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Investments in Partially Owned Entities (Tables)
 12 Months Ended
Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Below is a schedule summarizing our investments in partially owned entities.  
(Amounts in thousands)
Percentage
Ownership at
December 31, 2017
 
As of December 31,
 
 
2017
 
2016
Investments:
 
 
 
 
 
Partially owned office buildings/land(1)
Various
 
$
504,393

 
$
681,265

Alexander’s
32.4%
 
126,400

 
129,324

PREIT
8.0%
 
66,572

 
122,883

UE
4.5%
 
46,152

 
24,523

Other investments(2)
Various
 
313,312

 
420,259

 
 
 
$
1,056,829

 
$
1,378,254

 
 
 
 
 
 
330 Madison Avenue(3)
25.0%
 
$
(53,999
)
 
$
—

7 West 34th Street(4)
53.0%
 
(47,369
)
 
(43,022
)
 
 
 
$
(101,368
)
 
$
(43,022
)
________________________________________
(1)
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 330 Madison Avenue (in 2016 only - see (3) below), 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others.
(2)
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Moynihan Office Building, Toys (which has a carrying amount of zero), 666 Fifth Avenue Office Condominium and others.
(3)
Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets (in 2017 only).
(4)
Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets. 
5.
Investments in Partially Owned Entities – continued

Below is a schedule of net income (loss) from partially owned entities.

(Amounts in thousands)
Percentage
Ownership at
December 31, 2017
 
As of December 31,
 
 
2017
 
2016
 
2015
Our Share of Net Income (Loss):
 
 
 
 
 
 
 
PREIT (see page 126 for details):
 
 
 
 
 
 
 
Non-cash impairment loss
8.0%
 
$
(44,465
)
 
$
—

 
$
—

Equity in net loss
 
 
(8,860
)
 
(5,213
)
 
(7,450
)
 
 
 
(53,325
)
 
(5,213
)
 
(7,450
)
 
 
 
 
 
 
 
 
Alexander's (see page 125 for details):
 
 
 
 
 
 
 
Equity in net income
32.4%
 
25,820

 
27,470

 
24,209

Management, leasing and development fees
 
 
6,033

 
6,770

 
6,869

 
 
 
31,853

 
34,240

 
31,078

 
 
 
 
 
 
 
 
UE (see page 126 for details):
 
 
 
 
 
 
 
Net gain resulting from UE operating partnership unit issuances
4.5%
 
21,100

 
—

 
—

Equity in net income
 
 
5,558

 
5,003

 
2,430

Management fees
 
 
670

 
836

 
1,964

 
 
 
27,328

 
5,839

 
4,394

 
 
 
 
 
 
 
 
Partially owned office buildings(1)
Various
 
2,020

 
5,773

 
19,808

 
 
 
 
 
 
 
 
Other investments(2)
Various
 
7,324

 
128,309

 
(57,777
)
 
 
 
 
 
 
 
 
 
 
 
$
15,200

 
$
168,948

 
$
(9,947
)
____________________
(1)
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street (in 2017 and 2016 only), 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue (in 2017 only) and others.  In 2015, we recognized our $12,800 share of a write-off of a below-market lease liability related to a tenant vacating at 650 Madison Avenue.
(2)
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 85 Tenth Avenue (in 2016 and 2015 only), 666 Fifth Avenue Office Condominium, India real estate ventures and others. In 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV (see page 127 for details).  In 2017, 2016 and 2015, we recognized net losses of $25,414, $41,532 and $37,495, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. In 2016, the owner of 85 Tenth Avenue completed a 10-year, 4.55% $625,000 refinancing of the property and we received net proceeds of $191,779 in repayment of our existing loans and preferred equity investments. We recognized $160,843 of income and no tax gain as a result of this transaction. In 2016 and 2015, we recognized $13,962 and $14,806, respectively, of non-cash impairment losses related to India real estate ventures.
5.
Investments in Partially Owned Entities – continued
 
Below is a summary of the debt of our partially owned entities as of December 31, 2017 and 2016.  
(Amounts in thousands)
Percentage
Ownership at
December 31, 2017
 
Maturity
 
Interest
Rate at
December 31, 2017
 
100% Partially Owned Entities’
Debt at December 31, (1)
 
 
 
 
2017
 
2016
Partially owned office buildings(2):
 
 
 
 
 
 
 
 
 
Mortgages payable
Various
 
2019-2026
 
3.76%
 
3,934,894

 
3,227,053

 
 
 
 
 
 
 
 
 
 
PREIT:
 
 
 
 
 
 
 
 
 
Mortgages payable
8.0%
 
2018-2025
 
3.61%
 
1,586,045

 
1,747,543

 
 
 
 
 
 
 
 
 
 
UE:
 
 
 
 
 
 
 
 
 
Mortgages payable
4.5%
 
2018-2034
 
4.11%
 
1,415,806

 
1,209,994

 
 
 
 
 
 
 
 
 
 
Alexander's:
 
 
 
 
 
 
 
 
 
Mortgages payable
32.4%
 
2018-2024
 
2.61%
 
1,252,440

 
1,056,147

 
 
 
 
 
 
 
 
 
 
Other(3):
 
 
 
 
 
 
 
 
 
Mortgages payable and other
Various
 
2018-2023
 
7.73%
 
8,601,383

 
8,540,710

________________________________________
(1)
All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.
(2)
Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others.
(3)
Includes Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys, 666 Fifth Avenue Office Condominium, Moynihan Office Building and others.
 
Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $5,288,276,000 and $4,895,497,000 as of December 31, 2017 and 2016, respectively.