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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (ii) loans receivable for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (iii) interest rate swaps and caps and (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.
(Amounts in thousands)As of December 31, 2025
 TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets)
$113,778 $73,192 $— $40,586 
Loans receivable (included in other assets)107,166 — — 107,166 
Interest rate swaps and caps designated as a hedge (included in other assets)13,985 — 13,985 — 
Interest rate caps not designated as a hedge (included in other assets)42 — 42 — 
Total assets$234,971 $73,192 $14,027 $147,752 
Mandatorily redeemable instruments (included in other liabilities)$49,465 $49,465 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)3,093 — 3,093 — 
Total liabilities$52,558 $49,465 $3,093 $— 
(Amounts in thousands)As of December 31, 2024
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets)
$114,580 $70,025 $— $44,555 
Loans receivable (included in investments in partially owned entities)85,319 — — 85,319 
Interest rate swaps and caps designated as a hedge (included in other assets)88,982 — 88,982 — 
Interest rate caps not designated as a hedge (included in other assets)1,040 — 1,040 — 
Total assets$289,921 $70,025 $90,022 $129,874 
Mandatorily redeemable instruments (included in other liabilities)$49,684 $49,684 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)1,023 — 1,023 — 
Interest rate caps not designated as a hedge (included in other liabilities)1,040 — 1,040 — 
Total liabilities$51,747 $49,684 $2,063 $— 
15.     Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Deferred Compensation Plan Assets
Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.
The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.
(Amounts in thousands)For the Year Ended December 31,
 20252024
Beginning balance$44,555 $46,290 
Purchases2,126 1,718 
Sales(10,109)(9,051)
Realized and unrealized losses (1,407)(2,282)
Other, net5,421 7,880 
Ending balance$40,586 $44,555 
Loans Receivable
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)For the Year Ended December 31,
20252024
Beginning balance$85,319 $32,984 
Investment in loan receivable35,000 50,000 
Paydowns(32,984)(571)
Interest accrual11,275 2,906 
Funding8,556 — 
Ending balance(1)
$107,166 $85,319 
____________________________
(1)Represents the 3 East 54th Street loan balance. On January 7, 2026, we closed on the acquisition of 3 East 54th Street and the loan balance was credited towards the purchase price. See Note - 24 Subsequent Events for further details.
15.     Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Derivatives and Hedging
We use derivative instruments principally to reduce our exposure to interest rate increases. We do not enter into or hold derivative instruments for speculative trading purposes. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Changes in the fair value of our cash flow hedges are recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of hedging instruments and hedged items, but will have no effect on cash flows. Cash payments and receipts related to our interest rate hedges are classified as operating activities and included within our disclosure of cash paid for interest on our consolidated statements of cash flows, consistent with the classification of the hedged interest payments.
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2025 and 2024, respectively.
(Amounts in thousands)As of December 31, 2025As of December 31, 2024
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value AssetFair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
6.03%05/26$— $1,160 $765 $— 
Forward swap (effective 05/26)840,000 5.56%
(2)
05/28— 959 — — 
Unsecured term loan(3)
750,000 4.22%(4)3,522 — 16,217 — 
Unsecured revolving credit facility575,000 3.84%08/275,208 — 18,510 — 
One Park Avenue mortgage loan(3)
500,000 
(5)
3.95%07/274,189 — 15,243 — 
100 West 33rd Street mortgage loan480,000 5.26%06/27— 736 6,808 — 
1290 Avenue of the Americas mortgage loan(6)
200,000 4.58%09/271,047 — 5,249 — 
435 Seventh Avenue mortgage loan75,000 6.96%04/26— 238 — 741 
PENN 11 mortgage loan(7)
— — 17 282 
4 Union Square South mortgage loan(8)
— — 12 — 
Interest rate caps:
Various mortgage loans19 — 26,161 — 
$13,985 $3,093 $88,982 $1,023 
________________________________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.
(3)The $700,000 corporate-level interest rate swap previously allocated to the 770 Broadway mortgage loan (see Note 5 - 770 Broadway) has been reallocated and now hedges $500,000 of the One Park Avenue mortgage loan and $200,000 of the unsecured term loan. The December 31, 2024 fair value is presented based on the current period reallocation.
(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031 (see Note 24 - Subsequent Events). The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+125)
Through 10/26$750,000 4.22%$50,000 
10/26 through 07/27250,000 3.99%550,000 
07/27 through 08/2750,000 3.99%750,000 
(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.
(6)The $200,000 corporate level interest swap previously allocated to the 888 Seventh Avenue mortgage loan has been reallocated and now hedges the 1290 Avenue of the Americas mortgage loan. The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.37% as of December 31, 2025) and has a 4.00% SOFR strike rate cap.
(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).
(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).
15.     Fair Value Measurements - continued
Fair Value Measurements on a Nonrecurring Basis
There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2025 and 2024.
Financial Assets and Liabilities not Measured at Fair Value
Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government) and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments.
(Amounts in thousands)As of December 31, 2025As of December 31, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$508,812 $509,000 $639,366 $639,000 
Debt:  
Mortgages payable$4,944,037 $4,754,000 $5,707,176 $5,486,000 
Senior unsecured notes750,000 714,000 1,200,000 1,129,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities720,420 720,000 575,000 575,000 
Total$7,214,457 
(1)
$6,988,000 $8,282,176 
(1)
$7,990,000 
________________________________________
(1)Excludes $28,829 and $39,300 of deferred financing costs, net and other as of December 31, 2025 and 2024, respectively.