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Properties Held for Sale and Property Dispositions | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Properties Held for Sale and Property Dispositions | Properties Held for Sale and Property Dispositions Properties Held for Sale As of September 30, 2021, no properties were classified as held for sale. Property Dispositions The following table summarizes the properties disposed of during the nine months ended September 30, 2021:
Property |  | Disposition Date |  | Property Type |  | Approximate Square Feet |  | Gross Asset Valuation (in millions) |  | Gain (Loss) (in millions) (1)
712 Madison Avenue (2) |  | January 2021 |  | Fee Interest |  | 6,600 |  |  | $ | 43.0 |  |  | $ | (1.4) |
133 Greene Street (3) |  | February 2021 |  | Fee Interest |  | 6,425 |  |  | 15.8 |  |  | 0.2 |
106 Spring Street (3) |  | March 2021 |  | Fee Interest |  | 5,928 |  |  | 35.0 |  |  | (2.8) |
635-641 Sixth Avenue |  | June 2021 |  | Fee Interest |  | 267,000 |  |  | 325.0 |  |  | 99.4 |
220 East 42nd Street (4) |  | July 2021 |  | Fee Interest |  | 1,135,000 |  |  | 783.5 |  |  | 175.1 |
(1)The gains (losses) on sale are net of $11.7 million of employee compensation accrued in connection with the realization of the investment gains during the nine months ended September 30, 2021. Additionally, the amounts do not include adjustments for expenses recorded in subsequent periods. (2)Disposition resulted from the buyer exercising its purchase option under a ground lease arrangement. (3)In the first quarter of 2021, the property was foreclosed by the lender. (4)In July 2021, the Company sold a 49% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of the 51.0% interest we retained. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $206.8 million, which is reflected in the Company's consolidated statements of operations within Purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Venture."

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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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