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Investments in Partially Owned Entities (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025Balance as of December 31,
20252024
Investments:
Fifth Avenue and Times Square JV (see page 87 for details)51.5%$1,538,141 $2,235,546 
Partially owned office buildings/land(1)
Various148,958 186,190 
Alexander’s (see page 88 for details)32.4%47,276 68,492 
Other equity method investments(2)
Various206,903 201,250 
$1,941,278 $2,691,478 
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street53.0%$(65,726)$(70,552)
85 Tenth Avenue49.9%(25,198)(18,978)
$(90,924)$(89,530)
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(1)Includes interests in 280 Park Avenue, 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.

Below is a schedule of income from partially owned entities.
(Amounts in thousands)Percentage Ownership as of December 31, 2025For the Year Ended December 31,
202520242023
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 87 for details):
Equity in net income51.5%$14,716 $43,451 $35,209 
Return on preferred equity, net of our share of the expense27,528 40,668 37,416 
Net gain on sale76,162 — — 
118,406 84,119 72,625 
Alexander's (see page 88 for details):
Equity in net income32.4%8,915 13,813 15,441 
Management, leasing and development fees5,717 5,263 5,238 
Net gain on sale of land— — 16,396 
14,632 19,076 37,075 
Partially owned office buildings(1)(2)
Various(2,705)(839)(73,589)
Other equity method investments(3)
Various10,977 10,108 2,578 
$141,310 $112,464 $38,689 
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(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street (sold on August 14, 2025), 61 Ninth Avenue, 85 Tenth Avenue and others.
(2)2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street (see page 88 for details) and 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.
(3)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.
Below is a summary of the debt of our partially owned entities.
(Amounts in thousands)Percentage Ownership as of December 31, 2025
Maturity(1)
Weighted Average Interest Rate as of December 31, 2025(2)
100% Partially Owned Entities’
Debt(3) as of December 31,
 20252024
Mortgages Payable:     
Partially owned office buildings(4)(5)
Various2026-20285.15%$2,221,500 $3,146,918 
Alexander's32.4%2027-20354.82%836,691 996,544 
Fifth Avenue and Times Square JV51.5%2028-20306.73%1,195,708 753,194 
Other(6)
Various2026-20326.31%1,417,019 1,311,662 
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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. Upon the refinancing in January 2026, the payment guarantee for the mortgage loan secured by 7 West 34th Street was extinguished.
(4)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
(5)Excludes our 22.2% share of the $800,000 650 Madison mortgage loan. We wrote-off our entire investment in 650 Madison in 2022 and no longer record our share of net income (loss) for this investment. See page 89 for further details.
(6)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,
 20252024
Balance Sheet:  
Assets$10,575,000 $11,296,000 
Liabilities7,268,000 7,073,000 
Noncontrolling interests1,151,000 1,905,000 
Equity2,156,000 2,318,000 
(Amounts in thousands)For the Year Ended December 31,
 202520242023
Income Statement:   
Total revenue$1,073,000 $1,119,000 $1,132,000 
Net income5,000 33,000 34,000 
Net loss attributable to the entities(49,000)(49,000)(40,000)