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Mortgages Payable
 12 Months Ended
Dec. 31, 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 currently bears interest at the Prime Rate (8.50% as of December 31, 2023) 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 at 6.00% through loan maturity.
6. MORTGAGES PAYABLE - continued
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, 2023Balance at December 31,
(Amounts in thousands)Maturity20232022
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 
Total 1,096,544 1,096,544 
Deferred debt issuance costs, net of accumulated amortization of $17,639 and $16,071, respectively
 (3,993)(5,493)
   $1,092,551 $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 December 31, 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 a rate of 4.15% through November 2024).

The net carrying value of real estate collateralizing the debt amounted to $594,681,000 as of December 31, 2023. 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, 2023, 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
2024$500,000 
2025502,544 
2026— 
202794,000 
2028— 
Thereafter—