Q2 MARKET REPORT Bronx Retail Leasing

All information contained herein is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. The content is provided without warranties of any kind, either express or implied. RM Friedland, LLC, its agentsnd or employees shall not be held liable to anyone for any errors, omissions or inaccuracies under any circumstances. You and your advisors should conduct a careful,Volume independent examination of the 1, property toIssue determine to your satisfaction 2 |the suitability 2 of the propertyQuarter for your needs. 2018

Q22018 Market Report

BRONX RETAIL LEASING

The Bronx continues to be an absolute hotbed of development activity. The Borough has been flooded with mixed-use and retail developments aimed at maximizing the land on the Harlem River Waterfront. This surge in activity and general optimism about the Borough’s future has had a direct impact on the retail. For the first time in a year, The Bronx saw availability rates rise during the second quarter of 2018. While that normally would signal a slowdown in leasing activity, average rental rates continued to climb for the third straight quarter. This trend exhibits a bullishness on the market that we are not seeing in retail around the Tri-State. The story of the second quarter was the rise in rental rates. Submarkets like Co-Op City, Fordham Road and The Heights all had increased availability quarter over quarter. The rental rates for each of these submarkets though increased, in some cases significantly. In many instances the reason for this is the quality of the space. In Co-Op City for example, the majority of the availability that came on the market was located at The Bay Plaza Power Center where rental rates are upwards of $100. The Melrose submarket, located just north of The Hub and Mott Haven, can credit its new developments for its increased availability. The most notable of these new developments is La Central, located at 626 Bergen Avenue. The rental rates in Melrose have consequently been influenced by these new market additions with the asking rental rate climbing to $45.71. Other parts of the Borough saw a decrease in availability quarter over quarter most significantly Pelham Parkway and Tremont. With all of the upheaval occurring in The Bronx, one could forget the rezoning of Jerome Avenue has yet to truly begin. This project will continue the conversion of industrial space to residential and mixed-use space. It’s clear The Bronx Borough leaders are set upon utilizing all means to take advantage of the Harlem/Hudson River waterfronts and that new construction will not slow for the foresee- able future. We expect The Bronx retail market will continue to shift in the second half of 2018. BRONX RETAIL SUBMARKETS

Riverdale

Wakefield Eastchester

Kingsbridge Norwood Baychester Co-op City

Bedford Allerton Fordham Park

The Pelham Heights Belmont Pkwy Pelham Morris Bay Park Tremont Westchester Square Highbridge Parkchester Country Club Claremont Crotona

Soundview Concourse Village Melrose Hub Throggs Neck Longwood Hunts Point Mott Haven

Southern Blvd

All information contained herein is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. The content is provided without warranties of any kind, either express or implied. RM Friedland, LLC, its agents or employees shall not be held liable to anyone for any errors, omissions or inaccuracies under any circumstances. You and your advisors should conduct a careful, independent examination of the property to determine to your satisfaction the suitability of the property for your needs. SUBMARKETS BY THE NUMBERS

Submarket Total Market Size (SF) Q1 Total Available SF Q2 Total Available SF Allerton 1,177,756 54,420 44,035 Baychester/Eastchester 1,062,239 37,281 46,707 Bedford Park 320,768 34,362 20,212 Belmont 294,260 25,464 27,264 Claremont 792,596 57,185 66,472 Concourse Village 1,692,741 93,308 99,527 Co-op City 2,566,129 4,100 69,752 Country Club 89,535 6,000 0 Crotona 1,514,804 59,228 44,596 Fordham Road 825,614 63,050 87,477 Highbridge 1,181,596 13,900 30,900 Hunts Point 260,890 1,800 11,739 Kingsbridge 1,278,470 108,814 135,286 Longwood 540,384 9,638 14,952 Melrose 740,799 79,100 133,700 Morris Park 760,814 17,367 3,803 Mott Haven 1,133,171 154,779 141,319 Norwood 583,747 41,170 46,420 Parkchester 464,880 6,302 5,363 Pelham Bay 463,832 19,290 34,989 Pelham Parkway 285,121 84,900 42,925 Riverdale 377,663 13,931 1,200 Soundview 2,055,912 23,083 158,553 Southern Boulevard 1,072,461 80,450 114,612 The Heights 1,213,136 55,050 85,700 The Hub 554,467 67,766 83,865 Throggs Neck 409,547 25,822 28,511 Tremont 1,746,275 393,192 243,411 Wakefield 1,712,335 107,798 134,136 Westchester Square 417,282 27,100 12,868 SUBMARKETS BY THE NUMBERS

3,000,000 450,000 Total Market Size (SF) Q1 Total Available SF Q2 Total Available SF 400,000 2,500,000 350,000

2,000,000 300,000

250,000 1,500,000 200,000

1,000,000 150,000

100,000 500,000 50,000

0 0

Allerton Belmont Crotona Melrose Riverdale The Hub Tremont Claremont Co-op City Longwood Norwood Wakefield HighbridgeHunts PointKingsbridge MorrisMott Park Haven ParkchesterPelham Bay Soundview The Heights Bedford Park Country Club Throggs Neck Fordham Road Pelham Parkway Concourse Village Southern Boulevard Westchester Square Baychester/Eastchester

All information contained herein is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. The content is provided without warranties of any kind, either express or implied. RM Friedland, LLC, its agents or employees shall not be held liable to anyone for any errors, omissions or inaccuracies under any circumstances. You and your advisors should conduct a careful, independent examination of the property to determine to your satisfaction the suitability of the property for your needs. SUBMARKETS BY THE NUMBERS

Submarket Q1 Asking Price PSF Q2 Asking Price PSF Q1 Availability Rate Q2 Availablity Rate Allerton $38.93 $34.33 4.62% 3.74% Baychester/Eastchester $39.22 $38.29 3.51% 4.40% Bedford Park $35.48 $36.30 10.71% 6.30% Belmont $45.68 $42.35 8.65% 9.27% Claremont $35.60 $33.52 7.21% 8.39% Concourse Village $39.88 $55.55 5.51% 5.88% Co-op City $36.78 $85.51 0.16% 2.72% Country Club $25.33 $0.00 6.70% 0.00% Crotona $44.31 $36.44 3.91% 2.94% Fordham Road $59.22 $97.07 7.64% 10.60% Highbridge $69.16 $75.96 1.18% 2.62% Hunts Point $33.33 $44.00 0.69% 4.50% Kingsbridge $64.44 $68.18 8.51% 10.58% Longwood $33.00 $28.67 1.78% 2.77% Melrose $38.75 $45.71 10.68% 18.05% Morris Park $38.76 $42.50 2.28% 0.50% Mott Haven $38.29 $36.49 13.66% 12.47% Norwood $50.18 $49.41 7.05% 7.95% Parkchester $70.64 $69.96 1.36% 1.15% Pelham Bay $29.80 $27.67 4.16% 7.54% Pelham Parkway $56.38 $67.38 29.78% 15.06% Riverdale $48.61 $19.00 3.69% 0.32% Soundview $51.02 $63.60 1.12% 7.71% Southern Boulevard $51.76 $43.43 7.50% 10.69% The Heights $42.93 $47.27 4.54% 7.06% The Hub $32.17 $30.76 12.22% 15.13% Throggs Neck $40.95 $35.75 6.31% 6.96% Tremont $42.47 $39.53 22.52% 13.94% Wakefield $32.99 $33.67 6.30% 7.83% Westchester Square $29.53 $28.47 6.49% 3.08%

*Asking rates are quoted on a gross basis. SUBMARKETS BY THE NUMBERS

$120.00 35.00% Q1 Asking Price PSF Q2 AskingPrice PSF Q1 Availability Rate Q2 Availablity Rate

30.00% $100.00

25.00% $80.00

20.00% $60.00 15.00%

$40.00 10.00%

$20.00 5.00%

$0.00 0.00%

Allerton Belmont Crotona Melrose Riverdale The Hub Tremont Claremont Co-op City Longwood Norwood Wakefield HighbridgeHunts PointKingsbridge Morris MottPark Haven ParkchesterPelham Bay Soundview The Heights Bedford Park Country Club Throggs Neck Fordham Road Pelham Parkway Concourse Village Southern Boulevard Westchester Square Baychester/Eastchester

All information contained herein is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. The content is provided without warranties of any kind, either express or implied. RM Friedland, LLC, its agents or employees shall not be held liable to anyone for any errors, omissions or inaccuracies under any circumstances. You and your advisors should conduct a careful, independent examination of the property to determine to your satisfaction the suitability of the property for your needs. For more information, please contact:

Selom Goka Eseosa Eke Research Manager Marketing Manager

rmfriedland.com • [email protected] • 914.968.8500