14 unchanged sentences
1.9 1,080,000 1,080,000 — 98.9 % 157.02
−Removed: 112,000 112,000 — IKEA (3)
50,000 50,000 — Burlington (4)
36,000 36,000 — Marshalls (4)
−Removed: 16,000 16,000 — Old Navy 2024
252,000 — 252,000 Vacant N/A
2 unchanged sentences
133,000 133,000 — Kohl’s (5)
+Added: 47,000 47,000 — Best Buy 2034
167,000 145,000 22,000 Various Various
+Added: 60,000 — 60,000 Burlington (4) 2035
+Added: 40,000 — 40,000 Marshalls (4) 2035
23,000 9,000 14,000 Vacant N/A
9 unchanged sentences
Lease expiration dates are based on non-cancelable lease terms and do not extend beyond any early termination rights that the tenant may have under its lease.
−Removed: (3) On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030.
−Removed: The lease included a right to terminate effective no earlier than March 16, 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.
−Removed: On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerates its lease termination date to April 1, 2024.
−Removed: Under the lease modification agreement, IKEA will pay its remaining rent due through March 16, 2026 and the $10,000,000 termination payment over the modified lease term.
+Added: (3) Lease expired on January 31, 2025.
+Added: (4) In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025.
(5) Subleased through remaining original lease term.
−Removed: (5) Ground leased through January 2027 with one 10-year extension option.
+Added: (6) Ground leased through January 2027 with one ten-year extension option.
(7) Average monthly rent per unit is $3,442.
2 unchanged sentences
731 Lexington Avenue
−Removed: 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.
−Removed: The building contain s 939,000 and 140,000 of rentable square feet of office and retail space, respectively.
+Added: 731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan.
+Added: The building contains 947,000 and 133,000 of rentable square feet of office and retail space, respectively.
+Added: Bloomberg L.P.
(“Bloomberg”) occupies all of the office space.
−Removed: 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 2024.
−Removed: The interest-only loan was at LIBOR plus 0.90% through July 15, 2023 and currently bears interest at the Prime Rate (8.50% as of December 31, 2023) through loan maturity.
−Removed: In June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate at 6.00% through loan maturity.
−Removed: The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan with a ba lance of $300,000,000 wh ich matures in August 2025.
−Removed: The interest-only loan is at SOFR p lus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
−Removed: Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens, New York.
−Removed: The center is anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls.
+Added: The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025.
+Added: The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $400,000,000 which matures in October 2028.
+Added: The interest-only loan has a fixed rate of 5.04%.
+Added: The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026.
+Added: 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.
+Added: The interest-only loan is at SOFR plus 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.
+Added: The center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls.
+Added: In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025.
+Added: Rego Park I will then be vacant and we are currently exploring sale and development opportunities for the property.
The center contains a parking deck (1,241 spaces) that provides for paid parking.
−Removed: On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030.
−Removed: The lease included a right to terminate effective no earlier than March 16, 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.
−Removed: On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerates its lease termination date to April 1, 2024.
−Removed: Under the lease modification agreement, IKEA will pay its remaining rent due through March 16, 2026 and the $10,000,000 termination payment over the modified lease term.
−Removed: On April 23, 2023, Bed Bath & Beyond ($1,533,000 of annual revenue) filed for Chapter 11 bankruptcy and its 46,000 square foot lease at the property was rejected in the bankruptcy proceedings on July 31, 2023.
−Removed: Rego Park II, a 616,000 square foot shopping center, is located 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 squ are foot Kohl’s, which has been subleased.
+Added: Rego Park II, a 615,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens.
+Added: The center is anchored by a 145,000 square foot Costco and a 133,000 square 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 SOFR plus 1.45% (5.79% as of December 31, 2024).
−Removed: 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.
−Removed: Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens, New York.
+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 December 2025.
+Added: Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens.
Roosevelt Avenue and Main Street are active shopping districts and there are many national retailers located in the area.
1 unchanged sentence
The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is subleased to New World Mall LLC through January 2037.
−Removed: The property is ground leased through January 2027 with one 10-year extension option.
+Added: The property is ground leased through January 2027 with one ten-year extension option.
The Alexander Apartment Tower
4 unchanged sentences
We are from time-to-time involved in legal actions arising in the ordinary course of business.
−Removed: In our opinion, after consultation with our legal counsel, the outcome of such pending matters will not have a material effect on our financial condition, results of operations or cash flows.
+Added: In our opinion, after consultation with our legal counsel, the outcome of such pending matters will not have a material adverse effect on our financial condition, results of operations or cash flows.
MINE SAFETY DISCLOSURES
1 unchanged sentence
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.