Property Dispositions and Properties Held for Sale |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Dispositions and Properties Held for Sale | Property Dispositions and Properties Held for Sale Property Dispositions The following table summarizes the consolidated properties or joint venture interests sold during the nine months ended September 30, 2026:
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2)The gain (loss) on sale is net of $13.6 million of employee compensation recognized in connection with the property dispositions. Amounts do not include adjustments for expenses recorded in subsequent periods. (3)During the first quarter of 2026, the Company recognized a charge of $35.2 million to reduce the carrying value of the property to its fair value determined by the terms of the purchase and sale agreement. The charge is reflected in the Company's consolidated statements of operations within "Depreciable real estate reserves and impairments." (4)In May 2026, the Company sold a 49.0% interest in the property, which resulted in the Company no longer retaining a controlling financial interest in the entity, as defined in ASC 810, and as a result the Company deconsolidated the entity. The retained investment is accounted for under the equity method of accounting and was recorded at fair value which resulted in the recognition of a positive fair value adjustment of $5.0 million that is reflected in the Company's consolidated statements of operations within "Purchase price and other fair value adjustments." See Note 16, " Fair Value Measurements." (5)The sales price excludes $10.8 million of reimbursable predevelopment costs incurred subsequent to the acquisition of the property in October 2025. Properties Held for Sale As of September 30, 2026, 110 Greene Street and 185 Broadway were classified as held for sale following the execution of agreements to sell the properties. In October, the Company closed on the sale of 185 Broadway. In November, the Company closed on the sale of 110 Greene Street.
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