XML 93 R78.htm IDEA: XBRL DOCUMENT v3.24.2
Investments in Unconsolidated Joint Ventures - Schedule of General Information on Joint Ventures (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
ft²
Mar. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
ft²
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
General information on each joint venture                
Depreciable real estate reserves and impairment | $   $ (13,721,000)   $ (305,916,000) $ (65,839,000) $ (305,916,000)    
Mortgages and other loans payable, net | $   1,644,494,000     1,644,494,000   $ 1,491,319,000  
Carrying Value | $   290,487,000     290,487,000   346,745,000  
Senior financing | $   1,053,690,000     1,053,690,000      
Preferred Equity (4)                
General information on each joint venture                
Carrying Value | $   132,265,000     132,265,000      
Senior financing | $   250,000,000     250,000,000      
625 Madison Avenue | Preferred Equity (4)                
General information on each joint venture                
Carrying Value | $   205,200,000     $ 205,200,000      
Average yield (as a percent)         8.95%      
625 Madison Avenue                
General information on each joint venture                
Depreciable real estate reserves and impairment | $     $ 5,900,000          
625 Madison Avenue | Preferred Equity (4)                
General information on each joint venture                
Carrying value of investment in leasehold interest | $   235,400,000     $ 235,400,000      
Joint venture                
General information on each joint venture                
Mortgages and other loans payable, net | $   $ 13,593,682,000     $ 13,593,682,000   $ 14,799,277,000  
Joint venture | 2 Herald Square                
General information on each joint venture                
Consideration transferred | $ $ 0              
Investment in joint venture, ownership percentage 95.00%              
Prudential Real Estate Investors | Joint venture | 100 Park Avenue                
General information on each joint venture                
Ownership Interest   49.90%     49.90%      
Economic Interest (as a percent)   49.90%     49.90%      
Approximate Square Feet unaudited (sqft)   834,000     834,000      
Private Investors | Joint venture | 800 Third Avenue                
General information on each joint venture                
Ownership Interest   60.52%     60.52%      
Economic Interest (as a percent)   60.52%     60.52%      
Approximate Square Feet unaudited (sqft)   526,000     526,000      
Private Investors | Joint venture | 115 Spring Street                
General information on each joint venture                
Ownership Interest   51.00%     51.00%      
Economic Interest (as a percent)   51.00%     51.00%      
Approximate Square Feet unaudited (sqft)   5,218     5,218      
New York State Teacher's Retirement System | Joint venture | 919 Third Avenue                
General information on each joint venture                
Ownership Interest   51.00%     51.00%      
Economic Interest (as a percent)   51.00%     51.00%      
Approximate Square Feet unaudited (sqft)   1,454,000     1,454,000      
Private Investor / Wharton Properties | Joint venture | 11 West 34th Street                
General information on each joint venture                
Ownership Interest   30.00%     30.00%      
Economic Interest (as a percent)   30.00%     30.00%      
Approximate Square Feet unaudited (sqft)   17,150     17,150      
Vornado Realty Trust | Joint venture | 280 Park Avenue                
General information on each joint venture                
Ownership Interest   50.00%     50.00%      
Economic Interest (as a percent)   50.00%     50.00%      
Approximate Square Feet unaudited (sqft)   1,219,158     1,219,158      
Wharton Properties | Joint venture | 1552-1560 Broadway                
General information on each joint venture                
Ownership Interest   50.00%     50.00%      
Approximate Square Feet unaudited (sqft)   57,718     57,718      
Wharton Properties | Joint venture | 650 Fifth Avenue                
General information on each joint venture                
Ownership Interest   50.00%     50.00%      
Economic Interest (as a percent)   50.00%     50.00%      
Approximate Square Feet unaudited (sqft)   69,214     69,214      
PGIM Real Estate | Joint venture | 11 Madison Avenue                
General information on each joint venture                
Ownership Interest   60.00%     60.00%      
Economic Interest (as a percent)   60.00%     60.00%      
Approximate Square Feet unaudited (sqft)   2,314,000     2,314,000      
National Pension Service of Korea / Hines Interest LP | Joint venture | One Vanderbilt Avenue                
General information on each joint venture                
Ownership Interest   71.01%     71.01%      
Economic Interest (as a percent)   71.01%     71.01%      
Approximate Square Feet unaudited (sqft)   1,657,198     1,657,198      
RXR Realty / New York REIT | Joint venture | Worldwide Plaza                
General information on each joint venture                
Ownership Interest   24.95%     24.95%      
Economic Interest (as a percent)   24.95%     24.95%      
Approximate Square Feet unaudited (sqft)   2,048,725     2,048,725      
Allianz Real Estate of America | Joint venture | 1515 Broadway                
General information on each joint venture                
Ownership Interest   56.87%     56.87%      
Economic Interest (as a percent)   56.87%     56.87%      
Approximate Square Feet unaudited (sqft)   1,750,000     1,750,000      
Israeli Institutional Investor | Joint venture | 2 Herald Square                
General information on each joint venture                
Ownership Interest   95.00%     95.00%      
Economic Interest (as a percent)   95.00%     95.00%      
Approximate Square Feet unaudited (sqft)   369,000     369,000      
A fund managed by Meritz Alternative Investment Management | Joint venture | 15 Beekman                
General information on each joint venture                
Ownership Interest   20.00%     20.00%      
Economic Interest (as a percent)   20.00%     20.00%      
Approximate Square Feet unaudited (sqft)   221,884     221,884      
A fund managed by Meritz Alternative Investment Management | Joint venture | 220 East 42nd Street (9)                
General information on each joint venture                
Ownership Interest   51.00%     51.00%      
Economic Interest (as a percent)   51.00%     51.00%      
Approximate Square Feet unaudited (sqft)   1,135,000     1,135,000      
Wells Fargo | Joint venture | 85 Fifth Avenue                
General information on each joint venture                
Ownership Interest   36.27%     36.27%      
Economic Interest (as a percent)   36.27%     36.27%      
Approximate Square Feet unaudited (sqft)   12,946     12,946      
National Pension Service of Korea / Hines Interest LP / International Investor | One Madison Avenue                
General information on each joint venture                
Investment in joint venture aggregate maximum ownership percentage               25.00%
National Pension Service of Korea / Hines Interest LP / International Investor | Joint venture | One Madison Avenue                
General information on each joint venture                
Ownership Interest   25.50%     25.50%      
Economic Interest (as a percent)   25.50%     25.50%      
Approximate Square Feet unaudited (sqft)   1,048,700     1,048,700      
Korean Institutional Investor / Israeli Institutional Investor | 450 Park Avenue | Third-Party                
General information on each joint venture                
Ownership Interest   49.90%     49.90%      
Investment in joint venture, partners' ownership percentage   25.00%     25.00%      
Korean Institutional Investor / Israeli Institutional Investor | Joint venture | 450 Park Avenue                
General information on each joint venture                
Ownership Interest   50.10%     50.10%      
Economic Interest (as a percent)   25.10%     25.10%      
Approximate Square Feet unaudited (sqft)   337,000     337,000      
Investment in joint venture, ownership percentage   25.10%     25.10%      
RXR Realty led investment group | Joint venture | 5 Times Square                
General information on each joint venture                
Ownership Interest   31.55%     31.55%      
Economic Interest (as a percent)   31.55%     31.55%      
Approximate Square Feet unaudited (sqft)   1,131,735     1,131,735      
U.S. Affiliate of Mori Trust Co., Ltd | Joint venture | 245 Park Avenue                
General information on each joint venture                
Ownership Interest   50.10%     50.10%      
Economic Interest (as a percent)   50.10%     50.10%      
Approximate Square Feet unaudited (sqft)   1,782,793     1,782,793      
Private Investor | Joint venture | 625 Madison Avenue                
General information on each joint venture                
Ownership Interest   90.93%     90.93%      
Economic Interest (as a percent)   90.93%     90.93%      
Approximate Square Feet unaudited (sqft)   591,123     591,123