v3.25.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
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 12/31/25Life 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 $138,494 n/a$13,630 $382,955 $396,585 $(150,145)19542014various
1400 Broadway, New York, NYoffice / retail— — 96,338 137,618 n/a— 233,956 233,956 (88,488)19302014various
1333 Broadway, New York, NYoffice / retail159,414 91,434 120,190 35,727 n/a91,434 155,917 247,351 (52,754)19152013various
1350 Broadway, New York, NYoffice / retail— — 102,518 63,743 n/a— 166,261 166,261 (69,898)19292013various
250 West 57th Street, New York, NYoffice / retail177,195 2,117 5,041 194,627 n/a2,117 199,668 201,785 (92,786)19211953various
501 Seventh Avenue, New York, NYoffice / retail— 1,100 2,600 113,028 n/a1,100 115,628 116,728 (69,745)19231950various
1359 Broadway, New York, NYoffice / retail— 1,233 1,809 102,490 n/a1,233 104,299 105,532 (44,775)19241953various
350 Fifth Avenue (Empire State Building), New York, NYoffice / retail— 21,551 38,934 1,202,282 n/a21,551 1,241,216 1,262,767 (544,036)19302013various
One Grand Central Place, New York, NYoffice / retail— 7,240 17,490 351,413 n/a7,222 368,921 376,143 (184,874)19301954various
10 Union Square, New York, NYretail49,983 5,003 12,866 7,045 n/a5,003 19,911 24,914 (11,661)19871996various
1542 Third Avenue, New York, NYretail29,971 2,239 15,266 1,034 n/a2,239 16,300 18,539 (10,622)19911999various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NYretail33,019 4,462 15,819 6,229 n/a4,462 22,048 26,510 (12,317)19621998various
345 E 94th Street, New York, NYmulti-family47,827 44,228 55,766 7,483 n/a44,228 63,249 107,477 (7,292)20002021various
Victory 561 10th Ave, New York, NYmulti-family121,860 91,437 124,997 6,001 n/a91,437 130,998 222,435 (15,183)20042021various
298 Mulberry, New York, NYmulti-family— 40,935 69,509 4,541 n/a41,126 73,859 114,985 (5,899)19862022various
North 6th Street Collection, Brooklyn, NY(1)
retail/multi-family— 61,018 188,220 7,374 n/a61,030 195,582 256,612 (6,053)variousvariousvarious
130 Mercer Street, New York, NY(2)
office / retail— 66,309 247,994 296 n/a66,309 248,290 314,599 (301)1900/19992025various
Property for development at the Transportation Hub in Stamford, CTland— 4,541 — 8,187 n/a12,728 — 12,728 — n/an/an/a
Totals$619,269 $458,477 $1,359,818 $2,387,612 $— $466,849 $3,739,058 $4,205,907 $(1,366,829)
(1) In 2025, 2024 and 2023, the Company acquired two, 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. The initial cost of the 2025 acquisition included $11.2 million of land and $20.5 million of building and improvements.
(2) 130 Mercer Street, also known as 555-557 Broadway, was originally constructed as two buildings in 1900 and 1999, respectively, and subsequently renovated in 2017.
1. Reconciliation of Investment Properties
The changes in our investment properties for the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Balance, beginning of year$3,786,653 $3,655,192 $3,551,449 
Acquisition of new properties346,004 191,750 25,787 
Improvements177,071 192,883 106,792 
Property classified as held for sale— — — 
Disposals(103,821)(253,172)(28,836)
Balance, end of year$4,205,907 $3,786,653 $3,655,192 
The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2025 was $4.0 billion.
2. Reconciliation of Accumulated Depreciation
The changes in our accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Balance, beginning of year$1,274,193 $1,250,062 $1,137,267 
Depreciation expense167,790 157,153 158,879 
Property classified as held for sale— — — 
Disposals(75,154)(133,022)(46,084)
Balance, end of year$1,366,829 $1,274,193 $1,250,062 
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