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New Valley LLC (Tables)
 6 Months Ended
Jun. 30, 2019
Real Estate [Abstract]  
Investments in real estate ventures

Equity in Earnings (Losses) from Real Estate Ventures:

New Valley recognized equity in earnings (losses) from real estate ventures as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Condominium and Mixed Use Development:
 
 
 
 
 
 
 
            New York City SMSA
$
(1,120
)
 
$
(152
)
 
$
(3,226
)
 
$
(3,613
)
            All other U.S. areas
(2,258
)
 
(321
)
 
(2,366
)
 
(826
)
 
(3,378
)
 
(473
)
 
(5,592
)
 
(4,439
)
Apartment Buildings:
 
 
 
 
 
 
 
            All other U.S. areas
3

 
(1,717
)
 
3

 
(3,297
)
 
3

 
(1,717
)
 
3

 
(3,297
)
Hotels:
 
 
 
 
 
 
 
            New York City SMSA
8,942

 
(636
)
 
8,234

 
(1,450
)
            International
122

 
(143
)
 
(364
)
 
(568
)
 
9,064

 
(779
)
 
7,870

 
(2,018
)
Commercial:
 
 
 
 
 
 
 
            New York City SMSA
384

 
(121
)
 
263

 
(388
)
            All other U.S. areas
79

 
913

 
371

 
1,143

 
463

 
792

 
634

 
755

 
 
 
 
 
 
 
 
Other:
239

 
65

 
1,037

 
327

Equity in earnings (losses) from real estate ventures
$
6,391

 
$
(2,112
)
 
$
3,952

 
$
(8,672
)

The components of “Investments in real estate ventures” were as follows:
 
Range of Ownership (1)
 
June 30, 2019
 
December 31, 2018
Condominium and Mixed Use Development:
 
 
 
 
 
            New York City SMSA
3.1% - 49.5%
 
$
84,593

 
$
65,007

            All other U.S. areas
15.0% - 48.5%
 
28,903

 
31,392

 
 
 
113,496

 
96,399

Hotels:
 
 
 
 
 
            New York City SMSA
5.2% - 18.4%
 
2,615

 
15,782

            International
49.0%
 
1,970

 
2,334

 
 
 
4,585

 
18,116

Commercial:
 
 
 
 
 
            New York City SMSA
49.0%
 
2,121

 
1,867

            All other U.S. areas
1.6%
 
7,354

 
7,053

 
 
 
9,475

 
8,920

 
 
 
 
 
 
Other:
15.0% - 50.0%
 
17,210

 
17,670

Investments in real estate ventures
 
 
$
144,766

 
$
141,105

______________________
(1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.

Contributions:

The components of New Valley’s contributions to its investments in real estate ventures were as follows:
 
Six Months Ended June 30,
 
2019
 
2018
Condominium and Mixed Use Development:
 
 
 
            New York City SMSA
$
21,537

 
$
533

 
21,537

 
533

Hotels:
 
 
 
            New York City SMSA
172

 
167

 
172

 
167

 
 
 
 
Other:
199

 
3,643

Total contributions
$
21,908

 
$
4,343


Maximum Exposure to Loss:

New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows:
 
June 30, 2019
Condominium and Mixed Use Development:
 
            New York City SMSA
$
89,515

            All other U.S. areas
41,403

 
130,918

Hotels:
 
            New York City SMSA
2,615

            International
1,970

 
4,585

Commercial:
 
            New York City SMSA
2,121

            All other U.S. areas
7,354

 
9,475

 
 
Other:
31,988

Total maximum exposure to loss
$
176,966


Distributions:

The components of distributions received by New Valley from its investments in real estate ventures were as follows:
 
Six Months Ended June 30,
 
2019
 
2018
Condominium and Mixed Use Development:
 
 
 
            New York City SMSA
$
571

 
$
34,490

            All other U.S. areas
1,279

 
—

 
1,850

 
34,490

Apartment Buildings:
 
 
 
            All other U.S. areas
3

 
201

 
3

 
201

Hotels:
 
 
 
            New York City SMSA
21,572

 
—

 
21,572

 
—

Commercial:
 
 
 
            New York City SMSA
9

 
—

            All other U.S. areas
129

 
341

 
138

 
341

 
 
 
 
Other
1,697

 
644

Total distributions
$
25,260

 
$
35,676
Combined Financial Statements for Unconsolidated Subsidiaries

Long-term investments consisted of the following:
 
June 30, 2019
 
December 31, 2018
Equity securities at fair value that qualify for the NAV practical expedient
$
53,175

 
$
54,628

Equity-method investments
10,639

 
11,631

 
$
63,814

 
$
66,259


Equity-method investments consisted of the following:
 
June 30,
2019
 
December 31, 2018
Indian Creek Investors LP (“Indian Creek”)
$
719

 
$
1,167

Boyar Value Fund (“Boyar”)
9,444

 
8,384

Ladenburg Thalmann Financial Services Inc. (“LTS”)
476

 
2,080

Castle Brands, Inc. (“Castle”)
—

 
—

 
$
10,639

 
$
11,631


The following summarized financial data for certain unconsolidated subsidiaries that meet certain thresholds pursuant to SEC Regulation S-X Rule 210.10-01(b) includes information for the 125 Greenwich Street investment. New Valley has elected a one-month lag reporting period for the investment.

Condominium and Mixed Use Development:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Income Statement
 
 
 
 
 
 
 
Revenue
$
2

 
$
12

 
$
3

 
$
21

Other expenses
2,013

 
143,723

 
2,755

 
144,478

Loss from continuing operations
$
(2,011
)
 
$
(143,711
)
 
$
(2,752
)
 
$
(144,457
)
Investments in Real Estate, net
Investments in Real Estate, net:

The components of “Investments in real estate, net” were as follows:
 
June 30,
2019
 
December 31,
2018
Escena, net
$
10,009

 
$
10,170

Sagaponack
17,203

 
16,050

            Investments in real estate, net
$
27,212

 
$
26,220



Escena.  The assets of “Escena, net” were as follows:
 
June 30,
2019
 
December 31,
2018
Land and land improvements
$
8,910

 
$
8,910

Building and building improvements
1,900

 
1,900

Other
1,608

 
2,162

 
12,418

 
12,972

Less accumulated depreciation
(2,409
)
 
(2,802
)
 
$
10,009

 
$
10,170