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The Hurston 2021 Lexington Ave. , NY

Josh Ballen, Edward Cheung, Amina Kirk, Matthew Ritsema Fall 2013 TABLE OF CONTENTS The Hurston

Project Proposal 3 Design Proposal 14 (All) (Matt) New Floor Plans 14 Neighborhood 4 Unit Design 15 (Amina) Visible Improvements 16 Location / Amenities / Conscious Living 4 History/ Income / Culture 5 Trends and Investments 6 Financial Analysis 17 Gov’t Incentives / Stake Holders / Zoning 7 (Josh) Background / Key Assumptions 17 Rent Roll 18 Power of Ten 8 Income and Returns 19 (Ed) Comparables 20 Transportation 10 (Ed) Appendix / Resumes 21 S.W.O.T. 11 (All) Marketing 12 (Amina) Target Market & Community 12 Proposed Retail Spaces 13

Table of Contents PROJECT PROPOSAL

The Husrton at 2021 Lexington Ave. is a beautiful building located in East . This structure is in need of a face-lift and our team has determined to do just that from the inside out. Beginning with altering the current floor plans, we aim to increase units within the four stories of residential. This will not only increase potential rental income, but also be a much better use of space within the structure. Next we look towards the exterior of the building. By changing out the first floor retail spaces we can focus on bringing in new commercial businesses that reflect the culture and ethnic backgrounds present in the area. These spaces most likely will include a bookstore, health food shop, as well as coffee shops and restaurants. The five available retail spaces will provide a great source of income for the property making the investment that much more worthwhile. Lastly we look at the outdoor space on the property. Since the building footprint occupies 100% of the lot, the only reasonable place for outdoor space is the roof. By adding a roof garden and patio for the residents we create a space with phenomenal views of with the utility of a gathering and community space. This project not only aims to make a great return on investment monetarily, but also tries to revive and stimulate an up-and-coming area of East Harlem. This area has recently been known to attract young professionals and our team aims to attract that demographic of people to occupy our new residences. Through this project we will create a great mixed- use building that can spur new projects within the area and bring back the exciting neighborhood of East Harlem.

Project Proposal LOCATION AMENITIES CONSCIOUS LIVING with GREEN IDEAS

• The Hurston at 2021 Lexington is located in the up- • The Hurston is located • High Efficiency & ENERGY STAR Appliances- and-coming area of East Harlem. near existing and future energy-efficient appliances, heating/cooling • This area of the city is beginning to aim itself public subway lines. systems, & Water-conserving plumbing fixtures towards younger professionals. • This prime location • High-Performance Energy Efficient Windows • This trend is allowing for development to occur allows for quick access • Bamboo Flooring (a renewable building material) within the area as older, once undesirable buildings, both within and outside • Non- Toxic & Low VOC Building Materials: are being transformed into new appealing the city via the NYC apartments and town homes. subway system and the - Custom Cabinetry options that have been Metro North commuter approved as sustainable and non-toxic by Kitchen train. Cabinet Association’s Environmental Stewardship • Existing Harlem-125th Program, or Forest Stewardship Council. Metro North Station. - Custom Non-Toxic Paint options available • Second Avenue from Green Building Supply. Subway to be - Quartz Countertops options to avoid completed Dec. 2016. chemical sealant treatment required for granite • In addition to train countertops as well as potential radon concerns. transport, bike routes run through East • Fully Non-Smoking building supports superior Harlem allowing for air quality throughout the complex and outdoor the New York City areas. bike share system to • Green Roof- Rooftop Terraces with Seating operate and become Areas & Designated Space for Resident Gardens more popular in this • Green Space within walking distance: East River areas. Esplanade, , Robert E. McNair • The site locates itself well within walking distance Playground, Jackie Robinson Community Garden to Marcus Garvey Park. • Transit & Commuting: Centrally located close • This park hosts many festivals year round and is of to transit (bus & rail). Indoor Bike Storage and course a great green-space within the area of East Harlem. maintenance areas available • Cultural diversity within the area allows for these • Healthy Lifestyle Amenities: Health Food and festivals to exist. Grocery store on street level

Charlie Parker Music Festival

Neighborhood: Location / Amenities / Conscious Living HISTORY NEIGHBORHOOD CULTURE

From the 1880s through the 1910s, Italians settled • The neighborhood has 30 city-owned parks • Residents- Located in the Heart of Spanish in the area east of Third Avenue to the River, and playgrounds Harlem (El Barrio)- Historically Puerto Rican, closely followed by Eastern Europeans. The • Avg Income: Dominican, and African American population. In newcomers settled down and flourished. In the recent years many Central American immigrants, 1930s, the Italian community in “Harlem” was the young artists, college students, and LGBT families largest in the country. Puerto Ricans began to of all ethnicity’s and diverse incomes have been arrive with some and West resettling the area. Indians. “Spanish Harlem” ‘had a name by the • Local Museums: El Museo del Barrio- An East 1940s. As early as the 1930s, East 116th Street was Harlem institution has carried the torch for Latino crowded with stores with restaurants and music • 10% increase in household incomes of art since 1969. They have a stunning collection of shops reflecting the thriving Puerto Rican culture. $100,000 or more since 2007 pre-Colombian artifacts complimented by modern • Over 25% of the population resides in public photography, sculptures and prints waiting to be The mix of population and economic dis- housing units managed by the NYC Housing explored. investment, called “red-lining”, had a devastating Authority. 46.5% of the population receive a • Libraries: 2 Neighborhood NYC Public Libraries effect on the housing stock. After World War II, the form of income support by the government • High Tech Neighborhood Investment: Free wifi provided by city of NY goes online this month for push for slum clearance accelerated and public • There are a total of 540 store fronts within 125th St Corridor (3 blocks away) housing projects began replacing the old and these corridors, totalling 1,852,303 square feet lively tenement buildings. These housing projects • Entertainment: required large tracts of vacant land resulting of commercial space; 45% of the businesses - Harlem’s Legendary Apollo Theater- An in the destruction of tenements, brownstones, are retail and 36% are businesses providing American Entertainment institution that launched clubs and meeting places, small businesses and services to the community while 19% are the careers of , , and neighborhood ties. Latinos and African-Americans vacant. . in the 1950s they teamed with settlement-house • Currently there is $1.2 billion of potential - Many small historical speakeasy bars with live leadership to improve the quality of their schools expenditures in East Harlem music , , and spoken word 7 nights a and to pressure for new ones. Eight were built • Survey showed- lack a significant and week. in this period. Even the destruction of the East diversified supply of businesses to capture - Multiple Performance Troupes, Gallery Spaces, Theaters w/in Walking Distance: Harlem riots of 1967 led to reaching out by the the demand of consumers. -> Ex- Marcus Garvey Park: Plays and concerts in community to bind up the torn fabric of residents • Race: 52.1%- Hispanic, 35.7 as non-Hispanic and their retail stores. the park’s amphitheatre during black, 7.3 as non-Hispanic white, 2.7 Asian and warm months. Home to the Annual Charlie Parker Today, residents are more knowledgeable, skilled Pacific Islander, 1.7% as Two or more Races Jazz Festival each summer and involved with planning for their neighborhoods. non-Hispanic, and 0.5% as other • Dining: Lexington Avenue considered East In recent East Harlem history, community - Rise in Asian Population: In the 2010 Harlem’s “Restaurant Row”. groups have held conferences and conventions, census, 8.5% of residents in the southern • Performance & Art Space within Building : Street formed alliances and prepared strategic plans, section of East Harlem were listed as Asian, level coffee shop will include Performance Space participated in and helped create the East Harlem up from 4.6% a decade before for poetry readings, small film screenings, book Neighborhood Based Alliance and the federal club meetings etc. Reservations free of charge to empowerment zone. local residents.

Neighborhood: History/ Income / Culture Neighborhood Trends/Investment • Greening of East Harlem- City of New York businesses in East Harlem. Parks & Recreation has a plan to plant 85 • Harlem’s Historic Fire Watchtower- Last • Demand from students who attend Hunter new trees a year for next 24 years. remaining cast iron watch tower in the College’s newly opened Silberman School • Corn Exchange Building- Developer Artimus, country will be fully restored and, used as a of Social Work at 119th Street, along with is undertaking a $16 million renovation of the giant wi-fi hot spot. Located in Marcus Garvey residents displaced by increasing rents on the landmark building on and Park Park Upper East Side, are driving developers to Avenue. • Inside Federal Economic Empowerment build more housing in East Harlem. • Artist Space- Abandoned East Harlem Zone- Provides many possible tax incentives • Dollar volume on the transactions increased school building will be transformed into for hiring local and other incentives. nearly 140 percent to $287.6 million in 2012, housing for artists, thanks to $52.2 million from a little over $120 million in 2011. project. Will create 90 affordable apartments • Retail rents have risen since the recession and space for galleries and arts organizations. • East Harlem Media, Art and Cultural Center Similar projects in Toronto have successfully -$700 Million mixed use development largely created artist enclaves to revitalize funded by NYC Economic Development communities Corporation. 1.7 million square foot • Multi-Purpose development on Third Avenue from 125th to Service Center- 127th Street. NYEDC Says: This project, along City of New York is with other recent investments that have been seeking proposals made along the 125th Street corridor, will from qualified help cement the area’s place as an important developers for the cultural and retail hub for Upper . purchase and potential - Project, headed by the city’s Economic redevelopment of the Development Corporation, East Harlem Multi- - Broke ground in 2010 Service Center. The - Slated to include 30,000 square feet Site is located at 413 of community and cultural space, 600 East 120th Street in affordable housing units retail space and East Harlem. office space, and a hotel. • Kitchen Incubator- 4,000 square foot commercial kitchen funded by the city at La Marqueta in East Harlem. Building provides shared workspace for start-up and expanding food

Neighborhood: Trends and Investments Potential Government Incentives Stake Holders: Zoning/Residential & Retail Space

• City - Food Retail Expansion to Support • Civitas • Rezoning Plan: R7D (from R7-2) – [Approved by Health (FRESH) Program • New York City Economic Development Corp CB11M, awaiting City Approval] • City - Green Roof Property Tax Abatement • Manhattan Community Board 11 An R7D designation is proposed for much of Program • Current Business Owners Lexington Avenue south of 124th Street, 116th Street and Madison Avenue south of 119th Street. • City - New Markets Revolving Loan Fund • East Harlem Neighborhood Alliance Mapping R7D in this area along with the proposed • City - New Markets Tax Credit Program • 125th Street Business Improvement District C1-4 and C2-4 commercial overlays will provide • City - New York City Brownfield Incentive • East Harlem Business Capital Corporation opportunities for housing development, including Grant (BIG) Program, Pre-Development Design • East Harlem Preservation affordable housing. It would also strengthen Grant Lexington Avenue and 116th Street as retail and • City - NYC Capital Access Loan Guaranty service corridors. Program • City - NYC Entrepreneurial Fund R7D allows medium-density apartment buildings, • City - Solar Electric Generating Systems with a base FAR of up to 4.2 for all allowed uses. Tax Abatement Program The R7D district is subject to the Inclusionary Housing program, where developers could • Federal - Empowerment Zone Section 179 receive a 33% floor area bonus, allowing a total Deduction of up to 5.6 FAR, if 20% of the floor area is • Federal - Long Term Family Assistance developed as affordable housing. New structures • Federal - SBA 7(a) Loan Program in R7D districts are required to line up with • Federal - SBA CDC / 504 Loan Program adjacent structures to maintain the streetwall. • Federal - Section 179 Deduction Historic Fire Watchtower Above a base height of 60 to 85 feet, the building • Federal - Work Opportunity Tax Credit must set back to a depth of 10 feet on a wide (WOTC) street and 15 feet on a narrow street before rising • Other - Business Incentive Rate to its maximum height of 100 feet. In addition, • Other - Commercial and Industrial Energy because commercial overlays are mapped, active ground floor uses are required. Efficiency Program • State - Empire Zone QEZE Tax Credits Developments in all proposed R7D districts within • State - Empire Zone Wage Tax Credit the Inclusionary Housing areas would have a • State - Excelsior Jobs Program maximum FAR of 4.2, or 5.6 with the provision of • State - NYSERDA Existing Facilities Program affordable housing. • State - NYSERDA Small Commercial Energy Assessments • Other proposal suggestions: Add urban design • State - Workers with Disabilities requirements to the MX district: streetwalls, Employment Tax Credit Marcus Garvey Park transparency, curb cut limitations

Neighborhood: Gov’t Incentives / Stake Holders / Zoning Power of 10 Ten great places to create a lively neighborhood.

1. El Museo Del Barrio – NYC’s only Latino 3. Jefferson Park – Public pool, track, fitness 5. – Contemporary museum dedicated to Puerto Rican, and recreation center, baseball field, and art museum dedicated to work of African- Caribbean, and Latin American Art. handball courts. American artists of the 19th and 20th centuries.

2. National Jazz Museum in Harlem – Dedicated to preservation and celebration of 4. Graffiti Hall of Fame – Created by 6. Camaradas El Barrio – Caribbean and Harlem’s jazz history. community activist Ray “Sting Ray” Rodriguez Puerto Rican food, great selection of craft in 1980 for local talented graffiti artists to beers, wine, and sangria. display their skills.

Power of Ten: Ten great places to create a lively neighborhood. Power of 10 Ten great places to create a lively neighborhood.

7. La Marqueta – Marketplace under Metro 9. Bier International – Local gathering place North railway tracks. Central hub and for wide-selection of German drafts and gathering place of local vendors and other other beers. Beer-hall style space with merchants. Important social and economic communal and outdoor tables. venue for Hispanic New York..

10. Harlem Shambles – Boutique butcher shop staffed by experienced and informative butchers. All meat sourced locally, free of 8. Apollo Theater – Noted venue for African antibiotics and hormones, and cut on the spot. American performers. Nearly 1.3 million visitors to the Apollo annually.

Power of Ten: Ten great places to create a lively neighborhood. Walk Bike Ride Drive

The East Harlem A ten minute bike ride The pre-existing Hudson Being far from the neighborhood boasts can take you into the Subway Line on 125th gridlock of downtown a Walk Score of 96, depths of St allows for an easy Manhattan, driving With ample access to for an afternoon of and direct commute becomes a viable and restaurants, grocers, sporting or relaxation. to downtown. The relatively pain-free pharmacies, parks, and Newly renovated imminent completion transportation option. bars all within a ten streets now encompass of the 2nd Ave subway Parking is plentiful minute walk this makes protected bike lanes, will add another station compared to other East Harlem easily making navigating the to the East Harlem boroughs of New accessible to people busy of streets of New area, adding millions York. Newly planned without alternate modes York easier and safer of riders per month, bus lanes will further of transportation. New than ever before. further vitalizing the area alleviate the flow the York City is a very and creating plentiful traffic. walkable city in general opportunities for both and East Harlem is no business and residential exception. growth.

Transportation Strengths:

- Corner Site Weaknesses:

- Architectural Character - Low current rents. - 5 retail store-fronts = stable rent - Still up-and-coming neighborhood with perceived - Mixed use building, safety issues. - Multi-family building - Unknown structural quality. - Opportunity to raise rents - Bus transportation limited for some routes. - 2 blocks from metro north and 2 blocks from new subway, one block from current subway - East Harlem Neighborhood undergoing great Opportunities: development. - Neighborhood renovations planned. - Evict bad tenants - Estimated Investments of $75 million over next 5 - Renovate apartments, add amenities years to connect East Harlem to the Upper East - Provide vibrant living space for young professionals Side (New York Developers stated in NY Times) and young families. - Columbia’s “Manhattanville Campus” expansion - Raise tenant rents as development increases in between W. 125th – 133rd St. includes a $200 neighborhood. million dollar Science Center (1.2 miles away) - Bring needed retail into the area such as local - Filing with the Department of Buildings for permits by grocery /health food /specialty, etc. Whole Foods in May 2013 for construction in lot @ corner of 125th & Malcom X Blvd. (.5 miles Threats: away). - CUNY’s Hunter College opened Silberman School of - Subway opening delayed to late 2016. Social Work in East Harlem- 2011 (1.2 miles away). - Legal issues evicting tenants may arise. -NYC Economic Development Corporation has begun - Possible long term retail leases with mediocre stores. construction of 385,000 sqft office, retail, hotel, - Many area developments still in planning stages. and cultural center complex in East Harlem

S.W.O.T. MARKETING:

El Barrio Connected: Community, Culture, and Conscious Living TARGET MARKET: OLD HARLEM ARCHITECTURE. ARTS. MUSIC. RETAIL. FOOD. COMMUNITIES - College educated young professionals under age 40.

- 2021 Lexington Avenue - Young Professionals from a variety of fields earning $50,000+. - East Harlem/Spanish Harlem - Manhattan Community District 11 - City Residents/Transplants from other Major Metropolitan Areas.

Marketing and advertising for the building would be extremely - Health Conscious Individuals. useful while renovations are going on and while retail tenants are switching out of the main floor. An example marketing technique - Socially Conscious Individuals seeking to live and engage in a would be as follows: diverse community.

“Standing five stories over the vibrant streets of East Harlem, The Hurston is a LEED-certified luxury pre-war apartment building COMMUNITY: offering a wide array of environmentally friendly amenities. This Opportunities to build community: residence offers more than spectacular views, by blending the classic details of Manhattan pre-war apartment with a - Building Events: Yoga on the Terrance, Cocktails on the Terrace, contemporary sense of style The Hurston has created the next etc encourages community building. level of Manhattan living. Located in the flourishing Manhattan neighborhood of East Harlem, this luxury community is just steps - Grocery Store: Cooking demos, meet and greet with farmers from the subway as well as lively nightlife; including an array who locally source various products carried in store. of great restaurants, nightclubs, music and art venues. A full service fair trade coffee shop and a grocery store sit right at your - Coffee Shop- performance space for poetry readings, small doorstep, providing the convenience your demanding schedule musical or theatrical performances, & organization meetings requires. Known the world over for its eclectic and culturally throughout the week. Late night hours to provide interaction diverse personality, East Harlem welcomes you to immerse between working community members and students yourself in its community and experience all it has to offer. At The Hurston, your search for a vibrant and luxurious residence is finally - Advertisements in common area of building regarding over.” community events

Marketing: Target Market & Community EXISTING RETAIL / RESTAURANTS POTENTIAL RETAIL TENANTS IN EAST HARLEM Target Market: College educated young Professionals Shops: under the age of 40. • Costco • Target Prime Retail Location: Only a few blocks away from 125th • Best Buy St. / 3rd Ave., Harlem’s main shopping district. • Fine Fare • Benjamin Moore Survey: 94% of current residents would like to see a • Sleepy’s bookstore open in the area, 84% would like to see a health • Rite Aid food store. • Assoc. Supermarket • Pathmark - Because the area is searching for retail that is currently • Duane Reade lacking, (such as the bookstore and health food store) we plan to incorporate these types of retail spaces on Dining the ground floor of our building. Our retail spaces will be Latin - strategically developed to capitalize on Harlem’s history of • El Paso Tequeria being a culturally diverse community of African-Americans, • Cuchifritos Caribbeans, Latinos, and other ethnic groups. The project • Mesa Mexicana will benefit from Harlem being internationally know for • Camarades El Barrio its literature, music, dance, sports and arts. Capitalizing • Amour Cubano on these already existing cultural activities will be key in Pizzeria - reintegrating the building into the neighborhood. Our new • La Nuestra Pizzeria shops and retail spaces will bring economic growth back to • Patsy’s Pizzaria this area of East Harlem by complementing what is already • Rao’s Pizzaria existing in the area. Other - • Mojitos (bar/lounge) • Creole (Cajun) • Ricardo Steak House • Polash (Indian)

Marketing: Proposed Retail Spaces The new layout of the Hurston aims towards housing young professionals. There are 16 residential units in the building all one or two bedrooms. The units are well sized but also very affordable for the young professional. Two bedroom units are pushed to the corners of the building as to capture as much light as possible, While the one bedroom units place themselves in the center of the structure still allowing for great lit space and views along Lexington Ave. Because the building places itself away from neighboring structures, there is also ample light pouring into the shared circulation space, Fire escapes provide necessary exit routes for residents and actually add character to this wonderfully designed building.

Typical Residential Floor Plan

Design Proposal: New Floor Plans

Great Room Kitchen

Bath Bath

Kitchen

Bedroom Bedroom

Great Room Master Bedroom

Typical Corner Unit Apartment [Floors 2-4] [2 Bedroom] Typical Interior Unit Apartment [Floors 2-4] [2 Bedroom] Typical Residential Floor Plan Typical Residential Floor Plan

The existing Hurston building at 2021 Lexington great light and air circulation to exist in every unit. Some Ave. already has an amazing exterior, Therefore units can be advertised as ‘affordable’ units for low income most of our renovations are focused inward. individuals, but will again be marketed towards the young Slight adjustments to layout and modernization professional just getting started in the city. of interior finishes will bring this building to its true potential. These typical floor plans show how layouts are intended for young professionals in that they are compact and well organized to suit one - three residents. Although there is no personal outdoor space for units, the high number of windows per unit allows for Great Room Great Room Kitchen Kitchen

Bath Bath Bath Bath

Kitchen Kitchen

Bedroom Bedroom Bedroom Bedroom

Great Room Great Room Master Bedroom Master Bedroom

Typical Corner Unit Apartment [Floors 2-4] [2 Bedroom] Typical Interior Unit Apartment [Floors 2-4] [2 Bedroom] Typical Corner Unit Apartment [Floors 2-4] [2 Bedroom] Typical Interior Unit Apartment [Floors 2-4] [2 Bedroom]

Design Proposal: Unit Design IMPROVEMENTS

Although most of the work on The Hurston will happen on the interior such as rearrangement of residentail floors and modernizing of the finisheds within all the units, there is still a desire to update the exterior of the building. The key ways in which we plan to improve the exterior are through cleaning up the clutter of the first floor retail spaces and by including a rooftop terrace for the residents. Since we are proposing new types of retail spaces on the ground floor, it will be easy to update their exteriors as new brands of retail move in. This new facade to the building will increase appeal as well as bring the building up to date with the fast growing neighborhood. The rooftop terrace will serve as a much needed outdoor space for the residents of the building. Since the building footprint fills the entire site, the only available space to enjoy the outdoors is the roof. This space will have garden space, kitchen/ barbecue/grilling space, as well as ample patio space for larger gatherings to occur.

Design Proposal: Visible Improvements Background Information Key Assumptions Valuation

- Metrics: Average Rent / Apt / Month $1,105 - No rent increases for the 2 rent controlled - Purchase price : $4,375,000 (listing price: apartments. $4,600,000) - Average Rent / Room / Month $221 - Two months of zero rent (in addition to - Current NOI of $195,000 / market cap rate of - Price / SF $ 270 vacancy 5% estimate) assumed for each 4.7% = $4,148,936 of the 4 apartments that have not been - Gross Rent Multiplier (x) 13.75 X renovated within the last 10 years. - Gross rent multiple (market): $365,650 x 13.5 = $4,936,275 - Cap Rate (%) 4.7% - Residential rent of [$2,500] (market rate in Harlem for comps) for each renovated unit. - Comps: $240/ft x our building at 16,800 ft = - Improvements: All building-wide systems are in $4,032,000 good, working condition - Annual rent increases as follows: 3% on new units and commercial, 5% on most apartments, - Average of Three Methods: $4,372,403 - Violations: There are 17 open HPD violations: and 10% for unit which is currently underpriced A/2, B/12, C/3 Rent increases are modeled to correspond to lease renewal dates. Capital Structure

Specifications - 2014 operating expenses and tax estimate - 25% equity: $1,112,500 (~$280,000 per person) provided by seller (3% annual increase) Renovation cost of __ per unit for each of the 4 - Lot Size: 35’ x 100.92’ - 75% debt financing + $80,000 construction loan: residential units and __ for the 1 commercial unit $3,417,500 that will be renovated. All other units do not need - Built: 33’ x 95’ improvement and commercial units are under - 4.25% interest, compounds monthly lease. - Residential Layout: 12/5 (60 rooms) - Construction loan is rolled into mortgage at time - No live-in super [nor will we live in the building]. - Commercial: 5 (all leased through 2017-2020) of purchase - The 2 rent controlled tenants do NOT move. - Block / Lot: 1771 / 52 Zoning: C2-4/R7-2 FAR (built/allowed): 4.76/3.44

- Assessment: $522,650 (2014)

- 1st Mortgage: Delivered Free and Clear

Financial Analysis: Background / Key Assumptions 2014 2015 2016 2017 Apt Lessor Rent Lease Exp. January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December 1A Tenant 1 $640 7/31/14 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $0 $0 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 1B Tenant 2 $681 9/30/14 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $0 $0 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 1C Tenant 3 $2,164 11/30/13 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 2A Tenant 4 $755 7/31/14 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $0 $0 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 2B Tenant 5 $1,359 7/30/14 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,808 $1,808 $1,808 $1,808 $1,808 2C Tenant 6 $2,017 10/31/13 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,451 $2,451 $2,451 3A Tenant 7 $1,057 7/31/14 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,407 $1,548 $1,703 $1,873 3B Tenant 8 $82 Controlled $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 3C Tenant 9 $1,518 12/31/14 $42,004 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 4A Tenant 10 $952 5/31/14 $41,790 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $0 $0 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 $2,652 $2,652 4B Tenant 11 $81 Controlled $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 4C Tenant 12 $1,958 8/30/14 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,267 $2,267 $2,267 $2,267 ST1 Grocery $5,015 8/31/17 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $6,028 $6,028 $6,028 $6,028 ST2 Pizza $2,163 5/31/17 $2,163 $2,163 $2,163 $2,163 $2,163 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 ST3 Hair Salon $2,503 3/31/20 $2,503 $2,503 $2,503 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 ST4 Cell Phone $2,300 3/31/16 $2,300 $2,300 $2,300 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $0 $0 $0 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 ST5 Hair Braid $2,000 3/31/17 $2,000 $2,000 $2,000 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251

2014 2015 20142016 20152017 2016 2017 Apt Lessor Rent Lease Exp. January February March April May June July August September October November December January February March April May June July August SeptemberApt LessorOctober NovemberRent Lease December Exp. JanuaryJanuary FebruaryFebruary MarchMarch AprilApril MayMay JuneJune JulyJuly AugustAugust SeptemberSeptember OctoberOctober NovemberNovember DecemberDecember JanuaryJanuary FebruaryFebruary MarchMarch AprilApril MayMay JuneJune JulyJuly AugustAugust SeptemberSeptember OctoberOctober NovemberNovember DecemberDecember January February March April May June July August September October November December January February March April May June July August September October November December 1A Tenant 1 $640 7/31/14 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $0 1A $0Tenant $2,500 1 $640$2,500 7/31/14$2,500 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,500$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$640 $2,575$0 $2,575$0 $2,500$2,575 $2,500$2,652 $2,500$2,652 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 1B Tenant 2 $681 9/30/14 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 $681 1B $681 Tenant $0 2 $681$0 9/30/14$2,500 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,500$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$681 $2,575$0 $2,575$0 $2,500$2,575 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 1C Tenant 3 $2,164 11/30/13 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,164 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,229 $2,2291C Tenant $2,229 3 $2,164$2,229 11/30/13$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,164$2,296 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,229$2,365 $2,296$2,365 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,296 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 $2,365 2A Tenant 4 $755 7/31/14 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $755 $0 2A $0Tenant $2,500 4 $755$2,500 7/31/14$2,500 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,500$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$755 $2,575$0 $2,575$0 $2,500$2,575 $2,500$2,652 $2,500$2,652 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 2B Tenant 5 $1,359 7/30/14 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $1,494 $1,4942B Tenant $1,494 5 $1,359$1,494 7/30/14$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,494 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,359$1,644 $1,494$1,808 $1,494$1,808 $1,494$1,808 $1,494$1,808 $1,494$1,808 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,494 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,644 $1,808 $1,808 $1,808 $1,808 $1,808 2C Tenant 6 $2,017 10/31/13 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,017 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,117 $2,1172C Tenant $2,223 6 $2,017$2,223 10/31/13$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,223 $2,017$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,117$2,334 $2,223$2,451 $2,223$2,451 $2,223$2,451 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,223 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,334 $2,451 $2,451 $2,451 3A Tenant 7 $1,057 7/31/14 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,057 $1,163 $1,1633A Tenant $1,163 7 $1,057$1,163 7/31/14$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,163 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,057$1,279 $1,163$1,279 $1,163$1,407 $1,163$1,548 $1,163$1,703 $1,163$1,873 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,163 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,279 $1,407 $1,548 $1,703 $1,873 3B Tenant 8 $82 Controlled $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 3B $82 Tenant $82 8 $82$82Controlled $82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82$82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 $82 3C Tenant 9 $1,518 12/31/14 $42,004 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,518 $1,5183C Tenant $1,518 9 $1,518$1,518 12/31/14$1,518 $42,004$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,669 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,518$1,836 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,669 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 $1,836 4A Tenant 10 $952 5/31/14 $41,790 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $952 $0 $0 $2,500 $2,5004A Tenant $2,500 10 $952$2,500 5/31/14$2,500 $41,790$2,500 $2,500$952 $2,500$952 $2,500$952 $2,500$952 $2,500$952 $2,500$952 $2,500$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$952 $2,575$0 $2,575$0 $2,500$2,575 $2,500$2,652 $2,500$2,652 $2,500$2,652 $2,500$2,652 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,575 $2,652 $2,652 $2,652 $2,652 4B Tenant 11 $81 Controlled $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 4B $81 Tenant $81 11 $81$81Controlled $81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81$81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 $81 4C Tenant 12 $1,958 8/30/14 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $1,958 $2,0564C Tenant $2,056 12 $1,958$2,056 8/30/14$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,056 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $1,958$2,159 $2,056$2,267 $2,056$2,267 $2,056$2,267 $2,056$2,267 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,056 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,159 $2,267 $2,267 $2,267 $2,267 ST1 Grocery $5,015 8/31/17 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,015 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,165 $5,320ST1 Grocery $5,320 $5,015$5,320 8/31/17$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,015$5,320 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,165$5,480 $5,320$6,028 $5,320$6,028 $5,320$6,028 $5,320$6,028 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,320 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $5,480 $6,028 $6,028 $6,028 $6,028 ST2 Pizza $2,163 5/31/17 $2,163 $2,163 $2,163 $2,163 $2,163 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,295 $2,295 $2,295 $2,295ST2 Pizza $2,295 $2,163$2,295 5/31/17$2,295 $2,163$2,295 $2,163$2,295 $2,163$2,295 $2,163$2,295 $2,163$2,295 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,228$2,364 $2,295$2,364 $2,295$2,600 $2,295$2,600 $2,295$2,600 $2,295$2,600 $2,295$2,600 $2,295$2,600 $2,295 $2,295 $2,295 $2,295 $2,295 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 ST3 Hair Salon $2,503 3/31/20 $2,503 $2,503 $2,503 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,578 $2,655 $2,655 $2,655 $2,655 $2,655 $2,655ST3 Hair $2,655 Salon $2,503$2,655 3/31/20$2,655 $2,503$2,655 $2,503$2,655 $2,503$2,655 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,578$2,735 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655$2,817 $2,655 $2,655 $2,655 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,735 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 $2,817 ST4 Cell Phone $2,300 3/31/16 $2,300 $2,300 $2,300 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,369 $2,440 $2,440 $2,440 $2,440 $2,440 $2,440ST4 Cell $2,440 Phone $2,300$2,440 3/31/16$2,440 $2,300$2,440 $2,300$2,440 $2,300$2,440 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,369$2,513 $2,440$0 $2,440$0 $2,440$0 $2,440$3,200 $2,440$3,200 $2,440$3,200 $2,440$3,200 $2,440$3,200 $2,440$3,200 $2,440 $2,440 $2,440 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $2,513 $0 $0 $0 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 ST5 Hair Braid $2,000 3/31/17 $2,000 $2,000 $2,000 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,122 $2,122 $2,122 $2,122 $2,122 $2,122ST5 Hair $2,122 Braid $2,000$2,122 3/31/17$2,122 $2,000$2,122 $2,000$2,122 $2,000$2,122 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,060$2,185 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122$2,251 $2,122 $2,122 $2,122 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,185 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251 $2,251

Financials: Rent Roll 2014 2015 2016 2017 Sale at 12/31/2017 Rents $383,588 $353,235 $436,575 $453,445 Purchase Price $4,375,000 (3% discount to asking price) Less vacancies, at 5% ($19,179) ($17,662) ($21,829) ($22,672) Down Payment $1,093,750 25% Debt Financing $3,361,250 4.25% Gross Poten>al Rents $364,409 $335,573 $414,747 $430,773 Monthly ($16,693.72) Less Oppera>ng Expenses StarJng Balance Interest Principle Remaining Balance Fuel ($25,650) ($26,420) ($27,212) ($28,028) Month 1 $3,361,250 $11,904 $4,789 $3,356,461 Month 2 $3,356,461 $11,887 $4,806 $3,351,654 Renova>ons $0 ($80,000) $0 ($15,000) Month 3 $3,351,654 $11,870 $4,823 $3,346,831 Month 4 $3,346,831 $11,853 $4,840 $3,341,991 Payroll ($10,400) ($10,712) ($11,033) ($11,364) Month 5 $3,341,991 $11,836 $4,857 $3,337,133 Repairs, Maintenance & Misc ($15,000) ($15,450) ($15,914) ($16,391) Month 6 $3,337,133 $11,819 $4,875 $3,332,259 Month 7 $3,332,259 $11,802 $4,892 $3,327,367 U>li>es ($2,000) ($2,060) ($2,122) ($2,185) Month 8 $3,327,367 $11,784 $4,909 $3,322,457 Month 9 $3,322,457 $11,767 $4,927 $3,317,531 Water & Sewer ($11,850) ($12,206) ($12,572) ($12,949) Month 10 $3,317,531 $11,750 $4,944 $3,312,587 Month 11 $3,312,587 $11,732 $4,962 $3,307,625 Net Oppera>ng Income (NOI) $299,509 $188,726 $345,894 $344,855 Month 12 $3,307,625 $11,715 $4,979 $3,302,646 Es>mated Taxes (2014) ($68,900) ($70,967) ($73,096) ($75,289) Month 13 $3,302,646 $11,697 $4,997 $3,297,649 Month 14 $3,297,649 $11,679 $5,015 $3,292,634 Insurance ($6,750) ($6,953) ($7,161) ($7,376) Month 15 $3,292,634 $11,661 $5,032 $3,287,602 Month 16 $3,287,602 $11,644 $5,050 $3,282,552 Interest ($141,720) ($139,181) ($136,531) ($133,766) Month 17 $3,282,552 $11,626 $5,068 $3,277,484 Month 18 $3,277,484 $11,608 $5,086 $3,272,398 Before Tax Cash Flow $82,139 ($28,374) $129,107 $128,424 $7,337,338 Month 19 $3,272,398 $11,590 $5,104 $3,267,294 Loan Principle Payments ($58,604) ($61,144) ($63,794) ($66,559) ($3,111,149) Month 20 $3,267,294 $11,572 $5,122 $3,262,172 Month 21 $3,262,172 $11,554 $5,140 $3,257,032 Taxable Income $23,534 ($89,518) $65,313 $61,865 $3,132,439 Month 22 $3,257,032 $11,535 $5,158 $3,251,873 Month 23 $3,251,873 $11,517 $5,177 $3,246,697 Less Taxes (35% income; 20% capital gains) ($8,237) $0 ($22,859) ($21,653) ($626,488) Month 24 $3,246,697 $11,499 $5,195 $3,241,502 Month 25 $3,241,502 $11,480 $5,213 $3,236,288 A[er Tax Cash Flow $15,297 ($89,518) $42,453 $40,213 $2,505,951 Month 26 $3,236,288 $11,462 $5,232 $3,231,056 Month 27 $3,231,056 $11,443 $5,250 $3,225,806 Annual Oppera+ng ROI (ATCF/Equity) 1.4% -­‐8.2% 3.9% 3.7% 229.1% Month 28 $3,225,806 $11,425 $5,269 $3,220,537 NOI/Investment 27% 17% 32% 32% Month 29 $3,220,537 $11,406 $5,288 $3,215,249 Month 30 $3,215,249 $11,387 $5,306 $3,209,943 Month 31 $3,209,943 $11,369 $5,325 $3,204,618 Month 32 $3,204,618 $11,350 $5,344 $3,199,274 IRR 32% Month 33 $3,199,274 $11,331 $5,363 $3,193,911 Month 34 $3,193,911 $11,312 $5,382 $3,188,529 Down Payment ($1,093,750) 1/1/14 Month 35 $3,188,529 $11,293 $5,401 $3,183,128 Month 36 $3,183,128 $11,274 $5,420 $3,177,708 CF $15,297 12/31/14 Month 37 $3,177,708 $11,254 $5,439 $3,172,268 ($89,518) 12/31/15 Month 38 $3,172,268 $11,235 $5,459 $3,166,810 Month 39 $3,166,810 $11,216 $5,478 $3,161,332 $42,453 12/31/16 Month 40 $3,161,332 $11,196 $5,497 $3,155,835 Month 41 $3,155,835 $11,177 $5,517 $3,150,318 $2,546,164 12/31/16 Month 42 $3,150,318 $11,157 $5,536 $3,144,781 Month 43 $3,144,781 $11,138 $5,556 $3,139,225 Month 44 $3,139,225 $11,118 $5,576 $3,133,650 Sources Uses Month 45 $3,133,650 $11,098 $5,595 $3,128,054 Month 46 $3,128,054 $11,079 $5,615 $3,122,439 Down Payment $1,093,750 Buy Building $4,375,000 Month 47 $3,122,439 $11,059 $5,635 $3,116,804 Month 48 $3,116,804 $11,039 $5,655 $3,111,149 Mortgage $3,281,250 Construc>on $74,220 Construc>on Loan (rolled into mortgage) $80,000 Working Capital $5,780

Bank Account Balance at 12/31/XX $95,297 $5,780 $48,233 $88,445 $2,594,397

Financials: Income and Returns 505 East 118th Street 304 West 112th Street 115 East 116th Street Property Address Type Size Final Sale Price PPSF 4848 Broadway Residential + Commercial 24,985 $4,200,000 $168 216 East 118th Street Residential + Commercial 15,246 $4,751,137 $312 505 East 116th Street Residential + Commercial 16,355 $4,945,200 $302 29 West 138th Street Residential + Commercial 23,553 $10,694,400 $454 285 Ft Washington Avenue Residential + Commercial 38,220 $7,600,000 $199 564 West 126th Street Residential + Commercial 19,255 $5,604,000 $291 2484 Adam C Powell Boulevard Residential + Commercial 16,644 $4,000,000 $240 304 West 112nd Street Residential + Commercial 9,725 $3,900,000 $401 219 West 145th Street Residential + Commercial 31,812 $6,090,000 $191 115 East 116th Street Residential + Commercial 47,750 $6,720,000 $141 90 Ellwood Street Residential + Commercial 51,345 $6,903,572 $134 Median 19,954 $4,848,169 $240 East Harlem Average $330

Comparables Appendix EDWARD CHEUNG 807 S Division St • Ann Arbor, MI 48104 6299 Patagonia Dr. SE [email protected] • (248) 622‑0610 atthew itseMa Grand Rapids MI 49546 EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI M h R (616) 901-2699 [email protected] MRITS College of Engineering Education Master of Science in Structural Engineering, April 2014 University of Michigan, Taubman College of Architecture & Urban Planning - Ann Arbor, Michigan • Tauber Institute for Global Operations Fellow - Bachelor of Science of Architecture Completion: May 2012 - Masters of Architecture Completion: May 2014 Bachelor of Science in Civil and Environmental Engineering, April 2013 • GPA: 3.81/4.00; Major GPA: 3.82/4.00 Work Experience • Concentration in Structural Engineering/Construction Management Rusk Renovations, New York City, NY Spring Break 2013 • International Minor in Engineering Week Internship through University of Michigan Spring Break Externship Program • Deans List (2009‑pres.), University Honors (2009‑pres.), Angell Scholar (2011‑pres.) This week long internship allowed for vast understanding of the construction and contracting profession in Manhattan. A basic look into project • Admitted to Engineering Global Leadership Honors Program estimation and bidding, project and site management, and client/architect/project manager coordination was displayed throughout the week. NAGOYA UNIVERSITY Japan Tower Pinkster Architects, Kalamazoo/Grand Rapids MI Spring Break 2011 Nagoya University Summer Intensive Program (NUSIP), July 2011 Week Internship through University of Michigan Spring Break Externship Program • Six‑week summer program held at Nagoya University; enrolled in ʺLatest Trends in This one week internship consisted of site visits, assisting in project and buildings assessments, analyzing construction progress, and participating in a Automotive Engineeringʺ and ʺAdvanced‑level Japaneseʺ courses client mentorship program provided by the firm. • Engaged in Toyota factory tours, analyzed Toyota Corolla assembly line with ʺJust‑in‑Time (JIT)ʺ and ʺJidokaʺ lean manufacturing concepts Lowe’s Home Improvement, Ann Arbor MI June 2011 - Current • Researched and evaluated alternative fuel options for vehicles, presented findings to Head-Cashier [Scio-Township Store] July 2013- Current Nagoya University faculty and students This position requires management of the front portion of the store including main-exit/lumber/garden cashiers, customer service desk, as well as fufilling opening and closing operations daily and scheduling of breaks and lunches for all associates on the front-end team. EXPERIENCE FORD MOTOR COMPANY GLOBAL PAINT OPERATIONS Dearborn, MI

Summer 2013 Tauber Institute Summer Intern Customer Service Representative [Scio-Township Store] June 2011- July 2013 This position consisted of working with multiple customers and contractors assisting them in both finding, ordering, or gaining information on products • Analyzed current state of Dearborn Truck Plant (DTP) for hem flange paint defect sold by Lowe’s. Knowledge of construction processes and construction materials necessary as well as great communication and problem solving skills occurance rate and mitigation options both in person and over the phone. • Assessed technical and process feasibility of implementing new cleaning technology in existing pretreatment and e‑coat paint booths; conducted extensive research showing University of Michigan TCAUP Media Center, Ann Arbor, Michigan Sept. 2008 - Current 50‑90% hem flange defect reduction with ultrasonic cleaning system Printer/Project Assembly/Cashier • Constructed business case with projected annual savings at DTP of up to $1.6M and The TCAUP Media Center is the printing/convenience store located in the University’s Art & Architecture Building. This employment consists of printing positive ROI within one year due to reduced warranty and rework costs; additional various architectural projects for students on both large plotting systems as well as general copy and printing machines as well as book making and savings possible with implementation in Fordʹs other paint facilities worldwide binding procedures. Skills Summer 2012 REDVIKING ENGINEERING Plymouth, MI Software: Engineering Design Intern Adobe Suite - Well versed in all Adobe Suite Products. InDesign, Illustrator, and Photoshop being the most well learned. Rhinoceros 3D 4.0 - Very proficient in Rhino. Primary source of 3D modeling. • Led design of automatic high‑pressure lube connection system between helicopter AutoCAD, Revit, Google Sketchup - Moderate proficiency in AutoCAD 2011. Currently gaining proficiency in Revit and Sketchup. transmission Transportable Test Fixture (TTF) and Flexible Test Machine (FTM) with Bluebeam Revu - Currently gaining knowledge of Bluebeam software. Micosoft Office - Well versed in Excel, Word, Powerpoint, and Outlook as well as the Mac equivalents. extensive use of SolidWorks • Conducted research on most suitable hose material to transport highly‑corrosive Softskills: Aeroshell 555 Engine Oil Being an employee of Lowe’s, and the TCAUP Media Center, as well as a member of the Michigan Marching Band, I have gained great teamwork and communication skills. Not only do I work well in a team situation, I am also very productive in an individual setting. My social skills are of great • Engaged in business with vendors and engineers to design hydraulic cylinder and hose importance to me and I use them to work with customers/clients constantly. Problem solving skills are of greatest importance and I do not move on from quick‑disconnect system able to withstand high operating pressures an issue until an acceptable solution is found. Exhibitions & Honors 2011‑Present UNIVERSITY OF MICHIGAN STEEL BRIDGE TEAM Ann Arbor, MI Venice Biennale Architettura 2012 - Assisted in designing and constructing pieces of the “Five Fellows House” Project from the Construction Co‑Lead/Connections Designer Taubman College at the University of Michigan for the Venice Biennale. [Summer 2012] • Elected as Construction Co‑Lead, responsible for prioritizing construction speed and University Honors- University of Michigan Dean’s List [Fall 2010, Winter 2011 & Fall 2011] ergonomics during design phase to streamline future build process Exhibition- “I Love You Back” TCAUP Student Showcase, Winter 2010 - “FRESH” TCAUP Student Showcase, Winter 2011 • Created new construction metric to evaluate theoretical construction time of - Material Fringe / Strange Making Exhibition, Paper Pulp Ceiling Installation, Fall 2011 preliminary designs; allows for optimization of build order and resource usage - “Scenes from Studio” TCAUP Student Showcase, Winter 2012 • Assisted in design and fabrication of 1/10 scale model bridge using RISA3D, AutoCAD, - Translations Exhibition, Experimental Material Research Showcase, Winter 2012 and SolidWorks, with a current focus on fast member‑to‑member connections Extra Curricular Experience • Achieved 1st place finish in Regional Conference, 18th place in National Conference in Michigan Marching Band [ ‘09- ‘11 ] - Playing Alto Saxophone for the University of Michigan Marching Band. 2012; bridge judged on build time, deflection performance, weight efficiency, aesthetics Michigan Athletic Bands [ ‘08- ‘11 ] - Playing Alto Saxophone for the Michigan Men’s and Women’s Basketball bands. Study Abroad Rome, Italy- Spent Summer of 2010 studying in Rome, Italy. Course involved intense sketching of sites and research of the history behind them. Additional Cites: Florence, Sorrento, & Venice. ADDITIONAL • Mentor of Asian‑Pacific American 101 (APA 101), student‑led organization discussing current social issues pertaining to Asian Americans Design Competitions Gerald D. Hines Urban Design Competition [2012] • Proficient user of SolidWorks, AutoCAD, Abaqus, RISA3D, Matlab, C++, Microsoft Build Up! - Building a Better Michigan Sustainable House [2010] Office Member of the University of Michigan Team as an Architectural/Design Team Member [2nd Prize] • Fluent in spoken and written Cantonese, proficient in spoken and written Japanese Affiliations September 2013 American Institute of Architecture Students Member - AIAS Member Since 2010

Resumes JOSH BALLEN 555 E. William St, Apt 14G • Ann Arbor, MI 48104 [email protected] • (914) 274‑7557 AMINA L. KIRK ______EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI 110 Hill Street, Apt. 6 • Ann Arbor, MI 48104 • (404) 909-1818 • [email protected] Stephen M. Ross School of Business Master of Business Administration, May 2014 EDUCATION • Teaching Assistant: ES 516, Professor Hiemstra (Mergers, Acquisitions & Buyouts) ______• MAP: Consulted for C‑level LATAM executives on LAN‑TAM airline merger strategy Georgia State University, Bachelor of Arts: Political Science/Pre-Law, • Wolverine Venture Fund, health care team (highly selective, $5.5M student‑led fund) Honors Program Graduate, 2007 • VP of Communications for MBA Finance Club University of Michigan Law School & Taubman College of Architecture & Urban Planning, Juris Doctor Candidate, 2015 TULANE UNIVERSITY New Orleans, LA Master of Urban Planning and Real Estate Certificate Candidate, 2015 A.B. Freeman School of Business Bachelor of Business Administration, magna cum laude, June 2006 LAW SCHOOL ORGANIZATIONS ______• Business School GPA: 3.86/4.00, Cumulative GPA: 3.76/4.00 • Michigan Unemployment Insurance Project: Student Attorney – Legal Assistance for unemployment insurance appeals • Spent a semester at Wharton through highly competitive ʺGuest Studentʺ program • Michigan Clinical Law Program: Student Attorney – Legal Assistance for low income Michigan residents • Tulane Scholar, Pi Eta Sigma Honors Society, Jerome Heffer Leadership Award • Michigan Journal of Race and Law: Executive Editor – Article editor and article selection assistant • Black Law Students Association: Outreach Volunteer –Recruitment volunteer and mentor to pre-law students of color EXPERIENCE HOULIHAN LOKEY (INVESTMENT BANKING) Chicago, IL • Michigan Access Program: Student Volunteer– Activities advancing social justice discussions within the law school 2013 Summer Associate ‑ Industrials • Social Entrepreneurship Symposium: Assistant Coordinator– Proposed Law School Symposium for Spring 2014 • Engaged on 14 pitches and managed 3 projects as most senior member of junior team AWARDS & RECOGNITION (reporting directly to MD): developed pitch scope, company positioning, and ______storyboard layout, in addition to building valuation models and analyzing market data University of Michigan, Taubman College of Architecture and Urban Planning Merit Scholarship – 2013 • Sized market for niche metal tubes at SKU level and prepared data to address potential Butch Carpenter Memorial Scholarship – 2012 regulatory concerns about client merger NAACP Legal Defense Fund, Earl Warren Scholar – 2011 • Spread financial and operating comps for 17 companies; taught DCF and LBO modeling University of Michigan Law School, Deans Competing Scholarship – 2011 • Built buyer lists for companies in the automotive drivetrain, metal stamping, mineral Georgia State University, Royal Flame Award: Student Leader of the Year Finalist – 2007 processing, and specialty pipe spaces, among others Georgia State University, Civic Engagement: Service Hours Award & Alternative Spring Break Leader Award – 2007 Hope Scholar – 2003-2007 2009‑2011 UPDATA PARTNERS ($500M GROWTH STAGE PRIVATE EQUITY FUND) Associate Edison, NJ PROFESSIONAL EXPERIENCE • Sourced and closed $11M investment in leading Smart Grid solutions provider (20% ______IRR); represents Updataʹs first Clean Tech investment and first associate sourced deal Chicago Legal Advocacy for Incarcerated Mothers (CLAIM) Chicago, IL • Managed all day‑to‑day diligence (financial, business, legal) for Smart Grid transaction, Legal Intern June 2013 – September 2013 §. and drafted twelve page Investment Memo for partner review; member of diligence Prepare motions, orders, briefs, and other court documents for clients team on eight transactions in the software, business services, and Internet spaces §. Represent clients during probate court hearings regarding custody, visitation, guardianship, and divorce • Developed proprietary investment theses and networked with target industry CEOs, §. Organize training sessions for pro bono attorneys on new developments in family law leading to sixty‑seven management presentations & nine written investment proposals §. Conduct research on family law issues for policy recommendations and community development initiatives • Constructed complex waterfall model for speech recognition software company and §. Facilitate community building workshops for formerly incarcerated women MBO model for HR services company; handled five investments in tech space (valuation/returns models, quarterly financial analysis, strategy development) Department of Treasury, Office of Chief Counsel Washington, DC Paralegal Specialist October 2009 – August 2011 2008‑2009 SIGMAPOINTS (FOUNDED SPECIALTY FINANCE FIRM) New York, NY §. Filed attorney motions, answers, and responses with the United States Tax Court President and Chief Executive Officer §. Reviewed FOIA case documents; made withholding determinations and created privilege logs • Executed seven marketing campaigns, including 8,000 direct response television §. Drafted declarations for Department of Justice attorneys commercials; acquired over 500 customers in first year §. Prepared National Taxpayer Advocate annual Congressional reports • Facilitated $80,000 term loan from 1st Century Bank, negotiated covenants, and built §. Conducted research using Westlaw and Lexis bottom‑up revenue and expense model for lender §. Implemented a new process for annual submission of Legislative Proposals

2006‑2008 KAYNE ANDERSON CAPITAL ADVISORS, LP ($700M PRIVATE EQUITY FUND) Atlanta Housing Authority, Compliance Division Atlanta, GA Analyst Los Angeles, CA Compliance Specialist January 2008 – August 2009 • Recognized as the top producing analyst in peer group: initiated eighty‑four meetings, §. Conducted tenant and property owner hearings; recommended organization action at hearings leading to thirteen term sheets, three signed LOIs & one new investment (10.4% IRR) §. Provided tenant program information to Atlanta Legal Aid and Georgia Justice Project attorneys • Negotiated final term sheet during a firm crisis (at MDʹs request), leading to a $26 §. Prepared Housing Choice Legal Department case files for court submission million investment in personally sourced revenue management software company §. Recognized as compliance division New Employee of the Year for contributions to process innovations • Worked with team on deal valuation and execution for 3 transitions in the consumer, software, and marketing spaces; prepared diligence decks and reviewed CIMs Georgia Public Defender, Office of the Georgia Capital Defender Atlanta, GA • Built revenue management software sector landscape; identified 34 M&A targets Legal Assistant September 2006 – June 2007 §. Created and maintained case files and indices for 43 Capital Defense Attorneys • Trekked through 42 countries; featured in Business Week magazine; airline buff ADDITIONAL §. Produced electronic mitigation data files for capital murder cases, and prepared discovery documentation • Spent 2012 designing turnaround plan for REAP, a 501(c)3; directly reduced costs by 7% September 2013

Resumes Incentives - See at: http://www.nyc.gov/portal/site/businessexpress/template.PAGE/menu- item.4868771a83a6e10d0e44f4f335d2f9a0/?javax.portlet.tpst=b41cadb0d938ce7141bb552e35d2f9a0&javax. portlet.prp_b41cadb0d938ce7141bb552e35d2f9a0_request_type=ViewIndex&javax.portlet.prp_b41cadb0d- 938ce7141bb552e35d2f9a0_incPageKey=1&javax.portlet.prp_b41cadb0d938ce7141bb552e35d2f9a0_mvcportlet. post_user_actionnullForm=true&javax.portlet.prp_b41cadb0d938ce7141bb552e35d2f9a0_incTrackingKey=Result&ja- vax.portlet.begCacheTok=com.vignette.cachetoken&javax.portlet.endCacheTok=com.vignette.cachetoken

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