Properties Held for Sale and Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019, and 2018:

Property	Disposition Date	Property Type	Unaudited Approximate Usable Square Feet		Sales Price (1) (in millions)		Gain (Loss) on Sale (2) (in millions)
30 East 40th Street	December 2020	Leasehold Interest	69,446		$	5.2	$	(1.6)
1055 Washington Boulevard	December 2020	Leasehold Interest	182,000		23.8		(11.5)
Williamsburg Terrace	December 2020	Fee Interest	52,000		32.0		11.8
410 Tenth Avenue	December 2020	Fee Interest	638,000		952.5		56.4
400 East 58th Street	September 2020	Fee Interest	140,000		62.0		8.3
609 Fifth Avenue - Retail Condominium	May 2020	Fee Interest	21,437		168.0		63.3
315 West 33rd Street - The Olivia	March 2020	Fee Interest	492,987		446.5		71.8
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 (4)	November 2019	Fee Interest	143,400		23.1		(7.1)
115 Spring Street (5)	August 2019	Fee Interest	5,218		66.6		3.6
2 Herald Square (6)	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 (7)(8)	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

(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 is net of $10.5 million, $2.0 million, and $1.3 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2020, 2019, and 2018, respectively. 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 recorded a $7.1 million charge in 2019 that is included in depreciable real estate reserves and impairments in the consolidated statement of operations.

(5)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."

(6)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."

(7)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.

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