Properties Held for Sale and Property Dispositions

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale and Property Dispositions

Properties Held for Sale

As of December 31, 2021, 1080 Amsterdam Avenue and 707 Eleventh Avenue were classified as held for sale as we entered into an agreement to sell the properties, both in Manhattan, for a total consideration of $42.5 million and $95.0 million, respectively. The sales of 1080 Amsterdam Avenue and 707 Eleventh Avenue are expected to close in the first quarter of 2022, both subject to customary closing conditions.

The Company recorded a $15.0 million charge in connection with the classification of 707 Eleventh Avenue as held for sale, which is included in Depreciable real estate reserves and impairments in the consolidated statement of operations.

Property Dispositions

The following table summarizes the properties sold during the years ended December 31, 2021, 2020, and 2019:

Property	Disposition Date	Property Type	Unaudited Approximate Usable Square Feet	Sales Price (1) (in millions)		Gain (Loss) on Sale (2) (in millions)
110 East 42nd Street	December 2021	Fee Interest	215,400	$	117.1	$	3.6
590 Fifth Avenue	October 2021	Fee Interest	103,300	103.0		(3.2)
220 East 42nd Street (3)	July 2021	Fee Interest	1,135,000	783.5		175.1
635-641 Sixth Avenue	June 2021	Fee Interest	267,000	325.0		99.4
106 Spring Street (4)	March 2021	Fee Interest	5,928	35.0		(2.8)
133 Greene Street (4)	February 2021	Fee Interest	6,425	15.8		0.2
712 Madison Avenue (5)	January 2021	Fee Interest	6,600	43.0		(1.4)
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 (6)	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 (7)	November 2019	Fee Interest	143,400	23.1		(7.1)
115 Spring Street (8)	August 2019	Fee Interest	5,218	66.6		3.6

(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 $13.7 million, $10.5 million, and $2.0 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.

(3)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 Ventures."

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

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

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

(7)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.

(8)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."