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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 12/31/18
 
 
 
 
 
 
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
 
$
—

 
$
13,630

 
$
244,461

 
$
106,780

 
n/a

 
$
13,630

 
$
351,241

 
$
364,871

 
$
(41,629
)
 
1954
 
2014
 
various
1400 Broadway, New York, NY
 
office /
retail
 
—

 
—

 
96,338

 
40,261

 
—

 
—

 
136,599

 
136,599

 
(31,601
)
 
1930
 
2014
 
various
1333 Broadway, New York, NY
 
office /
retail
 
158,484

 
91,435

 
120,190

 
7,491

 
n/a

 
91,435

 
127,681

 
219,116

 
(22,331
)
 
1915
 
2013
 
various
1350 Broadway, New York, NY
 
office /
retail
 
—

 
—

 
102,518

 
27,161

 
—

 
—

 
129,679

 
129,679

 
(25,312
)
 
1929
 
2013
 
various
250 West 57th Street, New York, NY
 
office/
retail
 
—

 
2,117

 
5,041

 
141,581

 
n/a

 
2,117

 
146,622

 
148,739

 
(36,058
)
 
1921
 
1953
 
various
501 Seventh Avenue, New York, NY
 
office/
retail
 
—

 
1,100

 
2,600

 
94,778

 
n/a

 
1,100

 
97,378

 
98,478

 
(43,164
)
 
1923
 
1950
 
various
1359 Broadway, New York, NY
 
office/
retail
 
—

 
1,233

 
1,809

 
57,938

 
n/a

 
1,233

 
59,747

 
60,980

 
(26,549
)
 
1924
 
1953
 
various
350 Fifth Avenue (Empire State Building), New York, NY
 
office/
retail
 
—

 
21,551

 
38,934

 
895,989

 
n/a

 
21,551

 
934,923

 
956,474

 
(211,068
)
 
1930
 
2013
 
various
One Grand Central Place,
New York, NY
 
office/
retail
 
—

 
7,240

 
17,490

 
241,218

 
n/a

 
7,222

 
258,726

 
265,948

 
(109,502
)
 
1930
 
1954
 
various
First Stamford Place, Stamford, CT
 
office
 
178,616

 
22,952

 
122,739

 
63,292

 
n/a

 
24,862

 
184,121

 
208,983

 
(78,570
)
 
1986
 
2001
 
various
One Station Place, Stamford, CT (Metro Center)
 
office
 
91,592

 
5,313

 
28,602

 
15,301

 
n/a

 
5,313

 
43,903

 
49,216

 
(30,763
)
 
1987
 
1984
 
various
383 Main Avenue, Norwalk, CT
 
office
 
29,614

 
2,262

 
12,820

 
22,253

 
n/a

 
2,262

 
35,073

 
37,335

 
(12,876
)
 
1985
 
1994
 
various
500 Mamaroneck Avenue, Harrison, NY
 
office
 
—

 
4,571

 
25,915

 
22,198

 
n/a

 
4,571

 
48,113

 
52,684

 
(23,147
)
 
1987
 
1999
 
various
10 Bank Street, White Plains, NY
 
office
 
33,316

 
5,612

 
31,803

 
18,412

 
n/a

 
5,612

 
50,215

 
55,827

 
(21,134
)
 
1989
 
1999
 
various
10 Union Square, New York, NY
 
retail
 
49,116

 
5,003

 
12,866

 
1,966

 
n/a

 
5,003

 
14,832

 
19,835

 
(7,801
)
 
1987
 
1996
 
various
1542 Third Avenue, New York, NY
 
retail
 
29,459

 
2,239

 
15,266

 
425

 
n/a

 
2,239

 
15,691

 
17,930

 
(7,774
)
 
1991
 
1999
 
various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY
 
retail
 
38,370

 
4,462

 
15,817

 
783

 
n/a

 
4,462

 
16,600

 
21,062

 
(8,590
)
 
1962
 
1998
 
various
69-97 Main Street, Westport, CT
 
retail
 
—

 
2,782

 
15,766

 
1,046

 
n/a

 
2,782

 
16,812

 
19,594

 
(7,113
)
 
1922
 
2003
 
various
103-107 Main Street, Westport, CT
 
retail
 
—

 
1,243

 
7,043

 
321

 
n/a

 
1,260

 
7,347

 
8,607

 
(2,322
)
 
1900
 
2006
 
various
Property for development at the Transportation Hub in Stamford, CT
 
land
 
—

 
4,542

 
—

 
7,987

 
—

 
12,529

 
—

 
12,529

 
—

 
n/a
 
n/a
 
n/a
Totals
 
 
 
$
608,567

 
$
199,287

 
$
918,018

 
$
1,767,181

 
$
—

 
$
209,183

 
$
2,675,303

 
$
2,884,486

 
$
(747,304
)
 
 
 
 
 
 






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, 2018, 2017 and 2016 are as follows:
 
 
2018
 
2017
 
2016
Balance, beginning of year
$
2,667,655

 
$
2,458,629

 
$
2,276,330

Acquisition of new properties
—

 
—

 
—

Improvements
256,496

 
228,162

 
197,680

Disposals
(39,665
)
 
(19,136
)
 
(15,381
)
Balance, end of year
$
2,884,486

 
$
2,667,655

 
$
2,458,629

The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2018 was $2.5 billion.
2. Reconciliation of Accumulated Depreciation
The changes in our accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows:
 
 
 
2018
 
2017
 
2016
Balance, beginning of year
 
$
656,900

 
$
556,546

 
$
465,584

Depreciation expense
 
130,069

 
119,490

 
106,343

Disposals
 
(39,665
)
 
(19,136
)
 
(15,381
)
Balance, end of year
 
$
747,304

 
$
656,900

 
$
556,546

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