2.2.0.25falsefalse0207 - Disclosure - New Valley LLCtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000059440duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InvestmentsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
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<td width="1%" nowrap="nowrap" align="left"><b>7.</b></td>
<td width="1%"> </td>
<td><u><b>NEW VALLEY LLC</b></u></td>
</tr>
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<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of “Investments in non-consolidated real estate businesses” were as follows:</td>
</tr>
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<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
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<td>
<div style="margin-left:15px; text-indent:-15px">Douglas Elliman Realty LLC
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">48,750</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">46,421</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">New Valley Oaktree Chelsea Eleven LLC
</div></td>
<td> </td>
<td> </td>
<td align="right">11,065</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,958</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fifty Third-Five Building LLC
</div></td>
<td> </td>
<td> </td>
<td align="right">18,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Sesto Holdings S.r.l.
</div></td>
<td> </td>
<td> </td>
<td align="right">5,037</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,037</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Lofts 21 LLC
</div></td>
<td> </td>
<td> </td>
<td align="right">900</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Investments in non-consolidated real
estate businesses
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">83,752</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">80,416</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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<td width="1%" nowrap="nowrap" align="left"> </td>
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<td><i>Residential Brokerage Business. </i>New Valley recorded income of $3,404 and $4,571 for the
three months ended March 31, 2011 and 2010, respectively, associated with Douglas Elliman
Realty, LLC. New Valley received cash distributions from Douglas Elliman Realty, LLC of $1,075
and $1,962 for the three months ended March 31, 2011 and 2010, respectively. The summarized
financial information of Douglas Elliman Realty, LLC is as follows:</td>
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<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
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<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">44,855</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">45,032</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other current assets
</div></td>
<td> </td>
<td> </td>
<td align="right">6,296</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,989</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net
</div></td>
<td> </td>
<td> </td>
<td align="right">14,789</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15,556</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Trademarks
</div></td>
<td> </td>
<td> </td>
<td align="right">21,663</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,663</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Goodwill
</div></td>
<td> </td>
<td> </td>
<td align="right">38,435</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">38,424</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other intangible assets, net
</div></td>
<td> </td>
<td> </td>
<td align="right">1,273</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,337</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other non-current assets
</div></td>
<td> </td>
<td> </td>
<td align="right">3,073</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,416</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Notes payable — current
</div></td>
<td> </td>
<td> </td>
<td align="right">676</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,067</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">14,810</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,765</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Notes payable — long term
</div></td>
<td> </td>
<td> </td>
<td align="right">867</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,129</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other long-term liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">10,793</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,500</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Members’ equity
</div></td>
<td> </td>
<td> </td>
<td align="right">103,238</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">96,956</td>
<td> </td>
</tr>
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<b>
<u>
</u>
</b>
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<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended March 31,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
</tr>
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<td>
<div style="margin-left:15px; text-indent:-15px">Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">78,044</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">76,661</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Costs and expenses
</div></td>
<td> </td>
<td> </td>
<td align="right">71,501</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">67,175</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation expense
</div></td>
<td> </td>
<td> </td>
<td align="right">936</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">900</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization expense
</div></td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other income
</div></td>
<td> </td>
<td> </td>
<td align="right">977</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">397</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest expense, net
</div></td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">278</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income tax expense
</div></td>
<td> </td>
<td> </td>
<td align="right">199</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">271</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,280</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,357</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>Aberdeen Townhomes LLC. </i>In February 2011,
Aberdeen sold one of its two remaining
townhomes for $11,635, net of closing costs, and recorded gain on
sale of townhome of $3,135.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>New Valley Oaktree Chelsea Eleven, LLC. </i>Chelsea sold six units during the quarter ended
March 31, 2011. As of the financial statement issue date, sales of 40 of the 54 luxury
residential units have closed.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>As of March 31, 2011, Chelsea Eleven LLC had
approximately $39,328 of total assets and
$10,142 of total liabilities, excluding amounts owed to New Valley Oaktree Chelsea Eleven LLC
(approximately $114,418 at March 31, 2011).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>As of March 31, 2011, the Company had received net distributions of $1,393 from New Valley
Oaktree Chelsea Eleven LLC. New Valley recorded equity income of $1,500 for the three months
ended March 31, 2011 related to New Valley Chelsea. The Company’s maximum exposure to loss
on our investment in New Valley Chelsea Eleven LLC is $11,065 at March 31, 2011.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>Fifty Third-Five Building LLC. </i>In 2010, New Valley, through its NV 955 LLC subsidiary, contributed
$18,000 to a joint venture, Fifty Third-Five Building LLC (“JV”), of which it owns 50%. In 2010,
the JV acquired a defaulted real estate loan, collateralized by real estate located in Manhattan, NY for approximately $35,500. The previous lender had commenced proceedings seeking to foreclose
its mortgage. Upon acquisition of the loan, the JV succeeded to the rights of the previous lender
in the litigation. On April 27, 2011, the court granted the
JV’s motion for summary judgment,
dismissing certain substantive defenses raised by the borrower and
the other named parties, facilitating advancement of the foreclosure
process.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>Lofts 21 LLC</i>. In February 2011, New Valley LLC invested $900 for an approximate 12% interest in
Lofts 21 LLC. Lofts 21 LLC acquired an existing property in Manhattan, NY, which is scheduled
to be developed into condominiums. New Valley LLC will account for Lofts 21 LLC under the equity
method of accounting. Lofts 21 LLC is a variable interest entity;
however, New Valley LLC is not the primary beneficiary. New Valley
LLC’s maximum exposure to loss as a result of this investment is
$900.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>St. Regis Hotel, Washington, D.C. </i>As of March 31, 2011, the Company does not anticipate
receiving any additional installments related to the sale of the tax credits related to its
former interest in St. Regis Hotel.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><u>Investment in Escena:</u></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of the Company’s investment in Escena are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">March 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">December 31,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Land and land improvements
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">11,112</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,112</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Building and building improvements
</div></td>
<td> </td>
<td> </td>
<td align="right">1,471</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,471</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">1,177</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,144</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">13,760</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,727</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Less accumulated depreciation
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(452</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(373</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">13,308</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13,354</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company recorded operating income of approximately $467 and $282 for three months
ended March 31, 2011 and 2010, respectively, from Escena.</td>
</tr>
</table>
</div>
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</div>
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