Properties Held for Sale and Property Dispositions (Tables)

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold and income from discontinued operations

Discontinued operations for the nine months ended September 30, 2016 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):

	Nine Months Ended September 30, 2015
Revenues
Rental revenue	$	236
Escalation and reimbursement revenues	(127		)
Total revenues	109
Operating expenses	(631		)
Real estate taxes	250
Transaction related costs	(49		)
Depreciable real estate reserves	109
Interest expense, net of interest income	3
Total expenses	(318		)
Net income from discontinued operations	$	427

The following table summarizes the properties sold during the nine months ended September 30, 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	$	15.3
885 Third Avenue (3)	February 2016	Land	607,000	453.0		—
7 International Drive	May 2016	Land	31 Acres	20.0		(6.9		)
388 Greenwich	June 2016	Office	2,635,000	2,002.3		206.5
500 West Putnam	July 2016	Office	121,500	41.0		(10.4		)
11 Madison Avenue (4)	August 2016	Office	2,314,000	2,600.0		—

(1) Sales price represents the gross 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 and 388 Greenwich are net of $1.3 million and $1.6 million, respectively 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. We expect to meet the criteria for sale accounting in 2017 at which time we will recognize the sale and start recognizing investment income on our $135.0 million5.75% senior equity investment in the property.

(4) In August 2016, we sold an 40% interest in 11 Madison Avenue. The sale did not meet the criteria for sale accounting and, as a result, the property is being accounted for under the profit sharing method. See Note 6, "Investments in Unconsolidated Joint Ventures."