Property Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fair Value of Equity Interest Immediately Before Acquisition Date

During the year ended December 31, 2018, the properties listed below were acquired from third parties.



Property	Acquisition Date	Property Type	Approximate Square Feet		Acquisition Price (in millions)
2 Herald Square⁽¹⁾	May 2018	Leasehold Interest	369,000		$	266.0
1231 Third Avenue⁽²⁾⁽³⁾	July 2018	Fee Interest	39,000		55.4
Upper East Side Residential⁽³⁾⁽⁴⁾	August 2018	Fee Interest	0.2	acres	30.2
133 Greene Street⁽²⁾	October 2018	Fee Interest	6,425		31.0
712 Madison Avenue⁽²⁾	December 2018	Fee Interest	6,600		58.0

(1)

In May 2018, the Company was the successful bidder for the leasehold interest in 2 Herald Square, at the foreclosure of the asset. In April and May 2017, the Company had purchased, at par, loans in maturity default that were secured by the leasehold interest in 2 Herald Square. At the time the loans were purchased, the Company expected to collect all contractually required payments, including interest. In August 2017, the Company determined that it was probable that the loans would not be repaid in full and therefore, the loans were put on non-accrual status. No impairment was recorded as the Company believed that the fair value of the leasehold exceeded the carrying amount of the loans. In May 2018, the Company was the successful bidder at the foreclosure of the asset. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments. See Note 16, "Fair Value Measurements." The Company subsequently sold a 49% interest in the property in November 2018. See Note 4, "Properties Held for Sale and Dispositions." and Note 6, "Investments in Unconsolidated Joint Ventures."


(2)	The Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment, and recorded the assets received and liabilities assumed at fair value.


(3)	This property was subsequently sold in October 2018. See Note 4, "Properties Held for Sale and Dispositions."


(4)	In August 2018, the Company acquired the fee interest in three additional land parcels at the Upper East Side Residential Assemblage.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following summarizes our final allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands):



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

Purchase Price Allocation:
Land	$	5,799
Building and building leasehold	23,431
Above-market lease value	—
Acquired in-place leases	773
Other assets, net of other liabilities	20
Assets acquired	30,023
Mark-to-market assumed debt	—
Below-market lease value	(1,523		)
Derivatives	—
Liabilities assumed	(1,523		)
Purchase price	$	28,500
Net consideration funded by us at closing, excluding consideration financed by debt	$	28,500
Equity and/or debt investment held	$	—
Debt assumed	$	—