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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
    Debt consisted of the following as of December 31, 2022 and 2021 (amounts in thousands):
As of December 31, 2022
Principal Balance as
of December 31, 2022		Principal Balance as
of December 31, 2021		Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center$82,596 $85,032 3.59 %3.67 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(3)
178,823 180,000 4.28 %4.73 %7/1/2027
1010 Third Avenue and 77 West 55th Street35,831 36,670 4.01 %4.21 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
10 Bank Street (4)
— 31,091 — %— %— 
383 Main Avenue(5)
— 30,000 — %— %— 
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70.0% of LIBOR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B7,865 8,650 
LIBOR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70.0% of LIBOR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B17,415 19,250 
LIBOR plus 2.45%
3.85 %11/1/2033
Total fixed rate mortgage debt900,630 968,793 
Senior unsecured notes: (6)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E 160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
Unsecured revolving credit facility (6)(7)
— — 
SOFR plus 1.30%
— %3/31/2025
Unsecured term loan facility (6)(7)
215,000 215,000 
SOFR plus 1.20%
4.22 %3/19/2025
Unsecured term loan facility (6)(7)
175,000 175,000 
SOFR plus 1.50%
4.51 %12/31/2026
Total principal2,265,630 2,333,793 
Deferred financing costs, net(11,748)(14,881)
Unamortized debt discount(7,745)(8,547)
Total$2,246,137 $2,310,365 
______________

(1)The effective rate is the yield as of December 31, 2022 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.
(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 $14.8 million loan bearing interest at 6.25%.
(4)10 Bank Street was sold in December 2022.
(5)Ownership of 383 Main Avenue, Norwalk CT was transferred to the lender during April 2022.
(6)At December 31, 2022, we were in compliance with all debt covenants.
(7)As of August 29, 2022, the benchmark index interest rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 10.0 basis points.
Principal Payments
    Aggregate required principal payments at December 31, 2022 are as follows (amounts in thousands):
 
YearAmortizationMaturitiesTotal
2023$8,632 $— $8,632 
20248,861 77,675 86,536 
20256,893 315,000 321,893 
20267,330 225,000 232,330 
20276,461 319,000 325,461 
Thereafter22,079 1,268,699 1,290,778 
Total principal maturities$60,256 $2,205,374 $2,265,630 
Deferred Financing Costs
    Deferred financing costs, net, consisted of the following at December 31, 2022 and 2021 (amounts in thousands):     
20222021
Financing costs$43,473 $44,637 
Less: accumulated amortization(26,753)(22,525)
Total deferred financing costs, net$16,720 $22,112 
    Amortization expense related to deferred financing costs was $4.9 million, $4.5 million, and $4.1 million, for the years ended December 31, 2022, 2021 and 2020, respectively, and was included in interest expense.

Mortgage Debt
Mortgage debt of $30.0 million on our 383 Main Avenue property in Norwalk, Connecticut was in default as of December 31, 2021. We had suspended debt service as of November 1, 2021 and we identified this action as an indicator of impairment. We concluded that the cost basis of the asset exceeded its fair value when considering our reduced holding period given our intent to transfer property ownership to the lender. We believe this action was in the best interest of our shareholders given the challenging fundamentals of the Norwalk, CT submarket. During the quarter ended December 31, 2021, we had incurred an $7.7 million impairment charge on the same property. Refer to Note 2 Summary of Significant Accounting Policies. During April 2022, we transferred 383 Main Avenue, Norwalk CT back to the lender in a consensual foreclosure. Refer to Note 3 Acquisitions and Dispositions. Except as noted above, we were not in default on any of our loan agreements as of December 31, 2021. We were not in default on any of our loan agreements as of December 31, 2022.

Unsecured Revolving Credit and Term Loan Facilities
    On August 29, 2022, through our Operating Partnership, we entered into a third amendment to our amended and restated credit agreement dated August 29, 2017 with Bank of America, N.A., as administrative agent and the other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facility”). The BofA Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of a $850.0 million revolving credit facility that matures on March 31, 2025, and a $215.0 million term loan facility that matures on March 19, 2025. The third amendment revised the terms of the BofA Credit Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. As of December 31, 2022, we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility.

On August 29, 2022, through our Operating Partnership, we entered into a second amendment to our credit agreement dated March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, which governs a senior unsecured term loan facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is in the original principal amount of $175 million and matures on December 31, 2026. The second amendment revised the terms of the Wells Term Loan Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. We may request the Wells Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of December 31, 2022, our borrowings amounted to $175.0 million under the Wells Term Loan Facility.
The terms of both the BofA Credit Facility and the Wells Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of real estate investment trust qualification, and occurrence of a change of control. As of December 31, 2022, we were in compliance with these covenants.

Senior Unsecured Notes

The terms of the senior unsecured notes include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of real estate investment trust qualification. As of December 31, 2022, we were in compliance with these covenants.