Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2023

Business Combination and Dispositions [Abstract]

Property Acquisitions

On September 14, 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6th Street and Wythe Avenue for a purchase price of $26.4 million. The property has three retail tenants and six residential units, and was fully leased as of September 30, 2023. The transaction was executed in accordance with a "1031 Exchange" under Section 1031 of the Internal Revenue Code of 1986, as amended. The purchase price is the fair value at the date of acquisition.

The following table summarizes properties acquired during the nine and twelve months ended September 30, 2023 and December 31, 2022, respectively (amounts in thousands):


						Intangibles
Property	Date Acquired	Land		Building and Improvements		Assets		Liabilities		Total*
Williamsburg Retail, Brooklyn	9/14/2023	$	4,851	$	20,936	$	1,573	$	(300)	$	27,060
298 Mulberry Street, Manhattan	12/20/2022	$	40,935	$	69,508	$	5,300	$	(150)	$	115,593

*Includes total capitalized transaction costs of $1.4 million.

Property Dispositions

The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2023 and December 31, 2022, respectively (amounts in thousands):


Property	Date of Disposal	Sales Price		Gain on Disposition
500 Mamaroneck Avenue, Harrison, New York*	4/5/2023	$	53,000	$	13,572
69-97 and 103-107 Main Street, Westport, Connecticut	2/1/2023	$	40,000	$	15,689
10 Bank Street, White Plains, New York	12/7/2022	$	42,000	$	6,818
383 Main Avenue, Norwalk, Connecticut**	4/1/2022	$	30,000	$	27,170

*The gain is net of approximately $2.0 million of estimated post-closing obligations related to contaminated soil remediation costs and our commitment to reimburse the buyer for a delay in rent commencement from a tenant impacted by the soil remediation efforts. Should this rent commencement be delayed beyond our current estimate, our maximum exposure to reimburse the buyer for such a delay, as limited by amounts held in escrow, is an incremental post-closing obligation of $3.6 million.

**We transferred the property, which was encumbered by a $30.0 million mortgage, back to the lender in a consensual foreclosure and recognized a non-cash gain upon the disposition.