1372 Broadway

1372 Broadway New York, NY 10018 EFTA01074147 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. it St Port Athty Bus hymnal cb Z1/44% Cb eh St 11, _ - St 4th nn Ines 4/.3%, in 2-ctst rden Na Amtrak Nam Yortt. Pinu. ion New York Scao, 413 4,tast CIT --."-- am • VW 34th St fr'cnn SW 1. 2 3 Linn rat Macy's tie New umernationai York Times Conde Nast Q Builchng Mta Tines Square 42nd St tvg St * se, e 6 st ro 2 'Nis i Jsr , St Mu 34th St v v Path 33rd St Q .sitist St sinst ••41,t, X46 tt st los), Mu 4ind St Bryant Park g C, Ave Stiehl Part : • • qiyint e?irk New York waK Library it scrost Lord & Taylor tbst lik.16.4.6 St bfristo.st 14'44 115 St 111413/test g, 201, Nay:4410 µnot+ EFTA01074148 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% EFTA01074149 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 EFTA01074150 1372 - Rent Roll Occupied Area 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 12122 1,523,676 LI & Fung 6FL 37,157 12122 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 1/21 438,644 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 12122 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 1/21 438,680 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 12122 467,415 Situation Marketing 20 & 21 13,862 1/16 640,877 TS! West 38th St. St-1 (2) 9/19 4.640 259,477 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 Dell 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-Den t 3,229 (2) 6/16 84.858 128.316 Dave Javonne, Inc St-10 2,085 (2) 12/23. Vacant St-1 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. EFTA01074151 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 2 Men Ground Bsmt 1372 Broadway- Stacking Plan Melt 4111” 6Wl Floor) WItuillee lima= tasting itst.mm, ininane LI S Fung 535.600.12.362022 KnOthe ApOeselGreSIP $31.10/418130/2013 Ross Prootrement $31.60111139(2021 Ross Prootrement 332.00fel If3It2021 IBEX Construction $37.70,20, 4114/2012 LI S flea $36.5010.12131/2022 LI S Fung $35.5041.12131F2022 Ross Stores $40.50.10.1/31/2021 Ross Procurement $34 6041. ¶31(2021 Ross Procurement 534.70'x1. tf31/202i Ross Procurement $3590x1. ¶31(2021 Rem Procurement 838.20.1s1. 1131.2021 Sara Max Ammo, Group $26.60‘1. 12131/2012 LI S Fung $42.40,1,1213112022 LI & Fung I SUbleaSed from Am Taylor) $10 604i. eiso(2ozo LI & Fung $36.8011, 12/3112022 Walmart Stores $39.30,1, 10/3112021 Walmart Store. $50.60/41. 83112017 Warted 81040 $50.00fst 7731)2017 Masi me„ 0, 0.A u«. I Mer $40•0044114n sm. anal 1344*, $191, MOO tan. line 510311030 Noon toostrevae »MOW Mott »»B.97611 Wiry Kan' Sal cent mom SIM !lost MOWN Ca $$40M19 0612 I St 4112 ISOM SabliCakresn 46001WitiOni SI II 4.440 TS. Mal Ma $U IPOW.1.16,10 .4.50:b. 1111Wolleak Sit 1.0(00,2019 6 000 Doryi{cals Po,. 2010 4 2012 2013 2018 2017 2018 2019 2020. 00 • 51,525 13,022 17,819 46,103 19,883 400,589 0% 0% 9% 054 0% 71% Square Feet 2.510 11.352 11035 11035 12.794 12.794 13.823 13023 15085 38015 37.031 37.031 38.472 38.007 37.192 37,117 37.272 38.395 37,201 37,303 8,800 &SST 22.262 21,485 572,811 Note: Per square foot amounts include base rents. real estate taxes and operating expenses. EFTA01074152