By: MARTIN A. SCHWARTZ BILZIN SUMBERG BAENA PRICE & AXELROD LLP 5/21/18 95

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1 By: MARTIN A. SCHWARTZ BILZIN SUMBERG BAENA PRICE & AXELROD LLP 5/21/18 95

2 CONTROL OF AIRSPACE 5/21/18 96

3 OVER 500* FEET FAA UNDER 500* FEET *Approximately PROPERTY OWNER 5/21/18 97

4 Miami s ever-changing skyline is set for its biggest upgrade yet with the Federal Aviation Administration s decisions to allow buildings in Miami to reach a height of 1,049 feet above sea level. Panorama Tower a mixed use development at 868 feet, contains a residential condominium, a hotel, 100,000 square feet of office space and 50,000 square feet of retail space. 5/21/18 98

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6 In addition, SkyRise Miami, an iconic, uniquely shaped tower being developed by Jeff Berkowitz located next to Bayside Marketplace, will be built to a height of 1,049 feet above sea level. The structure was originally designed to be 1,000 feet, but these plans were altered after the FAA amended the height restriction. 5/21/18 100

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8 AIR RIGHTS EASEMENTS 5/21/18 102

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10 USE OF AIR RIGHTS TO INCREASE DENSITY 5/21/18 104

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13 AVRA JAIN 5/21/18 107

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15 CREATIVE USES OF AIRSPACE 5/21/18 109

16 APPROACH TO GEORGE WASHINGTON BRIDGE NEW YORK CITY 5/21/18 110

17 PARK AVENUE NEW YORK CITY 5/21/18 111

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20 GRAND CENTRAL STATION NEW YORK CITY 5/21/18 114

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23 HUDSON YARDS NEW YORK CITY 5/21/18 117

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26 DEVELOPMENT OF AIRSPACE IN MIAMI 5/21/18 120

27 MIAMI CENTRAL MIAMI, FLORIDA 5/21/18 121

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29 1111 LINCOLN ROAD 5/21/18 123

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31 PARAMOUNT WORLDCENTER 5/21/18 125

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34 VERTICAL SUBDIVISION OF AIRSPACE FOR MIXED USE PROJECTS 5/21/18 128

35 PANORAMA TOWER 5/21/18 129

36 Millennium Tower Four Seasons, Miami 5/21/18 130

37 Millennium Tower consists of 7 "Lots." 1. Condominium Residences Lot, 2. Condominium Hotel Lot, 3. Retail Lot, 4. Office Lot, 5. Spa Lot, 6. Garage Lot and 7. Hotel Lot. The Hotel Lot contains all parts of the building other than what is in the other six Lots. The Hotel Lot includes structural elements of the building, the elevators, the first floor lobby, exterior portions of the building, the roof, stairs and other common elements. 5/21/18 131

38 BRICKELL CITY CENTER 5/21/18 132

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40 CREATING THE NECESSARY ELEMENTS 5/21/18 134

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42 1. Parking. Most projects need parking. How does each project component obtain its necessary parking? Does the building contain parking for each use? Is there an allocation for each parcel? Are parking spaces designated for exclusive use or for common use? Who determines maintenance standards and allocation of costs? 2. Trash. Does each project component have its own trash receptacle or do they share one or more? If they each have an exclusive one, they will need appropriate easements to maintain the receptacle on another's parcel. If they are shared, how are costs allocated? 3. Loading and Unloading. Are there separate loading and unloading docks for each project component or are docks shared? If they are shared, who determines when the bays become available to a particular parcel and how maintenance costs are allocated? 5/21/18 136

43 4. Utilities. Are there separate lines for each parcel or are there shared lines? Separate lines are better but increase the cost of the project. If there are common lines, how is usage determined and maintenance costs allocated? Can the users of shared lines be separately metered? Who bears the responsibility for repairs for common lines? 5. HVAC. Is there a single system for the building or separate systems? If a single system, how are costs allocated? Who maintains the system? 6. Security Services. Are there common security services for each parcel? Does any parcel owner need to provide its own security services or supplemental services? How are costs allocated? 5/21/18 137

44 7.Telecommunications. Do any of the parcels need access to cable or satellite dishes? Can they install their own equipment? Are roof easements necessary for roof mounted equipment? 8.Life Safety Systems. Is there a single system for audio, video and sprinklers or separate systems? If there is a single system, how are costs allocated? Which parcel is responsible for maintenance? 9.Signage. How are the separate parcels identified? Does each parcel have exterior signage rights and, if so, what is the location for the signage? Do the parcel owners need separate easements? 10.Management. Does one of the parcels manage the building or are the parcel owners able to participate in the determination of management and management standards? 5/21/18 138

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CLINTON 42ND STREET PORT AUTHORITY ELEVENTH AVENUE TENTH AVENUE NINTH AVENUE MIDTOWN WEST 34TH STREET MANHATTAN WEST EMPIRE STATION COMPLEX CHELSEA

CLINTON 42ND STREET PORT AUTHORITY ELEVENTH AVENUE TENTH AVENUE NINTH AVENUE MIDTOWN WEST 34TH STREET MANHATTAN WEST EMPIRE STATION COMPLEX CHELSEA FIVE MANHATTAN WEST WELCOME TO MANHATTAN WEST Manhattan West will be a thriving community made up of state-of-the-art custom-designed office space, experiential retail, abundant green space, an amenity-rich