THE PLAZA PARK Bringing Long Island City to New Heights

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THE PLAZA PARK Bringing Long Island City To New Heights

BRIXTON MANOR

CONFIDENTIAL OFFERING MEMORANDUM This Offering Memorandum has been prepared by Brixton Manor use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by Brixton Manor, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by Brixton Manor or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Brixton Manor, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and Brixton Manor each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Brixton Manor and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or Brixton Manor If you have no interest in the property, please return the Offering Memorandum forthwith.

BRIXTON MANOR THE PLAZA PARK

EXECUTIVE SUMMARY 04

LOCATION OVERVIEW 12

MARKET OVERVIEW 28

BRIXTON MANOR EXECUTIVE SUMMARY

BRIXTON MANOR PROJECT RENDERING EXECUTIVE SUMMARY

TRANSACTION OVERVIEW

Brixton Manor LLC has been exclusively retained for the sale of the Long Island City, New York development opportunity. The Plaza Park represents a shovel ready opportunity to construct a state-of-the-art, mixed-use, residential tower within Long Island City’s Queens Plaza Sub-market. Once completed, the development will be the tallest residential building in New York City located outside of Manhattan and will enjoy panoramic views of the Manhattan skyline, unparalleled access to mass-transit (10 minutes from Midtown Manhattan), and a true live/work/play amenity package. Additionally, the project includes a one- acre, privately owned, public park and a renewed subway entrance just a few feet from the building’s lobby, both of which will be completed in partnership with the MTA. Also included in the offering is a fully vested, 100% market rate, 15-year 421-a tax abatement and up to $35 million in Brownfield Tax Credits for work completed. PROJECT OVERVIEW Name: The Plaza Park

Long Island City, Queens, City, State, Zip Code: New York 11101 Neighborhood: Queens Plaza, Long Island City

Development Type: Fee Simple Mixed-Use Property Type: (Luxury Residential/Condo, Office, Retail, Parking) Max Allowable Zoning SF: 833,536 Zoning SF*: 832,250 Gross SF*: 1,041,941 Net SF*: 763,718 Residential Units*: 780 Parking Spaces*: 125 Height | Stories*: 68 Stories | 860 ft. Tall (Approx.) 1 Acre Park, Automated Parking, Lobby Lounge / Bar, Fitness Facility, Spa (w. Hammam, Pool, Jacuzzi, Spa Lounge & Terrace), Amenities*: Library, Social Bar, Private Party Rooms, Movie Room, Kids Playroom, Offices, Pet Walk Areas & Others Pre-Development | Design Project Status: (substantially complete DDs & CDs) 100% Market Rate 15-Year 421-a Property Taxes: Tax Exemption Up to $35 Million in Vested Additional Benefits Brownfield Tax Credits PROJECT RENDERING *Proposed

BRIXTON MANOR TRANSPORTATION MAP

Riverside Harlem Park Meer FRAWLEY CIR

86TH ST

W 106TH ST AVE AMSTERDAM E 106TH ST ASTORIA BLVD The Wards Loch Island The 23RD AVE Great Park

Hill ASTORIA BLVD 82ND ST BROADWAY 1 B C 6

The Pool DITMARS BLVD FDR DR FDR

Astoria GRAND CENTRAL PKWY Triborough Brdg Park

East Mt Sinai Meadow Hospital

Metropolitan RIVERSIDE DR RIVERSIDE Hospital 97TH ST TRANSVERSE RD ASTORIA BLVD

1 2 3 W 96TH ST B C E 96TH ST 6 ASTORIA PARK S Brooklyn Queens Exwy W ASTORIA BLVD 278 31ST ST HOYT AVE S

ASTORIA BLVD Joan of Arc Park The Reservoir 81ST ST

PARK AVE PARK E 90TH ST

TH ST TRANSVERSE 86 RD MAIN AVE East River

COLUMBUS AVE COLUMBUS CENTRAL Carl W 86TH ST 1 B C PARK E 86TH ST 4 5 6 Schurz Park LAGUARDIA Great Lawn Metropolitan N Q STEINWAY ST 31ST AVE AIRPORT Museum Of Art Riverside

MADISON AVE MADISON Park CENTRALW PARK BROADWAY TRAVEL TIME TO SITE: C W 81ST ST B Belvedere Lake AVE 1ST 7 MINUTES Brooklyn Queens Exwy Museum W 79TH ST 1 Of Natural E 79TH ST 79TH ST TRANSVERSE RD

History TRAVEL TIME TO SITE: HENRY HUDSON PKWY HUDSON HENRY The W 77TH ST John 34TH AVE 14 MINUTES Ramble 6 Jay

YORKAVE Park The Lake

WAVE END Conservatory ASTORIA Pond

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Strawberry AVE LEXINGTON W 72ND ST 1 2 3 B C Fields E 72ND ST ROOSEVELT ISLAND BRDG 36TH AVE N Q Sunnyside TRAVELWOODSIDE TIME AVE TO SITE: 45TH AVE Garden Park 278 Cornell Medical 11 MINUTES College Sheep Meadow The New York Mall 6 Hospital Greenland Center

5TH AVE 5TH Park E M R ST 66TH 1 Julliard 48TH ST

2ND AVE 2ND ROOSEVELT AVE School 65TH STREET TRANSVERSE RD Rockefeller 3RD AVE 3RD N Q Queens Northern Blvd University 21ST ST Lincoln WOODSIDE Center

F E 63RD ST F ST 61ST Heckscher 39TH ST SKILLMAN AVE 69TH ST Playground F

HENRY HUDSON PKWY HUDSON HENRY 43RD AVE

E 61ST ST FDR DR The Pond

Fordham E 60TH ST QUEENSBORO BRG CONN QUEENSBORO Queensboro Brdg 7 N Q ST 58TH Univ N Q R Queens Plz E A C B D CENTRAL PARK S BRDG 25 4 5 6 1 N Q R F E M R TRAVEL TIME TO SITE: Queens Blvd N Q W 57TH ST 10 MINUTES

Thomson Ave B D QUEENS Dewitt E 7 GREENPOINT AVE Clinton Park E E M E M E 53RD ST Brooklyn Queens Exwy

C E MIDTOWN PLAZA PARK 6 M MAURICEAVE

FIRST AVE FIRST Long Island City | NY 7TH AVE 7TH MANHATTANRockefeller Center LONG ISLAND EXWY 49TH AVE PARK AVE PARK E 48TH ST 1 N Q R B D Damrosch F M 495 Park HUNTERS POINT AVE

G Jackson Ave Long Island Exwy 7 49TH AVE JAY AVE Dutch Kill 495 Laurel Hill Blvd

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PULASKI LINCOLN TUNNEL Queens Midtown Tunnel BRIDGE East River LINCOLN TUNNEL W 39TH ST TRAVEL TIME TO SITE: TRAVEL TIME TO SITE:

Kosciusko Brdg Jacob Javits Koscuiszko Brdg

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3RD AVE 3RD Medical MIDTOWN AVE 2ND Center GREENPOINT STEWART AVE W 30TH ST AVE 8TH SOUTH 278

G NORMAN AVE FLUSHING AVE Chelsea N R 6 HUMBOLDT ST Park Bellevue Hospital LOMBARDY ST

7TH AVE 7TH Madison E 25TH ST Square VANDERVOORT AVE Park VA 24Th GRAND ST Hospital Street Park W 23RD ST C E 1 F M N R 6 E 23RD ST G TRAVEL TIME TO SITE: METROPOLITAN AVE Gramercy

Park MEEKER AVE

TRAVEL TIME TO SITE: S AVE PARK 29 MINUTES MANHATTAN AVE TRAVEL TIME TO SITE: 21 MINUTES 1 East River NASSAU AVE MEEKER AVE Union 35 MINUTES TRAVEL TIME TO SITE: Square 11TH AVE Stuyvesant Square

AVENUE C AVENUE 34 MINUTES UNION4 5 6

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4TH AVE 4TH VILLAGE L BUSHWICK TRAVEL TIME TO SITE: East River L Tompkins AVENUE OF THE AMERICASTHE AVENUE OF W 8TH ST N R 6 Square East Brooklyn Queens Exwy L 7TH AVE S AVE 7TH 21 MINUTES River G Park

Washington DRIGGSMETROPOLITAN AVE AVE BEDFORD AVE 1 Square A C E GRAND STREET EXT UNION AVE B D F M New York BERRY ST University MYRTLE AVE

CHRISTOPHER ST D AVENUE

AVENUE A AVENUE AVENUE B AVENUE

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VARICK ST 6 HUDSON ST F LAGUARDIA PL E HOUSTON ST Hamilton B D F M Fish Park Walker COLUMBIA ST East

CLINTON ST FDR DR River Park ST RODNEY Park AVE MARCY 1 N R Williamsburg Brdg 5TH Sarah D BUSHWICK AVE ALLEN ST BROADWAY M

W HOUSTON ST Roosevelt J M Z LAFAYETTE ST LAFAYETTE BOWERY Pkwy DELANCEY ST WILLIAMSBURG BRDG DELANCEY ST C E F M 6 LEE AVE DELANCEY ST J Z J KENMARE ST DIVISION AVE

WEST ST GRAND ST MALCOLM X BLVD BROADWAY B CANAL ST D WATTS ST W BROADWAY HOLLAND TUNNEL WOOSTER ST. Corlears STUYVESANT AVE 1 Seward FLUSHING AVE VARICK ST A C E Hook Park Park MARCY AVE N Q F LEWIS AVE 6 E ST WYTHEWILLIAMSBURG AVE J FRONT ST PARK AVE BEDFORD AVE NOSTRAND AVE

E BROADWAY PIKE ST Columbus Park

CENTRE ST 1 Rutgers

Hudson River Park Brooklyn Foley

Square Support Activity W ST WILLIAMSBURG 9A PARK ROW A SOUTH ST MANHATTAN BRDG C DEKALB AVE Thompkins 1 2 3 CHAMBERS ST Park

AVENUE OF SAINT JAMES PL J Z THE FINEST R 4 5

CHURCH ST 2 3 BARCLAY ST PARK ROW 278 North E BROOKLYN BRDG Empire- Park Fulton Ferry State Park World Brooklyn Queens Exwy NASSAU ST Trade J Z FULTON ST LAFAYETTE AVE 2 3 Center 4 5

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Queens Exwy

BRIXTON MANOR THE PLAZA

Long Island City | NY

PROJECT ASSEMBLAGE 421-A TAX EXEMPTION According to a zoning analysis prepared by Greenberg Traurig, dated August 25, 2015, the QPP While assembling The Plaza Park the Seller was able to development site contains a total land area of secure a 100% market rate, 15-year, 421-a tax 64,443 square feet. Based upon the base floor exemption. This tax exemption allows future increases in area ratio of 12.0 times the lot size, the site assessed value to be 100% exempt during the yields 773,316 square feet of zoning floor area. construction period and for the first 11 years after Including the 60,220 square feet of development completion. Starting in the 12th year after completion, rights that were purchased from the MTA, the QPP site contains a total zoning floor area of 833,536 increases in assessed value will be phased in at 20% square feet. The site is partially improved with a 12- increments every year until the 16th year, at which story building that is commonly known as the point QPP will be taxed based on 100% of its Clock Tower Building. According to the current assessed value. Assuming a conservative discount development model, the building contains rate of 5.0%, the net present value of projected 44,801 square feet of gross building area. The future tax savings due to the exemption is valued improvements were constructed in 1926 and was at $107 million. This exemption is believed to be the designated as a NewY ork City landmark by the Landmarks Preservation Commission on May 12, last large scale market-rate tax exemption recognized 2015. The existing building has been incorporated by the former 421-a program, which expired on into the proposed development scheme. December 31, 2015. Going forward, it is expected that no tax abatements will be granted for new projects The Plaza Park site is zoned M1-6/R10 within Area that do not meet a minimum affordable threshold. In A-1 of The Plaza Subdistrict of the Special Long addition, it is highly unlikely that the City and State Island City Mixed Use District. According to the governments will reach a consensus on an amended Greenberg Traurig zoning analysis, the subject’s 421-a program in the near term which will afford QPP zoning district permits an as-of-right maximum base a significant competitive advantage. floor area ratio (FAR) of 12.0 times the lot size. Typically, R10 zoning districts require the BROWNFIELD TAX CREDITS AND construction of a public plaza in order to bonus the FOUNDATION WORK permitted 10.0 FAR to a 12.0 FAR. In addition to the vested 421-a tax exemption, The Plaza also benefits from vested Brownfield Tax Credits, which reimburse a significant amount of costs related to foundation work. Once reimbursed for the approved costs, an investor’s reduced cost basis produces an increased stabilized yield for the project. All supporting documents are available on the HFF document center.

Future foundation costs will include a $6 million reimbursement to the MTA for foundation work the MTA is required to complete pursuant to the MTA agreement on the document center. These costs, predominantly tiebacks, would otherwise be incurred during normal foundation work and as a result, are net VIEW OF MANHATTAN SKYLINE FROM TOP OF PROJECT AT DUSK neutral to a developers overall project budget.

BRIXTON MANOR EXECUTIVE SUMMARY

IN PLACE PLANS AND DRAWINGS RENTAL CONDO HYBRID POTENTIAL

Since concluding the assemblage and procuring The Plaza Park also affords the opportunity to the 421-a, the Seller has fine-tuned the building and develop a rental/condo hybrid project with the first foundation design and currently has substantially two thirds of the building delivered as luxury complete Design Drawings and Construction rentals and the upper floors as for sale Drawings, which are all part of this offering. condominiums. The building is designed to flex to There is currently a completed building massing with accommodate both full rental and rental/condo the interiors separated into three primary building hybrid execution which can include a separate sections (low rise rental, midrise rental and high rise entrance, elevator bank, and amenity floor servicing rental) with unit layouts for each and a program for the approximately 250 condominiums units. This amenity floors (a street level amenity floor, wet floor affords unique multifamily base case execution amenity area and fitness facility). with significant upside potential not typically available in New York City residential development.

PROJECT RENDERING

BRIXTON MANOR SUPERIOR DEVELOPMENT

The Plaza Park will consist of the existing 14-story landmarked Long Island City Clock Tower in addition to an approximately 68-story to-be-built Class A glass tower totaling approximately 763,700 NSF, featuring residential, retail, office within the Clocktower, and parking components, standing 860 feet tall.

The Project will be anchored by commercial and parking components, which include 29,200 NSF of ground-floor and below grade retail space, 56,600 NSF of creative office space located in the historic clock tower building, and a 125-space parking garage located on floors 2 through 4.

The Project’s residential component contains approximately 640,142 NSF across 780 units, averaging 800 NSF.

The Project will feature an unparalleled amenity package, unobstructed views of the Manhattan skyline, and direct connectivity that can deliver residents into Midtown Manhattan in just 10 minute via the Subway located on site.

The Project’s amenities include: • A one acre park • Garage with automated/attended parking • Lobby lounge/bar • Fitness facility • Spa (with pool, hot tub, spa lounge and terrace) • Library • Social bar • Private party rooms • Movie room • Kids playroom • Office center • Pet walk

PROJECT RENDERING

BRIXTON MANOR EXECUTIVE SUMMARY

VIEW OF MANHATTAN SKYLINE FROM TOP OF PROJECT AT DUSK

BRIXTON MANOR LOCATION OVERVIEW

BRIXTON MANOR PROJECT RENDERING LOCATION OVERVIEW

QUEENS OVERVIEW

Queens encompasses all of Queens County and is home to approximately 2.3 million residents, making it the second most populous of New York City’s five boroughs, slightly behind Brooklyn with approximately 2.6 million residents. Over the past five years Queens’ population growth has exceeded that of Manhattan’s. Between 2010 and 2015, the Queens population has grown by approximately 90,000 residents (+4.0% / 0.8% CAGR), while the Manhattan population only grew by approximately 50,000 residents (+3.2% / 0.6% CAGR) during the same time period.

QUEENS POPULATION 2,350 0.90% 0.8% 0.80% 2,300 0.70% 2,250 0.60% 0.50% 2,200 0.5% 0.40% on (000's) on ti

2,150 0.30% (%) CAGR

Popula 0.20% 2,100 0.10% 2,050 0.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005-2010 2005-2010 CAGR CAGR

The trend of increased migration into Queens is only matched by its nearby neighbor, Brooklyn. Between 2010 and 2015, Brooklyn’s population grew by approximately 119,500 residents (+4.8% / 0.9% CAGR), adding only 29,500 more residents than Queens. Queens’ population growth since 2010 can be attributed towards historic rental increases in Manhattan and employment growth within the Outer Boroughs. As rental rates continue to rise in Brooklyn, residents are once again migrating to a new trendy New York City neighborhood and Queens has been the most attractive due to its transportation infrastructure.

POPULATION GROWTH BY BOROUGH 6.00%

5.00%

4.00% 3.8% 3.5% 3.00% 4.8% 4.2% Growth (%) Growth 2.00% 4.0% 3.7% 3.3% 3.3% 3.2% 2.9% 1.00% 1.6% 1.0% 0.00% Brooklyn Queens Manhattan Bronx Staten Island

2010-2015 Borough Growth 2015-2020 Projected Borough Growth 2010-2015 NYC Growth 2015-2020 Projected NYC Growth

BRIXTON MANOR LONG ISLAND CITY OVERVIEW

Long Island City is located in western Queens, just across the East River from Midtown Manhattan and the Upper East Side. It is bounded to the west and north by the East River waterfront, to the east by 51st and Hobart Streets and to the south by the Brooklyn border at Newtown Creek. The area’s location is just a few minutes from Midtown Manhattan and at the geographic center of New York City which has allowed it to thrive as a transportation hub, served by eight New York City subway lines and 13 bus lines.

Long Island is recognized as one of the most vibrant and transforming neighborhoods in New York City. Home to Fortune 500 companies, world-renowned arts and cultural institutions, prominent film and television studios, and 32,678 residents, Long Island City is a diverse and desirable New York City neighborhood.

Long Island City Rezoning of 2001

The Department of City Planning identified central Long Island City as a growth area with significant potential for office, retail and residential development, and on July 26, 2001, the City Council adopted the Department’s initiative to rezone 37 centrally located blocks in the area. The rezoning added 34 blocks to an existing three- block section located at Court Square that was rezoned in 1986 for high development in order to facilitate the construction of the Citibank building, a 1.25 million square foot office tower. As part of the rezoning, Long Island City was named the City’s Fourth Central Business District.

The purpose of the new zoning was to facilitate commercial development at increased densities, to allow new residences to mix with commercial and light industrial uses, which were already allowed, and to foster reinvestment and redevelopment that take advantage of Long Island City’s excellent mass transit access and its supply of large, underdeveloped properties. In the Long Island City core, the rezoning replaced existing low density light manufacturing zones with higher density, mixed commercial and residential zones to allow as-of- right developments, including office buildings with large, efficient floor plates. The rezoning effort, combined with additional city and state initiatives to develop more attractive streetscapes, renovate subway stops, improve the flow of traffic, and provide new targeted tax and economic development incentives, laid a strong foundation to support Long Island City’s continued growth.

BRIXTON MANOR LOCATION OVERVIEW

EMPLOYMENT

Within Long Island City, Queens Plaza and Court Square are the two primary business districts. The Project is located in the Queens Plaza area that is comprised of several large former industrial buildings that have been, or are in the process of being repurposed for office or light industrial use. The excellent transportation infrastructure, and the development of Class A office buildings in Long Island City, have encouraged employers to relocate, or continue to operate in Long Island City. Some of these companies include:

• Citigroup has 4,800 employees working in the 48-story, 1.4 million square foot One Court Square building, the tallest building in New York City’s Outer Boroughs. The 488,000 square foot office building was built by Turner Construction and completed in 1990.

• JetBlue, which had been based in Forest Hills since 2000, relocated to Long Island City in 2012. JetBlue occupies approximately 200,000 square feet at the Brewster Building with approximately 1,000 employees.

• Macy’s, which recently re-located a merchandise department from Brooklyn to a 150,000-square-foot full floor at the Factory Building in Long Island City. The Factory Building is about 1 million square feet in size and is owned by a partnership between Atlas Capital, Square Mile and Invesco.

• Steve Madden has operated its corporate headquarters in Long Island City since 1994. The company has over 1,100 full-time employees based in Long Island City.

• Brooks Brothers has manufactured their ties in Long Island City since 1999. According to a 2009 article, the factory employs over 122 people and distributes approximately 1.5 million ties per year.

• New York City Department of Health & Mental Hygiene signed a 20-year lease in 2011 at the 662,000 square foot Two Gotham Center. Two Gotham Center is the first building in the proposed 3.5 million square foot Gotham Center. The DHMH has over 4,000 employees at this location.

• United Nations Federal Credit Union occupies a 17-story 275,000 square foot building, which was completed in 2006 and is adjacent to Two Court Square. There are over 350 employees at this location.

• Kaufman Astoria Studios and Silvercup Studios are two of the largest and most sophisticated film and television production centers on the east coast. Kaufman Studios and Silvercup Studios have grown extensively, representing a thriving film and television production presence in Queens, and have plans for significant expansions in the future.

BRIXTON MANOR 1 12 ST

13 ST 14 ST

VERNON BLVD 9 ST 38 AVE 21 ST

22 ST Dutch 40 AVE 11 ST 38 AVE Kills 10 ST Playground 23 ST 12 ST 21 ST

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STENWAY ST 41 ST 12 ST ED KOCH QUEENSBORO BRG 29 ST 41 AVE 39 AVE 40 AVE 22 ST 38 AVE 35 AVE 42 ST 10 ST 23 ST 30 ST OLD RIDGE RD 21 ST 24 ST 38 ST 43 ST 39 AVE 35 AVE Queensbridge Park 40 AVE QUEENS PLZ S 12 ST 41 ST 44 ST F STENWAY ST 41 RD 41 AVE CRESCENT ST 38 AVE 27 ST 43 AVE 23 ST 36 AVE LONG ISLAND CITY 42 ST 40 AVE 39 AVE 28 ST 33 ST VERNON BLVD ED KOCH QUEENSBORO BRG 24 ST ROOSEVELT ISLAND 21 ST 9 ST

38 AVE 38 ST 10 ST 29 ST 22 ST 32 ST QUEENS PLZ S 41 AVE Q N 35 ST 43 AVE QUEENS PLZ N 39 AVE NORTHERN BLVD 23 ST 27 ST 30 ST 36 ST 43 RD 40 AVE 42 PL 11 ST 28 ST R M E 12 ST NORTHERN BLVD 31 ST Q N R 24 ST

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23 ST 10 ST 22 ST 28 ST 12 ST 43 AVE 37 AVE 11 ST 24 ST 29 ST QUEENS PLZ N 41AVE 42 RD QUEENS PLZ S NORTHERN BLVD 44 AVE 39 ST 9 ST

QNS PLZ 44 RD 44 DR 44 AVE ED KOCH BR UPPER RY AP 42 RD 23 ST 28 ST

44 RD 21 ST VERNON BLVD VERNON QUEENS PLZ E 45 AVE 27 ST 24 ST E HONEYWELL ST 44 RD M 44 DR 43 AVE 10 ST HUNTER ST WEST ST 44 RD CRESCENT ST QUEENS JACKSON AVE 45 AVE ORCHARD ST 11 ST 44 DR STEVE

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46 AVE 21 ST 45 RD JACKSON AVE Lou Loadti Murray 44 DR DUTCH KILLS ST Long Island City | NY SKILLMAN AVE Playground 46 RD 46 AVE Playground 45 AVE

PURVIS ST 38 ST VERNON BLVD 45 RD 37 ST 46 AVE 5 ST 11 ST G 36 ST 46 RD 45 RD Court 35 ST CENTER BLVD 43 AVE 7 Square SKILLMAN AVE P.S. 150 46 AVE Park THOMSON AVE 43 AVE 46 RD 47 AVE 46 AVE JACKSON AVE QUEENS BLVD 43 AVE

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NOTABLE LONG ISLAND CITY EMPLOYERS NOTABLE LONG ISLAND CITY EMPLOYERS Company Address Company Address Citigroup 1 Court Square CUNY School of Law 2 Court Square JetBlue Airways 27-01 Queens Plaza North Plaxall 5-46 46th Avenue Steve Madden 5216 Barnett Avenue Wonton Food Inc. 5210 37th Street Brooks Brothers 3925 Skillman Avenue LaGuardia Community College 31-10 Thomson Avenue Department of Health 42-09 28th Street Quadlogic Controls 33-00 Northern Boulevard and Mental Hygiene Rolex 1216 43rd Avenue United Nations Federal 2401 44th Road Shapeways 30-02 48th Avenue Credit Union Applied Research & Consulting 30-30 47th Avenue Kaufman Astoria Studios 34-12 36th Street Polo Ralph Lauren 30-30 47th Avenue Silvercup Studios 42-22 22nd Street Macy's 30-30 47th Avenue Jim Henson Company 37-18 Northern Boulevard SPACES 31-00 47th Avenue Standard Motor Products 37-18 Northern Boulevard Astoria Distilling Company 31-00 47th Avenue Uber 31-00 47th Avenue Good Neighbor Queens 31-00 47th Avenue Lyft 31-00 47th Avenue Coalition for Queens 31-00 47th Avenue RCN 33-16 Woodside Avenue Taxi & Limousine Commission 31-00 47th Avenue Fresh Direct 23-30 Borden Avenue MediaPlace 47-24 24th Street Webline Designs 31-00 47th Avenue Department of Design 30-30 Thomson Avenue Songza 5-26 46th Avenue & Construction TEI Group 30-30 47th Avenue Digital Natives 5-22 46th Avenue WeWork 35-37 36th Street

BRIXTON MANOR LOCATION OVERVIEW

EMERGENCE OF TAMI TENANTS

Within New York City, the technology, advertising, media, and information (“TAMI”) tenants have accounted for a rapidly growing share of employment. The Midtown South office market, dubbed “Silicon Alley” for the emergence and high concentration of technology, internet, and media companies, has attracted both established and smaller start-up companies. The strength of this office market has generated record setting rents causing this tenancy to spill over to more affordable Outer Boroughs such as Brooklyn and Queens. This demand has prompted real estate developers to buy, reinvest and reinvent buildings citywide. In general, TAMI tenants are seeking unique office space that cultivates creativity and meshes with the personalities of their employees. There are several recently redeveloped office buildings that are attracting TAMI tenants in Long Island City which include:

The Falchi Building is a dynamic five- story, mixed use 660,000 square foot office building located a few blocks from 47-37 Austell Place. Originally built in 1922 as a warehouse and distribution facility for Gimbels department stores, the building was completely redeveloped in 2013 to attract TAMI tenants. Tenants include Lyft, Webline Designs, Doughnut

91% OCCUPIED Planet, Juice Press and recently signed 34,000 square foot lease with Regus.

The Factory Building is a 1,024,000 square foot office building situated adjacent to The Falchi Building. Originally built in 1926 as a Macy’s furniture warehouse, The Factory is one of Long Island City’s newest and most desirable workplaces.

(IN LEASE UP) (IN LEASE In February 2015, TEI Group announced it will be relocating its corporate headquarters from Midtown Manhattan

77% OCCUPIED to a 22,725 square foot space in The Factory Building.

BRIXTON MANOR BRIXTON MANOR 96% OCCUPIED 90% OCCUPIED for similarbuildingsinthearea. urban rooftop farmwhichhassetatrend Brooklyn Grange’s 40,000square foot Solutions. Thebuildingishometothe Broadview Networks,andLogistiCare Products, theJimHensonCompany, major tenantsincludeStandard Motor facility forStandard Motor Products, Originally builtin1919asamanufacturing sectionofLongIslandCity.northern square footoffice buildinglocatedinthe The Standard Motors Building is a 315,000 Control Corporation. Authority, NYC DCAS,andQuadlogic include theMetropolitan Transit Long Island City. Notable Tenants substantial office redevelopments in cars, thebuildingwasoneoffirst assembling plantforFord’s ModelT Building. Formallyutilizedasan few blocksfrom TheStandard Motors square foot office building located a The CenterBuildingisa437,000

TRANSPORTATION

Long Island City’s strength stems from its diverse and efficient transportation infrastructure. With eight subway stations scattered throughout, Long Island City provides residents and employees access to and from Manhattan and Brooklyn within minutes. The Project is located less than a quarter mile from the E, M, R, N, Q, and 7, which provide access into Manhattan in less than 10 minutes.

SUBWAY: Long Island City is home to eight BUS: The New York City bus system serves subway stations located within its various just over two million riders on the weekdays neighborhoods. From 47-37 Austell Place, and just over one million riders on the subway access is provided through the weekends. Long Island City is served by Hunters Point Avenue Station (.4 miles), the several bus lines which primarily include Vernon Boulevard Station (1 mile), and the the Q103, Q67, Q69, Q39, B32, and B62. Court Square Station (.8 miles). The Court These bus lines provide convenient access Square Station also provides access to the to various parts of Queens, Manhattan, G, E, and M trains. To the northeast of 47-37 and Brooklyn. Austell Place are the Queens Plaza Station (.8 miles) and Queensboro Plaza Station FERRY: The East River Ferry, located in the (1 mile), which provide access to the Hunters Point section of Long Island City, 7, N, Q, R, E and M trains. is operated by New York Water Taxi and shuttles commuters to Manhattan and TRAIN: Located two blocks from 47-37 Brooklyn. Ferry stops include 34th Street/ Austell Place is the Hunters Point Avenue Midtown, Greenpoint, Williamsburg, Station of the Long Island Rail Road. Trains DUMBO, and Wall Street/Downtown. serving this station run on the Oyster Bay, Montauk, or Port Jefferson lines, with one AIRPORTS: Long Island City is served Ronkonkoma-bound train departing in the by two of New York City’s major airports, late afternoon. LaGuardia Airport (“LaGuardia”) and John F Kennedy International Airport (“JFK”). LaGuardia is located six miles from 47-37 Austell Place and operates approximately 20 airlines out of its four terminals. JFK is New York City’s largest airport and is located 13 miles from 47-37 Austell Place. There are over 80 airlines operating out of JFK with over 48 million annual passengers.

BRIXTON MANOR LOCATION OVERVIEW

TRANSPORTATION MAP

Riverside Harlem Park Meer FRAWLEY CIR

86TH ST

W 106TH ST AVE AMSTERDAM E 106TH ST ASTORIA BLVD The Wards Loch Island The 23RD AVE Great Park

Hill ASTORIA BLVD 82ND ST BROADWAY 1 B C 6

The Pool DITMARS BLVD FDR DR FDR

Astoria GRAND CENTRAL PKWY Triborough Brdg Park

East Mt Sinai Meadow Hospital

Metropolitan RIVERSIDE DR RIVERSIDE Hospital 97TH ST TRANSVERSE RD ASTORIA BLVD

1 2 3 W 96TH ST B C E 96TH ST 6 ASTORIA PARK S Brooklyn Queens Exwy W ASTORIA BLVD 278 31ST ST HOYT AVE S

ASTORIA BLVD Joan of Arc Park The Reservoir 81ST ST

PARK AVE PARK E 90TH ST

TH ST TRANSVERSE 86 RD MAIN AVE East River

COLUMBUS AVE COLUMBUS CENTRAL Carl W 86TH ST 1 B C PARK E 86TH ST 4 5 6 Schurz Park LAGUARDIA Great Lawn Metropolitan N Q STEINWAY ST 31ST AVE AIRPORT Museum Of Art Riverside

MADISON AVE MADISON Park CENTRALW PARK BROADWAY TRAVEL TIME TO SITE: C W 81ST ST B Belvedere Lake AVE 1ST 7 MINUTES Brooklyn Queens Exwy Museum W 79TH ST 1 Of Natural E 79TH ST 79TH ST TRANSVERSE RD

History TRAVEL TIME TO SITE: HENRY HUDSON PKWY HUDSON HENRY The W 77TH ST John 34TH AVE 14 MINUTES Ramble 6 Jay

YORKAVE Park The Lake

WAVE END Conservatory ASTORIA Pond

VERNON BLVD

5TH AVE 5TH Park E M R ST 66TH 1 Julliard 48TH ST

2ND AVE 2ND ROOSEVELT AVE School 65TH STREET TRANSVERSE RD Rockefeller 3RD AVE 3RD N Q Queens Northern Blvd University 21ST ST Lincoln WOODSIDE Center

F E 63RD ST F ST 61ST Heckscher 39TH ST SKILLMAN AVE 69TH ST Playground F

HENRY HUDSON PKWY HUDSON HENRY 43RD AVE

E 61ST ST FDR DR The Pond

Thomson Ave B D QUEENS Dewitt E 7 GREENPOINT AVE Clinton Park E E M E M E 53RD ST Brooklyn Queens Exwy

C E MIDTOWN PLAZA PARK 6 M MAURICEAVE

FIRST AVE FIRST Long Island City | NY 7TH AVE 7TH MANHATTANRockefeller Center LONG ISLAND EXWY 49TH AVE PARK AVE PARK E 48TH ST 1 N Q R B D Damrosch F M 495 Park HUNTERS POINT AVE

G Jackson Ave Long Island Exwy 7 49TH AVE JAY AVE Dutch Kill 495 Laurel Hill Blvd

UNITED NATIONS PLZ UNITED NATIONS United 48TH AVE Nations Blvd Vernon Times

12TH AVE 11TH AVE Square VANDERBILTAVE 61ST ST 10TH AVE 10TH W 42ND ST A C E 1 2 3 S B D F M 7 E 42ND ST 7 S QUEENS MIDTOWN TUNNEL 7 11TH ST 7 N Q R 4 5 6 Bryant Park MASPETH AVE

PULASKI LINCOLN TUNNEL Queens Midtown Tunnel BRIDGE East River LINCOLN TUNNEL W 39TH ST TRAVEL TIME TO SITE: TRAVEL TIME TO SITE:

Kosciusko Brdg Jacob Javits Koscuiszko Brdg

Convention AVE PARK

AVENUE OF THE AMERICASTHE AVENUE OF 17 MINUTES 16 MINUTES Center East River

DYERAVE AVE FASHION

9TH AVE 9TH MCGUINNESS BLVD

KINGSLAND AVE 1ST AVE 1ST A C E B East River W 34TH ST 1 2 3 D F M E 34TH ST Brooklyn N Q R Queens Exwy 6 GREENPOINT AVE BRIDGEWATER ST NYU

3RD AVE 3RD Medical MIDTOWN AVE 2ND Center GREENPOINT STEWART AVE W 30TH ST AVE 8TH SOUTH 278

G NORMAN AVE FLUSHING AVE Chelsea N R 6 HUMBOLDT ST Park Bellevue Hospital LOMBARDY ST

7TH AVE 7TH Madison E 25TH ST Square VANDERVOORT AVE Park VA 24Th GRAND ST Hospital Street Park W 23RD ST C E 1 F M N R 6 E 23RD ST G TRAVEL TIME TO SITE: METROPOLITAN AVE Gramercy

Park MEEKER AVE

TRAVEL TIME TO SITE: S AVE PARK 29 MINUTES MANHATTAN AVE TRAVEL TIME TO SITE: 21 MINUTES 1 East River NASSAU AVE MEEKER AVE Union 35 MINUTES TRAVEL TIME TO SITE: Square 11TH AVE Stuyvesant Square

AVENUE C AVENUE 34 MINUTES UNION4 5 6

5TH AVE 5TH N Q R L E 15TH ST GRAND ST

UNION SQ W MASPETH AVE W 14TH ST A C E L L F M SQUAREE 14TH ST L L WILLIAMSBURG 1 2 3 CHELSEA L GREENWICH AVE EAST BUSHWICK AVE

Washington DRIGGSMETROPOLITAN AVE AVE BEDFORD AVE 1 Square A C E GRAND STREET EXT UNION AVE B D F M New York BERRY ST University MYRTLE AVE

CHRISTOPHER ST D AVENUE

AVENUE A AVENUE AVENUE B AVENUE

GREENWICH ST C AVENUE

VARICK ST 6 HUDSON ST F LAGUARDIA PL E HOUSTON ST Hamilton B D F M Fish Park Walker COLUMBIA ST East

CLINTON ST FDR DR River Park ST RODNEY Park AVE MARCY 1 N R Williamsburg Brdg 5TH Sarah D BUSHWICK AVE ALLEN ST BROADWAY M

W HOUSTON ST Roosevelt J M Z LAFAYETTE ST LAFAYETTE BOWERY Pkwy DELANCEY ST WILLIAMSBURG BRDG DELANCEY ST C E F M 6 LEE AVE DELANCEY ST J Z J KENMARE ST DIVISION AVE

E BROADWAY PIKE ST Columbus Park

CENTRE ST 1 Rutgers

Hudson River Park Brooklyn Foley

Square Support Activity W ST WILLIAMSBURG 9A PARK ROW A SOUTH ST MANHATTAN BRDG C DEKALB AVE Thompkins 1 2 3 CHAMBERS ST Park

AVENUE OF SAINT JAMES PL J Z THE FINEST R 4 5

CHURCH ST 2 3 BARCLAY ST PARK ROW 278 North E BROOKLYN BRDG Empire- Park Fulton Ferry State Park World Brooklyn Queens Exwy NASSAU ST Trade J Z FULTON ST LAFAYETTE AVE 2 3 Center 4 5

MAIDEN LN LIBERTY PLZ LIBERTY LIBERTY ST C GREENWICH ST PEARL ST A

4 5 South Flatbush Avenue Ext

TRINITY PL TRINITY Street WALL ST WASHINGTON AVE EXCHANGE PL Seaport FULTON ST

1 R 2 3 WATER ST J Z ST ADAMS TILLARY ST Brooklyn

Queens Exwy

BRIXTON MANOR Transportation Map

The Plaza Park has arguably a faster commute to Manhattan’s major office hubs than any outer-borough neighborhood. The study below compares travel times from Williamsburg and Greenpoint to major Manhattan office sub-markets as compared with the travel distances from QPP. The convenience for a commuter is irrefutable with a significantly faster commute realized to almost any of Manhattan’s major office hubs. Further, Williamsburg is heavily reliant on the L train which is scheduled for a significant shutdown for upwards of three years.

TRAVEL TIME TO MAJOR OFFICE HUBS Williamsburg, Brooklyn 29-37 41st Avenue, Queens Travel Delta 3rd Ave. Corridor 25 minutes 10 minutes 15 minutes Penn Station 25 minutes 22 minutes 3 minutes Grand Central 24 minutes 14 minutes 10 minutes Hudson Yards 39 minutes 28 minutes 11 minutes Rockefeller Center 25 minutes 15 minutes 10 minutes Plaza District 31 minutes 13 minutes 18 minutes Wall Street 18 minutes 30 minutes -12 minutes Union Square 19 minutes 21 minutes -2 minutes

TRAVEL TIME TO MAJOR OFFICE HUBS Greenpoint, Brooklyn 29-37 41st Avenue, Queens Travel Delta 3rd Ave. Corridor 24 minutes 10 minutes 14 minutes Penn Station 35 minutes 22 minutes 13 minutes Grand Central 32 minutes 14 minutes 18 minutes Hudson Yards 44 minutes 28 minutes 16 minutes Rockefeller Center 31 minutes 15 minutes 16 minutes Plaza District 33 minutes 13 minutes 20 minutes Wall Street 39 minutes 30 minutes 9 minutes Union Square 25 minutes 21 minutes 4 minutes

BRIXTON MANOR LOCATION OVERVIEW

ATTRACTIONS Aside from convenient access to transportation, residents, businesses and visitors are attracted to Long Island City’s breath-taking views of the Manhattan skyline, various parks, unique cultural centers, and local restaurants. Greenspace - Long Island City is home to several parks throughout its various neighborhoods, most notably, Gantry Plaza State Park and Hunter’s Point South Park. Gantry Plaza State Park is a 12-acre riverside oasis that boasts spectacular views of the midtown Manhattan skyline. Visitors to the park can enjoy a relaxing stroll along the park’s four piers or through the park’s manicured gardens and unique mist fountain. Similar to Gantry Plaza, Hunter’s Point South Park is located on the waterfront with unobstructed views of the Manhattan skyline. The park offers a playground, a dog run, a bikeway, a waterside promenade, a basketball court, and a 13,000 square foot pavilion that contains comfort stations, concessions, and an elevated café plaza.

BRIXTON MANOR Cultural Centers - Long Island City has seen a growing presence from the arts and cultural community as evidenced by large institutions such as P.S.1, the Isamu Noguchi Museum, the American Museum of the Moving Image, Socrates Park, Facilities for The Museum of Modern Art (MOMA) and the Museum for African Art. MoMA PS1, one of the largest institutes in the Unites States that is dedicated to contemporary art, attracts 150,000 visitors per year. The Noguchi Museum, founded and designed by renowned Japanese- American artist Isamu Noguchi, is made up of 13 galleries within a converted factory. These major institutions are supplemented by a number of smaller galleries, studios, loft spaces, a thriving community of individual artists, and businesses serving the creative and entertainment industries. The expanding arts and cultural community of Long Island City has residents and businesses seeking an eclectic atmosphere.

BRIXTON MANOR LOCATION OVERVIEW

Restaurants & Entertainment - In addition to being within close proximity to some the world’s greatest restaurants and entertainment venues in Manhattan, Long Island City boasts its own collection of well-known trendy dining establishments and entertainment venues. Vernon Boulevard and Jackson Avenue are the main Long Island City thoroughfares where the area’s most popular dining and entertainment options can be found. Notable restaurants and entertainment venues located on Vernon Boulevard include Tournesol, Blend, Laughing Devil Comedy Club, Alobar, and LIC Bar. Popular restaurants and entertainment venues located on Jackson Avenue include Manetta’s, Creek & the Cave, Sage General Store, The Burger Garage, and Dutch Kills Bar. As Long Island City continues to transform, more retailers will choose to operate within the neighborhood.

BRIXTON MANOR THE PLAZA PARK Is surrounded by an abundance of restaurants, shops, the arts, schools and hotels. Greenspace - Long Island City is home to several parks throughout its various neighborhoods, most notably, Gantry Plaza State Park and Hunter’s Point South Park. Gantry Plaza State Park is a 12-acre riverside oasis that boasts spectacular views of the midtown Manhattan skyline. Restaurants & Entertainment - In addition to being within close proximity to some the world’s greatest restaurants and entertainment venues in Manhattan, Long Island City boasts its own collection of well-known trendy dining establishments and entertainment venues. Vernon Boulevard and Jackson Avenue are the main Long Island City thoroughfares where the area’s most popular dining and entertainment options can be found. Cultural Centers - Long Island City has seen a growing presence from the arts and cultural community as evidenced by large institutions such as P.S.1, the Isamu Noguchi Museum, the American Museum of the Moving Image, Socrates Park, Facilities for The Museum of Modern Art (MOMA) and the Museum for African Art. MoMA PS1, one of the largest institutes in the Unites States that is dedicated to contemporary art, attracts 150,000 visitors per year. The Plaza Park has arguably a faster commute to Manhattan’s major office hubs than any outer-borough neighborhood. The study below compares travel times from Williamsburg and Greenpoint to major Manhattan office sub-markets as compared with the travel distances from TPP.

BRIXTON MANOR LOCATION OVERVIEW

BRIXTON MANOR MARKET OVERVIEW

PROJECT RENDERING BRIXTON MANOR MARKET OVERVIEW

QUEENS RESIDENTIAL MARKET OVERVIEW

Queens has become the borough of choice for residents. This increased demand is due to the borough’s proximity to the neighboring employment hubs, access to public transportation, and abundance of local amenities. This trend is evidenced by the borough’s population growth, which has largely outpaced that of Manhattan in recent years. Between 2005 and 2015, the Queens population has increased by 6.2% while the Manhattan population has only increased by 4.2%. With demand outpacing supply, the greater Queens market has experienced increase in both for-rent and for-sale pricing metrics across the board. As of Q4 2015, the average effective rent in Queens experienced a 9.3% year-over-year increase while the average price for for-sale product jumped 6.1% over the same time period.

Queens Average Rent and Sale Price Growth (Q4 2015 - Q4 2014)

10.00%

9.00%

8.00%

7.00%

6.00%

5.00% 9.3% 4.00%

3.00% 6.1%

2.00%

1.00%

0.00% Average Effective Rent Growth Average Sale Price Growth

BRIXTON MANOR THE RENTAL MARKET

According to REIS, as of Q4 2015, the Queens multifamily market consisted of approximately 27,436 units with an average vacancy rate of 3.9% and average year-over-year effective rent growth of 9.3%, making it one of the top apartment submarkets in the United States. This surge in demand has spurred increased development activity throughout Queens as developers and investors alike try to capitalize on the borough’s strong underlying fundamentals and discounted land prices, which allow for higher yields relative to those attainable in the neighboring boroughs. With the expiration of the 421-a program, many projects are on hold or will be built as for-sale condominium, creating a significant lull in the intermediate- and long-term rental pipeline

Between 2011 and 2015, the apartment inventory in Queens grew by 5,026 units, or approximately 22.1%. However, despite a large increase in inventory, demand continued to keep pace with supply. During the same time period, the Queens market experienced positive net absorption of 4,422 units (89.1% of added inventory), effective rent growth of 41%, and an average vacancy rate of 3.4%. Increased supply coupled with record breaking rent growth and stable vacancy rates illustrate the extreme demand for Queens rental housing.

Queens Deliveries & Absorption

2,000 18.00%

1,800 16.00%

1,600 14.00%

1,400 2011 - 2015 ti on Deliveries: 5,026 units 12.00% Net Absorption: 4,422 1,200 Total Eff. Rent Growth: 41% 10.00% Average Vacancy: 3.42% 1,000 . Rent Growth(%) ﬀ 8.00% 800

6.00%

Deliveries/Net Absorp 600

4.00% Vacancy (%) / E 400

200 2.00%

0 0.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015

Deliveries (Units) Net Absorption (Units) Vacancy (%) Eff. Rent Growth (%)

Average Effective Rent Index

150

140

130

120

110

100

90 2010 - 2015 Queens Growth: 42% 80 NY Metro Growth: 28%

Index Value (2010 100) = 70

50 2010 2011 2012 2013 2014 2015

Queens NY Metro Source: REIS

BRIXTON MANOR MARKET OVERVIEW

LONG ISLAND CITY RESIDENTIAL MARKET OVERVIEW

Over the past 10 years Long Island City has Vacancy rates have remained relatively low, and transitioned from a predominantly industrial despite an uptick in new development, the market neighborhood with scattered, low to middle income is still characterized by high demand. By virtue of homeowners, into one of the most sought after its proximity and ease of access to Manhattan, neighborhoods in the New York City market today Long Island City remains the premier residential and remains the strongest growing neighborhood market within Queens as evidenced by the amount throughout Queens. of residential projects in the pipeline. The Long Island City residential market should remain strong for the Much of the early development and inventory was foreseeable future with rental rates and condominium comprised of smaller residential buildings (25-50 pricing continuing to rise. Since 2005, developers have units) with basic amenity packages geared towards built approximately 8,000 new rental and condominium young professionals working in Manhattan and the units in an effort to capture the increasing demand for surrounding boroughs. However, as Long Island City residential accommodations in the neighborhood. The zoning changed over the years to promote economic increase in supply has been met with great demand development and allow for the development of larger as units at new residential developments have been mixed-use buildings, the features and amenities quickly absorbed. grew in tandem to meet the needs of an expanding and more diverse population. As Manhattan rental prices increase, renters in Manhattan are looking to move to Long Island City. With strong population growth and a shift in the Additional buyers and renters throughout Queens demographic profile of buyers and renters, the are also looking to move-up to new construction Long Island City residential market has continued and highly amenitized buildings closer to the City. to mature. What were once individuals and Therefore the demand for condominiums is also families seeking affordable alternatives to both strong. In Manhattan, the new construction luxury Manhattan and Brooklyn, now consists of tenants market begins at $100 per square foot in Manhattan. and purchasers actively choosing to live in Long Long Island City provides an opportunity for Island City due to its new full-service, amenity rich individuals and families who are in the market to rent buildings, views of Manhattan, and easy commute to luxury product at a more affordable price. As Long local employment hubs of Manhattan and Brooklyn. Island City continues to develop with more retail As the neighborhood continues to transform, more and commercial space, the area will be increasingly renters and buyers will choose Long Island City not desirable and the absorption of sales and leases only for its convenience and value, but also for the will only increase. lifestyle it promotes.

BRIXTON MANOR LONG ISLAND CITY APARTMENT MARKET

Long Island City has grown in popularity as a residential neighborhood. This is primarily due to Long Island City’s incredible public transportation network and recent rezoning, which has spurred more mixed-use developments. These mixed use developments have provided increased retail and commercial services to local residents and promoted the amenity rich lifestyle sought after by today’s renter.

Despite increased demand and strong rent growth within the Long Island City apartment market, the area’s rents still represent a substantial discount to those of Manhattan and Brooklyn, both on an overall average and average luxury basis. According to rental data from appraisal firm Miller Samuel, as of April 2016, average luxury rents in Northwest Queens were approximately $4,200 per unit per month, respectively. Northwest Queens consists of the Astoria, Long Island City, Sunnyside, and Woodside submarkets of greater Queens and is used as a proxy for Long Island City due to lack of more granular data.

The average luxury rent in Long Island City of $4,200 represents a 60.1% and 28.4% discount to the Manhattan and Brooklyn equivalents, respectively. This highlights the ability for continued rental growth within Long Island City as its rental product increases in quality and level of amenities.

Please note that the Brooklyn data below represents Northwest, North, and East Brooklyn, which consists of many, but not all, of the greater Brooklyn submarkets. More information on regional and neighborhood definitions can be found here.

Average Rents - April 2016 $12,000 $10,484 Average luxury $10,000 LIC rents at a 60% discount to Manhattan luxury, and a 28% discount to $8,000 Brooklyn luxury

$5,835 $6,000

$4,180 $4,000

$2,000

$0 Luxury Manhattan Brooklyn LIC

BRIXTON MANOR MARKET OVERVIEW

QUEENS PLAZA PARK COMPARABLE ABSORPTION RATES

The chart below demonstrates the strong absorption rate among competitive residential buildings in the immediate vicinity of The Plaza Park. The initial lease-up period of new residential developments averages a velocity of approximately 45 leases per month, which compares favorably to the underwritten leasing velocity assumed for the Project.

RENT COMPARABLES BY PROPERTY Leasing Lease-Up Leases Per # Property Address Developer Units Start Period Month 1 27 on 27th 42-17 27th St. KMF Property Group Jan-15 143 7 Months 20 2 Gantry Park Landing 50-01 2nd Ave. Lightstone Group Jul-13 199 10 Months 20 3 Linc LIC 43-10 Crescent St. Rockrose Jul-13 709 14 Months 51 Rose Associates & 4 Maximillian 5-11 47th Ave. Sep-13 180 8 Months 23 O'Connor Capital Partners 5 Pearson Court Square 45-50 Pearson St. L&M Development May-14 197 4 Months 49 6 46-10 Center Blvd. TF Cornerstone May-14 584 6 Months 97 7 45-45 Center Blvd. TF Cornerstone Jun-13 820 8 Months 103 8 45-40 Center Blvd. TF Cornerstone Jun-12 345 5 Months 69 9 46-15 Center Blvd. TF Cornerstone Mar-12 367 6 Months 61 10 47-20 Center Blvd. TF Cornerstone Mar-07 498 15 Months 33 Total/Avg. Dec-12 404 9 Months 45 Source: Marketing Directors

BRIXTON MANOR LONG ISLAND CITY Development Opportunity ASKING PRICE $31,000,000.00

Enrique Constante Exclusive Broker

(917)-362-3553 [email protected]

BRIXTON MANOR 14 WALL STREET 2ND FLOOR NEW YORK, NEW YORK 100005 Confidentiality / Non-Circumvention and Commission Agreement

This Confidentiality and Non-Circumvention Agreement (“Agreement”) is entered into as of August 22, 2020 (“Effective Date”) by Enrique Constante, and between ______, ______(Title) at ______(the “Recipient”), having an address at ______. (Enrique Constante) the person to whom BRIXTON MANOR LLC (the “Co-Founder and Vice President of International Investments and Commercial Division”) having the address of 14 Wall Street, 2nd Floor, New York, NY 10005 will disclose information concerning any off market properties for sale, equity partnership transactions and lending (the “Properties, equity partnerships and lending”), after execution of the Agreement. As more fully described below, the Co- Founder and Vice President of International Investments and Commercial Division will disclose to the Recipient oral and written information concerning the Properties which is confidential and proprietary. In order to protect and preserve the confidential and/or proprietary nature of certain information and materials of the Co-Founder and Vice President of International Investments and Commercial Division (the “Discloser”) that may be disclosed or made available to the Recipient in connection with the possible purchase, lending or equity partnerships of the Properties (the “Purpose”) by the Recipient, this Agreement is being executed. In consideration of the foregoing and the rights and obligations set forth herein, both parties hereby agree as follows:

1. PROPRIETARY INFORMATION. “Proprietary Information” means any and all information and material disclosed or made available by Discloser to Recipient (after the signing of this Agreement, and whether in writing, or in oral, graphic, electronic or any other form) that is of a confidential or proprietary nature, including, but not limited to, the location of the Properties, the condition of the Properties, the financial status of the Properties, and or equity partnership and lending.

2. NON-DISCLOSURE AND LIMITED USE. Recipient shall hold all Proprietary Information in strict confidence and shall not disclose any Proprietary Information to any third party including other brokers or solicitors. Recipient shall disclose the Proprietary Information only to its employees who need to know such information and who are bound by restrictions regarding disclosure and use of such information comparable to and no less restrictive than those set forth herein. Recipient shall not use any Proprietary Information for the benefit of itself or any third party or for any purpose other than the Purpose. Recipient shall take the same degree of care that it uses to protect its own confidential and proprietary information of similar nature and importance (but in no event less than reasonable care) to protect the confidentiality and avoid the unauthorized use, disclosure, publication or dissemination of the Proprietary Information. Recipient shall not make any copies of the Proprietary Information except to the extent reasonably necessary to carry out the Purpose, or unless otherwise approved in writing in advance by Discloser. Except as required by law or as reasonably required to assert its rights hereunder, Recipient shall not disclose the existence or substance of the discussions between the parties or any terms of this Agreement or any related agreement between the parties (or any matters relating thereto), without the prior written consent of Discloser.

3. SCOPE. The obligations of this Agreement, including the restrictions on disclosure and use, shall not apply with respect to any Proprietary Information to the extent such Proprietary Information: (a) is or becomes publicly known through no act or omission of the Recipient; (b) was rightfully known by Recipient before receipt from Discloser; or (c) becomes rightfully known to Recipient from a source other than Discloser that does not owe a duty of confidentiality to Discloser with respect to such Proprietary Information. In addition, Recipient may use or disclose Proprietary Information to the extent (i) approved in writing in advance by Discloser or (ii) Recipient is legally compelled to disclose such Proprietary Information, provided, however, that prior to any such compelled disclosure, Recipient shall give Discloser reasonable advance notice of any such disclosure and shall cooperate with Discloser in protecting against any such disclosure and/or obtaining a protective order narrowing the scope of such disclosure and/or use of the Proprietary Information.

4. NON-CIRCUMVENTION Recipient effective date of this Agreement, shall not (a) make contact or attempt to make contact, solicit or attempt to solicit, negotiate or attempt to negotiate, enter into or attempt to enter into any agreement, and/or transact or attempt to transact business with any of the Discloser’s Contacts. For purposes of this Agreement, “Contact” is hereby defined to include any person, company, business, partnership, joint venture, association, entity, and/or organization, whether of foreign or domestic origin, that is introduced and/or identified by Discloser to Recipient as a Contact or is an owner or advisor to the Properties /equity partnership / lending and/or (b) knowingly commit any other acts, which would affect in any way whatsoever, circumvent, compromise, or undermine the Discloser’s relationship with said Contact.

5. COMMISSION. ______(Buyer) agrees to pay at closing Brixton Manor Real Estate in bank certified check or attorney bank check one (1) full commission of 2 to 3% (two to three %) of the purchase price.

6. OWNERSHIP. All Proprietary Information (including, without limitation, all copies, extracts and portions thereof) is and shall remain the sole properties of Discloser. Recipient does not acquire (by license or otherwise, whether express or implied) any intellectual property rights or other rights under this Agreement or any disclosure hereunder, except the limited right to use such Proprietary Information in accordance with the express provisions of this Agreement. All rights relating to the Proprietary Information that are not expressly granted hereunder to Recipient are reserved and retained by Discloser.

7. NO WARRANTY. Except as may be otherwise agreed to by both parties in writing, no warranties of any kind, whether express or implied, are given by Discloser with respect to any Proprietary Information or any use thereof, and the Proprietary Information is provided on an “AS IS” basis. Discloser hereby expressly disclaims all such warranties, including any implied warranties of merchantability and fitness for a particular purpose, non-infringement and accuracy, and any warranties arising out of course of performance, course of dealing or usage of trade.

8. REMEDIES. Recipient agrees that, due to the unique nature of the Proprietary Information, the unauthorized disclosure or use of the Proprietary Information may cause irreparable harm and significant injury to Discloser, the extent of which will be difficult to ascertain and for which there will be no adequate remedy at law. Accordingly, Recipient agrees that Discloser, in addition to any other available remedies, shall have the right to seek an immediate injunction and other equitable relief enjoining any breach or threatened breach of this Agreement, without the necessity of posting any bond or other security. Recipient shall notify Discloser in writing immediately upon Recipient’s becoming aware of any such breach or threatened breach.

9. RETURN OF MATERIALS. Upon any termination of discussions or any business or other relationship between the parties related to the Purpose, or of this Agreement, or at any time at Discloser’s request, (a) Recipient shall promptly return to Discloser, or, at Discloser’s request, destroy, all materials (in written, electronic or other form) containing or constituting Proprietary Information, including, without limitation, any copies and portions thereof, and (b) Recipient shall not use the Proprietary Information in any way for any purpose. 10. MISCELLANEOUS. This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior or contemporaneous representations, discussions, proposals, negotiations, conditions, communications and agreements, whether oral or written, between the parties relating to the subject matter hereof and all past courses of dealing or industry custom. No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by duly authorized signatories of both parties. The waiver by either party of a breach of or a default under any provision of this Agreement shall not be construed as a waiver of any subsequent breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either party to exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy. This agreement remains in effect for a period of five (5) years. This agreement shall remain in effect in the event Enrique Constante (the “Co-Founder and Vice President of International Investments and Commercial Division”) transfers her license to any other real estate brokerage firm. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, USA, without reference to its conflicts of laws provisions. This Agreement and the rights and obligations hereunder may not be assigned or delegated by Recipient, in whole or part, whether voluntarily, by operation of law, change of control or otherwise, without the prior written consent of Discloser. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. In the event that any of the provisions of this Agreement shall be held by a court or other tribunal of competent jurisdiction to be invalid or unenforceable, the remaining portions hereof shall remain in full force and effect and such provision shall be enforced to the maximum extent possible so as to effect the intent of the parties and shall be reformed to the extent necessary to make such provision valid and enforceable. The parties are independent contractors, and neither party shall have any authority of any kind to bind the other party in any respect whatsoever.

IN WITNESS WHEREOF, the parties have read, understood, and executed this Agreement through duly authorized representatives as of the date first written above.

RECEIPIENT:

______By:

Name: ______

Title: ______

______

DISCLOSER:

BRIXTON MANOR LLC By:

Name: Enrique Constante ______

Title: Co-Founder and VP of Intl. Investments and Commercial Division

______