Write-Off of Abandoned Development Projects and Demolition Costs

6 Months Ended

Jun. 30, 2014

Write-off of Abandoned Development Projects and Demolition Costs [Abstract]

Write-Off of Abandoned Development Projects and Demolition Costs [Text Block]

Write-Off of Abandoned Development Projects and Demolition Costs

On a quarterly basis, the Company reviews each project under development to determine whether it is probable that the project will be developed. If management determines that the project will not be developed, project costs and other expenses related to the project are written off and expensed as an abandoned development project cost. The Company abandons projects under development for a number of reasons, including, but not limited to, changes in local market conditions, increases in construction or financing costs or third party challenges related to entitlements or public financing. The Company wrote off abandoned development projects of $933,000 during the three and six months ended June 30, 2014 and $657,000 and $13,553,000 during the three and six months ended June 30, 2013, respectively. The amounts for 2014 include $650,000 of non-capitalizable demolition costs at Ten MetroTech Center.