Properties Held for Sale and Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold and income from discontinued operations

The following table summarizes the properties sold during the years ended December 31, 2018, 2017, and 2016:

Property	Disposition Date	Property Type	Unaudited Approximate Usable Square Feet	Sales Price(1) (in millions)		Gain (Loss) on Sale(2) (in millions)
2 Herald Square(3)	November 2018	Office/Retail	369,000	$	265.0	$	—
400 Summit Lake Drive	November 2018	Land	39.5 acres	3.0		(36.2		)
Upper East Side Assemblage(4)(5)	October 2018	Development	70,142	143.8		(6.3		)
1-6 International Drive	July 2018	Office	540,000	55.0		(2.6		)
635 Madison Avenue	June 2018	Retail	176,530	153.0		(14.1		)
115-117 Stevens Avenue	May 2018	Office	178,000	12.0		(0.7		)
600 Lexington Avenue	January 2018	Office	303,515	305.0		23.8
1515 Broadway (6)	December 2017	Office	1,750,000	1,950.0		—
125 Chubb Way	October 2017	Office	278,000	29.5		(26.1		)
16 Court Street	October 2017	Office	317,600	171.0		64.9
680-750 Washington Boulevard	July 2017	Office	325,000	97.0		(44.2		)
520 White Plains Road	April 2017	Office	180,000	21.0		(14.6		)
102 Greene Street (7)	April 2017	Retail	9,200	43.5		4.9
400 East 57th Street	October 2016	Residential	290,482	83.3		23.9
11 Madison Avenue (8)	August 2016	Office	2,314,000	2,605.0		3.6
500 West Putnam	July 2016	Office	121,500	41.0		(10.4		)
388 Greenwich	June 2016	Office	2,635,000	2,002.3		206.5
7 International Drive	May 2016	Land	31 Acres	20.0		(6.9		)
248-252 Bedford Avenue	February 2016	Residential	66,611	55.0		15.3
885 Third Avenue (9)	February 2016	Leased Fee Interest	607,000	453.0		(8.8		)

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

(2) The gain on sale for 600 Lexington, 16 Court Street, 102 Greene Street, 400 East 57th Street, 11 Madison Avenue, 388 Greenwich, and 248-252 Bedford Avenue are net of $1.3 million, $2.5 million, $0.9 million, $1.0 million, $0.6 million, $1.6 million, and $1.3 million in employee compensation accrued in connection with the realization of these investment gains. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.

(3) In November 2018, the company sold a 49% interest in 2 Herald Square to an Israeli institutional investor. See Note 6, "Investments in Unconsolidated Joint Ventures."

(4) Upper East Side Assemblage consists of 260 East 72nd Street, 31,076 square feet of development rights, 252-254 East 72nd Street, 257 East 71st Street, 259 East 71st Street, and 1231 Third Avenue.

(5) The Company recorded a $5.8 million charge in 2018 that is included in depreciable real estate reserves and impairment in the consolidated statement of operations.

(6) In November 2017, the Company sold a 30.13% interest in 1515 Broadway to affiliates of Allianz Real Estate. At that time, the sale did not meet the criteria for sale accounting and as a result the property was accounted for under the profit sharing method. The Company achieved sale accounting upon adoption of ASC 610-20 in January 2018 and closed on the sale of an additional 12.87% interest in the property to Allianz in February 2018. See Note 6, "Investments in Unconsolidated Joint Ventures."

(7) In April 2017, we closed on the sale of a 90% interest 102 Greene Street and had subsequently accounted for our interest in the property as an investment in unconsolidated joint ventures. We sold the remaining 10% interest in September 2017. See Note 6, "Investments in Unconsolidated Joint Ventures."

(8) In August 2016, we sold a 40% interest in 11 Madison Avenue. At that time, the sale did not meet the criteria for sale accounting and, as a result, the property was accounted for under the profit sharing method. In November 2016, the Company obtained consent to the modifications to the mortgage on the property, which resulted in the Company achieving sale accounting on the transaction. See Note 6, "Investments in Unconsolidated Joint Ventures."

(9) In February 2016, we closed on the sale of 885 Third Avenue. At that time, the sale did not meet the criteria for sale accounting and as a result the property remained on our consolidated financial statements until the criteria was met in April 2017.