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Acquisitions and Dispositions | 3 Months Ended
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Mar. 31, 2025
Business Combination and Dispositions [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Property Acquisitions In September and October 2024, we closed on the acquisition of a portfolio of retail properties on North 6 th Street in Williamsburg, Brooklyn for an aggregate purchase price of $195.0 million. The following table summarizes the purchase price allocation of this acquisition (amounts in thousands):
|  |  |  | Intangibles |
Property | Date Acquired | Land | Building and Improvements | Assets | Liabilities | Total
The North 6 th Street Collection(1) | September 2024-October 2024 | $ | 44,924 |  | $ | 146,826 |  | $ | 10,984 |  | $ | (9,664) |  | $ | 193,070 |
(1) Includes nine retail properties on North 6 th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $(1.9) million, net of certain closing credits.
In September 2024, we entered into an agreement for the acquisition of an additional retail property on North 6 th Street in Williamsburg, Brooklyn for approximately $30.0 million. The acquisition is anticipated to close in mid-2025. In March 2024, we executed a buyout of the 10% non-controlling interest in two of our multifamily properties located at 561 10 th Avenue and 345 East 94 th 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 three and twelve months ended March 31, 2025 and December 31, 2024, respectively (amounts in thousands):
Property | Date of Disposal | Sales Price(1) | Gain on Disposition(2)
First Stamford Place, Stamford, Connecticut | 5/22/2024 | $ | 165,807 |  | $ | 26,472 |
(1) We transferred the First Stamford Place, which was encumbered by mortgage and other debt obligations of $165.8 million back to the lender in consensual foreclosure and recognized non-cash gain upon the disposition. (2) Gain on disposition includes $13.2 million and $13.3 million for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.
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 and control of the property. In connection with this, we removed the related assets and property liabilities from our condensed consolidated balance sheet and recognized a gain in the condensed consolidated statements of operations of $13.3 million for the twelve months ended December 31, 2024. We also recorded a contract asset of $170.4 million that represented the consideration not yet received for the senior mortgage obligation, including applicable accrued interest, we expected to be released upon the final resolution of the foreclosure process on First Stamford Place. On February 5, 2025, the consensual foreclosure of First Stamford Place was completed and we were released of the senior mortgage obligation and derecognized the related contract asset. In connection with the completion of the consensual foreclosure we concluded that we are no longer the primary beneficiary of the entity that holds the First Stamford Place mezzanine debt obligation as we no longer have the power to direct the activities that most significantly impact the VIE's economic performance, nor the right to receive the benefits from the VIE. As a result, the entity was deconsolidated during the three months ended March 31, 2025 and we recognized a gain of $13.2 million representing other obligations relating to First Stamford Place. The gain is included as a component of gain on disposition of property in the accompanying condensed consolidated statement of operations.

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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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