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Mortgages Payable
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Mortgages Payable Mortgages Payable
On June 9, 2023, we exercised our remaining one-year extension option on the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property. The interest rate on the loan remained at LIBOR plus 0.90% through July 15, 2023 and then at the Prime Rate through loan maturity on June 11, 2024. In addition, in June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and then the Prime Rate at 6.00% through loan maturity. On June 11, 2024, we entered into a four-month extension of the loan and simultaneously paid down the principal balance by $10,000,000 to $490,000,000.
On September 30, 2024, we entered into a new $400,000,000 mortgage loan on the office condominium portion of 731 Lexington Avenue. The interest-only loan has a fixed rate of 5.04% and matures in October 2028. The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026. The new loan replaces the previous $490,000,000 loan that bore interest at the Prime Rate and was scheduled to mature in October 2024.
The following is a summary of our outstanding mortgages payable as of September 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.
  
Interest Rate at September 30, 2024
Balance at
(Amounts in thousands)MaturitySeptember 30, 2024December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominiumOct. 9, 20285.04%$400,000 $500,000 
731 Lexington Avenue, retail condominium (1)(2)
Aug. 05, 20251.76%300,000 300,000 
Rego Park II shopping center (1)(3)
Dec. 12, 20255.60%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total996,544 1,096,544 
Deferred debt issuance costs, net of accumulated amortization of $6,589 and $17,639, respectively
(8,566)(3,993)
$987,978 $1,092,551 
(1)Interest rate listed represents the rate in effect as of September 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).