We are confident that potential buyers will recognize the in-place value
and future upside of this iconic trophy property, which is the most prominent and visible building in the now well-developed Long Island City submarket.
The Company feels that the in-place value
per metric ton of REE and other rare elements in the intrusive Carbonates are sufficient to warrant examining the possibility of developing a large-scale open-pit mining operation, dependent on a process being developed to concentrate the rare earth minerals.
Fitch will look at in-place cash flow and in-place value
with no credit for pro forma income.