Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

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

					As of December 31, 2014
	Principal Balance as of December 31, 2014		Principal Balance as of December 31, 2013		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
10 Union Square	$	20,641	$	20,972	6.00	%	6.77	%	5/1/2017

10 Bank Street	32,847	33,444	5.72	%	6.21	%	6/1/2017
1542 Third Avenue	18,628	19,011	5.90	%	6.60	%	6/1/2017
First Stamford Place	242,294	245,629	5.65	%	6.15	%	7/5/2017
383 Main Avenue	29,852	30,403	5.59	%	6.09	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	27,595	28,096	5.69	%	6.20	%	7/5/2017
1333 Broadway	69,575	70,447	6.32	%	3.82	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	69,689	—	6.12	%	3.80	%	2/5/2018
(second lien mortgage loan)	9,803	—	3.35	%	1.00	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	77,484	—	6.01	%	3.45	%	4/5/2018
(second lien mortgage loan)	9,763	—	6.56	%	4.01	%	4/5/2018
1350 Broadway (first lien mortgage loan)	38,900	39,420	5.87	%	3.60	%	4/5/2018
Metro Center(3)	99,845	96,158	3.59	%	3.66	%	11/5/2024
One Grand Central Place
(first lien mortgage loan)(4)	—	71,723
(second lien mortgage loan)(4)	—	14,884
500 Mamaroneck Avenue(5)	—	32,620
250 West 57th Street
(first lien mortgage loan)(5)	—	25,621
(second lien mortgage loan)(5)	—	11,252
501 Seventh Avenue
(Note 1)(6)	—	1,037
(Note 2)(6)	—	31,459
(Note 2)(6)	—	6,889
1359 Broadway
(first lien mortgage loan)(7)	—	9,579
(second lien mortgage loan)(7)	—	5,561
(second lien mortgage loan)(7)	—	11,311
(second lien mortgage loan)(7)	—	18,572
Total fixed rate mortgage debt	746,916	824,088

Floating rate mortgage debt
1359 Broadway(7)	44,146		—		(7)		(7)		8/1/2015
One Grand Central Place(4)	91,000		—		(4)		(4)		11/5/2017
One Grand Central Place (third lien mortgage loan)(4)	—		6,382
250 West 57th Street (third lien mortgage loan)(5)	—		21,000
501 Seventh Avenue (second lien mortgage loan)(6)	—		6,540
1350 Broadway (second lien mortgage loan)(8)	—		13,409
Total floating rate mortgage debt	135,146		47,331
Total mortgage debt	882,062		871,419
Secured revolving credit facility	170,000		25,000		(9)		(9)		10/5/2017
Secured term credit facility	300,000		300,000		(10)		(10)		10/5/2018
Senior unsecured notes	250,000		—		2.63	%	3.95	%	8/15/2019
Total principal	1,602,062		1,196,419
Unamortized premiums, net of unamortized discount	9,590		11,693
Total	$	1,611,652	$	1,208,112

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(1) The effective rate is the yield as of December 31, 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 refinanced in November 2014 prior to the original maturity of January 1, 2016. We paid a discounted prepayment fee of $2.8 million.

(4) The first, second and third mortgage loans were refinanced with a new loan in November 2014. The new loan bears interest at 30 day LIBOR plus 1.35%. The rate at December 31, 2014 was 1.52%.

(5) The loans were repaid in December 2014 with proceeds from our secured revolving credit facility.

(6) The fixed rate loans were consolidated in February 2014; the consolidated loan was repaid in December 2014 together with the floating rate loan.

(7) The loan was consolidated in February 2014. The new loan bears interest at 30 day LIBOR plus 1.75%. The rate at December 31, 2014 was 1.92%. Subsequent to December 31, 2014, the maturity date was extended to August 1, 2015.

(8) The loan was repaid in October 2014 using available cash and cash equivalents.

(9) Floating at 30 day LIBOR plus 1.20%. The rate at December 31, 2014 was 1.37%.

(10) Floating at 30 day LIBOR plus 1.35%. The rate at December 31, 2014 was 1.52%.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at December 31, 2014 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2015	$	11,772	$	44,146	$	55,918
2016	12,387		—		12,387
2017	10,070		616,760		626,830
2018	2,880		562,210		565,090
2019	14,163		327,674		341,837
Total principal maturities	$	51,272	$	1,550,790	$	1,602,062