v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Principal Balance
As of June 30, 2025
(amounts in thousands)June 30, 2025December 31, 2024Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt:
10 Union Square$50,000 $50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
1010 Third Avenue and 77 West 55th Street33,580 34,048 4.01 %4.21 %1/5/2028
Metro Center (3)
71,600 71,600 3.59 %3.67 %11/5/2029
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B6,106 6,490 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B13,092 14,036 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt702,478 704,274 
Senior unsecured notes:(4)
   Series A— 100,000 — — — 
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 155,000 7.20 %7.39 %6/17/2029
   Series J45,000 45,000 7.32 %7.46 %6/17/2031
   Series K25,000 25,000 7.41 %7.52 %6/17/2034
Unsecured term loan facility (4)
175,000 175,000 
SOFR plus 1.50%
4.61 %12/31/2026
Unsecured term loan facility (3),(4)
95,000 95,000 
 SOFR plus 1.50%
5.16 %3/8/2029
Unsecured revolving credit facility (3),(4)
— 120,000 
SOFR plus 1.30%
4.04 %3/8/2029
Total principal2,072,478 2,294,274 
Deferred financing costs, net(9,007)(10,123)
Unamortized debt discount(5,793)(6,183)
Total$2,057,678 $2,277,968 
______________
(1)The effective rate is the yield as of June 30, 2025 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.
(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3)Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(4)At June 30, 2025, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at June 30, 2025 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2025$1,868 $— $1,868 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 321,600 325,490 
Thereafter14,634 1,192,607 1,207,241 
Total$32,180 $2,040,298 $2,072,478 
Schedule of Deferred Financing Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)June 30, 2025December 31, 2024
Deferred leasing costs$224,592 $230,836 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs137,329 137,580 
Acquired above-market leases19,589 19,636 
Total deferred costs, excluding deferred financing costs381,510 388,052 
Less: accumulated amortization(208,099)(212,972)
Total deferred costs, net, excluding net deferred financing costs173,411 175,080 
Deferred financing costs, net, of accumulated amortization of $8,841 and $7,783, respectively (See Note 5)
8,283 8,907 
Total deferred costs, net$181,694 $183,987 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)June 30, 2025December 31, 2024
Deferred financing costs, included as a component of net debt$16,121 $36,309 
Deferred financings costs, included as a component of net deferred costs (See Note 4)17,124 16,638 
Total deferred financing costs$33,245 $52,947 
Less: accumulated amortization(15,955)(33,970)
Total deferred financing costs, net$17,290 $18,977 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2025202420252024
Amortization of deferred financing costs$1,080 $1,050 $2,174 $2,069