Maloney questions compliance monitoring across waterfront

And how do you monitor compliance across the waterfront portfolio?

So depending, so with DocNYC, the operators have to first follow all U.S.

Coast Guard regulations on the seaplanes.

That's U.S.

Coast Guard, but also FAA when in the air.

And then DocNYC does its own checks that all the licenses and certifications are in place with each of those operators.

We also monitor for potential violations, and there is a penalty system in place depending on the offense.

There is even the possibility, for example, with third-party street ticket selling, that if you're found to commit the same violation twice, we do revoke that license.

And yeah, so that really incentivizes strong behavior from the operators to not lose that access to the peers, which ultimately is a source of income for that business owner.

And do you see any gaps in the city's authority?

Within the city's authority, we have a strong, robust program in place.

We focus on what we can control, which is the management of the infrastructure and the compliance of vessels or aircraft that access our infrastructure.

The regulation and safety of the vessels or the aircraft are up to federal regulators, and we defer to them.

Thank you.