Mortgages and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2025

Mortgages and Other Loans Payable [Abstract]

Schedule of Mortgages and Other Loans Payable

The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments or the Fund's investor capital commitments as of December 31, 2025 and 2024, respectively, were as follows (dollars in thousands):

Property	Maturity Date	Final Maturity Date (1)	Interest Rate (2)		December 31, 2025		December 31, 2024
Fixed Rate Debt:
10 East 53rd Street	May 2026	May 2028		5.37%	$	204,550	$	205,000
7 Dey / 185 Broadway	November 2026	November 2026		6.35%	190,149		190,148
100 Church Street	December 2026	June 2028		5.89%	365,000		370,000
Landmark Square	January 2027	January 2027		4.90%	100,000		100,000
315 West 33rd Street	February 2027	February 2027		4.24%	250,000		—
485 Lexington Avenue	February 2027	February 2027		4.25%	450,000		450,000
500 Park Avenue	January 2028	January 2030		6.57%	80,000		—
800 Third Avenue	February 2029	February 2031		3.37%	177,000		—
420 Lexington Avenue	October 2040	October 2040		8.24%	258,523		272,326
Total fixed rate debt					$	2,075,222	$	1,587,474
Floating Rate Debt:
Fund subscription line ⁽³⁾	August 2027	August 2028	S+	2.20%	$	79,277	$	—
CMBS Repurchase Facility				—%	—		3,550
100 Park Avenue				—%	—		360,000
Total floating rate debt					$	79,277	$	363,550
Total mortgages and other loans payable					$	2,154,499	$	1,951,024
Deferred financing costs, net of amortization					(8,450)		(6,389)
Total mortgages and other loans payable, net					$	2,146,049	$	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 December 31, 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 which had a commitment of $100 million as of December 31, 2025, secured by investor capital commitments. The commitment was increased to $150 million in January 2026. The facility is used to provide short term funding for acquisitions prior to capital calls being funded and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.