Exclusive 1588-1600 Amsterdam Avenue Aka 500 – 502 West 139Th Street Prime Hamilton Heights Across from City College of New York

OFFERING SUMMARY

EXCLUSIVE 1588-1600 AMSTERDAM AVENUE AKA 500 – 502 WEST 139TH STREET PRIME HAMILTON HEIGHTS ACROSS FROM CITY COLLEGE OF NEW YORK

Meridian Investment Sales is pleased to present 1588-1600 Amsterdam Avenue aka. 500–502 West 139th Street (the “Property”). These two contiguous corner 5-story walkups feature 44 apartments, 9 stores, 2 rooftop antennas and 38,400± Sq. Ft. The property is across the street from The City College of New York, two blocks from the [1] Train at 137th Street – City College and walking distance to Columbia University. This Hamilton Heights property is situated on the southwest corner of Amsterdam Avenue and West 139th Street, just four blocks east of the Henry Hudson Parkway (9A).

The current ownership has implemented a tremendous renovation program over the past few years and the building is in excellent condition. This exciting opportunity offers an investor a stable asset with lots of upside due to the low average rents in the buildings. ASKING PRICE: $22,000,000

2 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS

PRIME LOCATION

The Property is located in Hamilton Heights, one of the most desirable neighborhoods in Northern Manhattan. Home to the City College of New York, the Harlem School of the Arts and the Dance Theatre of Harlem, Hamilton Heights is filled with history, academia and culture. Hamilton Heights architecture is characterized by grand Gothic buildings, Romanesque arches and terracotta details. The Property is located across the street from City College of New York, one block from the bustling Broadway and walking distance to Columbia University and St. Nicholas Park.

EXCELLENT PROPERTY CONDITION

Over the past few years, the current ownership has maintained and improved the property significantly. The ownership has renovated approximately one-third of the units with new floors, electric, kitchens, and bathrooms. Units feature granite counters and stainless steel appliances. In addition, new front doors have been installed and all common hallways have been renovated with new flooring, lighting and painting. A brand new roof was installed and a dual fuel boiler was installed in 2015. RENTAL UPSIDE

The buildings are primarily comprised of two and three bedroom units. The average monthly rent is $1,390 offering an investor rental upside. The retail is approximately 5,391 SF and is 100 % leased with an average rental rate of $58 per square foot. The retail is comprised of four busy eateries (Indian, Chinese, Pizza and Italian) and a bike store. Two of the restaurants offer outdoor seating and are well attended by the neighborhood clientele.

STABLE ASSET

The proximity of the property to CUNY (located across the street) and public transportation combined with the low rents make this property a safe and stable investment opportunity for an investor. The demand for housing from City College students will be a dominant factor in increasing rents in the neighborhood. Currently, there are 17,300 students enrolled full time at this campus up from 16,150 in 2016. Northern Manhattan continues to gentrify, attracting more permanent tenants and area will continue to appreciate over the long term.

3 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY OVERVIEW

PROPERTY OVERVIEW

Neighborhood Hamilton Heights

Block / Lot 2070 / 36

Lot & Built/Size 99.92’ x 100’ & 99.92’ x 85’

Building Square Feet 38,381± SF

Description Two 5-story walkup building with stores

Total Apartments & Rooms 44 & 202

Layout 1/3, 16/4, 27/5

Zoning R7A, C1-4

Assessment / Taxes (2018/19) $1,283,490 / $163,247

4 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY OVERVIEW

TAX MAP BLOCK 2070 WEST 139TH STREET

36 AMSTERDAM AVENUE AMSTERDAM

WEST 138TH STREET

ZONING MAP

1588-1600 AMSTERDAM AVENUE

5 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW

INCOME AND EXPENSE PROJECTIONS

REVENUE Apartments $728,000 Stores & Antennae $363,900 Surcharges (W/D & A/C) $8,400 Tax/Water Reimbursement $24,000 GROSS INCOME $1,124,300

ESTIMATED EXPENSES Taxes (18/19) $163,250 Water & Sewer $44,000 Payroll $20,800 Fuel $60,600 Insurance $26,400 Utilities $5,000 Repairs, Maintenance & Misc. $44,000 TOTAL EXPENSES $364,050

ESTIMATED NET OPERATING INCOME $760,250

COMMERCIAL RENT ROLL

UNIT TENANT NAME RENT/MONTH REIMB. RENT PSF SQ. FT LXP Store 1-2 Chinese Restaurant $6,895.85 $512.54 $79.66 1,116 6/30/2025 Store 3* Indian Restaurant $3,200.00 $279.43 $50.92 820 5/31/2027 Store 4 Pizza Eatery $5,050.00 $38.80 $104.74 583 5/31/2026 Store 5-6* Italian Restaurant $7,165.00 $945.36 $64.03 1,520 6/30/2024 Store 7-9* Talent Cycles Inc. $3,850.00 $223.54 $36.16 1,352 2/28/2023 Roof Cellular Telephone Co. DBA $2,080.13 - - - Roof Nextel of NY LLC Sprint $2,080.40 - - - COMMERCIAL MONTHLY INCOME $30,321.38 $1,999.67 $58.23** 5,391 COMMERCIAL ANNUAL INCOME $363,856.56 $23,996.04 *Units contain additional lower level space * * R e n t PSF calculation excludes reimbursements

6 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW

RENT ROLL

UNIT BLDG APT# TENANT NAME RENT/MONTH ROOM LXP NOTES STATUS 1 1588 1 Tenant 1 $918.82 5 6/30/2019 RS 2 1588 2 Tenant 2 $2,250.00 4 MTM FM 3 1588 21 Tenant 3 $899.74 5 10/31/2019 RS 4 1588 22 Tenant 4 $2,875.00 5 10/31/2018 FM 5 1588 23 Tenant 5 $317.10 4 n/a RC 6 1588 24 Tenant 6 $817.93 4 11/30/2019 RS 7 1588 25 Tenant 7 $2,200.00 4 2/28/2019 FM 8 1588 31 Tenant 8 $796.26 5 9/30/2018 RS 9 1588 32 Tenant 9 $2,085.69 5 2/28/2019 S8 RS 10 1588 33 Tenant 10 $924.72 4 8/31/2019 DRIE RS 11 1588 34 Tenant 11 $699.43 4 12/31/2019 SCRIE RS 12 1588 35 Tenant 12 $1,677.15 4 2/28/2019 S8 RS 13 1588 41 Tenant 13 $1,048.94 5 8/31/2018 DRIE RS 14 1588 42 Tenant 14 $880.62 5 4/30/2020 DRIE RS 15 1588 43 Tenant 15 $722.77 4 4/30/2019 S8 RS 16 1588 44 Tenant 16 $2,115.00 3 2/28/2019 RS/PREF 17 1588 45 Tenant 17 $2,200.00 4 6/30/2019 FM 18 1588 51 Tenant 18 $395.00 5 n/a RC 19 1588 52 Tenant 19 $905.01 5 3/31/2020 SCRIE RS 20 1588 53 Tenant 20 $899.23 4 11/30/2018 SCRIE RS 21 1588 54 Tenant 21 $2,150.00 4 4/30/2019 RS/PREF 22 1588 55 Tenant 22 $1,050.23 4 3/31/2020 RS 23 1600 1 Tenant 23 $337.85 5 n/a RC 24 1600 2 Tenant 24 $3,200.00 5 Vacant RS 25 1600 21 Tenant 25 $1,926.70 5 MTM RS 26 1600 22 Tenant 26 $1,915.73 5 MTM RS 27 1600 23 Tenant 27 $2,200.00 4 12/31/2018 FM 28 1600 24 Tenant 28 $804.05 5 8/31/2018 SCRIE RS 29 1600 25 Tenant 29 $858.68 5 7/31/2020 SCRIE RS 30 1600 31 Tenant 30 $1,001.05 5 2/29/2020 SCRIE RS 31 1600 32 Tenant 31 $980.42 5 1/31/2020 DRIE RS 32 1600 33 Tenant 32 $1,900.00 4 6/30/2019 RS/PREF 33 1600 34 Tenant 33 $3,075.00 5 6/30/2019 RS 34 1600 35 Tenant 34 $800.53 5 9/30/2018 RS/PREF 35 1600 41 Tenant 35 $2,880.00 5 5/31/2019 FM 36 1600 42 Tenant 36 $1,900.00 5 MTM FM 37 1600 43 Tenant 37 $666.44 4 3/31/2020 RS 38 1600 44 Tenant 38 $727.56 5 3/31/2020 RS 39 1600 45 Tenant 39 $863.65 5 3/31/2020 SCRIE RS 40 1600 51 Tenant 40 $702.04 5 12/31/2019 RS 41 1600 52 Tenant 41 $3,000.80 5 4/30/2019 RS/PREF 42 1600 53 Tenant 42 $864.42 4 12/31/2018 RS 43 1600 54 Tenant 43 $848.29 5 3/31/2020 RS 44 1600 55 Tenant 44 $388.53 5 n/a RC RESIDENTIAL MONTHLY INCOME $60,670.38 202 RESIDENTIAL ANNUAL INCOME $728,044.56

7 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FINANCIAL OVERVIEW

RENT ANALYSIS

# ROOMS UNIT TYPE # OF UNITS UNIT % TOTAL MONTHLY RENT AVERAGE MONTHLY RENT 3 1 - BR 1 2% $2,115 $2,115 4 2 - BR 16 36% $21,539 $1,346 5 3 - BR 27 61% $37,016 $1,371 TOTAL / AVG. 44 $60,670 $1,379

UNIT MIX

FM RS # Rooms Count FM Avg. Rent # Rooms Count RS Avg. Rent 3 0 - 3 0 - 4 4 $2,213 4 9 $925 5 3 $2,552 5 19 $1,286 Total 7 Total 28

RS/PREF RC # Rooms Count RS/PREF Avg. Rent # Rooms Count RC Avg. Rent 3 1 $2,115 3 0 - 4 2 $2,025 4 1 $317 5 2 $1,901 5 3 $374 Total 5 Total 4

RC: 4 UNITS (9%) FM: 7 UNITS (16%)

RS: 33 UNITS (75%)

8 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY OVERVIEW

STREET MAP

1588-1600 AMSTERDAM AVENUE

BIRD’S EYE MAP

9 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FLOOR PLANS

Chinese Restaurant KEY PLAN

1588-1600 AMSTERDAM AVENUE

STORES 1-2 - GROUND 62’-0” x 19’-8” 1,116 SF 6/30/25 LXD

10 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FLOOR PLANS

Indian Restaurant KEY PLAN

STORE 3 - GROUND 36’-6” x 21’-1” 820 SF 5/31/27 LXD

STORE 3 - CELLAR 28’-0” x 16’-0” 1,020 SF 5/31/27 LXD

27’-6” x 15’-4”

11 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FLOOR PLANS

Pizza Eatery KEY PLAN

1588-1600 AMSTERDAM AVENUE STORE 4 - GROUND 40’-6” x 13’-4” 583 SF 5/31/26 LXD

12 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FLOOR PLANS

Italian Restaurant KEY PLAN

STORES 5-6 - GROUND 41’-0” x 33’-6” 1,520 SF 6/30/24 LXD

STORES 5-6 - CELLAR 30’-9” x 13’-10” 496 SF 6/30/24 LXD

13 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY FLOOR PLANS

Bike Shop KEY PLAN

STORES 7-9 - GROUND 19’-9” x 48’-3” 1,352 SF 2/28/23 LXD

STORES 7-9 - CELLAR 21’-11” x 14’-9” 424 SF 2/28/23 LXD

14 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Renovated Apartment

15 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Entrances & Common Areas

16 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Mechanicals

17 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Roof & Views

18 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Retail

19 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

City College

20 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY PROPERTY PHOTOS

Street Views

21 1 5 88-1600 Amsterdam Avenue, New York, NY 10031 Exclusive Offering | 44 Apartments & 9 Stores | Hamilton Heights | CCNY LOCATION OVERVIEW

Hamilton Heights

Hamilton Heights is a neighborhood in the northern part of Manhattan, which is a borough of New York City. It lies between Manhattanville to the south and Washington Heights to the north. It contains the sub- neighborhood of Sugar Hill.

Hamilton Heights is bounded by 135th Street to the south, Riverside Drive to the west, 155th Street to the north, and Edgecombe Avenue to the east. The community derives its name from Founding Father Alexander Hamilton, who lived the last two years of his life in the area when it was still largely farmland; specifically, he lived in what is now known as Hamilton Grange National Monument. It is located within Manhattan Community Board 9.

The New York City Subway's IRT Broadway – Seventh Avenue Line stops in Hamilton Heights at the 137th Street – City College and 145th Street stations (1 train). The IND Eighth Avenue Line runs under St. Nicholas Avenue, providing service at 135th Street (A, B, and C trains), 145th Street (A, B, C, and D trains) and 155th Street (A and C trains). The IND Concourse Line branches off north of the 145th Street station, and runs under Saint Nicholas Place to serve the 155th Street (B and D trains).

The MTA Regional Bus Operations' M3, M4, M5, M10, M11, M100, M101, Bx6, Bx6 SBS, Bx19, Bx33 buses serve the area.

22 CONFIDENTIALITY & DISCLAIMER

MERIDIAN CAPITAL GROUP, LLC BROCHURE DISCLOSURES AND DISCLAIMERS

This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to express any further interest in the proposed sale of 1588-1600 Amsterdam Avenue, New York, New York (the “Property”). By accepting a copy of the Brochure, you hereby agree to the matters set forth herein.

The Brochure was prepared by Meridian Capital Group, LLC (“MCG”) and has been reviewed by representatives of the owner or owners of the Property (the “Owner”). The Brochure contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser, mortgagee, investor, lender or lessee may desire. Additional information and an opportunity to inspect the Property and other information relevant thereto will be made available to interested and qualified purchasers, mortgagees, investor, lender or lessee. Neither Owner, MCG nor any of their respective officers, agents, brokers or employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of the Brochure or any of its contents, and no legal commitments or obligations shall arise by reason of the Brochure or any of its contents. In particular, but without limitation, no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates, or forecasts (“projections”) contained in the Brochure. Any such projections are for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond the control of Owner, and therefore, subject to material variation. All information, opinions and estimates are given as of the date hereof and are subject to change without notice. Neither MCG nor the Owner undertakes any obligation to provide any additional information or to update any of the information or the conclusions contained herein or to correct any inaccuracies. The information in the Brochure is not intended to predict actual results and no assurances are given with respect thereto. The value of the Property, or any other property described herein may fluctuate as a result of market changes. All square footage measurements must be independently verified by you.

Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with you or any prospective purchaser, mortgagee, investor, lender or lessee at any time with or without notice. Owner shall have no legal commitment or obligation to you or any prospective purchaser, mortgagee, investor, lender or lessee reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered to all parties, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or expressly waived.

By receipt of the Brochure, you agree that the Brochure and its contents and information are of a confidential nature, that you will hold and treat it and all information therein in the strictest confidence, and that you will not disclose the Brochure or any of its contents or information to any other entity without the prior written authorization of Owner, nor will you use the Brochure or any of its contents or information in any manner detrimental to the interest of Owner or MCG. You acknowledge and agree that any breach of this confidentiality clause will cause injury to Owner and/or MCG for which money damages may not be an inadequate remedy and that, in addition to remedies at law, Owner and/or MCG is entitled to equitable relief as a remedy for any such breach. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. MCG does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws, statutes, and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.

While the Brochure contains physical description information of the Property, there are no references to its condition. Neither Owner nor MCG make any representation as to the physical condition of the Property. Prospective purchasers, mortgagees, investors, lenders or lessees should conduct their own independent engineering report and any other reports or inspections they deem necessary to verify property condition.

In the Brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full terms or agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to independently review all relevant documents which may or may not be referenced in this Brochure. The terms and conditions stated in this section will relate to all of the sections of the Brochure as if stated independently therein. If, after reviewing the Brochure, you have no further interest in purchasing the Property, kindly return the Brochure and all other documents accompanying the Brochure to MCG at your earliest possible convenience.

Photocopying or any other reproduction or duplication of the Brochure is not authorized. The Brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner or the Property since the date of preparation of the Brochure. Once you have expressed an offer to acquire the property and have demonstrated certain bona fides satisfactory to Owner, certain further and additional information may be provided in order for you to complete your due diligence investigation, such as complete and detailed rent roll information, expense pass-throughs, and expenses.

Zoning is a critical factor in the value of the Property. All zoning information must be independently verified as the Owner or MCG does not make any representation with respect thereto.

MCG, its subsidiaries or affiliates, and any manager, member, officer, director, employee or agent of MCG, or any of its subsidiaries or affiliates, does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this Brochure or its contents or reliance on the information contained herein.

23 EXCLUSIVE 1588-1600 AMSTERDAM AVENUE HAMILTON HEIGHTS | CITY COLLEGE OF NEW YORK

Amit Doshi Shallini Mehra Executive Managing Director Managing Director (212) 468-5959 (212) 468-5958 [email protected] [email protected]

Carine Citadelle Jonathan Shainberg Associate Vice President (646) 472-5956 (212) 468-5957 [email protected] [email protected]