v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Financial assets measured at fair value on our consolidated balance sheet as of June 30, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of June 30, 2025.
 As of June 30, 2025
(Amounts in thousands)TotalLevel 1Level 2Level 3
Interest rate derivative (included in other assets)$129 $— $129 $— 

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024. 
 As of December 31, 2024
(Amounts in thousands)TotalLevel 1Level 2Level 3
Interest rate derivatives (included in other assets)$4,487 $— $4,487 $— 
Schedule of Interest Rate Derivatives The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of June 30, 2025 and December 31, 2024, respectively.
Fair Value as ofAs of June 30, 2025
(Amounts in thousands)June 30, 2025December 31, 2024Notional AmountSwapped RateExpiration Date
Interest rate swap related to:
731 Lexington Avenue mortgage loan, retail condominium$— $4,117 N/AN/AN/A
Interest rate cap related to:
Rego Park II shopping center mortgage loan129 370 $200,561 (1)12/25
Included in other assets$129 $4,487 
(1)SOFR cap strike rate of 4.15%.
Schedule of Carrying Amount and Fair Value of Financial Instruments The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2025 and December 31, 2024, respectively.
 As of June 30, 2025As of December 31, 2024
(Amounts in thousands)Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Assets:
Cash equivalents
$63,906 $63,906 $61,889 $61,889 
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)$994,561 $981,633 $996,544 $967,941