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Mortgages and Other Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022, respectively, were as follows (dollars in thousands):
PropertyMaturity
Date
Final Maturity Date (1)
Interest
Rate (2)
March 31, 2023December 31, 2022
Fixed Rate Debt:
719 Seventh AvenueSeptember 2023September 20234.70%$50,000 $50,000 
7 Dey / 185 Broadway (3)
November 2023November 20237.59%200,000 200,000 
420 Lexington AvenueOctober 2024October 20403.99%281,591 283,064 
100 Church StreetJune 2025June 20275.89%370,000 370,000 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
245 Park AvenueJune 2027June 20274.22%1,712,750 1,712,750 
Total fixed rate debt$3,164,341 $3,165,814 
Floating Rate Debt:
7 Dey / 185 Broadway (3)
November 2023November 2023S+2.85%$10,148 $10,148 
690 Madison AvenueJuly 2024July 2025L+1.50%60,000 60,000 
Total floating rate debt$70,148 $70,148 
Total mortgages and other loans payable$3,234,489 $3,235,962 
Deferred financing costs, net of amortization(7,708)(8,399)
Total mortgages and other loans payable, net$3,226,781 $3,227,563 
(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, 2023, 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 ("L") or Term SOFR ("S"), unless otherwise specified.
(3)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. Both extension options were exercised in October 2021 and 2022, respectively. Advances under the loan are subject to incurred costs and funded equity requirements.