SL Green Realty Corp. (NYSE:SLG) Q4 2022 Earnings Call Transcript

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And I think quite a bit even measured on a larger basis. So we own — we have ownership interest currently, and I think about square feet. So we’ve monetized and repatriated far more than we have today. We have a business plan on these. I think it’s about 5 assets for sale or JV. We feel pretty good about it. Market’s maybe not as good as it was, but it’s — we wouldn’t characterize it as a bad market either. There’s pockets of equity. There’s opportunities for debt. We’re marketing very, very good positions. We think we’ll get good pricing. And that’s where we are now, and there’ll be more updates to come, as I mentioned, in the opener of my narrative by roughly midyear.

Ronald Kamdem: Great. And then just my second one was just earlier in the month, the New York Gaming Board released the request for applications. There was no artificial deadlines. I think those are the first round of questions due February 3, just sort of wondering from that release, are you — do you plan on asking questions? Was there anything surprising, not surprising. Just what’s the update on the plan for the CNO?

Marc Holliday: Well, I mean, we are — we’ve got a robust team and growing daily on this — for this casino project, both our investor team, strategic team, grassroot supporters, coalition members, we’re all over this thing. I mean this is a real priority for us. We’re leaning into it very hard. We’re going to put our best foot forward here to make it happen because we feel it’s great for Times Square. We feel it’s great for New York City, in Manhattan. We think it’s good for this company. We think it’s good for the state. And gaming when executed at a high level, a targeted boutique level where it’s really an integration of gaming, entertainment, hospitality, live entertainment and not solely focused around the casino element itself, I think it’s something that when it’s done that way, it’s incredibly good for the immediately surrounding areas is a big halo effect that can come for it.

If the facility is built as an integration to its neighborhood and not as kind of like a moated destination where people go and they don’t leave until they’re done. So we have a project that’s the exact opposite of that. It’s something that really is a big on behalf of all-time Square businesses in an area that I think hasn’t fully recovered from pandemic that can use the help even though every day, it’s getting better and better. This would be a significant investment of capital in a part of town that is one of New York City’s treasures. Time Square is the crossroads of the world. It does have 60 million tourists and visitors a year. It has 350,000 or 60,000 people a day coursing through it, both visitors and locals. And it should be as great a calling card to the city as all other parts.

And we think this project will help continue to direct it in that direction. And we’re going through the RFA and there’s no surprises to date where we’re going to be responsive. We’re going to be competitive. And hopefully, at the end, we’ll be victorious.

Operator: Our next question or comment comes from the line of Steve Sakwa from Evercore ISI.

Stephen Sakwa: My questions have been asked. I just had one quick question on the ground lease at 625 Madison. I know the kind of reset date came and went. And I’m just wondering if you could provide — any update on the timing or how those conversations are going?

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