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Real Estate Fund Investments
 9 Months Ended
Sep. 30, 2019
Real Estate Fund Investments [Abstract]  
Real Estate Fund Investments
Real Estate Fund Investments
We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight-year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three-year investment period ended in July 2013. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.
We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting.
As of September 30, 2019, we have four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $306,596,000, or $22,968,000 below our cost, and had remaining unfunded commitments of $44,194,000, of which our share was $13,969,000. As of December 31, 2018, we had four real estate fund investments with an aggregate fair value of $318,758,000.
Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2019 and 2018.
(Amounts in thousands)
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
Net investment income
$
2,190

 
$
3,093

 
$
2,382

 
$
6,366

 
Net unrealized loss on held investments
—

 
(3,283
)
 
(16,162
)
 
(32,796
)
 
Net realized loss on exited investments
—

 
—

 
—

 
(913
)
 
New York City real property transfer tax (the "Transfer Tax")
—

 
—

 
—

 
(10,630
)
(1) 
Income (loss) from real estate fund investments
2,190

 
(190
)
 
(13,780
)
 
(37,973
)
 
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries
(735
)
 
(558
)
 
(8,427
)
 
34,338

 
Income (loss) from real estate fund investments attributable to the Operating Partnership
1,455

 
(748
)
 
(22,207
)
 
(3,635
)
 
Less (income) loss attributable to noncontrolling interests in the Operating Partnership
(95
)
 
46

 
1,403

 
224

 
Income (loss) from real estate fund investments attributable to Vornado
$
1,360

 
$
(702
)
 
$
(20,804
)
 
$
(3,411
)
 
____________________
(1)
Due to the disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recorded as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in the first quarter of 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019, and on April 25, 2019 the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision with the appellate court.