114 EAST 25TH ST

114 EAST 25TH ST 114 EAST 25TH STREET NEUEHOUSE & 24-EXTENDED STAY RESIDENCES CI OW TCHRI MOLDINGS LIK I July 16, 2014, Confidential I 601 Madison Avenue, Nay, York, NY 10065 I EFTA01071800 Summary - 114 East 25th St DomIptliwi Property rtarte Mit Tye" men!, Solana Gross Sq. Ft Gross Extaicked.Stay Par FR« Gross Ext.:TOW-Stay pure., rxtereled-ortno Unna my/Estero' RESULTS )(MR of Roamed 604tY Not Prole EOM), 114 cost 25th st Commerce/ now York. NY 49,383 3.354 13,416 Levered 37.42% 29,478.048 21,242.300 240v USES Fun: haft Price Cstonded-Stay Units Ilaso Oulding Costs Soft Coots (5%) Traniatbral E(2% Interest ReMerne Tetal Uses 36.500.000 3.354.000 4,938.300 600.000 1,400.000 2450.000 49.242.300 74.1% 6.0% 10.0% 1.2% 2.0% 5.0% 100.0% 739.12 25040 100.00 12.15 28.35 49.6I 403Ultr MOULtem Loan lem ev Total San« Malt 28407.000 27342,360 49 242 300 56.9% 43.1% 100.0% 567.01 430.15 OPillOonal Tr Inuestmont Tow Boains 8/1/14 8/1/16 5/1/16 INCOME OtvoIorno Anew( Rant %r/ps «outhouse: tower tart Neuehouse: Ist atp Roodhouse: 2nd, 7th-12th Floor Roodhouse>: Root Subhotal at Roodhouse txtencled-Stay: 3."0-0th Plao, IrnonthYeate) »reta Rote Wheal of Extended-Stor Moab" Groos Inmes EXPENSES 00entirq ENDteces U Extendc*-Stay UnILL 24 575 per unit er der Descripbon J fr. 5000 "too 70.00 50.00 10.070.00 10 PO Unt Per Day Daly Room Tons Over 496E Reokeemert unto Custom« Aquksition Operator* $u. tent of INtended•Mon Oenwhne !gnomes elandrent HMS TO Hetleheno 3 00%. Op. Expenses of tkincluel IP10 1!W ROI Expensas 45.00 10.00 £00 £00 MOO toPMSC MTICkfl NET OPERATING INCOME • FINANCING Arcuil(ten LeOn E9aty Total Framilati TOTAL COSTS Furthest Pre, Extended-Stay Units Dote 15vidlog Costs Solt Costs 5%) Taman:an Costs Total Costs PCP Mendel 15Pance Interest Reserve Interest Pins Payoff End% Balance SALE OF WILDING. Sal: of Balding (5 cap) Sag ckning Casts <294I r aM Return of [dude 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O 28,000.800 21.242.300 49,2.2300 O 99,525 0 773,100 O 1,643.460 O 167.700 1.683.785 0 0 2.860.000 -Zits 070 2.592.000 O 5.275.785 O -394.200 0 47.600 O 43.800 O 43.800 O 47.600 -657000 0 - 77.700 -643.979 0 0 •1.376.739 -2610% O 3.899.044 0 0 0 0 -36,500.000 4,354.000 -4,938.303 600,000 1,400.060 •46,792.300 -28.004000 -2A50.000 0 0 .2A50.000 0 0 -78 000800 0 0 0 0 0 0 •1,403,000 O .28.000.000 0 0 0 O 77.99).420 O 5,559,618 • 76.421.103 0 O -21.242.300 Total 99,525 773,100 1,643,460 367.700 2.683.785 2.890.000 -289.002 2.592.000 5.275.785 -394,200 47,600 43,800 -43,800 -87.600 -657 COQ -77.760 441.979 -26.10% 3,899.044 20.000.000 21 242.300 49.242.300 -36,500,000 -3,354.080 •1 400.000 .46.792.300 2 -2.450.000 •1,400,010 77,980.920 .1,559,618 =MS -21.242.300 29,678,048 ACQUISITION LOAN ASSU/oPTIONS loan Amount 00109 Dote I. Rote Woe U0 Period VO • Rate LTC Planning Percd Approval Pend Clunlout Pend ~HMI Pond 26.000,000 01.4.9•14 Dyed 21 500% months 3 months 12 months 12 months 56.9% 567.00 Commercial Lease 5/1/16 Sensitivity Tate* Vacancy Rato KIRR 1.1:6 Profit HMO. Cerrent 0.0% 4287% 35.432.064 2.67 x 9aleia rtote 2.5% 41.34% 33.994,160 2.60 x 100'h 5,0% 40.19% 32.555.456 2.53 x 7.5% 38.81% 31,116,752 2.46 x Toga moss 37.42% 29,678.048 240x 2.5% 12.5% 3549% 28,239,344 2.33 x 15,0% 3434% 26.803.640 2.26 x 17.5% 33.06% 25.363.936 2.19 x 200% 3155% 22.923,231 2,11 Net Profit Vacam Rate Ma Rectum Price %scam %tame Fnee CO 000 7.503.000 38.0 SOO 0.00% SA ,931,864 .432,964 32,3 64 2.50% 33,994,160 33,494,160 32,991,160 32,494,160 5.00% 32,555,456 32,055A56 31,555,456 31,055,456 7.50% 31,116,752 33,616,752 30,116,752 29,616,752 1000% 29,678448 29,178,040 28.6)8.048 28,178,048 12.50% 20,239,344 27.739,3% 27.239.344 26,739,344 15.00% 28,800.640 26.300640 25.800,640 25,300,640 17.50% 25,361,936 24,861,936 24,361,936 23,861,936 20.00% 23,923,232 23.423,232 22.923.232 22.423,232 Net Profit Wu"- Rate fve.) Rani C0313 of Extend Slay Orb Vacancy 14w6 Costs of Exterbal Stay Until 250 00 300.00 350.00 400.00 0.00% 35,432,864 34,762,064 34,091,264 33,420,464 2.50% 33,994,160 33,323,360 32,652,560 31,981,760 5,00% 32,555,456 31,084,656 31,213,056 30,543,056 7.50% 31,116,752 30,445,952 29.775,132 29,104,352 10.00% 39,678,0.8 29,007,248 28,336,448 27,665,648 12.50% 28,239.3.44 27,568,544 26,897,744 26,226,944 15.00% 26,800,640 26,129,840 25,459,040 24,788,240 17.50% 25,361,936 24,691,136 24,020,336 23,349,536 20 00% 23,923 732 23 257432 72 561.637 21 910122. C) MITCHELL NOti>MG5 LIC I July 16, 2014, Confidential I 801 Madison Avenue, Nam York NY 10065 EFTA01071801 Breakdown - 114 East 25th St Neuehouse Extended-Stay Neuehouse Floor Ceiling Height (to bottom of beam) Ceiling Height (to slab) Gross SF Basement - 10' 3" 3,981 Ground 18' 1" 20' 5,154 Mezzanine - 2nd Floor 10' 2" 11' 8' 3,354 3rd Floor 9' 1" 10' 8' 3,354 4th Floor 9' 1" 10' 8` 3,354 5th Floor 9' I" 10' 8` 3,354 6th Floor 9' 1" 10'13" 3,354 7th Floor 9' 1" 10' 8' 3,354 8th Floor 9' 1" 10' 8' 3,354 9th Floor 10' 8' 3,354 10th Floor 9' I" 10' 8' 3,354 11th Floor 9' 1" 10' 8' 3,354 12th Floor 9' 1" 11' 7' 3,354 Roof 9' 1" IV 7" 3,354 49.383 O MITCHELL HOLDINGS LLC I July 16, 2014, Confidential I 801 Madison Avenue, New York, NY 10065 EFTA01071802