92 Ludlow Street, New York, NY

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1 92 Ludlow Street, New York, NY LOWER EAST SIDE COMMERCIAL BUILDING Investment/Future Development Opportunity FOR SALE PROPERTY INFORMATION LOCATION The east side of Ludlow Street, between Delancey and Broome Streets BLOCK / LOT 409 / 41 LOT DIMENSIONS 38.5' x 88.06' Approx. LOT AREA 3,390 Approx. BUILDING DIMENSIONS GROSS S.F. BASEMENT 38.5' x 88.06' 3,390 Approx. GROUND 38.5' x 88.06' 3,390 Approx. ROOFDECK 1,695 Approx. TOTAL GROSS S.F.* 3,390 Approx. (Above grade; for zoning purposes) TOTAL USABLE S.F. 8,475 Approx. (Includes basement, ground & roofdeck) ZONING C6-1 Commercial Residential Community Facility FAR TOTAL BSF 20,342 11,663 22,037 Approx. AVAILABLE AIR RIGHTS 16,952 11,663 18,647 Approx. ASSESSMENT (15/16) $ 468,980 R.E. TAXES $ 50,106 * Does not include basement or roofdeck LUDLOW STREET 38.5 DELANCEY STREET SUBJECT Essex Crossing - Site 1 Condo Development (In Progress) ESSEX STREET The subject property is a single story commercial building located on the east side of Ludlow Street between Delancey and Broome Streets, just one block from the Essex Crossing site. The entire building, which sits on a 38.5 x lot, is leased to the popular neighborhood restaurant & club Hotel Chantelle. In addition to the ground floor, Hotel Chantelle occupies the lower level and the rooftop which is partially enclosed throughout the year. 92 Ludlow is zoned C6-1 which has a Commercial FAR of 6.00 (20,342 BSF), Residential FAR of 3.44 (11,663 BSF) and a Community Facility FAR of 6.50 (22,037 NSF). Hotel Chantelle pays all utilities associated with the space as well as 100% of the Real Estate taxes (base year 2012/13) in addition to 50% of the previous billed Real Estate taxes (base year 2007/08). Their original lease is dated November 27, 2007 and was amended on June 8, 2010 (1st amendment), August 14, 2013 (2nd amendment) and March 24, 2014 (3rd amendment). Among other items, these amendments included language relating to: (1) extending the lease term until November 30, 2020; (2) permitting tenant to use additional space at the rear of the property in exchange for additional supplementary rent; (3) 4% annual increase associated with the supplementary rent; (4) adjusted Real Estate tax pass-throughs from 50% to 100%. The property is suitable for an investor or developer who is willing to wait out the lease term considering Essex Crossing should be up and running at that time (circa 2020). BROOME STREET Asking Price: $12,000,000 Bid Deadline: Thursday May 5th, 2016, 5PM For more information, please contact Exclusive Agents: Michael F. DeCheser Executive Director (212) michael.decheser@cushwake.com Darragh Clarke (212) darragh.clarke@cushwake.com Mei Ling Wong (212) meiling.wong@cushwake.com Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY phone: nyinvestmentsales.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.

2 92 Ludlow Street, New York, NY LOWER EAST SIDE COMMERCIAL BUILDING Investment/Future Development Opportunity FOR SALE LOCATION TENANT S.F. LEASE EXP. Basement 3,390 MONTHLY REVENUE* ANNUAL REVENUE* Ground Front (HC) Hotel Chantelle 2,490 11/30/20 $12,668 $152,012 Ground Rear (HC) (HC) 900 $4,326 $51,917 Roofdeck 1,695 TOTAL 8,475 $16,994 $203,929 * Rents are as of 1/1/2016 Essex Crossing Renderings EXPENSES (ESTIMATED) $/SF Real Estate Taxes (15/16): Actual $50,106 $14.78 Water/Sewer Tenant Pays - - Insurance $1.00 /SF $3,390 $1.00 Heat Tenant Pays - - Electric Tenant Pays - - Repairs & Maintenance Tenant Pays - - Management Actual $7,200 $2.12 Total: $60,696 $17.90 REVENUE OVERVIEW GROSS ANNUAL INCOME: $ 203,929 LESS EXPENSES: $ 60,696 R.E. TAX REIMBURSEMENT:* $ 15,162 NET OPERATING INCOME: $ 158,396 *Initial agreement to pay 50% of R.E. Taxes (2007/08 base year); amended to 100% of R.E. Taxes (2012/13 base year) plus previous pass-throughs Asking Price: $12,000,000 Bid Deadline: Thursday May 5th, 2016, 5PM Site 3 Site 8 Site 2 Site 1 Essex Crossing For more information, please contact Exclusive Agents: Michael F. DeCheser Executive Director (212) michael.decheser@cushwake.com Darragh Clarke (212) darragh.clarke@cushwake.com Mei Ling Wong (212) meiling.wong@cushwake.com Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY phone: nyinvestmentsales.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.

3 92 Ludlow Street New York, NY BID OFFER FORM C&W must receive bid by: Thursday May 5 th, 2016 at 5:00pm 275 Madison Avenue, 3rd Floor, New York, NY ) Purchaser: Principal: Company: Address: Fax / / 2.) Offer Price: 3.) Terms: All Cash (The seller will not provide financing) 4.) Contract Deposit: % (The seller is looking for at least a 10% deposit, however, a larger deposit would be viewed favorably.) 5.) Closing Period: Days or by (Date): (A shorter closing period would be viewed favorably) Do you agree to the closing date being time of the essence? Yes No If no, please explain: 1

4 6.) Contingencies: None - The seller will not allow for contingencies of any kind including but not limited to financing contingencies or due diligence periods post contract execution. All due diligence must be completed prior to contract execution. Do you agree to this? Yes No If no, please explain: 7.) Description of due diligence completed to date: 8.) Description of any remaining due diligence required (to be completed prior to contract execution). Please feel free to include an attached list: 9.) Participants: Please list all Partners and/or Principals (if a company, please list individual Principals and company name) who will be participating in the acquisition entity. 2

5 10.) Debt: How much financing do you anticipate obtaining for this acquisition? 11.) Is this offer being presented by a broker? Yes No If Yes please provide broker information below: Broker: Company: Fax / / 11.) Who will be legally representing you on this transaction? Lawyer: Firm: Address: Fax: BID OFFER FORM C&W must receive bid by: Thursday May 5 th, 2016 at 5:00pm 275 Madison Avenue, 3rd Floor, New York, NY Thank you, Michael DeCheser Darragh Clarke Mei Ling Wong Executive Director Michael.DeCheser@cushwake.com Darragh.clarke@cushwake.com Meiling.wong@cushwake.com 3