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The Zarasai Group Ltd. דה זראסאי גרופ לטד החברה)" "(

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The Zarasai Group Ltd. דה זראסאי גרופ לטד החברה) The Zarasai Group Ltd. דה זראסאי גרופ לטד )" החברה"( הערכת שווי של נכס אשר זכויות החברה בו משועבדות לטובת מחזיקי אגרות החוב סדרה ד' של החברה: 323 West 96th St. .1 הערכות השווי של נכסים אשר זכויות החברה בהם משועבדות לטובת מחזיקי אגרות החוב סדרה ה' של החברה : 86-06 35 Avenue .1 3647 Broadway .2 3657 Broadway .3 143 Linden Boulevard .4 Joralemon .5 A PPRAISAL REPORT Mr. Joel Wiener 323 West 96th Street New York, New York 10025 A Part 11 And Part 15-Story Elevator Serviced Mixed-Use Building REQUESTED BY Joel Wiener c/o Zarasai Fund The Pinnacle Group One Penn Plaza, Suite 4000 New York, NY 10119 DATE OF VALUE As Is: December 31, 2020 PREPARED BY Michelle Zell, MAI Helen Peng, MAI Maren Lewis MRICS, AI-GRs 61-63 Crosby Street, Floor 3 New York, NY 10012 January 25, 2021 Mr. Joel Wiener c/o Zarasai Fund The Pinnacle Group One Penn Plaza, Suite 4000 New York, NY 10119 Re: Appraisal File No. JOB-2101119260 A Part 11 And Part 15-Story Elevator Serviced Mixed-Use Building 323 West 96th Street New York, New York 10025 Dear Mr. Wiener, In accordance with your request, we have completed an appraisal of 323 West 96th Street for the purpose of advancing an opinion of the As Is Fair Value of the leasehold and a partial (50%) leased fee in the subject. We have appraised the above referenced property, the conclusions of which are set forth in the attached appraisal report. This is an Appraisal Report that is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of USPAP and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. In addition, this appraisal has been prepared in compliance with IFRS 13 (International Financial Reporting Standards 13-fair value measurement). The depth of analysis discussed in this report is specific to the needs of the client and for the intended use stated in the report. The report is intended for use only by Zarasai Fund, its successors, assigns, and affiliates. The report is intended only for use in Zarasai Fund financial statements. The use by others is not intended by Bowery Valuation. We consent to the inclusion of the valuation in its entirety within the Zarasai Fund USA Limited financial statements to be published in the Tel Aviv Stock Exchange. The subject consists of a part 11-story and part 15-story, elevator-serviced multifamily building containing 173 residential units. The subject also contains approximately 600 square feet of ground floor office space. The building was constructed in 2003. Due to COVID and the declining market conditions, the subject has seen a shift from its historical low vacancy to a significant increase in vacant units. It is currently 72% occupied with 48 vacant, free market units. One unit is occupied rent free by the superintendent. In the 4th quarter of 2020, ownership began offering significantly below market rents to lease up vacant units. We are applying these low market rents to the vacant units in our analysis. The market rents we apply are significantly below the rent previously achieved pre-COVID. Thus, the subject will have substantial upside potential once the City recovers from the higher vacancy impact of COVID. The property contains 171,988± gross square feet above grade. Property amenities include a community laundry room, a gym, a playroom, and a community theatre room. The property is in good condition. It is located on the north side of West 96th Street between Riverside Drive and West End Avenue in the Upper West Side neighborhood of New York County, in the State of New York. The site contains a total land area of 0.402± acres / 17,500± square feet and is split zoned R8 Residential and R10 Residential within a C2-5 Commercial Overlay zone. It is identified on New York County Tax Maps as Block/Lot 1887 / 3. The highest and best use of the subject is continued mixed-use. This conclusion is based on its zoning, physical characteristics, location, and forecasted economic conditions. Mr. Wiener Page 2 March 30, 2021 Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformance with the Standards of Professional Practice and Code of Professional Ethics of the Appraisal Institute, the Uniform Standard of Professional Appraisal Practice (USPAP), and Title XI (with amendments) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and applicable state appraisal regulations. To report the assignment results, we use the Appraisal Report option of Standards Rule 2-2(a) of USPAP. After carefully considering all available information and factors affecting value, our opinion is as follows: Final Value Conclusion Value Interest Appraised Date of Value Conclusion Fair Value of Leasehold Interest Leasehold Interest December 31, 2020 $67,100,000 Fair Value of 50% Interest in Leased Fee Leased Fee Interest December 31, 2020 $34,800,000 The global outbreak of the “novel coronavirus,” which has resulted in the COVID-19 pandemic, is presently affecting the US population and economy. The extent and magnitude of the direct or indirect effects of this event on the national and local economy, or real estate markets is indeterminate and not quantifiable as market evidence is still limited. The reader is cautioned, and reminded that the conclusions presented in this appraisal report are based on information available as of the effective date(s) of valuation indicated. Although we have made reasonable efforts to estimate the impact, due to the uncertainty in real estate and financial markets it is difficult to fully assess the effect. The appraiser makes no representation as to the effect on the subject property of this event, or any event, subsequent to the effective date of the appraisal. The value conclusions are subject to the following Extraordinary Assumptions 1 that may affect the assignment results. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions. • None. The value conclusions are based on the following Hypothetical Conditions2 that may affect the assignment results. • None. 1 The definition of Extraordinary Assumptions can be found in the Glossary of Terms, which is located in the Addenda. 2 The definition of Hypothetical Conditions can be found in the Glossary of Terms, which is located in the Addenda. Mr. Wiener Page 2 March 30, 2021 The opinion of value expressed herein is subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. Sincerely, Michelle Zell, MAI Maren Lewis Senior Vice President Vice President NY Cert. No. 46-49921 [email protected] [email protected] (917) 748-5387 (917) 533-3141 Helen Peng, MAI, MRICS, AI-GRS Director NY Cert. No. 46-8916 [email protected] (646) 226-3013 Summary of Salient Facts & Conclusions The subject consists of a part 11-story and part 15-story, elevator-serviced multifamily building containing 173 residential units. It is currently 72% occupied with 48 vacant, free market units. One unit is occupied rent free by the superintendent. It contains 171,988± gross square feet above grade. Property amenities include a community laundry room, a gym, a playroom, and a community theatre room. The property is in good condition. Salient Facts Residential Units 173 Zoning split zoned R8 Residential and R10 Residential within a C2-5 Commercial Overlay Year Built 2003 Flood Hazard Zone Zone X Block/Lot 1887 / 3 Exposure Time 9-12 Months Site Area (sq. ft./ acres) 17,500± SF/ 0.402± Property Rights Appraised Leasehold and a partial acres (50%) Leased Fee GBA (sq. ft.) 171,988 Date of Inspection January 15, 2021 Date of Report March 30, 2021 Financial Indicators Financial Indicators Total Per SF-GBA Effective Gross Income $8,042,552 $47 Stabilized Residential Occupancy 95% Expense Ratio 46% Net Operating Income $4,325,286 $25 Capitalization Rate 3.00% Income Approach Leasehold Interest $67,100,000 $390 Income Approach 50% of Interest in Leased Fee $34,800,000 $202 Final Value Conclusions Value Interest Appraised Date of Value Conclusion Fair Value of Leasehold Interest Leasehold Interest December 31, 2020 $67,100,000 Fair Value of 50% Interest in Leased Fee Leased Fee Interest December 31, 2020 $34,800,000 The value conclusions are subject to the following Extraordinary Assumptions 3 that may affect the assignment results. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions. • None. The value conclusions are based on the following Hypothetical Conditions4 that may affect the assignment results. • None. The opinion of value expressed herein is subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. 3 The definition of Extraordinary Assumptions can be found in the Glossary of Terms, which is located in the Addenda. 4 The definition of Hypothetical Conditions can be found in the Glossary of Terms, which is located in the Addenda. Table of Contents Introduction........................................................................................................................................................................... 9 Purpose & Date of Value .................................................................................................................................................. 9 Identification
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