New Valley LLC (Tables)

12 Months Ended

Dec. 31, 2015

Preliminary fair values of the assets acquired, liabilities assumed and the non-controlling interest recorded for Douglas Elliman

In 2014, the Company reassessed its initial purchase accounting allocations. The following table reconciles initial allocation to final allocation of acquired assets and liabilities:



	Preliminary December 13, 2013		Measurement Period Adjustments			Final December 13, 2013
	Preliminary December 13, 2013		Measurement Period Adjustments			Final December 13, 2013
Cash and cash equivalents	$	116,935	$	—		$	116,935
Other current assets	12,647		—			12,647
Property, plant and equipment, net	20,275		—			20,275
Goodwill	72,135		(1,729		)	70,406
Trademarks	80,000		—			80,000
Other intangible assets, net	12,928		5,856			18,784
Other non-current assets	3,384		—			3,384
Total assets acquired	$	318,304	$	4,127		$	322,431

Notes payable - current	$	201	$	—		$	201
Other current liabilities	26,247		105			26,352
Notes payable - long term	420		—			420
Other long-term liabilities	—		4,022			4,022
Total liabilities assumed	$	26,868	$	4,127		$	30,995

Net assets acquired	$	291,436	$	—		$	291,436

Non-controlling interest	$	85,703	$	—		$	85,703

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Long-term investments consist of the following investments accounted for under the equity method:



	December 31, 2015		December 31, 2014
Indian Creek Investors LP	$	4,989	$	8,053
Boyar Value Fund	7,302		—
Ladenburg Thalmann Financial Services Inc.	9,204		12,173
Castle Brands, Inc.	—		258
	$	21,495	$	20,484

Investments In non-consolidated real estate businesses

The components of “Investments in real estate ventures” were as follows:



	December 31, 2015		December 31, 2014

Land Development - Milanosesto Holdings (Sesto Holdings)	$	—	$	5,037

10 Madison Square Park (1107 Broadway)	11,391		6,383
The Marquand (11 East 68th Street)	13,900		12,000
11 Beach Street	13,209		12,328
20 Times Square (701 Seventh Avenue)	14,985		12,481
111 Murray Street	25,567		27,319
160 Leroy Street	3,952		1,467
215 Chrystie Street	5,592		3,300
The Dutch (25-19 43rd Avenue)	1,077		733
Queens Plaza (23-10 Queens Plaza South)	16,177		11,082
87 Park (8701 Collins Avenue)	8,658		6,144
125 Greenwich Street	9,750		9,308
West Hollywood Edition (9040 Sunset Boulevard)	10,510		5,604
76 Eleventh Avenue	17,967		—
Monad Terrace	6,608		—
Takanasee	4,680		—
Condominium and Mixed Use Development	164,023		108,149

Maryland Portfolio	—		3,234
ST Portfolio	15,754		15,283
Apartment Buildings	15,754		18,517

Park Lane Hotel	19,697		19,341
Hotel Taiwana	7,069		7,629
Coral Beach and Tennis Club	3,159		2,816
Hotels	29,925		29,786

The Plaza at Harmon Meadow	5,449		—
Commercial	5,449		—

Other	2,017		1,971

Investments in real estate ventures	$	217,168	$	163,460

Investment in Consolidated Real Estate

The components of “Real Estate Held for Sale, net” were as follows:



	December 31, 2015		December 31, 2014
Escena, net	$	10,716	$	10,643
Sagaponack	12,602		—
Investment in consolidated real estate businesses, net	$	23,318	$	10,643

The assets have been classified as an “Real estate held for sale, net” on the Company’s consolidated balance sheet and the components are as follows:



	December 31, 2015			December 31, 2014
Land and land improvements	$	8,907		$	8,953
Building and building improvements	1,875			1,865
Other	1,923			1,568
	12,705			12,386
Less accumulated depreciation	(1,989		)	(1,743		)
	$	10,716		$	10,643

Land Development [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Land Development:



	December 31, 2015		December 31, 2014
Balance Sheets
Investment in real estate	$	—	$	759,038
Total assets	—		789,107
Total debt	—		520,760
Total liabilities	$	—	$	609,066

Condominium and Mixed Use Development [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Condominium and Mixed Use Development:



	Year Ended December 31,
	2015		2014		2013
Income Statement
Revenue	$	141,884	$	182,635	$	39,120
Cost of Goods Sold	92,837		96,993		11,938
Other Expenses	10,672		6,798		22,375
Income from continuing operations	$	38,375	$	78,844	$	4,807



	December 31, 2015		December 31, 2014
Balance Sheets
Investment in real estate	$	2,921,611	$	1,617,397
Total assets	3,237,835		1,894,670
Total debt	2,014,682		1,121,099
Total liabilities	2,195,940		1,301,223
Non controlling interest	535,573		364,560

Douglas Elliman Realty LLC [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments



	January 1 through December 13,
	2013
Revenues	$	416,453
Costs and expenses	369,852
Depreciation expense	3,790
Amortization expense	213
Other income (expense)	(22		)
Interest expense, net	23
Income tax expense	996
Net income	$	41,557

Apartment and Office Buildings [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Apartment & Office Buildings:



	Year Ended December 31,
	2015		2014			2013
Income Statement
Revenue	$	83,871	$	85,704		$	59,917
Other Expenses	75,384		86,153			64,643
Income from continuing operations	$	8,487	$	(449	)	$	(4,726	)



	December 31, 2015			December 31, 2014
Balance Sheets
Investment in real estate	$	590,331		$	632,753
Total assets	626,513			669,368
Total debt	512,479			498,330
Total liabilities	529,692			511,027
Non controlling interest	(4,463		)	49,170

Hotels [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Hotels:



	Year Ended December 31,
	2015			2014			2013
Income Statement
Revenue	$	83,324		$	82,899		$	22,090
Cost of Goods Sold	3,837			3,064			3,691
Other Expenses	112,069			133,258			35,164
Loss from continuing operations	$	(32,582	)	$	(53,423	)	$	(16,765	)



	December 31, 2015		December 31, 2014
Balance Sheets
Investment in real estate	$	824,753	$	777,157
Total assets	894,447		903,677
Total debt	511,029		506,655
Total liabilities	538,426		540,706
Non controlling interest	294,470		295,051

Commercial [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Commercial:



	Year Ended December 31,
	2015			2014		2013
Income Statement
Revenue	$	5,638		$	—	$	—
Other Expenses	5,642			—		—
Loss from continuing operations	$	(4	)	$	—	$	—



	December 31, 2015		December 31, 2014
Balance Sheets
Investment in real estate	$	65,398	$	—
Total assets	67,343		—
Total debt	55,624		—
Total liabilities	56,415		—

Other [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of equity method investments

Other:



	Year Ended December 31,
	2015		2014		2013
Income Statement
Revenue	$	3,030	$	2,714	$	2,558
Other Expenses	1,049		1,019		927
Income from continuing operations	$	1,981	$	1,695	$	1,631



	December 31, 2015		December 31, 2014
Balance Sheets
Total assets	$	5,157	$	4,786
Total liabilities	$	1,022	$	766