Presale Report NYC Commercial Mortgage Trust 2021-909 Commercial Mortgage Pass-Through Certificates

DBRS Morningstar Capital Structure March 29, 2021

Commercial Mortgage Pass-Through Certificates

Description Rating Action Balance ($) BLTV (%) DBRS Morningstar Rating Trend Kyle Stein 1 Vice President Class A New Rating - Provisional 104,408,000 47.25 AAA (sf) Stable +1 917 438-1450 Class X 1 2 New Rating - Provisional 128,820,000 N/A AA (sf) Stable [email protected] Class B 1 New Rating - Provisional 24,412,000 58.30 AA (low) (sf) Stable Class C 1 New Rating - Provisional 38,767,000 68.39 A (low) (sf) Stable Greg Haddad Class D 2 New Rating - Provisional 38,796,000 78.50 BBB (low) (sf) Stable Senior Vice President Class E 1 New Rating - Provisional 31,117,000 86.60 BB (low) (sf) Stable +1 646 560-4590 [email protected] Non Offered Certificates VRR Interest N/A 12,500,000 N/A N/A N/A Brandon Olsen Notes: Senior Vice President 1 The exact cut-off date principal balances of the senior trust notes and the companion loan notes are unknown and will be determined at or +1 312 352-0889 prior to pricing, however, (i) the aggregate cut-off date principal balance of the senior trust notes is expected to be within a range of [email protected] $135,600,000 and $235,600,000, (ii) the aggregate cut-off date principal balance of the companion loan notes is expected to be within a range of $0 and $100,000,000, (iii) the aggregate cut-off date principal balance of the junior trust notes will be $114,400,000, and (iv) the aggregate cut- off date principal balance of the trust loan is expected to be within a range of $250,000,000 and $350,000,000. As such, the cut-off date principal Erin Stafford balance of the trust loan, as well as certain of the metrics set forth in this presale, are subject to change. Managing Director 2 The Class X balance is notional. Class X is an IO certificate that references multiple rated tranches. The IO will not have a certificate balance +1 312 332-3291 and will not be entitled to receive distributions of principal. The Class X Certificates are notional with respect to the Class A and Class B Certificates. [email protected] n/a = Not applicable.

Estimated Closing Date: April 15, 2021

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Table of Contents

Capital Structure 1

Table of Contents 2

Collateral Spotlight 3

Transaction Summary 4

DBRS Morningstar Perspective 4

Summary of the Debt Capital Structure 7 Collateral Summary 9 Market Overview 14 Submarket Overview 14 DBRS Morningstar NCF Analysis 17 DBRS Morningstar Valuation 18 Third-Party Reports 18 Site Inspection 18 Ratings Rationale 20 Priority of Payments 22 Loan-Level Legal and Structural Features 22 Transaction Legal and Structural Features 28 Methodologies 30 Surveillance 30 Glossary 32 Definitions 33

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Collateral Spotlight

Source: DBRS Morningstar.

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Transaction Summary

Trust Characteristics

Trust Loan Notional Balance ($)1 250,000,000 No. Properties 1

Structure REMIC Property Type Office

DBRS Morningstar BLTV (%) 86.6 Location(s) New York, NY

DBRS Morningstar ELTV (%) 86.6 DBRS Morningstar Cap Rate (%) 6.55

DBRS Morningstar Debt Yield (%) 7.56 DBRS Morningstar Value ($) 404,135,096

DBRS Morningstar DSCR (x)2 2.34 Quality/Volatility Adjustment (%) 6.50

2 Appraised LTV (%) 51.9 Herfindahl Adjustment (%) n/a Issuer UW DSCR (x)3 2.75 DBRS Morningstar NCF Variance (%) -15.3

Rated Final Distribution Date The distribution date in April 2043

1. The exact balance of the trust loan will be determined at or prior to pricing 2. Based on the as-is appraised value of the of $675,000,000 as of March 1, 2021. The appraised value was prepared by Cushman & Wakefield Valuation & Advisory and assumes that USPS (which has three five-year renewal options remaining under its lease) extends its current lease through October 2038. 3. Based on a fixed whole loan interest rate of 3.2300%.

Participants

Depositor Citigroup Commercial Mortgage Securities Inc.

Mortgage Loan Sponsors Citi Real Estate Funding Inc., Bank of America, N.A., and BMO Harris N.A.

Trustee Wilmington Trust, National Association

Master Servicer KeyBank National Association

Special Servicer KeyBank National Association

Certificate Administrator Citibank, N.A.

DBRS Morningstar Perspective The NYC Commercial Mortgage Trust 2021-909 transaction is secured by the leasehold interest in 909 Third Avenue, a 32-story, 1.35 million sf Class A, LEED Gold certified office tower located in Midtown, Manhattan. Built in 1968 and designed by Emery Roth & Sons, the property is prominently situated between 54th and 55th Streets, occupying the entire eastern block of Third Avenue. The office tower sits atop approximately 490,000 sf of flex industrial space, which serves as the United States Postal Service (USPS) main New York City mail-handling facility and features a private loading dock on 54th street. The property is currently 97.9% leased to a diverse mix of 15 unique tenants with a WA remaining lease term of approximately 10.9 years.

The property is anchored by high quality national companies, with 66.1% of the total NRA leased to investment-grade-rated tenants. The largest tenants at the property by contribution to gross rent are IPG DXTRA, a subsidiary The Interpublic Group of Companies, which is rated Baa2, BBB, and BBB+ by Moody’s, Fitch, and S&P, respectively, and represents 17.1% of NRA and 22.8% of gross rent; AbbVie Inc.-owned pharmaceutical company Allergan Sales (as successor by merger to Forest Laboratories) , LLC rated Baa2, BBB+ by Moody’s and Fitch, respectively, and represents 12.5% of NRA and 18.4% of

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gross rent; Geller & Company, which represents 9.3% of NRA and 13.0% of gross rent; the USPS, which is rated AAA, AAA, and AA+ by Moody’s, Fitch, and S&P, respectively, and represents 36.5% of NRA,

11.2% of gross rent; and Morrison & Cohen LLP, which represents 4.8% of NRA and 8.3% of gross rent.

The first four floors and subgrade space of the property serve as the USPS mail sorting facility. The mail

sorting facility is purpose built distribution space for the USPS and features 90,000 sf floor plates, ceiling heights exceeding 20 feet, a private truck ramp on 54th Street that extends from lower level 2 to the second floor of the building, and five custom oversized freight elevators that extend throughout the space. The USPS has been a tenant at 909 Third Avenue since its delivery in 1968, has exercised five five-year renewal options since the expiry of its original 30-year lease in 1998, and has three five-year extension options remaining, bringing the fully extended lease expiration date to October 2038. The USPS pays a well below market gross rental rate of approximately $14.08/sf for this space. Due to the unique nature of the space, mission critical location in the heart of Manhattan, renewal history, and severely below-market rents, DBRS Morningstar assumed that the USPS will continue to extend its lease through the final maturity date in October of 2038.

The sponsor, Vornado, acquired the leasehold interest in 909 Third Avenue in 1999, whereby they pay a fixed $1.6 million (no escalations or resets) in ground rent through the fully extended term in 2063. Since the acquisition, Vornado has invested over $184 million of capital into the property, including over $46.9 million of base building upgrades. In both 2011 and 2019, the property underwent major capital improvement projects, including the renovation of the lobby and an outdoor public plaza, modernization of the elevators, the creation of outdoor amenity space on the fifth floor, and a full upgrade of the HVAC system.

Strengths

• Investment Grade Tenancy - 66.1% of the property’s NRA is occupied by investment-grade-rated tenants who account for approximately 52.4% of the total gross rent and exhibit a WA remaining lease term (based on percent of gross rent) of approximately eight years. • Well Located - The property is well located in the East Side submarket, which is generally delineated as the area between East 39th and East 72nd Streets, from the East River to Lexington Avenue. 909 Third Avenue is surrounded by many of New York’s landmarks, restaurants, hotels, retail shops, and tourist attractions, made accessible by the presence of several major transportation hubs. The Property is located within walking distance to Grand Central Terminal and subway service within close proximity includes the E, F, M, 4, 5, and 6 lines. The East Side office submarket is also home to the United Nations as well as numerous embassies, missions, and diplomatic residences. • Historically High Occupancy – 909 Third Avenue has maintained a consistently high occupancy, averaging 97.2% over the past 20 years as tenants have demonstrated long term commitment to the property, with 68.7% of the tenancy by gross rent having occupied their space at the property for greater than eight years. Vacant space (and space marketed for sublease) in the building has frequently been targeted for expansion space by existing tenants, including IPG DXTRA and Geller & Company, who have increased their presence since taking occupancy in 2013 and 2010 respectively.

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• USPS Below Market Rents – The USPS, which has occupied the flex/industrial portion of the property since 1968 as its main New York City mail distribution center, pays base rent of only $2.23 psf ($14.08

psf gross when expense recoveries are included) and its rent is flat through the rest of its fully extended term in 2038. DBRS Morningstar believes that there is substantial long-term upside embedded in this

space, which the borrower can take advantage of for a 25-year period until the subject’s ground lease

expires (inclusive of all extension options) in 2063. The appraiser estimates market rent for the USPS space at $55 psf NNN. Given the unique nature of the space, which is essentially a large multi-story industrial warehouse building located in the middle of an office structure, DBRS Morningstar conservatively estimates market rent at $40 psf gross. At this lower rental rate, there is approximately $12.7 million of annual upside (in 2021 dollars) embedded in the USPS space.

• Capital Investment – Since acquiring the property in 1999, Vornado has invested $184 million of capital into the property, including over $46.9 million of base building upgrades. In both 2011 and 2019, the property underwent major capital improvement projects, including the renovation of the lobby and an outdoor public plaza, modernization of the elevators, the creation of outdoor amenity space on the fifth floor, and a full upgrade of the HVAC system. • Strong Sponsorship - Vornado Realty Trust is a fully integrated, publicly traded real estate investment trust (NYSE: VNO, Moody’s/Fitch/S&P: Baa2/BBB/BBB-). With a total market capitalization in excess of $17 billion as of March 15, 2021, Vornado is one of the largest owners, managers, and developers of commercial real estate in the United States. Vornado is one of New York City’s leading landlords with a portfolio of office buildings concentrated in Midtown Manhattan with ownership and/or management interest in nearly 20 million square feet of office space.

Concerns

• Coronavirus-Related Risks – The ongoing Coronavirus Disease (COVID-19) pandemic continues to pose challenges and risks to virtually all major commercial real estate (CRE) property types and has created uncertainty about future demand for office space, even in gateway markets that have historically been highly liquid. Despite the disruptions and uncertainty, the property has exhibited exceptional cash flow stability through the pandemic, having collected virtually all rent receivables from March to December 2020 at a 99.7% average collection rate. No tenant rent relief agreements have been signed at the property and as of March 2021; the only tenant that is not current with respect to rent obligations is the coffee shop, FIKA which the issuer and DBRS Morningstar assumed to be vacant. • Rollover Concentration – While there is relatively little rollover risk during the first five years of the loan term with only a cumulative 18.7% of base rent expiring, the property has substantial rollover concentrations in 2027 and 2028 with 23.6% and 22.8% of gross rents expiring, respectively, and 81.2% of total gross rents rolling during the 10-year loan term. The rollover in 2027 is primarily attributable to Allergan Sales, LLC, whose lease expires in January 2027 and represents 12.5% of the NRA and 18.4% of gross rents. The 2028 rollover is attributable to IPG DXTRA, whose lease expires in February 2028 and represents 17.1% of the NRA and 22.8% of gross rents. • Leasehold Interest – The property is subject to a ground lease from an affiliate of Mendik Company with a fully extended maturity of November 30, 2063. In May of 2009, Vornado exercised their first ground lease extension option. The next ground-lease maturity date is set to occur on May 31, 2041. The

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option to extend lies solely with the ground lessee, provided that if ground lessee fails to exercise its renewal option, ground lessor must provide a notice to the mortgage lender and the mortgage lender

may request a new lease for itself or its nominee for the renewal term. The ground rent payments are fixed at $1.6 million with no rent steps or resets through the fully extended maturity date. Ground rent

payments typically increase operating leverage and cash flow volatility, which in turn raise each related

loan’s probability of default. Leasehold interests also create downward pressure on recovery rates in the event of a default and liquidation as market buyers frequently demand higher capitalization rates for the leasehold real estate compared with properties secured by fee-simple real estate. As part of its analysis, DBRS Morningstar determined its sustainable value for (i) the collateral leasehold, (ii) the non-collateral leased fee, and (iii) the fee simple position as if the two interests had not been bifurcated. DBRS Morningstar concluded leasehold value was reconciled with the difference between valuation (iii) and (ii). • Building Age – While the sponsor has made significant investments into the improvements, 909 Third Avenue is 53 years old with the tower featuring a waffle facade via a deeply coffered grid of cast-in- place concrete window surrounds. The tower sits atop a large windowless brick podium, which serves as the USPS NYC mail-handling facility. When compared with a modern glass curtain wall office tower, the unique design somewhat dates the building, resulting in just average curb appeal for what is considered to be Class A product.

Legal and Structural Considerations

• No Separate Guarantor: The loan is recourse to the borrower only, and there is no sperate recourse carveout guarantor. A guarantor of the obligations of borrower for certain recourse carveout events and the environmental indemnity is customary for rated stand-alone transactions involving similar collateral. The lack of a guarantor is a material limitation of the powerful economic disincentives that are contained in a standard CMBS nonrecourse carveout and environmental indemnity structure. • Recycled SPE: Loan is structured with a recycled SPE. The borrower has given backward looking representation from the date of the SPE’s formation that it does not carry any prior liabilities. Additionally, if the borrower’s SPE representations are breached, a guarantee from the sponsor is triggered. • Cash Management: There is a hard in-place lockbox but no cash management unless the debt yield drops below 6.5% for two consecutive quarters. However, the borrower also has the option to deposit the appropriate funds into the reserve account or post a letter of credit.

Summary of the Debt Capital Structure Citi Real Estate Funding Inc., Bank of America, N.A. and BMO Harris Bank N.A. originated the $350 million, 10-year fixed-rate whole loan. The loan will pay fixed-rate interest of 3.2300% on an IO basis through the maturity date in April 2031 Proceeds of the mortgage loan were used to refinance existing debt on the property and pay closing costs.

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The trust loan is part of a whole mortgage loan structure in the aggregate principal amount of $350 million that is comprised of: (i) the trust loan, which is evidenced by the senior trust notes in the

aggregate principal amount of up to $235.6 million and the junior trust notes in the aggregate principal amount of $114.4 million, and (ii) multiple companion loans that are pari passu with the senior trust

notes in the aggregate principal amount in the range of $0 to $100 million, which are evidenced by the

companion loan notes. The companion loans will not be assets of the trust. The junior trust notes are generally subordinate in right of payment to the senior trust notes and the companion loan notes. Notwithstanding the foregoing, the exact cut-off date principal balances of the senior trust notes and the companion loan notes (and, accordingly, the trust loan) are unknown, subject to change, and will be determined at or prior to pricing.

Debt Structure Tier Debt Amount ($) Interest Payment DBRS Morningstar DBRS Morningstar Rate (%) Terms DSCR (x) LTV (%) Senior Notes 235,600,000 3.23000 Interest-Only 3.48 58.3 Junior Notes 114,400,000 3.23000 Interest-Only 2.34 86.6 Total/WA 350,000,000 2.34 86.6

This securitization will be subject to the credit risk retention requirements of Section 15G of the Exchange Act, as added by Section 941 of the Dodd-Frank Act. An economic interest in the credit risk of the mortgage loan is expected to be retained as an eligible vertical interest in the form of a single vertical security by Citi Real Estate Funding Inc. as retaining sponsor and Bank of America, N.A. and BMO Harris Bank N.A. as originators.

Note Structure As described above, the whole mortgage loan is evidenced by five senior notes and three junior note as outlined below:

Note Balance ($) Placement/Noteholder

A-1 50,971,429 909 Trust

A-2 34,142,857 909 Trust

A-3 50,485,714 909 Trust

A-4 50,000,000 CREFI

A-5 50,000,000 BANA

Total A 235,600,000

B-1 49,028,571 909 Trust

B-2 40,857,143 909 Trust

B-3 24,514,286 909 Trust

Total B 114,400,000

Total Whole Loan 350,000,000

NYC 2021-909 Trust 250,000,000

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Sources and Uses Loan proceeds are being used to refinance existing indebtedness, return equity to the sponsor, fund up- front reserves, and pay closing costs.

Source Amount ($) % of Total Uses Amount ($) % of Total

Mortgage Loan 350,000,000 99.2 Loan Repayment 350,000,000 99.2 Estimated Sponsor Equity 2,882,061 0.8 Closing Costs 2,562,133 0.7 Upfront Reserves 319,928 0.1 Totals 352,882,061 100.00 352,882,061 100.00

Analytical Metrics The table below presents DBRS Morningstar's key NCF and valuation metrics as compared with the issuer/arranger's assumptions:

Metric DBRS Morningstar Issuer/Arranger Gross Potential Revenue ($)1 63,793,056 63,791,861 Net Operating Income ($) 31,476,336 33,191,419 Replacement Reserves ($) 337,368 270,151 Net Cash Flow ($) 26,463,221 31,232,823 Variance to Arranger NCF (%) -15.3 n/a Capitalization Rate (%)2 6.55 4.63 Concluded Value/Appraised Value ($) 404,135,096 675,000,000 Value per Square Foot ($) 299 500 Whole Loan DSCR on NCF (x) 2.34 2.75 Whole Loan-to-Value Ratio (%) 86.6 51.9 1 Gross potential revenue includes rent steps and straight-line rent for LTCTs and gross up of vacant space. 2 The arranger’s capitalization rate is the arranger’s underwritten NCF divided by the as-is appraised value.

Collateral Summary The NYC Commercial Mortgage Trust 2021-909 transaction is secured by the leasehold position in 909 Third Avenue, a 1.35 million sf, Class A building located in the East Side/U.N. submarket of Midtown East. The subject occupies the Easterly blockfront of Third Avenue between 54th and 55th Street. The property was built in 1968, renovated in 2011 and in 2019 with Gold LEED certification awarded in 2016. The 32 story office tower is situated above 490,000 sf of flex space, which serves as the USPS’s NYC mail handling facility and has a private loading dock on 54th Street. USPS’ mail sorting facility features 90,000 sf floor plates and ceiling heights over 20 feet from the lower levels to the second floor of the building and has five custom oversized freight elevators throughout the space. According to the issuer, the sponsor invested over $184 million into the property, which included over $46.9 million of base building upgrades, renovation of the lobby and an outdoor public plaza, modernization of the elevators, upgrade of the HVAC system, and a new outdoor amenity space was created on the fifth floor. The collateral is currently 97.9% leased and has averaged 97.2% occupancy over the last 20 years.

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Cushman and Wakefield considers the East Side/U.N. submarket as bound by East 66th and 39th Streets, and east of Lexington Avenue and bound by Second Avenue to the west south of East 47th

Street. The Third Avenue corridor starts below 42nd Street and goes north to East 59th Street. The corridor consists of 32 office buildings, however it’s considered slightly removed from higher rent

properties of Park, Madison, and Fifth Avenues. Within the neighborhood, Residential buildings are more

common midblock with larger commercial buildings on the main avenues with retail tenants on the ground floors. Common tenants along Third Avenue include Law Firms, insurance companies, securities firms, and several foreign consulates because of the United Nations proximity.

Transportation is easily accessible with subway service across the street that serves the E, F, M, 4, 5, and 6 subway lines. Penn Station, Grand Central Station, and the Port Authority Bus Terminal can be accessed by these subway lines or buses. Office tenants can benefit from both access to commuter hubs or walking distance to major residential neighborhoods like the Upper East Side and Murray Hill.

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Tenant Summary and Lease Terms – The subject is leased to 15 tenants and is currently 97.9% occupied. The United States Postal Service occupies 36.5% of the NRA and comprises 11.2% of the underwritten

gross rents with a fully extended lease expiration in October 2038. Their space presents tremendous upside with gross rents that are considerably under market. IPG DXTRA., a public relations firm, occupies

17.1% of the NRA and is the highest percentage (22.8%) of underwritten gross rents with a lease

expiration February 2028. Allergan Sales, LLC, a pharmaceutical company, is the third largest tenant by square footage with 12.5% of the NRA and 18.4% of gross rents with a lease maturity in January 2027. Geller and Company, a financial services firm, occupies 9.3% of the NRA and contributes approximately 13% of underwritten gross rents, with a lease maturity in April 2025. Morrison Cohen LLP, a law firm, occupies 4.8% of the NRA, and contributes 8.3% of the underwritten gross rents with a lease maturity in December 2031. Sard Verbinnen, a communications firm, occupies 4.8% of the NRA and pays 7.6% of the underwritten gross rents has a lease maturity in June 2035.

Tenant Summary Tenant Lease Begin Lease End Remainin Credit Rating NRA % of Gross Rent Gross Rent Gross g Term M/F/S&P NRA (PSF) Rent (%) IPG DXTRA Feb-13 Feb-28 6.9 Baa2/BBB+/BBB 231,164 17.1 14,106,870 61.03 22.8 Allergan Sales, LLC Nov-10 Jan-27 5.8 Baa2/NR/BBB+ 168,673 12.5 11,413,477 67.67 18.4 Geller & Company Sep-11 Apr-25 4.0 - 125,453 9.3 8,050,922 64.17 13.0 USPS Oct-68 Oct-38 17.5 Aaa/AAA/AA+ 492,375 36.5 6,932,092 14.08 11.2 Morrison Cohen LLP Jan-17 Dec-31 10.7 - 65,068 4.8 5,131,273 78.86 8.3 Sard Verbinnen Nov-19 Jun-35 14.2 - 65,068 4.8 4,701,905 72.26 7.8 Omni Holdings Jan-19 Dec-29 8.7 B2/NR/B+ 32,534 2.4 2,320,137 71.31 3.7 AlixPartners LLP Feb-19 Jan-27 5.8 - 32,676 2.4 2,300,469 70.40 3.7 Community Funds Inc. Apr-04 Aug-30 9.4 - 30,857 23.0 2,030,930 65.82 3.3 Trinet Ambrose Jun-21 May-22 1.1 - 31,440 2.3 1,886,400 60.00 3.0 Top 10 Total / WA 11.1 1,275,308 94.4 58,874,476 46.16 95.0 Other Tenants Total/ WA Jan-19 Mar-28 6.9 46,787 3.5 3,093,134 66.11 5.0 Total Occupied 10.9 1,322,095 97.9 61,967,610 47.04 100.0 Total Vacant 28,661 2.1

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Cumulative Cumulative SF Cumulative % of Total Gross Rent Percentage of Loan Year Expiring SF % NRA Percentage of Expiring Total SF Expiring Expiring ($) Total Rent (%) Total Rent (%)

2021 ------2022 31,440 2.3 31,440 2.3 1,886,400 3.0 3.0

2023 - - 31,440 2.3 - - 3.0

2024 - - 31,440 2.3 - - 3.0 2025 150,592 11.1 182,032 13.5 9,082,124 15.7 18.7

2026 - - 182,032 13.5 620,954 - 18.7 2027 212,232 15.7 394,264 29.2 14,605,482 23.6 42.3 2028 231,164 17.1 625,428 46.3 14,106,870 22.8 65.0 2029 40,953 3.0 666,381 49.3 2,859,620 4.6 69.7 2030 30,857 2.3 697,238 51.6 2,030,930 3.3 72.9 2031 65,068 4.8 762,306 56.4 5,131,273 8.3 81.2 2032 - - 762,306 56.4 - - 81.2 2033 - - 762,306 56.4 - - 81.2 2034 - - 762,306 56.4 - - 81.2 Beyond 559,789 41.4 1,322,095 97.9 11,643,957 18.8 100.0 Vacant 28,661 2.1 1,350,756 100.0 n/a - - Total 1,350,756 100.0 1,350,756 100.0 61,967,610 100.0 100.0

IPG DXTRA – IPG DXTRA is a global collective of 28 marketing specialty brands and more than 7,000 employees. Founded in 2006, IPG DXTRA works across experiential, public relations, sponsorships, innovation, brand, influencer, digital, social, and analytics in categories such as sports, healthcare, entertainment, luxury, tech, and financial services. IPG DXTRA is a subsidiary of The Interpublic Group of Companies (NYSE: IPG). IPG is one of the world's premier global advertising and marketing services companies. The company has approximately 50,200 employees and has offices in more than 100 countries from which it operates three global networks that provide integrated, large-scale advertising and marketing services.

Allergen Sales LLC. – Forest Laboratories (now known as Allergan Sales, LLC) was acquired by Actavis (now Allergan PLC) in 2014 for approximately $25 billion, following which AbbVie Inc (NYSE: ABBV) acquired Allergan PLC in 2020 for $63 billion. ABBV is a market-leader in pharmaceuticals, with approximately 47,000 employees in more than 70 countries, with 22 primary research and manufacturing which helped larger pharmaceutical companies to create new drugs. The main therapeutic areas that the company concentrates on include depression, Alzheimer's disease/neuropathic pain, hypertension, asthma, and gastrointestinal disease.

Geller & Company – Geller & Company is a strategic financial advisory and wealth management company that provides independent and cross-disciplinary advice to businesses, individuals, and not-for- profit organizations. The company employees more than 500 professionals who provide Investment Management, CFO, Tax Advisory, Real Estate, and Aviation services..

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Unites State Postal Service (USPS) – The USPS is an independent agency of the executive branch of the United States federal government responsible for providing postal service in the United States,

including its insular areas and associated states. With more than 34,000 retail locations, USPS has annual operating revenue of more than $71 billion and delivers approximately 48% of the world’s mail.

With more than 630,000 employees, USPS is one of the nation’s largest employers.

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Market Overview 909 Third Avenue is located in the East Side/U.N. submarket of Midtown East office district. In addition

to the subject’s East Side/U.N. submarket, Midtown east also includes Murray Hill and Grand Central submarkets. Combined, the three submarkets account for approximately 80 million sf of Class A and

Class B space. Grand Central is the largest submarket with over half of the supply with approximately 45

million sf of Class A and B space.

The Midtown Manhattan market is supported by strong city-wide metrics. New York City is home to the headquarters of 73 Fortune 500 companies. In addition, 37.1% of residents in New York City hold bachelor’s degrees or higher, which is 6.1% higher than the national average. The New York City office market has traditionally been driven by the financial services sector, but the Technology, Advertising, Media, and Information (TAMI) sector has recently represented the largest portion of leasing activity in Manhattan. The growth in TAMI leasing activity was partially spurred by Google’s purchase of 111 Eighth Avenue. After Google’s purchase, 109 leases in Manhattan were signed by technology firms for at least 25,000 sf each. The TAMI sector seems likely to continue growing in Midtown Manhattan, based on Facebook’s recent lease agreements to occupy 730,000 sf at the Farley Post Office and 1.5 million sf at Hudson Yards as well as Amazon’s purchase of the Lord & Taylor Building, which is a few blocks from Bryant Park. According to Reis, the New York Metro office market contained 369.2 million sf of office space as of Q4 2020. New York Metro had a Q4 2020 vacancy rate of 9.1%, which increased 50 bps from Q4 2019. Asking rents decreased to $74.49 in Q4 2020, compared with $75.26 in 2019.

Midtown’s office footprint has continued expanding with the Hudson Yards development, which is the largest private commercial real estate development in the U.S. New construction in New York City was halted after New York State’s PAUSE order, which suspended nonessential construction in the city in March 2019. The coronavirus pandemic has affected New York City’s economy, with unemployment, according to the U.S. Bureau of Labor Statistics, in the New York-Jersey City-White Plains MSA hitting a high of 18.3% in July 2020 but has since decreased to 10.4% in November 2020. Comparatively, unemployment in the MSA in November 2019 was only 3.3%. Of the jobs lost in New York City, the hospitality sector was hit hardest, incurring 36% of job losses, followed by the office sector, which incurred 22% of overall job losses. Many of the office jobs lost were in the administrative services sector, indicating job losses were more concentrated in temporary instead of permanent jobs. Despite these trends, New York Metro’s office market had a positive net absorption of 259,000 sf in Q3 2020, according to Reis. There is over 10.3 million sf of Class A office under construction in the Midtown Office market. One Vanderbilt in the Grand Central submarket was completed in Q3 2020 which added 1.7 million sf to the supply.

Submarket Overview The U.N./East Side submarket has 20.8 million sf of office space in 73 buildings according to Cushman and Wakefield. Class A buildings make up 85% of the supply in the submarket. As of Q4 2020, East Side/U.N. has a direct vacancy of 11.4% and a direct weighted average rental rate of $76.39 psf compared with a 14.4% vacancy and $92.31 psf WA rental rate in the Grand Central submarket. There is approximately 511,000 sf of space available for sublease within the East Side/U.N. market. Leasing

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activity was down through Q4 2020 as new leases totaled 77,662 sf, a 13.4% decrease from new leases recorded Q3 2020. Year-to-date leasing volume was down 53% year over year and Class A direct vacancy

increased 140 bps as a result of a large block of space at 601 Lexington Avenue. Class A direct asking rents increased by $0.70 psf quarter over quarter from Q3 to Q4.

Source: CBRE EA

The appraiser identified a variety of competitive buildings and comparable leases, in addition to sales comparables as shown below:

Office Comps Property NRA (SF) Direct Available Sublease Available Occupied % Direct Occupied % Total Direct Asking Rent Direct Asking Rent (SF) (SF) $ PSF (Low) $ PSF (High) 605 Third Avenue 802,675 46,197 51,888 94.2 87.8 68.00 68.00 622 Third Avenue 984,585 73,452 97,167 92.5 82.7 62.00 72.00 633 Third Avenue 925,000 1,350 - 99.9 99.9 50.00 50.00 730 Third Avenue 407,000 0 - 100.0 100.0 N/A N/A 800 Third Avenue 530,000 57,215 46,490 89.2 80.4 65.00 75.00 850 Third Avenue 549,691 281,009 29,308 48.9 43.6 72.00 72.00 900 Third Avenue 515,200 147,985 73,279 71.3 57.1 64.00 78.00 919 Third Avenue 1,152,000 0 - 100.0 100.0 N/A N/A Total/Wtd. Average 5,866,151 607,208 298,132 89.7 84.6 50.00 76.00

Source: Appraisal

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Office Lease Comparables Tenant Address NRA Year Built Lease Lease Size Lease Type Term (Yrs.) Initial Rent Date (SF) PSF ($) Trusted Media Brands 485 Lexington Avenue, New York, NY 733,137 1956/2006 12/2020 14,959 Mod. Gross 11.0 58.00

Cohen & Gresser 800 Third Avenue, New York, NY 530,000 1972 12/2020 33,900 Mod. Gross 11.3 70.00

RSC Insurance 750 Third Avenue, New York, NY 686,356 1958 12/2020 24,515 Mod. Gross 15.3 63.00

Reitler Kailas & Rosenblatt 885 Third Avenue, New York, NY 581,339 1986/2006 12/2020 32,364 Mod. Gross 14.2 76.00

OneSky 605 Third Avenue, New York, NY 802,675 1964/2015 10/2020 4,936 Mod. Gross 8.3 74.00

Plaza Construction 360 Lexington Avenue, New York, NY 231,633 1958 10/2020 15,210 Mod. Gross 11.0 65.00

Toga Ventures 750 Third Avenue, New York, NY 686,356 1958 04/2020 5,993 Mod. Gross 5.3 69.00

Chicken Soup for the Soul 800 Third Avenue, New York, NY 530,000 1972 02/2020 20,010 Mod. Gross 10.6 61.00

Cantor Fitzgerald 110 East 59th Street, New York, NY 465,465 1968 01/2020 151,890 Gross 16.2 61.50 Oliver Tree Holdings 780 Third Avenue, New York, NY 484,400 1984 01/2020 8,647 Gross 10.8 86.00 Total/WA 5,731,361 312,424 11.2 68.30

Industrial Lease Comparables Tenant Address NRA Lease Date Term (Yrs.) Initial Rent PSF ($) Lease Type Confidential Columbia Street 336,350 2021 12.5 33.03 Net Amazon 1055 Bronx River Avenue, Bronx, NY 205,409 2020 10 32.10 Net NYC DOT 101 Varick Avenue, Brooklyn, NY 92,221 2019 20 30.00 Net Amazon 1300 Viele and 1301 Ryawa, Bronx, NY 120,775 2019 10.5 23.50 Net Amazon One Bulova Avenue, Queens, NY 83,000 2018 10 26.87 Net City of NY - DCAS 930 Flushing Avenue, Brooklyn, NY 203,144 2018 15 37.14 Net FedEx Ground 45-06 57th Avenue, Queensm NY 362,454 2017 15 37.10 Net FedEx Ground 830 Fountain Avenue, Brooklyn, NY 278,721 2015 15 37.10 Net FedEx Ground 85-13 24th Avenue, Queens, NY 120,000 2016 7 28.36 Net FedEx Ground 29-10 Borden Avenue, Long Island City, NY 200,000 2013 15 52.56 Net Total/WA 2,002,074 9.33 35.36

Office Sales Comparables Property Sale Date NRA (SF) Occupancy (%) Price ($ million) $ PSF 410 10th Avenue 12/2020 638,797 99.0 952.5 1,491 685 Third Avenue 12/2019 651,429 94.0 451.3 693 330 Madison Avenue 12/2019 855,154 96.0 882.0 1,031 540 Madison Avenue 06/2019 291,371 90.0 310.3 1,065 30 Hudson Yards-North Tower 06/2019 1,463,000 100.0 2,155.0 1,473 477 Madison Avenue 06/2019 325,845 55.0 258.3 793 Park Avenue Atrium 01/2019 1,260,160 97.0 1,200.0 952 Total/Wtd. Average 783,679 94.7 1,184.2 1,132 Source: Appraisal.

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DBRS Morningstar NCF Analysis DBRS Morningstar analyzed the property’s historical cash flow, occupancy levels, operating expenses,

fixed expenses, and capital costs. DBRS Morningstar’s revenue and expenses estimates, as well as its analytical approach, are discussed below.

EGI – DBRS Morningstar’s concluded base rent is based on the December 2020 rent roll with vacant space grossed up to market rent estimates. The USPS was given LTCT treatment as its fully extended lease matures seven years beyond the loan term; thus, a 0.0% vacancy factor was applied to USPS’s space. DBRS Morningstar assumed an LTCT adjusted vacancy rate of 4.5% for the entire property.

Rent step credit was given to steps taking place within one year of securitization. Expense reimbursements were based on in-place amounts. Other revenue was based on the Borrower’s Year One Budget, and includes miscellaneous recoveries, sub metered electric, and other miscellaneous income revenue line items.

Expenses – DBRS Morningstar concluded most expense line items to be based on the Borrower’s Year One Budget.

Management Fee and Fixed Expenses – DBRS Morningstar concluded management fees to the greater of $1 million with a floor of 1.5% of EGI. DBRS Morningstar concluded insurance and real estate taxes based off the actual amounts due.

Replacement Reserves and TI/LCs – DBRS Morningstar concluded replacement reserves of $0.25 psf, which is greater than the engineers estimate of $0.01.

DBRS Morningstar concluded $3.46 psf of total TI/LC cost. No TI/LC were factored on the USPS space, while floors five through 10 were assumed at $50 and $25, floors 11 to 20 were assumed at $55 and $28, and floors 21 to 33 were assumed at $68 and $35 for new leases and renewals, respectively, all based on 10-year lease terms. Leasing commissions were assumed to be 4% and 2% for new leases and renewals respectively. DBRS Morningstar concluded a renewal probability of 65.0% for all tenants at the property NCF Analysis 2017 YE 2018 YE 2019 YE 2020 YE Issuer NCF DBRS NCF Morningstar Variance NCF ($) (%) GPR ($) 47,271,000 48,649,000 51,119,000 53,038,324 54,844,633 53,978,962 -1.6 Recoveries ($) 7,362,000 8,765,000 9,071,000 8,037,462 9,814,093 9,814,093 0.0 Other Income ($) 1,748,000 1,615,000 1,721,000 558,481 1,308,966 1,308,966 0.0 Vacancy ($) -2,220,000 -3,085,000 -5,400,000 -4,397,456 -1,824,251 -2,879,623 57.9 EGI ($) 54,161,000 55,944,000 56,511,000 57,236,811 64,143,441 62,222,399 -3.0 Expenses ($) 27,668,147 28,896,174 29,465,150 28,158,099 30,952,023 30,746,063 -0.7 NOI ($) 26,492,853 27,047,826 27,045,850 29,078,712 33,191,419 31,476,336 -5.2 Capex ($) 0 0 0 0 270,151 337,368 24.9 TI/LC ($) 0 0 0 0 1,688,445 4,675,747 176.9 NCF ($) 26,492,853 27,047,826 27,045,850 29,078,712 31,232,823 26,463,221 -15.3

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DBRS Morningstar Valuation

DBRS Morningstar’s concluded capitalization rate for the property was 6.55%, which resulted in a value of $404.1 million or $299 psf. The cap rate was derived from a fee simple 6.50% capitalization rate and

adjusted upward due to the leasehold nature of the collateral.

Third-Party Reports Appraisal As part of its analysis, DBRS Morningstar reviewed the appraisal report prepared by Cushman & Wakefield for the property.

The DBRS Morningstar concluded valuation represents a 40.1% variance from the appraiser’s as-is value of $675,000,000 or $499.72 psf, dated March 1, 2021, which assumes that USPS extends its current lease through its final maturity date of October 2038. The appraiser also provided a hypothetical value of $860,000,000 ($637 psf) with a valuation date of March 1, 2021, which assumes the USPS vacates after its current lease expiration date in October 2023.

Engineering Report As part of its analysis, DBRS Morningstar reviewed the PCA prepared by Bureau Veritas dated March 3, 2021. The PCR identified one short term repair totaling $14,025 related to the need for guard rails of regulation height at the fifth-floor roof plaza. The report concluded replacement reserves of $0.01 psf per year on an inflated basis, below the DBRS Morningstar conclusion of $0.25 psf per year.

Environmental Report As part of its analysis, DBRS Morningstar reviewed the Phase I Environmental Site Assessment (ESA) report prepared by Bureau Veritas dated March 3, 2021. The ESA did not identify any recognized environmental conditions, historical recognized environmental conditions, controlled recognized environmental conditions, significant data gaps, or significant business environmental risks.

Site Inspection DBRS Morningstar toured the property on Wednesday, March 24, 2021, at 1 p.m. Based on the site inspection, DBRS Morningstar found the property to be Average +.

The collateral is a 32-story, Class A high-rise office building located on Third Avenue between 54th and 55th street. The building is on the East side of Third Avenue and occupies the entire block. The Third Avenue corridor is primarily commercial buildings with retail on the ground floors while residential properties are common midblock between Second and Third Avenues. The property is highly visible, accessible, and well located along the Third Avenue Corridor. Adjacent and one block south is the Lipstick building, a 34-story office building that looks like a tube of lipstick, which is well known for its unique shape. Otherwise, buildings to the north and west appear similar in vintage, size, and quality.

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909 Third Avenue was built in 1968 and renovated in 2011 and 2019. The lobby appeared in very good condition with high quality marble flooring and marble security desk with a large piece of art behind the

desk. Turnstiles adjacent to the security desk provide access to the elevators, which were in good condition and accommodating four riders at a time due to coronavirus restrictions.

DBRS Morningstar toured IPG’s fifth-floor space, which was well built out with a fountain under the staircase. The layout is mostly open with desks and file cabinets and private offices along the perimeter with glass doors. DBRS Morningstar also viewed IPG’s private amenity outdoor space on the fifth floor, which is spacious with landscaped shrubbery and plants. Other spaces viewed included MFP Investors and Alix Partners offices. Buildouts appeared to be in good condition with quality finishes commensurate with comparable office properties in Manhattan. Additionally viewed spaces were the USPS’s loading dock and garage area, which serve as parking for the USPS mail trucks. Each appeared to be in good condition and highlighted the mission critical nature of the space for the USPS.

Additionally, please note that DBRS Morningstar published a press release on March 12, 2020, titled “DBRS Morningstar Provides Update on Rating Methodologies in Light of Measures to Contain Coronavirus Disease (COVID-19)” that outlined certain temporary changes to the ratings process, excerpted below, that included the suspension of on-site inspections in certain cases:

Where on-site property visits are supporting the ratings process, DBRS Morningstar may rely on a review of other sources to assess a property’s physical attributes and position in its respective market, such as the appraisal, property condition report, or other third-party leasing sources; rely on average qualitative adjustments made for past comparable real estate assets; and/or make conservative property quality adjustments in absence of other information.

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Ratings Rationale DBRS Morningstar’s provisional ratings on NYC Commercial Mortgage Trust 2021-909 reflect its analysis

of the sustainable cash flow and value of the property securing the loan that is held by the trust; the presence of certain loan structural features; the presence of loan structural features such as lack of

amortization; and qualitative factors such as DBRS Morningstar's opinion of the quality of the underlying

collateral property, the current and expected performance of the real estate markets in which the properties are located, and the current and future state of the macroeconomic environment and its potential impact on the performance of commercial properties.

The transaction is supported by the payment stream from the borrower’s leasehold interest in 909 Third Avenue, a Class A office property in Midtown Manhattan. DBRS Morningstar determined the provisional ratings for each class of certificates by analyzing the cash flow generated by the property, giving consideration to the quality and location of the property, the fundamentals of the property’s real estate market, and legal and structural features of the mortgage loan. DBRS Morningstar’s analysis of the property’s operations, based on information provided on the arranger’s website as of March 26, 2021, yielded an NCF of $26.5 million. DBRS Morningstar’s concluded NCF is 15.3% lower than the Issuer’s underwritten NCF. The DBRS Morningstar NCF resulted in an IO DSCR of 2.34x on the mortgage loan, based on a floating-rate mortgage rate of 3.2300%. DBRS Morningstar valued the collateral at $404.1 million based on the concluded NCF and a capitalization rate of 6.55%. DBRS Morningstar’s valuation resulted in an LTV ratio of 86.6% on the $350.0 whole loan.

DBRS Morningstar determined the provisional ratings on each class of certificates by performing quantitative and qualitative collateral, structural, and legal analysis. This analysis incorporates DBRS Morningstar’s North American Single-Asset/Single-Borrower Ratings Methodology and the DBRS Morningstar LTV Benchmark Sizing tool.

DBRS Morningstar determined its concluded sustainable NCF and sustainable value of the underlying property by applying the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. DBRS Morningstar’s maximum LTV thresholds at each rating category were based on the transaction’s sequential-pay waterfall, the underlying property type, lack of amortization (full-term IO), borrower, trust LTV, limited property type and geographic diversity, and other factors relevant to the credit analysis. DBRS Morningstar determined its ratings on the IO certificates based on the lowest rating of the applicable reference obligation, which DBRS Morningstar may or may not elect to notch up one rating, as per its approach to rating IO certificates. Please refer to the Rating North American CMBS Interest-Only Certificates on DBRS Morningstar’s website at www.dbrsmorningstar.com.

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DBRS Morningstar adjusted its maximum LTV thresholds (the Quality/Volatility Adjustment) to account for the following factors:

1. Cash Flow Volatility: The subject is currently 97.9% leased and has averaged 97.2% occupancy over

the last 20 years. The WA remaining lease term for existing tenants is approximately 10.9 years. Moreover, in-place rents are well below market with occupied base rents currently at $39.43 psf,

primarily due to the USPS’s current rent at a fraction of its market value. In addition, approximately 66.1% of the NRA is leased to investment-grade tenants (IPG DXTRA, Allergan Sales, LLC., and the USPS). As a result of these factors, DBRS Morningstar elected to increase its LTV thresholds by 4%. 2. Property Quality: The property was built in 1968 and renovated in 2011 and 2019 and achieved LEED Gold certification in 2016. The sponsor has invested approximately $35 million to upgrade the lobby, outdoor public plaza, modernize the elevators, create an outdoor amenity space on the fifth floor, and upgrade the HVAC system. As a result, DBRS Morningstar elected to increase its LTV thresholds by 0.5% to account for the property quality. 3. Market/Location: The property is well located within Midtown Manhattan along the Third Avenue Corridor in the East Side/U.N. submarket. Grand Central Terminal and various subway lines and buses are within walking distance, and major Manhattan residential neighborhoods Murray Hill, and the Upper East Side are within close proximity. DBRS Morningstar elected to increase its LTV thresholds by 2.0% to account for the market/location.

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Priority of Payments

On each distribution date, funds available for distribution will be distributed in the following amounts

and order of priority (in each case to the extent of remaining available funds). Available funds will be distributed pro rata between the certificates and the VRR interest:

1. Class A Certificates and Class X Interest-Only certificates then outstanding: (i) first, to interest on such certificates, up to, and pro rata in accordance with, their respective interest entitlements; (ii) next, to the Class A certificates then outstanding, up to the principal distribution amount for such class and for such distribution date until their certificate balance is reduced to zero, and then (iii) to reimburse Class A certificates then outstanding for any previously unreimbursed losses previously allocated to such classes of certificates. 2. Class B Certificates: (i) first, to interest on such certificates up to its interest entitlements; (ii) next, to the Class B certificates, up to the principal distribution amount for such class and for such distribution date until their certificate balance is reduced to zero, and then (iii) to reimburse Class B certificates for any previously unreimbursed losses previously allocated to Class B certificates.

After the Class A certificates, Class X IO certificates, and Class B certificates then outstanding are paid all amounts to which they are entitled, the remaining funds available for distribution will be used to pay interest and principal to the Class C, Class D, and Class E certificates sequentially in that order in a manner analogous to the Class B certificates in paragraph 2 above, until the certificate balance of each such class is reduced to zero. Any remaining amounts will be paid to the Class R Certificates.

Loan-Level Legal and Structural Features

Security: The loan is secured by (1) a mortgage, assignment of leases and rents and security agreement on the property, including the borrower’s leasehold interest in the property, including all fixtures, equipment, and personal property used in the operation of the property and owned by the borrower and (2) certain contract rights of the borrower, including certain rights of the borrower relating to the management agreement, cash management agreement, environmental indemnity agreement, and all other documents delivered in connection with the loan (collectively, the collateral). The mortgage lien is subject to permitted encumbrances as further described in the loan documents.

Borrower, Sponsor and Guarantor(s): The borrower is 909 Third Company, L.P., a New York limited partnership. The borrower is indirectly owned by Vornado Realty L.P., a Delaware limited partnership. There is currently no separate guarantor of borrower’s obligations under the loan documents.

General Loan Terms And Split Loan Structure: The exact cut-off date principal balances of the senior trust notes and the companion loan notes are unknown and will be determined at or prior to pricing; however, (1) the aggregate cut-off date principal balance of the senior trust notes is expected to be within a range of $135.6 million and $235.6 million, (2) the aggregate cut-off date principal balance of

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the companion loan notes is expected to be within a range of $0 and $100,000,000, (3) the aggregate cut-off date principal balance of the junior trust notes will be $114.4 million, and (4) the aggregate cut-

off date principal balance of the trust loan is expected to be within a range of $250,000,000 and $350,000,000. Generally, all payments made on the senior notes are allocated among the senior notes

pro rata and pari passu. The companion loan is generally senior to the junior note and pari passu with

the trust senior notes.

Co-lender Agreement: The co-lender agreement contains (1) certain consent and/or consultation rights among the note holders and (2) certain transfer restrictions and requirements related to the notes (including the companion loans). The co-lender agreement also contains payment allocations of amounts received on the whole loan among the noteholders. Payments are generally applied first to the senior notes, on a pro rata and pari passu basis based on their relative principal balances and, then, to the junior notes, on a pro rata and pari passu basis based on their respective principal balances. Because the junior notes are being deposited into the trust, (x) prior to certain triggering events (such as an event of default), the junior notes will be allocated current interest from interest and principal (only from principal proceeds) following the senior notes allocation of current interest and principal (only from principal proceeds) and (y) after such triggering events, the senior notes and then the junior note, will receive current interest prior to the full principal paydown of the senior notes from all proceeds and then, the junior notes full principal paydown from all proceeds. The companion loans are generally pari passu with the senior trust notes and senior to the junior notes in the trust in right of payment, and the junior notes are generally subordinate in right of payment to the senior trust notes and the companion loan, other than with regards to interest payments on the junior notes, as described above.

The controlling holder under the co-lender agreement will be the NYC Commercial Mortgage Trust 2021- 909 transaction, whose rights in such capacity will generally be exercised by the directing holder so long as a subordinate control period is in effect. At any time a subordinate control period is not in effect, the rights of the controlling holder will generally be exercised by the special servicer, or to a limited extent, the certificateholders (provided that certain minimum voting rights thresholds are met). As long as the junior note is included in the issuing entity, any purchase option or cure rights of a junior noteholder under the co-lender agreement will not apply.

The mortgage loan is expected to be lead serviced under the trust and servicing agreement for this transaction. The lead servicer typically makes all property protection advances for the entire loan while the servicer for each trust containing a companion loan typically makes any principal and interest advances related to solely the companion loan(s) in the related trust. As lead servicer for the loan, the master servicer and/or trustee will be obligated to make property protection advances on the loan. Depending on costs, expenses and/or nonrecoverable advances related to the loan, the master servicer, special servicer, and/or trustee may be required to request and collect the pro rata portion of such amounts from the companion loan holders.

Ground Lease: The loan is secured by the borrower’s interest in a ground lease between the Borrower and a third party ground lessor. Leasehold interests are subject to certain risks not associated with

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mortgage loans secured by a lien on the fee estate of the borrower. The most significant of these risks is that if the borrower’s leasehold were to be terminated upon a lease default, the lender would lose its

security in the leasehold interest. The ground lessor has agreed that it will enter into a new ground lease with the lender or its nominee upon a termination by reason of an event of default under the

ground lease or if the ground lease is rejected or terminated under the bankruptcy code, provided that in

the event of termination due to an event of default, specified conditions are satisfied.

Any sublease, in whole, or assignment other than an approved transfer, requires the prior written consent of the ground lessor. The borrower may also enter into subleases for portions of the property, subject to standard conditions, provided that each such sublease is subject and subordinate to the ground lease and the rights of ground lessor thereunder.

During the initial and any renewal term of the ground lease, any sublease which has an annual rent in excess of $125,000 and a term that exceeds one year may not be cancelled or surrendered without the prior written consent of the ground lessor (other than in connection with any proposed cancellation or a surrender if such space is being relet without a reduced rent and for a term at least equal in duration to said unexpired term).

Pursuant to the terms of the ground lease, the lender is not entitled to hold and disburse casualty insurance proceeds or condemnation awards. All casualty insurance proceeds amounts are required to be paid to the ground lessor (subject to the rights of the borrower described below) from such casualty (less any amounts incurred in adjustment of the loss) and applied by the ground lessor to the restoration and will be paid out from time to time to the Borrower as restoration progresses subject to the satisfaction by the borrower of the conditions set forth in the ground lease. DBRS Morningstar is assuming that any such disbursement and/or application will be used for restoration of the applicable property or otherwise in a customary manner as would be acceptable to a prudent lender. In addition, DBRS Morningstar is assuming that the lender may apply casualty and/or condemnation proceeds (that are not being made available for restoration or returned to the borrower as excess proceeds pursuant to the loan documents) toward payment of the loan. If such assumptions are not true, the ratings may be impacted.

The ground lease commenced on April 7, 1966 and the current term expires on May 31, 2041. The borrower has one remaining option to renew the term for an additional period of 22 years and 6 months, which would extend the term until November 30, 2063. Base rent is $1,600,000.00 per year, payable in equal monthly installments of $133,333.33, without further escalation.

The ground lessor has typical remedies upon an event of default by borrower, including, without limitation, the right to terminate the ground lease, subject to the rights of lender. The ground lessor must provide lender with notice of any default under the ground lease simultaneously with sending such notices to borrower. Other than with respect to bankruptcy and similar defaults, the lender is entitled to extend the cure period for an additional 30 days. With respect to any non-monetary default that which requires entry upon the property to cure , lender has the right to extend the cure period for

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such additional period as, with all due diligence and good faith, will enable lender to institute foreclosure proceedings, appoint a receiver for the purpose of curing such default and to acquire

borrower’s interest in the ground lease, to remove borrower and to cure such default.

Cash Management Sweep Trigger Period: A Trigger Period shall mean the period during which (i) an

uncured event of default under the loan documents is continuing, (ii) a low debt yield trigger is continuing or (iii) a specified tenant trigger is continuing.

During the loan term, a low debt yield sweep event will occur if, as of any calculation date, the debt yield falls below 6.50% for two consecutive calculation dates (tested as of the end of each calendar quarter). A low debt yield sweep cure will occur upon the debt yield achieving 6.50% for two subsequent consecutive calculation dates; provided that a low debt yield sweep event will be deemed not to exist if the borrower delivers to the lender either cash (which cash will be deposited into the cash collateral account) or, subject to certain requirements of the mortgage loan agreement, a letter of credit or collateral support guaranty from a qualified guarantor, in each case satisfying the requirements of the mortgage loan agreement, in an amount that would, if applied to reduce the mortgage loan, would cause the debt yield to be at least 6.50%.

Specified tenant trigger means (i) any bankruptcy proceeding is commenced with respect to IPG DXTRA (also known as CMGRP) (together with each replacement tenant for IPG DXTRA that comprises 25.0% or more of the gross underwritten rental income at the property, (ii) any surrender, cancellation or termination by tenant for all or any material portion of the tenant’s lease (excluding any termination or cancellation as a result of tenant’s contraction rights expressly set forth in its lease) or delivery of any notice in accordance with the terms of the tenant’s lease of any termination or cancellation by tenant for all or any material portion of the tenant’s lease (excluding any termination or cancellation as a result of tenant’s contraction rights expressly set forth in its lease), (iii) the tenant being in monetary default of base rent or material non-monetary default under the lease beyond applicable notice and cure periods (other than as a result of non-payment of rents up to $1,500,000 in the aggregate if (x) such non- payment is the result of a good faith dispute between a tenant and the borrower, (y) the borrower in a commercially reasonable manner pursues an expeditious and fair resolution of such dispute and (z) such good faith dispute will not otherwise result in a material adverse effect), or (iv) with respect to IPG DXTRA only, tenant’s failure to provide written notice to the borrower of renewal of its lease for at least 150,000 rentable square feet twelve (12) months prior to the expiration date of the applicable lease.

A specified tenant trigger cure will be deemed to occur upon the earliest of the following: (i) with respect to a specified tenant trigger described in clause (i) of the definition thereof, the tenant affirming its lease in the applicable bankruptcy proceeding or the applicable lease has been assumed and assigned to a third party in a manner reasonably satisfactory to the lender or pursuant to an assignment approved in the bankruptcy proceeding by a non-appealable court order, (ii) with respect to a specified tenant trigger described in clause (ii) of the definition thereof, the tenant’s revocation or rescission of all termination notices with respect to the applicable tenant’s lease and has reaffirmed the applicable lease as being in full force and effect, (iii) with respect to a specified tenant trigger described in clause (iii) of

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the definition thereof, the lender’s receipt of evidence satisfactory to it that the default under the applicable tenant’s lease has been cured, (iv) with respect to the renewal cash sweep, the lender’s

receipt of evidence satisfactory to it that applicable tenant has renewed its lease prior to its then applicable lease expiration,(v) with respect to any specified tenant trigger, if the tenant’s lease has been

terminated or expired, the lender’s receipt of satisfactory evidence that (a) the applicable vacant space is

re-leased for a minimum term of five years pursuant to one or more replacement leases and in accordance with the mortgage loan documents, (b) the tenants under the replacement leases have accepted possession of the entire space, (c) the conditions to commencement of rent under the replacement lease(s) (other than the passage of time) have been satisfied or waived, (d) sufficient funds to pay any outstanding tenant improvement allowances and leasing commissions have been reserved with the lender or guaranteed by a qualified investment grade guarantor with a net worth of at least $150,000,000 and (e) each tenant has commenced paying full rent or sufficient funds to account for any outstanding free rent or rent abatements have been reserved with the lender or guaranteed by a qualified investment grade guarantor with a net worth of at least $150,000,000 or (vi) with respect to any specified tenant trigger, the date on which the aggregate amounts deposited into the specified tenant account in respect of such specified tenant trigger, plus the amount of any letter of credit and/or collateral support guaranty delivered to the lender equals or exceeds $70.00 per SF with respect to the applicable vacant specified tenant space (less any termination, rejection or contraction payments received in respect of such space and any amounts reserved by reason of a specified tenant trigger and in the rollover reserve allocable to such space.)

Reserves: As part of the mortgage loan, $319,928 of upfront reserves were funded for outstanding approved leasing expenses for certain leases, Additionally, the loan agreement may stipulate required deposits for ongoing reserves into specified accounts.

Upfront Reserve Account Deposits Amount ($) Rollover Accoubt 319,928

Recourse Carveouts: Recourse on the loan is generally limited to the properties and other assets that have been pledged as collateral for the loan. Nonrecourse carveout liabilities for fraud, willful misconduct or intentional misrepresentation in connection with the loan, wrongful removal or destruction, certain physical waste, misappropriation, conversion of certain funds, and certain transfers or encumbrances are all included in the exculpation clause of the loan agreement, along with other carveout liabilities identified in the loan documents. There is no carveout guarantor for this loan and liability for the carveouts runs only to the borrower..

Future Additional Debt: The loan documents do not permit future additional debt as part of this transaction. However, the borrower is permitted to incur equipment leases and unsecured trade payables in the ordinary course of owning and operating the property under certain conditions and limitations to be set forth in the loan documents, including, without limitation, that the same not exceed, in the aggregate, three percent of the principal amount of the loan.

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Prepayment and Property Release Provisions: The borrower is not permitted to voluntarily prepay the loan in whole or in part, provided that on or after the loan payment date in October 2030, the borrower

may voluntarily prepay the loan in whole only. However at any time after the date which is the to occur of (i) three years after the origination date of the Loan and (ii) two years after the date of the

securitization of the last portion of the mortgage loan, borrower may also obtain the release of the entire

mortgaged property from the lien of the mortgage in exchange for a grant of a security interest in certain U.S. government securities. Such release is subject to certain conditions, including but not limited to no existing event of default under the loan.

Permitted Transfers: Subject and in addition to other permitted transfers and/or requirements for transfers further detailed in the loan documents, the transfer of the property and/or certain equity interests in the borrower is generally permitted so long as: (1) no event of default exists under the mortgage loan, (2) the transferee is controlled by an entity (x) meets certain eligibility requirements in the loan documents including having total real estate assets under management in excess of $1,000,000 or (y) whose experience, financial condition and creditworthiness is otherwise acceptable to lender and (3) satisfaction of customary equity transfer or loan assumption procedures.

Property Management: The property is managed and operated by Vornado Office Management LLC, an affiliate of the borrower. The lender’s rights to terminate the property manager are subject to the loan documents. There is a list of preapproved managers in the loan agreement. Generally, under the loan documents, a property management company must have at least five years’ experience managing similar type of office properties in the NY-NJ-PA metropolitan areas and have leasable sf with an aggregate 5 million leasable sf, excluding the subject property.

Insurance: The loan agreement requires the borrower to insure the mortgage property and operations at the property with insurance coverage from insurers described in the loan documents. The insurance is required in amounts set forth in the loan documents, subject to certain deductibles and a blanket policy is permitted.

Casualty and/or Condemnation Proceeds: If there is no existing event of default under the loan documents, the threshold for any casualty or condemnation insurance proceeds to be deposited into a lender controlled account is 2.5% of the original principal amount of the mortgage loan. Subject to satisfying other conditions in the loan documents, (x) net insurance proceeds in the case of a casualty will be made available to the borrower if less than 40% of the total floor area of the improvements on the property has been damaged, destroyed or rendered unusable, (y) net condemnation awards in the case of a condemnation will be dispersed to the borrower if less than 15% of the land constituting the property is taken and such land is located along the perimeter or periphery of the property and no portion of the improvements (other than immaterial fixtures) is located on such land, and (z) leases demising in the aggregate 67.5% or more of the total rentable space in the improvements which has been demised under executed and delivered leases in effect as of such casualty or condemnation shall remain in effect during and after the restoration. If at any time the net proceeds in the reasonable opinion of the lender in consultation with the casualty consultant are determined to be insufficient to

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pay in full the balance of the costs estimated to be incurred in connection with the restoration, the borrower is required to deposit the deficiency before any further disbursement of the net proceeds are

disbursed.

In connection with a casualty or condemnation, the use of casualty and condemnation proceeds may be

further restricted by, or required to satisfy leases, ground leases, development agreements or similar documents.

Transaction Legal and Structural Features Realized Losses: On each distribution date, any realized losses on the trust loan will be allocated to the Class E, Class D, Class C, Class B, and Class A, in that order, in each case until the certificate balance of that class has been reduced to zero. The notional amount of the Class X certificates will be reduced by the aggregate amount of realized losses allocated to the Class A and B certificates.

Appraisal Reductions: Following the date on which (i) the mortgage loan is 90 days delinquent in monthly payments or (ii) 90 days delinquent with respect to the balloon payment at maturity or (iii) certain other adverse events affecting the mortgage loan as set forth in the trust and servicing agreement have occurred, the special servicer will generally be required to obtain new appraisals on the property. Based on the new appraisal, the amount of delinquent loan interest payments on the mortgage loan thereafter advanced to certificateholders may be reduced, and the rights of the directing holder to act in such capacity may be terminated, and the voting rights of certain classes of certificates may be reduced. If such appraisal is not required or is delayed, the trust and servicing agreement may allow for automatic adjustments, which could have a similar impact on advances. Additionally, certain parties under the trust and servicing agreement and the co-lender agreement may have certain rights to challenge the appraisal or request a new appraisal.

Control Rights: The controlling class will be the class E certificates for so long as such class has an aggregate certificate balance of at least 25.0% of the initial certificate balance of such class (taking into account any application of appraisal reduction amounts to notionally reduce the certificate balance of such class). The controlling class as of the closing date will be the Class E certificates. The directing holder will generally be the party selected by at least 50.0% of the controlling class certificateholders as described in the trust and servicing agreement.

During a CCR control period as described in the trust and servicing agreement, the directing holder will have the right to replace the special servicer at any time with or without cause and will have certain consent rights with respect to major decisions described in the trust and servicing agreement. During a CCR consultation period, these consent rights will terminate and the directing holder will instead have certain consultation rights until the occurrence of a subordinate consultation termination event, as described in the trust and servicing agreement. After the occurrence and during the continuance of a subordinate consultation termination event with respect to the most senior control eligible certificates, no class of certificates will be entitled to appoint a directing holder or have rights under the trust and servicing agreement to consent to or consult on actions of the servicer or special servicer. Additionally, if

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appraisals done in accordance with trust and servicing agreement would result in a subordinate control termination event, the controlling class holder has the right to challenge the value in such appraisals.

Replacement of the Special Servicer: The special servicer under the trust and servicing agreement may

be removed, with or without cause, and a successor special servicer appointed, from time to time,

including: (1) during a subordinate control period, the special servicer may be replaced by the directing holder with or without cause at any time; or (2) other than during a subordinate control period, certain certificateholders with the requisite percentage of voting rights will have the right, with or without cause, to replace the special servicer and appoint a replacement special servicer.

Amount of Workout, Liquidation and Special Servicing Fees: The workout fees and liquidation fees payable to the special servicer, if any, will be limited under the trust and servicing agreement to (x) with respect to workout fees, 0.35% of each collection of interest and principal following a workout and (y) with respect to liquidation fees, 0.35% of liquidation proceeds. Special servicing fees during the continuance of a special servicing event are limited under the trust and servicing agreement to 0.15% per annum payable monthly.

The special servicer will not be entitled to any liquidation fees with respect to the mortgage loan if (i) the mortgage loan is repurchased by the loan seller within the time period specified in the loan purchase and sale agreement, (ii) the mortgage loan is sold to the controlling class holder, servicer or the special servicer, as described in the trust and servicing agreement. In addition, the mortgage loan purchase agreement, the co-lender agreement and the loan agreement may contain restrictions on the amount of the special servicing fee, workout fee and/or liquidation fee, and such documents may also specify certain time periods during which a liquidation fee and/or workout fee are not payable.

Obligation of Borrower to Pay Fees: The loan documents require the borrower to pay liquidation fees, workout fees and special servicing fees, subject to any caps set forth in the loan documents. The special servicer is required to take reasonable efforts to collect such fees from the borrower.

Offsetting of Modification Fees: There is no cap on modification fees that the special servicer may charge the borrowers and all modification fees received by the special servicer over the lifetime of the mortgage loan are required to offset (on a 1:1 basis) any liquidation and workout fees that the special servicer could otherwise charge the issuing entity. Modification fees are fees with respect to a modification, extension, waiver, or amendment that modifies, extends, amends, or waives any term of the loan documents, other than (1) any assumption fees, defeasance fees, consent fees, or assumption application fees, and (2) liquidation, workout and special servicing fees.

Credit Risk Retention: This securitization transaction will be subject to the credit risk retention requirements of Regulation RR, 12 C.F. R. Part 244. An economic interest in the credit risk of the trust loan is expected to be retained as an “eligible vertical interest” in the form of a single vertical security by Citi Real Estate Funding Inc., as retaining sponsor, Bank of America, N.A. as an originator and BMO Harris Bank, N.A. as an originator.

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Rating Agency Confirmation: Rating agency confirmation may have certain timing restrictions and/or

not be required over certain material loan amendments, modifications, borrower requests and/or material amendments to the loan agreement, the trust and servicing agreement, the mortgage loan

purchase agreement, and the co-lender agreement. In addition, rating agency confirmation may be

requested and/or notice of such items may be provided to the rating agency after such items are effectuated. Because the rating agency may obtain knowledge of these various items later, surveillance activities and any related rating adjustments may occur later than if rating agency confirmation and/or prior notice of such items was provided.

Methodologies The following are the methodologies DBRS Morningstar applied to assign ratings to this transaction. These methodologies can be found on www.dbrsmorningstar.com under the heading Methodologies & Criteria. Alternatively, please contact [email protected] or contact the primary analysts whose information is listed in this report. • North American Single-Asset/Single-Borrower Ratings Methodology • DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria • Rating North American CMBS Interest-Only Certificates

Surveillance DBRS Morningstar will perform surveillance subject to the North American CMBS Surveillance Methodology.

Notes: All figures are in U.S. dollars unless otherwise noted.

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This report is based on information as of March 29, 2021. Subsequent information may result in material changes to the rating assigned herein and/or

the contents of this report.

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Glossary

ADR average daily rate MSA metropolitan statistical area ARA appraisal-reduction amount n.a. not available ASER appraisal subordinate entitlement reduction n/a not applicable BOV broker’s opinion of value NCF net cash flow

CAM common area maintenance NNN triple net capex capital expenditures NOI net operating income CBD central business district NRA net rentable area CBRE CB Richard Ellis NRI net rental income CMBS commercial mortgage-backed securities NR – PIF not rated – paid in full CoStar CoStar Group, Inc. OSAR operating statement analysis report CREFC CRE Finance Council PCR property condition report DPO discounted payoff P&I principal and interest DSCR debt service coverage ratio POD probability of default EGI effective gross income PIP property improvement plan EOD event of default PILOT property in lieu of taxes F&B food & beverage PSA pooling and servicing agreement FF&E furniture, fixtures and equipment psf per square foot FS Hotel full-service hotel R&M repairs and maintenance G&A general and administrative REIT real estate investment trust GLA gross leasable area REO real estate owned GPR gross potential rent RevPAR revenue per available room HVAC heating, ventilation and air conditioning sf square foot/square feet IO interest only STR Smith Travel Research LC leasing commission SPE special-purpose entity LGD loss severity given default TI tenant improvement LOC letter of credit TIC tenants in common LOI letter of intent T-12 trailing 12 months LS Hotel limited-service hotel UW underwriting LTC loan-to-cost WA weighted average LTCT long-term credit tenant WAC weighted-average coupon LTV loan-to-value x times MHC manufactured housing community YE year end MTM month to month YTD year to date

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Definitions

Capital Expenditure (Capex) Costs incurred in the improvement of a property that will have a life of more than one year. DBRS Morningstar Refi DSCR A measure that divides the DBRS Morningstar stabilized NCF by the product of the loan’s maturity balance and a stressed refinance debt constant. DBRS Morningstar Term DSCR A measure that divides the DBRS Morningstar stabilized NCF by the actual debt service payment Debt Service Coverage Ratio (DSCR) A measure of a mortgaged property’s ability to cover monthly debt service payments, defined as the ratio of net operating income or net cash flow to the debt service payments. Effective Gross Income (EGI) Rental revenue minus vacancies plus miscellaneous income. Issuer UW Issuer underwritten from Annex A or servicer reports. Loan-to-Value (LTV) The ratio between the principal amount of the mortgage balance, at origination or thereafter, and the most recent appraised value of the underlying real estate collateral, generally from origination. Net Cash Flow (NCF) The revenues earned by a property’s ongoing operations less the expenses associated with such operations and the capital costs of tenant improvements, leasing commissions and capital expenditures (or reserves). Moreover, NCF is net operating income less tenant improvements, leasing commissions and capital expenditures. NNN (Triple Net) A lease that requires the tenant to pay operating expenses such as property taxes, insurance and maintenance, in addition to the rent. Net Operating Income (NOI) The revenues earned by a property’s ongoing operations less the expenses associated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. Net Rentable Area (NRA) The area (sf) for which rent can be charged. NRA includes the tenant’s premises plus an allocation of the common area directly benefiting the tenant, such as common corridors and restrooms. Revenue Per Available Room (RevPAR) A measure that divides revenue by the number of available rooms, not the number of occupied rooms. It is a measure of how well the hotel has been able to fill rooms in the off-season, when demand is low even if rates are also low, and how well it fills the rooms and maximizes the rate in the high season, when there is high demand for hotel rooms. Tenant Improvements (TIs) The expense to physically improve the property or space, such as new improvements or remodeling, paid by the borrower. Weighted Average (WA) Calculation is weighted by the size of each mortgage in the pool. Weighted-Average Coupon (WAC) The average coupon or interest payment on a set of mortgages, weighted by the size of each mortgage in the pool.

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