MetroGrid Report: Times Square/Hell s Kitchen. Investment Property Sales on Fire FOCUS ON NYC SUBMARKETS. Real estate investment services

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1 MetroGrid Report: Times Square/Hell s Kitchen March 0 Times Square/Hell s Kitchen Investment Property Sales on Fire Investment property sales in the Times Square/Hell s Kitchen area doubled to over $. billion in 0 compared to 0, while the $. billion sale of Seventh Avenue pushed sales volume to over $. billion in just the first month of this year. In January, CalPERS, acquired the -story AXA Equitable Center at Seventh Avenue from AXA Financial for $,,00,000, as part of the pension fund s strategic plan to invest in core, income generating properties. Built in, the property s lobby features a 0-foot tall Roy Lichtenstein painting, and tenants include French bank BNP Paribas, UBS, Athletic & Swim Club, and a number of law firms. Also in January, the Shubert Foundation sold the land beneath a -story tower at 00 Broadway at West rd Street for $0 million to the Ruben Companies, which developed the Class A office building in and currently manages it. Office tenants include Warner Brothers Entertainment, CBS

2 Broadcasting, Talbots, and Friedman LLP, and retailers include Maison Restaurant and Europa Cafe. In 0, several Times Square hotels traded with one of the most significant being the acquisition of a percent stake in the -story, -key Manhattan at Times Square Hotel at 0 Seventh Avenue for $ million. The buyer was Al Rayyan Tourism and Investment, a subsidiary of Qatar s Al Faisal Holdings, and seller Rockpoint Group, Highgate Hotels, and a Goldman Sachs fund. Maefield Development, a privately owned real estate company headquartered in Indianapolis, acquired the leasehold interest in the -room Doubletree Guest Suites Times Square hotel at Broadway from Sunstone Hotel Investors, a Californiabased lodging REIT, for $0 million. Maefield reportedly plans a $ billion redevelopment that will include a new 0-room luxury hotel, four floors of retail and 0,000 square feet of entertainment space. In November 0, the Abu Dhabi Investment Authority, on behalf of the Government of Abu Dhabi, acquired the -key, -story London NYC hotel at West th Street from the Blackstone Group paying $ million for the property itself and $ million for the assumption of the ground lease. In addition, the Chetrit Group acquired the Hotel Carter at 0 West rd Street from the Alphonse Hotel Corporation for $ million at the beginning of 0. In office trades, Kamber Management acquired SL Green s 0,000-square-foot Tower in September 0 for $ million; Japanese investment firm Jowa Holdings acquired West th Street in January 0 from East End Capital for $ million; and both the office condo and retail condo in the former New York Times building at West rd Street sold. In August 0, REIT Columbia Property Trust acquired the,0-square-foot office condo on the former Times building s top floors from the Blackstone Group for $ million. Constructed between and, the building underwent a complete renovation between 0 and 0 that has filled its office portion with major tech and creative tenants and still offers room for long-term rent growth, according to Columbia Property Trust s website. In October 0, the Kushner Companies paid Africa Israel USA $ million for the building s 0,000-square-foot retail condo, home to Discovery Times Square, Bowlmor, Guitar Center and other retailers. Another notable trade was the sale of a,000-square-foot office building at West rd Street for $0 million, which was arranged by Brian Ezratty, Eastern Consolidated Vice Chairman and Principal, and Scott Ellard, Vice President and Principal. It was the third time in five years that Ezratty and Ellard had sold the property. The buyer was William Macklowe Company, which partnered with Principal Real Estate Investors, LLC on the deal, and the seller was Atlas Capital Group. The building is adjacent to the 00,000-square-foot Intercontinental Hotel site at 00 West th Street that Ezratty sold to the Tishman Hotel Corporation and on the same block as - West th Street where Ezratty arranged a long-term net lease for hotel developer Sam Chang. On the development front, a new tower is under construction on West nd Street between Broadway and Eighth Avenue with an expected completion date of 0; a Marriot Edition is scheduled for completion in 0 at West th Street and Seventh Avenue; and the RIU Hotel is expected to be completed this year at West th Street and Eighth Avenue, according to the Times Square Alliance. The Times Square Alliance also has identified a number of new retailers that will be coming soon to the district including Wahlburgers, Swatch, Old Navy, GAP, and Foot Locker. The average asking rent for ground space was $,0 per square foot on Broadway and Seventh Avenue between nd and th Streets, according to REBNY s Fall 0 Retail Report. 0

3 0-0 Property Sales Times Square/Hell s Kitchen Date Closed Address Sales Price //0 W St $0,000 //0 - W St $,000,000 //0 - W St $,000,000 //0 W St $,0,000 //0-0 W St $,00,000 /0/0 - W St $,,00 //0 - W St $,000,000 //0 0- W St $,0,000 //0 -- W St $,00,000 //0 0 W St $,000,000 //0 0 th Ave $,0,00 //0 W St $,00,000 //0 W St $0,0,000 //0 - W 0 St $,000,000 //0 W St $,0,000 //0 Ave $,0,000 //0 0 W St $,,0 //0 0 W St $,,000 //0 0 W St $,0,000 //0 0- W 0 St $,000,000 //0 - W St $,000,000 //0 Ave $,00,000 //0 W St $,00,000 //0 0 Ave $0,, //0 0 Ave $,000,000 //0 0 Ave $,000,000 Date Closed Address Sales Price //0 0 0 Ave $,000,000 /0/0 W St $,0,000 //0 W 0 St $,00,000 //0 West rd Street* $,000,000 /0/0 - W St $,00,000 /0/0 W St $,000,000 /0/0 0- W St $0,,00 //0 0 W St $,000,000 0//0 - W St $,00,000 0//0 0 W St $,0,000 0//0 W St $,0,000 0//0 - W St $,00,000 0//0 West rd Street** $,0,000 /0/0 W St $,000,000 //0 0 W St $,, //0 0 W St $,00,000 //0 0- W St $,00,000 //0 - W St $0,000,000 //0 W St $,0,000 //0-0 W St $,000,000 0 Total $,00,,0 //0 0 Ave $,00,000 //0 0 Broadway $0,000,000 //0 Ave $,,00,000 //0 Ave $,000,000 //0 0 W St $,00,000 0 YTD $,0,00,000 *Commercial Condo, **Retail Condo 0

4 Times Square February 0 Key Indicators BROADWAY Last Weeks Gross Sales, in Millions 0/ 0/ Attendance, Millions HOTELS Last Months Average Daily Rate $00.%.%.% $ $.%.% $ 00% $00 $00 $00 $ $ 0%.% $ 0% 0% /0 / / / / / / / For the first three weeks of February, both attendance and sales outpaced those of February of the previous year $0 August September October November December January In line with past seasonal trends, occupancy declined in January after a very profitable December. Average rate per room is lower in January 0 than it has been in the past two years. 0% PED COUNTS Last Weeks 0 0 CLASS A Last Months Midtown TSQ 00,000 00% Price/SF $ 0, $. 00,000,,,,00 0,.% 0% $0 00,000 0% $ 00,000 0 / / / / January Average Gated Counts for February 0 improved upon benchmarks set in both the previous year and January, the previous month. February Average 0% September October November December January February Price per square foot in TSq dropped by $ and occupancy is virtually the same. Midtown also saw a slight drop in both occupancy and price per square foot. $0 Source: Times Square Alliance: Monthly Indicator Report, March 0 0

5 MetroGrid Report: Greenwich Village Retail/Office Map February 0 W rd St OPENINGS. M.A.C. Cosmetics W nd St CLOSINGS. T-Mobile. Pronto Pizza W st St W 0th St W th St! COMING SOON. Le Grande. Invisible Gifts. Arabian Oud. Red Egg. Wahlburgers. Swatch. Old Navy. GAP. Foot Locker 0. Hotel Shocard W th St W th St W t h St th Ave Broadw ay th Ave IN DEVELOPMENT (A new building under construction). Midtown Tower (0).Marriott Edition (0).RIU Hotel (June 0) W th St W th St W rd St W nd St W st St 0 th Ave W 0th St Dark Blue icons indicate a new Coming Soon to the map. 0

6 Select Eastern Consolidated Times Square/Hell s Kitchen Transactions John Jay College St. Luke s Roosevelt Hospital West th Street West th Street Residential 0 West th Street aka - Ninth Avenue -Units, -Story (E) CBS West th Street West th Street 0- West th Street Units, -Story (E) West th Street 0 Units, -Story (W) Hudson River Park Twelfth Avenue DeWitt Clinton Park FedEx Eleventh Avenue West th Street New Mercedes Dealership West nd Street Park West High School AT&T Tenth Avenue West th Street Griffin Court Condos PS Clinton (Hell s Kitchen) HS of Graphic Commercial Arts West rd Street West st Street West 0th Street West th Street Ninth Avenue Worldwide Plaza 0 Eighth Avenue Seventh Avenue 0 Ninth Avenue Units, -Story (W) West rd Street Units, -Story (W) Ninth Avenue Units, -Story (W) West st Street Units, -Story (E) Tenth Avenue Units, Stores, -Story (W) 0-0, - & -0 West th Street Units, () -Story (W) 00 West th Street 0 Units, -Story (E) Ink Hotel HK 0 Condo Hell s Kitchen Park West th Street West th Street West th Street West th Street Broadway Times Square 0 West th Street Units, -Story (W) & West th Street Units, Stores, () -Story (W) West th Street Units, -Story (W) 0 Ninth Avenue Units, -Story (W) 0 West th Street 0 West th Street West th Street 0 Units, -Story (W) West rd Street 0 - West th Street 0 Units, -Story (W) West nd Street - Ninth Avenue Units, Stores, -Story (W) Office West th Street,000 GSF, -Story Sold Twice 00 and 00 - West rd Street 0,000 GSF Sold Twice 00 and 0 West 0th Street,00 GSF, -Story -0 West th Street 0,00 GSF, -Story Retail - West th Street The Hit Factory, GSF - Eighth Avenue,00 GSF, -Story Ninth Avenue,00 GSF -0 Seventh Avenue 0,000 GSF, -Story Commercial 00 West th Street,000 GSF 00 Tenth Avenue $,00, Referral - West th Street,000 GSF Warehouse West rd Street, GSF, -Story - West rd Street () A Tax Certificates 00- Twelfth Avenue,0 GSF, -Story Sold Retail Portion In - West th Street, GSF, -Story West th Street, GSF, -Story Sold Twice 000 & 0 West th Street,0 GSF, -Story Development 0- West th Street,00 BSF 0-0 West th Street,00 BSF West th Street,00 BSF 0- West nd Street 0,000 BSF $,0, Air Rights - West th Street & - West th Street 00,000 BSF -0 West th Street,000 BSF - Eighth Avenue,00 BSF 0- West th Street,0 BSF 0- Tenth Avenue,000 BSF th Avenue,00 BSF Sold with th Avenue - West th Street 0,000 BSF - West th Street,0 BSF th Avenue,00 BSF Sold with th Avenue Mixed-Use West nd Street 0, GSF, -Story 0- Tenth Avenue, GSF, -Story Broadway The Ed Sullivan Theater 0,000 GSF 0 & 0 West th Street Units, () -Story (W) - West rd Street The Clinton Properties Units, -Story (E) 0 West rd Street Units, -Story (W) Tenth Avenue Manhattan Plaza,00 Units (E) West th Street Units, -Story (E) West st Street 0 Units, Store, -Story (E) Retail Leasing Ninth Avenue,000 SF Retail Space Columbus Circle Turnstyle,00 SF Retail Space Air Rights - West th Street,00 BSF 0 - West th Street,00 GSF, -Story Warehouse - West th Street 00,000 GSF, -Story 0 - Eighth Avenue,00 BSF - West nd Street,000 BSF Leases 0 West th Street $0,00-00 Sold Entire Building Parking 00 Central Park South 0 Spaces - Eighth Avenue & 0 West th Street,0 BSF - West th Street 0,000 GSF, 0-Story West rd Street, BSF 0 Seventh Avenue Park Central Hotel 00 Rooms West th Street 0 Spaces 0

7 Eastern Consolidated s Recent Times Square/Hell s Kitchen Closed Transactions West rd Street Property Type Office - Sold Midtown Square Footage,000 Selling Price $0,000,000 Tenth Avenue Property Type Development Site - Financed Midtown West Square Footage 0,000 Bridge Loan $,000,000 - West th Street Property Type Office - Sold Midtown Square Footage + 0,000 Selling Price $,00,000 Ninth Avenue Property Type Retail -Leased Hell s Kitchen Square Footage,00 0

8 Eastern Consolidated s Select Times Square/Hell s Kitchen Exclusives 0 West th Street Property Type Square Footage Development Opportunity; -year triplle net lease Hell s Kitchen up to, on 0 x lot Selling Price Requesting Proposals 0 Tenth Avenue Property Type Retail - For Lease Hell s Kitchen Square Footage, with additional,00 courtyard Asking Price Available Upon Request -00 Ninth Avenue Property Type Retail - For Lease Hell s Kitchen Square Footage,00 Selling Price $00/ sf 0