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Mortgages Payable
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Mortgages Payable Mortgages Payable
On June 9, 2023, we exercised our remaining one-year extension option on the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property. The interest rate on the loan remained at LIBOR plus 0.90% through July 15, 2023 and thereafter at the Prime Rate through loan maturity on June 11, 2024. In June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate (8.50% as of September 30, 2023) at 6.00% through loan maturity.
The following is a summary of our outstanding mortgages payable as of September 30, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down.
  Interest Rate at September 30, 2023Balance as of
(Amounts in thousands)MaturitySeptember 30, 2023December 31, 2022
First mortgages secured by:
731 Lexington Avenue, office condominium(1)
Jun. 11, 20246.00%$500,000 $500,000 
731 Lexington Avenue, retail condominium(2)(3)
Aug. 05, 20251.76%300,000 300,000 
Rego Park II shopping center(2)(4)
Dec. 12, 20255.60%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total1,096,544 1,096,544 
Deferred debt issuance costs, net of accumulated
   amortization of $17,246 and $16,071, respectively
(4,419)(5,493)
$1,092,125 $1,091,051 
(1)Interest at the Prime Rate (capped at 6.00% through loan maturity).
(2)Interest rate listed represents the rate in effect as of September 30, 2023 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(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 4.15% through November 2024).