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Investments in Partially Owned Entities (Tables)
 9 Months Ended
Sep. 30, 2018
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
September 30, 2018
 
Balance as of
 
 
 
September 30, 2018
 
December 31, 2017
Investments:
 
 
 
 
 
 
Partially owned office buildings/land(1)
Various
 
$
502,826

 
$
504,393

 
Alexander’s
32.4%
 
111,842

 
126,400

 
PREIT
7.9%
 
61,514

 
66,572

 
UE
4.5%
 
45,398

 
46,152

 
Other investments(2)
Various
 
187,860

 
313,312

 
 
 
 
$
909,440

 
$
1,056,829

 
 
 
 
 
 
 
 
330 Madison Avenue(3)
25.0%
 
$
(57,935
)
 
$
(53,999
)
 
7 West 34th Street (4)
53.0%
 
(49,647
)
 
(47,369
)
 
 
 
 
$
(107,582
)
 
$
(101,368
)
____________________
(1)
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 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 and others.
(3)
Our negative basis resulted from a refinancing distribution and is included in “other liabilities” on our consolidated balance sheets.
(4)
Our negative basis resulted 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.

Below is a schedule of net income (loss) from partially owned entities.
(Amounts in thousands)
Percentage
Ownership at
September 30, 2018
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
 
 
 
2018
 
2017
 
2018
 
2017
Our share of net income (loss):
 
 
 
 
 
 
 
 
 
 
Alexander's (see page 26 for details):
 
 
 
 
 
 
 
 
 
 
Equity in net income(1)
32.4%
 
$
4,278

 
$
6,510

 
$
7,215

 
$
20,092

 
Management, leasing and development fees
 
 
1,149

 
1,335

 
3,378

 
4,351

 
 
 
 
5,427

 
7,845

 
10,593

 
24,443

 
 
 
 
 
 
 
 
 
 
 
 
UE (see page 26 for details):
 
 
 
 
 
 
 
 
 
 
Equity in net income(2)
4.5%
 
2,696

 
5,908

 
3,017

 
25,793

 
Management, leasing and development fees
 
 
67

 
100

 
217

 
518

 
 
 
 
2,763

 
6,008

 
3,234

 
26,311

 
 
 
 
 
 
 
 
 
 
 
 
Partially owned office buildings(3)
Various
 
735

 
(967
)
 
(1,546
)
 
79

 
 
 
 
 
 
 
 
 
 
 
 
PREIT (see page 26 for details)(4)
7.9%
 
(616
)
 
(49,748
)
 
(2,113
)
 
(53,480
)
 
 
 
 
 
 
 
 
 
 
 
 
Other investments(5)
Various
 
(1,103
)
 
(4,939
)
 
(4,109
)
 
8,225

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
7,206

 
$
(41,801
)
 
$
6,059

 
$
5,578

____________________
(1)
The three and nine months ended September 30, 2018 include our $1,085 share of a non-cash straight-line rent write-off adjustment related to Sears Roebuck and Co. which filed for Chapter 11 bankruptcy relief and our $518 share of Alexander’s litigation expense due to a settlement. The nine months ended September 30, 2018 also includes our $7,708 share of Alexander's potential additional Transfer Tax, our $3,162 share of higher interest expense due to an increase in average LIBOR and higher average mortgage balances due to a refinancing and our $1,802 share of expense related to the change in fair value of marketable securities held by Alexander’s.
(2)
The three and nine months ended September 30, 2017 include $5,200 and $21,100, respectively, of net gain resulting from UE operating partnership unit issuances.
(3)
Includes interests in 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. The nine month period ended September 30, 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 6 - Real Estate Fund Investments).
(4)
The three and nine months ended September 30, 2017 include a $44,465 non-cash impairment loss.
(5)
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. In the nine months ended September 30, 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.