21 East 26th Street - CURRENT PLAN

21 East 26th Street - CURRENT PLAN Source Use Equity S 7.000.000 Real Estate S 13.230.000 Sr. Debt 15.600.000 PECOCI COSIS 9.694.152 Jr. Debi 344.152 Total $ 22,944,152 TOW 22.924.152 Sellout Whitebox (wkh 6% sales cost) Retail S 6.195.000 2 6.128.330 3 6.128.330 4 6.128.330 P11 9.916.530 Total S 34,496.520 1 EFTA01079732 21 East 26th Street - BUILD-OUT 2, 3, 4 (PH Build-out from Profits) Source Use Equity $ 7.CC0.000 Real Estate $ 13.230.000 Sr. Debt 15 (.4:0 CCO Project Costs 9.694.152 Jr. Debi 344.152 Total 22.944.152 Total 22.924.152 New Preferred Equity 5.494.000 Fill Sudden! Cost (2. 3. 4) 4612000 1 Yr. Interest Reserve 10r Sr. Debt 1.482.000 Total 5.494.000 Sellout the Retail, 2, 3, & 4 (with 6% sales cost) Retail 6.195.000 2 9A28200 3 9.428200 4 9.428200 Net sales 34.479.600 Sr. Debt (15.600.000) Jr. Debt (344.152) Preferred Equity 15.494.000) Sub Total 13.041.448 Interest on Preferred Equity (824.100) 2 Points to Preferred Equity 1109 880) New Tots 12.107.468 Cost 01 PH Build•0ut [2.038.750) Distributable Cash 10.068.718 Sale of PH 17.578.000 $220ippeesq ft (will, 6%94409000 Total Distributable Cash $ 27.646.718 2 EFTA01079733 21 East 26th Street Waterfall Distabulable Cash S 27.846.718 Equity Return (7801.000) WM of Iniostmonl pAn DistrIbutJon Sub Total Dislributable Cash 19.846.718 Entity Return (7525) S 9 875.000 I 1 Advance Slar Dstnbubon (25%) Equity A • 0 (75%) 2.468.750 $ 7.406.250 f CO% Prvestmccr p\is Ronarcbt dB aztedunan Sub Total of Final Distributable Cash 9.971.718 Advance Slat Dstnbuton S 9971 718 Total Advance Star Distribution S 12.440.488 EFTA01079734 Org Chart — 21 East 26th Street No individual owns more than 10% of Lofts 21 LLC through the Ryder 10% + Interests: Madison LLC Class B interest David Mitchell — 21.14% Individual Ryder Madison LLC — 14.29% David J. FT Real Investors Baiit K LLC — 12.86% Mitchell Estate, Inc. 100% New Valley LLC — 12.86% 70.0% 30.0% No individual owns more than 10% of Lofts 21 LLC through the Ryder V Madison, Baiit K, or New Valley Class A interests 4 AdvanceStar LLC (DE — Managing Member) 0% 358944v3 Ryder Madison LLC (NY — Class B Member) 0% Individual and Entity Investors (NY — Class A Members) 100% Lofts 21 LLC (NY) 4 MadisonPark Real Estate Company LLC (NY) 4 21 East 26th Street, New York, New York 4 EFTA01079735