Properties Held for Sale and Property Dispositions (Tables)

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold

The following table summarizes the properties disposed of during the nine months ended September 30, 2021:

Property	Disposition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)		Gain (Loss) (in millions) (1)
712 Madison Avenue (2)	January 2021	Fee Interest	6,600	$	43.0	$	(1.4)
133 Greene Street (3)	February 2021	Fee Interest	6,425	15.8		0.2
106 Spring Street (3)	March 2021	Fee Interest	5,928	35.0		(2.8)
635-641 Sixth Avenue	June 2021	Fee Interest	267,000	325.0		99.4
220 East 42nd Street (4)	July 2021	Fee Interest	1,135,000	783.5		175.1

(1)The gains (losses) on sale are net of $11.7 million of employee compensation accrued in connection with the realization of the investment gains during the nine months ended September 30, 2021. Additionally, the amounts do not include adjustments for expenses recorded in subsequent periods.

(2)Disposition resulted from the buyer exercising its purchase option under a ground lease arrangement.

(3)In the first quarter of 2021, the property was foreclosed by the lender.

(4)In July 2021, the Company sold a 49% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of the 51.0% interest we retained. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $206.8 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 Venture."