Properties Held for Sale and Property Dispositions (Tables)

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold and income from discontinued operations

The following table summarizes the properties sold during the three months ended March 31, 2016:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain on Sale(2) (in millions)
248-252 Bedford Avenue	February 2016	Residential	66,611	$	55.0	$	13.8
885 Third Avenue (3)	February 2016	Land	607,000	453.0		—

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(1) Sales price represents the actual sales price for a property or the gross asset valuation for interests in a property.

(2) The gain on sale for 248-252 Bedford Avenue is net of $1.3 million in employee compensation awards accrued in connection with the realization of the investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.

(3) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met. An estimated loss relating to the sale of $6.6 million was recorded in December 2015.

Discontinued operations for the three months ended March 31, 2015 included the results of operations of 180 Maiden Lane, which was held for sale at December 31, 2014 and sold in January 2015, as follows (in thousands):

	March 31, 2015
Revenues
Rental revenue	$	236
Escalation and reimbursement revenues	(127		)
Other income	—
Total revenues	109
Operating expenses	(631		)
Real estate taxes	250
Ground rent	—
Transaction related costs	(49		)
Depreciable real estate reserves	—
Interest expense, net of interest income	109
Amortization of deferred financing costs	3
Depreciation and amortization	—
Total expenses	(318		)
Net income from discontinued operations	$	427