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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of General Information on Joint Ventures and Investments in Unconsolidated Joint Ventures Sold
The table below provides general information on each of our joint ventures as of December 31, 2024:
PropertyPartner
Economic
Interest (1)
Unaudited Approximate Square Feet
800 Third AvenuePrivate Investors60.52%526,000 
919 Third AvenueNew York State Teacher's Retirement System51.00%1,454,000 
11 West 34th Street (2)
Private Investor / Wharton Properties30.00%17,150 
280 Park AvenueVornado Realty Trust50.00%1,219,158 
1552-1560 Broadway (2) (3)
Wharton Properties50.00%57,718 
650 Fifth Avenue (2) (4)
Wharton Properties50.00%69,214 
11 Madison AvenuePGIM Real Estate60.00%2,314,000 
One Vanderbilt Avenue (5)
National Pension Service of Korea / Hines Interest LP / Mori Building Co., Ltd60.01%1,657,198 
Worldwide Plaza (2) (6)
RXR Realty / New York REIT24.95%2,048,725 
1515 BroadwayAllianz Real Estate of America56.87%1,750,000 
2 Herald Square (2) (7) (8)
Israeli Institutional Investor95.00%369,000 
115 Spring Street (2) (9)
Private Investor51.00%5,218 
15 Beekman (10)
A fund managed by Meritz Alternative Investment Management20.00%221,884 
85 Fifth Avenue (11)
Wells Fargo36.27%12,946 
One Madison Avenue (12)
National Pension Service of Korea / Hines Interest LP / International Investor25.50%1,048,700 
220 East 42nd StreetA fund managed by Meritz Alternative Investment Management51.00%1,135,000 
450 Park Avenue (13)
Korean Institutional Investor / Israeli Institutional Investor25.10%337,000 
245 Park Avenue (14)
U.S. Affiliate of Mori Trust Co., Ltd50.10%1,782,793 
625 Madison Avenue (15)
Private Investor90.93%563,000 
(1)Economic interest represent the Company's interests in the joint venture as of December 31, 2024. Changes in economic interests within the current year are disclosed in the notes below.
(2)Included in the Company's alternative strategy portfolio.
(3)The joint venture owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. In December 2023, following an assessment of the investment for recoverability, the Company recorded a charge of $8.1 million, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In November 2024, the Company sold an additional 11% interest in the joint venture. The Company retained a 60.01% ownership interest in the investment and recognized a $187.6 million gain in Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate.
(6)In December 2024, following an assessment of the investment for recoverability, the Company recorded a charge of $72.6 million, which is included in Equity in net loss from unconsolidated joint ventures in the consolidated statements of operations.
(7)In December 2023, following an assessment of the property and the investment for recoverability, the Company recorded a charge of $101.7 million, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations. In January 2024, the Company closed on the acquisition of interests in the joint venture that owns the leasehold interest for no consideration, which increases the Company's interest in the joint venture to 95.0%. In addition, in February 2024, the joint venture settled the previously existing $182.5 million mortgage on the property for a net payment of $7.0 million.
(8)In December 2024, following an assessment of the investment for recoverability, the Company recorded a charge of $20.4 million, which is included in Equity in net loss from unconsolidated joint ventures in the consolidated statements of operations.
(9)In December 2024, following an assessment of the property for recoverability, the Company recognized a charge of $11.7 million, which is included in Equity in net loss from unconsolidated joint ventures in the consolidated statements of operations.
(10)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company.
(11)In December 2024, following an assessment of the property and investment for recoverability, the Company recorded a charge of $12.0 million, which is included in Equity in net loss from unconsolidated joint ventures in the consolidated statements of operations.
(12)In 2021, the Company admitted an additional partner to the development project with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets at December 31, 2024 and 2023.
(13)The 25.1% economic interest reflected in this table excludes a 25.0% economic interest held by a third party. The third-party's economic interest is held in a joint venture that we consolidate as a 50.1% ownership interest. The third-party's 25.0% economic interest is recognized in Noncontrolling interests in other partnerships on our consolidated balance sheet. A separate third-party owns the remaining 49.9% economic interest in the property.
(14)In June 2023, the Company sold a 49.9% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and deconsolidation of the 50.1% interest we retained. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of ($17.0 million) during the year ended December 31, 2023. The fair value of our investment was determined by the terms of the joint venture agreement.
(15)In September 2023, following a UCC foreclosure, the Company converted its previous mezzanine debt investments in the fee interest to a 90.43% ownership interest. See Note 5, "Debt and Preferred Equity Investments." In December 2023, together with its joint venture partner, the Company entered into a contract to sell the fee ownership in the property. In connection with this contract, the Company recorded a charge of $23.1 million, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations. In connection with the sale, which closed in May 2024, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $214.7 million with an aggregate weighted average current yield of 8.86% as of December 31, 2024.
The following table summarizes the investments in unconsolidated joint ventures sold during the years ended December 31, 2024, 2023, and 2022:
PropertyOwnership Interest SoldDisposition DateGross Asset Valuation
(in millions)
Gain (Loss)
on Sale
(in millions) (1) (2)
One Vanderbilt Avenue11.00%November 2024$4,700.0 $187.6 
625 Madison Avenue (3)
90.43%May 2024634.6 (7.6)
717 Fifth Avenue10.92%January 2024963.0 26.9 
21 East 66th Street32.28%December 202340.6 (12.7)
121 Greene Street50.00%February 202314.0 (0.3)
Stonehenge PortfolioVariousApril 20221.0 — 
(1)Represents the Company's share of the gain or loss
(2)For the years ended December 31, 2024 and December 31, 2023, the (losses) gains on sale are net of $16.8 million and $2.0 million, respectively, of employee compensation accrued in connection with the realization of the investment dispositions. There was no amount accrued for employee compensation in the year ended December 31, 2022. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.
(3)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $214.7 million with an aggregate weighted average current yield of 8.86% as of December 31, 2024. Prior to the completion of the sale, the Company recorded a charge of $5.9 million for capital contributions required during the three months ended March 31, 2024 while the investment was under contract, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations
Schedule of Mortgage Notes and Other Loans Payable Collateralized by the Respective Joint Venture Properties and Assignment of Leases The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of December 31, 2024 and 2023, respectively, are as follows (dollars in thousands):
Principal OutstandingPrincipal Outstanding
EconomicCurrent MaturityFinal MaturityInterestDecember 31, 2024December 31, 2023
Property
Interest (1)
Date
Date (2)

Rate (3)
Gross SLG ShareGrossSLG Share
Fixed Rate Debt:
650 Fifth Avenue (4)
50.00 %
February 2025 (5)
July 20255.45%$65,000 $32,500 $65,000 $32,500 
115 Spring Street (4)
51.00 %March 2025March 20255.50%65,550 33,431 65,550 33,431 
450 Park Avenue25.10 %June 2025June 20276.10%284,835 71,494 271,394 68,120 
11 Madison Avenue60.00 %September 2025September 20253.84%1,400,000 840,000 1,400,000 840,000 
15 Beekman20.00 %January 2026January 20285.99%120,000 24,000 — — 
800 Third Avenue60.52 %February 2026February 20263.37%177,000 107,120 177,000 107,120 
1515 Broadway56.87 %March 2026March 20283.93%740,947 421,369 762,002 433,344 
919 Third Avenue51.00 %April 2026April 20286.11%500,000 255,000 500,000 255,000 
280 Park Avenue50.00 %September 2026September 20285.84%1,075,000 537,500 — — 
245 Park Avenue50.10 %June 2027June 20274.30%1,768,000 885,768 1,768,000 885,768 
One Madison Avenue (6)
25.50 %November 2027November 20277.10%658,357 167,881 733,103 186,941 
Worldwide Plaza (4)
24.95 %November 2027November 20273.98%1,200,000 299,400 1,200,000 299,400 
220 East 42nd Street51.00 %December 2027December 20276.77%496,412 253,170 505,412 257,760 
One Vanderbilt Avenue60.01 %July 2031July 20312.95%3,000,000 1,800,300 3,000,000 2,130,300 
5 Times Square (7)
— — 477,783 150,740 
625 Madison Avenue— — 199,987 180,848 
10 East 53rd Street— — 220,000 121,000 
717 Fifth Avenue— — 655,328 71,536 
Total fixed rate debt$11,551,101 $5,728,933 $12,000,559 $6,053,808 
Floating Rate Debt:
11 West 34th Street (4)
30.00 %
February 2023 (8)
February 2023 (8)
L+1.45%$23,000 $6,900 $23,000 $6,900 
1552 Broadway (4)
50.00 %
February 2024 (9)
February 2024 (9)
S+2.75%193,132 96,566 193,133 96,567 
650 Fifth Avenue (4)
50.00 %
February 2025 (5)
July 2025S+2.25%210,000 105,000 210,000 105,000 
One Madison Avenue (6)
25.50 %November 2027November 2027S+3.10%354,757 90,463 — — 
100 Park Avenue— — 360,000 179,640 
5 Times Square (7)
— — 610,010 192,458 
280 Park Avenue— — 1,200,000 600,000 
2 Herald Square— — 182,500 93,075 
15 Beekman— — 124,137 24,827 
Total floating rate debt$780,889 $298,929 $2,902,780 $1,298,467 
Total joint venture mortgages and other loans payable$12,331,990 $6,027,862 $14,903,339 $7,352,275 
Deferred financing costs, net(97,729)(49,058)(104,062)(54,865)
Total joint venture mortgages and other loans payable, net$12,234,261 $5,978,804 $14,799,277 $7,297,410 
(1)Economic interest represents the Company's interests in the joint venture as of December 31, 2024. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
(2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.
(3)Interest rates as of December 31, 2024, taking into account interest rate hedges at the joint venture. Corporate interest rate hedges are not taken into consideration. Floating rate debt is presented with the stated spread over Term SOFR ("S").
(4)Included in the Company's alternative strategy portfolio.
(5)In February 2025, the maturity date of the loan was extended to July 2025.
(6)The loan is a $1.25 billion construction facility, which was fully extended to November 2027. Advances under the loan are subject to costs incurred. In conjunction with the loan, the Company provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
(7)In the fourth quarter of 2024, the Company recorded a $146.4 million charge, which is included in Equity in net loss from unconsolidated joint ventures. The Company no longer has an ownership interest in the property.
(8)The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(9)The Company is in discussions with the lender on resolution of the past maturity.
Schedule of Combined Balance Sheets for the Unconsolidated Joint Ventures
The combined balance sheets for the unconsolidated joint ventures, as of December 31, 2024 and 2023, are as follows (in thousands):
December 31, 2024December 31, 2023
Assets (1)
Commercial real estate property, net$15,327,542 $17,561,406 
Cash and restricted cash649,426 656,038 
Tenant and other receivables, related party receivables, and deferred rents receivable621,748 673,532 
Debt and preferred equity investments, net236,512 — 
Right-of-use assets919,658 905,934 
Other assets1,739,549 2,584,765 
Total assets$19,494,435 $22,381,675 
Liabilities and equity (1)
Mortgages and other loans payable, net$12,234,261 $14,799,277 
Deferred revenue956,217 1,108,180 
Lease liabilities1,008,085 990,276 
Other liabilities519,582 447,705 
Equity4,776,290 5,036,237 
Total liabilities and equity$19,494,435 $22,381,675 
Company's investments in unconsolidated joint ventures$2,690,138 $2,983,313 
(1)As of December 31, 2024, $480.8 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
Schedule of Combined Statements of Income for the Unconsolidated Joint Ventures
The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2024, 2023, and 2022 are as follows (unaudited, in thousands):
Year Ended December 31,
202420232022
Total revenues$1,484,459 $1,525,044 $1,339,364 
Operating expenses259,558 253,630 240,002 
Real estate taxes297,520 287,462 252,806 
Operating lease rent33,207 29,048 26,152 
Interest expense, net of interest income573,148 574,032 431,865 
Amortization of deferred financing costs21,289 28,157 27,754 
Depreciation and amortization538,390 516,466 465,100 
Total expenses$1,723,112 $1,688,795 $1,443,679 
Gain (loss) on early extinguishment of debt233,704 — (467)
Depreciable real estate reserves and impairments(181,798)— — 
Net loss before gain (loss) on sale$(186,747)$(163,751)$(104,782)
Company's equity in net loss from unconsolidated joint ventures$(179,695)$(76,509)$(57,958)