W37 H UDSO N YARDS RARE BLOCK-THR OU GH DEVELO PM E N T OPPORTU N ITY. rendering

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1 430 H UDSO N YARDS RARE BLOCK-THR OU GH DEVELO PM E N T OPPORTU N ITY rendering

2 PROPERTY FEATURES Tenth Ave Address: Location: West 36th Street & West 37th Street Blockthrough site bordering the westerly side of Dyer Ave, stretching from West 36th to 37th Streets Dyer Ave W 37th St Assessment (17/18): $2,893,521 Taxes (17/18): $304,225 Block / Lots: 734 / 16, 52, 55 Combined Lot Size: 100 x Combined Lot Area: 19,750 SF Zoning: C2-5/R8A, Hudson Yards, Subarea D4 Max. Permitted Floor Area by Use FAR SF Commercial: ,500 Residential: ,895 Community Facility: ,375 W 36th St Scheme 1 Scheme 2 Scheme 3 Base ZFA: 128, , ,375 Proposed Port Authority Air Rights: - 69,483 92,650 Total: 128, , ,025 *Development above the Base ZFA is subject to discretionary approvals from the City Planning Commission. The property is being sold on an as-of-right basis. NOTE: All square footages are approximate. THE OPPORTUNITY Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of the Fee Simple Interest in West 36th Street & West 37th Street, a rare unencumbered block-through development opportunity in the heart of the Hudson Yards. The subject properties, collectively known as 430 West 37th Street, are currently vacant and prime for development with approximately feet on the westerly side of Dyer Avenue and features about 100 feet of frontage on West 36th and 37th Streets. Its unique location within the Hudson Yards Special Purpose Zoning District allows for a mixed-use development of up to approximately 128,375 square feet per the zoning code. The immediate neighborhood surrounding this subject development opportunity has recently emerged as one of Manhattan s most desirable residential enclaves due to over $48 billion in recent public and private investments including the Hudson Yards, the High Line, Manhattan West, the Hudson Yards Boulevard & Park and the recently opened No. 7 Subway extension line. 2

3 430 S U RRO U ND ED BY OVER $ 4 8 B IL L IO N IN PU BLIC & P RIVAT E IN VEST M EN TS NINTH AVE BLOCK 734 LOT TENTH AVE LOT 71 DYER AVE WEST 37th ST WEST 36th ST HUDSON BLVD & PARK TIMES SQUARE Approx. 4 acres of outdoor space Phase 1 was completed and opened in July 2015 $30 Million Investment JAVITS CENTER Renovation includes 110,000 square feet expansion for busiest convention center in the U.S. $463 Million Investment 10TH AVE THE HUDSON YARDS NO. 7 SUBWAY EXTENSION W 37TH ST W 36TH ST 17 million square feet of commercial and residential space 5 state-of-the-art towers 5,000 residences $25 Billion Investment VORNADO S PENN PLAZA MASTER PLAN Overhaul 9 million SF of properties in Penn Plaza Several hundred milliion dollars committed to the project Completed Sept $2.4 Billion Investment MANHATTAN WEST FARLEY BUILDING PENN STATION MADISON SQ. GARDEN NEW EMPIRE STATE COMPLEX THE HIGH LINE Runs from Gansevoort Street to West 34th Street Final phase completed in 2014 $240 Million Investment MANHATTAN WEST 7 million square feet of premier office, residential, retail, and outdoor space $8.6 Billion Investment FARLEY BUILDING 2.5 Million SF of air rights available New train hall expected to open by Dec 2018 Train hall will service Amtrak, LIRR, NJ Transit, and AirTrain PENN STATION $1.6 Billion committed to renovation 3

4 DEVELOPMENT CONCEPTS Provided that the site is located adjacent to Dyer Avenue, which is controlled by the Port Authority of New York and New Jersey, there are available air rights that can potentially be acquired and included into the development of 430 West 37th Street. Ownership has designed several development proposals for conceptual purposes only that are outlined in more detail on the following pages. Please bear in mind that the information contained herein has been provided for informational purposes only and all square footage measurements and zoning should be independently verified. Scheme 1 portrays an as-of-right development of approximately 128,375 zoning square feet. Schemes 2 and 3 incorporate Port Authority air rights into the design that would require discretionary approvals from the City Planning Commission. The site lends itself to countless development strategies and are by no means limited to the following proposals. BLOCK 734, LOTS 16, 52, & 55 SCHEME 1: Residential Building W. 37th St. (narrow st.) 15' 100' 6 Fl ' Zone: C2-5/R8A Special Hudson Yards District Subarea D4 11Fl. +120' Lot Area: 19,750 SF 197.5' 52' 63.5' 52' mech. 1 Fl. +15' 1 Fl. +15' mech. 11 Fl. +120' see note 3 Maximum Permitted Floor Area: 2 FAR 39,500 ZSF 6.02 FAR 118,895 ZSF Com 6.5 FAR 128,375 ZSF 6.5 FAR 128,375 Zoning Square Feet Used This Scheme: Retail Com. Fac. Residential Total 14,000 ZSF 1,000 ZSF 113,375 ZSF 128,375 Zoning Square Feet 15' 6 Fl ' W. 36th St. (narrow st.) Floor-to-floor Heights: 1 15' Retail, CF, res. lobby and amenity ' Residential Notes: 1. Base ht ft.; setback min. 15 ft.; overall ht. 120 ft. Dormers permitted (not shown) Sec , 35-65, (c) & ft. rear yard equivalent required within 10 ft. of the centerline of the block. Sec There is an approx. 9 ft. grade change between W. 37th St. (higher) and W. 36th St. (lower), which may require breaking up the ground floor indicated into separate levels. 4. ZSF refers to zoning square feet. GSF (Gross Square Feet) refers to above-grade floor area, including mechanical and other deductions that are not zoning floor area. Floor sizes: 1 19,750 GSF Retail, CF, res. lobby and amenity 2-6 6,700 GSF Residential (each building) ,200 GSF Residential (each building) Total 138,750 Gross Square Feet 11 Fl. +120'- 6 Fl '- -11 Fl. +120' -6 Fl ' Note: Lot areas and floor areas are estimates subject to survey verification. W. 36th St. 4

5 DEVELOPMENT CONCEPTS BLOCK 734, LOTS 16, 52, & 55 with Air Rights from Lot 18 SCHEME 2: Residential Building with CPC authorization W. 37th St. (narrow st.) 225' 100' 125' Zone: C2-5/R8A Special Hudson Yards District Subarea D ' 15' 53.75' 60' 53.75' 8 Fl. +85' 17Fl. +180' mech. 1 Fl. +15' 1 Fl. +15' mech. 17 Fl. +180' new open space platform Lot 18 see note 3 25' 98.75' 98.75' Lot Area: 19,750 SF (Development Site) 22,219 SF (Lot 18) 41,969 SF Total Maximum Permitted Floor Area: 2 FAR 83,938 ZSF 6.02 FAR 252,652 ZSF Com 6.5 FAR 272,797 ZSF 6.5 FAR 272,797 Zoning Square Feet Used This Scheme: Retail 14,000 ZSF Com. Fac. 1,000 ZSF Residential 182,858 ZSF Total 197,858* Zoning Square Feet *Does not utilize all potential ZFA. See note 4 15' 8 Fl. +85' W. 36th St. (narrow st.) Floor-to-floor Heights: 1 15' Retail, CF, res. lobby and amenity ' Residential ' Residential Notes: 1. This scheme assumes the approval of a CPC authorization pursuant to Sec to allow building ht. to increase from 120 to 180 ft. in connection with providing open space. Base ht ft.; setback min. 15 ft. Sec , & ft. rear yard equivalent required within 10 ft. of the centerline of the block. Sec There is an approx. 9 ft. grade change between W. 37th St. (higher) and W. 36th St. (lower), which may require breaking up the ground floor indicated into separate levels. 4. This scheme uses 69,483 SF of development rights from Lot 18, which is less than the 144,422 generated on that site. The addition of dormers (not shown) would allow for the utilization of approximately 4,000 SF of additional ZSF. Sec (c) 5. ZSF refers to zoning square feet. GSF (Gross Square Feet) refers to above-grade floor area, including mechanical and other deductions that are not zoning floor area. 17 Fl. +180'- 8 Fl. +85'- Floor sizes: 1 19,750 GSF Retail, CF, res. lobby and amenity 2-8 6,875 GSF Residential (each building) ,375 GSF Residential (each building) Total 212,750 Gross Square Feet -17 Fl. +180' -8 Fl. +85' W. 37th St. new open space Note: Lot areas and floor areas are estimates subject to survey verification. W. 36th St. 5

6 DEVELOPMENT CONCEPTS BLOCK 734, LOTS 16, 52, & 55 with Air Rights from Lot 18 SCHEME 3: Residential Building with CPC authorization, dormers and 8 ft. cantilevers Scheme 3 100' 225' 125' 197.5' 15' 53.75' 60' Fl. +180' mech. 1 Fl. +15' 8 Fl. +85' new open space platform cantilever on Flrs 2-17 Lot 18 1 Fl. +15' see note 3 8' 8' 25' 98.75' Maximum Permitted Floor Area: 2 FAR 83,938 ZSF 6.02 FAR 252,652 ZSF Com 6.5 FAR 272,797 ZSF 6.5 FAR 272,797 Zoning Square Feet Used This Scheme: Retail 14,000 ZSF Com. Fac. 1,000 ZSF Residential 206,025 ZSF Total 221,025* Zoning Square Feet *Does not utilize all potential ZFA. See note ' mech. 17 Fl. +180' cantilever on Flrs ' Floor-to-floor Heights: 1 15' Retail, CF, res. lobby and amenity ' Residential ' Residential Zone: 15' Lot Area: Fl. +85' W. 36th St. (narrow st.) C2-5/R8A Special Hudson Yards District Subarea D4 19,750 SF (Development Site) 22,219 SF (Lot 18) 41,969 SF Total Floor sizes: 1 19,992 GSF Retail, CF, res. lobby and amenity 2 7,306 GSF Residential (W. 37 St. Bldg only) 2 6,875 GSF Residential (W. 36. St. Bldg only) 3-8 7,306 GSF Residential (each building) 9 6,555 GSF Residential (each building) 10 6,390 GSF Residential (each building) 11 6,225 GSF Residential (each building) 12 6,060 GSF Residential (each building) ,805 GSF Residential (each building) Total 237,661 Gross Square Feet Notes: 1. This scheme assumes the approval of a CPC authorization pursuant to Sec to allow building ht. to increase from 120 to 180 ft. in connection with providing open space. Base ht ft.; setback min. 15 ft. Sec , & ft. rear yard equivalent required within 10 ft. of the centerline of the block. Sec There is an approx. 9 ft. grade change between W. 37th St. (higher) and W. 36th St. (lower), which may require breaking up the ground floor indicated into separate levels. 4. This scheme uses 92,650 SF of development rights from Lot 18, which is less than the 144,422 generated on that site. Sec (c) 5. ZSF refers to zoning square feet. GSF (Gross Square Feet) refers to above-grade floor area, including mechanical and other deductions that are not zoning floor area. 17 Fl. +180'- 8 Fl. +85'- W. 36th St. -17 Fl. +180' -8 Fl. +85' W. 37th St. new open space Note: Lot areas and floor areas are estimates subject to survey verification. 6

7 HIGHLIGHTS Block-through site featuring 100 feet of frontage on West 36th and 37th Streets. Rare approximate 19,750 square foot lot could accommodate large scale retail. Potential to acquire additional air rights from the Port Authority to significantly increase the site s development potential Centrally located near various transportation hubs including Penn Station, Moynihan Station, the No. 7 Subway and the Port Authority. Fronts the westerly side of Dyer Avenue provides generous light and air exposure that is protected on 3 sides. Within walking distance of the Hudson Yards, the High Line and the Hudson Yards Boulevard & Park. 430 WEST 37 th ST RARE BLOCK-THROUGH DEVELOPMENT OPPORTUNITY Asking Price: Ownership Requests Proposals FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS: ROBERT KNAKAL Chairman, NY Investment Sales (212) robert.knakal@cushwake.com JONATHAN HAGEMAN Director (212) jonathan.hageman@cushwake.com PATRICK YANNOTTA Director (212) patrick.yannotta@cushwake.com MICHAEL ALLEN Associate (212) michael.allen@cushwake.com Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. 7

8 THE NEW WEST SIDE OF MANHATTAN West Side Highway West Side Highway W 49th Street W 47th Street W 45th Street W 43rd Street 528 W 39TH W 41st ST Street 1.4 MSF ELEVENTH AVE 1.3 MSF THE SPIRAL 2.85 MSF 3 HUDSON BLVD 2 MSF 55 HUDSON YARDS 1.3 MSF 35 HUDSON YARDS 1.1 MSF 30 HUDSON YARDS 2.6 MSF 15 HUDSON YARDS 0.96 MSF W 28th Street 11th Avenue 11th Avenue 11th Avenue 7 THE VESSEL 10 HUDSON YARDS 1.8 MSF 10th Avenue 10th HUDSON YARDS 10th Avenue 10th Avenue W 48th Street W 46th Street W 44th Street W 42nd Street W 40th Street W 36th Street 9th Avenue PLANNED DEVELOPMENT W 38th Street 1.3 MSF 50 HUDSON YARDS 2.9 MSF 5 MANHATTAN W 34th Street WEST 1.7 MSF W 31st Street 360 TENTH AVE W 29th Street 0.73 MSF W 26th Street W 24th Street W 22nd Street W 20th Street W 18th Street 9th Avenue 8th Avenue 8th Avenue A C E A C E 8th Avenue 8th Avenue W 49th Street W 47th Street W 45th Street W 43rd Street W 35th Street 1 MANHATTAN WEST 2.1 MSF 2 MANHATTAN WEST 1.9 MSF THE SHOPS & RESTAURANTS 1 MSF MANHATTAN WEST th Avenue 430 W 39th Street W 37th Street W 30th Street W 28th Street W 25th Street W 23rd Street W 21st Street W 19th Street W 17th Street th Avenue 7th Avenue N Q B D F M s Avenue of the Americas Avenue of the Americas B D F M R W W 48th Street W 46th Street W 44th Street W 40th Street W 38th Street W 36th Street W 34th Street W 31st Street W 29th Street W 27th Street W 25th Street W 23rd Street W 21st Street W 19th Street W 17th Street 5th Avenue 5th Avenue 8

9 430 TH E N EIG H B O RH O O D Hudson Yards Hudson Yards remains the largest private real estate development in the history of the United States and the largest development since Rockefeller Center. With over 18 million square feet of mixed-use development in the pipeline, Hudson Yards has already transformed Manhattan s far west side into the City s most exciting and dynamic neighborhood. Upon completion, the vibrant community will include breathtaking office towers, exclusive residences, a 200+ key Equinoxbranded luxury hotel, a world class 60k sf Equinox, a 750- seat public school, over 100 luxury shops, a collection of world-class restaurants, 14 acres of public open space, and its own cultural center for artistic innovation. Hudson Yards is being constructed in two phases, with the first phase already in its upper stages. On May 31, 2016, Related Companies celebrated the grand opening of 10 Hudson Yards, which marked the first major milestone for the project. Its success is highlighted by 100% occupancy, now home to credit tenants such as Tapestry, L Oreal, SAP, Vayner Media, BCG, Intercept Pharmaceuticals, CBAM, Ardea Partners, VaynerMedia, and Sidewalk Labs. 30 Hudson Yards (currently under construction) will be the second tallest office tower in New York with the highest outdoor observation deck in the city, with delivery expected in The building is fully committed with future tenants including Time Warner, CNN, Related, KKR, Oxford Properties, DNB Bank, and Wells Fargo. One million square feet of space known as The Shops & Restaurants connects these towers. Neiman Marcus will anchor this complex accompanied by nearly 100 luxury shops including Coach, Kiehl s, Lululemon, Origins, Patek Philippe, Rolex, Tory Burch, and Zara. The expansive complex also hosts unparalleled dining experience featuring a collection of restaurants created by the most iconic names in the culinary industry. Acclaimed Chef Thomas Keller has worked to compile an exclusive group of world-class restaurateurs. 55 Hudson Yards will be the second completed tower with a delivery date expected during the Third Quarter of The building will become home to a broad portfolio of global companies and brands including Point72, Cooley LLP, Silver Lake, Third Point, Intercept Pharmaceuticals, Arosa Capital Management, Mount Sinai Doctors, Stonepeak, and MarketAxess. 50 Hudson Yards will span an entire city block and be a 2.9 million square foot Gold-LEED certified building and home Blackstone s corporate headquarters. The global asset management company will take 850,000 square feet across 15 floors. At the base of the building is The Shed, a 200,000 square foot retractable structure that can be used as exhibition and performance space. Additionally, The Vessel has been introduced as the focal point for the new neighborhood. It will invite individuals to explore their surroundings from different vantage points through 154 interconnecting flights of stairs and 80 landings. 9

10 430 Moinian 3 Hudson Boulevard The Moinian Group celebrated its planned office tower, 3 Hudson Boulevard, with a ceremonial groundbreaking in early November The ceremony represents another significant milestone in developing the Hudson Yards and attracting new businesses and investments to the Far West Side of Manhattan. Upon completion in 2021, the 2.0 million square foot office tower will encompass a full city block along Eleventh Avenue, stand 940 feet tall, and instantly become an iconic figure in the New York City skyline. The office tower with valuable ground floor retail is conveniently positioned adjacent to the No. 7 Subway, which opened in 2015 and is the only subway line serving the area west of Ninth Avenue below 59th Street. By 2025, when Hudson Yards is expected to reach full capacity, the subway station is projected to service 200,000 daily riders. Moinian s well-located site is just one of a few remaining buildings for tenants to establish a worldclass headquarter in the new Hudson Yards district. The Spiral Tishman Speyer s 1,005 foot tall office tower will be sustainably constructed with a series of cascading landscaped terraces and hanging gardens will boast 2.85 million square feet of usable space. The design incorporates emblematic aspects of ancient Babylon s Ziggurats and hanging gardens re-sleeved with a modern interpretation. Pfizer has already announced plans to sign an 800,000 square foot lease at the property, with completion expected in Hudson Park & Boulevard Hudson Park & Boulevard, a fundamental element of the new Hudson Yards district, will help transform a formerly industrial neighborhood into a vibrant, pedestrian-friendly mixed-use district. The approximate 4 acre expanse of broad tree-lined parks and open space will run between 10th and 11th Avenues from West 33rd to West 39th Streets, and will be completed in two phases. The first phase, which opened in September 2015, spans from 33rd to 36th Street. The second phase is located between 36th and 39th Streets and is expected to commence construction in the near future. Javits Center Located on six City blocks on Eleventh Avenue between 34th and 40th Streets, the Javits Center is the nation s busiest convention center, featuring an 840,000 square foot, flexible exhibition space that hosts over 35,000 companies each year. The Javits Center plays a major role in the local economy, generating over $1.5 billion in activity and supporting 14,000 jobs. The convention center has recently completed a $460 million renovation, attracting more visitors to New York City and further invigorating the neighborhood. 10

11 Manhattan West Brookfield continues to make strong headwinds in their effort to complete Manhattan West, the 7 million square foot community in the heart of Manhattan s newest neighborhood on the west side. Upon completion, four world-class office towers, a luxury residential building and a high-end hotel will make up the next generation of skyscrapers defining the skyline. A new 2-acre public plaza will provide ample space for recreational activities and over 240,000 square feet of retail space will feature a dynamic mix of fashion retailers and acclaimed restaurants. At the forefront of the transformation is Five Manhattan West, a nearly 1.8 million square foot office building that recently underwent a $300 million capital improvement program completed in the end of Major improvements include the recladding of the exterior walls with floor-to-ceiling windows, a full lobby renovation and expansion, the addition of passenger elevators, building system upgrades, and the creation of expansive outdoor terraces. Five Manhattan West houses notable tenants including Amazon, JP Morgan Chase, Markit, and R/GA, as well as a 60,000 square foot Whole Foods Market that anchors the base of the building. Substantial progress continues at Brookfield s largest building, One Manhattan West, which is expected to open in the 3rd Third Quarter of The superstructure for the 2.1 million square foot office tower is substantially complete and will top out at 67 stories. Early leasing activity has been exceptional with notable tenants such as Skadden Arps Slate Meagher & Flom, the National Hockey League, Accenture, EY, and McKool Smith, already set to occupy over 80% of the building. In March of 2017, Brookfield celebrated the grand opening of their first tower, The Eugene. The Eugene is a world-class residential building that features 844 apartments, 55,000 square feet of lifestyle and recreational amenities, and a 4,500 square foot rooftop terrace. Residents enjoy unparalleled views, private lounges, a climbing wall, golf simulator, 24-hour concierge service, bike storage, pet spa, and a state-of-the-art fitness facility. Within the building s first year occupancy reached 98%, a feat that sets the stage for what is to become the heart of Manhattan s newest neighborhood. 11

12 $1.6 Billion Farley / Penn Station Overhaul In the summer of 2017, Empire State Development executed a final financial agreement with Related Companies, Vornado Realty, and Skanska USA, allowing major construction to commence immediately on the historic James A. Farley Building. The $1.6 billion project, fully funded with commitments from the state, Amtrak, the MTA, the Port Authority and its joint venture developers, will transform the building into a world-class transportation hub that will be known as Moynihan Train Hall. The Farley redevelopment is expected to create a new 255,000 square foot train hall that will serve Amtrak and LIRR, while significantly alleviating Penn Station congestion that will continue to house NJ Transit. The state-of-the-art infrastructure will also house to 700,000 square feet of commercial, retail and dining space that will exceed the standards of the evolving demographic drawn by the completion of surrounding mega projects such as Hudson Yards and Manhattan West. Moynihan Station will serve as grand entrance to nine platforms, 17 tracks, and the Eighth Avenue Subway while adding an additional connection to the train station from Ninth Avenue for the first time. The station will feature a stunning 92 foot high skylight built above the hall s iconic trusses. Penn Station will also undergo significant transformation including the redesign of all entrances with upgraded lighting and signage, incorporating digital screens and LED panels throughout. This highly anticipated project has an expected completion date of Subway Extension The No. 7 Subway extension is the first addition to New York City s mass transit system in more than a generation. The project, which extended the line from its previous terminus at Times Square to a new station at West 34th Street between 10th and 11th Avenues, has helped Hudson Yards become one of the City s most convenient neighborhoods. Completed in September 2015, the West Side is finally connected to the rest of the City, paving the way for what will be a dynamic place to work, visit, and live. The High Line The High Line s transformation from an abandoned elevated railway into a state-of-the-art park that spans nearly 1.45 miles was completed in September of Running from Gansevoort Street to West 34th Street, the High Line has linked the area between the Meatpacking District and West Chelsea. Not only does the High Line attract over 4 million annual visitors, but it has been a catalyst for growth and development throughout the surrounding neighborhoods. The High Line has stimulated billions of dollars in new investments that has attracted world-renowned architects and developers to the neighborhood due to the aesthetics of the elevated park, which has become one of the most desirable and luxurious residential locations in Manhattan. 12

13 HUDSON YARDS RARE BLOCK-THROUGH DEVELOPMENT OPPORTUNITY ASKING PRICE: Ownership Requests Proposals FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS: ROBERT KNAKAL Chairman, NY Investment Sales (212) JONATHAN HAGEMAN Director (212) PATRICK YANNOTTA Director (212) MICHAEL ALLEN Associate (212) rendering Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.