Empire State Realty OP, L.P. | 2013 | FY | 3

The following table is an allocation of the purchase price for the assets and liabilities acquired in the formation transactions (amounts in thousands). The fair value asset and liability allocations are preliminary and may be adjusted as final information becomes available.
Consideration paid:
 
Cash and issuance of Class A Common Stock, Class B Common Stock, and OP units
$
1,047,487

Debt assumed
124,354

Total consideration paid
$
1,171,841

 
 
Net assets acquired:
 
Land
$
91,435

Building and improvements
516,344

Acquired below-market ground lease
62,738

Acquired above-market leases
72,123

Acquired in place lease value and deferred leasing costs
186,415

Goodwill
491,479

Other assets, net of other liabilities
6,061

Mortgage notes payable
(136,226
)
Acquired below-market leases
(134,651
)
Total net assets acquired
$
1,155,718

 
 
Gain on the elimination of leasehold positions
$
35,147

Fair values of the assets acquired and assumed liabilities were greater than the consideration granted:
 
1333 Broadway Associates L.L.C.
40,962

1350 Broadway Associates L.L.C.
32,122

Total
$
108,231

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