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Investments in Partially Owned Entities (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Partially Owned Entities
Below is a schedule summarizing our investments in partially owned entities.
(Amounts in thousands)Percentage Ownership as of June 30, 2024Balance as of
June 30, 2024December 31, 2023
Investments:
Fifth Avenue and Times Square JV (see page 24 for details)
51.5%$2,253,658 $2,242,972 
Partially owned office buildings/land(1)
Various196,772 118,558 
Alexander's (see page 24 for details):
32.4%79,598 87,510 
Other investments(2)
Various181,052 161,518 
$2,711,080 $2,610,558 
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street53.0%$(72,564)$(69,899)
85 Tenth Avenue49.9%(15,691)(11,330)
$(88,255)$(81,229)
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(1)Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others.
(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.
(3)Our negative basis results from distributions in excess of our investment.
5.    Investments in Partially Owned Entities - continued
Below is a schedule of income from partially owned entities.
(Amounts in thousands)Percentage Ownership as of June 30, 2024For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
 Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 24 for details):
Equity in net income(1)
51.5%$10,427 $5,941 $19,718 $16,140 
Return on preferred equity, net of our share of the expense10,258 9,329 19,586 18,555 
20,685 15,270 39,304 34,695 
Alexander's (see page 24 for details):
Equity in net income32.4%2,649 3,318 7,803 6,889 
Management, leasing and development fees1,185 1,699 2,365 2,872 
Net gain on sale of land— 16,396 — 16,396 
3,834 21,413 10,168 26,157 
Partially owned office buildings(2)(3)
Various21,297 (254)10,894 (9,217)
Other investments(4)
Various2,133 843 3,862 2,303 
$47,949 $37,272 $64,228 $53,938 
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(1)2023 includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan which is being amortized over the remaining term of the restructured loan, reducing future interest expense.
(2)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
(3)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 25 for details.
(4)Includes interests in Independence Plaza, Rosslyn Plaza and others.