Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2024

Business Combination and Dispositions [Abstract]

Property Acquisitions

In September and October 2024, we closed on the acquisition of a portfolio of retail properties on North 6th Street in Williamsburg, Brooklyn for a purchase price of $195.0 million.

In September 2024, we entered into an agreement for the acquisition of an additional retail property on North 6th Street in Williamsburg, Brooklyn for approximately $30.0 million.

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.

In December 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.

The following table summarizes properties acquired during the years ended December 31, 2024, 2023, and 2022 (amounts in thousands):


						Intangibles
Property	Date Acquired	Land		Building and Improvements		Assets		Liabilities		Total
The North 6th Street Collection(1)	September 2024-October 2024	$	44,924	$	146,826	$	10,984	$	(9,664)	$	193,070
The North 6th Street Collection(2)	9/14/2023	4,851		20,936		1,573		(300)		27,060
298 Mulberry Street, Manhattan(3)	12/20/2022	40,935		69,508		5,300		(150)		115,593
(1) Includes nine retail properties on North 6th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $(1.9) million, net of certain closing credits. (2) Includes two retail properties near the Wythe Avenue and North 6th Street corner in Williamsburg, Brooklyn. Includes total capitalized transaction costs of $0.7 million. (3) Includes total capitalized transaction costs of $0.8 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 years ended December 31, 2024, 2023 and 2022 (amounts in thousands):


Property	Date of Disposal	Sales Price		Gain on Disposition
First Stamford Place, Stamford, Connecticut(1)	5/22/2024	$	165,807	$	13,302
500 Mamaroneck Avenue, Harrison, New York(2)	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(1)	4/1/2022	30,000		27,170
(1) We transferred the First Stamford Place and 383 Main Avenue, which were encumbered by mortgages and other debt obligations of $165.8 million and $30.0 million, respectively, back to the respective lenders in consensual foreclosures and recognized non-cash gains upon the dispositions. (2) 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 consolidated balance sheet and recognized a gain in the consolidated statements of operations of $13.3 million for the year ended December 31, 2024. We also recorded a contract asset of $170.4 million that represents the amount of obligation, including applicable accrued interest, 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 $5.4 million are included in debt associated with property under receivership and accrued interest associated with property under receivership, respectively, in our consolidated balance sheet as of December 31, 2024. Subsequent to year end, in February 2025, title of the property was transferred to the mortgage lender and we were released of our mortgage obligation.