Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2025 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2025.

	As of March 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	1,330	$	—	$	1,330	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024. 

	As of December 31, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2025 and December 31, 2024, respectively.

		Fair Value as of				As of March 31, 2025
(Amounts in thousands)		March 31, 2025		December 31, 2024		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	1,149	$	4,117	$	300,000	1.76%	05/25
Interest rate cap related to:
	Rego Park II shopping center mortgage loan	181		370		201,754		(1)	12/25
Included in other assets		$	1,330	$	4,487

(1)SOFR cap strike rate of 4.15%.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2025 and December 31, 2024, respectively.

	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	64,146	$	64,146	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	995,754	$	972,192	$	996,544	$	967,941