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Properties Held for Sale and Property Dispositions | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023 and 2022, no properties were classified as held for sale. Property Dispositions The following table summarizes the properties sold during the years ended December 31, 2023, 2022, and 2021:
Property |  | Disposition Date |  | Property Type |  | Unaudited Approximate Usable Square Feet |  | Sales Price (1) (in millions) |  | (Loss) Gain on Sale (2) (in millions)
245 Park Avenue (3) |  | June 2023 |  | Fee Interest |  | 1,782,793 |  |  | $ | 1,995.0 |  |  | $ | (28.3) |
885 Third Avenue - Office Condominium Units (4) |  | December 2022 |  | Fee / Leasehold Interest |  | 414,317 |  |  | 300.4 |  |  | (24.0) |
609 Fifth Avenue |  | June 2022 |  | Fee Interest |  | 138,563 |  |  | 100.5 |  |  | (80.2) |
1591-1597 Broadway |  | May 2022 |  | Fee Interest |  | 7,684 |  |  | 121.0 |  |  | (4.5) |
1080 Amsterdam Avenue |  | April 2022 |  | Leasehold Interest |  | 85,250 |  |  | 42.7 |  |  | 17.9 |
707 Eleventh Avenue |  | February 2022 |  | Fee Interest |  | 159,720 |  |  | 95.0 |  |  | (0.8) |
110 East 42nd Street |  | December 2021 |  | Fee Interest |  | 215,400 |  |  | 117.1 |  |  | 3.6 |
590 Fifth Avenue |  | October 2021 |  | Fee Interest |  | 103,300 |  |  | 103.0 |  |  | (3.2) |
220 East 42nd Street (5) |  | July 2021 |  | Fee Interest |  | 1,135,000 |  |  | 783.5 |  |  | 175.1 |
635-641 Sixth Avenue |  | June 2021 |  | Fee Interest |  | 267,000 |  |  | 325.0 |  |  | 99.4 |
106 Spring Street (6) |  | March 2021 |  | Fee Interest |  | 5,928 |  |  | 35.0 |  |  | (2.8) |
133 Greene Street (6) |  | February 2021 |  | Fee Interest |  | 6,425 |  |  | 15.8 |  |  | 0.2 |
712 Madison Avenue (7) |  | January 2021 |  | Fee Interest |  | 6,600 |  |  | 43.0 |  |  | (1.4) |
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2)The (losses) gains on sale are net of $11.3 million, $11.2 million, and $13.7 million of employee compensation accrued in connection with the realization of the investment dispositions during the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3)In June 2023, the Company sold a 49.9% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and deconsolidation of the 50.1% interest we retained. We recorded our retained investment at fair value which resulted in the recognition of a fair value adjustment of ($17.0 million) that 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" and Note 16, " Fair Value Measurements." (4)In December 2022, the Company sold 414,317 square feet of office leasehold condominium units at the property. The Company retained the remaining 218,796 square feet of the building. (5)In July 2021, the Company sold a 49.9% 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 Ventures." (6)In March 2021, the property was foreclosed by the lender. (7)Disposition resulted from the ground lessee exercising its purchase option under a ground lease arrangement.

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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