Real Estate Disposition Activities

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Disposition Activities

Real Estate Disposition Activities

At March 31, 2023, the Company had one real estate asset that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the three months ended March 31, 2023 and 2022, the Company sold one and 15 residential condominiums at The Park Loggia for gross proceeds of $3,907,000 and $40,336,000, respectively, resulting in a gain in accordance with GAAP of $28,000 and $1,002,000, respectively. The Company incurred $202,000 and $766,000 for the three months ended March 31, 2023 and 2022, respectively, in marketing, operating and administrative costs. All amounts are included in other real estate activity, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2023, there were eight residential condominiums remaining to be sold. As of March 31, 2023 and December 31, 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $28,913,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.