54 Bond Street. 54 Bond Street. Prime Corner Retail Condominium

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1 Prime Corner Retail Condominium

2 THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in Retail Condominium, New York, NY ("The Property"). This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential Memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto. By acknowledgement of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions of interest in the building, and to terminate discussions with any party at any time with or without notice. If you do not wish to pursue negotiations leading to this acquisition, kindly return this Confidential Memorandum to Massey Knakal. This Confidential Memorandum shall not be deemed a representation of the state of affairs of the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum. Confidentiality

3 Offering Memorandum Retail Condominiums Asking: $6,450,000 or an 8.2% Cap EXCLUSIVE AGENTS: James Nelson x7710 Caroline Hannigan x7708 Mitchell Levine x7761 David Fowler x7734 Massey Knakal Realty Services 275 Madison Ave, Third Floor New York, New York T: F:

4 Property Information Executive Summary Property Photograph Property Overview Schedule of Prospective Cash Flows Tenant Descriptions Rent Roll Property Pictures Floor Plans Tax Map and Location Table of Contents Neighborhood Information Bowery Street Retail Map Neighborhood Description Neighborhood Map Aerial Photograph Zoning Map Zoning Description Transportation Information Due Diligence Materials Certificate of Occupancy

5 Property Photograph

6 Overview: Executive Summary Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of 54 Bond Street Retail Condominium. The property is located on the corner of Bond Street and Bowery Lane in the heart of NoHo. The retail is leased with established retailers Rogan, Billy Reid, and Cire Trudon in possession. The Billy Reid and Rogan have long term leases with annual escalations, and are responsible for their pro-rata share of common area maintenance and real estate taxes, providing a turn-key, stable stream of in place cash flow. The landmarked façade of the building known as the Bouwerie Theater, is designed in the celebrated French Second Empire style and constructed out of cast-iron and features oversized windows throughout. Rogan and Billy Reid benefit from soaring 19 ceiling heights. The lower level units receive exceptional light and air given the building s unique setback from the property line. Retail demand is high along this coveted stretch of Noho which houses such notables as John Varvatos and Blue & Cream. The property benefits from its proximity to the high end developments at 25 Bond Street, Cooper Square Hotel, Ian Schrager s 40 Bond Street, and the Bowery Hotel. State of New York, Office of Attorney General, File No.: CP This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General.

7 Prime Retail Condominiums for Sale Property Description: Location: Northwest Corner of Bond Street and Bowery Block & Lot: Lot Size: Frontage: 530 / TBD (Retail lots will be issued to the individual lofts when the condominium conversion occurs) 26' x ' (Approx.) 26' on Bowery & ' on Bond Street Unit Size: Lower Level: 2,169 SF Ground Level: 2,105 SF Cellar Lobby Including Core and Elevator: 348 SF Ceiling Heights: 19' on Ground Floor (Approx.) 9' on Lower Level (Approx.) Zoning: C6-1 Assessment: Real Estate Taxes: TBD Following the formation of the condominium, taxes will be reassessed for the commercial unit. Building Information: Exterior Structure: Mixed brick and cast-iron construction. Interior: Façade: Elevator: The walls, floors and roof are constructed out of wood. Composed of ornamental cast-iron columns and extensive fenestration. Drop shafts separate the property from the sidewalk; with full sized windows along Bond Street on the lower level. One HVAC: Natural gas is used to heat the first and lower level. Both electricity and gas are provided by Con Edison. Description: A ground floor and lower level corner portion of a retail condominium comprised of three spaces totaling approximately 4,622 SF. It is located within the landmark Bouwerie Lane Theater building on the northwest corner of Bond Street and Bowery. The ground floor boasts 19 foot ceiling heights and oversized windows with a unique setback from the street allowing the lower level space to benefit from additional light. The seller will deliver the deed to the condo, and the approved condo plan prohibits food and beverage use. The retail portion is fully leased and features high end fashion designer Rogan, Billy Reid and Cire Trudon. Billy Reid has six locations nationwide and has just partnered with Bloomingdales New York to build a shop in shop, scaled from their Bond Street location, and is sold in 50 stores including Bloomingdales, Bergdorf's men store and Saks Fifth Avenue, while Target has partnered with Rogan to create the next limited-edition collection for GO International, an innovative program designed to provide affordable fashion created by world-renowned designers. Cire Trudon is a Paris based manufacturer and retailer which produces candles of the highest quality. This is a tremendous opportunity for an investor to purchase a prime corner location, with in-place cash flow and lease extending out until For further due diligence material including the condominium plan, please visit and the enter the following password: StreetBond54. James P. Nelson (x7710) or jnelson@masseyknakal.com Mitchell Levine (x7761) or mlevine@masseyknakal.com For Additional Information, Please Contact Exclusive Sales Agents: Asking: $6,450,000 or an 8.2% Cap Caroline Hannigan (x7708) or channigan@masseyknakal.com David Fowler (x7734) or dfowler@masseyknakal.com State of New York, Office of Attorney General, File No.: CD This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General. The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN Madison Avenue Third Floor New York, NY Fax THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

8 Prime Corner Retail Condominium for Sale Schedule of Prospective Cash Flows Reimbursements: Leasing Assumptions: R.E. Taxes Tenants would pay their pro-rata share increases over a future New Renewal base year. Vacancy 3 Months Free Rent 3 Months 1 Month Tenant Improvements $0 $0 Leasing Commission Schedule Full Half CAM Based on projected budget for the first year of condominium Year 1 5.0% Year 6 3.0% operation. Tenants pay pro-rata share, net. Year 2 4.5% Year 7 3.0% Year 3 4.0% Year 8 2.5% Year 4 3.0% Year 9 2.0% Year 5 3.0% Year % General Assumptions: Combined Cash Flows Inflation 3% Expense Growth 3% Credit & Collection Loss 0% General Vacancy 0% Year 1 Year 2 Year 3 Year Ending Feb-2011 Feb-2012 Feb-2013 Base Rental Revenue: $ 626,114 $ 642,378 $ 659,130 CAM Reimbursements (1) : $ 37,263 $ 38,381 $ 39,532 RE Tax Reimbursements (2) : $ 30,738 $ 31,660 $ 32,610 Effective Gross Revenue: $ 694,115 $ 712,419 $ 731,272 Real Estate Taxes 3% $ 130,575 $ 134,492 $ 138,527 CAM Charges (1) $ 37,263 $ 38,381 $ 39,532 Net Operating Income: $ 526,277 $ 539,546 $ 553,213 Leasing Commissions: Cash Flow Before Debt Service: $ 526,277 $ 539,546 $ 553,213 (1) Tenants would pay their pro-rata share. (2) Billy Reid and Rogan respectively pay 23% and 15% above the condo base year. Cire Trudon pays 24.2% of the entire tax bill. Asking: $6,450,000 or an 8.2% Cap For Additional Information, Please Contact Exclusive Sales Agents: James P. Nelson (x7710) or jnelson@masseyknakal.com Mitchell Levine (x7761) or mlevine@masseyknakal.com Caroline Hannigan (x7708) or channigan@masseyknakal.com David Fowler (x7734) or dfowler@masseyknakal.com State of New York, Office of Attorney General, File No.: CD This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General. The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 00

9 Prime Corner Retail Condominium for Sale Rent Roll Suite Tenant Rent Start Date Lease Expiration Net Sq. Ft. (1) Year Annual Base Rent Rent Per Sq. Ft. Escalation Date Type Share Bowery Rogan 1/29/2008 1/31/2015 1, $200,000 $ RE Tax 15% Above base year $206,000 $ /1/2009 CAM Pro-Rata A high end fashion label founded by CFDA award winning designer Rogan Gregory $212,180 $ /1/2010 This is his flagship location and only store $218,545 $ /1/ $225,102 $ /1/ $231,855 $ /1/ $238,810 $ /1/2014 Bond & Billy Reid 9/1/2008 8/31/2018 1, $310,000 $ RE Tax 23% Above base year Lower Level A high-end men's fashion label founded by CFDA award winning designer Billy Reid. 1, $319,300 $ /1/2009 CAM Pro-Rata This will be the sixth retail store for the brand and the first in New York City $328,879 $ /1/ $338,745 $ /1/ $348,908 $ /1/ $359,375 $ /1/ $370,156 $ /1/ $392,699 $ /1/ $404,480 $ /1/2017 Lower Level Cire Trudon 6/1/2010 6/31/13 1, $84,000 $75.00 RE Tax 22.4% of total tax bill The oldest French manufacturer and produces candles of the best quality according to its time-honored traditions $84,000 $75.00 CAM Pro-Rata $84,000 $75.00 Cellar lobby including core and elevator 348 Total: 4,622 #REF! $ (1) As per Offering Plan filed with the Attorney General. Asking: $6,450,000 or an 8.2% Cap For Additional Information, Please Contact Exclusive Sales Agents: James P. Nelson (x7710) or jnelson@masseyknakal.com Mitchell Levine (x7761) or mlevine@masseyknakal.com Caroline Hannigan (x7708) or channigan@masseyknakal.com David Fowler (x7734) or dfowler@masseyknakal.com State of New York, Office of Attorney General, File No.: CD This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General. The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 00 The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

10 Tenant Description ROGAN, (1,081 RSF) In 2005, New York-based designer Rogan Gregory successfully merged the concept of cutting-edge fashion with social responsibility via the high-profile spring launch of a line called Edun. His casual clothing collection was produced from organic materials in conjunction with the Dublin-based political activist husband-andwife duo Paul Hewson (U2 lead singer Bono) and Ali Hewson. The line was sold primarily in the U.S. at Saks Fifth Avenue department stores. Gregory s goal for Edun was twofold to make a commercial profit and to create sustainable employment in less-developed countries. Rather than working with a Third World operation that could make items at the lowest-possible price point, Edun outsourced production to factories where work was most needed. Edun s founders hoped that their clothing would set a new precedent in the fashion industry by creating a solid foundation for new garment-manufacturing businesses to thrive in such underdeveloped economic zones as Tunisia and Peru, where the Edun collection was produced from untreated cotton as well as dyes made from coffee, blue corn, and gardenia blossoms. In November 2007, designer Rogan Gregory was awarded the prestigious CFDA/VOGUE Fashion Fund Award. Starting in May 2009, Target is partnering with American designer Rogan Gregory to create the next limited-edition collection for GO International, an innovative program designed to provide affordable fashion created by world-renowned designers. The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

11 Tenant Description BILLY REID, (2,073 RSF) An upscale and decidedly Southern take on men s and women s fashion. Billy Reid has six locations nationwide and has just partnered with Bloomingdales New York to build a shop in shop, scaled from their Bond Street location and his designs are found in 50 stores including Bloomingdales, Bergdorf's men stores and Saks Fifth Avenue. The store best serves those men who aren t so sure about a total hipster look, but know better than to wear a short-sleeved shirt with a tie. The high quality clothing is functional, fashionable and appeals to those who might not be too keen on a distressed blazer but would love a contemporary take on a jacket. Billy Reid is for the man who doesn t mind paying more for investment pieces and recognizes the value of a great-fitting pair of pants. Reid introduced his women s collection just in time for spring 2007 and like their male counterparts, the clothes are relaxed and sophisticated. In addition to the New York City store there are additional retail locations in Houston, Dallas, Charlotte, Charleston and Florence Alabama.

12 Tenant Description Cire Trudon, www. (1,120 RSF) In 1643, a merchant named Claude Trudon arrived in Paris. Through a fortunate marriage, he became the owner of a store in rue Saint-Honore, in the Saint-Roch's quarter. In addition to grocer, he was also a wax merchant and supplied his customers with domestic candles and candles for the parish. Trudon developed and perfected his know how to produce candles of the best quality. On the Eve of Louis XIV's reign, Maitre Trudon thus created the first small family manufacturing business that carried his name and made the fortunes of his heirs. His son Jacques also became general storekeeper and wax producer and entered the court of Versailles in 1687, as apothecary distiller to Marie-Therese, wife of the King. Maison Trudon officially became royal wax manufacturer in Wax supplier to Napoleon during the Empire, Maison Trudon kept on prospering throughout the centuries without ever interrupting its activity, particularly through the making of traditional and prestigious candles. Cire Trudon is now the oldest French manufacturer and produces candles of the best quality according to its time-honored traditions.

13 Billy Reid Inc. Tenant: Date: Premises: Use of Premises: Term: Lease Commencement: Billy Reid September 1, 2008 A first class retail clothing, furniture and accessories store under the trade name Billy Reid. 10 years with 3% annual increases. September 1, 2008 Lease Abstracts Lease Expiration Date: December 31, 2015 Option to Renew: None Period: Rent (Monthly): $ 25,833 $ 26,608 $ 27,407 $ 28,229 $ 29,076 $ 29,948 $ 30,846 $ 31,772 $ 32,725 $ 33,707 Rent (Annual): $ 310,000 $ 319,300 $ 328,879 $ 338,745 $ 348,908 $ 359,375 $ 370,156 $ 381,261 $ 392,699 $ 404,480 Additional Rent: The tenant pays their pro-rata share of real estate taxes over a base year which will correspond to the year in which the condominium declaration is declared along with their pro-rata share of their common area maintenance charges. Security Deposit: An unconditional, irrevocable letter of credit for $125,000. ` Assignment Rights: Tenant can assign/sublet with landlord's prior consent if the potential sublettor meets the necessary financial obligations of set forth in the lease. Guaranty: Good Guy Guaranty-(Maximum Amount) guarantees absolutely and unconditionally, to Owner full and prompt payment, performance and observance of all the terms, covenants and conditions of the lease to be paid. Billy Reid Inc. being the Guarantor. Rogan LLC. Tenant: Date: Premises: Use of Premises: Term: Lease Commencement: Lease Expiration Date: Option to Renew: Rogan January 29, 2008 A first class retail clothing, furniture and accessories store under the trade name Rogan 7 years with 3% annual increases. January 29, 2008 December 31, 2015 None Period: Rent (Monthly): $ 16,667 $ 17,167 $ 17,682 $ 18,212 $ 18,759 $ 19,321 $ 19,901 Rent (Annual): $ 200,000 $ 206,000 $ 212,180 $ 218,545 $ 225,102 $ 231,855 $ 238,810 Additional Rent: Security Deposit: Assignment Rights: Guaranty: The tenant pays their pro-rata share of real estate taxes over a base year which will correspond to the year in which the condominium declaration is declared along with their pro-rata share of their common area maintenance charges. None ` Tenant can assign/sublet with landlord's prior consent if the potential sublettor meets the necessary financial obligations set forth in the lease. (Maximum Amount) guarantees absolutely and unconditionally, to Owner full and prompt payment, performance and observance of all the terms, covenants and conditions of the lease to be paid. Good Guy guarantee with Arthur F. Ryan being the guarantor.

14 Lease Abstracts CIRE TRUDON USA, INC. Tenant: Date: Premises: Use of Premises: Term: Lease Commencement: Cire Trudon June 16, 2010 Retail Sales 3 years June 17, 2010 Lease Expiration Date: June 30, 2013 Option to Renew: None Period: Rent (Monthly): $ 7,000 $ 7,000 $ 7,000 Rent (Annual): $ 84,000 $ 84,000 $ 84,000 Additional Rent: Security Deposit: Guaranty: Cancelation Option: The tenant pays their pro-rata share of CAM charges and 22.4% of the total real estate tax bill. None Cire Trudon Corporate Signature None

15 Floor Plans-Lower Level Bowery Lower Level Lower Level

16 Floor Plans-Ground Floor Bowery Ground- Rogan Ground- Billy Reid

17 - Retail Space Tax Block: 530 / TBD (Retail lots will be issued to the individual lofts when the condominium conversion occurs) Location: Corner of Bond Street and Bowery Tax Map and Location - Retail

18 TAKE A BOWERY December 18, THE Bowery's reputation is well-known. Originally a bucolic country lane leading to Peter Stuyvesant's farmhouse, the street took a downhill slide some 150 years ago and has been an international byword for hard living ever since. Street gangs, brothels, flophouses, Joey Ramone - at one time or another, the Bowery has played host to them all. Of the many Manhattan areas to have transformed over the last decade, the Bowery has to rank among the unlikeliest. Transform it has, though. Homeless shelters like the century-plus-old Bowery Mission still dot the street, and lighting and restaurant supply stores still dominate the retail scene, but gentrification is most definitely on the march. Recent arrivals in the area include Ian Schrager's 40 Bond condo building (where units have fetched more than $3,000 per square foot), the celeb-friendly Bowery Hotel, the New Museum, the Double Crown restaurant and the John Varvatos store in the former CBGB space. These newcomers join the Avalon Chrystie (with its Whole Foods) and Avalon Bowery developments (with a planned Veselka restaurant), two rental buildings with studios starting at $2,600, one-bedrooms at $3,550 and two-bedrooms at $5,100. And the much-anticipated Cooper Square Hotel just opened last week. Miami/Los Angeles star chef Govind Armstrong's Table 8 restaurant will open in the hotel early next year. Yes, the Bowery is booming. Prudential Douglas Elliman broker Rob Gross has worked in the area for more than 20 years. He remembers selling real estate on the Bowery in the early '90s, returning on some occasions from showing apartments to find his car broken into. "It was definitely off the grid a bit back then," he says. Today, Gross is handling the new Bowery and Bleecker development - a three-unit building of floor-through condo lofts that includes an 1,862-square-foot penthouse with a private roof deck that's listed for $3.1 million. With Poliform kitchens, 50-inch plasma-screen TVs and prices starting at about $1,500 a square foot, the building is a world away from the formerly dodgy Bowery. And this project isn't an isolated case. Bond Street just west of the Bowery has become a regular menagerie of upscale development, with high-end buildings like the Deborah Berke-designed 48 Bond (about $1,700 per square foot) and 25 Bond (about $2,100 per square foot) joining Schrager's building to create one of the city's priciest blocks. At 211 Elizabeth - a new 15-unit building one block west of the Bowery below Houston - the penthouse unit set a neighborhood record earlier this year when it sold for roughly $3,200 per square foot. Then there's 52E4, a new 15-unit building on the Bowery between Third and Fourth streets that counts the musician Moby among its buyers. Lawyer Bruce Bernstein recently purchased an apartment in the development (where prices have averaged about $1,850 per square foot), scheduling an appointment to see the building the same day he discovered it online and quickly making an offer on a one-bedroom. Currently renting on the Upper East Side, Bernstein wasn't especially familiar with the Bowery, but he's since come to enjoy his future area's ever-expanding offerings. "There are a lot of new bars and restaurants coming up," he says. "The Bowery Hotel is right next door. It's a great area, and it seems to be growing even more. And while the Bowery hasn't escaped the real estate slump and credit crisis untouched, it's remained a relatively strong performer, Gross notes. "Given that the market is challenging right now, traffic [at Bowery and Bleecker] has been pretty steady," he says. "I'm showing that more than anything else. Core Group Marketing managing director Fredrik Eklund, who's representing 52E4, has seen similar interest. "This is the building we have the most traffic on," he says, noting that roughly half of the development's apartments sold during this summer's slow sales market. On the market for just less than a year, the building is sold out save for two two-bedroom units (going for $2.3 million and $2.4 million). Not, of course, that the Bowery is for everyone. As Eklund admits, recent changes aside, the street still retains a bit of its famed grit. "You see very few families down here," he says. "It's not a quiet tree-lined street. It has the drama, the rock 'n' roll history, but it's not a traditional family neighborhood. And for some brokers, the street's name still seems to call up unpleasant associations they'd just as soon their properties do without. "I'm not sure if we're really... appropriate for a story about the Bowery," replied one agent in response to an inquiry about her condo building in the area. Nonetheless, the thoroughfare's transformation continues. "The Bowery is one of the last areas in New York to experience a kind of seismic shift," says self-storage magnate and neighborhood developer Adam Gordon. "It's an interesting bridge neighborhood. It's at the crux of NoHo, SoHo, the East and the West Village. There are few places that have the access that this neighborhood does. Gordon owns a plot of land just off the Bowery at 41 Bond St., which he plans to develop as an eight-unit luxury condo building once the financing environment improves. He also owns the Bouwerie Lane Theatre building at the corner of Bond and Bowery, part of which he's recently turned into three condos. One apartment is reserved for Gordon himself, and he plans to put the other units - a 5,200-square-foot triplex penthouse and a 2,500-square-foot full-floor apartment - on the market in March. Also coming to the once-seedy street: a new five-unit residential building at 263 Bowery from developer Shaky Cohen, a 152-unit luxury rental building at 2 Cooper Square, a Lord Norman Foster-designed gallery building at 257 Bowery and restaurants from Keith McNally and Daniel Boulud. It's the Cooper Square Hotel, however, that provides perhaps the best metaphor for today's Bowery. Because two residents of the apartment building next door at 27 Bowery refused to give up their units, the hotel was forced to build around them and incorporate their building into its design. And so at the northern end of the street, there sits an old brick tenement building that from the sidewalk looks as if it were being swallowed up by a sleek, glassy high-rise hotel. It's old versus new - and these days new would seem to have the upper hand. Or, as Gordon says when asked if he fears the loss of old, edgy Bowery he once knew, "I don't think it's fear. It's an inevitability. Gordon adds: "I don't pine for the Bowery of 50 years ago. It was a hole."more. By ADAM BONISLAWSKI

19 BILLY REID ROGAN Bowery Retail Map

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21 Neighborhood Description is located in NoHo which is roughly bounded by Houston Street on the south, the Bowery and Third Avenue on the east, 8th Street on the north, and Broadway on the west. According to New York Magazine NoHo, short for North of Houston, is home to an ever growing affluent community. The neighborhood is comprised of lawyers, bankers, and those who prefer the downtown style of living for its abundance of cultural amenities which can only be found here. Filmmakers and fashionistas reside in renovated tenements, drawn by nightlife and shopping. Celebrities in the neighborhood include the likes of David Bowie and Lauren Hutton who live in airy conversions on Lafayette Street. The area has experienced a resurgence over the last few years with high end rental developments by Avalon Bay, along with boutique hotels and luxurious condominium developments. The area has seen a dramatic transformation over the last three years into one with chic boutiques and European style cafes. Such growth creation especially on the high end luxury market has driven retailers to establish a presence in the area. 54 Bond Street retail is centrally located and well positioned to capitalize from this growing trend. The retail at will unquestionably benefit from the creation of high-end development around it. Condominiums at 57 Bond Street have sold for more than $1,900/SF, while the newly built 40 Bond Street designed by the acclaimed Ian Schrager sold out at over $2,800/SF and features a long list of amenities including 24hr concierge services. With these new developments, NoHo has still maintained its quiet, "oldtime" SoHo feel. New eateries like Double Crown, Freemans join old standbys such as IL Buco. Among many other significant buildings in the area are the architecturally distinct Puck, De Vinne Press, and Bayard- Condict Buildings. NoHo is a mecca for dinning, entertainment, and the likes. Lafayette Street and the surrounding areas host several Off- Broadway shows and theaters which include The Public Theater, The Astor Place Theater, Joe s Pub, and the Amato Opera.

22 Neighborhood Description HOTELS Since its opening, The Bowery Hotel, which is the latest venture from the creators of the Maritime Hotel, continues to attract locals as well as tourists. The Superluxe Cooper Square Hotel which recently opened, promises to redefine downtown luxury living with high end appointed finishes while providing top notch amenities for its guests. These hotels cater to exclusive clientele and enjoy extremely high occupancy rates year round and will undoubtedly drive foot traffic surrounding the retail property. RETAIL Noho has become one of the leading sources of creativity for the fashion and retail industries as well as all forms of designer merchandise. Soaring rents in midtown along Madison and Fifth Avenue continue to drive retailers south to the Noho area in search of lower rents. 45 Bond Street retail affords retailers access to the high end customers living in the newly appointed developments while capturing tourists staying in the new luxury hotels. In fashion, John Varvatos, Blue & Cream, and others can be spotted on a casual walk through the neighborhood. Given the current resiliency of the New York City high end market, s highly desirable location will continue to evolve into a retail destination location. EDUCATION New York University s campus is centered around Washington Square Park, a short walking distance from. Many teachers and students are housed in the surrounding area and the NYU Bus can be seen regularly making its way down West Broadway, across Spring, down Broadway or up Lafayette. The school has an enormous influence on New York City and the Noho and SoHo area in particular. The Drawing Center serves the artistic community and the Open Center offers numerous non-traditional courses.

23 Neighborhood Description SCHOOLS Families attracted to the area will benefit by the variety of schools and activities for their children. Public schools for the area include the highly rated PS130 for elementary school and PS 65 for Junior High. Private school options for children include The City & Country Day School, Little Red School House, and the Grace Church School. RESTAURANTS Older original restaurants include Il Buco which opened in 1994, and quickly became an in-the-know favorite. Excellent fare is available on every corner, as some of the city s most talented chefs have been brought into the area. Noteworthy restaurants include Five Points, Peasant, Bond Street Sushi, Double Crown, Freemans, and Gemma. One of the most anticipated new openings. slated for 2009 is the arrival of world renowned and 4 Star New York Times rated chef Daniel Boulud. Mr. Boulud will be opening DBGB, this casual yet elegant eatery will be located at 299 Bowery and will be designed for adults who appreciate great food and wines in a comfortable setting with a downtown vibe.

24 Retail Neighborhood Map

25 Retail Aerial Photograph

26 Zoning Information: NoHo 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 commercial district structure has eight different classifications, which affect all commercial activity, from local shops to large office centers. is zoned C6-1. Retail

27 Zoning Information: C6

28 Besides the diversity of services and amenities located in the immediate vicinity, Street has excellent access to major transportation facilities. The Bleecker Street and Broadway-Lafayette subway stops are within easy walking distance, providing access to all areas of Manhattan, and to the Bronx, Brooklyn, and Queens. By car, there is relatively easy access to the Holland tunnel to New Jersey, and the Brooklyn-Battery tunnel to Brooklyn. The area is equally accessible to Newark and LaGuardia airports. Transportation Information Retail

29 Certificate of Occupancy