Financial Data and Key Metrics Changes - Third quarter 2025 revenue was $12.3 million, down from $15.4 million in the third quarter of 2024, primarily due to the sale of 9 Times Square in Q4 2024 [10] - GAAP net gain attributable to common stockholders was $35.8 million in Q3 2025, influenced by a $44.3 million non-cash gain related to the foreclosure at 1140 Avenue of the Americas, compared to a net loss of $34.5 million in Q3 2024 [10] - Adjusted EBITDA for Q3 2025 was $1.9 million, down from $4.1 million in Q3 2024, while cash net operating income decreased to $5.3 million from $7 million in the same period [10][11] Business Line Data and Key Metrics Changes - The company executed a significant lease renewal at 196 Orchard, extending the weighted average remaining lease term of the portfolio to 6.2 years, up from 5.9 years at the end of Q2 2025 [5] - Near-term lease expirations represent 8% of annualized straight-line rent, with 56% of leases now extending beyond 2030, an increase from 54% last quarter [6] Market Data and Key Metrics Changes - The company's real estate portfolio, valued at approximately $390 million and covering about 743,000 sq ft, is primarily located in Manhattan, benefiting from a strong tenant base that includes large investment-grade firms [7] - The focus on resilient industries near transit-oriented locations is expected to support occupancy growth and tenant retention [7] Company Strategy and Development Direction - The company aims to unlock value, diversify holdings, and strengthen its balance sheet by marketing properties like 123 Williams Street and 196 Orchard for sale [8] - The strategic disposition of 1140 Avenue of the Americas is anticipated to eliminate a $99 million liability, aligning with the strategy to manage the balance sheet proactively [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of enhancing operational flexibility through the consensual foreclosure of 1140 Avenue of the Americas and ongoing property sales [12] - The focus remains on leasing available space, renewing existing leases, and maintaining strict expense controls [12] Other Important Information - The company has changed its audit partners to CBIZ CPAs to streamline costs and reduce general and administrative expenses, with no disputes with the previous firm [11] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [13]