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Property Dispositions and Properties Held for Sale
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Property Dispositions and Properties Held for Sale Property Dispositions and Properties Held for Sale
Property Dispositions
The following table summarizes the properties sold during the years ended December 31, 2025, 2024, and 2023:

PropertyDisposition DateProperty TypeUnaudited Approximate Usable Square Feet
Sales Price (1)
(in millions)
Gain (Loss) on Sale
(in millions) (2)(3)
100 Park Avenue (3)
December 2025Fee Interest834,000 $425.0 $— 
Giorgio Armani Residences at 760 Madison Avenue (6 Condominium Units) Multiple During Q1 2025Fee Interest19,185 99.3 0.2 
Giorgio Armani Residences at 760 Madison Avenue (3 Condominium Units)December 2024Fee Interest13,590 63.5 (1.5)
Palisades Premier Conference CenterJuly 2024Fee Interest450,000 26.3 7.3 
719 Seventh AvenueJune 2024Fee Interest10,040 30.5 (2.0)
245 Park Avenue (4)
June 2023Fee Interest1,782,793 1,995.0 (28.3)
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.
(2)The gains (losses) on sale are net of $— million, $5.1 million, and $11.3 million of employee compensation accrued in connection with the realization of the investment dispositions during the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.
(3)In December 2025, the Company sold a 49.0% interest at a gross asset value of $425.0 million, which resulted in the Company no longer retaining a controlling financial interest in the entity, as defined in ASC 810, and as a result the Company deconsolidated the entity. During the fourth quarter of 2025, the Company recognized a charge of $23.5 million to reduce the carrying value of the property to the gross asset value determined by the terms of the purchase and sale agreement. The charge is reflected in the Company's consolidated statements of operations within "Depreciable real estate reserves and impairments." See Note 16, "Fair Value Measurements."
(4)In June 2023, the Company sold a 49.9% interest, which resulted in the Company no longer retaining a controlling financial 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 negative 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."
Properties Held for Sale
As of December 31, 2025 and 2024, no properties were classified as held for sale.