Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of September 30, 2015 and December 31, 2014 (amounts in thousands):

					As of September 30, 2015
	Principal Balance as of September 30, 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	$	20,380	$	20,641	6.00	%	6.74	%	5/1/2017
10 Bank Street	32,375		32,847		5.72	%	6.21	%	6/1/2017
1542 Third Avenue	18,327		18,628		5.90	%	6.57	%	6/1/2017
First Stamford Place	239,675		242,294		5.65	%	6.16	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	27,200		27,595		5.69	%	6.37	%	7/5/2017
383 Main Avenue	29,418		29,852		5.59	%	6.01	%	7/5/2017
1333 Broadway	68,883		69,575		6.32	%	3.79	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	68,977		69,689		6.12	%	3.34	%	2/5/2018
(second lien mortgage loan)	9,651		9,803		3.35	%	3.35	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	76,682		77,484		6.01	%	3.28	%	4/5/2018
(second lien mortgage loan)	9,671		9,763		6.56	%	3.58	%	4/5/2018
1350 Broadway	38,489		38,900		5.87	%	3.77	%	4/5/2018
Metro Center	98,430		99,845		3.59	%	3.67	%	11/5/2024
Total fixed rate mortgage debt	738,158		746,916
Floating rate mortgage debt
One Grand Central Place(3)	—		91,000
1359 Broadway(3)	—		44,146
Total floating rate mortgage debt	—		135,146
Total mortgage debt	738,158		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	%	3.96	%	3/27/2025
Series B	125,000		—		4.09	%	4.12	%	3/27/2027
Series C	125,000		—		4.18	%	4.21	%	3/27/2030
Unsecured revolving credit facility	20,000		—		(4)		(4)		1/23/2019
Unsecured term loan facility	265,000		—		(5)		(5)		8/24/2022
Secured revolving credit facility	—		170,000		(4)		(4)
Secured term credit facility	—		300,000		(4)		(4)
Total principal	1,623,158		1,602,062
Unamortized premiums, net of unamortized discount	6,250		9,590
Total	$	1,629,408	$	1,611,652

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(1) The effective rate is the yield as of September 30, 2015, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.

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

(3) Repaid in 2015.

(4) The secured revolving and term credit facility was terminated on January 23, 2015 concurrent with entering into the unsecured revolving credit facility. At September 30, 2015, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at September 30, 2015 was 1.34%.

(5) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at September 30, 2015 was 1.79%. Pursuant to a forward interest rate swap agreement, the LIBOR rate was fixed at 2.1485% for $265.0 million of the unsecured term loan facility for the period beginning on August 31, 2017 through maturity.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at September 30, 2015 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2015	$	3,014	$	—	$	3,014
2016	12,387		—		12,387
2017	10,070		355,761		365,831
2018	2,880		262,210		265,090
2019	2,188		270,000		272,188
2020 and thereafter	11,974		692,674		704,648
Total	$	42,513	$	1,580,645	$	1,623,158