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Properties Held for Sale and Property Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Properties Sold | The following table summarizes the properties sold during the years ended December 31, 2024, 2023, and 2022:
Property |  | Disposition Date |  | Property Type |  | Unaudited Approximate Usable Square Feet |  | Sales Price (1) (in millions) |  | (Loss) Gain on Sale (2) (in millions)
Giorgio Armani Residences at 760 Madison Avenue (3 Condominium Units) (3) |  | December 2024 |  | Fee Interest |  | 13,590 |  |  | $ | 63.5 |  |  | $ | (1.5) |
Palisades Premier Conference Center |  | July 2024 |  | Fee Interest |  | 450,000 |  |  | 26.3 |  |  | 7.3 |
719 Seventh Avenue |  | June 2024 |  | Fee Interest |  | 10,040 |  |  | 30.5 |  |  | (2.0) |
245 Park Avenue (4) |  | June 2023 |  | Fee Interest |  | 1,782,793 |  |  | 1,995.0 |  |  | (28.3) |
885 Third Avenue - Office Condominium Units (5) |  | 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) |
(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 $5.1 million, $11.3 million, and $11.2 million of employee compensation accrued in connection with the realization of the investment dispositions during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3)The remaining condominium units at 760 Madison are under contract and expected to close once completed in the first quarter of 2025. (4)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." (5)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.

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