Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of March 31, 2015 and December 31, 2014 (amounts in thousands):

					As of March 31, 2015
	Principal Balance as of March 31, 2015		Principal Balance as of December 31, 2014		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
10 Union Square	$	20,551	$	20,641	6.00	%	6.67	%	5/1/2017
10 Bank Street	32,692		32,847		5.72	%	6.21	%	6/1/2017
1542 Third Avenue	18,525		18,628		5.90	%	6.50	%	6/1/2017
First Stamford Place	241,384		242,294		5.65	%	6.14	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	27,465		27,595		5.69	%	6.36	%	7/5/2017
383 Main Avenue	29,709		29,852		5.59	%	5.97	%	7/5/2017
1333 Broadway	69,348		69,575		6.32	%	3.80	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	69,455		69,689		6.12	%	3.14	%	2/5/2018
(second lien mortgage loan)	9,753		9,803		3.35	%	3.35	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	77,221		77,484		6.01	%	3.08	%	4/5/2018
(second lien mortgage loan)	9,733		9,763		6.56	%	3.36	%	4/5/2018
1350 Broadway	38,765		38,900		5.87	%	3.78	%	4/5/2018
Metro Center	99,378		99,845		3.59	%	3.71	%	11/5/2024
Total fixed rate mortgage debt	743,979		746,916
Floating rate mortgage debt
One Grand Central Place	91,000		91,000		(3)		(3)		11/5/2017
1359 Broadway(4)	—		44,146
Total floating rate mortgage debt	91,000		135,146
Total mortgage debt	834,979		882,062
Senior unsecured notes - exchangeable	250,000		250,000		2.63	%	3.93	%	8/15/2019
Senior unsecured notes
Series A	100,000		—		3.93	%	3.93	%	3/27/2025
Series B	125,000		—		4.09	%	4.09	%	3/27/2027
Series C	125,000		—		4.18	%	4.18	%	3/27/2030
Unsecured revolving credit facility	165,000		—		(5)		(5)		1/23/2019
Secured revolving credit facility	—		170,000		(5)		(5)
Secured term credit facility	—		300,000		(5)		(5)
Total principal	1,599,979		1,602,062
Unamortized premiums, net of unamortized discount	8,388		9,590
Total	$	1,608,367	$	1,611,652

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(1) The effective rate is the yield as of March 31, 2015, 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) Floating at 30 day LIBOR plus 1.35%. The rate at March 31, 2015 was 1.53%.

(4) The loan was repaid in March 2015 with a portion of the proceeds from the issuance of senior unsecured notes.

(5) The secured revolving and term credit facility was terminated on January 23, 2015 concurrent with entering into the unsecured revolving credit facility. At March 31, 2015 the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at March 31, 2015 was 1.33%.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at March 31, 2015 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2015	$	8,833	$	—	$	8,833
2016	12,387		—		12,387
2017	10,070		446,761		456,831
2018	2,880		262,210		265,090
2019	2,188		415,000		417,188
2020 and thereafter	11,975		427,675		439,650
Total	$	48,333	$	1,551,646	$	1,599,979