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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025:
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)(6)
National Pension Service of Korea / Hines Interest LP55.01%1,657,198 
Worldwide Plaza (2)
RXR Realty / New York REIT25.05%2,048,725 
1515 BroadwayAllianz Real Estate of America56.87%1,750,000 
2 Herald Square (2)
Israeli Institutional Investor95.00%369,000 
115 Spring Street (2)
Private Investor51.00%5,218 
15 Beekman (5)
A fund managed by Meritz Alternative Investment Management20.00%221,884 
One Madison Avenue (7)
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 (8)
Korean Institutional Investor / Israeli Institutional Investor
25.10%337,000 
245 Park AvenueU.S. Affiliate of Mori Trust Co., Ltd50.10%1,782,793 
625 Madison Avenue (9)
Private Investor50.00%563,000 
(1)Economic interest represent the Company's interests in the joint venture as of September 30, 2025. Changes in ownership or economic interests within the current year are disclosed in the notes below.
(2)Included in the Company's alternative strategy portfolio.
(3)In September 2025, the leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway, was terminated. Subsequently, a sign bracing agreement was entered into at 1560 Broadway.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company.
(6)In September 2025, the Company sold a 5% interest in the joint venture, retaining a 55.01% ownership interest in the investment. As a result of the transaction, the Company recognized a $87.3 million gain in "Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate". The sale resulted in a receivable from the buyer, which is included in "Tenant and other receivables" on our consolidated balance sheet.
(7)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 Topic 860, Transfers and Servicing ("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 September 30, 2025 and December 31, 2024.
(8)The 25.1% economic interest reflected in this table is net of 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.
(9)In connection with the sale of the fee ownership in the property, 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. In July 2025, the Company sold 50.0% of the joint venture entity that originated the preferred equity investment for $104.9 million. In conjunction with this transaction, the Company also acquired the remaining interest in the joint venture for $23.7 million and sold 50.0% of that interest for $10.9 million. The Company's share of the investment, net of unamortized discounts and loan loss reserves, is $118.3 million with an aggregate weighted average current yield of 14.07% as of September 30, 2025.
The following table summarizes the investments in unconsolidated joint ventures sold during the nine months ended September 30, 2025.
PropertyOwnership Interest SoldDisposition DateGross Asset Valuation (in millions)
(Loss) Gain on Sale (in millions) (1) (2)
85 Fifth Avenue36.27%April 2025$46.8 $(1.9)
625 Madison Avenue50.00%July 2025235.0 — 
One Vanderbilt Avenue5.00%September 20254,700.0 87.3 
(1)Represents the Company's share of the loss.
(2)For the nine months ended September 30, 2025, the gain on sale is net of $11.0 million of employee compensation recognized in connection with the investment dispositions. Amounts do not include adjustments for expenses recorded in subsequent periods.
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 September 30, 2025 and December 31, 2024, respectively, are as follows (dollars in thousands):
Principal OutstandingPrincipal Outstanding
EconomicCurrent MaturityFinal Maturity InterestSeptember 30, 2025December 31, 2024
Property
Interest (1)
Date
Date (2)
Rate (3)
GrossSLG ShareGrossSLG Share
Fixed Rate Debt:
650 Fifth Avenue ⁽⁴⁾50.00 %January 2026 ⁽⁴⁾July 2026 ⁽⁴⁾5.45%$65,000 $32,500 $65,000 $32,500 
15 Beekman20.00 %January 2026January 20285.99%120,000 24,000 120,000 24,000 
115 Spring Street ⁽⁴⁾51.00 %March 2026March 20265.50%65,550 33,431 65,550 33,431 
800 Third Avenue60.52 %February 2026February 20263.37%177,000 107,120 177,000 107,120 
1515 Broadway56.87 %March 2026March 20283.93%724,550 412,044 740,947 421,369 
919 Third Avenue51.00 %April 2026April 20286.11%500,000 255,000 500,000 255,000 
450 Park Avenue25.10 %June 2026June 20276.10%289,256 72,604 284,835 71,494 
280 Park Avenue50.00 %September 2026September 20285.84%1,075,000 537,500 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 ⁽⁵⁾25.50 %November 2027November 20277.10%685,455 174,791 658,357 167,881 
Worldwide Plaza ⁽⁴⁾25.05 %November 2027November 20273.98%1,200,000 300,600 1,200,000 299,400 
220 East 42nd Street51.00 %December 2027December 20276.77%496,412 253,170 496,412 253,170 
11 Madison Avenue60.00 %October 2030October 20305.62%1,400,000 840,000 1,400,000 840,000 
One Vanderbilt Avenue55.01 %July 2031July 20312.95%3,000,000 1,650,300 3,000,000 1,800,300 
Total fixed rate debt $11,566,223 $5,578,828 $11,551,101 $5,728,933 
Floating Rate Debt:
11 West 34th Street ⁽⁴⁾30.00 %February 2023 ⁽⁶⁾February 2023 ⁽⁶⁾L+1.45%$23,000 $6,900 $23,000 $6,900 
650 Fifth Avenue ⁽⁴⁾50.00 %July 2026July 2026S+2.25%210,000 105,000 210,000 105,000 
One Madison Avenue ⁽⁵⁾25.50 %November 2027November 2027S+3.10%448,808 114,446 354,757 90,463 
1552 Broadway ⁽⁴⁾⁽⁷⁾— — 193,132 96,566 
Total floating rate debt$681,808 $226,346 $780,889 $298,929 
Total joint venture mortgages and other loans payable$12,248,031 $5,805,174 $12,331,990 $6,027,862 
Deferred financing costs, net(102,961)(51,791)(97,729)(49,058)
Total joint venture mortgages and other loans payable, net$12,145,070 $5,753,383 $12,234,261 $5,978,804 
(1)Economic interest represents the Company's interests in the joint venture as of September 30, 2025. 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 September 30, 2025, 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 or Alternative SOFR ("S").
(4)Included in the Company's alternative strategy portfolio.
(5)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.
(6)The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(7)In September, an affiliate of the Company and a joint venture partner extinguished the outstanding mortgage loan at 1552 Broadway.
Schedule of Combined Balance Sheets for the Unconsolidated Joint Ventures
The combined balance sheets for the unconsolidated joint ventures, at September 30, 2025 and December 31, 2024 are as follows (in thousands):
September 30, 2025December 31, 2024
Assets (1)
Commercial real estate property, net$15,251,863 $15,327,542 
Cash and restricted cash601,748 649,426 
Tenant and other receivables, related party receivables, and deferred rents receivable735,504 621,748 
Debt and preferred equity investments, net253,983 236,512 
Right-of-use assets828,181 919,658 
Other assets1,611,396 1,739,549 
Total assets$19,282,675 $19,494,435 
Liabilities and equity (1)
Mortgages and other loans payable, net$12,145,070 $12,234,261 
Deferred revenue879,137 956,217 
Lease liabilities910,160 1,008,085 
Other liabilities434,761 519,582 
Equity4,913,547 4,776,290 
Total liabilities and equity$19,282,675 $19,494,435 
Company's investments in unconsolidated joint ventures$2,627,443 $2,690,138 
(1)At September 30, 2025, $435.6 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 three and nine months ended September 30, 2025 and 2024, are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total revenues$405,636 $376,949 $1,159,738 $1,107,295 
Operating expenses71,447 67,104 202,659 192,587 
Real estate taxes71,117 73,686 214,279 222,797 
Operating lease rent(3,065)8,487 9,458 25,990 
Loan loss and other investment reserves, net of recoveries— — 1,438 — 
Transaction related costs695 — 695 — 
Interest expense, net of interest income111,539 141,067 370,771 433,117 
Amortization of deferred financing costs6,693 4,487 18,590 14,718 
Depreciation and amortization128,565 137,640 375,405 407,429 
Total expenses386,991 432,471 1,193,295 1,296,638 
Gain on early extinguishment of debt129,068 — 129,068 233,704 
Net income (loss)$147,713 $(55,522)$95,511 $44,361 
Company's equity in net (loss) income from unconsolidated joint ventures$(9,287)$(15,428)$(30,892)$100,057