Mortgages Payable

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Mortgages Payable

Mortgages Payable

The following is a summary of our outstanding mortgages payable as of September 30, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.

		Interest Rate as of September 30, 2025	Balance as of
(Amounts in thousands)	Maturity		September 30, 2025		December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
731 Lexington Avenue, retail condominium (1)(2)	Oct. 03, 2025	5.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	199,355		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			993,355		996,544
Deferred debt issuance costs, net of accumulated amortization of $9,766 and $7,381, respectively			(6,255)		(8,525)
			$	987,100	$	988,019

(1)Interest rate listed represents the rate in effect as of September 30, 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%.

(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through December 2025).

The $300,000,000 non-recourse mortgage loan on the retail condominium of our 731 Lexington Avenue property was scheduled to mature on August 5, 2025. On August 1, 2025, we entered into a 60-day extension with the lenders. The Company did not repay the loan on the extended maturity date of October 3, 2025. The Company is in discussions with the lenders regarding a potential loan restructuring.