INVESTMENT OPPORTUNITY MANHATTAN WESTSIDE TWO PRIME RETAIL CONDOMINIUMS 126 WEST 23RD STREET | 209 WEST 79TH STREET Chelsea Upper West Side MORNINGSIDE HEIGHTS HARLEM EAST HARLEM SOUTH UPPER EXECUTIVE SUMMARY WEST YORKVILLE 1 CARNEGIE HILL SIDE 2 126 WEST 23RD STREET 209 West 79th Street UPPER EAST LINCOLN SIDE CENTER / 8 CHELSEA MARKET OVERVIEW CENTRAL PARK COLUMBUS MADISON AVENUE CIRCLE PLAZA DISTRICT 209 WEST 79TH STREET 9 WEST HELL'S MIDTOWN MIDTOWN EAST KITCHEN MIDTOWN FIFTH AVENUE WEST GRAND CENTRAL TIMES SQUARE MIDTOWN TIMES DISTRICT 16 UPPER WEST SIDE MARKET OVERVIEW SQUARE BRYANT HUDSON FASHION PARK YARDS DISTRICT DISTRICT HERALD SQUARE / 17 CONTACTS PENN STATION SOUTH KIPS BAY MIDTOWN MURRAY HILL MURRAY CHELSEA NOMAD 126 West 23rd Street GRAMERCY UNION DISTRICT SQUARE FLATIRON EAST WEST VILLAGE VILLAGE NOHO VILLAGE / GREENWICH LOWER HUDSON EAST SQUARESOHO SIDE BOWERY NOLITA TWO TRIBECA CITY BRIDGES HALL FINANCIAL DISTRICT BATTERY PARK CITY PARK BATTERY EXECUTIVE SUMMARY As exclusive marketing and sales agent, Newmark Knight Frank is pleased to present a package of two Manhattan retail condominiums located at 126 West 23rd Street, Chelsea and 209 West 79th Street, Upper West Side. 126 West 23rd Street 126 West 23rd Street (the "Property") is located on West 23rd Street between Sixth and Seventh Avenues in Chelsea. The single tenant retail condo, at the base of a newly constructed 29-unit luxury condominium, contains ±3,757 square feet of the Ground Floor area and is leased to Orangetheory Fitness, a global fitness franchise with 1,150 locations in the United States and another 150 locations around the world. The property has ±25 feet of frontage on the south side of West 23rd Street, ±12 foot ceiling heights and full-height window visibility. Orangetheory is in year 6 of a 10 year lease and has one 5-year extension option. The Property is situated in a C6-3X zoning district which permits retail and commercial use groups 5-12. 209 West 79th Street 209 West 79th Street (the "Property") is situated between Broadway and Amsterdam Avenues on the Upper West Side. The Property consists of a ±5,817 square foot retail space on the ground floor of a newly constructed 19-unit luxury boutique condominium building. The retail space is leased to children's fitness center My Gym, a global franchise with 600+ locations, and Recovery Physical Therapy, which has 8 locations in Manhattan and branches in Queens, New Jersey and Westchester. Both tenants are at the beginning of 10-year lease terms. The retail space has ±35 feet of frontage along the north side of West 79th Street. Additionally, there is a 680 square foot storage space in the cellar. The Property is located in an R10-A/C1-5 zoning district which permits retail and commercial use groups 5 and 6. Both properties present investors with the opportunity to acquire fully-leased retail assets with leases that are in-line with current market rates in both submarkets, strong tenancy with global franchises and lessee guarantees. Additionally, both condominiums are located within best-in- class luxury buildings constructed by one of Manhattan's preeminent developers. The condominium units may be purchased together as a package and are also available for purchase individually. 1 CONFIDENTIAL OFFERING MEMORANDUM 126 WEST 23RD STREET Fitness tenant Orangetheory (1,150 US locations), superb central location in Chelsea One block to the 23rd Street Station, F, M, PATH trains at Sixth Avenue and the 1 train at Seventh Avenue At the base of "Citizen" condominium, a 29-unit luxury condominium building Ground Floor Retail Space: ±3,757 SF 2 CONFIDENTIAL OFFERING MEMORANDUM EMPIRE STATE BUILDING (ATM) Lugo Young Street Blarney Stout Cucina Poke Rock NYC Feile WEST 33TH STREET WEST 33TH STREET Petit Foley’s Poulet CHELSEA MANHATTAN NEW YORK | N Y MALL 09.30.19 MADISON MANHATTAN SQUARE PENN WEST 32ND STREET STATION GARDEN Cafe R Woorijip WEST Ess-A-Bagel WEST 13TH – WEST 31ST STREET, SIXTH – NINTH AVENUE Henry WEST 31ST STREET WEST 31ST STREET E U BROADW N O’Reilly’s Pub E VENUE V A VENUE A VENUE A A H T A Y H DP Handmade G I Molly Wee Cigars NINTH SIXTH E WEST 30TH STREET SEVENTH WEST 30TH STREET Howard Supply Bravo Pizza Woodpecker by David Burke La Boutique Mustang Caked Up! Harry’s OCabanon Martinez Luna Coffee Restaurant Cigars Shop WEST 29TH STREET WEST 29TH STREET WEST 29TH STREET Canaan Sushi 2 Beans WEST 28TH STREET WEST 28TH STREET WEST 28TH STREET R W Chahine WANT Sportswear Apothecary CHELSEA PARK FASHION INSTITUTE PROPERTY DETAILS OF TECHNOLOGY Oscar Wilde Cardoncello Address 126 West 23rd Street WEST 27TH STREET WEST 27TH STREET Hee Korean BBQ KarVér Block/Lot 798/1701 FASHION INSTITUTE Unit #C1 OF TECHNOLOGY Maui Onion South Block between Sixth and Black Door DNTL Poke Bar Bazar WEST 26TH STREET WEST 26TH STREET WEST 26TH STREET WEST 26TH STREET Location E SeventhU Avenues La Pecora Bianca N E VENUE V The Chelsea Bell VENUE A VENUE Frontage ±25A FT A A H Ju-Men Ramen T Citizens of Chelsea H G I Chelsea Fine Food SIXTH NINTH Space E WEST 25TH STREET WEST 25TH STREET SEVENTH WEST 25TH STREET WEST 25TH STREET Ground Floor 3,757Le BonSF Nail + Spa Maman Choithrams Towne House Grooming & Pet Supplies Wine+Liquor Brooklyn Bagel & Coffee Company Ceiling Heights 12 FT, 10 IN Pilar Beauty Paws The Flat Grand Sichuan Common Interest Commercial Unit 100.00% One Star In Chelsea Junoon WEST 24TH STREET WEST 24TH STREET WEST 24TH STREET WEST 24TH STREET Zoning District C6-3X CVS Barcade Duggal pharmacy Gallery Applicable Permitted Use Groups 5, 6, 7, 8, 9, 10, 11, 12 126 West 23rd Street Annual Common Charges $13,520 Poster Utilities SVA Theatre $13,380 House WEST 23RD STREET WEST 23RD STREET WEST 23RD STREET WEST 23RD STREET Real Estate Taxes $62,300 Rail Line Diner Chelsea Square Avalon Memo Shish Kebab Bakery Garber Hardware NetaRoqa Operating Income $386,948 Jake's Saloon NYC (ATM) Chengdu Street Kitchen Asking Price $7,700,000(ATM) QQ Nails + Spa Chelsea Fitness $PSF Chelsea Florist$2,050 WEST 22ND STREET WEST 22ND STREET WEST 22ND STREET E U N E Lovely Nails + Spa VENUE V A VENUE Rooq A VENUE Fonda A Chelsea Exclusive A H Blossom T H Bakery Bloomie Nails G Trader Joe’s Le Grainne Cafe Art Lovers Café I Tilebar Test Kitchen NINTH SIXTH E WEST 21ST STREET WEST 21ST STREET WEST 21ST STREET SEVENTH WEST 21ST STREET Creamline Bar Veloce Wine on Nine Sushi 21 Charms La Bergamote Adam’s Market Place Temerario Tequila Bar Spa Belles Brrrn WEST 20TH STREET WEST 20TH STREET WEST 20TH STREET Merci Market COMING SOON Chuck & Blade Michael Gabriel Peter McManus Cafe WEST 19TH STREET WEST 19TH STREET WEST 19TH3 STREET Gotham Pizza CONFIDENTIAL OFFERING MEMORANDUM Maison 140 Cooper's Craft & Kitchen 18th Room Kyma WEST 18TH STREET WEST 18TH STREET WEST 18TH STREET Scampi Co Ba WEST 17TH STREET WEST 17TH STREET WEST 17TH STREET Catch Steak Shape House MARITIME HOTEL DREAM Hollywood Diner HOTEL PHD WEST 16TH STREET WEST 16TH STREET WEST 16TH STREET CHELSEA MARKET E J's Pizza U N Pad Thai E Noodle Lounge VENUE VENUE V Lucky Wang VENUE A A A A Mardana For Men Corkbuzz H T Giovanni Rana Pastificio & Cucina H G Valley Nails SIXTH NINTH I E WEST 15TH STREET WEST 15TH STREET SEVENTH WEST 15TH STREET Gourmet Deli & Pizza Shorty Tang Noodles Old Homestead Steakhouse Black Square Gansevoort The KGB La Maison Offside Pizza Market Spy Museum De Makoto Tavern WEST 14TH STREET WEST 14TH STREET WEST 14TH STREET Lilla P Istanbul Rocky's Wood and The Sushi La Grill Ales Bar Sequoia Para 88 Carbonara Mikado Bistro Intersect Crispo by Lexus Restaurant Rags-A-GoGo Tiziano Zorzan Soho House Café Water Kobrick Soapology Umami Shoppu Coffee Caserta Eye Valbella STREET HUDSON Village Pizza WEST 13TH STREET WEST 13TH STREET WEST 13TH STREET Doyle The Chester Coarse & Doyle Kore Azaleas A Salt and Battery The Ink Pad Bar Six COMING SOON Wonderland T STREET Tea & Sympathy Beauty Parlor Tibetan Murray's Bagels Darling Handcrafts Odin Time Pieces Downtown Stationers Inc. La Belle Epoque GANSEVOOCORPORALR JOHN Unlimited Jeans Sugar Little West Village Den Factory Wine & Spirits A. SERAVALLI CraftAtlantic Johnny's Bar PLAYGROUND Restaurant WEST 12TH STREET Art Bar WEST 12TH STREET WEST 12TH STREET Jason Scott NGKF.COM Terms of sale or lease and availability are subject to change or withdrawal without notice. FINANCIALS Rent Roll Unit Tenant Rentable Square Feet Rent/PSF Annual Base Rent Monthly Base Rent LXP Ground Floor Orangetheory Fitness 3,757 SF $119 $446,324 $37,194 12/31/2024 Total/Blended - 3,757 SF $119 $446,324 $37,194 - Income & Expenses Real Estate Tax Reimbursement Calculation Base Rental Income $451,903 RE Tax Base Year 2014/2015 (7-1-2020 to 6-30-2021) Base Year Amount $38,055 RE Tax Reimbursements $24,245 (Current) Current Tax Year 2019/2020 Total Income $476,148 Current RE Taxes $62,300 Increase $24,245 Expenses $PSF Proportionate Share 100% RE Taxes $62,300 $16.58 Reimbursement Amount (Annual) $24,245 Common Charges $13,520 $3.60 Reimbursement Amount (Monthly) $2,020 Utilities (2019) $13,380 $3.56 Total Expenses $89,199.61 $23.74 Net Operating Income $386,948 4 CONFIDENTIAL OFFERING MEMORANDUM RENT SCHEDULE BASE TERM 126 WEST YEAR BEGIN END MONTHLY RENT ANNUAL RENT % INCREASE $PSF GROUND $PSF BLENDED 23RD STREET 1 1/1/15 12/31/15 $30,040 $394,485 - $105 $106 2 1/1/16 12/31/16 $33,696 $404,347 2.0% $108 $108 FLOOR AREA RETAIL 3 1/1/17 12/31/17 $34,538 $414,456 2.5% $110 $110 Ground Floor 3,757 SF 4 1/1/18 12/31/18 $35,401 $424,817 2.5% $113 $113 5 1/1/19 12/31/19 $36,287 $435,438 2.5% $116 $116 UNIT 6 1/1/20 12/31/20