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Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2026
Business Combination and Dispositions [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Property Acquisitions In May 2026, we closed on the acquisition of land underlying the properties at 111 West 33 rd Street and 1400 Broadway for an aggregate purchase price of $110.0 million. The land was previously subject to ground leases in which the Company served as the lessee, which carried remaining ground lease terms of approximately 51 and 38 years, respectively. As a result of the acquisition, the Company was released from its obligations under the ground leases and the right-of-use assets, including the related below-market ground leases, net, of $288.1 million and lease liability of $26.8 million. The carrying amount of the land was adjusted for these items. In March 2026, we closed on the acquisition of a retail property on North 6 th Street in Williamsburg, Brooklyn for a purchase price of $46.0 million. In December 2025, we closed on the acquisition of 130 Mercer Street (555-557 Broadway, "The Scholastic Building"), located in the SoHo submarket of Manhattan, for a purchase price of $386.0 million. In connection with the acquisition, we entered into a lease with the former owner for approximately 0.2 million square feet of office space in the building, with an initial term of 15-years and two renewal options of ten years each. The remaining office space, amenity and common areas of the building are under redevelopment. In June 2025, we closed on the acquisition of two retail properties on North 6 th Street in Williamsburg, Brooklyn for a purchase price of $31.0 million. The following table summarizes the purchase price allocations of these acquisitions (amounts in thousands):
|  |  |  | Intangibles |
Property | Date Acquired | Land | Building and Improvements | Assets | Liabilities | Total
111 West 33 rd Street(1) | 5/20/2026 | $ | 52,607 |  | $ | — |  | $ | — |  | $ | — |  | $ | 52,607 |
1400 Broadway(1) | 5/20/2026 | 61,728 |  | — |  | — |  | — |  | 61,728 |
North 6 th Street Collection(2) | 3/27/2026 | 6,604 |  | 39,875 |  | — |  | — |  | 46,479 |
130 Mercer(3) | 12/17/2025 | 66,309 |  | 247,994 |  | 91,207 |  | (25,180) |  | 380,330 |
North 6 th Street Collection(4) | 6/30/2025 | 11,243 |  | 20,458 |  | — |  | — |  | 31,701 |
(1) Includes capitalized transaction costs of $2.0 million for 111 West 33 rd Street and $2.3 million for 1400 Broadway. (2) Includes approximately 22,000 square feet of retail space on North 6 th Street in Williamsburg, which is newly constructed. Includes capitalized transaction costs and closing credits amounting to $0.5 million. (3) Includes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space. Includes capitalized transaction costs and closing credits amounting to $(5.7) million. (4) Includes two retail properties with eleven residential units on North 6 th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $0.7 million.
Property Dispositions The following table summarizes properties disposed of during the six and twelve months ended June 30, 2026 and December 31, 2025, respectively (amounts in thousands):
Property | Date of Disposal | Sales Price | Gain on Disposition
250 West 57 th Street, New York, New York(1) | 6/1/2026 | $ | 275,000 |  | $ | 124,622 |
Metro Center, Stamford, Connecticut(2) | 12/22/2025 | 64,000 |  | 21,848 |
(1) In connection with the sale of 250 West 57 th Street, the purchaser assumed the property's outstanding $180.0 million mortgage. (2) In connection with the sale of Metro Center, we repaid the related $71.6 million mortgage.
On February 5, 2025, the consensual foreclosure of First Stamford Place that commenced in 2024 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 from the mezzanine debt obligation. The gain is included as a component of gain on disposition of properties in the accompanying 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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