VACANT RETAIL/ PROFESSIONAL CONDO FOR SALE

CONFIDENTIAL OFFERING MEMORANDUM

ASKING PRICE $2,950,000

Cushman and Wakefield has been hired on an exclusive basis to market the retail condominium unit at 5 East 44th Street. The 2,858 SF condo is conveniently located at the intersection of four of New York City’s most iconic destinations, Bryant Park, Grand Central Terminal, Rockefeller Center, and Times Square. 5 East 44th Street provides numerous opportunities for investors and users alike. Potential purchasers benefit from a spacious 1,900 SF ground floor area and over 900 square feet of basement space for operations or storage. The offering is well located near the 4, 5, 6, and 7 trains at Grand Central and the B, D, F, M trains at 42nd Street and Bryant Park. Please see additional due diligence included in this offering memorandum and contact the exclusive brokers should you have any questions.

PROPERTY INFORMATION

Address: 5 East 44th Street, New York, NY 10017 Location: North side of East 44th Street between FIfth & Madison Avenues Block / Lot: 1279 / 1001 Lot Dimensions: 27' x 100.41' Lot Size: 2,711 SF (approx.) Stories: 1 Above Grade SF: 1,900 (approx.) Below Grade SF: 958 (approx.) Gross SF: 2,858 (approx.) Max FAR: 12.0 Zoning: C5-2.5, MiD Annual Common Charges: $32,160 Taxes (19/20): $132,660 Common Charges & Taxes: $164,820

ASSET HIGHLIGHTS

2,858 SF LOCATED 1 BLOCK 2 MINUTE WALK PREMIER SHOPPING FROM TO DISTRICT NEARBY READY FOR IMMEDIATE BRYANT PARK GRAND CENTRAL OCCUPANCY

01 / 5 EAST 44TH STREET CUSHMAN & WAKEFIELD / 02 RETAIL LEASING COMPARABLES

ADDRESS: TENANT: BUSINESS TYPE: TOTAL SF: ASKING RENT: 1120 Avenue of the Americas Proper Food Food 1,131 $204 511 FIfth Avenue Timberland Apparel 8,096 $199 32 West 40th Street bubble tea Food 500 $240 2 East 46th Street Joju Food 1,854 $215 460 Lexington Avenue Sticky's Finger Joint Food 1,571 $267 295 Madison Avenue Escape Game Entertainment 10,748 $210 125 Park Avenue Los Tacos No. 1 Food 3,383 $148 237 Park Avenue Taco Dumbo and Omakasa Food 2,407 $150 230 Park Avenue sweetgreen Food 3,341 $200 666 Third Avenue Le Botaniste Food 1,597 $215 708 Third Avenue Little Collins Food 2,000 $156 1065 Avenue of the Americas Tender Greens Food user 2,748 $255 280 Madison Avenue Cava Grill Food user 8,344 $220 360 Lexington Avenue Maki Maki Food user 1,477 $195 285 Madison Avenue Dos Toros Food user 2,137 $243 125 Park Avenue Little Beet Food user 3,383 $145 20 West 40th Street La Pecora Bianca Food user 6,500 $178 20 East 46th Street Café Frame Food user 8,603 $190 10 East 48th Street Dos Toros Food user 2,700 $200 101 Park Avenue HSBC Financial Services 4,300 $179 51 West 42nd Street Fabiano Milan Apparel 2,152 $208

03 / 5 EAST 44TH STREET MANHATTAN PROPERTY SALES REPORT

OFFICE PROPERTIES Office Average Price Per SF vs. Dollar Volume AVERAGE PRICE PSF VS. DOLLAR VOLUME • Dollar volume through 1H19 was $7.3B, down 7% YOY $35 Dollar Volume $1,200 $1,092 $30 Price PSF $1,100 • 32 properties were sold through 1H19, up 52% from 1H18 $1,060 $25 $28.6 $1,000 • Cap rates averaged 4.83%, up 56 bps from YE18 $20 $900 $14.6* • Price psf averaged $1,060, up 18% from YE18 $15 $800 $10 $700

$5 $529 $600 $0 $500 MANHATTAN PROPERTY SALES REPORT *Annualized

HIGHLIGHTED Q2 TRANSACTIONS *Annualized ADDRESS/PORTFOLIO NAME PRICE GROSSOFFICE SF PROPERTIES$/SF Cap Rate Office Average Price Per SF vs. Dollar Volume 1 30 Hudson Yards—Time Warner $2,200,000,000 1,463,234 $1,504 — © Cushman & Wakefield | 9 AVERAGE PRICE PSF VS. DOLLAR VOLUME 2 451 W. 14th Street—Milk Building $591,800,000 281,000 $2,106 — • Dollar volume through 1H19 was $7.3B, down 7% YOY $35 Dollar Volume $1,200 $1,092 3 511-541 W. 25th Street $155,000,000 185,000 $882 — $30 Price PSF $1,100 • 32 properties were sold through 1H19, up 52% from 1H18 $1,060 $25 $28.6 $1,000 Office Condo• Cap rates averaged 4.83%, up 56 bps from YE18 $20 $900 Office Condo Properties Average Price PSF $14.6* $15 $800 • Price psf averagedAVERAGE $1,060, PRICE up 18%PSF from YE18 • Dollar volume through 1H19 was $202M, down 31% YOY $10 $700 $1,400 $1,284 $5 $529 $600 • 32 properties were sold through 1H19, down 30% YOY $1,200 $0 $500 $1,000 $957 • Price psf averaged $957, down 5% from YE18 $761 $800 *Annualized

$600 HIGHLIGHTED Q2 TRANSACTIONS *Annualized $400 ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF Cap Rate $200 1 30 Hudson Yards—Time Warner $2,200,000,000 1,463,234 $1,504 — © Cushman & Wakefield | 9 $0 2 451 W. 14th Street—Milk Building $591,800,000 281,000 $2,106 — 3 511-541 W. 25th Street $155,000,000 185,000 $882 — HIGHLIGHTED Q2 TRANSACTIONS RETAIL SALES COMPARABLES Office Condo ADDRESS/PORTFOLIO NAME ADDRESS: PRICE DATE:GROSS SF TOTAL SF: $/SF PRICE: PRICE/ABOVE GRADE SF Office Condo Properties Average Price PSF 1 420 Fifth Avenue #5 150 East$27,300,000 55th Street - Retail Condo On The Market33,058 1,318 $826$1,610,000 $1,222 AVERAGE PRICE PSF 2 420 Fifth Avenue #14 1013 6th$25,100,000 Avenue • Dollar6/18/2018 volume33,058 through 1H196,496 was $202M,$759 down$11,000,000 ©31% Cushman & YOYWakefield | 12 $1,693 $1,400 $1,284 9 N. Moore Street 6/6/2018 1,270 $2,240,000 $1,764 3 375 Greenwich Street #3 $6,100,000 • 32 properties6,068 were sold through 1H19, $1,005down 30% YOY $1,200 13 First Avenue 12/12/2017 2,379 $3,600,000 $1,513 $1,000 $957 141 East 45th Street • Price 5/3/2017psf averaged $957, down5,468 5% from YE18$7,500,000 $1,372 $800 $761 42 Hudson Street 10/19/2016 2,354 $3,400,000 $1,444 RETAIL/RETAIL CONDO PROPERTIES $600 216 East 53rd Street Retail 12/30/2015 5,200 $7,450,000 $1,433 Number of Properties Sold vs. Average Price Per SF $400 • Dollar volume through 1H19 was $3.0B, up 476% YOY NUMBER OF PROPERTIES SOLD VS. AVERAGE PRICE PSF $200 $0 100 # of Properties Sold $4,000 • 45 properties were sold through 1H19, up 25% YOY $3,767 90* Avg. $/SF $3,500 80 $3,079 • Cap rates averaged 4.17%, down 119 bps from YE18 HIGHLIGHTED Q2 TRANSACTIONS $3,000 ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF 60 $2,500 • Price psf averaged $3,079, up 18% from YE18 1 420 Fifth Avenue #5 $27,300,000 33,058 $826 40 $2,000 2 420 Fifth Avenue #14 $25,100,000 33,058 $759 © Cushman & Wakefield | 12 $1,500 $1,266 3 20 375 Greenwich Street #3 $6,100,000 6,068 $1,005 $1,000 0 $500 RETAIL/RETAIL CONDO PROPERTIES Retail *Annualized HIGHLIGHTED Q2 TRANSACTIONS Number of Properties Sold vs. Average Price Per SF • Dollar volume through 1H19 was $3.0B, up 476%*Annualized YOY NUMBER OF PROPERTIES SOLD VS. AVERAGE PRICE PSF ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF 100 # of Properties Sold $4,000 1 Vornado Retail Portfolio $2,522,424,000 • 816,00045 properties were sold through 1H19,$6,809 up 25% YOY $3,767 90* © Cushman & Wakefield | 10 Avg. $/SF $3,500 2 106-112 Spring Street #1 $79,451,010 5,936 $13,385 80 $3,079 3 145-157 E. 42nd Street^ $75,500,000 • Cap— rates averaged 4.17%, down 119 —bps from YE18 $3,000 ^Ground Lease 60 $2,500 • Price psf averaged $3,079, up 18% from YE18 40 $2,000 Cushman & Wakefield© 2019 CUSHMAN & WAKEFIELD / 04 $1,266 $1,500 20 $1,000 0 $500

*Annualized HIGHLIGHTED Q2 TRANSACTIONS *Annualized ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF 1 Vornado Retail Portfolio $2,522,424,000 816,000 $6,809 © Cushman & Wakefield | 10 2 106-112 Spring Street #1 $79,451,010 5,936 $13,385 3 145-157 E. 42nd Street^ $75,500,000 — — ^Ground Lease

Cushman & Wakefield© 2019 AMENITIES MAP

E

E

E

V 5 East 44th Street V

V

A

A

A

W 58TH ST

N 58TH ST N E 58TH ST

D

O O

R

T

S

Restaurants & Grocery Bars & Lounges 3

I

G

D

57TH ST N

57TH ST I 57TH ST 1 Bengal Tiger Indian Food 1 The Bar Room A

X

M

2 Le Bernardin 2 STK Midtown E

L W 56TH E 1 1 ST V E 3 Fogo de Chao Brazilian Steakhouse 3 The Bar Downstairs and Kitchen E 56TH ST

A

V

1

2 A

4 Del Frisco's Double Eagle 3

TH

4 Bierhaus NYC K Steakhouse 4 7

R E 55TH ST

3 A

5 Bill's Bar & Burger 5 Proper West 0.5 Miles P W 54TH ST 6 Havana Central 6 Refinery Rooftop E 54TH ST 7 Hatsuhana Sushi Restaurant 7 Soba Totto W 53RD ST 1 E 53RD ST 8 Nino's 46 8 2Beans 3 5 1 9 Little Italy Pizza 9 Reichenbach Hall 2

E E E 52ND ST

V

1 V 5 East 44th Street

10 Tony's Di Napoli 10 Park Avenue Tavern A

A

2 T

11 Gotan 11 Fine & Rare W 51ST ST S

1 H T E 51ST ST

5 5 12 Royal Grill Halal Food Cafes and Casual Eateries 6

E W 50TH ST E W 50TH ST 13 Burger & Lobster 1 Bread & Butter V

V E 50TH ST

A

A 12

14 Urbanspace Vanderbilt 2 Cafe 53 2 4

3 7 N

H T W 49TH ST O E 49TH

7 ST 15 Grand Central Oyster Bar 3 Rieu Cafe 2 T 4 G

16 The Kati Roll Company 4 DeliPlus N E

7 I V X E 48TH ST

E 17 Parker & Quinn 5 Dr Smood A

L 18 Stone Bridge Pizza & Salad 6 Macaron Cafe 7 9 K W 47TH ST 8 47TH ST R E 47TH ST 5 A P 19 Calle Dao - Bryant Park 7 Caveman Coffee Cave @ BRICK 6 E

8 5 V 20 Sakagura 8 Dr Smood - Madison 6 A W 46TH ST E 46TH ST 11 13 D 21 Pokeworks 9 JOE & THE JUICE 14 7

2N

9 E W 45TH ST 22 The Capital Grille 10 The Picnic Basket 10 4 V 6 4 A 23 Sushi Yasuda 11 Epicure Cafe & Caterers 5 T S W 44TH ST 12 9 44TH 1 24 Num Pang Kitchen 12 Maison Kayser E 14 ST 20 V 16

A 10 17 25 Momosan Ramen & Sake Drug Stores W 43RD 7 H ST 43RD ST 26 Barn Joo 35 1 Duane Reade T 13 15 8 11 2 23 15 22 27 Sons of Thunder 2 Value Drugs 42ND ST 10 4 42ND ST 3 Cordette Pharmacy 8 11 6 Retail 8 4 Rite Aid 3 12 W 41ST ST 24 41ST ST 1 UNIQLO 5 Duane Reade 18 9 14 16 2 Nintendo NYC 6 CVS Pharmacy W 40TH ST 8 E 40TH ST

E V 11

3 Michael Kors 7 Walgreens 3 A V 5 15

10 25 17 A 4 Saks Fifth Avenue W 39TH ST 16

Health & Fitness TH N 17

19 5 O

5 NHL Store 1 Gravity Fitness I

W 38TH ST H 6 38TH ST 6 Old Navy 2 New York Health & Racquet Club S 38TH ST

A 27

E F 10

18 V 7 Kent New York 3 432 House W 37TH ST 9 11

A 21 E 37TH ST

8 Forever Diamonds NY 4 Bally Total Fitness 13 K

R

E 19 E

V 12 A 9 Sephora 5 Equinox East 53rd Street W 36TH ST E 3 V P 6TH ST

A 36TH ST

A

T 10 Book-Off 6 The NY Palace Spa & Fitness Center D

S

R

1

W 35TH ST E 35TH ST 3 11 H&M 7 Plus One Fitness Clinic 26 E 35TH ST 12 Staples 8 Blink Fitness - Bryant Park S 18 34TH ST A 34TH ST 34TH ST 13 Barnes & Noble 9 New York Sports Clubs C 34TH ST

I

F

E

R

V

O

14 Best Buy 10 Pilates On Fifth

E

A

E 7

W 33RD ST M 15 Zara 11 Lucille Roberts - Grand Central V E 33RD ST

A

TH

A

7

E 16 Central Watch 12 Blink Fitness - Grand Central E

V

TH W 32ND ST E 32ND ST

A

17 Apple 13 The Training Lab

E

N Z

E

V L

O

V 18 Scotts Flowers NYC 14 Absolute Fitness W 31 A ST ST 0 0.05 0.1 0.2 E

P S E 31ST ST

E

A

I

V

V

N Miles 19 Hair Bar NYC 15 Orangetheory Fitness D

TH A

D

A

5 N

A

R

K E

3

W 30TH ST D

16 BNL Fitness M

R E 30TH ST P

A

2N

17 The Churchill P 0 0.05 0.1 0.2 E 29TH ST 18 WRKNYC E 29TH ST I Miles

DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. 05 / 5 EAST 44TH STREET CUSHMAN & WAKEFIELD / 06 07 / 5 EAST 44TH STREET FLOOR PLAN

CUSHMAN & WAKEFIELD / 08 09 / 5 EAST 44TH STREET CERTIFICATE OF OCCUPANCY

Page 2 of 2 Certificate of Occupancy CO Number: 104663491F

Permissible Use and Occupancy All Building Code occupancy group designations are 1968 designations, except RES, COM, or PUB which are 1938 Building Code occupancy group designations. Building Maximum Live load Code Dwelling or Floor persons lbs per occupancy Rooming Zoning From To permitted sq. ft. group Units use group Description of use CEL 6 OG F-4 6,2 FOOD PREP ROOM,SUPER OFFICE,METERS ROOM, TRASH ROOM

001 72 100 C 6 RETAIL

001 100 J-2 2 LOBBY

002 006 40 J-2 2 2 TWO (2) APARTMENTS PER FLOOR

007 018 40 J-2 1 2 ONE (1) APARTMENT

019 40 J-2 0.5 2 ONE HALF (1/2) APARTMENT LOWER

020 40 J-2 0.5 2 ONE HALF (1/2) APARTMENT UPPER

021 100 K 2 ROOF CHILLER EQUIPMENT AND BOILER ROOM

022 100 K 2 ELEVATOR EQUIPMENT ROOM

END OF SECTION

CUSHMAN & WAKEFIELD / 10

Borough Commissioner Commissioner

END OF DOCUMENT 104663491/000 8/7/2012 5:02:10 PM PROPERTY TAX BILL

11 / 5 EAST 44TH STREET CONDO DECLARATION

CUSHMAN & WAKEFIELD / 12 WILL CONRAD [email protected] Direct: 212 660 7740

JONATHAN GARFINKEL [email protected] Direct: 212 660 7713

CHARLOTTE REDICAN [email protected] Direct: 212 713 6850