Properties Held for Sale and Property Dispositions

6 Months Ended

Jun. 30, 2020

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 June 30, 2020, we entered into an agreement to sell 400 East 58th Street in Manhattan for total consideration of $62.0 million. The sale of 400 East 58th Street is expected to close in the third quarter of 2020, subject to customary closing conditions.

As of June 30, 2020, 400 East 58th Street was classified as held for sale.

Property Dispositions

The following table summarizes the properties sold during the six months ended June 30, 2020:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss)(2) (in millions)
315 West 33rd Street - "The Olivia"	March 2020	Fee Interest	492,987	$	446.5	$	72.3
609 Fifth Avenue Retail Condominium	May 2020	Fee Interest	21,437	168.0		65.4

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

(2)

The gains on sale for 315 West 33rd Street - "The Olivia" and 609 Fifth Avenue Retail Condominium are net of $6.0 million and $2.0 million, respectively, of employee compensation accrued in connection with the realization of these investment gains. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.