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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
Debt consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
Principal BalanceAs of March 31, 2024
March 31, 2024December 31, 2023Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center$79,425 $80,070 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)
175,860 175,860 4.28 %4.73 %7/1/2027
1010 Third Avenue and 77 West 55th Street34,734 34,958 4.01 %4.21 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B7,035 7,209 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B15,375 15,801 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt890,529 891,998 
Senior unsecured notes:(4)
   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 E160,000 160,000 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 term loan facility (4)
175,000 175,000 
SOFR plus 1.50%
4.51 %12/31/2026
Unsecured term loan facility (4)
95,000 215,000 
 SOFR plus 1.50%
4.47 %3/8/2029
Unsecured revolving credit facility (4)
120,000 — 
SOFR plus 1.30%
4.03 %3/8/2029
Total principal2,255,529 2,256,998 
Deferred financing costs, net(9,834)(9,488)
Unamortized debt discount(6,769)(6,964)
Total$2,238,926 $2,240,546 
______________
(1)The effective rate is the yield as of March 31, 2024 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 at 4.09% and a $11.9 million loan bearing interest at 6.25%. In April 2024, we worked with the First Stamford Place mortgage lender to structure a cooperative consensual foreclosure, which is anticipated to be completed by June 30, 2024. Upon completion, this transaction is expected to eliminate a $175.9 million liability that matures in July 2027 from the balance sheet.
(4)At March 31, 2024, we were in compliance with all debt covenants.
Schedule of Maturities of Long-term Debt Principal Payments
Aggregate required principal payments at March 31, 2024 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2024$7,392 $77,675 $85,067 
20256,893 100,000 106,893 
20267,330 225,000 232,330 
20276,461 319,000 325,461 
20283,556 146,092 149,648 
Thereafter18,523 1,337,607 1,356,130 
Total$50,155 $2,205,374 $2,255,529 
Schedule of Deferred Financing Costs, Net
Deferred costs, net, consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
March 31, 2024December 31, 2023
Leasing costs$230,108 $224,295 
Acquired in-place lease value and deferred leasing costs146,533 158,267 
Acquired above-market leases22,064 23,918 
398,705 406,480 
Less: accumulated amortization(228,482)(236,900)
Total deferred costs, net, excluding net deferred financing costs$170,223 $169,580 
Deferred financing costs, net, consisted of the following at March 31, 2024 and December 31, 2023 (amounts in thousands):
 March 31, 2024December 31, 2023
Financing costs$52,200 $43,473 
Less: accumulated amortization(32,128)(31,108)
Total deferred financing costs, net$20,072 $12,365