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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III—Real Estate and Accumulated Depreciation
(amounts in thousands)
 
 
 
 
 
 
Initial Cost to
the Company
 
Cost Capitalized
Subsequent to
Acquisition
 
Gross Amount at
which Carried
at 12/31/16
 
 
 
 
 
 
Development
 
Type
 
Encumbrances
 
Land
 
Building &
Improvements
 
Improvements
 
Carrying
Costs
 
Land
 
Buildings &
Improvements
 
Total
 
Accumulated
Depreciation
 
Date of
Construction
 
Date
Acquired
 
Life on
which
depreciation
in latest
income
statement is
computed
111 West 33rd Street, New York, NY
 
office /
retail
 
$
87,656

 
$
13,630

 
$
244,461

 
$
46,954

 
n/a

 
$
13,630

 
$
291,415

 
$
305,045

 
$
(20,781
)
 
1954
 
2014
 
various
1400 Broadway, New York, NY
 
office /
retail
 
79,237

 
—

 
96,338

 
19,908

 
—

 
—

 
116,246

 
116,246

 
(19,003
)
 
1930
 
2014
 
various
1333 Broadway, New York, NY
 
office /
retail
 
69,520

 
91,435

 
120,190

 
4,965

 
n/a

 
91,435

 
125,155

 
216,590

 
(14,064
)
 
1915
 
2013
 
various
1350 Broadway, New York, NY
 
office /
retail
 
38,842

 
—

 
102,518

 
18,986

 
—

 
—

 
121,504

 
121,504

 
(14,154
)
 
1929
 
2013
 
various
250 West 57th Street, New York, NY
 
office/
retail
 
—

 
2,117

 
5,041

 
95,233

 
n/a

 
2,117

 
100,274

 
102,391

 
(27,130
)
 
1921
 
1953
 
various
501 Seventh Avenue, New York, NY
 
office/
retail
 
—

 
1,100

 
2,600

 
89,650

 
n/a

 
1,100

 
92,250

 
93,350

 
(36,636
)
 
1923
 
1950
 
various
1359 Broadway, New York, NY
 
office/
retail
 
—

 
1,233

 
1,809

 
52,461

 
n/a

 
1,233

 
54,270

 
55,503

 
(21,296
)
 
1924
 
1953
 
various
350 Fifth Avenue (Empire State Building), New York, NY
 
office/
retail
 
—

 
21,551

 
38,934

 
691,784

 
n/a

 
21,551

 
730,718

 
752,269

 
(137,791
)
 
1930
 
2013
 
various
One Grand Central Place,
New York, NY
 
office/
retail
 
—

 
7,240

 
17,490

 
201,322

 
n/a

 
7,222

 
218,830

 
226,052

 
(87,075
)
 
1930
 
1954
 
various
First Stamford Place, Stamford, CT
 
office
 
234,953

 
22,952

 
122,739

 
46,409

 
n/a

 
24,862

 
167,238

 
192,100

 
(70,988
)
 
1986
 
2001
 
various
One Station Place, Stamford, CT (Metro Center)
 
office
 
95,574

 
5,313

 
28,602

 
13,069

 
n/a

 
5,313

 
41,671

 
46,984

 
(27,860
)
 
1987
 
1984
 
various
383 Main Avenue, Norwalk, CT
 
office
 
28,639

 
2,262

 
12,820

 
15,281

 
n/a

 
2,262

 
28,101

 
30,363

 
(10,776
)
 
1985
 
1994
 
various
500 Mamaroneck Avenue, Harrison, NY
 
office
 
—

 
4,571

 
25,915

 
18,784

 
n/a

 
4,571

 
44,699

 
49,270

 
(20,129
)
 
1987
 
1999
 
various
10 Bank Street, White Plains, NY
 
office
 
31,531

 
5,612

 
31,803

 
14,665

 
n/a

 
5,612

 
46,468

 
52,080

 
(19,174
)
 
1989
 
1999
 
various
10 Union Square, New York, NY
 
retail
 
48,824

 
5,003

 
12,866

 
1,661

 
n/a

 
5,003

 
14,527

 
19,530

 
(6,954
)
 
1987
 
1996
 
various
1542 Third Avenue, New York, NY
 
retail
 
17,784

 
2,239

 
15,266

 
391

 
n/a

 
2,239

 
15,657

 
17,896

 
(6,925
)
 
1991
 
1999
 
various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY
 
retail
 
26,456

 
4,462

 
15,817

 
774

 
n/a

 
4,462

 
16,591

 
21,053

 
(7,740
)
 
1962
 
1998
 
various
69-97 Main Street, Westport, CT
 
retail
 
—

 
2,782

 
15,766

 
918

 
n/a

 
2,782

 
16,684

 
19,466

 
(6,165
)
 
1922
 
2003
 
various
103-107 Main Street, Westport, CT
 
retail
 
—

 
1,243

 
7,043

 
158

 
n/a

 
1,260

 
7,184

 
8,444

 
(1,905
)
 
1900
 
2006
 
various
Property for development at the Transportation Hub in Stamford CT
 
land
 
—

 
4,542

 
—

 
7,951

 
—

 
12,493

 
—

 
12,493

 
—

 
n/a
 
n/a
 
n/a
Totals
 
 
 
$
759,016

 
$
199,287

 
$
918,018

 
$
1,341,324

 
$
—

 
$
209,147

 
$
2,249,482

 
$
2,458,629

 
$
(556,546
)
 
 
 
 
 
 






Empire State Realty Trust, Inc.
Notes to Schedule III—Real Estate and Accumulated Depreciation
(amounts in thousands)
1. Reconciliation of Investment Properties
The changes in our investment properties for the years ended December 31, 2016, 2015 and 2014 are as follows:
 
 
2016
 
2015
 
2014
Balance, beginning of year
$
2,276,330

 
$
2,139,863

 
$
1,649,423

Acquisition of new properties
—

 
—

 
354,429

Improvements
197,680

 
156,754

 
143,315

Disposals
(15,381
)
 
(20,287
)
 
(7,304
)
Balance, end of year
$
2,458,629

 
$
2,276,330

 
$
2,139,863

The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2016 was $2,117,615.
2. Reconciliation of Accumulated Depreciation
The changes in our accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows:
 
 
 
2016
 
2015
 
2014
Balance, beginning of year
 
$
465,584

 
$
377,552

 
$
295,351

Depreciation expense
 
106,343

 
108,319

 
89,505

Disposals
 
(15,381
)
 
(20,287
)
 
(7,304
)
Balance, end of year
 
$
556,546

 
$
465,584

 
$
377,552

Depreciation of investment properties reflected in the combined statements of operations is calculated over the estimated original lives of the assets as follows:
 
Buildings
 
39 years
Building improvements
 
39 years or useful life
Tenant improvements
 
Term of related lease