10 unchanged sentences
Retail 83,000 83,000 — The Home Depot 2025 2035
−Removed: 34,000 34,000 — The Container Store 2021 N/A
57,000 57,000 — Various Various Various
9 unchanged sentences
145,000 145,000 — Costco 2034 2059
−Removed: 135,000 135,000 — Century 21 (6)
133,000 133,000 — Kohl’s (6)
1 unchanged sentence
135,000 — 135,000 (7)
+Added: 6.6 615,000 480,000 135,000 84% 63.60
The Alexander apartment tower, 312 units
1 unchanged sentence
Residential (9) N/A
−Removed: Paramus, NJ 30.3 — — — 100% — IKEA (ground lessee) 2041 (10) N/A
Queens, NY (10)
−Removed: 1 167,000 167,000 — 100% 32.09 New World Mall LLC 2027 2037
+Added: 1 167,000 167,000 — 100% 31.31 New World Mall LLC 2037 N/A
Property to be Developed:
7 unchanged sentences
(3) Represents the year in which the tenant’s lease expires if all renewal or extension options are exercised.
−Removed: (4) IKEA has the option to terminate its lease after the fifth year of the lease term subject to payment to us of the lesser of $10,000,000 or the amount of rent due under the remaining term.
+Added: (4) IKEA has the option to terminate its lease after the fifth year of the lease term in 2025, subject to payment to us of the lesser of $10,000,000 or the amount of rent due under the remaining term.
(5) Formerly occupied by Sears.
Currently out of service due to redevelopment.
−Removed: (6) On September 10, 2020, Century 21 filed for Chapter 11 bankruptcy and closed its store on December 7, 2020.
(6) Subleased through remaining original lease term.
+Added: (7) Formerly occupied by Century 21.
+Added: Currently out of service due to redevelopment.
(8) Average monthly rent per unit is $3,116.
(9) Residential tenants have one or two year leases.
−Removed: (10) IKEA’s lease has a purchase option in October 2021.
(10) Ground leased through January 2027 with one 10-year extension option.
3 unchanged sentences
The property is located across the street from Bloomingdale’s flagship store and only a few blocks away from Fifth Avenue and 57 th Street.
−Removed: The building contains 920,000 and 155,000 of net rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condominium units, which we sold.
+Added: The building contain s 939,000 and 140,000 of net rentable square feet of office and retail space, respectively.
Bloomberg occupies all of the office space.
The Home Depot (83,000 square feet) is the principal retail tenant.
−Removed: The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $500,000,000 which matures in June 2021, with three one-year unilateral extension options.
+Added: The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $500,000,000 which matures in June 2022, with two one-year unilateral extension options.
The interest-only loan is at LIBOR plus 0.90 % (1.01% as of December 31, 2021).
1 unchanged sentence
The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $300,000,000 which matures in August 2025.
−Removed: The interest-only loan is at LIBOR plus 1.40% (1.55% as of December 31, 2020) which is subject to an interest rate swap with a fixed rate of 1.72%.
+Added: The interest-only loan is at LIBOR plus 1.4 0% which was swapped to a fixed rate of 1.72%.
Rego Park I, a 338,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens, New York.
2 unchanged sentences
Rego Park II, a 615,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens, New York.
−Removed: The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased.
−Removed: On September 10, 2020, Century 21 ($6,400,000 of annual revenue) filed for Chapter 11 bankruptcy and closed its 135,000 square foot store on December 7, 2020.
+Added: The center is anchored by a 145,000 square foot Costco and a 133,000 squ are foot Kohl’s, which has been subleased.
The center contains a parking deck ( 1,326 spaces ) that provides for paid parking.
1 unchanged sentence
The interest-only loan is at LIBOR plus 1.35 % (1.45% as of December 31, 2021).
−Removed: As of December 31, 2020, we have a participation in the mortgage in the amount of $50,000,000 which for GAAP purposes is netted against the mortgage balance.
−Removed: Therefore, the balance sheet amount of the mortgage loan is $202,544,000.
The Alexander Apartment Tower
3 unchanged sentences
Operating Properties - continued
−Removed: We own 30.3 acres of land located at the intersection of Routes 4 and 17 in Paramus, New Jersey.
−Removed: The land is located directly across from the Garden State Plaza regional shopping mall and is within two miles of three other regional shopping malls and ten miles of New York City.
−Removed: The land has been ground leased to IKEA since 2001.
−Removed: The lease expires in 2041, with a purchase option in October 2021 for $75,000,000.
−Removed: The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 4.72%, which matures in October 2021.
−Removed: The annual triple-net rent is the sum of $700,000 plus the amount of interest on the mortgage loan.
−Removed: If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000.
−Removed: If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.
Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens, New York.
1 unchanged sentence
A subway entrance is located directly in front of the property with bus service across the street.
−Removed: The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is sub-leased to New World Mall LLC for the remainder of our ground lease term, which expires in January 2027 and has one 10-year extension option.
+Added: The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is sub-leased to New World Mall LLC through January 2037.
+Added: The property is ground leased through January 2027 with one 10-year extension option.
Property to be Developed
2 unchanged sentences
The land is currently being used for paid public parking.
−Removed: In 2016, the Company started the entitlement process.
+Added: In 2021, we filed permits to construct an apartment tower at the property.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.