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Real Estate Disposition Activities | 3 Months Ended
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Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Real Estate Disposition Activities | Real Estate Disposition Activities The following real estate sales occurred during the three months ended March 31, 2022 (dollars in thousands):
Community name |  | Location |  | Period of sale |  | Apartment homes |  | Gross sales price |  | Gain on disposition (1)
Avalon West Long Branch |  | West Long Branch, NJ |  | Q122 |  | 180 |  | $ | 75,000 |  |  | $ | 56,434 |
Avalon Ossining |  | Ossining, NY |  | Q122 |  | 168 |  | $ | 70,000 |  |  | $ | 40,512 |
Avalon East Norwalk |  | Norwalk, CT |  | Q122 |  | 240 |  | $ | 90,000 |  |  | $ | 51,762 |
_________________________________ (1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. At March 31, 2022, 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 66,000 square feet of commercial space. During the three months ended March 31, 2022, the Company sold 15 residential condominiums at The Park Loggia for gross proceeds of $40,336,000, resulting in a gain in accordance with GAAP of $1,002,000. As of March 31, 2022, there were 34 residential condominiums remaining to be sold. The Company incurred $766,000 and $1,044,000 during the three months ended March 31, 2022 and 2021, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2022 and December 31, 2021, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $110,763,000 and $146,535,000, respectively, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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