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Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt Debt     Debt consisted of the following as of December 31, 2020 and 2019 (amounts in thousands):
As of December 31, 2020
Principal Balance as
of December 31, 2020		Principal Balance as
of December 31, 2019		Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center$87,382 $89,650 3.59 %3.68 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(3)
180,000 180,000 4.28 %4.78 %7/1/2027
1010 Third Avenue and 77 West 55th Street37,477 38,251 4.01 %4.23 %1/5/2028
250 West 57th Street180,000 — 2.83 %3.27 %12/1/2030
10 Bank Street32,025 32,920 4.23 %4.36 %6/1/2032
383 Main Avenue30,000 30,000 4.44 %4.55 %6/30/2032
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
Total mortgage debt786,884 610,821 
Senior unsecured notes: (4)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E 160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 — 3.61 %4.89 %3/17/2032
   Series H75,000 — 3.73 %5.00 %3/17/2035
Unsecured revolving credit facility (4)
— — 
LIBOR plus 1.10%
— %8/29/2021
Unsecured term loan facility (4)
215,000 265,000 
LIBOR plus 1.20%
3.84 %3/19/2025
Unsecured term loan facility (4)
175,000 — 
LIBOR plus 1.50%
3.04 %12/31/2026
Total principal2,151,884 1,675,821 
Deferred financing costs, net(15,235)(7,247)
Total$2,136,649 $1,668,574 
______________

(1)The effective rate is the yield as of December 31, 2020, including the effects of debt issuance costs and interest rate swaps.
(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3)Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.
(4)At December 31, 2020, we were in compliance with all debt covenants.







Principal Payments
    Aggregate required principal payments at December 31, 2020 are as follows (amounts in thousands):
 
YearAmortizationMaturitiesTotal
2021$4,090 $— $4,090 
20225,628 — 5,628 
20237,876 — 7,876 
20247,958 77,675 85,633 
20255,826 315,000 320,826 
Thereafter20,084 1,707,747 1,727,831 
Total principal maturities$51,462 $2,100,422 $2,151,884 
Deferred Financing Costs
    Deferred financing costs, net, consisted of the following at December 31, 2020 and 2019 (amounts in thousands):     
20202019
Financing costs$35,365 $25,315 
Less: accumulated amortization(17,998)(13,863)
Total deferred financing costs, net$17,367 $11,452 
    At December 31, 2020 and 2019, $2.1 million and $4.2 million, respectively, of net deferred financing costs associated with the unsecured revolving credit facility were included in deferred costs, net on the consolidated balance sheet.
    Amortization expense related to deferred financing costs was $4.1 million, $3.8 million, and $4.1 million, for the years ended December 31, 2020, 2019 and 2018, respectively, and was included in interest expense.

Mortgage Debt
During November 2020, we closed on a $180.0 million mortgage loan for 250 West 57th Street. This new interest-only loan bears a fixed interest rate of 2.83% and matures in December 2030.

Unsecured Revolving Credit and Term Loan Facilities
    On March 19, 2020, through our Operating Partnership, we entered into an amendment to an existing credit agreement with the lenders party thereto, Bank of America, N.A., as administrative agent, and Bank of America, Wells Fargo Bank, National Association and Capital One, National Association, as the letter of credit issuers party thereto. The amendment amends the amended and restated senior unsecured revolving credit and term loan facility, entered into as of August 29, 2017, with Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo, National Association and Capital One, National Association, as co-syndication agents, and the lenders party thereto.

This new amended and restated senior unsecured revolving credit and term loan facility (the "Credit Facility") is in the original principal amount of up to $1.315 billion, which consists of a $1.1 billion revolving credit facility and a $215.0 million term loan facility. We borrowed the term loan facility in full at closing. We may request the Credit Facility be increased through one or more increases in the revolving credit facility or one or more increases in the term loan facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $1.75 billion. As of December 31, 2020, we had no borrowings under the revolving credit facility and $215.0 million outstanding under the term loan facility.

The initial maturity of the unsecured revolving credit facility is August 2021. We have the option to extend the initial term for up to two additional 6-month periods, subject to certain conditions, including the payment of an extension fee equal to 0.0625% and 0.075% of the then outstanding commitments under the unsecured revolving credit facility on the first and the second extensions, respectively. We recently began a process to recast the credit facility and exercise an extension option. The term loan facility matures in March 2025. We may prepay the loans under the Credit Facility at any time in whole or in part, subject to reimbursement of the lenders’ breakage and redeployment costs in the case of prepayment of Eurodollar Rate borrowings.

On March 19, 2020, we entered into a senior unsecured term loan facility (the “Term Loan Facility”) with Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Securities, LLC as sole bookrunner, Wells Fargo Securities,
LLC, Capital One, National Association, U.S. Bank National Association and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers, Capital One, National Association, as syndication agent, U.S. Bank National Association and Truist Bank, as documentation agents, and the lenders party thereto.

The Term Loan Facility is in the original principal amount of $175 million which we borrowed in full at closing. We may request the Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of December 31, 2020, our borrowings amounted to $175.0 million under the Term Loan Facility.

The Term Loan Facility matures on December 31, 2026. We may prepay loans under the Term Loan Facility at any time in whole or in part, subject to reimbursement of the lenders’ breakage and redeployment costs in the case of prepayment of Eurodollar rate borrowings and, if the prepayment occurs on or before December 31, 2021, a prepayment fee. If the prepayment occurs on or prior to December 31, 2020, the prepayment fee is equal to 2.0% of the principal amount prepaid, and if the prepayment occurs after December 31, 2020 but on or prior to December 31, 2021, the prepayment fee is equal to 1.0% of the principal amount prepaid.

The terms of both the Credit Facility and the Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreement also contains customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of real estate investment trust qualification, and occurrence of a change of control.

    As of December 31, 2020, we were in compliance with the covenants under the Credit Facility and the Term Loan Facility.

Senior Unsecured Notes Exchangeable

    During August 2014, we issued $250.0 million principal amount of 2.625% Exchangeable Senior Notes (“2.625% Exchangeable Senior Notes”) due August 15, 2019. The 2.625% Exchangeable Senior Notes were exchangeable into cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at our election. On August 15, 2019, we settled the principal amount of the 2.625% Exchangeable Senior Notes in cash.

For the years ended December 31, 2019 and 2018, total interest expense related to the 2.625% Exchangeable Senior Notes was $6.1 million and $9.9 million, respectively, consisting of (i) contractual interest expense of $4.1 million and $6.6 million, respectively, (ii) additional non-cash interest expense of $1.6 million and $2.7 million, respectively, related to the accretion of the debt discount, and (iii) amortization of deferred financing costs of $0.4 million and $0.6 million, respectively.

Senior Unsecured Notes

On March 17, 2020, through the Operating Partnership, we entered into an agreement to issue and sell an aggregate $175 million of senior unsecured notes, consisting of (a) $100 million aggregate principal amount of 3.61% Series G Senior Notes due March 17, 2032 (the “Series G Notes”) and (b) $75 million aggregate principal amount of 3.73% Series H Senior Notes due March 17, 2035 (the “Series H Notes”). The issue price for the Series G and H Notes was 100% of the aggregate principal amount thereof.
The terms of the Series A, B, C, D, E, F, G and H Notes agreements include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreement also contains customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of real estate investment trust qualification. As of December 31, 2020, we were in compliance with the covenants under the outstanding Senior Unsecured Notes.