Property Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

During the nine months ended September 30, 2016, the property listed below was acquired from a third party. The following summarizes our preliminary allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands):



	183 Broadway⁽¹⁾
Acquisition Date	March 2016
Ownership Type	Fee Interest
Property Type	Retail/Residential

Purchase Price Allocation:
Land	$	26,640
Building and building leasehold	2,960
Above-market lease value	—
Acquired in-place leases	—
Other assets, net of other liabilities	—
Assets acquired	29,600
Mark-to-market assumed debt	—
Below-market lease value	—
Derivatives	—
Liabilities assumed	—
Purchase price	$	29,600
Net consideration funded by us at closing, excluding consideration financed by debt	$	29,600
Equity and/or debt investment held	$	—
Debt assumed	$	—


(1)	We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets such as above- and below-market lease or in-place leases.

2015 Acquisitions

Property Acquisitions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

During nine months ended September 30, 2016, we finalized the purchase price allocations based on facts and circumstances that existed at the acquisition dates for the following 2015 acquisitions (in thousands):



	187 Broadway and 5 & 7 Dey Street ⁽¹⁾			110 Greene Street ⁽¹⁾			Upper Eastside Residential ⁽¹⁾		11 Madison Avenue ⁽¹⁾			1640 Flatbush Avenue⁽¹⁾
Acquisition Date	August 2015			July 2015			June 2015		August 2015			March 2015
Ownership Type	Fee Interest			Fee Interest			Fee Interest		Fee Interest			Fee Interest
Property Type	Residential/Retail			Office			Residential/Retail		Office			Retail

Purchase Price Allocation:
Land	$	20,266		$	45,120		$	48,152	$	675,776		$	6,226
Building and building leasehold	42,468			215,470			—		1,553,602			501
Above-market lease value	17			—			—		19,764			—
Acquired in-place leases	3,621			8,967			1,922		366,949			146
Other assets, net of other liabilities	—			—			—		—			—
Assets acquired	66,372			269,557			50,074		2,616,091			6,873
Mark-to-market assumed debt	—			—			—		—			—
Below-market lease value	(3,226		)	(14,557		)	—		(187,732		)	(73		)
Derivatives	—			—			—		—			—
Liabilities assumed	(3,226		)	(14,557		)	—		(187,732		)	(73		)
Purchase price	$	63,146		$	255,000		$	50,074	$	2,428,359		$	6,800
Net consideration funded by us at closing, excluding consideration financed by debt	$	—		$	—		$	—	$	—		$	—
Equity and/or debt investment held	$	—		$	—		$	—	$	—		$	—
Debt assumed	$	—		$	—		$	—	$	—		$	—

(1)

Based on our preliminary analysis of the purchase price, we had allocated $22.1 million and $41.0 million to land and building, respectively, at 187 Broadway and 5 & 7 Dey Street, $89.3 million and $165.8 million to land and building, respectively, at 110 Greene Street, $17.5 million and $32.5 million to land and building, respectively, at the Upper Eastside Residential Property, $849.9 million and $1.6 billion to land and building, respectively, at 11 Madison Avenue, and $6.1 million and $0.7 million to land and building, respectively, at 1640 Flatbush Avenue. The impact to our consolidated statement of operations for the nine months ended September 30, 2016 to adjust for the finalized purchase price allocations was $8.0 million in rental revenue for the amortization of aggregate below-market leases and $17.9 million of depreciation expense.