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Mortgages Payable
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Mortgages Payable MORTGAGES PAYABLE
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, 2021Balance at December 31,
(Amounts in thousands)Maturity20212020
First mortgages secured by:    
 
731 Lexington Avenue, office condominium(1)
Jun. 11, 20241.01%$500,000 $500,000 
731 Lexington Avenue, retail condominium(2)
Aug. 05, 20251.72%300,000 300,000 
Rego Park II shopping center(3)
Dec. 12, 20251.45%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Paramus(4)
— 68,000 
 Total 1,096,544 1,164,544 
 Deferred debt issuance costs, net of accumulated 
 
amortization of $14,551 and $13,034, respectively
 (6,931)(8,374)
   $1,089,613 $1,156,170 
(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 was swapped to a fixed rate of 1.72%.
(3)
Interest at LIBOR plus 1.35%. The loan balance of $252,544 as of December 31, 2020 is presented net of our participation of $50,000. On April 7, 2021, we used our participation in this loan to reduce the loan balance to $202,544.
(4)
On October 4, 2021, the mortgage loan was repaid in connection with the sale of the property. See Note 4 - Real Estate Sales for further details.
8. MORTGAGES PAYABLE - continued

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 $629,134,000 as of December 31, 2021.  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, 2021, 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
2022$— 
2023— 
2024500,000 
2025502,544 
2026— 
Thereafter94,000