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Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2023
Business Combination and Dispositions [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions In December 2022, we entered into a purchase and sale agreement for 500 Mamaroneck Avenue in Harrison, NY at a gross asset valuation of $53.0 million. The assets and related liabilities of the 500 Mamaroneck property were classified as held for sale in our condensed consolidated balance sheets as of December 31, 2022 having met the held-for-sale criteria set forth in ASC 360 Property, Plant, and Equipment. We closed on the sale of this property on April 5, 2023 and no longer classify its assets and related liabilities as held for sale as of June 30, 2023. In connection with the sale, we recorded a gain of $13.6 million which is included in Gain on disposition of property in our condensed consolidated statements of operations. In accordance with ASC 450, included in this gain is approximately $2.0 million of estimated post-closing obligations related to contaminated soil remediation costs and our commitment to reimburse the buyer for a delay in rent commencement from a tenant impacted by the soil remediation efforts. On February 1, 2023, we closed on the sale of 69-97 and 103-107 Main Street in Westport, Connecticut at a gross asset valuation of $40.0 million, and recorded a gain of $15.7 million, which is included in Gain on disposition of property in our condensed consolidated statements of operations. The Westport sale was a related party transaction approved in accordance with the Company's related party transactions policy. See our Annual Report for more information.

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