Mortgages Payable

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Mortgages Payable

9. Mortgages Payable

On June 1, 2017, we completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% and matures in June 2020, with four one-year extension options. In connection therewith, we purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6.0%. The property was previously encumbered by a $300,000,000 interest-only mortgage at LIBOR plus 0.95% which was scheduled to mature in March 2021.

The following is a summary of our outstanding mortgages payable as of September 30, 2017 and December 31, 2016.

				Balance at
(Amounts in thousands)	Maturity(1)		Interest Rate at     September 30, 2017	September 30,     2017		December 31,     2016
First mortgages secured by:
Rego Park I shopping center (100% cash collateralized)(2)		Mar. 2018	0.35%	$	78,246	$	78,246
Paramus		Oct. 2018	2.90%		68,000		68,000
Rego Park II shopping center(3)		Nov. 2018	3.09%		257,147		259,901
731 Lexington Avenue, retail space(4)		Aug. 2022	2.63%		350,000		350,000
731 Lexington Avenue, office space(5)		Jun. 2024	2.14%		500,000		300,000
Total					1,253,393		1,056,147
Deferred debt issuance costs, net of accumulated amortization of $4,995 and $6,824 respectively					(13,324)		(3,788)
				$	1,240,069	$	1,052,359

(1) Represents the extended maturity where we have the unilateral right to extend.

(2) Extended in March 2016 for two years.

(3) Interest at LIBOR plus 1.85%. See page 10 for details of our Rego Park II loan participation.

(4) Interest at LIBOR plus 1.40%.

(5) Interest at LIBOR plus 0.90%.