Investment in 111 West 57th Partners LLC (Tables)

9 Months Ended

Sep. 30, 2017

Investment in 111 West 57th Partners LLC [Abstract]

Initial Investment and Other Information Relating to the 111 West 57th Property

Amounts relating to the Company’s initial June 2013 investment and other information relating to the 111 West 57^th Property are as follows:

($ in thousands)
Company’s aggregate initial investment	$	57,250
Company’s aggregate initial membership interest %		60.3	%
Other members and Sponsor initial investment	$	37,750
Approximate gross square feet of project		346,000

Information Relating to Financing for 111 West 57th Partners

Information relating to the June 30, 2015 financing for 111 West 57^th Partners is as follows:

(in thousands)
Financing obtained by 111 West 57th Partners - AIG	$	400,000
Financing obtained by 111 West 57th Partners - Apollo	$	325,000
Annaly CRE LLC initial mortgage and acquisition loan repaid	$	230,000

Equity Method Investments

As a result of the matters described herein, the following tables present summarized financial information for 111 West 57^th Partners solely for the periods indicated.  The amounts shown represent 100% of the financial position and results of operations of 111 West 57^th Partners for the dates indicated below.

(in thousands)

Assets:	December 31, 2016
Real estate held for development, net	$	563,133
Escrow deposits		9,000
Other assets		6,908
Total assets	$	579,041
Liabilities:
Loans payable	$	441,749
Other liabilities		16,788
Total liabilities		458,537
Equity:
Total members' equity		120,504
Total liabilities and members' equity	$	579,041

	Three Months Ended			Nine Months Ended
(in thousands)	September 30, 2016			September 30, 2016
Rental income	$	-		$	-
Expenses		81			910
Net income (loss)	$	(81	)	$	(910	)