XML 59 R45.htm IDEA: XBRL DOCUMENT v3.22.1
Mortgages and Other Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2022
Mortgages and Other Loans Payable  
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases
The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments as of March 31, 2022 and December 31, 2021, respectively, were as follows (dollars in thousands):
PropertyCurrent Maturity
Date
Final Maturity Date (1)
Interest
Rate (2)
March 31, 2022December 31, 2021
Fixed Rate Debt:
100 Church StreetJuly 2022July 20224.68%$198,980 $200,212 
420 Lexington AvenueOctober 2024October 20403.99%287,243 288,660 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
1080 Amsterdam (3)
February 2027February 20273.59%34,348 34,537 
Total fixed rate debt$1,070,571 $1,073,409 
Floating Rate Debt:
7 Dey / 185 Broadway (4)
November 2022November 2023L+2.85%$203,478 $198,169 
719 Seventh AvenueSeptember 2023September 2023L+1.20%50,000 50,000 
690 Madison AvenueJuly 2024July 2025L+1.50%60,000 60,000 
609 Fifth AvenueMarch 2022March 2025L+—%— 52,882 
2017 Master Repurchase Agreement (5)
— — 
Total floating rate debt$313,478 $361,051 
Total fixed rate and floating rate debt$1,384,049 $1,434,460 
Mortgages reclassed to liabilities related to assets held for sale(34,348)(34,537)
Total mortgages and other loans payable$1,349,701 $1,399,923 
Deferred financing costs, net of amortization(4,926)(5,537)
Total mortgages and other loans payable, net$1,344,775 $1,394,386 
(1)Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(2)Interest rate as of March 31, 2022, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.
(3)The loan is comprised of a $33.4 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 the fifth year. The Company closed on the sale of this investment in April 2022.
(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. In October 2021, an extension option was exercised, and the maturity date of this loan was extended by one year. Advances under the loan are subject to incurred costs and funded equity requirements.
(5)In June 2021, we exercised a one year extension option which extended the maturity date to June 2022. As of March 31, 2022, there was no outstanding balance on the $400 million facility.