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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2017
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 12/31/17
 
 
 
 
 
 
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
 
$
84,085

 
$
13,630

 
$
244,461

 
$
76,316

 
n/a

 
$
13,630

 
$
320,777

 
$
334,407

 
$
(31,591
)
 
1954
 
2014
 
various
1400 Broadway, New York, NY
 
office /
retail
 
76,085

 
—

 
96,338

 
28,738

 
—

 
—

 
125,076

 
125,076

 
(27,287
)
 
1930
 
2014
 
various
1333 Broadway, New York, NY
 
office /
retail
 
66,590

 
91,435

 
120,190

 
6,143

 
n/a

 
91,435

 
126,333

 
217,768

 
(18,481
)
 
1915
 
2013
 
various
1350 Broadway, New York, NY
 
office /
retail
 
37,410

 
—

 
102,518

 
21,601

 
—

 
—

 
124,119

 
124,119

 
(19,330
)
 
1929
 
2013
 
various
250 West 57th Street, New York, NY
 
office/
retail
 
—

 
2,117

 
5,041

 
113,414

 
n/a

 
2,117

 
118,455

 
120,572

 
(32,729
)
 
1921
 
1953
 
various
501 Seventh Avenue, New York, NY
 
office/
retail
 
—

 
1,100

 
2,600

 
92,032

 
n/a

 
1,100

 
94,632

 
95,732

 
(39,550
)
 
1923
 
1950
 
various
1359 Broadway, New York, NY
 
office/
retail
 
—

 
1,233

 
1,809

 
55,853

 
n/a

 
1,233

 
57,662

 
58,895

 
(24,867
)
 
1924
 
1953
 
various
350 Fifth Avenue (Empire State Building), New York, NY
 
office/
retail
 
—

 
21,551

 
38,934

 
803,025

 
n/a

 
21,551

 
841,959

 
863,510

 
(174,484
)
 
1930
 
2013
 
various
One Grand Central Place,
New York, NY
 
office/
retail
 
—

 
7,240

 
17,490

 
216,947

 
n/a

 
7,222

 
234,455

 
241,677

 
(98,280
)
 
1930
 
1954
 
various
First Stamford Place, Stamford, CT
 
office
 
178,378

 
22,952

 
122,739

 
53,718

 
n/a

 
24,862

 
174,547

 
199,409

 
(76,114
)
 
1986
 
2001
 
various
One Station Place, Stamford, CT (Metro Center)
 
office
 
93,606

 
5,313

 
28,602

 
13,489

 
n/a

 
5,313

 
42,091

 
47,404

 
(29,225
)
 
1987
 
1984
 
various
383 Main Avenue, Norwalk, CT
 
office
 
29,572

 
2,262

 
12,820

 
17,534

 
n/a

 
2,262

 
30,354

 
32,616

 
(11,933
)
 
1985
 
1994
 
various
500 Mamaroneck Avenue, Harrison, NY
 
office
 
—

 
4,571

 
25,915

 
22,393

 
n/a

 
4,571

 
48,308

 
52,879

 
(21,928
)
 
1987
 
1999
 
various
10 Bank Street, White Plains, NY
 
office
 
34,092

 
5,612

 
31,803

 
17,042

 
n/a

 
5,612

 
48,845

 
54,457

 
(19,441
)
 
1989
 
1999
 
various
10 Union Square, New York, NY
 
retail
 
48,966

 
5,003

 
12,866

 
1,787

 
n/a

 
5,003

 
14,653

 
19,656

 
(7,359
)
 
1987
 
1996
 
various
1542 Third Avenue, New York, NY
 
retail
 
29,384

 
2,239

 
15,266

 
424

 
n/a

 
2,239

 
15,690

 
17,929

 
(7,347
)
 
1991
 
1999
 
various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY
 
retail
 
38,996

 
4,462

 
15,817

 
783

 
n/a

 
4,462

 
16,600

 
21,062

 
(8,166
)
 
1962
 
1998
 
various
69-97 Main Street, Westport, CT
 
retail
 
—

 
2,782

 
15,766

 
943

 
n/a

 
2,782

 
16,709

 
19,491

 
(6,679
)
 
1922
 
2003
 
various
103-107 Main Street, Westport, CT
 
retail
 
—

 
1,243

 
7,043

 
182

 
n/a

 
1,260

 
7,208

 
8,468

 
(2,109
)
 
1900
 
2006
 
various
Property for development at the Transportation Hub in Stamford CT
 
land
 
—

 
4,542

 
—

 
7,986

 
—

 
12,528

 
—

 
12,528

 
—

 
n/a
 
n/a
 
n/a
Totals
 
 
 
$
717,164

 
$
199,287

 
$
918,018

 
$
1,550,350

 
$
—

 
$
209,182

 
$
2,458,473

 
$
2,667,655

 
$
(656,900
)
 
 
 
 
 
 






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, 2017, 2016 and 2015 are as follows:
 
 
2017
 
2016
 
2015
Balance, beginning of year
$
2,458,629

 
$
2,276,330

 
$
2,139,863

Acquisition of new properties
—

 
—

 
—

Improvements
228,162

 
197,680

 
156,754

Disposals
(19,136
)
 
(15,381
)
 
(20,287
)
Balance, end of year
$
2,667,655

 
$
2,458,629

 
$
2,276,330

The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2017 was $2,305,283.
2. Reconciliation of Accumulated Depreciation
The changes in our accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 are as follows:
 
 
 
2017
 
2016
 
2015
Balance, beginning of year
 
$
556,546

 
$
465,584

 
$
377,552

Depreciation expense
 
119,490

 
106,343

 
108,319

Disposals
 
(19,136
)
 
(15,381
)
 
(20,287
)
Balance, end of year
 
$
656,900

 
$
556,546

 
$
465,584

Depreciation of investment properties reflected in the combined statements of income 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