Underwriting Report 74 Maple St BELA 99 Unit Apartment Building Jersey City, New Jersey - Liberty State Park Neighborhood

PREPARED BY

Jovan Santos Sales Associate 74 Maple St - BELA

SUBJECT PROPERTY

Property Details 2

RENT COMPS

Map & List 7

Photo Comparison 9 Rent Comps Details 11 Unit Mix Summary 51 Ranking Chart By Bedroom 52 Changes in Rent Comps 54 Rent Trend Charts 58 Rent Trend Data 63

CONSTRUCTION

Overall Construction Map & Summary 65 Under Construction Map & List 66 Under Construction Details 69 Deliveries Past 12 Months Map & List 76 Delivered Property Details 78 Construction Summary 94

SALE COMPS

Map & List 100 Sale Comp Details 102 Sales Volume 108 Sales Pricing 109 Cap Rates 111 Top Buyers & Sellers 112

DEMOGRAPHICS

Overview 115 Age & Education 116 Ethnicity 117

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 119 Vacancy 120 Rent 123

Construction 125

7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 74 Maple St - BELA

Sales 130 Sales Past 12 Months 131 Supply & Demand Trends 133 Vacancy & Rent 135 Sale Trends 137 Deliveries & Under Construction 139

MULTI-FAMILY MARKET REPORT

Market Key Statistics 141 Vacancy 142 Rent 145 Construction 153 Under Construction Properties 155 Sales 157 Sales Past 12 Months 158 Economy 160 Market Submarkets 162 Supply & Demand Trends 169 Vacancy & Rent 171 Sale Trends 173 Deliveries & Under Construction 175

7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Subject Property

74 Maple St - BELA Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER No. of Units: 99 Taylor Management Company- BELA Stories: 8 (201) 332-2000 Avg. Unit Size: 654 SF Type: Apartments - All Rent Type: Market OWNER Year Built: Jun 2020 Call Field Realty Parking: - Purchased Mar 2020 Distance to Transit: 3 Minute Walk $53,000,000 ($509,615/Unit)

ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: $2,581 $2.58 /SF Current: 46.5% 46 Units Current: 53 Units Last Quarter: $2,581 $2.58 /SF Last Quarter: 52.5% 52 Units Competitor Total: 259 Units Year Ago: $2,550 $2.55 /SF Year Ago: - - Competitor Avg: 17.3 Units Competitors: $2,986 $3.50 /SF Competitors: 6.5% 529 Units Submarket Total: 1,818 Units Submarket: $1,949 $2.32 /SF Submarket: 7.7% 2,358 Units Submarket Avg: 0.9 Units

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 - 45 45.5% 2 4.4% $1,996 - $1,876 - 6.0% 2 1 - 1 1.0% 1 100% $2,560 - $2,406 - 6.0% 2 2 - 7 7.1% 1 14.3% $2,920 - $2,745 - 6.0% 2 2 1,165 40 40.4% 0 0.0% $3,012 $2.58 $2,831 $2.43 6.0% 2 2 1,432 6 6.1% 0 0.0% $3,702 $2.58 $3,480 $2.43 6.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds - 45 45.5% 2 4.4% $1,996 - $1,876 - 6.0% All 2 Beds 1,200 54 54.5% 2 3.7% $3,068 $2.58 $2,884 $2.43 6.0% Totals 1,200 99 100% 4 4.0% $2,581 $2.58 $2,426 $2.43 6.0% Estimate Updated July 10, 2020

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Primary Building

Building Building

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Interior Interior

Interior Building

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7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 5 Rent Comparables 74 Maple St BELA 99 Unit Apartment Building Jersey City, New Jersey - Liberty State Park Neighborhood

PREPARED BY

Jovan Santos Sales Associate Rent Comparables Summary 74 Maple St - BELA

No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 17 $3,037 $3.50 6.5%

RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High Total Units 21 492 240 4,208 Studio Units 0 82 40 656 One Bedroom Units 0 228 115 1,763 Two Bedroom Units 0 143 40 1,385 Three Bedroom Units 0 38 10 403

Property Attributes Low Average Median High Year Built 1917 2003 2016 2020 Number of Floors 4 20 14 53 Average Unit Size SF 622 870 820 1,094 Vacancy Rate 1.3% 6.5% 5.9% 59.2%

Star Rating 4.0

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Property Size Asking Rent Per Month Per Unit

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF Trump Bay Street 1 - 2016 447 855 $2,465 $2,960 $4,630 - $4.12 65 Bay St The Art House 2 - 2014 115 914 $2,509 $2,944 $4,979 $4,988 $4.09 148 1st St 70 Columbus 3 - 2015 545 719 $2,181 $2,832 $3,803 - $4.02 70 Christopher Columbus… The Zenith 4 - 2008 128 892 $2,185 $2,854 $3,428 $4,406 $3.95 9 Regent St 295J 5 - 2020 309 622 $1,912 $2,469 $3,129 $3,250 $3.82 295 Johnston Ave The Morgan at Provost S… 6 - 2015 417 935 $2,559 $2,848 $3,845 $5,202 $3.71 160 Morgan St Journal Squared 7 - 2017 538 686 $2,088 $2,305 $3,347 $4,125 $3.49 615 Pavonia Ave Newport Luxury Apartments 8 - 1998 4,208 920 $2,468 $3,034 $3,447 $4,221 $3.47 121 Town Square Pl 3 Journal Square 9 - 2017 240 714 $2,001 $2,446 $3,320 $4,537 $3.41 2935 John F Kennedy Blvd CMPND 10 - 2020 132 757 - $2,456 $2,850 $3,969 $3.38 97 Newkirk St Portside Towers Apartme… 11 - 1992 527 1,094 $2,301 $2,754 $3,843 $4,755 $3.08 155 Washington St City Line 12 - 2019 144 783 $1,498 $2,357 $2,821 - $3.06 33 University Place Blvd Rivet 13 - 2018 163 763 $1,861 $2,161 $2,984 - $2.92 23 University Place Blvd Mercury 14 - 1929 241 784 $1,705 $2,161 $2,887 $4,609 $2.86 20 Beacon Way Diamond Bridge Realty 15 - 1917 21 - - - - $1,648 $2.85 34 Clifton Pl BELA - 2020 99 557 - $1,996 $3,068 - $2.59 74 Maple St Whitlock Mills 16 - 2020 100 856 - $1,668 $2,161 $2,620 $2.29 160 Lafayette St The Ashton 17 - 2020 93 995 - - - - - 2 Ash St

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1 Trump Bay Street 2 The Art House 3 70 Columbus 65 Bay St 148 1st St 70 Christopher Columbus Dr 447 Units / 50 Stories 115 Units / 11 Stories 545 Units / 48 Stories Rent/SF $4.12, Vacancy 6.0% Rent/SF $4.09, Vacancy 3.5% Rent/SF $4.02, Vacancy 1.3% Owner: Kushner Companies;KABR R… Owner: Shuster Management Owner: Panepinto Properties, Inc.;Iro…

4 The Zenith 5 295J 6 The Morgan at Provost Squ… 9 Regent St 295 Johnston Ave 160 Morgan St 128 Units / 8 Stories 309 Units / 5 Stories 417 Units / 38 Stories Rent/SF $3.95, Vacancy 5.5% Rent/SF $3.82, Vacancy 59.2% Rent/SF $3.71, Vacancy 4.3% Owner: JC/NB Property Owners, LLC Owner: Landmark Developers;Ironsta… Owner: Toll Brothers. Inc.

7 Journal Squared 8 Newport Luxury Apartments 9 3 Journal Square 615 Pavonia Ave 121 Town Square Pl 2935 John F Kennedy Blvd 538 Units / 53 Stories 4,208 Units / 32 Stories 240 Units / 13 Stories Rent/SF $3.49, Vacancy 6.0% Rent/SF $3.47, Vacancy 1.3% Rent/SF $3.41, Vacancy 7.5% Owner: National Real Estate Advisors Owner: LeFrak Owner: Hartz Mountain Industries, Inc.

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Page 9 Rent Comparables Photo Comparison 74 Maple St

10 CMPND 11 Portside Towers Apartments 12 City Line 97 Newkirk St 155 Washington St 33 University Place Blvd 132 Units / 15 Stories 527 Units / 26 Stories 144 Units / 4 Stories Rent/SF $3.38, Vacancy 35.6% Rent/SF $3.08, Vacancy 4.0% Rent/SF $3.06, Vacancy 38.9% Owner: Namdar Group Owner: Equity Residential Owner: PRC Group

13 Rivet 14 Mercury 15 Diamond Bridge Realty 23 University Place Blvd 20 Beacon Way 34 Clifton Pl 163 Units / 5 Stories 241 Units / 15 Stories 21 Units / 4 Stories Rent/SF $2.92, Vacancy 17.8% Rent/SF $2.86, Vacancy 10.8% Rent/SF $2.85, Vacancy 4.8% Owner: New Jersey City University Owner: Building and Land Technology Owner: Terra Financial Solutions

Subject Property

BELA 16 Whitlock Mills 17 The Ashton 74 Maple St 160 Lafayette St 2 Ash St 99 Units / 8 Stories 100 Units / - Stories 93 Units / 6 Stories Rent/SF $2.59, Vacancy 46.5% Rent/SF $2.29, Vacancy - Rent/SF -, Vacancy - Owner: Call Field Realty Owner: RPM Development Group Owner: Normandy Real Estate Partners

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Page 10 Rent Comparables 74 Maple St - BELA

1 65 Bay St - Trump Bay Street Jersey City, New Jersey - The Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 447 Units, 50 Floors Westminister - Trump Bay Street Avg. Unit Size: 855 SF (201) 451-6565 Year Built: Dec 2016 Type: Apartments - All OWNER Rent Type: Market - Parking: 144 Spaces; 0.3 per Unit Distance to Subject: 1.3 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 546 85 19.0% 0 0.0% $2,465 $4.51 $2,447 $4.48 0.7% 1 1 546 7 1.6% 1 14.3% $2,430 $4.45 $2,413 $4.42 0.7% 1 1 552 7 1.6% 0 0.0% $2,431 $4.40 $2,414 $4.37 0.7% 1 1 574 7 1.6% 0 0.0% $2,622 $4.57 $2,604 $4.54 0.7% 1 1 624 21 4.7% 0 0.0% $2,531 $4.06 $2,513 $4.03 0.7% 1 1 685 14 3.1% 14 100% $2,865 $4.18 $2,845 $4.15 0.7% 1 1 696 21 4.7% 2 9.5% $2,899 $4.17 $2,879 $4.14 0.7% 1 1 702 24 5.4% 1 4.2% $2,887 $4.11 $2,867 $4.08 0.7% 1 1 736 12 2.7% 0 0.0% $3,008 $4.09 $2,987 $4.06 0.7% 1 1 765 6 1.3% 1 16.7% $3,208 $4.19 $3,186 $4.16 0.7% 1 1 767 6 1.3% 0 0.0% $3,425 $4.47 $3,401 $4.43 0.7% 1 1 794 18 4.0% 10 55.6% $3,194 $4.02 $3,172 $3.99 0.7% 1 1 797 6 1.3% 0 0.0% $3,263 $4.09 $3,240 $4.07 0.7% 1 1 798 6 1.3% 0 0.0% $2,731 $3.42 $2,712 $3.40 0.7% 1 1 799 6 1.3% 6 100% $3,070 $3.84 $3,049 $3.82 0.7% 1 1 801 6 1.3% 0 0.0% $3,279 $4.09 $3,256 $4.07 0.7% 1 1 911 6 1.3% 0 0.0% $3,504 $3.85 $3,479 $3.82 0.7% 1 1 1,058 6 1.3% 0 0.0% $3,539 $3.34 $3,514 $3.32 0.7% 1 1 1,092 6 1.3% 1 16.7% $3,671 $3.36 $3,645 $3.34 0.7% 2 1 867 28 6.3% 2 7.1% $3,883 $4.48 $3,856 $4.45 0.7% 2 2 1,067 24 5.4% 0 0.0% $4,343 $4.07 $4,313 $4.04 0.7% 2 2 1,133 21 4.7% 0 0.0% $4,756 $4.20 $4,723 $4.17 0.7% 2 2 1,174 12 2.7% 0 0.0% $4,445 $3.79 $4,414 $3.76 0.7% 2 2 1,181 24 5.4% 0 0.0% $4,905 $4.15 $4,870 $4.12 0.7% 2 2 1,183 16 3.6% 10 62.5% $4,211 $3.56 $4,182 $3.53 0.7% 2 2 1,184 8 1.8% 1 12.5% $4,630 $3.91 $4,598 $3.88 0.7% 2 2 1,185 16 3.6% 0 0.0% $4,912 $4.14 $4,877 $4.12 0.7% 2 2 1,308 28 6.3% 0 0.0% $5,448 $4.16 $5,409 $4.14 0.7%

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Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 546 85 19.0% 0 0.0% $2,465 $4.51 $2,447 $4.48 0.7% All 1 Beds 734 185 41.4% 36 19.5% $2,960 $4.03 $2,939 $4.01 0.7% All 2 Beds 1,130 177 39.6% 13 7.3% $4,630 $4.10 $4,597 $4.07 0.7% Totals 855 447 100% 49 11.0% $3,527 $4.12 $3,502 $4.10 0.7% Estimate Updated July 09, 2020

SITE AMENITIES Bicycle Storage, Doorman, Elevator, Fitness Center, Gameroom, Grill, Laundry Facilities, Laundry Service, Roof Terrace, Sauna

UNIT AMENITIES Air Conditioning, Dishwasher, Disposal, Hardwood Floors, Kitchen, Oven, Range, Stainless Steel Appliances, Tile Floors, Tub/Shower, Washer/Dryer, Washer/Dryer Hookup, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $75 Cat Rent $25

ONE TIME EXPENSES Dog Fee $250 Cat Fee $250 Application Fee $75

PET POLICY Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 75 lb, One-Time Fee: $250 Dogs Allowed - $0 Deposit, $75/Mo, 2 Maximum, Maximum Weight 75 lb, One-Time Fee: $250 Restrictions: Certain Breed Restrictions. Ask our leasing staff.

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2 148 1st St - The Art House Jersey City, New Jersey - The Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 115 Units, 11 Floors DVORA - The Art House Avg. Unit Size: 912 SF (201) 795-2000 Year Built: 2014 Type: Apartments - All OWNER Rent Type: Market - Parking: 5 Spaces; 0.0 per Unit Distance to Subject: 1.2 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 439 2 1.7% 0 0.0% $2,127 $4.84 $2,116 $4.82 0.5% Studio 1 470 5 4.3% 0 0.0% $2,385 $5.08 $2,373 $5.05 0.5% Studio 1 501 1 0.9% 0 0.0% $2,495 $4.98 $2,482 $4.95 0.5% Studio 1 520 2 1.7% 1 50.0% $2,523 $4.85 $2,510 $4.83 0.5% Studio 1 532 1 0.9% 0 0.0% $2,455 $4.61 $2,442 $4.59 0.5% Studio 1 703 5 4.3% 2 40.0% $2,795 $3.98 $2,781 $3.96 0.5% 1 1 - - - - - $2,745 - $2,731 - 0.5% 1 1 658 2 1.7% 0 0.0% $2,995 $4.55 $2,980 $4.53 0.5% 1 1 678 1 0.9% 1 100% $3,395 $5.01 $3,377 $4.98 0.5% 1 1 685 1 0.9% 0 0.0% $3,176 $4.64 $3,160 $4.61 0.5% 1 1 688 1 0.9% 0 0.0% $2,826 $4.11 $2,812 $4.09 0.5% 1 1 690 29 25.2% 0 0.0% $3,173 $4.60 $3,157 $4.57 0.5% 1 1 705 1 0.9% 1 100% $3,395 $4.82 $3,377 $4.79 0.5% 1 1 707 2 1.7% 2 100% $3,145 $4.45 $3,129 $4.43 0.5% 1 1 722 9 7.8% 0 0.0% $2,047 $2.84 $2,037 $2.82 0.5% 1 1 723 1 0.9% 0 0.0% $3,228 $4.46 $3,212 $4.44 0.5% 1 1 726 1 0.9% 0 0.0% $2,082 $2.87 $2,071 $2.85 0.5% 1 1 741 1 0.9% 1 100% $3,095 $4.18 $3,079 $4.16 0.5% 1 1 742 1 0.9% 0 0.0% $3,395 $4.58 $3,377 $4.55 0.5% 1 1 752 1 0.9% 0 0.0% $3,089 $4.11 $3,074 $4.09 0.5% 1 1 773 1 0.9% 0 0.0% $3,345 $4.33 $3,327 $4.30 0.5% 1 1 1,392 1 0.9% 1 100% $2,294 $1.65 $2,282 $1.64 0.5% 2 1 829 2 1.7% 0 0.0% $3,558 $4.29 $3,539 $4.27 0.5%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 2 1,077 1 0.9% 0 0.0% $3,995 $3.71 $3,974 $3.69 0.5% 2 2 1,120 1 0.9% 0 0.0% $4,795 $4.28 $4,770 $4.26 0.5% 2 2 1,137 3 2.6% 0 0.0% $4,894 $4.30 $4,869 $4.28 0.5% 2 2 1,211 9 7.8% 0 0.0% $4,972 $4.11 $4,947 $4.08 0.5% 2 2 1,291 1 0.9% 0 0.0% $5,559 $4.31 $5,531 $4.28 0.5% 2 3 1,251 1 0.9% 0 0.0% $5,010 $4.00 $4,985 $3.98 0.5% 2 3 1,323 1 0.9% 0 0.0% $6,995 $5.29 $6,959 $5.26 0.5% 2 3 1,446 1 0.9% 0 0.0% $6,690 $4.63 $6,656 $4.60 0.5% 3 2 1,220 1 0.9% 1 100% $4,695 $3.85 $4,671 $3.83 0.5% 3 2 1,228 1 0.9% 1 100% $4,695 $3.82 $4,671 $3.80 0.5% 3 2 1,245 12 10.4% 2 16.7% $4,598 $3.69 $4,575 $3.67 0.5% 3 2 1,270 1 0.9% 1 100% $5,095 $4.01 $5,069 $3.99 0.5% 3 2 1,323 4 3.5% 2 50.0% $4,610 $3.48 $4,586 $3.47 0.5% 3 2 1,399 1 0.9% 0 0.0% $5,480 $3.92 $5,452 $3.90 0.5% 3 2 1,403 1 0.9% 0 0.0% $4,695 $3.35 $4,671 $3.33 0.5% 3 2.5 1,561 2 1.7% 0 0.0% $6,026 $3.86 $5,996 $3.84 0.5% 3 2.5 1,574 1 0.9% 0 0.0% $6,977 $4.43 $6,941 $4.41 0.5% 3 2.5 1,587 1 0.9% 0 0.0% $7,390 $4.66 $7,353 $4.63 0.5% 4 3.5 1,950 1 0.9% 0 0.0% $9,057 $4.64 $9,011 $4.62 0.5%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 551 16 13.9% 3 18.8% $2,509 $4.55 $2,497 $4.53 0.5% All 1 Beds 714 53 46.1% 6 11.3% $2,940 $4.12 $2,925 $4.10 0.5% All 2 Beds 1,174 20 17.4% 0 0.0% $4,979 $4.24 $4,954 $4.22 0.5% All 3 Beds 1,321 25 21.7% 7 28.0% $4,988 $3.77 $4,962 $3.76 0.5% All 4 Beds 1,950 1 0.9% 0 0.0% $9,057 $4.64 $9,011 $4.62 0.5% Totals 914 115 100% 16 13.9% $3,726 $4.09 $3,707 $4.07 0.5% Estimate Updated July 10, 2020

SITE AMENITIES Clubhouse, Controlled Access, Doorman, Elevator, Fitness Center, Furnished Units Available, Laundry Facilities, Lounge, Maintenance on site, Package Service, Property Manager on Site, Sundeck

UNIT AMENITIES Air Conditioning, Cable Ready, Den, Dining Room, Dishwasher, Hardwood Floors, Heating, Kitchen, Microwave, Range, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings, Yard

RECURRING EXPENSES Dog Rent $50 Cat Rent $25 Assigned Street Parking $0 Unassigned Street Parking $0 Free Gas, Water, Trash Removal, Sewer

ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $250 Dog Fee $500 Cat Fee $250 Admin Fee $600 Application Fee $45 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 14 Rent Comparables 74 Maple St - BELA

PET POLICY Cats Allowed - $250 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $250 Dogs Allowed - $500 Deposit, $50/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $500

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3 70 Christopher Columbus Dr - 70 Columbus Jersey City, New Jersey - The Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 545 Units, 48 Floors Applied - 70 Columbus Avg. Unit Size: 718 SF (201) 433-7004 Year Built: Nov 2015 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.1 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 409 31 5.7% 1 3.2% $2,080 $5.09 $2,073 $5.07 0.4% Studio 1 474 33 6.1% 4 12.1% $2,300 $4.85 $2,292 $4.84 0.4% Studio 1 519 1 0.2% 0 0.0% $2,203 $4.24 $2,196 $4.23 0.3% Studio 1 520 1 0.2% 0 0.0% $1,982 $3.81 $1,975 $3.80 0.4% Studio 1 545 32 5.9% 3 9.4% $2,160 $3.96 $2,152 $3.95 0.4% Studio 1 546 1 0.2% 0 0.0% $2,205 $4.04 $2,197 $4.02 0.4% 1 1 620 1 0.2% 0 0.0% $2,469 $3.98 $2,461 $3.97 0.3% 1 1 645 41 7.5% 6 14.6% $2,535 $3.93 $2,526 $3.92 0.4% 1 1 659 20 3.7% 7 35.0% $2,445 $3.71 $2,436 $3.70 0.4% 1 1 660 35 6.4% 6 17.1% $2,440 $3.70 $2,431 $3.68 0.4% 1 1 662 31 5.7% 10 32.3% $2,720 $4.11 $2,710 $4.09 0.4% 1 1 669 32 5.9% 4 12.5% $2,820 $4.22 $2,810 $4.20 0.4% 1 1 672 56 10.3% 7 12.5% $2,570 $3.82 $2,561 $3.81 0.4% 1 1 675 1 0.2% 1 100% $2,545 $3.77 $2,536 $3.76 0.4% 1 1 724 1 0.2% 0 0.0% $2,866 $3.96 $2,856 $3.94 0.3% 1 1 747 57 10.5% 6 10.5% $2,955 $3.96 $2,945 $3.94 0.4% 1 1 760 1 0.2% 0 0.0% $3,385 $4.45 $3,373 $4.44 0.4% 1 1 787 1 0.2% 1 100% $3,225 $4.10 $3,213 $4.08 0.4% 1 1 821 71 13.0% 0 0.0% $3,465 $4.22 $3,453 $4.21 0.4% 2 2 905 1 0.2% 1 100% $3,555 $3.93 $3,542 $3.91 0.4% 2 2 998 96 17.6% 6 6.3% $3,795 $3.80 $3,782 $3.79 0.4% 2 2 1,086 1 0.2% 1 100% $4,825 $4.44 $4,808 $4.43 0.4%

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Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 478 99 18.2% 8 8.1% $2,181 $4.56 $2,173 $4.54 0.4% All 1 Beds 709 348 63.9% 48 13.8% $2,832 $3.99 $2,822 $3.98 0.4% All 2 Beds 998 98 18.0% 8 8.2% $3,803 $3.81 $3,790 $3.80 0.4% Totals 719 545 100% 64 11.7% $2,889 $4.02 $2,878 $4.00 0.4% Estimate Updated July 10, 2020

SITE AMENITIES Basketball Court, Bicycle Storage, Business Center, Elevator, Fitness Center, Gameroom, Grill, Lounge, Roof Terrace, Storage Space

UNIT AMENITIES Air Conditioning, Dishwasher, Hardwood Floors, Microwave, Refrigerator, Stainless Steel Appliances, Tub/Shower, Views, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Assigned Surface Lot Parking $225 Unassigned Surface Lot Parking $265 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Admin Fee $750 Application Fee $75

PET POLICY Cats Allowed - $0 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0 Dogs Allowed - $0 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0

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4 9 Regent St - The Zenith Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 128 Units, 8 Floors Liberty Harbor - The Zenith Avg. Unit Size: 891 SF (201) 639-0333 Year Built: 2008 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.7 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 448 2 1.6% 0 0.0% $2,240 $5.00 $2,154 $4.81 3.9% Studio 1 449 14 10.9% 0 0.0% $2,190 $4.88 $2,106 $4.69 3.8% Studio 1 450 1 0.8% 0 0.0% $2,000 $4.44 $1,923 $4.27 3.9% 1 1 600 1 0.8% 0 0.0% $2,450 $4.08 $2,378 $3.96 2.9% 1 1 662 1 0.8% 0 0.0% $2,845 $4.30 $2,762 $4.17 2.9% 1 1 664 2 1.6% 1 50.0% $2,743 $4.13 $2,663 $4.01 2.9% 1 1 669 1 0.8% 1 100% $2,860 $4.28 $2,777 $4.15 2.9% 1 1 700 4 3.1% 0 0.0% $2,763 $3.95 $2,683 $3.83 2.9% 1 1 702 2 1.6% 0 0.0% $2,830 $4.03 $2,748 $3.91 2.9% 1 1 715 1 0.8% 1 100% $2,845 $3.98 $2,762 $3.86 2.9% 1 1 720 1 0.8% 1 100% $2,930 $4.07 $2,845 $3.95 2.9% 1 1 731 1 0.8% 1 100% $2,850 $3.90 $2,767 $3.79 2.9% 1 1 736 1 0.8% 1 100% $2,965 $4.03 $2,879 $3.91 2.9% 1 1 743 1 0.8% 0 0.0% $2,945 $3.96 $2,859 $3.85 2.9% 1 1 763 1 0.8% 0 0.0% $3,030 $3.97 $2,942 $3.86 2.9% 1 1 814 1 0.8% 0 0.0% $2,600 $3.19 $2,524 $3.10 2.9% 1 1 830 1 0.8% 0 0.0% $3,092 $3.73 $3,002 $3.62 2.9% 1 1 848 1 0.8% 0 0.0% $2,991 $3.53 $2,904 $3.42 2.9% 1 1 849 2 1.6% 0 0.0% $3,005 $3.54 $2,918 $3.44 2.9% 1 1 871 1 0.8% 0 0.0% $3,035 $3.48 $2,946 $3.38 2.9% 2 2 824 35 27.3% 0 0.0% $3,390 $4.11 $3,312 $4.02 2.3% 2 2 940 1 0.8% 0 0.0% $3,700 $3.94 $3,615 $3.85 2.3% 2 2 966 1 0.8% 1 100% $3,450 $3.57 $3,370 $3.49 2.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 2 976 1 0.8% 1 100% $3,567 $3.65 $3,485 $3.57 2.3% 2 2 996 1 0.8% 0 0.0% $3,730 $3.74 $3,644 $3.66 2.3% 2 2 1,049 1 0.8% 0 0.0% $4,010 $3.82 $3,918 $3.73 2.3% 3 2 1,131 18 14.1% 0 0.0% $4,279 $3.78 $4,200 $3.71 1.9% 3 2 1,155 1 0.8% 0 0.0% $4,405 $3.81 $4,323 $3.74 1.9% 3 2 1,165 26 20.3% 0 0.0% $4,485 $3.85 $4,402 $3.78 1.9% 3 2 1,321 2 1.6% 1 50.0% $4,269 $3.23 $4,190 $3.17 1.9% 3 2 1,364 1 0.8% 1 100% $4,880 $3.58 $4,789 $3.51 1.9%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 449 17 13.3% 0 0.0% $2,185 $4.87 $2,101 $4.68 3.8% All 1 Beds 736 23 18.0% 6 26.1% $2,854 $3.88 $2,771 $3.76 2.9% All 2 Beds 844 40 31.3% 2 5.0% $3,428 $4.06 $3,349 $3.97 2.3% All 3 Beds 1,163 48 37.5% 2 4.2% $4,406 $3.79 $4,324 $3.72 1.9% Totals 892 128 100% 10 7.8% $3,526 $3.95 $3,445 $3.86 2.3% Estimate Updated July 07, 2020

SITE AMENITIES Fitness Center, Grill, Laundry Facilities

UNIT AMENITIES Cable Ready, Dishwasher, Granite Countertops, Hardwood Floors, High Speed Internet Access, Microwave, Refrigerator, Stainless Steel Appliances, Tile Floors, Washer/Dryer

RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $250 Unassigned Surface Lot Parking $175 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $80

PET POLICY Cats Allowed - $0 Deposit, $50/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $0 Restrictions: No "dangerous breed" are permitted. "Dangerous Breed" includes, but is not limited to, Rottweilers and Pitt Bulls. Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $0 Restrictions: No "dangerous breed" are permitted. "Dangerous Breed" includes, but is not limited to, Rottweilers and Pitt Bulls.

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5 295 Johnston Ave - 295J Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 309 Units, 5 Floors URL - 295 Johnston Ave Avg. Unit Size: 621 SF (201) 963-5200 Year Built: 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: 85 Spaces; 0.3 per Unit Distance to Subject: 0.1 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 422 115 37.2% 4 3.5% $1,908 $4.52 $1,793 $4.25 6.0% Studio 1 457 4 1.3% 0 0.0% $2,035 $4.45 $1,913 $4.19 6.0% 1 1 636 121 39.2% 2 1.7% $2,440 $3.84 $2,293 $3.61 6.0% 1 1 651 1 0.3% 0 0.0% $2,490 $3.82 $2,340 $3.59 6.0% 1 1 674 4 1.3% 2 50.0% $2,515 $3.73 $2,364 $3.51 6.0% 1 1 743 8 2.6% 1 12.5% $2,840 $3.82 $2,670 $3.59 6.0% 1 1 758 1 0.3% 1 100% $2,820 $3.72 $2,650 $3.50 6.0% 2 2 959 21 6.8% 0 0.0% $3,313 $3.45 $3,114 $3.25 6.0% 2 2 979 19 6.1% 2 10.5% $2,925 $2.99 $2,749 $2.81 6.0% 3 2 1,068 15 4.9% 2 13.3% $3,250 $3.04 $3,055 $2.86 6.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 423 119 38.5% 4 3.4% $1,912 $4.52 $1,797 $4.25 6.0% All 1 Beds 644 135 43.7% 6 4.4% $2,469 $3.83 $2,321 $3.60 6.0% All 2 Beds 969 40 12.9% 2 5.0% $3,129 $3.23 $2,941 $3.04 6.0% All 3 Beds 1,068 15 4.9% 2 13.3% $3,250 $3.04 $3,055 $2.86 6.0% Totals 622 309 100% 14 4.5% $2,378 $3.82 $2,235 $3.59 6.0% Estimate Updated July 10, 2020

SITE AMENITIES Courtyard, Fitness Center, Grill, Pet Play Area, Picnic Area, Roof Terrace

PET POLICY Cats Allowed - 2 Maximum Dogs Allowed - 2 Maximum Others Allowed - 2 Maximum

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6 160 Morgan St - The Morgan at Provost Square Jersey City, New Jersey - The Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 417 Units, 38 Floors Toll Brothers - The Morgan at Provost Square Avg. Unit Size: 934 SF (877) 751-9869 Year Built: 2015 Type: Apartments - All OWNER Rent Type: Market - Parking: 371 Spaces; 0.9 per Unit Distance to Subject: 1.1 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 481 20 4.8% 1 5.0% $2,741 $5.70 $2,725 $5.67 0.6% Studio 1 506 5 1.2% 0 0.0% $2,237 $4.42 $2,224 $4.40 0.6% Studio 1 533 5 1.2% 4 80.0% $2,412 $4.53 $2,398 $4.50 0.6% Studio 1 595 5 1.2% 2 40.0% $2,525 $4.24 $2,511 $4.22 0.6% Studio 1 609 5 1.2% 0 0.0% $2,337 $3.84 $2,324 $3.82 0.6% 1 1 706 5 1.2% 0 0.0% $2,765 $3.92 $2,749 $3.89 0.6% 1 1 708 100 24.0% 1 1.0% $2,790 $3.94 $2,774 $3.92 0.6% 1 1 730 10 2.4% 7 70.0% $2,690 $3.68 $2,675 $3.66 0.6% 1 1 731 5 1.2% 1 20.0% $3,191 $4.37 $3,173 $4.34 0.6% 1 1 734 5 1.2% 1 20.0% $2,979 $4.06 $2,962 $4.04 0.6% 1 1 759 5 1.2% 0 0.0% $2,765 $3.64 $2,749 $3.62 0.6% 1 1 763 5 1.2% 1 20.0% $2,915 $3.82 $2,898 $3.80 0.6% 1 1 770 5 1.2% 1 20.0% $2,995 $3.89 $2,978 $3.87 0.6% 1 1 772 5 1.2% 1 20.0% $2,815 $3.65 $2,799 $3.63 0.6% 1 1 782 5 1.2% 5 100% $2,765 $3.54 $2,749 $3.52 0.6% 1 1 787 10 2.4% 2 20.0% $3,138 $3.99 $3,120 $3.96 0.6% 1 1 788 5 1.2% 0 0.0% $3,015 $3.83 $2,998 $3.80 0.6% 1 1 800 10 2.4% 0 0.0% $3,015 $3.77 $2,998 $3.75 0.6% 2 2 1,077 100 24.0% 6 6.0% $3,833 $3.56 $3,811 $3.54 0.6% 2 2 1,102 10 2.4% 1 10.0% $3,823 $3.47 $3,801 $3.45 0.6% 2 2 1,127 10 2.4% 2 20.0% $3,844 $3.41 $3,822 $3.39 0.6% 2 2 1,130 10 2.4% 1 10.0% $3,733 $3.30 $3,712 $3.28 0.6% 2 2 1,163 5 1.2% 3 60.0% $3,933 $3.38 $3,910 $3.36 0.6%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 2 1,189 5 1.2% 5 100% $3,983 $3.35 $3,960 $3.33 0.6% 2 2 1,207 10 2.4% 0 0.0% $3,983 $3.30 $3,960 $3.28 0.6% 3 2 1,373 10 2.4% 1 10.0% $5,737 $4.18 $5,704 $4.15 0.6% 3 2 1,481 42 10.1% 0 0.0% $5,075 $3.43 $5,046 $3.41 0.6%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 521 40 9.6% 7 17.5% $2,559 $4.91 $2,545 $4.89 0.6% All 1 Beds 731 175 42.0% 20 11.4% $2,848 $3.89 $2,832 $3.87 0.6% All 2 Beds 1,101 150 36.0% 18 12.0% $3,845 $3.49 $3,823 $3.47 0.6% All 3 Beds 1,460 52 12.5% 1 1.9% $5,202 $3.56 $5,173 $3.54 0.6% Totals 935 417 100% 46 11.0% $3,473 $3.71 $3,453 $3.69 0.6% Estimate Updated July 10, 2020

SITE AMENITIES Clubhouse, Concierge, Elevator, Fitness Center, Gameroom, Grill, Media Center/Movie Theatre, Pet Play Area, Pool, Roof Terrace, Storage Space, Sundeck

UNIT AMENITIES Air Conditioning, Dishwasher, Granite Countertops, Hardwood Floors, Microwave, Refrigerator, Stainless Steel Appliances, Tile Floors, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $285 Free Water

ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Application Fee $100

PET POLICY Cats Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome your pets for a maximum of 2 pets per apartment home. Breed, weight and pet restrictions may apply. Please call for more details. Dogs Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome your pets for a maximum of 2 pets per apartment home. Breed, weight and pet restrictions may apply. Please call for more details.

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7 615 Pavonia Ave - Journal Squared Jersey City, New Jersey - Journal Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 538 Units, 53 Floors KRE - Journal Squared Avg. Unit Size: 686 SF (201) 279-6056 Year Built: Mar 2017 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.4 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 464 145 27.0% 3 2.1% $2,088 $4.50 $2,073 $4.47 0.7% 1 1 682 288 53.5% 3 1.0% $2,275 $3.34 $2,259 $3.31 0.7% 1 1 848 38 7.1% 3 7.9% $2,535 $2.99 $2,517 $2.97 0.7% 2 2 1,065 56 10.4% 3 5.4% $3,347 $3.14 $3,324 $3.12 0.7% 3 2 1,241 11 2.0% 1 9.1% $4,125 $3.32 $4,096 $3.30 0.7%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 464 145 27.0% 3 2.1% $2,088 $4.50 $2,073 $4.47 0.7% All 1 Beds 701 326 60.6% 6 1.8% $2,305 $3.29 $2,289 $3.26 0.7% All 2 Beds 1,065 56 10.4% 3 5.4% $3,347 $3.14 $3,324 $3.12 0.7% All 3 Beds 1,241 11 2.0% 1 9.1% $4,125 $3.32 $4,096 $3.30 0.7% Totals 686 538 100% 13 2.4% $2,392 $3.49 $2,376 $3.46 0.7% Estimate Updated July 10, 2020

SITE AMENITIES 24 Hour Access, Bicycle Storage, Clubhouse, Elevator, Fitness Center, Lounge, Maintenance on site, Package Service, Pool, Property Manager on Site

UNIT AMENITIES Air Conditioning, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliances, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $50 Cat Rent $25 Unassigned Garage Parking $250-$275 Free Water, Trash Removal, Sewer

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ONE TIME EXPENSES Dog Fee $250 Cat Fee $150 Application Fee $75

PET POLICY Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $150 Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $250

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8 121 Town Square Pl - Newport Luxury Apartments Jersey City, New Jersey - Newport Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 4,208 Units, 32 Floors Newport - Newport Luxury Apartments Avg. Unit Size: 920 SF (201) 626-5001 Year Built: 1998 Type: Apartments - All OWNER Rent Type: Market - Parking: 400 Spaces; 0.1 per Unit Distance to Subject: 1.7 Miles Distance to Transit: <1 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 420 1 0.0% 0 0.0% $2,253 $5.36 $2,245 $5.35 0.4% Studio 1 433 41 1.0% 1 2.4% $1,964 $4.54 $1,958 $4.52 0.3% Studio 1 442 33 0.8% 0 0.0% $2,085 $4.72 $2,078 $4.70 0.3% Studio 1 482 132 3.1% 0 0.0% $2,245 $4.66 $2,237 $4.64 0.3% Studio 1 487 1 0.0% 1 100% $2,005 $4.12 $1,998 $4.10 0.3% Studio 1 490 3 0.1% 0 0.0% $2,306 $4.71 $2,298 $4.69 0.3% Studio 1 497 2 0.0% 1 50.0% $2,215 $4.46 $2,207 $4.44 0.3% Studio 1 508 4 0.1% 1 25.0% $2,444 $4.81 $2,436 $4.79 0.3% Studio 1 510 26 0.6% 0 0.0% $2,448 $4.80 $2,439 $4.78 0.3% Studio 1 559 1 0.0% 1 100% $2,180 $3.90 $2,172 $3.89 0.4% Studio 1 560 1 0.0% 0 0.0% $2,165 $3.87 $2,157 $3.85 0.4% Studio 1 568 1 0.0% 0 0.0% $2,506 $4.41 $2,497 $4.40 0.4% Studio 1 585 1 0.0% 0 0.0% $2,330 $3.98 $2,322 $3.97 0.3% Studio 1 592 108 2.6% 0 0.0% $2,530 $4.27 $2,521 $4.26 0.3% Studio 1 606 194 4.6% 1 0.5% $2,785 $4.60 $2,776 $4.58 0.3% Studio 1 608 1 0.0% 0 0.0% $2,440 $4.01 $2,432 $4.00 0.3% Studio 1 611 1 0.0% 0 0.0% $2,359 $3.86 $2,351 $3.85 0.3% Studio 1 670 1 0.0% 0 0.0% $2,385 $3.56 $2,376 $3.55 0.4% Studio 1 680 20 0.5% 0 0.0% $2,599 $3.82 $2,591 $3.81 0.3% Studio 1 691 81 1.9% 0 0.0% $2,416 $3.50 $2,408 $3.48 0.3% Studio 1 732 1 0.0% 0 0.0% $2,480 $3.39 $2,471 $3.38 0.4% Studio 1 739 1 0.0% 0 0.0% $2,065 $2.79 $2,057 $2.78 0.4% Studio 1 752 1 0.0% 0 0.0% $2,215 $2.95 $2,207 $2.93 0.4%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 510 1 0.0% 0 0.0% $2,499 $4.90 $2,491 $4.88 0.3% 1 1 530 1 0.0% 0 0.0% $2,836 $5.35 $2,826 $5.33 0.4% 1 1 696 108 2.6% 0 0.0% $2,960 $4.25 $2,950 $4.24 0.3% 1 1 705 21 0.5% 0 0.0% $2,732 $3.88 $2,723 $3.86 0.3% 1 1 707 2 0.0% 0 0.0% $2,488 $3.52 $2,480 $3.51 0.3% 1 1 712 1 0.0% 1 100% $2,180 $3.06 $2,172 $3.05 0.4% 1 1 731 1 0.0% 1 100% $2,390 $3.27 $2,381 $3.26 0.4% 1 1 734 1 0.0% 0 0.0% $2,628 $3.58 $2,619 $3.57 0.3% 1 1 738 276 6.6% 0 0.0% $2,893 $3.92 $2,883 $3.91 0.3% 1 1 741 1 0.0% 0 0.0% $2,270 $3.06 $2,262 $3.05 0.4% 1 1 744 19 0.5% 0 0.0% $2,634 $3.54 $2,625 $3.53 0.3% 1 1 747 1 0.0% 0 0.0% $3,791 $5.07 $3,778 $5.06 0.3% 1 1 752 1 0.0% 0 0.0% $2,798 $3.72 $2,789 $3.71 0.3% 1 1 753 126 3.0% 0 0.0% $3,791 $5.04 $3,779 $5.02 0.3% 1 1 764 38 0.9% 0 0.0% $3,289 $4.31 $3,278 $4.29 0.3% 1 1 765 132 3.1% 0 0.0% $2,668 $3.49 $2,659 $3.48 0.3% 1 1 766 200 4.8% 0 0.0% $2,800 $3.66 $2,791 $3.64 0.3% 1 1 783 1 0.0% 1 100% $3,285 $4.20 $3,273 $4.18 0.4% 1 1 785 1 0.0% 0 0.0% $2,980 $3.80 $2,970 $3.78 0.3% 1 1 790 2 0.0% 0 0.0% $3,668 $4.64 $3,655 $4.63 0.3% 1 1 795 70 1.7% 0 0.0% $3,185 $4.01 $3,174 $3.99 0.3% 1 1 799 210 5.0% 0 0.0% $2,988 $3.74 $2,978 $3.73 0.3% 1 1 802 4 0.1% 2 50.0% $2,664 $3.32 $2,655 $3.31 0.3% 1 1 805 3 0.1% 0 0.0% $3,126 $3.88 $3,115 $3.87 0.3% 1 1 806 3 0.1% 0 0.0% $2,958 $3.67 $2,948 $3.66 0.3% 1 1 808 104 2.5% 1 1.0% $2,843 $3.52 $2,834 $3.51 0.3% 1 1 813 1 0.0% 1 100% $2,430 $2.99 $2,421 $2.98 0.4% 1 1 815 1 0.0% 1 100% $2,645 $3.25 $2,636 $3.23 0.3% 1 1 823 3 0.1% 1 33.3% $2,780 $3.38 $2,771 $3.37 0.3% 1 1 825 64 1.5% 0 0.0% $4,324 $5.24 $4,309 $5.22 0.3% 1 1 828 1 0.0% 1 100% $2,600 $3.14 $2,591 $3.13 0.3% 1 1 834 1 0.0% 1 100% $2,290 $2.75 $2,282 $2.74 0.3% 1 1 836 5 0.1% 0 0.0% $2,993 $3.58 $2,982 $3.57 0.3% 1 1 839 50 1.2% 0 0.0% $2,980 $3.55 $2,970 $3.54 0.3% 1 1 844 1 0.0% 1 100% $2,555 $3.03 $2,546 $3.02 0.4% 1 1 846 152 3.6% 0 0.0% $2,948 $3.48 $2,938 $3.47 0.3% 1 1 859 44 1.0% 0 0.0% $2,956 $3.44 $2,946 $3.43 0.3% 1 1 862 110 2.6% 0 0.0% $3,168 $3.68 $3,158 $3.66 0.3% 1 1 890 1 0.0% 1 100% $2,325 $2.61 $2,317 $2.60 0.3% 1 1 919 1 0.0% 1 100% $3,090 $3.36 $3,079 $3.35 0.4% 2 1 865 93 2.2% 0 0.0% $2,724 $3.15 $2,714 $3.14 0.3% 2 1 866 1 0.0% 1 100% $2,330 $2.69 $2,322 $2.68 0.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 1 868 1 0.0% 1 100% $2,310 $2.66 $2,302 $2.65 0.3% 2 1 873 109 2.6% 0 0.0% $2,597 $2.97 $2,588 $2.96 0.3% 2 1 893 2 0.0% 0 0.0% $2,932 $3.28 $2,922 $3.27 0.3% 2 1 950 1 0.0% 1 100% $2,510 $2.64 $2,501 $2.63 0.4% 2 1 971 73 1.7% 1 1.4% $2,968 $3.06 $2,958 $3.05 0.3% 2 1 977 89 2.1% 0 0.0% $2,922 $2.99 $2,912 $2.98 0.3% 2 1 1,006 3 0.1% 1 33.3% $3,300 $3.28 $3,288 $3.27 0.3% 2 1 1,014 1 0.0% 0 0.0% $3,145 $3.10 $3,134 $3.09 0.3% 2 1 1,057 1 0.0% 1 100% $3,270 $3.09 $3,258 $3.08 0.4% 2 1 1,060 24 0.6% 0 0.0% $3,499 $3.30 $3,487 $3.29 0.3% 2 2 1,020 28 0.7% 0 0.0% $3,030 $2.97 $3,020 $2.96 0.3% 2 2 1,045 1 0.0% 1 100% $2,795 $2.67 $2,785 $2.67 0.4% 2 2 1,065 1 0.0% 0 0.0% $3,461 $3.25 $3,450 $3.24 0.3% 2 2 1,071 102 2.4% 0 0.0% $3,221 $3.01 $3,210 $3.00 0.3% 2 2 1,085 20 0.5% 0 0.0% $3,140 $2.89 $3,129 $2.88 0.3% 2 2 1,089 1 0.0% 0 0.0% $3,010 $2.76 $2,999 $2.75 0.4% 2 2 1,095 7 0.2% 0 0.0% $3,413 $3.12 $3,401 $3.11 0.3% 2 2 1,108 1 0.0% 0 0.0% $3,333 $3.01 $3,322 $3.00 0.3% 2 2 1,109 1 0.0% 1 100% $3,155 $2.84 $3,144 $2.83 0.3% 2 2 1,127 1 0.0% 1 100% $3,415 $3.03 $3,403 $3.02 0.4% 2 2 1,132 31 0.7% 0 0.0% $2,953 $2.61 $2,942 $2.60 0.3% 2 2 1,144 1 0.0% 1 100% $3,125 $2.73 $3,114 $2.72 0.4% 2 2 1,146 7 0.2% 0 0.0% $3,694 $3.22 $3,682 $3.21 0.3% 2 2 1,148 123 2.9% 0 0.0% $3,807 $3.32 $3,794 $3.30 0.3% 2 2 1,157 1 0.0% 0 0.0% $5,064 $4.38 $5,046 $4.36 0.4% 2 2 1,178 112 2.7% 0 0.0% $3,720 $3.16 $3,708 $3.15 0.3% 2 2 1,186 8 0.2% 0 0.0% $3,524 $2.97 $3,513 $2.96 0.3% 2 2 1,190 2 0.0% 1 50.0% $4,709 $3.96 $4,693 $3.94 0.3% 2 2 1,191 132 3.1% 1 0.8% $3,622 $3.04 $3,609 $3.03 0.3% 2 2 1,207 1 0.0% 0 0.0% $3,827 $3.17 $3,814 $3.16 0.3% 2 2 1,244 1 0.0% 1 100% $3,465 $2.79 $3,453 $2.78 0.3% 2 2 1,279 46 1.1% 0 0.0% $4,292 $3.36 $4,278 $3.34 0.3% 2 2 1,312 1 0.0% 0 0.0% $4,050 $3.09 $4,036 $3.08 0.3% 2 2 1,316 102 2.4% 0 0.0% $3,725 $2.83 $3,713 $2.82 0.3% 2 2 1,337 1 0.0% 1 100% $3,635 $2.72 $3,622 $2.71 0.4% 2 2 1,338 1 0.0% 1 100% $3,390 $2.53 $3,378 $2.52 0.4% 2 2 1,339 1 0.0% 0 0.0% $3,606 $2.69 $3,594 $2.68 0.3% 2 2 1,352 81 1.9% 0 0.0% $4,096 $3.03 $4,083 $3.02 0.3% 2 2 1,363 126 3.0% 0 0.0% $3,845 $2.82 $3,832 $2.81 0.3% 2 2 1,422 46 1.1% 0 0.0% $4,064 $2.86 $4,051 $2.85 0.3% 3 2 - 2 0.0% 0 0.0% $4,552 - $4,536 - 0.3% 3 2 1,143 1 0.0% 1 100% $3,040 $2.66 $3,029 $2.65 0.4%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 3 2 1,146 37 0.9% 0 0.0% $3,786 $3.30 $3,773 $3.29 0.3% 3 2 1,150 67 1.6% 1 1.5% $3,219 $2.80 $3,208 $2.79 0.3% 3 2 1,251 1 0.0% 0 0.0% $4,151 $3.32 $4,137 $3.31 0.3% 3 2 1,279 36 0.9% 0 0.0% $4,184 $3.27 $4,170 $3.26 0.3% 3 2 1,280 11 0.3% 0 0.0% $4,331 $3.38 $4,316 $3.37 0.3% 3 2 1,330 10 0.2% 0 0.0% $5,281 $3.97 $5,263 $3.96 0.3% 3 2 1,333 11 0.3% 0 0.0% $4,326 $3.25 $4,311 $3.23 0.3% 3 2 1,350 1 0.0% 1 100% $3,485 $2.58 $3,473 $2.57 0.3% 3 2 1,351 44 1.0% 0 0.0% $4,929 $3.65 $4,912 $3.64 0.3% 3 2 1,368 72 1.7% 1 1.4% $4,416 $3.23 $4,401 $3.22 0.3% 3 2 1,397 31 0.7% 0 0.0% $3,560 $2.55 $3,548 $2.54 0.3% 3 2 1,405 1 0.0% 1 100% $4,490 $3.20 $4,474 $3.18 0.4% 3 2 1,408 13 0.3% 0 0.0% $3,624 $2.57 $3,612 $2.57 0.3% 3 2 1,494 46 1.1% 0 0.0% $4,335 $2.90 $4,320 $2.89 0.3% 3 2 1,885 1 0.0% 0 0.0% $5,460 $2.90 $5,441 $2.89 0.3% 3 2 2,015 13 0.3% 0 0.0% $6,891 $3.42 $6,868 $3.41 0.3% 3 3 1,537 2 0.0% 0 0.0% $6,196 $4.03 $6,175 $4.02 0.3% 3 3 1,603 1 0.0% 0 0.0% $7,276 $4.54 $7,251 $4.52 0.3% 3 3 1,975 1 0.0% 0 0.0% $7,968 $4.03 $7,940 $4.02 0.4% 3 3.5 2,024 1 0.0% 0 0.0% $7,852 $3.88 $7,826 $3.87 0.3% 4 3.5 2,300 1 0.0% 0 0.0% $8,055 $3.50 $8,028 $3.49 0.3%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 567 656 15.6% 6 0.9% $2,468 $4.35 $2,460 $4.34 0.3% All 1 Beds 783 1,763 41.9% 14 0.8% $3,034 $3.88 $3,024 $3.86 0.3% All 2 Beds 1,139 1,385 32.9% 15 1.1% $3,447 $3.03 $3,436 $3.02 0.3% All 3 Beds 1,341 403 9.6% 5 1.2% $4,221 $3.15 $4,206 $3.14 0.3% All 4 Beds 2,300 1 0.0% 0 0.0% $8,055 $3.50 $8,028 $3.49 0.3% Totals 920 4,208 100% 40 1.0% $3,197 $3.47 $3,186 $3.46 0.3% Estimate Updated July 10, 2020

SITE AMENITIES Elevator, Laundry Facilities

UNIT AMENITIES Air Conditioning, Granite Countertops, Stainless Steel Appliances, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Assigned Garage Parking $130 Unassigned Garage Parking $230 Unassigned Surface Lot Parking $130-$…

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ONE TIME EXPENSES Application Fee $100

PET POLICY Cats Allowed - $50/Mo, 2 Maximum, Maximum Weight 50 lb Restrictions: Maximum of 2 pets per home. Combined weight limit for pets is 50 lbs. Additional rent for pets is $50 per month. Aggressive breeds not allowed. Dogs Allowed - $50/Mo, 2 Maximum, Maximum Weight 50 lb Restrictions: Maximum of 2 pets per home. Combined weight limit for pets is 50 lbs. Additional rent for pets is $50 per month. Aggressive breeds not allowed.

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9 2935 John F Kennedy Blvd - 3 Journal Square Jersey City, New Jersey - Journal Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 240 Units, 13 Floors Greystar - 3 Journal Square Avg. Unit Size: 714 SF (201) 617-5818 Year Built: May 2017 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.6 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 496 89 37.1% 5 5.6% $2,001 $4.03 $1,834 $3.70 8.3% 1 1 687 24 10.0% 10 41.7% $2,326 $3.39 $2,132 $3.10 8.3% 1 1 704 7 2.9% 0 0.0% $2,214 $3.14 $2,030 $2.88 8.3% 1 1 726 6 2.5% 1 16.7% $2,529 $3.48 $2,318 $3.19 8.3% 1 1 728 6 2.5% 0 0.0% $2,332 $3.20 $2,138 $2.94 8.3% 1 1 752 48 20.0% 2 4.2% $2,550 $3.39 $2,338 $3.11 8.3% 1 1 794 12 5.0% 2 16.7% $2,469 $3.11 $2,263 $2.85 8.3% 1 1 796 12 5.0% 2 16.7% $2,399 $3.01 $2,199 $2.76 8.3% 2 2 1,052 7 2.9% 0 0.0% $2,839 $2.70 $2,602 $2.47 8.3% 2 2 1,156 12 5.0% 3 25.0% $3,315 $2.87 $3,039 $2.63 8.3% 2 2 1,207 12 5.0% 1 8.3% $3,606 $2.99 $3,306 $2.74 8.3% 3 2 1,260 5 2.1% 1 20.0% $4,537 $3.60 $4,159 $3.30 8.3%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 496 89 37.1% 5 5.6% $2,001 $4.03 $1,834 $3.70 8.3% All 1 Beds 742 115 47.9% 17 14.8% $2,446 $3.30 $2,242 $3.02 8.3% All 2 Beds 1,152 31 12.9% 4 12.9% $3,320 $2.88 $3,044 $2.64 8.3% All 3 Beds 1,260 5 2.1% 1 20.0% $4,537 $3.60 $4,159 $3.30 8.3% Totals 715 240 100% 27 11.3% $2,437 $3.41 $2,234 $3.13 8.3% Estimate Updated July 10, 2020

SITE AMENITIES 24 Hour Access, Conference Rooms, Fitness Center, Grill, LEED Certified - Silver, Lounge, Roof Terrace, Wi-Fi

UNIT AMENITIES Granite Countertops, Hardwood Floors, Microwave, Range, Refrigerator, Stainless Steel Appliances, Washer/Dryer

RECURRING EXPENSES Dog Rent $50 Cat Rent $50

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ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Application Fee $125

PET POLICY Cats Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome 2 pets per apartment home. There are no breed or weight restrictions and there is an upfront $500 non-refundable pet fee and a $50 monthly dog rent and a $50 monthly cat rent. Please contact our leasing office for more information about our Pet Policy. Dogs Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome 2 pets per apartment home. There are no breed or weight restrictions and there is an upfront $500 non-refundable pet fee and a $50 monthly dog rent and a $50 monthly cat rent. Please contact our leasing office for more information about our Pet Policy.

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10 97 Newkirk St - CMPND Jersey City, New Jersey - Journal Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 132 Units, 15 Floors Namdar - CMPND Avg. Unit Size: 754 SF (212) 398-9564 Year Built: Mar 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.2 Miles Distance to Transit: 4 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 - - - - - $1,788 - $1,788 - 0.0% 1 1 631 42 31.8% 4 9.5% $2,238 $3.55 $2,117 $3.35 5.4% 1 1 816 64 48.5% 10 15.6% $2,599 $3.19 $2,458 $3.01 5.4% 2 1 759 23 17.4% 7 30.4% $2,850 $3.75 $2,696 $3.55 5.4% 3 2 1,236 3 2.3% 3 100% $3,969 $3.21 $3,754 $3.04 5.4%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios - - - - - $1,788 - $1,788 - 0.0% All 1 Beds 743 106 80.3% 14 13.2% $2,456 $3.31 $2,323 $3.13 5.4% All 2 Beds 759 23 17.4% 7 30.4% $2,850 $3.75 $2,696 $3.55 5.4% All 3 Beds 1,236 3 2.3% 3 100% $3,969 $3.21 $3,754 $3.04 5.4% Totals 757 132 100% 24 18.2% $2,553 $3.38 $2,416 $3.20 5.4% Estimate Updated June 25, 2020

SITE AMENITIES Bicycle Storage, Doorman, Fitness Center, Furnished Units Available, Grill, Laundry Facilities, Lounge, Roof Terrace, Sundeck

UNIT AMENITIES Air Conditioning, Heating, Kitchen, Oven, Range, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Free Gas, Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $50

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PET POLICY Cats Allowed Dogs Allowed - Maximum Weight 50 lb Restrictions: Non-Aggressive Breeds

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11 155 Washington St - Portside Towers Apartments Jersey City, New Jersey - The Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 527 Units, 26 Floors Equity Residential - Portside Towers Apart… Avg. Unit Size: 1,093 SF (201) 938-0770 Year Built: 1992 Type: Apartments - All OWNER Rent Type: Market - Parking: 700 Spaces; 1.3 per Unit Distance to Subject: 1.0 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 540 10 1.9% 1 10.0% $2,235 $4.14 $2,223 $4.12 0.6% Studio 1 564 10 1.9% 0 0.0% $2,309 $4.09 $2,297 $4.07 0.5% Studio 1 570 19 3.6% 1 5.3% $2,285 $4.01 $2,272 $3.99 0.6% Studio 1 571 9 1.7% 1 11.1% $2,400 $4.20 $2,387 $4.18 0.6% 1 1 693 10 1.9% 0 0.0% $2,684 $3.87 $2,670 $3.85 0.5% 1 1 697 14 2.7% 2 14.3% $2,449 $3.51 $2,436 $3.49 0.6% 1 1 763 20 3.8% 2 10.0% $2,433 $3.19 $2,420 $3.17 0.6% 1 1 777 20 3.8% 1 5.0% $2,825 $3.64 $2,809 $3.62 0.6% 1 1 889 20 3.8% 1 5.0% $2,980 $3.35 $2,964 $3.33 0.6% 1 1 913 60 11.4% 3 5.0% $2,760 $3.02 $2,745 $3.01 0.6% 1 1 917 20 3.8% 3 15.0% $2,794 $3.05 $2,779 $3.03 0.6% 1 1 1,000 20 3.8% 0 0.0% $2,820 $2.82 $2,804 $2.80 0.5% 1 2 960 20 3.8% 6 30.0% $2,898 $3.02 $2,882 $3.00 0.6% 2 2 845 12 2.3% 3 25.0% $2,846 $3.37 $2,830 $3.35 0.6% 2 2 960 20 3.8% 0 0.0% $3,021 $3.15 $3,004 $3.13 0.5% 2 2 1,129 12 2.3% 1 8.3% $3,408 $3.02 $3,389 $3.00 0.6% 2 2 1,133 12 2.3% 0 0.0% $4,040 $3.57 $4,018 $3.55 0.6% 2 2 1,186 24 4.6% 0 0.0% $3,848 $3.24 $3,826 $3.23 0.6% 2 2 1,213 12 2.3% 0 0.0% $4,026 $3.32 $4,004 $3.30 0.5% 2 2 1,220 12 2.3% 2 16.7% $3,622 $2.97 $3,602 $2.95 0.6% 2 2 1,275 12 2.3% 0 0.0% $3,498 $2.74 $3,479 $2.73 0.6% 2 2 1,316 12 2.3% 0 0.0% $4,202 $3.19 $4,179 $3.18 0.5% 2 2 1,330 11 2.1% 0 0.0% $3,976 $2.99 $3,954 $2.97 0.5% 2 2 1,360 5 0.9% 1 20.0% $3,854 $2.83 $3,833 $2.82 0.6% 2 2 1,390 11 2.1% 0 0.0% $3,851 $2.77 $3,830 $2.76 0.5% 2 2 1,395 10 1.9% 0 0.0% $3,904 $2.80 $3,882 $2.78 0.6% 2 2 1,455 14 2.7% 0 0.0% $4,130 $2.84 $4,107 $2.82 0.6% 2 2 1,470 7 1.3% 4 57.1% $3,668 $2.50 $3,648 $2.48 0.6% 2 2 1,475 7 1.3% 1 14.3% $3,870 $2.62 $3,849 $2.61 0.6% 2 2 1,485 7 1.3% 0 0.0% $4,931 $3.32 $4,904 $3.30 0.6% 2 2 1,530 7 1.3% 0 0.0% $4,501 $2.94 $4,476 $2.93 0.5% 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 34 Rent Comparables 74 Maple St - BELA

UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 2 1,540 7 1.3% 0 0.0% $3,906 $2.54 $3,884 $2.52 0.6% 2 3 2,016 8 1.5% 0 0.0% $5,538 $2.75 $5,507 $2.73 0.6% 3 2 1,499 5 0.9% 2 40.0% $4,231 $2.82 $4,208 $2.81 0.6% 3 2 1,527 5 0.9% 0 0.0% $5,444 $3.57 $5,414 $3.55 0.6% 3 3 1,380 5 0.9% 2 40.0% $4,071 $2.95 $4,049 $2.93 0.6% 3 3 1,420 5 0.9% 0 0.0% $4,226 $2.98 $4,203 $2.96 0.6% 3 3 1,503 5 0.9% 0 0.0% $4,427 $2.95 $4,403 $2.93 0.6% 3 3 1,527 5 0.9% 0 0.0% $4,833 $3.17 $4,807 $3.15 0.6% 3 3 1,665 5 0.9% 0 0.0% $5,127 $3.08 $5,099 $3.06 0.6% 3 3 1,705 8 1.5% 0 0.0% $4,210 $2.47 $4,187 $2.46 0.5% 3 3 1,934 3 0.6% 0 0.0% $5,844 $3.02 $5,812 $3.01 0.6% 3 3 2,016 2 0.4% 0 0.0% $5,295 $2.63 $5,266 $2.61 0.5% 3 3 2,036 1 0.2% 0 0.0% $6,151 $3.02 $6,117 $3.00 0.6% 3 3 2,050 1 0.2% 0 0.0% $5,593 $2.73 $5,562 $2.71 0.6% 3 3 2,070 2 0.4% 0 0.0% $5,438 $2.63 $5,408 $2.61 0.6% 3 3 2,550 1 0.2% 0 0.0% $5,801 $2.27 $5,769 $2.26 0.6%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 563 48 9.1% 3 6.3% $2,301 $4.09 $2,288 $4.07 0.6% All 1 Beds 871 204 38.7% 18 8.8% $2,754 $3.16 $2,738 $3.15 0.6% All 2 Beds 1,283 222 42.1% 12 5.4% $3,843 $2.99 $3,822 $2.98 0.6% All 3 Beds 1,639 53 10.1% 4 7.6% $4,755 $2.90 $4,729 $2.89 0.6% Totals 1,094 527 100% 37 7.0% $3,373 $3.08 $3,354 $3.07 0.6% Estimate Updated July 10, 2020

SITE AMENITIES Basketball Court, Dry Cleaning Service, Elevator, Fitness Center, Laundry Facilities, Package Service, Playground, Property Manager on Site, Tennis Court

UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Dishwasher, High Speed Internet Access, Microwave, Satellite TV, Security System, Sprinkler System, Stainless Steel Appliances, Views, Walk-In Closets, Washer/Dryer

RECURRING EXPENSES Dog Rent $80 Cat Rent $50 Storage Fee $150

ONE TIME EXPENSES Dog Fee $450 Admin Fee $650 Application Fee $100

PET POLICY Cats Allowed - $0 Deposit, $50/Mo, 3 Maximum, One-Time Fee: $0 Restrictions: null Dogs Allowed - $0 Deposit, $80/Mo, 3 Maximum, One-Time Fee: $450 Restrictions: null

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12 33 University Place Blvd - City Line Jersey City, New Jersey - Hackensack River Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 144 Units, 4 Floors PRC - City Line Avg. Unit Size: 783 SF (732) 222-2000 Year Built: Nov 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.8 Miles Distance to Transit: 7 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 367 4 2.8% 0 0.0% $1,380 $3.76 $1,299 $3.54 5.8% Studio 1 456 2 1.4% 0 0.0% $1,557 $3.41 $1,466 $3.21 5.8% Studio 1 528 1 0.7% 0 0.0% $1,852 $3.51 $1,744 $3.30 5.8% 1 0.5 1,140 25 17.4% 0 0.0% $3,208 $2.81 $3,021 $2.65 5.8% 1 1 600 28 19.4% 1 3.6% $2,185 $3.64 $2,058 $3.43 5.8% 1 1 665 18 12.5% 0 0.0% $2,025 $3.05 $1,907 $2.87 5.8% 1 1 670 33 22.9% 2 6.1% $1,964 $2.93 $1,850 $2.76 5.8% 1 1 700 1 0.7% 1 100% $2,410 $3.44 $2,269 $3.24 5.9% 1 1 705 1 0.7% 0 0.0% $2,176 $3.09 $2,049 $2.91 5.8% 1 1 780 1 0.7% 0 0.0% $2,429 $3.11 $2,288 $2.93 5.8% 1 1 796 1 0.7% 1 100% $2,460 $3.09 $2,317 $2.91 5.8% 1 1 843 1 0.7% 1 100% $2,585 $3.07 $2,434 $2.89 5.8% 1 1 877 1 0.7% 0 0.0% $2,710 $3.09 $2,552 $2.91 5.8% 1 1 972 1 0.7% 0 0.0% $3,007 $3.09 $2,832 $2.91 5.8% 1 1.5 869 1 0.7% 0 0.0% $2,684 $3.09 $2,528 $2.91 5.8% 1 1.5 1,157 1 0.7% 0 0.0% $3,251 $2.81 $3,062 $2.65 5.8% 2 1 933 12 8.3% 0 0.0% $2,686 $2.88 $2,530 $2.71 5.8% 2 1 946 7 4.9% 0 0.0% $2,911 $3.08 $2,742 $2.90 5.8% 2 1 986 1 0.7% 1 100% $3,000 $3.04 $2,825 $2.87 5.8% 2 2 941 2 1.4% 2 100% $2,910 $3.09 $2,741 $2.91 5.8% 2 2 963 1 0.7% 1 100% $2,975 $3.09 $2,802 $2.91 5.8% 2 2 1,135 1 0.7% 0 0.0% $3,309 $2.92 $3,117 $2.75 5.8%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 415 7 4.9% 0 0.0% $1,498 $3.60 $1,410 $3.40 5.8% All 1 Beds 771 113 78.5% 6 5.3% $2,357 $3.06 $2,220 $2.88 5.8% All 2 Beds 949 24 16.7% 4 16.7% $2,821 $2.97 $2,657 $2.80 5.8% Totals 783 144 100% 10 6.9% $2,393 $3.06 $2,254 $2.88 5.8% Estimate Updated July 08, 2020

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SITE AMENITIES 24 Hour Access, Bicycle Storage, Community-Wide WiFi, Concierge, Conference Rooms, Controlled Access, Fitness Center, Grill, Lounge, Maintenance on site, Package Service, Pet Washing Station, Picnic Area, Roof Terrace, Shuttle to Train

UNIT AMENITIES Dishwasher, High Speed Internet Access, Ice Maker, Refrigerator, Tile Floors, Tub/Shower, Vinyl Flooring, Washer/Dryer

RECURRING EXPENSES Dog Rent $0 Cat Rent $0 Unassigned Garage Parking $95 Free Trash Removal

ONE TIME EXPENSES Application Fee $40

PET POLICY Cats Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $0 Dogs Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $0

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13 23 University Place Blvd - Rivet Jersey City, New Jersey - Hackensack River Waterfront Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 163 Units, 5 Floors Greystar - Rivet Avg. Unit Size: 762 SF (201) 204-0500 Year Built: Jul 2018 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 1.9 Miles Distance to Transit: 9 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 466 3 1.8% 0 0.0% $1,783 $3.83 $1,765 $3.79 1.0% Studio 1 502 3 1.8% 0 0.0% $1,967 $3.92 $1,948 $3.88 1.0% Studio 1 507 3 1.8% 0 0.0% $2,019 $3.98 $1,998 $3.94 1.0% Studio 1 515 3 1.8% 1 33.3% $1,860 $3.61 $1,841 $3.58 1.0% Studio 1 530 3 1.8% 0 0.0% $1,705 $3.22 $1,688 $3.18 1.0% Studio 1 534 3 1.8% 0 0.0% $1,912 $3.58 $1,893 $3.54 1.0% Studio 1 539 3 1.8% 0 0.0% $1,831 $3.40 $1,813 $3.36 1.0% Studio 1 543 2 1.2% 0 0.0% $1,924 $3.54 $1,905 $3.51 1.0% Studio 1 548 2 1.2% 0 0.0% $1,852 $3.38 $1,834 $3.35 1.0% Studio 1 566 2 1.2% 0 0.0% $2,018 $3.56 $1,998 $3.53 1.0% Studio 1 588 5 3.1% 0 0.0% $1,749 $2.97 $1,731 $2.94 1.0% 1 1 671 5 3.1% 2 40.0% $1,862 $2.77 $1,843 $2.75 1.0% 1 1 673 5 3.1% 2 40.0% $2,040 $3.03 $2,020 $3.00 1.0% 1 1 692 5 3.1% 0 0.0% $2,169 $3.13 $2,148 $3.10 1.0% 1 1 694 5 3.1% 1 20.0% $1,877 $2.70 $1,858 $2.68 1.0% 1 1 695 5 3.1% 0 0.0% $2,172 $3.12 $2,150 $3.09 1.0% 1 1 699 5 3.1% 0 0.0% $2,233 $3.20 $2,211 $3.16 1.0% 1 1 704 10 6.1% 0 0.0% $2,162 $3.07 $2,140 $3.04 1.0% 1 1 711 5 3.1% 1 20.0% $2,290 $3.22 $2,267 $3.19 1.0% 1 1 712 5 3.1% 2 40.0% $2,315 $3.25 $2,292 $3.22 1.0% 1 1 715 6 3.7% 2 33.3% $1,927 $2.70 $1,908 $2.67 1.0% 1 1 725 6 3.7% 3 50.0% $2,300 $3.17 $2,277 $3.14 1.0% 1 1 728 6 3.7% 5 83.3% $1,892 $2.60 $1,873 $2.57 1.0% 1 1 729 6 3.7% 0 0.0% $2,200 $3.02 $2,178 $2.99 1.0% 1 1 744 6 3.7% 2 33.3% $2,075 $2.79 $2,054 $2.76 1.0% 1 1 790 6 3.7% 1 16.7% $2,350 $2.97 $2,327 $2.94 1.0% 1 1 839 6 3.7% 1 16.7% $2,260 $2.69 $2,237 $2.67 1.0% 1 1 844 5 3.1% 0 0.0% $2,218 $2.63 $2,195 $2.60 1.0%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 847 5 3.1% 0 0.0% $2,113 $2.49 $2,092 $2.47 1.0% 1 1 871 5 3.1% 0 0.0% $2,635 $3.03 $2,609 $2.99 1.0% 2 2 1,111 10 6.1% 1 10.0% $2,990 $2.69 $2,960 $2.66 1.0% 2 2 1,151 5 3.1% 0 0.0% $2,975 $2.58 $2,945 $2.56 1.0% 2 2 1,156 5 3.1% 0 0.0% $2,995 $2.59 $2,965 $2.56 1.0% 2 2 1,358 4 2.5% 0 0.0% $2,968 $2.19 $2,939 $2.16 1.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 532 32 19.6% 1 3.1% $1,861 $3.50 $1,843 $3.46 1.0% All 1 Beds 740 107 65.6% 22 20.6% $2,161 $2.92 $2,140 $2.89 1.0% All 2 Beds 1,170 24 14.7% 1 4.2% $2,984 $2.55 $2,955 $2.53 1.0% Totals 763 163 100% 24 14.7% $2,224 $2.92 $2,201 $2.89 1.0% Estimate Updated July 08, 2020

SITE AMENITIES Courtyard, Fitness Center, Gameroom, Grill, Lounge, Media Center/Movie Theatre, Package Service, Pet Play Area, Pet Washing Station, Sundeck

UNIT AMENITIES Heating, Refrigerator, Stainless Steel Appliances, Tub/Shower, Washer/Dryer

RECURRING EXPENSES Dog Rent $50 Cat Rent $25 Unassigned Garage Parking $175-$225 Free Trash Removal

ONE TIME EXPENSES Dog Fee $250 Cat Fee $250 Application Fee $125

PET POLICY Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $250 Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $250 Restrictions: Breed restrictions on dogs apply

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14 20 Beacon Way - Mercury Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 241 Units, 15 Floors Greystar - The Beacon Avg. Unit Size: 784 SF (201) 716-3000 Year Built: 1929 Renov Aug 2013 Type: Apartments - All OWNER Rent Type: Market Purchased Dec 2011 Parking: 46 Spaces; 0.2 per Unit $33,150,000 - Portfolio Price Distance to Subject: 0.8 Miles Distance to Transit: 13 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 360 1 0.4% 0 0.0% $1,522 $4.23 $1,305 $3.63 14.3% Studio 1 400 1 0.4% 1 100% $1,601 $4.00 $1,372 $3.43 14.3% Studio 1 404 1 0.4% 0 0.0% $1,472 $3.64 $1,262 $3.12 14.3% Studio 1 405 1 0.4% 0 0.0% $1,442 $3.56 $1,236 $3.05 14.3% Studio 1 437 1 0.4% 0 0.0% $1,592 $3.64 $1,365 $3.12 14.3% Studio 1 444 1 0.4% 1 100% $1,671 $3.76 $1,432 $3.23 14.3% Studio 1 462 1 0.4% 1 100% $1,589 $3.44 $1,362 $2.95 14.3% Studio 1 465 1 0.4% 1 100% $1,712 $3.68 $1,468 $3.16 14.3% Studio 1 469 1 0.4% 1 100% $1,494 $3.19 $1,281 $2.73 14.3% Studio 1 472 2 0.8% 1 50.0% $1,558 $3.30 $1,336 $2.83 14.3% Studio 1 474 2 0.8% 2 100% $1,663 $3.51 $1,426 $3.01 14.3% Studio 1 475 1 0.4% 1 100% $1,566 $3.30 $1,342 $2.83 14.3% Studio 1 476 1 0.4% 1 100% $1,651 $3.47 $1,415 $2.97 14.3% Studio 1 480 2 0.8% 1 50.0% $1,709 $3.56 $1,465 $3.05 14.3% Studio 1 481 1 0.4% 0 0.0% $1,697 $3.53 $1,455 $3.02 14.3% Studio 1 482 1 0.4% 0 0.0% $1,632 $3.39 $1,399 $2.90 14.3% Studio 1 484 1 0.4% 0 0.0% $1,532 $3.17 $1,313 $2.71 14.3% Studio 1 492 1 0.4% 1 100% $1,805 $3.67 $1,547 $3.14 14.3% Studio 1 493 1 0.4% 0 0.0% $1,727 $3.50 $1,480 $3.00 14.3% Studio 1 498 1 0.4% 1 100% $1,480 $2.97 $1,269 $2.55 14.3% Studio 1 499 1 0.4% 1 100% $1,646 $3.30 $1,411 $2.83 14.3% Studio 1 526 1 0.4% 0 0.0% $1,557 $2.96 $1,335 $2.54 14.3% Studio 1 533 1 0.4% 0 0.0% $1,592 $2.99 $1,365 $2.56 14.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 545 1 0.4% 0 0.0% $1,687 $3.10 $1,446 $2.65 14.3% Studio 1 547 1 0.4% 1 100% $1,840 $3.36 $1,577 $2.88 14.3% Studio 1 556 1 0.4% 0 0.0% $1,887 $3.39 $1,618 $2.91 14.3% Studio 1 559 1 0.4% 0 0.0% $1,747 $3.13 $1,498 $2.68 14.3% Studio 1 567 1 0.4% 0 0.0% $1,572 $2.77 $1,347 $2.38 14.3% Studio 1 588 1 0.4% 0 0.0% $1,877 $3.19 $1,609 $2.74 14.3% Studio 1 589 1 0.4% 0 0.0% $1,777 $3.02 $1,523 $2.59 14.3% Studio 1 592 1 0.4% 1 100% $1,732 $2.93 $1,485 $2.51 14.3% Studio 1 614 1 0.4% 1 100% $1,619 $2.64 $1,388 $2.26 14.3% Studio 1 620 1 0.4% 0 0.0% $1,672 $2.70 $1,433 $2.31 14.3% Studio 1 623 1 0.4% 0 0.0% $1,657 $2.66 $1,420 $2.28 14.3% Studio 1 650 1 0.4% 0 0.0% $1,647 $2.53 $1,412 $2.17 14.3% Studio 1 654 1 0.4% 0 0.0% $1,597 $2.44 $1,369 $2.09 14.3% Studio 1 667 1 0.4% 1 100% $2,194 $3.29 $1,881 $2.82 14.3% Studio 1 671 1 0.4% 0 0.0% $1,817 $2.71 $1,558 $2.32 14.3% Studio 1 696 1 0.4% 1 100% $1,871 $2.69 $1,604 $2.30 14.3% Studio 1 717 1 0.4% 0 0.0% $1,957 $2.73 $1,678 $2.34 14.3% Studio 1 719 1 0.4% 1 100% $1,760 $2.45 $1,509 $2.10 14.3% Studio 1 805 1 0.4% 0 0.0% $2,047 $2.54 $1,755 $2.18 14.3% Studio 1 836 1 0.4% 0 0.0% $1,897 $2.27 $1,626 $1.94 14.3% Studio 1 847 1 0.4% 0 0.0% $1,897 $2.24 $1,626 $1.92 14.3% Studio 1 984 1 0.4% 1 100% $2,229 $2.27 $1,911 $1.94 14.3% 1 1 437 1 0.4% 1 100% $1,774 $4.06 $1,521 $3.48 14.3% 1 1 474 1 0.4% 0 0.0% $1,832 $3.86 $1,570 $3.31 14.3% 1 1 481 1 0.4% 0 0.0% $1,827 $3.80 $1,566 $3.26 14.3% 1 1 490 2 0.8% 2 100% $1,810 $3.69 $1,552 $3.17 14.3% 1 1 497 1 0.4% 1 100% $2,029 $4.08 $1,739 $3.50 14.3% 1 1 503 2 0.8% 1 50.0% $1,853 $3.68 $1,589 $3.16 14.3% 1 1 506 2 0.8% 1 50.0% $1,817 $3.59 $1,558 $3.08 14.3% 1 1 509 1 0.4% 1 100% $1,925 $3.78 $1,650 $3.24 14.3% 1 1 514 1 0.4% 0 0.0% $1,787 $3.48 $1,532 $2.98 14.3% 1 1 522 1 0.4% 0 0.0% $1,872 $3.59 $1,605 $3.07 14.3% 1 1 528 1 0.4% 0 0.0% $1,857 $3.52 $1,592 $3.02 14.3% 1 1 532 1 0.4% 0 0.0% $1,902 $3.58 $1,630 $3.06 14.3% 1 1 541 2 0.8% 0 0.0% $1,860 $3.44 $1,595 $2.95 14.3% 1 1 543 1 0.4% 1 100% $2,029 $3.74 $1,739 $3.20 14.3% 1 1 545 1 0.4% 0 0.0% $1,882 $3.45 $1,613 $2.96 14.3% 1 1 547 1 0.4% 1 100% $1,972 $3.61 $1,690 $3.09 14.3% 1 1 552 2 0.8% 0 0.0% $1,795 $3.25 $1,539 $2.79 14.3% 1 1 553 1 0.4% 0 0.0% $1,932 $3.49 $1,656 $2.99 14.3% 1 1 557 1 0.4% 1 100% $1,976 $3.55 $1,694 $3.04 14.3% 1 1 560 1 0.4% 0 0.0% $1,947 $3.48 $1,669 $2.98 14.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 567 1 0.4% 1 100% $2,069 $3.65 $1,774 $3.13 14.3% 1 1 568 1 0.4% 0 0.0% $1,972 $3.47 $1,690 $2.98 14.3% 1 1 570 1 0.4% 0 0.0% $1,877 $3.29 $1,609 $2.82 14.3% 1 1 576 1 0.4% 0 0.0% $1,822 $3.16 $1,562 $2.71 14.3% 1 1 584 1 0.4% 0 0.0% $1,912 $3.27 $1,639 $2.81 14.3% 1 1 587 1 0.4% 0 0.0% $1,902 $3.24 $1,630 $2.78 14.3% 1 1 588 1 0.4% 1 100% $2,009 $3.42 $1,722 $2.93 14.3% 1 1 590 2 0.8% 1 50.0% $1,913 $3.24 $1,640 $2.78 14.3% 1 1 591 1 0.4% 0 0.0% $1,882 $3.18 $1,613 $2.73 14.3% 1 1 597 1 0.4% 0 0.0% $1,892 $3.17 $1,622 $2.72 14.3% 1 1 599 1 0.4% 1 100% $1,939 $3.24 $1,662 $2.77 14.3% 1 1 600 2 0.8% 2 100% $2,045 $3.41 $1,754 $2.92 14.3% 1 1 604 1 0.4% 1 100% $2,087 $3.46 $1,789 $2.96 14.3% 1 1 605 2 0.8% 2 100% $1,936 $3.20 $1,660 $2.74 14.3% 1 1 606 1 0.4% 0 0.0% $1,927 $3.18 $1,652 $2.73 14.3% 1 1 608 1 0.4% 0 0.0% $1,947 $3.20 $1,669 $2.75 14.3% 1 1 614 1 0.4% 1 100% $2,184 $3.56 $1,872 $3.05 14.3% 1 1 615 1 0.4% 0 0.0% $1,977 $3.21 $1,695 $2.76 14.3% 1 1 621 6 2.5% 4 66.7% $2,022 $3.26 $1,734 $2.79 14.3% 1 1 623 1 0.4% 0 0.0% $1,997 $3.21 $1,712 $2.75 14.3% 1 1 629 1 0.4% 0 0.0% $1,922 $3.06 $1,648 $2.62 14.3% 1 1 635 1 0.4% 1 100% $2,024 $3.19 $1,735 $2.73 14.3% 1 1 636 1 0.4% 0 0.0% $2,032 $3.19 $1,742 $2.74 14.3% 1 1 638 1 0.4% 0 0.0% $2,027 $3.18 $1,738 $2.72 14.3% 1 1 643 1 0.4% 1 100% $2,104 $3.27 $1,804 $2.81 14.3% 1 1 648 1 0.4% 0 0.0% $2,062 $3.18 $1,768 $2.73 14.3% 1 1 653 2 0.8% 1 50.0% $2,080 $3.19 $1,784 $2.73 14.3% 1 1 655 1 0.4% 0 0.0% $2,097 $3.20 $1,798 $2.75 14.3% 1 1 663 1 0.4% 1 100% $2,153 $3.25 $1,846 $2.78 14.3% 1 1 668 2 0.8% 1 50.0% $2,047 $3.06 $1,755 $2.63 14.3% 1 1 669 1 0.4% 0 0.0% $2,142 $3.20 $1,836 $2.74 14.3% 1 1 671 1 0.4% 0 0.0% $2,112 $3.15 $1,811 $2.70 14.3% 1 1 676 1 0.4% 1 100% $1,995 $2.95 $1,710 $2.53 14.3% 1 1 679 1 0.4% 0 0.0% $2,127 $3.13 $1,823 $2.68 14.3% 1 1 680 1 0.4% 0 0.0% $1,852 $2.72 $1,588 $2.34 14.3% 1 1 682 3 1.2% 2 66.7% $2,183 $3.20 $1,872 $2.74 14.3% 1 1 684 1 0.4% 0 0.0% $1,927 $2.82 $1,652 $2.42 14.3% 1 1 686 1 0.4% 0 0.0% $2,052 $2.99 $1,759 $2.56 14.3% 1 1 687 1 0.4% 0 0.0% $2,157 $3.14 $1,849 $2.69 14.3% 1 1 692 1 0.4% 0 0.0% $1,852 $2.68 $1,588 $2.29 14.3% 1 1 695 2 0.8% 1 50.0% $2,059 $2.96 $1,766 $2.54 14.3% 1 1 703 2 0.8% 0 0.0% $2,010 $2.86 $1,724 $2.45 14.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 709 1 0.4% 1 100% $1,939 $2.73 $1,662 $2.34 14.3% 1 1 711 1 0.4% 0 0.0% $2,010 $2.83 $1,723 $2.42 14.3% 1 1 716 1 0.4% 0 0.0% $2,075 $2.90 $1,779 $2.48 14.3% 1 1 718 1 0.4% 1 100% $2,450 $3.41 $2,100 $2.92 14.3% 1 1 724 1 0.4% 0 0.0% $2,215 $3.06 $1,899 $2.62 14.3% 1 1 729 1 0.4% 1 100% $2,113 $2.90 $1,811 $2.48 14.3% 1 1 734 1 0.4% 1 100% $2,160 $2.94 $1,852 $2.52 14.3% 1 1 735 1 0.4% 0 0.0% $1,980 $2.69 $1,697 $2.31 14.3% 1 1 745 1 0.4% 1 100% $1,999 $2.68 $1,714 $2.30 14.3% 1 1 746 1 0.4% 0 0.0% $1,955 $2.62 $1,676 $2.25 14.3% 1 1 749 1 0.4% 1 100% $2,025 $2.70 $1,736 $2.32 14.3% 1 1 756 1 0.4% 1 100% $2,128 $2.81 $1,824 $2.41 14.3% 1 1 761 1 0.4% 0 0.0% $2,210 $2.90 $1,895 $2.49 14.3% 1 1 765 1 0.4% 0 0.0% $2,035 $2.66 $1,745 $2.28 14.3% 1 1 771 1 0.4% 1 100% $2,128 $2.76 $1,824 $2.37 14.3% 1 1 772 2 0.8% 2 100% $2,071 $2.68 $1,775 $2.30 14.3% 1 1 776 1 0.4% 0 0.0% $2,160 $2.78 $1,852 $2.39 14.3% 1 1 781 1 0.4% 0 0.0% $2,635 $3.37 $2,259 $2.89 14.3% 1 1 786 1 0.4% 0 0.0% $2,145 $2.73 $1,839 $2.34 14.3% 1 1 789 1 0.4% 0 0.0% $2,225 $2.82 $1,907 $2.42 14.3% 1 1 814 1 0.4% 0 0.0% $3,370 $4.14 $2,889 $3.55 14.3% 1 1 820 1 0.4% 1 100% $2,373 $2.89 $2,034 $2.48 14.3% 1 1 830 1 0.4% 0 0.0% $2,790 $3.36 $2,392 $2.88 14.3% 1 1 840 1 0.4% 1 100% $2,402 $2.86 $2,059 $2.45 14.3% 1 1 843 1 0.4% 0 0.0% $2,085 $2.47 $1,787 $2.12 14.3% 1 1 844 1 0.4% 0 0.0% $2,120 $2.51 $1,817 $2.15 14.3% 1 1 851 1 0.4% 0 0.0% $1,680 $1.97 $1,440 $1.69 14.3% 1 1 870 1 0.4% 0 0.0% $2,120 $2.44 $1,817 $2.09 14.3% 1 1 873 1 0.4% 0 0.0% $2,130 $2.44 $1,826 $2.09 14.3% 1 1 874 1 0.4% 0 0.0% $2,310 $2.64 $1,980 $2.27 14.3% 1 1 875 1 0.4% 0 0.0% $2,110 $2.41 $1,809 $2.07 14.3% 1 1 888 1 0.4% 0 0.0% $2,510 $2.83 $2,152 $2.42 14.3% 1 1 891 1 0.4% 0 0.0% $2,095 $2.35 $1,796 $2.02 14.3% 1 1 903 1 0.4% 0 0.0% $2,260 $2.50 $1,937 $2.15 14.3% 1 1 904 1 0.4% 0 0.0% $2,185 $2.42 $1,873 $2.07 14.3% 1 1 910 1 0.4% 1 100% $2,366 $2.60 $2,028 $2.23 14.3% 1 1 913 1 0.4% 0 0.0% $2,285 $2.50 $1,959 $2.15 14.3% 1 1 920 1 0.4% 0 0.0% $2,850 $3.10 $2,443 $2.66 14.3% 1 1 931 1 0.4% 1 100% $2,966 $3.19 $2,543 $2.73 14.3% 1 1 933 1 0.4% 1 100% $2,321 $2.49 $1,990 $2.13 14.3% 1 1 967 1 0.4% 0 0.0% $2,410 $2.49 $2,066 $2.14 14.3% 1 1 971 2 0.8% 1 50.0% $2,669 $2.75 $2,289 $2.36 14.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 975 1 0.4% 0 0.0% $2,300 $2.36 $1,972 $2.02 14.3% 1 1 980 1 0.4% 1 100% $2,301 $2.35 $1,973 $2.01 14.3% 1 1 996 1 0.4% 0 0.0% $2,360 $2.37 $2,023 $2.03 14.3% 1 1 1,015 2 0.8% 1 50.0% $2,977 $2.93 $2,552 $2.51 14.3% 1 1 1,026 1 0.4% 0 0.0% $2,535 $2.47 $2,173 $2.12 14.3% 1 1 1,053 1 0.4% 1 100% $2,332 $2.21 $1,999 $1.90 14.3% 1 1 1,055 2 0.8% 1 50.0% $2,393 $2.27 $2,052 $1.94 14.3% 1 1 1,102 1 0.4% 0 0.0% $2,415 $2.19 $2,070 $1.88 14.3% 1 1 1,122 1 0.4% 1 100% $2,510 $2.24 $2,152 $1.92 14.3% 1 1 1,136 1 0.4% 1 100% $2,582 $2.27 $2,214 $1.95 14.3% 1 1 1,165 1 0.4% 0 0.0% $3,030 $2.60 $2,598 $2.23 14.3% 1 1 1,183 1 0.4% 0 0.0% $2,735 $2.31 $2,345 $1.98 14.3% 1 1 1,204 1 0.4% 0 0.0% $2,575 $2.14 $2,208 $1.83 14.3% 1 1 1,281 1 0.4% 0 0.0% $2,670 $2.08 $2,289 $1.79 14.3% 1 1 2,050 1 0.4% 0 0.0% $4,780 $2.33 $4,098 $2.00 14.3% 1 1.5 992 1 0.4% 0 0.0% $2,720 $2.74 $2,332 $2.35 14.3% 1 2 912 1 0.4% 0 0.0% $3,070 $3.37 $2,632 $2.89 14.3% 2 1 667 1 0.4% 1 100% $2,179 $3.27 $1,868 $2.80 14.3% 2 1 724 1 0.4% 0 0.0% $2,123 $2.93 $1,820 $2.51 14.3% 2 1 799 1 0.4% 0 0.0% $2,073 $2.59 $1,777 $2.22 14.3% 2 1 813 1 0.4% 0 0.0% $2,188 $2.69 $1,876 $2.31 14.3% 2 1 829 1 0.4% 1 100% $2,389 $2.88 $2,048 $2.47 14.3% 2 1 846 1 0.4% 0 0.0% $2,443 $2.89 $2,094 $2.48 14.3% 2 1 854 1 0.4% 0 0.0% $2,448 $2.87 $2,099 $2.46 14.3% 2 1 858 1 0.4% 1 100% $2,461 $2.87 $2,110 $2.46 14.3% 2 1 865 1 0.4% 1 100% $2,358 $2.73 $2,021 $2.34 14.3% 2 1 897 1 0.4% 1 100% $2,435 $2.71 $2,088 $2.33 14.3% 2 1 913 1 0.4% 1 100% $2,461 $2.70 $2,110 $2.31 14.3% 2 1 921 1 0.4% 0 0.0% $2,543 $2.76 $2,180 $2.37 14.3% 2 1 971 1 0.4% 1 100% $2,492 $2.57 $2,136 $2.20 14.3% 2 1 1,005 1 0.4% 0 0.0% $2,953 $2.94 $2,532 $2.52 14.3% 2 1 1,020 1 0.4% 0 0.0% $2,558 $2.51 $2,193 $2.15 14.3% 2 2 912 1 0.4% 1 100% $2,848 $3.12 $2,442 $2.68 14.3% 2 2 916 1 0.4% 1 100% $2,915 $3.18 $2,499 $2.73 14.3% 2 2 923 1 0.4% 0 0.0% $2,834 $3.07 $2,430 $2.63 14.3% 2 2 936 1 0.4% 1 100% $2,797 $2.99 $2,398 $2.56 14.3% 2 2 956 1 0.4% 0 0.0% $2,604 $2.72 $2,232 $2.33 14.3% 2 2 959 1 0.4% 0 0.0% $2,554 $2.66 $2,190 $2.28 14.3% 2 2 970 1 0.4% 1 100% $2,707 $2.79 $2,321 $2.39 14.3% 2 2 1,026 1 0.4% 1 100% $2,488 $2.42 $2,133 $2.08 14.3% 2 2 1,027 1 0.4% 1 100% $2,711 $2.64 $2,324 $2.26 14.3% 2 2 1,036 1 0.4% 0 0.0% $2,846 $2.75 $2,440 $2.36 14.3%

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UNIT BREAKDOWN CONTINUED

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 2 1,072 1 0.4% 1 100% $2,914 $2.72 $2,498 $2.33 14.3% 2 2 1,092 1 0.4% 0 0.0% $2,976 $2.73 $2,551 $2.34 14.3% 2 2 1,120 1 0.4% 0 0.0% $2,721 $2.43 $2,333 $2.08 14.3% 2 2 1,150 1 0.4% 0 0.0% $2,846 $2.47 $2,440 $2.12 14.3% 2 2 1,160 2 0.8% 2 100% $3,301 $2.85 $2,830 $2.44 14.3% 2 2 1,179 1 0.4% 0 0.0% $2,896 $2.46 $2,483 $2.11 14.3% 2 2 1,193 1 0.4% 1 100% $2,688 $2.25 $2,304 $1.93 14.3% 2 2 1,200 1 0.4% 1 100% $3,138 $2.62 $2,690 $2.24 14.3% 2 2 1,237 1 0.4% 0 0.0% $2,941 $2.38 $2,521 $2.04 14.3% 2 2 1,250 1 0.4% 1 100% $3,128 $2.50 $2,682 $2.15 14.3% 2 2 1,310 1 0.4% 0 0.0% $3,756 $2.87 $3,220 $2.46 14.3% 2 2 1,327 1 0.4% 0 0.0% $2,848 $2.15 $2,442 $1.84 14.3% 2 2 1,330 1 0.4% 0 0.0% $2,921 $2.20 $2,504 $1.88 14.3% 2 2 1,419 1 0.4% 1 100% $4,159 $2.93 $3,566 $2.51 14.3% 2 2 1,468 1 0.4% 0 0.0% $4,006 $2.73 $3,435 $2.34 14.3% 2 2 1,600 1 0.4% 1 100% $3,340 $2.09 $2,864 $1.79 14.3% 2 2 1,672 1 0.4% 1 100% $3,415 $2.04 $2,928 $1.75 14.3% 2 2 1,779 1 0.4% 0 0.0% $3,391 $1.91 $2,907 $1.63 14.3% 2 2 1,790 1 0.4% 0 0.0% $3,661 $2.05 $3,139 $1.75 14.3% 2 2 2,047 1 0.4% 0 0.0% $5,036 $2.46 $4,318 $2.11 14.3% 3 2 1,196 1 0.4% 0 0.0% $3,751 $3.14 $3,216 $2.69 14.3% 3 2 1,623 1 0.4% 0 0.0% $4,636 $2.86 $3,975 $2.45 14.3% 3 3 2,124 1 0.4% 0 0.0% $5,441 $2.56 $4,665 $2.20 14.3%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 558 48 19.9% 21 43.8% $1,705 $3.05 $1,461 $2.62 14.3% All 1 Beds 736 144 59.8% 55 38.2% $2,161 $2.93 $1,852 $2.52 14.3% All 2 Beds 1,113 46 19.1% 22 47.8% $2,887 $2.59 $2,475 $2.22 14.3% All 3 Beds 1,648 3 1.2% 0 0.0% $4,609 $2.80 $3,952 $2.40 14.3% Totals 784 241 100% 98 40.7% $2,239 $2.86 $1,919 $2.45 14.3% Estimate Updated July 10, 2020

SITE AMENITIES Courtyard, Elevator, Fitness Center, Gameroom, Grill, Picnic Area, Sauna, Wi-Fi

UNIT AMENITIES Air Conditioning, Dishwasher, Granite Countertops, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliances, Tile Floors, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Other Rent $0 Unassigned Garage Parking $255 Free Gas

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ONE TIME EXPENSES Other Deposit $500 Dog Fee $500 Cat Fee $500 Other Fee $50 Application Fee $100

PET POLICY Birds Allowed - 2 Maximum Restrictions: Breed restrictions Cats Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome two pets per apartment home. Pet rent is $35 per cat and $50 per dog and there is a $500 pet deposit. There is no weight limit, but we do have certain breed restrictions. Please call our Leasing Office for complete Pet Policy information. Dogs Allowed - $50/Mo, 2 Maximum, One-Time Fee: $500 Restrictions: We welcome two pets per apartment home. Pet rent is $35 per cat and $50 per dog and there is a $500 pet deposit. There is no weight limit, but we do have certain breed restrictions. Please call our Leasing Office for complete Pet Policy information. Fishes Allowed - 2 Maximum Restrictions: Breed restrictions Reptiles Allowed - 2 Maximum Restrictions: Breed restrictions Others Allowed - $500 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $50 Restrictions: Breed restrictions

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15 34 Clifton Pl - Diamond Bridge Realty Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 21 Units, 4 Floors Diamond Bridge Realty Avg. Unit Size: 530 SF (347) 940-7611 Year Built: 1917 Type: Apartments - All OWNER Rent Type: Market Purchased Jun 2017 Parking: - $2,833,333 ($134,921/Unit) Distance to Subject: 0.6 Miles Distance to Transit: 13 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 - - - - - $1,240 - $1,240 - 0.0% 1 1 - - - - - $1,321 - $1,321 - 0.0% 2 1 - - - - - $1,511 - $1,511 - 0.0% 2 2 - - - - - $1,795 - $1,795 - 0.0% 2 3 - - - - - $1,794 - $1,794 - 0.0% 3 1 - 21 100% 1 4.8% $1,631 - $1,623 - 0.5% 3 1.5 - - - - - $1,448 - $1,440 - 0.6% 3 2 - - - - - $1,922 - $1,913 - 0.5% 3 3 - - - - - $1,450 - $1,442 - 0.5% 4 1.5 - - - - - $2,395 - $2,383 - 0.5% 4 2 - - - - - $2,195 - $2,184 - 0.5%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios - - - - - $1,240 - $1,240 - 0.0% All 1 Beds - - - - - $1,321 - $1,321 - 0.0% All 2 Beds - - - - - $1,516 - $1,516 - 0.0% All 3 Beds - 21 100% 1 4.8% $1,632 - $1,624 - 0.5% All 4 Beds - - - - - $2,295 - $2,284 - 0.5% Totals - 21 100% 1 4.8% $1,456 - $1,455 - 0.1% Estimate Updated July 06, 2020

UNIT AMENITIES Cable Ready, Heating, Kitchen, Oven, Range, Refrigerator

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ONE TIME EXPENSES Application Fee $40

PET POLICY Cats Allowed Dogs Allowed Restrictions: Breed and Weight Restrictions Apply

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16 160 Lafayette St - Whitlock Mills Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 100 Units RPM - Whitlock Mills Avg. Unit Size: 856 SF (973) 744-5410 Year Built: - Type: Apartments - All OWNER Rent Type: Market/Affordable Purchased Jun 2018 Parking: - $47,991,707 ($145,429/Unit) Distance to Subject: 0.4 Miles Distance to Transit: 10 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 688 30 30.0% - - $1,724 $2.51 $1,724 $2.51 0.0% 1 2 684 20 20.0% - - $1,585 $2.32 $1,585 $2.32 0.0% 2 1 955 25 25.0% - - $2,155 $2.26 $2,155 $2.26 0.0% 2 2 993 15 15.0% - - $2,172 $2.19 $2,172 $2.19 0.0% 3 2 1,256 10 10.0% - - $2,620 $2.09 $2,620 $2.09 0.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 686 50 50.0% - - $1,668 $2.43 $1,668 $2.43 0.0% All 2 Beds 969 40 40.0% - - $2,161 $2.23 $2,161 $2.23 0.0% All 3 Beds 1,256 10 10.0% - - $2,620 $2.09 $2,620 $2.09 0.0% Totals 857 100 100% - - $1,961 $2.29 $1,961 $2.29 0.0% Estimate Updated July 01, 2020

SITE AMENITIES 24 Hour Access, Bicycle Storage, Conference Rooms, Controlled Access, Courtyard, Fitness Center, Grill, Maintenance on site, Multi Use Room, Package Service, Picnic Area, Property Manager on Site, Public Transportation, Wi-Fi

UNIT AMENITIES Air Conditioning, Heating, Kitchen, Microwave, Refrigerator, Tub/Shower, Washer/Dryer

RECURRING EXPENSES Dog Rent $50 Cat Rent $50

ONE TIME EXPENSES Application Fee $30

PET POLICY Cats Allowed - $50/Mo Dogs Allowed - $50/Mo, Maximum Weight 40 lb

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17 2 Ash St - The Ashton Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 93 Units, 6 Floors OMG - The Ashton Avg. Unit Size: 992 SF (201) 377-1973 Year Built: Mar 2020 Type: Apartments - All OWNER Rent Type: Market Purchased Dec 2019 Parking: 62 Spaces; 0.7 per Unit Distance to Subject: 0.2 Miles Distance to Transit: 7 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 ------1 2 976 37 39.8% 13 35.1% - - - - - 2 2 1,007 56 60.2% 20 35.7% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 976 37 39.8% 13 35.1% - - - - - All 2 Beds 1,007 56 60.2% 20 35.7% - - - - - Totals 995 93 100% 33 35.5% - - - - - Estimate Updated June 25, 2020

SITE AMENITIES Bicycle Storage, Controlled Access, Elevator, Fitness Center, Roof Terrace

UNIT AMENITIES Balcony, Granite Countertops, Kitchen, Oven, Range, Refrigerator, Stainless Steel Appliances, Tile Floors, Tub/Shower, Washer/Dryer

RECURRING EXPENSES Other Rent $50 Unassigned Covered Parking $200

ONE TIME EXPENSES Other Fee $300

PET POLICY Others Allowed - $50/Mo, One-Time Fee: $300

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Studio Comps One Bed Comps Two Bed Comps Three Bed Comps $2,280 $2,777 $3,566 $4,257

Subject Subject Subject Subject - $1,996 $3,068 -

Current Conditions in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Total Number of Units 1,401 3,884 2,432 649 Vacancy Rate 8.5% 7.4% 4.4% 3.9% Asking Rent Per Unit $2,280 $2,777 $3,566 $4,257 Asking Rent Per SF $4.33 $3.67 $3.17 $3.21 Effective Rents Per Unit $2,242 $2,736 $3,533 $4,225 Effective Rents Per SF $4.25 $3.62 $3.14 $3.19 Concessions 1.7% 1.5% 0.9% 0.8% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth -2.6% -0.2% -1.6% -3.1% Year-Over-Year Vacancy Rate Change 6.9% 5.5% 2.9% 2.2% 12 Month Net Absorption in Units 39 183 32 5

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS

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Change in Rent

Property Name/Address Rating One Bedroom Rent Per Unit Rent/SF Quarter Year

Newport Luxury Apartments $3,034 $3.88 0.0% 7.3% 121 Town Square Pl $2,180 $4,323

Trump Bay Street $2,960 $4.03 0.0% -6.2% 65 Bay St $2,430 $3,671

The Art House $2,944 $4.12 0.0% -1.2% 148 1st St $2,047 $3,395

The Zenith $2,854 $3.88 0.0% 1.9% 9 Regent St $2,450 $3,092

The Morgan at Provost Square $2,848 $3.89 -2.2% -3.8% 160 Morgan St $2,690 $3,191

70 Columbus $2,832 $4.00 0.0% -0.1% 70 Christopher Columbus Dr $2,440 $3,465

Portside Towers Apartments $2,754 $3.16 -1.0% -0.5% 155 Washington St $2,433 $2,980

295J $2,469 $3.83 0.2% 4.9% 295 Johnston Ave $2,439 $2,840

CMPND $2,456 $3.31 0.0% -25.6% 97 Newkirk St $2,238 $2,599

3 Journal Square $2,446 $3.30 -6.3% -22.1% 2935 John F Kennedy Blvd $2,214 $2,550

City Line $2,357 $3.06 0.0% 0.3% 33 University Place Blvd $1,964 $3,251

Journal Squared $2,305 $3.29 -0.8% -6.9% 615 Pavonia Ave $2,275 $2,535

Rivet $2,161 $2.92 1.6% -3.8% 23 University Place Blvd $1,862 $2,635

Mercury $2,161 $2.93 -0.1% 3.0% 20 Beacon Way $1,680 $4,780

BELA $1,996 - 0.0% 1.2% 74 Maple St

Whitlock Mills $1,668 $2.43 0.0% 1.6% 160 Lafayette St $1,585 $1,723 $0 $1,500 $3,000 $4,500 $6,000

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Change in Rent

Property Name/Address Rating Two Bedroom Rent Per Unit Rent/SF Quarter Year

The Art House $4,979 $4.24 0.1% 0.2% 148 1st St $3,557 $6,995

Trump Bay Street $4,630 $4.10 0.1% -3.9% 65 Bay St $3,883 $5,447

The Morgan at Provost Square $3,845 $3.49 -1.1% -14.7% 160 Morgan St $3,733 $3,983

Portside Towers Apartments $3,843 $2.99 -0.3% -3.2% 155 Washington St $2,846 $5,537

70 Columbus $3,803 $3.81 0.0% 0.0% 70 Christopher Columbus Dr $3,555 $4,825

Newport Luxury Apartments $3,447 $3.03 0.0% 1.9% 121 Town Square Pl $2,310 $5,064

The Zenith $3,428 $4.06 0.0% 1.6% 9 Regent St $3,390 $4,010

Journal Squared $3,347 $3.14 0.8% 2.1% 615 Pavonia Ave

3 Journal Square $3,320 $2.88 -3.0% 0.9% 2935 John F Kennedy Blvd $2,839 $3,606

295J $3,129 $3.23 -0.8% -5.6% 295 Johnston Ave $2,925 $3,312

BELA $3,068 $2.59 0.0% 1.2% 74 Maple St $2,560 $3,701

Rivet $2,984 $2.55 0.1% 1.9% 23 University Place Blvd $2,968 $2,995

Mercury $2,887 $2.59 -0.3% -1.8% 20 Beacon Way $2,073 $5,036

CMPND $2,850 $3.75 0.0% -20.8% 97 Newkirk St

City Line $2,821 $2.97 0.0% 0.4% 33 University Place Blvd $2,685 $3,309

Whitlock Mills $2,161 $2.23 0.0% 1.6% 160 Lafayette St $2,154 $2,172 $1,000 $2,750 $4,500 $6,250 $8,000

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VACANCY CHANGES PAST QUARTER & YEAR

Vacancy Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Whitlock Mills - 160 Lafayette St 100 - - - - -

295J - 295 Johnston Ave 309 59.2% 66.9% - -7.7% -

BELA - 74 Maple St 99 46.6% 52.5% - -5.9% -

City Line - 33 University Place Blvd 144 38.6% 43.4% - -4.8% -

70 Columbus - 70 Christopher Columbus Dr 545 1.3% 1.3% 1.7% 0% -0.4%

CMPND - 97 Newkirk St 133 35.7% 35.7% - 0% -

Diamond Bridge Realty - 34 Clifton Pl 295 3.3% 3.3% 2.7% 0% 0.5%

Journal Squared - 615 Pavonia Ave 538 5.9% 5.9% 3.9% 0% 2.0%

Newport Luxury Apartments - 121 Town Square Pl 4208 1.3% 1.3% 0.3% 0% 0.9%

Portside Towers Apartments - 155 Washington St 527 4.0% 4.0% 4.2% 0% -0.2%

Rivet - 23 University Place Blvd 163 17.8% 17.8% 4.6% 0% 13.2%

The Art House - 148 1st St 116 3.5% 3.5% 5.6% 0% -2.1%

The Morgan at Provost Square - 160 Morgan St 417 4.3% 4.3% 4.2% 0% 0.1%

The Zenith - 9 Regent St 128 5.5% 5.5% 3.2% 0% 2.3%

Trump Bay Street - 65 Bay St 447 6.0% 6.0% 2.3% 0% 3.8%

3 Journal Square - 2935 John F Kennedy Blvd 240 7.5% 7.4% 4.1% 0.1% 3.4%

Mercury - 20 Beacon Way 241 10.8% 10.6% 3.2% 0.2% 7.6%

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ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Mercury - 20 Beacon Way 48 $1,705 $1,735 $1,811 -1.7% -5.9%

Portside Towers Apartments - 155 Washington St 48 $2,301 $2,336 $2,362 -1.5% -2.6%

295J - 295 Johnston Ave 119 $1,912 $1,931 $1,933 -1.0% -1.1%

3 Journal Square - 2935 John F Kennedy Blvd 89 $2,001 $2,001 $2,427 0% -17.6%

70 Columbus - 70 Christopher Columbus Dr 99 $2,181 $2,181 $2,181 0% 0%

CMPND - 97 Newkirk St 1 $1,788 $1,788 $1,949 0% -8.3%

Diamond Bridge Realty - 34 Clifton Pl 13 $1,240 $1,240 $1,240 0% 0%

The Zenith - 9 Regent St 17 $2,185 $2,185 $2,133 0% 2.4%

Trump Bay Street - 65 Bay St 85 $2,465 $2,465 $2,562 0% -3.8%

City Line - 33 University Place Blvd 7 $1,498 $1,497 $1,449 0% 3.3%

Newport Luxury Apartments - 121 Town Square Pl 656 $2,468 $2,466 $2,465 0.1% 0.1%

Rivet - 23 University Place Blvd 32 $1,861 $1,859 $1,845 0.1% 0.9%

Journal Squared - 615 Pavonia Ave 145 $2,088 $2,078 $2,028 0.5% 3.0%

The Art House - 148 1st St 16 $2,509 $2,351 $2,587 6.7% -3.0%

The Morgan at Provost Square - 160 Morgan St 40 $2,559 $2,371 $2,482 7.9% 3.1%

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ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

3 Journal Square - 2935 John F Kennedy Blvd 115 $2,446 $2,611 $3,139 -6.3% -22.1%

The Morgan at Provost Square - 160 Morgan St 175 $2,848 $2,914 $2,961 -2.2% -3.8%

Portside Towers Apartments - 155 Washington St 204 $2,754 $2,782 $2,767 -1.0% -0.5%

Journal Squared - 615 Pavonia Ave 326 $2,305 $2,324 $2,476 -0.8% -6.9%

Mercury - 20 Beacon Way 144 $2,161 $2,163 $2,097 -0.1% 3.0%

70 Columbus - 70 Christopher Columbus Dr 348 $2,832 $2,833 $2,836 0% -0.1%

BELA - 74 Maple St 45 $1,996 $1,996 $1,973 0% 1.2%

CMPND - 97 Newkirk St 106 $2,456 $2,456 $3,301 0% -25.6%

Diamond Bridge Realty - 34 Clifton Pl 110 $1,321 $1,321 $1,322 0% -0.1%

The Zenith - 9 Regent St 23 $2,854 $2,854 $2,800 0% 1.9%

Whitlock Mills - 160 Lafayette St 50 $1,668 $1,668 $1,643 0% 1.6%

City Line - 33 University Place Blvd 113 $2,357 $2,357 $2,350 0% 0.3%

Newport Luxury Apartments - 121 Town Square Pl 1763 $3,034 $3,034 $2,829 0% 7.3%

The Art House - 148 1st St 54 $2,940 $2,940 $2,974 0% -1.1%

Trump Bay Street - 65 Bay St 185 $2,960 $2,959 $3,154 0% -6.2%

295J - 295 Johnston Ave 135 $2,469 $2,464 $2,353 0.2% 4.9%

Rivet - 23 University Place Blvd 107 $2,161 $2,128 $2,246 1.6% -3.8%

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ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

3 Journal Square - 2935 John F Kennedy Blvd 31 $3,320 $3,423 $3,291 -3.0% 0.9%

The Morgan at Provost Square - 160 Morgan St 150 $3,845 $3,887 $4,505 -1.1% -14.7%

295J - 295 Johnston Ave 40 $3,129 $3,152 $3,315 -0.8% -5.6%

Mercury - 20 Beacon Way 46 $2,887 $2,896 $2,940 -0.3% -1.8%

Portside Towers Apartments - 155 Washington St 222 $3,843 $3,854 $3,968 -0.3% -3.1%

70 Columbus - 70 Christopher Columbus Dr 98 $3,803 $3,803 $3,803 0% 0%

BELA - 74 Maple St 54 $3,068 $3,068 $3,032 0% 1.2%

City Line - 33 University Place Blvd 24 $2,821 $2,821 $2,811 0% 0.4%

CMPND - 97 Newkirk St 23 $2,850 $2,850 $3,599 0% -20.8%

Diamond Bridge Realty - 34 Clifton Pl 120 $1,516 $1,516 $1,522 0% -0.4%

The Zenith - 9 Regent St 40 $3,428 $3,428 $3,376 0% 1.5%

Whitlock Mills - 160 Lafayette St 40 $2,161 $2,161 $2,128 0% 1.6%

Newport Luxury Apartments - 121 Town Square Pl 1385 $3,447 $3,446 $3,385 0% 1.8%

Trump Bay Street - 65 Bay St 177 $4,630 $4,623 $4,820 0.1% -3.9%

Rivet - 23 University Place Blvd 24 $2,984 $2,980 $2,928 0.1% 1.9%

The Art House - 148 1st St 20 $4,979 $4,972 $4,968 0.1% 0.2%

Journal Squared - 615 Pavonia Ave 56 $3,347 $3,322 $3,278 0.8% 2.1%

ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

The Morgan at Provost Square - 160 Morgan St 52 $5,202 $5,396 $5,491 -3.6% -5.3%

3 Journal Square - 2935 John F Kennedy Blvd 5 $4,537 $4,548 $4,714 -0.2% -3.8%

295J - 295 Johnston Ave 15 $3,250 $3,250 $3,849 0% -15.6%

CMPND - 97 Newkirk St 3 $3,969 $3,969 $4,499 0% -11.8%

Diamond Bridge Realty - 34 Clifton Pl 50 $1,632 $1,632 $1,645 0% -0.8%

Journal Squared - 615 Pavonia Ave 11 $4,125 $4,125 $4,301 0% -4.1%

Portside Towers Apartments - 155 Washington St 53 $4,755 $4,755 $4,901 0% -3.0%

The Zenith - 9 Regent St 48 $4,406 $4,406 $4,294 0% 2.6%

Whitlock Mills - 160 Lafayette St 10 $2,620 $2,620 $2,580 0% 1.6%

Mercury - 20 Beacon Way 3 $4,609 $4,608 $4,327 0% 6.5%

The Art House - 148 1st St 25 $4,988 $4,986 $4,998 0% -0.2%

Newport Luxury Apartments - 121 Town Square Pl 403 $4,221 $4,210 $4,341 0.3% -2.8%

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Greater Hudson County PROPERTY ATTRIBUTES BELA Rent Comps New York 3-5 Star 3-5 Star Existing Units 99 8,175 14,516 1,338,812

Building Rating 3.2 3.1

Under Construction as % of Inventory - 1.2% 21.9% 6.1%

Greater Hudson County UNIT MIX BELA Rent Comps New York 3-5 Star 3-5 Star 1 Bedroom - 1 Bath 45% 47% 39% 26%

2 Bedroom - 1 Bath 1% 7% 8% 9%

2 Bedroom - 2 Bath 54% 23% 14% 7%

Greater Hudson County ASKING RENTS PER SF BELA Rent Comps New York 3-5 Star 3-5 Star 1 Bedroom - 1 Bath - $3.69 $2.72 $3.56

2 Bedroom - 1 Bath - $3.10 $2.28 $2.98

2 Bedroom - 2 Bath $2.59 $3.18 $2.36 $3.71

Concessions 6.0% 1.2% 2.2% 0.8%

Greater Hudson County AVERAGE EFFECTIVE RENT GROWTH BELA Rent Comps New York 3-5 Star 3-5 Star Current Quarter 0.0% -0.5% 0.6% -0.1%

1 Year Rent Growth -4.9% -1.4% -0.5% -1.4%

3 Year Rent Growth - 8.3% 3.0% 5.3%

5 Year Rent Growth - 7.4% 5.7% 7.7%

All-Time Average 1.5% 2.0% 1.0% 1.9%

Greater Hudson County Vacancy Rate BELA Rent Comps New York 3-5 Star 3-5 Star Current Quarter 46.5% 6.5% 12.9% 3.2%

Last Quarter 52.5% 6.8% 13.8% 3.2%

1 Year Ago - 1.7% 9.8% 2.6%

3 Years Ago - 6.0% 11.3% 3.6%

5 Years Ago - 3.1% 8.5% 3.4%

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ONE BEDROOM ASKING RENT PER SQUARE FOOT

TWO BEDROOM ASKING RENT PER SQUARE FOOT

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OVERALL ASKING RENT PER SQUARE FOOT

OVERALL EFFECTIVE RENT PER SQUARE FOOT

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ANNUAL EFFECTIVE RENT GROWTH

CONCESSIONS

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VACANCY RATES

OCCUPANCY RATES

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RENT COMPARABLES HISTORICAL DATA BY YEAR

Rental Rates Per SF Vacancy

Year Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2020 8,451 $3.50 $3.45 -1.6% 1.2% 530 6.5% 3.1% 30

2019 8,009 $3.52 $3.51 3.7% 0.3% 262 3.4% 0.1% 13

2018 7,865 $3.40 $3.38 5.4% 0.6% 248 3.3% -0.9% 30

2017 7,702 $3.29 $3.21 6.1% 2.4% 310 4.2% -5.3% 132

2016 6,924 $3.17 $3.03 -4.1% 4.6% 629 9.4% -5.8% (40)

2015 6,477 $3.21 $3.15 -3.0% 1.7% 948 15.2% 10.5% 179

2014 5,515 $3.26 $3.25 11.8% 0.4% 248 4.7% 0.0% 96

2013 5,399 $2.92 $2.91 4.3% 0.4% 244 4.7% 2.4% (145)

2012 5,399 $2.80 $2.79 2.4% 0.4% 119 2.3% -0.5% 9

2011 5,399 $2.73 $2.72 1.5% 0.4% 145 2.8% -0.1% 2

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Quarter Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2020 Q3 8,451 $3.50 $3.45 -0.5% 1.2% 530 6.5% -0.4% 30

2020 Q2 8,451 $3.50 $3.47 -2.1% 0.9% 560 6.8% 2.7% 74

2020 Q1 8,142 $3.56 $3.54 1.0% 0.3% 325 4.1% 0.7% 69

2019 Q4 8,009 $3.52 $3.51 0.3% 0.3% 262 3.4% 1.7% 13

2019 Q3 7,865 $3.51 $3.50 0.6% 0.4% 131 1.7% -1.0% 72

2019 Q2 7,865 $3.50 $3.48 1.5% 0.7% 204 2.7% -1.0% 76

2019 Q1 7,865 $3.47 $3.43 1.4% 1.0% 279 3.7% 0.4% (31)

2018 Q4 7,865 $3.40 $3.38 -0.4% 0.6% 248 3.3% -0.4% 30

2018 Q3 7,865 $3.41 $3.40 0.1% 0.5% 278 3.7% 1.6% 36

2018 Q2 7,702 $3.43 $3.39 7.7% 1.0% 151 2.0% -0.5% 38

2018 Q1 7,702 $3.28 $3.15 -1.8% 4.0% 189 2.5% -1.6% 121

2017 Q4 7,702 $3.29 $3.21 0.7% 2.4% 310 4.2% -1.8% 132

7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 63 Construction Survey 74 Maple St BELA 99 Unit Apartment Building Jersey City, New Jersey - Liberty State Park Neighborhood

PREPARED BY

Jovan Santos Sales Associate Overall Construction Summary 74 Maple St - BELA

All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters 308 2,632 1,294 5,774

MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED

PAST AND FUTURE DELIVERIES

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Properties Units Percent of Inventory Avg. No. Units 19 1,294 8.7% 68

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High Property Size in Units 4 68 40 392

Number of Stories 4 7 6 32

Average Unit Size SF 680 885 853 1129

Star Rating 3.3

Estimated Delivery Date Aug 2020 Oct 2020 Aug 2020 Mar 2022

Months to Delivery 1 3 1 20

Construction Period in Months 7 20 19 43

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COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner Whitlock Mills RPM Development Group 1 100 - Jan-2017 Aug-2020 160 Lafayette St RPM Development Group 132-136 Monitor St Gambino Charles 2 100 6 Mar-2019 Aug-2020 Gambino Charles 426 Whiton St Pine Green Inc 3 99 - Mar-2019 Aug-2020 Pine Green Inc Conifer Flats - 4 98 8 Jan-2019 Aug-2020 331 Pine St Grand Liberty Development 460 Grand St Lee Hung T 5 82 10 Jun-2018 Aug-2020 Lee Hung T 313-321 Pine St GND Builders LLC 6 44 6 Jul-2017 Aug-2020 GND Builders LLC 380 Montgomery St - 7 38 - Dec-2019 Aug-2020 Sbjc Llc 233-237 Newark Ave - 8 16 5 Jan-2020 Aug-2020 Slurzberg, David 65-67 Storms Ave Onkar Singh 9 9 4 Jun-2018 Aug-2020 - 194-198 Wayne St - 10 4 4 Aug-2019 Aug-2020 Sridhar Bhupathiraju 332-336 Newark Ave Kocher Construction 11 18 6 Jan-2019 Sep-2020 - 268 Varick St Point Capital Partners 12 40 5 Jan-2019 Oct-2020 The Jersey City Redevelopment…

COMPLETIONS 3-6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner 333 Newark Ave Ben LoPiccolo Development Group 13 18 5 Dec-2019 Nov-2020 - 156-166 Brunswick St GothamWest Development 14 36 6 Apr-2020 Dec-2020 -

COMPLETIONS MORE THAN 6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner 678-690 Grand St Nams Developers 15 60 5 Apr-2020 Feb-2021 Nams Developers 17A-19 Ash St Liquidity Solutions, Inc. 16 25 6 Feb-2020 Feb-2021 433 Murray Hill LLC 200-202 Merseles St Jasco Management Corp. 17 16 5 Jan-2019 Feb-2021 - 136 Summit Ave Monticello Equities 18 99 9 Jan-2018 Mar-2021 Monticello Equities

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COMPLETIONS MORE THAN 6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner 88 Regent St Liberty Harbor 19 392 32 Sep-2019 Mar-2022 -

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313-321 Pine St Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 44 Units Start Date: Jul-2017 Stories: 6 Completion Date: Aug-2020 Average Unit Size: 849 SF Build Time: 37 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER GND Builders LLC GND Builders LLC

NOTES The bed-bath mix is estimated per property management.

132-136 Monitor St Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 100 Units Start Date: Mar-2019 Stories: 6 Completion Date: Aug-2020 Average Unit Size: 733 SF Build Time: 17 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Gambino Charles Gambino Charles

426 Whiton St Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 99 Units Start Date: Mar-2019 Stories: - Completion Date: Aug-2020 Average Unit Size: - Build Time: 17 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Pine Green Inc Pine Green Inc

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460 Grand St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 82 Units Start Date: Jun-2018 Stories: 10 Completion Date: Aug-2020 Average Unit Size: 680 SF Build Time: 26 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Lee Hung T Lee Hung T

65-67 Storms Ave Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 9 Units Start Date: Jun-2018 Stories: 4 Completion Date: Aug-2020 Average Unit Size: - Build Time: 26 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER Onkar Singh

380 Montgomery St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 38 Units Start Date: Dec-2019 Stories: - Completion Date: Aug-2020 Average Unit Size: - Build Time: 8 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Sbjc Llc

SITE AMENITIES Elevator

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160 Lafayette St - Whitlock Mills Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 100 Units Start Date: Jan-2017 Stories: - Completion Date: Aug-2020 Average Unit Size: 856 SF Build Time: 43 Months Rent Type: Market/Affordable Time to Delivery: 1 Month

DEVELOPER OWNER RPM Development Group RPM Development Group

SITE AMENITIES 24 Hour Access, Bicycle Storage, Conference Rooms, Controlled Access, Courtyard, Fitness Center, Grill, Maintenance on site, Multi Use Room, Package Service, Picnic Area, Property Manager on Site, Public Transportation, Wi-Fi

UNIT AMENITIES Air Conditioning, Heating, Kitchen, Microwave, Refrigerator, Tub/Shower, Washer/Dryer

194-198 Wayne St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 4 Units Start Date: Aug-2019 Stories: 4 Completion Date: Aug-2020 Average Unit Size: - Build Time: 12 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Sridhar Bhupathiraju

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233-237 Newark Ave Jersey City, New Jersey - Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 16 Units Start Date: Jan-2020 Stories: 5 Completion Date: Aug-2020 Average Unit Size: 1,063 SF Build Time: 7 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Slurzberg, David

331 Pine St - Conifer Flats Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 98 Units Start Date: Jan-2019 Stories: 8 Completion Date: Aug-2020 Average Unit Size: 1,129 SF Build Time: 19 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Grand Liberty Development

NOTES The bed-bath mix, unit counts and sizes are estimated per property management.

SITE AMENITIES Concierge, Fitness Center, Gameroom, Grill, Lounge, Pet Play Area, Roof Terrace

UNIT AMENITIES Air Conditioning, Balcony, Freezer, Heating, Kitchen, Oven, Range, Refrigerator, Tub/Shower

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332-336 Newark Ave Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 18 Units Start Date: Jan-2019 Stories: 6 Completion Date: Sep-2020 Average Unit Size: - Build Time: 20 Months Rent Type: Market Time to Delivery: 2 Months

DEVELOPER Kocher Construction

268 Varick St Jersey City, New Jersey - Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 40 Units Start Date: Jan-2019 Stories: 5 Completion Date: Oct-2020 Average Unit Size: - Build Time: 21 Months Rent Type: Market Time to Delivery: 3 Months

DEVELOPER OWNER Point Capital Partners The Jersey City Redevelopment Agency

NOTES As of January 2014, initial plans for this development were denied by Jersey City due to density.

SITE AMENITIES Elevator

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

333 Newark Ave Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 18 Units Start Date: Dec-2019 Stories: 5 Completion Date: Nov-2020 Average Unit Size: - Build Time: 11 Months Rent Type: Market Time to Delivery: 4 Months

DEVELOPER Ben LoPiccolo Development Group

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156-166 Brunswick St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 36 Units Start Date: Apr-2020 Stories: 6 Completion Date: Dec-2020 Average Unit Size: - Build Time: 8 Months Rent Type: Market Time to Delivery: 5 Months

DEVELOPER GothamWest Development

678-690 Grand St Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 60 Units Start Date: Apr-2020 Stories: 5 Completion Date: Feb-2021 Average Unit Size: - Build Time: 10 Months Rent Type: Market/Affordable Time to Delivery: 7 Months

DEVELOPER OWNER Nams Developers Nams Developers

200-202 Merseles St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 16 Units Start Date: Jan-2019 Stories: 5 Completion Date: Feb-2021 Average Unit Size: - Build Time: 25 Months Rent Type: Market Time to Delivery: 7 Months

DEVELOPER Jasco Management Corp.

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17A-19 Ash St Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 25 Units Start Date: Feb-2020 Stories: 6 Completion Date: Feb-2021 Average Unit Size: - Build Time: 12 Months Rent Type: Market/Affordable Time to Delivery: 7 Months

DEVELOPER OWNER Liquidity Solutions, Inc. 433 Murray Hill LLC

136 Summit Ave Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 99 Units Start Date: Jan-2018 Stories: 9 Completion Date: Mar-2021 Average Unit Size: - Build Time: 38 Months Rent Type: Market Time to Delivery: 8 Months

DEVELOPER OWNER Monticello Equities Monticello Equities

88 Regent St Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 392 Units Start Date: Sep-2019 Stories: 32 Completion Date: Mar-2022 Average Unit Size: - Build Time: 30 Months Rent Type: Market Time to Delivery: 20 Months

DEVELOPER Liberty Harbor

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Properties Units Vacancy Rate Avg. Asking Rent/Unit 14 2,012 28.9% $2,759

DELIVERIES IN PAST 12 MONTHS

DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS Unit Mix Low Average Median High Property Size in Units 10 144 68 549 Studio Units 15 58 20 158 One Bedroom Units 10 104 40 314 Two Bedroom Units 5 34 21 82 Three Bedroom Units 7 11 11 15 Property Attributes Low Average Median High Number of Stories 4 12 6 45 Average Unit Size 512 773 723 1,199 Rating 3.0

Leasing Performance Low Average Median High Vacancy Rate 0% 28.9% 28.9% 58.6% Asking Rent Per Unit $1,924 $2,759 $2,420 $3,108 Effective Rent Per Unit $1,817 $2,700 $2,415 $3,108 Asking Rent Per SF $2.17 $3.93 $3.25 $4.55 Effective Rent Per SF $2.07 $3.85 $3.24 $4.55 Concessions 0% 3.3% 4.4% 6.0%

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Property Name/Address Rating Units Stories Start Complete Developer/Owner 245 Newark JC/NB Property Owners, LLC 1 54 5 Jul-16 Jul-19 245 Newark Ave JC/NB Property Owners, LLC Solaris Lofts PERE Holdings 2 72 - May-18 Sep-19 65 Maple St PERE Holdings 235 Grand Ironstate Development Company 3 549 45 Sep-17 Oct-19 235 Grand St Ironstate Development Company Garabrant Point Capital Partners 4 80 6 Jun-18 Oct-19 121 Garabrant St Gambino Charles The Sophia - 5 17 7 Sep-17 Oct-19 143 Newark Ave C & E Developers Of JC LLC 158-162 Mercer St Dixon Leasing 6 10 - Jan-18 Dec-19 Usm Assete Trust Series 6 The Roxy - 7 62 10 Nov-17 Jan-20 201 Cornelison Ave Roxy Urban Renewal Co LLC 39 Cornelison Ave Tovaste LLC 8 37 5 Apr-18 Jan-20 Tovaste LLC 102-110 Brunswick Ave - 9 14 4 Apr-18 Jan-20 Ali Aksu Vantage - Phase II Fisher Organization 10 452 44 Apr-19 Feb-20 1 Parkview Ave Fisher Organization 323-325 Pine St Opis Partners 11 20 7 Jun-19 Mar-20 Opis Partners 295J Ironstate Development Company 12 309 5 Apr-18 Apr-20 295 Johnston Ave Ironstate Development Company Whitlock Mills RPM Development Group 13 230 5 Jan-17 May-20 162 Lafayette St RPM Development Group BELA Fields Development Group 99 8 Aug-18 Jun-20 74 Maple St Call Field Realty

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1 245 Newark Ave - 245 Newark Jersey City, New Jersey - Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 54 Units, 5 Floors Liberty Harbor - 245 Newark Avg. Unit Size: 878 SF (201) 516-0245 Year Built: Jul 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: 13 Spaces; 0.2 per Unit Distance to Subject: 0.9 Miles Distance to Transit: 7 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 675 2 3.7% 0 0.0% $2,870 $4.25 $2,847 $4.22 0.8% 1 1 689 2 3.7% 2 100% $2,795 $4.06 $2,772 $4.02 0.8% 1 1 701 2 3.7% 1 50.0% $2,810 $4.01 $2,787 $3.98 0.8% 1 1 702 4 7.4% 0 0.0% $2,647 $3.77 $2,626 $3.74 0.8% 1 1 723 4 7.4% 0 0.0% $2,512 $3.47 $2,492 $3.45 0.8% 1 1 726 2 3.7% 0 0.0% $2,860 $3.94 $2,837 $3.91 0.8% 1 1 745 4 7.4% 0 0.0% $2,910 $3.91 $2,886 $3.87 0.8% 1 1 749 2 3.7% 0 0.0% $2,950 $3.94 $2,926 $3.91 0.8% 1 1 865 2 3.7% 0 0.0% $2,745 $3.17 $2,723 $3.15 0.8% 1 1 932 1 1.9% 0 0.0% $3,480 $3.73 $3,451 $3.70 0.8% 1 1 985 1 1.9% 0 0.0% $3,001 $3.05 $2,977 $3.02 0.8% 1 1 1,061 1 1.9% 0 0.0% $3,150 $2.97 $3,124 $2.94 0.8% 1 1 1,140 1 1.9% 0 0.0% $3,100 $2.72 $3,074 $2.70 0.8% 1 1 1,169 1 1.9% 0 0.0% $3,650 $3.12 $3,620 $3.10 0.8% 1 1 1,175 1 1.9% 0 0.0% $3,585 $3.05 $3,555 $3.03 0.8% 1 2 985 7 13.0% 0 0.0% $3,086 $3.13 $3,061 $3.11 0.8% 2 1 936 3 5.6% 0 0.0% $3,680 $3.93 $3,650 $3.90 0.8% 2 1 985 14 25.9% 0 0.0% $3,376 $3.43 $3,349 $3.40 0.8%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 834 37 68.5% 3 8.1% $2,916 $3.50 $2,893 $3.47 0.8% All 2 Beds 976 17 31.5% 0 0.0% $3,430 $3.51 $3,402 $3.48 0.8% Totals 879 54 100% 3 5.6% $3,078 $3.50 $3,053 $3.47 0.8% Estimate Updated July 01, 2020

SITE AMENITIES Controlled Access, Courtyard, Elevator, Grill, Package Service, Roof Terrace, Storage Space

UNIT AMENITIES Air Conditioning, Heating, High Speed Internet Access, Stainless Steel Appliances, Tub/Shower, Washer/Dryer

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RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $250 Free Water

ONE TIME EXPENSES Application Fee $80

PET POLICY Birds Allowed Cats Allowed - $0 Deposit, $50/Mo, 2 Maximum Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum Restrictions: Breed Restriction Fishes Allowed

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2 65 Maple St - Solaris Lofts Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 72 Units PERE - Solaris Lofts Avg. Unit Size: 744 SF (201) 247-6555 Year Built: Sep 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: 44 Spaces; 0.6 per Unit Distance to Subject: 0.0 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 560 7 9.7% 0 0.0% $2,000 $3.57 $2,000 $3.57 0.0% Studio 1 579 6 8.3% 0 0.0% $1,990 $3.44 $1,990 $3.44 0.0% Studio 1 679 7 9.7% 0 0.0% $2,300 $3.39 $2,300 $3.39 0.0% 1 1 - - - - - $2,179 - $2,179 - 0.0% 1 1 553 7 9.7% 0 0.0% $2,150 $3.89 $2,150 $3.89 0.0% 1 1 579 3 4.2% 0 0.0% $1,793 $3.10 $1,793 $3.10 0.0% 1 1 670 5 6.9% 0 0.0% $1,979 $2.95 $1,979 $2.95 0.0% 1 1 687 1 1.4% 0 0.0% $1,953 $2.84 $1,953 $2.84 0.0% 1 1 733 14 19.4% 0 0.0% $2,455 $3.35 $2,455 $3.35 0.0% 1 1 822 7 9.7% 0 0.0% $2,495 $3.03 $2,495 $3.03 0.0% 1 1 829 1 1.4% 0 0.0% $2,544 $3.07 $2,544 $3.07 0.0% 2 2 1,008 6 8.3% 0 0.0% $2,946 $2.92 $2,922 $2.90 0.8% 2 2 1,009 1 1.4% 0 0.0% $2,955 $2.93 $2,932 $2.91 0.8% 3 2 1,156 6 8.3% 0 0.0% $3,647 $3.15 $3,618 $3.13 0.8% 3 2 1,173 1 1.4% 0 0.0% $3,556 $3.03 $3,528 $3.01 0.8%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 607 20 27.8% 0 0.0% $2,102 $3.46 $2,102 $3.46 0.0% All 1 Beds 697 38 52.8% 0 0.0% $2,275 $3.27 $2,275 $3.27 0.0% All 2 Beds 1,008 7 9.7% 0 0.0% $2,947 $2.92 $2,924 $2.90 0.8% All 3 Beds 1,158 7 9.7% 0 0.0% $3,634 $3.14 $3,605 $3.11 0.8% Totals 747 72 100% 0 0.0% $2,420 $3.25 $2,415 $3.24 0.2% Estimate Updated June 25, 2020

SITE AMENITIES Fitness Center, Furnished Units Available, Lounge, Pet Play Area, Property Manager on Site, Roof Terrace

UNIT AMENITIES Air Conditioning, Cable Ready, Heating, High Speed Internet Access, Kitchen, Microwave, Oven, Refrigerator, Stainless Steel Appliances, Tub/Shower, Washer/Dryer

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RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $225

ONE TIME EXPENSES Application Fee $75

PET POLICY Cats Allowed - $0 Deposit, $50/Mo, One-Time Fee: $0 Dogs Allowed - $0 Deposit, $50/Mo, One-Time Fee: $0

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3 235 Grand St - 235 Grand Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 549 Units, 45 Floors KRE - 235 Grand Avg. Unit Size: 683 SF (201) 366-0758 Year Built: Oct 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: 347 Spaces; 0.6 per Unit Distance to Subject: 0.7 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 517 158 28.8% 8 5.1% $2,495 $4.83 $2,495 $4.83 0.0% 1 1 688 309 56.3% 8 2.6% $3,000 $4.36 $3,000 $4.36 0.0% 2 2 985 82 14.9% 8 9.8% $4,695 $4.77 $4,695 $4.77 0.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 517 158 28.8% 8 5.1% $2,495 $4.83 $2,495 $4.83 0.0% All 1 Beds 688 309 56.3% 8 2.6% $3,000 $4.36 $3,000 $4.36 0.0% All 2 Beds 985 82 14.9% 8 9.8% $4,695 $4.77 $4,695 $4.77 0.0% Totals 683 549 100% 24 4.4% $3,108 $4.55 $3,108 $4.55 0.0% Estimate Updated July 09, 2020

SITE AMENITIES 24 Hour Access, Bicycle Storage, Business Center, Concierge, Fitness Center, Grill, LEED Certified, Maintenance on site, Media Center/Movie Theatre, Pet Play Area, Planned Social Activities, Playground, Pool, Roof Terrace, Sundeck

UNIT AMENITIES Air Conditioning, Cable Ready, Dishwasher, Freezer, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliances, Tub/Shower, Washer/Dryer, Window Coverings

RECURRING EXPENSES Dog Rent $0 Cat Rent $0 Unassigned Garage Parking $250 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Amenity Fee $575 Application Fee $75

PET POLICY Cats Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $0 Dogs Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $0

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4 121 Garabrant St - Garabrant Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 80 Units, 6 Floors Keller Williams - Garabrant Avg. Unit Size: 513 SF (201) 433-1111 Year Built: Oct 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: 27 Spaces; 0.3 per Unit Distance to Subject: 0.1 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 400 15 18.8% 3 20.0% - - - - - 1 1 500 40 50.0% 9 22.5% - - - - - 2 1 600 25 31.3% 5 20.0% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 400 15 18.8% 3 20.0% - - - - - All 1 Beds 500 40 50.0% 9 22.5% - - - - - All 2 Beds 600 25 31.3% 5 20.0% - - - - - Totals 513 80 100% 17 21.3% - - - - - Estimate Updated June 25, 2020

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5 143 Newark Ave - The Sophia Jersey City, New Jersey - Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 17 Units, 7 Floors - Avg. Unit Size: - - Year Built: Oct 2019 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.9 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio ------

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Totals - 17 100% 4 23.5% - - - - - Estimate Updated June 25, 2020

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6 158-162 Mercer St Jersey City, New Jersey - Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 10 Units - Avg. Unit Size: 800 SF - Year Built: Dec 2019 Type: Apartments - All OWNER Rent Type: Market Purchased Jun 2018 Parking: - Distance to Subject: 0.7 Miles Distance to Transit: 7 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 800 10 100% 3 30.0% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 800 10 100% 3 30.0% - - - - - Totals 800 10 100% 3 30.0% - - - - - Estimate Updated June 25, 2020

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7 201 Cornelison Ave - The Roxy Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 62 Units, 10 Floors Keller Williams City Life JC Realty Avg. Unit Size: 703 SF (201) 433-1111 Year Built: Jan 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.8 Miles Distance to Transit: 13 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 449 19 30.6% 5 26.3% - - - - - 1 1 700 19 30.6% 5 26.3% - - - - - 1 1 740 19 30.6% 5 26.3% - - - - - 2 2.5 1,540 5 8.1% 1 20.0% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 449 19 30.6% 5 26.3% - - - - - All 1 Beds 720 38 61.3% 10 26.3% - - - - - All 2 Beds 1,540 5 8.1% 1 20.0% - - - - - Totals 703 62 100% 16 25.8% - - - - - Estimate Updated June 25, 2020

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8 39 Cornelison Ave Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 37 Units, 5 Floors Vue - 37 - 39 Cornelison Avg. Unit Size: 933 SF (201) 683-8700 Year Built: Jan 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.6 Miles Distance to Transit: 11 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 891 24 64.9% 7 29.2% $1,775 $1.99 $1,697 $1.90 4.4% 2 1 974 13 35.1% 4 30.8% $2,400 $2.46 $2,295 $2.36 4.4% 3 2 - - - - - $2,954 - $2,954 - 0.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 891 24 64.9% 7 29.2% $1,775 $1.99 $1,697 $1.90 4.4% All 2 Beds 974 13 35.1% 4 30.8% $2,400 $2.46 $2,295 $2.36 4.4% All 3 Beds - - - - - $2,954 - $2,954 - 0.0% Totals 920 37 100% 11 29.7% $2,020 $2.17 $1,934 $2.07 4.2% Estimate Updated June 25, 2020

RECURRING EXPENSES Unassigned Garage Parking $175 Free Water, Sewer

ONE TIME EXPENSES Dog Deposit $300 Cat Deposit $300 Application Fee $35

PET POLICY Cats Allowed - $300 Deposit Dogs Allowed - $300 Deposit

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9 102-110 Brunswick Ave Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 14 Units, 4 Floors - Avg. Unit Size: - - Year Built: Jan 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.8 Miles Distance to Transit: 9 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 2 - - 14 100% 4 28.6% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 2 Beds - 14 100% 4 28.6% - - - - - Totals - 14 100% 4 28.6% - - - - - Estimate Updated June 25, 2020

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

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10 1 Parkview Ave - Vantage - Phase II Jersey City, New Jersey - Historic Downtown Jersey City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 452 Units, 44 Floors Rode - Vantage Avg. Unit Size: 865 SF (212) 228-3700 Year Built: Feb 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.8 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 663 56 12.4% 18 32.1% - - - - - 1 1 811 314 69.5% 99 31.5% - - - - - 2 2 1,210 82 18.1% 26 31.7% - - - - -

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 663 56 12.4% 18 32.1% - - - - - All 1 Beds 811 314 69.5% 99 31.5% - - - - - All 2 Beds 1,210 82 18.1% 26 31.7% - - - - - Totals 865 452 100% 143 31.6% - - - - - Estimate Updated June 25, 2020

SITE AMENITIES Bicycle Storage, Business Center, Conference Rooms, Lounge, Property Manager on Site, Storage Space, Sundeck

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11 323-325 Pine St Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 20 Units, 7 Floors DVORA - 323 Pine Avg. Unit Size: 712 SF (833) 837-7950 Year Built: Mar 2020 Type: Apartments - All OWNER Rent Type: Market/Affordable - Parking: - Distance to Subject: 0.1 Miles Distance to Transit: 5 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 - - - - - $1,964 - $1,855 - 5.6% 1 1 698 20 100% 0 0.0% $1,916 $2.75 $1,810 $2.59 5.6% 2 1 - - - - - $2,037 - $2,037 - 0.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 698 20 100% 0 0.0% $1,924 $2.75 $1,817 $2.59 5.6% All 2 Beds - - - - - $2,037 - $2,037 - 0.0% Totals 698 20 100% 0 0.0% $1,933 $2.75 $1,834 $2.59 5.1% Estimate Updated June 25, 2020

RECURRING EXPENSES Dog Rent $50 Cat Rent $25 Unassigned Garage Parking $200-$250 Free Water

ONE TIME EXPENSES Dog Fee $250 Cat Fee $150 Application Fee $45

PET POLICY Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $150 Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $250 Restrictions: Breed & temperament restrictions may apply.

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12 295 Johnston Ave - 295J Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 309 Units, 5 Floors URL - 295 Johnston Ave Avg. Unit Size: 621 SF (201) 963-5200 Year Built: 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: 85 Spaces; 0.3 per Unit Distance to Subject: 0.1 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 422 115 37.2% 4 3.5% $1,908 $4.52 $1,793 $4.25 6.0% Studio 1 457 4 1.3% 0 0.0% $2,035 $4.45 $1,913 $4.19 6.0% 1 1 636 121 39.2% 2 1.7% $2,440 $3.84 $2,293 $3.61 6.0% 1 1 651 1 0.3% 0 0.0% $2,490 $3.82 $2,340 $3.59 6.0% 1 1 674 4 1.3% 2 50.0% $2,515 $3.73 $2,364 $3.51 6.0% 1 1 743 8 2.6% 1 12.5% $2,840 $3.82 $2,670 $3.59 6.0% 1 1 758 1 0.3% 1 100% $2,820 $3.72 $2,650 $3.50 6.0% 2 2 959 21 6.8% 0 0.0% $3,313 $3.45 $3,114 $3.25 6.0% 2 2 979 19 6.1% 2 10.5% $2,925 $2.99 $2,749 $2.81 6.0% 3 2 1,068 15 4.9% 2 13.3% $3,250 $3.04 $3,055 $2.86 6.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 423 119 38.5% 4 3.4% $1,912 $4.52 $1,797 $4.25 6.0% All 1 Beds 644 135 43.7% 6 4.4% $2,469 $3.83 $2,321 $3.60 6.0% All 2 Beds 969 40 12.9% 2 5.0% $3,129 $3.23 $2,941 $3.04 6.0% All 3 Beds 1,068 15 4.9% 2 13.3% $3,250 $3.04 $3,055 $2.86 6.0% Totals 622 309 100% 14 4.5% $2,378 $3.82 $2,235 $3.59 6.0% Estimate Updated July 10, 2020

SITE AMENITIES Courtyard, Fitness Center, Grill, Pet Play Area, Picnic Area, Roof Terrace

PET POLICY Cats Allowed - 2 Maximum Dogs Allowed - 2 Maximum Others Allowed - 2 Maximum

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13 162 Lafayette St - Whitlock Mills Jersey City, New Jersey - McGinley Square Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 230 Units, 5 Floors RPM - Lafayette Affordable Housing Avg. Unit Size: 692 SF (973) 744-5410 Year Built: May 2020 Type: Apartments - All OWNER Rent Type: Affordable - Parking: - Distance to Subject: 0.4 Miles Distance to Transit: 9 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 688 230 100% 104 45.2% - - - - - 1 2 ------2 1 ------2 2 ------3 2 ------

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 688 230 100% 104 45.2% - - - - - All 2 Beds ------All 3 Beds ------Totals 688 230 100% 104 45.2% - - - - - Estimate Updated June 25, 2020

RECURRING EXPENSES Dog Rent $50 Cat Rent $50

ONE TIME EXPENSES Application Fee $30

PET POLICY Cats Allowed - $50/Mo Dogs Allowed - $50/Mo, Maximum Weight 40 lb

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74 Maple St - BELA Jersey City, New Jersey - Liberty State Park Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 99 Units, 8 Floors Taylor Management Company- BELA Avg. Unit Size: 654 SF (201) 332-2000 Year Built: Jun 2020 Type: Apartments - All OWNER Rent Type: Market Purchased Mar 2020 Parking: - $53,000,000 ($509,615/Unit) Distance to Subject: 0.0 Miles Distance to Transit: 3 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 - 45 45.5% 2 4.4% $1,996 - $1,876 - 6.0% 2 1 - 1 1.0% 1 100% $2,560 - $2,406 - 6.0% 2 2 - 7 7.1% 1 14.3% $2,920 - $2,745 - 6.0% 2 2 1,165 40 40.4% 0 0.0% $3,012 $2.58 $2,831 $2.43 6.0% 2 2 1,432 6 6.1% 0 0.0% $3,702 $2.58 $3,480 $2.43 6.0%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds - 45 45.5% 2 4.4% $1,996 - $1,876 - 6.0% All 2 Beds 1,200 54 54.5% 2 3.7% $3,068 $2.58 $2,884 $2.43 6.0% Totals 1,200 99 100% 4 4.0% $2,581 $2.58 $2,426 $2.43 6.0% Estimate Updated July 10, 2020

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UNITS UNDER CONSTRUCTION

PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION

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CONSTRUCTION DELIVERIES IN UNITS

CONSTRUCTION STARTS IN UNITS

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PERCENT OCCUPIED AT DELIVERY

UNITS OCCUPIED IN DELIVERIES OVER TIME

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NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT

NET ABSORPTION IN UNITS

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ASKING RENTAL RATES PER UNIT

CONCESSIONS IN DELIVERIES PER YEAR

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PREPARED BY

Jovan Santos Sales Associate Sale Comparables Summary BELA - 74 Maple St

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 4 $618 $64.1 3.8%

SALE COMPARABLE LOCATIONS

Sales Attributes Low Average Median High Sale Price $52,000,000 $64,137,500 $63,525,000 $77,500,000

Price Per Unit $509,615 $618,192 $545,260 $956,790

Cap Rate 3.9% 4.7% 4.7% 5.5%

Vacancy Rate at Sale 1.5% 3.8% 5.2% 100%

Time Since Sale in Months 4.1 10.3 9.6 18.0

Property Attributes Low Average Median High Property Size in Units 81 103 101 131

Number of Floors 4 8 7 15

Average Unit SF 863 887 891 906

Year Built 1896 1957 1956 2020

Star Rating 3.8

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Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/{0} BELA - 2020 104 100% 3/6/2020 $53,000,000 $509,615 $295 74 Maple St The Grand Adams 1 - 1896 99 8.1% 2/14/2020 $52,000,000 $525,252 $652 300-320 Grand St Fulton Plaza Apartment 2 - 1900 81 2.4% 5/1/2019 $77,500,000 $956,790 $1,035 106 Fulton St Madox 3 - 2012 131 1.5% 1/9/2019 $74,050,000 $565,267 $577 198 Van Vorst St

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BELA - 74 Maple St Jersey City, NJ 07304 - Liberty State Park Neighborhood

SALE PROPERTY Sale Date: 3/6/2020 Property Size: 99 Units, 8 Floors Sale Price: $53,000,000 Average Unit Size: 654 SF Price Per Unit: $509,615 Year Built: Jun 2020 Price Per SF: $295 Vacancy At Sale: 100% Cap Rate: 5.5% Parking Spaces: -

CONTACTS Buyer: Golden Glades Capital Management Seller: Alpine Development Partners, Fields Development Group, Grade… Listing Broker: JLL - J.B. Bruno, Jose Cruz, Kevin O'Hearn, Michael Oliver, Stev…

FINANCING $41,000,000 from Ares Commercial Real Estate Corp: due in 24 yrs

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 45 45.5% - - $1,990 - $1,990 - 0.0% 2 1 - 1 1.0% - - $2,552 - $2,552 - 0.0% 2 2 - 7 7.1% - - $2,912 - $2,912 - 0.0% 2 2 1,165 40 40.4% - - $3,003 $2.58 $3,003 $2.58 0.0% 2 2 1,432 6 6.1% - - $3,691 $2.58 $3,691 $2.58 0.0% Totals 1,200 99 100% - - $2,573 $2.58 $2,573 $2.58 0.0%

TRANSACTION NOTES On March 6, 2020, the 104 unit multi-family building located at 74 Maple St sold for $53,000,000 or $509,615 per unit. The luxury apartment building, the BELA is anticipated to complete construction in April 2020 with leasing and tenants moving in May 2020.

The buyer was attracted to the property because of its location in an opportunity zone. The buyer also noted a sales condition of the acquisition being made in a qualified opportunity zone fund.

The pro-forma net operating income is estimated to be $2,800,000- $3,000,000 once the property is stabilized, yielding a pro-forma cap rate of 5.47% (based on the average of $2,900,000).

All of the above information was confirmed by both the listing brokers and the buyer.

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1 The Grand Adams - 300-320 Grand St Hoboken, NJ 07030 - Downtown Hoboken Neighborhood

SALE PROPERTY Sale Date: 2/14/2020 Property Size: 99 Units, 4 Floors Sale Price: $52,000,000 Average Unit Size: 862 SF Price Per Unit: $525,252 Year Built: 1896 Price Per SF: $652 Vacancy At Sale: 8.1% Cap Rate: - Parking Spaces: 86 Spaces; 0.9 per Unit

CONTACTS Buyer: BentallGreenOak, Novel Property Ventures Seller: The Blackstone Group L.P. Listing Broker: JLL - Jose Cruz, Kevin O'Hearn, Michael Oliver, Steve Simonelli

FINANCING $31,000,000 from Allstate Life Insurance Company

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio 1 460 10 10.1% 1 10.0% $2,550 $5.54 $2,528 $5.50 0.9% Studio 1 472 2 2.0% 0 0.0% $2,320 $4.92 $2,300 $4.87 0.9% 1 1 615 16 16.2% 1 6.3% $3,300 $5.37 $3,272 $5.32 0.9% 1 1 1,250 5 5.1% 0 0.0% $4,065 $3.25 $4,030 $3.22 0.9% 1 1.5 790 19 19.2% 2 10.5% $3,300 $4.18 $3,272 $4.14 0.9% 2 1 800 9 9.1% 1 11.1% $3,400 $4.25 $3,371 $4.21 0.9% 2 1.5 830 18 18.2% 1 5.6% $4,200 $5.06 $4,164 $5.02 0.9% 2 1.5 875 2 2.0% 0 0.0% $4,200 $4.80 $4,164 $4.76 0.9% 2 1.5 937 2 2.0% 0 0.0% $4,171 $4.45 $4,136 $4.41 0.9% 2 1.5 1,200 2 2.0% 0 0.0% $3,700 $3.08 $3,668 $3.06 0.9% 2 2 - - - - - $4,196 - $4,159 - 0.9% 2 2.5 1,410 10 10.1% 1 10.0% $3,775 $2.68 $3,743 $2.65 0.9% 3 2 1,102 1 1.0% 0 0.0% $4,500 $4.08 $4,461 $4.05 0.9% 3 2 1,800 2 2.0% 0 0.0% $4,736 $2.63 $4,695 $2.61 0.9% 4 2 1,800 1 1.0% 0 0.0% $7,130 $3.96 $7,068 $3.93 0.9% Totals 863 99 100% 8 8.1% $3,594 $4.16 $3,563 $4.12 0.9%

SITE AMENITIES Courtyard, Doorman, Laundry Facilities, Property Manager on Site

UNIT AMENITIES High Speed Internet Access, Walk-In Closets, Washer/Dryer

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TRANSACTION NOTES On February 14, 2020, the 99 unit multi-family building located at 300-320 Grand St sold for $52,000,000 or $525,253 per unit. The apartment building delivered in 1896 and boasts newly renovated loft style apartments with hardwood floors, granite countertops and stainless steel appliances.

The listing broker confirmed price, size, and building details.

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2 Fulton Plaza Apartment - 106 Fulton St New York, NY 10038 - Financial District Neighborhood

SALE PROPERTY Sale Date: 5/1/2019 Property Size: 84 Units, 15 Floors Sale Price: $77,500,000 Average Unit Size: - Price Per Unit: $956,790 Year Built: 1900 Price Per SF: $1,035 Vacancy At Sale: 2.4% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: Thurcon Properties, Ltd. Seller: DSA Realty Buyer Broker: Rosewood Realty Group - Aaron Jungreis Listing Broker: Meridian Capital Group, LLC - Abie Kassin, Richard Velotta

FINANCING $36,900,000 from Signature Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions 1 - - 84 100% 2 2.4% - - - - - Totals - 84 100% 2 2.4% - - - - -

SITE AMENITIES Property Manager on Site

TRANSACTION NOTES This transaction represents the sale of a multifamily property which is located at 106 Fulton St in New York, NY 10038 which sold on May 1, 2019 for a confirmed $77,500,000. This equates to a Price Per Unit of $956,790.

Note that public records (NYC Department Of Buildings) indicates that this used to be a hotel and it was converted to a dormitory/residence hall. The New York City Department Of Finance does recognize this as a dormitory/residence hall. It was sold by Pace University in October of 2016 and at that time there were a confirmed 85 units at this location. It has subsequently been sold again in May of 2019 and as per a job filing in the New York City Department of Buildings (per an agent for the seller) that there are 81 units at this location. There has been a Burger King with square footage of 3,543 SF at this location since 2010.

A contact for the seller has confirmed the sale price, noted to get building details from public records and verified that this sold on May 1, 2019 and that there may be additional brokers involved other than the two from Meridian Capital Group that have already been added. Contact would not elaborate any further.

The property was acquired by the seller in October of 2016 for $51,100,000 and at that time there were 85 units verified. News is reporting that this was going to be a long term hold for the sellers, however, they could not refuse the amount offered.

Calls to the sellers and other parties have not yet been returned. The buyers also own 88 Fulton St which is a 196 residential property with 9 commercial spaces.

The annual property taxes are $892,749 and there are Downtown Low Man BID Credit Adjustments noted in the most recent tax statement (February 2019).

It has not yet been determined if this is just for student housing or if this apartment building is available for all tenants.

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3 Madox - 198 Van Vorst St Jersey City, NJ 07302 - The Waterfront Neighborhood

SALE PROPERTY Sale Date: 1/9/2019 Property Size: 131 Units, 6 Floors Sale Price: $74,050,000 Average Unit Size: 905 SF Price Per Unit: $565,267 Year Built: Nov 2012 Price Per SF: $577 Vacancy At Sale: 1.5% Cap Rate: 3.9% Parking Spaces: -

CONTACTS Buyer: Equity Residential Seller: Fields Development Group, J.P. Morgan Asset Management Listing Broker: Cushman & Wakefield - Adam Spies, Andrew Merin, Brian Whitm…

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio 1 480 6 4.6% 0 0.0% $2,392 $4.98 $2,386 $4.97 0.3% Studio 1 729 5 3.8% 0 0.0% $2,870 $3.94 $2,863 $3.93 0.3% 1 1 611 6 4.6% 0 0.0% $2,760 $4.52 $2,753 $4.51 0.3% 1 1 659 6 4.6% 0 0.0% $2,802 $4.25 $2,795 $4.24 0.2% 1 1 660 6 4.6% 0 0.0% $2,636 $3.99 $2,629 $3.98 0.3% 1 1 665 6 4.6% 0 0.0% $2,845 $4.28 $2,838 $4.27 0.3% 1 1 689 4 3.1% 0 0.0% $2,849 $4.13 $2,842 $4.12 0.3% 1 1 693 5 3.8% 0 0.0% $2,733 $3.94 $2,726 $3.93 0.2% 1 1 709 5 3.8% 0 0.0% $2,863 $4.04 $2,856 $4.03 0.3% 1 1 735 5 3.8% 0 0.0% $2,711 $3.69 $2,704 $3.68 0.3% 1 1 801 2 1.5% 0 0.0% $3,514 $4.39 $3,505 $4.38 0.2% 1 1 806 1 0.8% 0 0.0% $3,199 $3.97 $3,191 $3.96 0.3% 1 1 818 1 0.8% 0 0.0% $2,935 $3.59 $2,927 $3.58 0.3% 1 1 854 2 1.5% 0 0.0% $2,740 $3.21 $2,733 $3.20 0.3% 1 1 877 3 2.3% 0 0.0% $3,488 $3.98 $3,480 $3.97 0.2% 1 1 1,018 1 0.8% 0 0.0% $2,957 $2.90 $2,950 $2.90 0.2% 2 2 978 4 3.1% 0 0.0% $2,992 $3.06 $2,978 $3.05 0.5% 2 2 1,007 5 3.8% 0 0.0% $3,788 $3.76 $3,770 $3.74 0.5% 2 2 1,008 5 3.8% 0 0.0% $3,439 $3.41 $3,423 $3.40 0.5% 2 2 1,016 3 2.3% 0 0.0% $4,035 $3.97 $4,016 $3.95 0.5% 2 2 1,020 3 2.3% 0 0.0% $3,855 $3.78 $3,837 $3.76 0.5% 2 2 1,057 4 3.1% 0 0.0% $3,882 $3.67 $3,864 $3.66 0.5% 2 2 1,066 4 3.1% 0 0.0% $4,447 $4.17 $4,426 $4.15 0.5% 2 2 1,073 5 3.8% 0 0.0% $4,067 $3.79 $4,048 $3.77 0.5% 2 2 1,093 4 3.1% 0 0.0% $4,285 $3.92 $4,265 $3.90 0.5% 2 2 1,118 4 3.1% 0 0.0% $3,627 $3.24 $3,610 $3.23 0.5% 2 2 1,123 3 2.3% 0 0.0% $3,661 $3.26 $3,644 $3.24 0.5% 2 2 1,149 2 1.5% 0 0.0% $4,325 $3.76 $4,305 $3.75 0.5%

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UNIT MIX AT SALE CONTINUED

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions 2 2 1,159 5 3.8% 0 0.0% $3,982 $3.44 $3,963 $3.42 0.5% 2 2 1,182 2 1.5% 0 0.0% $3,665 $3.10 $3,648 $3.09 0.5% 2 2 1,185 3 2.3% 0 0.0% $4,449 $3.75 $4,428 $3.74 0.5% 2 2 1,230 3 2.3% 0 0.0% $4,047 $3.29 $4,028 $3.27 0.5% 2 2 1,305 2 1.5% 0 0.0% $4,649 $3.56 $4,627 $3.55 0.5% 2 2 1,312 3 2.3% 0 0.0% $4,770 $3.64 $4,748 $3.62 0.5% 2 2 1,385 3 2.3% 0 0.0% $5,309 $3.83 $5,284 $3.82 0.5% Totals 906 131 100% 2 1.5% $3,427 $3.78 $3,414 $3.77 0.4%

SITE AMENITIES 24 Hour Access, Clubhouse, Courtyard, Elevator, Fitness Center, Grill, Laundry Facilities, Maid Service, On-Site Retail, Package Service, Picnic Area, Playground, Sundeck

UNIT AMENITIES Air Conditioning, Balcony, Coffee System, Deck, Granite Countertops, Hardwood Floors, Stainless Steel Appliances, Views, Walk-In Closets, Wheelchair Accessible (Rooms)

TRANSACTION NOTES J.P. Morgan Asset Management sold Madox, 131-unit apartment community in Jersey City to Equity Residential. Price was $74.05 million, or $565,267 per unit. The price represents a 3.9% cap rate, or about $2.88 million in NOI.

Fields Development Group, a Hoboken-based developer, was J.P. Morgan’s development partner. Located in the Waterfront submarket, the LEED Silver certified community delivered in 2012. The seven-story building has a multi-level parking deck with six residential levels, has a rooftop deck with solar panels, fitness center, children’s play room, lounge and bike storage. It is a short walk to light rail, PATH and NY Waterway ferry stops.

This makes the fourth community Equity Residential owns in downtown New Jersey. They also owns Portside Towers and Hudson Point Towers - both on the Hudson Point Marina and essentially adjacent to each other. 70 Greene Apartments which is about three blocks to the northeast of Hudson Point Apartments while Madox is literally just a block north of Hudson Point Apartments.

The same parties had also traded The Rivington in Hoboken in May 2018 (see comp 4256974).

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NEW YORK METRO SALES VOLUME IN UNITS

GREATER HUDSON COUNTY SUBMARKET SALES VOLUME IN UNITS

LIBERTY STATE PARK NEIGHBORHOOD SALES VOLUME IN UNITS

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NATIONAL PRICE INDICES

REGIONAL MULTI-FAMILY PRICE INDICES

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MARKET PRICE PER UNIT

UNITED STATES PAST YEAR BY PRICE PER UNIT NEW YORK PAST YEAR BY PRICE PER UNIT

PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 19,943 $5,000 $37,942 $116,350 $163,361 $386,694 $6,800,000 New York 1,160 $5,447 $93,138 $225,000 $298,017 $838,295 $6,800,000 Greater Hudson County 57 $39,983 $97,707 $155,000 $225,463 $259,948 $509,615 Liberty State Park 1 $509,615 N/A $509,615 $509,615 N/A $509,615 Selected Sale Comps 4 $509,615 $509,615 $545,259 $618,192 $956,790 $956,790

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MARKET CAP RATE

UNITED STATES CAP RATES PAST YEAR NEW YORK CAP RATES PAST YEAR

CAP RATE SUMMARY STATISTICS IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 7,864 0.3% 3.8% 5.6% 6.1% 9.2% 25.0% New York 292 2.5% 4.1% 5.5% 5.7% 7.8% 12.9% Greater Hudson County 20 4.2% 5.0% 6.2% 6.2% 7.6% 9.1% Liberty State Park 1 5.5% N/A 5.5% 5.5% N/A 5.5% Selected Sale Comps 2 3.9% N/A 4.7% 4.7% N/A 5.5%

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TOP NEW YORK MULTI-FAMILY BUYERS PAST TWO YEARS

Properties Bought Properties Sold

Company Name Bldgs Units Volume Bldgs Units Volume Invesco Ltd. 9 3,955 $1,550,600,000 2 441 $471,100,000 L+M Development Partners, Inc. 11 2,940 $942,600,000 14 395 $1,350,000 Brookfield Asset Management, Inc. 10 5,462 $850,032,355 8 4,435 $942,600,000 The Dermot Company 4 1,154 $843,800,000 0 0 - PGGM Vermogensbeheer BV 3 1,028 $769,100,000 0 0 - Mack-Cali Realty Corporation 3 1,208 $672,800,000 0 0 - USAA 2 653 $576,100,000 0 0 - The Carlyle Group 2 869 $534,986,500 4 150 $92,066,323 The Blackstone Group L.P. 1 1,308 $463,360,599 5 177 $106,825,000 Simon Baron Development Group 2 555 $444,128,694 0 0 - Global Holdings Management Group (UK) Ltd 2 458 $424,400,000 0 0 - Slate Property Group 3 630 $413,750,000 1 183 $101,500,000 Harbor Group International, LLC 3 861 $407,650,000 2 1,208 $325,250,000 Belveron Real Estate Partners 35 3,405 $402,140,123 0 0 - Camber Property Group 30 2,567 $389,802,635 0 0 - A&E Real Estate Holdings 2 805 $370,000,000 0 0 - Heatherwood Luxury Rentals 1 440 $335,000,000 1 440 $335,000,000 Sugar Hill Capital Partners 58 870 $308,525,000 2 14 $5,700,000 City of New York 44 2,004 $305,243,191 5 387 $49,103,000 BentallGreenOak (U.S.) Limited Partnership 1 464 $290,000,000 0 0 - The Related Companies 2 391 $278,500,000 4 671 $263,885,903 Azure Partners, LLC 1 588 $259,400,000 1 504 $180,250,000 JPMorgan Chase & Co. 1 750 $253,000,000 4 1,101 $486,750,000 Emerald Equity Group 8 911 $249,500,000 8 287 $103,880,000 Greystar 1 268 $237,500,000 0 0 -

Purchased at least one asset in Greater Hudson County Multi-Family submarket

TYPES OF MULTI-FAMILY NEW YORK BUYERS PAST TWO YEARS

Buying Volume Average Purchase

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 2,778 69,705 $21.20 $304,266 $7,634,580

Institutional 158 15,328 $6.32 $412,682 $40,035,453

Private Equity 64 11,878 $3.20 $269,690 $50,052,922

REIT/Public 20 2,668 $1.40 $525,553 $70,108,850

$0 $6 $12 $18 $24

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TOP NEW YORK MULTI-FAMILY SELLERS PAST TWO YEARS

Properties Sold Properties Bought

Company Name Bldgs Units Volume Bldgs Units Volume Cowen Inc. 33 4,656 $1,251,757,610 0 0 - The Jack Parker Corporation 3 2,063 $1,013,360,599 0 0 - Brookfield Asset Management, Inc. 8 4,435 $942,600,000 10 5,462 $850,032,355 AvalonBay Communities, Inc. 7 1,843 $679,400,000 0 0 - Equity Residential 2 774 $653,600,000 1 131 $74,050,000 Ravitch Rice & Co., LLC 1 1,470 $650,000,000 0 0 - Westbrook Partners 1 1,470 $650,000,000 0 0 - E&M Associates 80 1,708 $544,649,998 2 93 $4,650,000 SL Green Realty Corp. 6 912 $541,518,855 4 21 $31,000,000 JPMorgan Chase & Co. 4 1,101 $486,750,000 1 750 $253,000,000 Invesco Ltd. 2 441 $471,100,000 9 3,955 $1,550,600,000 AEW Capital Management 2 752 $456,800,000 1 109 $39,201,783 Quadrum Global Ltd. 2 555 $444,128,694 0 0 - Los Angeles County Employees Retirement… 1 392 $380,600,000 0 0 - Heatherwood Luxury Rentals 1 440 $335,000,000 1 440 $335,000,000 Harbor Group International, LLC 2 1,208 $325,250,000 3 861 $407,650,000 The Chetrit Group 3 1,129 $308,412,671 0 0 - Property Markets Group, Inc. 1 390 $284,000,000 0 0 - The Hakimian Organization 1 390 $284,000,000 0 0 - Vector Group Ltd. 1 390 $284,000,000 0 0 - The Related Companies 4 671 $263,885,903 2 391 $278,500,000 The DSF Group 1 588 $259,400,000 0 0 - Steiner Equities Group, LLC 2 1,500 $253,000,000 0 0 - The Parkoff Organization 5 255 $253,000,000 8 584 $219,000,000 Ivanhoe Cambridge, Inc. 1 479 $250,986,500 0 0 -

Sold at least one asset in Greater Hudson County Multi-Family submarket

TYPES OF MULTI-FAMILY NEW YORK SELLERS PAST TWO YEARS

Selling Volume Average Sale

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 2,978 75,928 $23.13 $304,668 $7,767,913

Institutional 161 15,938 $5.85 $367,425 $36,372,852

Private Equity 51 6,706 $2.16 $323,362 $42,519,012

REIT/Public 19 4,034 $2.12 $527,925 $112,087,024

$0 $6 $12 $18 $24

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PREPARED BY

Jovan Santos Sales Associate Demographic Overview 74 Maple St

Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi) 46,728 2.3 36 $77,240

DEMOGRAPHIC RADIUS RINGS

DEMOGRAPHIC SUMMARY

Population 1 Mile 3 Mile 5 Mile 2020 Population 46,728 386,826 1,274,804 2025 Population 48,248 395,869 1,292,791 Pop Growth 2020-2025 3.3% 2.3% 1.4% 2020 Average Age 36 36 38 Households 2020 Households 19,736 162,682 576,998 2025 Households 20,382 166,319 584,467 Household Growth 2020-2025 3.3% 2.2% 1.3% Median Household Income $77,240 $103,043 $95,803 Average Household Size 2.3 2.3 2.1 Average HH Vehicles 1 1 0 Housing Median Home Value $541,019 $597,110 $807,490 Median Year Built 1962 1970 1956

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POPULATION BY AGE GROUP IN 1 MILE RADIUS

POPULATION BY AGE IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUS

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POPULATION BY RACE

2020 Population

Race 1 Mile 3 Mile 5 Mile

White 19,434 41.59% 203,208 52.53% 813,561 63.82%

Black 17,480 37.41% 77,537 20.04% 169,565 13.30%

Asian 8,051 17.23% 91,296 23.60% 240,532 18.87%

American Indian & Alaskan 405 < 1% 2,663 < 1% 9,573 < 1%

Hawaiian & Pacific Islander 93 < 1% 631 < 1% 1,691 < 1%

Other 1,264 2.71% 11,491 2.97% 39,881 3.13%

0 4,000 8,000 12,000 16,000 20,000

POPULATION BY RACE IN 1 MILE RADIUS HISPANIC POPULATION IN 1 MILE RADIUS

MILITARY POPULATION

2020 Population

1 Mile 3 Mile 5 Mile

Military 15 < 1% 82 < 1% 298 < 1%

Non-Military Workforce 25,830 99.94% 218,478 99.96% 713,063 99.96%

0 6,000 12,000 18,000 24,000 30,000

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Page 117 Multi-Family Submarket Report Greater Hudson County New York - NY

PREPARED BY

Jovan Santos Sales Associate Overview Greater Hudson County Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 2,053 1,781 8.3% 0.8%

Greater Hudson County is transforming, as apartment the year, net absorption has trailed supply additions in demand continues to spread from the urban core of the Greater Hudson County by a wide margin. Vacancies New York City metro. Roughly 5,000 new units have have increased and will face continued pressure from the opened since the start of 2017, which have generally pipeline, with more than 3,000 units still underway. been met with strong demand. In this traditionally working-class area, ease of access and affordability The coronavirus pandemic should also limit rent growth drive demand for new developments. Commuters can get and investment over the next few quarters. Rents have to Newark in about 20 minutes, and to Manhattan in less fallen in 20Q2, and with a recession looming, should face than an hour. an uphill battle to move in the opposite direction. More than $70 million has changed hands in the first half of The submarket may struggle to maintain the level of the year, placing sales volume on a similar pace to last demand it has generated in recent years, due to the year, but most of that volume traded in 20Q1 and deals coronavirus pandemic. With social distancing measures have dried up since the pandemic. in place across New Jersey for much of the first half of

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 8,444 14.3% $2,311 $2,257 88 0 2,762 3 Star 2,212 7.6% $1,971 $1,949 8 0 469 1 & 2 Star 15,427 5.1% $1,230 $1,223 0 0 0 Submarket 26,083 8.3% $2,036 $1,996 96 0 3,231

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.9% 5.5% 6.8% 9.2% 2015 Q4 3.8% 2001 Q1 Absorption Units 1,781 379 1,124 1,787 2019 Q3 (94) 2003 Q4 Delivered Units 2,053 446 1,168 2,178 2019 Q3 0 2010 Q3 Demolished Units 0 4 25 31 2013 Q3 0 2020 Q2 Asking Rent Growth (YOY) 0.8% 1.1% 0.8% 6.0% 2007 Q3 -7.1% 2009 Q4 Effective Rent Growth (YOY) 0.5% 1.0% 0.7% 6.0% 2007 Q3 -7.3% 2009 Q3 Sales Volume $113 M $81M N/A $333.5M 2016 Q3 $13.9M 2000 Q4

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Developers are building in Greater Hudson County, than its competition, Greater Hudson County does offer hoping to attract residents who can't afford the easy transit access into Manhattan. Most 4 & 5 Star astronomical 4 & 5 Star rents of some of the metro's developments built here in this cycle are located along more established areas. Development has increased the the PATH, NJ Transit, or Hudson-Bergen Light Rail, and 4 & 5 Star inventory by about 300% since 2010, and provide commuters with 20–30-minute commutes to plenty more is on the way. The submarket has generally Lower Manhattan or 45–60-minute commutes to attracted solid demand, and vacancies have stayed Midtown Manhattan. The commute to Lower Manhattan below their historical average throughout most of the should be increasingly popular because that area supply wave. continues to expand its tenant roster and has poached several companies from outdated Midtown office space Greater Hudson County will face continued supply- in recent years. The area was once mostly finance driven pressure in the coming years, with underway units companies, but now includes major advertising and represent more than 10% of the existing inventory. The media companies. coronavirus pandemic likely presents a bigger risk than over-supply in the near term. Vacancies have shot past Transit options are in place to support a rental boom their historical average in 2020, as social distancing should demand continue to spread farther away from measures imposed by New Jersey have restricted Manhattan, and the submarket's bigger challenge may be household formation and apartment demand. expanding its retail offerings. While Williamsburg and Hoboken have retail destinations that can draw Proximity to Manhattan is a key driving point for renters Manhattan residents out for a day's visit, many sections in the New York metro and Greater Hudson County falls of Greater Hudson County are sorely lacking in the type behind in this category. While transit options exist, the of shopping that high-end renters require. The lack of submarket is a little farther from New York's urban core retail options may be causing recent deliveries to lose than Hoboken, the Jersey City Waterfront, Williamsburg, out on renters to more expensive properties in trendier and Long Island City. Demand continues to spread from neighborhoods. Manhattan and into New Jersey and the boroughs, but renters continue to prefer closer-in options. Average In Harrison, for example, where more than 2,500 units rents in the aforementioned submarkets exceed those of have delivered since 2010 and more than 3,000 units are Greater Hudson by about 40%, but each has recorded under construction or proposed, shopping options are stronger demand gains since the start of 2018. limited. The town is without a brand-name supermarket and the nearest options (a BJ's in Kearney and a Whole Although it is located a little farther from the urban core Foods in Newark) are about 30 minutes away by foot.

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ABSORPTION, NET DELIVERIES & VACANCY

OVERALL & STABILIZED VACANCY

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VACANCY RATE

VACANCY BY BEDROOM

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Rent growth has underwhelmed in recent years and the rents increasing by about 50 basis points more than coronavirus pandemic will likely stunt it further in the those of the overall inventory. near term. Rents have declined in 20Q2 and few landlords will feel emboldened enough to push rents, The ongoing supply wave has likely stunted same-store with a recession looming. rent growth. Greater Hudson County's inventory has increased at one of the fastest rates of all New York Even before the pandemic, rent growth was lagging in metro submarkets in this cycle. Vacancies have Greater Hudson County. Average rent growth of roughly fluctuated throughout this supply wave, and more 1.5% over the last five years ranked near the bottom of deliveries are expected. More than 3,000 units are all metro submarkets. High-end units recorded slightly underway representing close to 20% of the existing better rent growth over the last two years, with 4 & 5 Star inventory.

DAILY ASKING RENT PER SF

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MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

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Most projects in Greater Hudson County's sizable supply home to the New York Red Bulls professional soccer pipeline will face delays due to the coronavirus team is also in this area. pandemic. Although New Jersey has lifted its non- essential construction ban, projects still face tighter on- The first units of the 280-unit Riverbend District Cobalt site restrictions, and could run into additional delays due Lofts opened in 19Q1 just steps from Red Bull Arena. to financing and labor issues. Advance Realty opened the remaining units by the middle of the year. Among the many high-end amenities Greater Hudson County ranks near the top of the metro featured at the community are an aquamarine pool, dog in terms of recent and underway apartment development. park, duckpin bowling, and a state-of-the-art fitness The 4 & 5 Star inventory has increased by more than center. The project stabilized within six months of 300% in this cycle. More than 3,000 units are under opening. construction in 20Q2, which represents more than 10% of the existing inventory. Construction activity is also shifting into Bayonne, where close to 2,000 units are underway. The largest project Several new communities are part of the Harrison underway is JMF Properties Group's Harbor Station Redevelopment Agency's Waterfront Redevelopment South. The 651-unit development broke ground in in Plan. Concentrated near the Harrison PATH station, 19Q1 and is expected to be complete in 20Q4. The which is receiving a $256 million renovation, the initiative property will consist of studio, one-, and two-bedroom seeks to turn 250 acres of abandoned industrial space units, and will be the largest market-rate apartment into a vibrant mixed-use community. Red Bull Arena, property in Bayonne once complete.

DELIVERIES & DEMOLITIONS

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All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs 464 4,298 3,132 4,867

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS

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RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner Bay 151 Fidelco Realty Group 1 200 5 Aug 2018 Jun 2020 151 Centre St Port Authority of New York & Ne… Sawyer Hoboken Brownstone Company 2 131 4 Oct 2018 Jun 2020 39 New York Ave Hoboken Brownstone Company BELA Fields Development Group 3 99 8 Aug 2018 Jun 2020 74 Maple St Call Field Realty Bay One The L Group 4 91 10 Jul 2018 Apr 2020 957-965 Broadway The L Group 295J Ironstate Development Company 5 309 5 Apr 2018 Apr 2020 295 Johnston Ave Landmark Developers 323-325 Pine St Opis Partners 6 20 7 Jun 2019 Mar 2020 Opis Partners 78-80 Manhattan Ave Ghatas, Victor 7 10 3 Nov 2019 Mar 2020 Victor Ghatas Bayonne Bay Atlantic Realty Development Corp. 8 525 3 Sep 2019 Feb 2020 500 Goldsborough Dr Atlantic Realty Development Corp. Peninsula Terrace at 662… The Alessi Organization 9 30 5 May 2018 Feb 2020 662-666 Avenue C The Alessi Organization Skye Lofts Mitch Burakovsky 10 90 6 May 2019 Jan 2020 250 Avenue E Yakov Burakovsky 730-738 Harrison Ave Golden Brick Home Improvement… 11 36 4 Feb 2018 Jan 2020 Golden Brick Home Improvement… Archview Flats - 12 72 6 Sep 2018 Jan 2020 105B North St North St Properties Urbn Rnwl Llc Gallery Lofts Brunelleschi Construction 13 16 6 Sep 2018 Dec 2019 387-391 Palisade Ave Brunelleschi Construction City Line KKF Block 1 Urban Renewal, LLC 14 144 4 Oct 2018 Nov 2019 33 University Place Blvd PRC Group Skye Lofts South Mitch Burakovsky 15 90 6 Jul 2017 Oct 2019 230-250 Avenue E Burakovsky Yakov & Irina Garabrant Point Capital Partners 16 80 6 Jun 2018 Oct 2019 121 Garabrant St Gambino Charles Solaris Lofts PERE Holdings 17 72 - May 2018 Sep 2019 65 Maple St PERE Holdings Lofts Two22 Lantree Developments 18 70 6 Jul 2017 Aug 2019 222 Avenue E Lantree Developments Bergen Grand BCB Community Bank 19 72 5 Sep 2017 Aug 2019 429-437 Bergen Ave West of Hudson Properties 2130 John F Kennedy Blvd - 20 20 5 Mar 2018 Jul 2019 Green Realty LLC

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Harbor Station South JMF Properties Group 1 651 7 Feb 2019 Nov 2020 300 Constitution Ave JMF Properties Group 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 127 Construction Greater Hudson County Multi-Family

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Harrison Yards Eastone Equities LLC 2 640 4 Nov 2017 May 2022 700 Frank E Rodgers Blvd S Eastone Equities LLC Vermella East Russo Development LLC 3 268 - Oct 2019 Aug 2020 60 Passaic Ave Russo Development LLC One Hundred House BNE Real Estate Group 4 256 5 Sep 2019 Nov 2020 100 Hoboken Ave BNE Real Estate Group RIVET 2 The Hampshire Companies, LLC 5 199 - Sep 2019 Jan 2021 26 University Blvd New Jersey City University 162-170 Avenue F Parkview Realty Holdings LLC 6 180 6 Jul 2018 Aug 2020 Capital Management Group Phase 1.1 Fields Development Group 7 145 5 Apr 2019 Jan 2022 100 Water St Fields Development Group 132-136 Monitor St Gambino Charles 8 100 6 Mar 2019 Aug 2020 Gambino Charles 426 Whiton St Pine Green Inc 9 99 - Mar 2019 Aug 2020 Pine Green Inc Conifer Flats - 10 98 8 Jan 2019 Aug 2020 331 Pine St Grand Liberty Development The Waterview JMF Properties Group 11 97 - May 2018 Aug 2020 1 Flagship St The Port Authority of New York a… B22 Velios Capital 12 72 7 Aug 2018 Aug 2020 477 Broadway Bayonne Equities Urban Renewal Pier View Lofts Arthur Kheyman 13 71 6 Sep 2019 Oct 2021 688 Avenue E Compass RE 1542-1558 Kennedy Blvd Nams Developers 14 68 5 Jun 2017 Aug 2020 Nams Developers 175 W 7th St MonGroup Properties, Inc. 15 56 5 Oct 2019 Mar 2021 MonGroup Properties, Inc. 313-321 Pine St GND Builders LLC 16 44 6 Jul 2017 Aug 2020 GND Builders LLC 305-311 W Side Ave - 17 39 5 Dec 2017 Aug 2020 305 West Side Ave Urban Renewa 17A-19 Ash St Liquidity Solutions, Inc. 18 25 6 Feb 2020 Feb 2021 433 Murray Hill LLC 144 Bergen Ave LN Signature Realty LLC 19 24 5 Apr 2019 Oct 2020 Leila Elali

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner Riverbend District Block… DeBartolo Development 1 1,600 5 Jul 2020 Oct 2021 Frank E Rodgers Blvd Advance Realty Investors The Element - 2 631 6 Oct 2020 Mar 2022 400 Claremont Ave Waterfront Management Systems Phase 2 Fields Development Group 3 310 7 Jan 2021 Jan 2022 100 Water St Fields Development Group 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 128 Construction Greater Hudson County Multi-Family

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner 49 Fisk St - 4 295 6 Apr 2021 Aug 2022 Halpern Real Estate Ventures 26 North St The L Group 5 170 22 Nov 2020 Nov 2021 Blacker Gerald & Monica The Parkview Apartments - 6 170 7 Jul 2020 Dec 2021 87-99 Van Horne St Mayer Grunbaum 262 Johnston Ave Fields Development Group 7 168 24 Apr 2021 May 2022 Fields Development Group 125 Monitor St - 8 163 7 Aug 2020 Jun 2021 - 13-35 Carbon Pl KKF Block 1 Urban Renewal, LLC 9 152 4 Aug 2020 Apr 2022 KKF Block 1 Urban Renewal, LLC Silk Lofts II AMS Acquisitions, LLC 10 125 - Oct 2020 Nov 2021 193-207 Avenue E AMS Acquisitions, LLC 682 New Jersey 440 Nams Developers 11 120 12 Dec 2020 Apr 2022 - 829-843 Garfield Ave - 12 110 5 Mar 2021 Apr 2022 - 317 Avenue E PRC Group 13 95 6 Aug 2020 Dec 2021 - 1-15 Railroad Ave Supor Properties Ents Llc 14 91 5 Jul 2020 Oct 2021 Supor Properties Ents Llc 107 New York Ave - 15 85 9 Apr 2021 Jul 2022 Sew Easy Textile Inc. Chapel Ave Ironstate Development Company 16 70 - Aug 2020 Feb 2022 BlueGate Partners 554-556 Broadway - 17 64 7 Jul 2020 Oct 2021 EOM Realty 79-87 Kennedy Blvd West of Hudson Properties 18 48 5 Oct 2020 Jan 2022 West of Hudson Properties 1720 John Fitzgerald Ke… - 19 44 5 Aug 2020 Aug 2021 Badin Zahia M 39 W 25th St Metro Management 20 40 5 Nov 2020 Nov 2021 Metro Management

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Investment will likely decelerate in the near term, due to of an underway project. Golden Glades Capital the coronavirus pandemic. A recession is expected, Management acquired the 104-unit BELA in Jersey City which would sidetrack many planned investments. Even for $53 million from a seller group consisting of Alpine potential buyers that remain in relatively strong financial Development Partners, Fields Development Group, and standing may remain inactive for a few quarters. The Grade Development Company. At the time of the rapidity with which the pandemic continues to evolve, transaction's closing in early March, the project was from both a medical and economic perspective, will leave anticipated to open in May 2020. many investors unable to determine a clear investment strategy until more clarity is achieved. With the bulk of the submarket's inventory rated 1 & 2 Star, trades for these assets still drive a lot of Prior to the pandemic, investment was booming in investment. Most sales volume recorded in 2019 was Greater Hudson County. Sales volume surpassed $100 attributable to one large portfolio deal: Tuli Realty's million in each of the last five years and topped $60 acquisition of 22 properties from Madison Hill Properties million in 20Q1. Supply additions in recent years have for $75 million. The portfolio totaled 487 units, of which added to the submarket's high-end inventory, and 4 & 5 419 were located in Union City with the remaining units Star trades have become more common. Few deals located in Bergen County. The majority of properties have been recorded in 20Q2 though, with less than $10 exchanged were rated 2 stars, smaller than 20 units, and million changing hands. built in the early 20th century. The portfolio traded at 6% cap rate, while at 99% occupancy. Most transaction volume in 20Q1 was driven by the sale

SALES VOLUME & MARKET SALE PRICE PER SF

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Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 51 $226 $2.5 7.4%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $239,900 $2,458,454 $1,030,000 $53,000,000

Price/Unit $39,983 $226,177 $143,500 $509,615

Cap Rate 4.2% 6.1% 6.0% 9.1%

Vacancy Rate At Sale 0% 7.4% 0% 100%

Time Since Sale in Months 1.8 7.6 8.3 12.0

Property Attributes Low Average Median High Property Size in Units 5 10 6 104

Number of Floors 2 3 3 8

Average Unit SF 0 775 753 1,469

Year Built 1889 1934 1920 2020

Star Rating 2.2

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RECENT SIGNIFICANT SALES

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

BELA 1 - 2020 104 100% 3/6/2020 $53,000,000 $509,615 $295 74 Maple St 55 Lincoln St 2 - 1920 20 5.0% 1/3/2020 $3,750,000 $187,500 $230

411-415 Kearny Ave 3 - 1930 24 4.2% 8/7/2019 $3,245,722 $135,238 $180

100 W 33rd St 4 - 1950 20 5.0% 10/17/2019 $3,100,000 $155,000 $219

204 North St 5 - 1950 12 8.3% 8/15/2019 $2,950,000 $245,833 $225

178 Kearny Ave 6 - 1920 17 5.9% 5/15/2020 $2,300,000 $135,294 $142

119 Terrace Ave 7 - 1967 12 8.3% 9/16/2019 $2,270,000 $189,166 $187

411 15th St 8 - 1928 18 5.6% 10/30/2019 $2,235,000 $124,166 $195

3687-3689 John F Kennedy B… 9 - 1980 14 92.9% 3/12/2020 $2,185,000 $156,071 $290

492 Broadway 10 - 1920 7 0% 3/13/2020 $2,050,000 $292,857 $251

Morton House 11 - 1919 16 6.3% 11/7/2019 $2,000,000 $125,000 $223 122 Wade St 527-529 Kearny Ave 12 - 1972 12 8.3% 8/6/2019 $1,800,000 $150,000 $180

3236 John F Kennedy Blvd 13 - 1903 5 0% 8/6/2019 $1,800,000 $360,000 $245

481-487 Communipaw Ave 14 - 2000 8 0% 8/19/2019 $1,800,000 $225,000 $160

109 Hutton St 15 - 1900 12 8.3% 9/25/2019 $1,621,250 $135,104 $288

680 Summit Ave 16 - 1960 6 0% 2/12/2020 $1,600,000 $266,666 $180

56-58 Forest St 17 - - 6 0% 2/5/2020 $1,325,000 $220,833 $176

50 Oak St 18 - 2015 7 0% 12/28/2019 $1,225,000 $175,000 $153

63-65 W 21st St 19 - - 7 0% 7/27/2019 $1,160,000 $165,714 $273

908 Kennedy Blvd 20 - 1900 6 0% 2/4/2020 $1,150,000 $191,666 $192

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OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 30,636 984 3.3% 1,048 3.4% 0.9 2023 29,652 1,152 4.0% 1,008 3.4% 1.1 2022 28,500 1,061 3.9% 1,037 3.6% 1.0 2021 27,439 429 1.6% 913 3.3% 0.5 2020 27,010 2,441 9.9% 1,775 6.6% 1.4 YTD 26,083 1,514 6.2% 1,115 4.3% 1.4 2019 24,569 1,609 7.0% 1,593 6.5% 1.0 2018 22,960 1,183 5.4% 1,169 5.1% 1.0 2017 21,777 1,087 5.3% 750 3.4% 1.4 2016 20,690 189 0.9% 816 3.9% 0.2 2015 20,501 1,321 6.9% 761 3.7% 1.7 2014 19,180 989 5.4% 591 3.1% 1.7 2013 18,191 83 0.5% 111 0.6% 0.7 2012 18,108 96 0.5% 222 1.2% 0.4 2011 18,012 286 1.6% 176 1.0% 1.6 2010 17,726 35 0.2% 119 0.7% 0.3 2009 17,691 556 3.2% 536 3.0% 1.0 2008 17,135 341 2.0% 142 0.8% 2.4

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 12,638 990 8.5% 837 6.6% 1.2 2023 11,648 738 6.8% 755 6.5% 1.0 2022 10,910 1,092 11.1% 1,052 9.6% 1.0 2021 9,818 455 4.9% 925 9.4% 0.5 2020 9,363 2,387 34.2% 1,574 16.8% 1.5 YTD 8,444 1,468 21.0% 956 11.3% 1.5 2019 6,976 1,259 22.0% 1,469 21.1% 0.9 2018 5,717 1,050 22.5% 933 16.3% 1.1 2017 4,667 1,015 27.8% 617 13.2% 1.6 2016 3,652 179 5.2% 950 26.0% 0.2 2015 3,473 1,307 60.3% 688 19.8% 1.9 2014 2,166 961 79.8% 587 27.1% 1.6 2013 1,205 60 5.2% 67 5.6% 0.9 2012 1,145 0 0% 101 8.8% 0 2011 1,145 275 31.6% 153 13.4% 1.8 2010 870 0 0% 103 11.8% 0 2009 870 544 166.9% 546 62.8% 1.0 2008 326 318 3,975.0% 163 50.0% 2.0

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3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 2,681 24 0.9% 197 7.3% 0.1 2023 2,657 445 20.1% 232 8.7% 1.9 2022 2,212 0 0% 0 0% - 2021 2,212 0 0% 21 0.9% 0 2020 2,212 46 2.1% 217 9.8% 0.2 YTD 2,212 46 2.1% 171 7.7% 0.3 2019 2,166 350 19.3% 135 6.2% 2.6 2018 1,816 125 7.4% 130 7.2% 1.0 2017 1,691 84 5.2% 88 5.2% 1.0 2016 1,607 0 0% (9) -0.6% 0 2015 1,607 28 1.8% 38 2.4% 0.7 2014 1,579 28 1.8% 23 1.5% 1.2 2013 1,551 48 3.2% 56 3.6% 0.9 2012 1,503 102 7.3% 100 6.7% 1.0 2011 1,401 28 2.0% 39 2.8% 0.7 2010 1,373 35 2.6% 18 1.3% 1.9 2009 1,338 12 0.9% 12 0.9% 1.0 2008 1,326 17 1.3% 10 0.8% 1.7

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 15,317 (30) -0.2% 14 0.1% - 2023 15,347 (31) -0.2% 21 0.1% - 2022 15,378 (31) -0.2% (15) -0.1% 2.1 2021 15,409 (26) -0.2% (33) -0.2% 0.8 2020 15,435 8 0.1% (16) -0.1% - YTD 15,427 0 0% (12) -0.1% 0 2019 15,427 0 0% (11) -0.1% 0 2018 15,427 8 0.1% 106 0.7% 0.1 2017 15,419 (12) -0.1% 45 0.3% - 2016 15,431 10 0.1% (125) -0.8% - 2015 15,421 (14) -0.1% 35 0.2% - 2014 15,435 0 0% (19) -0.1% 0 2013 15,435 (25) -0.2% (12) -0.1% 2.1 2012 15,460 (6) 0% 21 0.1% - 2011 15,466 (17) -0.1% (16) -0.1% 1.1 2010 15,483 0 0% (2) 0% 0 2009 15,483 0 0% (22) -0.1% 0 2008 15,483 6 0% (31) -0.2% -

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OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 1,917 6.3% (0.4) $2,102 $2.66 0.3% (0.4) $2,062 $2.61 2023 1,983 6.7% 0.2 $2,096 $2.65 0.7% (1.3) $2,056 $2.60 2022 1,837 6.4% (0.2) $2,081 $2.63 2.0% (6.5) $2,042 $2.58 2021 1,813 6.6% (1.9) $2,040 $2.58 8.5% 16.0 $2,001 $2.53 2020 2,296 8.5% 1.7 $1,880 $2.38 -7.5% (8.7) $1,845 $2.33 YTD 2,174 8.3% 1.5 $2,036 $2.39 0.2% (1.1) $1,996 $2.34 2019 1,661 6.8% (0.4) $2,032 $2.38 1.3% (0.8) $2,001 $2.35 2018 1,643 7.2% (0.2) $2,007 $2.36 2.0% 0.7 $1,977 $2.32 2017 1,613 7.4% 1.3 $1,968 $2.31 1.3% (0.1) $1,931 $2.26 2016 1,273 6.2% (3.0) $1,943 $2.28 1.4% (0.5) $1,916 $2.25 2015 1,879 9.2% 2.3 $1,916 $2.25 1.9% 1.5 $1,884 $2.21 2014 1,318 6.9% 1.8 $1,880 $2.21 0.4% (0.2) $1,853 $2.17 2013 915 5.0% (0.2) $1,872 $2.20 0.6% (0.7) $1,856 $2.18 2012 941 5.2% (0.7) $1,860 $2.19 1.3% 0.6 $1,847 $2.17 2011 1,067 5.9% 0.5 $1,836 $2.16 0.8% 0 $1,823 $2.14 2010 956 5.4% (0.5) $1,822 $2.14 0.8% 7.8 $1,812 $2.13 2009 1,040 5.9% (0.1) $1,807 $2.12 -7.1% (6.1) $1,793 $2.11 2008 1,018 5.9% 1.1 $1,944 $2.29 -1.0% - $1,931 $2.27

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 1,098 8.7% 0.6 $2,374 $2.87 0.2% (0.4) $2,321 $2.80 2023 945 8.1% (0.7) $2,370 $2.86 0.6% (1.3) $2,316 $2.80 2022 961 8.8% (0.6) $2,355 $2.85 1.9% (6.5) $2,302 $2.78 2021 920 9.4% (5.5) $2,310 $2.79 8.4% 16.0 $2,258 $2.73 2020 1,390 14.8% 6.3 $2,131 $2.58 -7.6% (9.0) $2,083 $2.52 YTD 1,220 14.3% 5.7 $2,311 $2.56 0.1% (1.2) $2,257 $2.50 2019 595 8.5% (5.5) $2,308 $2.55 1.4% (0.8) $2,270 $2.51 2018 803 14.0% (0.7) $2,277 $2.52 2.2% 1.0 $2,234 $2.48 2017 686 14.7% 6.8 $2,228 $2.47 1.2% 0 $2,177 $2.41 2016 287 7.9% (22.7) $2,201 $2.44 1.2% (0.8) $2,165 $2.40 2015 1,061 30.5% 10.1 $2,174 $2.41 2.0% 1.7 $2,130 $2.36 2014 442 20.4% 14.9 $2,131 $2.37 0.3% (0.1) $2,095 $2.32 2013 66 5.5% (1.0) $2,124 $2.36 0.5% (1.0) $2,105 $2.34 2012 74 6.5% (8.8) $2,115 $2.35 1.5% 0.6 $2,100 $2.33 2011 175 15.3% 9.3 $2,084 $2.31 0.8% 0.1 $2,069 $2.30 2010 52 6.0% (11.9) $2,067 $2.29 0.7% 8.0 $2,055 $2.28 2009 155 17.8% (29.9) $2,052 $2.28 -7.3% (6.2) $2,035 $2.26 2008 156 47.7% 44.0 $2,214 $2.46 -1.1% - $2,197 $2.44

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3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 135 5.0% (6.5) $2,061 $2.59 0.6% (0.2) $2,039 $2.56 2023 308 11.6% 7.3 $2,049 $2.57 0.8% (1.6) $2,027 $2.54 2022 94 4.2% 0 $2,034 $2.55 2.3% (6.6) $2,011 $2.52 2021 94 4.2% (0.9) $1,988 $2.49 8.9% 15.4 $1,966 $2.47 2020 115 5.2% (8.3) $1,825 $2.29 -6.5% (7.4) $1,805 $2.26 YTD 168 7.6% (5.9) $1,971 $2.31 1.0% 0.1 $1,949 $2.29 2019 293 13.5% 9.2 $1,952 $2.30 0.9% 0 $1,911 $2.26 2018 77 4.3% (0.5) $1,935 $2.28 0.8% 0.3 $1,930 $2.27 2017 80 4.8% (0.4) $1,919 $2.26 0.6% (1.0) $1,907 $2.24 2016 83 5.2% 0.8 $1,908 $2.25 1.6% (0.6) $1,893 $2.23 2015 71 4.4% (0.6) $1,878 $2.21 2.2% 0.1 $1,865 $2.20 2014 79 5.0% 0.4 $1,838 $2.17 2.1% 0.8 $1,826 $2.15 2013 71 4.6% (0.6) $1,800 $2.12 1.3% (0.1) $1,789 $2.11 2012 78 5.2% (0.1) $1,776 $2.10 1.5% 0.7 $1,764 $2.08 2011 74 5.3% (0.9) $1,751 $2.06 0.8% (0.3) $1,742 $2.05 2010 85 6.2% 1.1 $1,737 $2.05 1.1% 8.1 $1,728 $2.04 2009 68 5.1% 0 $1,719 $2.03 -7.0% (5.9) $1,709 $2.01 2008 68 5.1% 0.4 $1,848 $2.18 -1.1% - $1,838 $2.17

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 684 4.5% (0.3) $1,293 $1.78 0.7% (0.3) $1,286 $1.77 2023 730 4.8% (0.3) $1,284 $1.77 1.0% (1.3) $1,277 $1.76 2022 783 5.1% (0.1) $1,271 $1.75 2.2% (6.6) $1,265 $1.74 2021 799 5.2% 0.1 $1,244 $1.71 8.8% 16.0 $1,237 $1.70 2020 792 5.1% 0.1 $1,143 $1.57 -7.2% (8.1) $1,136 $1.57 YTD 786 5.1% 0.1 $1,230 $1.68 -0.1% (1.0) $1,223 $1.67 2019 774 5.0% 0.1 $1,231 $1.68 0.9% (0.9) $1,224 $1.67 2018 763 4.9% (0.5) $1,220 $1.66 1.8% (0.3) $1,213 $1.66 2017 847 5.5% (0.4) $1,198 $1.63 2.1% (0.1) $1,190 $1.62 2016 902 5.8% 1.0 $1,173 $1.59 2.1% 1.0 $1,166 $1.58 2015 747 4.8% (0.3) $1,149 $1.55 1.2% 1.3 $1,142 $1.54 2014 797 5.2% 0.1 $1,136 $1.54 -0.1% (1.3) $1,129 $1.53 2013 777 5.0% (0.1) $1,137 $1.55 1.2% 0.6 $1,130 $1.54 2012 790 5.1% (0.2) $1,124 $1.53 0.6% 0.4 $1,117 $1.52 2011 818 5.3% 0 $1,117 $1.52 0.2% (0.9) $1,110 $1.51 2010 819 5.3% 0 $1,115 $1.52 1.1% 6.8 $1,108 $1.51 2009 816 5.3% 0.1 $1,103 $1.50 -5.7% (5.2) $1,096 $1.49 2008 795 5.1% 0.2 $1,170 $1.60 -0.6% - $1,163 $1.59

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$261,892 209 5.5% 2023 ------$255,003 204 5.6% 2022 ------$253,257 202 5.6% 2021 ------$233,639 187 5.7% 2020 ------$228,550 183 5.8% YTD 19 $76M 1.0% $4,220,833 $306,351 5.5% $256,390 205 5.5% 2019 108 $147.3M 3.9% $1,551,045 $152,220 6.2% $253,381 202 5.5% 2018 183 $204.1M 5.6% $1,659,044 $157,943 6.0% $241,359 193 5.5% 2017 166 $180.8M 6.4% $1,544,953 $130,512 6.1% $230,126 184 5.6% 2016 163 $184M 6.6% $1,426,262 $135,684 7.0% $213,567 171 5.7% 2015 124 $238.1M 7.9% $2,088,188 $147,219 7.5% $196,152 157 5.8% 2014 98 $66.4M 4.7% $781,555 $73,002 8.2% $186,295 149 6.0% 2013 120 $70.2M 4.7% $806,388 $81,576 7.4% $172,865 138 6.2% 2012 64 $45.1M 3.7% $790,798 $68,193 9.0% $163,823 131 6.2% 2011 54 $40.1M 3.0% $978,406 $74,149 7.8% $157,482 126 6.3% 2010 35 $26.6M 2.2% $915,625 $67,394 8.4% $147,583 118 6.4% 2009 35 $27.4M 2.4% $807,340 $63,985 10.4% $111,746 89 7.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$435,950 221 4.5% 2023 ------$398,029 202 4.8% 2022 ------$395,782 201 4.8% 2021 ------$364,800 185 4.9% 2020 ------$357,225 181 4.9% YTD 1 $53M 1.2% $53,000,000 $509,615 5.5% $401,712 204 4.7% 2019 1 $1.2M 0.1% $1,225,000 $175,000 7.7% $397,214 202 4.7% 2018 1 $32.3M 1.5% $32,250,000 $379,412 5.0% $378,442 192 4.7% 2017 ------$363,338 184 4.7% 2016 2 $50.7M 4.5% $25,350,000 $309,146 4.8% $336,901 171 4.9% 2015 1 $147.5M 15.7% $147,500,000 $271,140 5.1% $307,263 156 5.0% 2014 ------$294,921 150 5.1% 2013 ------$273,560 139 5.3% 2012 1 $0.00 0% - - - $254,263 129 5.4% 2011 ------$245,332 125 5.4% 2010 ------$232,053 118 5.5% 2009 ------$176,069 89 6.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$210,197 214 5.7% 2023 ------$209,780 214 5.6% 2022 ------$208,190 212 5.6% 2021 ------$191,815 196 5.8% 2020 ------$187,134 191 5.8% YTD 2 $3.2M 0.6% $1,600,000 $246,154 5.6% $209,580 214 5.5% 2019 9 $27.4M 6.8% $3,046,568 $186,525 6.9% $205,246 209 5.5% 2018 11 $24.5M 4.5% $3,061,805 $302,400 5.8% $196,872 201 5.5% 2017 13 $7.6M 5.9% $693,158 $76,247 5.0% $184,323 188 5.6% 2016 10 $27.7M 10.3% $3,457,281 $167,626 6.9% $165,961 169 5.9% 2015 8 $6.9M 4.5% $858,811 $94,116 8.7% $155,570 159 5.9% 2014 5 $8.1M 4.7% $1,613,000 $107,533 8.2% $142,807 146 6.2% 2013 3 $8.8M 3.5% $2,925,000 $159,545 7.0% $135,096 138 6.3% 2012 2 $6.6M 5.0% $3,295,000 $87,867 7.3% $131,582 134 6.2% 2011 3 $6.1M 4.1% $2,018,333 $106,228 5.5% $124,917 127 6.3% 2010 3 $5.1M 4.4% $1,688,333 $83,033 7.7% $115,187 118 6.5% 2009 ------$87,125 89 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$144,442 206 6.3% 2023 ------$144,006 205 6.2% 2022 ------$142,650 203 6.2% 2021 ------$131,912 188 6.4% 2020 ------$128,817 183 6.4% YTD 16 $19.8M 0.8% $1,318,333 $150,954 5.5% $143,761 205 6.1% 2019 98 $118.7M 5.3% $1,396,531 $145,829 6.1% $142,220 202 6.1% 2018 171 $147.3M 7.3% $1,292,263 $130,833 6.1% $135,173 192 6.2% 2017 153 $173.1M 8.3% $1,633,347 $134,735 6.2% $127,386 181 6.3% 2016 151 $105.6M 6.7% $887,643 $102,853 7.1% $119,349 170 6.4% 2015 115 $83.7M 6.5% $796,981 $83,683 7.3% $110,870 158 6.5% 2014 93 $58.4M 5.4% $729,590 $69,901 8.2% $103,583 147 6.7% 2013 117 $61.4M 5.2% $730,723 $76,249 7.6% $95,749 136 7.0% 2012 61 $38.5M 3.8% $699,736 $65,675 9.3% $94,270 134 6.9% 2011 51 $34.1M 3.1% $896,307 $70,371 8.2% $90,138 128 7.0% 2010 32 $21.5M 2.2% $826,466 $64,529 8.6% $83,018 118 7.2% 2009 35 $27.4M 2.8% $807,340 $63,985 10.4% $62,572 89 8.0% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction as % of Inventory Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2024 - 30,638 6.3% - 1,014 - 984 - - 2023 - 29,654 6.7% - 1,184 - 1,153 - - 2022 - 28,501 6.4% - 1,092 - 1,061 - - 2021 - 27,440 6.6% - 455 - 430 - - 2020 - 27,010 8.5% - 2,441 - 2,441 - - YTD 1,678 26,083 8.3% 11 1,514 11 1,514 20 3,231 2019 1,667 24,569 6.8% 12 1,609 12 1,609 30 4,720 2018 1,655 22,960 7.2% 10 1,183 10 1,183 26 3,645 2017 1,645 21,777 7.4% 6 1,099 4 1,087 18 2,471 2016 1,641 20,690 6.2% 3 189 3 189 8 1,525 2015 1,638 20,501 9.2% 8 1,335 7 1,321 5 513 2014 1,631 19,180 6.9% 6 989 6 989 9 1,431 2013 1,625 18,191 5.0% 3 108 2 83 9 1,291 2012 1,623 18,108 5.2% 3 102 2 96 4 286 2011 1,621 18,012 5.9% 3 303 2 286 5 178 2010 1,619 17,726 5.4% 1 35 1 35 5 387 2009 1,618 17,691 5.9% 2 556 2 556 2 59 2008 1,616 17,135 5.9% 6 341 6 341 2 556

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PREPARED BY

Jovan Santos Sales Associate Overview New York Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 16,824 10,198 2.6% -0.4%

The coronavirus pandemic has stressed fundamentals in Underway projects will likely have to adjust their lease- the New York apartment market, following a near decade up expectations. The region's high proportion of white- run of unimpeded growth. The market successfully collar jobs may make it somewhat economically resilient, absorbed more than 60,000 new units that delivered over but the service industry is also essential to New York the past four years and vacancies finished 2019 near a City's economy, with one of the highest concentrations of record low. Coming into 2020, the biggest question restaurants per capita in the world. White-collar demand seemed to be how well the market would absorb the also may not be immune much longer if a global roughly 60,000 units that remained in the pipeline. The recession leads to mass layoffs. Vacancies have coronavirus pandemic not only significantly dims the increased in the first half of 2020. demand outlook, but also poses likely drawbacks for rent growth, construction, and investment. Rent growth and investment declined in the first half of the year. After rent growth topped 2.5% in each of the The looming threat of a global recession is concerning past two years, rents have declined in 2020, and will for financial institutions and developers, and most probably face headwinds throughout the rest of the year. underway projects are likely facing delayed construction Sales volume is on pace to decline from the more than timelines. Although construction bans have expired, and $10 billion averaged annually over the past 10 years, most projects were circumnavigating those bans anyway, with about $2.5 billion exchanged in the first half of 2020. developments still face tighter restrictions such a The uncertainty created by the rapidly evolving pandemic staggered shift times for workers that could cause has hindered the market's liquidity. delays. Financing issues could also arise, as we head into a recession.

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 222,539 5.2% $3,779 $3,740 185 0 42,943 3 Star 509,744 2.3% $2,650 $2,637 54 0 13,722 1 & 2 Star 664,286 2.0% $1,935 $1,928 0 0 348 Market 1,396,569 2.6% $2,790 $2,770 239 0 57,013

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.4% 2.9% 3.3% 3.7% 2009 Q1 1.8% 2000 Q3 Absorption Units 10,198 10,464 13,505 29,634 2019 Q1 (451) 2004 Q2 Delivered Units 16,824 11,499 16,551 26,443 2017 Q4 4,973 2004 Q2 Demolished Units 138 340 418 1,164 2018 Q1 0 2003 Q4 Asking Rent Growth (YOY) -0.4% 1.8% 1.0% 8.4% 2007 Q2 -8.7% 2009 Q4 Effective Rent Growth (YOY) -0.1% 1.8% 1.0% 8.5% 2007 Q2 -8.7% 2009 Q4 Sales Volume $7.3 B $7.4B N/A $20.9B 2016 Q2 $1B 2000 Q4

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The coronavirus pandemic presents an unexpected submarket's net deliveries. Net absorption was also challenge for the New York apartment market. Prior to impressive in Long Island City, at about 800 units against 2020, the market had successfully absorbed the recent only about 500 units of net deliveries. supply wave, and vacancies were near a record low. With roughly 60,000 units under construction, mild Although Amazon's decision to back out of opening HQ2 concern existed before the pandemic about demand in the neighborhood hurts, Long Island City is still poised keeping pace with supply additions, but those worries for continued demand growth. The area's office market have now been amplified. Vacancies have increased in added large locations from WeWork, Macy's, and 2020, and properties opened this year were at a Bloomingdale's in recent years. The submarket also combined 56% occupancy in June. offers a convenient commute to Lower Manhattan and Midtown, and direct access to the burgeoning Hudson Recent and upcoming deliveries face an uphill battle to Yards office market through the 7 Train. fill vacant units. Stay-at-home orders remain in place and most apartment viewings are being conducted Demand is also spreading farther away from Manhattan virtually. Current rules should also prevent much of the and the traditional hotspots in the outer boroughs. Three downside of renters vacating their current living of the metro's top five submarkets for net absorption in arrangements, at least from a transactional standpoint. 2019—Bushwick, Greater Hudson County, and New York has issued a moratorium on evictions and Yonkers/Mt. Vernon/New Rochelle—are not contiguous many residents may stay put. Mortgage payments and with Manhattan. Bushwick was the only one of these evictions have also been suspended, which will also help submarkets where net absorption topped net deliveries, keep homeowners in place. The ultimate effect of these although vacancy expansion was marginal in the other measures may be to stifle negative absorption in the two. apartment segment, but also to hinder household formation that would benefit demand for new properties. As renters are spreading out in search of relatively affordable neighborhoods, strong transit options may be The coronavirus threat has rapidly emerged, and it was driving demand to Bushwick. Several Subway lines not long ago that the New York apartment market was connect Bushwick to Manhattan, whereas Greater seemingly all good news. Metrowide occupancies have Hudson County and Yonkers/Mt. Vernon/New Rochelle trended near 100% for several years, and demand has are connected by the New Jersey Transit and Metro spread to heavily supplied submarkets. Two of the most North systems, respectively. Commutes from these lines popular neighborhoods are Long Island City and are more expensive and longer on average than a Williamsburg. Net absorption approached 2,000 units in Subway commute from Williamsburg last year, slightly exceeding the

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ABSORPTION, NET DELIVERIES & VACANCY

OVERALL & STABILIZED VACANCY

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VACANCY RATE

VACANCY BY BEDROOM

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Rent growth reached one of its highest two-year totals on CoStar's same-store market-rate rent series. By across 2018–19 but now faces it harshest challenge in making it more difficult to bring units out of rent over a decade. The coronavirus pandemic seems to stabilization, the new laws will effectively limit the market- already have affected rents, which have declined in rate inventory and decrease competition. This could bode 2020. well for owners of market-rate properties.

Government policy likely limit the downside of rents in Heavily developed submarkets have been among the top 20Q2. Assistance from the federal and local government performers for rent growth. Long Island City rents has helped many tenants pay rent. Many of these increased by more than 12% over the last two years, and programs are set to expire in the second half of the year, Downtown Brooklyn rent growth was not far behind. which could stress rents further. These submarkets also rank near the top of the metro in the percentage of inventory added in this cycle and the The Housing Stability Tenant Protection Act created rash of new deliveries stunted rent growth across 2016 much buzz and controversy when passed in June 2019. and 2017. As robust demand has filled new units, rent The legislation will surely limit rent growth potential in growth has found plenty of room to take off. rent controlled units, but might have the opposite effect

DAILY ASKING RENT PER SF

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MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

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4 & 5 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $1.75 $10.61 $1.00 $0.69 $1.83 $3.60 $0.46 $8.15 $0.09 $0.87 $0.87 $29.92 Bergen County Wat… $1.58 $1.40 $1.41 $0.70 $1.70 $3.10 $0.48 $3.29 $0.12 $0.13 $0.90 $14.81 Bushwick $1.45 $10.45 $0.94 $0.43 $1.67 $2.95 $0.45 $6.00 $0.08 $0.90 $0.84 $26.16 Central Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Chelsea $2.35 $12.35 $0.98 $0.43 $2.15 $5.18 $0.40 $13.31 $0.09 $1.00 $0.89 $39.13 Downtown Brooklyn $1.57 $12.35 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.00 $0.90 $29.28 East Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 East Harlem $1.55 $11.71 $0.97 $0.43 $1.72 $3.11 $0.46 $6.88 $0.09 $0.97 $0.89 $28.78 East Monmouth Co… $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 East New York $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 East Village $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Financial District $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Flatbush $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Greater Bergen Cou… $1.50 $1.26 $1.39 $0.69 $1.62 $2.77 $0.46 $3.08 $0.10 $0.13 $0.87 $13.87 Greater Hudson Co… $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 Hackensack/Teaneck $1.55 $1.34 $1.40 $0.70 $1.66 $2.95 $0.47 $3.23 $0.11 $0.13 $0.90 $14.44 Harlem $1.41 $9.61 $0.92 $0.42 $1.66 $2.90 $0.44 $5.87 $0.07 $0.85 $0.83 $24.98 Hoboken $0.86 $1.61 $1.07 $0.62 $1.32 $1.96 $0.57 $4.48 $0.12 $0.13 $0.90 $13.64 Jersey City Waterfront $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 Jersey City/Journal… $0.76 $1.37 $1.00 $0.65 $1.23 $1.99 $0.51 $3.85 $0.10 $0.13 $0.88 $12.47 Long Island City $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Lower East Side $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Lower Manhattan $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Lower West Side $2.29 $11.88 $0.97 $0.43 $2.15 $5.06 $0.40 $13.32 $0.09 $0.98 $0.90 $38.47 Midtown East $1.97 $9.13 $0.91 $0.39 $2.10 $4.29 $0.39 $10.33 $0.07 $0.81 $0.87 $31.26 Midtown South $2.26 $11.64 $0.96 $0.42 $2.51 $5.00 $0.40 $13.14 $0.09 $0.96 $0.89 $38.27 Midtown West $2.46 $12.66 $0.98 $0.43 $2.08 $4.98 $0.39 $4.33 $0.09 $1.02 $0.90 $30.32 Morningside Heights $2.17 $10.84 $0.95 $0.41 $2.14 $4.78 $0.40 $12.57 $0.08 $0.92 $0.89 $36.15 Murray Hill/Kips Bay $2.08 $10.21 $0.93 $0.41 $2.62 $4.60 $0.39 $12.10 $0.08 $0.88 $0.85 $35.15 North Hudson County $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 North Middlesex Co… $1.33 $2.10 $1.55 $0.69 $1.04 $1.27 $0.65 $3.29 $0.12 $0.13 $0.33 $12.50 Northeast Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Northwest Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Northwestern Queens $1.57 $12.49 $0.98 $2.18 $1.70 $3.10 $0.47 $6.72 $0.09 $1.01 $0.90 $31.21 Passaic County $1.41 $1.54 $0.99 $0.42 $1.65 $2.91 $0.44 $5.40 $0.09 $0.13 $0.82 $15.80 Prospect Park $1.57 $12.38 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.01 $0.90 $29.32 Rockland County $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Roosevelt Island $2.38 $12.58 $0.98 $0.43 $2.91 $5.25 $0.40 $13.96 $0.09 $1.02 $0.90 $40.90 South Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 South Ocean County $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 South Shore Brooklyn $1.54 $11.79 $0.97 $0.43 $1.69 $3.05 $0.47 $6.70 $0.09 $0.97 $0.90 $28.60 South Shore Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 147 Rent New York Multi-Family

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total Southeast Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Southeast Queens $1.55 $12.05 $0.97 $1.86 $1.69 $3.07 $0.47 $6.70 $0.09 $0.99 $0.90 $30.34 Southwest Brooklyn $1.18 $7.00 $1.03 $0.53 $1.47 $2.58 $0.51 $5.54 $0.11 $0.57 $0.90 $21.42 Staten Island $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Turnpike West $1.22 $2.09 $1.30 $0.74 $1.05 $1.02 $0.58 $3.06 $0.11 $0.13 $0.33 $11.63 Upper East Side $2.31 $12.05 $0.97 $0.43 $2.53 $5.10 $0.40 $13.66 $0.09 $0.99 $0.89 $39.42 Upper Manhattan $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Upper West Side $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 West Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 West Monmouth Co… $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 Westchester County… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Westchester County… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 White Plains $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Williamsburg $1.57 $12.41 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.01 $0.90 $29.35 Yonkers/Mt Vernon… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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3 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $1.02 $1.79 $0.81 $0.45 $1.66 $2.34 $0.36 $5.87 $0.02 $0.38 $0.83 $15.53 Bergen County Wat… $1.19 $0.53 $1.35 $0.67 $1.27 $1.11 $0.38 $2.48 $0.02 $0.12 $0.86 $9.98 Bushwick $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.34 $0.01 $0.41 $0.85 $15.72 Central Queens $1.00 $1.70 $0.79 $0.57 $1.61 $2.45 $0.36 $6.40 $0.02 $0.42 $0.86 $16.18 Chelsea $1.14 $2.11 $0.78 $0.32 $2.04 $2.44 $0.36 $6.03 $0.01 $0.40 $0.84 $16.47 Downtown Brooklyn $1.01 $1.96 $0.79 $0.41 $1.61 $2.47 $0.36 $6.27 $0.02 $0.43 $0.85 $16.18 East Bronx $1.00 $1.71 $0.79 $0.41 $1.61 $2.45 $0.36 $6.35 $0.02 $0.42 $0.85 $15.97 East Harlem $1.01 $1.86 $0.79 $0.41 $1.62 $2.46 $0.36 $6.40 $0.02 $0.42 $0.85 $16.20 East Monmouth Co… $1.04 $2.02 $1.26 $0.71 $1.01 $0.66 $0.50 $1.74 $0.07 $0.12 $0.32 $9.45 East New York $0.99 $1.61 $0.79 $0.43 $1.61 $2.45 $0.36 $6.27 $0.02 $0.41 $0.85 $15.79 East Village $1.15 $2.13 $0.79 $0.32 $2.05 $2.44 $0.36 $6.40 $0.02 $0.41 $0.85 $16.92 Financial District $1.15 $2.11 $0.79 $0.32 $2.05 $2.44 $0.36 $6.39 $0.01 $0.41 $0.85 $16.88 Flatbush $0.98 $1.52 $0.78 $0.41 $1.61 $2.44 $0.36 $6.18 $0.02 $0.41 $0.84 $15.55 Greater Bergen Cou… $1.13 $0.46 $1.32 $0.66 $1.23 $0.96 $0.38 $2.29 $0.01 $0.12 $0.82 $9.38 Greater Hudson Co… $0.65 $1.11 $0.62 $0.60 $1.18 $1.92 $0.34 $1.29 $0.01 $0.12 $0.85 $8.69 Hackensack/Teaneck $1.16 $0.46 $1.34 $0.66 $1.24 $0.97 $0.38 $2.40 $0.01 $0.12 $0.85 $9.59 Harlem $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.31 $0.01 $0.41 $0.85 $15.68 Hoboken $0.70 $1.21 $0.71 $0.60 $1.21 $1.88 $0.38 $1.94 $0.04 $0.12 $0.86 $9.65 Jersey City Waterfront $0.67 $1.14 $0.69 $0.59 $1.18 $1.63 $0.37 $1.81 $0.03 $0.12 $0.79 $9.02 Jersey City/Journal… $0.69 $1.25 $0.62 $0.67 $0.96 $1.02 $0.35 $0.83 $0.01 $0.12 $0.85 $7.37 Long Island City $0.99 $1.50 $0.79 $0.54 $1.61 $2.44 $0.36 $6.31 $0.01 $0.41 $0.85 $15.81 Lower East Side $1.15 $2.11 $0.79 $0.32 $2.05 $2.44 $0.36 $6.39 $0.01 $0.41 $0.85 $16.88 Lower Manhattan $1.17 $2.29 $0.79 $0.32 $2.05 $2.49 $0.36 $6.52 $0.02 $0.42 $0.85 $17.28 Lower West Side $1.19 $2.45 $0.79 $0.32 $2.05 $2.53 $0.36 $6.63 $0.02 $0.43 $0.85 $17.62 Middletown/Goshen $0.78 $1.43 $0.46 $0.21 $1.34 $2.00 $0.33 $5.76 $0.05 $0.41 $0.86 $13.63 Midtown East $1.13 $2.10 $0.78 $0.32 $2.04 $2.43 $0.36 $5.38 $0.01 $0.40 $0.82 $15.77 Midtown South $1.17 $2.36 $0.79 $0.32 $2.19 $2.50 $0.36 $6.56 $0.02 $0.42 $0.84 $17.53 Midtown West $1.15 $2.15 $0.78 $0.32 $1.97 $2.44 $0.36 $2.65 $0.02 $0.41 $0.84 $13.09 Morningside Heights $1.01 $1.60 $0.78 $0.40 $1.68 $2.44 $0.36 $6.25 $0.01 $0.40 $0.84 $15.77 Murray Hill/Kips Bay $1.17 $2.39 $0.79 $0.32 $2.31 $2.51 $0.36 $6.57 $0.02 $0.42 $0.83 $17.69 North Hudson County $0.66 $1.13 $0.66 $0.60 $1.19 $1.94 $0.35 $1.56 $0.02 $0.12 $0.85 $9.08 North Middlesex Co… $0.96 $1.92 $1.28 $0.65 $0.98 $0.58 $0.48 $1.47 $0.06 $0.12 $0.31 $8.81 North Ocean County $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Northeast Queens $1.02 $2.14 $0.79 $0.64 $1.61 $2.47 $0.36 $6.10 $0.02 $0.44 $0.83 $16.42 Northwest Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Northwestern Queens $0.99 $1.53 $0.79 $0.54 $1.61 $2.44 $0.36 $6.33 $0.02 $0.41 $0.85 $15.87 Passaic County $1.02 $1.51 $0.80 $0.41 $1.61 $2.47 $0.36 $6.37 $0.02 $0.12 $0.85 $15.54 Prospect Park $1.01 $1.98 $0.79 $0.41 $1.61 $2.47 $0.36 $6.38 $0.02 $0.43 $0.85 $16.31 Rockland County $1.01 $2.08 $0.79 $0.41 $1.61 $2.47 $0.36 $6.22 $0.02 $0.44 $0.84 $16.25 South Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.33 $0.01 $0.41 $0.85 $15.70 South Ocean County $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 South Shore Brooklyn $0.98 $1.61 $0.78 $0.41 $1.60 $2.44 $0.36 $5.94 $0.02 $0.41 $0.82 $15.37 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 149 Rent New York Multi-Family

3 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total South Shore Queens $0.99 $1.50 $0.79 $0.54 $1.61 $2.44 $0.36 $6.32 $0.01 $0.41 $0.85 $15.82 Southeast Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Southeast Queens $1.00 $1.88 $0.79 $0.59 $1.61 $2.46 $0.36 $6.16 $0.02 $0.43 $0.84 $16.14 Southwest Brooklyn $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.36 $0.01 $0.41 $0.85 $15.73 Staten Island $0.98 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.28 $0.01 $0.41 $0.85 $15.64 Turnpike East $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Turnpike West $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Upper East Side $1.21 $2.37 $0.78 $0.32 $2.59 $2.45 $0.36 $11.67 $0.02 $0.41 $0.84 $23.02 Upper Manhattan $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.35 $0.01 $0.41 $0.85 $15.73 Upper West Side $1.15 $2.17 $0.79 $0.32 $2.05 $2.45 $0.36 $6.43 $0.02 $0.41 $0.85 $17.00 West Bronx $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.38 $0.01 $0.41 $0.85 $15.76 Westchester County… $0.98 $1.50 $0.78 $0.41 $1.61 $2.43 $0.35 $6.10 $0.01 $0.40 $0.83 $15.40 Westchester County… $1.07 $3.02 $0.81 $0.41 $1.62 $2.53 $0.37 $6.44 $0.03 $0.49 $0.86 $17.65 White Plains $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Williamsburg $0.99 $1.59 $0.79 $0.41 $1.61 $2.45 $0.36 $6.32 $0.02 $0.41 $0.85 $15.80 Yonkers/Mt Vernon… $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.32 $0.01 $0.41 $0.85 $15.69 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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1 & 2 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $0.91 $1.45 $0.75 $0.42 $1.56 $2.15 $0.34 $3.13 $0.02 $0.35 $0.57 $11.65 Bergen County Wat… $0.92 $0.44 $1.21 $0.63 $1.18 $0.92 $0.36 $1.44 $0.01 $0.12 $0.57 $7.80 Bushwick $0.92 $1.43 $0.75 $0.39 $1.53 $2.33 $0.34 $2.76 $0.01 $0.39 $0.58 $11.43 Central Queens $0.94 $1.23 $0.75 $0.52 $1.53 $2.32 $0.34 $2.66 $0.01 $0.39 $0.58 $11.27 Chelsea $1.04 $2.00 $0.75 $0.30 $1.96 $2.34 $0.32 $6.11 $0.01 $0.39 $0.62 $15.84 Downtown Brooklyn $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 East Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.29 East Harlem $0.95 $1.48 $0.76 $0.40 $1.57 $2.37 $0.35 $4.24 $0.01 $0.39 $0.69 $13.21 East Monmouth Co… $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 East New York $0.92 $1.42 $0.75 $0.40 $1.53 $2.32 $0.34 $2.73 $0.01 $0.39 $0.58 $11.39 East Village $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Financial District $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Flatbush $0.92 $1.44 $0.75 $0.39 $1.53 $2.33 $0.34 $2.77 $0.01 $0.39 $0.58 $11.45 Greater Bergen Cou… $0.92 $0.45 $1.21 $0.63 $1.18 $0.93 $0.36 $1.46 $0.01 $0.12 $0.58 $7.85 Greater Hudson Co… $0.62 $1.06 $0.59 $0.57 $1.11 $0.55 $0.32 $1.24 $0.01 $0.12 $0.57 $6.76 Hackensack/Teaneck $0.93 $0.44 $1.22 $0.63 $1.18 $0.92 $0.36 $1.50 $0.01 $0.12 $0.59 $7.90 Harlem $0.93 $1.45 $0.76 $0.40 $1.55 $2.35 $0.34 $3.36 $0.01 $0.39 $0.63 $12.17 Hoboken $0.62 $1.05 $0.59 $0.56 $1.13 $0.55 $0.32 $1.27 $0.01 $0.12 $0.57 $6.79 Jersey City Waterfront $0.62 $1.05 $0.59 $0.56 $1.13 $0.55 $0.32 $1.27 $0.01 $0.12 $0.57 $6.79 Jersey City/Journal… $0.65 $1.16 $0.59 $0.62 $0.96 $0.45 $0.33 $0.92 $0.01 $0.12 $0.58 $6.39 Long Island City $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.66 $0.01 $0.39 $0.58 $11.26 Lower East Side $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Lower Manhattan $1.03 $1.99 $0.75 $0.30 $1.96 $2.33 $0.32 $6.10 $0.01 $0.39 $0.60 $15.78 Lower West Side $1.03 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.10 $0.01 $0.39 $0.59 $15.75 Middletown/Goshen $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 Midtown East $1.02 $2.01 $0.75 $0.30 $1.93 $2.33 $0.32 $5.20 $0.01 $0.39 $0.58 $14.84 Midtown South $1.02 $1.98 $0.75 $0.30 $2.08 $2.32 $0.32 $6.09 $0.01 $0.39 $0.58 $15.84 Midtown West $1.03 $1.98 $0.75 $0.30 $1.88 $2.33 $0.32 $2.24 $0.01 $0.39 $0.59 $11.82 Morningside Heights $0.94 $1.52 $0.75 $0.38 $1.60 $2.33 $0.34 $3.36 $0.01 $0.39 $0.60 $12.22 Murray Hill/Kips Bay $1.02 $1.98 $0.75 $0.30 $2.20 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.97 Newburgh $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 North Hudson County $0.62 $1.05 $0.59 $0.56 $1.13 $0.56 $0.32 $1.28 $0.01 $0.12 $0.57 $6.81 North Middlesex Co… $0.63 $1.11 $0.90 $0.60 $0.94 $0.56 $0.42 $1.44 $0.06 $0.12 $0.30 $7.08 North Ocean County $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 Northeast Queens $0.96 $1.49 $0.76 $0.55 $1.54 $2.35 $0.34 $3.05 $0.02 $0.40 $0.61 $12.07 Northwest Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.62 $0.01 $0.39 $0.57 $11.27 Northwestern Queens $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.23 Outlying Orange Co… $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 Passaic County $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $1.46 $0.01 $0.12 $0.57 $9.84 Prospect Park $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.68 $0.01 $0.39 $0.58 $11.34 Rockland County $0.92 $1.43 $0.75 $0.39 $1.53 $2.33 $0.34 $2.75 $0.01 $0.39 $0.58 $11.42 Roosevelt Island $1.02 $1.97 $0.75 $0.30 $2.48 $2.32 $0.32 $12.53 $0.01 $0.39 $0.57 $22.66 7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 151 Rent New York Multi-Family

1 & 2 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total South Bronx $0.92 $1.47 $0.75 $0.39 $1.54 $2.33 $0.34 $2.95 $0.01 $0.39 $0.60 $11.69 South Ocean County $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 South Shore Brooklyn $0.92 $1.44 $0.75 $0.39 $1.53 $2.32 $0.34 $2.70 $0.01 $0.39 $0.58 $11.37 South Shore Queens $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.58 $11.24 Southeast Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.29 Southeast Queens $0.94 $1.23 $0.75 $0.51 $1.53 $2.32 $0.34 $2.65 $0.01 $0.39 $0.58 $11.25 Southwest Brooklyn $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.70 $0.01 $0.39 $0.58 $11.36 Staten Island $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 Turnpike East $0.66 $1.18 $0.92 $0.61 $0.96 $0.56 $0.42 $1.44 $0.06 $0.12 $0.30 $7.23 Turnpike West $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 Upper East Side $1.04 $2.04 $0.75 $0.30 $2.35 $2.35 $0.32 $10.80 $0.01 $0.39 $0.60 $20.95 Upper Manhattan $0.93 $1.44 $0.75 $0.39 $1.54 $2.34 $0.34 $3.17 $0.01 $0.39 $0.61 $11.91 Upper West Side $1.03 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.10 $0.01 $0.39 $0.59 $15.75 Wayne County $0.94 $1.21 $0.75 $0.52 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.18 West Bronx $0.92 $1.44 $0.75 $0.39 $1.54 $2.33 $0.34 $2.98 $0.01 $0.39 $0.60 $11.69 Westchester County… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.25 Westchester County… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.68 $0.01 $0.39 $0.58 $11.34 White Plains $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.25 Williamsburg $0.93 $1.75 $0.75 $0.39 $1.54 $2.34 $0.34 $2.74 $0.02 $0.40 $0.58 $11.78 Yonkers/Mt Vernon… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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The coronavirus pandemic will delay the construction the velocity of office leasing at Hudson Yards, Long timelines of many underway projects. Although New York Island City's ease of access to the Far West Side and and New Jersey have lifted non-essential construction relatively affordable rents should help support demand at bans, and most projects were exempt to begin with, forthcoming deliveries. developments will still likely hit delays. Both states are mandating that social distancing be maintained on-site Development has also spread to New Jersey in this when possible and that worker shift times are staggered. cycle. More than 3,000 units are under construction in As we head into a recession, financial obstacles could the Jersey City/Journal Square Submarket. The KRE also hold up scheduled timelines. Group's Journal Squared in Downtown Jersey City is one of the most prominent developments. The first building, The market's excellent fundamentals and growth prior to consisting of 538 units, is open at more than 95% the pandemic have pushed developers out in full force, occupancy. Two additional high-rise phases will bring and nearly 60,000 units are under construction. This another 1,300 units to the submarket over the next few number leads all metros in the country, but is less years. More than 4,000 units are also under construction daunting when viewed as a percentage of the existing in Greater Hudson County, where development has been inventory. The underway units represent about 4% of the clustered around the PATH station in Harrison. existing inventory, which trails that of established markets like Boston, Washington, D.C., and Dallas. The Housing Stability and Tenant Protection Act, passed Development is concentrated on the periphery of in June 2019, increases obstacles for supply additions Manhattan, in emerging submarkets in Brooklyn and via the renovation route. A key component of the Queens, and in sections of New Jersey with strong legislation were caps placed on major capital transit options. improvements (MCI) and individual apartment improvements (IAI). Through MCIs and IAIs landlords of Long Island City is the centerpiece of the supply wave, properties with stabilized units could pass on the costs of with more than 4,000 units under construction. Three- building and unit upgrades through rent increases that quarters of these apartments are concentrated within a bring rents up to market-rate. These options still exist, half-mile radius of the Queensboro Plaza station, which but are now capped at much lower thresholds, which offers a 15-minute commute to Midtown, a 20-minute should limit the appeal of renovating properties and units commute to the new 7 line terminus at Hudson Yards, out of rent-stabilized status and into the market-rate and a 25-minute commute to Lower Manhattan. Given segment.

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DELIVERIES & DEMOLITIONS

7/10/2020 Copyrighted report licensed to CoStar Group - 1063194 Page 154 Under Construction Properties New York Multi-Family

Properties Units Percent of Inventory Avg. No. Units 698 56,703 4.0% 81

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner 5Pointz Apartments Heartland Development 1 1,122 48 Aug 2015 Aug 2020 22-44 Jackson Ave Heartland Development Sven The Durst Organization 2 958 63 Oct 2018 Feb 2021 29-55 Northern Blvd The Durst Organization Tower A Douglaston Development 3 931 62 Aug 2019 Sep 2023 601 W 29th St Douglaston Development Hunter's Point South - P… TF Cornerstone, Inc. 4 800 56 May 2019 Nov 2021 52-03 Center Blvd New York City Economic Develop… The Charlotte Roseland Property Company 5 750 60 Feb 2018 Dec 2021 25 Christopher Columbus Dr Roseland Property Company B4 Greenland USA 6 750 - Apr 2019 Jun 2022 18 Sixth Ave Greenland USA Greenpoint Landing - Bu… - 7 745 39 Oct 2019 Apr 2022 1 Eagle St Brookfield Asset Management, Inc.

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UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Hunter's Point South - P… Gotham Organization, Inc. 8 706 55 Jun 2019 Mar 2021 46-49 Center Blvd New York City Economic Develop… Journal Squared Phase II The KRE Group 9 704 70 Jul 2018 Feb 2021 615 Pavonia Ave The KRE Group Harbor Station South JMF Properties Group 10 651 7 Feb 2019 Nov 2020 300 Constitution Ave JMF Properties Group Church & Division St RXR Realty 11 650 28 Oct 2019 Apr 2022 RXR Realty Harrison Yards Eastone Equities LLC 12 640 4 Nov 2017 May 2022 700 Frank E Rodgers Blvd S Eastone Equities LLC 555 W 38th St Rockrose Development Corp. 13 598 52 Aug 2019 Apr 2023 Rockrose Development Corp. Hamilton Cove Hartz Mountain Industries, Inc. 14 573 14 Sep 2017 Sep 2021 800 Harbor Blvd Hartz Mountain Industries, Inc. 14 Lecount Pl L+M Development Partners, Inc. 15 511 27 Sep 2019 Apr 2021 Wilder Balter Partners, Inc. 351 Marin Blvd The KRE Group 16 507 38 Oct 2019 Dec 2021 The KRE Group MGM Marin Blvd Silverman 17 482 41 Dec 2019 Feb 2022 331 Marin Blvd Corporate Creations Network Inc. 61 Dekalb Ave Long Island University 18 476 34 Oct 2019 Apr 2021 61 DeKalb Ave Long Island University 277 North Ave Fisher Development Associates L… 19 452 23 Feb 2019 Jul 2021 Fisher Development Associates L… 2401 3rd Ave Brookfield Property Group 20 450 25 Nov 2019 Mar 2022 Brookfield Property Group Broadstone White Plains Lennar 21 434 15 May 2019 Jan 2021 131 Mamaroneck Ave Stillman Property Management The Arches CGS Builders Inc 22 430 25 Mar 2019 Aug 2020 198 E 135th St CGS Builders Inc 9 Dekalb Ave JDS Development Group 23 425 73 Apr 2019 May 2022 JDS Development Group Carraway Normandy Real Estate Partners 24 421 5 Aug 2018 Aug 2020 103-105 Corporate Park Dr Toll Brothers. Inc. The River Club- Phase I Saber Real Estate Advisors 25 421 5 Nov 2018 Aug 2020 238 W Fort Lee Rd Diversified Realty Advisors, LLC VYV South Tower Brookfield Properties Multifamily… 26 421 35 Nov 2018 Nov 2021 444 Warren St Brookfield Properties Multifamily… Hunter's Point South - P… Gotham Organization, Inc. 27 414 32 Apr 2020 Oct 2022 46-49 Center Blvd New York City Economic Develop… 65 Private Dr Halcyon Management Group, LLC 28 410 33 Jan 2020 Dec 2021 Halcyon Management Group, LLC

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Sales volume is on pace to decline in 2020, following a lead to a reduction in value-add plays for assets with 10-year run when sales volume averaged more than stabilized units in their mix. Landlords will now face $10 billion annually. The coronavirus pandemic has significant hurdles in order to de-stabilize units and the caused nearly unprecedented uncertainty in the market, investment market is already feeling the effects. and roughly $2.5 billion traded in the first half of the year. In one example, cited in a June Wall Street Journal Investment dropped off from 20Q1 to 20Q2, but a few article, the asking price on an East Village property was notable trades were still recorded in the midst of the slashed by 17% after the legislation passed. The listing pandemic. The two highest volume deals took place brokers had been advertising the opportunity to double outside of New York City. In April, Ginsburg the building's monthly rental income through Development Companies acquired the 74-unit Stratus destabilization, but that is no longer a realistic goal. on the Hudson in Yonkers from RMS Companies for Sales volume in 2019 for 1 & 2 Star assets hit its lowest $39.5 million. In May, Autumn Drive LLC acquired the mark since 2013. 216-unit Cascades at Tinton Falls from AvalonBay Communities for $64.9 million. Nonetheless, New York will always attract investment, and investors are shifting focus away from value-add Sales volume was increasingly driven by 4 & 5 Star plays. The supply wave has added plenty of institutional- assets over the last couple of years, as the Housing grade assets to the inventory, several of which consist Stability and Tenant Protection Act seemingly stifled entirely of market-rate units. One of the largest single- interest in value-add plays. In 2015's record-setting asset transactions in 2019 was the April sale of Soho sales volume, 4 & 5 Star deals accounted for less than Lofts in Jersey City for $263.8 million. Mack-Cali 10% of total sales volume. Since the start of 2018, 4 & 5 acquired the 377-unit high-rise from AEW Capital Star trades have driven about 30% of total sales volume. Management at a 4.6% cap rate. Soho Lofts delivered in November 2017 and consists entirely of market-rate The Housing Stability and Tenant Protection Act, passed units. The asset was 99% occupied at the time of in early June 2019, is expected to dampen liquidity in the closing. market. The controversial legislation will almost certainly

SALES VOLUME & MARKET SALE PRICE PER SF

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Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 1,057 $313 $8.7 2.8%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $94,792 $8,713,799 $2,341,667 $409,000,000

Price/Unit $6,060 $313,111 $211,340 $4,150,000

Cap Rate 2.5% 5.7% 5.5% 12.9%

Vacancy Rate At Sale -0.4% 2.8% 0% 100%

Time Since Sale in Months 0.0 6.9 6.9 12.0

Property Attributes Low Average Median High Property Size in Units 2 26 9 1,003

Number of Floors 1 4 4 50

Average Unit SF 0 780 772 4,920

Year Built 1800 1934 1928 2021

Star Rating 2.4

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RECENT SIGNIFICANT SALES

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

Liberty Towers 1 - 2003 648 4.6% 9/26/2019 $409,000,000 $631,172 $652 33 Hudson St Instrata NoMad 2 - 1998 392 1.0% 2/19/2020 $380,600,000 $970,918 $1,296 10 E 29th St The Heritage 3 - 1974 600 3.0% 10/23/2019 $340,000,000 $566,666 $500 1295 5th Ave Roosevelt Landings 4 - 1969 1003 0% 10/23/2019 $340,000,000 $338,983 $423 510 Main St The Olivia 5 - 2000 333 4.3% 3/31/2020 $200,032,355 $600,697 $898 315 W 33rd St The Peaks of Nanuet 6 - 1998 504 6.0% 11/7/2019 $180,250,000 $357,638 $296 100 Avalon Gardens Rd 220 E 72nd St 7 - 1929 147 1.4% 7/11/2019 $160,000,000 $1,088,435 $1,024

The Crest at Princeton Mead… 8 - 1984 704 4.0% 9/10/2019 $145,000,000 $205,965 $247 3217 Ravens Crest Dr 250 N 10 9 - 2014 234 2.1% 1/15/2020 $137,750,000 $588,675 $570 250 N 10th St The Parker 10 - 1972 64 3.1% 10/23/2019 $131,300,000 $2,051,562 $3,647 1880-1896 Lexington Ave The Miles 11 - 1974 341 0% 10/23/2019 $131,300,000 $385,043 $366 1982 Lexington Ave Multi-family 12 - 1962 133 2.3% 8/15/2019 $106,500,000 $800,751 $855 60-64 E 12th St 360-366 Amsterdam Ave 13 - 1929 131 0% 11/18/2019 $106,400,000 $812,213 $868

2 Cooper 14 - 2010 142 0% 8/15/2019 $83,875,000 $590,669 $689 2 Cooper Sq 123 Hope St 15 - 2019 136 0.7% 3/26/2020 $83,764,000 $615,911 $663

ONE William 16 - 2018 185 2.2% 8/27/2019 $83,600,000 $451,891 $1,200 1 William St 25 E 67th St 17 - 1926 53 1.9% 8/1/2019 $80,000,000 $1,509,433 $1,920

The Chocolate Factory 18 - 1890 125 0.8% 10/31/2019 $67,250,000 $538,000 $365 255-275 Park Ave The Cascades at Tinton Falls 19 - 2007 216 1.4% 5/15/2020 $64,900,000 $300,462 $252 100 Autumn Dr 30 East 68th Street 20 - 1925 32 0% 8/14/2019 $58,000,000 $1,812,500 $1,402 809-811 Madison Ave

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In response to the ongoing health crisis, stay-at-home The tourism industry has been one of the key casualties orders were enacted across the nation starting resulting of the pandemic. The number of jobs in New York in the in the immediate disruption for all businesses deemed food and beverage, hospitality, and entertainment sectors non-essential. While all states have instituted some that are supported by tourism spending surpasses phased reopening's, the effects are already evident. In 300,000. Nationwide, job losses of 7 million are projected June, the national unemployment rate stands at 11% in the restaurant industry, with a notable amount while more than 48 million initial unemployment claims occurring in the New York metro. Visitation figures rose have been filed since the end of March. to 67 million in 2019 while spending generated a total economic impact of $70 billion, with about $14 billion While New York City is typically better insulated than spent on lodging alone. These figures will sharply decline most areas to deal with an economic slowdown, the city's in 2020, as the city projects that hotel occupancies will density and reliance on mass transit will prove to be an be around 20% until July. Hotels and restaurants, along issue in terms of having restaurants and offices filled to with other adjacent businesses that relied heavily on capacity. As of July, New York is nearing its third phase tourism, have already permanently closed their doors as of reopening but has delayed the return of indoor dining a result. until further notice. And while workers can return to the office, many occupiers are opting to wait until Labor Day The job losses are not just limited to the retail and to begin the process as the ability to work-from-home hospitality sectors as New York City grapples with an has largely proved productive. unemployment rate of 18% as of May 2020. Office-using employment has declined sharply over the past three The restriction of travel; reduction of restaurant dining; months, effectively eliminating close to five years of job and closing of leisure sites, like museums and concert gains. This does not include the reduction of hours or venues, are expected to cause a drastic decline in tax salary cuts enacted by many of these businesses. revenue of up to $6 billion according to the New York City Comptroller. Real estate deal flow has been Speaking to the difficulty that lies ahead for commercial interrupted, causing tax revenue from commercial real estate, nearly 10,000 real estate jobs have been property sales to evaporate in tandem. The closure of eliminated in the month of April alone as firms attempt to newly opened retail locations; the Shops & Restaurants immediately cut costs in anticipation of declining at Hudson Yards and the American Dream at revenues over the next 12 months. Meadowlands Mall will place a dent in the fundamentals of the retail sector.

NEW YORK EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 161 0.3 -21.28% -21.40% -2.82% -1.32% 3.16% 4.29% Trade, Transportation and Utilities 890 0.9 -25.31% -24.16% -1.85% -1.55% 5.45% 5.50% Retail Trade 484 0.8 -24.96% -23.57% -1.86% -1.88% 5.59% 5.30% Financial Activities 553 1.5 -14.33% -12.52% -0.52% -0.08% 2.83% 3.17% Government 930 0.8 1.40% 1.80% -0.22% 0.10% 0.26% 0.39% Natural Resources, Mining and Construction 236 0.7 -16.06% -13.77% 1.56% 1.31% 3.26% 3.33% Education and Health Services 1,536 1.3 -0.59% 0.04% 2.80% 1.92% 1.37% 1.22% Professional and Business Services 1,059 1.2 -11.02% -10.55% 1.56% 1.30% 2.73% 3.03% Information 235 1.8 -9.29% -6.17% 0.79% -0.11% 2.06% 1.98% Leisure and Hospitality 596 0.9 -15.26% -14.15% 1.55% 0.86% 4.09% 3.59% Other Services 259 1.1 -16.43% -16.85% -0.20% -0.84% 3.81% 3.48% Total Employment 6,245 1.0 -13.84% -14.22% 0.26% -0.09% 3.21% 3.50% Source: Oxford Economics LQ = Location Quotient

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YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro U.S. Metro U.S. Metro U.S. Metro U.S. Population 14,186,283 329,659,219 0% 0.5% 0.2% 0.6% 0.1% 0.5% Households 5,266,549 122,405,648 -0.1% 0.4% 0.3% 0.7% 0% 0.4% Median Household Income $73,095 $63,251 -1.0% -0.1% 2.4% 2.4% 3.4% 3.2% Labor Force 6,926,430 154,706,531 -1.7% -5.0% 0.1% 0% 0.6% 1.5% Unemployment 3.9% 3.8% 0% 0.2% -0.5% -0.6% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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NEW YORK SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction as % of Inventory

No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank 1 Bergen County Waterfront 265 12,450 0.9% 41 3 234 1.9% 22 3 163 1.3% 46 2 Bushwick 3,110 40,151 2.9% 10 21 861 2.1% 6 79 2,114 5.3% 10 3 Central Queens 1,663 42,974 3.1% 8 6 336 0.8% 15 29 1,322 3.1% 18 4 Chelsea 598 24,636 1.8% 23 2 59 0.2% 34 9 2,347 9.5% 9 5 Downtown Brooklyn 713 20,529 1.5% 28 0 0 0% - 18 2,813 13.7% 4 6 East Bronx 674 17,387 1.2% 33 2 21 0.1% 40 4 128 0.7% 50 7 East Harlem 712 19,047 1.4% 30 1 81 0.4% 32 15 1,404 7.4% 17 8 East Monmouth County 526 22,723 1.6% 25 3 232 1.0% 23 5 242 1.1% 40 9 East New York 509 8,393 0.6% 48 1 9 0.1% 42 14 241 2.9% 41 10 East Village 1,062 34,279 2.5% 13 0 0 0% - 8 123 0.4% 53 11 Financial District 101 14,831 1.1% 38 0 0 0% - 2 554 3.7% 28 12 Flatbush 1,555 56,984 4.1% 3 21 1,250 2.2% 4 41 1,535 2.7% 16 13 Greater Bergen County 386 22,233 1.6% 26 4 423 1.9% 14 9 800 3.6% 23 14 Greater Hudson County 1,678 26,083 1.9% 20 19 2,053 7.9% 1 20 3,231 12.4% 2 15 Hackensack/Teaneck 202 11,911 0.9% 43 2 278 2.3% 16 10 1,750 14.7% 13 16 Harlem 1,815 42,365 3.0% 9 4 105 0.2% 29 12 554 1.3% 28 17 Hoboken 459 9,565 0.7% 45 8 469 4.9% 12 1 43 0.4% 55 18 Jersey City Waterfront 203 21,024 1.5% 27 4 256 1.2% 20 10 2,775 13.2% 5 19 Jersey City/Journal Square 602 15,750 1.1% 37 12 1,538 9.8% 3 22 2,606 16.5% 7 20 Long Island City 231 17,640 1.3% 32 7 622 3.5% 9 23 5,275 29.9% 1 21 Lower East Side 699 14,217 1.0% 39 1 6 0% 44 8 490 3.4% 31 22 Lower Manhattan 436 7,735 0.6% 52 1 5 0.1% 45 0 0 0% - 23 Lower West Side 1,252 31,545 2.3% 15 0 8 0% 43 11 223 0.7% 42 24 Middletown/Goshen 41 3,997 0.3% 55 1 57 1.4% 35 0 0 0% - 25 Midtown East 312 13,898 1.0% 40 0 56 0.4% 36 4 563 4.1% 27 26 Midtown South 419 16,683 1.2% 35 0 0 0% - 8 384 2.3% 32 27 Midtown West 649 31,418 2.3% 16 0 0 0% - 3 131 0.4% 49 28 Morningside Heights 82 3,578 0.3% 57 0 0 0% - 1 70 2.0% 54 29 Murray Hill/Kips Bay 383 20,153 1.4% 29 1 37 0.2% 37 2 125 0.6% 51 30 Newburgh 50 1,441 0.1% 60 1 164 11.4% 26 1 18 1.2% 56 31 North Hudson County 1,018 18,184 1.3% 31 5 118 0.6% 28 11 1,614 8.9% 15 32 North Middlesex County 419 30,439 2.2% 17 9 605 2.0% 10 8 961 3.2% 22 33 North Ocean County 109 9,797 0.7% 44 0 0 0% - 3 693 7.1% 24 34 Northeast Queens 577 25,244 1.8% 22 5 84 0.3% 31 24 1,038 4.1% 20 35 Northwest Bronx 168 9,044 0.6% 46 0 0 0% - 3 140 1.5% 48 36 Northwestern Queens 1,791 37,177 2.7% 11 9 253 0.7% 21 27 1,097 3.0% 19 37 Outlying Orange County 90 3,609 0.3% 56 0 0 0% - 0 0 0% - 38 Passaic County 594 17,353 1.2% 34 10 266 1.5% 19 5 274 1.6% 37 39 Prospect Park 2,654 53,947 3.9% 6 6 92 0.2% 30 31 2,493 4.6% 8 40 Rockland County 197 7,839 0.6% 51 3 425 5.4% 13 1 191 2.4% 44 41 Roosevelt Island 5 3,115 0.2% 58 0 0 0% - 0 0 0% - 42 South Bronx 1,622 56,866 4.1% 4 7 275 0.5% 18 27 1,904 3.3% 12

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction as % of Inventory

No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank 43 South Ocean County 8 823 0.1% 61 0 0 0% - 1 144 17.5% 47 44 South Shore Brooklyn 695 29,777 2.1% 18 8 669 2.2% 8 15 595 2.0% 25 45 South Shore Queens 143 8,034 0.6% 50 0 0 0% - 2 307 3.8% 36 46 Southeast Bronx 736 25,855 1.9% 21 2 79 0.3% 33 5 360 1.4% 33 47 Southeast Queens 558 24,149 1.7% 24 6 499 2.1% 11 27 1,990 8.2% 11 48 Southwest Brooklyn 1,820 35,908 2.6% 12 6 133 0.4% 27 16 516 1.4% 30 49 Staten Island 313 8,811 0.6% 47 0 0 0% - 5 168 1.9% 45 50 Turnpike East 78 12,246 0.9% 42 0 0 0% - 1 252 2.1% 39 51 Turnpike West 173 15,755 1.1% 36 2 276 1.8% 17 2 266 1.7% 38 52 Upper East Side 1,824 57,786 4.1% 2 (1) 0 0% - 6 322 0.6% 35 53 Upper Manhattan 1,299 53,254 3.8% 7 1 22 0% 39 3 124 0.2% 52 54 Upper West Side 1,964 56,190 4.0% 5 2 690 1.2% 7 5 345 0.6% 34 55 West Bronx 2,320 88,279 6.3% 1 7 202 0.2% 24 29 1,633 1.8% 14 56 West Monmouth County 23 2,131 0.2% 59 0 0 0% - 0 0 0% - 57 Westchester County North 222 7,138 0.5% 53 1 23 0.3% 38 3 585 8.2% 26 58 Westchester County South 157 8,123 0.6% 49 1 189 2.3% 25 3 214 2.6% 43 59 White Plains 104 4,426 0.3% 54 1 14 0.3% 41 4 1,032 23.3% 21 60 Williamsburg 1,979 31,720 2.3% 14 17 1,608 5.1% 2 45 2,837 8.9% 3 61 Yonkers/Mt Vernon/New… 1,010 27,666 2.0% 19 7 1,156 4.2% 5 12 2,696 9.7% 6

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SUBMARKET RENT

Asking Rents Effective Rents

No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank 1 Bergen County Waterfront $2,497 $2.62 33 0.1% $2,482 $2.60 33 1.1% 0.6% 23 2 Bushwick $2,570 $3.37 22 1.0% $2,541 $3.36 22 2.1% 1.1% 8 3 Central Queens $2,014 $2.67 31 0.8% $2,007 $2.66 31 0.8% 0.4% 45 4 Chelsea $4,300 $6.11 3 -2.2% $4,281 $6.08 3 -0.6% 0.4% 36 5 Downtown Brooklyn $3,704 $5.01 14 -1.9% $3,680 $4.98 14 -0.9% 0.7% 18 6 East Bronx $1,454 $2.00 46 1.9% $1,449 $2.00 46 1.9% 0.4% 47 7 East Harlem $2,938 $4.04 18 0.6% $2,924 $4.02 18 0.6% 0.5% 29 8 East Monmouth County $1,587 $1.82 52 2.7% $1,579 $1.82 52 3.1% 0.5% 34 9 East New York $1,304 $1.81 53 0.8% $1,299 $1.80 53 1.2% 0.4% 40 10 East Village $4,207 $5.03 13 -0.3% $4,193 $5.01 13 -0.3% 0.3% 55 11 Financial District $4,186 $5.51 8 -2.6% $4,170 $5.49 8 -0.2% 0.4% 42 12 Flatbush $1,889 $2.66 32 0.4% $1,881 $2.65 32 0.3% 0.4% 37 13 Greater Bergen County $1,768 $2.21 43 0.8% $1,759 $2.20 42 0.8% 0.5% 26 14 Greater Hudson County $2,036 $2.39 39 0.9% $1,996 $2.34 40 0.3% 2.0% 4 15 Hackensack/Teaneck $1,702 $2.08 45 0.6% $1,685 $2.06 45 0.4% 1.0% 15 16 Harlem $2,251 $3.08 24 1.0% $2,240 $3.06 24 0.9% 0.5% 27 17 Hoboken $3,530 $3.58 20 -0.5% $3,444 $3.49 20 -2.5% 2.4% 3 18 Jersey City Waterfront $3,276 $3.59 19 -1.7% $3,229 $3.55 19 -2.0% 1.4% 6 19 Jersey City/Journal Square $2,157 $2.90 27 -2.4% $2,082 $2.80 27 -5.2% 3.5% 1 20 Long Island City $3,708 $4.88 16 0.1% $3,669 $4.83 16 0.1% 1.0% 11 21 Lower East Side $3,704 $5.36 10 0.3% $3,603 $5.19 12 -1.7% 2.7% 2 22 Lower Manhattan $3,449 $5.67 6 -0.2% $3,438 $5.65 5 -0.1% 0.3% 56 23 Lower West Side $4,775 $6.36 1 -0.6% $4,742 $6.32 1 -0.8% 0.7% 17 24 Middletown/Goshen $1,533 $1.68 57 5.2% $1,523 $1.67 57 5.0% 0.6% 22 25 Midtown East $4,255 $5.69 5 -0.8% $4,213 $5.64 6 -0.7% 1.0% 14 26 Midtown South $4,293 $6.29 2 -3.0% $4,257 $6.23 2 -2.8% 0.8% 16 27 Midtown West $4,038 $5.55 7 -2.8% $4,021 $5.52 7 -1.8% 0.4% 38 28 Morningside Heights $4,084 $5.24 12 -0.3% $4,071 $5.23 11 0% 0.3% 57 29 Murray Hill/Kips Bay $4,186 $5.43 9 -3.7% $4,167 $5.40 9 -3.7% 0.5% 31 30 Newburgh $1,656 $1.93 48 3.7% $1,652 $1.92 48 4.3% 0.2% 60 31 North Hudson County $2,567 $2.83 28 -2.6% $2,539 $2.80 28 -2.3% 1.1% 9 32 North Middlesex County $1,661 $1.73 56 1.8% $1,650 $1.72 56 2.9% 0.6% 19 33 North Ocean County $1,369 $1.47 60 1.9% $1,364 $1.47 60 2.1% 0.3% 53 34 Northeast Queens $1,867 $2.49 35 0.9% $1,859 $2.48 35 1.1% 0.4% 35 35 Northwest Bronx $2,303 $2.93 26 1.9% $2,292 $2.92 26 1.9% 0.5% 33 36 Northwestern Queens $2,126 $3.08 23 2.1% $2,119 $3.07 23 2.3% 0.3% 51 37 Outlying Orange County $1,396 $1.59 58 0.7% $1,391 $1.58 58 0.8% 0.3% 49 38 Passaic County $1,553 $1.91 50 1.5% $1,548 $1.90 50 2.0% 0.3% 48 39 Prospect Park $2,519 $3.38 21 1.3% $2,511 $3.37 21 2.1% 0.3% 52 40 Rockland County $1,926 $2.08 44 1.5% $1,914 $2.07 44 1.8% 0.6% 21 41 Roosevelt Island $3,693 $4.45 17 -4.2% $3,680 $4.44 17 -3.5% 0.4% 46 42 South Bronx $1,396 $1.86 51 1.3% $1,392 $1.86 51 1.3% 0.3% 54

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SUBMARKET RENT

Asking Rents Effective Rents

No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank 43 South Ocean County $1,563 $1.39 61 0.7% $1,559 $1.39 61 1.4% 0.2% 61 44 South Shore Brooklyn $1,824 $2.47 36 0.8% $1,798 $2.43 36 -0.4% 1.4% 7 45 South Shore Queens $1,586 $2.24 41 1.2% $1,582 $2.23 41 4.9% 0.2% 59 46 Southeast Bronx $1,518 $1.95 47 0.9% $1,513 $1.95 47 0.9% 0.3% 50 47 Southeast Queens $1,810 $2.53 34 0.6% $1,792 $2.50 34 -0.1% 1.0% 12 48 Southwest Brooklyn $1,686 $2.37 40 0.8% $1,680 $2.36 39 0.8% 0.4% 44 49 Staten Island $1,734 $2.40 38 3.7% $1,725 $2.39 38 5.4% 0.5% 30 50 Turnpike East $1,476 $1.58 59 0.1% $1,469 $1.57 59 0.5% 0.5% 32 51 Turnpike West $1,649 $1.79 54 0.2% $1,633 $1.77 54 1.9% 1.0% 13 52 Upper East Side $4,099 $5.29 11 -0.2% $4,084 $5.27 10 -0.1% 0.4% 41 53 Upper Manhattan $2,046 $2.68 30 0.9% $2,038 $2.67 30 0.8% 0.4% 43 54 Upper West Side $4,709 $5.85 4 -1.5% $4,682 $5.82 4 -1.4% 0.6% 24 55 West Bronx $1,458 $1.91 49 1.0% $1,453 $1.91 49 1.1% 0.3% 58 56 West Monmouth County $1,826 $1.77 55 -0.9% $1,818 $1.76 55 1.3% 0.4% 39 57 Westchester County North $2,009 $2.22 42 1.4% $1,987 $2.19 43 1.1% 1.1% 10 58 Westchester County South $2,554 $2.74 29 1.5% $2,541 $2.73 29 1.9% 0.5% 28 59 White Plains $2,526 $2.96 25 -4.9% $2,510 $2.94 25 -5.0% 0.6% 20 60 Williamsburg $3,628 $4.90 15 0% $3,608 $4.88 15 2.3% 0.6% 25 61 Yonkers/Mt Vernon/New… $1,996 $2.45 37 1.1% $1,961 $2.41 37 1.0% 1.8% 5

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SUBMARKET VACANCY & ABSORPTION

Vacancy 12 Month Absorption

No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio 1 Bergen County Waterfront 704 5.7% 56 55 0.4% 27 2.4 2 Bushwick 1,091 2.7% 30 909 2.3% 5 0.8 3 Central Queens 785 1.8% 16 193 0.4% 19 1.7 4 Chelsea 640 2.6% 26 (88) -0.4% 54 - 5 Downtown Brooklyn 607 3.0% 34 48 0.2% 31 - 6 East Bronx 200 1.1% 5 (43) -0.2% 48 - 7 East Harlem 633 3.3% 41 (22) -0.1% 44 - 8 East Monmouth County 639 2.8% 32 215 0.9% 17 0.9 9 East New York 76 0.9% 2 (22) -0.3% 45 - 10 East Village 433 1.3% 8 (29) -0.1% 46 - 11 Financial District 284 1.9% 18 28 0.2% 33 - 12 Flatbush 891 1.6% 13 1,076 1.9% 4 1.0 13 Greater Bergen County 694 3.1% 38 240 1.1% 15 1.8 14 Greater Hudson County 2,174 8.3% 60 1,782 6.8% 1 1.0 15 Hackensack/Teaneck 381 3.2% 39 304 2.6% 11 0.9 16 Harlem 1,135 2.7% 28 10 0% 37 9.2 17 Hoboken 608 6.4% 59 193 2.0% 20 0.5 18 Jersey City Waterfront 1,224 5.8% 57 (49) -0.2% 49 - 19 Jersey City/Journal Square 882 5.6% 55 1,201 7.6% 3 1.1 20 Long Island City 547 3.1% 37 454 2.6% 8 1.4 21 Lower East Side 390 2.7% 31 (17) -0.1% 43 - 22 Lower Manhattan 91 1.2% 7 7 0.1% 38 - 23 Lower West Side 648 2.1% 20 (246) -0.8% 61 - 24 Middletown/Goshen 99 2.5% 25 53 1.3% 29 1.1 25 Midtown East 275 2.0% 19 (3) 0% 41 - 26 Midtown South 739 4.4% 48 (164) -1.0% 58 - 27 Midtown West 702 2.2% 22 (191) -0.6% 59 - 28 Morningside Heights 146 4.1% 44 74 2.1% 25 - 29 Murray Hill/Kips Bay 532 2.6% 27 2 0% 40 15.5 30 Newburgh 132 9.1% 61 54 3.8% 28 3.0 31 North Hudson County 828 4.6% 49 149 0.8% 21 0.7 32 North Middlesex County 1,330 4.4% 47 260 0.9% 12 1.4 33 North Ocean County 238 2.4% 24 4 0% 39 - 34 Northeast Queens 379 1.5% 12 31 0.1% 32 2.7 35 Northwest Bronx 210 2.3% 23 (56) -0.6% 51 - 36 Northwestern Queens 405 1.1% 4 194 0.5% 18 1.3 37 Outlying Orange County 151 4.2% 45 (76) -2.1% 52 - 38 Passaic County 505 2.9% 33 146 0.8% 22 1.8 39 Prospect Park 994 1.8% 17 306 0.6% 10 0.2 40 Rockland County 236 3.0% 36 400 5.1% 9 0.8 41 Roosevelt Island 43 1.4% 9 (9) -0.3% 42 - 42 South Bronx 559 1.0% 3 217 0.4% 16 0.9

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SUBMARKET VACANCY & ABSORPTION

Vacancy 12 Month Absorption

No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio 43 South Ocean County 12 1.4% 11 12 1.4% 36 - 44 South Shore Brooklyn 415 1.4% 10 462 1.6% 7 1.4 45 South Shore Queens 278 3.5% 42 (117) -1.5% 55 - 46 Southeast Bronx 410 1.6% 14 (86) -0.3% 53 - 47 Southeast Queens 655 2.7% 29 257 1.1% 13 1.9 48 Southwest Brooklyn 792 2.2% 21 49 0.1% 30 2.5 49 Staten Island 288 3.3% 40 (139) -1.6% 56 - 50 Turnpike East 655 5.3% 53 (208) -1.7% 60 - 51 Turnpike West 933 5.9% 58 (52) -0.3% 50 - 52 Upper East Side 980 1.7% 15 (159) -0.3% 57 - 53 Upper Manhattan 621 1.2% 6 25 0% 35 0.9 54 Upper West Side 1,672 3.0% 35 248 0.4% 14 2.8 55 West Bronx 667 0.8% 1 111 0.1% 23 1.7 56 West Monmouth County 114 5.3% 52 98 4.6% 24 - 57 Westchester County North 398 5.6% 54 (34) -0.5% 47 - 58 Westchester County South 323 4.0% 43 62 0.8% 26 3.0 59 White Plains 191 4.3% 46 27 0.6% 34 0.5 60 Williamsburg 1,687 5.3% 50 1,267 4.0% 2 1.0 61 Yonkers/Mt Vernon/New… 1,475 5.3% 51 764 2.8% 6 0.8

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OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 1,469,391 14,898 1.0% 15,701 1.1% 0.9 2023 1,454,493 16,230 1.1% 16,940 1.2% 1.0 2022 1,438,263 15,092 1.1% 15,955 1.1% 0.9 2021 1,423,171 17,420 1.2% 10,956 0.8% 1.6 2020 1,405,751 17,338 1.2% 7,046 0.5% 2.5 YTD 1,396,569 8,156 0.6% 4,068 0.3% 2.0 2019 1,388,413 18,892 1.4% 20,646 1.5% 0.9 2018 1,369,521 21,910 1.6% 27,136 2.0% 0.8 2017 1,347,611 25,308 1.9% 22,729 1.7% 1.1 2016 1,322,303 15,366 1.2% 19,376 1.5% 0.8 2015 1,306,937 14,010 1.1% 12,113 0.9% 1.2 2014 1,292,927 11,400 0.9% 11,825 0.9% 1.0 2013 1,281,527 8,952 0.7% 10,558 0.8% 0.8 2012 1,272,575 7,006 0.6% 8,993 0.7% 0.8 2011 1,265,569 6,755 0.5% 6,827 0.5% 1.0 2010 1,258,814 8,799 0.7% 10,067 0.8% 0.9 2009 1,250,015 10,230 0.8% 10,344 0.8% 1.0 2008 1,239,785 7,755 0.6% 4,210 0.3% 1.8

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 283,650 13,812 5.1% 12,897 4.5% 1.1 2023 269,838 12,108 4.7% 12,044 4.5% 1.0 2022 257,730 12,290 5.0% 15,070 5.8% 0.8 2021 245,440 14,353 6.2% 11,749 4.8% 1.2 2020 231,087 14,229 6.6% 7,665 3.3% 1.9 YTD 222,539 5,681 2.6% 4,134 1.9% 1.4 2019 216,858 13,795 6.8% 14,975 6.9% 0.9 2018 203,063 18,694 10.1% 20,487 10.1% 0.9 2017 184,369 23,128 14.3% 19,907 10.8% 1.2 2016 161,241 12,408 8.3% 14,066 8.7% 0.9 2015 148,833 13,236 9.8% 9,492 6.4% 1.4 2014 135,597 10,409 8.3% 9,411 6.9% 1.1 2013 125,188 7,900 6.7% 6,736 5.4% 1.2 2012 117,288 4,414 3.9% 5,253 4.5% 0.8 2011 112,874 5,739 5.4% 5,858 5.2% 1.0 2010 107,135 7,719 7.8% 7,033 6.6% 1.1 2009 99,416 7,501 8.2% 6,948 7.0% 1.1 2008 91,915 4,394 5.0% 4,459 4.9% 1.0

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3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 522,780 1,432 0.3% 2,778 0.5% 0.5 2023 521,348 4,454 0.9% 4,536 0.9% 1.0 2022 516,894 2,997 0.6% 2,042 0.4% 1.5 2021 513,897 3,395 0.7% 1,442 0.3% 2.4 2020 510,502 3,238 0.6% 1,951 0.4% 1.7 YTD 509,744 2,480 0.5% 1,545 0.3% 1.6 2019 507,264 5,016 1.0% 4,211 0.8% 1.2 2018 502,248 3,383 0.7% 4,880 1.0% 0.7 2017 498,865 2,252 0.5% 2,260 0.5% 1.0 2016 496,613 2,988 0.6% 4,009 0.8% 0.7 2015 493,625 1,042 0.2% 1,703 0.3% 0.6 2014 492,583 1,195 0.2% 1,634 0.3% 0.7 2013 491,388 1,213 0.2% 2,628 0.5% 0.5 2012 490,175 1,616 0.3% 1,932 0.4% 0.8 2011 488,559 988 0.2% 958 0.2% 1.0 2010 487,571 1,086 0.2% 2,095 0.4% 0.5 2009 486,485 2,515 0.5% 2,890 0.6% 0.9 2008 483,970 2,817 0.6% 1,327 0.3% 2.1

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 662,961 (346) -0.1% 26 0% - 2023 663,307 (332) -0.1% 360 0.1% - 2022 663,639 (195) 0% (1,157) -0.2% 0.2 2021 663,834 (328) 0% (2,235) -0.3% 0.1 2020 664,162 (129) 0% (2,570) -0.4% 0.1 YTD 664,286 (5) 0% (1,611) -0.2% 0 2019 664,291 81 0% 1,460 0.2% 0.1 2018 664,210 (167) 0% 1,769 0.3% - 2017 664,377 (72) 0% 562 0.1% - 2016 664,449 (30) 0% 1,301 0.2% 0 2015 664,479 (268) 0% 918 0.1% - 2014 664,747 (204) 0% 780 0.1% - 2013 664,951 (161) 0% 1,194 0.2% - 2012 665,112 976 0.1% 1,808 0.3% 0.5 2011 664,136 28 0% 11 0% 2.5 2010 664,108 (6) 0% 939 0.1% 0 2009 664,114 214 0% 506 0.1% 0.4 2008 663,900 544 0.1% (1,576) -0.2% -

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OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 47,393 3.2% (0.1) $2,915 $3.73 0.7% (0.3) $2,896 $3.71 2023 48,195 3.3% (0.1) $2,895 $3.71 1.0% (1.3) $2,876 $3.68 2022 48,905 3.4% (0.1) $2,866 $3.67 2.3% (6.6) $2,847 $3.65 2021 49,767 3.5% 0.4 $2,802 $3.59 8.9% 17.2 $2,783 $3.57 2020 43,302 3.1% 0.7 $2,573 $3.30 -8.3% (10.7) $2,556 $3.28 YTD 36,825 2.6% 0.3 $2,790 $3.47 -0.6% (3.0) $2,770 $3.45 2019 32,691 2.4% (0.2) $2,807 $3.50 2.4% (0.2) $2,789 $3.48 2018 34,399 2.5% (0.4) $2,742 $3.42 2.5% 1.1 $2,709 $3.37 2017 39,564 2.9% 0.1 $2,674 $3.33 1.5% 0 $2,628 $3.27 2016 36,951 2.8% (0.3) $2,635 $3.28 1.5% (1.7) $2,602 $3.24 2015 40,921 3.1% 0.1 $2,595 $3.23 3.3% 0.5 $2,569 $3.20 2014 38,890 3.0% (0.1) $2,514 $3.13 2.7% 0.5 $2,491 $3.10 2013 39,293 3.1% (0.1) $2,447 $3.04 2.2% 0.7 $2,426 $3.02 2012 40,891 3.2% (0.2) $2,395 $2.98 1.5% 0.4 $2,382 $2.96 2011 42,873 3.4% 0 $2,360 $2.93 1.1% (2.5) $2,347 $2.92 2010 42,947 3.4% (0.1) $2,335 $2.90 3.6% 12.2 $2,323 $2.89 2009 44,211 3.5% 0 $2,255 $2.80 -8.7% (7.4) $2,243 $2.79 2008 44,321 3.6% 0.3 $2,469 $3.07 -1.3% - $2,457 $3.05

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 17,083 6.0% 0 $3,908 $4.81 0.5% (0.3) $3,872 $4.77 2023 16,168 6.0% (0.3) $3,886 $4.79 0.9% (1.3) $3,851 $4.74 2022 16,105 6.2% (1.4) $3,853 $4.74 2.2% (6.6) $3,817 $4.70 2021 18,884 7.7% 0.6 $3,770 $4.64 8.7% 18.3 $3,735 $4.60 2020 16,281 7.0% 2.5 $3,467 $4.27 -9.5% (12.3) $3,435 $4.23 YTD 11,536 5.2% 0.6 $3,779 $4.45 -1.4% (4.2) $3,740 $4.40 2019 9,904 4.6% (0.9) $3,833 $4.52 2.8% (0.1) $3,800 $4.48 2018 11,055 5.4% (1.5) $3,729 $4.39 2.9% 1.4 $3,659 $4.31 2017 12,825 7.0% 1.0 $3,622 $4.27 1.6% 0.9 $3,525 $4.15 2016 9,597 6.0% (1.6) $3,567 $4.21 0.6% (2.4) $3,502 $4.13 2015 11,253 7.6% 2.0 $3,545 $4.18 3.1% (0.3) $3,489 $4.12 2014 7,483 5.5% 0.3 $3,439 $4.06 3.4% 0.7 $3,397 $4.01 2013 6,476 5.2% 0.6 $3,327 $3.93 2.7% 1.0 $3,285 $3.88 2012 5,311 4.5% (0.9) $3,240 $3.82 1.7% 0.5 $3,221 $3.80 2011 6,147 5.4% (0.4) $3,184 $3.75 1.2% (2.4) $3,165 $3.73 2010 6,266 5.8% 0.2 $3,147 $3.71 3.6% 12.5 $3,126 $3.69 2009 5,579 5.6% 0.1 $3,038 $3.58 -8.9% (7.5) $3,020 $3.56 2008 5,023 5.5% (0.3) $3,337 $3.93 -1.4% - $3,319 $3.91

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3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 14,149 2.7% (0.3) $2,788 $3.44 0.8% (0.3) $2,774 $3.42 2023 15,495 3.0% 0 $2,765 $3.41 1.1% (1.3) $2,751 $3.39 2022 15,576 3.0% 0.2 $2,735 $3.38 2.4% (6.6) $2,722 $3.36 2021 14,621 2.8% 0.4 $2,672 $3.30 9.0% 16.7 $2,658 $3.28 2020 12,667 2.5% 0.3 $2,452 $3.03 -7.8% (10.1) $2,439 $3.01 YTD 11,875 2.3% 0.2 $2,650 $3.22 -0.3% (2.6) $2,637 $3.21 2019 10,979 2.2% 0.1 $2,658 $3.23 2.4% (0.3) $2,645 $3.22 2018 10,157 2.0% (0.3) $2,596 $3.16 2.6% 1.2 $2,573 $3.13 2017 11,638 2.3% 0 $2,530 $3.07 1.4% (0.7) $2,499 $3.03 2016 11,638 2.3% (0.2) $2,494 $3.03 2.1% (1.5) $2,469 $3.00 2015 12,642 2.6% (0.1) $2,441 $2.96 3.7% 1.1 $2,425 $2.94 2014 13,285 2.7% (0.1) $2,355 $2.85 2.6% 0.5 $2,338 $2.83 2013 13,712 2.8% (0.3) $2,295 $2.78 2.1% 0.5 $2,281 $2.76 2012 15,121 3.1% (0.1) $2,248 $2.72 1.6% 0.5 $2,237 $2.71 2011 15,436 3.2% 0 $2,212 $2.68 1.2% (2.7) $2,201 $2.67 2010 15,407 3.2% (0.2) $2,186 $2.65 3.9% 12.5 $2,176 $2.64 2009 16,415 3.4% (0.1) $2,105 $2.55 -8.7% (7.5) $2,094 $2.54 2008 16,789 3.5% 0.3 $2,305 $2.79 -1.2% - $2,293 $2.78

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 16,161 2.4% (0.1) $2,040 $2.80 0.8% (0.3) $2,032 $2.79 2023 16,532 2.5% (0.1) $2,023 $2.78 1.1% (1.3) $2,015 $2.77 2022 17,224 2.6% 0.1 $2,001 $2.75 2.4% (6.6) $1,994 $2.74 2021 16,262 2.4% 0.3 $1,955 $2.68 9.0% 15.9 $1,947 $2.67 2020 14,354 2.2% 0.4 $1,794 $2.46 -6.9% (8.4) $1,787 $2.45 YTD 13,413 2.0% 0.2 $1,935 $2.62 0.4% (1.0) $1,928 $2.60 2019 11,809 1.8% (0.2) $1,927 $2.60 1.4% (0.2) $1,919 $2.59 2018 13,187 2.0% (0.3) $1,900 $2.57 1.6% 0.2 $1,890 $2.55 2017 15,100 2.3% (0.1) $1,869 $2.52 1.5% (0.8) $1,859 $2.51 2016 15,716 2.4% (0.2) $1,842 $2.48 2.3% (0.6) $1,833 $2.47 2015 17,026 2.6% (0.2) $1,802 $2.43 2.9% 1.3 $1,793 $2.42 2014 18,122 2.7% (0.1) $1,751 $2.36 1.6% 0.2 $1,742 $2.35 2013 19,105 2.9% (0.2) $1,723 $2.32 1.4% 0.8 $1,715 $2.31 2012 20,459 3.1% (0.1) $1,700 $2.29 0.6% 0 $1,691 $2.28 2011 21,290 3.2% 0 $1,689 $2.27 0.6% (2.5) $1,681 $2.26 2010 21,274 3.2% (0.1) $1,679 $2.26 3.1% 11.2 $1,671 $2.25 2009 22,217 3.3% 0 $1,630 $2.19 -8.1% (7.0) $1,621 $2.18 2008 22,509 3.4% 0.3 $1,774 $2.39 -1.1% - $1,765 $2.38

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$400,229 218 4.6% 2023 ------$400,114 218 4.6% 2022 ------$397,094 217 4.6% 2021 ------$362,700 198 4.7% 2020 ------$353,318 193 4.8% YTD 427 $2.6B 0.6% $7,671,682 $290,594 5.6% $402,849 220 4.5% 2019 1,505 $10B 2.2% $8,462,406 $329,023 5.6% $404,947 221 4.5% 2018 2,010 $13.1B 2.8% $8,595,809 $336,258 5.3% $389,739 213 4.5% 2017 1,991 $9.5B 2.6% $6,734,868 $272,747 5.1% $382,098 208 4.5% 2016 2,284 $15B 3.7% $8,101,548 $305,463 5.1% $361,774 197 4.6% 2015 2,458 $19.8B 4.9% $9,282,060 $311,561 5.4% $331,952 181 4.7% 2014 2,412 $11.9B 4.2% $5,606,857 $218,009 5.8% $301,907 165 4.9% 2013 2,266 $10.8B 3.5% $5,720,600 $242,444 6.5% $270,912 148 5.2% 2012 1,948 $8.2B 4.2% $5,294,483 $152,958 6.9% $260,975 142 5.2% 2011 1,235 $6B 2.3% $5,710,052 $209,782 6.9% $247,794 135 5.2% 2010 986 $3.5B 1.8% $3,886,346 $154,670 7.0% $224,017 122 5.4% 2009 808 $1.8B 1.3% $2,400,789 $111,116 7.2% $166,442 91 6.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$712,499 217 4.1% 2023 ------$710,628 216 4.1% 2022 ------$706,172 215 4.1% 2021 ------$644,226 196 4.2% 2020 ------$627,967 191 4.3% YTD 20 $1B 1.1% $68,330,844 $436,712 4.7% $718,604 219 4.0% 2019 42 $2.3B 2.2% $67,138,682 $486,720 5.1% $727,978 221 4.0% 2018 50 $3.9B 4.0% $100,569,931 $485,484 5.1% $702,295 214 4.0% 2017 34 $1.7B 1.6% $57,287,204 $556,000 4.9% $716,396 218 3.9% 2016 39 $3.3B 3.8% $91,192,952 $535,554 4.8% $678,756 206 4.0% 2015 38 $1.7B 2.6% $49,675,310 $432,291 5.5% $613,386 187 4.1% 2014 34 $1.7B 3.2% $59,267,451 $390,982 4.9% $562,504 171 4.2% 2013 42 $3B 6.0% $77,586,151 $402,482 5.3% $504,771 154 4.5% 2012 48 $2.5B 4.9% $88,453,609 $431,481 4.9% $481,348 146 4.5% 2011 34 $2.2B 4.1% $70,865,619 $472,031 5.0% $454,682 138 4.6% 2010 16 $1.1B 2.9% $70,919,483 $341,068 5.2% $406,486 124 4.8% 2009 2 $3M 0.1% $1,480,000 $20,556 11.7% $301,082 92 5.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$365,978 223 4.6% 2023 ------$365,875 223 4.6% 2022 ------$362,933 221 4.5% 2021 ------$331,542 202 4.7% 2020 ------$322,857 196 4.8% YTD 126 $652M 0.5% $6,455,634 $250,777 5.4% $367,246 223 4.5% 2019 439 $3.5B 2.1% $10,018,817 $328,379 5.8% $368,872 224 4.5% 2018 558 $5.1B 2.8% $11,411,875 $359,569 5.2% $354,994 216 4.5% 2017 564 $3.4B 2.8% $8,100,288 $244,709 4.8% $344,504 210 4.5% 2016 617 $5.6B 4.1% $10,761,318 $275,265 5.1% $325,742 198 4.6% 2015 711 $11.7B 6.8% $18,945,184 $346,905 5.2% $299,809 182 4.7% 2014 762 $5.2B 3.9% $7,570,298 $271,061 5.2% $270,559 165 4.9% 2013 678 $4.6B 3.7% $7,907,426 $251,929 6.2% $242,202 147 5.2% 2012 529 $2.7B 2.7% $6,676,255 $204,131 6.6% $234,079 142 5.2% 2011 314 $2B 2.1% $7,841,904 $196,681 6.7% $222,281 135 5.2% 2010 249 $1B 1.7% $4,837,240 $126,464 6.6% $201,063 122 5.4% 2009 162 $691.5M 1.2% $4,802,260 $117,347 7.2% $149,765 91 6.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$302,422 217 4.8% 2023 ------$302,244 216 4.8% 2022 ------$299,740 215 4.8% 2021 ------$274,057 196 5.0% 2020 ------$266,892 191 5.0% YTD 281 $893M 0.6% $4,077,771 $229,159 5.7% $303,676 218 4.7% 2019 1,024 $4.2B 2.3% $5,273,926 $280,237 5.6% $303,193 217 4.7% 2018 1,402 $4.1B 2.5% $3,916,624 $243,876 5.4% $291,158 209 4.7% 2017 1,393 $4.4B 2.7% $4,592,740 $247,150 5.3% $276,999 198 4.8% 2016 1,628 $6.1B 3.4% $4,715,249 $270,070 5.2% $262,423 188 4.8% 2015 1,709 $6.5B 3.9% $4,352,144 $247,903 5.4% $243,862 175 5.0% 2014 1,616 $5B 4.7% $3,552,179 $161,022 6.1% $221,587 159 5.2% 2013 1,546 $3.2B 2.8% $2,510,859 $169,270 6.7% $199,287 143 5.4% 2012 1,371 $3.1B 5.3% $2,732,220 $87,985 7.0% $193,357 138 5.5% 2011 887 $1.8B 2.1% $2,369,457 $131,342 7.1% $184,520 132 5.5% 2010 721 $1.4B 1.7% $2,076,346 $123,660 7.1% $168,568 121 5.7% 2009 644 $1.1B 1.6% $1,839,663 $108,832 7.1% $125,323 90 6.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction as % of Inventory Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2024 - 1,469,393 3.2% - 15,304 - 14,898 - - 2023 - 1,454,495 3.3% - 16,644 - 16,230 - - 2022 - 1,438,265 3.4% - 15,499 - 15,093 - - 2021 - 1,423,172 3.5% - 17,750 - 17,421 - - 2020 - 1,405,751 3.1% - 17,360 - 17,333 - - YTD 46,062 1,396,574 2.6% 97 8,182 95 8,156 698 57,013 2019 45,967 1,388,418 2.4% 288 19,092 281 18,892 719 59,213 2018 45,686 1,369,526 2.5% 240 22,313 218 21,910 676 50,318 2017 45,468 1,347,616 2.9% 262 26,443 223 25,304 587 50,292 2016 45,245 1,322,308 2.8% 221 15,704 201 15,367 560 56,522 2015 45,044 1,306,942 3.1% 183 14,786 134 14,010 504 53,134 2014 44,910 1,292,932 3.0% 137 11,863 106 11,400 316 38,199 2013 44,804 1,281,532 3.1% 128 9,655 103 8,952 220 25,625 2012 44,701 1,272,580 3.2% 141 7,356 119 7,006 184 18,935 2011 44,582 1,265,574 3.4% 110 7,137 83 6,755 189 14,695 2010 44,499 1,258,819 3.4% 111 9,036 94 8,799 150 10,683 2009 44,405 1,250,020 3.5% 200 10,489 185 10,230 145 13,352 2008 44,220 1,239,790 3.6% 234 8,191 221 7,755 247 18,522

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