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Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended
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Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III—Real Estate and Accumulated Depreciation (amounts in thousands)
|  |  |  |  |  | Initial Cost to the Company |  | Cost Capitalized Subsequent to Acquisition |  | Gross Amount at which Carried at 12/31/16 |  |  |  |  |  |
Development |  | Type |  | Encumbrances |  | Land |  | Building & Improvements |  | Improvements |  | Carrying Costs |  | Land |  | Buildings & Improvements |  | Total |  | Accumulated Depreciation |  | Date of Construction |  | Date Acquired |  | Life on which depreciation in latest income statement is computed
111 West 33rd Street, New York, NY |  | office / retail |  | $ | 87,656 |  |  | $ | 13,630 |  |  | $ | 244,461 |  |  | $ | 46,954 |  |  | n/a |  |  | $ | 13,630 |  |  | $ | 291,415 |  |  | $ | 305,045 |  |  | $ | (20,781 | ) |  | 1954 |  | 2014 |  | various
1400 Broadway, New York, NY |  | office / retail |  | 79,237 |  |  | — |  |  | 96,338 |  |  | 19,908 |  |  | — |  |  | — |  |  | 116,246 |  |  | 116,246 |  |  | (19,003 | ) |  | 1930 |  | 2014 |  | various
1333 Broadway, New York, NY |  | office / retail |  | 69,520 |  |  | 91,435 |  |  | 120,190 |  |  | 4,965 |  |  | n/a |  |  | 91,435 |  |  | 125,155 |  |  | 216,590 |  |  | (14,064 | ) |  | 1915 |  | 2013 |  | various
1350 Broadway, New York, NY |  | office / retail |  | 38,842 |  |  | — |  |  | 102,518 |  |  | 18,986 |  |  | — |  |  | — |  |  | 121,504 |  |  | 121,504 |  |  | (14,154 | ) |  | 1929 |  | 2013 |  | various
250 West 57th Street, New York, NY |  | office/ retail |  | — |  |  | 2,117 |  |  | 5,041 |  |  | 95,233 |  |  | n/a |  |  | 2,117 |  |  | 100,274 |  |  | 102,391 |  |  | (27,130 | ) |  | 1921 |  | 1953 |  | various
501 Seventh Avenue, New York, NY |  | office/ retail |  | — |  |  | 1,100 |  |  | 2,600 |  |  | 89,650 |  |  | n/a |  |  | 1,100 |  |  | 92,250 |  |  | 93,350 |  |  | (36,636 | ) |  | 1923 |  | 1950 |  | various
1359 Broadway, New York, NY |  | office/ retail |  | — |  |  | 1,233 |  |  | 1,809 |  |  | 52,461 |  |  | n/a |  |  | 1,233 |  |  | 54,270 |  |  | 55,503 |  |  | (21,296 | ) |  | 1924 |  | 1953 |  | various
350 Fifth Avenue (Empire State Building), New York, NY |  | office/ retail |  | — |  |  | 21,551 |  |  | 38,934 |  |  | 691,784 |  |  | n/a |  |  | 21,551 |  |  | 730,718 |  |  | 752,269 |  |  | (137,791 | ) |  | 1930 |  | 2013 |  | various
One Grand Central Place, New York, NY |  | office/ retail |  | — |  |  | 7,240 |  |  | 17,490 |  |  | 201,322 |  |  | n/a |  |  | 7,222 |  |  | 218,830 |  |  | 226,052 |  |  | (87,075 | ) |  | 1930 |  | 1954 |  | various
First Stamford Place, Stamford, CT |  | office |  | 234,953 |  |  | 22,952 |  |  | 122,739 |  |  | 46,409 |  |  | n/a |  |  | 24,862 |  |  | 167,238 |  |  | 192,100 |  |  | (70,988 | ) |  | 1986 |  | 2001 |  | various
One Station Place, Stamford, CT (Metro Center) |  | office |  | 95,574 |  |  | 5,313 |  |  | 28,602 |  |  | 13,069 |  |  | n/a |  |  | 5,313 |  |  | 41,671 |  |  | 46,984 |  |  | (27,860 | ) |  | 1987 |  | 1984 |  | various
383 Main Avenue, Norwalk, CT |  | office |  | 28,639 |  |  | 2,262 |  |  | 12,820 |  |  | 15,281 |  |  | n/a |  |  | 2,262 |  |  | 28,101 |  |  | 30,363 |  |  | (10,776 | ) |  | 1985 |  | 1994 |  | various
500 Mamaroneck Avenue, Harrison, NY |  | office |  | — |  |  | 4,571 |  |  | 25,915 |  |  | 18,784 |  |  | n/a |  |  | 4,571 |  |  | 44,699 |  |  | 49,270 |  |  | (20,129 | ) |  | 1987 |  | 1999 |  | various
10 Bank Street, White Plains, NY |  | office |  | 31,531 |  |  | 5,612 |  |  | 31,803 |  |  | 14,665 |  |  | n/a |  |  | 5,612 |  |  | 46,468 |  |  | 52,080 |  |  | (19,174 | ) |  | 1989 |  | 1999 |  | various
10 Union Square, New York, NY |  | retail |  | 48,824 |  |  | 5,003 |  |  | 12,866 |  |  | 1,661 |  |  | n/a |  |  | 5,003 |  |  | 14,527 |  |  | 19,530 |  |  | (6,954 | ) |  | 1987 |  | 1996 |  | various
1542 Third Avenue, New York, NY |  | retail |  | 17,784 |  |  | 2,239 |  |  | 15,266 |  |  | 391 |  |  | n/a |  |  | 2,239 |  |  | 15,657 |  |  | 17,896 |  |  | (6,925 | ) |  | 1991 |  | 1999 |  | various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY |  | retail |  | 26,456 |  |  | 4,462 |  |  | 15,817 |  |  | 774 |  |  | n/a |  |  | 4,462 |  |  | 16,591 |  |  | 21,053 |  |  | (7,740 | ) |  | 1962 |  | 1998 |  | various
69-97 Main Street, Westport, CT |  | retail |  | — |  |  | 2,782 |  |  | 15,766 |  |  | 918 |  |  | n/a |  |  | 2,782 |  |  | 16,684 |  |  | 19,466 |  |  | (6,165 | ) |  | 1922 |  | 2003 |  | various
103-107 Main Street, Westport, CT |  | retail |  | — |  |  | 1,243 |  |  | 7,043 |  |  | 158 |  |  | n/a |  |  | 1,260 |  |  | 7,184 |  |  | 8,444 |  |  | (1,905 | ) |  | 1900 |  | 2006 |  | various
Property for development at the Transportation Hub in Stamford CT |  | land |  | — |  |  | 4,542 |  |  | — |  |  | 7,951 |  |  | — |  |  | 12,493 |  |  | — |  |  | 12,493 |  |  | — |  |  | n/a |  | n/a |  | n/a
Totals |  |  |  | $ | 759,016 |  |  | $ | 199,287 |  |  | $ | 918,018 |  |  | $ | 1,341,324 |  |  | — |  |  | $ | 209,147 |  |  | $ | 2,249,482 |  |  | $ | 2,458,629 |  |  | $ | (556,546 | ) |  |  |  |  |  |
Empire State Realty OP, L.P. Notes to Schedule III—Real Estate and Accumulated Depreciation (amounts in thousands) 1. Reconciliation of Investment Properties The changes in our investment properties for the years ended December 31, 2016, 2015 and 2014 are as follows:
| 2016 |  | 2015 |  | 2014
Balance, beginning of year | $ | 2,276,330 |  |  | $ | 2,139,863 |  |  | $ | 1,649,423 |
Acquisition of new properties | — |  |  | — |  |  | 354,429 |
Improvements | 197,680 |  |  | 156,754 |  |  | 143,315 |
Disposals | (15,381 | ) |  | (20,287 | ) |  | (7,304 | )
Balance, end of year | $ | 2,458,629 |  |  | $ | 2,276,330 |  |  | $ | 2,139,863 |
The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2016 was $2,117,615. 2. Reconciliation of Accumulated Depreciation The changes in our accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows:
|  | 2016 |  | 2015 |  | 2014
Balance, beginning of year |  | $ | 465,584 |  |  | $ | 377,552 |  |  | $ | 295,351 |
Depreciation expense |  | 106,343 |  |  | 108,319 |  |  | 89,505 |
Disposals |  | (15,381 | ) |  | (20,287 | ) |  | (7,304 | )
Balance, end of year |  | $ | 556,546 |  |  | $ | 465,584 |  |  | $ | 377,552 |
Depreciation of investment properties reflected in the combined statements of operations is calculated over the estimated original lives of the assets as follows:
Buildings |  | 39 years
Building improvements |  | 39 years or useful life
Tenant improvements |  | Term of related lease

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- Definition The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule III) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 + Details
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