Properties Held for Sale and Property Dispositions

9 Months Ended

Sep. 30, 2019

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 September 30, 2019, we entered into agreements to sell 220 East 42nd Street in Manhattan and 1010 Washington Boulevard in Stamford, Connecticut for total consideration of $815.0 million and $23.1 million, respectively. The sale of 1010 Washington Boulevard closed in November. The sale of 220 East 42nd Street is expected to close in the first quarter of 2020.

As of September 30, 2019, 220 East 42nd Street and 1010 Washington Boulevard were classified as held for sale. During the third quarter of 2019, the Company recorded a charge of $7.0 million in connection with the reclassification of 1010 Washington Boulevard to held for sale. This charge is included in depreciable real estate reserves and impairment in the consolidated statements of operations.

Property Dispositions

The following table summarizes the properties sold during the nine months ended September 30, 2019:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss) (in millions)
115 Spring Street (2)	August 2019	Fee Interest	5,218	$	66.6	$	3.6

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

(2)

The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures."