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Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended
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Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 12/31/22 |  |  |  |  |  |
Development |  | Type |  | Encumbrances |  | Land and Development Costs |  | Building & Improvements |  | Improvements |  | Carrying Costs |  | Land and Development Costs |  | 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 |  | $ | — |  |  | $ | 13,630 |  |  | $ | 244,461 |  |  | $ | 129,400 |  |  | n/a |  | $ | 13,630 |  |  | $ | 373,861 |  |  | $ | 387,491 |  |  | $ | 102,821 |  |  | 1954 |  | 2014 |  | various
1400 Broadway, New York, NY |  | office / retail |  | — |  |  | — |  |  | 96,338 |  |  | 99,511 |  |  | n/a |  | — |  |  | 195,849 |  |  | 195,849 |  |  | 62,721 |  |  | 1930 |  | 2014 |  | various
1333 Broadway, New York, NY |  | office / retail |  | 160,000 |  |  | 91,435 |  |  | 120,189 |  |  | 13,505 |  |  | n/a |  | 91,435 |  |  | 133,694 |  |  | 225,129 |  |  | 38,766 |  |  | 1915 |  | 2013 |  | various
1350 Broadway, New York, NY |  | office / retail |  | — |  |  | — |  |  | 102,518 |  |  | 43,218 |  |  | n/a |  | — |  |  | 145,736 |  |  | 145,736 |  |  | 47,750 |  |  | 1929 |  | 2013 |  | various
250 West 57th Street, New York, NY |  | office/ retail |  | 180,000 |  |  | 2,117 |  |  | 5,041 |  |  | 173,858 |  |  | n/a |  | 2,117 |  |  | 178,899 |  |  | 181,016 |  |  | 66,939 |  |  | 1921 |  | 1953 |  | various
501 Seventh Avenue, New York, NY |  | office/ retail |  | — |  |  | 1,100 |  |  | 2,600 |  |  | 102,027 |  |  | n/a |  | 1,100 |  |  | 104,627 |  |  | 105,727 |  |  | 53,647 |  |  | 1923 |  | 1950 |  | various
1359 Broadway, New York, NY |  | office/ retail |  | — |  |  | 1,233 |  |  | 1,809 |  |  | 70,051 |  |  | n/a |  | 1,233 |  |  | 71,860 |  |  | 73,093 |  |  | 28,960 |  |  | 1924 |  | 1953 |  | various
350 Fifth Avenue (Empire State Building), New York, NY |  | office/ retail |  | — |  |  | 21,551 |  |  | 38,934 |  |  | 1,022,237 |  |  | n/a |  | 21,551 |  |  | 1,061,170 |  |  | 1,082,721 |  |  | 392,159 |  |  | 1930 |  | 2013 |  | various
One Grand Central Place, New York, NY |  | office/ retail |  | — |  |  | 7,240 |  |  | 17,490 |  |  | 293,122 |  |  | n/a |  | 7,222 |  |  | 310,630 |  |  | 317,852 |  |  | 152,636 |  |  | 1930 |  | 1954 |  | various
First Stamford Place, Stamford, CT |  | office |  | 178,823 |  |  | 22,952 |  |  | 122,738 |  |  | 80,128 |  |  | n/a |  | 24,860 |  |  | 200,958 |  |  | 225,818 |  |  | 105,519 |  |  | 1986 |  | 2001 |  | various
One Station Place, Stamford, CT (Metro Center) |  | office |  | 82,596 |  |  | 5,313 |  |  | 28,602 |  |  | 36,575 |  |  | n/a |  | 5,313 |  |  | 65,177 |  |  | 70,490 |  |  | 37,901 |  |  | 1987 |  | 1984 |  | various
10 Union Square, New York, NY |  | retail |  | 50,000 |  |  | 5,003 |  |  | 12,866 |  |  | 5,574 |  |  | n/a |  | 5,003 |  |  | 18,440 |  |  | 23,443 |  |  | 9,444 |  |  | 1987 |  | 1996 |  | various
1542 Third Avenue, New York, NY |  | retail |  | 30,000 |  |  | 2,239 |  |  | 15,266 |  |  | 467 |  |  | n/a |  | 2,239 |  |  | 15,733 |  |  | 17,972 |  |  | 9,511 |  |  | 1991 |  | 1999 |  | various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY |  | retail |  | 35,831 |  |  | 4,462 |  |  | 15,819 |  |  | 2,821 |  |  | n/a |  | 4,462 |  |  | 18,640 |  |  | 23,102 |  |  | 10,457 |  |  | 1962 |  | 1998 |  | various
69-97 Main Street, Westport, CT (1) |  | retail |  | — |  |  | 2,782 |  |  | 15,766 |  |  | 6,862 |  |  | n/a |  | 2,782 |  |  | 22,628 |  |  | 25,410 |  |  | 9,441 |  |  | 1922 |  | 2003 |  | various
103-107 Main Street, Westport, CT (1) |  | retail |  | — |  |  | 1,243 |  |  | 7,043 |  |  | 371 |  |  | n/a |  | 1,260 |  |  | 7,397 |  |  | 8,657 |  |  | 3,184 |  |  | 1900 |  | 2006 |  | various
345 E 94th Street NY |  | multi-family |  | 51,465 |  |  | 44,228 |  |  | 55,766 |  |  | 1,044 |  |  | n/a |  | 44,228 |  |  | 56,811 |  |  | 101,039 |  |  | 1,698 |  |  | 2000 |  |  | 2021 |  |  | various
Victory 561 10th Ave NY |  | multi-family |  | 131,915 |  |  | 91,437 |  |  | 124,997 |  |  | 804 |  |  | n/a |  | 91,437 |  |  | 125,801 |  |  | 217,238 |  |  | 3,713 |  |  | 2004 |  |  | 2021 |  |  | various
298 Mulberry, New York, NY |  | multi-family |  | — |  |  | 40,935 |  |  | 69,509 |  |  | 514 |  |  | n/a |  | 41,126 |  |  | 69,832 |  |  | 110,958 |  |  | — |  |  | 1986 |  | 2022 |  | various
Property for development at the Transportation Hub in Stamford, CT |  | land |  | — |  |  | 4,541 |  |  | — |  |  | 8,167 |  |  | n/a |  | 12,708 |  |  | — |  |  | 12,708 |  |  | — |  |  | n/a |  | n/a |  | n/a
Totals |  |  |  | $ | 900,630 |  |  | $ | 363,441 |  |  | $ | 1,097,752 |  |  | $ | 2,090,256 |  |  | $ | — |  |  | $ | 373,706 |  |  | $ | 3,177,743 |  |  | $ | 3,551,449 |  |  | $ | 1,137,267 |  |  |  |  |  |  |
1 Property sold on February 1, 2023 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, 2022, 2021 and 2020 are as follows:
| 2022 |  | 2021 |  | 2020
Balance, beginning of year | $ | 3,500,917 |  |  | $ | 3,133,966 |  |  | $ | 3,109,433 |
Acquisition of new properties | 110,444 |  |  | 316,428 |  |  | — |
Improvements | 79,070 |  |  | 89,426 |  |  | 104,060 |
Property classified as held for sale | (61,965) |  |  | — |  |  | — |
Disposals | (77,017) |  |  | (38,903) |  |  | (79,527) |
Balance, end of year | $ | 3,551,449 |  |  | $ | 3,500,917 |  |  | $ | 3,133,966 |
The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2022 was $3.7 billion. 2. Reconciliation of Accumulated Depreciation The changes in our accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 are as follows:
|  | 2022 |  | 2021 |  | 2020
Balance, beginning of year |  | $ | 1,072,938 |  |  | $ | 941,612 |  |  | $ | 862,534 |
Depreciation expense |  | 179,872 |  |  | 162,667 |  |  | 158,605 |
Property classified as held for sale |  | (30,315) |  |  | — |  |  | — |
Disposals |  | (85,228) |  |  | (31,341) |  |  | (79,527) |
Balance, end of year |  | $ | 1,137,267 |  |  | $ | 1,072,938 |  |  | $ | 941,612 |
Depreciation of investment properties reflected in the combined statements of income is calculated over the estimated original lives of the assets as follows:
Buildings |  | 39 years or useful life
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/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 28 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI https://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024 + Details
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