16 unchanged sentences
46,000 46,000 — Bed Bath & Beyond 2026 N/A
−Removed: 36,000 36,000 — Marshalls 2032 N/A
+Added: 36,000 36,000 — Marshalls 2032 2037
16,000 16,000 — Old Navy 2027 N/A
20 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 in 2025, subject to payment to us of the lesser of $10,000,000 or the amount of rent due under the remaining term.
+Added: (4) On December 3, 2022, IKEA closed its store at the property.
+Added: IKEA remains obligated under its lease which expires in December 2030.
+Added: The lease includes a right to terminate effective no earlier than March 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term.
(5) Formerly occupied by Sears.
8 unchanged sentences
731 Lexington Avenue
−Removed: 731 Lexington Avenue, a 1,079,000 square foot multi-use building, comprises the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan, New York, and is situated in the heart of one of Manhattan’s busiest business and shopping districts, with convenient access to several subway and bus lines.
−Removed: 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.
+Added: 731 Lexington Avenue, a 1,079,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan, New York, and is situated in the heart of one of Manhattan’s busiest business and shopping districts, with convenient access to several subway and bus lines.
The building contain s 939,000 and 140,000 of net rentable square feet of office and retail space, respectively.
1 unchanged sentence
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 2022, with two 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 2023, with a one-year as-of right extension option.
The interest-only loan is at LIBOR plus 0.90 % (5.22% as of December 31, 2022).
−Removed: In connection therewith, we purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 3.0%.
+Added: In connection therewith, we purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6.00% through June 2023.
+Added: If we decide to exercise our one-year as-of right extension option, the interest rate of the loan will be equal to the Prime rate (7.50% as of December 31, 2022).
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 1.4 0% which was swapped to a fixed rate of 1.72%.
−Removed: Rego Park I, a 338,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens, New York.
+Added: The interest-only loan is at SOFR p lus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
+Added: Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens, New York.
The center is anchored by a 112,000 square foot IKEA, a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls.
The center contains a parking deck (1,241 spaces) that provides for paid parking.
−Removed: Rego Park II, a 615,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens, New York.
+Added: On December 3, 2022, IKEA closed its store at the property.
+Added: IKEA remains obligated under its lease which expires in December 2030.
+Added: The lease includes a right to terminate effective no earlier than March 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term.
+Added: Rego Park II, a 615,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens, New York.
The center is anchored by a 145,000 square foot Costco and a 133,000 squ are foot Kohl’s, which has been subleased.
1 unchanged sentence
This center is encumbered by a mortgage loan in the amount of $202,544,000 which matures in December 2025.
−Removed: The interest-only loan is at LIBOR plus 1.35 % (1.45% as of December 31, 2021).
+Added: The interest-only loan is at SOFR plus 1.45 % (5.60% as of December 31, 2022).
+Added: In connection therewith, we purchased an interest rate cap with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through November 2024.
The Alexander Apartment Tower
11 unchanged sentences
We own a 140,000 square foot land parcel adjacent to the Rego Park II shopping center in Queens, New York, at the intersection of Junction Boulevard and the Horace Harding Service Road.
−Removed: The land is currently being used for paid public parking.
−Removed: In 2021, we filed permits to construct an apartment tower at the property.
+Added: In 2022, we secured permits to construct an apartment tower at the property and commenced foundation work necessary to vest the benefits of the Affordable New York (421a) residential program, provided we obtain a certificate of occupancy for the apartment tower by June 2026, subject to any extension that may be granted by the legislature.
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.