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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
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 12/31/24Life on
which
depreciation
in latest
income
statement is
computed
Development
TypeEncumbrancesLand and Development CostsBuilding &
Improvements		ImprovementsCarrying
Costs		Land and Development CostsBuildings &
Improvements		TotalAccumulated
Depreciation		Date of
Construction		Date
Acquired
111 West 33rd Street, New York, NYoffice / retail$— $13,630 $244,461 $133,353 n/a$13,630 $377,814 $391,444 $(133,410)19542014various
1400 Broadway, New York, NYoffice / retail— — 96,338 125,206 n/a— 221,544 221,544 (80,699)19302014various
1333 Broadway, New York, NYoffice / retail159,228 91,434 120,190 25,122 n/a91,434 145,312 236,746 (49,127)19152013various
1350 Broadway, New York, NYoffice / retail— — 102,518 56,202 n/a— 158,720 158,720 (62,039)19292013various
250 West 57th Street, New York, NYoffice / retail176,477 2,117 5,041 187,346 n/a2,117 192,387 194,504 (83,335)19211953various
501 Seventh Avenue, New York, NYoffice / retail— 1,100 2,600 110,322 n/a1,100 112,922 114,022 (63,457)19231950various
1359 Broadway, New York, NYoffice / retail— 1,233 1,809 94,453 n/a1,233 96,262 97,495 (38,549)19241953various
350 Fifth Avenue (Empire State Building), New York, NYoffice / retail— 21,551 38,934 1,137,797 n/a21,551 1,176,731 1,198,282 (485,282)19302013various
One Grand Central Place, New York, NYoffice / retail— 7,240 17,490 329,124 n/a7,222 346,632 353,854 (177,926)19301954various
One Station Place, Stamford, CT (Metro Center)office71,407 5,313 28,602 42,636 n/a5,313 71,238 76,551 (45,505)19871984various
10 Union Square, New York, NYretail49,916 5,003 12,866 7,142 n/a5,003 20,008 25,011 (10,880)19871996various
1542 Third Avenue, New York, NYretail29,888 2,239 15,266 595 n/a2,239 15,861 18,100 (10,198)19911999various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NYretail33,877 4,462 15,819 4,285 n/a4,462 20,104 24,566 (11,565)19621998various
345 E 94th Street, New York, NYmulti-family48,271 44,228 55,766 6,252 n/a44,228 62,018 106,246 (5,376)20002021various
Victory 561 10th Ave, New York, NYmulti-family123,112 91,437 124,997 4,844 n/a91,437 129,841 221,278 (11,344)20042021various
298 Mulberry, New York, NYmulti-family— 40,935 69,509 4,427 n/a41,126 73,745 114,871 (3,884)19862022various
The North 6th Street Collection, Brooklyn, NY (2023)retail— 4,851 20,936 403 n/a4,863 21,327 26,190 (789)
various1
2023various
The North 6th Street Collection, Brooklyn, NY (2024)retail— 44,924 146,826 2,751 n/a44,924 149,577 194,501 (828)
various1
2024various
Property for development at the Transportation Hub in Stamford, CTland— 4,541 — 8,187 n/a12,728 — 12,728 — n/an/an/a
Totals$692,176 $386,238 $1,119,968 $2,280,447 $— $394,610 $3,392,043 $3,786,653 $(1,274,193)
______________
(1) In 2023 and 2024, the Company acquired two and nine buildings, respectively, collectively known and operated as the North 6th Street Collection. The buildings acquired are predominantly pre-war buildings that were renovated between the years 2001-2019.
1. Reconciliation of Investment Properties
    The changes in our investment properties for the years ended December 31, 2024, 2023 and 2022 are as follows:
202420232022
Balance, beginning of year$3,655,192 $3,551,449 $3,500,917 
Acquisition of new properties191,750 25,787 110,444 
Improvements192,883 106,792 79,070 
Property classified as held for sale— — (61,965)
Disposals(253,172)(28,836)(77,017)
Balance, end of year$3,786,653 $3,655,192 $3,551,449 
    The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2024 was $4.0 billion.
2. Reconciliation of Accumulated Depreciation
The changes in our accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 are as follows:
202420232022
Balance, beginning of year$1,250,062 $1,137,267 $1,072,938 
Depreciation expense157,153 158,879 179,872 
Property classified as held for sale— — (30,315)
Disposals(133,022)(46,084)(85,228)
Balance, end of year$1,274,193 $1,250,062 $1,137,267 
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 improvementsTerm of related lease