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Second Quarter 2018

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Second Quarter 2018 Second Quarter 2018 1 Disclaimer We make forward-looking statements in this presentation within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely on them as predictions of future events. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or similar words or phrases in the positive or negative. For example, statements regarding potential growth in our portfolio, future results from operations, prospective acquisitions, projected leasing, and anticipated market conditions are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. They depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: changes in our industry, the real estate markets, either nationally or in Manhattan or the greater New York metropolitan area; resolution of legal proceedings PERFORMANCEinvolving the company; reduced demand for office or retail space; decreased rental rates or increased vacancy &rates; new office or observatory development in our market; general volatility of the capital and credit markets and the market price of our Class A common stock and our publicly-traded operating partnership units; changes in our business strategy; changes in technology and market competition, which affect utilization of our broadcast or other facilities; changes in domestic or international tourism, including geopolitical events and currency exchange rates; defaults on, early terminations of, or non-renewal of leases, by tenants; insolvency of a major tenant or a significant number of smaller tenants; fluctuations in interest rates; increased operating costs; declining real estate valuations and impairment charges; termination or expiration of our ground leases; availability, terms and deployment of capital; our failure to obtain necessary outside financing; our leverage; our failure to generate sufficient cash flows to service our outstanding indebtedness; our failure to redevelop and reposition properties or to execute any planned capital project, successfully or on the anticipatedPERSPECTIVEtimeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate development (including our Metro Tower development site), including onstruction delays and cost overruns; inability to manage our properties and our growth effectively; inability to make distributions to our securityholders in the future; impact of changes in governmental regulations, tax law and rates and similar matters; our failure to continue to qualify as a real estate investment trust, or REIT; a future terrorist event in the U.S.; environmental uncertainties and risks related to adverse weather conditions and natural disasters; lack, or insufficient amounts, of insurance; misunderstanding of our competition; changes in real estate and zoning laws and increases in real property tax rates; inability to comply with applicable laws, rules and regulations; and damages resulting from security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our technology (IT) networks related systems. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. You should not place undue reliance on any forward- looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, new information, data or methods, future events or other changes after the date of this presentation, except as required by applicable law. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, any subsequent reports on Forms 10-Q and 8-K and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. 2 Investor Highlights › Pure-play Manhattan and greater New York metropolitan area › Embedded, de-risked growth potential and market leading leasing spreads › Fully modernized assets, centrally located near mass- transit and heavily amenitized › Secure market position between trophy/class A and class B properties with both upside opportunity and downside protection › Lowest levered balance sheet among office REITs, significant cash position, and no outstanding borrowings against our credit line › Industry leader in sustainability and energy efficiency 3 Manhattan Portfolio Proposition DOMINANT POSITION New Build Class A “Aged Trophy” Class A › New construction since 2008 › Stock constructed from 1970-2000 that needs base building renovation of approx. $100 PSF › Asking rents of $125F 1,2 › Asking rents of $94 PSF 1,2 › Well-located, redeveloped properties › New Build and Aged Trophy Class A ESRT costs more; Class B offers less › Asking rents of $65 PSF 1 Class B › Existing › Asking rents of $62 PSF 1,2 1 Weighted average asking rents are for Midtown Manhattan. Rents are for direct spaces only. 2 Source: Cushman & Wakefield custom research. 4 Portfolio Overview PURE-PLAY MANHATTAN AND GREATER NEW YORK METROPOLITAN AREA 10.1 Million Total Rentable 9.4 Million Rentable Square Feet Square Feet of Office Space GNYMA GNYMA Office Office 18.4% 19.8% Retail 7.0% Manhattan Office Manhattan Office 74.6% 80.2% Company data and filings as of March 31, 2018. 5 Varied Tenant Base DIVERSIFIED BY INDUSTRY Non-Profit Other 4.6% Consumer 12.4% Goods 21.2% Media & Advertising 4.3% Technology 8.9% Finance, Insurance, Real Estate Legal Services 17.1% 3.7% Retail 17.4% Professional Services 10.4% Industry diversification by annualized fully escalated rent. Company data and filings as of March 31, 2018. 6 Growth from Tenant Expansions › We have had 143 tenant expansions within our portfolio totaling over 943,000 square feet1 › Tenants expand due to the attractive proposition we provide: • Newly redeveloped buildings • Combination of location and amenities • Attractive value price point • Tenant service • Authentic relationships › We focus on tenants that have potential for growth 1 Since 2013, the year in which we went public, through March 31, 2018. 7 Manhattan Portfolio 111 West 33rd Street One Grand Central Place 1359 Broadway 1400 Broadway Office Properties Retail Properties 8 Four Drivers of Embedded De-risked Revenue Growth1 Burn-off of free rent Signed leases $22 M not commenced $21 M Retail $97 opportunity Million4 $11 M Lease up of vacant Office mark-to- redeveloped market Manhattan opportunity3 office space2 $15 M $28 M 1 Amounts reflect management’s estimates of additional revenues from the four drivers as of March 31, 2018 to be realized over the next 5-6 years. 2 Represents the anticipated lease-up of 461,000 square feet of redeveloped Manhattan office space at an average starting rent of $60 PSF. 3 Includes the mark to market opportunity for Manhattan and Greater New York Metro office portfolios. 4 Does not include the potential loss of revenue from tenants who are intentionally vacated for redevelopment or who do not renew. 9 Free Rent Burn-Off and Signed Leases Not Commenced Cumulative Contribution to Annualized Base Rent in the Following Years: Annualized Initial Base Total Portfolio 2018 2019 2020 2021 Cash Rent Commenced leases in $22.17 M $7.47 M $21.22 M $22.17 M $22.17 M free rent period Signed leases not 21.42 M 0.69 M 12.13 M 20.73 M 21.42 M commenced Total $43.59 M $8.16 M $33.35 M $42.90 M $43.59 M 3/31/18 Expected Cash Base Incremental New Annual Tenant SF Escalated Rent Commencement Annual Rent Annual Rent Date Revenue Hoguet Newman Regal & Kenney 12,732 $0.00 M $0.85 M Dec. 2018 $0.85 M RZO, LLC 12,635 0.00 M 0.82 M Apr. 2019 0.82 M ASCAP 87,943 0.00 M 5.25 M May 2019 5.25 M Raysearch 12,807 0.00 M 0.87 M Jun. 2019 0.87 M Nespresso 41,835 0.00 M 2.38 M Jun. 2019 2.38 M TJX Companies 18,965 0.45 M 1.90 M Jul. 2019 1.45 M William T. Grant Foundation 12,725 0.00 M 0.83 M Aug. 2019 0.83 M Fragomen, Del Rey, Bernsen & 107,680 1.87 M 5.92 M Mar. 2020 4.05 M Loewy LLP Other SLNC 84,034 0.00 M 4.92 M Jun. 2018 – May 2019 4.92 M Total 391,356 $2.32 M $23.74 M $21.42 M Company data and filings as of March 31, 2018. 10 Superior Leasing Spreads ILLUSTRATES MARK TO MARKET OPPORTUNITY Manhattan office leasing spreads Strong re-leasing spreads Trailing 4 quarters Q1 2018 average3 All leases Q1 2018 New leases Q1 20181 Compared to peer group $ 59.51 35.0% $ 57.29 32.5% $ 51.44 30.0% $ 48.05 25.0% 20.0% 15.0% 10.2% 10.0% 5.0% 0.0% Prev. New Prev. New Escalated Starting Escalated Starting Rent Base Rent Rent Base Rent ESRT Peer Group PSF2 PSF PSF 2 PSF Company data and filings as of March 31, 2018. 1 Based on Manhattan office portfolio. 2 Previous escalated rent PSF is adjusted for space remeasurement.
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