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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2018
Schedule of Equity Method Investments [Line Items] |
Schedule of general information on joint ventures | As of June 30, 2018 and December 31, 2017, the carrying value for acquisition, development and construction arrangements were as follows (in thousands):
Loan Type |  | June 30, 2018 |  | December 31, 2017 |  | Maturity Date
Preferred Equity |  | $ | 141,000 |  |  | $ | — |  |  | September 2018
Mezzanine Loan(1) |  | 44,483 |  |  | 44,823 |  |  | February 2022
Mezzanine Loan(2) |  | 28,105 |  |  | 26,716 |  |  | July 2036
Mezzanine Loan and Preferred Equity(3) |  | — |  |  | 100,000 |  |  |
|  | $ | 213,588 |  |  | $ | 171,539 |  |  |
(1) | We have an option to convert our loan to an equity interest subject to certain conditions. We have determined that our option to convert the loan to equity is not a derivative financial instrument pursuant to GAAP.
(2) | The Company was redeemed on this investment in July 2018.
(3) | The mezzanine loan was repaid and the preferred equity interest was redeemed in March 2018.
The table below provides general information on each of our joint ventures as of June 30, 2018:
Property | Partner | Ownership Interest(1) | Economic Interest(1) | Unaudited Approximate Square Feet | Acquisition Date(2) | Acquisition Price(2) (in thousands)
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 |  | February 2000 | $ | 95,800 |
717 Fifth Avenue | Jeff Sutton/Private Investor | 10.92% | 10.92% | 119,500 |  | September 2006 | 251,900 |
800 Third Avenue | Private Investors | 60.52% | 60.52% | 526,000 |  | December 2006 | 285,000 |
919 Third Avenue(3) | New York State Teacher's Retirement System | 51.00% | 51.00% | 1,454,000 |  | January 2007 | 1,256,727 |
11 West 34th Street | Private Investor/ Jeff Sutton | 30.00% | 30.00% | 17,150 |  | December 2010 | 10,800 |
3 Columbus Circle(4) | The Moinian Group | 48.90% | 48.90% | 741,500 |  | January 2011 | 500,000 |
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 |  | March 2011 | 400,000 |
1552-1560 Broadway(5) | Jeff Sutton | 50.00% | 50.00% | 57,718 |  | August 2011 | 136,550 |
724 Fifth Avenue(6) | Jeff Sutton | 50.00% | 50.00% | 65,010 |  | January 2012 | 223,000 |
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 |  | February 2012 | 252,500 |
521 Fifth Avenue | Plaza Global Real Estate Partners LP | 50.50% | 50.50% | 460,000 |  | November 2012 | 315,000 |
21 East 66th Street(7) | Private Investors | 32.28% | 32.28% | 13,069 |  | December 2012 | 75,000 |
650 Fifth Avenue(8) | Jeff Sutton | 50.00% | 50.00% | 69,214 |  | November 2013 | — |
121 Greene Street | Jeff Sutton | 50.00% | 50.00% | 7,131 |  | September 2014 | 27,400 |
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 |  | November 2014 | 295,000 |
Stonehenge Portfolio(9) | Various | Various | Various | 1,439,016 |  | February 2015 | 36,668 |
131-137 Spring Street | Invesco Real Estate | 20.00% | 20.00% | 68,342 |  | August 2015 | 277,750 |
605 West 42nd Street | The Moinian Group | 20.00% | 20.00% | 927,358 |  | April 2016 | 759,000 |
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 |  | August 2016 | 2,605,000 |
333 East 22nd Street | Private Investors | 33.33% | 33.33% | 26,926 |  | August 2016 | — |
400 East 57th Street(10) | BlackRock, Inc and Stonehenge Partners | 51.00% | 41.00% | 290,482 |  | October 2016 | 170,000 |
One Vanderbilt(11) | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | — |  | January 2017 | 3,310,000 |
Mezzanine Loan(12) | Private Investors | 33.33% | 33.33% | — |  | May 2017 | 15,000 |
Worldwide Plaza | RXR Realty / New York REIT / Private Investor | 24.35% | 24.35% | 2,048,725 |  | October 2017 | 1,725,000 |
1515 Broadway(13) | Allianz Real Estate of America | 56.87% | 56.87% | 1,750,000 |  | November 2017 | 1,950,000 |
(1) | Ownership interest and economic interest represent the Company's interests in the joint venture as of June 30, 2018. Changes in ownership or economic interests within the current year are disclosed in the notes below.
(2) | Acquisition date and price represent the date on which the Company initially acquired an interest in the joint venture and the actual or implied gross purchase price for the joint venture on that date. Acquisition date and price are not adjusted for subsequent acquisitions or dispositions of interest.
(3) | In January 2018, the partnership agreement for our investment was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statement of operations. This fair value was allocated to the assets and liabilities, including identified intangibles of the property.
(4) | As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns floors three through eight at the property. Because the joint venture has an option to repurchase these floors, the gain associated with this sale was deferred.
(5) | The purchase price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.
(6) | In July 2018, the Company closed on the sale of substantially all of its interest in 724 Fifth Avenue to its joint venture partner.
(7) | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property.
(8) | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value.
(9) | In February and March 2018, the Company, together with its joint venture partner, closed on the sale of two properties from the Stonehenge Portfolio. These sales are further described under Sale of Joint Venture Interest of Properties below.
(10) | In October 2016, the Company sold a 49% interest in this property to an investment account managed by BlackRock, Inc. The Company's interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. The Company's joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on the Company's balance sheet.
(11) | The partners have committed aggregate equity totaling no less than $525 million and their ownership interest in the joint venture is based on their capital contributions, up to an aggregate maximum of 29.0%. At June 30, 2018 the total of the two partners' ownership interests based on equity contributed was 13.39%.
(12) | In May 2017, the Company contributed a mezzanine loan secured by a commercial property in midtown Manhattan to a joint venture and retained a 33.33% interest in the venture. The carrying value is net of $10.0 million that was sold, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting. The loan was repaid in August 2018.
(13) | In November 2017, the Company sold a 30% interest in 1515 Broadway to affiliates of Allianz Real Estate. The sale did not meet the criteria for sale accounting and as a result the property was accounted for under the profit sharing method at December 31, 2017. The Company achieved sale accounting upon adoption of ASC 610-20 in January 2018 and recorded a $0.6 billion gain from the sale of the partial interest and related step-up in basis to fair value of the retained non-controlling interest as an adjustment to beginning retained earnings based on the application of the modified retrospective adoption approach. The Company closed on the sale of an additional 13% interest in the property to Allianz in February 2018.
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases | The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at June 30, 2018 and December 31, 2017, respectively, are as follows (amounts in thousands):
Property |  | Economic Interest (1) |  | Maturity Date |  | Interest Rate (2) |  | June 30, 2018 |  | December 31, 2017
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |
521 Fifth Avenue |  | 50.50 | % |  | November 2019 |  |  | 3.73 | % |  | $ | 170,000 |  |  | $ | 170,000 |
717 Fifth Avenue (3) |  | 10.92 | % |  | July 2022 |  |  | 4.45 | % |  | 300,000 |  |  | 300,000 |
717 Fifth Avenue (3) |  | 10.92 | % |  | July 2022 |  |  | 5.50 | % |  | 355,328 |  |  | 355,328 |
650 Fifth Avenue (4) |  | 50.00 | % |  | October 2022 |  |  | 4.46 | % |  | 210,000 |  |  | 210,000 |
650 Fifth Avenue (4) |  | 50.00 | % |  | October 2022 |  |  | 5.45 | % |  | 65,000 |  |  | 65,000 |
21 East 66th Street |  | 32.28 | % |  | April 2023 |  |  | 3.60 | % |  | 12,000 |  |  | 12,000 |
919 Third Avenue |  | 51.00 | % |  | June 2023 |  |  | 5.12 | % |  | 500,000 |  |  | — |
3 Columbus Circle |  | 48.90 | % |  | March 2025 |  |  | 3.61 | % |  | 350,000 |  |  | 350,000 |
1515 Broadway |  | 56.87 | % |  | March 2025 |  |  | 3.93 | % |  | 864,238 |  |  | 872,528 |
11 Madison Avenue |  | 60.00 | % |  | September 2025 |  |  | 3.84 | % |  | 1,400,000 |  |  | 1,400,000 |
800 Third Avenue |  | 60.52 | % |  | February 2026 |  |  | 3.37 | % |  | 177,000 |  |  | 177,000 |
400 East 57th Street |  | 41.00 | % |  | November 2026 |  |  | 3.00 | % |  | 100,000 |  |  | 100,000 |
Worldwide Plaza |  | 24.35 | % |  | November 2027 |  |  | 3.98 | % |  | 1,200,000 |  |  | 1,200,000 |
Stonehenge Portfolio (5) |  | Various |  |  | Various |  |  | 4.20 | % |  | 323,058 |  |  | 357,282 |
Total fixed rate debt |  |  |  |  |  |  |  |  | $ | 6,026,624 |  |  | $ | 5,569,138 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |
724 Fifth Avenue (6) |  | 50.00 | % |  | April 2019 |  | L+ | 2.42 | % |  | $ | 275,000 |  |  | $ | 275,000 |
280 Park Avenue |  | 50.00 | % |  | September 2019 |  | L+ | 1.73 | % |  | 1,200,000 |  |  | 1,200,000 |
121 Greene Street |  | 50.00 | % |  | November 2019 |  | L+ | 1.50 | % |  | 15,000 |  |  | 15,000 |
10 East 53rd Street |  | 55.00 | % |  | February 2020 |  | L+ | 2.25 | % |  | 170,000 |  |  | 170,000 |
131-137 Spring Street |  | 20.00 | % |  | August 2020 |  | L+ | 1.55 | % |  | 141,000 |  |  | 141,000 |
1552 Broadway |  | 50.00 | % |  | October 2020 |  | L+ | 2.65 | % |  | 195,000 |  |  | 195,000 |
55 West 46th Street (7) |  | 25.00 | % |  | November 2020 |  | L+ | 2.13 | % |  | 174,430 |  |  | 171,444 |
11 West 34th Street |  | 30.00 | % |  | January 2021 |  | L+ | 1.45 | % |  | 23,000 |  |  | 23,000 |
100 Park Avenue |  | 49.90 | % |  | February 2021 |  | L+ | 1.75 | % |  | 360,000 |  |  | 360,000 |
One Vanderbilt (8) |  | 71.01 | % |  | September 2021 |  | L+ | 3.50 | % |  | 375,000 |  |  | 355,535 |
605 West 42nd Street |  | 20.00 | % |  | August 2027 |  | L+ | 1.44 | % |  | 550,000 |  |  | 550,000 |
21 East 66th Street |  | 32.28 | % |  | June 2033 |  | 1 Year Treasury+ | 2.75 | % |  | 1,608 |  |  | 1,648 |
Stonehenge Portfolio |  | Various |  |  | January 2021 |  | L+ | 1.40 | % |  | 38,000 |  |  | 55,340 |
175-225 Third Street (9) |  |  |  |  |  |  |  |  | — |  |  | 40,000 |
1745 Broadway (10) |  |  |  |  |  |  |  |  | — |  |  | 345,000 |
Jericho Plaza (11) |  |  |  |  |  |  |  |  | — |  |  | 81,099 |
Total floating rate debt |  |  |  |  |  |  |  |  | $ | 3,518,038 |  |  | $ | 3,979,066 |
Total joint venture mortgages and other loans payable |  |  |  |  | $ | 9,544,662 |  |  | $ | 9,548,204 |
Deferred financing costs, net |  |  |  |  |  |  |  |  | (110,924 | ) |  | (136,103 | )
Total joint venture mortgages and other loans payable, net |  |  |  |  | $ | 9,433,738 |  |  | $ | 9,412,101 |
(1) | Economic interest represents the Company's interests in the joint venture as of June 30, 2018. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
(2) | Interest rates as of June 30, 2018, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.
(3) | These loans are comprised of a $300.0 million fixed rate mortgage loan and $355.3 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate.
(4) | These loans are comprised of a $210.0 million fixed rate mortgage loan and $65.0 million fixed rate mezzanine loan.
(5) | Amount is comprised of $135.7 million, $54.8 million, and $132.6 million in fixed-rate mortgages that mature in August 2019, June 2024, and April 2028, respectively.
(6) | In July 2018, the Company closed on the sale of substantially all of its interest in 724 Fifth Avenue to its joint venture partner.
(7) | This loan has a committed amount of $195.0 million, of which $20.6 million was unfunded as of June 30, 2018.
(8) | This loan is a $1.5 billion construction facility, which bears interest at 350 basis points over 30-day LIBOR, with reductions in interest cost based on meeting certain conditions, and has an initial five-year term with two one-year extension options. Advances under the loan are subject to incurred costs, funded equity, loan to value thresholds, and entering into construction contracts.
(9) | In April 2018, along with our joint venture partner, we closed on the sale of the property.
(10) | In May 2018, along with our joint venture partner, we closed on the sale of the property.
(11) | In June 2018, we closed on the sale of our interest in the property.
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at June 30, 2018 and December 31, 2017 are as follows (in thousands):
| June 30, 2018 |  | December 31, 2017
Assets (1) |  |  |
Commercial real estate property, net | $ | 14,193,325 |  |  | $ | 12,822,133 |
Cash and restricted cash | 434,307 |  |  | 494,909 |
Tenant and other receivables, related party receivables, and deferred rents receivable, net of allowance | 308,653 |  |  | 349,944 |
Debt and preferred equity investments, net | 228,588 |  |  | 202,539 |
Other assets | 2,254,990 |  |  | 1,407,806 |
Total assets | $ | 17,419,863 |  |  | $ | 15,277,331 |
Liabilities and equity (1) |  |  |
Mortgages and other loans payable, net | $ | 9,433,738 |  |  | $ | 9,412,101 |
Deferred revenue/gain | 1,863,384 |  |  | 985,648 |
Other liabilities | 478,916 |  |  | 411,053 |
Equity | 5,643,825 |  |  | 4,468,529 |
Total liabilities and equity | $ | 17,419,863 |  |  | $ | 15,277,331 |
Company's investments in unconsolidated joint ventures | $ | 3,059,985 |  |  | $ | 2,362,989 |
(1) | The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.
Schedule of combined statements of income for the unconsolidated joint ventures | The combined statements of operations for the unconsolidated joint ventures, for the three and six months ended June 30, 2018 and 2017, are as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Total revenues | $ | 314,195 |  |  | $ | 210,590 |  |  | $ | 635,136 |  |  | $ | 427,109 |
Operating expenses | 50,356 |  |  | 39,147 |  |  | 110,129 |  |  | 77,941 |
Ground rent | 4,457 |  |  | 4,179 |  |  | 8,850 |  |  | 8,430 |
Real estate taxes | 55,838 |  |  | 35,170 |  |  | 112,865 |  |  | 70,109 |
Interest expense, net of interest income | 91,648 |  |  | 59,702 |  |  | 181,389 |  |  | 115,030 |
Amortization of deferred financing costs | 7,350 |  |  | 7,458 |  |  | 12,466 |  |  | 13,963 |
Transaction related costs | — |  |  | 56 |  |  | — |  |  | 146 |
Depreciation and amortization | 111,495 |  |  | 65,944 |  |  | 216,575 |  |  | 137,109 |
Total expenses | 321,144 |  |  | 211,656 |  |  | 642,274 |  |  | 422,728 |
Net (loss) income before gain on sale (1) | $ | (6,949 | ) |  | $ | (1,066 | ) |  | $ | (7,138 | ) |  | $ | 4,381 |
Company's equity in net income from unconsolidated joint ventures (1) | $ | 4,702 |  |  | $ | 3,412 |  |  | $ | 8,738 |  |  | $ | 10,026 |
(1) | The combined statements of operation and the Company's equity in net income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.
Discontinued Operations, Disposed of by Sale [Member] |
Schedule of Equity Method Investments [Line Items] |
Schedule of general information on joint ventures | The following table summarizes the investments in unconsolidated joint ventures sold during the six months ended June 30, 2018:
Property |  | Ownership Interest |  | Disposition Date |  | Type of Sale |  | Gross Asset Valuation (in thousands)(1) |  | Gain (Loss) on Sale (in thousands)(2)
1274 Fifth Avenue(3) |  | 9.83% |  | February 2018 |  | Property |  | $ | 44,100 |  |  | $ | (362 | )
1515 Broadway(4) |  | 13.00% |  | February 2018 |  | Ownership Interest |  | 1,950,000 |  |  | — |
Stonehenge Village(3) |  | 5.00% |  | March 2018 |  | Property |  | 287,000 |  |  | (5,701 | )
175-225 Third Street Brooklyn, New York |  | 95.00% |  | April 2018 |  | Property |  | 115,000 |  |  | 19,483 |
1745 Broadway |  | 56.87% |  | May 2018 |  | Property |  | 633,000 |  |  | 52,038 |
Jericho Plaza |  | 11.67% |  | June 2018 |  | Ownership Interest |  | 117,400 |  |  | 147 |
(1) | Represents implied gross valuation for the joint venture or sales price of the property.
(2) | Represents the Company's share of the gain (loss).
(3) | Property was part of the Stonehenge Portfolio.
(4) | Our investment in 1515 Broadway was marked to fair value on January 1, 2018 upon adoption of ASC 610-20.

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