Mortgages and Other Loans Payable (Tables)

6 Months Ended

Jun. 30, 2011

Mortgages and Other Loans Payable.

Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases

Property(1)	Maturity Date	Interest Rate(2)			June 30, 2011		December 31, 2010
711 Third Avenue	06/2015	4.99	%	$	120,000	$	120,000
420 Lexington Avenue(3)	09/2016	7.15	%		188,391		149,141
673 First Avenue	02/2013	5.67	%		30,347		30,781
220 East 42nd Street	11/2013	5.24	%		192,608		194,758
625 Madison Avenue	11/2015	7.22	%		130,680		132,209
609 Fifth Avenue	10/2013	5.85	%		95,736		96,502
609 Partners, LLC	07/2014	5.00	%		31,721		31,722
485 Lexington Avenue	02/2017	5.61	%		450,000		450,000
120 West 45th Street	02/2017	6.12	%		170,000		170,000
919 Third Avenue(4)	06/2023	5.12	%		500,000		219,879
300 Main Street	02/2017	5.75	%		11,500		11,500
500 West Putnam	01/2016	5.52	%		24,804		25,000
One Madison Avenue	05/2020	5.91	%		633,833		640,076
125 Park Avenue	10/2014	5.75	%		146,250		146,250
2 Herald Square	04/2017	5.36	%		191,250		191,250
885 Third Avenue	07/2017	6.26	%		267,650		267,650
292 Madison Avenue	08/2017	6.17	%		59,099		59,099
110 East 42nd Street(5)	07/2017	5.81	%		65,000		---
Total fixed rate debt				$	3,308,869	$	2,935,817
100 Church Street(6)	---	---		$	---	$	139,672
Landmark Square(7)	---	---			---		110,180
28 West 44th Street(8)	---	---			---		122,007
521 Fifth Avenue(9)	04/2013	2.20	%		150,000		---
1515 Broadway(10)	12/2014	3.50	%		456,684		---
Other loan payable(11)	06/2013	3.30	%		62,792		62,792
Other loan payable(12)	---	---			---		30,000
Total floating rate debt				$	669,476	$	464,651
Total mortgages and other loans payable				$	3,978,345	$	3,400,468

(1)	Held in bankruptcy remote special purpose entity.
(2)	Effective contractual interest rate for the quarter ended June 30, 2011.
(3)	We increased this loan by $40.0 million in March 2011.
(4)	We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. In June 2011, our joint venture replaced the $219.9 million 6.87% mortgage that was due to mature in August 2011 with a $500.0 million mortgage.
(5)	We took control of this property in May 2011 and assumed the mortgage as part of the transaction. This loan consists of a $65.0 million A-tranche and a $18.1 million B-tranche. The B-tranche does not accrue interest and is due only under certain circumstances as described in the loan agreement.
(6)	This mortgage was repaid in March 2011.
(7)	The final loan renewal option was exercised in December 2010. This loan was repaid in May 2011.
(8)	This property was sold in May 2011 and the related mortgage was repaid.
(9)	We assumed a $140.0 million mortgage in connection with the acquisition of the remaining partnership interest in January 2011. The mortgage was schedule to mature in April 2011. In April 2011, we refinanced 521 Fifth Avenue with a new $150.0 million 2-year mortgage which carries a floating rate of interest of 200 basis points over the 30-day LIBOR.
(10)	We acquired the remaining interest in this joint venture in April 2011. As a result, we have consolidated this investment since April 2011.
(11)	This loan bears interest at 250 basis points over the three month GBP LIBOR. This loan is denominated in British Pounds.
(12)	In March 2011, this loan was assigned to a joint venture. See Note 5.