Lee Nyc Manhattan Leetrend Nyc Tracker Manhattan1q2016 Retail Fall 2017

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THE RETAIL MARKET REPORT

LEE NYC MANHATTAN LEETREND NYC TRACKER MANHATTAN1Q2016 RETAIL FALL 2017

845 THIRD AVENUE • FOURTH FLOOR • NEW YORK 10022 • WWWW.LEEASSOCIATESNYC.COM RecentAverage Retail Asking Condominium Ground Floor Rents Sales Select Retail Corridors Property Submarket SF Date Sold Value Fall$ Per SF Spring Buyer Fall % ChangeSeller % Change Retail Corridor Submarket 1327 Madison Avenue Upper East Side 4,725 2017-09 $ 7,400,000 2017$ 1,566 2017 - 2016 Spring 2017 - Fall 2016 Bleecker7 Hubert Street | Seventh Avenue SouthDowntown - Houston St 2,928 2017-09West$ Village 3,200,000$ $ 351 1,093$ Kinsmen 373 Property$ 471 Kang-6% Young Eun -25% Broadway150 East 55th | Battery Street Place - ChambersMidtown Street East 2,900 2017-08Financial$ District 5,100,000$ $ 374 1,759$ Izumi 362 Estate$ Co. 369 J&R Realty3% Holding 2% Broadway806-808 Broadway | Houston Street - BroomeMidtown Street South 29,000 2017-07 $SoHo 24,616,667$ $ 644 849$ Rubies 812 Costume$ Co. 755 SPI-21% Holdings -15% Broadway47 Mercer |Street 14th Street - 23rd StreetDowntown 7,500 2017-07 Flatiron$ 9,300,000$ $ 384 1,240$ Zar 348 Property$ 390 Daniel10% Langlois -2% Broadway201 East 77th & Seventh Street Avenue | 42ndUpper Street East - Side 47th Street4,000 2017-06Times$ Square 5,250,000$ $ 2,100 1,313$ Ashkenazy 1,930 Acquisition$ 2,170 Valley National9% Bank -3% Broadway325 Fifth Avenue | 72nd Street - 86th StreetMidtown East 5,880 2017-06Upper$ West 23,900,000Side $ $ 291 4,065$ 315HUBB $NYC 341 Continental-8% Properties-15% Columbus8 Jay Street Avenue | 66th Street - 79thDowntown Street 2,500 2017-06Upper$ West Side 3,800,000$ $ 338 1,520$ Ochre 344 Tribeca$ 403 Art Flag-2% Company -16% East575 Ave.57th of Street the Americas | Fifth Avenue - ParkMidtown Avenue South 3,450 2017-06Plaza$ District 6,000,000$ $ 1,294 1,739 N/APremier Equities$ 1,438 N/AVeritas -10% East347 Bowery86th Street | Lexington AvenueMidtown - Second South Avenue 8,439 2017-06Upper$ East Side20,301,250$ $ 450 2,406$ Eli399 Goldstein$ 428 Urban13% Muse 5% Fifth243 West Avenue 60th | Street14th Street - 23rd UpperStreet West Side 4,712 2017-06 Flatiron$ 2,941,363$ $ 449 624$ Empire 456 West$ 60 LLC 390 Algin Management-1% 15% Fifth Avenue | 42nd Street - 49th Street Grand Central $ 1,158 $ 1,163 $ 1,259 0% -8% 249 Church Street Downtown 5,000 2017-06 $ 6,000,000 $ 1,200 Thor Equities Ashkenazy Acquisition Fifth Avenue | 49th Street - 59th Street Plaza District $ 3,900 $ 3,324 $ 3,484 17% 12% 210 Canal Street Downtown 7,580 2017-05 $ 23,550,000 $ 3,107 Nightingale Properties Dean K. Fong Madison Avenue | 57th Street - 72nd Street Plaza District $ 1,348 $ 1,446 $ 1,433 -7% -6% 415 Greenwich Street Downtown 5,040 2017-05 $ 11,500,000 $ 2,282 KLM Equities Ashkenazy Acquisition Third Avenue | 60th Street - 72nd Street Upper East Side $ 261 $ 356 $ 340 -27% -23% 10 Madison Square West Midtown South 20,676 2017-04 $ 97,500,000 $ 4,716 TH Real Estate Savanna West 14th Street | Ninth Avenue - Tenth Avenue Meatpacking $ 323 $ 334 $ 345 -3% -6% 32-42 West 125th Street Upper Manhattan 8,356 $ 10,500,000 $ 1,257 HVA 125 LLC West 34th Street | Fifth Avenue - Seventh Avenue 2017-04Herald Square $ 633 $ Wharton 734 Properties$ 745 -14% -15% 125th148 Duane Street Street | FDR Drive - Henry HudsonDowntown Parkway 20,061 2017-04 Harlem$ 19,020,790$ $ 123 948$ 124Vornado$ 125 Summit-1% Equities -2% 259 Bowery Downtown 2,860 2017-04 $ 5,500,000 $ 1,923 Thor Equities Charles Saulson 42 Lispenard Street Downtown 4,500Median2017-03 Asking$ Ground 4,500,000 Floor$ Rents 1,000 Montauk Sofa Colonnade Group 5 East 44th Street Midtown East 2,658 2017-03Select$ Retail 4,500,000 Corridors $ 1,693 Michail Kandov UES Dental PLLC 121-133 Hudson Street Downtown 33,500 2017-03 $ 36,000,000 $ 1,075 ASG Equities Centurion Realty Fall Spring Fall % Change % Change 1082 Madison Avenue Retail CorridorUpper East Side 1,693 2017-02Submarket$ 6,000,000 $ 3,544 Premier Equities John K. Doyle 2017 2017 2016 Spring 2017 Fall 2016 248-258 Bleecker Street Midtown South 8,490 2017-01 $ 20,605,000 $ 2,427 Kroger Inc. Rob Kaufelt Bleecker Street | Seventh Avenue South - Houston St West Village $ 371 $ 375 $ 475 -1% -22% Broadway25 North Moore | Battery Street Place - ChambersDowntown Street 2,508 2017-01Financial$ District 3,500,000$ $ 400 1,396$ Debra 363 Hamid$ 350 6010% Guilders 14% Broadway23-31 John | Street Houston Street - BroomeDowntown Street 6,290 2017-01 $SoHo 19,550,000$ $ 600 3,108$ 850HUBB $NYC 685 -29%Yair Levy -12% Broadway170-178 Ninth | 14th Avenue Street - 23rd StreetMidtown South 4,250 2017-01 Flatiron$ 5,500,000$ $ 328 1,294$ Ashkenazy 320 Acquisition$ 390 Coutinho3% Properties -16% Broadway959 First Avenue & Seventh Avenue | 42ndMidtown Street East- 47th Street2,713 2017-01Times$ Square 4,500,000$ $ 2,000 1,659$ Sarex 2,000 Associates$ 2,200 Toll0% Brothers -9% Broadway2300 Fred. |Douglass 72nd Street Blvd. - 86th StreetUpper Manhattan 3,526 2017-01Upper$ West Side 3,850,000$ $ 295 1,092$ Regal 335Home $Collections 375 Heritage-12% Realty -21% Columbus496 LaGuardia Avenue Place | 66th Street - 79thMidtown Street South 2,280 2017-01Upper$ West Side 2,975,000$ $ 300 1,305$ Zar 332Apparel$ Group 412 Boris-10% Nepoe -27% East682 Broadway57th Street | Fifth Avenue - ParkMidtown Avenue South 1,450 2017-01Plaza$ District 10,000,000$ $ 1,250 6,897 N/AAscot Properties$ 1,400 PremierN/A Equities -11% East56-58 86th Pine Street Street | Lexington AvenueDowntown - Second Avenue 6,392 2017-01Upper$ East Side 4,450,000$ $ 450 696$ 345Ariel Aber$ 345 Rugby30% Realty 30% Fifth733 Amsterdam Avenue | 14th Avenue Street - 23rd UpperStreet West Side 12,800 2016-12 Flatiron$ 13,000,000$ $ 409 1,016$ Cohen 415 Equities$ 400 Starrett-1% Corp 2% Fifth330 East Avenue 75th | Street 42nd Street - 49th UpperStreet East Side 10,357 2016-10Grand$ Central 5,500,000$ $ 1,200 531$ 1,100RKM Realty$ III 1,200 Sherwood9% Equities 0% Fifth42 Hudson Avenue Street | 49th Street - 59th StreetDowntown 5,400 2016-10Plaza$ District 3,400,000$ $ 3,900 630$ Premier 3,472 Equities$ 3,500 Duane12% Square 11% Madison502 Ninth Avenue Avenue | 57th Street - 72ndMidtown Street West 1,796 2016-10Plaza$ District 3,100,000$ $ 1,247 1,726$ 1,500 -$ 1,350 David-17% Cohen -8% Third Avenue | 60th Street - 72nd Street Upper East Side $ 275 $ 326 $ 385 -16% -29% West 14th Street | Ninth Avenue - Tenth Avenue Meatpacking $ 300 $ 300 $ 350 0% -14% West 34th Street | Fifth Avenue - Seventh Avenue Herald Square $ 650 $ 700 $ 750 -7% -13% 125th Street | FDR Drive - Henry Hudson Parkway Harlem $ 130 $ 114 $ 114 14% 14%

The Manhattan retail leasing market is still in a corrective period. The increased rents of previous years are receding. Deals are still getting done, but they favor parties willing to Ten Year Growth in Average Asking Rents be flexible with deal structure, uses, asking rent adjustments, and increased concession Manhattan 65% packages. The correction may prove healthy for both the shortActive and long-termRetail Condominium viability of InvestorsEast Side 8% the Manhattan retail leasing market. Per square foot ground floor retail asking rents West Side 2% declined year-over-year in 13 of the 17 high profile corridors. The most resilient corridors Midtown 154% to this trend were the Flatiron Fifth Avenue corridor, where the ground floor retail Midtown South 6% average asking rent rose 15 percent to $449 psf year-over-year; and the Lower Downtown 26% Manhattan Broadway corridor,where the average asking rent increased two percent year- Upper Manhattan -2% over-year to $374 psf. • Downtown: South of 14th Street • East Side: 60th Street - 96th Street | East of Fifth Avenue • Midtown: 35th Street - 59th Street • West Side: 60th Street - 116th Street | West of Morningside Park • Midtown South: 15th Street - 34th Street • Upper Manhattan: Above 97th Street (East of Fifth Avenue) and Above 116th Street (West of Morningside Park)

Source: Lee & Associates and Real Estate Board of New York 2 | MANHATTAN RETAIL REPORT Fall 2017 LEE & ASSOCIATES NYC 3 | MANHATTAN RETAIL REPORT Spring 2017 LEE & ASSOCIATES NYC Recent Retail Condominium Sales

Property Submarket SF RecentDate Retail CondominiumSold Value $ SalesPer SF Buyer Seller 1327 Madison Avenue Upper East Side 4,725 2017-09 $ 7,400,000 $ 1,566 - - 7 Hubert StreetProperty SubmarketDowntown SF2,928 2017-09Date $ Sold Value3,200,000 $$ Per 1,093 SF KinsmenBuyer Property KangSeller Young Eun 222 East 58th Street Midtown East 4,032 2017-10 $ 5,600,000 $ 1,389 M&A 222 Realty HM 222 East 58th Street 150 East 55th Street Midtown East 2,900 2017-08 $ 5,100,000 $ 1,759 Izumi Estate Co. J&R Realty Holding 401 East 60th Street Upper East Side 92,000 2017-10 $ 73,250,000 $ 796 Gazit Horizons Brodsky Organization 806-808 Broadway Midtown South 29,000 2017-07 $ 24,616,667 $ 849 Rubies Costume Co. SPI Holdings 124 Hudson Street Downtown 11,830 2017-10 $ 15,275,000 $ 1,291 Merchants National Time Equities 47 Mercer Street Downtown 7,500 2017-07 $ 9,300,000 $ 1,240 Zar Property Daniel Langlois 530 Fifth Avenue Midtown West 59,839 2017-09 Buyout GGP Thor Equities 1327201 East Madison 77th Street Avenue Upper EastEast SideSide 4,7254,000 2017-092017-06 $$ 7,400,0005,250,000 $$ 1,566 1,313 AshkenazyF9 Investments Acquisition Valley National- Bank 7325 Hubert Fifth StreetAvenue MidtownDowntown East 2,9285,880 2017-092017-06 $$ 23,900,0003,200,000 $$ 1,093 4,065 KinsmenHUBB Property NYC ContinentalKang Young Properties Eun 1508 Jay East Street 55th Street MidtownDowntown East 2,9002,500 2017-082017-06 $$ 5,100,0003,800,000 $$ 1,759 1,520 IzumiOchre Estate Tribeca Co. J&RArt Realty Flag Company Holding 806-808575 Ave. Broadway of the Americas Midtown SouthSouth 29,0003,450 2017-072017-06 $$ 24,616,667 6,000,000 $$ 1,739 849 RubiesPremier Costume Equities Co. SPI HoldingsVeritas 47347 Mercer Bowery Street MidtownDowntown South 7,5008,439 2017-072017-06 $$ 20,301,2509,300,000 $$ 1,240 2,406 ZarEli PropertyGoldstein DanielUrban Langlois Muse 105243 NassauWest 60th Street Street UpperDowntown West Side 4,4004,712 2017-072017-06 $$ 4,950,0002,941,363 $$ 1,125 624 BlackEmpire Horse West Capital 60 LLC AlginBron Management New York 206-210249 Church West Street 77th Street UpperDowntown West Side 2,0465,000 2017-072017-06 $$ 3,510,0006,000,000 $$ 1,716 1,200 QuoqueThor Equities Capital AshkenazyNaftali Group Acquisition 201210 EastCanal 77th Street Street UpperDowntown East Side 4,0007,580 2017-062017-05 $$ 23,550,0005,250,000 $$ 1,313 3,107 AshkenazyNightingale Acquisition Properties ValleyDean National K. Fong Bank 325415 FifthGreenwich Avenue Street MidtownDowntown East 5,8805,040 2017-062017-05 $$ 23,900,000 11,500,000 $$ 4,065 2,282 KLMHUBB Equities NYC ContinentalAshkenazy PropertiesAcquisition 8 Jay Street Downtown 2,500 2017-06 $ 3,800,000 $ 1,520 Ochre Tribeca Art Flag Company 10 Madison Square West Midtown South 20,676 2017-04 $ 97,500,000 $ 4,716 TH Real Estate Savanna 575 Ave. of the Americas Midtown South 3,450 2017-06 $ 6,000,000 $ 1,739 Premier Equities Veritas 32-42 West 125th Street Upper Manhattan 8,356 2017-04 $ 10,500,000 $ 1,257 Wharton Properties HVA 125 LLC 347 Bowery Midtown South 8,439 2017-06 $ 20,301,250 $ 2,406 Eli Goldstein Urban Muse 148 Duane Street Downtown 20,061 2017-04 $ 19,020,790 $ 948 Vornado Summit Equities 243 West 60th Street Upper West Side 4,712 2017-06 $ 2,941,363 $ 624 Empire West 60 LLC Algin Management 249259 ChurchBowery Street Downtown 5,0002,860 2017-062017-04 $$ 6,000,0005,500,000 $$ 1,200 1,923 ThorThor Equities Equities AshkenazyCharles Acquisition Saulson 21042 Lispenard Canal Street Street Downtown 7,5804,500 2017-052017-03 $$ 23,550,000 4,500,000 $$ 3,107 1,000 NightingaleMontauk Properties Sofa ColonnadeDean K. Fong Group 4155 East Greenwich 44th Street Street MidtownDowntown East 5,0402,658 2017-052017-03 $$ 11,500,000 4,500,000 $$ 2,282 1,693 MichailKLM Equities Kandov AshkenazyUES Dental Acquisition PLLC 10121-133 Madison Hudson Square Street West MidtownDowntown South 20,67633,500 2017-042017-03 $$ 97,500,000 36,000,000 $$ 4,716 1,075 THASG Real Equities Estate CenturionSavanna Realty 32-421082 Madison West 125th Avenue Street UpperUpper Manhattan East Side 8,3561,693 2017-042017-02 $$ 10,500,000 6,000,000 $$ 1,257 3,544 WhartonPremier Properties Equities HVAJohn 125 K. Doyle LLC 148248-258 Duane Bleecker Street Street MidtownDowntown South 20,0618,490 2017-042017-01 $$ 19,020,790 20,605,000 $$ 2,427 948 KrogerVornado Inc. SummitRob KaufeltEquities 25925 North Bowery Moore Street Downtown 2,8602,508 2017-042017-01 $$ 5,500,0003,500,000 $$ 1,923 1,396 ThorDebra Equities Hamid Charles60 Guilders Saulson 4223-31 Lispenard John Street Street Downtown 4,5006,290 2017-032017-01 $$ 19,550,0004,500,000 $$ 1,000 3,108 MontaukHUBB NYCSofa ColonnadeYair Levy Group 5170-178 East 44th Ninth Street Avenue MidtownMidtown SouthEast 2,6584,250 2017-032017-01 $$ 4,500,0005,500,000 $$ 1,693 1,294 AshkenazyMichail Kandov Acquisition CoutinhoUES Dental Properties PLLC 121-133 Hudson Street Downtown 33,500 $ 36,000,000 $ 1,075 Centurion Realty 959 First Avenue Midtown East 2,713 2017-032017-01 $ 4,500,000 $ 1,659 SarexASG EquitiesAssociates Toll Brothers 1082 Madison Avenue Upper East Side 1,693 2017-02 $ 6,000,000 $ 3,544 Premier Equities John K. Doyle 2300 Fred. Douglass Blvd. Upper Manhattan 3,526 2017-01 $ 3,850,000 $ 1,092 Regal Home Collections Heritage Realty 248-258 Bleecker Street Midtown South 8,490 2017-01 $ 20,605,000 $ 2,427 Kroger Inc. Rob Kaufelt 496 LaGuardia Place Midtown South 2,280 2017-01 $ 2,975,000 $ 1,305 Zar Apparel Group Boris Nepoe 25 North Moore Street Downtown 2,508 2017-01 $ 3,500,000 $ 1,396 Debra Hamid 60 Guilders 23-31682 Broadway John Street MidtownDowntown South 6,2901,450 2017-012017-01 $$ 19,550,000 10,000,000 $$ 3,108 6,897 AscotHUBB Properties NYC PremierYair Levy Equities 170-17856-58 Pine Ninth Street Avenue MidtownDowntown South 4,2506,392 2017-012017-01 $$ 5,500,0004,450,000 $$ 1,294 696 AshkenazyAriel Acquisition Aber CoutinhoRugby Properties Realty 959733 FirstAmsterdam Avenue Avenue UpperMidtown West East Side 12,8002,713 2017-012016-12 $$ 13,000,0004,500,000 $$ 1,659 1,016 SarexCohen Associates Equities TollStarrett Brothers Corp 2300330 East Fred. 75th Douglass Street Blvd. UpperUpper Manhattan East Side 10,3573,526 2017-012016-10 $$ 3,850,0005,500,000 $$ 1,092 531 Regal RKMHome Realty Collections III SherwoodHeritage Realty Equities 49642 Hudson LaGuardia Street Place MidtownDowntown South 2,2805,400 2017-012016-10 $$ 2,975,0003,400,000 $$ 1,305 630 ZarPremier Apparel Equities Group BorisDuane Nepoe Square 682502 BroadwayNinth Avenue MidtownMidtown South West 1,4501,796 2017-012016-10 $$ 10,000,000 3,100,000 $$ 6,897 1,726 Ascot Properties- PremierDavid Equities Cohen 56-58 Pine Street Downtown 6,392 2017-01 $ 4,450,000 $ 696 Ariel Aber Rugby Realty 733 Amsterdam Avenue Upper West Side 12,800 2016-12 $ 13,000,000 $ 1,016 Cohen Equities Starrett Corp 330 East 75th Street Upper East Side 10,357 2016-10 $ 5,500,000 $ 531 RKM Realty III Sherwood Equities 42 Hudson Street Downtown 5,400 2016-10 $ 3,400,000 $ 630 Premier Equities Duane Square 502 Ninth Avenue Midtown West 1,796 2016-10 $ 3,100,000 $ 1,726 - David Cohen

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3 | MANHATTAN RETAIL REPORT Fall 2017 LEE & ASSOCIATES NYC 3 | MANHATTAN RETAIL REPORT Spring 2017 LEE & ASSOCIATES NYC Total Manhattan Retail Inventory Total Availability Rate Ground Availability Rate Year-to-Date Leased Y/Y 4Q Leasing Vol. Growth 104,904,466 Square Feet 15% 8% 3,613,133 -20% TOTAL MANHATTAN TOTAL AVAILABILITYRecent RetailGROUND Condominium AVAILABILITY Sales YEAR-TO-DATE Y/Y 3Q LEASING RETAIL INVENTORY RATE Manhattan Retail Lease RATE Transactions LEASED VOL. GROWTH Property Submarket SF Date Sold Value $ Per SF Buyer Seller 104,904,4661327 Madison Avenue Upper East Side15%4,725 2017-09 $ 7,400,0008%1869$ 1,566 3,613,133- 1797 -20%- 1746 1585 7 HubertTotalSquare StreetManhattan Feet Retail InventoryDowntownTotal Availability2,928 Rate2017-091371 Ground$ 1473 3,200,000Availability $Rate 1,093 Year-to-DateKinsmen Property Leased 1494Y/Y 4QKang Leasing Young Vol. Eun Growth 104,904,466 Square Feet 15%1297 $ 5,100,0008% $ 1,759 3,613,133 -20% 150 East 55th Street 988 980Midtown East1099 2,900 2017-08 Izumi Estate Co. J&R Realty Holding 806-808 Broadway Midtown South 29,000 2017-07 $ 24,616,667 $ 849 Rubies Costume Co. SPI Holdings 47 Mercer Street Downtown 7,500Manhattan2017-07 Retail$ Lease9,300,000 Transactions$ 1,240 Zar Property Daniel Langlois 201 East 77th Street Upper East Side 4,000 2017-06 $ 5,250,000 $ 1,313 Ashkenazy Acquisition Valley National Bank 325 Fifth Avenue Midtown East 5,880 2017-06 $ 23,900,0001869$ 4,0651746 HUBB NYC1797 Continental Properties 8 Jay Street Downtown 2,500 2017-06 $ 1473 3,800,000 $ 1,520 Ochre1585 Tribeca 1494Art Flag Company 2007 2008 2009 20101297 20111371 2012 2013 2014 2015 2016 2017 575 Ave. of the Americas988 980Midtown South1099 3,450 2017-06 $ 6,000,000 $ 1,739 Premier Equities Veritas 347 Bowery Midtown South 8,439 2017-06 $ 20,301,250 $ 2,406 Eli Goldstein Urban Muse 243 West 60th Street Upper West Side Manhattan4,712 2017-06 Average$ Base 2,941,363 Rents Over$ a 624 DecadeEmpire West 60 LLC Algin Management 249 Church Street Downtown 5,000 2017-06 $ 6,000,000 $ 1,200 Thor Equities Ashkenazy Acquisition 210$290 Canal Street Downtown 7,580 2017-05 $ 23,550,000 $ 3,107 Nightingale Properties Dean K. Fong 415 Greenwich Street2007 2008Downtown2009 20105,040 2017-052011 $ 2012 11,500,0002013$ 2,2822014 2015KLM Equities2016 2017Ashkenazy Acquisition $270 10 Madison Square$278 West Midtown South 20,676 2017-04 $ 97,500,000 $ 4,716 TH Real Estate Savanna 32-42 West 125th Street Upper Manhattan 8,356 2017-04$233$ Ten 10,500,000Year Average$ 1,257 Wharton Properties HVA 125 LLC $250 Manhattan Average Base Rents Over a Decade 148 Duane Street Downtown 20,061 2017-04 $ 19,020,790 $ 948 Vornado$262 Summit Equities $253 259$290$230 Bowery Downtown 2,860 2017-04 $ 5,500,000 $ 1,923 Thor Equities Charles Saulson 42 Lispenard Street Downtown 4,500 2017-03 $ 4,500,000 $ 1,000 Montauk Sofa Colonnade Group $270 $232 $230 $234 5 East$210 44th Street Midtown East 2,658 2017-03 $ 4,500,000 $ 1,693 Michail Kandov UES Dental PLLC $278 $220 $233 Ten Year Average 121-133$250 Hudson Street Downtown 33,500 2017-03 $$209 36,000,000 $ 1,075 ASG Equities$262 Centurion Realty 1082$190 Madison Avenue Upper East Side$206 1,693 2017-02 $ 6,000,000 $ 3,544 $253Premier Equities John K. Doyle$206 248-258$230 Bleecker Street Midtown South 8,490 2017-01 $ 20,605,000 $ 2,427 Kroger Inc. Rob Kaufelt $170 $234 25 North Moore Street $232Downtown 2,508 2017-01 $ 3,500,000$230$ 1,396 Debra Hamid 60 Guilders $210 $220 23-31$150 John Street Downtown 6,290 2017-01 $ 19,550,000 $ 3,108 HUBB NYC Yair Levy $190 $206 $209 $206 170-178 Ninth Avenue2008 2009Midtown South2010 4,25020112017-01 $2012 5,500,0002013$ 1,294 2014Ashkenazy Acquisition2015 2016Coutinho Properties2017 959$170 First Avenue Midtown East 2,713 2017-01 $ 4,500,000 $ 1,659 Sarex Associates Toll Brothers 2300 Fred. Douglass Blvd. Upper Manhattan 3,526 2017-01Base Rent$ 3,850,00010-Year$ Average 1,092 Regal Home Collections Heritage Realty 496$150 LaGuardia Place Midtown South 2,280 2017-01 $ 2,975,000 $ 1,305 Zar Apparel Group Boris Nepoe 682 Broadway 2008 2009Midtown South2010 1,45020112017-01 $2012 10,000,0002013$ 6,897 2014Ascot Properties2015 2016Premier Equities2017 56-58 Pine Street Downtown Manhattan6,392 Average2017-01 Net$ Effective 4,450,000 Rents$ Over 696 a DecadeAriel Aber Rugby Realty 733 Amsterdam Avenue Upper West Side 12,800 2016-12Base Rent$ 13,000,00010-Year$ Average 1,016 Cohen Equities Starrett Corp 330$290 East 75th Street Upper East Side 10,357 2016-10 $ 5,500,000 $ 531 RKM Realty III Sherwood Equities 42 Hudson Street Downtown Manhattan5,400 Average2016-10 Net$ Effective 3,400,000 Rents$ Over 630 a DecadePremier Equities Duane Square 502$270 Ninth Avenue Midtown West 1,796 2016-10 $ 3,100,000 $ 1,726 - David Cohen $274 $290$250 $222 Ten Year Average $252 $270$230 $274 $238 $250 $210 $221 $222 Ten Year Average $224 $252 $230 $214 $238 $190 $201 $200 $204 $210 $221 $224 $196 $170 Active$214 Retail Condominium Investors $190 $201 $200 $204 $150 $196 $170 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $150 2008 2009 2010 2011Net Effective2012 10-Year2013 Average2014 2015 2016 2017

Net Effective 10-Year Average Peter Braus James Wacht Henry Abramov Carly Farkas Managing Principal President Research Director Retail Research Peter Braus James Wacht Henry Abramov Carly Farkas 212.776.1203 212.776.1202 Peter Braus,Managing Managing Principal Principal [email protected] ResearchHenry Director Abramov Retail ResearchCarly Farkas [email protected]@lee-associates.com212.776.1203 [email protected] Research Director Retail Research [email protected] [email protected] James Wacht, President 34 || MANHATTANMANHATTAN RETAIL RETAIL REPORT REPORT Summer Fall 2017 2017 LEELEE && ASSOCIATESASSOCIATES NYC 4 | MANHATTAN RETAIL REPORT Fall 2017 LEE & ASSOCIATES NYC