Property Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Property Acquisitions

Property Acquisitions

2020 Acquisitions

The following table summarizes the properties acquired during the year ended December 31, 2020:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
762 Madison Avenue (1)	January 2020	Fee Interest	6,109	$	29.3
707 Eleventh Avenue	January 2020	Fee Interest	159,720	90.0
15 Beekman (2)	January 2020	Leasehold Interest	98,412	—
590 Fifth Avenue (3)	October 2020	Fee Interest	103,300	107.2

(1)The Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.

(2)In January 2020, the Company entered into a 99-year ground lease of 126 Nassau Street and subsequently renamed the property 15 Beekman. In August 2020, we entered into a partnership with a real estate fund managed by Meritz Alternative Investment as part of the capitalization of this development project. See note 6, “Investment in Unconsolidated Joint Ventures.”

(3)The property previously served as collateral for a debt and preferred equity investment and was acquired through a negotiated transaction with the sponsor.

2019 Acquisitions

The following table summarizes the properties acquired during the year ended December 31, 2019:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
106 Spring Street (1)	April 2019	Fee Interest	5,928	$	80.2
410 Tenth Avenue (2)	May 2019	Fee Interest	638,000	440.0
110 Greene Street (3)	May 2019	Fee Interest	223,600	256.5

(1)In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value.

(2)In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street and subsequently renamed the property 410 Tenth Avenue. The Company had previously made a loan to the entity that was accounted for as an Acquisition, Development, and Construction (“ADC”) arrangement. Upon consolidating the entity in which it acquired the controlling equity interest, the Company and the Partnership removed the ADC arrangement and recorded the assets and liabilities of the entity at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which was reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities.

(3)In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.

2018 Acquisitions

The following table summarizes the properties acquired during the year ended December 31, 2018:

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 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.