Investment in Unconsolidated Affiliated Real Estate Entity

3 Months Ended

Mar. 31, 2015

Investments in Unconsolidated Affiliated Real Estate Entity [Abstract]

Investments in Unconsolidated Affiliated Real Estate Entity

  3. Investment in Unconsolidated Affiliated Real Estate Entity

The entity discussed below was partially owned by the Company. The Company accounted for this investment under the equity method of accounting as the Company exercised significant influence, but did not control this entity. A summary of the Company's investment in unconsolidated affiliated real estate entity is as follows:

					As of
Real Estate Entity	Date Acquired	Ownership %			March 31, 2015		December 31, 2014
1407 Broadway Mezz II, LLC ("1407 Broadway")	January 4, 2007		49.0	%	$	11,284	$	9,846

1407 Broadway

The Company had a 49.0% ownership in 1407 Broadway, which has a sub-leasehold interest in a ground lease to an office building located at 1407 Broadway in New York, New York.

On April 30, 2015, 1407 Broadway completed the disposition of its sub-leasehold to an unrelated third party for aggregate consideration of approximately $150.0 million. The Company's share of the net proceeds, after repayment of outstanding mortgage indebtedness and transaction and other closing costs was approximately $14.0 million.

1407 Broadway Financial Information

The following table represents the unaudited condensed income statement for 1407 Broadway:

	For the Three Months Ended March 31,
	2015			2014
Total revenue	$	10,257		$	9,982
Property operating expenses		7,239			8,008
Depreciation and amortization		2,022			1,666
Operating income		996			308
Interest expense and other, net		(1,135	)		(709	)
Net loss	$	(139	)	$	(401	)
Company's equity earnings	$	(35	)	$	(135	)

The following table represents the unaudited condensed balance sheet for 1407 Broadway:

	As of		As of
	March 31, 2015		December 31, 2014
Real estate, at cost (net)	$	122,937	$	121,304
Intangible assets		16		28
Cash and restricted cash		14,101		8,951
Other assets		21,821		22,673
Total assets	$	158,875	$	152,956
Mortgage payable	$	125,917	$	126,000
Other liabilities		16,284		13,342
Member capital		16,674		13,614
Total liabilities and members' capital	$	158,875	$	152,956