Apthorp Garage Investment Offering

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254 West 79th Street / 390 West End Avenue Apthorp Garage | Investment Offering

Table of Contents

Section

The Offering 1

Property Description 2

Projected Operating Statement 3

Lease Abstract 4

Photographs 5

Appendix I 6

— 2 — Section 1 The Offering

— 3 — Apthorp Garage | Investment Offering

The Offering Arthorp Associates LLC is pleased to offer the Apthorp Garage (“Garage”), an exceptionally well-maintained, recently renovated income asset located in New York City. This offering represents an outstanding opportunity to acquire a prime parking structure in the heart of the vibrant Upper West Side of Manhattan.

Property Highlights

• Fee simple parking garage interest located in a premier landmarked building

• 100 licensed parking spaces with additional parking capacity

• Located in the heart of the affluent Upper West Side in a strong retail corridor

• Convenient vehicular ingress and egress via West 79th Street; one block from Broadway and two blocks from the West Side Highway entrance/exit ramp

• 24-hour valet parking access

• Monthly parking accounts for approximately 67% of the Garage’s revenue

• Underlying lease expires in four years with no extension options and opportunity exists to sell individual parking spaces upon expiration Apthorp Interior Courtyard • Garage ownership includes one seat on the Apthorp Condominium’s Board of Directors

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Apthorp Overview

The Apthorp Condominium is a New York City landmark condominium apartment building located on the Upper West Side in Manhattan, New York City. William Waldorf Astor hired architects Clinton & Russell to design the Italian Renaissance Revival building, which was built in 1908 and converted into a condominium in 2010. The Apthorp occupies the full city block between Broadway and West End Avenue and between West 78th and West 79th Streets, and the Garage is centrally located on West 79th Street between Broadway and West End Avenue.

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Garage Operations

There are two main areas of the garage, The Upper and Lower Garage. The Upper Garage consists of the upper parking area and adjacent cellar parking area located off the side of the ramp that allows access to the lower areas. The Upper Garage is divided into two areas. Area one (the upper parking area) measures 134 ft. by 96 ft., and area two (the cellar parking area) measures approximately 44 ft. by 59 ft. These areas are linked by a concrete ramp. The Lower Garage consists of the lower level parking area and the sub-cellar parking area and is divided into two areas. The lower level parking area measures 34 ft. by 96 ft. and the sub-cellar parking area measures approximately 44 ft. by 59 ft. These areas are linked by a concrete ramp.

Address 254 West 79th Street, New York, New York 10024

Size Contains three levels of approximately 31,426 square feet of parking

Parking Spaces 100 spaces licensed by the NYC Department of Consumers Affairs

Hours of Operation open 24-hours, valet service year round

Current Parking Rate $575.00 monthly reserved $14.36 per ½ hour starting rate; $44.01 daily maximum

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Lease Overview

Leaseholder BEW Parking Corp.(d/b/a Rapid Park)/Kevin Wolf

Guarantor[s] Raymond Wolf

Address 254 West 79th Street (aka 390 West End Avenue)

Lease Terms 04/01/1983 to 12/31/2017 (no extension rights)

Base Rent $388,200.00 annually ($32,350 monthly) plus real estate tax reimbursement

Future Charges 09/01/2014 Parking increase to $402,756 annually ($33,563 monthly) 09/01/2015 Parking increase to $417,864 annually ($34,822 monthly) 09/01/2016 Parking increase to $433,536 annually ($36,128 monthly)

Tenant Expenses Current real estate tax of $278,552 annually*

Tenant Obligations tenant is obligated to keep the Garage is good working order

Rentable square feet 31,426 SF

*When 390 West End Associates, LP and the Garage tenant, Raymond J.Wolf and Kevin R.Wolf first entered the lease, the building was a single tax lot and the City had a single real estate tax bill for the property as a whole.

A provision in the lease calls for reimbursement of real estate taxes by the tenant to the landlord. The real estate taxes were determined based on a prorated basis by proportionally allocated the real estate taxes based on the size of the garage versus the building as a whole. Based on this method of calculating the real estate taxes, the Garage tenant is responsible for $278,552.

In May 2010, the building became a condominium and the Garage received its own tax lot and its own real estate tax invoice from the NYC Department of Finance. The current real estate Garage Entrance tax for the Garage is $175,369 which is significantly less than the real estate tax due from the tenant to the landlord.

— 7 — Section 2 Property Description

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The Apthorp Condominium

Site Characteristics

Location The Apthorp Garage is a well-maintained, recently renovated parking garage located at 254 West 79th Street between West End Avenue and Broadway.

Pedestrian & Vehicular Access The Garage provides vehicular access with ingress/egress on West 79th Street.

Structure The Garage is located in the cellar and sub-cellar of the building. The floors and ceilings of the Garage are concrete slab, and walls are painted masonry brick. The building is a steel frame (post & beam with steel joists) construc- The Condominium Entrance tion. The building foundation is reinforced concrete spread footing resting Broadway Gate on bedrock, as is the case for similar buildings in Manhattan. The exterior walls at all four facades are hand laid brick with finished limestone from the 4th to the 12th floors and granite finish from the ground to the 3rd floors.

Sprinkler System The Garage is provided with a dry pipe sprinkler system and the water is supplied via four roof tanks. Each tank contains 1,500 gallons of fire reserve water, totaling 6,000 gallons available for use at any given time in case of fire, when the system is activated.

Utilities Gas and electricity are provided by Con Edison of New York, and water and sewage are provided by the Department of Enviromental Protection of the City of New York.

Tenant Access Apthorp residents have direct access to the Garage via elevators which provide service down to the cellar level. Additionally, there is access to the cellar level via a stairwell in the courtyard.

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Conversion & Sales

The Apthorp originated as a rental property when it was built in 1908. William Waldorf Astor hired architects Clinton & Russell to design the Italian Renaissance Revival building, which was completed in 1908 and was the largest residential building of its time. It maintained rental status until 2006, when the condominium conversion process began. The condominium was officially converted on May 14, 2010. Since 2007, the building has undergone significant capital improvements for necessary The Apthorp Original Brochure In 1908 base-building maintenance at a total cost exceeding $20 million dollars.

As it stands today, the project has solid financial backing, and the sales at the property have continued to excel, with the average renovated price per square foot approaching $2,200. Additionally, given the success of recent Apthorp condominium sales, as well as strength of the Upper West Side condominium market, several new developments are planned for the neighborhood, which is expected to increase the demand for parking spaces.

The Apthorp Condominium Iconic Interior Courtyard

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Planned and Proposed New Development Properties Upper West Side Second Quarter 2013

Address Name Developer Status Building Type Planned Units Est. Sales Start 182 West 82nd Street 182 West 82nd Street Naftali Group/Praedium Under Conversion Rental Conversion 11 4Q 2013 Group 40 Riverside Boulevard Riverside South Site K Extell Development/ Under Conversion New Construction 219 4Q 2013 Carlyle 498 West End Avenue 498 West End Avenue Samson Management Under Conversion Rental Conversion 45 4Q 2013 101 West 78th Street 101 West 78th Street Newcastle Realty Planned Rental Conversion 15 2014 Services 344 West 72nd Street The Chatsworth HFZ Capital Group Planned Rental Conversion 50 2014 175 West 95th Street 175 West 95th Street Starrett Corporation Under Conversion Rental Conversion 60 2014 360 Central Park West 360 Central Park West Argo Real Estate Planned Rental Conversion 50 2014 1 West End Avenue Riverside Center Site 5 Confidential (in contract) Planned New Construction 250 2015 210 West 77th Street 210 West 77th Street Naftali Group Planned New Construction 30 2015 235 West 75th Street The Astor HFZ Capital Group Planned Rental Conversion 70 2016 20 Riverside Boulevard Riverside Center Site 1 Extell Development/ Planned New Construction 344 2016 Carlyle 1 Freedom Place South Riverside Center Site 4 Extell Development/ Planned New Construction 171 2017 Carlyle 625 West 59th Street Riverside Center Site 3 Extell Development/ Planned New Construction 226 2018 Carlyle 15 West 96th Street 15 West 96th Street Sackman Enterprises Planned New Construction 10 TBD 210 West 91st Street 210 West 91st Street Bronfman Fisher RE Proposed New Construction 45 TBD Holdings 1,596

— 11 — Section 6 Appendix I

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Local Area Parking Garages Pricing Comparison

Hertz Corp Rapid Park Central Parking Systems Central Parking 200 West 79th Street 7 70 Riverside Drive 8 157 West 83rd Street 3 214 West 80th Street 9 (Between Broadway & Amsterdam) (Between 79th Street & Riverside) (Between Broadway & Amsterdam) (Between Broadway & Amsterdam) Spaces 95 Spaces 80 Spaces 182 Spaces 195 DAILY DAILY MON- FRI MON- FRI 1 Hour $13.00 Up to 1 hour $17.74 1 Hour $22.00 1 Hour $17.00 2 Hours $16.00 Up to 2 hours $27.03 2 Hours $25.10 2 Hours $20.00 12 Hours $24.00 Up to 3 Hours $34.64 10 Hours $37.00 10 Hours $28.00 24 Hours $38.00 Up to 10 hours $40.55 24 Hours $50.00 24 Hours $40.00 WEEKEND Up to 24 hours $46.46 Oversized Vehicles Additional $12.00 Oversized Vehicles Additional $10.00 1 hour $19.00 Thanksgiving $40.00 Monthly (Reserved) $951.00 WEEKEND Parade 2 Hours $23.00 Oversized Vehicles $15.00 Monthly $701.00 1 hour $18.00 (Unreserved) 24 Hours $38.00 Monthly (Cars) $887.00 2 Hours $20.00 Monthly (Cars) $533.00 10 Hours $28.00 24 Hours $40.00 Monthly $550.00 Monthly $100 extra (Oversized)

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Local Area Parking Garages Pricing Comparison continued

Carousel Parking Ultra Parking LLC/ Reliant Parking / Barmax Garage Group/ (Champion Parking) 2 ICON Parking Systems 12 ICON Parking Systems 10 Enterprise Parking Systems 1 201 West 75th Street 424 West End Avenue / 274 West 81st 225 West 83rd 203 West 77th Street (Between Broadway & Amsterdam) (Between West End Ave & Broadway) (Between Broadway & Amsterdam) (Between Broadway & Amsterdam) Spaces 278 Spaces 83 Spaces 107 Spaces 75 MON- FRI DAILY DAILY MON- FRI Up to 1/2 hour $23.00 Up to 1/2 Hour $12.00 Up to 1/2 Hour $10.00 Up to 1 hour $18.00 Up to 1 hour $33.00 Up to 1 Hour $23.00 Up to 1 Hour $22.00 Up to 2 hours $22.00 Up to 10 hours $37.00 Up to 2 Hours $29.00 Up to 2 Hours $26.00 Up to 3 Hours $28.00 Up to 24 hours $55.00 Up to 3 Hours $34.00 Up to 3 Hours $30.00 Up to 10 hours $35.00 WEEKEND Up to 24 Hours $52.00 Up to 24 Hours $52.00 Up to 24 hours $50.00 1 hour $32.00 Thanksgiving Day $45.00 Thanksgiving Day $45.00 WEEKEND Parade Parade 2 Hours $40.00 Oversized Vehicles Additional $15.00 Oversized Vehicles Additional $15.00 Up to 1 hour $28.00 4 Hours $46.00 Monthly $650.00 Monthly $750.00 Up to 2 hours $33.00 24 Hours $55.00 Up to 3 hours $38.00 NIGHT Up to 24 hours $50.00 1 Hour $33.00 Monthly (cars) $550 plus tax 2 Hours $39.00 Monthly Oversized $150 extra vehicles 24 Hours $55.00 SUV's / Oversized Vehicles Additional $10.00 Monthly $725.00

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NEIGHBORHOOD GARAGES

W 88th St

W 87th St

W 86th St

10 W 85th St

12 3W 84th St 8 W 83rd St

9 W 82nd St Broadway W 81st St

Riverside Dr 7 11 W 80th St West End Ave 4 1 W 79th St

6 W 78th St

Amsterdam Ave 2 W 77th St

W 76th St 5 Columbus Ave W 75th St

W 74th St Central Park W

W 73rd St

The Arthorp W 72nd St 1. Barmax Garage Group 7. Hertz Corp W 71st St 2. Carousel Parking 8. Rapid Park 3. Central Parking 9. Central Parking 4. Champion Parking 10. Reliant Parking — ICON Parking 5. Champion Parking 11. Standard Parking 6. Champion Parking 12. Ultra Parking LLC — ICON Parking

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