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Mortgages Payable
 12 Months Ended
Dec. 31, 2022
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, 2022Balance at December 31,
(Amounts in thousands)Maturity20222021
First mortgages secured by:    
 
731 Lexington Avenue, office condominium(1)(2)
Jun. 11, 20245.22%$500,000 $500,000 
731 Lexington Avenue, retail condominium(1)(3)
Aug. 05, 20251.76%300,000 300,000 
Rego Park II shopping center(1)(4)
Dec. 12, 20255.60%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
 Total 1,096,544 1,096,544 
 
Deferred debt issuance costs, net of accumulated amortization of $16,071 and $14,551, respectively
 (5,493)(6,931)
 
   $1,091,051 $1,089,613 
(1)Interest rate listed represents the rate in effect as of December 31, 2022 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)
Interest at LIBOR plus 0.90% (LIBOR capped at a rate of 6.00% through June 2023). Maturity date represents the extended maturity based on our as-of right to extend.
(3)
Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4)
Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

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 $614,245,000 as of December 31, 2022. 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, 2022, 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
2023$— 
2024500,000 
2025502,544 
2026— 
202794,000 
Thereafter—