Property Dispositions

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Property Dispositions

The following table summarizes the properties sold during the years ended December 31, 2015, 2014 and 2013:

Property	Disposition Date	Property Type	Approximate Usable Square Feet (unaudited)	Sale Price (1)  (in millions)		Gain (loss) on Sale(2) (in millions)
140 Grand Street(3)	December 2015	Office	130,100	$	22.4	$	(10.5	)
131-137 Spring Street(4)	August 2015	Office	68,342	$	277.8	$	101.1
673 First Avenue	May 2014	Office	422,000	$	145.0	$	117.6
333 West 34th Street	August 2013	Office	345,400	$	220.3	$	13.8

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(1) Sales price represents the actual sales price for the property or the gross asset valuation for the interest in a property.

(2) The gain on sale for 131-137 Spring Street, 673 First Avenue and 333 West 34th Street are net of $4.1 million, $3.4 million and $3.0 million, respectively, in employee compensation awards accrued in connection with the realization of these investment gains as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.

(3) Gain/(loss) on sale includes a $10.0 million charge that was recorded during the third quarter of 2015. This charge is included in depreciable real estate reserves in the consolidated statement of operations.

(4) We sold an 80% interest in 131-137 Spring Street and have subsequently accounted for our interest in the properties as an investment in unconsolidated joint ventures. See Note 5, "Debt, Preferred Equity and Other Investments."

Discontinued Operations

The Company adopted ASU 2014-08 effective January 1, 2015. As a result, the Company classified 140 Grand Street in White Plains, New York as held for sale as of September 30, 2015 and 131-137 Spring Street as of June 30, 2015, and included the results of operations in continuing operations for all periods presented. Discontinued operations included the results of operations of real estate assets sold or held for sale prior to January 1, 2015. This included 673 First Avenue, which was sold in May 2014 and 333 West 34th Street, which was sold in August 2013.

There were no discontinued operations for the year ended December 31, 2015. The following table summarizes net income from discontinued operations for the years ended December 31, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2014		2013
Revenues
Rental revenue	$	7,853	$	28,843
Escalation and reimbursement revenues	1,080		4,093
Other income	—		8
Total revenues	8,933		32,944
Operating expenses	1,222		6,733
Real estate taxes	1,402		4,571
Ground rent	3,001		7,974
Interest expense, net of interest income	879		2,933
Depreciation and amortization	433		4,826
Total expenses	6,937		27,037
Net income from discontinued operations	$	1,996	$	5,907