Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured Fair Value Recurring Basis

The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
December 31, 2024
Interest Rate “Pay-fixed” Swap - asset	$	—	$	—	$	—	$	—
December 31, 2023
Interest Rate “Pay-fixed” Swap - asset	$	—	$	400	$	—	$	400

Schedule of Fair Values of Financial Instruments

The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below:

		December 31,
		2024				2023
(In thousands)	Level	Gross Principal Balance		Fair Value		Gross Principal Balance		Fair Value
Mortgage note payable — 9 Times Square	3	$	—	$	—	$	49,500	$	49,265
Mortgage note payable — 1140 Avenue of the Americas (1)	3	99,000		69,238		99,000		69,619
Mortgage note payable — 123 William Street	3	140,000		132,474		140,000		130,463
Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage (2)	3	50,000		31,671		50,000		45,442
Mortgage note payable — 8713 Fifth Avenue	3	10,000		9,181		10,000		9,193
Mortgage note payable — 196 Orchard Street	3	51,000		44,896		51,000		44,857
Total		$	350,000	$	287,460	$	399,500	$	348,839

__________

(1)The Company recorded an impairment charge of $66.1 million during the year ended December 31, 2023 for its 1140 Avenues of the Americas property. As a result, the Company adjusted the fair value of the property’s mortgage to the current carrying value of the property as of December 31, 2023. There were no additional impairment charges in the year ended December 31, 2024. For additional information please see Note 3 — Real Estate Investments.

(2)The Company recorded an impairment charge of $25.8 million during the year ended December 31, 2024 for its 400 E. 67th Street property. As a result, the Company adjusted the fair value of the 400 E. 67th Street allocable mortgage balance to the property's current carrying value as of December 31, 2024. For additional information please see Note 3 — Real Estate Investments.