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Mortgages Payable
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Mortgages Payable MORTGAGES PAYABLE
On February 14, 2020, we reduced our participation in our Rego Park II shopping center loan to $50,000,000 and received cash proceeds of approximately $145,000,000.
On September 14, 2020, we amended and extended the $350,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property. Under the terms of the amendment, we paid down the loan by $50,000,000 to $300,000,000, extended the maturity date to August 2025 and guaranteed the interest payments and certain leasing costs. The principal of the loan is non-recourse to us. The interest-only loan is at LIBOR plus 1.40% (1.55% as of December 31, 2020) which is subject to an interest rate swap with a fixed rate of 1.72%.
On October 23, 2020, we completed a financing of The Alexander apartment tower in the amount of $94,000,000. The interest-only loan has a fixed rate of 2.63% and matures in November 2027.

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.
 
   Interest Rate at December 31, 2020Balance at December 31,
(Amounts in thousands)Maturity20202019
First mortgages secured by:    
 ParamusOct. 04, 20214.72%$68,000 $68,000 
 
731 Lexington Avenue, office condominium(1)
Jun. 11, 20241.06%500,000 500,000 
731 Lexington Avenue, retail condominium(2)
Aug. 05, 20251.55%300,000 350,000 
Rego Park II shopping center(3)
Dec. 12, 20251.50%202,544 56,836 
The Alexander apartment towerNov. 01, 20272.63%94,000 — 
 Total 1,164,544 974,836 
 Deferred debt issuance costs, net of accumulated 
 
amortization of $13,034 and $14,362, respectively
 (8,374)(3,875)
   $1,156,170 $970,961 
(1)
Interest at LIBOR plus 0.90%. Maturity date represents the extended maturity based on our unilateral right to extend.
(2)
Interest at LIBOR plus 1.40% which is subject to an interest rate swap with a fixed rate of 1.72%.
(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 December 31, 2020 and 2019, respectively.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties.  The net carrying value of real estate collateralizing the debt amounted to $657,800,000 as of December 31, 2020.  Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2020, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:
 
(Amounts in thousands) 
Year Ending December 31,Amount
2021$68,000 
2022— 
2023— 
2024500,000 
2025502,544 
Thereafter94,000