Property Acquisition

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Property Acquisition

Property Acquisitions

2015 Acquisition

In July 2015, we acquired the fee interest at 110 Greene Street for $255.0 million. We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets such as above-and below-market lease or in-place leases. We acquired a 90.0% controlling interest in this property for consideration that included the issuance of $5.0 million and $6.7 million aggregate liquidation preferences of Series P and Q Preferred Units, respectively, of limited partnership interest of the Operating Partnership and cash.

2014 Acquisitions

During the year ended December 31, 2015, we finalized the purchase price allocation based on third party appraisal and additional facts and circumstances that existed at the acquisition dates for the following 2014 acquisitions (in thousands):

	102 Greene Street(1)		635 Madison Ave(1)		115 Spring Street(1)
Acquisition Date	October 2014		September 2014		July 2014
Ownership Type	Fee Interest		Fee Interest		Fee Interest
Property Type	Retail		Land		Retail
Purchase Price Allocation:
Land	$	8,215	$	205,632	$	11,078
Building and building leasehold	26,717		15,805		44,799
Above-market lease value	—		—		—
Acquired in-place lease value	1,015		17,345		2,037
Other assets, net of other liabilities	3		—		—
Assets acquired	35,950		238,782		57,914
Mark-to-market assumed debt	—		—		—
Below-market lease value	3,701		85,036		4,789
Liabilities assumed	3,701		85,036		4,789
Purchase price	$	32,249	$	153,746	$	53,125
Net consideration funded by us at closing, excluding consideration financed by debt	$	32,249	$	153,746	$	53,125
Equity and/or debt investment held	$	—	$	—	$	—
Debt assumed	$	—	$	—	$	—

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(1) Based on our preliminary analysis of the purchase price, we had allocated $11.3 million and $21.0 million to land and building, respectively, at 102 Greene Street, $153.7 million to land at 635 Madison Avenue, and $15.9 million and $37.2 million to land and building, respectively, at 115 Spring Street. The impact to our consolidated statement of operations for the year ended December 31, 2015 was $1.9 million in rental revenue for the amortization of aggregate below-market leases and $1.1 million of depreciation expense.

During the year ended December 31, 2013, the properties listed below were acquired from third parties. The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these acquisitions (in thousands):

	315 West 33rd Street(1)		16 Court Street(2)
Acquisition Date	November 2013		April 2013
Ownership Type	Fee Interest		Fee Interest
Property Type	Residential		Office
Purchase Price Allocation:
Land	$	195,834	$	19,217
Building and building leasehold	164,429		63,210
Above-market lease value	7,084		5,122
Acquired in-place lease value	26,125		9,422
Other assets, net of other liabilities	1,142		3,380
Assets acquired	394,614		100,351
Mark-to-market assumed debt	—		294
Below-market lease value	7,839		3,885
Liabilities assumed	7,839		4,179
Purchase price	$	386,775	$	96,172
Net consideration funded by us at closing, excluding consideration financed by debt	$	386,775	$	4,000
Equity and/or debt investment held	$	—	$	11,535
Debt assumed	$	—	$	84,642

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(1) During the year ended December 31, 2014, we finalized the purchase price allocation based on a third party appraisal and additional facts and circumstances that existed at the acquisition dates. These adjustments did not have a material impact to our consolidated statement of operations for the year ended December 31, 2014.

(2) This property was transferred from SL Green in 2014. See Note 1, "Organization and Basis of Presentation," for further discussion. In April 2013, we acquired interests from our joint venture partner, City Investment Fund, in 16 Court Street in Brooklyn for $4.0 million. We have consolidated the ownership of the building. The transaction valued the consolidated interest at $96.2 million, inclusive of the $84.6 million mortgage encumbering the property. In April 2014, we repaid the mortgage.