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-May 2007 -

- “Redefining the way people search for homes in .”

115 East 2nd Floor New York, NY 10010

Phone: 212.475.9000 Fax: 212.475.9009 Email: [email protected] Web: www.tregny.com

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2 WWW.TREGNY.COM RENTAL REPORT THE REAL ESTATE GROUP, NY LETTER FROM OUR CHIEF OPERATING OFFICER

After spending months of time and hundreds of thousands of dollars in development, The Real Estate Group, NY is pleased to announce the launch of our state of the art listings database. Through this vehicle we have the most accurate, real time reporting capabilities in to date. As such, on behalf of The Real Estate Group, it is my pleasure to present our first monthly Manhattan Rental Market Report that will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before.

The data provided has been specifically compiled for you; the renter, investor, developer, etc., to provide you with a better understanding of the Manhattan housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so difficult to navigate until now.

In the future as our data continues to grow, the monthly Manhattan Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors.

As The Real Estate Group continues to grow, we aim to make the Manhattan Rental Market Report, the only true and accurate report you will ever need.

Sincerely,

Daniel Baum Chief Operating Officer The Real Estate Group, NY

In order for TREGNY to have the paramount level of market data, we invite all landlords and property owners to contact us so we can incorporate your personal portfolio in the information. With your assistance TREGNY will create the most comprehensive data available in Manhattan. Contact us now: 212.475.9000 or [email protected]

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3 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY

Overview: Over the course of the past four months, and SoHo have the highest average rental prices across the board while the Lower has the least expensive average rental prices in doorman buildings. Studio: • Non-Doorman: TriBeCa $2,682 $1,792 • Doorman: Chelsea $2,938 $2,250 One Bedroom: • Non-Doorman: TriBeCa $3,405 Upper $2,262 • Doorman: SoHo $4,321 Lower East Side $2,887 Two Bedroom: • Non-Doorman: TriBeCa $6,373 East Village $2,951 • Doorman: SoHo $8,150 Lower East Side $3,718

The following graphs compare the difference in average monthly rental prices in doorman and non-doorman buildings throughout Manhattan for the month of May 2007. Each graph depicts the average price for one of three unit types; studio, one bedroom, or two bedroom apartments. Additionally there are graphs on average rental price trends for each unit type as well as individual graphs for the various neighborhoods.

MEAN RENTAL PRICES MAY ‘07

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4 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY

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5 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Conclusions: Throughout Manhattan, one and two bedroom units in both doorman and non-doorman buildings continue see an increase in rent, while studios throughout the borough remain relatively stable. May 2007 continues to portray qualities of a strong rental housing market with the average apartment asking price still north of $2,000 a month, not showing signs of a slowdown anytime soon.

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6 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY CITY WIDE 2007 PRICE TRENDS

Looking at price trends across the city, we find studios, one bedroom and two bedroom units in both non-doorman and doorman buildings exhibiting stability, with the exception of doorman two bedroom apartments. Those apartments saw a nominal surge last month.

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7 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY NEIGHBORHOOD PRICE TRENDS

Spotlight on : This month on the Upper West Side, we find a role reversal in the prices of non-doorman and doorman units across the board. Studio apartments in non-doorman buildings depicted a marginal decline, while doorman buildings portray marginal growth. One and two bedroom non-doorman apartments increased marginally, while one and two bedroom doorman apartments saw significant price jumps.

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8 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Upper East Side: On the Upper East Side, we find studio prices in both doorman and non-doorman buildings exhibiting a slight increase in rent, as opposed to last month’s decline. One bedroom apartments in doorman buildings are relatively stable. Non-doorman two bedroom apartments show a marginal increase. There must be an increase in demand for two bedroom apartments in doorman buildings, as the graph shows a significant increase in the average rent.

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9 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Midtown West: In Midtown West, studios in non-doorman buildings show a decline from last month while non-doorman one bedroom units have shown a marginal increase. Meanwhile, two bedroom units in both doorman and non-doorman buildings experience an increase.

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10 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Midtown East: With the exception of two bedroom apartments in non-doorman buildings in Midtown East, the neighborhood saw a decline in prices in studio and one bedroom doorman and non-doorman apartments.

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11 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Murray Hill: In Murray Hill, studio prices still seem to still be traveling in opposite directions this month, but have reversed roles with non-doorman units climbing and doorman units declining. Both one bedroom apartments in doorman and non-doorman buildings are showing a marginal increase this month, as opposed to last month’s decline. It seems the demand only remains for two bedrooms in doorman buildings as they saw increases in average asking rents. Non-doorman apartments saw a decline.

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12 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Chelsea: In Chelsea, one of the three most expensive areas to live in Manhattan, we see a dramatic increase in rent in studio doorman buildings, while non-doorman units saw a decline in the asking price. One bedrooms in doorman buildings show a decrease, while non-doorman one bedrooms experienced an increase, making this month the highest asking rent since the beginning of the year. Two bedrooms in both non-doorman and doorman buildings have seen a decline.

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13 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on : Non-doorman studios in Gramercy Park remain stable from last month, while doorman studio apartments saw an increase in rent. One bedrooms in both non-doorman and doorman buildings show a marginal decline, while two bedroom apartments in non-doorman buildings show an increase, as opposed to doorman buildings which show a decline.

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14 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Greenwich: studios, one bedrooms, and two bedrooms in non-doorman buildings remain relatively stable this month. The demand for one and two bedroom apartments in doorman buildings must be on the rise, as there as has been an increase in the average rent.

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15 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on East Village: In the East Village, studios in doorman buildings show a decline for the second time in a row, while studios in non-doorman buildings show a rise for the first time since the beginning of the year. The one and two bedroom apartments are almost mirror images with non-doorman building rents remaining relatively flat, while doorman buildings increase drastically.

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16 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on SoHo: A recurring pattern seems to be emerging in SoHo, with studios and one bedrooms declining this month, after an increase last month. Two bedroom apartments in non-doorman buildings continue to be on a downward spiral, while doorman two bedroom apartments have seen an increase.

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17 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Lower East Side: As the Lower East Side continues on the path of , the demand remains high for studios whether they are located in non-doorman or doorman buildings. On the one bedroom front, prices remain relatively stable seeing a modest decline in doorman buildings. Two bedroom apartments in non-doorman buildings have seen an increase since last month, while doorman buildings have seen a decline.

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18 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on TriBeCa: TriBeCa, a neighborhood that has been imposed with new luxury high rise buildings saw increases in rent across the board with the exception of non-doorman studios. With almost a $1,000 price surge for two bedroom doorman apartments, one may wonder what has brought this change of events. Research and time has led to the discovery of condominium buildings like 200 Chambers Street, that are slowly turning into rental by owner buildings. With almost 25% of the units in the building being rented, TriBeCa’s average rents are brought to a new high.

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19 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Financial District: In an up and coming neighborhood with new luxury buildings that have amenities that are meant to keep you indoors, studios and one bedrooms in doorman buildings are seeing rent increases. Studios in non-doorman buildings take a marginal decline, while one and two bedroom apartments in non-doorman buildings experience a modest surge.

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20 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY Spotlight on Battery Park: saw prices remain relatively stable across the board in doorman buildings.

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21 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY

Conclusion: The question which has been asked of me by landlords, individual property owners, investors, and property assessors alike, is how to use this data to more accurately price an individual apartment in Manhattan. The answer is that in general this data should be used as a benchmark on the current state of the market on the whole or for a specific neighborhood. However, each apartment must be evaluated individually to ascertain its merits and/or flaws in order to derive the maximum price to market said unit. Only after evaluating the specific apartment would I use the aforementioned data, along with the experience of a professional who was well versed in comparable rental properties in and around the surrounding , to determine the maximum price the market would bear.

Note: Information has been collected and compiled by The Real Estate Group, New York marketing department. All information is overseen by C.O.O., Daniel Baum and edited by V.P. of PR & Marketing, Lori Askins.

The Manhattan Market Report is based on data cross-sectioned from over 3,000 currently available listings located below 100th Street and under $10,000 specifically to obtain a true monthly rental average by omitting ultra luxury property. All materials presented here are intended for informational purposes only and have been compiled from sources deemed reliable. Though the information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. If you would like to republish this report on the web, please make sure to source it as the Manhattan Rental Market Report with a link back to its original location (http:// www.tregny.com/manhattan-apt-rental-report.jsp).

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22 WWW.TREGNY.COM MANHATTAN RENTAL MARKET REPORT THE REAL ESTATE GROUP, NY