Properties Held for Sale and Property Dispositions

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended September 30, 2018, we entered into an agreement to sell the Upper East Side Residential Assemblage and 1231 Third Avenue in Manhattan for a gross sales price of $143.8 million. We closed on the sale of the Upper East Side Residential Assemblage and 1231 Third Avenue in October 2018.

As of September 30, 2018, 2 Herald Square, the Upper East Side Residential Assemblage, and 1231 Third Avenue were classified as held for sale. We closed on the sale of the Upper East Side Residential Assemblage and 1231 Third Avenue in October 2018. During the third quarter of 2018, the Company recorded a charge of $6.7 million in connection with the reclassification of the Upper East Side Residential Assemblage to held for sale. This charge is included in depreciable real estate reserves in the consolidated statement of operations.

Property Dispositions

The following table summarizes the properties sold during the nine months ended September 30, 2018:



Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price⁽¹⁾ (in millions)		Gain (loss)⁽²⁾ (in millions)
600 Lexington Avenue	January 2018	Fee Interest	303,515	$	305.0	$	23.8
115-117 Stevens Avenue	May 2018	Fee Interest	178,000	12.0		(0.7		)
635 Madison Avenue	June 2018	Fee Interest	176,530	153.0		(14.1		)
1-6 International Drive	July 2018	Fee Interest	540,000	55.0		(2.6		)


(1)	Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.


(2)	The gain on sale for 600 Lexington Avenue is net of $1.3 million in employee compensation accrued in connection with the realization of this investment gain. Additionally, gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods.