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Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2023
Business Combination and Dispositions [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Property Acquisitions On September 14, 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6 th Street and Wythe Avenue for a purchase price of $26.4 million. The property has three retail tenants and six residential units and was fully leased as of December 31, 2023. The transaction was executed as an exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. The purchase price is the fair value at the date of acquisition. On December 20, 2022, we closed on the acquisition of a multifamily asset located at 298 Mulberry Street in Manhattan for a purchase price of $114.9 million. In addition to the 96 residential units, the property also contains retail space leased to CVS and a garage. The purchase price is the fair value at the date of acquisition. On December 22, 2021, we acquired 90% of two multifamily assets located in Manhattan, the Victory (561 10th Avenue) and 345 East 94th Street. The total transaction value was $307.0 million, inclusive of $134.0 million of debt on the Victory, that matures in 2033 and has an effective interest rate of 3.85%, and $52.0 million of debt on 345 East 94th Street, that matures in 2030 and has an effective interest rate of 3.56%. The previous owner retained a 10% equity stake. We asset manage the properties and have control over all decision making through our voting interests in each entity. We currently use a third-party manager, but we have the right to assume day-to-day property management for no additional consideration. The fair value of the non-controlling interest was equivalent to 10% of the gross purchase price less the pro-rata share of the debt assumed. The purchase price of the non-controlling interest is its fair value at the date of acquisition. The Victory is a 417 unit, 45-story apartment building with an 11,000 square foot retail space leased to CVS through 2040. It is a participant in an extendable 421a tax abatement program. 345 East 94th Street is a 208 unit, 30-story, apartment building. It is a participant in an extendable 421a tax abatement program. The following table summarizes properties acquired during the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
|  |  |  | Intangibles |  |
Property | Date Acquired | Land | Building and Improvements | Assets | Liabilities | Total* |
Williamsburg Retail, Brooklyn | 9/14/2023 | $ | 4,851 |  | $ | 20,936 |  | $ | 1,573 |  | $ | (300) |  | $ | 27,060 |  |
298 Mulberry Street, Manhattan | 12/20/2022 | $ | 40,935 |  | $ | 69,508 |  | $ | 5,300 |  | $ | (150) |  | $ | 115,593 |  |
The Victory | 12/21/2021 | 91,437 |  | 124,997 |  | 13,573 |  | (19,895) |  | $ | 210,112 |  |
345 East 94th St. | 12/21/2021 | 44,228 |  | 55,766 |  | 4,824 |  | (5,491) |  | $ | 99,327 |  |
*Includes total capitalized transaction costs of $3.8 million. |
Property Dispositions The following table summarizes properties disposed of during the years ended December 31, 2023 and 2022 (amounts in thousands):
Property | Date of Disposal | Sales Price | Gain on Disposition
500 Mamaroneck Avenue, Harrison, New York* | 4/5/2023 | $ | 53,000 |  | $ | 11,075 |
69-97 and 103-107 Main Street, Westport, Connecticut | 2/1/2023 | $ | 40,000 |  | $ | 15,689 |
10 Bank Street, White Plains, New York | 12/7/2022 | $ | 42,000 |  | $ | 6,818 |
383 Main Avenue, Norwalk, Connecticut** | 4/1/2022 | $ | 30,000 |  | $ | 27,170 |
*The gain is net of approximately $4.5 million of post-closing costs we accrued related to expected 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. Subsequent to December 31, 2023, we funded the buyer for these costs and we have no further obligations or contingencies that relate to this property.
**We transferred the property, which was encumbered by a $30.0 million mortgage, back to the lender in a consensual foreclosure and recognized a non-cash gain upon the disposition.
There were no property dispositions for the year ended December 31, 2021.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: 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 + Details
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