5.	Investments in Unconsolidated Joint Ventures

On January 24, 2017, a joint venture in which we have a 5.0% ownership interest, acquired 60 Wall Street, a 1.6 million square foot office tower in Manhattan, for $1.04 billion from certain of our real estate funds and the other investors (see Note 6, Real Estate Fund Investments). In connection with the acquisition, the joint venture completed a $575,000,000 financing of the property. We began accounting for our investment in 60 Wall Street under the equity method, from the date of the acquisition.

Prior to May 5, 2017, our consolidated Residential Development Fund (“RDF”) owned 100% of the equity interests in 75 Howard Street, a fully-entitled residential condominium land parcel (“75 Howard”) in San Francisco, California. On May 5, 2017, RDF sold 80.0% of the equity interest in 75 Howard for $88,000,000 and recognized a $23,406,000 net gain on sale, of which our share, net of income taxes, was $1,661,000. Subsequent to the sale, RDF deconsolidated its investment in 75 Howard and began accounting for the remaining 20.0% under the equity method of accounting, however, we continue to consolidate our interest in RDF. We now have a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%.

The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2017 and 2016 and income from these investments for the years ended December 31, 2017, 2016 and 2015.

(Amounts in thousands)	Paramount	As of December 31,
Our Share of Investments:	Ownership	2017			2016
712 Fifth Avenue	50.0%	$	-	⁽¹⁾	$	2,912
60 Wall Street ⁽²⁾	5.0%		25,083			-
75 Howard	20.0% ⁽³⁾		16,031			-
Oder-Center, Germany ⁽²⁾	9.5%		3,648			3,499
Investments in unconsolidated joint ventures		$	44,762		$	6,411

(Amounts in thousands)	Paramount	For the Year Ended December 31,
Our Share of Net Income:	Ownership	2017				2016		2015
712 Fifth Avenue	50.0%	$	20,072		⁽¹⁾	$	7,335	$	6,734
60 Wall Street ⁽²⁾	5.0%		(152	)			-		-
75 Howard	20.0% ⁽³⁾		182				-		-
Oder-Center, Germany ⁽²⁾	9.5%		83				78		116
Income from unconsolidated joint ventures		$	20,185			$	7,413	$	6,850

⁽¹⁾

Prior to June 30, 2017, the basis of our investment in the property was $4,928. On June 30, 2017, we received a $20,000 distribution for our 50.0% share of net proceeds from refinancing the property. Because the distributions resulted in our basis becoming negative and because we have no further obligation to fund additional capital to the venture, we can no longer recognize our proportionate share of earnings for the venture until our basis is above zero. Accordingly, we are only recognizing income to the extent we receive cash distributions from the venture. As of December 31, 2017, the carrying amount of our investment in 712 Fifth Avenue is greater than our share of its equity by $20,336.

⁽²⁾	As of December 31, 2017, the carrying amount of our investments in 60 Wall Street and Oder-Center is greater than our share of equity in these investments by $2,869 and $5,166, respectively.

⁽³⁾	Represents RDF’s ownership interest in the property. We own a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%.