v3.25.4
Mortgages Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Mortgages Payable
The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.
 
   
Interest Rate at December 31, 2025
Balance as of December 31,
(Amounts in thousands)Maturity20252024
731 Lexington Avenue, office condominiumOct. 09, 20285.04%$400,000 $400,000 
Rego Park II shopping center(1)(2)
Dec. 05, 20305.72%175,000 202,544 
731 Lexington Avenue, retail condominium(3)
Dec. 23, 20354.55%167,691 300,000 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total 836,691 996,544 
Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively
 (7,240)(8,525)
   $829,451 $988,019 
(1)
Interest rate listed represents the rate in effect as of December 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)
Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026).
(3)
Includes PIK interest of $191 as of December 31, 2025.
Schedule of Principal Repayments As of December 31, 2025, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:
 
(Amounts in thousands) 
Year Ending December 31,Amount
2026$— 
202794,000 
2028400,000 
2029— 
2030175,000 
Thereafter167,691