Mortgage Notes Payable, Net (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s mortgage notes payable as of December 31, 2024 and 2023 are as follows:

		Outstanding Loan Amount
		December 31,
Portfolio	Encumbered Properties	2024		2023		Effective Interest Rate		Interest Rate	Maturity
		(In thousands)		(In thousands)
9 Times Square (1) (4)	—	$	—	$	49,500	6.41	%	Floating	Jan. 2025
1140 Avenue of the Americas (2)	1	99,000		99,000		4.18	%	Fixed	Jul. 2026
123 William Street	1	140,000		140,000		4.74	%	Fixed	Mar. 2027
400 E. 67th Street - Laurel Condominium/200 Riverside Boulevard - ICON Garage (2)	2	50,000		50,000		4.59	%	Fixed	May 2028
8713 Fifth Avenue (2)	1	10,000		10,000		5.05	%	Fixed	Nov. 2028
196 Orchard Street	1	51,000		51,000		3.85	%	Fixed	Aug. 2029
Mortgage notes payable, gross	6	350,000		399,500		4.43	%
Less: deferred financing costs, net (3)		(2,616)		(3,798)
Mortgage notes payable, net		$	347,384	$	395,702

__________

(1)Formerly fixed as a result of a “pay-fixed” interest rate swap agreement which matured in April 2024. This interest rate swap effectively fixed the mortgage at an annual rate of 3.72% when it was active prior to April 2024.

(2)These mortgage notes payable are currently either in breach of a debt covenant that may result in further restrictions as specified by the terms of the covenants or a cash sweep event. These covenant breaches or cash sweeps do not result in events of default. For more information please see “Debt Covenant Non-Compliance and Cash Sweep Events” section below.

(3)Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

(4)On April 29, 2024, the Company entered into an amendment to the loan agreement that extended the maturity of the loan to October 31, 2024, which the Company further extended to January 31, 2025, pursuant to an option contained in such agreement, at an effective variable interest rate of one-month SOFR plus a spread of 2.60% per annum. The Company determined to market certain of their properties for sale, including 9 Times Square. This amended agreement allowed the Company to begin marketing the property for sale, with the option to extend in the event the property was under contract for sale but had not yet closed at the time of maturity. On December 18, 2024, the Company sold this property for a gross purchase price of $63.5 million and paid off the 9 Times Square loan in conjunction with the sale. For additional information please see Note 3 — Real Estate Investments.

Schedule of Maturities of Long-term Debt

The following table summarizes the scheduled aggregate principal payments subsequent to December 31, 2024:

(In thousands)	Future Minimum Principal Payments
2025	$	—
2026	99,000
2027	140,000
2028	60,000
2029	51,000
Thereafter	—
Total	$	350,000