77 Commercial Street. Waterfront Development Site. Seller Financing Available. Greenpoint, Brooklyn. New York 11222

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1 Waterfront Development Site 77 Commercial Street Seller Financing Available Greenpoint, Brooklyn New York Madison Avenue Third Floor New York, NY Fax

2 For further information or inspection, please contact Exclusive Agents: Robert Knakal Chairman x7777 mark l. lively Vice President of Sales x6524 Jonathan Hageman Sales Team Manager x7773 brendan maddigan Director of Sales elysa berlin Associate Director of Sales x7764

3 This is a confidential brochure intended solely for your limiteduse and benefit in determining whether you desire to express any further interest in the purchase of 77 Commercial Street, Greenpoint, Brooklyn NY (the Property ). This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, aresubject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All information contained in this brochure including, but not limited to, square footage measurements, zoning and/or zoning calculations must be independently verified. Massey Knakal and Owner make no representations as to the accuracy of the information contained herein. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any person or entity at anytime with or without notice. Owner shall have no legal commitment or obligation to any person or entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treatit in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other person or entity without the prior written authorization of Owner nor will you use this brochure orany of its contents in any fashion or manner detrimental to theinterest of Owner or Massey Knakal. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the constructionor operation of buildings or may be present as a result of previousactivities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where thesesubstances are or may be present. While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify property condition. In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expectedto review independently all relevant documents. The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure. confidentiality & conditions

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5 executive summary... 1 the opportunity / development potential 1 property information 1 location 2 recent neighborhood developments 3 zoning information... 4 property photos market study overall market Analysis 18 condominium market summary 19 rental report 20 TABLE OF CONTENTS greenpoint development information 21 neighborhood description greenpoint, brooklyn 27 greenpoint history 28 aerial map 29 street map 30 subway map / bus map 31

6 EXECUTIVE SUMMARY

7 the opportunity INTRODUCTION The subject is situated on the north side of Commercial Street between Manhattan Avenue and Franklin Street in the Greenpoint section of Brooklyn, New York. Greenpoint Brooklyn is a neighborhood that is currently undergoing a local renaissance. This renaissance is mainly due to the 2005 zoning change which now allows for residential development along the waterfront. In the midst of this rezoning lies the subject property, a potential 271, ,250 SF residential waterfront development site. In addition, the property has over 230 of frontage along the water, unobstructed views of midtown Manhattan, and is located just one stop on the 7 train from Grand Central Station. development potential The site is currently zoned R6/C2-4 which has an as-of-right residential FAR of 2.43 and a commercial FAR of 2.0. An increase of.32 in the residential FAR to 2.75 can be achieved if a certain amount of affordable housing is included in the development. Specifically, in order to earn the bonus either 7.5% of the total floor area must be dedicated to low-income housing or 10% of the total floor area may be split between 5% low income housing and 5% moderate income housing. Therefore, the site has an as-of-right buildable square footage range of approximately 271, ,250 square feet. In addition, approximately 311,087 SF of air-rights could be available from the adjacent parcel (Lot 425) which the City of NY will be converting into a public park giving the site a potential buildable square footage of approximately 618,339 square feet. The site is eligible to receive a 25-year 421-A tax exemption if 20% of the total floor area is dedicated to low income housing. Location: The north side of Commercial Street between Manhattan Avenue and Franklin Street. Block / Lot: 2472 / 410 Lot Dimensions: x 490 (Slightly Irreg.) (Approx.) lot area: 111,728 SF (Approx.) Stories: 2 Gross existing SF: 95,000 SF (Approx.) ZONING: R6/C2-4 Overlay RESIDENTIAL FAR: * COMMERCIAL FAR: 2.0 TOTAL BUILDABLE SF: 271, ,252 SF Assessment (11/12): $1,725,450 current Taxes (11/12): $178,238 *2.43 is as-of-right FAR and 2.75 with affordable housing development being 7.5% of total BSF. All zoning calculations must be independently verified. current occupancy The building is partially occupied by one tenant who is a distributor of plastic bags. The tenant currently leases approximately 41,000 SF within the building plus an additional +/-28,000 SF which consists of outdoor yard area (10,000 SF) and a loading dock facility (18,000 SF). Under the lease agreement the tenant pays a monthly rent of $35, ($420, annually) plus a portion of the real estate taxes and all utility usage. The lease term is currently until January 31st, 2014 but the owner has chosen to exercise their early termination right. The tenant was notified in October 2011 that the landlord has elected to terminate their lease as of April 30th, executive summary 1

8 location Property is a short walk to India Street where the Greenpoint Avenue G train subway station is located. There are many transfers available off of the G train that will bring you virtually anywhere in the five boroughs. The Vernon Boulevard 7 train station is also located directly across the Pulaski Bridge providing immediate access to Manhattan. The area is also serviced by the MTA buses B43 and B62. By car, there is easy access to Manhattan via the Williamsburg and Queensboro Bridge. The Williamsburg Bridge connects downtown Manhattan to Brooklyn by ways of the Brooklyn- Queens Expressway (BQE) which is accessible a few blocks away. The BQE leads throughout Brooklyn and Queens and to most major thoroughfares such as the Long Island Expressway, Grand Central Parkway, Prospect Expressway, and the Belt Parkway. The three major metropolitan airports, LaGuardia (10-15 minutes drive), John F. Kennedy (15-20 minutes drive), and Newark (25-30 minutes drive) are located in the immediate Metropolitan area. SELLER FINANCING AVAILABLE ASKING PRICE: OWNERSHIP REQUESTS PROPOSALS 2EXECUTIVE SUMMARY THE SITE

9 recent neighborhood developments new city park In connection with the rezoning of the Williamsburg and Greenpoint waterfront in 2005, the adjacent parcel, aka 65 Commercial Street, will now be developed into a city park. The site currently houses a facility to maintain emergency response vehicles. Before the park could be developed the New York City Transit had to find a relocation that met the specifications of the current site. This past April the city notified the Deputy Mayor for Economic Development that they had found a new site in Maspeth, Queens. Therefore, once the city is fully relocated to their new facility construction will begin on building the park. This recent development will enhance the future value of 77 Commercial Street as well as the surrounding neighborhood. executive summary the pencil factory the oakland the viridian new residential developments The neighborhood is also home to several new residential developments including: 122 West Street (aka The Pencil Factory), 12 McGuinness Boulevard (aka The Oakland) and 110 Green Street (aka The Viridian). All 3 of these developments were built as condominiums and are full luxury buildings, providing the most modern and desired amenities. Recently, The Pencil Factory and The Oakland have averaged sell out values between $550-$650. The Viridian, which was converted to rental apartments, currently averages $42 per square foot. For additional information please see the enclosed market report on page 18. 3

10 ZONING INFORMATION

11 tax map & land map zoning information 5

12 6zoning information survey

13 zoning map New York City s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The manufacturing district has three different classifications. 77 Commercial Street is zoned R6/C2-4 Residential FAR: Commercial FAR: 2.0 THE SITE zoning information 7

14 zoning description Excerpt from Department of City Planning 8zoning information

15 inclusionary housing program zoning information 9

16 421-a tax benefits eligibility Excerpt from Department of HPD zoning information 10

17 421-a tax benefits eligibility zoning information 11

18 PROPERTY PHOTOS

19 EXTERIOR PHOTOS property photos 13

20 EXTERIOR PHOTOS PROPERTY PHOTOS 14

21 INTERIOR PHOTOS property photos 15

22 INTERIOR PHOTOS PROPERTY PHOTOS 16

23 MARKET STUDY

24 overall market analysis Market Study A comprehensive condominium report is provided in this section for additional underwriting support. Enclosed is a snapshot of the current condominium market based on comparable buildings within the Greenpoint neighborhood. The condominium market is divided into two categories: condominiums that sold within the past year and condominiums that are currently on the market. This data is further analyzed and broken down by unit type. According to StreetEasy.com, 55 condominium units have sold in Greenpoint since January 1, The annual sales distribute evenly over the year with the highest concentration occurring from July to September. On an aggregate basis, sales prices over the period averaged to $637,145 while the size averaged to 1,070 square feet, or roughly $596 per square foot. All but three of the 55 condominium sales distributed evenly among one and two bedroom markets. Our study analyzed 32 listings currently for sale in Greenpoint. On a blended basis, the average asking price is approximately $553,813 while the average size is approximately 912 square feet equating to approximately $608 per square foot. Consistent with the sales data, one and two bedroom apartments make up the 100% of the market. Greenpoint Condominium Sales in 2011 Greenpoint Condominiums on the Market Unit Type Sales Aggregate Sales Price Aggregate SF Avg. Sales Price Size (SF) PPSF Unit Type No. Aggregate Asking Price Aggregate SF Avg. Sales Price Size (SF) PPSF One Bedroom 10 $ 5,509,000 9,766 $550, $ 564 Two Bedroom 42 $ 26,530,000 43,313 $631,667 1,031 $ 613 Three Bedroom 3 $ 3,004,000 5,744 $1,001,333 1,915 $ 523 One Bedroom 24 $ 12,537,000 20,220 $522, $ 620 Two Bedroom 8 $ 5,185,000 8,949 $648,125 1,119 $ 579 Totals 32 $ 17,722,000 29,169 $553, $ 608 Totals 55 $ 35,043,000 58,823 $637,145 1,070 $ According to StreetEasy.com

25 condominium market summary sub-markets As referenced in the executive summary, the most comparable data is within one and two bedrooms condominiums. To the right is a summary of the data for each sub-market sales Out of the fifty-five (55) sales since January 1, 2011, fifty-two (52) were either one or two bedroom units. Out of those fifty-two (52) units, ten (10) were single bedroom and forty-two (42) were two bedroom units. The average size and price per square foot is 977 SF and $564 for one bedroom units and 1,031 SF and $613 per square foot for two bedroom units. The remaining three (3) rentals entirely consists of three bedroom apartments which on average have 1,915 SF per unit and go for $523 per square foot. $650 $625 No. Aggregate Price Price Per Square Foot $ ONE Bedroom $ Aggregate SF Price / Unit Size (SF) Sold Units On the Market PPSF Sold $ 5,509,000 9,766 $550, $ 564 On the Market 24 $ 12,537,000 20,220 $522, $ 620 Totals 34 $ 18,046,000 29,986 $530, $ 602 No. Two Bedroom Aggregate SF Aggregate Price Price / Unit Size (SF) PPSF Sold $ 26,530,000 43,313 $631,667 1,031 $ 613 On the Market 8 $ 5,185,000 8,949 $648,125 1,119 $ 579 Totals 32 $ 31,715,000 52,262 $634,300 1,045 $ 607 No. Three Bedroom Aggregate SF Aggregate Price Price / Unit Size (SF) PPSF Sold $ 3,004,000 5,744 $1,001,333 1,915 $ 523 Market Study on the market $600 $ The thirty-two current listings of condominiums in the Greenpoint neighborhood consist of twenty-four (24) one bedroom and eight (8) two bedroom units. The average size and price per square foot is 843 SF and $620 per square foot for one bedroom units and 1,119 SF and $579 per square foot for two bedroom units. PPSF $575 $550 $525 $500 $ $ $475 $450 One Bedroom Two Bedroom Three Bedroom According to StreetEasy.com 19

26 rental report Market Study 2011 APARTMENT RENTALS Out of the one-hundred two (102) rented apartments since January 1, 2011, eighty-two (82) were either one or two bedroom units. Out of those eighty-two (82) units, thirty-two (32) were single bedroom and forty-two (42) were two bedroom units. The average size and rent per square foot of one and two bedroom units is 842 SF and $34 and 1,047 SF and $35 per square foot respectively. The remaining twenty (20) rentals entirely consists of three bedroom apartments which on average have 1,410 SF per unit and go for $31 per square foot. Greenpoint Apartments Rented in 2011 Unit Type No. Aggregate Monthly Rent Monthly Rent Size (SF) Rent PSF One Bedroom 32 $ 77,430 $ 2, $ 34 Two Bedroom 50 $ 152,294 $ 3,046 1,047 $ 35 Three Bedroom 20 $ 73,150 $ 3,658 1,410 $ 31 Totals 102 $ 302,874 $ 2,969 on the market APARTMENTS Out of the forty-four (44) apartments currently on the market, eighteen (18) are one bedroom, twenty (20) are two bedrooms and six (6) are three bedroom units. The average size and asking rent per square foot of one and two bedroom units is 694 SF and $41 and 1,054 SF and $39 per square foot respectively. The remaining six (6) three bedroom rentals average approximately 1,122 SF and are listed for approximately $40 per square foot. Unit Type No. Greenpoint Apartments on the Market Aggregate Monthly Rent Monthly Rent Size (SF) Rent PSF One Bedroom 18 $ 42,995 $ 2, $ 41 Two Bedroom 20 $ 52,745 $ 2,637 1,054 $ 39 Three Bedroom 6 $ 22,600 $ 3,767 1,122 $ 40 Totals 44 $ 118,340 $ 2,690 Rent PSF $50 $40 $30 $20 $10 Rent Per Square Foot $37.18 $34.49 $34.91 Sold $40.74 On the Market $40.49 $31.13 ONE Bedroom Apts. on the Market 6 $ 22,600 1,122 $3,767 $ 40 $- Totals 26 $ 95,750 1,266 $3,683 1 Bedroom 2 Bedroom 3 Bedroom 20 According to StreetEasy.com No. Aggregate Price Size (SF) Price Rent PSF Apts. Rented in $ 77, $2,420 $ 34 Apts. on the Market 18 $ 42, $2,389 $ 41 Totals 50 $ 120, $2,409 two Bedroom No. Aggregate Price Size (SF) Price Rent PSF Apts. Rented in $ 152,294 1,047 $3,046 $ 35 Apts. on the Market 20 $ 52,745 1,054 $2,637 $ 39 Totals 70 $ 205,039 1,051 $2,929 three Bedroom No. Aggregate Price Size (SF) Price Rent PSF Apts. Rented in $ 73,150 1,410 $3,658 $ 31

27 Greenpoint development information / january 2012 Market Study the pencil factory west street 86 of the 93 units have sold at an average price of $550 per square foot. Developer: KMW Group LLC Land Acquisition: N/A Lending Institution: Bank Leumi USA This five-story residential condominium building consists of 3 distinctive residential buildings, two modern components and a complete restoration of part of the Eberhard Faber Pencil Factory, seamlessly forming one building. 21

28 Greenpoint development information / january 2012 the pencil factory west street SALES BREAKDOWN Market Study 22 Unit Closing Price Date of Sale # Bedrooms # Bathrooms Sq. Ft. $/Sq. Ft. Unit Closing Price Date of Sale # Bedrooms # Bathrooms Sq. Ft. $/Sq. Ft. #1A $418,782 3/10/ bed 1 bath 802 $ 522 #4D $355,914 2/4/ bed 1 bath 677 $ 526 #1B $423,852 1/31/ bed 1 bath 785 $ 540 #4E $662,880 1/5/ beds 2 baths 1,207 $ 549 #1C $359,970 3/31/ bed 1 bath 688 $ 523 #4F $605,858 3/3/ beds 2 baths 1,103 $ 549 #1D $345,000 6/17/ bed 1 bath 648 $ 532 #4G $375,180 12/29/ bed 1 bath 722 $ 520 #1E $390,390 2/23/ bed 1 bath 806 $ 484 #4H $468,468 1/4/ bed 1 bath 888 $ 528 #1F $508,106 5/24/ beds 2 baths 966 $ 526 #4I $519,000 10/27/ beds 1.5 baths 965 $ 538 #1G $525,000 10/27/ beds 2 baths 989 $ 531 #4J $448,188 1/10/ bed 1 bath 852 $ 526 #1H 0 beds 1 bath 425 #4K $697,501 2/2/ beds 2 baths 1,280 $ 545 #2A 1 bed 1 bath 807 #4L $403,572 5/18/ bed 1 bath 737 $ 548 #2C $405,600 10/26/ bed 1 bath 783 $ 518 #4M $339,690 3/16/ bed 1 bath 638 $ 532 #2D $375,180 4/27/ bed 1 bath 727 $ 516 #4N $365,040 1/5/ bed 1 bath 679 $ 538 #2E $631,315 2/3/ beds 2 baths 1,207 $ 523 #4O $441,090 2/3/ bed 1 bath 704 $ 627 #2F $602,804 4/27/ beds 2 baths 1,103 $ 547 #4P $566,000 2/10/ beds 2 baths 1,004 $ 564 #2G $367,068 1/31/ bed 1 bath 722 $ 508 #4Q $331,578 1/19/ bed 1 bath 623 $ 532 #2H $445,146 4/14/ bed 1 bath 888 $ 501 #4R $499,902 2/14/ beds 2 baths 879 $ 569 #2I 1.5 beds 1.5 baths 965 #4S $611,968 12/28/ beds 2 baths 1,114 $ 549 #2J $425,880 3/30/ bed 1 bath 852 $ 500 #5A $445,146 3/10/ bed 1 bath 807 $ 552 #2K $672,045 7/20/ beds 2 baths 1,280 $ 525 #5B $347,802 1/7/ bed 1 bath 643 $ 541 #2L $381,264 1/27/ bed 1 bath 737 $ 517 #5C $431,964 12/28/ bed 1 bath 783 $ 552 #2M $330,000 7/8/ bed 1 bath 638 $ 517 #5D $359,970 12/30/ bed 1 bath 677 $ 532 #2N $356,928 2/10/ bed 1 bath 679 $ 526 #5E $668,990 1/11/ beds 2 baths 1,207 $ 554 #2O $407,628 4/8/ bed 1 bath 809 $ 504 #5F $610,950 1/10/ beds 2 baths 1,103 $ 554 #2P $541,709 4/18/ beds 2 baths 988 $ 548 #5G $379,236 1/4/ bed 1 bath 722 $ 525 #2Q $518,000 7/19/ beds 2 baths 963 $ 538 #5H $474,552 1/31/ bed 1 bath 888 $ 534 #3A $436,020 1/18/ bed 1 bath 807 $ 540 #5I $518,289 12/30/ beds 1.5 baths 965 $ 537 #3B $340,704 1/14/ bed 1 bath 643 $ 530 #5J $453,258 1/27/ bed 1 bath 852 $ 532 #3C $423,852 1/13/ bed 1 bath 783 $ 541 #5K $717,866 2/16/ beds 2 baths 1,280 $ 561 #3D $352,872 3/15/ bed 1 bath 677 $ 521 #5L $407,628 3/14/ bed 1 bath 737 $ 553 #3E 2 beds 2 baths 1,207 #5M $343,746 3/16/ bed 1 bath 638 $ 539 #3F $590,000 4/29/ beds 2 baths 1,103 $ 535 #5N $369,096 3/28/ bed 1 bath 679 $ 544 #3G $371,124 1/27/ bed 1 bath 722 $ 514 #5O $366,000 2/4/ bed 1 bath 699 $ 524 #3H $463,398 12/30/ bed 1 bath 888 $ 522 #5P $581,420 1/28/ beds 2 baths 1,004 $ 579 #3I $505,986 5/26/ beds 1.5 baths 965 $ 524 #5Q $334,620 1/26/ bed 1 bath 623 $ 537 #3J $443,118 2/11/ bed 1 bath 852 $ 520 #5R $517,271 3/18/ beds 2 baths 879 $ 588 #3K 2 beds 2 baths 1,280 #5S $638,442 3/4/ beds 2 baths 1,114 $ 573 #3L $405,600 1/4/ bed 1 bath 737 $ 550 #6A 1 bed 1 bath 853 #3M $335,634 2/24/ bed 1 bath 638 $ 526 #6B $588,000 6/23/ bed 1 bath 892 $ 659 #3N $360,984 3/15/ bed 1 bath 679 $ 532 #6C $1,075,000 3/31/ beds 3 baths 1,768 $ 608 #3O $415,740 2/18/ bed 1 bath 809 $ 514 #6D $714,811 6/24/ beds 3 baths 1,027 $ 696 #3P $549,855 2/17/ beds 2 baths 992 $ 554 #6E 3 beds 3 baths 1,293 #3Q $537,636 6/29/ beds 2 baths 954 $ 564 #6F $675,000 12/29/ beds 2 baths 956 $ 706 #3R $488,748 1/14/ beds 2 baths 891 $ 549 #6G $795,000 2/1/ beds 2 baths 1,260 $ 631 #3S $327,522 1/5/ bed 1 bath 623 $ 526 #6H $966,319 5/24/ beds 2.5 baths 1,633 $ 592 #3T $606,877 3/8/ beds 2 baths 1,114 $ 545 #6I $690,000 1/4/ beds 2 baths 1,132 $ 610 #4A $441,090 12/28/ bed 1 bath 807 $ 547 #6J $473,538 4/12/ bed 1 bath 653 $ 725 #4B $347,802 1/31/ bed 1 bath 643 $ 541 #6K $865,512 3/15/ beds 2 baths 1,164 $ 744 #4C $427,908 12/30/ bed 1 bath 783 $ 546 Total Sellable Sq. Ft.: 82,857 $/Sq. Ft. $ 550

29 Greenpoint development information / january 2012 Market Study the oakland - 12 mcguinness boulevard 23 of 33 total units have sold at an average price of $651 per square foot. Developer: Cicada Corp Land Acquisition: N/A Lending Institution: Flushing Savings Bank, FSB This 33 unit building offers 24-hour security as well as underground parking, while located only a few blocks from Greenpoint s McCarren Park. 23

30 Greenpoint development information / january 2012 the oakland - 12 mcguinness boulevard SALES BREAKDOWN Market Study 24 Unit Closing Price Date of Sale # Bedrooms # Bathrooms Sq. Ft. $/Sq. Ft. #2A 1 bed 1.5 baths 974 #2B $773,870 12/29/ beds 2 baths 1,349 $ 574 #2C 2 beds 2 baths 940 #2D $419,796 9/13/ bed 1 bath 678 $ 619 #2E $550,000 12/28/ beds 2 baths 940 $ 585 #2F+ $474,552 8/30/ bed 1 bath 678 $ 700 #2G $712,775 5/16/ beds 2 baths 1,123 $ 635 #2H 1 bed 1.5 baths 936 #3A 1 bed 1.5 baths 974 #3B $921,516 11/17/ beds 2 baths 1,349 $ 683 #3C $580,000 12/21/ beds 2 baths 940 $ 617 #3D $420,000 11/10/ bed 1 bath 678 $ 619 #3E $621,132 7/20/ beds 2 baths 940 $ 661 #3F $445,146 5/19/ bed 1 bath 678 $ 657 #3G+ $759,614 6/30/ beds 2 baths 1,123 $ 676 #3H $630,000 11/4/ bed 1 bath 936 $ 673 #4A 1 bed 1.5 baths #4B 2 beds 2 baths 1,349 #4C+ $630,000 11/10/ beds 2 baths 940 $ 670 #4D $420,810 12/16/ bed 1 bath 678 $ 621 #4E 2 beds 2 baths 940 #4F $446,160 10/6/ bed 1 bath 678 $ 658 #4G+ $758,596 11/16/ beds 2 baths 1,123 $ 676 #4H $575,311 11/12/ bed 1 bath 936 $ 615 #PH1 $657,789 12/2/ bed 1.5 baths 974 $ 675 #PH2+ $920,000 10/26/ beds 2 baths 1,349 $ 682 #PH3 $621,132 2/3/ beds 2 baths 940 $ 661 #PH4 $451,230 12/14/ bed 1 bath 678 $ 666 #PH5 $645,570 9/22/ beds 2 baths 940 $ 687 #PH6 $450,000 11/18/ bed 1 bath 678 $ 664 #PH7 3 beds 2 baths 2,178 #TWRA 3 beds 2.5 baths 3,484 #TWRB 2 beds 2 baths 1,380 Total Sellable Sq. Ft.: 34,481 $/Sq. Ft.: $ 651

31 Greenpoint development information / january 2012 Market Study the viridian green street In the past 60 days 17 units have been leased for an average price per square foot of $ Developer: Green Street Development LLC Land Acquisition: In 2006 for $10.48 million Lending Institution: Canyon-Johnson and The Bank of New York The building also boast luxury apartments and an indoor swimming pool and fitness center. 25

32 NEIGHBORHOOD DESCRIPTION

33 GREENPOINT, brooklyn Greenpoint? Why bother? There are lots of reasons to explore here. Sociologists study Greenpoint as the American Dream in bloom. History and architecture buffs come because of Greenpoints s recently land-marked district. Americans come to live here because it is inexpensive and neighborly. Europeans come and stay, because, well, it feels like Europe. A trip down Manhattan Avenue reveals a vibrant, ethnically authentic working class neighborhood with thriving businesses and shops. Usually thought of as a Polish preserve, Greenpoint is in reality a multiethnic pastiche. The polish area runs up Manhattan Avenue from about Nassau Street up to Java and India Streets, beyond which the population becomes increasingly Hispanic, with a smattering of people from various parts of the Indian subcontinent. The Greenpoint Islamic Center, located on a side street, is testimony to religious diversity in the neighborhood. Being in Brooklyn, Greenpoint also has vestiges of Italian and Irish immigrations of earlier eras. franklin street herald square greenpoint avenue During the 1990s, Greenpoint (like the rest of the nation) enjoyed a period of prosperity. The population now includes increasing numbers of young Polish people, second-and third-generation Polish-Americans who have chosen to stay in ethnic Greenpoint. Greenpoint is a clean kind of place. Ask the jeweler to recommend a restaurant and he ll tell you about a good little café and that it s clean. Ask the baker for a reference to a butcher, and you will find out whose kielbasa is peppery or moist and made in a clean back room. The streets and sidewalks here may not be paved with gold, but they are swept daily, and so are devoid of ubiquitous New York City litter. Greenpoint is one of the most beautiful parts of the city. The trees provide a lush canopy in the summer, which is very aesthetically pleasing. Also, the streets are lined with well-maintained brownstones, flats, and tenement buildings of beautiful character. The cleanliness of Greenpoint is an indication of the local residents pride, not only in their respective buildings, but their collective neighborhood as a whole. There are also two parks where residents enjoy various recreational activities. neighborhood description 27

34 GREENPOINT HISTORY neighborhood description Purchased by the Dutch in 1638 from the Native Americans, Greenpoint along with Williamsburg was part of the midseventeenth-century town known as Bosijck (Bushwick), meaning the wooded district. Real development began only in the early and mid-1800s. Greenpoint became a center for what were known as the five black arts : glass and pottery making, printing, refining, and the manufacture of cast iron. Charles Pratt s Astral Oil Works refined kerosene here. In addition, a ship-building industry arose; the iron Civil War gunship, the Monitor, launched in 1862 from a site near the intersection of Oak and West Streets, was fabricated in Greenpoint by Continental Iron Works at West and Calyer Streets. Greenpoint s only better-known offspring, actress Mae West, was born here in Greenpoint was settled by Northern Europeans, until the arrival of Polish, Russian, and eventually Italian immigrants in the 1880s and thereafter. Despite the downturn in local industry after World War II, immigration continued, and Greenpoint became the unofficial Little Poland of New York City. Immigrants from Puerto Rico also settled here. An interesting note: the streets running roughly perpendicular to the East River are named alphabetically, from Ash to Box, Clay, Dupont, Eagle, Freeman, Green, Huron, India, Java, Kent, Greenpoint (which used to be Lincoln), Milton, Noble, and Oak Streets. 28

35 aerial map THE SITE neighborhood description 29

36 street map neighborhood description THE SITE 30

37 A V A J 23 St 6 l 4 S t Union S q Q St 6 86 St St 6 68 St Hunter College 6 F Lexington Av/59 St N R W 59 St ROOSEVELT ISLAND Lexington Av/53 St E V Grand Central 42 St except S S Metro-North 3 St 8 St Astor Pl 6 Broad St J Z 3 A v L N Q R W L N Q R W L B leecker St 6 Broadway subway map N W L 1 A v QUEENS MIDTOWN TUNNEL Hunters P oint EAST 8 ST VILLAGE S T AV B A D I SO N S T ST 4 ST 2 S T St M Spring St 6 LITTLE ITALY St Grand StDelancey B D J Z Bowery hitehall St uth Ferry W rge 51 St 6 B w ay Lafayette S t B D F M L ow er East Side 2 A v F M Fulton St Broadway-Nassau A C J M Z FINANCIAL DISTRICT Wall St kinsville J Chambers St J Z Brooklyn Bridge City Hall UPPER EAST SIDE CHINATOWN 2 E East Broadway F M R oosevelt Island K L YN - B AT T E RY T U NN E L Vernon Blvd Jackson Av 7 Long Island City A V D Essex St F J M Z 3 V 4 F Ferries: E 34 S t Hunters P oint EAST RIVER PARK LOWER EAST SIDE D E L AN C E Y S T R U T G E R S A GOVERNORS ISLAND T 21 St Queensbridge F N 7 ST WIL L IAM S B UR G B R I D G E MA NH ATT AN B R IDGE Astoria Blvd N W M60 LGA Airport Queensboro Plaza N W 7 23 St Ely Av E V 45 Rd Court House Sq 7 B C 5 D rush hours 21 St G F LONG ISLAND CITY G 39 A v N W 30 Av N W 36 A v N W Hunterspoint Av Hunters Point Av 7 LIRR GREENPOINT MANH AT T A N A V C O L U MB IA S T N W G L on g Islan d C ity C ourt S q L 7 FULTON LANDING BROOKLYN HEIGHTS Clark St 2 3 Queens P la za E G R V Bedford Av L HI C KS S T G 36 S t G R V Steinw ay St H E NR Y S T G R V 7 33 St-R aw son S t Greenpoint Av G THE SITE NAVY YARD High St A C Y ork S t F Jay St Borough Hall A C F Court St M R G R E EN P OI NT A V L ON G IS L AN D E XP W Y A Y K E NT AV THE SITE Hoyt St Borough Hall NEW YORK TRANSIT MUSEUM CARROLL GARDENS RED HOOK 2 3 F G Bergen St F G 9 S T Carroll St S T S M IT H S T 7 G R V Nassau Av G J M Z Marcy Av 46 S t QUE E N S B L VD CALVARY CEMETERY NA S S AU AV F L U S HING A V FL AT B U S H BE R GE N S T U N IO N S T 7 40 S t L ow ery S t J M Z F G Smith 9 Sts Northe rn B lvd G R V 4 6 S t B liss St 7 Lorimer St L WILLIAMSBURG MYR TLE AV DeKalb Av B M Q R A V 7 4 Av 9 St 74 S t B roadw ay 7 65 S t W oodside 61 S t 52 S t M etropolitan Av G FORT GREENE Lawrence St M R Hewes St J M Hoyt Schermerhorn A C G F E F Nevin s S t Atlantic Av-Pacif ic St D M N R LIRR G JACKSON HEIGHTS 7 Union St M R F M R Prospect Av M R 25 St M R 82 S t Ja ck so n H ts Q33LGA Airport 7 G R V 58 S T B U S H W I C K AV G B E DF OR D A V Fulto n St G F OU R T H AV 7 NIN F IF T H A V 69 S t side Graham Av L Grand St L Flushing Av G Clinton Washington Avs G D M Broadway Lorimer St Flushing Av J M S T L C lasson A v G PROSPECT AV J M U N IO N A V L A F AYE T TE A V FLATBUSH AV Jackson Hts Rooseve lt Av E F G R V Q33 Q47 J MT ZION CEMETERY M A UR I C E A V Montrose Av Morgan A v QUEEN B R OOKLY M E T ROP OL IT AN A W IL S ON AV F U L T O N Lafayette Av C Atlantic Av B Q LIRR 7 A v F LGA Airport Z Bedford Nostrand Avs G 15 St L C linton W ash ing ton Avs C B Q Bergen St Av Grand Army Plaza 2 3 PARK SLOPE Prospect Park F G S T NE W W AS H IN G TO N 103 St Corona Plaza 7 Junction Blvd 7 Q72LGA Airport 90 St Elmhurst Av 7 E lmhurs t A v G R V E Park Pl S BRO BO G PROSPECT PARK President St 2 5 Fort Hamilton Pkw y F Jefferson St L Central Av Myrtle Av J M Z G ran d Av N ew town A C Franklin Av C S M G R V DeKalb Av L Knickerbocker Av M M E as tern P k wy B ro ok lyn M us eum Norwood Av Z rush OCEAN h rs, J other HILL- times BROWNSVILLE Junius St 3 Rockaway Av 3 3 BEDFORD- STUYVESANT S 2 3 F J C Nostrand Av Franklin Av Botanic Garden S Parkside Av Q Kingston Throop Avs 7 Q48LGA Airport bus map MASPETH V Kosciuszko St Prospect Park B Q S G R V W oodhaven B lvd RIDGEWOOD BUSHWICK C A Church Av B Q MIDDLE VILLAGE M yrtle W yckoff A vs L M Z rush hours, J other times Beverley Rd Q Gates Av Sterling St Cortelyou Rd Q M A C 2 5 Utica Av 63 D r R eg o P ark Seneca Av M Winthrop St 2 5 wkirk Av 67 A v G R V Q72LGA Airport Middle Village Metropolitan Av M Fresh Pond Rd M Nostrand Av 3 Forest Av M L Chauncey St Z rush hours, J other times J THE SITE CROWN HEIGHTS 2 5 J Halsey St L Halsey St C Crown Hts Utica Av 3 4 FLATBUSH Alabama Av J Church Av 2 5 Ralph Av Beverly Rd 2 5 REGO PARK Newkirk Av 2 5 Wilson Av L C 4 Kingston Av 3 Rockaway Av G R V GLENDALE Bushwick Av Aberdeen St L Flatbush Av Brooklyn College 2 5 FOREST HILLS Broadway Junction F ore st Hills 71 A v L C re s c en t St J Z Saratoga Av 3 SubwayE F G R V MTA Bus Q23East Elmhurst Q64Electchester LIRR A C J L Z E F G R V LIRR Atlantic Av E ast 105 S t Liberty Av EAST FLATBUSH 2 5 C E F 75 A v Woodhaven Blvd J Z 85 St Forest Pkwy J 75 St Elderts Ln Z rush hours, J other times Cypress Hills J Sutter Av Rutland Rd 3 Cleveland St J Van Siclen Av Z rush hrs, J other times Van Siclen Av C Sutter Av L EAST NEW YORK K ew G arde ns U nion Tpke E F Rockaway Blvd A 80 St A Grant Av A Euclid Av A C Shepherd Av C 3 Pennsylvania Av 3 Livonia Av L KEW GARDENS HILLS KEW GARDENS C RICHMOND HILL 104 St Z rush hours, J other times 3 New Lots Av 3 Van Siclen Av L J Z FLATLANDS A South Jamaica HILLCREST F CANARSIE E E F B riarw ood Va n W yck B lvd Jam aic a Van W yck E 121 St Z rush hours, J other times 111 St J 88 St A Howard Beach WOODHAVEN OZONE PARK Aqueduct North Conduit Av Parsons Blvd F JAMAICA Sutphin Blvd F 104 St A A 111 St A Q7Rockaway Blvd Q8 Spring Creek Jamaica A HOWARD BEACH 169 St F Sutphin Blvd Archer Av JFK Airport E J Z LIRR A Ozone Park Lefferts Blvd A Open 11am-7pm on racing days Aqueduct Racetrack A F Jamaica 179 St F neighborhood description Broad Channel A S 31 Beach 90 St Beach 98 St Beach 105 St Rockaway Park Beach 116 St A S Jamaica Center Parsons/Archer E J Z E J Z Q10 JFK Airport A S A S A S

38 Robert Knakal Chairman x7777 mark l. lively Vice President of Sales x6524 Jonathan Hageman Sales Team Manager x7773 brendan maddigan Director of Sales elysa berlin Associate Director of Sales x Madison Avenue 3rd Floor New York, NY