v3.25.2
Mortgages Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Mortgages Payable Mortgages Payable
The following is a summary of our outstanding mortgages payable as of June 30, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.
  
Interest Rate at June 30, 2025
Balance at
(Amounts in thousands)MaturityJune 30, 2025December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominiumOct. 09, 20285.04%$400,000 $400,000 
731 Lexington Avenue, retail condominium (1)(2)
Oct. 03, 20255.83%300,000 300,000 
Rego Park II shopping center (1)(3)
Dec. 12, 20255.60%200,561 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total994,561 996,544 
Deferred debt issuance costs, net of accumulated amortization of $8,964 and $7,381, respectively
(6,942)(8,525)
$987,619 $988,019 
(1)Interest rate listed represents the rate in effect as of June 30, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through December 2025).
The $300,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property was scheduled to mature on August 5, 2025. On August 1, 2025, we entered into a 60-day extension with the lenders. The interest-only, non-recourse loan continues to bear interest at SOFR plus 1.51% (5.83% as of June 30, 2025) through the extended maturity date of October 3, 2025.