9815 34Th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood

Underwriting Report 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood

PREPARED BY

Scott Cooper Client Relationship Consultant II 9815 34th Ave

SUBJECT PROPERTY

Property Details 2

RENT COMPS

Map & List 6

Photo Comparison 8 Rent Comps Details 9 Unit Mix Summary 17 Ranking Chart By Bedroom 18 Changes in Rent Comps 22 Rent Trend Charts 24 Rent Trend Data 29

CONSTRUCTION

Overall Construction Map & Summary 31 Under Construction Map & List 32 Under Construction Details 34 Deliveries Past 12 Months Map & List 39 Delivered Property Details 41 Construction Summary 42

SALE COMPS

Map & List 48 Sale Comp Details 50 Sales Volume 68 Sales Pricing 69 Cap Rates 71 Top Buyers & Sellers 72

DEMOGRAPHICS

Overview 75 Age & Education 76 Ethnicity 77

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 79 Vacancy 80 Rent 83

Construction 85

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 9815 34th Ave

Sales 90 Sales Past 12 Months 91 Supply & Demand Trends 93 Vacancy & Rent 95 Sale Trends 97 Deliveries & Under Construction 99

MULTI-FAMILY MARKET REPORT

Market Key Statistics 101 Vacancy 103 Rent 106 Construction 114 Under Construction Properties 115 Sales 117 Sales Past 12 Months 119 Economy 121 Market Submarkets 124 Supply & Demand Trends 131 Vacancy & Rent 133 Sale Trends 135 Deliveries & Under Construction 137

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Subject Property

9815 34th Ave Flushing, New York - North Corona Neighborhood

PROPERTY PROPERTY MANAGER No. of Units: 16 - Stories: 4 - Avg. Unit Size: - Type: Apartments - All Rent Type: Market OWNER Year Built: 1927 Robert Cohen Parking: - Purchased May 2006 Distance to Transit: 9 Minute Walk $1,550,000 ($96,875/Unit)

ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: - - Current: 0.0% 0 Units Current: 0 Units Last Quarter: - - Last Quarter: 0.0% 0 Units Competitor Total: (2) Units Year Ago: - - Year Ago: 0.0% 0 Units Competitor Avg: (0.3) Units Competitors: $1,707 $2.29 /SF Competitors: 2.2% 3 Units Submarket Total: (214) Units Submarket: $2,063 $2.55 /SF Submarket: 2.7% 1,494 Units Submarket Avg: (0.1) Units

UNIT BREAKDOWN

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

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Totals - 16 100% ------Estimate

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 2 Subject Property

Primary Building

Building

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 3 Subject Property

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 4 Rent Comparables 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood

PREPARED BY

Scott Cooper Client Relationship Consultant II Rent Comparables Summary 9815 34th Ave

No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 8 $1,703 $2.29 2.3%

RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High Total Units 8 18 18 30 Studio Units 0 1 0 10 One Bedroom Units 1 11 8 29 Two Bedroom Units 0 5 4 19 Three Bedroom Units 0 1 0 6

Property Attributes Low Average Median High Year Built 1926 1940 1930 2009 Number of Floors 3 4 4 5 Average Unit Size SF 588 724 715 947 Vacancy Rate 0.0% 2.3% 2.5% 3.0%

Star Rating 2.1

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 6 Rent Comparables Summary 9815 34th Ave

Property Size Asking Rent Per Month Per Unit

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF 35-31 94th St 1 - 1928 20 588 $1,464 $1,951 $2,334 - $2.94

35-44 95th St 2 - 1928 20 654 - $1,674 $1,790 - $2.73

35-38 94th St 3 - 1930 16 947 - $2,056 $1,834 $2,865 $2.42

35-14 94th St 4 - 1930 30 233 - $1,657 $2,956 - $2.37

34-16 93rd St 5 - 1931 29 750 - $1,561 - - $2.08

37-91-37-97 102nd St 6 - 1940 13 729 - $773 $958 - $1.08

35-26 100th St 7 - 1926 8 - - $749 $1,301 - -

9815 34th Ave - 1927 16 ------

3740 104th St 8 - 2009 10 - - $1,527 $2,899 $2,319 -

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 7 Rent Comparables Photo Comparison 9815 34th Ave

1 2 3

35-31 94th St 35-44 95th St 35-38 94th St 20 Units / 5 Stories 20 Units / 5 Stories 16 Units / 4 Stories Rent/SF $2.94, Vacancy 5.0% Rent/SF $2.73, Vacancy 5.0% Rent/SF $2.42, Vacancy 0% Owner: Benedict Realty Group Owner: Benedict Realty Group Owner: Benedict Realty Group

4 5 6

35-14 94th St 34-16 93rd St 37-91-37-97 102nd St 30 Units / 5 Stories 29 Units / 5 Stories 13 Units / 3 Stories Rent/SF $2.37, Vacancy 3.3% Rent/SF $2.08, Vacancy 3.5% Rent/SF $1.08, Vacancy 0% Owner: 3506 94 St Inc Owner: Page Realty LLC Owner: Kokolis Steve

Subject Property

7 8

35-26 100th St 9815 34th Ave 3740 104th St 8 Units / 4 Stories 16 Units / 4 Stories 10 Units / 3 Stories Rent/SF -, Vacancy 0% Rent/SF -, Vacancy 0% Rent/SF -, Vacancy 0% Owner: Anastasia Adamidis Owner: Robert Cohen Owner: Yan G Jin

10/21/2020 Copyrighted report licensed to CoStar Group - 832665

Page 8 Rent Comparables 9815 34th Ave

1 35-31 94th St Flushing, New York - Jackson Heights Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 20 Units, 5 Floors Benedict Realty Group Avg. Unit Size: 588 SF (516) 498-9100 Year Built: 1928 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.3 Miles Distance to Transit: 6 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 400 10 50.0% 0 0.0% $1,464 $3.66 $1,458 $3.64 0.4% 1 1 750 9 45.0% 0 0.0% $1,951 $2.60 $1,942 $2.59 0.4% 2 1 1,000 1 5.0% 0 0.0% $2,334 $2.33 $2,324 $2.32 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 400 10 50.0% 0 0.0% $1,464 $3.66 $1,458 $3.64 0.4% All 1 Beds 750 9 45.0% 0 0.0% $1,951 $2.60 $1,942 $2.59 0.4% All 2 Beds 1,000 1 5.0% 0 0.0% $2,334 $2.33 $2,324 $2.32 0.4% Totals 588 20 100% 0 0.0% $1,727 $2.94 $1,719 $2.93 0.4% Estimate Updated October 10, 2020

UNIT AMENITIES Heating, Kitchen, Oven, Range, Refrigerator

PET POLICY Cats Allowed

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 9 Rent Comparables 9815 34th Ave

2 35-44 95th St Flushing, New York - Jackson Heights Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 20 Units, 5 Floors BRG - 35-44 95th St Avg. Unit Size: 654 SF (516) 498-9100 Year Built: 1928 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.3 Miles Distance to Transit: 5 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 550 1 5.0% 0 0.0% $1,674 $3.04 $1,669 $3.03 0.3% 2 1 659 19 95.0% 1 5.3% $1,790 $2.72 $1,782 $2.70 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 550 1 5.0% 0 0.0% $1,674 $3.04 $1,669 $3.03 0.3% All 2 Beds 659 19 95.0% 1 5.3% $1,790 $2.72 $1,782 $2.70 0.4% Totals 654 20 100% 1 5.0% $1,784 $2.73 $1,776 $2.72 0.4% Estimate Updated October 10, 2020

UNIT AMENITIES Heating, Kitchen, Oven, Range, Refrigerator

RECURRING EXPENSES Free Water, Heat, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $150

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 10 Rent Comparables 9815 34th Ave

3 35-38 94th St Jackson Heights, New York - Jackson Heights Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 16 Units, 4 Floors Benedict Realty Group Avg. Unit Size: 947 SF (516) 498-9100 Year Built: 1930 Type: Apartments - All OWNER Rent Type: Market/Affordable Purchased Jul 2013 Parking: - $30,000,000 ($121,951/Unit) - Portfolio Price Distance to Subject: 0.3 Miles Distance to Transit: 5 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 795 5 31.3% 0 0.0% $2,056 $2.59 $2,051 $2.58 0.3% 2 1 795 5 31.3% 0 0.0% $1,834 $2.31 $1,830 $2.30 0.3% 3 2 1,200 6 37.5% 0 0.0% $2,865 $2.39 $2,857 $2.38 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 795 5 31.3% 0 0.0% $2,056 $2.59 $2,051 $2.58 0.3% All 2 Beds 795 5 31.3% 0 0.0% $1,834 $2.31 $1,830 $2.30 0.3% All 3 Beds 1,200 6 37.5% 0 0.0% $2,865 $2.39 $2,857 $2.38 0.3% Totals 947 16 100% 0 0.0% $2,290 $2.42 $2,284 $2.41 0.3% Estimate Updated October 10, 2020

UNIT AMENITIES Cable Ready, Heating, Kitchen

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 11 Rent Comparables 9815 34th Ave

4 35-14 94th St Jackson Heights, New York - Jackson Heights Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 30 Units, 5 Floors 35-14 94th Apartments Avg. Unit Size: 583 SF - Year Built: 1930 Type: Apartments - All OWNER Rent Type: Market Purchased Feb 2012 Parking: - $8,000,000 ($117,647/Unit) - Portfolio Price Distance to Subject: 0.3 Miles Distance to Transit: 6 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 15 50.0% 0 0.0% $1,657 - $1,650 - 0.4% 1 1 700 10 33.3% 0 0.0% $1,657 $2.37 $1,650 $2.36 0.4% 2 1 - 5 16.7% 0 0.0% $2,956 - $2,943 - 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 700 25 83.3% 0 0.0% $1,657 $2.37 $1,650 $2.36 0.4% All 2 Beds - 5 16.7% 0 0.0% $2,956 - $2,943 - 0.4% Totals 700 30 100% 0 0.0% $1,874 $2.37 $1,865 $2.36 0.4% Estimate Updated October 10, 2020

SITE AMENITIES Courtyard

UNIT AMENITIES Heating, Kitchen

PET POLICY Cats Allowed Dogs Allowed

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 12 Rent Comparables 9815 34th Ave

5 34-16 93rd St Jackson Heights, New York - Jackson Heights Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 29 Units, 5 Floors Page Realty - 34-16 93rd St Avg. Unit Size: 750 SF (718) 721-0103 Year Built: 1931 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.3 Miles Distance to Transit: 8 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 750 29 100% 1 3.5% $1,561 $2.08 $1,554 $2.07 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 750 29 100% 1 3.5% $1,561 $2.08 $1,554 $2.07 0.4% Totals 750 29 100% 1 3.5% $1,561 $2.08 $1,554 $2.07 0.4% Estimate Updated October 10, 2020

UNIT AMENITIES Dishwasher, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Range, Refrigerator, Tub/Shower

RECURRING EXPENSES Unassigned Street Parking $0 Free Water, Heat

ONE TIME EXPENSES Application Fee $100

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 13 Rent Comparables 9815 34th Ave

6 37-91-37-97 102nd St Corona, New York - North Corona Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 13 Units, 3 Floors - Avg. Unit Size: 729 SF - Year Built: 1940 Renov 2013 Type: Apartments - All OWNER Rent Type: Market Purchased Aug 2008 Parking: - $1,125,000 ($86,538/Unit) Distance to Subject: 0.5 Miles Distance to Transit: 2 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 708 12 92.3% 0 0.0% $773 $1.09 $770 $1.09 0.4% 2 1 984 1 7.7% 0 0.0% $958 $0.97 $954 $0.97 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 708 12 92.3% 0 0.0% $773 $1.09 $770 $1.09 0.4% All 2 Beds 984 1 7.7% 0 0.0% $958 $0.97 $954 $0.97 0.4% Totals 729 13 100% 0 0.0% $787 $1.08 $784 $1.07 0.4% Estimate Updated October 10, 2020

UNIT AMENITIES Air Conditioning

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 14 Rent Comparables 9815 34th Ave

7 35-26 100th St Corona, New York - North Corona Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 8 Units, 4 Floors - Avg. Unit Size: - - Year Built: 1926 Type: Apartments OWNER Rent Type: Market Purchased Apr 2018 Parking: 2 Spaces; 0.3 per Unit $1,725,000 ($215,625/Unit) Distance to Subject: 0.2 Miles Distance to Transit: 6 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 1 12.5% 0 0.0% $749 - $746 - 0.4% 2 1 - 7 87.5% 0 0.0% $1,301 - $1,295 - 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds - 1 12.5% 0 0.0% $749 - $746 - 0.4% All 2 Beds - 7 87.5% 0 0.0% $1,301 - $1,295 - 0.4% Totals - 8 100% 0 0.0% $1,232 - $1,227 - 0.4% Estimate Updated October 10, 2020

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 15 Rent Comparables 9815 34th Ave

8 3740 104th St Corona, New York - North Corona Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 10 Units, 3 Floors - Avg. Unit Size: - - Year Built: 2009 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.4 Miles Distance to Transit: 4 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 4 40.0% 0 0.0% $1,508 - $1,501 - 0.4% 1 1.5 - 2 20.0% 0 0.0% $1,566 - $1,559 - 0.4% 2 2 - 3 30.0% 0 0.0% $2,899 - $2,886 - 0.4% 3 2 - 1 10.0% 0 0.0% $2,319 - $2,309 - 0.4%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds - 6 60.0% 0 0.0% $1,527 - $1,520 - 0.4% All 2 Beds - 3 30.0% 0 0.0% $2,899 - $2,886 - 0.4% All 3 Beds - 1 10.0% 0 0.0% $2,319 - $2,309 - 0.4% Totals - 10 100% 0 0.0% $2,018 - $2,009 - 0.4% Estimate Updated October 10, 2020

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 16 Rent Comparables by Bedroom 9815 34th Ave

Studio Comps One Bed Comps Two Bed Comps Three Bed Comps $1,464 $1,539 $1,928 $2,787

Subject Subject Subject Subject - - - -

Current Conditions in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Total Number of Units 10 88 41 7 Vacancy Rate 3.0% 2.4% 2.2% 0.0% Asking Rent Per Unit $1,464 $1,539 $1,928 $2,787 Asking Rent Per SF $3.66 $2.07 $2.51 $2.39 Effective Rents Per Unit $1,458 $1,532 $1,920 $2,779 Effective Rents Per SF $3.64 $2.07 $2.50 $2.38 Concessions 0.4% 0.4% 0.4% 0.3% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth 0.2% 0.3% 0.3% 0.4% Year-Over-Year Vacancy Rate Change 2.0% 1.5% 1.2% 0.0% 12 Month Net Absorption in Units 0 -1 -1 0

EXISTING UNITS VACANT UNITS

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

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 17 Studio Rent Comparables 9815 34th Ave

Change in Rent

Property Name/Address Rating Studio Rent Per Unit Rent/SF Quarter Year

35-31 94th St $1,464 $3.66 0.0% 0.3%

$1,100 $1,300 $1,500 $1,700 $1,900

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 18 One Bedroom Rent Comparables 9815 34th Ave

Change in Rent

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

35-38 94th St $2,056 $2.59 0.0% 0.3%

35-31 94th St $1,951 $2.60 0.0% 0.3%

35-44 95th St $1,674 $3.04 0.0% 0.3%

35-14 94th St $1,657 $2.37 0.0% 0.3% $1,657 $1,657

34-16 93rd St $1,561 $2.08 0.0% 0.3%

3740 104th St $1,527 - 0.0% 0.8% $1,508 $1,566

37-91-37-97 102nd St $773 $1.09 0.0% 0.3%

35-26 100th St $749 - 0.0% 0.3%

$0 $625 $1,250 $1,875 $2,500

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 19 Two Bedroom Rent Comparables 9815 34th Ave

Change in Rent

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

35-14 94th St $2,956 - 0.0% 0.3%

3740 104th St $2,899 - 0.0% 0.8%

35-31 94th St $2,334 $2.33 0.0% 0.3%

35-38 94th St $1,834 $2.31 0.0% 0.3%

35-44 95th St $1,790 $2.72 0.0% 0.3%

35-26 100th St $1,301 - 0.0% 0.3%

37-91-37-97 102nd St $958 $0.97 0.1% 0.3%

$500 $1,250 $2,000 $2,750 $3,500

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 20 Three Bedroom Rent Comparables 9815 34th Ave

Change in Rent

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

35-38 94th St $2,865 $2.39 0.0% 0.3%

3740 104th St $2,319 - 0.0% 0.8%

$1,800 $2,200 $2,600 $3,000 $3,400

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 21 Changes in Rent Comparables 9815 34th Ave

VACANCY CHANGES PAST QUARTER & YEAR

Vacancy Levels Change

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

35-38 94th St 16 0% 0% 0% 0% 0%

37-91-37-97 102nd St 13 2.3% 2.3% 0.8% 0% 1.5%

35-44 95th St 20 2.5% 2.5% 1.0% 0% 1.5%

34-16 93rd St 29 2.4% 2.4% 1.0% 0% 1.4%

35-14 94th St 30 2.7% 2.3% 1.3% 0.3% 1.3%

35-31 94th St 20 2.5% 2.0% 1.0% 0.5% 1.5%

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO

Rents Levels Change

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

35-31 94th St 10 $1,464 $1,464 $1,459 0% 0.3%

ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM

Rents Levels Change

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

35-44 95th St 1 $1,674 $1,674 $1,669 0% 0.3%

35-38 94th St 5 $2,056 $2,056 $2,050 0% 0.3%

37-91-37-97 102nd St 12 $773 $773 $771 0% 0.3%

34-16 93rd St 29 $1,561 $1,560 $1,556 0% 0.3%

35-31 94th St 9 $1,951 $1,950 $1,944 0% 0.3%

35-14 94th St 25 $1,657 $1,657 $1,652 0% 0.3%

ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM

Rents Levels Change

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

35-44 95th St 19 $1,790 $1,789 $1,784 0% 0.3%

35-38 94th St 5 $1,834 $1,834 $1,828 0% 0.3%

35-14 94th St 5 $2,956 $2,955 $2,947 0% 0.3%

35-31 94th St 1 $2,334 $2,333 $2,327 0% 0.3%

37-91-37-97 102nd St 1 $958 $957 $955 0.1% 0.3%

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 22 Changes in Rent Comparables 9815 34th Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM

Rents Levels Change

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

35-38 94th St 6 $2,865 $2,864 $2,856 0% 0.3%

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 23 Rent Trends 9815 34th Ave

PROPERTY ATTRIBUTES Subject Rent Comps Central Queens 1-3 Star New York 1-3 Star

Existing Units 16 146 79,494 2,122,947

Building Rating 2.1 2.2 2.3

Under Construction as % of Inventory - - 0.7% 0.9%

ASKING RENTS PER SF Subject Rent Comps Central Queens 1-3 Star New York 1-3 Star

Concessions - 0.4% 0.5% 0.8%

AVERAGE EFFECTIVE RENT GROWTH Subject Rent Comps Central Queens 1-3 Star New York 1-3 Star

Current Quarter - 0.0% -0.1% 0.1%

1 Year Rent Growth - 0.2% -2.0% -1.3%

3 Year Rent Growth - 3.8% 1.7% 2.9%

5 Year Rent Growth - 4.4% 4.7% 6.5%

All-Time Average - 1.1% 1.4% 1.7%

VACANCY RATE Subject Rent Comps Central Queens 1-3 Star New York 1-3 Star

Current Quarter 0.0% 2.3% 2.7% 3.6%

Last Quarter 0.0% 2.1% 2.6% 3.6%

1 Year Ago 0.0% 0.9% 1.6% 2.2%

3 Years Ago 0.0% 0.8% 1.4% 2.3%

5 Years Ago 0.0% 0.9% 1.5% 2.6%

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 24 Rent Trends 9815 34th Ave

STUDIO ASKING RENT PER SQUARE FOOT

OVERALL ASKING RENT PER SQUARE FOOT

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 25 Rent Trends 9815 34th Ave

OVERALL EFFECTIVE RENT PER SQUARE FOOT

ANNUAL EFFECTIVE RENT GROWTH

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 26 Rent Trends 9815 34th Ave

CONCESSIONS

VACANCY RATES

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 27 Rent Trends 9815 34th Ave

OCCUPANCY RATES

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 28 Rent Trends 9815 34th Ave

RENT COMPARABLES HISTORICAL DATA BY YEAR

Rental Rates Per SF Vacancy

Year Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2020 128 $2.29 $2.28 0.2% 0.4% 3 2.2% 1.3% 0

2019 128 $2.28 $2.27 0.5% 0.3% 1 0.9% 0.0% 0

2018 128 $2.27 $2.26 3.1% 0.3% 1 0.9% 0.2% 0

2017 128 $2.20 $2.20 -0.7% 0.3% 1 0.8% 0.0% 0

2016 128 $2.22 $2.21 1.3% 0.3% 1 0.8% -0.2% 0

2015 128 $2.19 $2.18 2.4% 0.3% 1 0.9% -0.8% 0

2014 128 $2.14 $2.13 1.2% 0.4% 2 1.7% 0.0% 0

2013 128 $2.11 $2.11 1.1% 0.4% 2 1.7% -0.2% 0

2012 128 $2.09 $2.08 0.6% 0.4% 3 2.0% 0.0% 0

2011 128 $2.08 $2.07 0.6% 0.4% 3 2.0% 0.0% 0

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Quarter Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2020 Q4 128 $2.29 $2.28 0.0% 0.4% 3 2.2% 0.2% 0

2020 Q3 128 $2.29 $2.28 0.0% 0.4% 3 2.0% 0.5% (1)

2020 Q2 128 $2.29 $2.28 0.1% 0.4% 2 1.6% 0.4% (1)

2020 Q1 128 $2.28 $2.28 0.2% 0.3% 2 1.2% 0.2% 0

2019 Q4 128 $2.28 $2.27 0.0% 0.3% 1 0.9% 0.0% 0

2019 Q3 128 $2.28 $2.27 0.1% 0.3% 1 0.9% 0.0% 0

2019 Q2 128 $2.28 $2.27 0.0% 0.3% 1 0.9% 0.0% 0

2019 Q1 128 $2.28 $2.27 0.4% 0.3% 1 0.9% 0.0% 0

2018 Q4 128 $2.27 $2.26 0.2% 0.3% 1 0.9% 0.0% 0

2018 Q3 128 $2.27 $2.26 0.4% 0.3% 1 0.9% 0.2% 0

2018 Q2 128 $2.26 $2.25 2.2% 0.3% 1 0.8% 0.0% 0

2018 Q1 128 $2.21 $2.20 0.3% 0.3% 1 0.8% 0.0% 0

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 29 Construction Survey 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood

PREPARED BY

Scott Cooper Client Relationship Consultant II Overall Construction Summary 9815 34th Ave

All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters 40 54 329 78

MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED

PAST AND FUTURE DELIVERIES

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 31 Under Construction Properties 9815 34th Ave

Properties Units Percent of Inventory Avg. No. Units 13 329 1.8% 25

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High Property Size in Units 6 25 10 150

Number of Stories 3 4 4 8

Average Unit Size SF 658 658 658 658

Star Rating 3.6

Estimated Delivery Date Nov 2020 Dec 2020 Nov 2020 Aug 2021

Months to Delivery 1 2 1 10

Construction Period in Months 11 29 24 64

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 32 Under Construction Properties 9815 34th Ave

COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner 10411 Northern Blvd Total Structure Management Inc 1 35 7 Nov 2018 Nov 2020 Total Structure Management Inc 103-16 Corona Ave Octavia Raposo 2 14 4 Aug 2016 Nov 2020 Octavia Raposo 109-03 34th Ave - 3 10 3 Oct 2018 Nov 2020 Ji Juan Lin 103-21 Northern Blvd Husan Jan 4 10 4 Jul 2016 Nov 2020 Husan Jan 111-39-111-43 44th Ave - 5 9 3 Nov 2018 Nov 2020 Bin Yan 100-12 Northern Blvd Awais B Mirza 6 8 5 Jul 2015 Nov 2020 Awais B Mirza 108-07 44th Ave HSIU-HSIUNG LIN 7 7 4 Nov 2017 Nov 2020 HSIU-HSIUNG LIN 82-12 31st St Xing Hua Lin 8 6 3 Dec 2019 Nov 2020 8212 31st Ave Xing Hua Lin 32-58 105th St Sanford 147 Development LLC 9 34 7 Mar 2019 Dec 2020 3258 105th St Sanford 147 Development LLC 25-62 97th St - 10 10 4 Jan 2020 Jan 2021 Mascon Restoration

COMPLETIONS 3-6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner 9101 Whitney Ave Xiu Hui Lu 11 22 8 Nov 2018 Feb 2021 Xiu Hui Lu 102-09-102-11 37th Ave Xiu F Zhang 12 14 4 Feb 2020 Apr 2021 Xiu F Zhang

COMPLETIONS MORE THAN 6 MONTHS AWAY

Property Name/Address Rating Units Stories Start Complete Developer/Owner 91-09 Roosevelt Ave Mastic Management LLC 13 150 7 Aug 2019 Aug 2021 Mastic Management LLC

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 33 Under Construction Properties 9815 34th Ave

108-07 44th Ave Corona, New York - Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 7 Units Start Date: Nov 2017 Stories: 4 Completion Date: Nov 2020 Average Unit Size: - Build Time: 36 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER HSIU-HSIUNG LIN HSIU-HSIUNG LIN

103-21 Northern Blvd East Elmhurst, New York - East Elmhurst Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 10 Units Start Date: Jul 2016 Stories: 4 Completion Date: Nov 2020 Average Unit Size: - Build Time: 52 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Husan Jan Husan Jan

100-12 Northern Blvd East Elmhurst, New York - North Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 8 Units Start Date: Jul 2015 Stories: 5 Completion Date: Nov 2020 Average Unit Size: - Build Time: 64 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Awais B Mirza Awais B Mirza

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 34 Under Construction Properties 9815 34th Ave

109-03 34th Ave Corona, New York - North Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 10 Units Start Date: Oct 2018 Stories: 3 Completion Date: Nov 2020 Average Unit Size: - Build Time: 25 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Ji Juan Lin

111-39-111-43 44th Ave Corona, New York - Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 9 Units Start Date: Nov 2018 Stories: 3 Completion Date: Nov 2020 Average Unit Size: - Build Time: 24 Months Rent Type: Market Time to Delivery: 1 Month

OWNER Bin Yan

8212 31st Ave - 82-12 31st St East Elmhurst, New York - Jackson Heights Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 6 Units Start Date: Dec 2019 Stories: 3 Completion Date: Nov 2020 Average Unit Size: 2,250 SF Build Time: 11 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Xing Hua Lin Xing Hua Lin

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 35 Under Construction Properties 9815 34th Ave

103-16 Corona Ave Flushing, New York - Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 14 Units Start Date: Aug 2016 Stories: 4 Completion Date: Nov 2020 Average Unit Size: - Build Time: 51 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Octavia Raposo Octavia Raposo

10411 Northern Blvd Flushing, New York - East Elmhurst Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 35 Units Start Date: Nov 2018 Stories: 7 Completion Date: Nov 2020 Average Unit Size: - Build Time: 24 Months Rent Type: Market Time to Delivery: 1 Month

DEVELOPER OWNER Total Structure Management Inc Total Structure Management Inc

3258 105th St - 32-58 105th St East Elmhurst, New York - East Elmhurst Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 34 Units Start Date: Mar 2019 Stories: 7 Completion Date: Dec 2020 Average Unit Size: 806 SF Build Time: 21 Months Rent Type: Market Time to Delivery: 2 Months

DEVELOPER OWNER Sanford 147 Development LLC Sanford 147 Development LLC

SITE AMENITIES Bicycle Storage

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 36 Under Construction Properties 9815 34th Ave

25-62 97th St East Elmhurst, New York - East Elmhurst Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 10 Units Start Date: Jan 2020 Stories: 4 Completion Date: Jan 2021 Average Unit Size: - Build Time: 12 Months Rent Type: Market Time to Delivery: 3 Months

OWNER Mascon Restoration

9101 Whitney Ave Flushing, New York - Elmhurst Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 22 Units Start Date: Nov 2018 Stories: 8 Completion Date: Feb 2021 Average Unit Size: 681 SF Build Time: 27 Months Rent Type: Market Time to Delivery: 4 Months

DEVELOPER OWNER Xiu Hui Lu Xiu Hui Lu

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

SITE AMENITIES Laundry Facilities

102-09-102-11 37th Ave Flushing, New York - North Corona Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 14 Units Start Date: Feb 2020 Stories: 4 Completion Date: Apr 2021 Average Unit Size: - Build Time: 14 Months Rent Type: Market Time to Delivery: 6 Months

DEVELOPER OWNER Xiu F Zhang Xiu F Zhang

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 37 Under Construction Properties 9815 34th Ave

91-09 Roosevelt Ave Jackson Heights, New York - Jackson Heights Neighborhood

PROPERTY CONSTRUCTION INFO Property Size: 150 Units Start Date: Aug 2019 Stories: 7 Completion Date: Aug 2021 Average Unit Size: 658 SF Build Time: 24 Months Rent Type: Market Time to Delivery: 10 Months

DEVELOPER OWNER Mastic Management LLC Mastic Management LLC

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 38 Deliveries Past 12 Months Summary 9815 34th Ave

Properties Units Vacancy Rate Avg. Asking Rent/Unit 1 20 15.0% -

DELIVERIES IN PAST 12 MONTHS

DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS Unit Mix Low Average Median High Property Size in Units 20 20 20 20 Studio Units 20 20 20 20 One Bedroom Units - - - - Two Bedroom Units - - - - Three Bedroom Units - - - - Property Attributes Low Average Median High Number of Stories 6 6 6 6 Average Unit Size SF 1,000 1,000 1,000 1,000 Rating 3.0

Leasing Performance Low Average Median High Vacancy Rate 15.0% 15.0% 15.0% 15.0% Asking Rent Per Unit - - - - Effective Rent Per Unit - - - - Asking Rent Per SF - - - - Effective Rent Per SF - - - - Concessions - - - -

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 39 Deliveries Past 12 Months Summary 9815 34th Ave

Property Name/Address Rating Units Stories Start Complete Developer/Owner 32-65 107th St 111 Real Properties Inc 1 20 6 Apr 18 Jan 20 111 Real Properties Inc

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 40 Deliveries Past 12 Months 9815 34th Ave

1 32-65 107th St East Elmhurst, New York - East Elmhurst Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 20 Units, 6 Floors - Avg. Unit Size: 1,000 SF - Year Built: Jan 2020 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.4 Miles Distance to Transit: 11 Minute Walk

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio - 1,000 ------

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Totals 1,000 20 100% 3 15.0% - - - - - Estimate Updated October 10, 2020

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 41 Construction Summary 9815 34th Ave

UNITS UNDER CONSTRUCTION

PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 42 Construction Summary 9815 34th Ave

CONSTRUCTION DELIVERIES IN UNITS

CONSTRUCTION STARTS IN UNITS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 43 Construction Summary 9815 34th Ave

PERCENT OCCUPIED AT DELIVERY

UNITS OCCUPIED IN DELIVERIES OVER TIME

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 44 Construction Summary 9815 34th Ave

NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT

NET ABSORPTION IN UNITS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 45 Construction Summary 9815 34th Ave

ASKING RENTAL RATES PER UNIT

CONCESSIONS IN DELIVERIES PER YEAR

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 46 Sale Comparables 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood

PREPARED BY

Scott Cooper Client Relationship Consultant II Sale Comparables Summary 9815 34th Ave

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 18 $212 $4.3 0.8%

SALE COMPARABLE LOCATIONS

Sales Attributes Low Average Median High Sale Price $2,000,000 $4,283,500 $4,125,000 $8,200,000

Price Per Unit $54,824 $212,405 $279,313 $585,000

Cap Rate 3.6% 4.6% 4.5% 6.2%

Vacancy Rate at Sale 0% 0.8% 0% 0%

Time Since Sale in Months 2.5 13.3 14.2 19.7

Property Attributes Low Average Median High Property Size in Units 8 20 14 114

Number of Floors 2 4 4 7

Average Unit SF 377 816 712 2,224

Year Built 1920 1956 1931 2010

Star Rating 2.4

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 48 Sale Comparables Summary 9815 34th Ave

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF 3402 106th 1 - 1931 17 0% 8/7/2020 $2,275,000 $133,823 $186

22-35 23rd St 2 - 1920 8 0% 5/11/2020 $2,469,000 $308,625 $695

3743 80th St 3 - 1922 27 0% 3/6/2020 $6,274,000 $232,370 $217

Windsor Arms 4 - 1927 25 0% 2/6/2020 $4,850,000 $194,000 $276 39-26 62nd St 4009 25th Ave 5 - 1923 16 0% 12/16/2019 $2,350,000 $146,875 $234

3424-3426 44th St 6 - 1928 12 0% 11/26/2019 $4,200,000 $350,000 $558

2565 36th St 7 - 2007 8 0% 11/13/2019 $3,900,000 $487,500 $567

90-11 35th Ave 8 - 1956 114 - 10/30/2019 $6,250,000 $54,824 $70

132-38 &-13244 41st Ave 9 - 2002 8 0% 8/16/2019 $4,680,000 $585,000 $1,137

13812 57th Rd 10 - 1941 10 0% 8/16/2019 $2,000,000 $200,000 $294

43-16-43-18 Union St 11 - - 11 0% 6/11/2019 $5,000,000 $454,545 $204

14203 Cherry Ave 12 - 2005 8 0% 5/29/2019 $2,000,000 $250,000 $442

46-02-46-06 Smart St 13 - 1931 24 0% 5/17/2019 $4,850,000 $202,083 $303

54-14 111th St 14 - 2010 8 0% 5/1/2019 $3,480,000 $435,000 $402

4212 108th St 15 - 2008 13 0% 4/25/2019 $4,050,000 $311,538 $329

3902 63rd St 16 - 1927 17 0% 4/16/2019 $6,275,000 $369,117 $374

3112 42nd St 17 - 1921 16 0% 3/15/2019 $4,000,000 $250,000 $364

10202 Queens Blvd 18 - 2002 21 0% 3/1/2019 $8,200,000 $390,476 $410

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 49 Sale Comparables 9815 34th Ave

1 3402 106th Corona, NY 11368 - North Corona Neighborhood

SALE PROPERTY Sale Date: 8/7/2020 Property Size: 17 Units, 4 Floors Sale Price: $2,275,000 Average Unit Size: - Price Per Unit: $133,824 Year Built: 1931 Price Per SF: $186 Vacancy At Sale: 0% Cap Rate: 3.6% Parking Spaces: -

CONTACTS Buyer: Argento, Gina Seller: Small, Beryl Listing Broker: Cushman & Wakefield - Brian Sarath, Michael Wuest

FINANCING $1,750,000 from Webster Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 0 ------Totals - 17 100% 0 0.0% - - - - -

TRANSACTION NOTES The property at 3402 106th St in Corona, sold on 8/7/2020 for a total of $2,275,000, or approximately $133,824 per unit. This 17 unit mutlifamily property, built in 1931, totals 12,260 square feet. Sitting on 0.09 acres of land, this property is zoned R5 in Queens County.

Initially listed on 9/25/2019 for $2,850,000, this property was on the market for approximately 11 months. Brian Sarath and Michael Wuest, of Cushman and Wakefield, represented the seller in this transaction. The buyer purchased the property for investment purposes. The buyer also put a downpayment of $525,000 and financed the rest of the purchase.

The information regarding this deal was verfied with public record and the listing brokers.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 50 Sale Comparables 9815 34th Ave

2 22-35 23rd St Astoria, NY 11105 - Ditmars Steinway Neighborhood

SALE PROPERTY Sale Date: 5/11/2020 Property Size: 8 Units, 2 Floors Sale Price: $2,469,000 Average Unit Size: 377 SF Price Per Unit: $308,625 Year Built: 1920 Price Per SF: $695 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: 20 Spaces; 2.5 per Unit

CONTACTS Buyer: Erene Real Estate LLC, Nick Litis Seller: Bill Kartsonis, Kartsonis Realty

FINANCING $1,750,000 from Ponce Bank: Conventional

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio - 377 ------Totals 377 8 100% 0 0.0% - - - - -

TRANSACTION NOTES This transaction represents the sale of 2 multifamily properties located at 22-35 23rd St in Astoria, NY 11105 which sold on May 11, 2020 for $2,469,000 as per the transfer documents. There are a total of 8 units which equates to a Price Per Unit of $308,625.

These two properties were listed on CoStar (also with Lot 13R) starting on January 1, 2019 with an initial asking price of $2,925,000. The listing was pulled off of CoStar on February 11, 2019. This is some of the information provided at the time of the listing and it has not been determined if this broker represented the seller or if there were any brokers on this deal:

"The subject property consists of two buildings and one parking lot. The front building is a six family that requires a complete gut renovation. The second property is a two-family brick home that has been completely renovated. Rents are $1,700 (no lease) and $2,000 (no lease). There is also a 20 vehicle parking lot that is leased from Amtrak for $1,600 per annum. A great opportunity with solid upside."

Per marketing material, Lot noted as 13R was researched as well. Lot 13 has a land use of Railroad Facility and is owned by the National Railroad Passenger Corp. This parcel is not noted on the transfer documents.

A contact for the buyer has verified the the price sounded right and the 8 units.

Calls to the seller and potential broker involved have not yet been returned.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 51 Sale Comparables 9815 34th Ave

3 3743 80th St Jackson Heights, NY 11372 - Jackson Heights Neighborhood

SALE PROPERTY Sale Date: 3/6/2020 Property Size: 27 Units, 4 Floors Sale Price: $6,274,000 Average Unit Size: 996 SF Price Per Unit: $232,370 Year Built: 1922 Price Per SF: $217 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: Garefalo Fountoulis Seller: Douglaston Realty Management Corp

FINANCING $2,050,000 from Maspeth Federal Savings Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 1 900 14 51.9% 0 0.0% - - - - - 3 1 1,100 13 48.1% 0 0.0% - - - - - Totals 996 27 100% 0 0.0% - - - - -

UNIT AMENITIES Heating, Kitchen, Range

TRANSACTION NOTES On March 6, 2020, the 28,950 square foot multi-family building located at 3743 80th Street in Jackson Heights, New York was sold for $6,274,000. The building was delivered in 1922 and sits on .17 acres. The unit mix is 14 2 beds // 1 bathroom and 13 3 bedroom // 1 bathroom.

The loan amount through Maspeth Federal Savings Bank was $2,050,000 with a $4,224,000 down payment.

The buyer confirmed the details of the sale comparable report.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 52 Sale Comparables 9815 34th Ave

4 Windsor Arms - 39-26 62nd St Woodside, NY 11377 - Woodside Neighborhood

SALE PROPERTY Sale Date: 2/6/2020 Property Size: 26 Units, 5 Floors Sale Price: $4,850,000 Average Unit Size: 750 SF Price Per Unit: $194,000 Year Built: 1927 Price Per SF: $276 Vacancy At Sale: 0% Cap Rate: 5.2% Parking Spaces: -

CONTACTS Buyer: Peter Panas Seller: Nicholas Colombos Buyer Broker: Westbridge Realty Group - Jonathan Bichoupan Listing Broker: Westbridge Realty Group - Ali Rossland

FINANCING $3,400,000 from New York Community Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 650 13 50.0% 0 0.0% - - - - - 2 1 850 13 50.0% 0 0.0% - - - - - Totals 750 26 100% 0 0.0% - - - - -

TRANSACTION NOTES On February 6, 2020, Nicholas Columbus sold the 26 unit, class C, 17, 600 square foot multi-family building at 39-62 62nd Street in Woodside, New York to Peter Panas for $4,850,000. The seller was represented by Ali Rossland of Westbridge Realty Group and the buyer was represented by Jonathan Bichoupan of Westbridge Realty Group.

The asking price was $6,200,000. The cap rate at time of sale was 5.22%. All 26 units are rent stabalized. The property was under contract for 120 days. Financing was obtained through New York Community Bank for $3,400,000. There were no sales conditions.

According to their representation, the seller wished to sell at this time because the property was too management intenstive and the buyer chose this property because of its "long-term outlook, which is indicative of today’s market for rent stabilized product.”

This information was confirmed by public record and the buyer and seller represenation.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 53 Sale Comparables 9815 34th Ave

5 4009 25th Ave Long Island City, NY 11103 - Downtown Astoria Neighborhood

SALE PROPERTY Sale Date: 12/16/2019 Property Size: 16 Units, 4 Floors Sale Price: $2,350,000 Average Unit Size: 628 SF Price Per Unit: $146,875 Year Built: 1923 Price Per SF: $234 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: Difiore & Sons Custom Woodworking Seller: Edward Didero Jr

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 - 628 16 100% 0 0.0% - - - - - Totals 628 16 100% 0 0.0% - - - - -

TRANSACTION NOTES On 12/16/2019, the 10,050 square feet 16 unit class C Multi-Family building located at 4009 25th Ave, Long Island City in Long Island, NY sold for $2,350,000 between Rivers Edge Properties LLC and 40-09 25th Avenue LLC.

This property located in downtown Astoria NY, is zoned in R5, and was built in 1923.

Edward Didero was the seller while the buyer was Santino Difiore.

The following information confirm by public record.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 54 Sale Comparables 9815 34th Ave

6 3424-3426 44th St Long Island City, NY 11101 - Downtown Astoria Neighborhood

SALE PROPERTY Sale Date: 11/26/2019 Property Size: 12 Units, 3 Floors Sale Price: $4,200,000 Average Unit Size: - Price Per Unit: $350,000 Year Built: 1928 Price Per SF: $558 Vacancy At Sale: 0% Cap Rate: 4.5% Parking Spaces: 6 Spaces; 0.5 per Unit

CONTACTS Buyer: Paliouras, Dimitrios Seller: 43rd Street Realty Services LLC Buyer Broker: Citi Zone Realty - Mario Tsikis Listing Broker: Citi Zone Realty - Mario Tsikis

FINANCING $52,826 from JPMorgan Chase Bank $2,300,000 from JPMorgan Chase Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio ------Totals - 12 100% 0 0.0% - - - - -

TRANSACTION NOTES On November 26, 2019 the 7,524 square foot 12 unit Multi-family building was sold for $4,200,000 or $350,000 per unit.

The property was on the market for approximately 6 months with an initial asking price of $4,650,000.

The in place net operating income was reported to be $189,000 for the year of 2019, yielding an actual cap rate of 4.5%.

The transaction details were confirmed by the listing broker, the seller, and also through Public Record.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 55 Sale Comparables 9815 34th Ave

7 2565 36th St Astoria, NY 11103 - Downtown Astoria Neighborhood

SALE PROPERTY Sale Date: 11/13/2019 Property Size: 8 Units, 4 Floors Sale Price: $3,900,000 Average Unit Size: 850 SF Price Per Unit: $487,500 Year Built: 2007 Price Per SF: $567 Vacancy At Sale: 0% Cap Rate: 5.0% Parking Spaces: -

CONTACTS Buyer: Georgios Krokidas Seller: Supreme Empire Group Buyer Broker: Exit Realty Prime - Tusher Bhuiyan Listing Broker: The Bouklis Group - Tom Bouklis

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 850 8 100% 0 0.0% $2,500 $2.94 $2,493 $2.93 0.3% Totals 850 8 100% 0 0.0% $2,500 $2.94 $2,493 $2.93 0.3%

TRANSACTION NOTES On November 13, 2019, the 6,875 square-foot, four story Class C multi-family building at 2565 36th Street in Long Island, New York sold for $3,900,000. The building delivered in 2007 and sits on 0.11 acres of land. The building contains 8 one bedroom, one bathroom units.

At the time of the transaction, the property had a current capitalization rate of 5% with a net operating income of $195,000. Also, seven years of tax abatement remained on the property at the time of sale.

The sale date, building address and size, sale price, capitalization rate and tax information was confirmed by the selling side of the transaction. The sale price, capitalization rate, 100% occupancy and buyer information were confirmed by the buying side of the transaction.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 56 Sale Comparables 9815 34th Ave

8 90-11 35th Ave Jackson Heights, NY 11372 - Jackson Heights Neighborhood

SALE PROPERTY Sale Date: 10/30/2019 Property Size: 114 Units, 6 Floors Sale Price: $6,250,000 Average Unit Size: 923 SF Price Per Unit: $54,825 Year Built: 1956 Price Per SF: $70 Vacancy At Sale: - Cap Rate: 4.6% Parking Spaces: -

CONTACTS Buyer: Northern Grove LLC Seller: Rolando Chicaiza Buyer Broker: Marcus & Millichap Inc - Shaun Riney Listing Broker: Marcus & Millichap Inc - Dylan Walsh, Shaun Riney

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 720 38 33.3% ------1 1 850 38 33.3% ------2 1 1,200 38 33.3% ------Totals 923 114 100% ------

TRANSACTION NOTES On October 30, 2019, a portfolio of 30-coop units in the 114-unit multi-family building located at 90-11 35th Avenue in Jackson Heights, New York sold for $6,250,000. The building was delivered in 1956 and sits on .56 acres.

Of the 30 units, 24 were fair market, 4 were rent stabilized, and 2 were commercial units.

The property was listed on the market for approximately 7 months before closing and was originally listed at $6,550,000. The escrow length was 75 days and the closing cap rate was 4.58%.

The listing agent and the buyer confirmed the details for the report.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 57 Sale Comparables 9815 34th Ave

9 132-38 &-13244 41st Ave Flushing, NY 11355 - Downtown Flushing Neighborhood

SALE PROPERTY Sale Date: 8/16/2019 Property Size: 8 Units, 4 Floors Sale Price: $4,680,000 Average Unit Size: - Price Per Unit: $585,000 Year Built: 2002 Price Per SF: $1,137 Vacancy At Sale: 0% Cap Rate: 4.5% Parking Spaces: -

CONTACTS Buyer: - Seller: Hongyu Wang Listing Broker: New Group Realty - Zhen Hu

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 8 100% 0 0.0% - - - - - Totals - 8 100% 0 0.0% - - - - -

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

TRANSACTION NOTES On 8/16/2019, the 8 unit multi-family building at 132-38 & - 13244 41st Ave, Flushing, NY 11355 sold for $4,680,000 or $585,000 per unit. The Class C property was built in 2002.

The seller sold the property per a good offer. The buyer purchased the asset as an investment opportunity, which yielded a cap rate of 4.46%.

The details of this transaction were verified with the seller; the buyer could not be reached or found for comment.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 58 Sale Comparables 9815 34th Ave

10 13812 57th Rd Flushing, NY 11355 - Queensboro Hill Neighborhood

SALE PROPERTY Sale Date: 8/16/2019 Property Size: 10 Units Sale Price: $2,000,000 Average Unit Size: - Price Per Unit: $200,000 Year Built: 1941 Price Per SF: $294 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: Xiao Yong Lin Seller: Edward Didero Jr

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 1 - 10 100% 0 0.0% - - - - - Totals - 10 100% 0 0.0% - - - - -

TRANSACTION NOTES On 8/16/2019, the 6,800 Class C Multifamily building at 13812 57th Rd, Flushing, NY was sold for $2,000,000.00 or $200,000 per unit.

There were no brokers involved in this transaction. Confirmed the sale date, seller and number of units in the property. This investment property was under contract for a little over 2 months and was financed with 25% down.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 59 Sale Comparables 9815 34th Ave

11 43-16-43-18 Union St Flushing, NY 11355 - East Flushing Neighborhood

SALE PROPERTY Sale Date: 6/11/2019 Property Size: 11 Units, 7 Floors Sale Price: $5,000,000 Average Unit Size: - Price Per Unit: $454,545 Year Built: - Price Per SF: $204 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: Gwoli Chen Seller: Wing Fung Home Realty Group, Inc.

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 - - 11 100% 0 0.0% - - - - - Totals - 11 100% 0 0.0% - - - - -

TRANSACTION NOTES On June 11th of 2019 the 24,460 square foot multi family property located at 43-16 - 43-18 Union St in Flushing, New York was sold fo $5 million, or $454,545 per unit. This was a class B property that totaled 11 units.

This property sold as an investment sale with financing attached to the deal. There was no cap rate that could be captured as the parties involved did not disclose that information. There were no sale conditions included in the sale.

The motivations behind the sale and purchase of this transaction could not be determined as the parties invloved did not disclose that information. This information was confirmed by the buyer of the the property. The seller could not be reached for comment on this transaction.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 60 Sale Comparables 9815 34th Ave

12 14203 Cherry Ave Flushing, NY 11355 - East Flushing Neighborhood

SALE PROPERTY Sale Date: 5/29/2019 Property Size: 8 Units, 4 Floors Sale Price: $2,000,000 Average Unit Size: - Price Per Unit: $250,000 Year Built: 2005 Price Per SF: $442 Vacancy At Sale: 0% Cap Rate: 4.9% Parking Spaces: -

CONTACTS Buyer: Prospered Residence LLC Seller: St. George's Holdings, LLC Listing Broker: Prime Guard Financial Group Inc - Jasmine Poon

FINANCING $1,100,000 from First Constitution Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 7 87.5% 0 0.0% - - - - - 1 2 - 1 12.5% 0 0.0% - - - - - Totals - 8 100% 0 0.0% - - - - -

UNIT AMENITIES Balcony, Basement, Yard

TRANSACTION NOTES On May 29th, 2019 the 4,520 square foot 8-unit multifamily building located at 14203 Cherry Ave in Flushing, NY sold for $2,000,000 or approximately $250,000 per unit. Hai Profile LLC sold the property to Prospered Residence LLC and Jasmine Poon, of Sun American Realty Group, represented the seller in the transaction.

This was an investment sale with a cap rate of 4.9% based on the corresponding net operating income of $98,964. The information in this sale comparable report is based on confirmation from the seller's side as well as public record documentation.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 61 Sale Comparables 9815 34th Ave

13 46-02-46-06 Smart St Flushing, NY 11355 - East Flushing Neighborhood

SALE PROPERTY Sale Date: 5/17/2019 Property Size: 24 Units, 4 Floors Sale Price: $4,850,000 Average Unit Size: 626 SF Price Per Unit: $202,083 Year Built: 1931 Price Per SF: $303 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: James Cui Seller: Compass Properties Associates, Inc.

FINANCING $1,019,943 from Cathay Bank $2,800,000 from Cathay Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 544 12 50.0% 0 0.0% - - - - - 1 1 708 12 50.0% 0 0.0% - - - - - Totals 626 24 100% 0 0.0% - - - - -

TRANSACTION NOTES On May 17th, 2019 the 16,000 square foot multifamily building located at 46-01 - 46-06 Smart St in Flushing, NY sold for $4,850,000 or approximately $202,085 per unit. 331 East Corp. sold the property to 8182 Roosevelt LLC. This property was an investment sale and the building totals 24 units. The information in this sale comparable is based on confirmation from the seller's side of the transaction as well as public record documentation.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 62 Sale Comparables 9815 34th Ave

14 54-14 111th St Corona, NY 11368 - Corona Neighborhood

SALE PROPERTY Sale Date: 5/1/2019 Property Size: 8 Units, 5 Floors Sale Price: $3,480,000 Average Unit Size: 869 SF Price Per Unit: $435,000 Year Built: 2010 Price Per SF: $402 Vacancy At Sale: 0% Cap Rate: 6.2% Parking Spaces: 6 Spaces; 0.8 per Unit

CONTACTS Buyer: 13 N Oxford Llc Seller: Shyamal, Paul K Listing Broker: Realty Executives Today - Spiros Nitis

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 2 869 8 100% 0 0.0% $2,285 $2.63 $2,277 $2.62 0.3% Totals 869 8 100% 0 0.0% $2,285 $2.63 $2,277 $2.62 0.3%

SITE AMENITIES Elevator

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

TRANSACTION NOTES On 5/1/19 the 8,652 SF of multifamily building located 54 -14 11th St sold for $3,480,000 or $435, 0000 per unit. The property has 8 units with 6 floors of the 12 story office building. The property is zoned R6B for commercial use and was built in 2010. All of the information provided above was verified by public record and listing broker. The selling brokerand the recorded buyer confirmed the sale took place with additional information. Said the property currently has availabllities

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 63 Sale Comparables 9815 34th Ave

15 4212 108th St Flushing, NY 11368 - Corona Neighborhood

SALE PROPERTY Sale Date: 4/25/2019 Property Size: 13 Units, 5 Floors Sale Price: $4,050,000 Average Unit Size: - Price Per Unit: $311,538 Year Built: 2008 Price Per SF: $329 Vacancy At Sale: 0% Cap Rate: 4.0% Parking Spaces: -

CONTACTS Buyer: Johnny Liu Seller: Wayne Lin Listing Broker: Greiner-Maltz Company of New York, Inc. - Swain Weiner

FINANCING $1,300,000 from ConnectOne Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 13 100% 0 0.0% - - - - - Totals - 13 100% 0 0.0% - - - - -

TRANSACTION NOTES The 13-unit Multi-Family building located at 4212 108th St in flushing, NY sold on 4/25/2019 for $4,050,000 or approximately $311,538 per unit.

Swain Weiner of Greiner-Maltz represented the seller in the transaction.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 64 Sale Comparables 9815 34th Ave

16 3902 63rd St Woodside, NY 11377 - Woodside Neighborhood

SALE PROPERTY Sale Date: 4/16/2019 Property Size: 17 Units, 5 Floors Sale Price: $6,275,000 Average Unit Size: - Price Per Unit: $369,118 Year Built: 1927 Price Per SF: $374 Vacancy At Sale: 0% Cap Rate: 4.5% Parking Spaces: -

CONTACTS Buyer: JR Solo Properties Seller: Prasad Realty Corp Buyer Broker: MONOPOLY REALTY, INC. - Jay Santos

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 - - 17 100% 0 0.0% - - - - - Totals - 17 100% 0 0.0% - - - - -

TRANSACTION NOTES This transaction represents the sale of a multifamily property which is located at 39-02 63rd St in Woodside, NY 11377 which sold on april 16, 2019 for $6,275,000.

This was initially listed on CoStar starting on November 5, 2018 with an asking price of $6,875,000 and Net Operating Income of $281,721 and this information:

"The subject property is a 5-story mixed-use building in Woodside located on the corner of 39th Avenue and 63rd Street. It contains 17 apartments [8 (1) bedrooms, 8 (2) bedrooms, and 1 (1) Studio]. Fifteen of the apartments are rent stabilized and two are free market. There are 5 commercial stores totaling 2,704 SF. It is three blocks away from the 7 express and local lines at 61st Street Woodside station with connection to various LIRR lines. It is also serviced by the Q32 bus line. This is an excellent opportunity for an owner, user and investor." This broker did not handle this transfer.

A contact for the buyer has confirmed the sale price, sale date, true seller and true buyer and provided the broker for the buyer. The information from the marketing material is close information and will be used in this report and the $281,721 in Net Operating Income was verified. This was 100% occupied at the time of the sale and there were no sale conditions. The motivation for the buyer is there is a lot of opportunity for value add.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 65 Sale Comparables 9815 34th Ave

17 3112 42nd St Astoria, NY 11103 - Downtown Astoria Neighborhood

SALE PROPERTY Sale Date: 3/15/2019 Property Size: 16 Units, 5 Floors Sale Price: $4,000,000 Average Unit Size: - Price Per Unit: $250,000 Year Built: 1921 Price Per SF: $364 Vacancy At Sale: 0% Cap Rate: 4.1% Parking Spaces: -

CONTACTS Buyer: Stella Mavrikos Birnberg Seller: Mavrikos, Steven

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 0 ------Totals - 16 100% 0 0.0% - - - - -

SITE AMENITIES Bicycle Storage, Courtyard, Maintenance on site

UNIT AMENITIES Basement, Crown Molding, Hardwood Floors, Intercom, Office, Storage Space, Yard

TRANSACTION NOTES On March 15th, 2019 the 16-unit 11,000 square foot multi-family building located at 3112 42nd St in Astoria, NY sold for $4,000,000 or approximately $250K per unit. This was an investment sale with approximately a 4.1% cap rate and a 5.8% pro forma cap rate. Halkios Realty LLC sold the property to Perivoli Realty LLC and no brokers have been confirmed to be involved in the deal at this time. There was an escrow length of 94 days. The information in this sale comparable is based on public record documentation.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 66 Sale Comparables 9815 34th Ave

18 10202 Queens Blvd Forest Hills, NY 11375 - Forest Hills Neighborhood

SALE PROPERTY Sale Date: 3/1/2019 Property Size: 21 Units, 6 Floors Sale Price: $8,200,000 Average Unit Size: 1,000 SF Price Per Unit: $390,476 Year Built: 2002 Price Per SF: $410 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: -

CONTACTS Buyer: 102 Queens Blvd Llc Seller: 102-02 Partners Llc

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 1 1,000 17 100% 0 0.0% $2,552 $2.55 $2,543 $2.54 0.3% Totals 1,000 17 100% 0 0.0% $2,552 $2.55 $2,543 $2.54 0.3%

SITE AMENITIES Elevator

UNIT AMENITIES Air Conditioning, Wheelchair Accessible (Rooms)

TRANSACTION NOTES On 3/1/19, the 20,000 square foot multifamily building located at 10202 Queens Blvd Forest Hills, NY sold for $8,200,000 or approximately $390,476 per unit. 102-02 Partners llc sold the building to 102 Queens Blvd Llc. There were no brokers identified to have been a part of this transaction. The information in this sale comparable is based off of public record documentation.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 67 Sales Volume 9815 34th Ave

NEW YORK METRO SALES VOLUME IN UNITS

CENTRAL QUEENS SUBMARKET SALES VOLUME IN UNITS

NORTH CORONA NEIGHBORHOOD SALES VOLUME IN UNITS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 68 Sales Pricing 9815 34th Ave

NATIONAL PRICE INDICES

REGIONAL MULTI-FAMILY PRICE INDICES

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 69 Sales Pricing 9815 34th Ave

MARKET PRICE PER UNIT

UNITED STATES SALE PRICE PER UNIT DISTRIBUTION PAST 12 NEW YORK SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS MONTHS

PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 18,423 $5,000 $38,264 $116,667 $163,143 $399,291 $11,270,000 New York 1,087 $5,447 $94,081 $219,401 $285,776 $850,931 $6,800,000 Central Queens 36 $54,825 $129,915 $220,000 $230,267 $346,496 $475,000 North Corona 2 $133,824 N/A $202,626 $173,958 N/A $271,429 Selected Sale Comps 18 $54,824 $145,904 $279,313 $212,405 $470,504 $585,000

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 70 Cap Rates 9815 34th Ave

MARKET CAP RATE

UNITED STATES CAP RATE DISTRIBUTION PAST 12 MONTHS NEW YORK CAP RATE DISTRIBUTION PAST 12 MONTHS

CAP RATE SUMMARY STATISTICS IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 6,659 1.0% 3.9% 5.6% 6.1% 9.2% 25.0% New York 248 1.2% 4.1% 5.7% 5.7% 7.6% 15.0% Central Queens 11 3.6% 4.3% 5.2% 5.5% 7.1% 8.8% North Corona 1 3.6% N/A 3.6% 3.6% N/A 3.6% Selected Sale Comps 11 3.6% 3.9% 4.5% 4.6% 5.5% 6.2%

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 71 Buyers 9815 34th Ave

TOP NEW YORK MULTI-FAMILY BUYERS PAST TWO YEARS

Properties Bought Properties Sold

Company Name Bldgs Units Volume Bldgs Units Volume Invesco Ltd. 9 3,955 $1,550,600,000 2 441 $471,100,000 L+M Development Partners, Inc. 11 2,940 $942,600,000 14 384 $975,000 Mack-Cali Realty Corporation 3 1,208 $672,800,000 0 0 - The Carlyle Group 2 869 $534,986,500 3 1 $31,000,000 The Blackstone Group L.P. 1 1,308 $463,360,599 3 138 $81,700,000 A&E Real Estate Holdings 4 978 $445,135,000 0 0 - Global Holdings Management Group (UK) Ltd 2 458 $424,400,000 0 0 - Slate Property Group 3 630 $413,750,000 1 183 $101,500,000 Harbor Group International, LLC 3 861 $407,650,000 2 1,208 $325,250,000 Belveron Real Estate Partners 41 3,990 $402,140,123 0 0 - Camber Property Group 30 2,567 $389,802,635 0 0 - Sun Life Financial 2 563 $342,000,000 1 6 $999,000 Heatherwood Luxury Rentals 1 440 $335,000,000 1 440 $335,000,000 Simon Baron Development Group 1 467 $313,195,194 1 170 $37,750,000 City of New York 46 2,614 $305,243,191 6 411 $49,103,000 Sugar Hill Capital Partners 55 819 $301,100,000 2 14 $5,650,000 The Parkoff Organization 11 932 $282,000,000 5 255 $253,000,000 The Related Companies 2 391 $278,500,000 6 755 $276,885,903 Azure Partners, LLC 1 588 $259,400,000 1 504 $180,250,000 JPMorgan Chase & Co. 1 750 $253,000,000 4 1,101 $486,750,000 Greystar 1 268 $237,500,000 0 0 - The Dermot Company 2 273 $234,700,000 0 0 - Madison International Realty 14 1,562 $228,202,610 0 0 - Centurion Real Estate Partners 1 196 $227,250,000 0 0 - HUBB NYC 8 282 $220,248,816 0 0 -

Purchased at least one asset in Central Queens Multi-Family submarket

TYPES OF MULTI-FAMILY NEW YORK BUYERS PAST TWO YEARS

Buying Volume Average Purchase

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 2,527 66,345 $19.32 $291,204 $7,645,409

Institutional 153 14,661 $5.43 $370,126 $35,466,835

Private Equity 65 9,146 $2.65 $289,989 $40,803,754

REIT/Public 18 2,244 $1.30 $579,713 $72,270,945

$0 $5 $10 $15 $20

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 72 Sellers 9815 34th Ave

TOP NEW YORK MULTI-FAMILY SELLERS PAST TWO YEARS

Properties Sold Properties Bought

Company Name Bldgs Units Volume Bldgs Units Volume Cowen Inc. 33 4,656 $1,251,757,610 0 0 - The Jack Parker Corporation 3 2,063 $1,013,360,599 0 0 - Brookfield Asset Management, Inc. 6 3,498 $942,600,000 6 2,692 $200,032,355 AvalonBay Communities, Inc. 7 1,843 $679,400,000 0 0 - SL Green Realty Corp. 7 1,038 $603,518,855 3 1 $31,000,000 E&M Associates 80 1,708 $544,649,998 3 101 $6,450,000 JPMorgan Chase & Co. 4 1,101 $486,750,000 1 750 $253,000,000 Invesco Ltd. 2 441 $471,100,000 9 3,955 $1,550,600,000 Los Angeles County Employees Retirement… 1 392 $380,600,000 0 0 - Teachers Insurance and Annuity Assoc of A… 2 430 $365,000,000 4 412 $127,000,000 Heatherwood Luxury Rentals 1 440 $335,000,000 1 440 $335,000,000 Harbor Group International, LLC 2 1,208 $325,250,000 3 861 $407,650,000 Quadrum Global Ltd. 1 467 $313,195,194 0 0 - Property Markets Group, Inc. 1 390 $284,000,000 0 0 - The Hakimian Organization 1 390 $284,000,000 0 0 - Vector Group Ltd. 1 390 $284,000,000 0 0 - The Related Companies 6 755 $276,885,903 2 391 $278,500,000 AEW Capital Management 1 377 $263,800,000 1 109 $39,201,783 The DSF Group 1 588 $259,400,000 0 0 - Steiner Equities Group, LLC 2 1,500 $253,000,000 0 0 - The Parkoff Organization 5 255 $253,000,000 11 932 $282,000,000 Ivanhoe Cambridge, Inc. 1 479 $250,986,500 0 0 - The Chetrit Group 2 579 $248,412,671 0 0 - Equity Residential 1 268 $237,500,000 1 131 $74,050,000 Prudential Financial, Inc. 2 582 $232,926,644 0 0 -

Sold at least one asset in Central Queens Multi-Family submarket

TYPES OF MULTI-FAMILY NEW YORK SELLERS PAST TWO YEARS

Selling Volume Average Sale

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 2,760 74,346 $21.91 $294,699 $7,938,307

Institutional 151 14,232 $5.25 $369,181 $34,795,970

Private Equity 40 5,372 $1.87 $348,142 $46,755,495

REIT/Public 19 3,666 $1.78 $484,329 $93,450,182

$0 $6 $12 $18 $24

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 73 Demographics 9815 34th Ave 13,600 SF Multi-Family Building

PREPARED BY

Scott Cooper Client Relationship Consultant II Demographic Overview 9815 34th Ave

Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi) 188,566 3.4 37 $56,395

DEMOGRAPHIC RADIUS RINGS

DEMOGRAPHIC SUMMARY

Population 1 Mile 3 Mile 10 Mile 2020 Population 188,566 897,962 7,551,435 2025 Population 183,956 891,221 7,517,704 Pop Growth 2020-2025 (2.4%) (0.8%) (0.5%) 2020 Average Age 37 40 38 Households 2020 Households 53,055 317,171 2,917,435 2025 Households 51,817 314,831 2,905,412 Household Growth 2020-2025 (2.3%) (0.7%) (0.4%) Median Household Income $56,395 $62,814 $67,458 Average Household Size 3.4 2.7 2.5 Average HH Vehicles 1 1 1 Housing Median Home Value $562,063 $617,482 $674,190 Median Year Built 1950 1953 1954

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 75 Age & Education 9815 34th Ave

POPULATION BY AGE GROUP IN 1 MILE RADIUS

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

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 76 Ethnicity 9815 34th Ave

POPULATION BY RACE

2020 Population

Race 1 Mile 3 Mile 10 Mile

White 127,552 67.64% 492,217 54.81% 3,828,146 50.69%

Black 18,344 9.73% 64,202 7.15% 2,221,172 29.41%

Asian 30,548 16.20% 304,029 33.86% 1,128,513 14.94%

American Indian & Alaskan 5,979 3.17% 13,029 1.45% 113,458 1.50%

Hawaiian & Pacific Islander 531 < 1% 1,785 < 1% 17,090 < 1%

Other 5,614 2.98% 22,701 2.53% 243,057 3.22%

0 28,000 56,000 84,000 112,000 140,000

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

MILITARY POPULATION

2020 Population

1 Mile 3 Mile 10 Mile

Military 0 0.00% 114 < 1% 1,852 < 1%

Non-Military Workforce 96,930 100.00% 454,841 99.97% 3,826,118 99.95%

0 20,000 40,000 60,000 80,000 100,000

10/21/2020 Copyrighted report licensed to CoStar Group - 832665

Page 77 Multi-Family Submarket Report Central Queens New York - NY

PREPARED BY

Scott Cooper Client Relationship Consultant II Overview Central Queens Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 513 (98) 2.9% -1.6%

The Central Queens submarket is home to vacancy levels increasing by approximately 100 basis neighborhoods like Jackson Heights, Ridgewood, points over the next 18 months. There are currently 900 Elmhurst, and Forest Hills. Vacancy in Central Queens units under construction in Central Queens, representing has been consistently low over the past decade, about 3% of total inventory, which will play a part in averaging roughly 100 basis points below the New York rising vacancy levels as well. metro. Entering 2020, vacancies hardly moved upward despite more than 400 units delivering in the year prior. Leasing new units will be more difficult over the outlook, as renters will be unwilling to move into units with higher Due to a variety of factors such as: heavy job losses, rent. However, rents in Central Queens are almost 30% unemployment benefits set to expire in the third quarter, lower than the metro average and 40% below those of and a cautious reopening plan, the ongoing health crisis the neighboring Northwestern Queens. The submarket has already disrupted New York City's multifamily could see demand from renters seeking relief from ultra- market. Reports of missed rent payments in certain high rents in more expensive locales, in the past, Central pockets of the city and a work-from-anywhere lifestyle Queens primarily attracted families seeking relatively are other underlying issues that may cause both a inexpensive rents. Daily asking rents have declined since slowdown in demand and an uptick in listings. At the middle of May and if this demand slowdown were to present, vacancy in Central Queens is 2.9%, the second continue, rental growth is projected to decline further time levels have exceeded 2% since 2010. Looking over the next 12 months. ahead, fundamentals are projected to soften further with

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 1,171 8.0% $2,891 $2,874 12 0 703 3 Star 12,527 3.6% $2,237 $2,220 17 0 198 1 & 2 Star 29,385 2.3% $1,813 $1,805 (67) 0 0 Submarket 43,083 2.9% $1,973 $1,962 (38) 0 901

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.4% 1.6% 3.1% 2.9% 2020 Q4 0.5% 2000 Q4 Absorption Units (98) 108 208 439 2016 Q3 (85) 2004 Q2 Delivered Units 513 152 285 513 2020 Q3 0 2013 Q2 Demolished Units 0 1 6 12 2017 Q4 0 2020 Q3 Asking Rent Growth (YOY) -1.6% 1.4% 1.4% 6.7% 2007 Q3 -8.1% 2009 Q4 Effective Rent Growth (YOY) -1.8% 1.3% 1.4% 6.7% 2007 Q3 -8.1% 2009 Q4 Sales Volume $39.3 M $188.7M N/A $671.8M 2018 Q4 $39.3M 2020 Q3

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 79 Vacancy Central Queens Multi-Family

The coronavirus outbreak has brought unprecedented may fair better than most as it has been driven more by uncertainty to the Central Queens multifamily market. families and older residents. The affordability of this Mounting jobs losses, economic uncertainty, and work- submarket makes it appealing to young families, but from-anywhere capabilities due to the ongoing pandemic older cohorts increased at the fastest rate over the past have already blunted renter demand. New deliveries will five years. The 35–44, 45–64, and 65-plus cohorts face occupancy challenges, and as the ranks of newly increased by about 5%, 10%, and 13%, respectively. unemployed vacate their apartments vacancy will increase. New York has issued an extended moratorium Reflecting this, vacancy in 4 & 5 Star properties in on evictions, and many residents are likely to stay in Central Queens was around 8% at the end of 20Q2 and place for that duration. However, the most rapid increase has been consistently higher than lower-tier properties. in unemployment seen in decades will likely lead to High-income renters haven't been drawn to this decreased absorption levels and an accompanying submarket, and we see vacancy rates for lower-tier increase in vacancy over the next 12 months. properties around 1%.

At 2.9%, the vacancy rate in the Central Queens Demand for rentals in Central Queens may also be Submarket is still one of the lowest in the metro. Supply driven by residents' inability to purchase homes. Only additions have been scarce compared Long Island City, 34% of the households in Central Queens are owner- but deliveries have picked up in recent years. More than occupied, a relatively low share compared with the 400 units delivered in 2019 which caused occupancies to adjacent Northeast Queens Submarket, where 55% of slightly decrease. Currently, underway units represent households are owner-occupied. Though the median around 3% of total inventory and should push vacancy sale price for a condo in Central Queens is a relatively levels upward by around 100 basis points over the next affordable $436,000—almost 10% lower than in 18 months. Flushing—median income here is also 14% lower than in Northeast Queens. Despite current challenges, demand in Central Queens

ABSORPTION, NET DELIVERIES & VACANCY

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 80 Vacancy Central Queens Multi-Family

OVERALL & STABILIZED VACANCY

VACANCY RATE

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 81 Vacancy Central Queens Multi-Family

VACANCY BY BEDROOM

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 82 Rent Central Queens Multi-Family

Rent growth has decelerated in Central Queens. After deliveries barely tops 100 units. More than 10,000 units consistently recording strong growth over the past few are also underway in Northwestern Queens and years, rents in the submarket have declined by -1.6% in Williamsburg, the two submarkets with which Central the past 12 months. Queens shares its eastern border. Landlords are wary of pushing rents too aggressively, given the added The ongoing health crisis and the accompanying competition in the pipeline. economic fallout has resulted in a scenario where demand has softened in New York City and rental rates However, relatively inexpensive rents are one of the have begun to fall. Since May, daily asking rents in biggest draws of the submarket. Asking rents are about Central Queens have continued to decline. half of the Manhattan average and also offer steep discounts compared with nearby submarkets in Brooklyn The recent slowdown in rent growth can also be be and Queens. Rents here are about 40%-50% cheaper attributed to the uptick in supply, both here and in on average than those of Northwestern Queens and neighboring submarkets. About 1,300 units are underway Williamsburg. This could create demand as renters look in Central Queens, where the historical average for for cost-saving accommodation options.

DAILY ASKING RENT PER SF

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 83 Rent Central Queens Multi-Family

MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 84 Construction Central Queens Multi-Family

Developers are increasingly targeting the submarket, with Boulevard, continuing the trend of transit-oriented 900 units under construction in Central Queens at the development. Neighborhoods like Woodside, Elmhurst, start of 20Q3. This represents about 3% of the existing and even Rego Park are reaping the benefits of proximity inventory, which is a moderate increase, but a fraction of to subway stops. what is underway elsewhere in the outer boroughs. Delivery timelines may be pushed back due to The proportion of 4 & 5 Star units built over the years construction freezes put in place in response to the has continued to increase, indicating optimism about the coronavirus pandemic. Getting new projects off the Central Queens Submarket, despite a relative lack of ground will also be more difficult as lenders and residents in the primary renter cohort. Fewer than 15% of developers become more risk-averse. projects built from 2000–10 were 4 & 5 Star. This ratio increases to over 40% for properties built in the past five New construction is spread relatively evenly throughout years. And barring extreme changes in the pipeline, this the submarket, but many of the 4 & 5 Star developments trend appears likely to continue—over half of properties underway or proposed are near Broadway or Queens being built are 4 & 5 Star assets.

DELIVERIES & DEMOLITIONS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 85 Construction Central Queens Multi-Family

All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs 148 655 871 1,390

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 86 Construction Central Queens Multi-Family

RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner 5135 Reeder St Pi Capital Partners 1 20 6 Oct 2017 Jun 2020 Pi Capital Partners 7410 Broadway - 2 10 6 Jan 2018 Jun 2020 Khosrow Soleimanzadeh 87-12 58th Ave Plaza 8758 LLC 3 30 5 Feb 2018 Mar 2020 Plaza 8758 LLC 32-65 107th St 111 Real Properties Inc 4 20 6 Apr 2018 Jan 2020 111 Real Properties Inc 69-28 Queens Blvd - 5 76 8 Jan 2018 Jan 2020 Jj Queens Development Llc The Elm West JPK & Associates Inc 6 127 7 Oct 2017 Dec 2019 51-35 Reeder St JPK & Associates Inc J & J Tower Xiaoke Tang 7 76 9 Jan 2017 Dec 2019 46-02 70th St Xiaoke Tang 69-12 Woodside Ave Utokilen, LLC 8 8 4 Feb 2018 Nov 2019 Utokilen, LLC Roosevelt Parc Bravo Builders LLC 9 139 14 Apr 2017 Oct 2019 3746 72nd St Werber Management 7038 Broadway Taslim Construction, Inc 10 7 6 Dec 2014 Oct 2019 Carefirst Management Inc 65-17 110th St - 11 8 2 Aug 2017 Feb 2019 Forest Hills Scenery Family, LLC 109-19 72nd Rd - 12 12 3 Mar 2018 Jan 2019 George Baharestani 62-41 Forest Ave Eastone Equities LLC 13 42 5 Oct 2017 Jan 2019 Eastone Equities LLC The Pointe GF55 PARTNERS 14 45 7 Dec 2016 Nov 2018 65-70 Austin St GF55 PARTNERS 6719 Austin St - 15 21 7 Dec 2015 Nov 2018 Richard W An 10838 41st Ave - 16 7 4 Dec 2017 Oct 2018 - 5026 101st St - 17 7 5 Sep 2017 Oct 2018 Jinquan Lin

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner 91-09 Roosevelt Ave Mastic Management LLC 1 150 7 Aug 2019 Aug 2021 Mastic Management LLC 18-81 Starr St RD Management, LLC 2 130 5 Nov 2018 Dec 2020 RD Management, LLC 70-40 45th Ave Kings USA Capital 3 94 10 Jun 2019 Jun 2021 Kings USA Capital 107-02 Queens Blvd RJ Capital Holdings 4 74 10 May 2019 Mar 2021 Cyruli Shanks Hart & Zizmor LLP 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 87 Construction Central Queens Multi-Family

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner 65-18 Austin St Luxury Austin LLC 5 70 8 Jul 2018 Dec 2020 Luxury Austin LLC The Strand Corcoran 6 49 - Dec 2018 Nov 2020 176 Woodward Ave The Corcoran Group 10411 Northern Blvd Total Structure Management Inc 7 35 7 Nov 2018 Nov 2020 Total Structure Management Inc 32-58 105th St Sanford 147 Development LLC 8 34 7 Mar 2019 Dec 2020 3258 105th St Sanford 147 Development LLC 92-54 Queens Blvd - 9 30 9 Jun 2020 Apr 2021 92-54 Queens Blvd - 9101 Whitney Ave Xiu Hui Lu 10 22 8 Nov 2018 Feb 2021 Xiu Hui Lu 84-14 Queens Blvd - 11 20 7 Aug 2019 Aug 2021 Tu Kang Yang 105-25 65th Rd FR Real Estate Development LP 12 18 8 Jun 2020 Nov 2021 10525 65th Rd FR Real Estate Development LP 455 Onderdonk Ave Epoch Property LLC 13 15 5 Jun 2019 Dec 2020 Epoch Property LLC 103-16 Corona Ave Octavia Raposo 14 14 4 Aug 2016 Nov 2020 Octavia Raposo 102-09-102-11 37th Ave Xiu F Zhang 15 14 4 Feb 2020 Apr 2021 Xiu F Zhang 66-73 79th Pl Fabian Construction Co. 16 11 3 Nov 2019 Oct 2022 Fabian Construction Co. 103-21 Northern Blvd Husan Jan 17 10 4 Jul 2016 Nov 2020 Husan Jan 109-03 34th Ave - 18 10 3 Oct 2018 Nov 2020 Ji Juan Lin 74-25 43rd Ave Times Buildings PC 19 10 4 May 2019 Dec 2020 7425 43rd Ave XIN YOU LIN 25-62 97th St - 20 10 4 Jan 2020 Jan 2021 Mascon Restoration

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner 69-02 Queens Blvd - 1 561 17 Oct 2020 Mar 2022 6902 Queens Blvd The Domain Companies Parkway Hospital Redev… Jasper Venture Group LLC 2 351 8 Jan 2021 Sep 2022 70-35 113th St Jasper Venture Group LLC 69-65 Yellowstone Blvd Slate Property Group 3 170 11 Oct 2020 May 2022 Slate Property Group 350 St Nicholas Ave ONE Commercial 4 129 17 Jan 2021 Mar 2022 The Babaev Group 8312 Broadway - 5 34 7 Oct 2020 Jun 2022 Lin Song 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 88 Construction Central Queens Multi-Family

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner 39-14 114th St Lam & Lam Designs 6 26 9 Oct 2020 Sep 2021 Prince Realty Management LLC 108-15 72nd Ave - 7 26 7 Nov 2020 Nov 2021 Dennis Zhao 90-12 Whitney Ave 9012 Whitney Inc 8 20 6 Dec 2020 Apr 2021 9012 Whitney Inc 4241 Judge St - 9 15 6 Oct 2020 Aug 2022 One Portfolio Inc 88-30-88-34 54th Ave 25 Bogart Realty Inc 10 14 5 Oct 2020 Dec 2021 25 Bogart Realty Inc 7001 Queens Blvd - 11 11 8 Jun 2021 Mar 2021 Nemat Development Group 104-04 Otis Ave - 12 10 - Nov 2020 Nov 2021 Warren Cheng 40-37 76th St - 13 9 10 Oct 2020 Jul 2021 Amarbin Ahmed 89-18 Queens Blvd - 14 8 8 Oct 2020 Jul 2021 - 8418 Grand Ave - 15 6 4 Oct 2020 Dec 2021 84-18 Grand Avenue

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 89 Sales Central Queens Multi-Family

Investment sale activity in Central Queens has In the past year, no properties traded for more than $10 decreased in the past year, with $37.3 million of million. With the largest sales in the submarket at around multifamily assets trading in the past 12 months. $6 million, it's very difficult to reach high levels of Between 2013 and 2018, investment sales activity transaction volume. In 2018, when nearly $700 million totaled over $200 million annually, peaking in 2018 with was exchanged, transaction volume benefited from the $670 million of deals closed. Cap rates have flattened in sale of the submarket's largest multifamily property. The the submarket after several years of cap rate 1,308-unit Parker Towers sold that November for $475 compression, now averaging 5.5%. The outlook calls for million. In another notable trade, TreeTop Development cap rates to soften over the remainder of 2020, by and The Aspen Companies flipped a 163-unit asset in around 50 basis points. Market sales price per unit, Elmhurst for $56.5 million in another one of the largest which peaked in 2019, is also expected to decline. Many deals of 2018. The owners previously acquired the 2 Star investors and lenders will be unwilling to take on property, at 94-25 57th Ave. for $40.73 million in August additional risk, given the economic uncertainty caused by 2016. Zara Realty Holding Corp. acquired the property in coronavirus. Zero notable trades have transacted since March 2018 at a 3% cap rate. April in what will likely be a quiet year for investment sales.

SALES VOLUME & MARKET SALE PRICE PER UNIT

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 90 Sales Past 12 Months Central Queens Multi-Family

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 37 $212 $1.5 2.4%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $380,000 $1,491,148 $1,240,000 $6,274,000

Price/Unit $63,333 $211,900 $206,666 $391,666

Cap Rate 3.6% 5.5% 5.2% 8.8%

Vacancy Rate At Sale 0% 2.4% 0% 50.0%

Time Since Sale in Months 1.4 6.1 7.3 10.5

Property Attributes Low Average Median High Property Size in Units 5 8 6 48

Number of Floors 1 3 3 5

Average Unit SF 415 798 813 1,100

Year Built 1905 1938 1930 2009

Star Rating 2.4

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 91 Sales Past 12 Months Central Queens Multi-Family

RECENT SIGNIFICANT SALES

Property Information Sale Information

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

3743 80th St 1 - 1922 27 0% 3/6/2020 $6,274,000 $232,370 $217

1862 Cornelia St 2 - 1930 6 0% 12/13/2019 $2,350,000 $391,666 $420

3402 106th 3 - 1931 17 0% 8/7/2020 $2,275,000 $133,823 $186

37-33 103rd St 4 - 1931 7 0% 12/24/2019 $1,900,000 $271,428 $349

7118 Myrtle Ave 5 - 1931 5 0% 4/1/2020 $1,880,000 $376,000 $497

1930 Palmetto St 6 - 1950 6 0% 8/11/2020 $1,635,000 $272,500 $288

31-42 103rd St 7 - 1933 6 0% 12/6/2019 $1,600,000 $266,666 $365

60-19 68th Rd 8 - 1950 5 0% 7/14/2020 $1,500,000 $300,000 $364

1885 Troutman St 9 - 1930 6 0% 12/23/2019 $1,400,000 $233,333 $297

8505A 57th Ave 10 - 2009 6 0% 4/16/2020 $1,380,000 $230,000 $363

1844 Stephen St 11 - 1931 6 0% 3/3/2020 $1,340,000 $223,333 $218

879 Cypress Ave 12 - 1931 6 0% 12/31/2019 $1,300,000 $216,666 $289

5504 98th St 13 - 1983 6 0% 12/18/2019 $1,300,000 $216,666 $309

957 Seneca Ave 14 - 1931 6 0% 3/5/2020 $1,240,000 $206,666 $212

363 Onderdonk Ave 15 - 1930 6 0% 9/9/2020 $1,220,000 $203,333 $258

2637 96th St 16 - 1926 6 0% 1/24/2020 $1,200,000 $200,000 $345

763 Seneca Ave 17 - 1930 5 0% 8/25/2020 $1,200,000 $240,000 $258

753 Seneca Ave 18 - 1905 6 0% 6/1/2020 $1,150,000 $191,666 $225

17-05 Palmetto St 19 - 1930 6 0% 8/3/2020 $1,025,000 $170,833 $180

1928 Linden St 20 - 1930 6 0% 3/3/2020 $1,000,000 $166,666 $193

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 92 Appendix Central Queens Multi-Family

OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 44,296 433 1.0% 459 1.0% 0.9 2023 43,863 303 0.7% 409 0.9% 0.7 2022 43,560 169 0.4% 189 0.4% 0.9 2021 43,391 274 0.6% 51 0.1% 5.4 2020 43,117 190 0.4% (266) -0.6% - YTD 43,083 156 0.4% (266) -0.6% - 2019 42,927 419 1.0% 266 0.6% 1.6 2018 42,508 135 0.3% 96 0.2% 1.4 2017 42,373 267 0.6% 223 0.5% 1.2 2016 42,106 187 0.4% 425 1.0% 0.4 2015 41,919 332 0.8% 184 0.4% 1.8 2014 41,587 59 0.1% 56 0.1% 1.1 2013 41,528 121 0.3% 139 0.3% 0.9 2012 41,407 103 0.2% 141 0.3% 0.7 2011 41,304 25 0.1% 9 0% 2.8 2010 41,279 66 0.2% 199 0.5% 0.3 2009 41,213 223 0.5% 259 0.6% 0.9 2008 40,990 232 0.6% 92 0.2% 2.5

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 2,242 390 21.1% 338 15.1% 1.2 2023 1,852 275 17.4% 230 12.4% 1.2 2022 1,577 105 7.1% 168 10.7% 0.6 2021 1,472 280 23.5% 128 8.7% 2.2 2020 1,192 117 10.9% 174 14.6% 0.7 YTD 1,171 96 8.9% 162 13.8% 0.6 2019 1,075 273 34.0% 156 14.5% 1.8 2018 802 45 5.9% 36 4.5% 1.3 2017 757 30 4.1% 57 7.5% 0.5 2016 727 125 20.8% 273 37.6% 0.5 2015 602 303 101.3% 97 16.1% 3.1 2014 299 0 0% 0 0% - 2013 299 0 0% 0 0% - 2012 299 83 38.4% 82 27.4% 1.0 2011 216 16 8.0% 16 7.4% 1.0 2010 200 10 5.3% 17 8.5% 0.6 2009 190 43 29.3% 58 30.5% 0.7 2008 147 96 188.2% 73 49.7% 1.3

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 93 Appendix Central Queens Multi-Family

3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 12,694 49 0.4% 72 0.6% 0.7 2023 12,645 35 0.3% 90 0.7% 0.4 2022 12,610 70 0.6% 32 0.3% 2.2 2021 12,540 0 0% (6) 0% 0 2020 12,540 73 0.6% (64) -0.5% - YTD 12,527 60 0.5% (70) -0.6% - 2019 12,467 134 1.1% 87 0.7% 1.5 2018 12,333 28 0.2% 29 0.2% 1.0 2017 12,305 239 2.0% 151 1.2% 1.6 2016 12,066 62 0.5% 77 0.6% 0.8 2015 12,004 32 0.3% 54 0.4% 0.6 2014 11,972 59 0.5% 43 0.4% 1.4 2013 11,913 121 1.0% 100 0.8% 1.2 2012 11,792 20 0.2% 31 0.3% 0.6 2011 11,772 9 0.1% 14 0.1% 0.6 2010 11,763 40 0.3% 69 0.6% 0.6 2009 11,723 137 1.2% 143 1.2% 1.0 2008 11,586 61 0.5% 28 0.2% 2.2

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 29,360 (6) 0% 49 0.2% - 2023 29,366 (7) 0% 89 0.3% - 2022 29,373 (6) 0% (11) 0% 0.5 2021 29,379 (6) 0% (71) -0.2% 0.1 2020 29,385 0 0% (376) -1.3% 0 YTD 29,385 0 0% (358) -1.2% 0 2019 29,385 12 0% 23 0.1% 0.5 2018 29,373 62 0.2% 31 0.1% 2.0 2017 29,311 (2) 0% 15 0.1% - 2016 29,313 0 0% 75 0.3% 0 2015 29,313 (3) 0% 33 0.1% - 2014 29,316 0 0% 13 0% 0 2013 29,316 0 0% 39 0.1% 0 2012 29,316 0 0% 28 0.1% 0 2011 29,316 0 0% (21) -0.1% 0 2010 29,316 16 0.1% 113 0.4% 0.1 2009 29,300 43 0.1% 58 0.2% 0.7 2008 29,257 75 0.3% (9) 0% -

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 94 Appendix Central Queens Multi-Family

OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 1,333 3.0% (0.1) $2,117 $2.96 1.2% (1.1) $2,105 $2.94 2023 1,358 3.1% (0.3) $2,091 $2.92 2.3% (4.1) $2,079 $2.90 2022 1,464 3.4% (0.1) $2,044 $2.85 6.4% 6.8 $2,032 $2.84 2021 1,483 3.4% 0.5 $1,920 $2.68 -0.3% 3.5 $1,909 $2.67 2020 1,258 2.9% 1.0 $1,927 $2.69 -3.8% (4.9) $1,916 $2.67 YTD 1,230 2.9% 1.0 $1,973 $2.61 -1.5% (2.6) $1,962 $2.59 2019 807 1.9% 0.3 $2,003 $2.66 1.1% (0.2) $1,996 $2.65 2018 653 1.5% 0.1 $1,982 $2.62 1.3% 0.5 $1,971 $2.61 2017 614 1.4% 0.1 $1,956 $2.59 0.8% (2.5) $1,925 $2.55 2016 570 1.4% (0.6) $1,941 $2.57 3.3% 0 $1,931 $2.56 2015 810 1.9% 0.3 $1,879 $2.49 3.3% 1.1 $1,869 $2.48 2014 662 1.6% 0 $1,818 $2.41 2.3% 0.8 $1,811 $2.40 2013 658 1.6% (0.1) $1,778 $2.35 1.5% 0.2 $1,769 $2.34 2012 678 1.6% (0.1) $1,752 $2.32 1.3% 0.5 $1,745 $2.31 2011 716 1.7% 0 $1,730 $2.29 0.8% (1.3) $1,723 $2.28 2010 699 1.7% (0.3) $1,716 $2.27 2.1% 10.2 $1,709 $2.26 2009 832 2.0% (0.1) $1,681 $2.22 -8.1% (6.2) $1,674 $2.21 2008 868 2.1% 0.3 $1,828 $2.42 -1.8% - $1,821 $2.41

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 292 13.0% 0.1 $2,992 $8.87 0.4% (1.3) $2,974 $8.82 2023 239 12.9% 0.6 $2,981 $8.84 1.7% (4.3) $2,964 $8.79 2022 193 12.2% (5.1) $2,931 $8.69 6.0% 7.0 $2,914 $8.64 2021 255 17.3% 8.7 $2,765 $8.20 -1.0% 0.7 $2,749 $8.15 2020 103 8.6% (6.2) $2,792 $8.28 -1.7% (2.7) $2,776 $8.23 YTD 94 8.0% (6.8) $2,891 $3.49 1.8% 0.8 $2,874 $3.47 2019 159 14.8% 9.6 $2,839 $3.56 1.1% (2.4) $2,826 $3.55 2018 42 5.2% 0.8 $2,809 $3.44 3.4% 6.0 $2,704 $3.36 2017 33 4.4% (3.9) $2,715 $3.38 -2.5% (8.6) $2,612 $3.30 2016 61 8.3% (26.5) $2,785 $3.48 6.1% 2.3 $2,641 $3.41 2015 209 34.8% 33.6 $2,625 $3.38 3.8% 1.8 $2,521 $3.34 2014 4 1.2% 0 $2,529 $3.28 2.0% 0.1 $2,522 $3.26 2013 4 1.2% (0.1) $2,480 $3.22 2.0% 0.5 $2,448 $3.19 2012 4 1.3% (0.1) $2,432 $3.16 1.5% 0.2 $2,419 $3.14 2011 3 1.4% 0 $2,397 $3.11 1.3% (0.9) $2,382 $3.10 2010 3 1.4% (3.4) $2,367 $3.07 2.2% 10.7 $2,347 $3.05 2009 9 4.8% (11.0) $2,317 $3.01 -8.5% (6.5) $2,303 $2.99 2008 23 15.8% 14.1 $2,532 $3.29 -2.0% - $2,521 $3.27

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 95 Appendix Central Queens Multi-Family

3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 422 3.3% (0.2) $2,387 $3.09 1.1% (1.1) $2,369 $3.07 2023 444 3.5% (0.4) $2,360 $3.06 2.2% (4.1) $2,342 $3.03 2022 499 4.0% 0.3 $2,309 $2.99 6.3% 6.7 $2,291 $2.97 2021 462 3.7% 0 $2,172 $2.81 -0.4% 7.1 $2,155 $2.79 2020 456 3.6% 1.0 $2,181 $2.82 -7.5% (9.9) $2,164 $2.80 YTD 455 3.6% 1.0 $2,237 $2.76 -5.1% (7.5) $2,220 $2.74 2019 325 2.6% 0.4 $2,357 $2.92 2.4% 2.0 $2,347 $2.91 2018 277 2.2% 0 $2,300 $2.85 0.4% 0.2 $2,287 $2.83 2017 278 2.3% 0.7 $2,290 $2.84 0.3% (5.1) $2,207 $2.73 2016 191 1.6% (0.1) $2,284 $2.83 5.4% 1.4 $2,276 $2.82 2015 206 1.7% (0.2) $2,167 $2.68 4.0% (0.3) $2,159 $2.67 2014 229 1.9% 0.1 $2,084 $2.58 4.3% 2.6 $2,073 $2.56 2013 213 1.8% 0.2 $1,998 $2.46 1.7% (0.9) $1,987 $2.45 2012 193 1.6% (0.1) $1,965 $2.42 2.6% 1.4 $1,958 $2.41 2011 203 1.7% 0 $1,915 $2.36 1.2% (1.0) $1,908 $2.35 2010 208 1.8% (0.3) $1,892 $2.33 2.1% 10.6 $1,885 $2.32 2009 238 2.0% (0.1) $1,853 $2.28 -8.5% (6.5) $1,845 $2.27 2008 245 2.1% 0.3 $2,024 $2.50 -2.0% - $2,016 $2.49

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 618 2.1% (0.2) $1,956 $2.75 1.3% (1.1) $1,947 $2.74 2023 675 2.3% (0.3) $1,931 $2.71 2.4% (4.1) $1,922 $2.70 2022 772 2.6% 0 $1,885 $2.65 6.5% 6.8 $1,877 $2.64 2021 767 2.6% 0.2 $1,770 $2.49 -0.2% 1.6 $1,762 $2.48 2020 699 2.4% 1.3 $1,774 $2.49 -1.9% (2.1) $1,766 $2.48 YTD 681 2.3% 1.2 $1,813 $2.51 0.3% 0.1 $1,805 $2.50 2019 323 1.1% 0 $1,807 $2.50 0.3% (1.4) $1,802 $2.50 2018 334 1.1% 0.1 $1,803 $2.49 1.6% 0.3 $1,797 $2.48 2017 303 1.0% (0.1) $1,773 $2.45 1.3% (0.6) $1,768 $2.44 2016 319 1.1% (0.3) $1,750 $2.42 1.9% (1.0) $1,744 $2.41 2015 394 1.3% (0.1) $1,717 $2.37 2.9% 1.7 $1,711 $2.36 2014 430 1.5% 0 $1,668 $2.30 1.2% (0.1) $1,662 $2.29 2013 442 1.5% (0.1) $1,648 $2.27 1.3% 0.8 $1,641 $2.26 2012 482 1.6% (0.1) $1,626 $2.24 0.6% 0 $1,620 $2.23 2011 510 1.7% 0.1 $1,617 $2.23 0.5% (1.6) $1,610 $2.22 2010 488 1.7% (0.3) $1,608 $2.22 2.1% 9.9 $1,602 $2.21 2009 586 2.0% (0.1) $1,575 $2.17 -7.8% (6.1) $1,568 $2.16 2008 600 2.1% 0.3 $1,709 $2.36 -1.7% - $1,702 $2.35

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 96 Appendix Central Queens Multi-Family

OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$311,997 257 4.1% 2023 ------$307,340 253 4.1% 2022 ------$294,970 243 4.1% 2021 ------$256,932 212 4.4% 2020 ------$265,507 219 4.5% YTD 30 $28.4M 0.3% $1,422,350 $198,930 5.7% $280,197 231 4.4% 2019 54 $99.1M 1.0% $2,203,294 $239,488 5.4% $284,204 234 4.4% 2018 70 $671.8M 5.1% $12,441,090 $307,469 5.1% $270,518 223 4.4% 2017 85 $320.1M 3.0% $4,777,085 $255,235 4.3% $259,183 213 4.4% 2016 110 $602.2M 5.1% $6,545,584 $281,136 4.6% $247,528 204 4.5% 2015 120 $261.1M 2.8% $2,331,399 $222,606 4.7% $225,848 186 4.7% 2014 114 $261.2M 3.1% $2,374,467 $204,215 5.9% $201,162 166 4.9% 2013 129 $198.9M 2.9% $1,969,006 $164,900 7.2% $178,000 147 5.2% 2012 75 $104M 1.7% $1,552,704 $148,616 7.5% $170,828 141 5.2% 2011 52 $69.2M 1.4% $1,503,684 $121,350 6.3% $162,531 134 5.3% 2010 40 $70.9M 1.3% $1,818,411 $130,604 6.3% $147,424 121 5.5% 2009 44 $45.8M 1.1% $1,146,092 $105,631 7.2% $109,915 91 6.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$656,640 251 3.7% 2023 ------$647,924 248 3.7% 2022 ------$622,276 238 3.8% 2021 ------$539,935 207 4.1% 2020 ------$557,861 214 4.2% YTD ------$589,700 226 4.0% 2019 2 $4.1M 1.1% $2,030,000 $338,333 - $608,159 233 4.0% 2018 ------$586,748 225 4.0% 2017 1 $1.3M 2.6% $1,300,000 $65,000 - $570,597 218 4.0% 2016 3 $3M 2.9% $1,515,000 $144,286 - $545,482 209 4.1% 2015 ------$504,476 193 4.2% 2014 ------$462,167 177 4.3% 2013 ------$412,012 158 4.6% 2012 ------$392,051 150 4.6% 2011 2 $3.4M 7.9% $3,350,000 $197,059 - $371,138 142 4.7% 2010 ------$330,734 127 4.9% 2009 ------$242,415 93 5.6% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 97 Appendix Central Queens Multi-Family

3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$328,106 257 4.2% 2023 ------$323,338 254 4.2% 2022 ------$310,524 244 4.2% 2021 ------$270,941 213 4.5% 2020 ------$280,211 220 4.6% YTD 11 $6.8M 0.3% $975,571 $200,853 5.2% $295,758 232 4.4% 2019 19 $34M 0.9% $2,124,625 $300,832 6.0% $299,821 235 4.4% 2018 29 $538.6M 12.8% $22,440,612 $340,654 6.7% $286,107 224 4.4% 2017 34 $55.8M 1.9% $1,922,906 $233,323 4.0% $273,657 215 4.5% 2016 29 $361.2M 9.8% $14,447,187 $304,536 4.4% $261,534 205 4.5% 2015 34 $105.3M 4.1% $3,630,498 $214,429 5.0% $237,173 186 4.7% 2014 52 $140.1M 5.9% $2,747,014 $199,569 5.3% $210,701 165 5.0% 2013 33 $131.2M 6.0% $4,101,341 $183,814 5.7% $186,607 146 5.3% 2012 8 $24.8M 1.1% $3,101,523 $187,971 - $178,975 140 5.3% 2011 4 $13.4M 1.1% $13,400,000 $101,515 - $170,224 134 5.4% 2010 4 $11.8M 0.6% $2,937,627 $175,381 6.2% $154,529 121 5.6% 2009 6 $5.4M 0.3% $1,340,703 $178,760 - $115,430 91 6.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$283,042 258 4.1% 2023 ------$278,691 254 4.1% 2022 ------$267,361 243 4.1% 2021 ------$232,817 212 4.4% 2020 ------$240,494 219 4.5% YTD 19 $21.6M 0.4% $1,662,923 $198,330 5.8% $253,720 231 4.4% 2019 33 $61.1M 1.0% $2,262,749 $211,399 5.2% $256,781 234 4.4% 2018 41 $133.2M 2.1% $4,441,472 $220,603 4.4% $243,601 222 4.4% 2017 50 $263M 3.4% $7,108,120 $264,322 4.4% $233,055 212 4.5% 2016 78 $238M 3.2% $3,661,293 $254,528 4.6% $222,462 202 4.5% 2015 86 $155.8M 2.3% $1,877,497 $228,493 4.6% $203,174 185 4.7% 2014 62 $121.1M 2.0% $2,052,434 $209,868 6.3% $180,386 164 4.9% 2013 96 $67.6M 1.7% $980,097 $137,453 7.7% $159,349 145 5.2% 2012 67 $79.2M 1.9% $1,342,695 $139,470 7.5% $153,191 139 5.2% 2011 46 $52.4M 1.4% $1,191,351 $124,512 6.3% $145,896 133 5.3% 2010 36 $59.2M 1.6% $1,690,501 $124,302 6.4% $132,656 121 5.5% 2009 38 $40.5M 1.4% $1,124,469 $100,200 7.2% $99,077 90 6.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 98 Appendix Central Queens Multi-Family

DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction

Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2024 - 44,298 3.0% - 440 - 433 - - 2023 - 43,865 3.1% - 310 - 304 - - 2022 - 43,561 3.4% - 175 - 169 - - 2021 - 43,392 3.4% - 280 - 275 - - 2020 - 43,117 2.9% - 190 - 190 - - YTD 1,671 43,083 2.9% 5 156 5 156 28 901 2019 1,666 42,927 1.9% 8 419 8 419 27 971 2018 1,658 42,508 1.5% 6 135 6 135 25 969 2017 1,652 42,373 1.4% 6 279 4 267 19 635 2016 1,648 42,106 1.4% 11 187 11 187 13 413 2015 1,637 41,919 1.9% 6 341 5 332 18 484 2014 1,632 41,587 1.6% 3 59 3 59 8 354 2013 1,629 41,528 1.6% 2 121 2 121 3 59 2012 1,627 41,407 1.6% 3 103 3 103 2 121 2011 1,624 41,304 1.7% 2 25 2 25 3 103 2010 1,622 41,279 1.7% 6 66 6 66 2 25 2009 1,616 41,213 2.0% 18 223 18 223 6 66 2008 1,598 40,990 2.1% 11 232 11 232 18 223

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 99 Multi-Family Market Report New York - NY

PREPARED BY

Scott Cooper Client Relationship Consultant II Overview New York Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 19,530 (6,739) 4.2% -3.0%

The coronavirus pandemic has stressed fundamentals in compared to a year ago, with many opting to renew and the New York apartment market, following a near decade some relocating out of the city for the time being as run of unimpeded growth. Impressive levels of absorption some employers enact a work-from-anywhere virtual witnessed over the past four years played a major role in operation that will extend well into the new year. With vacancy levels that were near record lows at the end of projects still reaching completion amid softened demand, 2019. Coming into 2020, the biggest question seemed to vacancies continued to rise entering the fourth quarter. be if the market can maintain this momentum in light of the roughly 58,000 units that remained in the pipeline. Rents continue to trend downward, as the number of The pandemic has answered this question as renter available units rises while the number of willing renters demand, construction starts, asking rents, and remains lower than average. CoStar's daily asking rent investment activity all experienced declines as the series shows continued declines from April to market enters the final months of the year. September, with no signs of reversing course as the cooler months approach. The submarkets seeing the The economic slowdown is concerning to the lending largest declines in rent are those in Brooklyn and community, who may be weary to finance projects in Manhattan, while more suburban parts of the metro have areas that are either unproven or already have a glut of largely stabilized. The amount of properties offering recently built inventory. This wave of uncertainty may halt concessions continue to rise month-over-month as many developers' plans to break ground until a time owners try to do their best to spur interest. when fundamentals appear to be recovering. Although construction work has resumed as of June, projects With rents trending downward, more properties offering underway still face tighter restrictions such as staggered increased concessions, and a bloated supply pipeline shift times for workers that could push back completion that's set to continue driving vacancies upward, its not times. exactly an environment that lends itself to a lot of deal flow as the delta between buyers and sellers remains Future projects will likely have to adjust their lease-up wide six months into the health crisis. Sales volume is on expectations as well. The region's high proportion of pace to decline from the more than $10 billion averaged white-collar jobs may make it somewhat economically annually over the past 10 years, with quarterly levels on resilient, but office-using employment in New York City par with totals witnessed at the end of the recession in has witnessed notable losses over the past six months. 2010. If there is a bright spot, it is that sales volumes has The amount of renters looking to relocate is far less increased from 20Q2 to 20Q3.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 101 Overview New York Multi-Family

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 230,350 7.0% $3,578 $3,494 2,332 174 43,831 3 Star 507,906 3.6% $2,604 $2,580 848 206 10,653 1 & 2 Star 663,743 3.6% $1,930 $1,918 (240) 0 164 Market 1,401,999 4.2% $2,711 $2,671 2,940 380 54,648

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.8% 3.0% 4.6% 4.3% 2020 Q3 1.8% 2000 Q3 Absorption Units (6,739) 9,853 14,127 29,184 2019 Q1 (9,648) 2020 Q3 Delivered Units 19,530 11,724 18,238 27,224 2017 Q4 5,333 2004 Q2 Demolished Units 268 340 324 1,159 2018 Q1 0 2003 Q4 Asking Rent Growth (YOY) -3.0% 1.7% 1.1% 8.4% 2007 Q2 -8.7% 2009 Q4 Effective Rent Growth (YOY) -3.8% 1.6% 1.0% 8.5% 2007 Q2 -8.7% 2009 Q4 Sales Volume $6.2 B $7.4B N/A $21B 2016 Q2 $1B 2000 Q4

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 102 Vacancy New York Multi-Family

Entering 2020, vacancies were near record lows as plans for renters who were already seeking a move out demand levels in the market remained strong despite a of the urban core. wave of supply hitting the market in recent years. The coronavirus pandemic, however, now presents an As a result of blunted demand, vacancies have risen unexpected challenge for the New York apartment considerably between January and the end of 20Q3. market. With roughly 58,000 units under construction at Looking ahead, vacancies are projected to continue the start of the year, mild concern existed before the trending upward as many projects continue to deliver and pandemic about demand continuing to keep pace with it may take more than five years for vacancies to reach supply additions, but those worries have now been pre-pandemic levels. Vacancies may increase further if amplified. the moratorium on evictions, which currently expire in December, leads to a rash of inventory hitting the Stay-at-home orders and apartment viewings being market. conducted virtually have blunted demand from March to May. Despite the metro entering its final phase of Demand had also been spreading farther away from reopening as of mid-July, economic uncertainty remains. Manhattan and the traditional hotspots in the outer While the retail, dining, and hospitality sectors have boroughs. Three of the metro's top five submarkets for witnessed the heaviest job losses, office-using net absorption in 2019—Hackensack/Teaneck, Greater employment has shrunk notably compared to a year ago Hudson County, and Yonkers/Mt. Vernon/New as well. Additionally, some businesses have reduced Rochelle—continue to be among the leaders in annual salaries and available working hours. Some renters who net absorption as of 20Q3. Suburban areas do not have have lost their jobs have relocated out of New York City face the same mass transit/density issues that are for the time being, while others have opted to renew currently weakening their urban counterparts. instead of relocate. The pandemic has also accelerated

ABSORPTION, NET DELIVERIES & VACANCY

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 103 Vacancy New York Multi-Family

OVERALL & STABILIZED VACANCY

VACANCY RATE

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 104 Vacancy New York Multi-Family

VACANCY BY BEDROOM

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 105 Rent New York Multi-Family

Rent growth reached one of its highest two-year totals much buzz and controversy when passed in June 2019. across 2018–19 but now faces it harshest challenge in The legislation will surely limit rent growth potential in over a decade. Since March, daily asking rents have rent controlled units, but might have the opposite effect continued to decline as demand has been blunted and on CoStar's same-store market-rate rent series. By units continue to sit on the market. Both Manhattan and making it more difficult to bring units out of rent Brooklyn have witnessed the largest drops in rent since stabilization, the new laws will effectively limit the market- March, while more suburban pockets of the metro, in rate inventory and decrease competition. While this may New Jersey and Westchester County, have since have boded well for owners of market-rate properties, stabilized. the ongoing health crisis has put the idea to bed as market rate units continue to flood the market. Speaking to the struggles of leasing units, the amount of buildings offering concessions continues to increase Rent growth prior to the pandemic was driven by heavily month-over-month. Typical concessions include months developed submarkets. Long Island City rents increased of free rents, gift cards, waiving of admin fees, and other by more than 12% over the last two years, and discounts relative to the building. There have even been Downtown Brooklyn rent growth was not far behind. reports of renters receiving notable discounts just to These submarkets also rank near the top of the metro in renew their lease. the percentage of inventory added in the past cycle and as robust demand has filled these new units, rent growth The Housing Stability Tenant Protection Act created had found plenty of room to take off.

DAILY ASKING RENT PER SF

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 106 Rent New York Multi-Family

MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 107 Rent New York Multi-Family

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $1.75 $10.61 $1.00 $0.69 $1.83 $3.60 $0.46 $8.16 $0.09 $0.87 $0.87 $29.93 Bergen County Wat… $1.58 $1.40 $1.41 $0.70 $1.70 $3.10 $0.48 $3.29 $0.12 $0.13 $0.90 $14.81 Bushwick $1.45 $10.45 $0.94 $0.43 $1.67 $2.95 $0.45 $6.00 $0.08 $0.90 $0.84 $26.16 Central Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Chelsea $2.35 $12.35 $0.98 $0.43 $2.15 $5.18 $0.40 $13.31 $0.09 $1.00 $0.89 $39.13 Downtown Brooklyn $1.57 $12.35 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.00 $0.90 $29.28 East Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 East Harlem $1.55 $11.71 $0.97 $0.43 $1.72 $3.11 $0.46 $6.88 $0.09 $0.97 $0.89 $28.78 East Monmouth Co… $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 East New York $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 East Village $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Financial District $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Flatbush $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Greater Bergen Cou… $1.50 $1.26 $1.39 $0.69 $1.62 $2.77 $0.46 $3.08 $0.10 $0.13 $0.87 $13.87 Greater Hudson Co… $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 Hackensack/Teaneck $1.55 $1.34 $1.40 $0.70 $1.66 $2.95 $0.47 $3.23 $0.11 $0.13 $0.90 $14.44 Harlem $1.41 $9.61 $0.92 $0.42 $1.66 $2.90 $0.44 $5.87 $0.07 $0.85 $0.83 $24.98 Hoboken $0.86 $1.61 $1.07 $0.62 $1.32 $1.96 $0.57 $4.48 $0.12 $0.13 $0.90 $13.64 Jersey City Waterfront $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 Jersey City/Journal… $0.78 $1.42 $1.07 $0.66 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.31 Long Island City $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Lower East Side $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Lower Manhattan $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 Lower West Side $2.29 $11.88 $0.97 $0.43 $2.15 $5.06 $0.40 $13.32 $0.09 $0.98 $0.90 $38.47 Midtown East $1.97 $9.13 $0.91 $0.39 $2.10 $4.29 $0.39 $10.33 $0.07 $0.81 $0.87 $31.26 Midtown South $2.27 $11.71 $0.96 $0.42 $2.52 $5.01 $0.40 $13.19 $0.09 $0.97 $0.89 $38.43 Midtown West $2.46 $12.66 $0.98 $0.43 $2.08 $4.98 $0.39 $4.33 $0.09 $1.02 $0.90 $30.32 Morningside Heights $2.17 $10.84 $0.95 $0.41 $2.14 $4.78 $0.40 $12.57 $0.08 $0.92 $0.89 $36.15 Murray Hill/Kips Bay $2.08 $10.21 $0.93 $0.41 $2.62 $4.60 $0.39 $12.10 $0.08 $0.88 $0.85 $35.15 North Hudson County $0.78 $1.42 $1.07 $0.62 $1.24 $2.07 $0.55 $4.37 $0.12 $0.13 $0.90 $13.27 North Middlesex Co… $1.33 $2.10 $1.55 $0.69 $1.04 $1.27 $0.65 $3.29 $0.12 $0.13 $0.33 $12.50 Northeast Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 Northwest Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Northwestern Queens $1.57 $12.49 $0.98 $2.18 $1.70 $3.10 $0.47 $6.72 $0.09 $1.01 $0.90 $31.21 Passaic County $1.41 $1.54 $0.99 $0.42 $1.65 $2.91 $0.44 $5.40 $0.09 $0.13 $0.82 $15.80 Prospect Park $1.57 $12.38 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.01 $0.90 $29.32 Rockland County $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Roosevelt Island $2.38 $12.58 $0.98 $0.43 $2.91 $5.25 $0.40 $13.96 $0.09 $1.02 $0.90 $40.90 South Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 South Ocean County $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 South Shore Brooklyn $1.54 $11.79 $0.97 $0.43 $1.69 $3.05 $0.47 $6.70 $0.09 $0.97 $0.90 $28.60 South Shore Queens $1.58 $12.58 $0.98 $2.19 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $31.34 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 108 Rent New York Multi-Family

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total Southeast Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Southeast Queens $1.55 $12.05 $0.97 $1.86 $1.69 $3.07 $0.47 $6.70 $0.09 $0.99 $0.90 $30.34 Southwest Brooklyn $1.18 $7.00 $1.03 $0.53 $1.47 $2.58 $0.51 $5.54 $0.11 $0.57 $0.90 $21.42 Staten Island $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Turnpike West $1.22 $2.09 $1.30 $0.74 $1.05 $1.02 $0.58 $3.06 $0.11 $0.13 $0.33 $11.63 Upper East Side $2.31 $12.03 $0.97 $0.43 $2.53 $5.10 $0.40 $13.66 $0.09 $0.98 $0.89 $39.39 Upper Manhattan $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Upper West Side $2.38 $12.58 $0.98 $0.43 $2.16 $5.25 $0.40 $13.81 $0.09 $1.02 $0.90 $40.00 West Bronx $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 West Monmouth Co… $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 Westchester County… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Westchester County… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 White Plains $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Williamsburg $1.57 $12.41 $0.98 $0.43 $1.69 $3.09 $0.47 $6.71 $0.09 $1.01 $0.90 $29.35 Yonkers/Mt Vernon… $1.58 $12.58 $0.98 $0.43 $1.70 $3.10 $0.48 $6.72 $0.09 $1.02 $0.90 $29.58 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 109 Rent New York Multi-Family

3 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $1.02 $1.79 $0.81 $0.45 $1.66 $2.34 $0.36 $5.87 $0.02 $0.38 $0.83 $15.53 Bergen County Wat… $1.19 $0.53 $1.35 $0.67 $1.27 $1.11 $0.38 $2.48 $0.02 $0.12 $0.86 $9.98 Bushwick $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.34 $0.01 $0.41 $0.85 $15.72 Central Queens $1.00 $1.70 $0.79 $0.57 $1.61 $2.45 $0.36 $6.40 $0.02 $0.42 $0.86 $16.18 Chelsea $1.14 $2.11 $0.78 $0.32 $2.04 $2.44 $0.36 $5.99 $0.01 $0.40 $0.84 $16.43 Downtown Brooklyn $1.01 $1.96 $0.79 $0.41 $1.61 $2.47 $0.36 $6.27 $0.02 $0.43 $0.85 $16.18 East Bronx $1.00 $1.71 $0.79 $0.41 $1.61 $2.45 $0.36 $6.35 $0.02 $0.42 $0.85 $15.97 East Harlem $1.01 $1.86 $0.79 $0.41 $1.62 $2.46 $0.36 $6.39 $0.02 $0.42 $0.85 $16.19 East Monmouth Co… $1.04 $2.02 $1.26 $0.71 $1.01 $0.66 $0.50 $1.74 $0.07 $0.12 $0.32 $9.45 East New York $0.99 $1.61 $0.79 $0.43 $1.61 $2.45 $0.36 $6.27 $0.02 $0.41 $0.85 $15.79 East Village $1.15 $2.13 $0.79 $0.32 $2.05 $2.44 $0.36 $6.40 $0.02 $0.41 $0.85 $16.92 Financial District $1.15 $2.11 $0.79 $0.32 $2.05 $2.44 $0.36 $6.39 $0.01 $0.41 $0.85 $16.88 Flatbush $0.98 $1.52 $0.78 $0.41 $1.61 $2.44 $0.36 $6.18 $0.02 $0.41 $0.84 $15.55 Greater Bergen Cou… $1.13 $0.46 $1.32 $0.66 $1.23 $0.96 $0.38 $2.28 $0.01 $0.12 $0.82 $9.37 Greater Hudson Co… $0.65 $1.11 $0.62 $0.60 $1.18 $1.92 $0.34 $1.29 $0.01 $0.12 $0.85 $8.69 Hackensack/Teaneck $1.16 $0.46 $1.34 $0.66 $1.24 $0.97 $0.38 $2.40 $0.01 $0.12 $0.85 $9.59 Harlem $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.31 $0.01 $0.41 $0.85 $15.68 Hoboken $0.70 $1.21 $0.71 $0.60 $1.21 $1.88 $0.38 $1.94 $0.04 $0.12 $0.86 $9.65 Jersey City Waterfront $0.67 $1.14 $0.69 $0.59 $1.18 $1.63 $0.37 $1.81 $0.03 $0.12 $0.79 $9.02 Jersey City/Journal… $0.69 $1.25 $0.62 $0.67 $0.96 $1.02 $0.35 $0.83 $0.01 $0.12 $0.85 $7.37 Long Island City $0.99 $1.50 $0.79 $0.54 $1.61 $2.44 $0.36 $6.31 $0.01 $0.41 $0.85 $15.81 Lower East Side $1.15 $2.11 $0.79 $0.32 $2.05 $2.44 $0.36 $6.39 $0.01 $0.41 $0.85 $16.88 Lower Manhattan $1.17 $2.29 $0.79 $0.32 $2.05 $2.49 $0.36 $6.52 $0.02 $0.42 $0.85 $17.28 Lower West Side $1.19 $2.48 $0.79 $0.32 $2.05 $2.54 $0.36 $6.65 $0.02 $0.43 $0.85 $17.68 Middletown/Goshen $0.78 $1.43 $0.46 $0.21 $1.34 $2.00 $0.33 $5.76 $0.05 $0.41 $0.86 $13.63 Midtown East $1.13 $2.10 $0.78 $0.32 $2.04 $2.43 $0.36 $5.38 $0.01 $0.40 $0.82 $15.77 Midtown South $1.16 $2.28 $0.79 $0.32 $2.19 $2.48 $0.36 $6.51 $0.02 $0.41 $0.84 $17.36 Midtown West $1.15 $2.15 $0.78 $0.32 $1.97 $2.44 $0.36 $2.65 $0.02 $0.41 $0.84 $13.09 Morningside Heights $1.01 $1.59 $0.78 $0.40 $1.68 $2.44 $0.36 $6.25 $0.01 $0.40 $0.84 $15.76 Murray Hill/Kips Bay $1.17 $2.39 $0.79 $0.32 $2.31 $2.51 $0.36 $6.57 $0.02 $0.42 $0.83 $17.69 North Hudson County $0.66 $1.13 $0.66 $0.60 $1.19 $1.94 $0.35 $1.56 $0.02 $0.12 $0.85 $9.08 North Middlesex Co… $0.96 $1.92 $1.28 $0.65 $0.98 $0.58 $0.48 $1.47 $0.06 $0.12 $0.31 $8.81 North Ocean County $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Northeast Queens $1.02 $2.14 $0.79 $0.64 $1.61 $2.47 $0.36 $6.10 $0.02 $0.44 $0.83 $16.42 Northwest Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Northwestern Queens $0.99 $1.53 $0.79 $0.54 $1.61 $2.44 $0.36 $6.33 $0.02 $0.41 $0.85 $15.87 Passaic County $1.02 $1.51 $0.80 $0.41 $1.61 $2.47 $0.36 $6.37 $0.02 $0.12 $0.85 $15.54 Prospect Park $1.01 $1.98 $0.79 $0.41 $1.61 $2.47 $0.36 $6.38 $0.02 $0.43 $0.85 $16.31 Rockland County $1.01 $2.08 $0.79 $0.41 $1.61 $2.47 $0.36 $6.22 $0.02 $0.44 $0.84 $16.25 South Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.33 $0.01 $0.41 $0.85 $15.70 South Ocean County $1.26 $2.10 $1.31 $0.74 $1.05 $1.09 $0.59 $3.29 $0.12 $0.13 $0.33 $12.01 South Shore Brooklyn $0.98 $1.61 $0.78 $0.41 $1.60 $2.44 $0.36 $5.94 $0.02 $0.41 $0.82 $15.37 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 110 Rent New York Multi-Family

3 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total South Shore Queens $0.99 $1.50 $0.79 $0.54 $1.61 $2.44 $0.36 $6.32 $0.01 $0.41 $0.85 $15.82 Southeast Bronx $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Southeast Queens $1.00 $1.88 $0.79 $0.59 $1.61 $2.46 $0.36 $6.16 $0.02 $0.43 $0.84 $16.14 Southwest Brooklyn $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.36 $0.01 $0.41 $0.85 $15.73 Staten Island $0.98 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.28 $0.01 $0.41 $0.85 $15.64 Turnpike East $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Turnpike West $1.00 $2.00 $1.25 $0.71 $1.00 $0.58 $0.49 $1.48 $0.06 $0.12 $0.32 $9.01 Upper East Side $1.21 $2.37 $0.78 $0.32 $2.58 $2.45 $0.36 $11.66 $0.02 $0.41 $0.84 $23.00 Upper Manhattan $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.35 $0.01 $0.41 $0.85 $15.73 Upper West Side $1.15 $2.17 $0.79 $0.32 $2.05 $2.45 $0.36 $6.43 $0.02 $0.41 $0.85 $17.00 West Bronx $0.99 $1.51 $0.79 $0.41 $1.61 $2.44 $0.36 $6.38 $0.01 $0.41 $0.85 $15.76 Westchester County… $0.98 $1.50 $0.78 $0.41 $1.61 $2.43 $0.35 $6.10 $0.01 $0.40 $0.83 $15.40 Westchester County… $1.07 $3.02 $0.81 $0.41 $1.62 $2.53 $0.37 $6.44 $0.03 $0.49 $0.86 $17.65 White Plains $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.40 $0.01 $0.41 $0.86 $15.78 Williamsburg $0.99 $1.59 $0.79 $0.41 $1.61 $2.45 $0.36 $6.32 $0.02 $0.41 $0.85 $15.80 Yonkers/Mt Vernon… $0.99 $1.50 $0.79 $0.41 $1.61 $2.44 $0.36 $6.32 $0.01 $0.41 $0.85 $15.69 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 111 Rent New York Multi-Family

1 & 2 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total New York $0.91 $1.45 $0.75 $0.42 $1.56 $2.15 $0.34 $3.13 $0.02 $0.35 $0.57 $11.65 Bergen County Wat… $0.92 $0.44 $1.21 $0.63 $1.18 $0.92 $0.36 $1.44 $0.01 $0.12 $0.57 $7.80 Bushwick $0.92 $1.43 $0.75 $0.39 $1.53 $2.33 $0.34 $2.76 $0.01 $0.39 $0.58 $11.43 Central Queens $0.94 $1.23 $0.75 $0.52 $1.53 $2.32 $0.34 $2.66 $0.01 $0.39 $0.58 $11.27 Chelsea $1.04 $2.00 $0.75 $0.30 $1.96 $2.34 $0.32 $6.11 $0.01 $0.39 $0.62 $15.84 Downtown Brooklyn $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 East Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.29 East Harlem $0.95 $1.48 $0.76 $0.40 $1.57 $2.37 $0.35 $4.24 $0.01 $0.39 $0.69 $13.21 East Monmouth Co… $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 East New York $0.92 $1.42 $0.75 $0.40 $1.53 $2.32 $0.34 $2.73 $0.01 $0.39 $0.58 $11.39 East Village $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Financial District $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Flatbush $0.92 $1.44 $0.75 $0.39 $1.53 $2.33 $0.34 $2.77 $0.01 $0.39 $0.58 $11.45 Greater Bergen Cou… $0.92 $0.45 $1.21 $0.63 $1.18 $0.93 $0.36 $1.46 $0.01 $0.12 $0.58 $7.85 Greater Hudson Co… $0.62 $1.06 $0.59 $0.57 $1.11 $0.55 $0.32 $1.24 $0.01 $0.12 $0.57 $6.76 Hackensack/Teaneck $0.93 $0.44 $1.22 $0.63 $1.18 $0.92 $0.36 $1.50 $0.01 $0.12 $0.59 $7.90 Harlem $0.93 $1.45 $0.76 $0.40 $1.55 $2.35 $0.34 $3.37 $0.01 $0.39 $0.63 $12.18 Hoboken $0.62 $1.05 $0.59 $0.56 $1.13 $0.55 $0.32 $1.27 $0.01 $0.12 $0.57 $6.79 Jersey City Waterfront $0.62 $1.05 $0.59 $0.56 $1.13 $0.55 $0.32 $1.27 $0.01 $0.12 $0.57 $6.79 Jersey City/Journal… $0.65 $1.16 $0.59 $0.62 $0.96 $0.45 $0.33 $0.92 $0.01 $0.12 $0.58 $6.39 Long Island City $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.66 $0.01 $0.39 $0.58 $11.26 Lower East Side $1.02 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.72 Lower Manhattan $1.03 $1.99 $0.75 $0.30 $1.96 $2.33 $0.32 $6.10 $0.01 $0.39 $0.60 $15.78 Lower West Side $1.03 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.10 $0.01 $0.39 $0.59 $15.75 Middletown/Goshen $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 Midtown East $1.02 $2.01 $0.75 $0.30 $1.93 $2.33 $0.32 $5.20 $0.01 $0.39 $0.58 $14.84 Midtown South $1.02 $1.98 $0.75 $0.30 $2.09 $2.32 $0.32 $6.09 $0.01 $0.39 $0.58 $15.85 Midtown West $1.03 $1.98 $0.75 $0.30 $1.88 $2.33 $0.32 $2.24 $0.01 $0.39 $0.59 $11.82 Morningside Heights $0.94 $1.52 $0.75 $0.38 $1.60 $2.33 $0.34 $3.36 $0.01 $0.39 $0.60 $12.22 Murray Hill/Kips Bay $1.02 $1.98 $0.75 $0.30 $2.20 $2.33 $0.32 $6.09 $0.01 $0.39 $0.58 $15.97 Newburgh $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 North Hudson County $0.62 $1.05 $0.59 $0.56 $1.13 $0.56 $0.32 $1.28 $0.01 $0.12 $0.57 $6.81 North Middlesex Co… $0.63 $1.11 $0.90 $0.60 $0.94 $0.56 $0.42 $1.44 $0.06 $0.12 $0.30 $7.08 North Ocean County $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 Northeast Queens $0.96 $1.49 $0.76 $0.55 $1.54 $2.35 $0.34 $3.05 $0.02 $0.40 $0.61 $12.07 Northwest Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.62 $0.01 $0.39 $0.57 $11.27 Northwestern Queens $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.23 Outlying Orange Co… $0.68 $1.18 $0.44 $0.20 $1.27 $1.49 $0.32 $2.60 $0.04 $0.39 $0.64 $9.25 Passaic County $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $1.46 $0.01 $0.12 $0.57 $9.84 Prospect Park $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.68 $0.01 $0.39 $0.58 $11.34 Rockland County $0.92 $1.43 $0.75 $0.39 $1.53 $2.33 $0.34 $2.75 $0.01 $0.39 $0.58 $11.42 Roosevelt Island $1.02 $1.97 $0.75 $0.30 $2.48 $2.32 $0.32 $12.53 $0.01 $0.39 $0.57 $22.66 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 112 Rent New York Multi-Family

1 & 2 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total South Bronx $0.92 $1.47 $0.75 $0.39 $1.54 $2.33 $0.34 $2.95 $0.01 $0.39 $0.60 $11.69 South Ocean County $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 South Shore Brooklyn $0.92 $1.44 $0.75 $0.39 $1.53 $2.32 $0.34 $2.70 $0.01 $0.39 $0.58 $11.37 South Shore Queens $0.94 $1.22 $0.75 $0.52 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.58 $11.24 Southeast Bronx $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.64 $0.01 $0.39 $0.57 $11.29 Southeast Queens $0.94 $1.23 $0.75 $0.51 $1.53 $2.32 $0.34 $2.66 $0.01 $0.39 $0.58 $11.26 Southwest Brooklyn $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.70 $0.01 $0.39 $0.58 $11.36 Staten Island $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 Turnpike East $0.66 $1.18 $0.92 $0.61 $0.96 $0.56 $0.42 $1.44 $0.06 $0.12 $0.30 $7.23 Turnpike West $0.60 $1.04 $0.87 $0.60 $0.95 $0.56 $0.41 $1.43 $0.06 $0.12 $0.30 $6.94 Upper East Side $1.04 $2.04 $0.75 $0.30 $2.35 $2.35 $0.32 $10.80 $0.01 $0.39 $0.60 $20.95 Upper Manhattan $0.93 $1.44 $0.75 $0.39 $1.54 $2.34 $0.34 $3.17 $0.01 $0.39 $0.61 $11.91 Upper West Side $1.03 $1.98 $0.75 $0.30 $1.95 $2.33 $0.32 $6.10 $0.01 $0.39 $0.59 $15.75 Wayne County $0.94 $1.21 $0.75 $0.52 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.18 West Bronx $0.92 $1.44 $0.75 $0.39 $1.54 $2.33 $0.34 $2.98 $0.01 $0.39 $0.60 $11.69 Westchester County… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.25 Westchester County… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.68 $0.01 $0.39 $0.58 $11.34 White Plains $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.60 $0.01 $0.39 $0.57 $11.25 Williamsburg $0.93 $1.75 $0.75 $0.39 $1.54 $2.34 $0.34 $2.74 $0.02 $0.40 $0.58 $11.78 Yonkers/Mt Vernon… $0.92 $1.43 $0.75 $0.39 $1.53 $2.32 $0.34 $2.61 $0.01 $0.39 $0.57 $11.26 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 113 Construction New York Multi-Family

Although New York and New Jersey have lifted non- featuring 430 units in the Bronx. Despite offering views of essential construction bans, the pandemic may likely both the Harlem River and Manhattan skyline, and delay the construction timelines of projects currently amenities like a yoga studio, game room, and an on-site underway. Both states are mandating that social café, the Arches is currently offering rent concessions as distancing be maintained on-site when possible and that vacancies are becoming more difficult to fill. worker shift times be staggered. With economic uncertainty prevalent, financial obstacles could also hold Long Island City is the centerpiece of the supply wave, up scheduled timelines. with more than 5,000 units under construction. The majority of these apartments are concentrated within a The market's excellent fundamentals and growth prior to half-mile radius of the Queensboro Plaza station, which the pandemic have pushed developers out in full force, offers a 15-minute commute to Midtown, a 20-minute and around 55,000 units are under construction at the commute to the new 7 line terminus at Hudson Yards, start of 20Q4. This number leads all metros in the and a 25-minute commute to Lower Manhattan. country, but is less daunting when viewed as a percentage of the existing inventory. The underway units Development has also spread to New Jersey in the past represent about 4% of the existing inventory, which trails cycle. More than 2,000 units are under construction in that of established markets like Boston, Washington, the Jersey City/Journal Square Submarket. The KRE D.C., and Dallas. Development is concentrated on the Group's Journal Squared in Downtown Jersey City is one periphery of Manhattan, in popular submarkets in of the most prominent developments, adding 538 units in Brooklyn and Queens, and in sections of New Jersey 2017 with an additional 700 units set to deliver next year. with strong transit options. More than 2,700 units are also under construction in Greater Hudson County, where development has been 20Q3 witnessed more than 4,000 units deliver. August clustered around the PATH station in Harrison. marked the completion of the Arches, 4-star property

DELIVERIES & DEMOLITIONS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 114 Under Construction Properties New York Multi-Family

Properties Units Percent of Inventory Avg. No. Units 687 54,331 3.9% 79

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Bankside Brookfield Property Group 1 1,350 25 Jul 2019 Mar 2022 101 Lincoln Ave Brookfield Property Group 5Pointz Apartments Heartland Business Center 2 1,122 48 Oct 2015 Nov 2020 22-44 Jackson Ave Heartland Business Center Sven The Durst Organization 3 958 63 Oct 2018 Feb 2021 29-55 Northern Blvd The Durst Organization Tower A Douglaston Development 4 931 62 Aug 2019 Sep 2023 601 W 29th St Douglaston Development Hunter's Point South - P… TF Cornerstone, Inc. 5 800 56 May 2019 Nov 2021 52-03 Center Blvd New York City Economic Develop… The Charlotte Roseland Property Company 6 750 60 Feb 2018 Dec 2021 25 Christopher Columbus Dr Roseland Property Company B4 Greenland USA 7 750 - Apr 2019 Jun 2022 18 Sixth Ave Greenland USA

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 115 Under Construction Properties New York Multi-Family

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Greenpoint Landing - Bu… - 8 745 39 Oct 2019 Apr 2022 1 Eagle St Brookfield Asset Management, Inc. Hunter's Point South - P… Gotham Organization, Inc. 9 706 55 Jun 2019 Mar 2021 46-49 Center Blvd New York City Economic Develop… Journal Squared Phase II The KRE Group 10 704 70 Jul 2018 Feb 2021 615 Pavonia Ave The KRE Group Harbor Station South JMF Properties Group 11 651 7 Feb 2019 Nov 2020 300 Constitution Ave JMF Properties Group Church & Division St RXR Realty 12 650 28 Oct 2019 Apr 2022 RXR Realty Harrison Yards Eastone Equities LLC 13 640 4 Nov 2017 May 2022 700 Frank E Rodgers Blvd S Eastone Equities LLC 555 W 38th St Rockrose Development Corp. 14 598 52 Aug 2019 Apr 2023 Rockrose Development Corp. Hamilton Cove Hartz Mountain Industries, Inc. 15 573 14 Sep 2017 Sep 2021 800 Harbor Blvd Hartz Mountain Industries, Inc. 30-77 Vernon Blvd Cape Advisors, Inc. 16 534 - May 2020 Mar 2022 Cape Advisors, Inc. 14 Lecount Pl L+M Development Partners, Inc. 17 511 27 Sep 2019 Apr 2021 Wilder Balter Partners, Inc. 351 Marin Blvd The KRE Group 18 507 38 Oct 2019 Dec 2021 The KRE Group Phase 1 BNE Real Estate Group 19 500 4 Aug 2020 Jun 2022 Radford Ferry Rd - MGM Marin Blvd Silverman 20 482 41 Dec 2019 Feb 2022 331 Marin Blvd Corporate Creations Network Inc. 61 Dekalb Ave Long Island University 21 476 34 Oct 2019 Apr 2021 61 DeKalb Ave Long Island University 277 North Ave Fisher Development Associates L… 22 452 23 Feb 2019 Jul 2021 Fisher Development Associates L… The Mitchell Lennar 23 434 15 May 2019 Oct 2021 131 Mamaroneck Ave Stillman Property Management 9 Dekalb Ave JDS Development Group 24 425 73 Apr 2019 May 2022 JDS Development Group The Atwater Saber Real Estate Advisors 25 421 5 Nov 2018 Nov 2020 238 W Fort Lee Rd Diversified Realty Advisors, LLC Hunter's Point South - P… Gotham Organization, Inc. 26 414 32 Apr 2020 Oct 2022 46-49 Center Blvd New York City Economic Develop… 65 Private Dr Halcyon Management Group, LLC 27 410 33 Jan 2020 Dec 2021 Halcyon Management Group, LLC Greenpoint Landing - Bu… Brookfield Properties 28 408 31 Jan 2020 Oct 2022 1 Bell Slip Brookfield Asset Management, Inc.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 116 Sales New York Multi-Family

Sales volume is already on pace to sharply decline in the difficulties facing dense neighborhoods in New York 2020, following a 10-year run of annual sales volume City perhaps suburban submarkets will serve as a safe averaging more than $10 billion. Just over $3.5 billion haven for investment capital. traded hands through 20Q3 as the delta between buyers and sellers remains wide six months into the health crisis Recently passed legislation will also contribute to less as rents continue trending downward, more properties buildings transacting.The Housing Stability and Tenant offer increased concessions, and the supply pipeline Protection Act, passed in early June 2019, has resulted remains bloated. in landlords facing significant hurdles to de-stabilize units and evict tenants. The legislation will almost Weakness in the market was apparent during 20Q3. In certainly lead to a reduction in value-add plays for Brooklyn, American Realty Advisors sold its 62-unit assets with rent-stabilized units in their mix and the property at 111 Kent Street for $45 million. The luxury investment market is already feeling the effects. In one rental building is located in Williamsburg, and the sale example, cited in a Wall Street Journal article, the asking price reflects an $11 million dollar loss for ARA who price on an East Village property was slashed by 17% purchased the property in 2012. In perhaps a sign of the after the legislation passed. The listing brokers had been difficulties facing all aspects of the multifamily market, a advertising the opportunity to double the building's stalled residential conversion on Manhattans Upper East monthly rental income through destabilization, but that is Side, at 305 E 61st St, sold for $51 million. The property no longer a realistic goal. Sales volume in 2019 for 1 & 2 was previously purchased in 2016 in an all cash Star assets hit its lowest mark since 2013. transaction for $40 million, but failure to meet debt service payments resulted in the building being sold at Nonetheless, New York will always attract investment, auction. and investors have shifted their focus away from value- add plays. The supply wave has added plenty of Investment volume declined by 69% from 20Q1 to 20Q2, institutional-grade assets to the inventory outside of but a few notable trades were still recorded in the midst Manhattan, several of which consist entirely of market- of the pandemic. The two most expensive deals took rate units. One of the largest single-asset transactions in place outside of New York City in suburban communities. 2019 was the April sale of Soho Lofts in Jersey City for In April, Ginsburg Development Companies acquired the $263.8 million. Mack-Cali acquired the 377-unit high- 74-unit Stratus on the Hudson in Yonkers from RMS rise from AEW Capital Management at a 4.6% cap rate. Companies for $39.5 million. In May, Autumn Drive LLC Soho Lofts delivered in November 2017 and consists acquired the 216-unit Cascades at Tinton Falls from entirely of market-rate units. The asset was 99% AvalonBay Communities for $64.9 million. Considering all occupied at the time of closing.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 117 Sales New York Multi-Family

SALES VOLUME & MARKET SALE PRICE PER UNIT

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 118 Sales Past 12 Months New York Multi-Family

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 976 $295 $8.0 3.2%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $94,792 $7,986,933 $2,481,687 $380,600,000

Price/Unit $7,670 $295,321 $206,904 $4,150,000

Cap Rate 1.2% 5.7% 5.5% 15.0%

Vacancy Rate At Sale -0.3% 3.2% 0% 100%

Time Since Sale in Months 0.2 7.5 8.2 12.0

Property Attributes Low Average Median High Property Size in Units 2 25 9 1,003

Number of Floors 1 4 4 69

Average Unit SF 2 836 785 5,532

Year Built 1800 1933 1928 2021

Star Rating 2.4

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 119 Sales Past 12 Months New York Multi-Family

RECENT SIGNIFICANT SALES

Property Information Sale Information

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

Instrata NoMad 1 - 1998 392 1.5% 2/19/2020 $380,600,000 $970,918 $1,296 10 E 29th St The Heritage 2 - 1974 600 3.1% 10/23/2019 $340,000,000 $566,666 $500 1295 5th Ave Roosevelt Landings 3 - 1969 1003 0% 10/23/2019 $340,000,000 $338,983 $423 510 Main St The Olivia 4 - 2000 333 4.3% 3/31/2020 $200,032,355 $600,697 $898 315 W 33rd St The Peaks of Nanuet 5 - 1998 504 6.0% 11/7/2019 $180,250,000 $357,638 $296 100 Avalon Gardens Rd 250 N 10 6 - 2014 234 2.1% 1/15/2020 $137,750,000 $588,675 $570 250 N 10th St The Parker 7 - 1972 64 3.1% 10/23/2019 $131,300,000 $2,051,562 $3,647 1880-1896 Lexington Ave The Miles 8 - 1974 341 0.3% 10/23/2019 $131,300,000 $385,043 $366 1982 Lexington Ave 360-366 Amsterdam Ave 9 - 1929 131 0% 11/18/2019 $106,400,000 $812,213 $868

Manhill Apartments 10 - 1924 120 5.0% 9/1/2020 $85,397,000 $711,641 $516 222 W 83rd St 123 Hope St 11 - 2019 136 0.7% 3/26/2020 $83,764,000 $615,911 $663

AVE Clifton 12 - 2007 258 4.3% 1/10/2020 $82,426,644 $319,483 $338 743 Passaic Ave The Chocolate Factory 13 - 1890 125 4.0% 10/31/2019 $67,250,000 $538,000 $365 255-275 Park Ave The Cascades at Tinton Falls 14 - 2007 216 4.2% 5/15/2020 $64,900,000 $300,462 $252 100 Autumn Dr Stonehenge 58 15 - 1929 126 4.8% 9/9/2020 $62,000,000 $492,063 $443 400 E 58th St BELA 16 - 2020 104 100% 3/6/2020 $53,000,000 $509,615 $295 74 Maple St The Grand Adams 17 - 1896 99 8.1% 2/14/2020 $52,000,000 $525,252 $652 300-320 Grand St 305-307 E 61st St 18 - 1900 14 7.1% 9/9/2020 $51,000,000 $3,642,857 $774

29-28 41st Ave 19 - 1927 104 4.8% 11/12/2019 $47,000,000 $451,923 $487 29-28 41st Ave 111 Kent 20 - 2011 62 8.1% 8/14/2020 $45,300,000 $730,645 $552 105-117 Kent Ave

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 120 Economy New York Multi-Family

In response to the ongoing health crisis, stay-at-home The tourism industry has been one of the key casualties orders were enacted across the nation resulting in the of the pandemic. The number of jobs in New York in the immediate disruption of all businesses deemed non- food and beverage, hospitality, and entertainment sectors essential. While all states have largely reopened, the that are supported by tourism spending surpassed negative effects of the pandemic are evident: 450,000 pre-pandemic. Employment in these industries unemployment stands at 8% as of October, more than has declined by more than half. Nationwide, job losses of 65 million initial unemployment claims have been filed 7 million are projected in the restaurant industry, with a since the end of March, and 20Q2 experienced the worst notable amount occurring in the New York metro. decline in quarterly GDP in recorded history. In New Visitation figures rose to 67 million in 2019 while York, local government officials project losses in sales spending generated a total economic impact of $70 tax revenue and income tax revenue to be in the billions. billion, with about $14 billion spent on lodging alone. These figures have already sharply declined in 2020, While New York City is typically better insulated than with hotel occupancies around 40%. Hotels and most areas to deal with an economic slowdown, the city's restaurants, along with other adjacent businesses that density and reliance on mass transit will prove to be an relied heavily on tourism, have already permanently issue in terms of having restaurants and offices filled to closed their doors as a result. capacity. At the end of 20Q3, New York City continued with its phased reopening with museums, schools, and The job losses are not just limited to the retail and indoor dining permitted to operate, albeit at reduced hospitality sectors as New York City grapples with an capacities. And while workers can return to the office, unemployment rate of 14% as of September. Office- most firms remains virtual as the ability to work-from- using employment has declined sharply over the past home has largely proved productive. four months, effectively eliminating close to five years of job gains. This does not include the reduction of hours or The restriction of travel; reduction of restaurant dining; salary cuts enacted by many of these businesses. and closing of leisure sites, like concert venues, are expected to cause a drastic decline in tax revenue of up Speaking to the difficulty that lies ahead for commercial to $6 billion according to the New York City Comptroller. real estate, about 11,000 jobs have been eliminated from Real estate deal flow has been interrupted, causing tax the sector over the past 12 months as firms attempt to revenue from commercial property sales to evaporate in immediately cut costs in anticipation of declining tandem. The months closure of newly opened retail revenues over the near-term. Second quarter earnings locations; the Shops & Restaurants at Hudson Yards and across all major brokerages have reported massive the American Dream at Meadowlands Mall will place a drops in revenue despite enacting heavy cost cutting dent in the fundamentals of the retail sector despite measures. Additionally, a survey concluded that business reopening in 20Q3. confidence among commercial brokers was down 73% compared to a year ago.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 121 Economy New York Multi-Family

NEW YORK EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 184 0.3 -9.32% -5.31% -1.44% 0.51% 0.36% 0.56% Trade, Transportation and Utilities 1,007 0.9 -15.36% -6.63% -0.67% 0.50% 2.88% 1.25% Retail Trade 538 0.8 -16.30% -8.14% -0.85% -0.08% 3.39% 1.58% Financial Activities 620 1.6 -4.18% -1.26% 0.63% 1.21% 0.46% 0.67% Government 885 0.9 -3.59% -3.27% -0.40% -0.22% 0.37% 0.63% Natural Resources, Mining and Construction 224 0.6 -19.72% -4.26% 1.13% 2.41% 4.29% 1.16% Education and Health Services 1,442 1.4 -7.76% -4.55% 2.12% 1.48% 2.70% 2.13% Professional and Business Services 1,061 1.2 -11.28% -6.86% 1.57% 1.69% 2.63% 2.16% Information 250 2.0 -3.43% -3.02% 1.31% 0.30% 1.00% 1.32% Leisure and Hospitality 356 0.7 -49.56% -32.03% -3.67% -1.47% 14.08% 7.98% Other Services 237 1.0 -23.86% -14.84% -1.11% -0.57% 5.60% 2.99% Total Employment 6,266 1.0 -13.83% -8.32% 0.31% 0.61% 3.04% 2.02% Source: Oxford Economics LQ = Location Quotient

YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 122 Economy New York Multi-Family

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 14,189,942 330,113,188 0.1% 0.5% 0.2% 0.6% 0.1% 0.5% Households 5,266,576 122,541,695 0% 0.4% 0.3% 0.7% 0% 0.4% Median Household Income $72,607 $64,502 -2.6% 1.1% 2.4% 2.6% 3.5% 2.9% Labor Force 6,856,436 159,877,469 -2.6% -2.5% 0% 0.4% 0.8% 0.9% Unemployment 15.8% 13.4% 12.1% 9.8% 0.7% 0.4% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 123 Submarkets New York Multi-Family

NEW YORK SUBMARKETS

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 124 Submarkets New York Multi-Family

SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank 1 Bergen County Waterfront 269 12,540 0.9% 41 3 151 1.2% 30 3 182 1.5% 43 2 Bushwick 3,148 40,471 2.9% 10 16 733 1.8% 8 87 2,604 6.4% 4 3 Central Queens 1,671 43,083 3.1% 8 9 432 1.0% 17 28 901 2.1% 21 4 Chelsea 597 25,510 1.8% 22 (1) 0 0% - 11 2,385 9.3% 8 5 Downtown Brooklyn 717 20,978 1.5% 28 0 0 0% - 14 2,290 10.9% 10 6 East Bronx 674 17,272 1.2% 34 2 17 0.1% 43 5 197 1.1% 41 7 East Harlem 714 19,038 1.4% 30 3 40 0.2% 39 14 1,391 7.3% 17 8 East Monmouth County 528 22,759 1.6% 25 4 207 0.9% 27 4 230 1.0% 38 9 East New York 514 8,435 0.6% 48 2 12 0.1% 45 13 237 2.8% 36 10 East Village 1,061 33,892 2.4% 13 0 0 0% - 8 123 0.4% 49 11 Financial District 102 14,822 1.1% 38 0 0 0% - 3 595 4.0% 27 12 Flatbush 1,560 56,866 4.1% 4 14 878 1.5% 5 42 1,536 2.7% 15 13 Greater Bergen County 390 22,402 1.6% 26 7 544 2.4% 10 9 732 3.3% 23 14 Greater Hudson County 1,689 26,644 1.9% 20 18 2,305 8.7% 1 14 2,522 9.5% 5 15 Hackensack/Teaneck 210 12,428 0.9% 43 6 781 6.3% 7 6 1,350 10.9% 18 16 Harlem 1,818 42,342 3.0% 9 4 223 0.5% 26 10 342 0.8% 33 17 Hoboken 459 9,560 0.7% 45 7 81 0.8% 35 1 43 0.4% 53 18 Jersey City Waterfront 207 21,781 1.6% 27 5 783 3.6% 6 8 2,204 10.1% 11 19 Jersey City/Journal Square 598 15,848 1.1% 37 10 1,288 8.1% 3 22 2,518 15.9% 6 20 Long Island City 234 17,565 1.3% 32 6 435 2.5% 16 24 5,525 31.5% 1 21 Lower East Side 705 14,411 1.0% 39 1 35 0.2% 42 9 478 3.3% 29 22 Lower Manhattan 436 7,735 0.6% 52 0 0 0% - 0 0 0% - 23 Lower West Side 1,254 29,659 2.1% 18 1 36 0.1% 41 9 179 0.6% 44 24 Middletown/Goshen 41 3,997 0.3% 55 1 57 1.4% 38 0 0 0% - 25 Midtown East 311 14,017 1.0% 40 0 0 0% - 4 563 4.0% 28 26 Midtown South 419 16,975 1.2% 35 0 0 0% - 9 434 2.6% 31 27 Midtown West 649 31,320 2.2% 15 0 60 0.2% 37 2 71 0.2% 52 28 Morningside Heights 81 3,470 0.2% 57 0 0 0% - 0 0 0% - 29 Murray Hill/Kips Bay 382 19,702 1.4% 29 1 37 0.2% 40 2 125 0.6% 48 30 Newburgh 51 1,449 0.1% 60 1 164 11.3% 29 1 18 1.2% 55 31 North Hudson County 1,022 18,216 1.3% 31 5 105 0.6% 34 8 1,206 6.6% 19 32 North Middlesex County 425 30,671 2.2% 16 8 496 1.6% 13 8 961 3.1% 20 33 North Ocean County 111 10,527 0.8% 44 1 390 3.7% 18 2 208 2.0% 40 34 Northeast Queens 577 25,284 1.8% 23 6 170 0.7% 28 22 619 2.4% 26 35 Northwest Bronx 168 9,046 0.6% 46 0 0 0% - 4 195 2.2% 42 36 Northwestern Queens 1,801 37,257 2.7% 11 9 232 0.6% 25 31 1,815 4.9% 13 37 Outlying Orange County 89 3,588 0.3% 56 0 0 0% - 0 0 0% - 38 Passaic County 598 17,483 1.2% 33 11 294 1.7% 21 5 272 1.6% 35 39 Prospect Park 2,669 54,190 3.9% 6 5 233 0.4% 24 32 2,308 4.3% 9 40 Rockland County 200 7,876 0.6% 51 2 244 3.1% 23 2 235 3.0% 37 41 Roosevelt Island 5 3,115 0.2% 58 0 0 0% - 0 0 0% - 42 South Bronx 1,626 57,522 4.1% 2 7 536 0.9% 12 27 2,464 4.3% 7

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 125 Submarkets New York Multi-Family

SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank 43 South Ocean County 8 823 0.1% 61 0 0 0% - 1 144 17.5% 47 44 South Shore Brooklyn 696 29,672 2.1% 17 7 635 2.1% 9 17 632 2.1% 25 45 South Shore Queens 143 8,016 0.6% 49 0 0 0% - 2 307 3.8% 34 46 Southeast Bronx 736 25,754 1.8% 21 1 73 0.3% 36 5 162 0.6% 46 47 Southeast Queens 561 24,322 1.7% 24 5 459 1.9% 14 28 2,197 9.0% 12 48 Southwest Brooklyn 1,832 35,971 2.6% 12 7 143 0.4% 31 21 666 1.9% 24 49 Staten Island 319 8,998 0.6% 47 0 0 0% - 5 168 1.9% 45 50 Turnpike East 79 12,498 0.9% 42 1 252 2.0% 22 2 734 5.9% 22 51 Turnpike West 174 16,008 1.1% 36 2 344 2.1% 19 2 24 0.1% 54 52 Upper East Side 1,823 57,254 4.1% 3 (3) 140 0.2% 32 3 84 0.1% 51 53 Upper Manhattan 1,299 53,274 3.8% 7 1 17 0% 43 2 116 0.2% 50 54 Upper West Side 1,963 55,819 4.0% 5 2 541 1.0% 11 5 455 0.8% 30 55 West Bronx 2,324 88,414 6.3% 1 9 339 0.4% 20 25 1,415 1.6% 16 56 West Monmouth County 23 2,131 0.2% 59 0 0 0% - 0 0 0% - 57 Westchester County North 226 7,531 0.5% 53 2 444 5.9% 15 3 352 4.7% 32 58 Westchester County South 158 7,982 0.6% 50 1 116 1.5% 33 3 214 2.7% 39 59 White Plains 105 4,488 0.3% 54 1 11 0.2% 46 6 1,556 34.7% 14 60 Williamsburg 2,010 32,792 2.3% 14 13 1,776 5.4% 2 48 2,606 7.9% 3 61 Yonkers/Mt Vernon/New… 1,015 28,108 2.0% 19 8 946 3.4% 4 11 2,748 9.8% 2

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 126 Submarkets New York Multi-Family

SUBMARKET RENT

Asking Rents Effective Rents

No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank 1 Bergen County Waterfront $2,472 $2.58 33 -1.3% $2,450 $2.56 33 -1.6% 0.9% 25 2 Bushwick $2,538 $3.48 20 -0.4% $2,527 $3.46 19 0% 0.4% 46 3 Central Queens $1,973 $2.61 32 -1.8% $1,962 $2.59 32 -2.1% 0.6% 38 4 Chelsea $4,091 $5.79 3 -6.4% $4,021 $5.68 3 -7.3% 1.7% 8 5 Downtown Brooklyn $3,495 $4.69 14 -8.1% $3,463 $4.64 14 -8.0% 0.9% 23 6 East Bronx $1,466 $2.02 46 1.2% $1,459 $2.01 46 1.1% 0.5% 44 7 East Harlem $2,876 $3.96 18 -0.2% $2,836 $3.90 18 -1.4% 1.4% 14 8 East Monmouth County $1,618 $1.85 53 4.0% $1,611 $1.85 53 4.0% 0.4% 54 9 East New York $1,367 $1.90 52 0.6% $1,361 $1.90 52 0.8% 0.4% 56 10 East Village $3,917 $4.60 15 -8.0% $3,902 $4.59 15 -8.0% 0.4% 57 11 Financial District $4,001 $5.30 7 -7.1% $3,845 $5.09 7 -10.2% 3.9% 2 12 Flatbush $1,890 $2.65 31 -0.2% $1,877 $2.63 31 -0.4% 0.7% 35 13 Greater Bergen County $1,774 $2.21 42 1.0% $1,762 $2.20 43 0.9% 0.7% 34 14 Greater Hudson County $2,024 $2.37 40 -1.0% $1,993 $2.33 41 -1.6% 1.5% 13 15 Hackensack/Teaneck $1,732 $2.10 44 1.6% $1,716 $2.08 44 1.3% 0.9% 21 16 Harlem $2,253 $3.09 23 0.1% $2,236 $3.07 23 -0.2% 0.8% 28 17 Hoboken $3,459 $3.50 19 -3.2% $3,400 $3.44 20 -4.1% 1.7% 10 18 Jersey City Waterfront $3,112 $3.44 21 -4.9% $3,002 $3.31 21 -7.9% 3.5% 3 19 Jersey City/Journal Square $2,073 $2.80 28 -5.4% $2,054 $2.78 28 -5.7% 0.9% 24 20 Long Island City $3,411 $4.56 16 -4.6% $3,369 $4.50 16 -5.2% 1.2% 17 21 Lower East Side $3,631 $5.14 10 -2.6% $3,592 $5.08 9 -3.1% 1.1% 19 22 Lower Manhattan $3,362 $5.35 6 -0.1% $3,339 $5.32 6 -0.4% 0.7% 32 23 Lower West Side $4,529 $6.03 1 -3.7% $4,443 $5.91 1 -5.2% 1.9% 6 24 Middletown/Goshen $1,556 $1.71 57 5.6% $1,551 $1.70 57 5.6% 0.4% 59 25 Midtown East $4,097 $5.44 5 -3.7% $4,026 $5.34 5 -5.0% 1.7% 7 26 Midtown South $4,189 $5.99 2 -7.1% $4,121 $5.91 2 -7.8% 1.6% 11 27 Midtown West $3,684 $5.04 11 -10.6% $3,622 $4.95 11 -11.4% 1.7% 9 28 Morningside Heights $3,674 $4.80 12 -4.4% $3,660 $4.78 12 -3.7% 0.4% 58 29 Murray Hill/Kips Bay $3,966 $5.15 9 -6.5% $3,838 $5.03 10 -8.4% 3.2% 4 30 Newburgh $1,683 $1.96 48 3.6% $1,678 $1.96 48 3.6% 0.3% 60 31 North Hudson County $2,544 $2.81 27 -4.6% $2,522 $2.78 27 -4.6% 0.8% 26 32 North Middlesex County $1,706 $1.77 56 3.5% $1,696 $1.76 56 3.6% 0.6% 36 33 North Ocean County $1,435 $1.50 60 3.1% $1,426 $1.49 60 2.9% 0.6% 37 34 Northeast Queens $1,880 $2.50 35 0.8% $1,872 $2.49 35 0.8% 0.4% 51 35 Northwest Bronx $2,243 $2.87 26 -0.6% $2,230 $2.85 26 -0.8% 0.6% 39 36 Northwestern Queens $2,114 $3.07 24 0.4% $2,105 $3.06 24 0.5% 0.4% 49 37 Outlying Orange County $1,411 $1.60 59 1.1% $1,406 $1.60 58 1.1% 0.4% 52 38 Passaic County $1,572 $1.94 50 1.6% $1,559 $1.92 50 1.2% 0.8% 27 39 Prospect Park $2,464 $3.29 22 0.2% $2,454 $3.28 22 0.3% 0.4% 45 40 Rockland County $1,939 $2.08 45 2.1% $1,929 $2.07 45 2.3% 0.5% 41 41 Roosevelt Island $3,521 $4.26 17 -7.7% $3,251 $3.93 17 -14.4% 7.7% 1 42 South Bronx $1,449 $1.97 47 1.4% $1,443 $1.96 47 1.3% 0.4% 53

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 127 Submarkets New York Multi-Family

SUBMARKET RENT

Asking Rents Effective Rents

No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank 43 South Ocean County $1,570 $1.40 61 1.0% $1,567 $1.40 61 1.1% 0.2% 61 44 South Shore Brooklyn $1,815 $2.46 36 0% $1,790 $2.42 36 -1.1% 1.4% 15 45 South Shore Queens $1,568 $2.21 43 1.2% $1,560 $2.20 42 1.2% 0.5% 42 46 Southeast Bronx $1,520 $1.95 49 1.1% $1,513 $1.95 49 1.0% 0.4% 47 47 Southeast Queens $1,842 $2.55 34 0.8% $1,829 $2.53 34 0.3% 0.7% 29 48 Southwest Brooklyn $1,699 $2.38 38 0.6% $1,692 $2.37 38 0.5% 0.4% 50 49 Staten Island $1,725 $2.38 39 0.8% $1,708 $2.36 39 0.5% 1.0% 20 50 Turnpike East $1,507 $1.61 58 0.6% $1,497 $1.60 59 0.6% 0.7% 30 51 Turnpike West $1,657 $1.80 55 1.0% $1,641 $1.78 55 1.4% 0.9% 22 52 Upper East Side $3,985 $5.16 8 -2.5% $3,924 $5.08 8 -3.5% 1.5% 12 53 Upper Manhattan $2,064 $2.72 30 0.7% $2,053 $2.71 30 0.4% 0.6% 40 54 Upper West Side $4,435 $5.56 4 -5.0% $4,315 $5.40 4 -6.9% 2.7% 5 55 West Bronx $1,456 $1.92 51 1.0% $1,449 $1.91 51 0.9% 0.4% 48 56 West Monmouth County $1,895 $1.84 54 1.9% $1,888 $1.83 54 2.9% 0.4% 55 57 Westchester County North $2,160 $2.36 41 3.9% $2,135 $2.34 40 3.4% 1.2% 18 58 Westchester County South $2,579 $2.77 29 1.9% $2,561 $2.75 29 1.6% 0.7% 31 59 White Plains $2,536 $2.97 25 -3.6% $2,524 $2.95 25 -3.5% 0.5% 43 60 Williamsburg $3,577 $4.77 13 -3.2% $3,553 $4.75 13 -2.8% 0.7% 33 61 Yonkers/Mt Vernon/New… $1,981 $2.43 37 0.8% $1,954 $2.40 37 0.1% 1.4% 16

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 128 Submarkets New York Multi-Family

SUBMARKET VACANCY & ABSORPTION

Vacancy 12 Month Absorption

No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio 1 Bergen County Waterfront 766 6.1% 50 33 0.3% 21 4.6 2 Bushwick 1,608 4.0% 27 233 0.6% 9 2.4 3 Central Queens 1,230 2.9% 13 (137) -0.3% 32 - 4 Chelsea 1,193 4.7% 38 (604) -2.4% 55 - 5 Downtown Brooklyn 875 4.2% 29 (267) -1.3% 41 - 6 East Bronx 460 2.7% 9 (283) -1.6% 42 - 7 East Harlem 1,021 5.4% 44 (369) -1.9% 45 - 8 East Monmouth County 607 2.7% 10 214 0.9% 12 0.3 9 East New York 211 2.5% 6 (153) -1.8% 34 - 10 East Village 932 2.8% 11 (387) -1.1% 47 - 11 Financial District 938 6.3% 52 (639) -4.3% 57 - 12 Flatbush 1,699 3.0% 15 35 0.1% 20 4.3 13 Greater Bergen County 939 4.2% 30 220 1.0% 10 1.8 14 Greater Hudson County 2,625 9.9% 60 1,304 4.9% 1 1.5 15 Hackensack/Teaneck 578 4.7% 37 498 4.0% 4 1.5 16 Harlem 1,816 4.3% 31 (486) -1.1% 53 - 17 Hoboken 810 8.5% 59 (104) -1.1% 28 - 18 Jersey City Waterfront 2,160 9.9% 61 (416) -1.9% 50 - 19 Jersey City/Journal Square 1,006 6.3% 53 774 4.9% 3 1.1 20 Long Island City 675 3.8% 23 189 1.1% 13 0.5 21 Lower East Side 865 6.0% 49 (257) -1.8% 40 - 22 Lower Manhattan 395 5.1% 42 (186) -2.4% 36 - 23 Lower West Side 1,273 4.3% 32 (631) -2.1% 56 - 24 Middletown/Goshen 71 1.8% 2 90 2.3% 18 0.6 25 Midtown East 555 4.0% 26 (257) -1.8% 39 - 26 Midtown South 1,009 5.9% 48 (288) -1.7% 43 - 27 Midtown West 1,128 3.6% 22 (463) -1.5% 51 - 28 Morningside Heights 149 4.3% 33 63 1.8% 19 - 29 Murray Hill/Kips Bay 1,106 5.6% 47 (539) -2.7% 54 - 30 Newburgh 57 4.0% 25 133 9.2% 16 1.2 31 North Hudson County 1,258 6.9% 56 (414) -2.3% 49 - 32 North Middlesex County 1,360 4.4% 35 298 1.0% 6 1.3 33 North Ocean County 406 3.9% 24 272 2.6% 8 1.4 34 Northeast Queens 636 2.5% 7 (126) -0.5% 30 - 35 Northwest Bronx 318 3.5% 20 (193) -2.1% 37 - 36 Northwestern Queens 1,066 2.9% 14 (483) -1.3% 52 - 37 Outlying Orange County 195 5.4% 45 (142) -4.0% 33 - 38 Passaic County 715 4.1% 28 4 0% 25 60.2 39 Prospect Park 1,708 3.2% 17 (294) -0.5% 44 - 40 Rockland County 248 3.1% 16 273 3.5% 7 0.1 41 Roosevelt Island 158 5.1% 41 (84) -2.7% 27 - 42 South Bronx 1,349 2.3% 4 (251) -0.4% 38 -

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 129 Submarkets New York Multi-Family

SUBMARKET VACANCY & ABSORPTION

Vacancy 12 Month Absorption

No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio 43 South Ocean County 6 0.7% 1 9 1.1% 24 - 44 South Shore Brooklyn 684 2.3% 3 177 0.6% 14 3.5 45 South Shore Queens 345 4.3% 34 (175) -2.2% 35 - 46 Southeast Bronx 715 2.8% 12 (394) -1.5% 48 - 47 Southeast Queens 870 3.6% 21 25 0.1% 22 13.6 48 Southwest Brooklyn 1,211 3.4% 19 (385) -1.1% 46 - 49 Staten Island 289 3.2% 18 (119) -1.3% 29 - 50 Turnpike East 791 6.3% 51 (52) -0.4% 26 - 51 Turnpike West 1,115 7.0% 57 131 0.8% 17 2.6 52 Upper East Side 2,771 4.8% 40 (1,598) -2.8% 61 - 53 Upper Manhattan 1,396 2.6% 8 (686) -1.3% 59 - 54 Upper West Side 2,586 4.6% 36 (650) -1.2% 58 - 55 West Bronx 2,090 2.4% 5 (1,158) -1.3% 60 - 56 West Monmouth County 112 5.3% 43 156 7.3% 15 - 57 Westchester County North 574 7.6% 58 219 2.9% 11 2.0 58 Westchester County South 522 6.5% 54 (129) -1.6% 31 - 59 White Plains 213 4.8% 39 16 0.4% 23 - 60 Williamsburg 2,172 6.6% 55 870 2.7% 2 1.9 61 Yonkers/Mt Vernon/New… 1,542 5.5% 46 381 1.4% 5 1.7

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 130 Appendix New York Multi-Family

OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 1,477,487 19,741 1.4% 19,969 1.4% 1.0 2023 1,457,746 17,572 1.2% 20,221 1.4% 0.9 2022 1,440,174 14,898 1.0% 17,817 1.2% 0.8 2021 1,425,276 17,431 1.2% 8,036 0.6% 2.2 2020 1,407,845 19,470 1.4% (6,546) -0.5% - YTD 1,401,999 13,624 1.0% (8,805) -0.6% - 2019 1,388,375 19,211 1.4% 18,945 1.4% 1.0 2018 1,369,164 22,316 1.7% 26,801 2.0% 0.8 2017 1,346,848 26,089 2.0% 23,149 1.7% 1.1 2016 1,320,759 15,436 1.2% 19,586 1.5% 0.8 2015 1,305,323 14,020 1.1% 12,113 0.9% 1.2 2014 1,291,303 11,057 0.9% 11,385 0.9% 1.0 2013 1,280,246 9,442 0.7% 10,621 0.8% 0.9 2012 1,270,804 7,268 0.6% 9,429 0.7% 0.8 2011 1,263,536 7,109 0.6% 6,863 0.5% 1.0 2010 1,256,427 8,871 0.7% 10,268 0.8% 0.9 2009 1,247,556 10,214 0.8% 10,269 0.8% 1.0 2008 1,237,342 7,170 0.6% 3,614 0.3% 2.0

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 297,053 18,306 6.6% 16,580 5.6% 1.1 2023 278,747 15,400 5.8% 14,828 5.3% 1.0 2022 263,347 13,823 5.5% 16,645 6.3% 0.8 2021 249,524 14,538 6.2% 9,172 3.7% 1.6 2020 234,986 16,159 7.4% 8,644 3.7% 1.9 YTD 230,350 11,523 5.3% 6,074 2.6% 1.9 2019 218,827 14,201 6.9% 14,852 6.8% 1.0 2018 204,626 19,009 10.2% 20,714 10.1% 0.9 2017 185,617 23,866 14.8% 20,569 11.1% 1.2 2016 161,751 12,408 8.3% 14,257 8.8% 0.9 2015 149,343 13,236 9.7% 9,753 6.5% 1.4 2014 136,107 10,066 8.0% 8,865 6.5% 1.1 2013 126,041 8,055 6.8% 6,605 5.2% 1.2 2012 117,986 4,720 4.2% 5,646 4.8% 0.8 2011 113,266 6,075 5.7% 6,042 5.3% 1.0 2010 107,191 7,764 7.8% 7,069 6.6% 1.1 2009 99,427 7,538 8.2% 7,000 7.0% 1.1 2008 91,889 3,801 4.3% 3,866 4.2% 1.0

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 131 Appendix New York Multi-Family

3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 517,850 1,808 0.4% 2,737 0.5% 0.7 2023 516,042 2,485 0.5% 3,831 0.7% 0.6 2022 513,557 1,469 0.3% 2,059 0.4% 0.7 2021 512,088 3,153 0.6% 1,068 0.2% 3.0 2020 508,935 3,169 0.6% (4,149) -0.8% - YTD 507,906 2,140 0.4% (4,326) -0.9% - 2019 505,766 4,913 1.0% 3,473 0.7% 1.4 2018 500,853 3,469 0.7% 4,634 0.9% 0.7 2017 497,384 2,295 0.5% 2,189 0.4% 1.0 2016 495,089 3,042 0.6% 3,989 0.8% 0.8 2015 492,047 1,042 0.2% 1,653 0.3% 0.6 2014 491,005 1,195 0.2% 1,681 0.3% 0.7 2013 489,810 1,510 0.3% 2,827 0.6% 0.5 2012 488,300 1,604 0.3% 1,947 0.4% 0.8 2011 486,696 1,006 0.2% 930 0.2% 1.1 2010 485,690 1,113 0.2% 2,151 0.4% 0.5 2009 484,577 2,470 0.5% 2,848 0.6% 0.9 2008 482,107 2,825 0.6% 1,342 0.3% 2.1

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2024 662,584 (373) -0.1% 652 0.1% - 2023 662,957 (313) 0% 1,562 0.2% - 2022 663,270 (394) -0.1% (887) -0.1% 0.4 2021 663,664 (260) 0% (2,204) -0.3% 0.1 2020 663,924 142 0% (11,041) -1.7% 0 YTD 663,743 (39) 0% (10,553) -1.6% 0 2019 663,782 97 0% 620 0.1% 0.2 2018 663,685 (162) 0% 1,453 0.2% - 2017 663,847 (72) 0% 391 0.1% - 2016 663,919 (14) 0% 1,340 0.2% 0 2015 663,933 (258) 0% 707 0.1% - 2014 664,191 (204) 0% 839 0.1% - 2013 664,395 (123) 0% 1,189 0.2% - 2012 664,518 944 0.1% 1,836 0.3% 0.5 2011 663,574 28 0% (109) 0% - 2010 663,546 (6) 0% 1,048 0.2% 0 2009 663,552 206 0% 421 0.1% 0.5 2008 663,346 544 0.1% (1,594) -0.2% -

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 132 Appendix New York Multi-Family

OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 65,328 4.4% (0.1) $2,882 $3.68 1.0% (1.1) $2,841 $3.63 2023 65,556 4.5% (0.2) $2,852 $3.65 2.2% (4.1) $2,811 $3.59 2022 68,207 4.7% (0.3) $2,792 $3.57 6.3% 6.8 $2,752 $3.52 2021 71,123 5.0% 0.6 $2,627 $3.36 -0.5% 4.8 $2,589 $3.31 2020 61,727 4.4% 1.8 $2,639 $3.37 -5.3% (7.0) $2,601 $3.33 YTD 58,214 4.2% 1.6 $2,711 $3.37 -2.7% (4.5) $2,671 $3.32 2019 35,797 2.6% 0 $2,786 $3.47 1.8% (0.4) $2,768 $3.45 2018 35,479 2.6% (0.4) $2,738 $3.41 2.2% 0.7 $2,705 $3.37 2017 39,889 3.0% 0.2 $2,680 $3.34 1.5% 0 $2,634 $3.28 2016 36,904 2.8% (0.3) $2,640 $3.29 1.5% (1.7) $2,607 $3.25 2015 41,007 3.1% 0.1 $2,600 $3.24 3.2% 0.5 $2,574 $3.20 2014 39,017 3.0% 0 $2,519 $3.13 2.7% 0.5 $2,496 $3.11 2013 39,317 3.1% (0.1) $2,453 $3.05 2.2% 0.7 $2,432 $3.02 2012 40,484 3.2% (0.2) $2,400 $2.98 1.4% 0.4 $2,388 $2.97 2011 42,640 3.4% 0 $2,366 $2.94 1.1% (2.5) $2,353 $2.92 2010 42,392 3.4% (0.1) $2,341 $2.91 3.6% 12.2 $2,329 $2.89 2009 43,784 3.5% 0 $2,261 $2.81 -8.7% (7.4) $2,249 $2.79 2008 43,832 3.5% 0.3 $2,476 $3.08 -1.3% - $2,463 $3.06

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 23,015 7.7% 0.1 $3,774 $4.63 0.9% (1.2) $3,686 $4.52 2023 21,290 7.6% (0.2) $3,742 $4.59 2.0% (4.1) $3,655 $4.48 2022 20,719 7.9% (1.6) $3,668 $4.50 6.2% 6.8 $3,583 $4.39 2021 23,540 9.4% 1.7 $3,455 $4.23 -0.6% 7.2 $3,374 $4.14 2020 18,174 7.7% 2.9 $3,476 $4.26 -7.7% (9.7) $3,394 $4.16 YTD 16,091 7.0% 2.1 $3,578 $4.20 -5.0% (7.0) $3,494 $4.10 2019 10,632 4.9% (0.6) $3,767 $4.43 2.0% (0.4) $3,734 $4.39 2018 11,253 5.5% (1.5) $3,695 $4.35 2.4% 0.9 $3,626 $4.27 2017 12,921 7.0% 1.0 $3,608 $4.25 1.5% 0.9 $3,510 $4.13 2016 9,606 5.9% (1.7) $3,553 $4.19 0.6% (2.4) $3,488 $4.11 2015 11,426 7.7% 1.8 $3,530 $4.16 3.0% (0.3) $3,475 $4.10 2014 7,914 5.8% 0.5 $3,427 $4.04 3.3% 0.6 $3,386 $3.99 2013 6,701 5.3% 0.9 $3,318 $3.91 2.7% 1.0 $3,275 $3.86 2012 5,247 4.4% (1.0) $3,231 $3.81 1.7% 0.5 $3,212 $3.79 2011 6,170 5.4% (0.3) $3,177 $3.74 1.2% (2.4) $3,157 $3.72 2010 6,134 5.7% 0.3 $3,140 $3.70 3.6% 12.5 $3,119 $3.68 2009 5,436 5.5% 0.1 $3,032 $3.57 -8.9% (7.5) $3,014 $3.55 2008 4,892 5.3% (0.3) $3,329 $3.92 -1.4% - $3,312 $3.90

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 133 Appendix New York Multi-Family

3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 18,682 3.6% (0.2) $2,781 $3.43 1.2% (1.1) $2,756 $3.40 2023 19,611 3.8% (0.3) $2,749 $3.39 2.3% (4.1) $2,724 $3.36 2022 20,956 4.1% (0.1) $2,688 $3.32 6.4% 6.8 $2,664 $3.29 2021 21,546 4.2% 0.4 $2,527 $3.12 -0.4% 3.9 $2,504 $3.09 2020 19,460 3.8% 1.4 $2,536 $3.13 -4.3% (6.0) $2,513 $3.10 YTD 18,530 3.6% 1.3 $2,604 $3.16 -1.7% (3.4) $2,580 $3.13 2019 12,064 2.4% 0.3 $2,650 $3.22 1.7% (0.6) $2,636 $3.20 2018 10,601 2.1% (0.2) $2,606 $3.17 2.3% 0.8 $2,583 $3.14 2017 11,745 2.4% 0 $2,548 $3.09 1.5% (0.6) $2,517 $3.06 2016 11,632 2.3% (0.2) $2,510 $3.04 2.2% (1.5) $2,485 $3.01 2015 12,561 2.6% (0.1) $2,457 $2.98 3.7% 1.1 $2,440 $2.96 2014 13,160 2.7% (0.1) $2,370 $2.87 2.6% 0.5 $2,352 $2.85 2013 13,633 2.8% (0.3) $2,310 $2.80 2.1% 0.4 $2,296 $2.78 2012 14,943 3.1% (0.1) $2,263 $2.74 1.6% 0.5 $2,252 $2.73 2011 15,286 3.1% 0 $2,226 $2.69 1.2% (2.7) $2,216 $2.68 2010 15,210 3.1% (0.2) $2,200 $2.66 3.9% 12.6 $2,190 $2.65 2009 16,247 3.4% (0.1) $2,118 $2.56 -8.7% (7.5) $2,108 $2.55 2008 16,624 3.4% 0.3 $2,320 $2.81 -1.2% - $2,308 $2.79

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2024 23,632 3.6% (0.2) $2,067 $2.83 1.1% (1.1) $2,054 $2.81 2023 24,656 3.7% (0.3) $2,043 $2.80 2.2% (4.1) $2,031 $2.78 2022 26,532 4.0% 0.1 $1,999 $2.74 6.4% 6.7 $1,987 $2.72 2021 26,038 3.9% 0.3 $1,879 $2.57 -0.4% 1.5 $1,868 $2.56 2020 24,093 3.6% 1.7 $1,887 $2.58 -1.9% (3.3) $1,875 $2.57 YTD 23,592 3.6% 1.6 $1,930 $2.60 0.4% (1.0) $1,918 $2.59 2019 13,101 2.0% (0.1) $1,922 $2.59 1.4% (0.1) $1,914 $2.58 2018 13,626 2.1% (0.2) $1,895 $2.55 1.5% 0.1 $1,886 $2.54 2017 15,222 2.3% (0.1) $1,866 $2.51 1.4% (0.9) $1,856 $2.50 2016 15,666 2.4% (0.2) $1,840 $2.48 2.4% (0.5) $1,831 $2.46 2015 17,021 2.6% (0.1) $1,798 $2.42 2.9% 1.3 $1,789 $2.40 2014 17,943 2.7% (0.2) $1,748 $2.35 1.6% 0.2 $1,739 $2.33 2013 18,983 2.9% (0.2) $1,720 $2.31 1.4% 0.8 $1,712 $2.30 2012 20,294 3.1% (0.1) $1,697 $2.28 0.6% 0 $1,688 $2.27 2011 21,185 3.2% 0 $1,686 $2.26 0.6% (2.4) $1,678 $2.25 2010 21,048 3.2% (0.2) $1,676 $2.25 3.0% 11.2 $1,668 $2.24 2009 22,101 3.3% 0 $1,627 $2.18 -8.1% (7.0) $1,619 $2.17 2008 22,316 3.4% 0.3 $1,771 $2.38 -1.1% - $1,762 $2.37

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 134 Appendix New York Multi-Family

OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$437,564 237 4.2% 2023 ------$431,078 234 4.2% 2022 ------$413,784 224 4.2% 2021 ------$358,578 194 4.5% 2020 ------$370,141 201 4.6% YTD 652 $3.7B 0.9% $6,966,072 $283,043 5.9% $390,793 212 4.5% 2019 1,508 $10B 2.2% $8,470,900 $328,762 5.6% $404,100 219 4.4% 2018 2,008 $13B 2.8% $8,585,831 $335,762 5.3% $388,811 211 4.5% 2017 1,994 $9.5B 2.6% $6,729,728 $272,987 5.1% $381,787 207 4.5% 2016 2,288 $15B 3.7% $8,086,607 $305,317 5.1% $361,232 196 4.6% 2015 2,462 $19.9B 4.9% $9,283,804 $311,389 5.4% $331,418 180 4.7% 2014 2,414 $11.9B 4.2% $5,597,258 $218,091 5.8% $302,196 164 4.9% 2013 2,265 $10.8B 3.5% $5,713,972 $242,258 6.5% $271,298 147 5.2% 2012 1,949 $8.2B 4.2% $5,284,417 $152,733 6.9% $261,176 142 5.2% 2011 1,235 $6B 2.3% $5,710,052 $209,775 6.9% $247,872 134 5.2% 2010 985 $3.5B 1.8% $3,889,557 $155,113 7.0% $225,113 122 5.4% 2009 809 $1.8B 1.3% $2,402,564 $111,155 7.2% $167,273 91 6.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$767,538 235 3.7% 2023 ------$754,098 231 3.7% 2022 ------$724,261 222 3.7% 2021 ------$625,617 192 4.0% 2020 ------$645,512 198 4.1% YTD 27 $1.3B 1.1% $60,240,057 $493,386 4.8% $680,853 209 4.0% 2019 43 $2.3B 2.2% $65,741,576 $482,785 5.1% $719,308 221 3.9% 2018 49 $3.9B 3.9% $100,569,931 $485,484 5.1% $693,321 213 3.9% 2017 34 $1.7B 1.6% $57,287,204 $556,000 4.9% $707,843 217 3.9% 2016 39 $3.3B 3.8% $91,192,952 $535,554 4.8% $669,086 205 4.0% 2015 40 $1.8B 2.8% $51,541,730 $433,332 5.4% $603,649 185 4.1% 2014 34 $1.7B 3.2% $59,267,451 $390,982 4.9% $555,043 170 4.2% 2013 42 $3B 6.0% $77,586,151 $402,482 5.3% $498,037 153 4.5% 2012 48 $2.5B 4.9% $88,453,609 $431,481 4.9% $474,372 145 4.5% 2011 34 $2.2B 4.1% $70,865,619 $472,031 5.0% $447,701 137 4.6% 2010 16 $1.1B 2.9% $70,919,483 $341,068 5.2% $403,066 124 4.8% 2009 2 $3M 0.1% $1,480,000 $20,556 11.7% $298,579 92 5.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 135 Appendix New York Multi-Family

3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$400,929 241 4.2% 2023 ------$395,033 237 4.2% 2022 ------$379,042 228 4.2% 2021 ------$328,573 197 4.5% 2020 ------$339,121 204 4.6% YTD 190 $1.1B 0.9% $6,754,842 $248,558 6.2% $358,069 215 4.4% 2019 440 $3.6B 2.1% $10,159,424 $332,755 5.8% $368,323 221 4.4% 2018 556 $5.1B 2.8% $11,390,445 $358,271 5.2% $354,379 213 4.4% 2017 565 $3.4B 2.8% $8,085,900 $244,782 4.9% $344,894 207 4.5% 2016 620 $5.6B 4.1% $10,706,453 $274,997 5.1% $326,160 196 4.6% 2015 709 $11.7B 6.9% $18,734,921 $345,605 5.2% $300,162 180 4.7% 2014 762 $5.2B 3.9% $7,523,603 $269,866 5.2% $271,967 163 4.9% 2013 677 $4.6B 3.7% $7,889,588 $251,494 6.2% $243,580 146 5.1% 2012 528 $2.7B 2.7% $6,648,994 $203,255 6.6% $235,179 141 5.2% 2011 314 $2B 2.1% $7,841,904 $196,681 6.7% $223,343 134 5.2% 2010 250 $1B 1.7% $4,817,760 $126,400 6.6% $203,304 122 5.4% 2009 162 $691.5M 1.2% $4,802,260 $117,347 7.2% $151,490 91 6.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2024 ------$329,608 237 4.4% 2023 ------$324,755 233 4.4% 2022 ------$311,667 224 4.4% 2021 ------$270,844 195 4.7% 2020 ------$279,731 201 4.8% YTD 435 $1.4B 0.9% $3,865,592 $219,672 5.8% $295,482 212 4.7% 2019 1,025 $4.2B 2.3% $5,210,129 $276,942 5.6% $300,695 216 4.7% 2018 1,403 $4.1B 2.5% $3,916,624 $243,876 5.4% $288,812 207 4.7% 2017 1,395 $4.4B 2.7% $4,594,599 $247,587 5.3% $274,733 197 4.8% 2016 1,629 $6.1B 3.4% $4,712,467 $270,048 5.2% $260,340 187 4.9% 2015 1,713 $6.5B 3.9% $4,345,803 $247,809 5.4% $242,391 174 5.0% 2014 1,618 $5.1B 4.7% $3,567,703 $162,033 6.1% $220,447 158 5.2% 2013 1,546 $3.2B 2.8% $2,510,859 $169,270 6.7% $198,467 143 5.4% 2012 1,373 $3.1B 5.3% $2,731,515 $88,023 7.0% $192,643 138 5.5% 2011 887 $1.8B 2.1% $2,369,457 $131,332 7.1% $183,763 132 5.5% 2010 719 $1.4B 1.7% $2,080,158 $124,403 7.1% $167,995 121 5.7% 2009 645 $1.1B 1.6% $1,842,774 $108,899 7.1% $124,886 90 6.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 136 Appendix New York Multi-Family

DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction

Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2024 - 1,477,488 4.4% - 20,130 - 19,740 - - 2023 - 1,457,748 4.5% - 17,972 - 17,572 - - 2022 - 1,440,176 4.7% - 15,293 - 14,899 - - 2021 - 1,425,277 5.0% - 17,692 - 17,432 - - 2020 - 1,407,845 4.4% - 19,534 - 19,470 - - YTD 46,280 1,401,999 4.2% 150 13,789 141 13,624 693 54,648 2019 46,139 1,388,375 2.6% 296 19,411 289 19,211 715 58,108 2018 45,850 1,369,164 2.6% 238 22,736 216 22,316 663 49,150 2017 45,634 1,346,848 3.0% 266 27,224 227 26,085 576 49,424 2016 45,407 1,320,759 2.8% 225 15,774 205 15,437 550 56,626 2015 45,202 1,305,323 3.1% 184 14,796 135 14,020 501 53,520 2014 45,067 1,291,303 3.0% 135 11,520 104 11,057 318 39,051 2013 44,963 1,280,246 3.1% 134 10,145 109 9,442 218 25,282 2012 44,854 1,270,804 3.2% 145 7,618 123 7,268 188 18,931 2011 44,731 1,263,536 3.4% 113 7,491 86 7,109 193 14,826 2010 44,645 1,256,427 3.4% 116 9,108 99 8,871 153 11,245 2009 44,546 1,247,556 3.5% 201 10,473 186 10,214 150 13,422 2008 44,360 1,237,342 3.5% 232 7,606 219 7,170 251 18,561

10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 137