Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable as of March 31, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.

			Balance at
(Amounts in thousands)	Maturity	Interest Rate at March 31, 2020	March 31, 2020			December 31, 2019
First mortgages secured by:
731 Lexington Avenue, retail condominium(1)	Aug. 2020	2.78%	$	350,000		$	350,000
Paramus	Oct. 2021	4.72%	68,000			68,000
731 Lexington Avenue, office condominium(2)	Jun. 2024	1.61%	500,000			500,000
Rego Park II shopping center(3)	Dec. 2025	2.29%	202,544			56,836
Total			1,120,544			974,836
Deferred debt issuance costs, net of accumulated amortization of $15,651 and $14,362, respectively			(2,665		)	(3,875		)
			$	1,117,879		$	970,961

(1) Interest at LIBOR plus 1.40%. Maturity is August 2020 plus two one-year renewal options subject to financial covenants which we will not satisfy.

(2) Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend.

(3)

Interest at LIBOR plus 1.35%. The amount of this loan is net of our loan participation of $50,000 and $195,708 as of March 31, 2020 and December 31, 2019, respectively.