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Mortgages Payable (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Mortgages Payable
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).
Schedule of Principal Repayments 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—