November 2012 October 2012 November 2011 Manhattan Condo Index 1,974 1, % 1, %

Market Report StreetEasy is pleased to present our 2012 Q4 Quarterly Report on the residential market. The bulk of the report is based on approximately 3,600 estimated recorded sales for this quarter as well as over 1,000 broker sources, thereby allowing us to provide the most comprehensive view of today s market. Summary of findings in 2012 Q4 Condo Market Index for November 2012 rose by 0.8% since the previous month and by 4.8% since the prior year. Currently, the market is 10.0% below the 2008 peak. For details see: http://streeteasy.com/nyc/market/condo_index. Median closing prices for the overall market rose by 10.3% compared to year ago. Condo resale price rose 3.5% from the prior year. Also, co-op median price increased by 11.8% and new development median price increased by 30.0%. Volume of closings increased 35.3% from last year but decreased by 5.7% from last quarter. Inventory continued to decline 14.3% from last year and 11.8% from last quarter. Signed contracts are up by 20.2% from the prior year but down by 4.7% from the prior quarter. Price cuts dropped by 34.5% from last year and by 14.6% from last quarter. Time on market has remained the same from last quarter at 130 days but decreased 9.7%, from 144 days a year ago. November 2012 October 2012 November 2011 Condo Index 1,974 1,958 0.8% 1,883 4.8% Median Closing Prices Q3 2012 Q4 2011 Overall $819,000 $828,375-1.1% $742,750 10.3% Condo Resales $1,050,000 $1,085,000-3.2% $1,014,125 3.5% Co-op Resales $643,000 $629,500 2.1% $575,000 11.8% New Developments $1,224,445 $1,179,539 3.8% $941,881 30.0% Volume of Closings Q3 2012 Q4 2011 Overall 3,628 3,848-5.7% 2,682 35.3% Condo Resales 1,143 1,199-4.9% 802 42.5% Coop Resales 2,146 2,150-0.5% 1,411 52.1% New Developments 339 494-31.5% 475-28.6% Inventory Q3 2012 Q4 2011 Total Inventory 11,180 12,669-11.8% 13,051-14.3% Condos 5,173 5,852-11.6% 5,938-12.9% Coops 5,616 6,410-12.4% 6,671-15.8% Townhouses 391 407-3.9% 442-11.5% Avg New Listings per Week 231 288-19.8% 268-13.9% Contracts Q3 2012 Q4 2011 Total # of Contracts 2,548 2,673-4.7% 2,120 20.2% # of Broken Contracts 138 186-25.8% 156-11.5% Price Cuts Q3 2012 Q4 2011 Total # of Cuts 2,489 2,916-14.6% 3,802-34.5% # of Condo Cuts 1,014 1,217-16.7% 1,482-31.6% # of Coop Cuts 1,475 1,699-13.2% 2,320-36.4% Average Condo Cut -6.2% -6.1% -6.2% Average Coop Cut -5.9% -6.0% -6.1% Days on Market Q3 2012 Q4 2011 Average Overall 130 130 0.0% 144-9.7% Condo Resales 123 117 5.4% 140-12.0% Coop Resales 120 120 0.0% 133-9.5% 1

Market Snapshot StreetEasy Condo Market Index (SECMI) 250 February 2007 1976 200 October 2012 1974 150 100 50 1995" 1996" 1997" 1998" 1999" 200 2001" 2002" 2003" 2004" 2005" 2006" 2007" 2008" 2009" 201 2011" 2012" Volume" SECMI" The SECMI for October 2012 increased by 0.8% since the previous month and by 4.8% since the prior year. This is the largest Year over Year increase during 2012. Currently, the market is 10.0% below the market peak in 2008. The SECMI has seen nine consecutive months of steady growth since March 2012 in terms of annual (Year over Year) price (%) gains. Our index gives a feel for how the Condo Real Estate market performed over the past 16 years. For each month since January 1995, we estimated a rate of return for the market as a whole and used January 2000 as the base period with a value of 1,000. We used a variation of the repeated sales regression analysis technique with assorted filtering. More details on our methodology and data can be found at http://streeteasy.com/nyc/market/condo_index. 2

Market Snapshot Inventory week starting on Inventory 9/26/12 10/3/12 10/10/12 10/17/12 10/24/12 10/31/12 11/7/12 11/14/12 11/21/12 11/28/12 12/5/12 12/12/12 12/19/12 12/26/12 Available Listings 8,679 8,703 8,737 8,731 8,747 8,473 8,642 8,477 8,160 8,160 8,029 7,868 7,594 7,206 New Listings 339 353 363 352 329 71 310 239 109 228 268 174 131 74 Absorbed Listings 369 391 393 371 353 188 436 450 279 445 395 432 471 220 The pace of new listings (unique with known addresses) averaged to be 231 new listings per week, a 13.9% decrease compared to the previous year, which had an average of 268 new listings and a decrease of 19.9% since last quarter, which had an average of 288 new listings per week. Additionally, an average of 384 listings have been absorbed every week, a decrease of 4.3% compared to last quarter s average of 401 absorbed listings per week. The level of inventory this quarter was 11.8% lower than last quarter and 14.3% lower than last year. *Absorbed listings refer to listings that have either entered into contract or have been taken off the market. 12,000 Lis$ng'Inventory' 10,000 8,000 6,000 Co1ops' 4,000 2,000 Condos' 0 1/8/2012 2/8/2012 3/8/2012 4/8/2012 5/8/2012 6/8/2012 7/8/2012 8/8/2012 9/8/2012 10/8/2012 11/8/2012 12/8/2012 3

Market Snapshot Price Changes Price Cuts: Among condos and co-ops, there were 2,489 listings (approximately 22.3% of all available listings) that had price cuts this quarter, compared to 2,916 listings with cuts last quarter. There were 14.6% fewer listings with price cuts than last quarter and 34.5% fewer than last year. 59.3% of all price cuts were for co-op listings. Price Increases: There were 627 listings that had price increases this quarter, compared to 648 listings with increases last quarter (a decrease of 3.2%), and 525 listings with increases from last year (an increase of 19.4%). Condos % Change Since Co-ops % Change Since # of Price Decreases Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall 1,014-16.7% -31.6% 1,475-13.2% -36.4% Downtown 324-22.7% -28.2% 250-1.2% -43.6% Midtown 251-14.0% -39.1% 378-9.1% -26.6% Upper West Side 162-16.1% -32.5% 261-10.6% -44.5% Upper East Side 186-7.0% -25.9% 476-18.8% -31.4% Upper 82-21.2% -28.7% 110-27.6% -44.4% Condos % Change Since Co-ops % Change Since Average Price Decreases Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall -6.2% 2.9% 1.1% -5.9% -1.3% -3.2% Downtown -6.1% 1.0% 0.3% -5.5% -2.2% -8.3% Midtown -5.4% -1.4% -4.4% -6.1% 0.4% 1.8% Upper West Side -6.5% 7.4% 1.9% -5.4% -8.1% -6.2% Upper East Side -6.2% 4.1% 0.5% -6.2% 0.4% -3.2% Upper -7.6% 9.2% 9.1% -6.4% 5.5% -3.9% Condos % Change Since Co-ops % Change Since # of Price Increases Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall 466-2.3% 14.8% 161-5.8% 35.3% Downtown 214 3.4% 24.4% 29-29.3% 7.4% Midtown 97-6.7% 3.2% 41-10.9% 20.6% Upper West Side 65-4.4% -1.5% 36 2.9% 50.0% Upper East Side 40-9.1% 29.0% 37 0.0% 42.3% Upper 45-8.2% 28.6% 18 50.0% 125.0% Condos % Change Since Co-ops % Change Since Average Price Increases Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall 4.9% -4.1% 3.3% 5.2% 4.5% 11.9% Downtown 4.4% -11.9% -4.8% 5.1% 7.2% 60.3% Midtown 5.5% 5.7% 23.1% 5.6% 1.1% 11.2% Upper West Side 4.3% 3.5% 3.6% 4.2% -6.1% -15.2% Upper East Side 5.3% -7.0% -19.3% 5.6% 19.8% 1.5% Upper 6.4% 4.8% 11.6% 5.9% -6.1% 28.4% 4

Market Snapshot In-Contracts Contracts Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 New Contracts 671 626 851 1,188 1,078 1,274 1,082 988 905 780 844 870 834 De-listed 958 790 840 778 699 779 834 832 881 694 703 797 735 Absorption 15.7% 13.3% 15.5% 17.4% 15.9% 18.3% 17.8% 17.8% 18.7% 15.3% 15.8% 17.9% 18.5% This quarter, there were 2,548 listings that entered into contract, a decrease of 4.7% compared to last quarter, which had 2,673 contracts. Since a year ago, contract activity increased by 20.2% (up from 2,120 contracts). This quarter had a total of 138 broken contracts, an 11.5% decrease since last year, which had 156 broken contracts. (Please note that broken contracts do not necessarily mean buyers have walked away from deposits. Listings previously in contract that are now available may be due to co-op board rejections, as well as developers allowing buyers out of their contracts.) 140 New$And$Broken$Contracts$ 120 100 80 60 40 20 Sep+08" Nov+08" Jan+09" Mar+09" May+09" Jul+09" Sep+09" Nov+09" Jan+1 Mar+1 May+1 Jul+1 Sep+1 Nov+1 Jan+11" Mar+11" May+11" Jul+11" Sep+11" Nov+11" Jan+12" Mar+12" May+12" Jul+12" Sep+12" Nov+12" New"Contracts"" Broken"Contracts" Delisted" 5

Market Snapshot Contracted Listings Overall Q3 2012 % Q4 2011 % Upper East Q3 2012 % Q4 2011 % Median Listing Price $910,000 $819,000 11.1% $849,000 7.2% Median Listing Price $999,000 $875,000 14.2% $990,000 0.9% Contracts 2,495 2,658-6.1% 2,121 17.6% Contracts 622 615 1.1% 476 30.7% Average DoM 138 148-6.6% 153-10.0% Average DoM 144 161-10.9% 169-15.3% Inventory 11,151 12,668-12.0% 13,051-14.6% Inventory 2,630 2,875-8.5% 2,926-10.1% Downtown Q3 2012 % Q4 2011 % Upper West Q3 2012 % Q4 2011 % Median Listing Price $1,182,500 $940,000 25.8% $999,000 18.4% Median Listing Price $950,000 $899,000 5.7% $845,000 12.4% Contracts 688 785-12.4% 638 7.8% Contracts 460 482-4.6% 387 18.9% Average DoM 117 134-12.6% 139-15.7% Average DoM 122 130-6.5% 133-8.4% Inventory 3,065 3,628-15.5% 3,699-17.1% Inventory 1,814 2,039-11.0% 2,150-15.6% Midtown Q3 2012 % Q4 2011 % Upper Q3 2012 % Q4 2011 % Median Listing Price $875,000 $749,000 16.8% $775,000 12.9% Median Listing Price $478,500 $420,000 13.9% $449,500 6.5% Contracts 507 543-6.6% 457 10.9% Contracts 216 233-7.3% 160 35.0% Average DoM 156 154 1.4% 162-3.9% Average DoM 180 186-3.0% 189-4.8% Inventory 2,582 2,896-10.8% 2,977-13.3% Inventory 1,041 1,212-14.1% 1,275-18.4% The Upper major market had the greatest percentage increase in new contracts since last year with an increase of 35.0%. Additionally, Upper s inventory shrank the most compared to a year ago with a decrease of 18.4%, followed by the Downtown market, which decreased 17.1%. Contracted listings in Downtown spent the shortest amount of time on the market with an average of 117 days. (Please note that Median Listing Price and Average DoM data presented above are based on listings that went into contract.) 6

Market Snapshot Contracts by Number of Bedrooms 1005! 942! 819! 803! 811! 636! 271! 408! 303! 324! 330! 291! 162! 100! 110! Studios( 1BRs( 2BRs( 3BRs( 4+BRs( 2011Q4! 2012Q3! 2012Q4! Contracts by Price 706! 880! 833! 829! 840! 735! 669! 504! 0! 184! 132! 148! 77! 94! 68! 18! 28! 44! <$500K& $500K'$1M& $1M'$3M& $3M'$5M& $5M'$10M& >$10M& 2011Q4! 2012Q3! 2012Q4! Out of the 2,548 contracts this quarter, 37.0% were for 1BRs and 31.8% were for 2BRs. One bedrooms had the most number of contracts this quarter with 942 contracts. The greatest percentage increases, however, were seen among two bedrooms and three+ bedrooms, which saw increases of 27.5% and 62.1% respectively. the previous quarter, studios had the largest decline in activity with only 303 contracts, a percent decrease of 25.8%. There was a 142.0% increase in the number of contracts above $10M since a year ago. In contrast, there was a 9.8% increase in the number of contracts below $500K. 7

StreetEasy Facts for # of Most Price Cuts # of Cuts Average Discount Proportion of Most Price Cuts % of All Listings Average Discount Upper East Side 144-6.56% Upper West Side 112-5.74% Lenox Hill 110-5.59% Yorkville 97-5.53% Lincoln Square 81-5.77% Kips Bay 18.5% -5.90% Greenwich Village 17.6% -5.71% Upper East Side 16.3% -6.56% Carnegie Hill 15.8% -6.15% Washington Heights 15.2% -5.14% Most Searched 'Hoods Most Searched Buildings 1. Greenwich Village 1. Philip House at 141 East 88th Street 2. West Village 2. 752 West End Avenue 3. Chelsea 3. 93Worth at 93 Worth Street 4. Flatiron 4. 101 West 87 at 101 West 87th Street 5. Gramercy Park 5. 3 Lincoln Center at 160 West 66th Street Most Expensive Closings Unit # Unit Type Final Price Closing Date 785 Fifth Avenue #PH Co-op $54,000,000 8-Nov-12 944 Fifth Avenue #11FL+ Co-op $50,000,000 7-Dec-12 730 Park Avenue #19/PHC Condo $39,000,018 24-Oct-12 15 West 63rd Street #29A Condo $33,500,000 19-Nov-12 15 Central Park West #15B Co-op $24,000,000 14-Dec-12 Biggest Price Cuts Unit # Most Recent List Price Price at Start of Q4 2011 % Cut 303 East 57th Street #33G $1,495,000 $2,500,000 40.2% 420 East 55th Street #11R $999,000 $1,575,000 36.6% 941 Park Avenue #MAIS1CD $1,995,000 $2,999,000 33.5% 239 West 120th Street $850,000 $1,200,000 29.2% 246 Spring Street #1805 $1,163,800 $1,590,000 26.8% 8

StreetEasy Facts for 2012 # of Most Price Cuts # of Cuts Average Discount Proportion of Most Price Cuts % of All Listings Average Discount Upper West Side 583-6.81% Upper East Side 577-7.86% Lenox Hill 515-7.65% Yorkville 482-6.95% Lincoln Square 404-6.47% Beekman 37.7% -9.52% Sutton Place 37.3% -7.83% Morningside Heights 36.7% -7.23% Yorkville 34.8% -6.95% Carnegie Hill 34.0% -8.34% Most Searched 'Hoods Most Searched Buildings 1. West Village 1. The Sheffield at 322 West 57th Street 2. Greenwich Village 2. Citizen at 124 West 23rd Street 3. Chelsea 3. 254 PAS at 254 Park Avenue South 4. Gramercy Park 4. The Aldyn at 60 Riverside Boulevard 5. Flatiron 5. The Rushmore at 80 Riverside Boulevard Most Expensive Closings Unit # Unit Type Final Price Closing Date 15 Central Park West #PH20 Condo $88,000,000 15-Feb-12 50 Central Park South #30/31 Condo $70,000,000 11-Jun-12 785 Fifth Avenue #PH Co-op $54,000,000 8-Nov-12 740 Park Avenue #12-13 Co-op $52,500,000 4-May-12 944 Fifth Avenue #11FL+ Co-op $50,000,000 7-Dec-12 Biggest Price Cuts Unit # Most Recent List Price Price at Start of 2012 % Cut 301 East 63rd Street #6B $285,000 $685,000 58.39% 13 Eighth Avenue $2,500,000 $6,000,000 58.33% 790 Riverside Drive #9B $650,000 $1,250,000 48.00% 420 East 51st Street #12EF $1,400,000 $2,495,000 43.89% 941 Park Avenue #MAIS1CD $1,995,000 $3,400,000 41.32% 9

Overall Market $1,400,000 $1,200,000 Condo"Resales" 50 45 40 10 5 35 30 25 20 15 Overall median price declined 1.1% since last quarter but increased by 10.3% since last year. Overall average price increased by 9.6%% since last quarter and by 12.1% since last year. Condo resales median price went up by 3.5% since last year but declined 3.2% since last quarter. Co-op resales median price increased by 2.1% since last quarter and by 11.8% since last year. Median price for new developments had an increase of 3.8% since last quarter and by 30.0% from last year. Volume of closings jumped 42.5% for condos and 52.1% for co-ops since last year. 61.9% of closings were under $1M. The bulk of closings occurred among co-op resales (59.2%). $700,000 Co2op"Resales" 90 80 70 60 50 40 $300,000 30 20 $100,000 10 $1,400,000 $1,200,000 New"Developments" 30 25 5 20 15 10 Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $1,485,247 9.6% 12.1% $819,000-1.1% 10.3% 130 0.0% -9.7% Condo Resales $1,763,738 8.9% 14.9% $1,050,000-3.2% 3.5% 123 5.4% -12.0% Co-op Resales $1,203,829 17.1% 22.3% $643,000 2.1% 11.8% 120 0.0% -9.5% New Developments $1,789,427-0.9% 0.1% $1,224,445 3.8% 30.0% 226 3.2% 22.3% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 339-31.5% -28.6% 1,143-4.9% 42.5% 2,146-0.5% 52.1% Less than 19-54.8% -77.9% 126-9.4% 5.0% 752-1.1% 26.8% - 127-27.4% -24.4% 432-0.7% 54.3% 788-0.1% 68.4% - $3,000,000 141-31.6% -2.8% 423-14.7% 29.8% 465-8.1% 59.2% $3,000,000 - $5,000,000 42-6.7% 23.5% 92-1.1% 91.7% 77 14.9% 126.5% $5,000,000 - $10,000,000 8-63.6% -78.4% 59 68.6% 96.7% 40 48.1% 90.5% More than $10,000,000 2-50.0% -66.7% 11 10.0% 120.0% 24 166.1% 242.9% 10

Luxury Market Average Price % Change Since % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $6,228,069 17.4% 6.6% $4,427,575 7.9% -9.4% Downtown $5,182,233 10.2% -7.9% $4,300,000 9.1% -16.9% Midtown $4,467,279-17.3% -4.5% $3,900,000 4.3% -4.3% Upper West Side $6,878,997 30.0% 15.8% $5,256,250 21.3% 2.5% Upper East Side $7,554,683 22.0% 17.1% $4,700,000 5.9% 3.3% Upper $3,054,750 n/a n/a $3,054,750 n/a n/a The luxury market is defined as the top 10% of all condo and co-op sales, in terms of price. This quarter, the luxury market was comprised of sales above $2.975M, which was a 6.3% increase in price since last quarter and a 10.2% increase since last year. The number of sales above $2.975M increased by 12.2% since last quarter and by 59.4%% since last year. The Upper East had the most luxury closings as it made up 36.4% of all luxury closings (compared to 34.0% last year), followed by Downtown, which made up 26.6% of luxury closings. Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 212 1.9% 36.8% 137 31.7% 114.1% Downtown 81-17.3% 22.7% 12-33.3% 140.0% Midtown 43 43.3% 152.9% 14 40.0% 180.0% Upper West Side 47-4.1% -16.1% 24-20.0% 71.4% Upper East Side 40 33.3% 150.0% 87 89.1% 117.5% Upper 1 n/a n/a 0 n/a n/a 11

Townhouses Average Price % Change Since % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $6,859,552 31.4% 24.2% $4,200,000 12.0% 6.7% Downtown $7,950,200 29.7% 38.7% $9,250,000 59.5% 93.2% Midtown $930,000-76.9% 63.4% $930,000-71.2% 63.4% Upper West Side $3,125,000-50.4% -76.3% $3,125,000-42.1% -76.3% Upper East Side $10,747,281 23.3% 65.3% $9,925,000 52.7% 41.8% Upper $1,070,450 21.0% -17.7% $871,000 38.3% -15.0% Average sale price for townhouses decreased 24.2% since last year and by 31.4% since last quarter. Median price increased by 6.7% since last year and by 12.0% since the prior quarter. Out of the total number of townhouse closings, the Upper East market had the greatest share of transactions with 35.3%. Sales % Change Since Number of Sales Q3 2012 Q4 2011 Number of Sales 34-22.7% 70.0% Downtown 11-15.4% 37.5% Midtown 1-83.3% 0.0% Upper West Side 4-55.6% 100.0% Upper East Side 12 71.4% 140.0% Upper 6-33.3% 50.0% 12

Downtown Below 34 th Street $1,800,000 $1,600,000 $1,400,000 $1,200,000 Condo"Resales" 18 16 14 8 6 4 2 $700,000 $300,000 Co2op"Resales" 5 $100,000 12 10 25 20 15 10 The median price in Downtown rose by 1.1% since last year but went down by 8.7% since last quarter. Average price increased by 0.1% since last year but decreased by 1.2% since last quarter. Condo resale median price went up by 11.2% since last year and by 8.0% since last quarter. The median price for co-op resales increased by 10.1% since last year and by 2.3% since last quarter. New development median price declined by 25.8% since last year and by 20.4% since last quarter. Since a year ago, the volume of sales increased for condo resales (36.7%), for co-op resales (41.2%), and for new developments (5.5%). Overall, average time on market went down by 8.7% since last year and by 3.5% since last quarter. $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 New"Developments" 18 16 14 12 10 8 6 4 2 Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $1,463,375-1.2% 0.1% $865,000-8.7% 1.1% 117-3.5% -8.7% Condo Resales $2,013,259 12.8% 11.9% $1,445,000 8.0% 11.2% 121 11.6% -4.9% Co-op Resales $945,733 1.6% 16.7% $649,500 2.3% 10.1% 97-2.8% -15.8% New Developments $1,523,064-21.8% -29.8% $956,250-20.4% -25.8% 173-12.7% 12.8% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 173-36.6% 5.5% 369-8.4% 36.7% 524-3.5% 41.2% Less than 7 0.0% 16.7% 25-21.9% -7.4% 162-8.5% 16.5% - 80-24.5% 15.9% 101-12.2% 38.4% 244 9.4% 67.1% - $3,000,000 73-37.1% 23.7% 176-14.6% 31.3% 107-14.4% 30.5% $3,000,000 - $5,000,000 10-61.5% 0.0% 36-7.7% 80.0% 9-40.0% 125.0% $5,000,000 - $10,000,000 2-85.7% -86.7% 27 125.0% 58.8% 1-66.7% 0.0% More than $10,000,000 1-66.7% -80.0% 4 100.0% 300.0% 1 n/a n/a 13

Midtown From 34 th Street to 59 th Street $1,200,000 Condo"Resales" 14 12 8 6 4 2 $700,000 Co2op"Resales" $300,000 8 6 4 $100,000 2 10 12 10 18 16 14 The Midtown market median price increased by 12.7% since last year and by 0.1% since last quarter. Overall average sale prices increased by 15.8% since last year but decreased by 0.4% since last quarter. Condo resale median price rose 8.9% since last year and by 9.1% since the prior quarter. Co-op resale median price had an increase of 16.9% since a year ago but declined by 8.2% since last quarter. New development median price jumped by 18.1% since last year but decreased by 8.9% since last quarter. Volume of sales for new developments dropped by 46.5% since last year. In contrast, condo and co-op resales closings increased by 46.7% and 48.2%, respectively, since last year. $2,500,000 $2,000,000 $1,500,000 New"Developments" 7 6 5 4 3 2 1 Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $1,116,219-0.4% 15.8% $755,000 0.1% 12.7% 141 1.0% -9.5% Condo Resales $1,532,361 11.2% 23.0% $991,415 9.1% 8.9% 125 7.2% -13.9% Co-op Resales $737,015-8.2% 15.3% $520,000-8.2% 16.9% 141 0.0% -1.9% New Developments $1,495,774-10.1% 16.1% $1,350,886-8.9% 18.1% 383 7.9% 44.7% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 38-17.4% -46.5% 336-0.9% 46.7% 406-0.7% 48.2% Less than 2 0.0% 0.0% 38-7.3% 8.6% 185 8.2% 18.6% - 14 7.7% -50.0% 141-4.1% 51.6% 142-7.8% 67.1% - $3,000,000 20-25.9% -47.4% 115-8.0% 29.2% 65-13.3% 116.7% $3,000,000 - $5,000,000 2-33.3% -33.3% 33 106.3% 266.7% 13 62.5% 333.3% $5,000,000 - $10,000,000 0-100.0% n/a 8 14.3% 100.0% 1-50.0% -50.0% More than $10,000,000 0 n/a n/a 1-66.7% 0.0% 0-100.0% n/a 14

Upper East From 59 th Street to 96 th Street, from Fifth Avenue to the East River From 97 th Street to 110 th Street, along Fifth Avenue Condo"Resales" $1,800,000 9 $1,600,000 8 $1,400,000 7 $1,200,000 6 5 4 3 2 1 Overall median price in the Upper East Side rose by 7.7% since last year but declined by 4.4% since last quarter. Median price for condo resales increased by 4.2% since last year but decreased by 14.5% since last quarter. Coop resale median price also rose 4.2% since last year but went down by 4.3% since the prior quarter. The median price for new developments jumped 21.3% since last year and by 42.6% since last quarter. Since last year, there was an increase of 45.3% in the volume of closings for condos, a 76.8% increase for co-ops, and a 51.4% increase for new developments. New development closings made up only 6.0% of all UES closings this quarter, while co-op closings made up 74.6%. $1,200,000 Co2op"Resales" 30 $3,000,000 New"Developments" 35" 25 $2,500,000 3 20 15 10 $2,000,000 $1,500,000 25" 2 15" 1 5 5" Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $1,998,226 25.7% 27.9% $877,500-4.4% 7.7% 127-13.7% -16.1% Condo Resales $1,601,344-13.2% 18.9% $979,500-14.5% 4.2% 123-8.3% -16.2% Co-op Resales $1,944,897 39.8% 29.4% $750,000-4.3% 4.2% 123-10.7% -13.7% New Developments $2,163,995 12.4% -1.9% $2,204,436 42.6% 21.3% 203-28.7% -17.6% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 53-3.6% 51.4% 170 12.6% 45.3% 654 21.1% 76.8% Less than 1 n/a -66.7% 31 93.8% 55.0% 183 13.7% 38.6% - 13 30.0% 160.0% 59 13.5% 20.4% 213 23.1% 95.4% - $3,000,000 22-38.9% 22.2% 53-10.2% 35.9% 167 2.5% 81.5% $3,000,000 - $5,000,000 14 75.0% 133.3% 16 14.3% 166.7% 42 82.6% 100.0% $5,000,000 - $10,000,000 3 200.0% 0.0% 11 57.1% 450.0% 32 146.2% 190.9% More than $10,000,000 0 n/a n/a 0-100.0% -100.0% 17 112.0% 183.3% 15

$1,600,000 $1,400,000 $1,200,000 Condo"Resales" Upper West From 59 th Street to 110 th Street, From CPW to the Hudson River From 110 th Street to La Salle Street, From Morningside Drive to the Hudson River 10 9 8 7 6 5 4 3 2 1 Overall median price for the Upper West remained stable with an increase of 0.2% since last year and a decrease of 0.1% since last quarter. Overall average price decreased by 3.5% since last year but rose 6.7% since last quarter. Condo resales median price went down by 1.8% since the prior year and by 19.3% since the prior quarter. The median price of co-op resales increased by 3.4% since last year and by 1.0% since last quarter. The median price for new developments went up 4.3% since last year and by 9.1% since last quarter. Condo resale closings increased by 33.3% and co-op resales increased by 39.8% since a year ago. In contrast, new development closings dropped by 49.3%. Upper West properties spent 2.7% fewer days on market than last year. $900,000 $700,000 Co2op"Resales" 25 20 10 $300,000 5 $100,000 15 New"Developments" $4,000,000 5 $3,500,000 45" 4 $3,000,000 35" $2,500,000 3 $2,000,000 25" $1,500,000 2 15" 1 5" Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $1,603,236 6.7% -3.5% $899,000-0.1% 0.2% 127 11.7% -2.7% Condo Resales $2,121,019 15.0% 18.0% $999,000-19.3% -1.8% 124 6.0% -12.4% Co-op Resales $1,113,303-1.1% 3.3% $750,000 1.0% 3.4% 108 5.5% -12.0% New Developments $3,824,206 18.4% 9.9% $3,051,899 9.1% 4.3% 322 29.9% 150.0% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 37-7.5% -49.3% 216-10.4% 33.3% 432-16.4% 39.8% Less than 0-100.0% -100.0% 12-25.0% -50.0% 120-11.1% 36.4% - 1-90.0% -85.7% 101 11.0% 77.2% 166-21.3% 39.5% - $3,000,000 17 21.4% -32.0% 77-22.2% 24.2% 122-13.5% 38.6% $3,000,000 - $5,000,000 15 87.5% 0.0% 6-75.0% -53.8% 12-42.9% 100.0% $5,000,000 - $10,000,000 3-50.0% -84.2% 14 55.6% 100.0% 6-33.3% -14.3% More than $10,000,000 1 0.0% 0.0% 6 100.0% 200.0% 6 n/a 500.0% 16

Upper Above 97 th Street in the East, above 110 th Street in the West, above LaSalle Street from Morningside Drive to the Hudson River $700,000 $300,000 Condo"Resales" $100,000 5" Co2op"Resales" 3 25" $450,000 6 5 $350,000 $300,000 4 $250,000 3 $150,000 2 $100,000 1 $50,000 2 15" 1 Upper s overall median price had an increase of 8.8% since the prior year but remained the same since last quarter. Condo resale median price increased by 36.1%, as did co-op resale median price by 18.0% since last year. New development median price increased by 30.2% since the prior year and by 11.6% since last quarter. The total volume of closings decreased 7.6% since last year and by 25.0% since last quarter. Overall time on market declined by 8.3% since last year but went up by 19.3% since last quarter. New developments made up 16.4% of the closings this quarter. This quarter, 93.2% of all closings were priced under $1M, while last quarter 96.0% of closings were under $1M. $700,000 $300,000 $100,000 New"Developments" 9 8 7 6 5 4 3 2 1 Average Price % Change Since % Change Since Average DoM % Change Since Recorded Prices Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Overall $518,282 5.3% 14.0% $435,000 0.0% 8.8% 177 19.3% -8.3% Condo Resales $594,425 2.7% 27.7% $569,201 10.7% 36.1% 120-14.1% -54.8% Co-op Resales $365,969 7.3% 32.1% $325,000 6.6% 18.0% 173 24.7% 4.7% New Developments $880,364 42.4% 65.7% $614,020 11.6% 30.2% 253 49.6% 23.5% New Devs % Change Since Condos % Change Since Co-ops % Change Since Number of Sales Q3 2012 Q4 2011 Q3 2012 Q4 2011 Q3 2012 Q4 2011 Number of Sales 36-54.4% -72.1% 54-18.2% 145.5% 129-9.8% 50.0% Less than 8-75.0% -88.2% 21-36.4% 50.0% 102-10.5% 32.5% - 19-45.7% -66.7% 31 14.8% 416.7% 23-20.7% 155.6% - $3,000,000 8-33.3% 100.0% 2-66.7% 0.0% 4 n/a n/a $3,000,000 - $5,000,000 1 n/a n/a 0 n/a n/a 0 n/a n/a $5,000,000 - $10,000,000 0 n/a n/a 0 n/a n/a 0 n/a n/a More than $10,000,000 0 n/a n/a 0 n/a n/a 0 n/a n/a 17