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Mortgages and Other Loans Payable (Tables)

6 Months Ended

Jun. 30, 2012

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, 2012		December 31, 2011
400 East 57th Street	02/2024	4.13	%	$	70,000	$	—
400 East 58th Street	02/2024	4.13	%	30,000		—
919 Third Avenue(3)	06/2023	5.12	%	500,000		500,000
100 Church	07/2022	4.68	%	230,000		—
One Madison Avenue	05/2020	5.91	%	617,353		626,740
Other loan payable(4)	09/2019	8.00	%	50,000		50,000
885 Third Avenue	07/2017	6.26	%	267,650		267,650
110 East 42nd Street(5)	07/2017	5.81	%	65,000		65,000
2 Herald Square	04/2017	5.36	%	191,250		191,250
485 Lexington Avenue	02/2017	5.61	%	450,000		450,000
120 West 45th Street	02/2017	6.12	%	170,000		170,000
300 Main Street	02/2017	5.75	%	11,500		11,500
762 Madison Avenue	02/2017	3.75	%	8,448		—
Landmark Square	12/2016	4.00	%	85,250		86,000
420 Lexington Avenue(6)	09/2016	7.15	%	186,107		187,182
500 West Putnam	01/2016	5.52	%	24,315		24,563
625 Madison Avenue	11/2015	7.22	%	127,462		129,098
711 Third Avenue	06/2015	4.99	%	120,000		120,000
125 Park Avenue	10/2014	5.75	%	146,250		146,250
609 Partners, LLC(7)	07/2014	5.00	%	23		31,721
220 East 42nd Street	11/2013	5.25	%	188,197		190,431
609 Fifth Avenue	10/2013	5.85	%	94,167		94,963
673 First Avenue	02/2013	5.67	%	29,451		29,906
292 Madison Avenue(8)				—		59,099
Total fixed rate debt				$	3,662,423	$	3,431,353
1515 Broadway(9)	04/2018	3.60	%	$	773,726	$	450,363
180 Maiden Lane(10)	11/2016	2.60	%	275,314		279,332
Other loan payable(11)	06/2013	3.51	%	62,792		62,792
521 Fifth Avenue(12)	04/2013	2.24	%	150,000		150,000
Total floating rate debt				$	1,261,832	$	942,487
Total mortgages and other loans payable				$	4,924,255	$	4,373,840

(1) Held in bankruptcy remote special purpose entity.

(2) Effective contractual interest rate for the quarter ended June 30, 2012.

(3) 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.

(4) This loan is secured by a portion of a preferred equity investment.

(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 an $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) We increased this loan by $40.0 million in March 2011.

(7) As part of an acquisition, we issued 63.9 million units of our 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of June 30, 2012, 63.8 million Series E units had been redeemed.

(8) This property was sold in February 2012 and the related mortgage, which was included in Liabilities related to assets held for sale, was assumed by the purchaser.

(9) We acquired the remaining interest in this joint venture in April 2011. As a result, we have consolidated this investment since April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million 7-year mortgage which carries interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum.

(10) In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata obligation under the master lease.

(11) This loan bears interest at 250 basis points over the three month GBP LIBOR. This loan is denominated in British Pounds. This loan was included in Liabilities related to assets held for sale on the consolidated balance sheet at June 30, 2012.

(12) We assumed a $140.0 million mortgage in connection with the acquisition of the remaining partnership interest in January 2011. As a result, we have consolidated this investment since January 2011. The mortgage was scheduled to mature in April 2011. In April 2011, we refinanced the property 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.