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Home , 111 West 57th Street, 11 West 54th Street, 12 East 53rd Street, 12 West 56th Street, 18 East 50th Street, 220 Central Park South

INCOME PRODUCING RETAIL CONDO

MIDTOWN PROPERTY OVERVIEW

OWNERSHIP REQUESTS PROPOSALS

PROPERTY FEATURES: PROPERTY OVERVIEW:

Address: 940 8th Avenue, , NY 10019 Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of a ground floor Located on the of 8th Avenue between retail condominium at 940 8th Avenue. The retail condo is approximately 4,500 SF and features two (2) Location 55th and 56th tenants; indikitch occupying 2,750 SF until April 2024 and Lenwich occupying 1,750 SF until May 2024. The subject property also includes 5,000 SF of basement space currently used by both Lenwich and indikitch. Block & Lot: 1027 / 63

Lot Dimensions: 50' x 100' Indikitch, also known at Deep Indian Kitchen, is a quick-service-restaurant featuring 4 locations in Manhattan Lot Size: 5,000 SF and 4,800 employees globally. They also sell frozen food and have approximately 30% of the global market Building Dimensions (SF): 50' x 95' share. Indikitch has exercised their five-year option with 3% annual rent escalations. Ground Floor: 4,500 SF (approx.) Lenwich was established in 1989 and has 17 locations across Manhattan with an 18th opening soon. They Basement 5,000 SF (approx.) are well-known for their hot sandwiches and serve over 5 million customers annually. Lenwich has exercised Building Size: 18,600 SF (approx.) their five-year option in 2019 and also pay a 3% annual rent escalation. Retail Tenants: 2 The opportunity at 940 8th Avenue gives a potential purchaser a cash flowing asset just blocks away from : C6-4, MiD and . The property is in close proximity to the and Columbus Tax Class 4 Circle Subway Stations with access to the N, R, Q, W, A, C, B, D lines and experiences heavy foot traffic Assessment (19/20): $3,160,617 throughout the day due to well-known retailers located in the surrounding . Taxes (19/20): $332,307 Taxes (25% allocated for ground floor): $83,077

TAX MAP WEST 56TH STREET

BROADWAY 63

BLOCK: 1027

WEST

2 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 3 PROPERTY HIGHLIGHTS

ASKING PRICE: SUBMIT PROPOSALS

INCOME PRODUCING ASSET: LOCATED IN THE HEART OF JUST 3 BLOCKS SOUTH OF COLUMBUS CIRCLE

50' OF PRIME FRONTAGE CEILING HEIGHTS: 11.52'

NO USE RESTRICTIONS: ALLOWS AN INVESTOR/ USER FLEXIBILITY TO FILL THE SPACE UPON LEASE EXPIRATION

HIGH FOOD EXPENDITURE: CONSUMERS SPEND ON AVERAGE $4,000+ ANNUALY ON FOOD AWAY FROM HOME ON THIS BLOCK

LOW EXPENSES: TENANTS ARE RESPONSIBLE FOR A MAJORITY OF THE EXPENSES INCLUDING THEIR OWN UTILITIES AND THEIR SHARE OF REIMBURSEMENT OF REAL ESTATE TAXES

INCLUDES 5,000 SF OF BASEMENT SPACE

LONG-STANDING AND WELL-ESTABLISHED "QUICK SERVICE RESTAURANT" TENANTS OCCUPY BOTH RETAIL COMPONENTS UNTIL 2024

TRANSPORTATION: WITHIN WALKING DISTANCE TO 57TH STREET AND COLUMBUS CIRCLE SUBWAY STATIONS WITH ACCESS TO THE A C B D N Q R W

4 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 5 INCOME & EXPENSES

COMMERCIAL REVENUE:

TAX BASE MONTHLY ANNUAL Commercial Gross Annual Income $951,942 TENANT EXP. INC. TAXES OPTION(S) SF RENT/SF YEAR RENT RENT

Lenwich Tax Reimbursement $24,324 Lenwich May-24 3% 14.14% 2008/2009 None 1,750 $93 $34,219 $410,628 Basement 2,500 Included Deep Indian Kitchen Tax Reimbursement $31,148 Deep Indian Kitchen Apr-24 3% 33.33% 2014/2015 5 Yrs 2,750 $100 Adjusted Gross Annual Income $1,007,414 $45,110 $541,314 Basement 2,500 Included

C&W Projected EXPENSES (ESTIMATED): TOTAL MONTHLY COMMERCIAL REVENUE: $79,329 2019/2020 (25% allocated for 940 8th Avenue Tax Expense $83,077 ground floor) GROSS ANNUAL COMMERCIAL REVENUE: $951,942

Insurance Projected - $1.25 per SF $5,625 CASH FLOW — 5 YEAR Management Fee Actual $15,000 Monthly Gross Annual Management Start Date End Date Re Taxes* Insurance* Reimbursements* NOI Rent Rent Fee* Fuel Tenant Pays $0 May-2019 May-20 $77,124 $925,490 $83,077 $5,625 $15,000 $55,472 $877,260 May-2020 May-21 $79,328 $951,936 $85,569 $5,794 $15,450 $57,136 $903,712 Electric Tenant Pays $0 May-2021 May-22 $81,595 $979,140 $88,136 $5,968 $15,913 $58,850 $927,973 May-2022 May-23 $83,927 $1,007,124 $90,780 $6,147 $16,391 $60,616 $954,422 Water/Sewer Tenant Pays $0 May-2023 May-24 $86,326 $1,035,912 $93,504 $6,331 $16,883 $62,434 $981,628

Total Expenses: $103,702 *ASSUMES 3% ANNUAL INCREASE

ADJUSTED GROSS ANNUAL INCOME: $1,007,414

LESS EXPENSES: ($103,702)

NET OPERATING INCOME: $903,712

6 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 7 7 LEASE ABSTRACT

LENWICH DEEP INDIAN KITCHEN

Tenant: Lenwich Tenant: Deep Indian Kitchen

Address: 940 8th Avenue Address: 940 8th Avenue

Lease Type: Net Lease Lease Type: Net Lease

Gross Leaseable Area: 4,250 SF (approx.) Gross Leaseable Area: 5,250 SF (approx.)

Floors: Ground Floor and Basement Floors: Ground Floor and Basement

Commencement Date: May, 2007 Commencement Date: May, 2014

Expiration Date: May, 2024 Expiration Date: April, 2024

Renewal Options: NONE Renewal Options: YES

Rent Escalation: 3% Lease Extension Option: May, 2028

Lease Extension Option: NONE Rent Escalation: 3%

RE Taxes Base Year (2008/2009): $160,282 RE Taxes Base Year (2014/2015): $236,401

RE Tax Owed: 14.14% of the difference from RE Tax Owed: 14.14% of the difference from $24,324 $31,148 Current and Base Tax Year: Current and Base Tax Year:

Utilities Passthrough: Direct Meter Utilities Passthrough: Direct Meter

Security Deposit: Sum of 4 months Fixed Annual Rent of the subject lease year Security Deposit: $230,000

BASE RENT: BASE RENT:

YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT

1 May-19 Apr-20 $33,222 $398,659 1 May-19 May-20 $43,902 $526,826

2 May-20 Apr-21 $34,218 $410,619 2 May-20 May-21 $45,110 $541,314

3 May-21 Apr-22 $35,245 $422,938 3 May-21 May-22 $46,350 $556,200

4 May-22 Apr-23 $36,302 $435,626 4 May-22 May-23 $47,625 $571,495

5 May-23 Apr-24 $37,391 $448,695 5 May-23 May-24 $48,935 $587,221

8 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 9 LENWICH SANDWICH

NEW YORK 'S "ULTIMATE SANDWICH"

Established in 1989

17 Locations in NYC 18th Store Opening Soon

4 Million Sandwiches Sold each Year

5 Million Customers Served Annually

No hokey sandwich names or any other gimmicks here - Lenny's prides itself on fresh ingredients and speedy service. - Time Out

... thrilled with our growth in response to record number, and, more importantly, consistently rave reviews in each of our 17 stores. - Lenny Chu, CEO & Chair

10 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 11 LENWICH INTERIOR

12 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 13 DEEP INDIAN KITCHEN

FAMILY-OWNED INDIAN FOOD GIANT

4,800 Employees Worldwide ALWAYS MADE FROM SCRATCH Established over 40 Years Ago

5 Locations in NYC

$100M in Projected Sales by 2025 65% Market Share - 2018 Total Sales: $153M

Pre-Packaged Foods • 800 items in their portfolio • 60% market share in the frozen food market amongs ethnic retailers • 30% market share in indian frozen food offerings • Sold in over 11,000 retail stores including: Whole Foods, Kroger, Albertsons, Safeway, and Publix

Fast-Casual Dining • "The Chipotle of Indian Food" - • All-nautral, GMO-free ingredients and scratch kitchen • 5 Manhattan locations and plans for expansion across the Northeast

14 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 15 DEEP INDIAN KITCHEN INTERIOR

DEEP INDIAN KITCHEN INTERIOR 16 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 17 CUSHMAN & WAKEFIELD 17 FLOOR PLANS

LENWICH (GROUND FLOOR): 1,750 SF (approx.) BASEMENT: 5,000 SF (approx.)

DEEP INDIAN KITCHEN (GROUND FLOOR): 2,750 SF (approx.)

18 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 19 CUSHMAN & WAKEFIELD 19 AMENITIES MAP

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!E AMENITIES WITHIN 0.5 MILES OF 940 8TH AVE 0 0.05 0.1 0.2 I Miles W 45TH ST Food 19 Totto Ramen 38 Key Food 12 Rochester Big & Tall 12 citizenM 1 Whole Foods Market 20 Tanner Smiths 39 Lillie's Victorian 13 CVS 13 Hilton Garden Inn Times Sq Establishment 2 Robert 21 K Rico Steakhouse 40 Chopt Creative Salad 14 The Men's Wearhouse 14 The Jewel Facing 43RD RSoTckefeller 3 Blue Ribbon Sushi Bar & 22 Dean & DeLuca 41 Hale and Hearty 15 Staples Grill 15 Renaissance Times 23 Indian Accent 16 Square Hotel 4 42 Au Bon Pain 24 Pure Thai Cookhouse 16 W - Times Square 5 D'Agostino 43 Trattoria Trecolori 17 American Girl 25 Burger Joint 44 Del Frisco's Double 6 Kashkaval Garden 18 Anthropologie Gyms Steakhouse 26 Danji 1 CrossFit SPOT 7 BarBacon Hell's Kitchen 46TH ST 27 Radiance Tea House and Books Retail 2 Row House 8 Guantanamera 28 B Side Pizza & Wine Bar 1 CVS 1 Trump Int'l Hotel & Tower 3 NY Sports Clubs 9 Patsy's Italian Restaurant 29 Chopt Creative Salad 2 Brooks Brothers 2 The Carnegie Hotel 4 YMCA 10 Basso56 30 Chipotle Mexican Grill 3 Bed Bath & Beyond 3 Dream Midtown 5 As One Fitness 11 Hale and Hearty 31 Hale and Hearty 4 Best Buy 4 Hilton Garden Inn Times Sq. 6 Equinox 12 Yakitori Totto 32 Ippudo Westside 5 5 Courtyard by Marriott 7 Planet Fitness 13 33 Victor's Cafe 6 T.J. Maxx 6 The Ameritania Hotel 8 Crunch Fitness 14 Trattoria Dell'Arte 7 Staples 7 The Blakely New York 9 Beshar Fitness 15 Vida Verde 34 Gallaghers Steakhouse 8 8 Sheraton 16 Casellula 35 Don Antonio 10 NY Sports Clubs 9 Duane Reade 9 Novotel Times Square 17 Gristedes 36 Toloache 50 11 Equinox 10 18 Morton Williams 37 Churrascaria Plataforma 10 Rite Aid 12 Ritz Plaza Health Club Supermarkets 11 Bluemercury 11 The Belvedere Hotel 13 NY Sports Clubs

DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.

20 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 21 THE NEIGHBORHOOD

... the biggest and best statement of the , and the largest single-project investment in Nordstrom History. - Nordstrom NYC

the most important milestone in our company's long history - Erik Nordstrom, CEO

Park

AD SE RO E 65TH STREET W 65TH STREET 65TH ST TRANSVER

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e AD t UMBUS A W A Y W 62ND STREET E 62ND STREET VENUE NORDSTROM MEGASTORE CENTRAL P MEGASTORE: W 61ST STREET 320,000SF E 61ST STREET

JUST 2 BLOCKS AWAY y ARK WE S 7 FLOORS

E 60TH STREET T FORECASTING Central Park LEXIN G THIRD A FIFTH A MADISON A P Columbus SIXTH/AVENUE OF THE AMERICAS $65 MILLION CENTRAL PARK SOUTH W E 59TH STREET ARK A Circle SEVENTH IN SALES REVENUE VENUE T VENUE VENUE

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N SUBSTANTIAL TRAFFIC U E 85,000 VISITS DURINGW 57TH S TREETTHE EOPENING 57TH STREET WEEKEND ALONE

AT THEW 56TH SBASETREET E 56THOF STREET THE WESTERN HEMISPHERE'S

TALLESTW 55TH STREET RESIDENTIALE 55TH STREET BUILDING: THE 22 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 23 W E 54TH STREET

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AD Units 104 Units 94 SE RO E 65TH STREETUnits 118 Units 60 W 65TH STREET 65TH ST TRANSVER Stories 96 Stories 75 Stories 79 Stories 82

EAS r Year Built 2015 Year Built 2014 Year Built 2018 Year Built 2021 Architect Rafael Vinoly Architect Christian de PortzamparcT DRI Architect Robert A.M. Stern Architects Architect SHoP Architects W 64TH STREET E 64TH STREET Amenities 24 hour doorman and concierge, private kitchen Amenities 24-hour doorman and concierge, bike storage, Amenities 24-hour doorman and concierge, porte-cochere, bike Amenities 24-hour doorman and concierge, private porte-co- t VE and dining room, library, lounge, conference room, laundry facility, fitness center, private yoga studio, full room, fitness center, juice bar, spa, swimming pool, chere, 82 foot pool, fitness center, dining room, children’s playroom, screening room, storage units, catering kitchen, lounge and library, private dining/ squash court, basketball court, golf simulator room, terrace wine cellars, bike storage, landscaped terrace, health conference room, pantry, concert hall/theatre, pet weight room, yoga/pilates room, children’s amenity club with pool and aerobics rooms, residence only wash room, indoor pool, spa, access to room service, area, library, lounge, meeting room, dining room, W 63RD STREET E 63RD STREET C BRO restaurant and catering, housekeeping, chauffeur housekeeping and concierge services, on-site parking communal terrace, on-site parking garage O L services, private driveway, on-site parking available e AD t UMBUS A W A Y LUXURY CONDO MARKET W 62ND STREETRecent Sales Recent Sales E 62ND STREETRecent Sales

VENUE Beds/ Beds/ Beds/ %CHG %CHG

UnitsCENTRAL P Bath Date Sale Price SF PPSF Units Bath Date Sale Price SF PPSF Units Bath Date Sale Price SF PPSF 2Q19 2Q18 (YR) 1Q19 (QTR) #86B 3/4.5 6/21/2019 $29,543,232 4,028 $7,334.47 #35A 1/1.5 4/16/2019 $4,250,000 1,060 $4,009.43 #26C 2/3.5 7/17/2019 $14,611,887 2,455 $5,951.89 Sales 736 405 82% 360 104% W 61ST STREET#53A 2/2.5 6/19/2019 $10,785,833 1,789 $6,028.97 #36A 1/1.5 3/20/2019 $4,500,000 1,060 $4,245.28 E 61ST STREET #38A 3/3.5 2/25/2019 $22,503,325 3,114 $7,226.50 Market Share 22% 13% 9% 15% 7% #36A 3/4.5 6/18/2019 $15,750,000 4,003 $3,934.55 #36D 1/1.5 3/19/2019 $3,252,045 1,021 $3,185.16 #40A 3/3.5 2/20/2019 $23,386,675 3,114 $7,510.17 y ARK WE S #40A 4/4.5 4/9/2019 $19,603,872 4,430 $4,425.25 #40E 2B/2 2/6/2019 $3,869,350 1,287 $3,006.49 #37A 3/3.5 2/19/2019 $22,197,850 3,114 $7,128.40 Closed new development sales increased by the greatest percentage since Second Quarter 2010, up 82% year-over-year to #35B 3/4.5 2/19/2019 $15,000,000 4,003 $3,747.19 #35F 3/3.5 2/6/2019 $9,020,029 2,482 $3,634.18 #39A 3/3.5 2/15/2019 $22,808,800 3,114 $7,324.60 736 closings, a three-year high. Fifteen new developments have E 60TH STREET HIGHT $29,543,232 $7,334.47 #60B 3/3.5 1/29/2019 $22,158,994 4,193 $5,284.76 HIGH $23,386,675 $7,510.17 commenced closings so far this year, double the number that began closings in the first six months of 2018. Included among AVERAGE $18,136,587 $5,094.09 HIGH $22,158,994 $5,284.76 AVERAGE $21,101,707 $7,108.62 these are Fifteen Hudson Yards and One Manhattan Square, each Central AVERAGEPark $7,841,736 $3,894.22 of which had well over 100 contracts ready to close by the start of the quarter. FIFTH A MADISON A P LEXIN G THIRD A Columbus SIXTH/AVENUE OF THE AMERICAS CENTRAL PARK SOUTH W 59TH STREET E 59TH STREET ARK A Circle SEVENTH Note: New developments are excluded because many available, unsold units are held off the market for long periods of time.

2 VENUE T VENUE VENUE

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W 58TH STREET E 58TH STREET VENUE V E 800

N 4 U 600 E 3 400 W 57TH STREET E 57TH STREET 200

1 SALES # OF CLOSED 0 2Q15 2Q16 2Q17 2Q18 2Q19

W 56TH STREET E 56TH STREET 24 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 25

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2019 AVERAGE CONSUMER E 66TH ST EXPENDITURE ON FOOD AWAY AREA OVERVIEW FROM HOME BY BLOCK GROUP Midtown Manhattan is characterized by energized and diverse street life both day and night, prominent W 64TH ST office towers, and easy access to transportation. From the prestigious stores on Fifth and Madison

W 63RD ST Avenues to the Midtown office core on Park and Lexington, the western side of this neighborhood is all about business, , shopping, and recreation. Moving eastward, Third, Second, and First Avenues

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5 W 61ST ST D for its proximity to the UN on and East 43rd Street. A E 61ST ST

M This mix of office towers, retail , foreign consulates, and desirable residential locations draw a ST W 60TH E 60TH ST diverse group of shoppers, commuting businessmen and women, tourists, foreign dignitaries, and young residents to visit, work, and live in Midtown.

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W 46TH ST ^ 940 8th Ave Average Consumer Expenditure W 45TH ST W 45TH ST on Food Away From Home by Block Group < $2,000

$2,000 - $3,499

$3,500 - $3,999 43RD ST

$4,000 - $4,499

$4,500+

26 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 27

46TH ST

DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. EAST 61ST ST

EAST 60TH ST THE NEIGHBORHOOD EAST 59TH ST

EAST 58TH ST

EAST 57TH ST LOCAL ATTRACTIONS EAST 56TH ST Within just a few blocks of the subject property are several landmarks EAST 55TH ST of national and world renown such as , Central Park, Times Square, the Theatre District, , , WEST 54TH ST EAST 54TH ST the , and the . Central Park

WEST 53RD ST EAST 53RD ST and Bryant Park serve as an urban oasis to Midtown workers and tourists alike from morning to night throughout all seasons. To the west, Madison WEST 52ND ST EAST 52ND ST Square Garden, the “world’s most famous arena” and home of the New York Rangers and New York Knicks, plays host to performances by the WEST 51ST ST EAST 51ST ST world’s most famous artists on a near nightly basis. Midtown is also home WEST 50TH ST EAST 50TH ST to the United Nations at East 43rd Street and First Avenue, and many of the U.N.’s employees and dignitaries call the neighborhood home. WEST 49TH ST EAST 49TH ST ROCKEFELLER Additionally, some of New York’s oldest and most prestigious private clubs CENTER 2ND AVENUE AVENUE OF THE AMERICAS AVENUE 5TH AVENUE AVENUE PARK 3RD AVENUE WEST 48TH ST EAST 48TH ST

LEXINGTON AVENUE LEXINGTON are located in Midtown, including the Yale Club and the University Club. 9TH AVENUE

WEST 47TH ST 8TH AVENUE EAST 47TH ST 7TH AVNUE 7TH DINING WEST 46TH ST EAST 46TH ST The area’s dining options are as plentiful as they are diverse, offering WEST 45TH ST EAST 45TH ST something for every palate from hyper-trendy spots to oak bar classics. Quality Meats, Quality Italian, LAVO Italian Restaurant, and Estiatorio WEST 44TH ST EAST 44TH ST Milos present modern high-end options. A variety of steakhouses, GRAND WEST 43RD ST CENTRAL including The Palm , Capital Grille, and Smith & Mastro’s Steakhouse offer red-blooded slices of Americana and traditional WEST 42ND ST EAST 42ND ST corporate dining.

BRYANT EAST 41ST ST Nearly every one of the area’s restaurants serves as a nice spot for PORT AUTHORITY PARK after-work drinks, yet there are a number of great bars and lounges to WEST 40TH ST EAST 40TH ST A MAJOR EMPLOYMENT CENTER discover. Area hotels such as The Whitby Hotel (The Whitby Bar), The WEST The39TH ST Greater Midtown business district is one of the largest job centersEAST 39TH in STNew York City and one of the most Carnegie Hotel (The Carnegie Club) and (Salon high-profile business addresses in the world. The area spanning Fifth and Second Avenues between East 39th De Ning at the Peninsula) all offer chic locations to enjoy cocktails and East 57th Streets contains more than 70 million square feet of office space, more than a quarter million jobs, with coworkers, clients, or other Midtown workers that complement and innumerable Fortune 500 Companies. local watering holes like Bill’s Bar & Burger.

Many of the world’s most iconic office buildings are located in Midtown, including the Building, the , the , the Building, , the Empire State Building, and the SHOPPING MetLife Building. Midtown is a submarket with no equal in regards to shopping. Midtown Manhattan continues to be one of the most sought-after office addresses in the New York Recognized as one of only a handful of truly first-class shopping region. The neighborhood serves as the economic engine of the city and perhaps even the , drawing locations in the world, Fifth and Madison Avenues offer a staggeringly in more workers than any other American central business district. The area’s tenants have historically included impressive display of elite retailers. Among the world-class luxury prestigious financial institutions, law offices, hedge funds and private equity firms, largely because the proximity and department stores that line Midtown East’s streets are to Grand Central Station makes for an easy commute from Westchester and Fairfield Counties, from which many Saks , , Barneys, Bloomingdale’s, high-powered executives hail. , , Giorgio , Tiffany & Co., , , Area tenants serve as a who’s who of industry leaders including: NBC Universal, McGraw-Hill, The New York and Jimmy Choo. Additionally, a wide array of middle-market retailers Times, Colgate-Palmolive, JPMorgan Chase, , PricewaterhouseCoopers, and Cleary Gottlieb have appeared in recent years, including J. Crew, Zara, H&M, Banana Steen & Hamilton. Republic, and Urban Outfitters. The plentiful shopping options in the submarket continue to grow.

28 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 29 THE NEIGHBORHOOD

TRANSPORTATION THE SPECIAL MIDTOWN DISTRICT ZONING Midtown is one of the most transit-rich locations in the city. This area is centered upon Grand Central The Special Midtown District (MiD), established to guide development within the Midtown central Terminal, one of the city’s major transportation hubs and famous civic spaces. Nearly 1,500,000 people business district, has three goals: growth, stabilization and preservation. The district was enacted in pass through Grand Central Terminal each day on their way to Midtown’s seemingly innumerable 1982 to shift future development further to the west and south in response to an overconcentration of offices, retailers, hotels, and restaurants. Individuals come via the 4, 5, and 6 subways that serve the development on the east side of Midtown. entire east side of Manhattan, the 7 from that runs west all the way to the Hudson Yards, or Metro-North trains that arrive from Westchester and Connecticut. Soon, that ridership figure will grow The district establishes differing bulk and density limits for avenue frontages and midblocks, and for as the Rail Road adds a Grand Central stop on its way towards Penn Station. each of the subdistricts—Fifth Avenue, Grand Central, Penn Center, Preservation and Theater. A floor area bonus for public plazas, subway station improvements or theater rehabilitation is available in The A, C, E, 1, 2, and 3 lines also drop off residents from Queens, , the , some subdistricts. The Preservation Subdistrict is not eligible for any floor area bonuses and its base Northern Manhattan, and in the heart of Midtown, and almost every other train passes floor area ratio (FAR) is lower than elsewhere in the special district in order to limit development on through nearby Times Square just a shuttle ride away. Midtown is also easily accessible by numerous certain side streets. Certain urban design features, such as continuity of street wall and retail uses, off- bus lines. street relocation of subway stairs and provision of on-site pedestrian circulation spaces, are mandated Midtown Manhattan is undoubtedly the most connected neighborhood in the city. From all corners of within the district. the five boroughs and the greater New York metro area, it is incredibly easy to get to the neighborhood U H T

D S AVENUE RAL PARK WEST ERDAM AVENUE MBUS AVENUE AVENUE to both work and play. WAY ON AVENUE The Theatre Subdistrict requires a City Planning Commission special permit for demolition of legitimate W 62ND STREET Heckscher E 62ND STREET Playground theaters that are not designated landmarks. In addition, a floor area bonus is available by special permit for rehabilitation of legitimate theaters. A flexible program for the transfer of development W 61ST STREET E 61ST STREET rights preserves landmarked and legitimate theaters and new buildings above a certain size must NY Institue of Technology reserve at least five percent of floor space for entertainment and theater-related uses. E 60TH STREET The Pond Central Park Columbus Circle Special use and signage requirements in keeping with the character of the area are applicable in the W 59TH STREET CENTRAL PARK SOUTH W 59TH STREET E 59TH STREET A,B,C,D,1 Fifth Avenue, Penn Center and Theater Subdistricts. Large illuminated signs, for example, must be

W 58TH STREET W 58TH STREET E 58TH STREET incorporated into the facades of new buildings to ensure the continued brilliance of the celebrated Great White Way in Times Square. In the Grand Central Subdistrict, special regulations govern transfers

W 57TH STREET W 57TH STREET E 57TH STREET of development rights and seek to expand and improve its extensive subsurface pedestrian network. Special use restrictions in the Fifth Avenue Subdistrict reinforce its character as a showcase tourist SIXTH/AVENUE OF THE AMERICAS

W 56TH STREET W 56TH STREET E 56TH STREET and shopping destination. Signage regulations enhance the retail uses and transit connections of the Penn Center Subdistrict.

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Theater District Gotham West 30

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Cushman & WakefieldL CopyrightEGEND 2019. No warranty W 47TH ST 5 E 47TH ST or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to W 46TH ST ^errors, omissions,940 8th change Ave of price, rental or other conditions, withdrawal without notice, and to any Avspecialerag elisting Co nconditionssumer Eimposedxpend byit uthere property owner(s). As applicable, we make no representation W 45TH ST W 45TH ST onas F tooo thed conditionAway F ofro them propertyHome (orby properties)Block G roup in question. < $2,000

$2,000 - $3,499

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$4,000 - $4,499

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