v3.25.2
Investments in Partially Owned Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Partially Owned Entities
Below is a schedule summarizing our investments in partially owned entities.
(Amounts in thousands)Percentage Ownership as of June 30, 2025Balance as of
June 30, 2025December 31, 2024
Investments:
Fifth Avenue and Times Square JV (see page 22 for details)
51.5%$1,553,904 $2,235,546 
Partially owned office buildings/land(1)
Various180,700 186,190 
Alexander's (see page 22 for details):
32.4%58,759 68,492 
Other investments(2)
Various209,843 201,250 
$2,003,206 $2,691,478 
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street53.0%$(67,170)$(70,552)
85 Tenth Avenue49.9%(22,481)(18,978)
$(89,651)$(89,530)
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(1)Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others.
(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.
(3)Our negative basis results from distributions in excess of our investment.
Below is a schedule of income from partially owned entities.
(Amounts in thousands)Percentage Ownership as of June 30, 2025For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
 Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 22 for details):
Equity in net income51.5%$3,649 $10,427 $9,486 $19,718 
Return on preferred equity, net of our share of the expense6,503 10,258 15,046 19,586 
Net gain on sale — — 76,162 — 
10,152 20,685 100,694 39,304 
Alexander's (see page 22 for details):
Equity in net income32.4%1,919 2,649 5,842 7,803 
Management, leasing and development fees1,406 1,185 3,039 2,365 
3,325 3,834 8,881 10,168 
Partially owned office buildings(1)(2)
Various(2,355)21,297 (5,977)10,894 
Other investments(3)
Various5,549 2,133 10,050 3,862 
$16,671 $47,949 $113,648 $64,228 
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(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
(2)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.
(3)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.