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Investments in Partially Owned Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Partially Owned Entities
Below is a schedule of our investments in partially owned entities.
(Amounts in thousands)Percentage Ownership as of December 31, 2024Balance as of December 31,
20242023
Investments:
Fifth Avenue and Times Square JV (see page 87 for details)
51.5%$2,235,546 $2,242,972 
Partially owned office buildings/land(1)
Various186,190 118,558 
Alexander’s (see page 88 for details)
32.4%68,492 87,510 
Other equity method investments(2)
Various201,250 161,518 
$2,691,478 $2,610,558 
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street53.0%$(70,552)$(69,899)
85 Tenth Avenue49.9%(18,978)(11,330)
$(89,530)$(81,229)
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(1)Includes interests in 280 Park Avenue, 650 Madison 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.
4.     Investments in Partially Owned Entities – continued
Below is a schedule of income (loss) from partially owned entities.
(Amounts in thousands)Percentage Ownership as of December 31, 2024For the Year Ended December 31,
202420232022
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 87 for details):
Equity in net income(1)
51.5%$43,451 $35,209 $55,248 
Return on preferred equity, net of our share of the expense40,668 37,416 37,416 
Non-cash impairment loss— — (489,859)
84,119 72,625 (397,195)
Alexander's (see page 88 for details):
Equity in net income32.4%13,813 15,441 18,439 
Management, leasing and development fees5,263 5,238 4,534 
Net gain on sale of land— 16,396 — 
19,076 37,075 22,973 
Partially owned office buildings(2)(3)(4)
Various(839)(73,589)(110,261)
Other equity method investments(3)(5)
Various10,108 2,578 23,132 
$112,464 $38,689 $(461,351)
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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 and 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)In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses.
(4)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 89 for details.
(5)Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments.
Below is a summary of the debt of our partially owned entities.
(Amounts in thousands)Percentage Ownership as of December 31, 2024
Maturity(1)
Weighted Average Interest Rate as of December 31, 2024(2)
100% Partially Owned Entities’
Debt(3) as of December 31,
 20242023
Mortgages Payable:     
Partially owned office buildings(4)
Various2025-20294.84%$3,146,918 $3,275,098 
Alexander's32.4%2025-20283.94%996,544 1,096,544 
Fifth Avenue and Times Square JV51.5%2028-20296.93%753,194 855,476 
Other(5)
Various2025-20325.05%1,311,662 1,365,954 
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(1)Assumes the exercise of as-of-right extension options.
(2)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.
(3)The Operating Partnership guarantees $303,000 of debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street.
(4)Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
(5)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.
The following is a summary of condensed combined financial information for all of our partially owned entities.
(Amounts in thousands)As of December 31,
 20242023
Balance Sheet:  
Assets$11,296,000 $11,533,000 
Liabilities7,073,000 7,326,000 
Noncontrolling interests1,905,000 1,907,000 
Equity2,318,000 2,300,000 
(Amounts in thousands)For the Year Ended December 31,
 202420232022
Income Statement:   
Total revenue$1,119,000 $1,132,000 $1,189,000 
Net income (loss) 33,000 34,000 (404,000)
Net loss attributable to the entities(49,000)(40,000)(483,000)