TABLE OF CONTENTS ASKING PRICE $27,500,000 EXECUTIVE SUMMARY THE NEIGHBORHOOD FINANCIAL OVERVIEW PROPERTY PHOTOS DUE DILIGENCE

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2 ASKING PRICE $27,500,000 Eric Roth Associate Director (212) Robert M. Shapiro Executive Managing Director (212) Ian Brooks Director (212) TABLE OF CONTENTS EXECUTIVE SUMMARY THE NEIGHBORHOOD FINANCIAL OVERVIEW PROPERTY PHOTOS DUE DILIGENCE

3 PROPERTY HIGHLIGHTS EXECUTIVE SUMMARY On top of the 1 train and just blocks from the express A train. Major MCI opportunities remain Located on a prime retail corridor Large upside in the residential rents 33 Apartments and 10 Stores 100 x 100 elevator mixed use building The Opportunity: Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of The General Washington located at 1401 Saint Nicholas Avenue. The 100 x 100 mixed use elevator building consists of 33 large apartments and 10 retail spaces that span over 46,000 gross square feet. Located on the northeast corner of Saint Nicholas Avenue and West 180th Street, the subject property is perfectly situated for both strong retail and residential use. Future ownership will benefit from significant in-place retail income while being able to capitalize on a large below market residential component. Currently, the residential portion of the building is renting below $20 per net square foot in a market that can achieve north of $35 per net square foot. The average apartment in The General Washington is over 1,000 SF and layouts range from one to four or more bedrooms. The General Washington is in one of Manhattan s most flourishing neighborhoods, Washington Heights. The property is located on the same block as the 1 train and is a short walk west to the express A train. One block north of 1401 Saint Nicholas Avenue is Washington Heights popular 181st Street retail corridor which is home to AT&T, Modell s Dunkin Donuts, Subway and multiple other national retailers. The property s location also allows for easy access to the Henry Hudson Parkway, Harlem River Drive and the George Washington Bridge. 1 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2

4 THE NEIGHBORHOOD 3 THE NEIGHBORHOOD THE NEIGHBORHOOD 4

5 1401 ST. NICHOLAS AVENUE AERIAL MAP FORT WASHINGTON PARK HUDSON RIVER GEORGE WASHINGTON BRIDGE Columbia University Medical Center J. HOOD WRIGHT PARK GEORGE WASHINGTON BRIDGE BUS STATION George Washington Bus Station BROADWAY ST NICHOLAS AVE HARLEM RIVER PARK ALEXANDER HAMILTON BRIDGE AMSTERDAM AVE HIGHBRIDGE PARK HARLEM RIVER THE HIGH BRIDGE 55 THE CUSHMAN NEIGHBORHOOD & WAKEFIELD THE NEIGHBORHOOD 6

6 1401 ST. NICHOLAS AVENUE TRANSPORTATION MAP Bus Terminal Located at the east end of the George Washington Bridge between 178th and 179th Streets, is the GW Bridge Bus Station. This bus station accommodates approximately 20,000 people on a daily use with over 1,000 buses coming in and out throughout the day. A renovation was recently completed that included an expansion of retail space from 30,000 to 120,000 square feet and renovated waiting rooms, for a cost of approximately $200 million. Travel Times: 35 to Penn Station via 35 to Penn Station via 35 to Grand Central via min min min 190TH STREET Parks 191ST STREET Washington Heights consists of many public parks such as, Highbridge Park, J. Hood Wright Park, Fort Washington Park, and Fort Tryon Park. Highbridge Park is located on the banks of the Harlem River, between 155th Street and Dyckman Street, and contains 119 acres. J. Hood Wright Park is located between Fort Washington and Haven Avenue, between West 173rd and 176th Streets. Fort Washington Park is located along the Hudson River next to Riverside Drive from West 155th Street to Dyckman Street. Higher Education Columbia University Vagelos College of Physicians and Surgeons, is a graduate college of Columbia University and founded in 1767 as the first medical school in the United States. Columbia Medical School is one of the most selective medical schools in the country with nearly 7,000 applicants, and just 169 admissions per class. 181ST STREET 181ST STREET GEORGE WASHINGTON BRIDGE BUS STATION 175TH STREET Yeshiva University, founded in 1886, is the oldest institution for higher education in the United States that combines Jewish Scholarship with studies in medicine, law, business, social work, and liberal arts. Yeshiva University enrolls 11,000 students, which includes its undergraduate students, graduate students, and students from its affiliated high schools. Hospitals Aside from the 20-acre campus of Columbia Medical Center, there are multiple hospitals located in Washington Heights as well. New York-Presbyterians Morgan Stanley Children s Hospital is the only pediatric hospital in all of New York City. Located at 3939 Broadway and West 165th Street, the hospital is named after the financial firm, Morgan Stanley, who largely funded the construction of the current building in THE NEIGHBORHOOD 168TH STREET 168TH STREET COLUMBIA UNIVERSITY MEDICAL CENTER THE NEIGHBORHOOD 8

7 FINANCIAL OVERVIEW 9 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 10

8 ASKING PRICE $27,500,000 PPSF: $594 GRM: 16.04x PROPERTY FEATURES Address: 1401 St. Nicholas Avenue, New York, NY Alternate Address: 601 West 180th Street, New York, NY Location: The northwest corner of St. Nicholas Avenue and West 180th Street Block & Lot: Lot Dimensions: 100' x 100' Lot Square Footage: 10,000 SF (approx.) Building Dimensions: 98' x 100' Building Square Feet: 46,290 SF (approx.) Stories: 6 Residential Units: 33 + Super Commercial Units: 10 Total Units: 43 Gross Residential SF; Net SF: Avg. Net Unit Size: Gross Commercial SF: 39,123 SF (approx.) 33,255 SF (approx.) less 15% loss factor 1,008 SF (approx.) 7,167 SF (approx.) Zoning: R7-2, C1-4 Residential FAR: 4.00 Facility FAR: 6.50 Total Buildable SF: Minus Existing Structure: Available Air Rights: 40,000 SF (approx.) 46,290 SF (approx.) Overbuilt Assessment (18/19): $3,695,600 Taxes (18/19): $470,043 Financial Summary: GROSS ANNUAL REVENUE: $1,714,062 VACANCY LOSS & EXPENSES: $751,260 NET OPERATING INCOME: $962,802 PRICE PER SQUARE FOOT: $594 PRICE PER UNIT: $639,535 CAPITALIZATION RATE: 3.50% GROSS RENT MULTIPLE: 16.04x 11 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 12

9 1401 ST. NICHOLAS AVENUE REVENUE & BREAKDOWN Residential Income: Residential Income: UNIT ROOMS STATUS EXP. BASE RENT MCI OTHER CHARGES MONTHLY RENT 21 4 RS Apr-19 $1,060 $15 $1, FM Aug-18 $3,800 $3, RS Dec-18 $1,265 $23 $5 $1, RS Jul-19 $1,344 $21 $1, RS Oct-19 $1,409 $21 $1,430 Gross Monthly Residential Rent: $54,850 Gross Annual Residential Rent: $658,195 Average Rent Per Unit: $1,662 Average Rent Per Net Square Foot: $ FM Apr-19 $2,725 $2, RS Dec-18 $936 $19 $ RS Jan-19 $1,155 $26 $21 $1,202 33A 3 RS Nov-18 $1,010 $5 $1,015 33B 3 FM Dec-18 $1,695 $1, RS May-20 $1,143 $23 $26 $1, RS Sep-19 $1,865 $20 $1, RS Aug-19 $1,233 $31 $1, RS Jul-18 $833 $15 $ RS Oct-18 $1,532 $26 $36 $1,594 43A 3 RS Nov-19 $1,120 $1,120 43B 3 RS Vacant $1,850 $1, RS Dec-19 $1,317 $21 $1, FM Mar-19 $2,750 $2, FM Mar-19 $2,700 $2, RS Nov-18 $1,934 $1, RS Dec-18 $1,491 $21 $1, FM Dec-18 $2,515 $15 $2, RS Jan-19 $1,387 $1, FM Dec-18 $3,000 $3, RS Feb-20 $946 $946 Retail Income: UNIT TENANT SF EXP. RPSF TAX REIMB. MONTHLY RENT TOTAL RENT ST1 Staffing 400 Oct-18 $90 $3,000 $3,000 ST11 Metro Com 715 May-23 $143 $104 $8,400 $8,504 ST2 Nail Salon 437 Jun-22 $69 $263 $2,251 $2,514 ST3 Multiservice 412 Aug-22 $139 $104 $4,660 $4,764 ST4 Porta Bella 2,203 Mar-21 $106 $19,500 $19,500 ST5 Momo 1,003 Jun-24 $217 $104 $17,998 $18,102 ST6 City Knights 512 Jan-21 $214 $104 $9,018 $9,122 ST7 Jewelry Store 490 May-23 $260 $104 $10,500 $10,604 ST8 Munchies 495 Jul-25 $203 $104 $8,275 $8,379 ST9_10 Barber Shop 500 Feb-23 $84 $3,500 $3,500 Gross Monthly Retail Rent: $87,989 Gross Annual Retail Rent: $1,055,867 Average Retail Rent Per Square Foot: $ RS Dec-19 $865 $ RS Jun-19 $1,356 $26 $21 $1,403 63A 3 RS May-19 $1,625 $1,625 63B 3 RS Mar-19 $930 $11 $5 $ RS Oct-18 $1,003 $23 $1, FM Feb-18 $3,000 $3, RS Apr-19 $1,564 $19 $1,583 BSMT 4 SUPER Dec-20 Combined Income: Gross Total Monthly Rent: $142,839 Gross Total Annual Rent: $1,714,062 SCRIE Units: 21, 23, 31, 32 43A, 44, 56, 61, 62, 63B 13 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 14

10 1401 ST. NICHOLAS AVENUE EXPENSES & INVESTMENT VALUE Breakdown Charts: Unit Status Breakdown Average Total Rent Breakdown Combined Revenue: Gross Annual Residential Revenue $658,195 STATUS NUMBER ROOMS NUMBER AVG. MONTHLY RENT Vacancy 3% of Gross Annual Revenue ($19,746) FM 8 RS 25 SUPER 1 Retail $1, $1, $1, $2, $1, $1, $2, Gross Annual Commercial Revenue $1,055,867 Vacancy 5% of Gross Annual Revenue ($52,793) Effective Gross Annual Combined Revenue $1,641,523 Expenses (Estimated): C&W Projected Taxes (18/19) Full Taxes $470,043 Water/Sewer Actual $39,077 UNIT STATUS BREAKDOWN UNIT NUMBER BREAKDOWN $450 / Unit $19,350 $0.85 / GSF $39,347 6% Common $0.15 / GSF $6,944 Repairs & $500 / Unit $21,500 23% 18% 18% Cleaning & $400 / Month $4,800 25% General & $250 / Month $3,000 2% 15% $750 / Month $9, % / EGR $65,661 57% 18% 15% Total Expenses: $678,721 3% EFFECTIVE GROSS ANNUAL REVENUE: $1,641,523 FM RS SUPER Retail LESS EXPENSES: 44% ($678,721) NET OPERATING INCOME: $962, FINANCIAL OVERVIEW FINANCIAL OVERVIEW 16

11 PROPERTY PHOTOS 17 PROPERTY PHOTOS DUE DILIGENCE 18

12 1401 ST. NICHOLAS AVENUE PROPERTY PHOTOS 19 PROPERTY PHOTOS PROPERTY PHOTOS 20

13 DUE DILIGENCE 21 DUE DILIGENCE DUE DILIGENCE 22

14 1401 ST. NICHOLAS AVENUE DUE DILIGENCE Zoning Map: Certificate Of Occupancy: Tax Map: West 181st Street Wadsworth Avenue Saint Nicholas Avenue West 180th Street 23 DUE DILIGENCE DUE DILIGENCE 24

15 1401 ST. NICHOLAS AVENUE DUE DILIGENCE Tax Bill: DOB Overview / Violations: Statement Details November 17, West 180 St. NYC LLC 1401 Saint Nicholas Ave Page 2 Current Charges Activity Date Due Date Amount Finance-Property Tax 01/01/2018 $227, Adopted Tax Rate $-6, Housing-Emergency Repair 01/01/2018 $ Washington Hgts BID 01/01/2018 $6, Rent Stabilization fee $10/apt. # Apts RS fee identifiers Housing-Rent Stabilization 27 01/01/ $ Total current charges $228, How We Calculated Your Property Tax For July 1, 2017 Through June 30, 2018 Tax class 2 - Residential, More Than 10 Units Tax rate Original tax rate billed June % New tax rate % Estimated market value $8,605,000 Billable assessed New value Tax rate Taxes** Tax before exemptions and abatements $3,576,340 X % = $454,875** Tax before abatements $454,875** McI Capital Improvement Abatement $-4,294** Annual property tax $450,581** Original property tax billed in June 2017 $456,768** Change in property tax bill based on new tax rate $-6,187** If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim of Water Bill: 25 DUE DILIGENCE DUE DILIGENCE 26

16 1401 ST. NICHOLAS AVENUE HPD Building, Registration & Violation LOCATION OVERVIEW Boiler Information: Retail Map: NET T BEN K PAR WAY BROAD W 184TH ST W 183 RD ST W 182 ND ST CAB W 181ST ST WASHINGTON BRIDGE RINI W 180TH ST BLVD W 179TH ST E W 177 TH AMSTERDAM AVE W 176TH AUDUBON AVE AVE VE ST A ST NICHOLAS AVE HUR DUE DILIGENCE A LE RI DG W 178TH WADSWORTH AVE PI N E 27 N NGTO ASHI FT W E RIDG GW B MINAL TER BUS B ILTON X HAM DUE DILIGENCE 28

17 For more information contact: Eric Roth Associate Director (212) Robert M. Shapiro Executive Managing Director (212) Ian Brooks Director (212) 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.