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Mortgages and Other Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2021
Mortgages and Other Loans Payable  
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases
The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments as of December 31, 2021 and 2020, respectively, were as follows (dollars in thousands):
PropertyCurrent Maturity Date
Final Maturity Date (1)
Interest
Rate (2)
December 31, 2021December 31, 2020
Fixed Rate Debt:
100 Church StreetJuly 2022July 20224.68%$200,212 $204,875 
420 Lexington AvenueOctober 2024October 20403.99%288,660 294,035 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
1080 Amsterdam (3)
February 2027February 20273.59%34,537 34,773 
Total fixed rate debt$1,073,409 $1,083,683 
Floating Rate Debt:
609 Fifth Avenue March 2022March 2025L+2.95%$52,882 $57,651 
7 Dey / 185 Broadway (4)
November 2022November 2023L+2.85%198,169 158,478 
719 Seventh AvenueSeptember 2023September 2023L+1.20%50,000 50,000 
690 Madison AvenueJuly 2024July 2025L+1.60%60,000 — 
220 East 42nd Street (5)
— 510,000 
133 Greene Street— 15,523 
106 Spring Street — 38,025 
FHLB Facility— 10,000 
FHLB Facility— 15,000 
FHLB Facility— 35,000 
712 Madison Avenue— 28,000 
2017 Master Repurchase Agreement (6)
— — 
Total floating rate debt$361,051 $917,677 
Total fixed rate and floating rate debt$1,434,460 $2,001,360 
Mortgages reclassed to liabilities related to assets held for sale(34,537)— 
Total mortgages and other loans payable$1,399,923 $2,001,360 
Deferred financing costs, net of amortization(5,537)(21,388)
Total mortgages and other loans payable, net$1,394,386 $1,979,972 
(1)Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(2)Interest rate as of December 31, 2021, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.
(3)The loan is comprised of a $33.6 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of the fifth year.
(4)This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with two one year extension options. In October 2021, an extension option was exercised, and the maturity date of this loan was extended by one year. Advances under the loan are subject to incurred costs and funded equity requirements.
(5)In July 2021, the Company sold a 49% interest in the property. See Note 4, "Property Dispositions."
(6)In June 2021, we exercised a one year extension option which extended the maturity date to June 2022. As of December 31, 2021, there was no outstanding balance on the $400.0 million facility.