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Properties Held for Sale and Property Dispositions
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, no properties were classified as held for sale.
Property Dispositions
The following table summarizes the properties sold during the years ended December 31, 2023, 2022, and 2021:
PropertyDisposition DateProperty TypeUnaudited Approximate Usable Square Feet
Sales Price (1)
(in millions)
(Loss) Gain on Sale (2)
(in millions)
245 Park Avenue (3)
June 2023Fee Interest1,782,793 $1,995.0 $(28.3)
885 Third Avenue - Office Condominium Units (4)
December 2022Fee / Leasehold Interest414,317 300.4 (24.0)
609 Fifth AvenueJune 2022Fee Interest138,563 100.5 (80.2)
1591-1597 BroadwayMay 2022Fee Interest7,684 121.0 (4.5)
1080 Amsterdam AvenueApril 2022Leasehold Interest85,250 42.7 17.9 
707 Eleventh AvenueFebruary 2022Fee Interest159,720 95.0 (0.8)
110 East 42nd StreetDecember 2021Fee Interest215,400 117.1 3.6 
590 Fifth AvenueOctober 2021Fee Interest103,300 103.0 (3.2)
220 East 42nd Street (5)
July 2021Fee Interest1,135,000 783.5 175.1 
635-641 Sixth AvenueJune 2021Fee Interest267,000 325.0 99.4 
106 Spring Street (6)
March 2021Fee Interest5,928 35.0 (2.8)
133 Greene Street (6)
February 2021Fee Interest6,425 15.8 0.2 
712 Madison Avenue (7)
January 2021Fee Interest6,600 43.0 (1.4)
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.
(2)The (losses) gains on sale are net of $11.3 million, $11.2 million, and $13.7 million of employee compensation accrued in connection with the realization of the investment dispositions during the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.
(3)In June 2023, the Company sold a 49.9% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and deconsolidation of the 50.1% interest we retained. We recorded our retained investment at fair value which resulted in the recognition of a fair value adjustment of ($17.0 million) that 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" and Note 16, " Fair Value Measurements."
(4)In December 2022, the Company sold 414,317 square feet of office leasehold condominium units at the property. The Company retained the remaining 218,796 square feet of the building.
(5)In July 2021, the Company sold a 49.9% 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."
(6)In March 2021, the property was foreclosed by the lender.
(7)Disposition resulted from the ground lessee exercising its purchase option under a ground lease arrangement.