Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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)	Maturity		September 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 9, 2028	5.04%	$	400,000	$	500,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			996,544		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).