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Mortgages and Other Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2025
Mortgages and Other Loans Payable  
Schedule of Mortgages and Other Loans Payable
The mortgages and other loans payable collateralized by the respective properties and assignment of leases, debt investments or the Fund's investor capital commitments as of September 30, 2025 and December 31, 2024, respectively, were as follows (dollars in thousands):
PropertyCurrent Maturity Date
Final Maturity Date (1)
Interest
Rate (2)
September 30, 2025December 31, 2024
Fixed Rate Debt:
7 Dey / 185 BroadwayNovember 2025November 20266.65%$190,148 $190,148 
10 East 53rd StreetMay 2026May 20285.37%204,663 205,000 
100 Church StreetDecember 2026June 20285.89%365,000 370,000 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
315 W 33rd StFebruary 2027February 20274.24%250,000 — 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
500 Park AvenueJanuary 2028January 20306.57%80,000 — 
420 Lexington AvenueOctober 2040October 20408.24%264,055 272,326 
Total fixed rate debt$1,903,866 $1,587,474 
Floating Rate Debt:
100 Park AvenueDecember 2025December 2027S+2.41%$382,872 $360,000 
Fund subscription line ⁽³⁾August 2027August 2028S+2.20%1,644 — 
CMBS Repurchase Facility— 3,550 
Total floating rate debt$384,516 $363,550 
Total mortgages and other loans payable$2,288,382 $1,951,024 
Deferred financing costs, net of amortization(8,287)(6,389)
Total mortgages and other loans payable, net$2,280,095 $1,944,635 
(1)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.
(2)Interest rate as of September 30, 2025, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over Term or Alternative SOFR ("S"), unless otherwise specified.
(3)The Fund has access to a subscription line of credit with a maximum commitment of $100 million, secured by investor capital commitments. The facility is used to fund acquisitions prior to capital calls and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.