Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of December 31, 2017 and 2016 (amounts in thousands):

							As of December 31, 2017
	Principal Balance as of December 31, 2017			Principal Balance as of December 31, 2016			Stated Rate		Effective Rate(1)		Maturity Date(2)
Fixed rate mortgage debt
1333 Broadway	$	66,602		$	67,656		6.32	%	3.73	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	66,632			67,714			6.12	%	3.37	%	2/5/2018
(second lien mortgage loan)	9,172			9,389			3.35	%	3.36	%	2/5/2018
111 West 33rd Street
(first lien mortgage loan)	74,045			75,261			6.01	%	3.34	%	4/5/2018
(second lien mortgage loan)	9,369			9,509			6.56	%	3.64	%	4/5/2018
1350 Broadway	37,144			37,764			5.87	%	3.71	%	4/5/2018
Metro Center	93,948			95,985			3.59	%	3.67	%	11/5/2024
10 Union Square	50,000			50,000			3.70	%	3.97	%	4/1/2026
10 Bank Street	34,602			31,544			4.23	%	4.49	%	6/1/2032
1542 Third Avenue	30,000			17,795			4.29	%	4.64	%	5/1/2027
First Stamford Place(3)	180,000			235,067			4.28	%	4.60	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	39,710			26,502			4.01	%	4.39	%	1/5/2028
383 Main Avenue	30,000			28,654			4.44	%	4.72	%	6/30/2032
Total mortgage debt	721,224			752,840
Senior unsecured notes - exchangeable	250,000			250,000			2.63	%	3.93	%	8/15/2019
Senior unsecured notes:
Series A	100,000			100,000			3.93	%	3.98	%	3/27/2025
Series B	125,000			125,000			4.09	%	4.14	%	3/27/2027
Series C	125,000			125,000			4.18	%	4.23	%	3/27/2030
Series D	115,000			—			4.08	%	4.08	%	1/22/2028
Series E (4)	—			—			4.26	%	—	%	3/22/2030
Series F (4)	—			—			4.44	%	—	%	3/22/2033
Unsecured revolving credit facility	—			—			(5)		(5)		8/29/2021
Unsecured term loan facility	265,000			265,000			(6)		(6)		8/29/2022
Total principal	1,701,224			1,617,840
Unamortized (discount) premiums, net of unamortized premiums (discount)	(3,370		)	905
Deferred financing costs, net	(9,133		)	(6,414		)
Total	$	1,688,721		$	1,612,331

______________

(1) The effective rate is the yield as of December 31, 2017, 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) Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.

(4) Senior unsecured notes Series E, totaling $160 million, and Series F, totaling $175 million, will be issued during March 2018.

(5) At December 31, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at December 31, 2017 was 2.66%.

(6) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. Pursuant to a forward interest rate swap agreement, the LIBOR rate is fixed at 2.1485% for the period beginning on August 31, 2017 through maturity. The rate at December 31, 2017 was 3.35%

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at December 31, 2017 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2018	$	4,417	$	262,195	$	266,612
2019	3,790		250,000		253,790
2020	3,938		—		3,938
2021	4,090		—		4,090
2022	5,455		265,000		270,455
Thereafter	37,890		864,449		902,339
Total principal maturities	$	59,580	$	1,641,644	$	1,701,224

Schedule of Deferred Costs, Net

Deferred costs, net, consisted of the following at December 31, 2017 and 2016 (amounts in thousands):

	2017			2016
Leasing costs	$	164,751		$	140,325
Acquired in-place lease value and deferred leasing costs	237,364			253,113
Acquired above-market leases	67,415			74,770
	469,530			468,208
Less: accumulated amortization	(215,102		)	(195,617		)
Total deferred costs, net, excluding net deferred financing costs	$	254,428		$	272,591

Deferred financing costs, net, consisted of the following at December 31, 2017 and 2016 (amounts in thousands):     

	2017			2016
Financing costs	$	24,446		$	23,145
Less: accumulated amortization	(7,039		)	(12,241		)
Total deferred financing costs, net	$	17,407		$	10,904