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Mortgages Payable
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Mortgages Payable Mortgages Payable
The following is a summary of our outstanding mortgages payable as of March 31, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.
  Interest Rate at March 31, 2025Balance at
(Amounts in thousands)MaturityMarch 31, 2025December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium Oct. 09, 20285.04%$400,000 $400,000 
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%201,754 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total995,754 996,544 
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively
(7,733)(8,525)
$988,021 $988,019 
(1)Interest rate listed represents the rate in effect as of March 31, 2025 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).