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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
435 Seventh Avenue
On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%.
Unsecured Revolving Credit Facility
On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaced the $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.15% and a facility fee of 25 basis points.
8.     Debt – continued
606 Broadway
On September 5, 2024, the $74,119,000 non-recourse mortgage loan on 606 Broadway, in which we hold a 50% interest, matured and was not repaid, at which time the lender declared an event of default. As of December 31, 2024, the property has a carrying value of $53,886,000, which is after an impairment charge recorded in the fourth quarter of 2023. We consolidate the joint venture. The loan currently bears interest at a floating rate of SOFR plus 1.91% (6.39% as of December 31, 2024) and provides for additional default interest of 3.00%.
The following is a summary of our debt:
(Amounts in thousands)
Weighted Average Interest Rate as of December 31, 2024(1)
Balance as of December 31,
 20242023
Mortgages Payable:   
Fixed rate(2)
4.63%$4,591,400 $4,518,200 
Variable rate(3)
6.01%
(4)
1,115,776 1,211,415 
Total4.90%5,707,176 5,729,615 
Deferred financing costs, net and other(31,162)(41,595)
Total, net$5,676,014 $5,688,020 
Unsecured Debt:
Senior unsecured notes3.02%$1,200,000 $1,200,000 
Deferred financing costs, net and other(4,086)(6,127)
Senior unsecured notes, net1,195,914 1,193,873 
Unsecured term loan4.67%800,000 800,000 
Deferred financing costs, net and other(4,052)(5,441)
Unsecured term loan, net795,948 794,559 
Unsecured revolving credit facilities3.88%575,000 575,000 
Total, net $2,566,862 $2,563,432 
________________________________________
(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments.
(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.
(3)Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of December 31, 2024, $960,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months.
(4)Includes additional 3.00% default interest on the 606 Broadway mortgage loan.
The net carrying amount of properties collateralizing the above indebtedness amounted to $5.9 billion as of December 31, 2024. 
As of December 31, 2024, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are presented below. The below excludes the $74,119,000 mortgage loan on 606 Broadway which is in maturity default. See above for further details.
(Amounts in thousands)Mortgages PayableUnsecured Debt
Year Ended December 31,  
2025$878,057 $450,000 
(1)
2026525,000 400,000 
20271,580,000 1,375,000 
20282,300,000 — 
2029— — 
Thereafter350,000 350,000 
________________________________________
(1) We repaid our $450,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.