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EASTERN CONSOLIDATED VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW:

APRIL 2017 EASTERN CONSOLIDATED www.easternconsolidated.com VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN

OVERVIEW

Dear : Of the international investors, Chinese While asking rents for retail space on firms increased their acquisitions of major Manhattan corridors such as Fifth We are pleased to introduce the Manhattan properties to $6.5 billion in Avenue, , East 57th inaugural issue of View from the Street, 2016, up from $4.7 billion in 2015. The Street, West , and Times Eastern Consolidated’s research report most significant transactions included Square can reach up to $4,500 per on neighborhoods in core Manhattan, Life’s investment in 1285 Avenue square foot, our analysis shows that which will provide you with a snapshot of the Americas, which traded for there are dozens of blocks in prime of recent investment property sales, $1.65 billion in May 2016, and China neighborhoods where entrepreneurial average residential rents, and average Investment Corporation’s investment in retailers can and do retail space for retail rents. 1221 Avenue of the Americas, in which under $200 per square foot. partial interest traded for $1.03 billion in As is historically the case in Manhattan, December 2016. Our review of residential rents shows neighborhoods with significant office that asking rents for two-bedroom buildings such as Midtown West, Investor interest in cash-flowing multifamily apartments are ranging from a low of Midtown East, and Nomad/Flatiron properties remained steady throughout $3,727 on the Lower up to recorded the highest dollar volume 2016, with nearly 60 percent of these $9,370 in . in investment property sales in 2016. buildings selling for under $10 million. On Office assets were particularly attractive the other end of the spectrum, the largest We hope you find this report informative. to international investors whose total multifamily trades included Blackstone’s As always, please feel free to contact us investments in Manhattan declined $620 million acquisition of the eight for your investment sales, retail leasing, 37 percent to $17.58 billion in 2016 building, 894-unit Kips Bay Court at 462 and financing needs. compared to a peak of $27.9 billion Second Avenue in December 2016, and in 2015, yet still accounted for over GreenOak and Slate Property Group’s Regards, 40 percent of the total investments in $390 million acquisition of the 323 unit Manhattan commercial real estate for Rivertower at Sutton Place at 420 E 54th Peter Hauspurg the second consecutive year. Street in January 2016. Chairman and CEO

TABLE OF CONTENTS

Overview 3 Gramercy/Kips Bay/NoMad/Flation 18

Financial District/Tribeca/ 6 Midtown East 20

SoHo// 8 Midtown West 22

West Village/ 10 24

East Village 12 Upper 26

Chelsea 14 About Eastern Consolidated 28

Garment District 16

2 ­ View from the Street: March 2017 View from the Street: March 2017 3 VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN

2016 PROPERTY SALES BY NEIGHBORHOOD BUYER COMPOSITION OF MANHATTAN CRE ASSETS 2013-2016

JAN 1, 2016 - JUN 30, 2016 JUL 1, 2016 - DEC 31, 2016 TOTALS 2016 1ST HALF - 2ND HALF 2016 CROSS-BORDER INSTITUTIONAL REIT/LISTED PRIVATE USER/OTHER NEIGHBORHOOD PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME 2013 26.0% 28.0% 11.0% 28.0% 7.0% Chelsea 36 $821,087,543 31 $1,128,678,424 67 $1,949,765,967 -13.9% 37.5% 2014 21.0% 24.0% 13.0% 38.0% 4.0% Chinatown 8 $85,490,244 6 $69,056,445 14 $154,546,689 -25.0% -19.2% 2015 46.0% 21.0% 9.0% 22.0% 1.0% East Village 23 $300,291,400 27 $318,995,206 50 $619,286,606 17.4% 6.2% 2016 42.0% 28.0% 3.0% 24.0% 3.0% Financial District 19 $2,480,578,290 8 $1,075,158,415 27 $3,555,736,705 -57.9% -56.7% Garment District 14 $889,383,287 19 $828,592,512 33 $1,717,975,799 35.7% -6.8% CROSS-BORDER ANALYSIS

Gramercy 9 $249,831,540 8 $87,050,000 17 $336,881,540 -11.1% -65.2% 2013 2014 2015 2016 Greenwich Village 12 $375,015,250 16 $566,890,099 28 $941,905,349 33.3% 51.2% SOURCE VOL ($) PROPERTIES VOL ($) PROPERTIES VOL ($) PROPERTIES VOL ($) PROPERTIES Kips Bay 13 $345,000,769 7 $826,526,875 20 $1,171,527,644 -46.2% 139.6% Canada 2,768,000,000 6 1,281,975,539 7 8,348,623,145 10 1,301,446,720 8 Lower East Side 10 $206,900,000 12 $183,850,000 22 $390,750,000 20.0% -11.1% China 2,128,882,000 4 682,190,000 8 4,678,406,398 19 6,496,459,782 26 Midtown East 34 $5,134,526,813 37 $1,308,241,197 71 $6,442,768,010 8.8% -74.5% Qatar 261,500,000 1 240,000,000 1 4,426,448,870 8 579,175,625 2 Midtown West 33 $6,357,107,109 34 $4,580,116,651 67 $10,937,223,760 3.0% -28.0% Germany 130,000,000 2 529,550,000 5 846,349,800 6 2,313,412,318 9 Nolita 7 $191,950,000 6 $55,742,500 13 $247,692,500 -14.3% -71.0% Norway 866,768,508 3 1,114,191,477 1 2,191,999,592 12 0 0 Nomad/Flatiron 20 $892,565,053 17 $1,823,324,578 37 $2,715,889,631 -15.0% 104.3% Singapore 700,333,300 3 1,708,133,333 4 163,500,000 1 158,000,000 1 Soho 21 $1,277,846,026 14 $255,054,998 35 $1,532,901,024 -33.3% -80.0% UK 135,750,000 3 112,150,000 1 98,833,333 1 1,525,666,667 2 Tribeca 10 $1,997,611,164 9 $527,615,000 19 $2,525,226,164 -10.0% -73.6% UAE 0 0 1,303,333,333 1 1,400,682,626 5 0 0 Upper East Side 61 $1,236,337,628 61 $827,331,914 122 $2,063,669,542 0.0% -33.1% Japan 270,317,698 3 324,811,098 3 1,277,852,578 9 476,852,800 3 48 $807,020,606 32 $871,798,119 80 $1,678,818,725 -33.3% 8.0% Israel 792,196,083 8 138,000,000 2 200,475,000 3 685,000,000 2 25 $317,318,062 15 $154,106,750 40 $471,424,812 -40.0% -51.4% All Others 2,823,702,719 20 3,011,852,274 22 4,299,920,536 26 4,048,500,066 19 403 $23,965,860,784 359 $15,488,129,683 762 $39,453,990,467 -10.9% -35.4% $10,877,450,308 53 $10,446,187,054 55 $27,933,091,877 100 $17,584,513,977 72

2016 PROPERTY SALES BY ASSET CLASS MANHATTAN INVESTMENT PROPERTY SALES 2006-2016 METHODOLOGY

JAN 1, 2016 - JUN 30, 2016 JUL 1, 2016 - DEC 31, 2016 TOTALS 2016 1ST HALF - 2ND HALF 2016 $70,000,000,000 Information contained herein was obtained from PROPERTY TYPE PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME numerous sources, including the NYC Department of Office 49 $13,375,290,470 38 $5,219,389,412 87 $18,594,679,882 -22.4% -61.0% $60,000,000,000 Finance, ACRIS, CoStar, Property Shark, Real Capital Multifamily 137 $3,444,579,840 132 $3,300,054,036 269 $6,744,633,876 -3.6% -4.2% Analytics, StreetEasy, Agorafy, other publicly available $50,000,000,000 information, Eastern Consolidated proprietary data Hotel 23 $1,819,226,017 16 $1,954,626,500 39 $3,773,852,517 -30.4% 7.4% and other sources deemed reliable. Property sales $40,000,000,000 Development/Land 39 $1,818,806,783 31 $860,571,214 70 $2,679,377,997 -20.5% -52.6% reflect transactions $2.5 million and above. No Retail 53 $1,460,761,762 31 $548,202,395 84 $2,008,964,157 -41.5% -62.5% $30,000,000,000 representation is made by Eastern Consolidated as to the accuracy or completeness of the information Office Condo 14 $695,421,246 34 $2,412,690,043 48 $3,108,111,289 142.9% 246.9% $20,000,000,000 contained herein. 1-4 Family 70 $649,898,966 62 $614,165,880 132 $1,264,064,846 -11.4% -5.5% Specialty 13 $591,925,700 10 $467,244,601 23 $1,059,170,301 -23.1% -21.1% $10,000,000,000 Garage/Industrial 5 $143,700,000 5 $111,185,602 10 $254,885,602 0.0% -22.6% $ 403 $23,965,860,784 359 $15,488,129,683 762 $39,453,990,467 -10.9% -35.4% ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16

4 ­ View from the Street: March 2017 View from the Street: March 2017 5 EASTERN CONSOLIDATED www.easternconsolidated.com

FINANCIAL DISTRICT/TRIBECA/CHINATOWN TOP FINANCIAL DISTRICT/TRIBECA/CHINATOWN JUL. - DEC. 2016 SALES TRANSACTIONS

FINANCIAL DISTRICT | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 Dev/Land $69,900,000 45 BROAD ST (1) N/A N/A Retail 2 Hotel $203,345,000 133 GREENWICH ST 154,000 $1,320 Of ce Condo 3 Hotel $100,107,200 8 STONE ST (2) N/A N/A Specialty 4 Multifamily $239,114,603 63 WALL ST 420,000 $569 Hotel

5 Multifamily $182,391,612 67 WALL ST 303,173 $602 Of ce

6 Office $223,200,000 1 PLZ (1) N/A N/A Development/Land

7 Retail $6,000,000 20 W ST (3) 9,538 $629 Multifamily 8 Specialty $51,100,000 106 FULTON ST 74,863 $683 63 WALL ST I $239,114,603 133 GREENWICH | $203,345,000 88 LEONARD ST I $242,100,000 11-15 E I $27,500,000 Notes: TRIBECA | JUL. - DEC. 2016 SALES COMPS (1) Partial Interest (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF (3) Condo/Coop 9 Dev/Land $21,000,000 14 WHITE ST N/A N/A FINANCIAL DISTRICT TRIBECA CHINATOWN

(2) 10 Hotel $109,915,000 370 CANAL ST N/A N/A STREET RANGE STREET RANGE STREET RANGE

(2) 11 Multifamily $242,100,000 88 LEONARD ST N/A N/A $150-$325 Chambers Street $150-$250 East Broadway $75-$125 12 Multifamily $16,200,000 121 CHAMBERS ST 18,750 $864 Hanover Square $145-$200 Duane Street $100-$175 $100-350

13 Office $90,000,000 13 LAIGHT ST 82,500 $1,091 CANAL STREET $100-$450 $100-$200 Street $75-$125 14 Office $19,000,000 79 WALKER ST 21,582 $880 $96-$225 Franklin Street $91-$140 Mulberry Street $75-$150 GRAND ST 15 Office $15,150,000 73 HUDSON ST 12,281 $1,234 John Street $100-$160 Canal Street $175-$200

16 Office Condo $10,850,000 6 HARRISON ST 7,141 $1,519 MOTT ST Nassau Street $100-$220 Broadway $150-$250 (3) 17 Retail $3,400,000 42 HUDSON ST 2,354 $1,444 Broadway $200-$450 Church Street $155-$400 $125-$250 Hudson Street $99-$175 CHINATOWN | JUL. - DEC. 2016 SALES COMPS Greenwich Street $100-$250

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF ASKING RESIDENTIAL RENTS (MONTHLY) 18 Multifamily $8,275,000 45 MOTT ST (1) N/A N/A

19 Office $15,500,000 41 DIVISION ST 23,800 $651 STUDIO ONE-BEDROOM TWO-BEDROOM

20 Office $9,375,000 84 BOWERY 14,250 $658 FINANCIAL DISTRICT $2,944 $4,056 $6,039 21 Office Condo $4,306,445 77 BOWERY 3,232 $1,332 TRIBECA $4,614 $6,091 $9,370 22 Office Condo $4,100,000 77 BOWERY 3,230 $1,269 CHINATOWN $1,915 $2,409 $4,169 23 Retail $27,500,000 11-15 E BROADWAY (3) 16,000 $1,719

TOTAL SALES $1,671,829,860 Image Source (L-R): StreetEasy, New York YIMBY, Wikipedia, Maps

6 ­ View from the Street: March 2017 Financial District/Tribeca/Chinatown Financial District/Tribeca/Chinatown View from the Street: March 2017 7 EASTERN CONSOLIDATED www.easternconsolidated.com

SOHO/NOLITA/LOWER EAST SIDE TOP SOHO/NOLITA/LOWER EAST SIDE JUL. - DEC. 2016 SALES TRANSACTIONS

SOHO | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1 1-4 Family $22,049,998 30-50 SULLIVAN ST 13,800 $1,598 1-4 Family 2 1-4 Family $4,750,000 327 CANAL ST 3,469 $1,369 Retail 3 Dev/Land $28,000,000 419 BROADWAY N/A N/A Of ce Condo 4 Multifamily $21,055,000 59 THOMPSON ST 15,918 $1,323 Specialty 5 Multifamily $14,500,000 65 SPRING ST 7,690 $1,886 Hotel 6 Multifamily $12,100,000 40-42 GRAND ST 10,150 $1,192 7 Multifamily $10,250,000 41 KING ST 6,000 $1,708 Of ce 8 Multifamily $9,850,000 51 MACDOUGAL ST 5,100 $1,931 Development/Land

9 Multifamily $7,250,000 325 CANAL ST 6,592 $1,100 Multifamily 10 Multifamily $7,100,000 552 BROOME ST 8,470 $838 155 MERCER ST I $93,000,000 419 BROADWAY I $28,000,000 178 MULBERRY ST I $15,200,000 226 E BROADWAY | $47,500,000 11 Office Condo $10,000,000 121 VARICK ST 13,200 $758 12 Retail $93,000,000 155 MERCER ST 16,500 $5,636 Notes: 13 Retail $12,550,000 125 GREENE ST (3) 3,485 $3,601 ASKING RETAIL RENTS $ PER SQUARE FOOT 14 Retail $2,600,000 77 WOOSTER ST (3) 5,000 $520 (1) Partial Interest (2) Ground Lease SOHO NOLITA LOWER EAST SIDE (3) Condo/Coop NOLITA | JUL. - DEC. 2016 SALES COMPS STREET RANGE STREET RANGE STREET RANGE Canal Street $96-$200 $125-$250 Canal Street $84-$176 MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF $150-$174 Spring Street $180-$258 East Broadway $64-$131 Broome Street $125-$259 Prince Street $145-$449 Grand Street $75-$150 15 Garage/Industrial $11,000,000 368 BROOME ST (1) N/A N/A Spring Street $150-$1,365 $153-$250 $83-$250 16 Multifamily $15,200,000 178 MULBERRY ST 14,931 $1,018 Prince Street $134-$1,250 Mulberry Street $125-$230 $91-$180 17 Multifamily $8,742,500 49 PRINCE ST (1) N/A N/A West $104-$250 $125-$267 $75-$148 18 Multifamily $7,250,000 237 ELIZABETH ST 5,312 $1,365 Crosby Street $75-$400 Elizabeth Street $200-$281 East $220-$250 19 Multifamily $7,000,000 239 ELIZABETH ST 9,156 $765 Broadway $225-$800 Bowery $85-$250 20 Multifamily $6,550,000 139 MULBERRY ST 10,000 $655 Mercer Street $202-$350 $93-$103 Greene Street $200-$325 $99-118 LOWER EAST SIDE | JUL. - DEC. 2016 SALES COMPS Wooster Street $125-$400 $79-$250 HOUSTON STREET $105-$1,000 $66-$167 MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Thompson Street $70-257 Ludlow Street $110-$176 21 Dev/Land $47,500,000 226 E BROADWAY N/A N/A Avenue of the Americas $120-$150 $88-$110 CANAL STREET 22 Dev/Land $9,000,000 92 LUDLOW ST N/A N/A $93-$150 Norfolk Street $96-$153 23 Hotel $30,750,000 141 ORCHARD ST 39,072 $787 Hudson Street $90-$175 Suffolk Street $113-$142 24 Hotel $15,500,000 136 LUDLOW ST 13,000 $1,192 Clinton Street $60-$123 25 Multifamily $10,600,000 79 RIVINGTON ST 8,261 $1,283 26 Multifamily $9,800,000 125 RIVINGTON ST 11,825 $829 ASKING RESIDENTIAL RENTS (MONTHLY) 27 Multifamily $7,700,000 19 ELDRIDGE ST 22,800 $338 28 Multifamily $7,550,000 166 SUFFOLK ST 7,431 $1,016 29 Multifamily $5,250,000 15 ORCHARD ST 4,981 $1,054 STUDIO ONE-BEDROOM TWO-BEDROOM 30 Retail $25,250,000 180 ORCHARD ST (3) 10,419 $2,423 E BROADWAY SOHO $3,675 $4,806 $8,701 31 Retail $3,600,000 349 GRAND ST 3,826 $941 32 Specialty $11,350,000 49 ORCHARD ST 12,445 $912 NOLITA $2,670 $3,481 $5,301 LOWER EAST SIDE $2,832 $3,122 $3,727 TOTAL SALES $494,647,498 Image Source (L-R): PKSB Architects, , Apartments.com, Space4Architecture

8 ­ View from the Street: March 2017 SoHo/Nolita/Lower East Side SoHo/Nolita/Lower East Side View from the Street: March 2017 9 EASTERN CONSOLIDATED www.easternconsolidated.com

WEST VILLAGE/GREENWICH VILLAGE TOP WEST VILLAGE/GREENWICH VILLAGE JUL. - DEC. 2016 SALES TRANSACTIONS

WEST VILLAGE | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1 1-4 Family $27,500,000 278 W 11 ST 4,891 $5,623 1-4 Family 2 1-4 Family $14,000,000 184 WAVERLY PL 5,985 $2,339 Retail 3 1-4 Family $13,850,000 21 PERRY ST 3,274 $4,230 Of ce Condo 4 1-4 Family $9,000,000 81 CHARLES ST 4,160 $2,163 Specialty

5 1-4 Family $7,700,000 111 W 13 ST 3,281 $2,347 Hotel

6 1-4 Family $6,800,000 29 DOWNING ST 3,480 $1,954 Of ce 7 1-4 Family $4,900,000 41 BARROW ST 924 $5,303 Development/Land 8 Dev/Land $12,750,000 401 WEST ST N/A N/A Multifamily 9 Dev/Land $5,900,000 178 CHRISTOPHER ST N/A N/A 10 Multifamily $15,700,000 24 JANE ST 13,341 $1,177 278 W 11 ST I $27,500,000 24 JANE ST I $15,700,000 817 BROADWAY I $109,000,000 797 BROADWAY I $101,000,100 11 Multifamily $12,450,000 13-15 CHRISTOPHER ST 7,723 $1,612 Notes: 12 Retail $8,900,000 394 BLEECKER ST 2,334 $3,813 (1) Partial Interest ASKING RETAIL RENTS $ PER SQUARE FOOT 13 Retail $6,856,750 139 W 10 ST 4,225 $1,623 (2) Ground Lease 14 Retail $5,000,000 62 GREENWICH AVE 2,880 $1,736 (3) Condo/Coop 15 Retail $2,800,000 132 PERRY ST 2,223 $1,260 WEST VILLAGE GREENWICH VILLAGE STREET RANGE STREET RANGE GREENWICH VILLAGE | JUL. - DEC. 2016 SALES COMPS Avenue of the Americas $173-$325 E/W Houston $104-$250 $210-$222 $100-$325 7th Avenue South $110-$213 West $140-$224 MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF West 4th Street $237-$420 West 8th Street $145-$200 16 1-4 Family $26,000,000 27 E 11 ST 8,564 $3,036 Bleecker Street $172-$715 East 10th Street $90-$150 17 1-4 Family $22,000,000 36 W 10 ST 5,845 $3,764 Hudson Street $188-$240 E/W $105-$350 $128-$268 Thompson Street $141-$210 18 1-4 Family $20,650,000 116 WAVERLY PL 7,000 $2,950 W 14TH STREET West 13th Street $128-$188 Broadway $170-$350 19 1-4 Family $16,584,000 34 W 11 ST 4,488 $3,695 West 14th Street $102-$325 4th Avenue $152-$200 20 1-4 Family $12,500,000 88 MAC DOUGAL ST 3,556 $3,515 Bowery $175-$319 21 1-4 Family $9,999,999 168 THOMPSON ST 5,908 $1,693 22 Dev/Land $60,000,000 110 UNIVERSITY PL (2) N/A N/A 23 Multifamily $72,500,000 85 E 10 ST 65,000 $1,115 ASKING RESIDENTIAL RENTS (MONTHLY) 24 Multifamily $58,000,000 13 E 11 ST 56,000 $1,036 25 Multifamily $8,500,000 51 W 11 ST 8,628 $985 STUDIO ONE-BEDROOM TWO-BEDROOM 26 Office $109,000,000 817 BROADWAY 140,000 $779 WEST VILLAGE $3,044 $4,055 $7,229 27 Office $101,000,100 797 BROADWAY 138,267 $730 GREENWICH VILLAGE $2,997 $4,644 $6,796 (1) 28 Office $3,781,000 61 4 AVE N/A N/A THIRD AVE

29 Retail $9,300,000 62 3 AVE 5,003 $1,859 HOUSTON STREET 30 Retail $4,825,000 12 E 13 ST (3) 3,556 $1,357 31 Specialty $32,250,000 66 3 AVE 54,328 $594

TOTAL SALES $720,996,849 Image Source (L-R): Brown Harris Stevens, Google Maps, 817Broadway.com, Google Maps

10 ­ View from the Street: March 2017 West Village/Greenwich Village West Village/Greenwich from the Street: March 2017 11 EASTERN CONSOLIDATED www.easternconsolidated.com

EAST VILLAGE TOP EAST VILLAGE JUL. - DEC. 2016 SALES TRANSACTIONS

EAST VILLAGE | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 Dev/Land $11,500,000 3 E 3 ST N/A N/A Retail 2 Dev/Land $7,738,700 264 E 7 ST N/A N/A Of ce Condo

3 Dev/Land $6,000,000 123 2 AVE N/A N/A Specialty

4 Dev/Land $5,400,000 253 E 7 ST N/A N/A Hotel

5 Dev/Land $2,713,000 127 N/A N/A Of ce Development/Land 6 Multifamily $105,250,000 250 E HOUSTON ST 126,661 $831 Multifamily 7 Multifamily $28,000,000 254 E 2 ST 35,791 $782

8 Multifamily $16,232,000 629 E 5 ST 18,523 $876 Notes: 250 EAST HOUSTON ST | $105,250,000 254 EAST 2ND STREET I $28,000,000 9 Multifamily $12,326,000 58 ST MARKS PL 10,908 $1,130 (1) Partial Interest 10 Multifamily $10,350,000 532 E 5 ST 11,500 $900 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT (3) Condo/Coop 11 Multifamily $10,025,000 221 E 10 ST 10,475 $957 EAST VILLAGE 12 Multifamily $8,300,000 34 1/2 ST. MARKS PL 7,692 $1,079 STREET RANGE STREET RANGE 13 Multifamily $8,000,000 301 E 10 ST 6,375 $1,255 4th Avenue $152-$200 East 5th Street $110-$130 14 Multifamily $7,500,000 332 E 9 ST 9,546 $786 3rd Avenue $125-$140 East 6th Street $110-$130 15 Multifamily $7,000,000 350 E 13 ST 8,090 $865 Bowery $175-$319 East 7th Street $110-$130 16 Multifamily $6,400,000 94 ST MARKS PL 7,020 $912 2nd Avenue $125-$180 St Mark's Place $100-$240 17 Multifamily $6,300,000 197 E 3 ST 8,050 $783 $100-$192 East 9th Street $110-$130 18 Multifamily $6,200,000 35 E 7 ST 6,664 $930 $96-$260 East 10th Street $110-$130

THIRD AVE E 14TH STREET 19 Multifamily $5,750,000 11 E 7 ST 7,430 $774 $78-$148 East 11th Street $110-$130 $57-$103 East 14th Street $110-$250 20 Multifamily $5,381,394 31 E 1 ST 7,505 $717

21 Multifamily $5,000,000 251 E 10 ST 9,015 $555

22 Multifamily $3,936,272 154 E 7 ST 6,798 $579 ASKING RESIDENTIAL RENTS (MONTHLY)

23 Multifamily $3,300,000 624 E 9 ST 3,360 $982 STUDIO ONE-BEDROOM TWO-BEDROOM 24 Multifamily $3,192,840 210 AVENUE B 4,229 $755 EAST VILLAGE $2,804 $3,224 $4,175 25 Office $9,100,000 122 2 AVE 13,623 $668

26 Retail $3,700,000 115 AVENUE C 3,586 $1,032 HOUSTON STREET

27 Specialty $14,400,000 371 E 10 ST 21,507 $670

TOTAL SALES $318,995,206 Image Source (L-R): StreetEasy

12 ­ View from the Street: March 2017 East Village East Village View from the Street: March 2017 13 EASTERN CONSOLIDATED www.easternconsolidated.com

CHELSEA TOP CHELSEA JUL. - DEC. 2016 SALES TRANSACTIONS

CHELSEA | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 1-4 Family $13,000,000 451 W 24 ST 3,360 $3,869 Retail 2 1-4 Family $7,350,000 426 W 22 ST 3,441 $2,136 Of ce Condo 3 1-4 Family $7,250,000 349 W 22 ST 4,270 $1,698 Specialty 4 1-4 Family $5,950,000 459 W 24 ST 2,891 $2,058 Hotel 5 Dev/Land $60,000,000 140 W 28 ST N/A N/A Of ce Dev/Land $50,350,000 125 W 23 ST N/A N/A 6 Development/Land

7 Dev/Land $30,000,000 225 W 28 ST N/A N/A Multifamily 8 Dev/Land $17,200,000 827 AVENUE OF THE AMERICAS N/A N/A 9 Dev/Land $16,540,319 223 W 28 ST N/A N/A Notes: 371 SEVENTH AVE I $212,500,000 125 W 25TH ST I $150,000,000 152 W 26TH ST I $139,725,000 10 Dev/Land $16,000,000 500 W 25 ST N/A N/A (1) Partial Interest 11 Hotel $212,500,000 371 7 AVE 473,392 $449 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT 12 Hotel $139,725,000 152 W 26 ST 122,236 $1,143 (3) Condo/Coop 13 Hotel $65,000,000 119 W 28 ST 71,500 $909 CHELSEA 14 Multifamily $92,007,577 216-234 W 23 ST 170,750 $539 STREET RANGE STREET RANGE 15 Multifamily $29,400,000 222 W 21 ST 22,437 $1,310 $105-$300 West 20th Street $108-$140 16 Multifamily $11,575,000 209 W 20 ST 8,025 $1,442 Seventh Avenue $184-$420 West 22nd Street $75-$125 17 Multifamily $8,250,000 192 8 AVE 5,800 $1,422 W 30TH STREET Eighth Avenue $160-$238 West $123-$175 W 34TH STREET 18 Multifamily $6,750,000 303 W 18 ST 4,400 $1,534 $120-$612 West 25th Street $80-$120 19 Multifamily $4,060,000 161 8 AVE (1) N/A N/A $135-$500 West 27th Street $70-$120 20 Multifamily $3,485,000 148 W 15 ST 5,456 $639 14th Street $109-$300 West 29th Street $84-$100 West 19th Street $90-$175 West 30th Street $64-$100 21 Multifamily $3,325,000 211 W 21 ST (1) N/A N/A

22 Office $150,000,000 125 W 25 ST 138,000 $1,087 23 Office $68,260,528 119 W 24 ST (1,2) N/A N/A 24 Office $10,500,000 137 W 19 ST 11,250 $933 ASKING RESIDENTIAL RENTS (MONTHLY) 25 Office Condo $7,200,000 305 7 AVE 9,267 $777 26 Office Condo $7,100,000 305 7 AVE 9,267 $766 STUDIO ONE-BEDROOM TWO-BEDROOM 27 Retail $19,400,000 130-132 10 AVE 9,134 $2,124 CHELSEA $2,887 $4,176 $6,301

28 Retail $12,250,000 125 W 21 ST (3) 6,956 $1,761 SIXTH AVENUE

29 Retail $10,750,000 507 W 24 ST 7,200 $1,493 W 14TH STREET 30 Retail $5,100,000 515 W 23 ST 4,500 $1,133 31 Specialty $38,400,000 210 W 31 ST (1,2) N/A N/A

TOTAL SALES $1,128,678,424 Image Source (L-R): Affinia, New York YIMBY, CityRealty

14 ­ View from the Street: March 2017 Chelsea Chelsea View from the Street: March 2017 15 EASTERN CONSOLIDATED www.easternconsolidated.com

GARMENT DISTRICT TOP GARMENT DISTRICT JUL. - DEC. 2016 SALES TRANSACTIONS

GARMENT DISTRICT | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 Garage/Industrial $50,000,000 335 W 35 ST 73,106 $684 Retail 2 Hotel $167,100,000 312 W 37 ST 119,685 $1,396 Of ce Condo 3 Hotel $139,657,500 63 W 35 ST 122,859 $1,137 Specialty 4 Hotel $128,177,800 311 W 39 ST (2) N/A N/A Hotel 5 Multifamily $8,000,000 314 W 39 ST 6,750 $1,185 Of ce 6 Multifamily $8,000,000 316 W 39 ST 6,750 $1,185 Development/Land 7 Office $108,000,000 240 W 35 ST 165,550 $652 Multifamily 8 Office $54,000,000 53 W 36 ST 78,582 $687 9 Office $21,950,000 144 W 37 ST 14,752 $1,488 10 Office $15,350,000 40 W 38 ST 12,700 $1,209 Notes: 312 W 35TH ST I $167,100,000 6 W 35TH ST I $139,657,500 11 Office $8,000,000 19 W 38 ST 10,095 $792 (1) Partial Interest 12 Office Condo $48,213,200 420 5 AVE 69,304 $696 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT 13 Office Condo $25,510,857 24 W 40 ST 16,472 $1,549 (3) Condo/Coop 14 Office Condo $14,943,656 24 W 40 ST 9,814 $1,523 GARMENT DISTRICT 15 Office Condo $9,657,797 70 W 36 ST 10,571 $914 STREET RANGE STREET RANGE 16 Office Condo $6,806,414 24 W 40 ST 4,470 $1,523 Sixth Avenue $150-$350 West 34th Street $112-$1,100 17 Office Condo $6,395,288 131 W 35 ST 7,500 $853 Broadway $196-$600 West 36th Street $99-$125 18 Office Condo $5,730,000 15 W 34 ST 7,283 $787 Seventh Avenue $286-$650 West 37th Street $99-$125 19 Retail $3,100,000 502 9 AVE (3) 1,796 $1,726 Eighth Avenue $200-$257 West 38th Street $107-$135 Ninth Avenue $100-$250 TOTAL SALES $828,592,512

ASKING RESIDENTIAL RENTS (MONTHLY)

STUDIO ONE-BEDROOM TWO-BEDROOM W 40TH STREET

NINTH AVENUE GARMENT DISTRICT NA NA NA

W 34TH STREET

FIFTH AVENUE

Image Source (L-R): Affinia, Homewood Suites Hilton, Hilton Garden inn

16 ­ View from the Street: March 2017 Garment District Garment District View from the Street: March 2017 17 EASTERN CONSOLIDATED www.easternconsolidated.com

GRAMERCY/KIPS BAY/NOMAD/FLATION TOP GRAMERCY/KIPS BAY/NOMAD/FLATION JUL. - DEC. 2016 SALES TRANSACTIONS

GRAMERCY | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1 1-4 Family $18,800,000 238 E 15 ST 6,510 $2,888 1-4 Family 2 1-4 Family $7,350,000 236 E 19 ST 3,881 $1,894 Retail 3 Dev/Land $15,000,000 139 E 23 ST N/A N/A Of ce Condo 4 Multifamily $13,100,000 218-220 E 27 ST 19,250 $681 Specialty 5 Multifamily $11,800,000 153 E 26 ST 15,800 $747 Hotel 6 Multifamily $8,700,000 205 E 17 ST 7,436 $1,170 7 Multifamily $7,700,000 194 3 AVE 6,808 $1,131 Of ce 8 Multifamily $4,600,000 218 E 27 ST 19,250 $239 Development/Land

Multifamily KIPS BAY | JUL. - DEC. 2016 SALES COMPS 238 E 15TH ST I $18,800,000 462 2ND AVE I $620,000,000 11 MADISON AVE I $1,045,000,000 MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Notes: 9 1-4 Family $4,600,000 313 E 18 ST 2,880 $1,597 (1) Partial Interest 10 1-4 Family $3,900,000 340 E 19 ST 3,801 $1,026 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT 11 Dev/Land $9,100,000 140 LEXINGTON AVE N/A N/A (3) Condo/Coop 12 Dev/Land $7,726,875 132 E 29 ST N/A N/A GRAMERCY KIPS BAY NOMAD/FLATION 13 Multifamily $620,000,000 462 2 AVE 829,021 $748 STREET RANGE STREET RANGE STREET RANGE 14 Multifamily $7,200,000 497 3 AVE 8,511 $846 15 Specialty $174,000,000 407 1 AVE 143,471 $1,213 Union Square East $544-$550 $128-$248 Broadway $240-$350 South $200-$250 Second Avenue $80-$200 $137-$500

NOMAD/FLATION | JUL. - DEC. 2016 SALES COMPS E 34TH STREET Third Avenue $117-$134 West 14th Street $135-$165 Second Avenue $80-$111 West 19th Street $125-$300 MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF East 19th Street $89-$123 West 28th Street $115-$200 16 Dev/Land $12,000,000 275 5 AVE & 2 E 30 ST N/A N/A East 23rd Street $125-$213 West 30th Street $75-$125 17 Dev/Land $10,100,000 7 E 30 ST N/A N/A SIXTH AVENUE 18 Dev/Land $4,230,000 34 W 21 ST N/A N/A 19 Multifamily $6,625,000 52 W 21 ST 5,291 $1,252 20 Office $1,046,000,000 11 MADISON AVE (1) N/A N/A ASKING RESIDENTIAL RENTS (MONTHLY) 21 Office $565,000,000 1250 BROADWAY 769,996 $734 22 Office $26,500,000 30 E 23 ST 22,515 $1,177 23 Office $25,084,524 13 W 27 ST (1,2) N/A N/A STUDIO ONE-BEDROOM TWO-BEDROOM 24 Office $24,104,140 19 W 24 ST (1,2) N/A N/A GRAMERCY $2,786 $3,753 $4,995 25 Office $15,500,000 34 E 29 ST 14,806 $1,047 KIPS BAY $2,401 $3,226 $4,054 26 Office $14,500,000 130 MADISON AVE 15,312 $947 27 Office $14,500,000 130 MADISON AVE 15,300 $948 NOMAD/FLATIRON $3,419 $4,705 $8,647 28 Office $10,500,000 34 E 29 ST 14,806 $709 29 Office Condo $6,050,000 28 W 27 ST 6,040 $1,002 (1,2) 30 Retail $25,550,809 45 W 27 ST N/A N/A E 14TH STREET 31 Retail $13,495,362 636 6 AVE (1,3) N/A N/A 32 Retail $3,584,743 110 MADISON AVE (3) 1,850 $1,938

TOTAL SALES $2,736,901,453 Image Source (L-R): Compass, The Real Deal, Real Estate Weekly

18 ­ View from the Street: March 2017 Gramercy/Kips Bay/NoMad/Flation Gramercy/Kips Bay/NoMad/Flation View from the Street: March 2017 19 EASTERN CONSOLIDATED www.easternconsolidated.com

MIDTOWN EAST TOP MIDTOWN EAST JUL. - DEC. 2016 SALES TRANSACTIONS

MIDTOWN EAST | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 1-4 Family $7,100,000 344 E 51 ST 5,815 $1,221 2 1-4 Family $5,700,000 312 E 52 ST 4,500 $1,267 Retail 3 1-4 Family $5,600,000 111 E 39 ST 4,020 $1,393 Of ce Condo 4 1-4 Family $5,200,000 243 E 52 ST 3,242 $1,604 Specialty

5 Garage/Industrial $19,653,377 432 PARK AVE 10,390 $1,892 Hotel

6 Garage/Industrial $17,532,225 866 PLZ 41,482 $423 Of ce Multifamily $83,300,000 1044 1 AVE (1) N/A N/A 7 Development/Land 8 Multifamily $50,000,000 300 E 46 ST (2) N/A N/A Multifamily 9 Multifamily $27,500,000 114 E 40 ST 26,178 $1,051 10 Multifamily $13,500,000 21 E 37 ST 9,300 $1,452 11 Multifamily $7,600,000 107 E 37 ST 8,296 $916 Notes: 285 MADISON AVE I $334,069,000 275 MADISON AVE I $273,000,000 292 MADISON AVE I $180,000,000 12 Multifamily $7,463,000 121 E 37 ST 7,080 $1,054 13 Multifamily $7,250,000 244 E 46 ST 9,154 $792 (1) Partial Interest (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT Multifamily $6,052,000 151 E 38 ST 6,357 $952 14 (3) Condo/Coop 15 Multifamily $5,600,000 111 E 39 ST 4,018 $1,394 MIDTOWN EAST 16 Multifamily $5,500,000 973 2 AVE 4,640 $1,185 17 Multifamily $4,625,000 308 E 52 ST 3,953 $1,170 STREET RANGE STREET RANGE (1) 18 Office $334,069,000 285 MADISON AVE N/A N/A Fifth Avenue $375-$4,465 East 44th Street $100-$162 19 Office $273,000,000 275 MADISON AVE 336,000 $813 Madison Avenue $125-$1,543 East 45th Street $100-$126 20 Office $180,000,000 292 MADISON AVE 203,000 $887 E Park Avenue $275-$1,539 East 56th Street $125-$175 21 Office $62,750,000 145 E 57 ST 58,481 $1,073 $99-$450 East $95-$1,700 22 Office $44,000,000 160 E 56 ST 53,500 $822 Third Avenue $150-$325 East 58th Street $68-$241 23 Office Condo $12,400,000 866 UNITED NATIONS PLZ 13,939 $890 Second Avenue $129-$295 West 59th Street $100-$400 24 Office Condo $12,197,000 305 E 47 ST 15,247 $800 First Avenue $125-$146 West 59th Street $100-$400 25 Office Condo $9,347,125 633 3 AVE 10,105 $925 East $250-$325 26 Office Condo $9,000,000 866 UNITED NATIONS PLZ 7,031 $1,280 FIFTH AVENUE 27 Office Condo $8,160,000 866 UNITED NATIONS PLZ 6,222 $1,311 28 Office Condo $6,193,600 866 UNITED NATIONS PLZ 5,000 $1,239 29 Office Condo $4,875,150 866 UNITED NATIONS PLZ 4,643 $1,050 ASKING RESIDENTIAL RENTS (MONTHLY) 30 Office Condo $4,762,672 633 3 AVE 5,166 $922 31 Office Condo $3,807,022 866 UNITED NATIONS PLZ 2,047 $1,860 32 Office Condo $3,563,000 866 UNITED NATIONS PLZ 3,563 $1,000 STUDIO ONE-BEDROOM TWO-BEDROOM 33 Office Condo $3,098,251 866 UNITED NATIONS PLZ 2,379 $1,302 MIDTOWN EAST $2,392 $3,488 $5,298 34 Retail $25,500,000 301 E 50 ST (3) 8,124 $3,139 35 Retail $12,617,775 866 UNITED NATIONS PLZ (3) 10,842 $1,164 36 Retail $11,900,000 14 E 44 ST 11,550 $1,030 37 Retail $6,175,000 313 E 58 ST 5,300 $1,165 E 34TH STREET

TOTAL SALES $1,306,591,197 Image Source (L-R): RFR, Flickr, CityBizList

20 ­ View from the Street: March 2017 Midtown East Midtown East View from the Street: March 2017 21 EASTERN CONSOLIDATED www.easternconsolidated.com

MIDTOWN WEST TOP MIDTOWN WEST JUL. - DEC. 2016 SALES TRANSACTIONS

MIDTOWN WEST | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 1-4 Family $5,400,000 364 W 51 ST 9,730 $555 Retail 2 Dev/Land $124,700,000 510 W 34 ST N/A N/A Of ce Condo 3 Dev/Land $60,822,320 505 W 33 ST (2) N/A N/A Specialty 4 Hotel $302,849,000 160 S 231,501 $1,308 Hotel 5 Hotel $95,000,000 25 W 51 ST 167,833 $566 Of ce 6 Hotel $60,000,000 40 W 45 ST 58,935 $1,018 Development/Land 7 Hotel $40,000,000 508 W 42 ST (2) N/A N/A Multifamily 8 Multifamily $61,500,000 134 W 58 ST 61,815 $995 9 Multifamily $18,500,000 442 W 36 ST 20,345 $909

10 Multifamily $9,500,000 326 W 49 ST 9,695 $980 Notes: 1095 6TH AVE I $1,152,970,000 1221 AVENUE OF THE AMERICAS I $1,030,000,000 I $946,000,000 11 Multifamily $9,200,000 322 W 49 ST 9,545 $964 (1) Partial Interest 12 Multifamily $9,000,000 320 W 49 ST 9,545 $943 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT 13 Multifamily $8,800,000 324 W 49 ST 9,545 $922 (3) Condo/Coop 14 Multifamily $8,750,000 332 W 49 ST 9,695 $903 MIDTOWN WEST 15 Multifamily $8,250,000 318 W 49 ST 9,545 $864 16 Multifamily $8,250,000 330 W 49 ST 9,695 $851 STREET RANGE STREET RANGE 17 Multifamily $8,000,000 328 W 49 ST 9,695 $825 Sixth Avenue $125-$500 Ninth Avenue $135-$250 18 Multifamily $7,950,000 445 W 36 ST 8,214 $968 W 59TH STREET Broadway $90-$2,500 West 57th Street $125-$383 19 Multifamily $6,750,000 338 W 49 ST 9,695 $696 Seventh Avenue $450-$747 West 56th Street $298-$400 20 Multifamily $6,600,000 334 W 49 ST 9,695 $681 Eighth Avenue $250-$450 West 57th Street $100-$383 21 Multifamily $6,500,000 308 W 49 ST 10,500 $619 22 Multifamily $6,225,000 340 W 49 ST 9,696 $642 23 Multifamily $6,000,000 310 W 49 ST 10,500 $571 24 Multifamily $6,000,000 336 W 49 ST 9,695 $619 ASKING RESIDENTIAL RENTS (MONTHLY) 25 Office $1,030,000,000 1221 AVENUE OF THE AMERICAS (1) N/A N/A 26 Office $330,000,000 441 9 AVE 420,002 $786 STUDIO ONE-BEDROOM TWO-BEDROOM 27 Office $144,550,000 1619 BROADWAY (1) N/A N/A MIDTOWN WEST $2,667 $3,537 $4,788 28 Office $3,165,120 10 W 46 ST 4,032 $785 29 Office Condo $1,152,970,000 1095 AVENUE OF THE AMERICAS (1) N/A N/A 30 Office Condo $946,000,000 10 HUDSON YARDS (1) N/A N/A 31 Office Condo $4,484,000 50 W 47 ST 4,315 $1,039 FIFTH AVENUE 32 Office Condo $3,656,610 50 W 47 ST 2,353 $1,554 W 30TH STREET 33 Specialty $67,734,101 547 10 AVE 92,393 $733 W 34TH STREET 34 Specialty $13,010,500 151 W 48 ST 10,176 $1,279

TOTAL SALES $4,580,116,651 Image Source (L-R): Squarefoot, 1221AOA.com, KPF

22 ­ View from the Street: March 2017 Midtown West Midtown West View from the Street: March 2017 23 EASTERN CONSOLIDATED www.easternconsolidated.com

Garage/Industrial Notes: UPPER EAST SIDE 1-4 Family Retail (1) Partial Interest

Of ce Condo (2) Ground Lease (3) Condo/Coop UPPER EAST SIDE | JUL. - DEC. 2016 SALES COMPS Specialty Hotel

Of ce MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Development/Land 1 1-4 Family $20,400,000 49 E 68 ST 8,203 $2,487 45 Multifamily $6,000,000 230 E 81 ST 6,716 $893 Multifamily 2 1-4 Family $19,000,000 116 E 70 ST 6,480 $2,932 46 Multifamily $5,950,000 107 E 60 ST 5,360 $1,110 3 1-4 Family $15,000,000 1291 3 AVE 6,075 $2,469 47 Multifamily $5,828,969 528 E 85 ST 8,147 $715 4 1-4 Family $11,200,000 416 E 78 ST 6,005 $1,865 48 Multifamily $5,500,000 145 E 62 ST 5,335 $1,031 TOP UPPER EAST SIDE JUL. - DEC. 2016 SALES TRANSACTIONS 5 1-4 Family $10,600,000 5 E 93 ST 6,257 $1,694 49 Multifamily $5,400,000 234 E 95 ST 8,150 $663 6 1-4 Family $10,500,000 174 E 70 ST 3,911 $2,685 50 Office $28,000,000 57 E 64 ST 14,000 $2,000 7 1-4 Family $10,500,000 1141 PARK AVE 5,782 $1,816 51 Office $17,000,000 407 E 70 ST 16,755 $1,015 8 1-4 Family $9,975,000 159 E 87 ST 4,998 $1,996 52 Office Condo $34,194,956 205 E 92 ST 58,166 $588 9 1-4 Family $9,900,000 151 E 74 ST 4,609 $2,148 53 Office Condo $11,623,000 55 E 59 ST 12,342 $942 10 1-4 Family $8,950,000 49 E 82 ST 5,366 $1,668 54 Office Condo $7,244,000 55 E 59 ST 8,108 $893 11 1-4 Family $8,450,000 177 E 64 ST 3,685 $2,293 55 Office Condo $5,750,000 1061 PARK AVE 4,200 $1,369 12 1-4 Family $7,925,000 213 E 61 ST 4,277 $1,853 56 Office Condo $2,500,000 112 E 71 ST 838 $2,983 13 1-4 Family $7,675,000 360 E 69 ST 3,731 $2,057 57 Retail $49,996,956 1511 3 AVE (1) N/A N/A 14 1-4 Family $7,245,000 238 E 61 ST 3,815 $1,899 58 Retail $24,500,000 123 E 86 ST 7,018 $3,491 15 1-4 Family $7,100,000 167 E 79 ST 3,850 $1,844 59 Retail $5,500,000 1439 1 AVE (3) 3,000 $1,833 16 1-4 Family $6,895,000 58 E 92 ST 3,889 $1,773 60 Specialty $40,000,000 305 E 61 ST 65,886 $607 17 1-4 Family $6,787,500 127 E 94 ST 3,073 $2,209 61 Specialty $25,000,000 684 PARK AVE 15,000 $1,667 18 1-4 Family $6,500,000 142 E END AVE 3,508 $1,853 19 1-4 Family $6,175,000 418 E 84 ST 5,820 $1,061 TOTAL SALES $827,331,914 20 1-4 Family $6,075,000 239 E 78 ST 2,601 $2,336

21 1-4 Family $4,600,000 347 E 84 ST 3,297 $1,395 E 22 1-4 Family $4,200,000 123 E 92 ST 1,992 $2,108 23 Dev/Land $93,000,000 342 E 86 ST N/A N/A 24 Dev/Land $18,200,000 1495 3 AVE N/A N/A 25 Dev/Land $17,100,000 427 E 90 ST N/A N/A 342 E 86TH ST I $93,000,000 1511 3RD AVE I $49,996,956 305 E 61ST ST I $40,000,000 118 E 93RD ST I $38,500,000 26 Dev/Land $11,100,000 316 E 91 ST N/A N/A 27 Multifamily $38,500,000 118 E 93 ST 42,857 $898 28 Multifamily $22,795,500 1771 1 AVE 28,000 $814 ASKING RETAIL RENTS $ PER SQUARE FOOT ASKING RESIDENTIAL RENTS (MONTHLY) 29 Multifamily $11,850,000 225 E 82 ST 11,849 $1,000 30 Multifamily $11,657,443 309 E 75 ST 15,937 $731 UPPER EAST SIDE 31 Multifamily $11,000,000 206 E 81 ST 13,926 $790 FIFTH AVENUE 32 Multifamily $10,422,692 335 E 65 ST 13,254 $786 STREET RANGE STUDIO ONE-BEDROOM TWO-BEDROOM Multifamily $10,350,000 539 E 87 ST 8,749 $1,183 33 Madison Avenue $200-$1,543 UPPER EAST SIDE $2,286 $3,192 $5,080 34 Multifamily $9,300,000 306 E 78 ST 7,952 $1,170 Lexington Avenue $200-$700 35 Multifamily $8,551,836 351 E 82 ST 11,748 $728 Third Avenue $173-$517 36 Multifamily $8,500,000 218 E 74 ST 9,159 $928 37 Multifamily $8,500,000 223 E 74 ST 8,808 $965 Second Avenue $99-$272 38 Multifamily $8,250,000 341 E 65 ST 10,270 $803 First Avenue $72-$173 39 Multifamily $8,250,000 343 E 65 ST 10,270 $803 East 59th Street $125-$400 40 Multifamily $7,314,908 512 E 81 ST 9,629 $760 East 60th Street $95-$275 41 Multifamily $7,025,000 405 E 90 ST 8,870 $792 East 64th Street $149-$257 42 Multifamily $6,800,000 446 E 88 ST 8,965 $759 East 78th Street $90-$108 43 Multifamily $6,724,154 484 E 74 ST 8,403 $800 E 59TH ST 44 Multifamily $6,500,000 518 E 83 ST 8,120 $800 Image Source (L-R): Google Maps, Cushman & Wakefield, World Property Journal, New York Real Estate Journal

24 ­ View from the Street: March 2017 Upper East Side Upper East Side View from the Street: March 2017 25 EASTERN CONSOLIDATED www.easternconsolidated.com

UPPER WEST SIDE TOP UPPER WEST SIDE JUL. - DEC. 2016 SALES TRANSACTIONS

UPPER WEST SIDE | JUL. - DEC. 2016 SALES COMPS

MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 1-4 Family $12,500,000 33 W 71 ST 6,702 $1,865 Retail 2 1-4 Family $10,000,000 337 W 87 ST 5,952 $1,680 Of ce Condo 3 1-4 Family $9,500,000 118 W 87 ST 5,941 $1,599 Specialty 4 1-4 Family $9,400,000 153 W 82 ST 4,092 $2,297 Hotel 5 1-4 Family $8,000,000 21 W 89 ST 6,070 $1,318 Of ce 6 1-4 Family $7,250,000 327 W 101 ST 4,523 $1,603 Development/Land 7 1-4 Family $7,075,000 248 W 71 ST 4,934 $1,434 Multifamily 8 1-4 Family $7,029,383 131 W 95 ST 4,385 $1,603 9 1-4 Family $6,700,000 145 W 87 ST 3,300 $2,030 10 1-4 Family $5,350,000 134 MANHATTAN AVE 3,302 $1,620 Notes: 21 W 86TH ST I $172,500,000 305 WEST END AVE I $145,000,000 2201 BROADWAY I $111,178,736 2139 BROADWAY I $103,500,000 11 1-4 Family $5,125,000 47 W 95 ST 4,026 $1,273 (1) Partial Interest 12 1-4 Family $5,100,000 6 W 95 ST 4,126 $1,236 (2) Ground Lease ASKING RETAIL RENTS $ PER SQUARE FOOT (3) Condo/Coop 13 Garage/Industrial $13,000,000 721 AMSTERDAM AVE 38,322 $339 UPPER WEST SIDE 14 Hotel $145,000,000 305 W END AVE 184,244 $787

15 Multifamily $172,500,000 21 W 86 ST 141,498 $1,219 W 110TH ST STREET RANGE 16 Multifamily $111,178,736 2201 BROADWAY 146,225 $760 Columbus Avenue $120-$500 17 Multifamily $86,500,000 915 W END AVE 118,591 $729 Amsterdam Avenue $86-$372 18 Multifamily $25,800,000 50 MANHATTAN AVE 42,783 $603 Broadway $100-$420 19 Multifamily $22,200,000 208 W 96 ST 19,821 $1,120 West $112-$431 20 Multifamily $17,100,000 477 AMSTERDAM AVE 9,500 $1,800 21 Multifamily $17,000,000 354 W 110 ST 20,412 $833 22 Multifamily $9,145,000 40 W 87 ST 7,175 $1,275 ASKING RESIDENTIAL RENTS (MONTHLY) 23 Multifamily $9,145,000 42 W 87 ST 6,646 $1,376

24 Multifamily $8,825,000 940 COLUMBUS AVE 11,093 $796 STUDIO ONE-BEDROOM TWO-BEDROOM 25 Multifamily $7,500,000 955 AMSTERDAM AVE 11,110 $675 UPPER WEST SIDE $2,362 $3,122 $4,939 26 Multifamily $6,350,000 109 W 105 ST 8,760 $725 CENTRAL PARK WEST 27 Multifamily $5,400,000 317 W 71 ST 5,380 $1,004 28 Multifamily $5,275,000 407 AMSTERDAM AVE 8,125 $649 29 Multifamily $4,750,000 169 W 85 ST 5,635 $843 30 Multifamily $4,600,000 860 W END AVE 6,966 $660 31 Multifamily $4,000,000 325 W 100 ST 6,935 $577 32 Retail $103,500,000 2139 BROADWAY (3) 18,902 $5,476

TOTAL SALES $871,798,119 Image Source (L-R): Google Maps, Google Maps, Hayden Building Management Corp., StreetEasy

26 ­ View from the Street: March 2017 Upper West Side Upper West Side View from the Street: March 2017 27 EASTERN CONSOLIDATED www.easternconsolidated.com

SELECT EASTERN CONSOLIDATED TRANSACTIONS | 2016 SELECT EASTERN CONSOLIDATED TRANSACTIONS | 2016

$165,000,000 139 EAST 56TH STREET 305 WEST 48TH STREET $42,000,000 $37,410,000 $34,500,000 WASHINGTON HEIGHTS PORTFOLIO New York, New York New York, New York 61-63 CROSBY STREET 61-71 WYTHE AVENUE 273-275 WEST 11TH STREET New York, New York Development Development, Ground Lease New York, New York , New York New York, New York Mixed-Use 111,216 SF 59,177 Gross SF Mixed-Use Development Residential 487,700 Gross SF 20,630 Gross SF 33,321 Gross SF 13,900 Gross SF

$90,000,000 $86,000,000 $63,600,000 $26,000,000 $20,000,000 $16,500,000 13-17 LAIGHT STREET UPPER EAST SIDE/CLINTON HILL PORTFOLIO INWOOD MULTIFAMILY PORTFOLIO 262-272 MOTT STREET 124 WEST HOUSTON STREET 38 WEST 10TH STREET New York, New York Brooklyn & Manhattan, NY New York, New York New York, New York New York, New York New York, New York Mixed-Use Mixed Use Residential Retail Condominium Development Residential 80,000 Gross SF 127,393 Gross SF 313,938 Gross SF, 13 Buildings 10,444 Gross SF 13,150 Gross SF 8,200 Gross SF

28 ­ View from the Street: March 2017 Select Eastern Consolidated Transactions Select Eastern Consolidated Transactions View from the Street: March 2017 29 EASTERN CONSOLIDATED www.easternconsolidated.com EASTERN CONSOLIDATED

Powered by a highly skilled team of 100 BROKERS Investment Sales Services over 100 brokers with a fluency in Multifamily 15 languages, Eastern Consolidated Mixed-Use Properties is one of the country’s preeminent Portfolios 15 LANGUAGES Office Buildings full-service commercial real estate Retail Condos/Co-ops Development Sites firms. Through three core divisions— Air Rights Investment Sales, Capital Advisory, Hotels ALL 5 BOROUGHS Parking Garage Sales/Leasing and Retail Leasing—Eastern Consol- 1031 Exchange Opportunities idated serves an impressive roster of ALL ASSET CLASSES international and domestic institution- Retail Leasing Services al and private investors on real estate Tenant Advisory transactions of all sizes and across all Landlord Advisory National Chains property types. International Brands Emerging Brands Restaurants INVESTMENT SALES SERVICES Medical Fitness & Recreational Eastern’s Investment Sales Division represents an impressive array of Apparel ONE prominent real estate families, institutions, and private investors in transactions Educational that include multifamily buildings, portfolios, retail condos, development sites, hotels, and office towers in all five boroughs. Capital Advisory Services RETAIL LEASING SERVICES Bridge Financing We offer both Landlord and Tenant Advisory Services. With decades of Construction Financing CONSOLIDATED experience, our dynamic Retail Leasing team negotiates more than 100 retail Single-Tenant Financing leases each year in buildings owned and managed by some of the ’s most Permanent Financing prominent landlords. Commercial Lending CMBS CAPITAL ADVISORY SERVICES Mezzanine Financing & Preferred Equity Joint Venture Equity We offer access to unique sources of capital through our longstanding TEAM relationships with capital providers. These include regional and national commercial banks, foreign banks, agency lenders, institutional firms, insurance companies, domestic and international private equity funds, hedge funds, and high net worth individuals.

FOR MORE INFORMATION

212-499-7700 www.easternconsolidated.com Follow us on Twitter@EasternConsol

30 ­ View from the Street: March 2017 View from the Street: March 2017 31 INVESTMENT SALES RETAIL LEASING CAPITAL ADVISORY

F. 212.499.7718 355 LEXINGTON AVENUE O. 212.499.7700 WWW.EASTERNCONSOLIDATED.COM NEW YORK, NY 10017