Management characterizes New York as the strongest real estate market in the country, transitioning into a 'lasting landlord's market' driven by a significant supply-demand imbalance in Class A space. Performance attribution is centered on the 'heavy lifting' of leasing at PENN 1 and PENN 2, with published financial metrics expected to reflect these gains by late 2026 and into 2027. The acquisition of a 49% interest in Park Avenue Plaza was driven by the rare opportunity to acquire a prime asset at a ...