Matthew Erdner: Got you. Thank you. And then is there any update on the Long Island assets? I believe that you guys were stabilizing them last quarter and then eventually going to mark for sale. Are those in part of the REO for sale? Or are they still being held?
Mike Mazzei: REO is always for sale. Those are the Long Island City assets and Queens. So we’ve taken back two assets there, the Paragon and the Blanchard buildings. They are literally on each side of the Long Island Expressway right at the foot of the midtown tunnel. We are getting — we put a new property manager in place since we took back those properties. We are getting pretty solid inquiry with regards to the Paragon building. That building sits more proximate to mass transit. It is 100 feet away from one subway station and one block away from another and sits right above the Long Island railroad station, which is pretty actively used. So there’s been a lot of interest in that asset. In particular, we have two full office building users that are looking at the property, and we’re working closely with right now, but it could take about 90 to 120 days to see if there’s really any substance there.
But we are getting some good inquiry activity with regard to that. With the Paragon building that I’m talking about now, I think what we’d like to do is see, if we can get some traction with those potential leases we do have some other partial building leases that we’re looking at as well. We would like to get some traction with those leases before we put the asset up for sale. So I would think that we’d like on that one asset to let it play out for the 90 to 120 days to see if we get anything going on there. But the other asset there, the plants are building that asset does cover operating expenses. And so that could be a little bit of a longer play out. But that one, we’re probably going to sell without having any leasing traction in it. There is a chance that some of those tenants looking at the Paragon building also care about the building across the street, the Blanche building.
So we’re going to let that play out a little bit as well to see, if there’s an opportunity there. But we will look to sell as both buildings as quickly as economically beneficial. These are not long-term lease-up holds. We’ll sell them as soon as we get some clarity around the assets.
Matthew Erdner: Got it. Thank you.
Operator: That concludes our question-and-answer session. I’d like to hand the call back to Michael Mazzi for closing remarks.
Mike Mazzei: Well, thank you all for joining us today. As always, feel free to contact us if you’d like to have a one-on-one conversation or meeting and dig into more of the details. If not, please have a great holiday season, and we will see you in February.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
