Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Debt

Mortgage notes payable are collateralized by the following respective real estate properties and assignment of operating leases as of December 31, 2013 and 2012 (amounts in thousands):

	Principal Balance as of December 31, 2013			Principal Balance as of December 31, 2012		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate debt
501 Seventh Avenue
(Note 1)	$	1,037		$	1,075	5.75	%	6.28	%	8/1/2014
(Note 2)(3)	31,459			32,589		5.75	%	6.28	%	8/1/2014
(Note 2)(3)	6,889			7,107		6.04	%	6.55	%	8/1/2014
1359 Broadway
(first lien mortgage loan)	9,579			9,922		5.75	%	6.24	%	8/1/2014
(second lien mortgage loan)(4)	5,561			5,761		5.75	%	6.25	%	8/1/2014
(second lien mortgage loan)(4)	11,311			11,689		5.87	%	6.36	%	8/1/2014
(second lien mortgage loan)(4)	18,572			19,068		6.40	%	6.86	%	8/1/2014
One Grand Central Place
(first lien mortgage loan)	71,723			73,922		5.34	%	6.38	%	11/5/2014
(second lien mortgage loan)(5)	14,884			15,187		7.00	%	6.72	%	11/5/2014
500 Mamaroneck Avenue	32,620			33,256		5.41	%	6.70	%	1/1/2015
250 West 57th Street
(first lien mortgage loan)	25,621			26,442		5.33	%	6.92	%	1/5/2015
(second lien mortgage loan)	11,252			11,524		6.13	%	7.81	%	1/5/2015
Metro Center	96,158			—		5.89	%	6.15	%	1/1/2016
(Note 1)(6)	—			59,937		5.80	%	—	%	1/1/2016
(Note 2)(6)	—			38,151		6.02	%	—	%	1/1/2016
10 Union Square	20,972			21,284		6.00	%	6.48	%	5/1/2017
10 Bank Street	33,444			33,963		5.72	%	5.94	%	6/1/2017
1542 Third Avenue	19,011			19,370		5.90	%	6.31	%	6/1/2017
First Stamford Place	245,629			248,716		5.65	%	5.82	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	28,096			28,570		5.69	%	6.12	%	7/5/2017
383 Main Avenue	30,403			30,924		5.59	%	5.72	%	7/5/2017
1333 Broadway	78,121		(15)	—		6.32	%	6.68	%	1/5/2018
1350 Broadway (first lien mortgage loan)	43,305		(16)	—		5.87	%	6.02	%	4/5/2018
69-97 Main Street (7)	—			9,218		5.64	%	—		5/1/2013
Total fixed rate debt	835,647			737,675
Floating rate debt
501 Seventh Avenue (third lien mortgage loan)	6,540			6,540		(8)		(8)		8/1/2014
1350 Broadway (second lien mortgage loan)	13,543		(17)	—		(9)		(9)		10/10/2014
The Empire State Building (secured term loan)	—			219,000		(10)		(10)		7/26/2014
One Grand Central Place (third lien mortgage loan)	6,382			—		(11)		(11)		11/5/2014
250 West 57th Street (third lien mortgage loan)	21,000			14,935		(12)		(12)		1/5/2015
Secured revolving credit facility	25,000			—		(13)		(13)		10/5/2017
Secured term credit facility	300,000			—		(14)		(14)		10/5/2018
Total floating rate debt	372,465			240,475
Total	$	1,208,112		$	978,150

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(1) The effective rate is the yield as of December 31, 2013, including the effects of debt issuance costs.

(2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3) Represents the two tranches of the second lien mortgage loan.

(4) Represents three tranches of the second lien mortgage loan.

(5) Represents a second lien mortgage loan.

(6) Notes 1 and 2 were pari passu.

(7) This loan was paid off with the proceeds of a new $9.5 million floating rate loan which we closed on during April 2013 and which was subsequently repaid during December 2013.

(8) Floating at 30 day LIBOR plus 2.0%. The rate as of December 31, 2013 was 2.17%.

(9) Interest at the greater of 4.25% and Prime plus 1%. The rate at December 31, 2013 was 4.25%.

(10) Floating at 30 day LIBOR plus 2.5%. The rate as of December 31, 2013 was 2.67%. This loan was paid off with the proceeds of our secured revolving and term credit facility on October 7, 2013.

(11) Interest at the greater of Prime plus 0.50% and 3.75%. The rate as of December 31, 2013 was 3.75%.

(12) Interest at the greater of 4.25% and prime plus 1%. Prior to January 5, 2015, we have the option to fix the interest rate on all or any portion of the principal then outstanding, up to three times and in minimum increments of $5,000 to an annual rate equal to either (i) the greater of (a) 4.75% or (b) 300 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a maturity closest to January 5, 2015 as most recently made available by the Federal Reserve Board as of two days prior to the effective date of the fixing of the interest rate, and (ii) the greater of (a) 5.00% or (b) 300 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a maturity closest to January 5, 2015 as most recently made available by the Federal Reserve Board as of 30 days prior to the effective date of the fixing of the interest rate. If option (i) is selected, we will be subject to the payment of pre‑payment fees, and if option (ii) is selected, we may prepay the loan without any pre‑payment fees. The rate as of December 31, 2013 was 4.25%.

(13) Floating at 30 day LIBOR plus 1.20%. The rate as of December 31, 2013 was 1.37%.

(14) Floating at 30 day LIBOR plus 1.35%. The rate at December 31, 2013 was 1.52%.

(15) Includes unamortized premium of $7,674.

(16) Includes unamortized premium of $3,885.

(17) Includes unamortized premium of $134.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments on mortgage notes payable at December 31, 2013 are as follows (amounts in thousands):

2014	$	197,480
2015	90,493
2016	96,158
2017	402,555
2018	421,426
Total principal maturities	$	1,208,112