Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of September 30, 2014 and December 31, 2013 (amounts in thousands):

					As of September 30, 2014
	Principal Balance as of September 30, 2014		Principal Balance as of December 31, 2013		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
One Grand Central Place
(first lien mortgage loan)	$	69,994	$	71,723	5.34	%	6.85	%	11/5/2014
(second lien mortgage loan)	14,642		14,884		7.00	%	8.51	%	11/5/2014
500 Mamaroneck Avenue	32,076		32,620		5.41	%	6.47	%	1/1/2015
250 West 57th Street
(first lien mortgage loan)	24,976		25,621		5.33	%	6.46	%	1/5/2015
(second lien mortgage loan)	11,036		11,252		6.13	%	7.26	%	1/5/2015
1359 Broadway(4)	44,146		—		6.04	%	6.56	%	2/1/2015	(10)
(first lien mortgage loan)(4)	—		9,579
(second lien mortgage loan)(4)	—		5,561
(second lien mortgage loan)(4)	—		11,311
(second lien mortgage loan)(4)	—		18,572
Metro Center	94,501		96,158		5.89	%	6.76	%	1/1/2016
10 Union Square	20,726		20,972		6.00	%	6.76	%	5/1/2017
10 Bank Street	32,999		33,444		5.72	%	6.21	%	6/1/2017
1542 Third Avenue	18,727		19,011		5.90	%	6.58	%	6/1/2017
First Stamford Place	243,156		245,629		5.65	%	6.17	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	27,723		28,096		5.69	%	6.14	%	7/5/2017
383 Main Avenue	29,993		30,403		5.59	%	6.10	%	7/5/2017
1333 Broadway	69,798		70,447		6.32	%	3.82	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	69,920		—		6.12	%	3.85	%	2/5/2018
(second lien mortgage loan)	9,853		—		3.35	%	1.03	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	77,744		—		6.01	%	3.45	%	4/5/2018
(second lien mortgage loan)	9,792		—		6.56	%	4.01	%	4/5/2018
1350 Broadway (first lien mortgage loan)	39,033		39,420		5.87	%	4.39	%	4/5/2018
501 Seventh Avenue(3)	—		—
(Note 1)(3)	—		1,037
(Note 2)(3)	—		31,459
(Note 2)(3)	—		6,889
Total fixed rate mortgage debt	940,835		824,088

Floating rate mortgage debt
1350 Broadway (second lien mortgage loan)	13,677		13,409		(5)		(5)		10/10/2014
One Grand Central Place (third lien mortgage loan)	6,382		6,382		(6)		(6)		11/5/2014
250 West 57th Street (third lien mortgage loan)	21,000		21,000		(7)		(7)		1/5/2015
501 Seventh Avenue (second lien mortgage loan)	—		6,540
Total floating rate mortgage debt	41,059		47,331
Total mortgage debt	981,894		871,419
Secured revolving credit facility	55,600		25,000		(8)		(8)		10/5/2017
Secured term credit facility	300,000		300,000		(9)		(9)		10/5/2018
Senior unsecured notes	250,000		—		2.63	%	3.92	%	8/15/2019
Total principal	1,587,494		1,196,419
Unamortized premiums, net of unamortized discount	10,674		11,693
Total	$	1,598,168	$	1,208,112

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(1) The effective rate is the yield as of September 30, 2014, 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) The loan was consolidated in February 2014.

(4) The loan was consolidated in February 2014.

(5) Interest at the greater of 4.25% and Prime plus 1.0%. The rate at September 30, 2014 was 4.25%.

(6) Interest at the greater of Prime plus 0.50% and 3.75%. The rate as of September 30, 2014 was 3.75%.

(7) Interest at the greater of 4.25% and Prime plus 1.0%. 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 September 30, 2014 was 4.25%.

(8) Floating at 30 day LIBOR plus 1.20%. The rate as of September 30, 2014 was 1.36%.

(9) Floating at 30 day LIBOR plus 1.35%. The rate at September 30, 2014 was 1.51%.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments on mortgage notes payable at September 30, 2014 are as follows (amounts in thousands):

2014	$	108,137
2015	144,989
2016	101,994
2017	419,395
2018	562,979
2019	250,000
Total principal maturities	$	1,587,494