Real Estate Disposition Activities

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

The following real estate sales occurred during the nine months ended September 30, 2020:


Community Name	Location	Period of sale	Apartment homes	Gross sales price		Gain on Disposition (1)
Avalon Shelton	Shelton, CT	Q120	250	$	64,750	$	24,413
Avalon Tinton Falls	Tinton Falls, NJ	Q220	216	$	64,900	$	35,297
Avalon Towers	Long Beach, NY	Q320	109	$	54,000	$	31,603

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(1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

At September 30, 2020, the Company had no real estate assets that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 67,000 square feet of commercial space. During the three and nine months ended September 30, 2020, the Company sold seven and 59 residential condominiums at The Park Loggia, for gross proceeds of $15,699,000 and $182,512,000, respectively, resulting in a gain in accordance with GAAP of $727,000 and $8,174,000, respectively. The Company incurred $1,373,000 and $1,108,000 during the three months ended September 30, 2020 and 2019, respectively, and $4,012,000 and $2,526,000 during the nine months ended September 30, 2020 and 2019, respectively, in marketing and administrative costs associated with The Park Loggia. All amounts are included in gain (loss) on for-sale condominiums, net of marketing and administrative costs, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $298,429,000, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.