Pay Versus Performance

The information below presents the relationship between the compensation of our named executive officer and certain performance measures in accordance with Item 402(v) of Regulation S-K. For a discussion of our compensation programs and pay for performance philosophy, please refer to the section captioned “Compensation Discussion and Analysis,” above.

Pay Versus Performance Table

	Summary Compensation Table Total for PEO ($)		Compensation Actually Paid to PEO ($)(1)		Average Summary Compensation Table Total for Non-PEO NEOs ($)		Average Compensation Actually Paid to Non-PEO NEOs ($)(2)		Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation Table Total for PEO ($)		Compensation Actually Paid to PEO ($)(1)				Average Compensation Actually Paid to Non-PEO NEOs ($)(2)		Total Stockholder Return ($)(3)		Peer Group Total Stockholder Return ($)(4)		Net (Loss) Income, in thousands ($)		Normalized FFO per Share ($)(5)
2025		17,356,826		959,111		4,003,522		2,962,659		104		65		(96,921)		5.48
2024		20,685,756		48,597,262		3,550,244(6)		6,761,944(6)		146		83		30,222		5.24
2023		18,508,171		30,796,068		6,439,504(6)		10,630,597(6)		93		80		(599,337)		5.48
2022		16,660,855		(11,758,654)		7,006,710(6)		(2,389,306)(6)		62		77		(76,303)		6.76
2021		21,088,057		32,642,206		7,711,773(6)		11,565,039(6)		127		123		480,632		6.58

(1)

Represents amounts of “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual amount of compensation earned by or paid to Mr. Holliday during each year. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for each year to calculate the amounts set forth in “Compensation Actually Paid to PEO” column in the table above.

Year	Summary Compensation Table Total for PEO ($)		Less Summary Compensation Table Value of Equity Awards ($)(a)		Fair Value of Equity Award Adjustments ($)(b)		Compensation Actually Paid to PEO ($)
2025		17,356,826		(14,271,656)		(2,126,059)		959,111
2024		20,685,756		(19,394,816)		47,306,322		48,597,262
2023		18,508,171		(15,767,540)		28,055,437		30,796,068
2022		16,660,855		(14,284,701)		(14,134,808)		(11,758,654)
2021		21,088,057		(18,099,677)		29,653,826		32,642,206

(a)

Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.

(b)

The equity award adjustments for each fiscal year include the following: (i) the addition of the year-end fair value of any equity awards granted in the year that are outstanding and unvested as of the end of the year; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the fiscal year, the addition (or subtraction, if applicable) of the change in fair value of between the end of the prior fiscal year the end of the applicable fiscal year; (iii) for awards that are granted and vest in the same fiscal year, the addition of the fair value of such awards as of the vesting date; (iv) for awards granted in prior years that vest during the fiscal year, the addition (or subtraction, if applicable) of the change in fair value between the end of the prior fiscal year and the vesting date of such awards; (v) for awards granted in prior years that fail to meet the applicable vesting conditions during the fiscal year, the subtraction of the fair value of such awards at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on such awards in the applicable year prior to the vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year	Year End Fair Value of Equity Awards Granted in the Year and Unvested ($)		Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($)		Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)		Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)		Value of Dividends or other Earnings Paid on Awards ($)		Total Equity Award Adjustments ($)(i)
2025		7,822,831		(7,609,626)		1,639,360		(6,876,470)		—		2,897,846		(2,126,059)
2024		24,495,938		13,307,651		2,486,913		4,685,715		—		2,330,105		47,306,322
2023		18,575,794		4,556,883		1,292,938		2,027,376		—		1,602,445		28,055,437
2022		4,807,388		(14,493,069)		683,334		(2,002,870)		(4,842,970)		1,713,380		(14,134,808)
2021		25,933,302		2,631,512		1,318,015		(1,636,532)		—		1,407,529		29,653,826

(i)

The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.

(2)

Represents amounts of average “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual average amount of compensation earned by or paid to our named executive officers other than Mr. Holliday as a group. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for the named executive officers as a group (excluding Mr. Holliday) each year to calculate the amounts set forth in “Compensation Actually Paid to non-PEO NEOs” column in the table above, using the same methodology as set forth in footnote 1(b), above.

Year	Average Reported Summary Compensation Table Total for Non-PEO NEOs ($)		Less Average Summary Compensation Table Value of Equity Awards ($)(a)		Average Fair Value of Equity Award Adjustments ($)(b)		Average Compensation Actually Paid to Non-PEO NEOs ($)
2025		4,003,522		(3,389,522)		2,348,659		2,962,659
2024		3,550,244		(2,946,444)		6,158,144		6,761,944
2023		6,439,504		(5,716,304)		9,907,397		10,630,597
2022		7,006,710		(6,036,720)		(3,359,296)		(2,389,306)
2021		7,711,773		(6,677,199)		10,530,465		11,565,039

(a)

Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.

(b)

The equity award adjustments for each fiscal year reflect the same methodology set forth in footnote 1, above. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year(i)	Average Year End Fair Value of Equity Awards Granted in the Year and Unvested ($)		Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards ($)		Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)		Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)		Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)		Average Value of Dividends or other Earnings Paid on Awards ($)		Total Equity Award Adjustments ($)
2025		1,620,848		(605,654)		1,494,361		(496,766)		—		335,870		2,348,659
2024		2,926,178		1,441,913		1,167,638		294,451		—		327,964		6,158,144
2023		6,660,330		1,494,511		538,835		635,195		—		578,527		9,907,397
2022		1,882,454		(4,551,556)		905,033		(638,835)		(1,544,649)		588,257		(3,359,296)
2021		8,850,588		884,588		853,696		(543,494)		—		485,088		10,530,465

(i)

The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.

(3)

TSR is calculated assuming a $100 investment in the Company and the peer group on December 31, 2020, and assuming the reinvestment of any dividends during the applicable measurement period, calculated through the end of the year shown based on share prices.

(4)

Represents the TSR for the benchmarking peer group described in “Compensation Discussion and Analysis,” which includes the following peer companies: Alexandria Real Estate Equities, Inc., Boston Properties, Inc., Douglas Emmett, Inc., Empire State Realty Trust, Inc., Hudson Pacific Properties, Inc., Kennedy-Wilson Holdings, Inc., Kilroy Realty Corporation, Ladder Capital Corp and Vornado Realty Trust. Paramount Group, Inc. was previously included in the Company’s peer group, however, on December 19, 2025, it was acquired by Rithm Capital Corp. and ceased to be a publicly traded company.

(5)

Normalized FFO per share represents reported FFO per share as adjusted for non-cash fair value adjustments, gains or losses on the early extinguishment of debt and other adjustments for comparability between periods. For 2025, includes Gain on Discounted Debt Extinguishment of $20.0M consistent with the calculation of the FFO goal under our 2025 formulaic cash bonus program. Gains on Discounted Debt Extinguishment in excess of $20.0M were excluded from the final calculation.

(6)

Non-PEO named executive officers for 2025 and 2024 includes Mr. DiLiberto and Mr. Levine and for 2023, 2022 and 2021 includes Mr. DiLiberto, Mr. Levine and Mr. Mathias, our former President.

Named Executive Officers, Footnote

(6)

Non-PEO named executive officers for 2025 and 2024 includes Mr. DiLiberto and Mr. Levine and for 2023, 2022 and 2021 includes Mr. DiLiberto, Mr. Levine and Mr. Mathias, our former President.

PEO Total Compensation Amount

$ 17,356,826

$ 20,685,756

$ 18,508,171

$ 16,660,855

$ 21,088,057

Adjustment To PEO Compensation, Footnote

(1)

Represents amounts of “compensation actually paid” as computed in accordance with Item 402(v) of Regulation S-K, not the actual amount of compensation earned by or paid to Mr. Holliday during each year. The table below reflects the adjustments made from the amounts reported in the “Total” column of the Summary Compensation Table for each year to calculate the amounts set forth in “Compensation Actually Paid to PEO” column in the table above.

Year	Summary Compensation Table Total for PEO ($)		Less Summary Compensation Table Value of Equity Awards ($)(a)		Fair Value of Equity Award Adjustments ($)(b)		Compensation Actually Paid to PEO ($)
2025		17,356,826		(14,271,656)		(2,126,059)		959,111
2024		20,685,756		(19,394,816)		47,306,322		48,597,262
2023		18,508,171		(15,767,540)		28,055,437		30,796,068
2022		16,660,855		(14,284,701)		(14,134,808)		(11,758,654)
2021		21,088,057		(18,099,677)		29,653,826		32,642,206

(a)

Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.

(b)

The equity award adjustments for each fiscal year include the following: (i) the addition of the year-end fair value of any equity awards granted in the year that are outstanding and unvested as of the end of the year; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the fiscal year, the addition (or subtraction, if applicable) of the change in fair value of between the end of the prior fiscal year the end of the applicable fiscal year; (iii) for awards that are granted and vest in the same fiscal year, the addition of the fair value of such awards as of the vesting date; (iv) for awards granted in prior years that vest during the fiscal year, the addition (or subtraction, if applicable) of the change in fair value between the end of the prior fiscal year and the vesting date of such awards; (v) for awards granted in prior years that fail to meet the applicable vesting conditions during the fiscal year, the subtraction of the fair value of such awards at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on such awards in the applicable year prior to the vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year	Year End Fair Value of Equity Awards Granted in the Year and Unvested ($)		Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($)		Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)		Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)		Value of Dividends or other Earnings Paid on Awards ($)		Total Equity Award Adjustments ($)(i)
2025		7,822,831		(7,609,626)		1,639,360		(6,876,470)		—		2,897,846		(2,126,059)
2024		24,495,938		13,307,651		2,486,913		4,685,715		—		2,330,105		47,306,322
2023		18,575,794		4,556,883		1,292,938		2,027,376		—		1,602,445		28,055,437
2022		4,807,388		(14,493,069)		683,334		(2,002,870)		(4,842,970)		1,713,380		(14,134,808)
2021		25,933,302		2,631,512		1,318,015		(1,636,532)		—		1,407,529		29,653,826

(i)

The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,962,659

6,761,944

10,630,597

(2,389,306)

11,565,039

Compensation Actually Paid vs. Total Shareholder Return

COMPENSATION ACTUALLY PAID VS. TSR

Compensation Actually Paid vs. Company Selected Measure

COMPENSATION ACTUALLY PAID VS. NORMALIZED FFO PER SHARE

Tabular List, Table

Tabular List of Performance Measures

The following table lists the performance measures that we consider to be the most important performance measures we use to link compensation actually paid to its named executive officers for the most recently completed fiscal year to our performance.

Performance Measure

•

Normalized FFO per Share

•

Relative TSR

•

Normalized Funds Available for Distribution

•

Ordinary Dividend Growth

•

Manhattan Same Store Office Leased Occupancy

•

Manhattan Office Leasing Volume

•

Liquidity

Peer Group Total Shareholder Return Amount

65

83

80

77

123

Company Selected Measure Amount | $ / shares

5.48

5.24

5.48

6.76

6.58

Equity Awards Adjustments, Footnote

(a)

Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.

(b)

The equity award adjustments for each fiscal year include the following: (i) the addition of the year-end fair value of any equity awards granted in the year that are outstanding and unvested as of the end of the year; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the fiscal year, the addition (or subtraction, if applicable) of the change in fair value of between the end of the prior fiscal year the end of the applicable fiscal year; (iii) for awards that are granted and vest in the same fiscal year, the addition of the fair value of such awards as of the vesting date; (iv) for awards granted in prior years that vest during the fiscal year, the addition (or subtraction, if applicable) of the change in fair value between the end of the prior fiscal year and the vesting date of such awards; (v) for awards granted in prior years that fail to meet the applicable vesting conditions during the fiscal year, the subtraction of the fair value of such awards at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on such awards in the applicable year prior to the vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year	Year End Fair Value of Equity Awards Granted in the Year and Unvested ($)		Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($)		Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)		Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)		Value of Dividends or other Earnings Paid on Awards ($)		Total Equity Award Adjustments ($)(i)
2025		7,822,831		(7,609,626)		1,639,360		(6,876,470)		—		2,897,846		(2,126,059)
2024		24,495,938		13,307,651		2,486,913		4,685,715		—		2,330,105		47,306,322
2023		18,575,794		4,556,883		1,292,938		2,027,376		—		1,602,445		28,055,437
2022		4,807,388		(14,493,069)		683,334		(2,002,870)		(4,842,970)		1,713,380		(14,134,808)
2021		25,933,302		2,631,512		1,318,015		(1,636,532)		—		1,407,529		29,653,826

(i)

The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.

(a)

Represents the sum of the amounts reported in the “Stock Awards” column of the Summary Compensation Table for the applicable fiscal year.

(b)

The equity award adjustments for each fiscal year reflect the same methodology set forth in footnote 1, above. The amounts deducted or added in calculating the equity award adjustments are as follows:

Year(i)	Average Year End Fair Value of Equity Awards Granted in the Year and Unvested ($)		Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards ($)		Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)		Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)		Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)		Average Value of Dividends or other Earnings Paid on Awards ($)		Total Equity Award Adjustments ($)
2025		1,620,848		(605,654)		1,494,361		(496,766)		—		335,870		2,348,659
2024		2,926,178		1,441,913		1,167,638		294,451		—		327,964		6,158,144
2023		6,660,330		1,494,511		538,835		635,195		—		578,527		9,907,397
2022		1,882,454		(4,551,556)		905,033		(638,835)		(1,544,649)		588,257		(3,359,296)
2021		8,850,588		884,588		853,696		(543,494)		—		485,088		10,530,465

(i)

The fair values of time-based equity awards are based on the closing price of our shares of common stock as reported on the NYSE on the relevant valuation date. Performance-based restricted share units were valued on the relevant valuation date using a Monte Carlo simulation model in accordance with the provisions of ASC Topic 718.

Pay vs Performance Disclosure

Non-GAAP Measure Description

(5)

Normalized FFO per share represents reported FFO per share as adjusted for non-cash fair value adjustments, gains or losses on the early extinguishment of debt and other adjustments for comparability between periods. For 2025, includes Gain on Discounted Debt Extinguishment of $20.0M consistent with the calculation of the FFO goal under our 2025 formulaic cash bonus program. Gains on Discounted Debt Extinguishment in excess of $20.0M were excluded from the final calculation.