	50,000			50,000
FHLB Facility ⁽⁸⁾				—			13,000
115 Spring Street ⁽⁹⁾				—			65,550
FHLB Facility ⁽¹⁰⁾				—			14,500
Total floating rate debt				$	828,434		$	598,442
Total mortgages and other loans payable				$	2,211,883		$	1,988,159
Deferred financing costs, net of amortization				(28,630		)	(26,919		)
Total mortgages and other loans payable, net				$	2,183,253		$	1,961,240


(1)	Interest rate as of December 31, 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 $34.2 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)	In January 2020, the loan was repaid and a new advance was drawn in the amount of $10.0 million with a spread of 16.5 basis points.


(5)	In February 2020, the loan was repaid and a new advance was drawn in the amount of $15.0 million with a spread of 26.0 basis points.


(6)	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.


(7)	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.


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


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

(10)

In December 2019, the loan was repaid.