Properties Held for Sale and Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold and income from discontinued operations

The following table summarizes the properties sold during the years ended December 31, 2019, 2018, and 2017:

Property	Disposition Date	Property Type	Unaudited Approximate Usable Square Feet		Sales Price(1) (in millions)		Gain (Loss) on Sale(2) (in millions)
Suburban Properties (3)	December 2019	Fee Interest	1,107,000		$	229.2	$	1.8
1640 Flatbush Avenue	December 2019	Fee Interest	1,000		16.2		5.5
562 Fifth Avenue	December 2019	Fee Interest	42,635		52.4		(26.6		)
1010 Washington Boulevard	November 2019	Fee Interest	143,400		23.1		(7.1		)
115 Spring Street (4)	August 2019	Fee Interest	5,218		66.6		3.6
2 Herald Square(5)	November 2018	Office/Retail	369,000		265.0		—
400 Summit Lake Drive	November 2018	Land	39.5	acres	3.0		(36.2		)
Upper East Side Assemblage(6)(7)	October 2018	Development	70,142		143.8		(6.3		)
1-6 International Drive	July 2018	Office	540,000		55.0		(2.6		)
635 Madison Avenue	June 2018	Retail	176,530		153.0		(14.1		)
115-117 Stevens Avenue	May 2018	Office	178,000		12.0		(0.7		)
600 Lexington Avenue	January 2018	Office	303,515		305.0		23.8
1515 Broadway (8)	December 2017	Office	1,750,000		1,950.0		—
125 Chubb Way	October 2017	Office	278,000		29.5		(26.1		)
16 Court Street	October 2017	Office	317,600		171.0		64.9
680-750 Washington Boulevard	July 2017	Office	325,000		97.0		(44.2		)
520 White Plains Road	April 2017	Office	180,000		21.0		(14.6		)
102 Greene Street (9)	April 2017	Retail	9,200		43.5		4.9

(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 1640 Flatbush Avenue, 600 Lexington Avenue, 16 Court Street, and 102 Greene Street are net of $2.0 million, $1.3 million, $2.5 million, and $0.9 million, respectively, in employee compensation accrued in connection with the realization of these investment gains. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.

(3) Suburban Properties consists of 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive, and 500 Summit Lake Drive.

(4) 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."

(5) In November 2018, the Company sold a 49% interest in 2 Herald Square to an Israeli institutional investor. See Note 6, "Investments in Unconsolidated Joint Ventures."

(6) Upper East Side Assemblage consists of 260 East 72nd Street, 31,076 square feet of development rights, 252-254 East 72nd Street, 257 East 71st Street, 259 East 71st Street, and 1231 Third Avenue.

(7) The Company recorded a $5.8 million charge in 2018 that is included in depreciable real estate reserves and impairment in the consolidated statement of operations.

(8) In November 2017, the Company sold a 30.13% interest in 1515 Broadway to affiliates of Allianz Real Estate. At that time, the sale did not meet the criteria for sale accounting and as a result the property was accounted for under the profit sharing method. The Company achieved sale accounting upon adoption of ASC 610-20 in January 2018 and closed on the sale of an additional 12.87% interest in the property to Allianz in February 2018. See Note 6, "Investments in Unconsolidated Joint Ventures."

(9) In April 2017, we closed on the sale of a 90% interest in 102 Greene Street and accounted for our retained 10% interest in the property as an investment in unconsolidated joint ventures. We sold the remaining 10% interest in September 2017. See Note 6, "Investments in Unconsolidated Joint Ventures."