SALES REPORT Q BRONX MULTIFAMILY.

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1 SALES REPORT Q BRONX MULTIFAMILY

MULTIFAMILY SALES REPORT INTRODUCTION Dear Friends and Investors, As we enter the second quarter of 2017 our team is feeling very optimistic about the velocity and relative health of the market.

As a result of rising rates, a soft rental market, and increased political regulation, most experts believe that 2017 will be a quiet year. So far, we have found the exact opposite to be true.

Of the ten transactions in the first quarter, three of them were portfolio sales. In all of the transactions except for one, the purchaser already owned in the borough.

5 depending on how much upside there is in the rent roll. Let this report be your guide to first quarter transactions and metrics in the Bronx.

3 MULTIFAMILY SALES REPORT INTRODUCTION Dear Friends and Investors, As we enter the second quarter of 2017 our team is feeling very optimistic about the velocity and relative health of the market. The end of 2016 was quiet, which resulted in very few closings in the first quarter of As a result of rising rates, a soft rental market, and increased political regulation, most experts believe that 2017 will be a quiet year. So far, we have found the exact opposite to be true. We are measuring this with the number of contracts being signed and the influx of our exclusive inventory hitting the market. For our team, both are at all-time highs. Of the ten transactions in the first quarter, three of them were portfolio sales. In all of the transactions except for one, the purchaser already owned in the borough. The average price per unit was about $180,000 and the average price per foot was $185. Cap rates have hovered in the low mid 4% range and gross rent multiples range from depending on how much upside there is in the rent roll. Let this report be your guide to first quarter transactions and metrics in the Bronx. The borough s four largest, single-asset closings of the quarter include: Sheridan Avenue, 1229 Franklin Avenue, 2710 Morris Avenue, and 11 West 172nd Street, all of which traded for an aggregate value of $71,780,000. Please refer to the key on the following page for additional details on these transactions. Best, Peter Von Der Ahe Marcus & Millichap pvonderahe@ipausa.com Joe Koicim Marcus & Millichap jkoicim@mmreis.com Seth Glasser Marcus & Millichap sglasser@mmreis.com

BRONX LARGEST MULTIFAMILY SALES With a commitment to

1511-1521 Sheridan Avenue March 2017 $38,100,000 222

2017 $12,000,000 62 Units $175 Price/SF 2710 Morris

11 West 172nd Street February 2017 $10,500,000 66

4 BRONX LARGEST MULTIFAMILY SALES With a commitment to integrity, we operate with our ears to the ground Sheridan Avenue March 2017 $38,100, Units $188 Price/SF 1229 Franklin Avenue February 2017 $12,000, Units $175 Price/SF 2710 Morris Avenue March 2017 $11,180, Units $130 Price/SF 11 West 172nd Street February 2017 $10,500, Units $167 Price/SF *Includes only single asset transactions

5 MULTIFAMILY SALES REPORT MARKET INDICATORS Average Price Per Unit BY MARKET Total Sales Volume Total Number of Sales (Derived only from sales of assets above a total of 40 units) $198,098 NORTH BRONX $46,355,000 4 Sales $169,752 SOUTH BRONX $102,700,000 6 Sales

6 BRONX NEW YORK CITY Bronx PROPERTY DATE PRICE UNITS $/UNIT SF $/SF Franklin Ave Portfolio 22-Mar $21,000, $175, ,029 $ Anderson Avenue 21-Mar $6,600, $160,976 45,938 $ Sheridan Avenue 20-Mar $38,100, $171, ,418 $ Morris Avenue 13-Mar $11,180, $183,279 85,956 $ Grand Concourse 27-Feb $10,150, $241,667 40,175 $ Franklin Avenue 15-Feb $12,000, $193,548 68,722 $ Sedgwick Avenue 9-Feb $8,450, $156,481 58,212 $ West 172nd Street 1-Feb $10,500, $159,091 63,000 $167 Jesup Avenue Portfolio 20-Jan $14,500, $154,255 79,950 $181 Fordham Portfolio 18-Jan $16,575, $215,260 56,836 $292 OUR REPORT Our report represents two markets, as displayed to the right, featuring Bronx multifamily sales from Q1 of 2017, above 40 units. North Bronx South Bronx

7 BRONX NEW YORK CITY Bronx Franklin Ave Portfolio 1180 Anderson Avenue Sheridan Avenue 2710 Morris Avenue 2075 Grand Concourse 1229 Franklin Avenue 2285 Sedgwick Avenue 11 West 172nd Street Jesup Avenue Portfolio Fordham Portfolio

RECENT FINANCING Piazza Edgecombe Portfolio Refinance Loan 92-Unit Mixed-Use

Manhattan, Hudson Heights Andrew Dansker Marcus & Millichap 212.430.

com Strong existing relationships with both national and regional lenders.

team in securing commercial debt financing for an array of property types.

8 RECENT FINANCING Piazza Edgecombe Portfolio Refinance Loan 92-Unit Mixed-Use Manhattan, Hamilton Heights 25 Dongan Place Refinance Loan 50-Unit Multi-Family Manhattan, Hudson Heights Andrew Dansker Marcus & Millichap Strong existing relationships with both national and regional lenders. With more than ten years in the real estate industry, Andrew leads our capital team in securing commercial debt financing for an array of property types. 211 Henry Street Refinance Loan 11-Unit Mixed-Use Manhattan, Lower East Side 244 West 56 th Street Refinance Loan 25-Room Hotel Manhattan, Midtown West

9 WHY NYM? Our specialized focus in NYC mid-market multifamily real estate, backed by the power and resources of Marcus & Millichap uniquely positions us to create optimal opportunities for both private capital and institutional investments. NICHE EXPERTISE We specialize only in multifamily properties, only in New York City, customizing our strategy around you. MIDDLE MARKET Backed by the nation s largest private client brokerage, we bridge the gap between private and institutional capital. CREATING OPPORTUNITIES We are positioned to source exclusive opportunities for our clients sellers frequently become buyers with NYM. BROKERAGE AS A VERB We don t simply market properties we aggressively sell them in pursuit of the best outcomes for clients.

MULTIFAMILY SALES REPORT LEADERSHIP NYM The number one

Peter Von Der Ahe 212.430.5114 pvonderahe@mmreis.

com Joe Koicim 212.430.5147 pvonderahe@mmreis.

com Seth Glasser 212.430.5136 seth.glasser@mmreis.

10 MULTIFAMILY SALES REPORT LEADERSHIP NYM The number one multifamily investment sales team in New York City. Peter Von Der Ahe Scott Edelstein Joe Koicim Shaun Riney Seth Glasser David Lloyd Michael Salvatico Thomas Shihadeh

11 MULTIFAMILY SALES REPORT UNDISTRACTED BY OTHER PROPERTY TYPES OR PRODUCTS, OUR MARKET INFORMATION AND ACCESS TO INVENTORY IS UNPARALLELED. Our goal is to utilize our niche expertise and experience to fulfill the needs of the buying and selling clients we represent. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or unit count are approximate. Recipient must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. 2016Marcus & Millichap

MANHATTAN MULTIFAMILY

SALES REPORT Q1 2017 MANHATTAN MULTIFAMILY www.newyorkmultifamily.com MULTIFAMILY SALES REPORT INTRODUCTION Dear Friends and Investors, Peter Von Der Ahe Marcus & Millichap 212.430.5114 As we finish up