XML 46 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment in 111 West 57th Partners LLC (Details)
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
ft²
Jun. 30, 2015
USD ($)
Investment in 111 West 57th Partners LLC [Abstract]        
Percentage ownership (in hundredths)     60.30%  
Additional contributions made by other partners in the agreement     $ 37,750,000  
Description of partnership agreement distribution   The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor.    
Subordinated participation interest to CEO (in hundredths) 10.00%      
Percentage of distribution on company's initial investment expected to be received (in hundredths) 150.00%      
Initial aggregate investment in Investment LLC     $ 57,250,000  
Noncontrolling Interest [Line Items]        
Additional capital contributions   $ 6,911,000    
Sponsor calculation of Investment LLC aggregate investment % after dilution (in hundredths)   48.00%    
Area of Real Estate Property | ft²     346,000  
Financing obtained by 111 W 57th Partners       $ 725,000,000
Annaly CRE LLC initial mortgage and acquisition loan repaid       $ 230,000,000
Net proceeds distributed to partners in July 2015   $ 11,699,000 $ 0  
Amount of proceeds retained by the Company   1,831,000    
Amount of Capital Contr. & Proceeds returned to Capital LLC   9,868,000    
Payments to Acquire Equity Method Investments   6,911,000 17,010,000  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity   867,000    
Equity Method Investment, Summarized Financial Information, Assets [Abstract]        
Real estate held for development, net   440,370,000 326,387,000  
Escrow deposits   9,400,000 26,011,000  
Other assets   26,827,000 16,370,000  
Total assets   476,597,000 368,768,000  
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract]        
Mortgage payable   340,693,000 230,000,000  
Other liabilities   14,447,000 8,319,000  
Total liabilities   355,140,000 238,319,000  
Equity:        
Total equity   121,457,000 130,449,000  
Total liabilities and equity   476,597,000 368,768,000  
Income (Loss) [Abstract]        
Rental income   0 1,039,000  
Expenses   3,158,000 4,526,000  
Net income (loss)   $ (3,158,000) $ (3,487,000)  
Investment LLC [Member] | Capital LLC [Member]        
Noncontrolling Interest [Line Items]        
Percentage of outstanding shares to be owned by CEO, minimum (in hundredths)   20.00%    
Terms of distributions to Capital LLC   available cash of Investment LLC will be distributed first to Capital LLC until it has received a 20% internal rate of return (calculated as provided for in the JV Agreement), second to the Company until it has received 150% of its capital, and; thereafter, available cash is split 10/90 with 10% going to Mr. R.A. Bianco as the subordinated participation interest noted above and 90% going to Capital LLC and the Company pari-passu, with Capital LLC receiving one-half of its pro-rata share based on capital contributed and the Company receiving the balance.