v3.26.1
Mortgages Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Mortgages Payable
The following is a summary of our outstanding mortgages payable as of March 31, 2026 and December 31, 2025. We may refinance our maturing debt as it comes due or choose to pay it down.
  Interest Rate at March 31, 2026Balance at
(Amounts in thousands)MaturityMarch 31, 2026December 31, 2025
First mortgages secured by:
731 Lexington Avenue, office condominium Oct. 09, 20285.04%$400,000 $400,000 
Rego Park II shopping center (1)(2)
Dec. 5, 20305.67%175,000 175,000 
731 Lexington Avenue, retail condominium(3)
Dec. 23, 20354.55%169,596 167,691 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total838,596 836,691 
Deferred debt issuance costs, net of accumulated amortization of $5,907 and $5,263, respectively
(6,594)(7,240)
$832,002 $829,451 
(1)Interest rate listed represents the rate in effect as of March 31, 2026 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 $2,096 and $191 as of March 31, 2026 and December 31, 2025, respectively. See below for further discussion.