Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2024

Business Combination and Dispositions [Abstract]

Property Acquisitions

In September 2024, we closed on the acquisition of a portfolio of retail properties on North 6th Street in Williamsburg, Brooklyn for a purchase price of $143.0 million. Subsequent to quarter-end, in October 2024, we closed on the acquisition of additional retail properties on North 6th Street in Williamsburg, Brooklyn for approximately $52.0 million.

In September 2024, we also entered into an additional purchase agreement relating to the acquisition of a separate retail property on North 6th Street for approximately $30.0 million. This acquisition is subject to customary closing conditions.

In September 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6th Street and Wythe Avenue for a purchase price of $26.4 million.

The following table summarizes properties acquired during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands):


						Intangibles
Property	Date Acquired	Land		Building and Improvements		Assets		Liabilities		Total
The North 6th Street Collection(1)	9/25/2024	$	33,361	$	106,392	$	7,374	$	(3,696)	$	143,431
The North 6th Street Collection(2)	9/14/2023	$	4,851	$	20,936	$	1,573	$	(300)	$	27,060
(1) Includes total capitalized net transaction costs of $0.4 million. (2) Includes total capitalized transaction costs of $0.7 million.

In March 2024, we executed a buyout of the 10% non-controlling interest in two of our multifamily properties located at 561 10th Avenue and 345 East 94th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt. As there was no change in control, we accounted for this acquisition as an equity transaction in accordance with Accounting Standards Codification 810-10 and no gain or loss was recognized.

Property Dispositions

The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands):


Property	Date of Disposal	Sales Price		Gain on Disposition
First Stamford Place, Stamford, Connecticut	5/22/2024	N/A		$	12,065
500 Mamaroneck Avenue, Harrison, New York(1)	4/5/2023	$	53,000	$	11,075
69-97 and 103-107 Main Street, Westport, Connecticut	2/1/2023	$	40,000	$	15,689
(1) The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property.

In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. On May 22, 2024, a receiver was appointed and we ended our management of the property. In connection with this, we removed the related assets and liabilities from our condensed consolidated balance sheet and recognized a gain in the condensed consolidated statements of operations of $1.3 million and $12.1 million for the three and nine months ended September 30, 2024, respectively. We also recorded a contract asset of $168.7 million that represents the amount of obligation we expect to be released upon the final resolution of the foreclosure process on First Stamford Place. The gain recognized subsequent to the initial derecognition of the related assets and liabilities of First Stamford Place represents the additional obligation we expect to be released arising from the accrued interest expense associated with the First Stamford Place mortgage, net of certain closing costs. The related debt of $177.7 million and accrued interest of $3.5 million are included in debt associated with property under receivership and accrued interest associated with property under receivership, respectively, in our condensed consolidated balance sheet as of September 30, 2024.