And I think people have worked smarter, more efficiently, et cetera, so I wouldn’t wait by your printer looking for significant cuts there. From an overall corporate G&A standpoint, Tom and I, in particular, we look at that all the time. And we’re doing some things around the edges to help, and we’ll continue to do it. But I don’t think it’s going to be dramatic. I think we’re actually quite efficient. And yes, the earnings are down some for a variety of reasons. But I think the business is there’s not a lot of fat here, Alex. I’ll just add one other thing. The senior team has kept their comp flat for generally in the last 4 or 5 years. We obviously — Joe and Dave are tied up, I think we’ve taken a lot of steps. And I think we’re all major shareholders.
It’s a big part of our net worth and not the largest, and we act like owners. We run the business that way.
Steven Roth: You know that overhead does not go down in proportion with a business which is reducing. So it’s much more efficient to grow than it is to reduce. So we acknowledge that our G&A has not gone down the proportion to the top line of our business. We keep looking at it, but there are, we believe we have a fairly efficient operation, but you’re correct about the ratios.
Operator: And our next question today comes from Dylan Burzinski with Green Street.
Dylan Burzinski: I guess, and I appreciate your comments on sort of the challenging capital markets environment, especially for office. But I guess just as you think about the portfolio and the capital allocation game plan moving forward, is it your sense that you’ll continue to try and take advantage of potential disposition opportunities in the near future?
Michael Franco: Morning, Dylan. The answer is yes. We are — we’ve obviously sold some things over the course of the year. We’re working on some other things right now. They’re not, I would say, they’re more bilateral than broadly marketed opportunities because I think that’s a smarter way to try to execute in this environment. So we have a handful of things that we’re working on. I’m not going to sit here and promise that any of them will get done, but there’s a likelihood that a portion of those could get done. So the answer is we’re going to be opportunistic in terms of either selling or recapitalizing some assets. We’re going to do it if we think the pricing is accretive. I sort of come back to what I said a few moments ago, which is we’re in a good position from a cash standpoint.
We’re sitting on over $1 billion. We don’t have to do anything, but we’d like to do some things. And so our goal is to generate some meaningful proceeds both delevering to attack the stock and so we’re working on some things, and we’ll just have to see how it plays out.
Dylan Burzinski: And just to be on sort of there being a lack of overall debt financing for the sector today, is there any appetite to offer seller financing for a small portion of any future dispositions? Or I guess just how do you guys think about that?
Michael Franco: Sure. I think if you followed our company, we like creativity. So if seller financing can help facilitate a transaction, and we think that the overall transaction makes sense, we absolutely consider that rate.
Operator: And our next question today comes from John Kim at BMO Capital Markets.
John Kim: Can I ask about leasing activity. It was a little bit light compared to your 508,000 square feet in negotiations last quarter. I was wondering how much of that is timing related versus deals that fell apart?
Glen Weiss: John, it’s Glen. It’s all timing related. So as we said earlier, based on the timing of some leases at 11 to 4Q versus 3Q, we expect to be at 2 million feet by the end of the year based on the activity we have and based on where those leases are currently in documentation. So it was all timing related, you’re correct.
John Kim: Okay. Any more color you could provide on that 750,000 square feet of leases that you expect to close in the fourth quarter? I think you mentioned 280 Park and 1290 Ave of Americas, but — is The Mart included in this as well? And any color on the types of tenants that you’re signing?
Glen Weiss: The deals we spoke about are New York-related 280, 1290, 650 PENN 1 financial law fashion. At the Mart separately is another 100,000 feet in lease documentation, which we expect to get done this quarter as well. The more additive to the New York number we had given you.
John Kim: At 280 Park, you do have mortgage debt due in about a year, based on your recent debt extension at 150 West 34th, which was extended but downsized, do you think that’s a likelihood that, that mortgage gets reduced?
Michael Franco: John, it’s an active discussion right now. So I don’t really want to comment on it. But I think in my general comments I made, I think, to Camille’s question, stand for 280. And our expectation, as I said, we’re in discussion with every [lendor] service. So that went happens to be a servicer for our ’24 maturities. That’s included there in as discussion and hopefully, we’ll figure it out.
Operator: And our next question today comes from Anthony Paolone with JPMorgan.
Anthony Paolone: Great. So Hotel Penn has been taken down. It looks like you put up some big signage there. It’s a big site. I’m just curious if you have any opportunities to drive any meaningful cash flow from the location just while it sits and waiting for a longer-term plan.
Michael Franco: The answer is we are studying that right now, Anthony. And the answer is we think so. We’re pursuing a few ideas, too early to tell you which one or ones we’re going to settle on. But you’re exactly right. It’s a great cycle in the center of the city. And whether it’s fashion shows or other temporary uses, we think there will be opportunities to generate some cash flow until the site is ready for development.
Anthony Paolone: Okay. And then I think last I recall, there was still some back and forth on ground lease at Penn. Any update or final resolution to that?
Steven Roth: That’s in process.
