Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events

Subsequent Events

19.  Subsequent Events

In October 2012, we reached agreement with 673 First Avenue Associates, the fee owner of 673 First Avenue, to extend the ground lease at that property to August 2087, for an additional 50 years beyond its scheduled 2037 expiration date.

In October 2012, we entered into an agreement to sell 49.5% of our interest in 521 Fifth Avenue at a gross valuation of $315.0 million. Simultaneously with the interest sale, we expect to refinance the existing $150.0 million mortgage which matures in April 2013 with a $170.0 million 7-year mortgage which will bear interest at a rate equal to 220 basis points over the 30-day LIBOR. This transaction is expected to close in November 2012.