Properties Held for Sale and Property Dispositions

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended March 31, 2018, we entered into agreements to sell the properties at 1-6 International Drive in Rye Brook, NY for a sale price of $55.0 million and the properties at 115-117 Stevens Avenue in Valhalla, New York, for a sales price of $12.0 million. We closed on the sale of 115-117 Stevens Avenue in May 2018.

As of March 31, 2018, 1-6 International Drive and 115-117 Stevens Avenue were classified as held for sale.

In May 2018, we reached an agreement to sell the fee interest at 635 Madison Avenue for a sales price of $151 million. We expect to record a $14 million charge in connection with the sale, which will be included in depreciable real estate reserves. The transaction, subject to certain closing conditions, is expected to be completed during the third quarter of 2018.

Property Dispositions

The following table summarizes the properties sold during the three months ended March 31, 2018:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (in millions)
600 Lexington Avenue(2)	January 2018	Fee Interest	303,515	$	305.0	$	23.8

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

(2) Gain on sale amounts do not include adjustments for expenses recorded in subsequent periods.