EFTA02686049

1372 Broadway New York, NY 10018 EFTA_R1_02010901 EFTA02686049 OVERVIEW • 572,000 square foot office building located on Broadway and 37th Street, in the heart of New York City. • Total building occupancy is 99.5% with long term leases in place. • The tenancy base consists of three investment grade tenants, Walmart, LI & Fung and Ross Stores. These tenants occupy 85% of the office space with leases extending through 2022. • The initial cash on cash return is in excess of 14%. • Average rent increases over the next five years are $652,000 per year, increasing the NOI to $19.5 million by 2016. Jets Sr 4th nn Line, n 'p4 rden ". Amtrak New York Penn Ilr'Stabr Si Purl Atfity Bus 111/4-1 'St L i iv, ISrSr New international York Times 4,2et6 Sr Mta 34th St Penn Stn 1. t. .11.4W1 I Q Macys ion New York s .1a -0 se .s.t : I IF er Fr 7n ossi, Conde Nast Building PAta Ernes Square 42nd St Mb 34th St Oath UM St 2 it,, 6164,41 it a ivsar "' St • v 46. tvls1/23.1 b5st 11'44t* Sr Nita gelid St Ihyantpark • .; • seri a, (eig•erylen na at of • 4 i)/j in I Pf • - St Lord & TWO( New York Public Library Zst Sr ° St ivt le° Sr -go Sr 'vIa ciSt 12' 0 as co, 2 F3 t hr:) No.teolt +0 klyertert EFTA_R1_02010902 EFTA02686050 TRANSACTION HIGHLIGHTS Purchase Price $325,000,000 Assumable 151 Mortgage (expiring 11/13) $235,000,000 Equity Required $90,000,000 Net Operating Income $16,250,000 Debt Service 1.25% over LIBOR (curr: 1.51%) $3,548,500 Cash Flow After Debt Service $12,701,500 Current Cash-On-Cash Return 14.11% EFTA_R1_02010903 EFTA02686051 1372 Broadway 2011 Budget Total For the Months 2011 Scheduled Base Rental Revenue 21,619,087 Expense Reimbursement Revenue Electric 1,899,000 Real Estate Taxes 1,123,022 OPEX 218,700 Total Reimbursement Revenue 3,240,722 Other Income 150,000 Effective Gross Revenue 25,009,809 Real Estate & BID Taxes 4,343,139 Electric 2,040,000 Repairs & Maintenance 680,000 Management Fee 490,192 Payroll 448,050 Insurance 350,000 Heat 180,000 Administrative 144,000 Water & Sewer 80,000 Total Operating Expenses 8,755,382 Net Operating Income 16,254,427 EFTA_R1_02010904 EFTA02686052 1372 - Rent Roll Occupied Area Exp. Annual Rent (1) Tenant Suite Walmart 2FL 46.103 (2) 7/17. 2.329,242 Walmart 3FL 37,201 10/21 1.413,168 Li & Fung 4FL 36.395 12/22 1.287.319 Li & Fung (Ann Taylor) 5FL 37.272 12/22 1,523.676 Li & Fung 6FL 37,157 12/22. 1.534,896 Sara Max Apparel Group 7FL 37,192 12/12 798,096 Ross Stores, Inc. 8FL 38,007 1/21 1,269,780 Ross Stores, Inc. 9FL 38.472 1/21 1,269.780 Ross Stores, Inc. 10FL 37,031 1/21. 1.269,780 Ross Stores, Inc. 11FL 14,634 1/21 436.644 Ross Stores, Inc. 11FL 22,397 1/21 827,244 Ross Stores. Inc 12FL 36.615 1/21 1,211.692 Li & Fung 13FL 15,065 12/22. 587,535 Li & Fung 14FL 13,623 12/22 531.297 IBEX 15FL 13,623 4/12 467.656 Ross Stores. Inc. 16FL 12,794 1/21 436.680 Ross Stores, Inc. 17FL 12,794 1/21 436,680 Knothe 18FL 11.985 9/13 363.588 Ann Taylor (Li & Fung) 19FL 11,985 12/22 467.415 Situation Marketing 20 & 21 13.862 1/16 640.877 TSI West 38th St. St-1 4,640 (2) 9/19 259.477 TSI West 38th St. BSMT 14.500 (2) 8/19 389.736 Liberty Shop St-2 523 5/19 55.080 Master Food Service St-3 800 7/22 * 78.975 Broadway Deli St-4 & 5 11,339 (2) 6/24 636.589 Starbucks St-6 1.924 (2) 7/11 147.669 GNC St-7 1.900 12/16 562,752 Menorah St-8 1,064 (2) 10/12 40.668 0-Dart St-9 3.229 (2) 6/16 84,858 Dave Javonne. Inc St-10 2,085 (2) 12/23 128.316 Vacant St-11 4.770 (2) (3) 119.250 Saba Collection Inc. St-12 1.830 9/13 56,523 572,811 21.662,937 (1) Rent includes real estate taxes and operating expenses. (2) Includes mezzanine and basement spaced allotted to tenant. (3) Lease out to Subway store operator. EFTA_R1_02010905 EFTA02686053 1372 Broadway- Stacking Plan Square Feet 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 4 2 Men Ground Bomt U & Fulp 33.5.5010, 12/514022 Ross $31.601,1141/2021 Procureniont Ross Procuniniont 432.00/0 14112021 1BFX Constructief. 537 70,/sf. 41144012 ti a Fung $35.5011.12414022 U 8 Fung $35.50/0. 12/314022 Ross Stores 540.501x1.1314021 Ross Procurornsat 534.60)x1.1414021 Ross Prceurem(mt $34.7010.1414921 Ross Procurernent $35.901.1.1114021 Ross Procurement 536.20)sr, 141/2821 Sam aas APPorot GrouP $25.6x.1.12/314012 Li 8 Fung 142 40/s1, 124112022 LIS tung (Subleased hors Ann Tey104 $40.6010.8430.2020 LI 8 Fung US SW0.12/31/2022 Walrnarl Stores $39.30nr. 1041/2021 Weimar, Stores $50.6x0,7114017 Weimar< Stores 650.60/0. 741)2017 Lot 11.061 illkana Ca. Woog Mep Wat MS tletnOzeszben usa mom e.a. 51.9 IS MW. 12,15 si «flow ~n Nol Sens Ibl.Wog1 M512 som sneu MO17111.0 Doeg ~we ~was Ce* 3.1.0~.444,24 Stams man: SteilVn 3.1rge Me) IA47d urmag 819.181183.13 Stel 4.440 sta•M•414e. 11.1.~. kling 14.4.0•1 TW~ 3~ UI 34kel entb2011 kW./ Rib" ga , MI 124.1 SWRgb• ._ Mag VROOM 2010 2011 2012 2017 2018 2019 2020- on 3,0161 1, 61,626 46,103 • 19,663 404,569 14 0. 0% 9% 2% 0% 3% Nota. Per square toot amounts ,ncludo base rents. real °state Ines and operating expenses 8% 0% 71% 2.510 11.352 11,986 11 985 12,794 12,794 13.823 13 623 15,065 36,615 37,031 37.031 39.472 34.001 37.192 37.157 37,272 34.395 37.201 37.303 SA00 4.557 22202 21.42.5 672,611 EFTA_R1_02010906 EFTA02686054