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Mortgages Payable
 12 Months Ended
Dec. 31, 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. We may refinance our maturing debt as it comes due or choose to repay it.
 
   Interest Rate at December 31, 2024Balance at December 31,
(Amounts in thousands)Maturity20242023
First mortgages secured by:   
731 Lexington Avenue, office condominiumOct. 09, 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 
Total 996,544 1,096,544 
Deferred debt issuance costs, net of accumulated amortization of $7,381 and $17,639, respectively
 (8,525)(3,993)
   $988,019 $1,092,551 
(1)Interest rate listed represents the rate in effect as of December 31, 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 December 2025).

The net carrying value of real estate collateralizing the debt amounted to $587,548,000 as of December 31, 2024. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2024, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:
 
(Amounts in thousands) 
Year Ending December 31,Amount
2025$502,544 
2026— 
202794,000 
2028400,000 
2029— 
Thereafter—