valuation report new york by gehry -...

VALUATION REPORT

NEW YORK BY GEHRY

8 Spruce Street New York, NY 10038 CBRE, Inc. File No. 14-047NY-1121 Client File No. 14-004948-APR01-001

Debbie Pauza

BANK OF AMERICA, N.A.

119 Cross Center Drive|NC3-176-01-01 Denver, NC 28307

VALUATION & ADVISORY SERVICES

One Penn Plaza, Suite 1835 New York, NY 10119

T (212) 715-5741 F (212) 207-6069

www.cbre.com

July 21, 2014 Debbie Pauza BANK OF AMERICA, N.A. 119 Cross Center Drive|NC3-176-01-01 Denver, NC 28307 RE: Appraisal of NEW YORK BY GEHRY 8 Spruce Street New York, NY CBRE File No 14-047NY-1121 Client File No. 14-004948-APR01-001 Ms. Pauza:

At your request and authorization, CBRE, Inc. prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Self Contained Appraisal Report. The subject consists of the residential condominium within a 76-story, four-condominium development located at 8 Spruce Street in the Financial District neighborhood of Manhattan in New York, NY. The property was completed in 2011, was designed by the renowned architect Frank Gehry, has a unique undulating façade and is the tallest residential building in the western hemisphere. The entire development is situated on a 0.95 acre lot. The subject residential condominium begins on the seventh floor and consists of 894 rentable units, two units set aside under life tenancy for Mr. Gehry at no charge (a studio and two-bedroom unit), a leasing office (studio) and a two-bedroom apartment for employee housing. Of the 894 leasable units, 887 are occupied indicating a 99% occupancy rate.

By virtue of our inspection, investigation and analyses, it is the opinion of the appraisers that the Market Value of the leased fee estate interest in the subject property, was:

MARKET VALUE CONCLUSION

Appraisal Premise Interest Appraised Date of Value Value Conclusion

As Is Leased Fee Estate June 16, 2014 $1,100,000,000

Compiled by CBRE

Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter.

The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and

July 21, 2014 Page 2

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recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010.

This report may be relied upon by Bank of America, N.A., its successors and/or assigns in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the “Loan Financing”). This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing. In addition, this report or a reference to this report, may be included or quoted in any offering circular, registration statement, or prospectus in connection with a securitization or transaction involving the Loan Financing and/or related securities that may be issued. This report has no other purpose and should not be relied upon by any other person or entity.

Bank of America makes no warranties or representations regarding this document or the conclusions contained herein.

This report is addressed to Barclays Bank PLC ("BBPLC") and its affiliates, their respective successors and assigns (including, without limitation, investors who purchase the mortgage loan or a participation interest in the mortgage loan and the trustee in a securitization that includes the mortgage loan), each servicer of the mortgage loan, and all rating agencies involved in any sale, securitization or syndication involving the mortgage loan may use and rely upon this Report, including, without limitation, utilizing selected information from the Report in the offering materials (either in electronic or hard copy format) relating to any sale, securitization or syndication involving the mortgage loan. CBRE agrees to cooperate in answering questions by any of the above parties in connection with the sale, securitization or syndication, as communicated by BBPLC personnel. In addition, this Report or a reference to this Report may be included or quoted in any offering circular, registration statement, prospectus or sales brochure (either in electronic or hard copy format) in connection with a sale, securitization or syndication, or transaction involving such debt and or debt securities. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein.

This report is addressed to Citigroup Global Markets Realty Corp. (Citigroup), such other persons as may be designated by Citigroup and their respective successors and assigns. Special Conditions include (i) the Report may be relied upon by Citigroup in determining whether to make a loan evidenced by a note (“the Property Note”) secured by the Subject Property, (ii) the Report may be relied upon by any purchaser in determining whether to purchase the Property Note from Citigroup and any rating agency rating securities issued by or representing an interest in the Mortgage Note, (iii) the Report may be referred to in and included with materials offering for sale the Property Note or an interest in the Property Note, (iv) persons who acquire the Property Note or an interest in the Property Note may rely on the Report, (v) the Report speaks only as of its date in the absence of a specific written update of the Report.

This report is for the use and benefit of, and may be relied upon by, Citigroup Global Markets Realty Corp. (Citigroup) and any of their respective affiliates, agents and advisors, the initial and subsequent

July 21, 2014 Page 3

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holders from time to time of any debt (or any portion thereof) and/or debt securities secured, directly and indirectly, by the property which is the subject of this report, by any participation interest in any such debt (or any portion thereof), and indenture trustee, servicer or other agent acting on behalf of such holders of such debt (or any portion thereof) and/or debt securities; any rating agencies; and the institutional provider(s) from time to time of any liquidity facility or credit support for such financings, and their respective successors and assigns.

In addition, this report or a reference to this report, may be included or quoted in any offering circular, registration statement, private placement memorandum, prospectus or sales brochure (in either electronic or hard copy format) in connection with a securitization or transaction involving such debt (or any portion thereof) and or debt securities.

It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE, Inc. can be of further service, please contact us.

Respectfully submitted, CBRE, Inc. - VALUATION & ADVISORY SERVICES

Justin P. Casson, MAI Helene Jacobson, MAI Director Managing Director New York State Certification #46000003220 NY State Certification No: 46-26005 Phone: (212) 715-5749 Phone: 212-207-6106 Fax: (212) 207-6169 Email: [email protected]

Fax: 212-207-6069 Email: [email protected]

NEW YORK BY GEHRY| CERTIFICATION OF THE APPRAISAL

i

CERTIFICATION OF THE APPRAISAL

We certify to the best of our knowledge and belief:

1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions

and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions.

3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment.

4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.

7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of NY.

8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice.

9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

10. As of the date of this report, Justin P. Casson, MAI and Helene Jacobson, MAI have completed the continuing education program of the Appraisal Institute.

11. Justin P. Casson, MAI made a personal inspection of the subject property. Helene Jacobson, MAI has not made a personal inspection of the subject property.

12. No one provided significant real property appraisal assistance to the persons signing this report. 13. Valuation & Advisory Services operates as an independent economic entity within CBRE. Although

employees of other CBRE divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest.

14. Justin Casson, MAI and Helene Jacobson, MAI have provided services regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

Justin P. Casson, MAI Helene Jacobson, MAI New York State Certification #46000003220 Managing Director NY Certification No. 46-26005

NEW YORK BY GEHRY| SUBJECT PHOTOGRAPHS

ii

SUBJECT PHOTOGRAPHS

SUBJECT PROPERTY


iii

LOBBY VIEW

TYPICAL HALLWAY


iv

TYPICAL LIVING ROOM

TYPICAL KITCHEN


v

TYPICAL BATHROOM

TYPICAL BEDROOM


vi

TYPICAL UNIT CONTROLLED HEATING SYSTEM

STREET SCENE


vii

TENANT FITNESS CENTER

TENANT POOL


viii

SCREENING ROOM

YOGA STUDIO


ix

TENANT LOUNGE

SUN DECK


x

TENANT LOUNGE

TENANT COMMON AREA

NEW YORK BY GEHRY| SUMMARY OF SALIENT FACTS

xi

SUMMARY OF SALIENT FACTS

Location

Assessor’s Parcel Numbers Block 100

Ownership FC 8 Spruce Street Residential, LLC

Highest and Best Use

As If Vacant

As Improved

Property Rights Appraised

Date of Inspection

Land Area 0.95 AC 41,370 SF

Improvements

Property Type Residential

Number of Buildings

Number of Stories

Gross Building Area

Net Rentable Area-Residential

Rentable Area-Commercial 1,238 SF

Net Rentable Area - Total 674,567 SF

Number of Rentable Residential Units 894

Average Residential Unit Size 753 SF

Year Built 2011

Condition

Financial Indicators Year 1

Current Occupancy 0.992170022

Stabilized Occupancy 98.0%

Stabilized Credit Loss 1.0%

Overall Capitalization Rate 3.25%

Discount Rate 6.00%

Terminal Capitalization Rate 3.75%

Pro Forma Operating Data Year 1 Total Per SF

Effective Gross Income $56,507,769 $58.78

Operating Expenses $24,295,527 $25.27

Expense Ratio 43.00%

Net Operating Income $32,212,242 $33.51

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1

June 16, 2014

Leased Fee Estate

Residential

Residential

8 Spruce St, New York,NY 10038

Lot 1201

(Multi-family Mid/High Rise)

Excellent

673,329 SF

961,323 SF

NEW YORK BY GEHRY| SUMMARY OF SALIENT FACTS

xii

VALUATION Total Per SF

Market Value As Is June 16, 2014

Sales Comparison Approach $1,100,000,000 $1,144.26

Income Capitalization Approach $1,100,000,000 $1,144.26

Insurable Value $692,000,000 $719.84

CONCLUDED MARKET VALUE

Appraisal Premise Interest Appraised Value

As Is Leased Fee Estate $1,100,000,000

Compiled by CBRE

Date of Value

June 16, 2014

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

Strengths and weaknesses are internal to the subject; opportunities & threats are external to the subject

Strengths/Opportunities

The subject is located in the desirable Financial District. The subject was recently built and is in excellent marketable condition. The development was designed by the renowned architect Frank Gehry and has a unique

undulating façade. Average rental rates in the area are predicted to increase over the next few years. The property appeals to an international market as well as wealthy New Yorkers.

Weaknesses/Threats

Rising interest rates.

EXTRAORDINARY ASSUMPTIONS

An extraordinary assumption is defined as “an assumption directly related to a specific assignment,

which, if found to be false, could alter the appraiser’s opinions or conclusions. Extraordinary

assumptions presume as fact otherwise uncertain information about physical, legal, or economic

characteristics of the subject property; or about conditions external to the property such as market

conditions or trends; or about the integrity of data used in an analysis.” 1

None noted.

HYPOTHETICAL CONDITIONS

A hypothetical condition is defined as “that which is contrary to what exists but is supposed for the

purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about

physical, legal, or economic characteristics of the subject property; or about conditions external to the

property, such as market conditions or trends; or about the integrity of data used in an analysis.” 2

None noted.

1 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010), 73.

2 Dictionary of Real Estate Appraisal, 97.

NEW YORK BY GEHRY| TABLE OF CONTENTS

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TABLE OF CONTENTS

CERTIFICATION OF THE APPRAISAL ............................................................................................. i

SUBJECT PHOTOGRAPHS .......................................................................................................... ii

SUMMARY OF SALIENT FACTS ................................................................................................... xi

TABLE OF CONTENTS .............................................................................................................. xiii

INTRODUCTION ...................................................................................................................... 1

AREA ANALYSIS ......................................................................................................................... 7

NEIGHBORHOOD ANALYSIS .................................................................................................. 17

SITE ANALYSIS ........................................................................................................................ 25

IMPROVEMENTS ANALYSIS ...................................................................................................... 27

ZONING ................................................................................................................................ 33

TAX AND ASSESSMENT DATA .................................................................................................. 34

MARKET ANALYSIS .................................................................................................................. 42

HIGHEST AND BEST USE ......................................................................................................... 58

APPRAISAL METHODOLOGY ................................................................................................... 60

INSURABLE VALUE ................................................................................................................... 61

SALES COMPARISON APPROACH ............................................................................................ 62

INCOME CAPITALIZATION APPROACH .................................................................................... 71

RECONCILIATION OF VALUE ................................................................................................ 100

ASSUMPTIONS AND LIMITING CONDITIONS ........................................................................ 101

ADDENDA A Client Provided Data B Improved Sale Data Sheets C Précis METRO Report - Economy.com, Inc. D Engagement Letter E Qualifications

NEW YORK BY GEHRY| INTRODUCTION

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INTRODUCTION

PROPERTY IDENTIFICATION

The subject consists of the residential condominium within a 76-story, four-condominium development

located at 8 Spruce Street in the Financial District neighborhood of Manhattan in New York, NY. The

property was completed in 2011, was designed by the renowned architect Frank Gehry, has a unique

undulating façade and is the tallest residential building in the western hemisphere. The entire

development is situated on a 0.95 acre lot. The subject residential condominium begins on the

seventh floor and consists of 894 rentable units, two units set aside under life tenancy for Mr. Gehry at

no charge (a studio and two-bedroom unit), a leasing office (studio) and a two-bedroom apartment

for employee housing. Of the 894 leasable units, 887 are occupied indicating a 99% occupancy rate.

OWNERSHIP AND PROPERTY HISTORY

In December 2012, Teachers Insurance and Annuity Association bought a 49% stake in the property

from Forest City Ratner in an arm’s length transaction. Based on the transaction the adjusted sale

price of the condominium was $1,050,000,000. Our concluded value, $1,100,000,000, is 4.76%

above the purchase price, which is reasonable considering the continued improvement in the market

over the last 18 months. The owner of record as of the sale date is FC 8 Spruce Street Residential,

LLC.

There have been no other ownership transfers of the property during the past three years. To the best

of our knowledge, the subject is not listed for sale or under contract.

EXPOSURE/MARKETING TIME

The exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of

time alone. In consideration of these factors, we have analyzed the following:

EXPOSURE/MARKETING TIME DATAExposure/Mktg. (Months)

Investment Type Range Average

Comparable Sales Data 3.0 - 9.0 6.0

CBRE Apartments

Class A 2.3 - 29.0 6.9

Class B 2.3 - 29.0 6.9

Class C 2.3 - 29.0 6.9

PwC Apartment

National Data 0.0 - 18.0 5.1

Local Market Professionals 6.0 - 12.0 9.0

CBRE Exposure Time EstimateCBRE Marketing Period Estimate

CBRE National Investor Survey & PwC Real Estate Survey

6 Months6 Months


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INTEREST APPRAISED

The value estimate provided represents the leased fee interest estate and defined as follows:

Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 3

Leased Fee Interest - A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a lease). 4

Leasehold Interest - The tenant’s possessory interest created by a lease. 5

PREMISE OF THE APPRAISAL

The following table illustrates the various dates associated with the valuation of the subject, the

valuation premise(s) and the rights appraised for the premise/date:

PREMISE OF THE APPRAISALItem Date Interest Appraised

Date of Report: July 21, 2014

Date of Inspection: June 16, 2014

Date of ValueAs Is: June 16, 2014 Leased Fee Estate

Compiled by CBRE

PURPOSE OF THE APPRAISAL

The purpose of this appraisal is to estimate the market value of the subject property.

DEFINITION OF MARKET VALUE

The current economic definition of market value agreed upon by agencies that regulate federal

financial institutions in the U.S. (and used herein) is as follows:

The most probable price which a property should bring in a competitive and open market under all

conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and

assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of

a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. buyer and seller are typically motivated;





3

2. both parties are well informed or well advised, and acting in what they consider their own best interests;

3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements

comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or

creative financing or sales concessions granted by anyone associated with the sale. 6

INTENDED USE OF REPORT

The intended use of the appraisal report is to provide information for use in making business and

credit decisions concerning an actual or prospective loan or line of credit. This report is for the use

and benefit of, and may be relied upon by, Bank of America, N.A. as Lender, or, Bank of America,

N.A., and Barclays Bank PLC (“BBPLC”) and Citigroup Global Markets Realty Corp. (Citigroup), and

its successors and/or assigns, as Administrative Agent for certain Lenders, and each actual and

prospective Lender and Participant in such loan or line of credit, and their respective successors,

assigns and affiliates.

INTENDED USER OF REPORT

This report may be relied upon by Bank of America, N.A., its successors and/or assigns in connection

with their respective consideration of the extension of credit related to the property and/or the

beneficial ownership thereof (the “Loan Financing”). This information also may be relied upon by any

actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of

the Loan Financing, any rating agencies actually or prospectively rating any such securities, any

indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit

support for such Loan Financing. In addition, this report or a reference to this report, may be included

or quoted in any offering circular, registration statement, or prospectus in connection with a

securitization or transaction involving the Loan Financing and/or related securities that may be issued.

This report has no other purpose and should not be relied upon by any other person or entity.

This report is addressed to Barclays Bank PLC ("BBPLC") and its affiliates, their respective successors

and assigns (including, without limitation, investors who purchase the mortgage loan or a

participation interest in the mortgage loan and the trustee in a securitization that includes the

mortgage loan), each servicer of the mortgage loan, and all rating agencies involved in any sale,

securitization or syndication involving the mortgage loan may use and rely upon this Report, including,

without limitation, utilizing selected information from the Report in the offering materials (either in

electronic or hard copy format) relating to any sale, securitization or syndication involving the

mortgage loan. CBRE agrees to cooperate in answering questions by any of the above parties in

connection with the sale, securitization or syndication, as communicated by BBPLC personnel. In


4

addition, this Report or a reference to this Report may be included or quoted in any offering circular,

registration statement, prospectus or sales brochure (either in electronic or hard copy format) in

connection with a sale, securitization or syndication, or transaction involving such debt and or debt

securities. We hereby certify that we have no undisclosed interest in the property, and our employment

and compensation are not contingent upon our findings. This study is subject to the comments made

throughout this report and to all assumptions and limiting conditions set forth herein.

This report is addressed to Citigroup Global Markets Realty Corp. (Citigroup), such other persons as

may be designated by Citigroup and their respective successors and assigns. Special Conditions

include (i) the Report may be relied upon by Citigroup in determining whether to make a loan

evidenced by a note (“the Property Note”) secured by the Subject Property, (ii) the Report may be

relied upon by any purchaser in determining whether to purchase the Property Note from Citigroup

and any rating agency rating securities issued by or representing an interest in the Mortgage Note, (iii)

the Report may be referred to in and included with materials offering for sale the Property Note or an

interest in the Property Note, (iv) persons who acquire the Property Note or an interest in the Property

Note may rely on the Report, (v) the Report speaks only as of its date in the absence of a specific

written update of the Report.

This report is for the use and benefit of, and may be relied upon by, Citigroup Global Markets Realty

Corp. (Citigroup) and any of their respective affiliates, agents and advisors, the initial and subsequent

holders from time to time of any debt (or any portion thereof) and/or debt securities secured, directly

and indirectly, by the property which is the subject of this report, by any participation interest in any

such debt (or any portion thereof), and indenture trustee, servicer or other agent acting on behalf of

such holders of such debt (or any portion thereof) and/or debt securities; any rating agencies; and the

institutional provider(s) from time to time of any liquidity facility or credit support for such financings,

and their respective successors and assigns.

In addition, this report or a reference to this report, may be included or quoted in any offering

circular, registration statement, private placement memorandum, prospectus or sales brochure (in

either electronic or hard copy format) in connection with a securitization or transaction involving such

debt (or any portion thereof) and or debt securities.

This appraisal is to be used by Bank of America, NA, Barclays Bank PLC and Citigroup Global

Markets Realty Corp, no other users may rely on our report unless as specifically indicated in the

report.

Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who

6 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page

77472.


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the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the appraisal are not necessarily intended users. The appraiser’s responsibility is to the intended users identified in the report, not to all readers of the appraisal report. 7

SCOPE OF WORK

The scope of the assignment relates to the extent and manner in which research is conducted, data is

gathered and analysis is applied. CBRE, Inc. completed the following steps for this assignment:

Extent to Which the Property is Identified

The property is identified through the following sources:

postal address assessor’s records legal description

Extent to Which the Property is Inspected

CBRE inspected the interior and exterior of the subject, as well as its surrounding environs on the

effective date of appraisal.

Type and Extent of the Data Researched

CBRE reviewed the following:

applicable tax data zoning requirements flood zone status demographics income and expense data comparable data

Type and Extent of Analysis Applied

CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal

methodology to arrive at a probable value indication via each applicable approach to value. The

steps required to complete each approach are discussed in the methodology section.

7 Appraisal Institute, The Appraisal of Real Estate Appraisal, 13th ed. (Chicago: Appraisal Institute, 2008), 132.


6

Data Resources Utilized in the Analysis

DATA SOURCESItem: Source(s):

Site DataSize Assesor's Office

Improved DataGross Improvements Size/Units Ownership, Assesor's OfficeNet Rentable Area/Units OwnershipArea Breakdown/Use OwnershipNo. Bldgs. Ownership, Assesor's OfficeParking Spaces OwnershipYear Built/Developed Ownership

Economic DataBuilding Costs: OwnershipIncome Data: OwnershipExpense Data: Ownership

Compiled by CBRE

NEW YORK BY GEHRY| AREA ANALYSIS

7

AREA ANALYSIS

The dynamic natures of economic relationships within a market area have a direct bearing on real

estate values and the long-term quality of a real estate investment. In the market, the value of a

property is not based on the price paid for it in the past or the cost of its creation, but on what buyers

and sellers perceive it will provide in the future. Consequently, the attitude of the market toward a

property within a specific neighborhood or market area reflects the probable future trend of that area.

Since real estate is an immobile asset, economic trends affecting its locational quality in relation to

other competing properties within its market area will also have a direct effect on its value as an

investment. To accurately reflect such influences, it is necessary to examine the past and probable

future trends, which may affect the economic structure of the market and evaluate their impact on the

market potential of the subject. This section of the report is designed to isolate and examine the

discernible economic trends in the region and neighborhood, which influence and create value for the

subject property.

REGIONAL AREA

The subject property is located in Manhattan, one of the five boroughs comprising New York City.

The examination of social forces is primarily based upon demographic characteristics of an area

including, but not limited to, population trends, age of population and household formation. A review


8

of these demographic trends is imperative in order to determine the basic demand for real property in

the area.

Population

The population in New York City has increased approximately 3.8% from 2010 to 2014, as estimated

by Claritas. Changes among the different boroughs varied considerably with Staten Island reflecting

the lowest population increase of 0.5%, while Manhattan’s population has increased by 6.6%. The

most recent data from Claritas, Inc. is summarized as follows. The 2014 estimates and the 2019

projections are based on census data.

2010 2014 2010-2014 2019 2014-2019Census Estimate %Change Projection % Change

Bronx 1,385,108 1,424,881 2.9% 1,471,920 3.3%Brooklyn 2,504,700 2,603,537 3.9% 2,710,906 4.1%Manhattan 1,537,201 1,638,975 6.6% 1,697,682 3.6%Queens 2,230,722 2,297,754 3.0% 2,373,136 3.3%Staten Island 468,730 470,957 0.5% 474,899 0.8%New York City Total 8,126,461 8,436,104 3.8% 8,728,543 3.5%Source: Claritas

NEW YORK CITY POPULATION DATA

The population within the city is expected to increase through 2019. Over the next five years Brooklyn

is anticipated to have the highest increase in population with an increase of 4.1%. The New York City

Boroughs are all projected to experience moderate growth, ranging between 0.8% and 4.1% over the

next 5 years. Overall, the population in New York City is projected to increase by 3.5% during the

next five-year period.

Households

Household statistics calculated based on census data are summarized as follows.

2010 2014 2010-2014 2019 2014-2019Census Estimate % Change Projection % Change

Bronx 483,449 498,480 3.1% 516,591 3.6%Brooklyn 916,856 959,199 4.6% 1,004,041 4.7%Manhattan 763,846 792,008 3.7% 823,131 3.9%Queens 782,666 803,320 2.6% 829,941 3.3%Staten Island 165,516 166,690 0.7% 168,392 1.0%New York City Total 3,112,333 3,219,697 3.4% 3,342,096 3.8%Source: Claritas

NEW YORK CITY HOUSEHOLD DATA

As illustrated in the previous table, the number of households in New York City has increased by 3.4%

since 2010, and is expected to increase by 3.8% between 2014 and 2019. The number of


9

households is expected to grow at the greatest rate in the Brooklyn borough over the next 5 years at a

rate of 4.7%. According to Clarita’s estimates the slowest growth is expected to occur in Staten Island.

2000 2014 2000-2014 2019 2014-2019Census Estimate %Change Projection % Change

Bronx $27,926 $32,798 17.4% $35,744 9.0%Brooklyn $32,509 $44,535 37.0% $49,192 10.5%Manhattan $47,470 $66,812 40.7% $73,244 9.6%Queens $43,182 $55,344 28.2% $60,550 9.4%Staten Island $55,637 $70,604 26.9% $77,111 9.2%Source: Claritas

NEW YORK CITY HOUSEHOLD MEDIAN INCOME DATA

Of the five boroughs of New York City, Staten Island has the highest median household income,

followed by Manhattan and Queens. Over the next five-year period, the median household income

within the boroughs is projected to increase by greater than 9% in each of the five borough’s, and

Brooklyn is expected to see the highest income appreciation at 10.5%.

Transportation

Transportation has been a major factor in the development of New York City. The city has a well-

integrated network of highways with a well-developed mass transportation system which facilitates

access for commuters as well as the distribution of goods and services through the region. Vehicular

transportation in the region and the borough is facilitated through a network of highways while the

Metropolitan Transit Authority operates a rail and bus network.

Two of the area airports, LaGuardia and JFK International Airports are both located within Queens.

Within Manhattan, of the two major business areas, Midtown is more convenient in terms of

commuting than Downtown due to its proximity to the commuter train system. While the automobile is

the primary mode of transportation surrounding New York City, primary access in Manhattan is

provided by mass transportation, specifically the subway system.

The Long Island Expressway, the Grand Central Parkway, and Belt Parkway facilitate vehicular access

to the area. The Triborough Bridge, Queensboro, Brooklyn Bridge, Williamsburg Bridge, Manhattan

Bridge, Midtown Tunnel and Brooklyn-Battery Tunnel provide access to Manhattan.

Governmental Forces

Overview

The Mayor and the City Council govern the City of New York. In addition, there is a Borough

President in each borough and Councilpersons, which govern individual districts within each borough.

Local city officials implement land use regulations through the auspices of the Bureau of Economic


10

Development, Zoning Department and Department of City Planning. The local planning board with

neighborhood representation must also review any proposed project. Support services, such as

transportation, schools, health care, police, and fire protection are provided by the City of New York.

Taxes

Residents of New York City are taxed on three levels, the first is the Federal Government, second is the

State of New York, and the last is the City of New York, which imposes a resident income tax and

property taxes for those persons who reside within the five boroughs. The combined income tax rate

for persons in New York City is one of the highest in the nation and imposes a hindrance towards

relocating to the city. Residential property taxes, however, are comparably low to surrounding

Nassau, Suffolk and Westchester Counties. The City of New York has recently sought to re-impose

the so called “commuter tax” on suburban residents who work in the City. Such a measure would

require State approval and as of the date of this analysis these approvals have not been granted.

Land Use Regulations

The City Planning Department, Zoning Department and the Economic Development Authority govern

land use regulations. These agencies as well as other city departments govern land use controls that

include zoning, growth management systems, subdivision regulations, development fees and

environmental restrictions. The net effect of these land use policies is to raise the cost of land

development, especially in Manhattan.

Zoning

Zoning regulations and planning have the greatest impact on property values and development in the

city. The zoning regulations within the city are the most complex in the country, increasing the cost of

all residential and commercial development in the city.

Municipal Services

The City of New York provides public services such as police and fire protection, schools and other

basic services.

Economic Forces

With 48650 full-time employees in 2014 the North-Shore Long Island Jewish Health System is the

city’s top employer. JPMorgan Chase & Co. is the second largest employer in New York City with

37,363 employees, and is the largest non-public sector employer in New York City.. Following in third

is Mount Sinai Medical Center. The chart below shows New York City’s 20 largest employers.


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Ranking Company Name

Number of Employees in New

York City*

1 North-Shore Long Island Jewish Health System 48,650

2 JPMorgan Chase & Co. 37,363

3 Mount Sinai Medical Center 32,056

4 Macy's Inc. 31,200

5 Citigroup Inc. 24,991

6 New York Presbyterian Healthcare System 21,802

7 Bank of America 19,500

8 Continuum Health Partners Inc. 18,974

9 Verzion Communications 18,650

10 Montefiore Medical Center 18,030

11 NYU Langone Medical Center 17,879

12 New York University 16,021

13 Columbia University 15,601

14 City Universty of New York 13,970

15 Consolidated Edison Inc. 13,280

16 Memorial Sloan-Kettering Cancer Center 12,662

17 Morgan Stanley 12,500

18 Time Warner Inc. 10,337

19 Archdiocese of New York 10,265

20 Barclays Capital 10,000

* New York City Includes the five boroughs onlySource: Crain's New York Business - 2014

NEW YORK CITY'S LARGEST EMPLOYERS

The following chart outlines total employment and the composition of the different employment

industries in New York City between 2004 and 2013.


12

ANNUAL EMPLOYMENT BY INDUSTRYNEW YORK CITY 2004-2013 (000's)

Avg. Ann. Total %

Industry 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Growth Change

Goods Producing 232.6 227.2 224.6 228.3 228.3 202.4 188.8 188.0 192.4 197.3 -1.5% -15.2%

Construction 111.8 113.3 118.5 127.3 132.7 120.8 112.5 112.3 116.1 121.0 0.8% 8.2%

Manufacturing 120.8 113.9 106.1 101.0 95.6 81.6 76.3 75.7 76.3 76.3 -3.7% -36.8%

Service Producing 3,316.5 3,375.0 3,441.8 3,515.5 3,565.2 3,490.3 3,521.7 3,609.3 3,691.4 3,769.8 1.4% 13.7%

Trade, Transportation & Utilities 539.9 548.2 559.0 570.5 574.5 552.4 559.1 574.7 589.3 602.7 1.2% 11.6%

Information 160.2 162.8 164.9 166.9 169.5 165.3 166.0 170.9 175.8 178.7 1.2% 11.5%

Financial Activities 435.5 445.1 458.3 467.6 465.0 434.2 428.6 439.5 439.1 437.3 0.0% 0.4%

Prof. & Business Services 542.0 556.0 571.9 592.3 603.5 569.4 575.8 598.3 620.4 643.6 1.9% 18.7%

Educational & Health Services 663.9 677.4 693.3 703.7 717.6 733.2 751.4 767.9 784.6 809.3 2.2% 21.9%

Leisure & Hospitality 270.1 276.7 284.9 297.8 310.2 308.5 322.2 342.2 365.7 380.3 4.1% 40.8%

Other Services 150.5 153.2 154.3 157.7 160.8 160.3 160.6 165.2 170.4 174.1 1.6% 15.7%

Government 554.4 555.6 555.2 559.0 564.1 567.0 558.0 550.6 546.1 543.8 -0.2% -1.9%

Total Employment 3,549.1 3,602.2 3,666.4 3,743.8 3,793.5 3,692.7 3,710.5 3,797.3 3,883.8 3,967.1 1.2% 11.8%

Employment Change

Goods Producing -2.3% -1.1% 1.6% 0.0% -11.3% -6.7% -0.4% 2.3% 2.5%

Service Producing 1.8% 2.0% 2.1% 1.4% -2.1% 0.9% 2.5% 2.3% 2.1%

Total Employment 1.5% 1.8% 2.1% 1.3% -2.7% 0.5% 2.3% 2.3% 2.1%

Source: US Bureau of Labor Statistics

While the table presented above indicates that annual total employment in the City of New York has

varied significantly since 2002, the total increase from 2004 to 2013 is 11.8%. The steady growth

experienced between 2004 and 2008 was offset by the large loss of jobs resulting from the most

current recession. However, New York City has returned to stable growth in the last three years, as

total employment has grown by 2.3%, 2.3%, and 2.1% respectively.

New York City is predominantly a service-oriented economy, with approximately 95% of the current

employment within the services producing sector. In the period between 2004 and 2013, the services

producing sector experienced average annual growth of 1.4%. Although the goods producing sector,

and more specifically the manufacturing sector, have declined on average on a year to year basis, the

increases in the services sectors have been able to offset these declines.

The following table illustrates the increase in employment for the most recently reported month, over

the same month of the previous year. As indicated, total employment is showing an increase from the

prior year's figures. The Government and Manufacturing sectors were the only sectors that displayed

nominal decreases on a year over year basis in NYC. The increases in employment observed in other

sectors was more than enough to offset this decrease, and the overall employment increased by 1.9%.

Educational & Health Services is the largest sector, it has grown by a considerable 3.3% when

compared to the same time in the previous year, and accounts for 20.9% of total employment.


13

May 2013 to 2014 Comparison - Not Seasonally AdjustedNEW YORK CITY, NY

Average Employment Average EmploymentINDUSTRY May 2013 (000's) SHARE May 2014 (000's)(P) SHARE CHANGEConstruction and Mining 121.2 3.1% 124.8 3.1% 3.0%Manufacturing 76.6 1.9% 76.5 1.9% -0.1%T.T.C.P.U.* 597.2 15.0% 612.4 15.1% 2.5%Information 177.8 4.5% 177.8 4.4% 0.0%F.I.R.E.** 433.1 10.9% 435.3 10.8% 0.5%Professional & Business Services 639.3 16.1% 656.7 16.2% 2.7%Educational & Health Services 817.7 20.6% 844.8 20.9% 3.3%Leisure & Hospitality 387.7 9.8% 397.5 9.8% 2.5%Other Services 175.2 4.4% 177.7 4.4% 1.4%Government 546.6 13.8% 543.9 13.4% -0.5%TOTALS 3,972.4 100.0% 4,047.4 100.0% 1.9%

NON-AGRICULTURAL INSURED EMPLOYMENT BY MAJOR INDUSTRY DIVISION

Source: U.S. Bureau of Labor Statistics: Compiled by CBRE, Inc.

(P) Preliminary data* Trade,Transportation, & Public Utilities ** Finance/Insurance/Real Estate

Unemployment rate

The following table and chart details the historical unemployment rate in the New York metro area,

New York state as a whole, and the nation as a whole.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 May-13 May-14New York City 7.1% 5.8% 5.0% 4.9% 5.5% 9.2% 9.5% 9.0% 9.2% 8.7% 8.6% 7.7%New York 5.8% 5.0% 4.6% 4.5% 5.3% 8.4% 8.6% 8.2% 8.5% 7.7% 7.5% 6.4%US 5.5% 5.1% 4.6% 4.6% 5.8% 9.3% 9.6% 8.9% 8.1% 7.4% 7.3% 6.1%Apr-14 Percentages are preliminary

Source: Bureau of Labor Statistics; Compiled by CBRE

Unemployment

The most recent data shows that the preliminary unemployment rate in New York City was 7.7% in

May 2014, which represents a decrease of 90 basis points on a year over year basis. New jobs in the

professional and business services, transportation & utilities, and educational & health services sectors

drove the city’s growth last year. Nonetheless, historically, the unemployment rate in New York City

has been been greater than that of both New York and the US and this trend has continued. Even with

recent economic growth the unemployment rate in the city remains high. This is due in part because


14

the unemployment rate reflects the jobs held by New York City residents, while the job data portrayed

in the previous section reflects jobs located within the city itself, many of which are held by non-New

York City residents. With continued growth, we project that the City of New York will remain a

financial and cultural center for the country and the world.

Moody’s Analytics

Moody’s Analytics provides the following New York, NY [Metropolitan Division] metro area economic

summary as of May-14. The full Moody’s Analytics report is presented in the Addenda.

Indicators 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gross Metro Product (C$B) 659.3 652 679.6 689.7 700.8 714.2 731.7 759.1 780.2 796.6 808.9 820.7

% Change -2.3% -1.1% 4.1% 1.5% 1.6% 1.9% 2.4% 3.6% 2.7% 2.1% 1.5% 1.4%

Total Employment 5,274.9 5,113.5 5,126.1 5,224.8 5,323.0 5,419.3 5,503.9 5,605.9 5,719.6 5,782.5 5,783.1 5,771.1

% Change 0.9% -3.2% 0.2% 1.9% 1.8% 1.8% 1.5% 1.8% 2.0% 1.1% 0.0% -0.2%

Unemployment Rate 5.4 9.0 9.3 8.9 9.0 8.4 7.5 6.3 5.5 4.9 4.8 4.9

Personal Income Growth 1.2 -3.1 4.7 5.9 3.2 2.6 5.3 5.5 5.7 4.7 3.5 3.0

Median Household Income ($Ths) 58.1 56.7 56 56.7 58.3 60.5 62.6 64.5 66.6 68.5 69.8 70.7

Population (000) 11,420.4 11,511.6 11,597.2 11,706.9 11,799.5 11,886.5 11,907.3 12,040.0 12,093.5 12,146.4 12,199.1 12,251.1

% Change 0.7% 0.8% 0.7% 0.9% 0.8% 0.7% 0.2% 1.1% 0.4% 0.4% 0.4% 0.4%

Single-Family Permits 2,126.0 1,381.0 1,490.0 1,295.0 1,433.0 2,191.2 2,570.2 4,783.1 5,525.6 4,785.8 3,899.6 3,190.4

Multifamily Permits 37,636.0 8,078.0 8,514.0 12,678.0 15,451.0 24,271.6 34,035.5 37,592.7 37,836.3 35,443.6 33,184.3 30,905.2

Existing-Home Price ($Ths) 493.3 434.4 450.2 441.8 442.6 462.5 482.3 497.6 507.4 514.4 526.2 542.7

Net Migration (000) -9.4 9.9 3.1 21.2 10.6 15.7 -9.3 -15.3 -32.3 -33.9 -34.7 -35.9

Source: Moody's Analytics

NEW YORK, NY [METROPOLITAN DIVISION] - ECONOMIC ANALYSIS

Recent Performance

New York-White Plains-Wayne navigated the harsh winter relatively well, despite near-record snowfall

and cold. Employment levels in weather-sensitive industries such as retail, leisure/hospitality and film

production suffered because of the weather in the first quarter, but anecdotes from the Federal

Reserve's Beige Book indicate that by early April, the economy was returning to normal. The

household survey's measure of employment finally surpassed its prerecession peak in February, and

the unemployment rate was down nearly a full percentage point in March compared with a year

earlier, even as labor force growth was strong.

Credit quality is improving rapidly across the board, thanks especially to gains in mortgage lines. In

housing, the first quarter marked the strongest growth in condo and co-op sales in seven years in

Manhattan, with the median price up nearly a fifth over the year. In the smaller single-family market

outside the city, prices and sales are also up, though by smaller amounts.

Bonus

Wall Street bonuses will support housing and retail in the near term. The state's comptroller estimates

that the average bonus payout in the first quarter for the city's finance industry workers increased 15%

from last year to nearly $165,000, or almost $27 billion in aggregate. The bonus payout for 2014


15

was the largest since 2007, even though finance employment in New York City is below its post-

recession peak reached in mid-2011 and falling.

Changes

New York City's economy will continue to undergo its metamorphosis from being Wall Street-

dependent to a more diverse economy with growth increasingly centered in the city rather than in the

suburbs. Finance, especially the brokerage industry, makes up a smaller portion of the economy now

in terms of both wages and jobs than it has since the early 2000s after the dot-com bust. High-tech

jobs in particular have overtaken Wall Street positions in terms of their share of the employment base,

though wages in high tech still account for less than half of the share that finance wages do. Although

finance's share of jobs and wages will slowly decline, the industry will still be of outsize importance-

finance wages will never fall below 20% of total New York City wages.

Population

The population outlook has changed for the better, one of the more surprising aspects of New York

City's recovery. Although the increase slowed in 2013 to 0.7%, matching the 2010 rate, growth above

0.5% is still much higher than forecast for this point in the business cycle. As a result, the forecast for

2016 and onward has been raised to average gains of around 0.4%, up from 0.2% per year. This

translates to about 200,000 more residents in the metro division by 2020 than previously forecast.

Since 2000, an outsize share of the population growth in New York City has been in Manhattan and

the Bronx. Over the same period, nearly 90% of the job gains have been in the five boroughs of New

York City, while the three counties in northern New Jersey have lost jobs and little growth has occurred

in the counties north of the city. This trend is expected to continue over the forecast horizon as older

workers and retirees as well as the echo boom generation increasingly favor cities over suburbs.

Moody’s Analytics Conclusion

In 2014, job growth in New York-White Plains-Wayne will be the slowest in four years, as cooling in

construction takes some momentum out of the expansion. Financial firms will also cut costs

aggressively as they seek to maximize profits in a harsher regulatory environment. Longer term, NEY is

poised for average job growth and above-average wage and output gains, thanks to its highly

productive workforce and dynamic industry base.

Conclusion

Market participants forecast positive economic growth throughout most of the New York City

marketplace. They typically site the resurgence in the technology sector of the marketplace as well as

New York City maintaining its status as the dominant financial services center in the World. Further,

the city is considered to be the cultural center of the country, with some of the top schools, museums,

theaters, music and entertainment venues in the country. These factors help attract residents and


16

businesses from around the World and support the demographic and economic growth presented

elsewhere in this analysis. Going forward, we anticipate moderate economic improvement over the

near term, with a more robust long term forecast as new development and infrastructure upgrades

continue to drive demand across most segments.

NEW YORK BY GEHRY | NEIGHBORHOOD ANALYSIS

17

NEIGHBORHOOD ANALYSIS

LOCATION

This area in lower Manhattan is broadly referred to as downtown Manhattan's Financial District, and

encompasses the area at the southern tip of Manhattan below Chambers Street. Lower Manhattan is

surrounded on the west, south and east by bodies of water: the Hudson River, New York Harbor, and

the East River, respectively. To the immediate north are the neighborhoods of TriBeCa, Civic Center

and Chinatown.

Boundaries

The neighborhood boundaries are detailed as follows:

North: Wall Street South: Battery Park East: East River West: Hudson

Land Use

The subject property falls within the Manhattan Community District 1 and more specifically the

Financial District. The following chart describes the composition of land uses within the subject’s

community district.


18

As it can be seen above the subject’s community district has a strong concentration of institutional and

commercial office space taking up 28.2% and 22.9% of the total land use within district. Lower

Manhattan is densely developed and contains little vacant land. It is dominated by large office

buildings that house corporate headquarters, banks and other financial service concerns as well as

many federal, state, and local government offices. It is comprised primarily of high-rise office buildings

of various ages and related commercial structures. There are a number of individual buildings dating

from the early 1800's that have been preserved by historic designation including churches, civic and

commercial buildings and those within the South Street Seaport and Fraunces Tavern Historic Districts.

The New York Stock Exchange, the Federal Reserve, and the World Financial Centers form the heart

of the financial core in Lower Manhattan. Many of the office properties in the neighborhood consist

of older Class “B” and “C” office buildings all of which were constructed at the turn-of-the-century, or

before World War Two.

In the early 1990’s conversions to residential use of former commercial properties became common

in the area. In 1998 the City of New York established the Special Lower Manhattan District (LM) to

enhance the vitality of Lower Manhattan. The special district regulations allow for the conversion of

older commercial buildings to residential use, and encourage a dynamic mix of uses in the area, while

protecting its distinctive skyline and streetscape. The conversions slowed during the peak office

market years of 1998 to 2001 when the viability of office uses in the market increased, thus reducing

the economic incentive for conversion. Following the events of September 11, 2001 and the

subsequent downturn in the office market, residential conversion once again became the maximally

productive use for many functionally obsolete office properties.

The following map describes the land use and how it is spread throughout the community district. It

can be noted from the map that the subject property’s location on West Street is in the center of a

dense amount of commercial office space.


19

Land uses within the subject neighborhood consist of mostly high rise office development. Residential

buildings in the neighborhood include some pre-war walk-up and elevator buildings as well as high-

rise structures built for residential use while some are converted office buildings to residential uses.

Commercial buildings are more prolific in the neighborhood. There are a mix of buildings developed

in the boom years of the 1920’s and through to the 1980’s. These buildings were developed to meet

the burgeoning financial firm major expansions during great bull markets in the past century.

Growth and Trends

The downtown area had seen a significant rebound after the trade center attacks in 2001. Arguably,

it reached a peak in 2007. Then the residential sub-prime crisis occurred, followed by the significant

financial crisis which put significant pressure on the fundamentals of downtown Manhattan. Now,

however, downtown is being reshaped with the redevelopment of the World Trade Center site and the

Fulton Transportation Center redevelopment well underway.

The trade center site and Battery Park City are the largest areas remaining that have available space

for development downtown. Both are located on the west side of lower Manhattan. Battery Park City,

has been expanding since the early ‘90’s. Since 1990 the local population has increased by over

40%, while the number of households grew by over 30%. This trend is projected to continue in the

future. This is the most densely populated residential area in downtown Manhattan. The Seaport Fish


20

Market is another area that is open for redevelopment. This is located on the East River north of the

South Street Seaport and is a major site on the east side of lower Manhattan that will likely see some

development upon the economy improving.

The Howard Hughes Corporation revealed in a letter of intent that it plans to build a 95,000 square

foot hotel, 280,000 square feet of market rate residential apartments and approximately 82,000

square feet of retail space somewhere in the vicinity of the South Street Seaport. The letter also

discussed the addition of 60,000 square feet of parking and a reconstruction of the existing Tin

Building which used to be part of the Old Fulton Fish market but has since been ruined by a fire. The

numbers expressed in the letter of intent do not represent the final plan for the South Street Seaport

because the project will have to go through community board and city approval before construction

can begin. Development plans for Pier 17 South Street Seaport have been unanimously approved for

development and construction is slated to begin in early July. The development is a proposed

120,000 square foot shopping mall with 10,000 square feet of green rooftop space. These two

developments will greatly improve the neighborhood dynamic and create demand for residential units

in the neighborhood.

Immediate Surrounding Uses

As depicted below, the subject is situated in the heart of the northern end of the Financial District

where there is convenient access to restaurants, shopping and mass transit. Pace University is directly

north. Immediately to the west, south and east are office buildings, many of which have been

converted to residential use. On the west side of Park Row is City Hall and City Hall Park. Further east

of the subject is Southbridge Towers, a large middle-income housing development.


21

TRANSPORTATION

Access to public transportation is one of the most essential components in terms of location for

properties within New York City. The location of the subject on the southern tip of Manhattan is

proximate to the Fulton Street transportation hub that has access 2, 3, 4, 5, A, C, J and Z trains.

Access to the subject property is considered good.

Vehicular access in the area is facilitated by the FDR Drive to the east, and the West Side Highway on

the west side of Manhattan. The Triborough (RFK) Bridge, Brooklyn Bridge, Williamsburg Bridge,

Manhattan Bridge, Midtown Tunnel and Brooklyn-Battery Tunnel provides access to the east and north

of the Manhattan, while the George Washington Bridge and the Holland and Lincoln Tunnels provide

access to New Jersey and points west. Although Manhattan does not contain a major airport, access

to Newark International Airport in New Jersey is facilitated by the Lincoln and Holland Tunnels. In

addition, LaGuardia and JFK International Airports are located in nearby Queens.

Subject

Fulton Street 2, 3 Trains

Fulton Street J, Z Trains

Fulton Street A, C Trains

Fulton Street 4, 5 Trains

City Hall N, R Trains

Brooklyn Bridge 4, 5, 6 Trains

Chambers Street J, Z Trains Park Place

2,3 Trains

Chambers Street A, C Trains

World Trade Center E Train


22

DEMOGRAPHICS

Demographics have been provided for the subject’s zip code and overall New York County in the

following table:

SELECTED NEIGHBORHOOD DEMOGRAPHICS

8 Spruce St

Population

2019 Population 1,697,682 22,903

2014 Population 1,638,975 21,032

2010 Population 1,585,873 19,127

2000 Population 1,537,201 15,446

Annual Growth 2014 - 2019 0.71% 1.72%

Annual Growth 2010 - 2014 0.24% 0.68%

Annual Growth 2000 - 2010 0.31% 2.16%

Households

2019 Households 823,131 10,519

2014 Households 792,008 9,619

2010 Households 763,846 8,694

2000 Households 738,646 6,391

Annual Growth 2014 - 2019 0.77% 1.80%

Annual Growth 2010 - 2014 0.26% 0.72%

Annual Growth 2000 - 2010 0.34% 3.13%

Income

2014 Median HH Inc $66,812 $62,081

2014 Estimated Average Household Income $117,644 $120,940

2014 Estimated Per Capita Income $56,849 $55,311

Age 25+ College Graduates - 2010 720,790 8,166

Age 25+ Percent College Graduates - 2014 48.6% 44.7%

Source: Claritas

New York County

10038 New York

DEMAND GENERATORS

The transformation and new construction taking place within Downtown Manhattan is essential to the

strength and continued prosperity of residential apartments and condominium units in the

neighborhood. There is currently construction taking place on office buildings, transportation centers,

public parks and even improvements being made to the roads within lower Manhattan.

The largest development occurring in the downtown market is taking place at the World Trade Center

sites. There are currently 5 new skyscrapers that are in the pipeline to completion as well as the World

trade center Transportation Hub and a Performing Arts Center. The 9/11 Memorial and Museum was

recently completed. In total the office construction taking place at the site will provide over 10 million

square feet of office space. With a 1-million square foot lease at One World Trade Center, Condé

Nast was the first to surge office leasing activity within the Downtown Submarket. The long-term lease

will occupy floors 20-41 and will bring over 5,000 employees to the area. This one lease represents

a fraction of the total number of jobs that will be relocated downtown. As noted in the area analysis,


23

employment, population and household income among other metrics within the Manhattan are

forecasted to continue increasing over the next 5 years. These trends are favorable demand

generators for residential space within the area. 70 Pine represents the only other large-scale

residential development planned for the immediate area; given the demand in the local area, this

project is not expected to negatively affect the subject marketability.

To complement the World Trade Center development will be the completion of 2 major transportation

hubs. The World Trade Center Transportation hub will offer convenient transit to New Jersey via the

PATH and will also be connected to the Fulton Center Station which is also under construction. The

WTC Transportation Hub will be over 800,000 square feet and the station is expected to have over

250,000 visitors a day upon completion. The Fulton Center is expected to open in mid-2014 and will

host over 300,000 riders daily. The Fulton Center will offer over 65,000 square feet of retail space

and access to over 13 different subway lines. The completion of these two stations will increase

accessibility to the area.

Some projects taking place downtown do not have a measurable effect on the residential demand of

the submarket but still offer new amenities to the area that make a lifestyle downtown favorable. The

Battery Park is undergoing a transformation by the installation of a $16 million dollar bikeway that will

link through the park and open in 2014. Battery Park is also developing a 46 foot wide carousel to

attract families to the park. A $137 million grant given to the Lower Manhattan Development

Corporation will see the redevelopment of the East River and many of its public spaces. The

rejuvenation of these spaces improves the neighborhood dynamic and indirectly increases demand for

residential space.

The increase in available office inventory, positive trends in demographics, increased accessibility

through new transit stations and improved public space will have a largely positive impact on the

residential growth in the area.

CONCLUSION

The subject neighborhood is defined by its presence within the Financial District of Downtown

Manhattan. This area is improved primarily with high-rise commercial office buildings as well as some

retail space and residential (conversions) apartments. The neighborhood benefits from its accessibility

and its conformity of use, allowing like and/or mutually beneficial businesses to locate near one

another. The quality and conditions of the improvements tend to vary from average to excellent.

Population growth has been substantial in the area as the subject neighborhood is considered to be

improving for residential development. Population and household levels are forecasted to continue

increase considerably over the next five years.

NEW YORK BY GEHRY| SITE ANALYSIS

24

PLAT and FLOOD MAPS


25

SITE ANALYSIS

The following chart summarizes the salient characteristics of the subject site.

SITE SUMMARY

Physical DescriptionSite Area 0.95 Acres 41,370 Sq. Ft.

Primary Road Frontage Spruce St 211 Feet

Secondary Road Frontage Beekman St 271 Feet

Shape Irregular

Topography

Flood Map Panel No. & Date 3604970184F 5-Sep-07

Flood Zone Zone C

Adjacent Land Uses

Source: Various sources compiled by CBRE

Level

Residential uses

INGRESS/EGRESS

Please refer to the prior site/plat exhibit for the layout of the streets that provide access to the subject.

ENVIRONMENTAL ISSUES

CBRE has not observed and is not qualified to detect, the existence of potentially hazardous material

or underground storage tanks that may be present on or near either site. The existence of hazardous

materials or underground storage tanks may affect the value of each property. For this appraisal,

CBRE has specifically assumed that each property is not affected by any hazardous materials that may

be present on or near the respective property.

ADJACENT USES

The following map describes the land uses and building descriptions that neighbor the subject

property.

The following illustrated photograph shows the immediate land use around the subject property.


26

CONCLUSION

The site is well located and has good visibility from roadway frontage. The size of the site is typical for

the area and use, and there are no known detrimental uses in the immediate vicinity. Overall, there

are no known factors which are considered to prevent the site from development to its highest and

best use, as if vacant, or adverse to the existing use of the site.

NEW YORK BY GEHRY| IMPROVEMENT ANALYSIS

27

IMPROVEMENTS ANALYSIS

The following chart shows a summary of the improvements.

Property Type Residential

Number of Buildings

Number of Stories

Condition Excellent

Year Built 2011

Gross Building Area

Net Rentable Area As-Is

Residential

Commercial 1,238 SF

Total

Unit Count

Number of Residential Units 894

Number of Commercial Units 0

Number of Offline Residential Units 4

Total Number of Units 898

Average Residential Unit Size 753 SF

Residential Unit Mix No. of Units Unit Size (SF)Percent of Total NRA (SF)

Studio 190 468 SF 21% 88,902

One Bedroom 512 688 SF 57% 352,167

Two Bedroom 165 1,119 SF 18% 184,626

Three Bedroom 26 1,694 SF 3% 44,056

Four Bedroom Units 1 3,578 SF 0% 3,578

Total 894 753 100% 673,329

Source: Various sources compiled by CBRE

IMPROVEMENTS SUMMARY

(Multi-family Mid/High Rise)

76

961,323 SF

673,329 SF

674,567 SF

1

A breakdown by residential tenancy is shown below.


28

# of % ofRentable Rentable Average Total

Units Units SqFt

Studio 189 21.14% 468 88,429

One Bedroom 506 56.60% 687 347,776

Two Bedroom 165 18.46% 1,119 184,626

Three Bedroom 26 2.91% 1,694 44,056

Four Bedroom Units 1 0.11% 3,578 3,578

Total 887 99.22% 754 668,465

Compiled By CBRE

OCCUPIED MARKET RATE UNITS

Size


Units Units SqFtVacant Market Rate Units

Studio 1 0.11% 473 473

One Bedroom 6 0.67% 732 4,391

Total 7 0.78% 695 4,864Compiled By CBRE

Size

VACANT MARKET RATE UNITS

GENERAL DESCRIPTION

Gross Building Area

Building documents indicate that total area of the residential condominium is 961,323 square feet.

Net Rentable Area

The appraised improvements contain 674,567 square feet of rentable area. Because of the large

amount of amenity space, there is a relatively large loss factor.

Year Built

The subject was completed in 2011.

Number of Stories

The improvements have 76 stories.

Number of Apartments

There are a total of 894 rentable units in the building and 4 offline units.


29

Commercial Space

There is 1,238 square feet of commercial space in the condominium.

Security

The building lobby has a 24-hour attendant. All units have intrusion alarms which are connected to

the lobby attendant. The apartments are connected to the lobby through an intercom system allowing

all visitors to be screened and announced.

CONSTRUCTION COMPONENTS

Foundation

The foundation is a poured-in place reinforced concrete system.

Framing

The building structure consists of reinforced concrete with columns supported by poured reinforced

concrete pile caps on steel piles to bedrock. The structural design of the subject is assumed to be in

accordance with the City of New York Building Code. Further, the construction components are

assumed to be in working condition and adequate for the building.

Floors

Flooring structure consists of poured in place reinforced concrete over metal decking.

Exterior Walls

The exterior walls have complex rippling pattern. The unique pattern, made of steel and aluminum, is

visually striking and creates unique views for the residential units.

Roof Cover

The building has a flat roof with a rubberized membrane cover.

Windows

The subject has both casement and fixed windows.

Fire Protection

The subject is fire sprinklered. It is assumed the improvements have adequate fire alarm systems, fire

exits, fire extinguishers, fire escapes and/or other fire protection measures to meet local fire marshal

requirements.


30

MECHANICAL COMPONENTS

Heating and Cooling

Gas-fired boilers provide heat and cooling to the units through vertical heat pumps. Each unit is

individually controlled.

Plumbing

Plumbing is mixed with iron and copper with standard grade fixtures and assumed to meet municipal

code.

Electrical

Tenants are individually metered for service with meter banks located throughout the building. The

electric service appears adequate for light and power requirements which include modern appliances.

Tenants are responsible for electrical charges.

Vertical Transportation

There are two enclosed interior stairs in the building serving all public halls. There are 10 passenger

elevators in the building serving all tenant occupied floors. Tenants must use a key card to enable the

elevator to go to their floor. Additionally, there is a freight elevator.

RESIDENTIAL UNIT DETAILS

Unit finishes in the sleeping and living areas consist of drywall and wood flooring. Ceiling heights are

approximately 9 feet. The kitchens have tile flooring, custom European cabinets and quartz composite

countertops. Kitchen appliances are stainless steel and include a stove/range, refrigerator, dishwasher

and microwave oven. For an extra fee tenants can opt for sub-zero refrigerators. Bathrooms consist

of porcelain tile flooring and walls and porcelain fixtures.

COMMON AREA DETAILS

The lobby has drywall walls and ceilings, and marble floors. Individual mailboxes are in the lobby.

Hallways are carpeted and have drywall walls with vinyl wall coverings. The lobby’s desk has been

designed by Frank Gehry and consists of a Douglas fir veneer.

UNIT AMENITIES

Certain units have balconies. For an additional fee tenants can opt for higher-end appliances.


31

PROJECT AMENITIES

Laundry

Each unit has its own washer and dryer. There are larger washer and dryers available for tenant use

on the amenity floors.

Valet Service

Valet and concierge services are provided to tenants.

Parking Garage

None provided. This is typical for Manhattan apartment buildings and not seen as a detriment.

Health Club/Fitness Center

There is a 3,300-square-foot, state-of-the-art fitness center located on the 8th floor. It overlooks the

Brooklyn Bridge and contains only top-of-the-line equipment. Tenants also have the option of using

rooms designated specifically for spin classes, yoga, and boxing. Each hosts classes and can be

reserved by residents. There also a 50 foot long pool, with a trained lifeguard, for tenants.

Additionally, private treatment rooms available to residents.

Roof Deck

There is an outdoor lounge located on the 7th floor. It contains grills and picnic tables that can be

reserved by tenants. The sundeck has ample space for tenants to layout in the sun and it offers unique

view of New York City.

Tenant Lounge

There is a community room located on the 8th floor. It has a projection room, billiards tables, and two

golf simulators.

Storage

None provided.

FUNCTIONAL UTILITY

All floor plans have functional layouts and the overall development is considered functional in utility.

The unit mix is functional and no conversion is warranted to the existing improvements.

ADA COMPLIANCE

All common areas of the property are assumed to have handicap accessibility. The client/reader’s

attention is directed to the specific limiting conditions regarding ADA compliance.


32

FURNITURE, FIXTURES AND EQUIPMENT

Apartment units are delivered on an unfurnished basis.

ENVIRONMENTAL ISSUES

CBRE has not observed and is not qualified to detect the existence of any potentially hazardous

materials such as lead paint, urea formaldehyde foam insulation, or other potentially hazardous

construction materials on or in the improvements. The existence of such substances may affect the

value of the property. For the purpose of this assignment, we have specifically assumed that any

hazardous materials that would cause a loss in value do not affect the subject.

DEFERRED MAINTENANCE

During our inspection, no deferred maintenance was observed. The building broke ground in 2006

and was complete in 2011. Total construction costs on the entire complex ended up being

approximately $902,000,000 (~$800 psf).

ECONOMIC AGE AND LIFE

CBRE’s estimate of the subject improvements effective age and remaining economic life is depicted in

the following chart:

Actual Age 3 Years

Effective Age 1 Years

MVS Expected Age 55 Years

Remaining Economic Life 54 Years

CBRE

ECONOMIC AGE AND LIFE

The overall life expectancy is based upon our on-site observations and a comparative analysis of

typical life expectancies reported for buildings of similar construction as published by Marshall and

Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE did not observe anything to

suggest a different economic life, a capital improvement program could extend the life expectancy.

CONCLUSION

The improvement is in excellent overall condition. Overall, there are no known factors that adversely

impact the marketability of the improvement.

NEW YORK BY GEHRY| ZONING

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ZONING

Zoning Overview

The subject property is located in the C6-4 Commercial District within LM Special Lower Manhattan

District zoning district as designated by the City of New York. The city is divided into three basic

zoning districts: residential (R), commercial (C), and manufacturing (M). The three basic districts are

further divided into a variety of lower-, medium- and higher-density residential, commercial and

manufacturing districts.

The development density of a particular site is regulated through the floor area ratio or FAR which

reflects the maximum size of the building in relation to zoning lot. The following chart summarizes the

subject’s zoning requirements.

ZONING SUMMARYCurrent Zoning C6-4 Commercial District within LM Special

Lower Manhattan District Legally Conforming The subject improvements appear to be a legal

and conforming use with regard to permitted usesand bulk area requirements.

Zoning Change Not likely

Category Zoning Requirement

Permitted Zoning Floor Area 1,165,388

Subject's Actual Actual Zoning Floor Area 1,110,804

Source: Planning & Zoning Dept.

With a maximum FAR of 10.0 and approved transfer of floor area and plaza bonus, the subject

improvement complies with its zoning regulations. Moreover, the improved property has received a

Certificate of Occupancy.

NEW YORK BY GEHRY| TAX AND ASSESSMENT DATA

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TAX AND ASSESSMENT DATA

The subject property is assessed and taxed by the City of New York on an ad valorem basis. Real

property in New York State is not required to be assessed at 100% of market value, but all ratables

within a taxing jurisdiction must be assessed at a consistent percentage of market value. The state

legislature exempted the City of New York from this requirement. As such, NYC is permitted to classify

real property by type and to assess classifications at different fractions of their market values thus the

legislature permitted the taxation burden to be shared inequitably among categories of properties in

this area.

Throughout much of the 1980's in New York City, the sale of a property at market value would

automatically trigger a reassessment, and the target value is usually set at 45% of the sales price.

Conversion and renovation were also reassessment triggers. The city no longer applies the 45%

figure to the sales price of the property. Currently, the policy of the city assessor is to review income

and expense statements on an annual basis. The methodology of estimating market value by the

assessor involves direct capitalization, using rates that are applied to properties based upon

geography and age. The 45% ratio is then applied to the assessor’s determination of market value to

derive a target assessment.

In New York City, reassessments occur annually, and local authorities phase in changes over a five-

year period. During the phase-in, the annual assessed values are "transitional values.” The full

reassessed value is the "actual" or "target value.” The first transitional value is the original assessed

value plus 20% of the difference between the current and prior year values. The 20% increments are

added to each prior year's transitional value. The tax liability is typically based on the lower of the

“actual” and “transitional” assessment. The subject property’s historical and current assessments and

taxes (based on the city July-to-June tax year) are shown below.

Block 100, Lot 1201 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015

Actual Assessment

Land $4,906,818 $4,906,818 $4,906,818 $5,841,450 $5,841,450 $5,841,450

Building $8,754,386 $37,507,951 $51,965,539 $53,938,350 $81,047,295 $82,940,400

Total $13,661,204 $42,414,769 $56,872,357 $59,779,800 $86,888,745 $88,781,850

Transitional Assessment

Land $4,906,818 $4,906,818 $4,906,818 $5,654,522 $5,841,450 $5,841,450

Building $9,502,092 $38,068,730 $52,339,392 $51,911,478 $79,527,141 $80,412,480

Total $14,408,910 $42,975,548 $57,246,210 $57,566,000 $85,368,591 $86,253,930

General Tax Rate (per $100 A.V.) 13.241 13.353 13.433 13.181 13.145 13.276

Total Taxes $1,808,880 $5,663,644 $7,639,664 $7,587,774 $11,221,701 $11,451,072

Source: Assessor's Office

AD VALOREM TAX INFORMATION


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TAX COMPARABLES

1 2 3 4 Averages

Subject 2-8 Gold Street343-47

Broadway95 Worth Street 99 John Street

Assessment Year 2014/15 2014/15 2014/15 2014/15 2014/15

Year Built 2011 2003 2005 2001 2003 2003

Square Feet 912,992 627,330 396,000 364,722 348,157 434,052

Actual Total AV $88,781,850 $68,594,400 $38,855,250 $36,106,650 $35,574,849 $44,782,787

AV Per SF $97 $109 $98 $99 $102 $103

Source: Assessor's Office

AD VALOREM TAX COMPARABLESComparables

Based on these comparable properties’ assessments we believe the current assessment of the subject

does not reflect the complete phase-in of the subject property. Therefore, we project a 10% increase

in assessment next year for the actual assessment; afterward, the assessment is projected to grow 2%

per annum.

A review of the city website indicates that tax payments are current.

FUTURE TAX INCREASES

The New York City Council sets the annual tax rate for each property class based on the total amount

of ratables and budget needs. The rate is typically established in June and takes effect on July 1st,

however at times the rate is established or changed in the middle of the tax year, resulting 1st half and

2nd half rates. The 2013/2014 Class II tax rate is comprised of a 1st half rate of $13.181 and a 2nd

half rate of $13.109 per $100 of AV, which results in an average annual tax rate of $13.145 per

$100 of A.V. for 2013/2014 tax year. The average annual rate represents a -0.3% decrease from the

2012/2013 annual tax rate. Below is a summary of tax rates for the City of New York:


36

Rates for Class 2 properties have typically followed a gradual inclining pattern with decrease years

historically tied to recessionary periods for the City of New York. We project that the Class 2 rate will

grow at a long term rate of 1% per annum, with growth based off of the tax rate of $13.145 per

$100 of assessed value. Therefore, the first year of analysis, 2014/15, is projected to have a tax rate

of $13.276.

Based on the previous discussions of tax assessment and tax rate, we estimate the phase-in of the

transitional assessment and subsequent tax liability as shown on the following chart:


37

Actual Trans. Actual AV 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Tax Yr. Assmt. Assmt. PSF / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 / 24 / 25 / 26 / 27 / 28 / 29 / 30 / 31 / 32 / 33 / 34

2014 / 15 $88,781,850 $86,253,930 $97.24 $378,621 $378,621 $378,621 $378,621 $378,621

2015 / 16 $97,660,035 $88,914,906 $106.97 $1,775,637 $1,775,637 $1,775,637 $1,775,637 $1,775,637

2016 / 17 $99,613,236 $91,966,522 $109.11 $390,640 $390,640 $390,640 $390,640 $390,640

2017 / 18 $101,605,500 $94,909,873 $111.29 $398,453 $398,453 $398,453 $398,453 $398,453

2018 / 19 $103,637,610 $98,259,646 $113.51 $406,422 $406,422 $406,422 $406,422 $406,422

2019 / 20 $105,710,363 $101,645,349 $115.78 $414,550 $414,550 $414,550 $414,550 $414,550

2020 / 21 $107,824,570 $103,678,256 $118.10 $422,841 $422,841 $422,841 $422,841 $422,841

2021 / 22 $109,981,061 $105,751,821 $120.46 $431,298 $431,298 $431,298 $431,298 $431,298

2022 / 23 $112,180,683 $107,866,857 $122.87 $439,924 $439,924 $439,924 $439,924 $439,924

2023 / 24 $114,424,296 $110,024,194 $125.33 $448,723 $448,723 $448,723 $448,723 $448,723

2024 / 25 $116,712,782 $112,224,678 $127.84 $457,697 $457,697 $457,697 $457,697 $457,697

2025 / 26 $119,047,038 $114,469,172 $130.39 $466,851 $466,851 $466,851 $466,851 $466,851

2026 / 27 $121,427,978 $116,758,555 $133.00 $476,188 $476,188 $476,188 $476,188 $476,188

2027 / 28 $123,856,538 $119,093,726 $135.66 $485,712 $485,712 $485,712 $485,712 $485,712

2028 / 29 $126,333,669 $121,475,601 $138.37 $495,426 $495,426 $495,426 $495,426 $495,426

2029 / 30 $128,860,342 $123,905,113 $141.14 $505,335 $505,335 $505,335 $505,335 $505,335

2030 / 31 $131,437,549 $126,383,215 $143.96 $515,441 $515,441 $515,441 $515,441

2031 / 32 $134,066,300 $128,910,880 $146.84 $525,750 $525,750 $525,750

2032 / 33 $136,747,626 $131,489,097 $149.78 $536,265 $536,265

2033 / 34 $139,482,579 $134,118,879 $152.78 $546,991

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Previous Transitional $85,368,591 $86,253,930 $88,914,906 $91,966,522 $94,909,873 $98,259,646 $101,645,349 $103,678,256 $105,751,821 $107,866,857 $110,024,194 $112,224,678 $114,469,172 $116,758,555 $119,093,726 $121,475,601 $123,905,113 $126,383,215 $128,910,880 $131,489,097

Phase In $885,339 $2,660,976 $3,051,616 $2,943,351 $3,349,773 $3,385,703 $2,032,907 $2,073,565 $2,115,036 $2,157,337 $2,200,484 $2,244,494 $2,289,383 $2,335,171 $2,381,875 $2,429,512 $2,478,102 $2,527,664 $2,578,218 $2,629,782

Trans. Assessment $86,253,930 $88,914,906 $91,966,522 $94,909,873 $98,259,646 $101,645,349 $103,678,256 $105,751,821 $107,866,857 $110,024,194 $112,224,678 $114,469,172 $116,758,555 $119,093,726 $121,475,601 $123,905,113 $126,383,215 $128,910,880 $131,489,097 $134,118,879

Actual Assessment $88,781,850 $97,660,035 $99,613,236 $101,605,500 $103,637,610 $105,710,363 $107,824,570 $109,981,061 $112,180,683 $114,424,296 $116,712,782 $119,047,038 $121,427,978 $123,856,538 $126,333,669 $128,860,342 $131,437,549 $134,066,300 $136,747,626 $139,482,579

Taxable (min of Actual & Trans.) $86,253,930 $88,914,906 $91,966,522 $94,909,873 $98,259,646 $101,645,349 $103,678,256 $105,751,821 $107,866,857 $110,024,194 $112,224,678 $114,469,172 $116,758,555 $119,093,726 $121,475,601 $123,905,113 $126,383,215 $128,910,880 $131,489,097 $134,118,879Tax Rate 13.276 13.409 13.543 13.678 13.815 13.953 14.093 14.234 14.376 14.520 14.665 14.812 14.960 15.109 15.260 15.413 15.567 15.723 15.880 16.039

Annual Tax Liability $11,451,072 $11,922,386 $12,454,886 $12,982,034 $13,574,628 $14,182,788 $14,611,109 $15,052,364 $15,506,945 $15,975,255 $16,457,708 $16,954,731 $17,466,764 $17,994,260 $18,537,686 $19,097,525 $19,674,270 $20,268,433 $20,880,539 $21,511,132Annual % Increase n/a 4.12% 4.47% 4.23% 4.56% 4.48% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02% 3.02%

REAL ESTATE TAXES - TRANSITIONAL ASSESSMENT PHASE-IN - BLOCK 100 LOT 1201


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421-A ANALYSIS

The subject is approved for a 421a 20-year tax exemption. As per city records, the subject tax

exemption commenced on July 1, 2011 and will terminate June 30, 2031.

In New York City, the law exempts property with new multi-family construction containing no more

than 12.0% commercial space from increases in assessed value due to the improvements. The

exemption period varies depending on the location of the tax lot and functional basis. The exemption

applies only to the increase in assessed value of newly constructed improvements, excluding the land

assessment; i.e., taxes must always be paid on the assessed value prior to the commencement of

construction. This is referred to as the mini-tax. The exemption percentage declines every other year

after the 13th year, in even 20% increments so that it is fully phased out by the end of the 20th year.

Present Value of the Projected Benefits

The chart below shows the projection of tax savings accrued over the Benefit Period. These are

calculated simply as Full Taxes less taxes due. These are considered low-risk since they are derived

from the City of New York at an amount that, while not preset, can be reasonably determined. These

benefits are steady, automatically computed with each year’s tax bill, and are of a long duration. In

determining the rate, we looked the current overall investment market, ability of repayment by New

York City, and the perceived risk of the subject real estate. With all factors weighed we have used a

safe-rate of 5.0% to discount the remaining payments. Our estimate of the value for the 421-a tax

savings is $128,000,000 (rounded) summarized on the following charts.


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8 Spruce St PROJECTED ASSESSMENT& 421-a TAX EXEMPTION BENEFITS

F A: Lesser of Actual or Transist. = Billable AVO B: Billable AV - Mini Tax AV = Adjusted AVR C: Adjusted AV x Ratio = ExemptionU BM A D: Billable AV - Exemption = Taxable AVU R E: Taxable AV x Tax Rate = Tax LiabilityLA

Assessments Base Year TAXABLE Tax Rate Fiscal YearTax Year Actual Transitional Billable AV Mini-Tax AV Adjusted AV RATIO Exemption VALUATION Per $100 Taxes Due

A B C D E F G H I J K L4 2014 - 2015 $88,781,850 $86,253,930 $86,253,930 $3,082,280 $83,171,650 100.0% $83,171,650 $3,082,280 $13.276 $409,2035 2015 - 2016 $97,660,035 $88,914,906 $88,914,906 $3,082,280 $85,832,626 100.0% $85,832,626 $3,082,280 $13.409 $413,2966 2016 - 2017 $99,613,236 $91,966,522 $91,966,522 $3,082,280 $88,884,242 100.0% $88,884,242 $3,082,280 $13.543 $417,4287 2017 - 2018 $101,605,500 $94,909,873 $94,909,873 $3,082,280 $91,827,593 100.0% $91,827,593 $3,082,280 $13.678 $421,6038 2018 - 2019 $103,637,610 $98,259,646 $98,259,646 $3,082,280 $95,177,366 100.0% $95,177,366 $3,082,280 $13.815 $425,8199 2019 - 2020 $105,710,363 $101,645,349 $101,645,349 $3,082,280 $98,563,069 100.0% $98,563,069 $3,082,280 $13.953 $430,077

10 2020 - 2021 $107,824,570 $103,678,256 $103,678,256 $3,082,280 $100,595,976 100.0% $100,595,976 $3,082,280 $14.093 $434,37811 2021 - 2022 $109,981,061 $105,751,821 $105,751,821 $3,082,280 $102,669,541 100.0% $102,669,541 $3,082,280 $14.234 $438,72212 2022 - 2023 $112,180,683 $107,866,857 $107,866,857 $3,082,280 $104,784,577 100.0% $104,784,577 $3,082,280 $14.376 $443,10913 2023 - 2024 $114,424,296 $110,024,194 $110,024,194 $3,082,280 $106,941,914 80.0% $85,553,532 $24,470,663 $14.520 $3,553,08314 2024 - 2025 $116,712,782 $112,224,678 $112,224,678 $3,082,280 $109,142,398 80.0% $87,313,919 $24,910,760 $14.665 $3,653,15415 2025 - 2026 $119,047,038 $114,469,172 $114,469,172 $3,082,280 $111,386,892 60.0% $66,832,135 $47,637,037 $14.812 $7,055,81416 2026 - 2027 $121,427,978 $116,758,555 $116,758,555 $3,082,280 $113,676,275 60.0% $68,205,765 $48,552,790 $14.960 $7,263,36617 2027 - 2028 $123,856,538 $119,093,726 $119,093,726 $3,082,280 $116,011,446 40.0% $46,404,579 $72,689,148 $15.109 $10,982,84118 2028 - 2029 $126,333,669 $121,475,601 $121,475,601 $3,082,280 $118,393,321 40.0% $47,357,328 $74,118,273 $15.260 $11,310,75919 2029 - 2030 $128,860,342 $123,905,113 $123,905,113 $3,082,280 $120,822,833 20.0% $24,164,567 $99,740,546 $15.413 $15,373,03420 2030 - 2031 $131,437,549 $126,383,215 $126,383,215 $3,082,280 $123,300,935 20.0% $24,660,187 $101,723,028 $15.567 $15,835,38121 2031 - 2032 $134,066,300 $128,910,880 $128,910,880 $3,082,280 $125,828,600 0.0% $0 $128,910,880 $15.723 $20,268,433

Notes:421-a Exemption is a 20-year benefit following completion of construction.Taxes are always paid on the assessment (*) in effect immediately preceeding construction. This is referred to as the Mini-Tax AV (column F).


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8 Spruce St Derivation of Tax Savings

Fiscal Tax YearFiscal Abatement Projected Tax Rate Full Tax Taxes Due July-June

Tax Year Year Assessed Values Transitional Billable Per $100 Liability per 421(a) exemption Savings2014 - 2015 4 $88,781,850 $86,253,930 $86,253,930 $13.276 $11,451,072 $409,203 $11,041,8682015 - 2016 5 $97,660,035 $88,914,906 $88,914,906 $13.409 $11,922,386 $413,296 $11,509,0912016 - 2017 6 $99,613,236 $91,966,522 $91,966,522 $13.543 $12,454,886 $417,428 $12,037,4572017 - 2018 7 $101,605,500 $94,909,873 $94,909,873 $13.678 $12,982,034 $421,603 $12,560,4322018 - 2019 8 $103,637,610 $98,259,646 $98,259,646 $13.815 $13,574,628 $425,819 $13,148,8092019 - 2020 9 $105,710,363 $101,645,349 $101,645,349 $13.953 $14,182,788 $430,077 $13,752,7112020 - 2021 10 $107,824,570 $103,678,256 $103,678,256 $14.093 $14,611,109 $434,378 $14,176,7312021 - 2022 11 $109,981,061 $105,751,821 $105,751,821 $14.234 $15,052,364 $438,722 $14,613,6432022 - 2023 12 $112,180,683 $107,866,857 $107,866,857 $14.376 $15,506,945 $443,109 $15,063,8372023 - 2024 13 $114,424,296 $110,024,194 $110,024,194 $14.520 $15,975,255 $3,553,083 $12,422,1722024 - 2025 14 $116,712,782 $112,224,678 $112,224,678 $14.665 $16,457,708 $3,653,154 $12,804,5542025 - 2026 15 $119,047,038 $114,469,172 $114,469,172 $14.812 $16,954,731 $7,055,814 $9,898,9172026 - 2027 16 $121,427,978 $116,758,555 $116,758,555 $14.960 $17,466,764 $7,263,366 $10,203,3982027 - 2028 17 $123,856,538 $119,093,726 $119,093,726 $15.109 $17,994,260 $10,982,841 $7,011,4192028 - 2029 18 $126,333,669 $121,475,601 $121,475,601 $15.260 $18,537,686 $11,310,759 $7,226,9272029 - 2030 19 $128,860,342 $123,905,113 $123,905,113 $15.413 $19,097,525 $15,373,034 $3,724,4902030 - 2031 20 $131,437,549 $126,383,215 $126,383,215 $15.567 $19,674,270 $15,835,381 $3,838,8892031 - 2032 21 $134,066,300 $128,910,880 $128,910,880 $15.723 $20,268,433 $20,268,433 $0

DISCOUNTED TAX SAVINGS 5.00% $128,362,993ROUNDED $128,000,000


41

CONCLUSION

The subject’s assessment has been based on our estimate of the subject property assessed as a fully

completed and stabilized project. Our conclusion was developed using tax comparables. Further, it is

reasonable to assume that the taxes will grow at a rate essentially in-line with inflation after the initial

increase in assessment. The subject’s stabilized full tax liability has been processed with the present

value benefits of the 421a abatement added below the net operating income line for our value

conclusions. Overall, the subject’s concluded assessment and taxes appear reasonable and market

oriented.

Our analysis assumes the subject will benefit from the 421a program through the programs duration

(16 Years remaining). In the event the program is revoked, this would have an impact on our value

conclusions and it would be necessary to amend our value conclusions.

NEW YORK BY GEHRY| MARKET ANALYSIS

42

MARKET ANALYSIS

The market analysis forms a basis for assessing market area boundaries, supply and demand factors,

and indications of financial feasibility. Primary data sources utilized for this analysis includes REIS,

Claritas, Costar, and the 2011 New York City Housing and Vacancy Survey (most recent available –

the results are put together every three years and published the following year; the next publication is

slated for 2015).

National Overview

The following section is from a national overview analysis conducted by CBRE Econometric Advisors

and information was extracted from the residential market view for the fourth quarter of 2013. The

national overview is published twice a year; the data presented is the most recent available.

Apartments Finish 2013 on a Strong Note

Preliminary data indicates that apartment demand grew at a strong pace in the fourth quarter. The

vacancy rate for the nationwide same-store sample of 5.8 million professionally-managed apartment

units came in at 5%, holding steady relative to a year earlier. The seasonal increase in the vacancy

rate that usually takes place at the end of the year turned out to be lower than expected. The market

remains tight by historical standards, with the 4-quarter average continuing to trail at 4.8%—50 basis

points (bps) below the long-term (20-year) norm. It is clear, however, that major declines in vacancy

rate are behind us and moderate year-over-year increases are more likely to take place in this phase

of the cycle.

Effective rent growth has generally remained in line with the pace set earlier this year, and is

averaging 2.5 - 3% per year in most areas. Markets with the strongest rent growth in the fourth


43

quarter (5% or higher) included San Jose, Denver, Oakland, Portland, San Francisco, Seattle, and

Miami. Those with the weakest included El Paso, Washington DC, Hartford, Albuquerque, New York,

Norfolk, and Philadelphia.

Vacancy rates declined in 27 of the 63 markets in our coverage, compared to a year ago. Markets

with the biggest year-over-year declines in vacancy (80 bps or more) included Las Vegas, Jacksonville,

Houston, West Palm Beach, Greensboro, Sacramento, Fort Lauderdale, and Memphis. Those with the

largest year-over-year increases (80 bps or more) included Salt Lake City, Kansas City, Albuquerque,

El Paso, Tulsa, Indianapolis, Birmingham, Louisville, and Cleveland. Markets with the lowest vacancy

rates (3.5% or less) included Oakland, Miami, Newark, Minneapolis, Edison, Portland, San Jose, and

Providence. Those with the highest (7% or above) included Jacksonville, Albuquerque, Greensboro, El

Paso, Las Vegas, St. Louis, Tulsa, Birmingham, Memphis, Indianapolis, and Tucson.

With occupancy staying below the historical norm, effective rent growth should remain healthy going

into 2014 as the U.S. economy and housing market continue to recover. With effective rents now well

above their pre-recession levels in most major markets, apartment starts have picked up considerably

in recent months and completions are bound to return to their historical norm towards the end of the

year. Rent and revenue growth for 2014 are shaping up to be similar to 2013 but slower than they

were in 2011-2012.

Demand for additional residential property is a direct function of population change. Multi-family

communities are products of a clearly definable demand relating directly to population shifts. For

housing, population and income demographics please refer to the retail portion of the market

analysis.

New York Residential Outlook

The following section is an analysis conducted by the CBRE econometric advisors and information was

extracted from the retail market view for the fourth quarter of 2013, in New York. The New York

market is defined as Bergen, Hudson and Passaic counties in New Jersey and Bronx, Kings, New York,

Putnam, Queens, Richmond, Rockland and Westchester counties in New York.

Residential Market Forecast

According to CBRE’S Economic Advisor’s, the population of the New York area stands at 11.86

million, largest of the multi-housing markets we track. The average per capita income (according to

recent data from Moody's Analytics) is estimated to be $61,760 – approximately 37% above the

national average. Total employment stands at 5.44 million workers.


44

The short-term forecast calls for an overall increase in the number of workers through year-end 2015.

Total net absorption is forecasted to be a positive 36,422 units, lagging supply during the same

period. By year-end 2015, the annualized vacancy rate is expected to be 5.5% while rents are

forecasted to grow - reaching $2,596.41 compared to current market rents of $2,503.15.

Over the last five years, total employment in the New York area has grown at an average annual rate

of 0.7% while across the U.S., employment has declined at an average annual rate of 0.2%. In the

last 4 quarters, New York's employment has grown at an average annual rate of 1.5%. Our forecast

predicts growth of 0.6% in the New York area in the next five years. New York's construction

employment sector will post the best job performance over the next five years.

Population, personal income, and most importantly, total employment are the primary economic

drivers of multi-housing demand. The graph below shows the annual growth rates of these variables

from 2002 through year-end 2015.


45

Demographic Analysis

Demand for additional residential property is a direct function of population change. Multi-family

communities are products of a clearly definable demand relating directly to population shifts.

Housing, Population and Household Formation

The following table illustrates the population and household changes within the subject property’s zip

code and New York County is as follows:


46

POPULATION AND HOUSEHOLD PROJECTIONS

Population

2019 Population 1,697,682 22,903

2014 Population 1,638,975 21,032

2010 Population 1,585,873 19,127

2000 Population 1,537,201 15,446

Annual Growth 2014 - 2019 0.71% 1.72%

Annual Growth 2010 - 2014 0.24% 0.68%

Annual Growth 2000 - 2010 0.31% 2.16%

Households

2019 Households 823,131 10,519

2014 Households 792,008 9,619

2010 Households 763,846 8,694

2000 Households 738,646 6,391

Annual Growth 2014 - 2019 0.77% 1.80%

Annual Growth 2010 - 2014 0.26% 0.72%

Annual Growth 2000 - 2010 0.34% 3.13%Source: Claritas

New York County

10038 New York

As shown, within the subject property’s zip code the population and number of households have

increased at a rate that exceeds the growth noticed in all of New York County, this trend is expected to

continue to increase over the next 5 years.

Income Distributions

Household income available for expenditure on housing and other consumer items is a primary factor

in determining the price/rent level of housing demand in a market area. In the case of this study,

projections of household income, particularly for renters, identifies in gross terms the market from

which the subject submarket draws. The following table illustrates estimated household income

distribution within the subject property’s zip code and New York County.


47

HOUSEHOLD INCOME DISTRIBUTION

Households by Income Distribution - 2014

Less than $15K 15.52% 17.96%$15K - $25K 8.79% 10.30%$25K - $35K 7.40% 7.29%$35K - $50K 9.09% 8.02%$50K - $75K 13.13% 12.55%$75K - $100K 9.41% 7.79%$100K - $150K 12.46% 11.18%$150K - $250K 7.60% 6.77%$250K - $500K 6.73% 7.29%$500K or more 6.54% 7.82%

Source: Claritas

New York County

10038 New York

The following table illustrates the median and average household income levels within the subject

property’s zip code and New York County.

HOUSEHOLD INCOME LEVELS

Income

2014 Median HH Inc $66,812 $62,081

2014 Estimated Average Household Income $117,644 $120,940

2014 Estimated Per Capita Income $56,849 $55,311

Source: Claritas

New York County

10038 New York

An analysis of the income data indicates that the submarket is generally comprised of an upper-

income cohort.

Employment

An employment breakdown typically indicates the working class characteristics for a given market

area. The specific employment population within the subject property’s zip code and New York

County are as follows:


48

EMPLOYMENT BY INDUSTRY

Occupation

Agr/Frst/Fish/Hunt/Mine 0.07% 0.00%Construction 1.61% 1.16%Total Manufacturing 3.72% 3.39%Wholesale Trade 2.15% 3.66%Retail Trade 7.57% 7.53%Transport/Warehse/Utils 2.38% 1.66%Information 6.44% 4.60%Fin/Insur/RE/Rent/Lse 16.55% 22.03%Prof/Sci/Tech/Admin 16.22% 17.62%Mgmt of Companies 0.10% 0.05%Admin/Spprt/Waste Mgmt 2.94% 2.65%Educational Svcs 9.95% 9.56%Health Care/Soc Asst 11.70% 8.88%Entertainment & Rec Services 4.80% 3.48%Accommdtn/Food Svcs 6.37% 5.58%Oth Svcs, Not Pub Admin 4.64% 4.57%Public Administration 2.79% 3.55%

Source: Claritas

New York County

10038 New York

The previous table illustrates the employment character of the subject’s neighborhood, indicating a

predominantly middle-income employment profile, with most people holding jobs in the professional

and financial sectors.

Outlook

Based on this analysis, the immediate area surrounding the subject is projected to experience growth

relative to population and households into the near future. Given the area demographics, it appears

that demand for multifamily properties will increase in the near future.

Overview – Current New York City Rental Housing Market Conditions

NYC Residential Market Overview

The New York City investment-grade rental apartment market remains extremely strong with current

vacancy, 1st Quarter 2014, as measured by REIS at 2.8%. This is 80 basis points greater than the

same time in the prior year, but nonetheless still strong. According to the baseline REIS forecast, the

New York market is expected to remain extremely competitive, with a vacancy rate of 2.5% projected

at year-end 2014 and 3.1% in 2018. At year-end 2013, total supply in the REIS survey was 176,213

units; it is expected to increase to 193,181 units by 2018 with only a slight uptick in vacancy. Asking


49

rent at year-end 2013 averaged $3,176 and is expected to reach $3,855 by 2018. All indicators

from REIS further strengthening in the New York City investment-grade residential market.

According to the Furman Center for Real Estate and Urban Policy in its 2012 State of New York City’s

Housing and Neighborhoods, the 2011 vacancy rate for all rental housing in New York City was

4.0%. The Furman Center reports that the median rent for all market rate units was $1,500 per

month in 2012. This survey includes all market rate housing, not just investment-grade.

Absorption has been constrained by a lack of product. First quarter 2014 absorption was 1,689 units

while new supply was 1,600 units. The 2014 REIS forecast projects 3,265 new units completed and

3,719 absorbed. Despite new supply the New York City housing market is projected to remain very

tight; as the city is forecasted to average approximately 3,400 new market rate rental units per year

from 2014 to 2018, with net absorption at or above that level. As a result, market-rate rents will

continue to rise making New York City even more expensive.

EXISTING INVENTORY

New York City has one of the nation’s largest and most diverse residential markets. The New York City

housing market comprises a significant number of regulated and non-regulated rental apartments as

well as owner occupied apartments. The following chart depicts the total inventory of residential units

within the five boroughs. The information was compiled from the initial findings of the 2011 New

York City Housing and Vacancy Survey which was released February 2012. The United States Bureau

of the Census conducts the Housing and Vacancy Survey (HVS) every three years on behalf of the City

of New York. The next release is scheduled for early 2015. A summary of the results is presented on

the following table:

Bronx Brooklyn Manhattan QueensStatenIsland

Rental UnitsOccupied 375,491 673,166 570,853 432,085 53,221 2,104,816 62.8%Vacant/Available 12,531 18,011 16,460 17,023 (a) 67,818 2.0%Total Rental Units 388,022 691,177 587,313 449,108 57,013 2,172,634 64.8%

Owner UnitsOccupied 98,166 256,130 181,606 337,775 110,389 984,066 29.4%Vacant/Available 4,468 10,433 5,992 8,946 (a) 30,875 0.9%Total Owner Units 102,634 266,563 187,598 346,721 n/a 1,014,941 30.3%

Vacant Units not available for sale/rent 164,467 4.9%

Total Housing Units 510,347 997,495 840,676 828,446 175,077 3,352,042 100.0%

(a) too few units to report.Source: Selected Initial Findings of the 2011 New York City Housing and Vacancy Survey

NYCTotal

NEW YORK CITY HOUSING SURVEY

Findings of the survey indicate that:


50

Housing Inventory

The number of housing units in New York City was 3,352,042 in 2011, the largest housing

stock in the forty-six-year period since the first HVS was conducted in 1965

Of the City’s 3,352,000 housing units, 997,000 units or 30 percent were located in Brooklyn.

Smaller numbers were located in Manhattan (841,000 or 25 percent) and Queens (828,000

or 25 percent). The remaining fifth was located in the Bronx (510,000 or 15 percent) and

Staten Island (175,000 or 5 percent)

Neighborhood and Housing Conditions

In 2011 practically all occupied housing units in the City were situated in structurally decent

buildings. Building condition in 2011 was the best in the forty-six-year period since the first

HVS was conducted in 1965.

Housing maintenance conditions were very good. The proportion of renter-occupied units with

five or more of the seven maintenance deficiencies measured by the 2011 HVS was extremely

low: only 4.3 percent in 2011, one of the lowest ever recorded since these conditions were

first measured in 1991.

Rental and Ownership Rates

The median contract rent-income ratio was 30.9 percent in 2011. (Rent data are for the

survey year of 2011, while income data are for 2010)

One third of renter households in the City (33.1 percent) paid 50 percent or more of their

household income for gross rent in 2011.

REIS Reports

REIS, Inc. is an econometric forecasting group, which publishes market information on various

markets throughout the country. The data they compile is based on surveys conducted with building

owners and property managers. It is important to note that the survey includes all classes (A, B & C)

of multi-family residential buildings. In addition, the survey is only a representative sample of buildings

whose management or owners were willing to participate. As such the inventory reflected in the survey

is not representative of the overall size of the marketplace.

New York City Residential Market

The most recent survey for New York City is shown on the following table:


51

Year QtrInventory

(Units) Completions ConversionsVacancy

%VacantStock

OccupiedStock

NetAbsorption

AskingRent $

Asking Rent% Change

2005 Y 150,135 3,882 -2,063 2.9 4,279 145,856 2,461 2,439 4.902006 Y 149,519 1,679 -2,295 2.2 3,343 146,176 320 2,629 7.802007 Y 151,623 2,823 -719 2.1 3,244 148,379 2,203 2,856 8.602008 Y 153,945 2,097 225 2.3 3,545 150,400 2,021 2,884 1.002009 Y 155,806 1,861 0 2.9 4,451 151,355 955 2,737 -5.102010 Q1 157,060 1,442 -188 2.9 4,499 152,561 1,206 2,763 1.002010 Q2 159,712 2,652 0 3.2 5,063 154,649 2,088 2,797 1.202010 Q3 162,698 2,986 0 3.6 5,923 156,775 2,126 2,856 2.102010 Q4 163,366 668 0 3.2 5,190 158,176 1,401 2,879 0.802010 Y 163,366 7,748 -188 3.2 5,190 158,176 6,821 2,879 5.202011 Q1 164,772 1,406 0 2.8 4,557 160,215 2,039 2,888 0.302011 Q2 166,169 1,052 345 2.8 4,600 161,569 1,354 2,915 0.902011 Q3 166,339 170 0 2.5 4,127 162,212 643 2,945 1.002011 Q4 167,280 733 208 2.2 3,680 163,600 1,388 2,963 0.602011 Y 167,280 3,361 553 2.2 3,680 163,600 5,424 2,963 2.902012 Q1 168,243 963 0 2.1 3,500 164,743 1,143 2,966 0.102012 Q2 170,427 2,249 -65 2.2 3,714 166,713 1,970 3,015 1.702012 Q3 170,794 367 0 2.2 3,691 167,103 390 3,059 1.502012 Q4 170,413 890 -1,271 2.1 3,643 166,770 -333 3,052 -0.202012 Y 170,413 4,469 -1,336 2.1 3,643 166,770 3,170 3,052 3.002013 Q1 171,971 383 1,175 2.0 3,474 168,497 1,727 3,054 0.102013 Q2 172,813 842 0 2.1 3,643 169,170 673 3,088 1.102013 Q3 175,201 2,388 0 2.4 4,177 171,024 1,854 3,120 1.002013 Q4 176,213 1,012 0 2.9 5,028 171,185 161 3,176 1.802013 Y 176,213 4,625 1,175 2.9 5,028 171,185 4,415 3,176 4.102014 Q1 177,813 1,600 0 2.8 4,939 172,874 1,689 3,187 0.40Forecast2014 Y 179,478 3,265 0 2.5 4,574 174,904 3,719 3,312 4.302015 Y 184,405 4,927 0 2.4 4,383 180,022 5,118 3,446 4.002016 Y 187,416 3,011 0 2.6 4,831 182,585 2,563 3,596 4.402017 Y 190,128 2,712 0 2.8 5,351 184,777 2,192 3,735 3.902018 Y 193,131 3,003 0 3.1 6,044 164,328 2,310 3,855 3.20

New York Apartment 1Q 2014 Metro Trend Futures

Source: REIS; compiled by CBRE

As previously mentioned, this survey is only a representative sample of buildings whose management

or owners were willing to participate. The inventory measured is not representative of the overall size

of the market, but of its trends. Also, the survey does not distinguish among the prices of studio, one-,

two-, and three-bedroom apartments.

As of the first quarter of 2014, the vacancy rate in the overall New York City market was

approximately 2.8%. This figure represents a slight decrease from the previous quarter, but an

increase on a year over year basis. However, the year over year increase in vacancy may be the cause

of added supply to the market as completions outpaced absorption in the year end 2013. REIS

anticipates that the overall vacancy rate for the New York City residential marketplace will decrease in

2014 and 2015, before gradual increasing to around 3.1% by the year 2018. Average asking rental

rates have shown steady increases in the last four years, and rent continued to increase in quarter one

of 2014, albeit at a slightly lesser rate, and was most recently recorded at $3,187. REIS forecasts that

asking rents will continue to show sound annual increases of close to 4% into the near future. Net

absorption was positive for the seventh consecutive quarter, but outpaced new completions for the first

time since the same quarter in the previous year. Overall the Manhattan residential market has shown


52

signs of stabilization and growth in the years after 2009, when the market was suppressed by the

recession.

The overall New York City residential marketplace is broken down into nine different sub-markets as

tracked by REIS Reports. A summary of the various sub-markets is presented on the following table:

SubmarketInventory (Buildings)

Inventory (Units)

Asking Rent $

Vacancy%

Rent (mos)

Expenses%

Upper East Side 63 16,237 $3,865 0.4 0.0 52.90Stuyvesant 82 22,654 $4,029 2.4 0.3 55.00Kings County 183 25,751 $1,887 4.1 0.3 56.70Midtown West 110 26,418 $4,200 4.4 0.2 52.40Upper West Side 70 16,186 $4,527 3.0 0.4 52.70Queens County 110 26,282 $1,806 3.1 0.3 55.70Morningside Hts 76 8,477 $2,396 2.0 0.4 54.70W Village/Downtown 116 23,551 $4,153 2.2 0.0 52.20Bronx County 78 12,257 $1,169 1.0 0.0 56.00Source: REIS

New York Apartment 1Q 2014 Submarket Overview

West Village/ Downtown Residential Market

Within the West Village/ Downtown submarket, REIS Reports tracks 23,551 units. The following map

displays the submarkets boundaries.

A historical summary of the West Village/ Downtown submarket is presented on the following table:


53

Year QtrInventory

(Units) Completions ConversionsVacancy

%VacantStock

OccupiedStock

NetAbsorption

AskingRent $

Asking Rent% Change

Absorp/OccupStock %

2005 Y 20,004 2,433 -660 4.1 820 19,184 1,883 3,210 5.90 9.82006 Y 19,680 706 -1,030 2.7 531 19,149 -35 3,465 7.90 -0.22007 Y 20,304 1,343 -719 2.5 508 19,796 647 3,808 9.90 3.32008 Y 20,795 491 0 3.1 645 20,150 354 3,929 3.20 1.82009 Y 20,984 189 0 4.5 944 20,040 -110 3,730 -5.10 -0.52010 Q1 20,984 0 0 3.6 755 20,229 189 3,787 1.50 0.92010 Q2 21,334 350 0 3.2 683 20,651 422 3,712 -2.00 2.02010 Q3 21,372 38 0 3.0 641 20,731 80 3,861 4.00 0.42010 Q4 21,493 121 0 3.3 709 20,784 53 3,882 0.60 0.32010 Y 21,493 509 0 3.3 709 20,784 744 3,882 4.10 3.62011 Q1 21,551 58 0 2.6 560 20,991 207 3,890 0.20 1.02011 Q2 21,896 0 345 2.9 635 21,261 270 3,937 1.20 1.32011 Q3 21,896 0 0 2.8 613 21,283 22 3,967 0.70 0.12011 Q4 22,104 0 208 2.2 493 21,611 328 3,936 -0.80 1.52011 Y 22,104 58 553 2.2 493 21,611 827 3,936 1.40 3.82012 Q1 22,104 0 0 2.1 464 21,640 29 3,934 -0.10 0.12012 Q2 23043 939 0 2.5 576 22467 827 3986 1.30 3.72012 Q3 23,043 0 0 2.4 548 22,495 28 4,035 1.20 0.12012 Q4 22,190 418 -1,271 3.0 666 21,524 -971 4,002 -0.80 -4.52012 Y 22,190 1,357 -1,271 3.0 666 21,524 -87 4,002 1.70 -0.42013 Q1 23,365 0 1,175 2.6 607 22,758 1,234 4,007 0.10 5.42013 Q2 23,365 0 0 2.5 596 22,769 11 4,027 0.50 0.02013 Q3 23,417 52 0 2.6 609 22,808 39 4,053 0.60 0.22013 Q4 23,417 0 0 2.3 550 22,867 59 4,174 3.00 0.32013 Y 23,417 52 1,175 2.3 550 22,867 1,343 4,174 4.30 5.92014 Q1 23,551 134 0 2.2 518 23,033 166 4,153 -0.50 0.7Forecast2014 Y 23,727 310 0 2.3 555 23,172 305 4,290 2.80 1.32015 Y 24,107 380 0 2.0 470 23,637 465 4,446 3.60 2.02016 Y 24,431 324 0 2.3 552 23,879 242 4,648 4.50 1.02017 Y 24,807 376 0 2.5 633 24,174 295 4,837 4.10 1.22018 Y 25,193 386 0 2.8 715 24,478 304 4,988 3.10 1.2Source: REIS; compiled by CBRE

New York Apartment 1Q 2014 Submarket Trend Futures West Village/Downtown

As previously mentioned, this survey is only a representative sample of buildings whose management

or owners were willing to participate. The inventory measured is not representative of the overall size

of the market, but of its trends. Also, the survey does not distinguish among the prices of studio, one-,

two-, and three-bedroom apartments.

The vacancy rate of the West Village/ Downtown submarket had remained stable staying in the 2%

range for much of the last three years, and decreased slightly by 10 basis points to 2.2% in the first

quarter of 2014. This rate is also 40 basis points less than the same time in the prior year. Average

asking rent in the submarket increased by 4.3% in 2013, but declined by 0.5% in Q12014 to

$4,153. Nonetheless, the West Village/ Downtown has historically, considerably outperformed the

overall Manhattan market in terms of rent, and continued to do so in quarter one of 2014. Vacancy

rates are forecasted to increase slightly to 2.8% by 2018, due to new supply in the market, while

average asking rent is forecasted to continue to steadily increase over the next five years, despite the

new supply.

Financial District Rental Trends

The charts to the right are based on data from MNS Management and provide a 13-month price

trend for studio units, one-bedroom units and two-bedroom units from the Financial District

neighborhood of Manhattan for both Doorman and Non-Doorman units.


54

The average rental rate of studio

apartments in the Financial District

neighborhood was $2,758 and

$2,295 in April 2013 for doorman

and non-doorman units respectively.

Both units have shown increases to

$2,865 and $2,583 in April 2014

for doorman and non-doorman

units respectively.

The average rental rate of one

bedroom apartments in the Financial

District neighborhood was $3,696

and $3,361 in April 2013 for

doorman and non-doorman units

respectively. Both units have shown

increases on a year over year basis.

However, non doorman units

experienced high volatility, as rent

increased 30.8% from June 2013 to

September 2013, before decreasing

and ultimately finishing greater than

the same time in the previous year at

$3,534 in April 2014. Doorman

units have shown increases as well,

although with less volatility, to

$3,893 in April 2014.


55

The average rental rate of two

bedroom apartments in the Financial

District neighborhood was $5,526

and $4,798 in April 2013 for

doorman and non-doorman units

respectively. Both doorman and non

doorman units have been both

relatively volatile and shown slight

decreases to $5,425 and $4,792

respectively in April 2014.

RESIDENTIAL CONSTRUCTION

All of the following construction properties are located within 2 miles of the subject property and fall

within the Downtown/West Village submarket as tracked by REIS. A review of the market reveals that

there were a total of 683 condominium units are under construction within 2 miles of the subject.

There are a number of planned projects but timing completion for theses is generally unknown.

Apartment Condominium Subsidized TotalComplete 168 0 0 168Under Construction 0 683 0 683Proposed/Planned 5,239 850 205 6,294Total 5,407 1,533 205 7,145Source: REIS; compiled by CBRE

NEW CONSTRUCTION SUMMARY

The specific projects within a 2-mile radius of downtown are shown below.


56

P r ope r t y Nam e Locat i on

Di s tanceFr om

Subj e ct

Numbe rof

Uni t s StatusSe condar y

Type70 PINE STREET 70 PINE ST @ PEARL ST/CEDAR ST,NEW YORK,NY 0.12 895 Planned Apartment

FULTON STREET RESIDENTIAL TOWER 112-120 FULTON ST @ DUTCH ST,NEW YORK,NY 0.17 463 Proposed Apartment45 JOHN ST @ DUTCH ST,NEW YORK,NY 0.17 84 Under Constr. Condominiums

NEW YORK BY GEHRY 8 SPRUCE ST @ WILLIAM ST,NEW YORK,NY 0.20 899 Complete Apartment113 NASSAU STREET 113 NASSAU ST @ ANN ST,NEW YORK,NY 0.25 131 Under Constr. Apartment254 FRONT STREET 254 FRONT ST @ DOVER ST,NEW YORK,NY 0.27 40 Complete Apartment

180 BROADWAY 180-182 BROADWAY @ JOHN ST,NEW YORK,NY 0.27 150 Complete Other5 BEEKMAN STREET 5-9 BEEKMAN ST @ NASSAU ST/THEATRE ALLEY,NEW YORK,NY 0.27 85 Planned Condominiums

WOOLWORTH BUILDING CONDOMINIUMS 233 BROADWAY @ PARK PL/BARCLAY ST,NEW YORK,NY 0.37 40 Planned CondominiumsFOUR SEASONS CONDOS 30 PARK PLACE @ BARCLAY ST,NEW YORK,NY 0.43 157 Planned Condominiums

111 WASHINGTON STREET 111 WASHINGTON ST,NEW YORK,NY 0.44 429 Planned Apartment50 WEST STREET 50 WEST ST @ RECTOR ST,NEW YORK,NY 0.49 280 Planned Condominiums

READE 57 287 BROADWAY @ READE ST,NEW YORK,NY 0.50 84 Complete Condominiums225 RECTOR PLACE 225 RECTOR PL @ S END AVE,NEW YORK,NY 0.57 181 Complete Condominiums

THE WORTH 335-337 BROADWAY @ WORTH ST,NEW YORK,NY 0.63 96 Under Constr. CondominiumsTHE LEONARD 101 LEONARD ST @ BROADWAY,NEW YORK,NY 0.66 66 Planned Condominiums56 LEONARD 56 LEONARD ST @ CHURCH ST,NEW YORK,NY 0.71 145 Under Constr. Condominiums

FRANKLIN PLACE 5 FRANKLIN PL @ 371 BROADWAY,NEW YORK,NY 0.73 53 Under Constr. CondominiumsLIBERTY LUXE 200 NORTH END AVE @ MURRAY ST,NEW YORK,NY 0.77 280 Complete Condominiums

250 WEST STREET 250 WEST ST @ LAIGHT ST/HUBERT ST,NEW YORK,NY 1.05 106 Under Constr. Condominiums100 NORFOLK STREET 100 NORFOLK ST @ DELANCY ST,NEW YORK,NY 1.25 38 Planned Condominiums270 SPRING STREET 270 SPRING ST @ HUDSON ST/VARICK ST,NEW YORK,NY 1.25 230 Proposed Apartment

250 BOWERY 250 BOWERY @ STANTON ST,NEW YORK,NY 1.26 24 Complete CondominiumsTHE MADISON JACKSON 371 MADISON ST @ JACKSON ST,NEW YORK,NY 1.34 110 Complete Condominiums

327-329 EAST HOUSTON STREET 327-329 E HOUSTON ST @ RIDGE ST/ATTORNEY ST,NEW YORK,NY 1.52 78 Proposed Apartment209-219 SULLIVAN ST @ BLEEKER ST/W 3RD ST,NEW YORK,NY 1.53 55 Planned Condominiums

150 CHARLES STREET 150 CHARLES ST @ 12TH AVE/WASHINGTON ST,NEW YORK,NY 1.82 93 Under Constr. Condominiums84 3RD AVENUE 84-74 3RD AVE @ E 12TH ST,NEW YORK,NY 1.91 94 Under Constr. ApartmentTHE JEFFERSON 211 E 13TH ST @ 3RD AVE/2ND AVE,NEW YORK,NY 1.99 82 Under Constr. Condominiums

ONE THIRTY WEST 12 130 W 12TH ST @ 6TH AVE,NEW YORK,NY 2.03 42 Complete CondominiumsWEST VILLAGE RESIDENCES 170 W 12TH ST @ 7TH AVE,NEW YORK,NY 2.04 350 Proposed Condominiums

Source: REIS; compiled by CBRE

NEW CONSTR UCTION

Overall, these projects are not likely to have a negative effect on the subject marketability.

DIRECT COMPETITORS

Below are competing developments that potential renters would consider as an alternative to the

subject. When looking at the subject’s fit and finish, number of stories, location, quality of

construction, amenities and year built, the following comparables were considered most appropriate

for our analysis. These are fully analyzed in the Income Capitalization Approach.


57

Comp. No. Name Location

YearBuilt

Size(Units) Floors

RentalTrends

Distance from Subject (miles) Occupancy

1 Liberty Luxe 200 North End Ave 2008 280 35 Increasing 0.29 mile(s) 97.00%

2 50 Murray St 2003 390 22 Increasing 0.30 mile(s) 98.72%

3 Morton Square 600 Washington St 2004 135 7 Increasing 1.20 mile(s) 98.52%

4 The Beatrice 105 West 29th St 2010 302 54 Increasing 2.57 mile(s) 97.35%

5 MiMA Tower 440-460 West 42nd St 2011 151 63 Increasing 3.32 mile(s) 98.68%

6 ICON 306 West 48th St 2012 122 43 Increasing 3.55 mile(s) 95.90%

Subject New York by Gehry 8 Spruce St 2011 894 76 n/a 99.33%

Compiled by CBRE

SUBJECT COMPETITIVE SET

CONCLUSION

Starting in 2010 and continuing through Q12014, the market has shown signs of improvements,

including increases in the number of sales and stability in selling prices. This represents a reverse trend

compared to the sharp decline in contract activity, the substantial increase in listing inventory and the

decline in price level experienced from the third quarter of 2008 through the fourth quarter of 2009.

The subject properties’ neighborhood, the Financial District, is one of the fastest growing residential

areas in Manhattan. Condominium and luxury apartments in the neighborhood have been in high

demand and have also increased substantially on average in the last few years. Population and

household growth in the subjects’ zip code was at greater than 2.16% annually in the decade from

2000- 2010 and growth continues to be at rates that are much greater than the overall NYC market.

The area is considered to have a middle- to upper-income demographic and average income is also

greater than the average for New York County. The short term outlook is for continued growth, and

stability is expected over the long term.

NEW YORK BY GEHRY| HIGHEST AND BEST USE

58

HIGHEST AND BEST USE

In appraisal practice, the concept of highest and best use represents the premise upon which value is

based. The four criteria the highest and best use must meet are:

legal permissibility; physical possibility; financial feasibility; and maximum profitability.

The highest and best use analysis of the subject is discussed on the following pages. This analysis

incorporates the information presented in the Market Analysis section, as well as any unique

characteristics of the subject described previously.

AS VACANT

Legal Permissibility

The legally permissible uses were discussed in the Site Analysis and Zoning Sections.

Physical Possibility

The subject is adequately served by utilities, and has an adequate shape and size, sufficient access,

etc., to be a separately developable site. There are no known physical reasons why the subject site

would not support any legally probable development (i.e. each appears adequate for development).

Existing structures on nearby sites provides additional evidence for the physical possibility of

development.

Financial Feasibility

It is currently financially feasible to develop a new property such as the subject. There is some risk in

the apartment market, but most investors would consider moving forward with new construction at this

time.

Maximum Profitability

The final test of highest and best use of the site as if vacant is that the use be maximally productive,

yielding the highest return to the land. In the case of the subject as if vacant, the analysis has indicated

that a new multifamily project would be most appropriate.

CONCLUSION: HIGHEST AND BEST USE AS VACANT

Therefore, the highest and best use of the site, as if vacant, would be a multifamily building.

NEW YORK BY GEHRY| HIGHEST AND BEST USE

59

AS IMPROVED

Legal Permissibility

As discussed, the site’s zoning and legal restrictions permit a variety of land uses. The site has been

improved with an apartment building that is a legal conforming use.

Physical Possibility

The physical characteristics of the improvement were discussed in detail in the improvements analysis.

The layout and positioning of the improvement is considered functional for apartment use. While it

would be physically possible for a wide variety of uses, based on the design of the improvements, the

use of the property for renters would be the most functional use.

Financial Feasibility

The financial feasibility of an apartment property is based on the amount of rent which can be

generated, less operating expenses required to generate that income; if a residual amount exists, then

the land is being put to a productive use. As will be indicated in the income capitalization approach,

the subject is capable of producing a positive net cash flow.

Maximum Profitability

The maximally profitable use of the subject as improved should conform to neighborhood trends and

be consistent with existing land uses. Although several uses may generate sufficient revenue to satisfy

the required rate of return on investment and provide a return on the land, the single use that

produces the highest price or value is typically the highest and best use. As shown in the applicable

valuation sections, buildings that are similar to the subject have been acquired. These comparables

would indicate that the maximally productive use of the property is consistent with its use as an

apartment property.

CONCLUSION: HIGHEST AND BEST USE AS IMPROVED

Based on the foregoing, the highest and best use of the subject property, as improved, is as a multi-

family building. Because of the size and scale of the subject, the typical buyer would be institutional,

appealing to both the national and international market.

NEW YORK BY GEHRY| APPRAISAL METHODOLOGY

60

APPRAISAL METHODOLOGY

In appraisal practice, an approach to value is included or omitted based on its applicability to the

property type being valued and the quality and quantity of information available.

COST APPROACH

The cost approach is based on the proposition that the informed purchaser would pay no more for the

subject than the cost to produce a substitute property with equivalent utility. This approach is

particularly applicable when the property being appraised involves relatively new improvements that

represent the highest and best use of the land, or when it is improved with relatively unique or

specialized improvements for which there exist few sales or leases of comparable properties.

SALES COMPARISON APPROACH

The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to

indicate a value for the subject. Valuation is typically accomplished using physical units of comparison

such as price per square foot, price per unit, price per floor, etc., or economic units of comparison

such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived

from the comparable sale. The unit of comparison chosen for the subject is then used to yield a total

value. Economic units of comparison are not adjusted, but rather analyzed as to relevant differences,

with the final estimate derived based on the general comparisons.

INCOME CAPITALIZATION APPROACH

The income capitalization approach reflects the subject’s income-producing capabilities. This

approach is based on the assumption that value is created by the expectation of benefits to be derived

in the future. Specifically estimated is the amount an investor would be willing to pay to receive an

income stream plus reversion value from a property over a period of time. The two common

valuation techniques associated with the income capitalization approach are direct capitalization and

the discounted cash flow (DCF) analysis.

METHODOLOGY APPLICABLE TO THE SUBJECT

In valuing the subject, the Income Capitalization and Sales Comparison Approaches are applicable

and have been used. Because the subject is part of a larger development, ascribing land value to the

residential condominium would be subjective at best and therefore the Cost Approach is not used.

However, an Insurable Value is provided.

NEW YORK BY GEHRY| INSURABLE VALUE

61

INSURABLE VALUE

As part of the client’s requested scope of work, an estimate of insurable value is provided herein.

CBRE utilized actual construction costs.

The insurable value estimate presented herein is intended to reflect the value of the destructible

portions of the subject, based on the replacement of physical items that are subject to loss from

hazards (excluding indestructible items such as basement excavation, foundation, site work, land value

and indirect costs). In the case of the subject, this estimate is based upon the actual base building

costs.

This analysis should not be relied upon to determine proper insurance coverage as only consultants

considered experts in cost estimation and insurance underwriting are qualified to provide an insurable

value. It is provided to aid the client/reader/user as part of their overall decision making process and

no representations or warranties are made by CBRE regarding the accuracy of this estimate and it is

strongly recommend that other sources be utilized to develop any estimate of insurable value.

INSURABLE VALUE CONCLUSION

Primary Building Type: Height per Story: 10'Effective Age: Number of Buildings: 1Condition: Gross Building Area: 961,323 SFExterior Wall: Net Rentable Area: 676,009 SFNumber of Stories: Average Floor Area: 12,649 SF

Base Building Cost (via subject actual costs) $769,058,400

Insurable Value Exclusions 10.0% of Total Building Cost ($76,905,840)

Insurable Value Indication $692,152,560

Rounded $692,000,000

Value Per SF $719.84

Compiled by CBRE

76

Apartment1 YRSExcellentBrick

NEW YORK BY GEHRY| SALES COMPARISON APPROACH

62


The following map and table summarize the comparable data used in the valuation of the subject. A

detailed description of each transaction is included in the addenda. The sales utilized represent the

best data available for comparison with the subject.

Transaction Yr Blt GBA (SF) No. Units Actual Sale Price Adj Price

Sale Date Condition NRA (SF) Avg Unit Size Adj Sale Price 1 Per Unit

Contract 2003 514,093 361 $400,000,000

May-14 Good 436,979 737 $380,000,000

Sale 2001 150,061 156 $95,000,000

Jan-14 Average 127,552 818 $95,000,000

Sale 2010 357,820 345 $401,000,000

Apr-13 Very Good 286,256 830 $401,000,000

Sale 2011 141,934 162 $170,000,000

Feb-13 Excellent 120,644 745 $156,000,000

Sale 1998 293,707 404 $300,000,000

Dec-12 Very Good 234,966 582 $300,000,000

Sale 2011 810,888 779 $775,000,000

Nov-12 Excellent 648,710 833 $637,600,000

2011 961,323 894

Excellent 674,567 753

1 Transaction amount adjusted for cash equivalency and/or deferred maintenance (where applicable)

Compiled by CBRE

$35,871

$30,809

$45,217

Subj.Pro

Forma

New York by Gehry,New York, NY

---

$33,263

3.89%

4555 W 53rd St,New York, NY

$25,602 2.66%

360 Riverside Boulevard,

New York, NY

3.16%

215 Cliff Street,New York, NY

$21,667 3.56%

1229 Chrystie Street,

New York, NY$1,052,632

$608,974

$1,162,319

$962,963

SUMMARY OF COMPARABLE IMPROVED SALES

No. LocationNOI Per

Unit OAR

3.76%

10 East 29th Street,New York, NY

5 $742,574 $23,896 3.22%

6450-460 West 42nd Street New York, NY

$818,485


63


64

DISCUSSION/ANALYSIS OF IMPROVED SALES

Improved Sale One

Comparable 1 is the pending May 2014 contract of Avalon’s Chrystie

Place, located at 229 Chrystie Street in the NoLIta section of Manhattan.

The property contains 361 residential units and a Whole Foods Market

in 514,093 square feet. The contract price is $400,000,000, which

equates to $778.07 per square foot or $1,108,033 per unit. The

property is an 80/20 project with 72 units at affordable rents. The

property was built in 2003 and is 14 stories. The building is full service

and offers a complete fitness center, including a pool, although the

fitness center is separately owned and is not a part of the sale

transaction. Current rental rates range between $65 and $75 per

square foot. The property is under to a ground lease (Empire State

Development Corp is the lessor) that expires June 30, 2025. The ground payment is a function of the

tax payment, which was roughly $130,000 at time the contract was negotiated. The lessor will convey

the site back to the building owner at the end of the lease at no cost.

As part of the transaction, the buyer assumed a $117MM bond that ran with the property which will

expire November 2036. The bond is a 30-year term that it is interest only until November 2016 at an

interest rate that is based on SIFMA + 77bps (since 2011 SIFMA has averaged 15 bps). Thereafter

the bond begins amortizing in accordance with a 30 year schedule and a 9% interest rate. There is a

pre-payment penalty of approximately $5,000,000. Because of the onerous interest rate, we assume

that the buyer will pre-pay the bond and incur the penalty. Therefore, we have added $5,000,000 to

the purchase price.

Moreover, property benefits from a 25-year 421-A tax exemption which has 11 years remaining. We

estimate the present value of the abatement to be $25,000,000. Deducting the present value of the

remaining abatement from the sale price and adding the penalty indicates an adjusted sale price of

$380,000,000. With full taxes added to the operating income and applying that to the adjusted sale

price results in adjusted capitalization rate of 3.16%.


65

Improved Sale Two

Comparable 2 is the January 2014 sale of 15 Cliff Street in the Financial

District of Manhattan. The property was built in 2001 and was formerly a

dormitory. The seller converted the property to a 156-unit rental. Amenities

include a rooftop sundeck, a fitness center and 80-car parking garage. The

property sold for $95,000,000, $633.08 per square foot, or $608,974 per

unit. At the time of operating income indicated an overall capitalization rate of

3.56%. Rents in the building are reported to be between $45 and $50 per

square foot. No tax benefits are associated with this property. The property

was in average condition and utilized average fit/finish in its conversion.

Improved Sale Three

Comparable 3 is the sale of the two joined buildings, the Ashley and the

Aldyn. The Ashley is a residential rental building with units ranging in size

from studio to 3 bedroom. The Aldyn is a condominium building built with

more luxurious fixtures and unit sizes up to 7 bedroom. The sale represents

the acquisition of the Aldyn’s remaining 136 condominium units and all

209 of The Ashley's residential rental units. This leaves 150 condominium

units that have already been sold in the Aldyn. Also acquired by CalPERS

was a 230-car garage, and 40,000 square feet property leased to a fitness

center and 12,000 square feet of vacant grade level retail. The purchase

price was $401,000,000 which equates to $1,120.68 per square foot and

$1,162,319 per unit. Based on operating income, the overall

capitalization rate was 3.89%. Although the properties benefit from a 421-A tax exemption, we were

unable to determine the present value of this exemption given the partial interest in the Aldyn. Rents in

this complex are averaging between $80 and $85 per square foot.


66

Improved Sale Four

Comparable 4 is the sale of a 162–story apartment building

located at 555 W 53rd Street in the Hell’s Kitchen neighborhood

of Manhattan. The property sold in February 2013 for

$170,000,000 or $1,197.74 per square foot. The improvement

was built in 2011 and was in good condition at the time of sale.

The property contains 162 units in a gross building area of

141,934 square feet. Mercedes House is an 862 unit building

that consists of different condominium units. Invesco Ltd

purchased one of the condos, which was the top 11 floors, for

$170,000,000. At the time of the sale those units were

completely unoccupied but now that have begun to be leased up. Invesco estimates that the

condominium will be stabilized by September or October of 2013 at which point they believe the

building will operate with a 4% cap rate. The property sold at a cap rate of 4.00% indicating a yearly

NOI of $6,800,000. The subject benefits from a 421-a tax exemption. The present value of the

exemption was determined to be $14,000,000. Based on the adjusted sale price of $156,000,000,

the stabilized NOI (assuming full taxes) the adjusted cap rate is 2.66%. Rents in this building are

averaging between $70 and $75 per square foot.

Improved Sale Five

Comparable 5 is the sale of a 50–story apartment building

located at 10 East 29th Street in the Murray Hill neighborhood of

Manhattan. The property sold in December 2012 for

$300,000,000. The property sold at a cap rate of 3.22%

indicating a yearly NOI of $9,660,000. The improvement was

built in 1998 and was in good condition at the time of sale. The

property contains 404 units in a gross building area of 293,707

square feet. Featured amenities include fitness center, concierge,

landscaped plaza, private storage, and furnished roof deck. The

capitalization rate reflects the upside potential associated with the 34 rent stabilized units. As the

leases signed under the expired 421a Tax Benefit Program expire, the units are deregulated. Based on

the rent roll, almost all units will be converted to market in 2013. The buyer plans at some point in the

future to complete the renovation program with a capital injection of $20 million. Rents in the building

are reported to be in the mid $60s per square foot.


67

Improved Sale Six

Comparable 6 is the sale of a 59–story apartment building located at

450-460 West 42nd Street in the Hell’s Kitchen neighborhood of

Manhattan. The property sold in November 2012. TIAA purchased a

70% interest for $542,500,000 which equates to $775,000,000 for

a 100% interest. Deducting the PV of the tax benefit, the effective sale

price is $637,600,000 or $786.30 per square foot. Utilizing the full

tax burden against the effective sale price, the normalized NOI

indicates a 3.76% cap rate. The improvement was built in 2011 and

was in excellent condition at the time of sale. The property contains

779 units in a gross building area of 810,888 square feet. The building has an extensive amount of

amenities. Rents in this complex are averaging between $85 and $90 per square foot.

DISCUSSION OF ADJUSTMENTS

Rights Conveyed: are there any advantages to the rights conveyed?

While the sale of Comparable 1 represents the leasehold, it will be conveyed to the building owner at

the end of the lease at no cost. All other sales were of the leased fee.

Financing: are there any atypical financing that may affect the purchase price?

The onerous bond financing included in Sale 1 was accounted for by adding the pre-payment penalty

to the purchase price. No other sales had any atypical financing associated with them.

Conditions of Sale: are there any mitigating factors that may affect the sale price?

There were no conditions of sale associated with any of the sales.

Market Conditions: what are the prevailing conditions of the investment market?

Because of the continued improvement in market conditions, Sales 3 – 6 were adjusted upward.

Project Size: all other elements being equal, larger projects on a unit basis tend to sell for less.

Because of the significantly smaller sizes of Sales 1 – 5, these comparables were adjusted downward.

Sale 6 did not require adjustment.

The Neighborhood: how desirable is it in the marketplace; immediate area characteristics; the level

of street noise; distance to public transportation; what is the reputation of the area schools and their

proximity to the development; is shopping easily available; and what is the distance to parks/outdoor

recreation and cultural venues.


68

Sales 3 and 5 are located in more desirable, established neighborhoods and were adjusted

downward. Conversely, Sale 6 is located in an emerging area and adjusted upward. Sales 1 and 2

are in similar downtown locations.

Site Characteristics: how does the site topography, frontage and location (avenue, side street,

corner, thru-parcel or blockfront) affect value. This is an especially important consideration for potential

retail revenue.

No adjustments were required.

Building Qualities: attractiveness of the façade; condition and quality of the building; does the

building have any landscaping; what type of lobby is there; and the number of stories.

To varying degrees, all sales required upward adjustments given the subject’s recent construction with

high-end features and excellent condition and quality.

Unit Qualities: light and air to the unit; views; condition; size of the unit, quality of and finish,

including kitchen cabinets and appliances and bath fixtures; ceiling heights; and if there is any outdoor

space associated with the unit such as a balcony or terrace.

Sales 1, 2 and 5 required upward adjustments for their inferior qualities and the small sizes in Sale 5.

Amenities and Features: fitness center, swimming pool, rooftop deck, service level – doorman,

valet and/or concierge, tenant lounge, garage and storage.

Sales 1, 2, 4 and 5 were adjusted upward to account for their inferior features. Sale 3 required no

adjustment. Sale 6, because of the extensive amenities there, was adjusted downward.

Income Characteristics: is there any potential increase to revenue stream through below market

rents or other means for the foreseeable future; conversely, how secure is the income? Additionally,

are there any tax advantages?

While Sale 1 has 20% of the residents at affordable levels, it is offset by the revenue from Whole

Foods and no adjustment is necessary. Sale 3 was adjusted downward to account for the revenue

generated by the parking and commercial space. Because Sale 4 was vacant at time of sale, an

upward adjustment was made. Sale 5 was adjusted upward to account for the partial occupancy of

affordable tenants. Sale 6 required no adjustment.


69

SUMMARY OF ADJUSTMENTS

Based on our comparative analysis, the following chart summarizes the adjustments warranted to each

comparable.

APARTMENT SALES ADJUSTMENT GRID

Comparable Number 1 2 3 4 5 6Subj.Pro

FormaTransaction Type Contract Sale Sale Sale Sale ---Transaction Date May-14 Jan-14 Apr-13 Feb-13 Dec-12 Nov-12 ---

Year Built 2003 2001 2010 2011 1998 2011 2011

Condition Good Average Very Good Excellent Very Good Excellent Excellent

GBA (SF) 514,093 150,061 357,820 141,934 293,707 810,888 961,323

NRA (SF) 436,979 127,552 286,256 120,644 234,966 648,710 674,567

No. Units 361 156 345 162 404 779 894

Avg. Unit Size 737 818 830 745 582 833 753Actual Sale Price $400,000,000 $95,000,000 $401,000,000 $170,000,000 $300,000,000 $775,000,000 ---Adjusted Sale Price 1 $380,000,000 $95,000,000 $401,000,000 $156,000,000 $300,000,000 $637,600,000 ---

Price Per Unit $1,052,632 $608,974 $1,162,319 $962,963 $742,574 $818,485 ---

NOI Per Unit $33,263 $21,667 $45,217 $25,602 $23,896 $30,809 $35,871

OAR 3.16% 3.56% 3.89% 2.66% 3.22% 3.76%

Price Per Unit $1,052,632 $608,974 $1,162,319 $962,963 $742,574 $818,485

Property Rights Conveyed 0% 0% 0% 0% 0% 0%Financing Terms 1 0% 0% 0% 0% 0% 0%

Conditions of Sale 0% 0% 0% 0% 0% 0%

Market Conditions (Time) 0% 0% 5% 5% 10% 10%

Subtotal - Price Per SF $1,052,632 $608,974 $1,220,435 $1,011,111 $816,832 $900,334

Project Size -5% -5% -5% -5% -5% 0%

Location 0% 0% -5% 0% -5% 10%

Site Characteristics 0% 0% 0% 0% 0% 0%

Building Qualities 5% 30% 5% 5% 15% 5%

Unit Qualities 5% 20% 0% 0% 10% 0%

Amenities and Features 5% 10% 0% 5% 5% -5%

Economic Characteristics 0% 0% -5% 5% 5% 0%

Total Other Adj Per Unit 10% 55% -10% 10% 25% 10%

Adjusted Price per Unit $1,157,895 $943,910 $1,098,391 $1,112,222 $1,021,040 $990,367

Financial Indicators:

Minimum $943,910

Maximum $1,157,895

Average $1,066,6921 Transaction amount adjusted for tax abatement (where applicable)


70

Sales Comparison Approach Conclusion

In concluding values for the subject property, all sales were viewed equally. We analyzed the sales on

a per-unit basis. Sale 2 is given least weight because of the extensive number of necessary

adjustments.


Total Units X Value Per Unit = Value

898 X $1,075,000 = $965,350,000

898 X $1,100,000 = $987,800,000

VALUE CONCLUSION

Indicated Value $975,000,000

per Unit $1,085,746

per SF $1,014

Deductions/Additions1

PV of 421a $128,000,000

$125,323,122

Indicated Value $1,100,323,122

Rounded $1,100,000,0001 See Income Capitalization Approach

Compiled by CBRE

Although not used in our body of sales, as stated earlier, the subject sold for an adjusted sale price of

$1,050,000,000 in December 2012. This is the most significant data point for the Sales Comparison

Approach. Our conclusion, at 4.76% above the sale price, recognizing the continued improvement in

the market, is essentially at the same level.

NEW YORK BY GEHRY| INCOME CAPITALIZATION APPROACH

71

INCOME CAPITALIZATION APPROACH

The Income Capitalization Approach reflects the subject’s income-producing capabilities. This

approach is based on the assumption that value is created by the expectation of benefits to be derived

in the future. Specifically estimated is the amount an investor would be willing to pay to receive an

income stream plus reversion value from a property over a period of time. The two common valuation

techniques associated with the Income Capitalization Approach are direct capitalization and the

discounted cash flow (DCF) analysis.

Direct Capitalization is the method used to convert a single year’s estimate of income into a value

indication. In Direct Capitalization, a precise allocation between return on and return of Capitol is

not made because investor assumptions or forecasts concerning the holding period, pattern of

income, or changes in value of the original investment are not simulated in the method. Direct

Capitalization is most appropriate when analyzing a stable income stream and in estimating the

reversion at the end of a holding period. Using this method, the following sets forth the process:

1. Estimate the Potential Gross Income (PGI) from all sources that a competent owner should be able to generate from a property based on existing and/or market rents.

2. Deduct an estimate of Vacancy and Collection Loss (VCL) to arrive at an Effective Gross Income (EGI) estimate.

3. Deduct operating expenses from the estimate of EGI. The result is an estimate of the stabilized Net Operating Income (NOI).

4. Estimate an Overall Capitalization rate (Ro, or OAR). 5. Divide the NOI by Ro, resulting in a value estimate at stabilized occupancy. 6. Adjust the stabilized value to account for “as is” condition, if applicable.

The discounted cash flow (DCF) analysis is a detailed analysis used when the future income is

expected to vary, usually as a result of numerous lease obligations and/or anticipated changes in

income and expenses. The DCF analysis specifies the quantity, variability, timing, and duration of

NOIs and cash flows. Selecting the proper yield rate (discount rate) is essential. CBRE must consider

the target yield sought by investors as well as yields derived from comparable sales and/or market

information.

The methodology is:

1. Estimate the before-tax cash flows for each period of a projected holding period net of any Capital expenditures such as leasing expenses and tenant improvements.

2. Estimate a discount rate and a terminal overall capitalization rate. 3. Estimate a selling price, known as the reversion, for the end of the projected

holding period. 4. The cash flows and the reversion are then discounted to a present value estimate.

Because of the stable nature of the subject apartment building, both methods are employed but Direct

Capitalization is given greater emphasis.


72

SUBJECT RENT ROLL

The subject is comprised of 894 market-rate units of which 7 are vacant. Since January 1, 2014, 236

units have been leased. Additionally, there are four units offline. The rents below reflect the discounts

given in order to generate the initial lease-up. Because it is a best-in-class asset, designed by

renowned architect, the property attracts an international tenant base as well as wealthy New Yorkers.


Units Units SqFt Monthly Annually Monthly PSF Low High

Studio 189 21.14% 468 88,429 $595,304 $7,143,643 $3,150 $80.78 $2,396 $4,060

One Bedroom 506 56.60% 687 347,776 $2,234,239 $26,810,873 $4,415 $77.09 $2,053 $11,400

Two Bedroom 165 18.46% 1,119 184,626 $1,257,050 $15,084,599 $7,618 $81.70 $2,500 $15,096

Three Bedroom 26 2.91% 1,694 44,056 $339,870 $4,078,440 $13,072 $92.57 $11,200 $18,500

Four Bedroom Units 1 0.11% 3,578 3,578 $35,000 $420,000 $35,000 $117.38 $35,000 $35,000

Total 887 99.22% 754 668,465 $4,461,463 $53,537,554 $5,030 $80.09 $2,053 $18,500

Compiled By CBRE

Total Collected Rent

OCCUPIED UNITS

Average Rates Monthly RatesSize


Units Units SqFtVacant Market Rate Units

Studio 1 0.11% 473 473

One Bedroom 6 0.67% 732 4,391

Total 7 0.78% 695 4,864Compiled By CBRE

Size

VACANT UNITS

Total Average Average Current Average % DifferenceNo. of SF Monthly Annual Unit Unit Leased Compared to

Type Units Leased Rent Rent PSF Size (SF) Occ. Rent Average In PlaceStudio 38 17,634 $117,998 $80.30 464 SF 99% $2,656 - $3,800 $3,105 -1.41%

One Bedroom 164 113,005 $714,151 $75.84 689 SF 99% $3,360 - $6,770 $4,355 -1.38%Two Bedroom 31 34,302 $229,844 $80.41 1,107 SF 100% $5,608 - $9,969 $7,414 -2.68%

Three Bedroom 3 4,871 $44,411 $109.41 1,624 SF 100% $12,688 - $19,000 $14,804 13.25%

Total/Average: 236 169,812 $1,106,403 $78.19 720 SF 99% $4,688Compiled by CBRE

RangeRental

LEASING RATES LAST 6 MONTHS

Recently leased units reflect lower quality units than the average in place (primarily views and light/air

qualities) which is why these units are at somewhat lower rent levels. The more desirable units were

leased first.


73

COMPARABLE RESIDENTIAL RENTAL ANALYSIS

The following chart indicates those properties that would be considered as alternatives to prospective

tenants. In order to create a complete comparative analysis of the subject we found buildings that

were best in class as well as those in the surrounding area. Given the luxury status of the property

including its amenities, condition and quality, the subject appeals to an international market and

wealthy New Yorkers. Therefore, the body of appropriate rentals is more given to luxury properties.

No. Property Name Location

Distance From

Subject(miles) Year Built

No. Stories Occupancy

No. Units Unit Type

LeaseArea (SF) Base Rent

Base RentPSF

1 0.29 mile(s) 2008 35 97.00% 280 0BR n/a n/a n/a

1BR 803 $4,613 $68.94 PSF

2BR 1,306 $8,573 $78.77 PSF

3BR 1,826 $13,541 $88.99 PSF

2 0.30 mile(s) 2003 22 98.72% 390 0BR 500 $3,895 $93.48 PSF

1BR 600 $4,795 $95.90 PSF

2BR 800 $6,744 $101.16 PSF

3BR n/a n/a n/a

3 Morton Square 1.20 mile(s) 2004 14 98.52% 147 0BR 451 $3,195 $85.01 PSF

1BR 615 $4,500 $87.80 PSF

2BR 1,098 $6,400 $69.95 PSF

3BR n/a n/a n/a

4 2.57 mile(s) 2010 54 97.35% 302 0BR 527 $3,590 $81.75 PSF

1BR 699 $5,431 $93.24 PSF

2BR 1,079 $8,245 $91.70 PSF

3BR 2,000 $20,477 $122.86 PSF

5 3.32 mile(s) 2011 63 98.68% 151 0BR n/a n/a n/a

1BR 700 $5,244 $89.90 PSF

2BR 1,393 $9,873 $85.05 PSF

3BR n/a n/a n/a

6 3.55 mile(s) 2012 43 95.90% 122 0BR 500 $3,488 $83.71 PSF

1BR 710 $4,906 $82.92 PSF

2BR 1,250 $9,907 $95.11 PSF

3BR n/a n/a n/a

Subj.Pro

FormaNew York by Gehry 8 Spruce St 2011 76 99.22% 894

Compiled by CBRE

440-460 West 42nd St

The Beatrice

ICON

50 Murray St

Liberty Luxe

600 Washington St

SUMMARY OF COMPARABLE APARTMENT RENTALS

200 North End Ave

MiMA Tower

306 West 48th St

105 West 29th St

Min Max Avg Min Max Avg

Studio $3,195 $3,895 $3,542 $81.75 $93.48 $85.99

1 Bed $4,500 $5,431 $4,915 $68.94 $95.90 $86.45

2 Bed $6,400 $9,907 $8,290 $69.95 $101.16 $86.96

3 Bed $13,541 $20,477 $17,009 $88.99 $122.86 $105.92

Per Square Foot

CBRE

Monthly

COMPARABLE RENT STATISTICS


74


75

Liberty Luxe200 North End Ave

Number of UnitsYear CompletedNeighborhood Battery Park

No. Stories

Layouts Offered 1-, 2-, 3-bedroom and penthouse

Apartment Features and Finishes√ Hardwood Floors √ Individual Climate Control

√ High Quality Appliances/Fixtures/Cabinetry √ Marble/Stone Bathroom Tiling/Floors

√ Granite/Stone Counters √ High Ceilings

√ Private Terraces/Balconies Floor-to-Ceiling Windows

√ Washer/Dryer

Building Services and Amenities√ Concierge √ Fitness Center Parking Garage √ Valet

√ 24 Hr Doorman Swimming Pool √ Laundry Room Dry Cleaners

Part-time Doorman √ Roof Deck √ Lounge √ Maid Service

√ Tenant Storage √ Terrace/Courtyard √ Video Security

Bicycle Storage Children's Playroom Community Room

35

2802008

The Battery Park location of Liberty Luxe is less

accessible than the subject. Slightly older and

built with lower quality materials, the

comparable is inferior in terms of

quality/condition. Amenities are also inferior.

While shorter, many of the units overlook the

Hudson River. Overall, this comparable is

inferior to the subject.

Location: InferiorCondition: InferiorUnit Size: ComparableLayouts: ComparableFit/Finish: InferiorViews: ComparableAmenities: InferiorOverall: InferiorCBRE

Comparison to Subject


76

50 Murray StreetNumber of UnitsYear CompletedNeighborhood TriBeCa

No. Stories

Layouts Offered Studio, 1- and 2-bedroom




Private Terraces/Balconies Floor-to-Ceiling Windows

Washer/Dryer

Building Services and Amenities√ Concierge √ Fitness Center √ Parking Garage √ Valet





22

3902003

50 Murray Street is located in TriBeCa which is

considered more desirable. Slightly older and



quality/condition. Amenities and views are also

inferior. While physical features are inferior, the

location of the comparable overcomes these

deficiencies and overall, this comparable is

superior to the subject.

Location: Significantly SuperiorCondition: InferiorUnit Size: ComparableLayouts: ComparableFit/Finish: InferiorViews: InferiorAmenities: InferiorOverall: SuperiorCBRE



77

Morton Square600 Washington Street

Number of UnitsYear CompletedNeighborhood West Village

No. Stories

Layouts Offered Studio, 1- and 2-bedroom




√ Private Terraces/Balconies Floor-to-Ceiling Windows

Washer/Dryer



Part-time Doorman Roof Deck √ Lounge √ Maid Service


Bicycle Storage √ Children's Playroom Community Room

14

1472004

Morton Square is located in West Village which

is considered more desirable. Slightly older and



quality/condition. Amenities and views are also

inferior. While physical features are inferior, the

location of the comparable offsets these

deficiencies and overall, this comparable is

equivalent to the subject.

Location: Significantly SuperiorCondition: InferiorUnit Size: ComparableLayouts: ComparableFit/Finish: InferiorViews: InferiorAmenities: InferiorOverall: ComparableCBRE



78

The Beatrice105 West 29th Street

Number of UnitsYear CompletedNeighborhood Chelsea

No. Stories

Layouts Offered Studio, 1-, 2-, 3-bedroom and penthouse





Washer/Dryer





Bicycle Storage √ Children's Playroom Community Room

54

3022010

The Beatrice is located in Chelsea which is

considered somewhat more desirable. Only one

year older and built with equivalent quality

materials, the comparable is generally

equivalent in terms of condition and comparable

in terms of fit/finish. Amenities and views are

also comparable. Overall, this comparable is

slightly superior to the subject.

Location: SuperiorCondition: ComparableUnit Size: ComparableLayouts: ComparableFit/Finish: ComparableViews: ComparableAmenities: ComparableOverall: SuperiorCBRE



79

MiMA Tower440-460 West 42nd Street

Number of Units 151Year Completed 2011Neighborhood Far West Side

No. Stories 63

Layouts Offered Studio, 1-, 2-, 3-bedroom and penthouse





Washer/Dryer


√ 24 Hr Doorman √ Swimming Pool √ Laundry Room Dry Cleaners


√ Tenant Storage Terrace/Courtyard √ Video Security

Bicycle Storage √ Children's Playroom √ Community Room

MiMA Tower is located in the emerging Far

West Side which is considered less desirable.

Condition and fit/finish are generally equivalent.

Views are comparable but amenities are

superior. Overall, this comparable is considered


Location: InferiorCondition: ComparableUnit Size: ComparableLayouts: ComparableFit/Finish: ComparableViews: ComparableAmenities: SuperiorOverall: ComparableCBRE



80

ICON306 West 48th Street

Number of UnitsYear CompletedNeighborhood Midtown West

No. Stories

Layouts Offered Studio, 1- and 2-bedroom and penthouse





Washer/Dryer




√ Tenant Storage Terrace/Courtyard √ Video Security


43

1222012

The ICON is located in Midtown West Side

which is considered equivalent. Condition and

fit/finish are generally equivalent. Views are

comparable but amenities are slightly inferior.

Overall, this comparable is considered


Location: ComparableCondition: ComparableUnit Size: ComparableLayouts: ComparableFit/Finish: ComparableViews: ComparableAmenities: InferiorOverall: ComparableCBRE



81

MARKET RENT ESTIMATE

The market rent estimates are based on actual rents at the subject in consideration that rental discounts were made in order to complete the

lease-up. It is noted that initial lease-up took place while the property was in the process of receiving temporary certificates of occupancy.

These were done a floor-by-floor basis, so while lower level units were being leased, there was still construction ongoing in the upper floors.

This is standard practice in the industry to apply an initial discount to rental rates, especially in large buildings where there is ongoing

construction. The property did not reach initial stabilized occupancy until Q3 2013 and therefore the rents in place largely reflect initial leasing.

Moreover, the comparables show that some upside in rents at the subject does exist.

Comparedto

Subject

StudioPer

MonthStudioPer SF

1 BedPer

Month1 BedPer SF

2 BedPer

Month2 BedPer SF

3 BedPer Month

3 BedPer SF

4 BedPer Month

4 BedPer SF

OverallPer SF

1. Liberty Luxe Inferior $4,613 $68.94 $8,573 $78.77 $13,541 $88.99 $78.90

2. 50 Murray St Superior $3,895 $93.48 $4,795 $95.90 $6,744 $101.16 $96.85

3. Morton Square Comparable $3,195 $85.01 $4,500 $87.80 $6,400 $69.95 $80.92

4. The Beatrice Superior $3,590 $81.75 $5,431 $93.24 $8,245 $91.70 $20,477 $122.86 $97.38

5. MiMA Tower Comparable $5,244 $89.90 $9,873 $85.05 $87.47

6. ICON Comparable $3,488 $83.71 $4,906 $82.92 $9,907 $95.11 $87.25

Averages $88.13

In Place SP Averages $3,150 $80.78 $4,415 $77.09 $7,618 $81.70 $13,072 $92.57 $35,000 $117.38 $80.09

New Leasing at SP (avg) - Last 6 mos $3,105 $80.30 $4,355 $75.84 $7,414 $80.41 $14,804 $109.41 $78.19

$3,250 $83.36 $4,750 $82.93 $7,850 $84.19 $14,000 $99.15 $35,000 $117.38 $84.541 Per square foot is based on average unit size.

Market Rent Conclusion1

Compiled by CBRE

SUMMARY OF COMPARABLE RENTS AND CONCLUSION OF MARKET RENT


82

MARKET RENT CONCLUSIONS

Average

No. of UnitType Units Size (SF) Monthly $/SF

Studio 190 468 SF $3,250 $83.35One Bedroom 512 688 SF $4,750 $82.87Two Bedroom 165 1,119 SF $7,850 $84.19

Three Bedroom 26 1,694 SF $14,000 $99.15

Four Bedroom 1 3,578 SF $35,000 $117.38

Total/Average: 894 753 SF $5,306 $84.54

Compiled by CBRE

5.62%

7.10%

3.18%

Market Rent

Average In Place

% Difference

Compared to

7.49%

3.04%

0.00%

The current contract rates were found to be nearly 6% below market rates. Considering the strength in

the market, we applied a 5% growth rate in Year 1. No comparable data for four bedroom units was

available from the data set but our conclusion is within the range on a per square foot basis.

Moreover, our conclusion is the same as the in place rent.

# of % of Average AverageRentable Rentable Average Total Potential Annual Monthly

Units Units Size SqFt Revenue Rent PSF Rent

Studio 189 21.14% 468 88,429 $7,143,643 $80.78 $3,150

One Bedroom 506 56.60% 687 347,776 $26,810,873 $77.09 $4,415

Two Bedroom 165 18.46% 1,119 184,626 $15,084,599 $81.70 $7,618

Three Bedroom 26 2.91% 1,694 44,056 $4,078,440 $92.57 $13,072

Four Bedroom Units 1 0.11% 3,578 3,578 $420,000 $117.38 $35,000

Total 887 99.22% 754 668,465 $53,537,554 $80.09 $5,030

Compiled By CBRE

OCCUPIED UNITS POTENTIAL REVENUE AT CURRENT CONTRACT LEVELS

# of % of Monthly AverageRentable Rentable Average Total Market Annual Potential

Units Units SqFt Rent Rent PSF RevenueVacant Market Rate Units

Studio 1 0.11% 473 473 $3,250 $82.45 $39,000

One Bedroom 6 0.67% 732 4,391 $4,750 $77.89 $342,000

Total 7 0.78% 695 4,864 $78.33 $381,000Compiled By CBRE

VACANT UNITS

Size


83

TOTAL POTENTIAL RESIDENTIAL REVENUE

Below is our projection of potential gross revenue for the subject residential component.

RENT ROLL ANALYSIS

Total TotalRevenue Component Monthly Rent Annual Rent

887 Occupied Market-Rate Units at Contract Rates $4,461,463 $53,537,554

887 Occupied Market-Rate Units at Market Rates $4,712,000 $56,544,000Difference 5.62%

887 Occupied Market-Rate Units at Contract Rates $4,461,463 $53,537,554

Growth Rate 5.0%

$56,214,432

7 Vacant Market Rate Units at Market Rates $31,750 $381,000

894 Total Units Potential Rental Income $4,716,286 $56,595,432

Compiled by CBRE

Because our analysis is forward looking and done on a stabilized basis we increased contract rent to

put the subject closer to market levels. We recognize that the in-place contract rents received a

discount to market rent in order to lease up the property, we have, therefore, applied a 5% growth

rate to the contract rent. The loss to lease, -$2,676,878 ($56,214,432 - $53,537,554), is deducted

from the value conclusion.

Other Income

The subject collects laundry and valet revenue that is approximately $40,000 per annum.

There is a small interior commercial space, containing 1,238 square feet, in the lobby area in

which an LOI is out that indicates an initial annual rate of $120,000 or $96.93 per square

foot. These projections are at market levels and in our analysis we project $160,000.

Amenity revenue at the subject is projected at $300,000, which is consistent with the historical

levels.

Miscellaneous revenue is comprised of storage fees, legal fee income, late fees, NSF fees,

damage and cleaning fees and electrical reimbursement fees. Electrical reimbursement fees

make up the large majority of miscellaneous revenue; in 2013 it was approximately

$900,000 and the total was roughly $1,100,000. For the TTM, electrical revenue was 82% of

the roughly $1,300,000. Our projection for all miscellaneous is $1,200,000.

Residential Vacancy/Credit Loss

Given the extremely low vacancy rate in New York City and the subject submarket, we conclude to a

3.0% vacancy and credit loss rate for the subject property. Reported data at the subject reflects lease

up. It is currently 99% occupied.


84

OPERATING EXPENSE ANALYSIS

Subject Operating Expenses

Below are the historical figures for 02/2013 – 12/2013 annualized and 06/2013 – 05/2014 trailing twelve months. In addition, is the CBRE

projection. The CBRE projected revenue is higher than historical figures since concessions are typically only offered on first generation space

and as discussed above, opportunity for rental increases are seen.

OPERATING BUDGET

Year

Total % EGI $/Unit $/SF Total % EGI $/Unit $/SF Total % EGI $/Unit $/SF

IncomeResidential Income $52,925,564 112.6% $58,937 $55.05 $54,544,997 108.9% $60,741 $56.74 $56,595,432 100.2% $63,024 $58.87Retail Revenue $38,118 0.1% $42 $0.04 $39,267 0.1% $44 $0.04 $160,000 0.3% $178 $0.17Amenity Revenue $283,732 0.6% $316 $0.30 $303,184 0.6% $338 $0.32 $300,000 0.5% $334 $0.31Miscellaneous Income $1,108,111 2.4% $1,234 $1.15 $1,307,590 2.6% $1,456 $1.36 $1,200,000 2.1% $1,336 $1.25Concessions -$4,472,673 -9.5% -$4,981 -$4.65 -$3,104,060 -6.2% -$3,457 -$3.23 $0 0.0% $0 $0.00Vacancy and Collection Loss -$2,890,101 -6.2% -$3,218 -$3.01 -$3,019,275 -6.0% -$3,362 -$3.14 -$1,747,663 -3.1% -$1,946 ($1.82)Effective Gross Income $46,992,750 100.0% $52,330 $48.88 $50,071,704 100.0% $55,759 $52.09 $56,507,769 100.0% $62,926 $58.78

ExpensesReal Estate Taxes $402,766 0.9% $449 $0.42 $402,314 0.8% $448 $0.42 $11,451,072 20.3% $12,752 $11.91Property Insurance $849,552 1.8% $946 $0.88 $750,285 1.5% $836 $0.78 $775,000 1.4% 863 $0.81Utilities $2,826,525 6.0% $3,148 $2.94 $2,966,069 5.9% $3,303 $3.09 $2,900,000 5.1% 3,229 $3.02Renting & Advertising $1,635,040 3.5% $1,821 $1.70 $1,456,247 2.9% $1,622 $1.51 $450,000 0.8% 501 $0.47Professional & Legal Fees $154,621 0.3% $172 $0.16 $152,189 0.3% $169 $0.16 $150,000 0.3% 167 $0.16Administrative & General $264,457 0.6% $294 $0.28 $253,173 0.5% $282 $0.26 $250,000 0.4% 278 $0.26Repairs & Maintenance $2,968,426 6.3% $3,306 $3.09 $2,706,257 5.4% $3,014 $2.82 $2,800,000 5.0% 3,118 $2.91Management Fee $823,348 1.8% $917 $0.86 $831,213 1.7% $926 $0.86 $1,130,155 2.0% 1,259 $1.18Payroll $3,051,050 6.5% $3,398 $3.17 $3,089,723 6.2% $3,441 $3.21 $3,075,000 5.4% 3,424 $3.20Amenities Management $1,015,785 2.2% $1,131 $1.06 $1,006,413 2.0% $1,121 $1.05 $1,000,000 1.8% 1,114 $1.04Reserves for Replacement $0 0.0% $0 $0.00 $0 0.0% $0 $0.00 $314,300 0.6% 350 $0.33Operating Expenses $13,991,570 29.8% $15,581 $14.55 $13,613,883 27.2% $15,160 $14.16 $24,295,527 43.0% $27,055 $25.27

Net Operating Income $33,001,181 70.2% $36,750 $34.33 $36,457,820 72.8% $40,599 $37.92 $32,212,242 57.0% $35,871 $33.51

Source: Operating History

CBRE PROJECTIONTTM (06/13 - 05/14)02/13 - 12/13 Annualized

Each item is discussed below after the chart of comparable expenses.


85

Expense Comparables

The following chart summarizes expenses obtained from comparable properties and the CBRE projection.

Number

Location

No. Units

GLA (SF)

Expense Year

$/Unit $/PSF $/Unit $/PSF $/Unit $/PSF $/Unit $/PSF $/Unit $/PSF $/Unit $/PSFEffective Gross Income $62,607 $41.73 $56,597 $54.37 $68,115 $96.61 $50,068 $49.91 $59,347 $60.65 $62,926 $58.78

Expenses

Property Insurance $757 $0.50 $289 $0.28 $449 $0.64 $167 $0.17 $415 $0.40 $863 $0.81

Utilities $2,450 $1.63 $1,893 $1.82 $2,159 $3.06 $3,202 $3.19 $2,426 $2.43 $3,229 $3.02

Renting & Advertising $936 $0.62 $866 $0.83 $0 $0.00 $243 $0.24 $511 $0.42 $501 $0.47

Professional & Legal Fees $290 $0.19 $0 $0.00 $0 $0.00 $0 $0.00 $72 $0.05 $167 $0.16

Administrative & General $2,409 $1.61 $385 $0.37 $1,246 $1.77 $496 $0.49 $1,134 $1.06 $278 $0.26

Repairs & Maintenance $2,468 $1.64 $899 $0.86 $1,495 $2.12 $929 $0.93 $1,448 $1.39 $3,118 $2.91

Management Fee $0 $0.00 $1,698 $1.63 $1,362 $1.93 $890 $0.89 $988 $1.11 $1,259 $1.18(as a % of EGI)

Payroll $5,000 $3.33 $5,135 $4.93 $3,156 $4.48 $4,914 $4.90 $4,551 $4.41 $3,424 $3.20

Amenities Management $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $1,114 $1.04

Reserves for Replacement $185 $0.19 $312 $0.30 $150 $0.21 $0 $0.00 $162 $0.18 $350 $0.33

Operating Expenses $14,495 $9.73 $11,478 $11.03 $10,017 $14.21 $10,841 $10.81 $11,708 $11.44 $14,303 $13.36Operating Expense Ratio

Source: Appraisals

22.7%

2.0%

CBRE Projection

Subject

Property

898

961,323

2014

4

NYC

256

256,810

2012Actual

Averages

NYC

461

509,769810,888

2013 Budget

3

NYC

301

212,225

2012 Proforma

14.7% 19.9%

1NYC

506

759,152

2014Budget

2

NYC

779

OPERATING EXPENSE COMPARABLE ANALYSIS PER UNIT & PSF

2.0% 1.8%

21.7%

3.0%0.0%

C O M P A R A B L E S

1.7%

23.2% 20.3%


86

OPERATING EXPENSE SUMMARY AND CONCLUSION

Below are our conclusions of operating expenses for the each of the subject expense items.

Real Estate Taxes

The real estate taxes for the subject were previously discussed and analyzed.

Property Insurance

Property insurance expenses typically include fire and extended coverage and owner’s liability

coverage.

PROPERTY INSURANCE

Year Total $/Unit $/SF

02/13 - 12/13 Annualized $849,552 $946 $0.88

TTM (06/13 - 05/14) $750,285 $836 $0.78

Expense Comparable 1 N/A $757 $0.50




Comparable Average N/A $415 $0.40

CBRE Estimate $775,000 $863 $0.81

Compiled by CBRE

The subject is well above the comparables but does include a provision for terrorism insurance. We

conclude toward the TTM figures.

Utilities

Utility expenses include natural gas, oil, electricity, water and sewer. The comparables do not separate

these items.

UTILITIES


02/13 - 12/13 Annualized $2,826,525 $3,148 $2.94

TTM (06/13 - 05/14) $2,966,069 $3,303 $3.09

Expense Comparable 1 N/A $2,450 $1.63




Comparable Average N/A $2,426 $2.43

CBRE Estimate $2,900,000 $3,229 $3.02

Compiled by CBRE


87

Utility expenses for the subject are tending toward $3.00 per square foot, which is essentially our

conclusion. This amount is within the comparable range.

Renting & Advertising

Renting and advertising represents the monies expended to lease the units. The comparables and our

estimate are shown below:

RENTING & ADVERTISING


02/13 - 12/13 Annualized $1,635,040 $1,821 $1.70

TTM (06/13 - 05/14) $1,456,247 $1,622 $1.51






CBRE Estimate $450,000 $501 $0.47

Compiled by CBRE

On a stabilized basis, we project a significantly lower figure than the subject figures. We conclude

toward the subject average recognizing that this is a widely variable amount depending on

occupancy.

Professional and Legal

Professional and legal expenses include legal and any other professional fees such as accounting in

order to operate the rental property. The comparables and our estimate are shown below:

PROFESSIONAL & LEGAL FEES


02/13 - 12/13 Annualized $154,621 $172 $0.16

TTM (06/13 - 05/14) $152,189 $169 $0.16






CBRE Estimate $150,000 $167 $0.16

Compiled by CBRE


88

Administrative & General

Administrative expenses typically include telephone, supplies, furniture, temporary help and items that

are not provided by off-site management. The comparables and our estimate are shown below:

ADMINISTRATIVE & GENERAL


02/13 - 12/13 Annualized $264,457 $294 $0.28

TTM (06/13 - 05/14) $253,173 $282 $0.26






CBRE Estimate $250,000 $278 $0.26

Compiled by CBRE

Some properties include marketing, and legal and professional under this category which skews

ordinary administrative and general.

Repairs and Maintenance

Repairs and maintenance expenses typically include all outside maintenance service contracts and the

cost of maintenance and repairs supplies. Given the quality at the subject it is not surprising that it is

above the comparable range. We conclude toward the average of the subject data.

REPAIRS & MAINTENANCE


02/13 - 12/13 Annualized $2,968,426 $3,306 $3.09

TTM (06/13 - 05/14) $2,706,257 $3,014 $2.82






CBRE Estimate $2,800,000 $3,118 $2.91

Compiled by CBRE

Management Fee

Professional management fees in the local market range from 2.0% to 5.0% for comparable

properties. Because of the size of the subject, 2% is an appropriate amount and consistent with the

comparable data. In addition, the subject has an amenities management category. Were it added to

management, the overall management expense as a percent of effective gross income would be

3.77%.


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MANAGEMENT FEE

Year Total % EGI

02/13 - 12/13 Annualized $823,348 1.8%

TTM (06/13 - 05/14) $831,213 1.7%

Expense Comparable 1 N/A 0.0%




Comparable Average N/A 1.7%

CBRE Estimate $1,130,155 2.0%

Compiled by CBRE

The property is managed by Forest City Ratner with fees as indicated above.

Payroll

Payroll expenses typically include all payroll and payroll related items for all directly employed

administrative personnel. We conclude toward the average of the subject data; it is slightly below the

comparables per square foot and toward the lower end per unit. Given the large size of the subject,

the subject figures seem sensible.

PAYROLL


02/13 - 12/13 Annualized $3,051,050 $3,398 $3.17

TTM (06/13 - 05/14) $3,089,723 $3,441 $3.21






CBRE Estimate $3,075,000 $3,424 $3.20

Compiled by CBRE

Amenities Management

The amenities management expense is specific to the operations of the amenities of the subject. Our

conclusion is consistent with the subject history.


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AMENITIES MANAGEMENT


02/13 - 12/13 Annualized $1,015,785 $1,131 $1.06

TTM (06/13 - 05/14) $1,006,413 $1,121 $1.05






CBRE Estimate $1,000,000 $1,114 $1.04

Compiled by CBRE

Reserves for Replacement

The subject and the comparables did not report any expenses for Reserves for Replacement. Reserves

for Replacement expenses are common in multifamily properties, however many properties combine

this expense into Repairs and Maintenance, which is the case for the subject. Reserves for replacement

have been based on a recent Property Condition Assessment that indicates a reserve requirement of

$344 per unit. Our projection is $350 per unit, which is somewhat above the comparable mean but

reasonable for a property of this nature.

RESERVES FOR REPLACEMENT


02/13 - 12/13 Annualized $0 $0 $0.00

TTM (06/13 - 05/14) $0 $0 $0.00






CBRE Estimate $314,300 $350 $0.33

Compiled by CBRE


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OPERATING EXPENSE CONCLUSION

The subject’s expense is detailed as follows:

OPERATING EXPENSES W/OUT RE TAXES

Year Total $/Unit $/SF 02/13 - 12/13 Annualized $12,573,019 $14,001 $13.08 TTM (06/13 - 05/14) $12,205,156 $13,591 $12.70 Expense Comparable 1 N/A $14,495 $9.73 Expense Comparable 2 N/A $11,478 $11.03 Expense Comparable 3 N/A $10,017 $14.21 Expense Comparable 4 N/A $10,841 $10.81 Comparable Average N/A $11,708 $11.44 CBRE Estimate $12,844,455 $14,303 $13.36

Compiled by CBRE

Our operating expenses are largely consistent with the subject with the exception of advertising and

marketing. It is within the comparable range. Because the property is now stabilized, the advertising

and marketing expense is likely to be substantially lower and our projection takes that into

consideration.

NET OPERATING INCOME CONCLUSION

Because we process full rather than abated taxes, the subject’s net operating income is shown below

with and without taxes.

NET OPERATING INCOME

Year Total $/Unit $PSF

02/13 - 12/13 Annualized $33,001,181 $36,750 $34.33

TTM (06/13 - 05/14) $36,457,820 $40,599 $37.92

02/13 - 12/13 Annualized Without RE Taxes $33,403,946 $37,198 $34.75

TTM (06/13 - 05/14) Without RE Taxes $36,860,134 $41,047 $38.34

CBRE PROJECTION $32,212,242 $35,871 $33.51

CBRE PROJECTION Without RE Taxes $43,663,313 $48,623 $45.42

Compiled by CBRE

Excluding real estate taxes our projection is significantly higher than the historical figures because the

subject data encompasses the lease-up period whereas we are looking at the property on a stabilized

basis.

DIRECT CAPITALIZATION

Direct capitalization is a method used to convert a single year’s estimated stabilized net operating

income into a value indication. The following subsections represent different techniques for deriving

an overall capitalization rate for direct capitalization.


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DIRECT CAPITALIZATION

Direct capitalization is a method used to convert a single year’s estimated stabilized net operating

income into a value indication. The following subsections represent different techniques for deriving

an overall capitalization rate for direct capitalization.

Comparable Sales

In determining an overall capitalization rate we analyzed the financial indicators found the

comparable improved sales.

COMPARABLE CAPITALIZATION RATES

Sale Sale Price

Sale Date $/SF OAR

1 May-14 $739 3.16%

2 Jan-14 $633 3.56%

3 Apr-13 $1,121 3.89%

4 Feb-13 $1,099 2.66%

5 Dec-12 $1,021 3.22%

6 Nov-12 $786 3.76%

Indicated OAR: 3.25%

Compiled by: CBRE

The December 2012 $1,050,000,000 purchase of the subject property was based on the buyer’s

stabilized pro-forma (with abated taxes) which indicated an overall capitalization rate of 3.78%. Were

the present value of the abatement deducted from the sale price and the full unabated taxes included

in the pro-forma, the capitalization rate for the transaction would be approximately 50 basis points

lower. Moreover, the average capitalization rate of the comparable sales was 3.38% and as shown in

the Sales Comparison Approach all were viewed inferior to the subject.

When deciding upon a capitalization rate, three important factors should be considered:

Tenant Quality: the tenancy at the property represents the upper tier of the market, a group

that has the ability to pay at luxury levels and with a low perceived risk of credit loss;

Property Condition: the subject is an excellent Class A apartment building that was recently

completed, designed by a noted architect and has few equal competitors;

Appreciation Potential: as a best in class property, the subject is more likely to better sustain

any possible future downturns in the market than most other properties. In addition, because

of the subject’s excellent qualities, a potential for condominium conversion at a future date

could exist.

In concluding a capitalization rate for the subject the following additional considerations are made:


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Positive Attributes

1. The subject units are in excellent marketable condition. 2. The subject location is an increasingly desirable residential area. 3. The improvement was designed by a renowned architect and because of its unique

design, is one of the most noted recent developments and highly sought. 4. The property appeals to an international market as well as wealthy New Yorkers.

Negative Attributes

1. Economic uncertainties.

Market Participants

In addition, we surveyed local participants for their opinions as summarized in the following chart.

MARKET PARTICIPANTS

Respondent OAR

Brokerage Firm 3.00% - 4.00%

Pension Fund 3.50% - 4.50%

Real Estate Advisor 2.75% - 4.25%

Compiled by: CBRE

Published Investor Surveys

In addition, we referred to the most recent CBRE and Korpacz Investor Surveys as summarized in the

following chart.

OVERALL CAPITALIZATION RATES

Investment Type OAR Range Average

CBRE Capital Markets Year End 2013

New York City Class A Stabilized 3.00% - 4.00% 3.50%

New York City Class A Value Added 4.00% - 5.00% 4.50%

Korpacz PWC

National Apartment Data - Q4 2014 3.50% - 10.00% 5.59%

Indicated OAR: 3.25%

Compiled by: CBRE

Capitalization Rate Conclusion

Primary support for our concluded capitalization rate is derived from the comparables, especially the

subject sale. Secondary support is provided from the CBRE and Korpacz surveys and we conclude to a


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3.25% overall capitalization rate for the property. Because of its desirable Manhattan location, it is

appropriate that our conclusion would fall below the national survey.

Direct Capitalization Summary

DIRECT CAPITALIZATION SUMMARY

Residential Income $/Unit $/SF of GBA % of EGI Total Potential Residential Income $63,024 $58.87 100.16% $56,595,432Retail Revenue $160,000 $0.17 0.28% $160,000Amenity Revenue $334 $0.31 0.53% $300,000Miscellaneous Income $1,336 $1.25 2.12% $1,200,000Vacancy & Credit Loss 3.00% ($1,946) -$1.82 -3.09% -$1,747,663

Effective Gross Income $62,926 $58.78 100.00% $56,507,769

ExpensesReal Estate Taxes $12,752 $11.91 20.26% $11,451,072Property Insurance $863 $0.81 1.37% $775,000Utilities $3,229 $3.02 5.13% $2,900,000Renting & Advertising $501 $0.47 0.80% $450,000Professional & Legal Fees $167 $0.16 0.27% $150,000Administrative & General $278 $0.26 0.44% $250,000Repairs & Maintenance $3,118 $2.91 4.96% $2,800,000Management Fee 2.0% $1,259 $1.18 2.00% $1,130,155Payroll $3,424 $3.20 5.44% $3,075,000Amenities Management $1,114 $1.04 1.77% $1,000,000Reserves for Replacement $350 $0.33 0.56% $314,300

Operating Expenses $27,055 $25.27 43.00% $24,295,527

Operating Expense Ratio 43.00%

Net Operating Income $35,871 $33.51 57.00% $32,212,242

OAR 3.25%

Indicated Value $1,103,726 $1,031.02 $991,145,899

Deductions/Additions

Loss to Lease -$2,676,878

PV of 421a $128,000,000

Net Below Line Deductions/Additions $125,323,122

Value Indication $1,243,284 $1,161.39 $1,116,469,021

Rounded $1,247,216 $1,165.06 $1,120,000,000

Matrix Analysis Cap Rate Value

3.00% $1,073,741,400

3.25% $991,145,900

3.50% $920,349,800

Compiled by CBRE


95

DISCOUNTED CASH FLOW ANALYSIS (DCF)

The DCF assumptions for the subject are summarized as follows:

General Assumptions

Start Date Jun-14Terms of Analysis 10 YearsBasis Fiscal

Growth Rate Assumptions

Residential Income Growth

Expense Growth 3.00%Inflation (CPI) 3.00%Real Estate Tax Growth Varies

Residential Rental Rates - Year 1Average Monthly Rent $5,275

Occupancy AssumptionsCurrent Occupancy - Residential Mkt 99.22%

Stabilized V/C Loss - Residential Mkt 3.00%

Operating ExpensesTotal Operating Expenses ($/SF/Yr.) $25.27

Financial Assumptions

Discount Rate 6.00%Terminal Capitalization Rate 3.75%

Other Assumptions

Cost of Sale 4.00%Loss to Lease Year 1 ($2,676,878)

Compiled by CBRE

5% Yr 1 - 3; 4% Yr 4; 3% thereafter

SUMMARY OF DISCOUNTED CASH FLOW ASSUMPTIONS

Provided on the following pages is a discussion of additional assumptions used in the discounted cash

flow analysis.

General Assumptions

The DCF analysis utilizes a projection period of 10 Years. This is consistent with current investor

assumptions.

Growth Rate Assumptions

Expenses and inflation are expected to trend at 3% per annum. Taxes will grow in accordance with the

schedule shown previously. Because of strong growth in the residential market, rents are projected to

increase 5% per annum years 2 – 3; 4% in year 4; and, 3% thereafter. Many market participants and


96

brokers tell us that modeling for high profile properties such as the subject is being done with 5%

growth in the early years of the holding period and 4% throughout the remainder. This is borne out by

the low cap rates in the market where above average revenue growth is expected.

Financial Assumptions

Discount Rate Analysis

The results of the most recent investor surveys are summarized in the following chart.

DISCOUNT RATES

Investment Type Rate Range Average

Korpacz PWC


CBRE Estimate 6.00%

Compiled by: CBRE

The subject represents a best in class asset and draws from an international audience; therefore, a

discount rate towards the low end of the range would be considered appropriate. The property would

be highly by investors were it to become available to the market which would indicate a low discount

rate. There is a premium associated with purchasing a property such as the subject in which it is world

renowned, was constructed with the finest materials and designed by a famous architect.

Discount Rate Conclusion

Based on the above, we would conclude to a discount rate of 6.00%.

Terminal Capitalization Rate

Terminal Capitalization Rates are based on the going-in capitalization rates selected for a property.

Our selection of the going in capitalization rate is further described in the Direct Capitalization section

of this report. In selecting a terminal capitalization rate, going-in rates are analyzed and typically

increased 25 to 75 basis points. This is a result of the uncertainty of future economic conditions and

the natural aging of the property.

Earlier in this section we concluded to a 3.25% going-in capitalization rate for the subject property.

Published Investor Surveys

The results of the most recent PwC Investor Survey are summarized in the following chart.


97

TERMINAL CAPITALIZATION RATES

Investment Type Rate Range Average

Korpacz PWC


CBRE Estimate 3.75%

Compiled by: CBRE

In concluding a terminal capitalization rate for the subject the following considerations are made:

Positive Attributes

1. The subject leased up very quickly and now has a 99% occupancy; 2. The property is in excellent condition; 3. A potential to convert to condominium exists.

Negative Attributes

1. The current uncertainties in the capital markets.

For the subject, we have concluded to a terminal capitalization rate of 3.75%. Our conclusion, which

is 50 BP’s above the implied rate is considered reasonable, although it is below the PWC Real Estate

Investor survey since it is a world-class development located in Manhattan.

Discounted Cash Flow Conclusion

The DCF schedule and value conclusion is on the following page.


98

NEW YORK BY GEHRYDISCOUNTED CASH FLOW ANALYSIS - AS IS

BEGINNING 06/14

YEAR 1 2 3 4 5 6 7 8 9 10 Reversion Yr Ending May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25

RevenuePotential Market Rate Revenue 56,595,432 59,425,203 62,396,464 65,516,287 68,136,938 70,181,046 72,286,478 74,455,072 76,688,724 78,989,386 81,359,068Retail Revenue 160,000 164,800 169,744 174,836 180,081 185,484 191,048 196,780 202,683 208,764 215,027Amenity Revenue 300,000 309,000 318,270 327,818 337,653 347,782 358,216 368,962 380,031 391,432 403,175Miscellaneous Income 1,200,000 1,236,000 1,273,080 1,311,272 1,350,611 1,391,129 1,432,863 1,475,849 1,520,124 1,565,728 1,612,700Total Potential Revenue 58,255,432 61,135,003 64,157,558 67,330,214 70,005,283 72,105,441 74,268,605 76,496,663 78,791,563 81,155,309 83,589,969Less

Residential V/C Loss -1,747,663 -1,834,050 -1,924,727 -2,019,906 -2,100,158 -2,163,163 -2,228,058 -2,294,900 -2,363,747 -2,434,659 -2,507,699

Effective Gross Income $56,507,769 $59,223,703 $62,153,263 $65,228,353 $67,820,711 $69,855,333 $71,950,992 $74,109,522 $76,332,808 $78,622,792 $80,981,476

ExpensesReal Estate Taxes 11,451,072 11,922,386 12,454,886 12,982,034 13,574,628 14,182,788 14,611,109 15,052,364 15,506,945 15,975,255 16,457,708Property Insurance 775,000 798,250 822,198 846,863 872,269 898,437 925,391 953,152 981,747 1,011,199 1,041,535Utilities 2,900,000 2,987,000 3,076,610 3,168,908 3,263,976 3,361,895 3,462,752 3,566,634 3,673,633 3,783,842 3,897,358Renting & Advertising 450,000 463,500 477,405 491,727 506,479 521,673 537,324 553,443 570,047 587,148 604,762Professional & Legal Fees 150,000 154,500 159,135 163,909 168,826 173,891 179,108 184,481 190,016 195,716 201,587Administrative & General 250,000 257,500 265,225 273,182 281,377 289,819 298,513 307,468 316,693 326,193 335,979Repairs & Maintenance 2,800,000 2,884,000 2,970,520 3,059,636 3,151,425 3,245,967 3,343,346 3,443,647 3,546,956 3,653,365 3,762,966Management Fee 1,130,155 1,747,356 1,834,362 1,925,708 2,002,544 2,062,621 2,124,499 2,188,234 2,253,881 2,321,498 2,391,143Payroll 3,075,000 3,167,250 3,262,268 3,360,136 3,460,940 3,564,768 3,671,711 3,781,862 3,895,318 4,012,178 4,132,543Amenities Management 1,000,000 1,030,000 1,060,900 1,092,727 1,125,509 1,159,274 1,194,052 1,229,874 1,266,770 1,304,773 1,343,916Reserves for Replacement 314,300 323,729 333,441 343,444 353,747 364,360 375,291 386,549 398,146 410,090 422,393

Total Expenses $24,295,527 $25,735,471 $26,716,949 $27,708,274 $28,761,720 $29,825,493 $30,723,095 $31,647,710 $32,600,152 $33,581,257 $34,591,890

Net Income $32,212,242 $33,488,232 $35,436,314 $37,520,078 $39,058,991 $40,029,839 $41,227,898 $42,461,812 $43,732,656 $45,041,535 $46,389,586LessLoss to Lease ($2,676,878) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Cash Flow $29,535,364 $33,488,232 $35,436,314 $37,520,078 $39,058,991 $40,029,839 $41,227,898 $42,461,812 $43,732,656 $45,041,535 $46,389,586

Assumptions:Residential Income Growth ---- 5.00% 5.00% 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Management Fee 2.00%Cost of Sale 4.00%

EGI, EXPENSES, AND NCF Sale / Yield Matrix

Terminal Cap Rate3.50% 3.75% 4.00%

IRR5.75% 1,010,693,052 962,194,512 919,758,2906.00% 990,144,768 942,777,998 901,332,0746.25% 970,096,873 923,832,888 883,351,901

Reconciled Value Indication: $942,777,998

Plus Tax Benefits: $128,000,000$1,070,777,998

As-Is Value Indication (Rounded): $1,070,000,000

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

1 2 3 4 5 6 7 8 9 10 11Year

EGI Expenses NOI NCF


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CONCLUSION OF INCOME CAPITALIZATION APPROACH

The conclusions via the valuation methods employed for this approach are as follows:

INCOME CAPITALIZATION APPROACH VALUESDirect Capitalization Method $1,120,000,000

Discounted Cash Flow Analysis $1,070,000,000

Reconciled Value $1,100,000,000

Compiled by CBRE

Primary emphasis has been placed on the Direct Capitalization Method as it is considered to best

reflect the actions of buyers and sellers currently active in this market. Furthermore, the subject

represents a stable income producing rental property, which is more conducive to a direct

capitalization approach. The discounted cash flow analysis is primarily used for properties with varying

cash flows over a projected holding period.

NEW YORK BY GEHRY| RECONCILIATION OF VALUE

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RECONCILIATION OF VALUE

The value indications from the approaches to value are summarized as follows:

SUMMARY OF VALUE CONCLUSIONSAs Is on

June 16, 2014

Sales Comparison Approach $1,100,000,000

Income Capitalization Approach $1,100,000,000

Reconciled Value $1,100,000,000

Compiled by CBRE

In the sales comparison approach, the subject is compared to similar properties that have been sold

recently or for which listing prices or offers are known. The sales used in this analysis are considered

comparable to the subject, and the required adjustments were based on reasonable and well-

supported rationale. In addition, market participants are currently analyzing purchase prices on

investment properties as they relate to available substitutes in the market. Therefore, the sales

comparison approach is considered to provide a reliable value indication, but has been given

secondary emphasis in the final value reconciliation.

The income capitalization approach is applicable to the subject since it is an income producing

property leased in the open market. Market participants are primarily analyzing properties based on

their income generating capability. Therefore, the income capitalization approach is considered a

reasonable and substantiated value indicator and has been given primary emphasis in the final value

estimate.

MARKET VALUE CONCLUSION

Appraisal Premise Interest Appraised Date of Value Value Conclusion

As Is Leased Fee Estate June 16, 2014 $1,100,000,000

Compiled by CBRE

NEW YORK BY GEHRY| ASSUMPTIONS AND LIMITING CONDITIONS

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ASSUMPTIONS AND LIMITING CONDITIONS

1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE is not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. CBRE, however, has not examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements, deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against financial loss resulting in claims that may arise out of defects in the subject’s title should be sought from a qualified title company that issues or insures title to real property.

2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. CBRE professionals are not engineers and are not competent to judge matters of an engineering nature. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to the attention of CBRE by ownership or management; CBRE inspected less than 100% of the entire interior and exterior portions of the improvements; and CBRE was not furnished any engineering studies by the owners or by the party requesting this appraisal. If questions in these areas are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon. It is specifically assumed that any knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. Structural problems and/or building system problems may not be visually detectable. If engineering consultants retained should report negative factors of a material nature, or if such are later discovered, relative to the condition of improvements, such information could have a substantial negative impact on the conclusions reported in this appraisal. Accordingly, if negative findings are reported by engineering consultants, CBRE reserves the right to amend the appraisal conclusions reported herein.

3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. CBRE has no knowledge of the existence of such materials on or in the property. CBRE, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired.

We have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the soil. Therefore, no representation is made as to these matters unless specifically considered in the appraisal.

4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or off-site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner


102

according to standard practices based upon the information submitted to CBRE. This report may be subject to amendment upon re-inspection of the subject subsequent to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated; based upon the information, conditions and projected levels of operation.

5. It is assumed that all factual data furnished by the client, property owner, owner’s representative, or persons designated by the client or owner to supply said data are accurate and correct unless otherwise specifically noted in the appraisal report. Unless otherwise specifically noted in the appraisal report, CBRE has no reason to believe that any of the data furnished contain any material error. Information and data referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material error in any of the above data could have a substantial impact on the conclusions reported. Thus, CBRE reserves the right to amend conclusions reported if made aware of any such error. Accordingly, the client-addressee should carefully review all assumptions, data, relevant calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify CBRE of any questions or errors.

6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal. Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that date. This appraisal is based on market conditions existing as of the date of this appraisal. Under the terms of the engagement, we will have no obligation to revise this report to reflect events or conditions which occur subsequent to the date of the appraisal. However, CBRE will be available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject.

7. CBRE assumes no private deed restrictions, limiting the use of the subject in any way.

8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposits or subsurface rights of value involved in this appraisal, whether they are gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered unless otherwise stated in this appraisal report. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred.

9. CBRE is not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly affect the value of the subject.

10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time. Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market.

11. Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may vary from the projections considered herein. CBRE does not warrant these forecasts will occur. Projections may be affected by circumstances beyond the current realm of knowledge or control of CBRE

12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect recommendation of CBRE to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy questions and must be specifically addressed in consultation form.


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13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations governing use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise stated.

14. This study may not be duplicated in whole or in part without the specific written consent of CBRE nor may this report or copies hereof be transmitted to third parties without said consent, which consent CBRE reserves the right to deny. Exempt from this restriction is duplication for the internal use of the client-addressee and/or transmission to attorneys, accountants, or advisors of the client-addressee. Also exempt from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the party/parties for whom this appraisal was prepared, provided that this report and/or its contents shall not be published, in whole or in part, in any public document without the express written consent of CBRE which consent CBRE reserves the right to deny. Finally, this report shall not be advertised to the public or otherwise used to induce a third party to purchase the property or to make a “sale” or “offer for sale” of any “security”, as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the exemptions herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision in connection with this property. CBRE shall have no accountability or responsibility to any such third party.

15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report.

16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. Component values for land and/or buildings are not intended to be used in conjunction with any other property or appraisal and are invalid if so used.

17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced, or used apart from this report.

18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey, engineering study or architectural analysis has been made known to CBRE unless otherwise stated within the body of this report. If the Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranty is made concerning obtaining these items. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance.

19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth in this report. It is the responsibility of the Client, or client’s designees, to read in full, comprehend and thus become aware of the aforementioned contingencies and limiting conditions. Neither the Appraiser nor CBRE assumes responsibility for any situation arising out of the Client’s failure to become familiar with and understand the same. The


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Client is advised to retain experts in areas that fall outside the scope of the real estate appraisal/consulting profession if so desired.

20. CBRE assumes that the subject analyzed herein will be under prudent and competent management and ownership; neither inefficient nor super-efficient.

21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report.

22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further assumed that no encroachments to the realty exist.

23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removal construction items in this report, CBRE has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since CBRE has no specific information relating to this issue, nor is CBRE qualified to make such an assessment, the effect of any possible non-compliance with the requirements of the ADA was not considered in estimating the value of the subject.

24. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the extent that the Client misrepresents, distorts, or provides incomplete or inaccurate appraisal results to others, which acts of the Client approximately result in damage to Appraiser. Notwithstanding the foregoing, Appraiser shall have no obligation under this Section with respect to any loss that is caused solely by the active negligence or willful misconduct of a Client and is not contributed to by any act or omission (including any failure to perform any duty imposed by law) by Appraiser. Client shall indemnify and hold Appraiser harmless from any claims, expenses, judgments or other items or costs arising as a result of the Client's failure or the failure of any of the Client's agents to provide a complete copy of the appraisal report to any third party. In the event of any litigation between the parties, the prevailing party to such litigation shall be entitled to recover, from the other, reasonable attorney fees and costs.

25. As part of the client’s requested scope of work, an estimate of insurable value is provided herein. CBRE has followed traditional appraisal standards to develop a reasonable calculation based upon industry practices and industry accepted publications such as the Marshal Valuation Service handbook. The methodology employed is a derivation of the cost approach which is primarily used as an academic exercise to help support the market value estimate and therefore is not reliable for Insurable Value estimates. Actual construction costs and related estimates can vary greatly from this estimate.

This analysis should not be relied upon to determine proper insurance coverage which can only be properly estimated by consultants considered experts in cost estimation and insurance underwriting. It is provided to aid the client/reader/user as part of their overall decision making process and no representations or warranties are made by CBRE regarding the accuracy of this estimate and it is strongly recommend that other sources be utilized to develop any estimate of insurable value.

NEW YORK BY GEHRY| ADDENDA

ADDENDA


ADDENDUM A

CLIENT PROVIDED DATA

Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Total

1 2 3 4 5 6 7 8 9 10 11 12

4000-0005 REVENUE

4001-0000 RENTAL REVENUE

4005-0000 Rent 4,343,442.69 4,408,123.14 4,455,366.60 4,543,327.04 4,566,978.02 4,568,776.04 4,560,763.51 4,546,666.70 4,539,200.39 4,526,731.60 4,516,222.25 4,511,812.42 54,087,410.40

4250-0000 FC S/L Rent - Lease Induc 0.00 -303,978.55 0.00 0.00 -76,615.68 0.00 -16,812.27 0.00 0.00 -14,843.15 0.00 0.00 -412,249.65

6165-0000 FC - Bad Debt 0.00 5,055.69 0.00 0.00 23,284.25 54,175.66 176.39 0.00 0.00 -133,815.45 0.00 0.00 -51,123.46

4040-0000 Bad Debt Allowance -841.01 0.00 0.00 -81,396.52 0.00 0.00 -22,866.34 -16,340.37 -2,240.79 -34,332.36 0.00 0.00 -158,017.39

4045-0000 Early Lease Termination 84,055.69 7,409.51 6,585.80 105,226.30 7,851.49 0.00 174,970.00 26,745.00 61,511.75 20,985.00 0.00 0.00 495,340.54

4220-0000 Prior Period Charge Adjustment 36,652.80 1,447.37 -145,043.28 -14,736.68 7,427.87 9,077.10 36,634.48 -16,464.62 54,570.23 -71,102.29 60,068.72 3,714.28 -37,754.02

4205-0000 Concessions -464,047.45 -440,542.01 -399,796.76 -385,107.30 -356,344.86 -268,643.03 -157,734.03 -73,742.74 -55,291.00 -32,514.39 -19,565.99 -38,481.22 -2,691,810.78

4050-0000 Vacancy -171,407.76 -273,225.74 -286,514.04 -280,566.75 -302,875.77 -315,776.21 -257,073.24 -261,736.77 -276,363.94 -197,849.41 -123,260.15 -63,483.82 -2,810,133.60

4099-9999 TOTAL RESIDENTIAL REVENUE 3,827,854.96 3,404,289.41 3,630,598.32 3,886,746.09 3,869,705.32 4,047,609.56 4,318,058.50 4,205,127.20 4,321,386.64 4,063,259.55 4,433,464.83 4,413,561.66 48,421,662.04

4100-0000 OTHER RESIDENTIAL REVENUE

4100-0002 Storage Fees 615.00 390.00 420.00 765.00 3,660.00 270.00 2,550.00 600.00 487.50 750.00 660.00 675.00 11,842.50

4240-0000 Amenity Income 21,401.75 42,298.05 32,522.50 26,879.20 26,772.58 16,298.42 26,546.01 13,597.37 29,819.51 20,873.95 23,772.96 22,401.60 303,183.90

4110-0000 Electrical Income 49,658.65 74,755.18 89,096.85 115,478.12 89,623.83 89,915.45 70,089.30 73,522.09 85,635.18 137,622.04 99,619.25 70,086.38 1,045,102.32

4115-0000 Legal Fee Income 1,324.50 1,725.00 255.69 1,055.00 412.38 1,270.69 0.00 609.00 113.50 972.00 589.38 127.00 8,454.14

4270-0000 Condominium Employee Reimb 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,516.00 4,012.00 7,528.00

4125-0000 Late Fees 17,800.00 3,800.00 14,600.00 5,000.00 6,200.00 10,000.00 13,600.00 12,600.00 9,200.00 4,000.00 20,200.00 4,600.00 121,600.00

4130-0000 NSF Fees 400.00 350.00 350.00 350.00 487.95 250.00 256.03 400.00 450.00 300.00 500.00 150.00 4,243.98

4135-0000 Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -198.50 198.50 0.00

4140-0000 Key and Lock Fees 1,510.00 1,990.00 1,005.00 1,290.00 2,075.00 1,080.00 1,510.00 1,180.00 775.00 2,140.00 1,015.00 495.00 16,065.00

4145-0000 Damages and Cleaning Fees 10,328.91 9,059.87 8,416.81 6,046.43 6,114.13 7,598.31 3,894.92 3,636.29 4,794.76 1,860.78 -243.28 8,418.69 69,926.62

4150-0000 Forfeited security 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,295.00 0.00 0.00 4,295.00

4199-9999 TOTAL OTHER RESIDENTIAL REVENUE 103,038.81 134,368.10 146,666.85 156,863.75 135,345.87 126,682.87 118,446.26 106,144.75 131,275.45 172,813.77 149,430.81 111,164.17 1,592,241.46 1,289,057.56 0.810749149

4200-0000 MISCELLANEOUS INCOME

4225-0000 FC-Interest Income 0.00 3,937.16 0.00 0.00 705.00 0.00 698.97 0.00 0.00 1,602.01 0.00 0.00 6,943.14

4225-0001 Security Interest Income 15.42 7.03 0.00 13.46 3.44 11.45 0.00 6.29 9.66 4,493.01 9.73 4,223.33 8,792.82

4230-0000 Other Miscellaneous Income 0.00 1.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,000.00 1,001.20

Ins Income Gain 0.00 0.00 0.00 0.00 0.00 0.00 1,795.61 0.00 0.00 0.00 0.00 0.00 1,795.61

4299-9999 TOTAL MISCELLANEOUS INCOME 15.42 3,945.39 0.00 13.46 708.44 11.45 2,494.58 6.29 9.66 6,095.02 9.73 5,223.33 18,532.77

4300-0000 COMMERCIAL REVENUE

4305-0000 Laundry Income 1,253.48 0.00 3,716.79 1,153.37 1,014.35 1,207.78 1,100.00 1,093.29 2,340.99 860.61 255.96 1,270.81 15,267.43

4330-0000 Commercial Rent 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 24,000.00

4399-9999 TOTAL COMMERCIAL REVENUE 3,253.48 2,000.00 5,716.79 3,153.37 3,014.35 3,207.78 3,100.00 3,093.29 4,340.99 2,860.61 2,255.96 3,270.81 39,267.43

4999-9999 TOTAL REVENUE 3,934,162.67 3,544,602.90 3,782,981.96 4,046,776.67 4,008,773.98 4,177,511.66 4,442,099.34 4,314,371.53 4,457,012.74 4,245,028.95 4,585,161.33 4,533,219.97 50,071,703.70

5000-0001 OPERATING EXPENSES

5001-0000 PAYROLL EXPENSES

4007-0000 Employee Rent 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 64,740.00

5010-0000 Wages 108,336.12 132,876.58 119,584.77 120,519.21 136,096.91 131,568.73 160,304.77 125,665.56 139,463.18 122,626.77 123,021.02 138,344.31 1,558,407.93

5020-0000 Payroll Taxes 8,653.64 10,998.30 9,382.05 9,718.05 10,684.38 9,963.59 11,449.46 18,053.86 16,011.61 11,575.08 9,427.89 12,064.96 137,982.87

5701-0000 Legal & Training 0.00 862.29 858.84 861.28 830.52 867.35 858.84 876.45 515.04 -267.19 565.15 1,045.56 7,874.13

5220-0000 Workers Compensation 1,411.41 18,886.42 -17,731.63 766.00 389.00 -3,721.20 66,942.00 0.00 11,157.00 5,661.50 12,620.08 9,549.83 105,930.41

5215-0000 Health Insurance 35,550.85 32,739.32 29,115.53 32,662.52 31,533.03 33,161.72 32,608.24 33,622.53 38,230.70 46,392.09 39,160.08 36,219.59 420,996.20

5205-0000 Union Employee Benefits 2,850.00 13,189.25 9,191.00 13,358.00 13,199.26 9,501.75 12,793.75 13,107.50 11,364.00 -2,299.00 33,477.25 7,913.00 137,645.76

5035-0000 Disability 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5050-0000 Bonuses 0.00 0.00 0.00 0.00 0.00 0.00 20,500.00 0.00 0.00 0.00 0.00 0.00 20,500.00

5199-9999 TOTAL PAYROLL EXPENSES 162,197.02 214,947.16 155,795.56 183,280.06 198,128.10 186,736.94 310,852.06 196,720.90 222,136.53 189,084.25 223,666.47 210,532.25 2,454,077.30 635,645.48 119,446.83 3,209,169.61

5400-0000 REPAIRS AND MAINTENANCE

5415-0000 Elevator - Contract 14,779.14 14,479.57 14,479.57 14,479.57 14,479.57 14,479.57 14,479.57 14,479.57 14,913.96 14,913.96 15,348.35 14,913.96 176,226.36

5435-0000 Boiler, HVAC 8,694.51 8,357.39 10,104.69 0.00 13,376.08 4,965.06 0.00 0.00 1,010.13 0.00 6,403.33 2,568.55 55,479.74

5445-0000 Exterminator - Non Contract 190.53 2,172.06 272.19 0.00 849.24 0.00 272.19 0.00 1,413.20 412.31 -200.00 0.00 5,381.72

5450-0000 Exterminator - Service Contract 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 0.00 2,852.52 17,115.12

5460-0000 Apt Cleaning-First Time 0.00 1,633.14 2,520.48 0.00 0.00 1,016.57 0.00 0.00 0.00 0.00 0.00 0.00 5,170.19

5465-0000 Electrical Repair 5,623.40 8,923.84 1,173.76 5,917.35 6,047.53 -1,401.22 1,250.00 1,250.00 1,073.00 0.00 0.00 3,200.21 33,057.87

5470-0000 Intercoms 2,547.69 0.00 293.96 0.00 4,129.07 6,199.04 10,098.58 4,391.62 -600.45 3,427.37 293.96 955.38 31,736.22

5475-0000 RM Painting/Plastering 14,440.08 4,398.81 7,500.00 0.00 14,155.33 1,769.21 5,983.56 0.00 3,102.94 1,088.75 0.00 0.00 52,438.68

5485-0000 Doors - Exterior 308.11 6,726.30 4,425.76 0.00 462.72 2,231.94 816.56 762.12 0.00 2,200.67 933.53 0.00 18,867.71

5500-0000 Appliance Repairs and Parts 11,377.76 7,566.22 23,591.03 9,339.31 6,662.78 8,069.19 11,966.06 5,781.66 446.70 6,320.57 7,521.66 8,559.15 107,202.09

5510-0000 Elevator Repairs 1,600.46 457.28 -2,973.29 0.00 3,429.56 0.00 48,901.22 9,352.36 -8,666.45 8,320.77 5,356.64 803.50 66,582.05

5525-0000 Plumbing 5,161.69 14,627.71 9,676.41 6,481.30 39,451.87 4,725.09 1,353.96 0.00 0.00 1,806.79 8,900.40 2,746.19 94,931.41

5530-0000 Water/Air Testing 0.00 0.00 0.00 0.00 7,420.00 875.00 1,470.00 0.00 0.00 0.00 0.00 0.00 9,765.00

5540-0000 Glass Windows 0.00 0.00 2,525.00 0.00 0.00 0.00 0.00 0.00 5,312.50 0.00 0.00 0.00 7,837.50

5549-0000 Landscape - Ext Contract 424.61 424.61 440.54 440.54 440.54 440.54 440.54 404.63 476.45 440.54 440.54 440.54 5,254.62

5552-0000 Seasonal Flowers 5,383.87 5,601.62 5,601.62 5,601.62 5,601.62 5,601.62 0.00 11,203.24 5,601.62 0.00 5,601.62 5,601.62 61,400.07

5560-0000 Make Ready Expenses - Apartment 71,632.76 87,461.32 99,335.22 79,617.18 123,507.49 75,325.30 63,811.80 47,808.83 20,912.09 54,699.98 55,570.43 26,639.78 806,322.18

5565-0000 Flooring, Carpet and Tile 2,041.40 1,069.00 7,975.09 -2,830.75 35,583.60 2,753.44 0.00 0.00 4,177.52 3,289.10 816.56 1,524.24 56,399.20

5570-0000 Metal, Wood, Stone 0.00 850.00 816.56 408.28 430.06 408.28 3,266.25 0.00 0.00 2,874.30 0.00 0.00 9,053.73

5700-0005 Cable TV 4,796.52 4,046.55 4,546.53 4,548.75 4,548.75 4,548.79 4,548.79 4,798.79 4,799.12 4,544.11 270.16 2,523.87 48,520.73

5714-0000 Internet and WiFi 0.00 900.00 900.00 900.00 900.00 900.00 900.00 900.00 3,400.00 5,150.00 8,518.47 4,975.00 28,343.47

5512-0000 Carpet Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 612.54 375.00 987.54

5520-0003 Other Misc Rprs 12,239.74 14,439.33 4,242.46 5,816.38 4,281.00 -0.03 20,119.50 2,743.50 2,748.85 -1,225.59 6,589.65 1,551.46 73,546.25

5555-0000 Supplies/Hardware/Equip/Janit 29,097.33 31,650.48 15,614.19 21,718.34 20,718.11 14,755.94 20,223.08 6,798.26 6,877.76 24,191.33 13,050.35 8,743.96 213,439.13

5230-0000 Uniforms 661.00 0.00 0.00 292.21 0.00 1,844.70 0.00 0.00 65.00 0.00 3,973.50 0.00 6,836.41

5615-0000 Data Process (Keytrak) 1,850.42 0.00 0.00 0.00 332.34 0.00 0.00 0.00 26.00 0.00 0.00 0.00 2,208.76

5405-0000 Sanitation/Rubbish Removal 0.00 409.91 859.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,269.64

5590-0000 Fire Safety Contract/Repairs 0.00 10,529.90 0.00 0.00 0.00 0.00 0.00 0.00 1,827.74 1,827.74 2,048.48 3,957.61 20,191.47

5599-0001 Fire Extinguishers-Contract 1,827.74 1,824.74 1,827.74 0.00 1,827.74 1,827.74 1,827.74 3,506.49 -3,506.49 0.00 0.00 0.00 10,963.44

5599-9999 TOTAL REPAIRS AND MAINTENANCE 196,105.02 229,976.04 217,175.50 154,156.34 310,061.26 152,762.03 213,155.66 115,607.33 66,837.45 135,708.96 142,625.74 92,932.54 2,027,103.87 679,152.94 2,706,256.81

5605-0000 SECURITY

5607-0000 Security-Contract 0.00 0.00 0.00 0.00 119,446.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 119,446.83 ONE TIME EXPENSE

5650-0000 TOTAL SECURITY 0.00 0.00 0.00 0.00 119,446.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 119,446.83

5700-0000 ADMINISTRATIVE

5700-0001 Travel 0.00 0.00 803.17 0.00 134.20 4,228.73 0.00 0 0 0 0 0 5166.1

5702-0000 Bank Charges 262.80 330.00 240.00 300.00 270.00 210.00 240.00 30.00 330.00 210.00 270.00 1,465.00 4,157.80

5703-0000 FC - Bank Charges 0.00 1,427.10 0.00 0.00 1,054.14 0.00 536.65 0.00 3,017.89

5716-0000 Garage Parking 375.00 375.00 750.00 0.00 375.00 375.00 0.00 375.00 375.00 375.00 375.00 375.00 4,125.00

5706-0000 Dues and Subscriptions 0.00 0.00 0.00 0.00 0.00 0.00 48.80 0.00 0.00 0.00 0.00 0.00 48.80

5715-0000 Background Checks 80.00 0.00 0.00 40.00 40.00 0.00 0.00 0.00 40.00 0.00 923.68 40.00 1,163.68

7132-0000 Payroll Fees CSR 491.12 611.95 550.23 653.27 520.67 520.00 819.09 549.70 588.80 1,348.05 224.42 771.20 7,648.50

5718-0000 Licenses Fees and Permits 98.00 0.00 8,190.00 0.00 8,190.00 0.00 2,220.00 -610.00 245.00 0.00 0.00 -245.00 18,088.00

5722-0000 Office Equipment 1,780.36 859.03 859.03 2,175.87 859.03 1,199.81 2,436.26 518.25 2,095.48 2,098.25 -639.59 966.29 15,208.07

5730-0000 Management & Leasing Office Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 721.91 586.44 332.84 1,641.19

5610-0000 Bldg Link License 1,799.70 1,799.07 1,799.07 1,799.70 1,799.70 1,799.70 1,799.70 1,799.70 1,801.01 1,799.70 1,799.70 1,799.70 21,596.45

5736-0000 Postage & Courier 1,440.50 9,149.04 744.02 5,487.61 1,324.37 1,487.61 2,092.34 974.84 1,436.65 -823.23 1,377.82 1,976.28 26,667.85

5738-0000 Telephone 2,598.86 2,300.00 2,438.22 2,476.45 2,490.23 2,420.96 2,522.12 2,409.62 2,749.18 2,800.00 9,233.99 100.00 34,539.63

5410-0000 New Violation Removal Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 100.00

5748-0001 Office Supplies -Leasing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,691.79 0.00 1,691.79

5790-0000 Other Admin Expenses 2,333.87 654.52 1,180.41 3,030.91 14,035.22 9,239.61 9,861.40 5,647.34 554.92 3,227.67 -576.00 1,050.05 50,239.92

5666-0000 Holiday Decorations 0.00 0.00 0.00 0.00 0.00 3,429.56 81.00 0.00 3,510.56

6330-0000 Corporate Taxes - State and Local 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,525.00 3,025.00 0.00 0.00 7,550.00

5799-9999 TOTAL ADMINISTRATIVE 11,260.21 17,505.71 17,554.15 15,963.81 31,092.56 24,910.98 22,657.36 11,694.45 14,841.04 14,782.35 15,267.25 8,631.36 206,161.23 47,011.67 253,172.90

5800-0000 MANAGEMENT FEES

5805-0000 Property Management Fee 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 51,778.32 53,432.06 51,778.32 50,124.58 608,109.92

5814-0000 Mgmt Fees-Lease Renewals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,850.00 2,850.00 1,650.00 4,650.00 3,750.00 15,750.00

5819-9999 TOTAL MANAGEMENT FEES 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 52,974.58 54,628.32 55,082.06 56,428.32 53,874.58 623,859.92 207,353.46 831,213.38

5830-0000 PROFESSIONAL

5832-0000 Legal - Landlord Tenant 1,170.69 510.00 2,575.19 1,055.00 1,063.38 1,139.50 311.19 0.00 2,175.50 1,729.00 1,018.38 906.50 13,654.33

5834-0000 Legal - General 2,925.00 0.00 12,941.70 26,148.52 4,445.69 -25,985.02 -16,652.50 163.50 3,061.50 0.00 0.00 0.00 7,048.39

5835-0000 Prof fees-Other 255.86 6,751.64 8,488.78 15,000.00 6,161.71 -689.73 13,827.13 0.00 0.00 0.00 8,442.50 2,000.00 60,237.89

6160-0000 FC-Legal Fees_Tenant 0.00 -3,675.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3,675.00

7140-0000 Audit Fees 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 5,833.34 4,166.67 4,167.00 4,166.76 38,333.77

5840-0000 Enginner Fees 0.00 45,736.53 126,146.81 0.00 -112,187.18 -59,696.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5843-0000 FC- Filing Fees 0.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.00

5845-0000 Meter Reading 2,631.25 2,717.58 2,822.58 5,318.83 2,646.25 2,496.25 3,240.08 4,150.00 2,525.00 2,186.25 3,208.25 2,572.25 36,514.57

5849-9999 TOTAL PROFESSIONAL 9,482.80 54,615.75 155,475.06 50,022.35 -95,370.15 -80,235.16 3,225.90 6,813.50 13,595.34 8,081.92 16,836.13 9,645.51 152,188.95

5655-0000 HEALTH CLUB OPERATIONS & MGMT

5685-0010 Amenities-Mgmt Contract 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 519,168.00

5685-0005 Amenities-Concierge 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 31,625.00 29,175.00 335,800.00

5505-0010 Gym Equip Contract 124.75 374.28 499.01 499.01 499.01 0.00 2,041.41 0.00 0.00 0.00 2,041.41 0.00 6,078.88

5685-0015 RM-Health Club 120.00 4,143.10 3,175.99 1,023.76 1,049.56 332.07 0.00 0.00 2,733.69 1,731.58 1,185.81 1,246.62 16,742.18

5685-0030 A/V Contract-Health Club 0.00 3,618.16 0.00 0.00 1,206.05 1,206.05 1,206.06 1,206.05 1,206.05 1,206.06 1,206.05 1,206.05 13,266.58

5685-0020 Operating Exp-Health Club 13,275.02 5,825.50 5,034.95 4,356.77 24,252.79 7,300.72 16,948.02 3,008.85 1,804.76 9,102.60 1,288.26 16,480.96 108,679.20

5685-0025 Insurance-Health Club 0.00 607.14 607.14 607.14 607.14 607.14 607.14 607.16 607.14 607.14 607.14 607.14 6,678.56

5699-9999 TOTAL HEALTH CLUB OPERATIONS & MGMT 84,283.77 85,332.18 80,081.09 77,250.68 98,378.55 80,209.98 91,566.63 75,586.06 77,115.64 83,411.38 81,217.67 91,979.77 1,006,413.40

5655-0000 LEASING & MARKETING

5660-0000 Leasing Staff - Salaries & Commissions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 129,112.07 131,064.85 -94,353.73 70,740.98 71,216.49 307,780.66

5680-0005 Dbox-Broker Invoices 6,372.03 0.00 24,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30,372.03

5680-0010 Nancy Packes Consulting 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 3,125.00 -3,125.00 0.00 3,125.00 -3,125.00 70,000.00

5680-0015 NYL Media 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5680-0030 Leasing Incentives-Broker Invoices 444.21 4,013.18 6,500.47 0.00 14,032.39 10,333.10 52,782.58 -215.84 215.84 0.00 8,160.38 -8,160.38 88,105.93

5680-0035 Misc-Broker Invoices 28,580.49 27,983.77 14,854.25 17,147.81 12,887.50 20,141.88 0.00 0.00 0.00 0.00 6,691.25 -6,691.25 121,595.70

5235-0000 Consulting Fees 93,922.06 67,000.00 178,393.15 81,713.65 88,233.85 0.00 20,000.00 0.00 6,250.00 3,125.00 0.00 35,625.00 574,262.71

5676-0000 Misc Leasing Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 637.23 22,803.88 13,704.31 -639.31 36,506.11

5690-0000 Public Relations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,038.24 10,119.13 0.00 10,156.25 25,313.62

5675-0000 Marketing & Advertising 34,165.37 20,355.83 16,400.00 10,487.36 19,708.11 29,291.01 42,352.58 19,494.19 9,200.00 -3,294.19 5,060.15 -910.15 202,310.26

5699-9999 TOTAL LEASING & MARKETING 173,484.16 129,352.78 250,147.87 119,348.82 144,861.85 69,765.99 125,135.16 151,515.42 149,281.16 -61,599.91 107,482.07 97,471.65 1,456,247.02

CONDOMINIUM OPERATING EXPENSES

5003-0000 Condo Salaries & Wages 41,241.66 39,852.30 42,588.26 35,753.31 35,371.68 39,005.09 27,345.34 36,413.00 22,873.00 31,495.95 32,734.00 33,310.00 417,983.59

5025-0000 Condo PR Taxes/Benefits 16,973.89 21,681.27 18,409.57 20,502.39 16,753.10 16,350.27 21,490.74 17,690.00 19,593.00 16,035.06 15,942.00 16,240.60 217,661.89 635,645.48

6150-0000 Condo Utilities 86,645.64 257,238.76 208,932.45 101,203.19 180,102.59 47,549.81 250,858.06 173,135.00 460,290.00 167,864.73 54,958.00 86,502.68 2,075,280.91

6155-0000 Utilites - Tenant Electric 72,562.72 95,200.96 64,663.45 180,969.60 60,492.11 52,132.61 -96.59 65,104.00 143,527.00 17,589.59 113,659.00 24,983.92 890,788.37

6120-0000 Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,966,069.28

5515-0000 Condo Bldg R and M 33,017.73 173,374.11 34,233.67 148,369.79 -137,326.91 7,519.69 4,558.05 6,533.00 3,910.14 60,448.48 9,294.00 47,572.72 391,504.47

5520-0000 Condo Building Supplies 4,352.38 2,627.16 4,955.22 18,305.87 -3,376.95 117.56 3,517.11 4,212.00 -5,013.00 4,608.65 1,981.61 1,152.93 37,440.54

5425-0000 Contract Svcs-Condo -16,970.86 44,790.83 -2,241.86 12,339.38 165,160.07 -25,882.27 44,400.09 47,500.00 -31,954.00 -14,708.00 4,382.00 23,392.55 250,207.93 679,152.94

5790-0001 Condo Admin Expenses 1,165.75 1,270.23 1,708.57 2,504.36 -2,209.68 15,767.26 12,962.54 3,815.00 -290.00 2,253.76 6,505.00 1,558.88 47,011.67

5813-0000 Mgmnt Fee-Condo 16,585.07 36,225.31 15,537.93 31,902.64 15,670.37 12,691.63 14,380.02 18,210.00 3,101.00 15,799.19 13,655.00 13,595.30 207,353.46

6210-0000 Condo Insurance 74,468.61 74,468.61 74,468.61 74,468.61 75,245.40 75,240.69 32,520.70 65,969.00 41,792.00 53,880.32 53,882.00 53,880.32 750,284.87

TOTAL CONDOMINIUM OPERATING EXPEN 330,042.59 746,729.54 463,255.87 626,319.14 405,881.78 240,492.34 411,936.06 438,581.00 657,829.14 355,267.73 306,992.61 302,189.90 5,285,517.70

TAXES

6310-0000 Real Estate Taxes 33,619.08 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 402,314.00

TOTAL TAXES 33,619.08 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 402,314.00

5999-9999 TOTAL OPERATING EXPENSES 1,050,599.23 1,562,101.46 1,423,127.40 1,309,983.50 1,296,123.08 758,285.40 1,262,171.13 1,083,010.96 1,289,782.34 813,336.46 984,033.98 900,775.28 13,733,330.22 13,613,883.39

6999-9999 NET OPERATING INCOME BEFORE OTHER E 2,883,563.44 1,982,501.44 2,359,854.56 2,736,793.17 2,712,650.90 3,419,226.26 3,179,928.21 3,231,360.57 3,167,230.40 3,431,692.49 3,601,127.35 3,632,444.69 36,338,373.48

7000-0000 OTHER EXPENSES

7000-0000 DEBT EXPENSE

7105-0000 Interest Expense - Mtge 60,953.88 59,809.38 63,520.73 54,018.67 59,985.83 131,348.97 165,771.27 164,393.10 142,575.70 145,011.87 149,171.34 145,735.04 1,342,295.78

7105-0001 LLC/Admin Fees 1,003,474.85 1,038,785.12 1,039,785.12 1,003,474.85 1,036,785.12 1,003,474.85 1,036,785.12 1,032,618.12 941,021.33 1,039,785.12 1,003,474.85 1,038,785.12 12,218,249.57

7105-0002 HDC Service Fees 11,229.17 0.00 22,458.34 11,229.17 11,229.17 11,229.17 11,229.17 11,229.17 11,229.17 11,229.17 0.00 11,229.17 123,520.87

7105-0003 Fronting Fee 68,513.16 70,405.78 70,405.78 68,134.63 70,405.72 68,134.63 70,405.78 70,405.78 63,592.32 70,405.78 68,134.53 70,405.78 829,349.67

7107-0000 Remarketing Fees 59,352.62 4,294.51 4,439.31 52,515.73 29,343.27 60,325.14 28,436.82 28,436.82 28,436.84 27,620.57 26,756.68 35,395.00 385,353.31

7150-0001 FC - Admin/Trustee Fee 0.00 3,663.24 0.00 0.00 1,831.62 0.00 1,221.08 0.00 0.00 1,831.62 0.00 0.00 8,547.56

7155-0000 Leter of Credit Fee 0.00 35,777.78 0.00 -35,777.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7105-0000 FC - Interest- Mkt to Mkt 0.00 44,412.89 0.00 0.00 20,599.96 0.00 787.94 0.00 0.00 17.04 0.00 0.00 65,817.83

7105-0000 FC - Interest Exp - Other 0.00 1,882.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,882.68

7115-9999 TOTAL DEBT EXPENSE 1,203,523.68 1,259,031.38 1,200,609.28 1,153,595.27 1,230,180.69 1,274,512.76 1,314,637.18 1,307,082.99 1,186,855.36 1,295,901.17 1,247,537.40 1,301,550.11 14,975,017.27

7125-0000 PRIOR PERIOD EXPENSES

7146-0000 Prior Year Adjustment 115,738.43 4,219.89 0.00 0.00 828.97 0.00 318,797.65 0.00 0.00 209,205.34 476.08 -38,970.36 610,296.00

7160-9999 TOTAL PRIOR PERIOD EXPENSES 115,738.43 4,219.89 0.00 0.00 828.97 0.00 318,797.65 0.00 0.00 209,205.34 476.08 -38,970.36 610,296.00

7115-9999 TOTAL OTHER EXPENSES 1,319,262.11 1,263,251.27 1,200,609.28 1,153,595.27 1,231,009.66 1,274,512.76 1,633,434.83 1,307,082.99 1,186,855.36 1,505,106.51 1,248,013.48 1,262,579.75 15,585,313.27

7599-9999 NET INCOME BEFORE TIAA CREF EXPENSES 1,564,301.33 719,250.17 1,159,245.28 1,583,197.90 1,481,641.24 2,144,713.50 1,546,493.38 1,924,277.58 1,980,375.04 1,926,585.98 2,353,113.87 2,369,864.94 20,753,060.21

7200-0000 TIAA CREF EXPENSES

7201-0000 Bldg Staff Mgmt Overhead Fees 12,275.00 10,170.40 18,371.83 16,251.03 17,150.00 10,024.38 19,539.07 2,546.48 10,680.31 9,037.51 13,504.63 7,916.99 147,467.63 TIAA EXPENSES ONLY ‐ EXCLUDE FROM PROPERTY ANALYSIS

7202-0000 Management fees other 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 60,000.00 TIAA EXPENSES ONLY ‐ EXCLUDE FROM PROPERTY ANALYSIS

5821-0000 Ground Rent 0.00 0.00 0.00 0.00 0.00 0.00 -81,798.00 0.00 0.00 -47,766.00 0.00 0.00 -129,564.00 TIAA EXPENSES ONLY ‐ EXCLUDE FROM PROPERTY ANALYSIS

7299-9999 TOTAL TIAA CREF EXPENSES 17,275.00 15,170.40 23,371.83 21,251.03 22,150.00 15,024.38 -57,258.93 7,546.48 15,680.31 -33,728.49 18,504.63 12,916.99 77,903.63

7599-9999 NET INCOME / (LOSS) 1,547,026.33 704,079.77 1,135,873.45 1,561,946.87 1,459,491.24 2,129,689.12 1,603,752.31 1,916,731.10 1,964,694.73 1,960,314.47 2,334,609.24 2,356,947.95 20,675,156.58

8050-0000 ADJUSTMENTS TO ARRIVE AT NET INCOME(LOSS)

8060-0000 Depreciation Expense 0.00 8,278,096.07 0.00 0.00 3,796,559.63 0.00 2,666,652.69 0.00 0.00 4,142,672.88 0.00 0.00 18,883,981.27 GAAP NON CASH

8070-0000 Amort- Lease Procure 0.00 1,213,095.62 0.00 0.00 487,630.84 0.00 246,899.54 0.00 0.00 325,514.88 0.00 0.00 2,273,140.88 GAAP NON CASH

8080-0000 Depreciation - OCI Bldg 0.00 25,429.54 0.00 0.00 12,714.77 0.00 8,476.51 0.00 0.00 12,714.77 0.00 0.00 59,335.59 GAAP NON CASH

8111-0000 Amort-MorgeBndProcure 0.00 467,978.49 0.00 0.00 233,989.22 0.00 74,245.64 0.00 0.00 226,617.70 0.00 0.00 1,002,831.05 GAAP NON CASH

8199-9999 TOTAL ADJUSTMENTS TO ARRIVE AT NET I 0.00 9,984,599.72 0.00 0.00 4,530,894.46 0.00 2,996,274.38 0.00 0.00 4,707,520.23 0.00 0.00 22,219,288.79

CASH FLOW ADJUSTMENTS

1435-0000 Fixed Assets 223,880.60 68,262.96 223,465.47 13,396.38 48,249.46 1,034.40 0.00 0.00 289,926.00 -289,926.00 0.00 0.00 578,289.27

1530-0000 Broker Payments 3,195.00 31,860.00 110,110.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 145,165.00

1531-0000 Broker Payments II 55,480.00 41,335.00 58,540.00 33,635.00 97,673.50 88,468.50 67,059.00 28,185.00 31,965.00 49,828.00 36,429.00 29,970.00 618,568.00

TOTAL CASH FLOW ADJUSTMENTS 282,555.60 141,457.96 392,115.47 47,031.38 145,922.96 89,502.90 67,059.00 28,185.00 321,891.00 -240,098.00 36,429.00 29,970.00 1,342,022.27

9799-9999 NET INCOME /(Loss) after Cash Flow Adjus 1,264,470.73 -9,421,977.91 743,757.98 1,514,915.49 -3,217,326.18 2,040,186.22 -1,459,581.07 1,888,546.10 1,642,803.73 -2,507,107.76 2,298,180.24 2,326,977.95 -2,886,154.48

FC 8 Spruce Residential, LLC (8spruce)

Income Statement (12 months)Period = Jan 2014-Apr 2014

Book = Accrual ; Tree = 8spruce_is

6/25/2014 5:10 PM

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Total

1 2 3 4 5 6 7 8 9 10 11

4000-0005 REVENUE

4001-0000 RENTAL REVENUE

4005-0000 Rent 4,080,856.73 4,063,688.73 4,145,536.00 4,243,108.75 4,343,442.69 4,408,123.14 4,455,366.60 4,543,327.04 4,566,978.02 4,568,776.04 4,560,763.51 47,979,967.25 52,341,782.45$

4250-0000 FC S/L Rent - Lease Induc 0.00 0.00 0.00 0.00 0.00 -303,978.55 0.00 0.00 -76,615.68 0.00 -16,812.27 -397,406.50 (433,534.36)$

6165-0000 FC - Bad Debt 0.00 0.00 0.00 0.00 0.00 5,055.69 0.00 0.00 23,284.25 54,175.66 176.39 82,691.99 90,209.44$

4040-0000 Bad Debt Allowance -5,412.53 -1,234.90 6,647.43 -53,334.65 -841.01 0.00 0.00 -81,396.52 0.00 0.00 -22,866.34 -158,438.52 (172,842.02)$

4045-0000 Early Lease Termination 12,815.21 55,285.00 3,661.85 0.00 84,055.69 7,409.51 6,585.80 105,226.30 7,851.49 0.00 174,970.00 457,860.85 499,484.56$

4220-0000 Prior Period Charge Adjustment 30,159.67 -7,776.11 -13,300.16 54,037.30 36,652.80 1,447.37 -145,043.28 -14,736.68 7,427.87 9,077.10 36,634.48 -5,419.64 (5,912.33)$

4205-0000 Concessions -216,368.32 -230,012.09 -356,121.00 -427,826.89 -464,047.45 -440,542.01 -399,796.76 -385,107.30 -356,344.86 -268,643.03 -157,734.03 -3,702,543.74 (4,039,138.63)$

4050-0000 Vacancy -221,731.27 -141,842.18 -112,228.00 -127,580.03 -171,407.76 -273,225.74 -286,514.04 -280,566.75 -302,875.77 -315,776.21 -257,073.24 -2,490,820.99 (2,717,259.26)$

4099-9999 TOTAL RESIDENTIAL REVENUE 3,680,319.49 3,738,108.45 3,674,196.12 3,688,404.48 3,827,854.96 3,404,289.41 3,630,598.32 3,886,746.09 3,869,705.32 4,047,609.56 4,318,058.50 41,765,890.70 45,562,789.85$

-$

4100-0000 OTHER RESIDENTIAL REVENUE -$

4100-0002 Storage Fees 495.00 570.00 420.00 420.00 615.00 390.00 420.00 765.00 3,660.00 270.00 2,550.00 10,575.00 11,536.36$

4240-0000 Amenity Income 6,566.60 23,500.00 599.50 36,702.87 21,401.75 42,298.05 32,522.50 26,879.20 26,772.58 16,298.42 26,546.01 260,087.48 283,731.80$

4110-0000 Electrical Income 52,928.26 79,269.18 70,850.94 53,153.80 49,658.65 74,755.18 89,096.85 115,478.12 89,623.83 89,915.45 70,089.30 834,819.56 910,712.25$

4115-0000 Legal Fee Income 1,216.76 1,757.00 -137.50 2,101.19 1,324.50 1,725.00 255.69 1,055.00 412.38 1,270.69 0.00 10,980.71 11,978.96$

4125-0000 Late Fees -6,000.00 0.00 0.00 -200.00 17,800.00 3,800.00 14,600.00 5,000.00 6,200.00 10,000.00 13,600.00 64,800.00 70,690.91$

4130-0000 NSF Fees 425.00 -150.00 1,150.00 925.00 400.00 350.00 350.00 350.00 487.95 250.00 256.03 4,793.98 5,229.80$

4140-0000 Key and Lock Fees 2,900.00 170.00 1,095.00 1,985.00 1,510.00 1,990.00 1,005.00 1,290.00 2,075.00 1,080.00 1,510.00 16,610.00 18,120.00$

4145-0000 Damages and Cleaning Fees 3,378.56 276.23 7,008.03 6,034.90 10,328.91 9,059.87 8,416.81 6,046.43 6,114.13 7,598.31 3,894.92 68,157.10 74,353.20$

4199-9999 TOTAL OTHER RESIDENTIAL REVENUE 61,910.18 105,392.41 80,985.97 101,122.76 103,038.81 134,368.10 146,666.85 156,863.75 135,345.87 126,682.87 118,446.26 1,270,823.83 1,386,353.27$ 1,102,621.47$

-$

4200-0000 MISCELLANEOUS INCOME -$

4225-0000 FC-Interest Income 0.00 0.00 0.00 0.00 0.00 3,937.16 0.00 0.00 705.00 0.00 698.97 5,341.13 5,826.69$

4225-0001 Security Interest Income 19.27 4.11 -3,097.71 0.00 15.42 7.03 0.00 13.46 3.44 11.45 0.00 -3,023.53 (3,298.40)$

4230-0000 Other Miscellaneous Income 1,025.00 -107.53 0.00 0.00 0.00 1.20 0.00 0.00 0.00 0.00 0.00 918.67 1,002.19$

Ins Income Gain 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,795.61 1,795.61 1,958.85$

4299-9999 TOTAL MISCELLANEOUS INCOME 1,044.27 -103.42 -3,097.71 0.00 15.42 3,945.39 0.00 13.46 708.44 11.45 2,494.58 5,031.88 5,489.32$

-$

4300-0000 COMMERCIAL REVENUE -$

4305-0000 Laundry Income 1,129.48 1,287.03 1,079.02 0.00 1,253.48 0.00 3,716.79 1,153.37 1,014.35 1,207.78 1,100.00 12,941.30 14,117.78$

4330-0000 Commercial Rent 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 22,000.00 24,000.00$

4399-9999 TOTAL COMMERCIAL REVENUE 3,129.48 3,287.03 3,079.02 2,000.00 3,253.48 2,000.00 5,716.79 3,153.37 3,014.35 3,207.78 3,100.00 34,941.30 38,117.78$

-$

4999-9999 TOTAL REVENUE 3,746,403.42 3,846,684.47 3,755,163.40 3,791,527.24 3,934,162.67 3,544,602.90 3,782,981.96 4,046,776.67 4,008,773.98 4,177,511.66 4,442,099.34 43,076,687.71 46,992,750.23$

-$

5000-0001 OPERATING EXPENSES -$

-$

5001-0000 PAYROLL EXPENSES -$

4007-0000 Employee Rent 0.00 0.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 5,395.00 48,555.00 52,969.09$

5010-0000 Wages 91,027.20 125,593.00 117,179.89 125,864.18 108,336.12 132,876.58 119,584.77 120,519.21 136,096.91 131,568.73 160,304.77 1,368,951.36 1,493,401.48$

5020-0000 Payroll Taxes 10,048.99 10,448.55 9,344.95 10,080.21 8,653.64 10,998.30 9,382.05 9,718.05 10,684.38 9,963.59 11,449.46 110,772.17 120,842.37$

5701-0000 Legal & Training 0.00 0.00 0.00 0.00 0.00 862.29 858.84 861.28 830.52 867.35 858.84 5,139.12 5,606.31$

5220-0000 Workers Compensation 1,843.66 0.00 903.00 0.00 1,411.41 18,886.42 -17,731.63 766.00 389.00 -3,721.20 66,942.00 69,688.66 76,023.99$

5215-0000 Health Insurance 37,598.15 45,087.15 34,685.66 35,520.85 35,550.85 32,739.32 29,115.53 32,662.52 31,533.03 33,161.72 32,608.24 380,263.02 414,832.39$

5205-0000 Union Employee Benefits 2,404.00 -836.00 -388.60 -471.40 2,850.00 13,189.25 9,191.00 13,358.00 13,199.26 9,501.75 12,793.75 74,791.01 81,590.19$

5035-0000 Disability 0.00 0.00 0.00 1,671.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,671.00 1,822.91$

5050-0000 Bonuses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,500.00 20,500.00 22,363.64$

5199-9999 TOTAL PAYROLL EXPENSES 142,922.00 180,292.70 167,119.90 178,059.84 162,197.02 214,947.16 155,795.56 183,280.06 198,128.10 186,736.94 310,852.06 2,080,331.34 2,269,452.37$ 651,292.05$ 130,305.63$ 3,051,050.05$

-$

5400-0000 REPAIRS AND MAINTENANCE -$

5415-0000 Elevator - Contract 0.00 14,479.57 28,360.00 14,779.14 14,779.14 14,479.57 14,479.57 14,479.57 14,479.57 14,479.57 14,479.57 159,275.27 173,754.84$

5435-0000 Boiler, HVAC 6,868.59 1,628.58 0.00 0.00 8,694.51 8,357.39 10,104.69 0.00 13,376.08 4,965.06 0.00 53,994.90 58,903.53$

5445-0000 Exterminator - Non Contract 0.00 190.53 0.00 0.00 190.53 2,172.06 272.19 0.00 849.24 0.00 272.19 3,946.74 4,305.53$

5450-0000 Exterminator - Service Contract 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 1,426.26 15,688.86 17,115.12$

5460-0000 Apt Cleaning-First Time 0.00 0.00 0.00 0.00 0.00 1,633.14 2,520.48 0.00 0.00 1,016.57 0.00 5,170.19 5,640.21$

5465-0000 Electrical Repair 2,753.60 0.00 4,042.15 6,731.20 5,623.40 8,923.84 1,173.76 5,917.35 6,047.53 -1,401.22 1,250.00 41,061.61 44,794.48$

5470-0000 Intercoms 0.00 0.00 0.00 0.00 2,547.69 0.00 293.96 0.00 4,129.07 6,199.04 10,098.58 23,268.34 25,383.64$

5475-0000 RM Painting/Plastering 1,005.62 2,520.45 2,003.30 6,249.42 14,440.08 4,398.81 7,500.00 0.00 14,155.33 1,769.21 5,983.56 60,025.78 65,482.67$

5485-0000 Doors - Exterior 0.00 0.00 222.10 2,009.81 308.11 6,726.30 4,425.76 0.00 462.72 2,231.94 816.56 17,203.30 18,767.24$

5500-0000 Appliance Repairs and Parts 5,174.17 18,444.26 20,696.84 4,789.36 11,377.76 7,566.22 23,591.03 9,339.31 6,662.78 8,069.19 11,966.06 127,676.98 139,283.98$

5510-0000 Elevator Repairs 0.00 0.00 0.00 5,901.03 1,600.46 457.28 -2,973.29 0.00 3,429.56 0.00 48,901.22 57,316.26 62,526.83$

5525-0000 Plumbing 0.00 14,184.93 0.00 7,800.91 5,161.69 14,627.71 9,676.41 6,481.30 39,451.87 4,725.09 1,353.96 103,463.87 112,869.68$

5530-0000 Water/Air Testing 0.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 7,420.00 875.00 1,470.00 10,065.00 10,980.00$

5540-0000 Glass Windows 0.00 568.00 0.00 0.00 0.00 0.00 2,525.00 0.00 0.00 0.00 0.00 3,093.00 3,374.18$

5549-0000 Landscape - Ext Contract 424.61 424.61 424.61 424.61 424.61 424.61 440.54 440.54 440.54 440.54 440.54 4,750.36 5,182.21$

5552-0000 Seasonal Flowers 5,601.62 5,601.62 5,601.62 5,280.44 5,383.87 5,601.62 5,601.62 5,601.62 5,601.62 5,601.62 0.00 55,477.27 60,520.66$

5560-0000 Make Ready Expenses - Apartment 25,561.48 35,517.94 41,422.07 58,617.80 71,632.76 87,461.32 99,335.22 79,617.18 123,507.49 75,325.30 63,811.80 761,810.36 831,065.85$

5565-0000 Flooring, Carpet and Tile 653.24 6,820.55 0.00 3,334.83 2,041.40 1,069.00 7,975.09 -2,830.75 35,583.60 2,753.44 0.00 57,400.40 62,618.62$

5570-0000 Metal, Wood, Stone 0.00 0.00 0.00 0.00 0.00 850.00 816.56 408.28 430.06 408.28 3,266.25 6,179.43 6,741.20$

5700-0005 Cable TV 4,614.66 4,867.06 4,796.56 4,796.52 4,796.52 4,046.55 4,546.53 4,548.75 4,548.75 4,548.79 4,548.79 50,659.48 55,264.89$

5714-0000 Internet and WiFi 1,800.00 0.00 2,700.00 0.00 0.00 900.00 900.00 900.00 900.00 900.00 900.00 9,900.00 10,800.00$

5520-0003 Other Misc Rprs 0.00 967.35 7,536.79 54,736.91 12,239.74 14,439.33 4,242.46 5,816.38 4,281.00 -0.03 20,119.50 124,379.43 135,686.65$


Income Statement (12 months)Period = Feb 2013-Dec 2013


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5555-0000 Supplies/Hardware/Equip/Janit 1,620.69 42,711.78 28,287.40 58,540.94 29,097.33 31,650.48 15,614.19 21,718.34 20,718.11 14,755.94 20,223.08 284,938.28 310,841.76$

5230-0000 Uniforms 524.21 0.00 0.00 320.00 661.00 0.00 0.00 292.21 0.00 1,844.70 0.00 3,642.12 3,973.22$

5615-0000 Bldg Protection Security 0.00 0.00 0.00 283.08 1,850.42 0.00 0.00 0.00 332.34 0.00 0.00 2,465.84 2,690.01$

5405-0000 Sanitation/Rubbish Removal 0.00 0.00 0.00 0.00 0.00 409.91 859.73 0.00 0.00 0.00 0.00 1,269.64 1,385.06$

5590-0000 R&M-Fire Safety Repairs 0.00 0.00 0.00 0.00 0.00 10,529.90 0.00 0.00 0.00 0.00 0.00 10,529.90 11,487.16$

5599-0001 Fire Extinguishers-Contract 1,827.74 1,827.74 1,827.74 1,827.74 1,827.74 1,824.74 1,827.74 0.00 1,827.74 1,827.74 1,827.74 18,274.40 19,935.71$

5599-9999 TOTAL REPAIRS AND MAINTENANCE 59,856.49 152,481.23 149,347.44 237,850.00 196,105.02 229,976.04 217,175.50 154,156.34 310,061.26 152,762.03 213,155.66 2,072,927.01 2,261,374.92$ 707,050.60$ 2,968,425.52$

-$

5605-0000 SECURITY -$

5607-0000 Security-Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 119,446.83 0.00 0.00 119,446.83 130,305.63$

5650-0000 TOTAL SECURITY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 119,446.83 0.00 0.00 119,446.83 130,305.63$

-$

5700-0000 ADMINISTRATIVE -$

5700-0001 Travel 1,402.47 0.00 0.00 0.00 0.00 0.00 803.17 0.00 134.20 4,228.73 0.00 6,568.57 7,165.71$

5702-0000 Bank Charges 0.00 300.00 210.00 862.39 262.80 330.00 240.00 300.00 270.00 210.00 240.00 3,225.19 3,518.39$

5703-0000 FC - Bank Charges 0.00 0.00 0.00 0.00 0.00 1,427.10 0.00 0.00 1,054.14 0.00 536.65 3,017.89 3,292.24$

5716-0000 Garage Parking 0.00 375.00 375.00 375.00 375.00 375.00 750.00 0.00 375.00 375.00 0.00 3,375.00 3,681.82$

5706-0000 Dues and Subscriptions 0.00 0.00 1,350.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 48.80 1,398.80 1,525.96$

5715-0000 Background Checks 0.00 0.00 0.00 40.00 80.00 0.00 0.00 40.00 40.00 0.00 0.00 200.00 218.18$

7132-0000 Payroll Fees CSR -130.06 826.68 1,300.00 799.74 491.12 611.95 550.23 653.27 520.67 520.00 819.09 6,962.69 7,595.66$

5718-0000 Licenses Fees and Permits 743.00 990.00 0.00 1,980.00 98.00 0.00 8,190.00 0.00 8,190.00 0.00 2,220.00 22,411.00 24,448.36$

5722-0000 Office Equipment 1,036.50 3,648.20 859.03 859.03 1,780.36 859.03 859.03 2,175.87 859.03 1,199.81 2,436.26 16,572.15 18,078.71$

5610-0000 Bldg Link License 0.00 0.00 3,599.40 1,799.70 1,799.70 1,799.07 1,799.07 1,799.70 1,799.70 1,799.70 1,799.70 17,995.74 19,631.72$

5736-0000 Postage & Courier 348.11 2,348.64 3,215.31 7,589.10 1,440.50 9,149.04 744.02 5,487.61 1,324.37 1,487.61 2,092.34 35,226.65 38,429.07$

5738-0000 Telephone 2,059.84 2,180.06 2,262.94 2,173.96 2,598.86 2,300.00 2,438.22 2,476.45 2,490.23 2,420.96 2,522.12 25,923.64 28,280.33$

5410-0000 New Violation Removal Costs 2,300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,300.00 2,509.09$

5790-0000 Other Admin Expenses 0.00 5,662.00 797.86 741.46 2,333.87 654.52 1,180.41 3,030.91 14,035.22 9,239.61 9,861.40 47,537.26 51,858.83$

5666-0000 Holiday Decorations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,429.56 81.00 3,510.56 3,829.70$

5799-9999 TOTAL ADMINISTRATIVE 7,759.86 16,330.58 13,969.54 17,220.38 11,260.21 17,505.71 17,554.15 15,963.81 31,092.56 24,910.98 22,657.36 196,225.14 214,063.79$ 50,393.19$ 264,456.98$

-$

5800-0000 MANAGEMENT FEES -$

5805-0000 Property Management Fee 55,124.58 55,124.58 40,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 551,370.38 601,494.96$

5810-0000 Common Charges -1,458.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,458.87 (1,591.49)$

5819-9999 TOTAL MANAGEMENT FEES 53,665.71 55,124.58 40,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 50,124.58 549,911.51 599,903.47$ 223,444.30$ 823,347.76$

-$

5830-0000 PROFESSIONAL -$

5832-0000 Legal - Landlord Tenant 69.50 1,330.88 232.50 1,878.00 1,170.69 510.00 2,575.19 1,055.00 1,063.38 1,139.50 311.19 11,335.83 12,366.36$

5834-0000 Legal - General 14,103.95 750.00 1,853.00 0.00 2,925.00 0.00 12,941.70 26,148.52 4,445.69 -25,985.02 -16,652.50 20,530.34 22,396.73$

5835-0000 Prof fees-Other 0.00 195.98 1,440.31 4,841.90 255.86 6,751.64 8,488.78 15,000.00 6,161.71 -689.73 13,827.13 56,273.58 61,389.36$

6160-0000 FC-Legal Fees_Tenant 0.00 0.00 0.00 0.00 0.00 -3,675.00 0.00 0.00 0.00 0.00 0.00 -3,675.00 (4,009.09)$

7140-0000 Audit Fees 0.00 5,000.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 27,500.00 30,000.00$

5840-0000 Enginner Fees 0.00 0.00 0.00 0.00 0.00 45,736.53 126,146.81 0.00 -112,187.18 -59,696.16 0.00 0.00 -$

5843-0000 FC- Filing Fees 0.00 0.00 0.00 0.00 0.00 75.00 0.00 0.00 0.00 0.00 0.00 75.00 81.82$

5845-0000 Meter Reading 0.00 2,591.25 2,611.25 2,621.25 2,631.25 2,717.58 2,822.58 5,318.83 2,646.25 2,496.25 3,240.08 29,696.57 32,396.26$

5849-9999 TOTAL PROFESSIONAL 14,173.45 9,868.11 8,637.06 11,841.15 9,482.80 54,615.75 155,475.06 50,022.35 -95,370.15 -80,235.16 3,225.90 141,736.32 154,621.44$

-$

5655-0000 HEALTH CLUB OPERATIONS & MGMT -$

5685-0010 Amenities-Mgmt Contract 43,859.83 43,859.83 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 43,264.00 477,095.66 520,467.99$

5685-0005 Amenities-Concierge 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 27,500.00 302,500.00 330,000.00$

5505-0010 Gym Equip Contract 0.00 124.75 124.75 124.75 124.75 374.28 499.01 499.01 499.01 0.00 2,041.41 4,411.72 4,812.79$

5685-0015 RM-Health Club 0.00 1,700.00 4,191.69 4,675.78 120.00 4,143.10 3,175.99 1,023.76 1,049.56 332.07 0.00 20,411.95 22,267.58$

5685-0030 A/V Contract-Health Club 0.00 0.00 3,618.16 0.00 0.00 3,618.16 0.00 0.00 1,206.05 1,206.05 1,206.06 10,854.48 11,841.25$

5685-0020 Operating Exp-Health Club 2,400.00 11,600.42 9,995.83 7,687.53 13,275.02 5,825.50 5,034.95 4,356.77 24,252.79 7,300.72 16,948.02 108,677.55 118,557.33$

5685-0025 Insurance-Health Club 4,250.00 0.00 -708.00 0.00 0.00 607.14 607.14 607.14 607.14 607.14 607.14 7,184.84 7,838.01$

5699-9999 TOTAL HEALTH CLUB OPERATIONS & MGM 78,009.83 84,785.00 87,986.43 83,252.06 84,283.77 85,332.18 80,081.09 77,250.68 98,378.55 80,209.98 91,566.63 931,136.20 1,015,784.95$

-$

5655-0000 LEASING & MARKETING -$

5680-0005 Dbox-Broker Invoices 16,298.06 0.00 0.00 0.00 6,372.03 0.00 24,000.00 0.00 0.00 0.00 0.00 46,670.09 50,912.83$

5680-0010 Nancy Packes Consulting 0.00 20,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 110,000.00 120,000.00$

5680-0015 NYL Media -7,868.75 11,131.25 11,405.61 41,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 56,168.11 61,274.30$

5680-0030 Leasing Incentives-Broker Invoices 1,108.88 2,930.61 1,282.38 2,490.44 444.21 4,013.18 6,500.47 0.00 14,032.39 10,333.10 52,782.58 95,918.24 104,638.08$

5680-0035 Misc-Broker Invoices 1,088.75 55,224.52 5,736.06 38,328.52 28,580.49 27,983.77 14,854.25 17,147.81 12,887.50 20,141.88 0.00 221,973.55 242,152.96$

5235-0000 Consulting Fees 114,150.20 69,516.53 28,678.18 48,685.42 93,922.06 67,000.00 178,393.15 81,713.65 88,233.85 0.00 20,000.00 790,293.04 862,137.86$

5675-0000 Marketing & Advertising 0.00 0.00 624.98 4,378.83 34,165.37 20,355.83 16,400.00 10,487.36 19,708.11 29,291.01 42,352.58 177,764.07 193,924.44$

5699-9999 TOTAL LEASING & MARKETING 124,777.14 158,802.91 57,727.21 145,383.21 173,484.16 129,352.78 250,147.87 119,348.82 144,861.85 69,765.99 125,135.16 1,498,787.10 1,635,040.47$

-$

CONDOMINIUM OPERATING EXPENSES -$

5003-0000 Condo Salaries & Wages 32,084.56 34,795.58 32,268.96 34,617.17 41,241.66 39,852.30 42,588.26 35,753.31 35,371.68 39,005.09 27,345.34 394,923.91 430,826.08$

5025-0000 Condo PR Taxes/Benefits 15,803.16 17,004.30 20,260.66 16,864.45 16,973.89 21,681.27 18,409.57 20,502.39 16,753.10 16,350.27 21,490.74 202,093.80 220,465.96$ 651,292.05$

6150-0000 Condo Utilities 251,083.69 358,931.21 75,514.66 32,896.60 86,645.64 257,238.76 208,932.45 101,203.19 180,102.59 47,549.81 250,858.06 1,850,956.66 2,019,225.45$

6155-0000 Utilites - Tenant Electric 0.00 0.00 165,398.10 47,706.20 72,562.72 95,200.96 64,663.45 180,969.60 60,492.11 52,132.61 -96.59 739,029.16 806,213.63$

6120-0000 Gas 995.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 995.36 1,085.85$ 2,826,524.92$

5515-0000 Condo Bldg R and M 604.30 18,872.44 25,899.00 13,807.99 33,017.73 173,374.11 34,233.67 148,369.79 -137,326.91 7,519.69 4,558.05 322,929.86 352,287.12$

5520-0000 Condo Building Supplies 14,408.26 -5,617.43 1,402.27 2,215.75 4,352.38 2,627.16 4,955.22 18,305.87 -3,376.95 117.56 3,517.11 42,907.20 46,807.85$

5425-0000 Contract Svcs-Condo 11,909.81 11,937.37 20,840.05 16,010.05 -16,970.86 44,790.83 -2,241.86 12,339.38 165,160.07 -25,882.27 44,400.09 282,292.66 307,955.63$ 707,050.60$

5790-0001 Condo Admin Expenses 4,541.07 6,103.71 1,205.06 1,174.89 1,165.75 1,270.23 1,708.57 2,504.36 -2,209.68 15,767.26 12,962.54 46,193.76 50,393.19$

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5813-0000 Mgmnt Fee-Condo 14,302.47 15,282.63 16,811.80 15,434.07 16,585.07 36,225.31 15,537.93 31,902.64 15,670.37 12,691.63 14,380.02 204,823.94 223,444.30$

6210-0000 Condo Insurance 74,469.04 74,468.60 74,468.61 74,468.60 74,468.61 74,468.61 74,468.61 74,468.61 75,245.40 75,240.69 32,520.70 778,756.08 849,552.09$

TOTAL CONDOMINIUM OPERATING EXPE 420,201.72 531,778.41 434,069.17 255,195.77 330,042.59 746,729.54 463,255.87 626,319.14 405,881.78 240,492.34 411,936.06 4,865,902.39 5,308,257.15$

-$

-$

TAXES -$

6310-0000 Real Estate Taxes 0.00 67,238.16 33,619.08 33,619.08 33,619.08 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 369,201.72 402,765.51$

TOTAL TAXES 0.00 67,238.16 33,619.08 33,619.08 33,619.08 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 33,517.72 369,201.72 402,765.51$

-$

5999-9999 TOTAL OPERATING EXPENSES 901,366.20 1,256,701.68 992,600.41 1,012,546.07 1,050,599.23 1,562,101.46 1,423,127.40 1,309,983.50 1,296,123.08 758,285.40 1,262,171.13 12,825,605.56 13,991,569.70$

-$

6999-9999 NET OPERATING INCOME BEFORE OTHER 2,845,037.22 2,589,982.79 2,762,562.99 2,778,981.17 2,883,563.44 1,982,501.44 2,359,854.56 2,736,793.17 2,712,650.90 3,419,226.26 3,179,928.21 30,251,082.15 33,001,180.53$

-$

7000-0000 OTHER EXPENSES -$

-$

7000-0000 DEBT EXPENSE -$

7105-0000 Interest Expense - Mtge 1,137,660.71 71,559.07 83,441.57 -908,537.09 60,953.88 59,809.38 63,520.73 54,018.67 59,985.83 131,348.97 165,771.27 979,532.99 1,068,581.44$

7105-0001 LLC/Admin Fees 0.00 1,036,785.12 1,003,474.85 1,973,639.45 1,003,474.85 1,038,785.12 1,039,785.12 1,003,474.85 1,036,785.12 1,003,474.85 1,036,785.12 11,176,464.45 12,192,506.67$

7105-0002 HDC Service Fees 0.00 11,229.17 11,229.17 22,458.34 11,229.17 0.00 22,458.34 11,229.17 11,229.17 11,229.17 11,229.17 123,520.87 134,750.04$

7105-0003 Fronting Fee 0.00 58,671.48 102,201.95 123,020.85 68,513.16 70,405.78 70,405.78 68,134.63 70,405.72 68,134.63 70,405.78 770,299.76 840,327.01$

7107-0000 Remarketing Fees -35,367.57 112,891.83 39,347.66 -45,877.42 59,352.62 4,294.51 4,439.31 52,515.73 29,343.27 60,325.14 28,436.82 309,701.90 337,856.62$

7150-0001 FC - Admin/Trustee Fee 0.00 0.00 0.00 0.00 0.00 3,663.24 0.00 0.00 1,831.62 0.00 1,221.08 6,715.94 7,326.48$

7155-0000 Leter of Credit Fee 0.00 0.00 0.00 0.00 0.00 35,777.78 0.00 -35,777.78 0.00 0.00 0.00 0.00 -$

7105-0000 FC - Interest- Mkt to Mkt 0.00 0.00 0.00 0.00 0.00 44,412.89 0.00 0.00 20,599.96 0.00 787.94 65,800.79 71,782.68$

7105-0000 FC - Interest Exp - Other 0.00 0.00 0.00 0.00 0.00 1,882.68 0.00 0.00 0.00 0.00 0.00 1,882.68 2,053.83$

7115-9999 TOTAL DEBT EXPENSE 1,102,293.14 1,291,136.67 1,239,695.20 1,164,704.13 1,203,523.68 1,259,031.38 1,200,609.28 1,153,595.27 1,230,180.69 1,274,512.76 1,314,637.18 13,433,919.38 14,655,184.78$

-$

7125-0000 PRIOR PERIOD EXPENSES -$

7146-0000 Prior Year Adjustment 98,315.52 14,074.13 70.04 30,121.76 115,738.43 4,219.89 0.00 0.00 828.97 0.00 318,797.65 582,166.39 635,090.61$

7160-9999 TOTAL PRIOR PERIOD EXPENSES 98,315.52 14,074.13 70.04 30,121.76 115,738.43 4,219.89 0.00 0.00 828.97 0.00 318,797.65 582,166.39 635,090.61$

-$

7170-0000 INSURANCE CLAIMS -$

5440-0000 Roof Repairs 0.00 65,111.08 89,887.05 0.00 5,427.42 0.00 0.00 0.00 0.00 0.00 0.00 160,425.55 175,009.69$

5441-0000 Ins Claim Reimb-Roof Rprs 0.00 0.00 -154,998.13 0.00 -5,427.42 0.00 0.00 0.00 0.00 0.00 0.00 -160,425.55 (175,009.69)$

7147-0000 Hurricane Expense 84,502.53 37,185.00 0.00 30,182.21 0.00 7,391.89 241,634.49 0.00 -400,896.12 0.00 0.00 0.00 -$

4035-0000 Hurricane Credit-Tenants 0.00 0.00 6,647.43 0.00 744.46 -7,391.89 0.00 0.00 0.00 0.00 0.00 0.00 -$

7148-0000 Ins Claim Reimb-Hurricane 0.00 0.00 -78,334.96 -30,182.21 -744.46 0.00 -241,634.49 0.00 350,896.12 0.00 0.00 0.00 -$

7146-0001 Prior Year Adj-Hurricane Credit 0.00 0.00 -311,471.46 0.00 0.00 0.00 0.00 0.00 311,471.46 0.00 0.00 0.00 -$

5442-0000 Leak Fix-2013 0.00 0.00 0.00 0.00 40,593.40 94,531.34 41,557.78 0.00 4,140.66 428.75 0.00 181,251.93 197,729.38$

5443-0000 Ins Claim Reimb-Leak Fix 2013 0.00 0.00 0.00 0.00 -40,593.40 -94,531.34 -41,557.78 0.00 -4,140.66 -428.75 0.00 -181,251.93 (197,729.38)$

7170-9999 TOTAL INSURANCE CLAIMS 84,502.53 102,296.08 -448,270.07 0.00 0.00 0.00 0.00 0.00 261,471.46 0.00 0.00 0.00 -$

-$

7115-9999 TOTAL OTHER EXPENSES 1,285,111.19 1,407,506.88 791,495.17 1,194,825.89 1,319,262.11 1,263,251.27 1,200,609.28 1,153,595.27 1,492,481.12 1,274,512.76 1,633,434.83 14,016,085.77 15,290,275.39$

-$

7599-9999 NET INCOME BEFORE TIAA CREF EXPENS 1,559,926.03 1,182,475.91 1,971,067.82 1,584,155.28 1,564,301.33 719,250.17 1,159,245.28 1,583,197.90 1,220,169.78 2,144,713.50 1,546,493.38 16,234,996.38 17,710,905.14$

-$

7200-0000 TIAA CREF EXPENSES -$

7201-0000 Bldg Staff Mgmt Overhead Fees 0.00 25,589.83 10,694.40 17,904.81 12,275.00 10,170.40 18,371.83 16,251.03 17,150.00 10,024.38 19,539.07 157,970.75 172,331.73$

7202-0000 Management fees other 0.00 0.00 30,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 70,000.00 76,363.64$

5821-0000 Agent Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -81,798.00 -81,798.00 (89,234.18)$

7299-9999 TOTAL TIAA CREF EXPENSES 0.00 25,589.83 40,694.40 22,904.81 17,275.00 15,170.40 23,371.83 21,251.03 22,150.00 15,024.38 -57,258.93 146,172.75 159,461.18$

-$

8050-0000 ADJUSTMENTS TO ARRIVE AT NET INCOME(LOSS) -$

8060-0000 Depreciation Expense 0.00 0.00 0.00 0.00 0.00 8,278,096.07 0.00 0.00 3,796,559.63 0.00 2,666,652.69 14,741,308.39 16,081,427.33$

8070-0000 Amort- Lease Procure 0.00 0.00 0.00 0.00 0.00 1,213,095.62 0.00 0.00 487,630.84 0.00 246,899.54 1,947,626.00 2,124,682.91$

8080-0000 Depreciation - OCI Bldg 0.00 0.00 0.00 0.00 0.00 25,429.54 0.00 0.00 12,714.77 0.00 8,476.51 46,620.82 50,859.08$

8111-0000 Amort-MorgeBndProcure 0.00 0.00 0.00 0.00 0.00 467,978.49 0.00 0.00 233,989.22 0.00 74,245.64 776,213.35 846,778.20$

8199-9999 TOTAL ADJUSTMENTS TO ARRIVE AT NET 0.00 0.00 0.00 0.00 0.00 9,984,599.72 0.00 0.00 4,530,894.46 0.00 2,996,274.38 17,511,768.56 19,103,747.52$

-$

9799-9999 NET INCOME (LOSS) 1,559,926.03 1,156,886.08 1,930,373.42 1,561,250.47 1,547,026.33 -9,280,519.95 1,135,872.45 1,554,380.06 -3,332,874.68 2,129,689.12 -1,392,522.07 -1,422,944.93 (1,552,303.56)$

-$

CASH FLOW ADJUSTMENTS -$

1435-0000 Fixed Assets 26,153.97 34,457.78 52,447.44 18,882.30 223,880.60 68,262.96 223,465.47 13,396.38 48,249.46 1,034.40 0.00 710,230.76 774,797.19$

1530-0000 Broker Payments 0.00 74,655.00 71,510.00 59,130.00 3,195.00 31,860.00 110,110.00 0.00 0.00 0.00 0.00 350,460.00 382,320.00$

1531-0000 Broker Payments II 125,995.00 34,030.00 21,550.00 14,705.00 55,480.00 41,335.00 58,540.00 33,635.00 97,673.50 88,468.50 67,059.00 638,471.00 696,513.82$

TOTAL CASH FLOW ADJUSTMENTS 152,148.97 143,142.78 145,507.44 92,717.30 282,555.60 141,457.96 392,115.47 47,031.38 145,922.96 89,502.90 67,059.00 1,699,161.76 1,853,631.01$

9799-9999 NET INCOME (LOSS) 1,407,777.06 1,013,743.30 1,784,865.98 1,468,533.17 1,264,470.73 -9,421,977.91 743,757.98 1,514,915.49 -3,478,797.64 2,040,186.22 -1,459,581.07 -3,122,106.69 (3,405,934.57)$

Page 3 of 3

Lease Lease

Tenant # of # of Start Exp Potential Employee Rental

Section Unit Name Bedrooms Bathrooms Sq.Ftg LTO Date Date Date Rent VACANCY Concession Actual Rent Concession Income1 1 1 619 1/1/2013 3/15/2013 3/31/2015 3,775.00 0 0 3,775.00 0 3,775.00

2 0 0 1 470 1/1/2014 1/1/2014 12/31/2014 2,800.00 0 0 2,800.00 0 2,800.00

3 0 0 1 473 10/5/2012 11/1/2013 10/31/2014 2,950.00 0 0 2,950.00 0 2,950.00

4 0 1 1 708 5/31/2012 9/1/2012 8/31/2014 4,295.00 0 0 4,295.00 0 4,295.00

5 0 1 1 773 2/1/2013 4/1/2014 3/31/2015 4,316.00 0 0 4,316.00 0 4,316.00

6 0 0 1 453 11/1/2013 11/1/2013 10/31/2014 2,950.00 0 0 2,950.00 0 2,950.00

7 0 0 1 452 8/1/2011 11/1/2013 10/31/2014 2,720.00 0 0 2,720.00 0 2,720.00

8 0 2 2 908 12/1/2012 12/1/2012 12/31/201 5,395.00 0 -5,395.00 0 0 0

9 0 0 1 470 8/15/2011 11/1/2013 10/31/2014 2,815.00 0 0 2,815.00 0 2,815.00

10 0 0 1 473 12/15/2013 12/15/2013 12/31/2014 2,800.00 0 0 2,800.00 0 2,800.00

11 0 1 1 721 4/27/2012 8/1/2012 7/31/2014 4,155.00 0 0 4,155.00 0 4,155.00

12 0 1 1 759 12/1/2011 3/1/2014 2/29/2016 4,156.50 0 0 4,156.50 0 4,156.50

13 0 0 1 0 1,293.96 1,293.96 0 0 0 0

14 1 0 1 454 5/15/2014 5/15/2014 5/14/2015 1,523.42 0 0 1,523.42 0 1,523.42

15 0 0 1 432 7/31/2011 10/1/2013 9/30/2014 2,789.70 0 0 2,789.70 0 2,789.70

16 0 0 0 1,110 0 0 0 0 0 0

17 0 2 2 1,041 5/25/2012 8/1/2012 7/31/2014 5,915.00 0 0 5,915.00 0 5,915.00

18 0 1 1 773 12/7/2013 12/7/2013 12/31/2014 3,688.00 0 0 3,688.00 0 3,688.00

19 0 1 1 601 10/15/2011 1/1/2014 12/31/2015 3,672.00 0 0 3,672.00 0 3,672.00

20 0 1 1 639 9/15/2011 11/1/2013 10/31/2014 3,697.50 0 0 3,697.50 0 3,697.50

21 0 0 1 437 11/7/2013 11/7/2013 11/30/2015 2,890.00 0 0 2,890.00 0 2,890.00

22 0 0 1 484 9/1/2011 11/1/2013 10/31/2015 2,895.00 0 0 2,895.00 0 2,895.00

23 0 1 1 678 12/1/2013 2/1/2014 1/31/2016 3,825.00 0 0 3,825.00 0 3,825.00

24 0 1 1 766 1/15/2014 1/15/2014 1/31/2016 3,789.00 0 0 3,789.00 0 3,789.00

25 0 1 1 717 9/1/2011 11/1/2013 10/31/2015 3,995.00 0 0 3,995.00 0 3,995.00

26 0 1 1 595 10/5/2012 12/5/2012 12/31/2014 3,550.00 0 0 3,550.00 0 3,550.00

27 0 1 1 628 6/1/2013 8/1/2013 7/31/2015 3,680.00 0 0 3,680.00 0 3,680.00

28 0 1 1 609 10/7/2013 12/7/2013 12/31/2015 3,720.00 0 0 3,720.00 0 3,720.00

29 0 1 1 615 8/2/2011 11/1/2013 10/31/2014 3,575.00 0 0 3,575.00 0 3,575.00

30 0 0 1 470 9/1/2011 10/1/2013 9/30/2014 2,911.90 0 0 2,911.90 0 2,911.90

31 0 0 1 473 9/1/2011 10/1/2013 9/30/2014 2,805.00 0 0 2,805.00 0 2,805.00

32 0 1 1 723 4/1/2012 6/1/2013 5/31/2014 4,105.50 0 0 4,105.50 0 4,105.50

33 0 1 1 762 3/1/2013 7/1/2013 6/30/2015 4,100.00 0 0 4,100.00 0 4,100.00

34 0 0 1 454 11/1/2013 11/1/2013 10/31/2015 2,860.00 0 0 2,860.00 0 2,860.00

35 0 0 1 432 10/1/2012 11/1/2013 10/31/2014 2,825.00 0 0 2,825.00 0 2,825.00

36 0 0 1 505 8/1/2011 10/1/2013 9/30/2015 2,820.30 0 0 2,820.30 0 2,820.30

37 0 2 2 1,038 6/14/2012 8/1/2013 7/31/2015 6,053.70 0 0 6,053.70 0 6,053.70

38 0 1 1 772 12/1/2013 12/1/2013 11/30/2015 3,794.00 0 0 3,794.00 0 3,794.00

39 0 1 1 602 7/23/2011 10/1/2013 9/30/2014 3,661.80 0 0 3,661.80 0 3,661.80

40 0 1 1 635 6/30/2011 9/1/2013 8/31/2014 3,640.00 0 0 3,640.00 0 3,640.00

41 0 0 1 437 6/24/2011 9/1/2012 8/31/2014 3,024.45 0 0 3,024.45 0 3,024.45

42 0 0 1 484 8/7/2013 10/7/2013 10/31/2015 3,050.00 0 0 3,050.00 0 3,050.00

43 0 1 1 676 9/1/2012 11/1/2012 10/31/2014 3,930.00 0 0 3,930.00 0 3,930.00

44 0 1 1 766 9/25/2011 1/1/2014 12/31/2015 4,156.15 0 0 4,156.15 0 4,156.15

45 0 1 1 717 9/5/2012 11/1/2013 10/31/2014 4,232.80 0 0 4,232.80 0 4,232.80

46 0 1 1 595 2/1/2013 4/1/2013 3/31/2014 3,675.00 0 0 3,675.00 0 3,675.00

8 Spruce Rent RollProperty=8spruce AND As Of Date=05/31/2014 AND Post Month=05/2014

Lease Lease


Section Unit Name Bedrooms Bathrooms Sq.Ftg LTO Date Date Date Rent VACANCY Concession Actual Rent Concession Income


47 0 1 1 628 11/25/2013 11/25/2013 11/30/2015 3,342.00 0 0 3,342.00 0 3,342.00

48 0 1 1 609 9/21/2012 12/1/2012 11/30/2014 3,725.00 0 0 3,725.00 0 3,725.00

49 0 1 1 615 7/1/2011 9/1/2013 8/31/2014 3,661.80 0 0 3,661.80 0 3,661.80

50 0 0 1 470 5/1/2011 6/1/2013 5/31/2015 2,899.81 0 0 2,899.81 0 2,899.81

51 0 0 1 473 6/28/2011 8/1/2013 7/31/2014 2,994.86 0 0 2,994.86 0 2,994.86

52 0 1 1 723 2/1/2012 5/1/2014 4/30/2016 4,074.90 0 0 4,074.90 0 4,074.90

53 0 1 1 758 2/1/2014 2/1/2014 1/31/2015 3,907.00 0 0 3,907.00 0 3,907.00

54 0 0 1 454 9/15/2013 10/15/2013 10/31/2014 2,990.00 0 0 2,990.00 0 2,990.00

55 0 0 1 432 10/1/2013 10/1/2013 9/30/2014 2,850.00 0 0 2,850.00 0 2,850.00

56 0 0 1 503 6/10/2011 8/1/2013 7/31/2014 3,090.09 0 0 3,090.09 0 3,090.09

57 0 2 2 1,038 5/1/2011 7/1/2013 6/30/2015 5,795.00 0 0 5,795.00 0 5,795.00

58 0 1 1 767 6/15/2013 7/15/2013 7/31/2014 4,290.00 0 0 4,290.00 0 4,290.00

59 0 1 1 602 8/5/2013 9/5/2013 9/30/2014 3,725.00 0 0 3,725.00 0 3,725.00

60 0 1 1 631 9/15/2013 11/15/2013 11/30/2015 3,825.00 0 0 3,825.00 0 3,825.00

61 0 0 1 436 4/1/2011 5/1/2014 4/30/2015 2,894.52 0 0 2,894.52 0 2,894.52

62 0 0 1 484 6/7/2013 7/7/2013 7/31/2014 2,990.00 0 0 2,990.00 0 2,990.00

63 0 1 1 679 9/7/2013 10/7/2013 10/31/2014 3,890.00 0 0 3,890.00 0 3,890.00

64 0 1 1 766 9/2/2011 12/1/2013 11/30/2014 4,386.41 0 0 4,386.41 0 4,386.41

65 0 1 1 715 1/1/2014 1/1/2014 12/31/2015 4,075.00 0 0 4,075.00 0 4,075.00

66 0 1 1 595 9/1/2013 10/1/2013 9/30/2014 3,660.00 0 0 3,660.00 0 3,660.00

67 0 1 1 628 6/15/2011 8/1/2013 7/31/2014 3,728.10 0 0 3,728.10 0 3,728.10

68 0 1 1 609 9/1/2013 10/1/2013 9/30/2014 3,720.00 0 0 3,720.00 0 3,720.00

69 0 1 1 615 10/1/2013 11/1/2013 10/31/2014 3,690.00 0 0 3,690.00 0 3,690.00

70 0 0 1 470 4/15/2011 7/1/2013 6/30/2014 2,835.60 0 0 2,835.60 0 2,835.60

71 0 0 1 473 4/1/2013 6/1/2013 5/31/2015 3,100.00 0 0 3,100.00 0 3,100.00

72 0 1 1 722 3/1/2012 6/1/2012 5/31/2014 4,065.00 0 0 4,065.00 0 4,065.00

73 0 1 1 757 3/15/2014 3/15/2014 3/31/2015 4,140.00 0 0 4,140.00 0 4,140.00

74 0 0 1 454 4/1/2011 6/1/2013 5/31/2014 2,810.10 0 0 2,810.10 0 2,810.10

75 0 0 1 432 6/7/2013 7/7/2013 7/31/2014 2,915.00 0 0 2,915.00 0 2,915.00

76 0 0 1 502 4/1/2014 4/1/2014 3/31/2015 3,150.00 0 0 3,150.00 0 3,150.00

77 0 2 2 1,043 6/7/2013 8/7/2013 8/31/2015 6,100.00 0 0 6,100.00 0 6,100.00

78 0 1 1 771 9/15/2012 11/15/2012 11/30/2014 4,190.00 0 0 4,190.00 0 4,190.00

79 0 1 1 603 4/20/2014 4/20/2014 4/30/2016 3,415.00 0 0 3,415.00 0 3,415.00

80 0 1 1 626 9/15/2013 11/15/2013 11/30/2015 3,850.00 0 0 3,850.00 0 3,850.00

81 0 0 1 434 4/30/2012 6/1/2012 5/31/2014 2,695.00 0 0 2,695.00 0 2,695.00

82 0 0 1 484 4/1/2011 6/1/2013 5/31/2015 2,880.80 0 0 2,880.80 0 2,880.80

83 0 1 1 685 12/1/2013 2/1/2014 1/31/2016 3,875.00 0 0 3,875.00 0 3,875.00

84 0 1 1 771 4/7/2013 6/7/2013 6/30/2014 4,250.00 0 0 4,250.00 0 4,250.00

85 0 1 1 714 12/1/2013 1/1/2014 12/31/2014 3,930.00 0 0 3,930.00 0 3,930.00

86 0 1 1 595 11/1/2013 1/1/2014 12/31/2015 3,750.00 0 0 3,750.00 0 3,750.00

87 0 1 1 628 6/25/2011 9/1/2013 8/31/2014 3,743.40 0 0 3,743.40 0 3,743.40

88 0 1 1 609 6/15/2012 8/1/2013 7/31/2014 3,825.00 0 0 3,825.00 0 3,825.00

89 0 1 1 615 5/1/2011 6/1/2013 5/31/2014 3,580.55 0 0 3,580.55 0 3,580.55

90 0 0 1 470 4/1/2011 5/1/2014 4/30/2015 3,076.11 0 0 3,076.11 0 3,076.11

91 0 0 1 0 7/15/2012 9/1/2013 8/31/2014 2,950.00 1522.58 0 1,427.42 0 1,427.42

92 1 0 1 473 5/21/2014 5/21/2014 5/20/2015 1,027.26 0 0 1,027.26 0 1,027.26

Lease Lease




93 0 1 1 717 7/1/2013 8/1/2013 7/31/2014 4,190.00 0 0 4,190.00 0 4,190.00

94 0 1 1 757 9/1/2011 12/1/2013 11/30/2014 4,115.70 0 0 4,115.70 0 4,115.70

95 0 0 1 455 7/1/2012 8/1/2013 7/31/2014 2,922.30 0 0 2,922.30 0 2,922.30

96 0 0 1 432 4/15/2014 4/15/2014 4/30/2016 2,704.00 0 0 2,704.00 0 2,704.00

97 0 0 1 500 4/1/2011 5/1/2014 4/30/2016 3,065.54 0 0 3,065.54 0 3,065.54

98 0 2 2 1,044 4/15/2011 7/1/2013 6/30/2014 5,961.90 0 0 5,961.90 0 5,961.90

99 0 1 1 777 7/1/2011 10/1/2013 9/30/2015 4,190.00 0 0 4,190.00 0 4,190.00

100 0 1 1 608 3/1/2014 4/1/2014 3/31/2015 3,735.00 0 0 3,735.00 0 3,735.00

101 0 1 1 624 5/15/2012 7/15/2012 7/31/2014 3,790.00 0 0 3,790.00 0 3,790.00

102 0 0 1 434 6/15/2013 8/15/2013 8/31/2015 2,815.00 0 0 2,815.00 0 2,815.00

103 0 0 1 0 1,864.15 1,864.15 0 0 0 0

104 1 0 1 484 5/21/2014 5/21/2014 5/20/2015 1,073.39 0 0 1,073.39 0 1,073.39

105 0 1 1 690 11/1/2013 12/1/2013 11/30/2014 3,890.00 0 0 3,890.00 0 3,890.00

106 0 1 1 778 8/7/2013 10/7/2013 10/31/2015 4,375.00 0 0 4,375.00 0 4,375.00

107 0 1 1 711 1/6/2014 2/6/2014 2/28/2015 4,200.00 0 0 4,200.00 0 4,200.00

108 0 1 1 595 1/25/2014 2/25/2014 2/28/2015 3,630.00 0 0 3,630.00 0 3,630.00

109 0 1 1 628 9/15/2012 11/1/2013 10/31/2015 3,760.00 0 0 3,760.00 0 3,760.00

110 0 1 1 609 7/15/2012 9/15/2012 9/30/2014 3,725.00 0 0 3,725.00 0 3,725.00

111 0 1 1 615 3/19/2014 3/19/2014 7/31/2015 3,775.00 0 0 3,775.00 0 3,775.00

112 0 0 1 470 6/1/2011 8/1/2013 7/31/2015 2,922.40 0 0 2,922.40 0 2,922.40

113 0 0 1 473 6/15/2013 7/15/2013 7/31/2014 3,150.00 0 0 3,150.00 0 3,150.00

114 0 1 1 711 3/30/2012 7/1/2012 6/30/2014 4,105.00 0 0 4,105.00 0 4,105.00

115 0 1 1 757 4/1/2011 5/1/2013 4/30/2015 4,635.14 0 0 4,635.14 0 4,635.14

116 0 0 1 457 6/15/2012 8/15/2012 8/31/2014 2,895.00 0 0 2,895.00 0 2,895.00

117 0 0 1 432 6/15/2013 8/15/2013 8/31/2015 2,950.00 0 0 2,950.00 0 2,950.00

118 0 0 1 497 6/1/2012 7/1/2013 6/30/2014 3,095.70 0 0 3,095.70 0 3,095.70

119 0 2 2 1,041 5/1/2011 6/1/2013 5/31/2014 6,211.93 3206.16 0 3,005.77 0 3,005.77

120 0 1 1 776 7/1/2011 10/1/2013 9/30/2015 4,210.00 0 0 4,210.00 0 4,210.00

121 0 1 1 608 7/15/2012 9/15/2012 9/30/2014 3,750.00 0 0 3,750.00 0 3,750.00

122 0 1 1 614 10/1/2013 11/1/2013 10/31/2014 3,870.00 0 0 3,870.00 0 3,870.00

123 0 0 1 434 7/20/2013 7/20/2013 7/31/2014 2,840.00 0 0 2,840.00 0 2,840.00

124 0 0 1 484 9/1/2013 11/1/2013 10/31/2015 3,290.00 0 0 3,290.00 0 3,290.00

125 0 1 1 697 8/15/2013 10/15/2013 10/31/2015 3,925.00 0 0 3,925.00 0 3,925.00

126 0 1 1 791 10/1/2012 12/1/2012 11/30/2014 4,495.00 0 0 4,495.00 0 4,495.00

127 0 1 1 713 8/1/2011 10/1/2013 9/30/2015 4,227.90 0 0 4,227.90 0 4,227.90

128 0 1 1 595 3/1/2014 3/1/2014 2/29/2016 3,850.00 0 0 3,850.00 0 3,850.00

129 0 1 1 628 8/15/2011 11/1/2013 10/31/2015 3,700.00 0 0 3,700.00 0 3,700.00

130 0 1 1 609 8/1/2012 9/1/2013 8/31/2014 3,740.00 0 0 3,740.00 0 3,740.00

131 0 1 1 615 9/1/2013 11/1/2013 10/31/2015 3,750.00 0 0 3,750.00 0 3,750.00

132 0 0 1 470 7/15/2013 8/15/2013 8/31/2014 3,170.00 0 0 3,170.00 0 3,170.00

133 0 0 1 473 6/15/2013 7/15/2013 7/31/2014 3,170.00 0 0 3,170.00 0 3,170.00

134 0 1 1 707 5/1/2013 6/1/2013 5/31/2014 4,160.00 0 0 4,160.00 0 4,160.00

135 0 1 1 753 11/1/2013 11/1/2013 2/28/2015 4,200.00 0 0 4,200.00 0 4,200.00

136 0 0 1 457 7/1/2012 7/1/2013 6/30/2014 2,968.20 0 0 2,968.20 0 2,968.20

137 0 0 1 432 9/1/2013 10/1/2013 9/30/2014 3,065.00 0 0 3,065.00 0 3,065.00

138 0 0 1 495 5/1/2014 5/1/2014 4/30/2015 3,090.00 0 0 3,090.00 0 3,090.00

Lease Lease




139 0 2 2 1,042 5/1/2011 7/1/2013 6/30/2015 6,063.90 0 0 6,063.90 0 6,063.90

140 0 1 1 776 7/1/2013 9/1/2013 8/31/2015 4,360.00 0 0 4,360.00 0 4,360.00

141 0 1 1 608 5/15/2011 8/1/2013 7/31/2014 3,738.30 0 0 3,738.30 0 3,738.30

142 0 1 1 614 6/12/2011 8/1/2013 7/31/2014 4,116.60 0 0 4,116.60 0 4,116.60

143 0 0 1 434 5/1/2011 7/1/2013 6/30/2015 2,743.80 0 0 2,743.80 0 2,743.80

144 0 0 1 484 5/1/2011 7/1/2013 6/30/2015 2,947.80 0 0 2,947.80 0 2,947.80

145 0 1 1 701 8/26/2011 11/1/2013 10/31/2014 3,967.80 0 0 3,967.80 0 3,967.80

146 0 1 1 799 7/29/2012 10/1/2013 9/30/2015 4,645.00 0 0 4,645.00 0 4,645.00

147 0 1 1 0 277.1 277.1 0 0 0 0

148 1 1 1 713 5/3/2014 5/3/2014 5/2/2015 3,721.35 0 0 3,721.35 0 3,721.35

149 0 1 1 595 8/15/2011 11/1/2013 10/31/2014 3,701.65 0 0 3,701.65 0 3,701.65

150 0 1 1 628 12/1/2013 12/1/2013 11/30/2014 3,475.00 0 0 3,475.00 0 3,475.00

151 0 1 1 609 2/15/2014 2/15/2014 2/28/2015 3,508.00 0 0 3,508.00 0 3,508.00

152 0 1 1 615 7/1/2013 9/1/2013 8/31/2015 3,825.00 0 0 3,825.00 0 3,825.00

153 0 0 1 470 5/29/2011 8/1/2013 7/31/2014 2,896.80 0 0 2,896.80 0 2,896.80

154 0 0 1 473 5/1/2011 7/1/2013 6/30/2015 2,990.00 0 0 2,990.00 0 2,990.00

155 0 1 1 702 3/30/2012 7/1/2012 6/30/2014 4,145.00 0 0 4,145.00 0 4,145.00

156 0 1 1 751 6/10/2013 2/1/2014 1/31/2015 4,135.95 0 0 4,135.95 0 4,135.95

157 0 0 1 457 6/15/2013 7/15/2013 7/31/2014 2,950.00 0 0 2,950.00 0 2,950.00

158 0 0 1 432 6/11/2011 9/1/2013 8/31/2014 2,873.45 0 0 2,873.45 0 2,873.45

159 0 0 1 494 7/15/2011 9/1/2013 8/31/2015 3,091.24 0 0 3,091.24 0 3,091.24

160 0 2 2 1,028 6/1/2011 7/1/2013 6/30/2014 6,370.67 0 0 6,370.67 0 6,370.67

161 0 1 1 777 12/15/2012 2/15/2013 2/28/2015 4,375.00 0 0 4,375.00 0 4,375.00

162 0 1 1 608 10/1/2012 11/1/2013 10/31/2014 3,774.00 0 0 3,774.00 0 3,774.00

163 0 1 1 612 9/27/2011 1/1/2014 12/31/2014 3,842.80 0 0 3,842.80 0 3,842.80

164 0 0 1 434 9/20/2012 11/1/2013 10/31/2015 2,865.00 0 0 2,865.00 0 2,865.00

165 0 0 1 484 6/30/2012 7/1/2013 6/30/2014 3,141.60 0 0 3,141.60 0 3,141.60

166 0 1 1 703 9/15/2013 11/15/2013 11/30/2015 3,990.00 0 0 3,990.00 0 3,990.00

167 0 1 1 804 11/9/2013 11/9/2013 11/30/2015 3,979.00 0 0 3,979.00 0 3,979.00

168 0 1 1 708 9/1/2013 11/1/2013 10/31/2015 4,325.00 0 0 4,325.00 0 4,325.00

169 0 1 1 595 1/15/2014 1/15/2014 1/31/2015 3,388.00 0 0 3,388.00 0 3,388.00

170 0 1 1 628 8/30/2011 11/1/2013 10/31/2014 3,830.10 0 0 3,830.10 0 3,830.10

171 0 1 1 609 6/15/2011 8/1/2012 7/31/2014 3,995.07 0 0 3,995.07 0 3,995.07

172 0 1 1 615 8/28/2012 10/1/2013 9/30/2014 3,825.00 0 0 3,825.00 0 3,825.00

173 0 0 1 470 11/1/2013 11/1/2013 10/31/2015 3,070.00 0 0 3,070.00 0 3,070.00

174 0 0 1 473 7/9/2012 9/1/2013 8/31/2014 3,019.90 0 0 3,019.90 0 3,019.90

175 0 1 1 700 5/7/2013 9/7/2013 9/30/2015 4,265.00 0 0 4,265.00 0 4,265.00

176 0 1 1 752 8/15/2013 10/15/2013 10/31/2015 4,390.00 0 0 4,390.00 0 4,390.00

177 0 0 1 463 8/15/2012 9/1/2013 8/31/2014 3,015.00 0 0 3,015.00 0 3,015.00

178 0 0 1 432 9/15/2012 10/1/2013 9/30/2015 2,980.00 0 0 2,980.00 0 2,980.00

179 0 0 1 494 8/1/2011 11/1/2013 10/31/2015 2,865.00 0 0 2,865.00 0 2,865.00

180 0 2 2 1,027 10/1/2013 12/1/2013 11/30/2015 6,190.00 0 0 6,190.00 0 6,190.00

181 0 1 1 779 12/29/2013 12/29/2013 12/31/2015 3,822.00 0 0 3,822.00 0 3,822.00

182 0 1 1 605 3/1/2014 3/1/2014 2/28/2015 3,620.00 0 0 3,620.00 0 3,620.00

183 0 1 1 609 2/15/2013 4/15/2013 4/30/2015 3,810.00 0 0 3,810.00 0 3,810.00

184 0 0 1 434 7/31/2011 9/1/2013 8/31/2014 2,972.05 0 0 2,972.05 0 2,972.05

Lease Lease




185 0 0 1 484 7/7/2013 9/7/2013 9/30/2015 3,250.00 0 0 3,250.00 0 3,250.00

186 0 1 1 703 7/29/2011 10/1/2013 9/30/2015 3,895.00 0 0 3,895.00 0 3,895.00

187 0 1 1 803 6/1/2011 7/1/2013 6/30/2015 5,055.11 0 0 5,055.11 0 5,055.11

188 0 1 1 708 7/31/2011 11/1/2013 10/31/2014 4,362.80 0 0 4,362.80 0 4,362.80

189 0 1 1 595 9/15/2013 11/15/2013 11/30/2015 3,750.00 0 0 3,750.00 0 3,750.00

190 0 1 1 628 8/30/2011 11/1/2013 10/31/2014 3,870.90 0 0 3,870.90 0 3,870.90

191 0 1 1 609 2/1/2014 2/1/2014 1/31/2015 3,508.00 0 0 3,508.00 0 3,508.00

192 0 1 1 615 10/1/2012 11/1/2013 10/31/2014 3,915.60 0 0 3,915.60 0 3,915.60

193 0 0 1 470 9/1/2013 10/1/2013 9/30/2014 3,215.00 0 0 3,215.00 0 3,215.00

194 0 0 1 473 11/1/2011 1/1/2014 12/31/2014 3,218.80 0 0 3,218.80 0 3,218.80

195 0 1 1 698 2/1/2012 4/1/2014 3/31/2015 4,386.41 0 0 4,386.41 0 4,386.41

196 0 1 1 755 4/1/2014 4/1/2014 3/31/2015 4,266.00 0 0 4,266.00 0 4,266.00

197 0 0 1 463 11/15/2013 11/15/2013 11/30/2014 2,920.00 0 0 2,920.00 0 2,920.00

198 0 0 1 432 10/1/2013 11/1/2013 10/31/2014 3,110.00 0 0 3,110.00 0 3,110.00

199 0 0 1 494 10/15/2013 10/15/2013 10/31/2014 2,970.00 0 0 2,970.00 0 2,970.00

200 0 2 2 1,025 8/1/2011 10/1/2013 9/30/2014 6,170.00 0 0 6,170.00 0 6,170.00

201 0 1 1 776 7/28/2011 11/1/2013 10/31/2014 4,290.00 0 0 4,290.00 0 4,290.00

202 0 1 1 604 8/15/2012 10/15/2012 10/31/2014 3,730.00 0 0 3,730.00 0 3,730.00

203 0 1 1 606 2/1/2014 2/1/2014 1/31/2015 3,522.00 0 0 3,522.00 0 3,522.00

204 0 0 1 434 3/15/2013 5/15/2013 5/31/2015 2,925.00 0 0 2,925.00 0 2,925.00

205 0 0 1 484 6/15/2011 9/1/2013 8/31/2014 3,317.85 0 0 3,317.85 0 3,317.85

206 0 1 1 703 9/5/2012 11/5/2012 11/30/2014 4,050.00 0 0 4,050.00 0 4,050.00

207 0 1 1 797 12/1/2013 2/1/2014 1/31/2016 4,100.00 0 0 4,100.00 0 4,100.00

208 0 1 1 707 11/5/2012 12/5/2012 12/31/2014 4,295.00 0 0 4,295.00 0 4,295.00

209 0 1 1 595 10/15/2013 12/15/2013 12/31/2015 3,790.00 0 0 3,790.00 0 3,790.00

210 0 1 1 628 3/15/2013 7/15/2013 7/31/2015 3,970.00 0 0 3,970.00 0 3,970.00

211 0 1 1 609 7/15/2011 10/1/2013 9/30/2014 3,830.10 0 0 3,830.10 0 3,830.10

212 0 1 1 615 8/15/2011 11/1/2013 10/31/2015 3,600.00 0 0 3,600.00 0 3,600.00

213 0 0 1 470 4/1/2013 8/1/2013 7/31/2015 3,195.00 0 0 3,195.00 0 3,195.00

214 0 0 1 0 1/1/2014 1/1/2014 12/31/2014 2,990.00 1253.87 0 1,736.13 0 1,736.13

215 1 0 1 473 5/19/2014 5/19/2014 12/31/2014 1,253.87 0 0 1,253.87 0 1,253.87

216 0 1 1 696 12/30/2011 4/1/2014 3/31/2015 4,155.00 0 0 4,155.00 0 4,155.00

217 0 1 1 759 10/1/2013 12/1/2013 11/30/2015 4,280.00 0 0 4,280.00 0 4,280.00

218 0 0 1 463 6/1/2011 8/1/2013 7/31/2014 2,917.20 0 0 2,917.20 0 2,917.20

219 0 0 1 432 8/15/2011 10/1/2013 9/30/2014 2,896.80 0 0 2,896.80 0 2,896.80

220 0 0 1 497 7/1/2013 9/1/2013 8/31/2015 3,095.00 0 0 3,095.00 0 3,095.00

221 0 2 2 1,026 6/30/2011 9/1/2013 8/31/2015 6,114.90 0 0 6,114.90 0 6,114.90

222 0 1 1 775 10/1/2012 12/1/2012 11/30/2014 4,295.00 0 0 4,295.00 0 4,295.00

223 0 1 1 600 10/1/2012 10/1/2013 9/30/2014 3,745.00 0 0 3,745.00 0 3,745.00

224 0 1 1 607 7/1/2011 9/1/2013 8/31/2015 3,913.75 0 0 3,913.75 0 3,913.75

225 0 0 1 434 6/21/2013 9/1/2013 8/31/2015 2,937.60 0 0 2,937.60 0 2,937.60

226 0 0 1 484 7/1/2011 9/1/2013 8/31/2015 3,333.00 0 0 3,333.00 0 3,333.00

227 0 1 1 703 6/30/2011 9/1/2013 8/31/2014 4,072.19 0 0 4,072.19 0 4,072.19

228 0 1 1 786 1/11/2014 3/11/2014 3/31/2016 4,320.00 0 0 4,320.00 0 4,320.00

229 0 1 1 706 9/1/2011 12/1/2013 11/30/2014 4,270.00 0 0 4,270.00 0 4,270.00

230 0 1 1 595 6/1/2013 7/1/2013 6/30/2014 3,775.00 0 0 3,775.00 0 3,775.00

Lease Lease




231 0 1 1 628 4/1/2013 6/1/2013 5/31/2014 4,020.00 0 0 4,020.00 0 4,020.00

232 0 1 1 609 9/23/2012 10/23/2012 10/31/2014 3,825.00 0 0 3,825.00 0 3,825.00

233 0 1 1 615 8/1/2011 9/1/2013 8/31/2015 3,874.00 0 0 3,874.00 0 3,874.00

234 0 0 1 470 8/15/2012 9/1/2013 8/31/2014 3,080.50 0 0 3,080.50 0 3,080.50

235 0 0 1 473 3/1/2013 5/1/2013 4/30/2014 3,150.00 2337.1 0 812.9 0 812.9

236 0 1 1 696 7/1/2013 9/1/2013 8/31/2015 4,235.00 0 0 4,235.00 0 4,235.00

237 0 1 1 766 8/1/2011 9/1/2012 8/31/2014 4,826.25 0 0 4,826.25 0 4,826.25

238 0 0 1 0 99.84 99.84 0 0 0 0

239 1 0 1 461 5/2/2014 5/2/2014 5/31/2015 2,688.39 0 0 2,688.39 0 2,688.39

240 0 0 1 432 8/15/2012 9/1/2013 8/31/2014 3,080.50 0 0 3,080.50 0 3,080.50

241 0 0 1 498 9/15/2012 10/15/2012 10/31/2014 3,020.00 0 0 3,020.00 0 3,020.00

242 0 2 2 1,027 2/1/2014 2/1/2014 1/31/2016 5,608.00 0 0 5,608.00 0 5,608.00

243 0 1 1 775 12/9/2013 12/9/2013 12/31/2014 3,794.00 0 0 3,794.00 0 3,794.00

244 0 1 1 600 11/1/2013 11/1/2013 10/31/2015 3,360.00 0 0 3,360.00 0 3,360.00

245 0 1 1 606 4/21/2014 5/21/2014 5/20/2016 3,726.00 0 0 3,726.00 -2,403.87 1,322.13

246 0 0 1 434 10/15/2012 11/1/2013 10/31/2014 2,895.00 0 0 2,895.00 0 2,895.00

247 0 0 1 484 11/1/2012 12/1/2012 11/30/2014 3,340.00 0 0 3,340.00 0 3,340.00

248 0 1 1 703 12/13/2012 2/15/2013 2/28/2015 3,995.00 0 0 3,995.00 0 3,995.00

249 0 1 1 783 11/30/2011 2/1/2014 1/31/2015 4,495.00 0 0 4,495.00 0 4,495.00

250 0 1 1 705 2/1/2014 2/1/2014 1/31/2015 3,923.00 0 0 3,923.00 0 3,923.00

251 0 1 1 595 1/15/2014 1/15/2014 1/31/2015 3,434.00 0 0 3,434.00 0 3,434.00

252 0 1 1 628 9/15/2013 10/15/2013 10/31/2014 3,890.00 0 0 3,890.00 0 3,890.00

253 0 1 1 609 2/1/2014 4/1/2014 3/31/2016 3,780.00 0 0 3,780.00 0 3,780.00

254 0 1 1 615 8/1/2011 10/1/2013 9/30/2014 3,966.98 0 0 3,966.98 0 3,966.98

255 0 0 1 470 12/1/2013 12/1/2013 11/30/2015 3,070.00 0 0 3,070.00 0 3,070.00

256 0 0 1 473 9/1/2013 10/1/2013 9/30/2014 3,260.00 0 0 3,260.00 0 3,260.00

257 0 1 1 696 3/1/2012 5/1/2013 4/30/2015 4,195.00 0 0 4,195.00 0 4,195.00

258 0 1 1 773 4/18/2014 4/18/2014 4/30/2015 4,177.00 0 0 4,177.00 0 4,177.00

259 0 0 1 0 1,444.40 1,444.40 0 0 0 0

260 1 0 1 457 5/15/2014 5/15/2014 5/14/2015 1,523.42 0 0 1,523.42 0 1,523.42

261 0 0 1 432 9/7/2013 10/7/2013 10/31/2014 3,150.00 0 0 3,150.00 0 3,150.00

262 0 0 1 498 9/15/2013 10/15/2013 10/31/2014 3,150.00 0 0 3,150.00 0 3,150.00

263 0 2 2 1,028 7/14/2011 10/1/2013 9/30/2015 6,445.00 0 0 6,445.00 0 6,445.00

264 0 1 1 775 1/1/2014 1/1/2014 12/31/2015 3,863.00 0 0 3,863.00 0 3,863.00

265 0 1 1 600 1/1/2014 1/1/2014 12/31/2014 3,360.00 0 0 3,360.00 0 3,360.00

266 0 1 1 606 11/1/2013 1/1/2014 12/31/2015 3,890.00 0 0 3,890.00 0 3,890.00

267 0 0 1 434 7/14/2011 9/1/2013 8/31/2014 3,000.14 0 0 3,000.14 0 3,000.14

268 0 0 1 484 9/1/2011 11/1/2013 10/31/2015 3,355.00 0 0 3,355.00 0 3,355.00

269 0 1 1 703 12/1/2013 12/1/2013 11/30/2015 3,591.00 0 0 3,591.00 0 3,591.00

270 0 1 1 781 2/1/2013 4/15/2013 4/30/2015 4,685.00 0 0 4,685.00 0 4,685.00

271 0 1 1 705 4/15/2014 5/15/2014 5/31/2015 4,850.00 0 0 4,850.00 0 4,850.00

272 0 1 1 595 4/15/2014 4/15/2014 4/30/2016 3,590.00 0 0 3,590.00 0 3,590.00

273 0 1 1 628 6/1/2013 8/1/2013 7/31/2015 3,875.00 0 0 3,875.00 0 3,875.00

274 0 1 1 609 7/1/2013 8/1/2013 7/31/2014 3,850.00 0 0 3,850.00 0 3,850.00

275 0 1 1 615 12/1/2013 1/1/2014 12/31/2014 3,770.00 0 0 3,770.00 0 3,770.00

276 0 0 1 470 8/15/2013 10/15/2013 10/31/2015 3,260.00 0 0 3,260.00 0 3,260.00

Lease Lease




277 0 0 1 473 3/1/2014 3/1/2014 2/28/2015 2,990.00 0 0 2,990.00 0 2,990.00

278 0 1 1 696 1/28/2012 4/1/2014 3/31/2015 4,385.29 0 0 4,385.29 0 4,385.29

279 0 1 1 769 12/15/2011 2/1/2014 1/31/2015 4,450.05 0 0 4,450.05 0 4,450.05

280 0 0 1 457 10/15/2013 10/15/2013 10/31/2014 2,990.00 0 0 2,990.00 0 2,990.00

281 0 0 1 432 4/15/2014 5/15/2014 5/31/2015 3,030.00 0 0 3,030.00 -1,368.39 1,661.61

282 0 0 1 498 10/6/2012 11/1/2013 10/31/2015 3,050.00 0 0 3,050.00 0 3,050.00

283 0 2 2 1,028 9/1/2013 11/1/2013 10/31/2014 6,300.00 0 0 6,300.00 0 6,300.00

284 0 1 1 778 11/1/2013 12/1/2013 11/30/2014 4,890.00 0 0 4,890.00 0 4,890.00

285 0 1 1 600 5/1/2014 5/1/2014 4/30/2015 3,558.00 0 0 3,558.00 0 3,558.00

286 0 1 1 606 10/29/2011 1/1/2014 12/31/2014 4,075.30 0 0 4,075.30 0 4,075.30

287 0 0 1 433 4/15/2014 6/15/2014 6/30/2016 3,034.00 0 0 3,034.00 -3,034.00 0

288 0 0 1 484 4/15/2014 4/15/2014 4/14/2015 2,995.00 0 0 2,995.00 0 2,995.00

289 0 1 1 703 2/15/2013 6/15/2013 6/30/2015 4,025.00 0 0 4,025.00 0 4,025.00

290 0 1 1 781 3/1/2014 3/1/2014 2/28/2015 4,270.00 0 0 4,270.00 0 4,270.00

291 0 1 1 705 2/1/2014 3/1/2014 2/28/2015 4,240.00 0 0 4,240.00 0 4,240.00

292 0 1 1 595 8/8/2013 9/1/2013 8/31/2014 3,995.00 0 0 3,995.00 0 3,995.00

293 0 1 1 628 12/1/2012 2/1/2013 1/31/2015 4,050.00 0 0 4,050.00 0 4,050.00

294 0 1 1 609 6/14/2011 8/1/2013 7/31/2014 3,993.30 0 0 3,993.30 0 3,993.30

295 0 1 1 615 7/14/2012 10/1/2012 9/30/2014 3,990.00 0 0 3,990.00 0 3,990.00

296 0 0 1 470 1/15/2014 1/15/2014 1/31/2015 3,090.00 0 0 3,090.00 0 3,090.00

297 0 0 1 473 2/1/2014 2/1/2014 1/31/2015 3,090.00 0 0 3,090.00 0 3,090.00

298 0 1 1 697 2/15/2014 2/15/2014 2/28/2015 4,050.00 0 0 4,050.00 0 4,050.00

299 0 1 1 764 2/1/2012 5/1/2014 4/30/2016 4,757.16 0 0 4,757.16 0 4,757.16

300 0 0 1 456 11/1/2012 12/1/2013 11/30/2014 3,182.40 0 0 3,182.40 0 3,182.40

301 0 0 1 432 7/1/2011 10/1/2013 9/30/2014 3,162.00 0 0 3,162.00 0 3,162.00

302 0 0 1 498 10/15/2012 11/1/2013 10/31/2014 3,095.00 0 0 3,095.00 0 3,095.00

303 0 2 2 999 6/15/2013 8/15/2013 8/31/2015 6,950.00 0 0 6,950.00 0 6,950.00

304 0 1 1 753 3/1/2014 3/1/2014 2/28/2015 4,391.00 0 0 4,391.00 0 4,391.00

305 0 1 1 594 4/15/2014 5/15/2014 5/31/2015 3,755.00 0 0 3,755.00 -1,695.81 2,059.19

306 0 1 1 612 10/1/2013 12/1/2013 11/30/2015 4,190.00 0 0 4,190.00 0 4,190.00

307 0 0 1 435 7/11/2011 9/1/2013 8/31/2014 3,031.89 0 0 3,031.89 0 3,031.89

308 0 1 1 610 10/1/2013 12/1/2013 11/30/2015 3,950.00 0 0 3,950.00 0 3,950.00

309 0 1 1 721 9/1/2013 10/1/2013 9/30/2014 5,895.00 0 0 5,895.00 0 5,895.00

310 0 2 2 1,035 2/1/2013 4/1/2014 3/31/2015 7,846.80 0 0 7,846.80 0 7,846.80

311 0 0 1 444 8/15/2012 9/1/2013 8/31/2014 2,949.20 0 0 2,949.20 0 2,949.20

312 0 1 1 609 5/1/2013 7/1/2013 6/30/2015 3,850.00 0 0 3,850.00 0 3,850.00

313 0 1 1 615 8/15/2011 11/1/2013 10/31/2014 3,988.20 0 0 3,988.20 0 3,988.20

314 0 1 1 648 6/15/2011 10/1/2013 9/30/2015 3,825.00 0 0 3,825.00 0 3,825.00

315 0 1 1 722 9/1/2012 11/1/2013 10/31/2014 5,055.00 0 0 5,055.00 0 5,055.00

316 0 2 2 978 12/1/2013 12/1/2013 11/30/2015 5,751.00 0 0 5,751.00 0 5,751.00

317 0 0 1 431 11/15/2012 1/15/2013 1/31/2015 2,990.00 0 0 2,990.00 0 2,990.00

318 0 0 1 500 9/1/2012 9/1/2012 8/31/2014 3,095.00 0 0 3,095.00 0 3,095.00

319 0 2 2 1,000 7/15/2012 8/1/2013 7/31/2014 7,318.50 0 0 7,318.50 0 7,318.50

320 0 1 1 753 6/28/2011 8/1/2013 5/31/2015 5,185.43 0 0 5,185.43 0 5,185.43

321 0 1 1 592 7/1/2013 8/1/2013 7/31/2014 3,925.00 0 0 3,925.00 0 3,925.00

322 0 1 1 614 6/1/2011 7/1/2013 6/30/2014 4,034.32 0 0 4,034.32 0 4,034.32

Lease Lease




323 0 0 1 435 11/28/2011 3/1/2014 2/28/2015 3,047.20 0 0 3,047.20 0 3,047.20

324 0 1 1 610 9/18/2011 12/1/2013 11/30/2014 3,838.00 0 0 3,838.00 0 3,838.00

325 0 1 1 721 11/4/2013 11/4/2013 11/30/2015 3,900.00 0 0 3,900.00 0 3,900.00

326 0 2 2 1,035 6/27/2011 9/1/2013 8/31/2014 5,995.00 0 0 5,995.00 0 5,995.00

327 0 0 1 444 8/1/2012 8/1/2013 7/31/2014 3,049.80 0 0 3,049.80 0 3,049.80

328 0 1 1 609 2/29/2012 6/1/2012 5/31/2014 3,730.00 0 0 3,730.00 0 3,730.00

329 0 1 1 615 2/15/2013 5/1/2013 4/30/2015 4,015.00 0 0 4,015.00 0 4,015.00

330 0 1 1 648 11/15/2013 1/15/2014 1/31/2016 3,680.00 0 0 3,680.00 0 3,680.00

331 0 1 1 722 9/1/2012 11/1/2013 10/31/2014 4,750.00 0 0 4,750.00 0 4,750.00

332 0 2 2 979 1/1/2014 1/1/2014 3/31/2015 6,286.80 0 0 6,286.80 0 6,286.80

333 0 0 1 431 8/26/2011 11/1/2012 10/31/2014 3,126.30 0 0 3,126.30 0 3,126.30

334 0 0 1 501 9/1/2013 11/1/2013 10/31/2015 3,295.00 0 0 3,295.00 0 3,295.00

335 0 2 2 1,002 3/1/2013 7/1/2013 6/30/2015 7,300.00 0 0 7,300.00 0 7,300.00

336 0 1 1 753 9/1/2013 10/1/2013 9/30/2014 5,050.00 0 0 5,050.00 0 5,050.00

337 0 1 1 592 11/1/2011 2/1/2014 1/31/2015 3,967.60 0 0 3,967.60 0 3,967.60

338 0 1 1 615 2/15/2014 2/15/2014 2/29/2016 3,720.00 0 0 3,720.00 0 3,720.00

339 0 0 1 435 8/1/2011 10/1/2013 9/30/2014 2,952.90 0 0 2,952.90 0 2,952.90

340 0 1 1 610 3/15/2014 3/15/2014 3/31/2015 3,535.00 0 0 3,535.00 0 3,535.00

341 0 1 1 721 12/15/2013 2/15/2014 2/29/2016 4,480.00 0 0 4,480.00 0 4,480.00

342 0 2 2 1,035 10/15/2013 11/15/2013 11/30/2014 6,350.00 0 0 6,350.00 0 6,350.00

343 0 0 1 444 7/31/2011 10/1/2013 9/30/2015 2,825.00 0 0 2,825.00 0 2,825.00

344 0 1 1 609 6/15/2013 8/15/2013 8/31/2015 3,790.00 0 0 3,790.00 0 3,790.00

345 0 1 1 0 496.65 496.65 0 0 0 0

346 1 1 1 615 5/5/2014 5/5/2014 5/4/2015 3,352.35 0 0 3,352.35 0 3,352.35

347 0 1 1 648 8/1/2011 11/1/2013 10/31/2015 3,975.00 0 0 3,975.00 0 3,975.00

348 0 1 1 722 2/15/2012 3/1/2014 2/28/2015 5,060.02 0 0 5,060.02 0 5,060.02

349 0 2 2 977 3/30/2012 7/1/2012 6/30/2014 6,070.00 0 0 6,070.00 0 6,070.00

350 0 0 1 431 12/1/2012 1/1/2014 12/31/2014 3,140.80 0 0 3,140.80 0 3,140.80

351 0 0 1 501 1/1/2014 1/1/2014 12/31/2014 3,250.00 0 0 3,250.00 0 3,250.00

352 0 2 2 1,002 8/15/2013 9/15/2013 9/30/2014 7,075.00 0 0 7,075.00 0 7,075.00

353 0 1 1 751 9/1/2013 10/1/2013 9/30/2014 5,070.00 0 0 5,070.00 0 5,070.00

354 0 1 1 594 11/1/2011 11/1/2013 10/31/2014 4,137.12 0 0 4,137.12 0 4,137.12

355 0 1 1 618 5/1/2013 7/1/2013 6/30/2015 3,925.00 0 0 3,925.00 0 3,925.00

356 0 0 1 435 3/15/2011 5/1/2014 4/30/2015 3,142.15 0 0 3,142.15 0 3,142.15

357 0 1 1 610 5/14/2011 8/1/2013 7/31/2014 3,945.00 0 0 3,945.00 0 3,945.00

358 0 1 1 719 12/1/2012 2/15/2013 2/28/2015 5,150.00 0 0 5,150.00 0 5,150.00

359 0 2 2 1,035 9/15/2012 10/1/2013 9/30/2014 6,500.00 0 0 6,500.00 0 6,500.00

360 0 0 1 444 8/15/2012 9/1/2013 8/31/2015 2,965.00 0 0 2,965.00 0 2,965.00

361 0 1 1 609 7/1/2013 8/1/2013 7/31/2014 3,875.00 0 0 3,875.00 0 3,875.00

362 0 1 1 615 1/1/2014 1/1/2014 12/31/2014 3,572.00 0 0 3,572.00 0 3,572.00

363 0 1 1 648 4/1/2014 4/1/2014 3/31/2015 3,890.00 0 0 3,890.00 0 3,890.00

364 0 1 1 722 12/20/2013 12/20/2013 12/31/2014 3,922.00 0 0 3,922.00 0 3,922.00

365 0 2 2 976 11/1/2012 11/1/2013 10/31/2014 6,250.00 0 0 6,250.00 0 6,250.00

366 0 0 1 431 2/15/2014 2/15/2014 2/29/2016 2,990.00 0 0 2,990.00 0 2,990.00

367 0 0 1 500 5/1/2011 7/1/2013 6/30/2015 3,172.00 0 0 3,172.00 0 3,172.00

368 0 2 2 1,004 8/1/2013 10/1/2013 9/30/2015 7,050.00 0 0 7,050.00 0 7,050.00

Lease Lease




369 0 1 1 748 12/1/2013 12/1/2013 11/30/2014 3,974.00 0 0 3,974.00 0 3,974.00

370 0 1 1 601 6/1/2013 7/1/2013 6/30/2014 3,900.00 0 0 3,900.00 0 3,900.00

371 0 1 1 621 9/1/2013 11/1/2013 10/31/2015 4,150.00 0 0 4,150.00 0 4,150.00

372 0 0 1 435 10/9/2013 12/9/2013 12/31/2015 3,020.00 0 0 3,020.00 0 3,020.00

373 0 1 1 610 7/28/2012 9/1/2013 8/31/2014 3,860.00 0 0 3,860.00 0 3,860.00

374 0 1 1 716 6/15/2011 9/1/2013 8/31/2015 5,135.70 0 0 5,135.70 0 5,135.70

375 0 2 2 1,036 10/15/2013 12/15/2013 12/31/2015 6,525.00 0 0 6,525.00 0 6,525.00

376 0 0 1 444 10/7/2013 10/7/2013 10/31/2014 3,050.00 0 0 3,050.00 0 3,050.00

377 0 1 1 609 5/1/2012 8/1/2012 7/31/2014 3,760.00 0 0 3,760.00 0 3,760.00

378 0 1 1 615 4/22/2014 5/22/2014 5/31/2015 3,900.00 0 0 3,900.00 -2,641.94 1,258.06

379 0 1 1 648 12/1/2013 12/1/2013 11/30/2014 3,392.00 0 0 3,392.00 0 3,392.00

380 0 1 1 727 3/1/2014 4/1/2014 3/31/2015 4,230.00 0 0 4,230.00 0 4,230.00

381 0 2 2 982 9/1/2011 11/1/2013 10/31/2014 6,465.58 0 0 6,465.58 0 6,465.58

382 0 0 1 431 12/5/2012 12/5/2012 6/30/2014 3,050.00 0 0 3,050.00 0 3,050.00

383 0 0 1 500 6/15/2013 6/15/2013 6/30/2014 3,300.00 0 0 3,300.00 0 3,300.00

384 0 2 2 1,009 10/15/2013 11/15/2013 11/30/2014 6,590.00 0 0 6,590.00 0 6,590.00

385 0 1 1 745 3/1/2014 3/1/2014 2/29/2016 4,572.00 0 0 4,572.00 0 4,572.00

386 0 1 1 602 7/23/2012 9/1/2013 8/31/2014 4,236.95 0 0 4,236.95 0 4,236.95

387 0 1 1 639 7/15/2013 9/15/2013 9/30/2015 3,970.00 0 0 3,970.00 0 3,970.00

388 0 0 1 437 9/15/2012 10/1/2013 9/30/2014 3,024.95 0 0 3,024.95 0 3,024.95

389 0 1 1 610 2/15/2013 6/15/2013 6/30/2015 3,895.00 0 0 3,895.00 0 3,895.00

390 0 1 1 716 10/1/2013 12/1/2013 11/30/2015 5,190.00 0 0 5,190.00 0 5,190.00

391 0 2 2 1,036 6/29/2011 9/1/2013 8/31/2014 6,054.95 0 0 6,054.95 0 6,054.95

392 0 0 1 444 8/15/2013 9/15/2013 9/30/2014 3,190.00 0 0 3,190.00 0 3,190.00

393 0 1 1 609 4/1/2012 6/1/2013 5/31/2015 3,770.00 0 0 3,770.00 0 3,770.00

394 0 1 1 615 12/28/2011 4/1/2013 3/31/2015 3,799.50 0 0 3,799.50 0 3,799.50

395 0 1 1 648 1/22/2014 1/22/2014 10/31/2014 4,190.00 0 0 4,190.00 0 4,190.00

396 0 1 1 731 1/15/2014 1/15/2014 1/31/2016 3,997.00 0 0 3,997.00 0 3,997.00

397 0 2 2 983 11/7/2013 1/7/2014 1/31/2016 6,025.00 0 0 6,025.00 0 6,025.00

398 0 0 1 431 1/1/2014 1/1/2014 12/31/2014 2,940.00 0 0 2,940.00 0 2,940.00

399 0 0 1 499 4/1/2013 6/1/2013 5/31/2014 3,350.00 0 0 3,350.00 0 3,350.00

400 0 2 2 1,010 7/22/2013 9/22/2013 9/30/2015 7,070.00 0 0 7,070.00 0 7,070.00

401 0 1 1 745 4/1/2011 6/1/2013 5/31/2014 5,100.00 0 0 5,100.00 0 5,100.00

402 0 1 1 604 3/15/2011 6/1/2013 5/31/2014 4,029.00 0 0 4,029.00 0 4,029.00

403 0 1 1 0 1,875.83 1,875.83 0 0 0 0

404 1 1 1 639 5/15/2014 5/15/2014 5/31/2016 2,110.74 0 0 2,110.74 0 2,110.74

405 0 0 1 437 10/12/2012 11/1/2013 10/31/2014 3,054.90 0 0 3,054.90 0 3,054.90

406 0 1 1 610 6/30/2012 8/1/2013 7/31/2014 3,967.80 0 0 3,967.80 0 3,967.80

407 0 1 1 716 9/7/2013 10/7/2013 10/31/2014 5,220.00 0 0 5,220.00 0 5,220.00

408 0 2 2 1,035 7/28/2012 7/28/2012 7/31/2014 6,325.00 0 0 6,325.00 0 6,325.00

409 0 0 1 444 5/1/2013 6/1/2013 5/31/2014 3,175.00 0 0 3,175.00 0 3,175.00

410 0 1 1 609 3/1/2012 5/1/2014 4/30/2016 3,780.00 0 0 3,780.00 -3,780.00 0

411 0 1 1 615 6/9/2012 8/1/2013 7/31/2015 3,978.00 0 0 3,978.00 0 3,978.00

412 0 1 1 648 4/23/2011 7/1/2013 6/30/2014 3,954.15 0 0 3,954.15 0 3,954.15

413 0 1 1 731 12/1/2013 12/1/2013 11/30/2015 3,988.00 0 0 3,988.00 0 3,988.00

414 0 2 2 977 9/15/2013 10/15/2013 10/31/2014 6,290.00 0 0 6,290.00 0 6,290.00

Lease Lease




415 0 0 1 431 8/1/2013 10/1/2013 9/30/2015 3,165.00 0 0 3,165.00 0 3,165.00

416 0 0 1 496 5/15/2013 7/15/2013 7/31/2015 3,350.00 0 0 3,350.00 0 3,350.00

417 0 2 2 1,017 9/1/2011 11/1/2013 10/31/2015 6,850.00 0 0 6,850.00 0 6,850.00

418 0 1 1 744 7/30/2011 10/1/2013 9/30/2014 5,325.22 0 0 5,325.22 0 5,325.22

419 0 1 1 602 2/1/2014 3/1/2014 2/28/2015 3,790.00 0 0 3,790.00 0 3,790.00

420 0 1 1 639 6/15/2012 9/1/2013 8/31/2014 4,300.00 0 0 4,300.00 0 4,300.00

421 0 0 1 437 11/1/2013 11/1/2013 10/31/2015 2,925.00 0 0 2,925.00 0 2,925.00

422 0 1 1 610 4/1/2014 4/1/2014 3/31/2015 3,582.00 0 0 3,582.00 0 3,582.00

423 0 1 1 724 9/1/2011 12/1/2013 11/30/2014 5,196.90 0 0 5,196.90 0 5,196.90

424 0 2 2 1,027 1/1/2014 1/1/2014 12/31/2015 5,991.00 0 0 5,991.00 0 5,991.00

425 0 0 1 444 9/1/2011 12/1/2013 11/30/2014 3,255.20 0 0 3,255.20 0 3,255.20

426 0 1 1 609 3/28/2012 8/1/2012 7/31/2014 3,790.00 0 0 3,790.00 0 3,790.00

427 0 1 1 615 7/7/2013 8/7/2013 8/31/2014 3,845.00 0 0 3,845.00 0 3,845.00

428 0 1 1 648 11/1/2013 1/1/2014 12/31/2015 3,890.00 0 0 3,890.00 0 3,890.00

429 0 1 1 741 9/15/2012 12/1/2013 11/30/2015 5,247.43 0 0 5,247.43 0 5,247.43

430 0 2 2 980 12/1/2011 2/1/2014 1/31/2015 6,344.40 0 0 6,344.40 0 6,344.40

431 0 0 1 431 8/27/2011 12/1/2013 11/30/2015 3,192.60 0 0 3,192.60 0 3,192.60

432 0 0 1 494 3/15/2014 3/15/2014 3/31/2016 3,250.00 0 0 3,250.00 0 3,250.00

433 0 2 2 1,024 8/1/2013 10/1/2013 9/30/2015 7,120.00 0 0 7,120.00 0 7,120.00

434 0 1 1 746 9/1/2011 12/1/2013 11/30/2015 5,191.80 0 0 5,191.80 0 5,191.80

435 0 1 1 603 10/15/2013 12/15/2013 12/31/2015 4,130.00 0 0 4,130.00 0 4,130.00

436 0 1 1 645 7/1/2011 8/1/2013 5/31/2016 4,449.95 0 0 4,449.95 0 4,449.95

437 0 0 1 439 8/25/2011 11/1/2013 10/31/2014 3,136.50 0 0 3,136.50 0 3,136.50

438 0 1 1 613 5/5/2014 5/5/2014 5/4/2016 2,983.06 0 0 2,983.06 0 2,983.06

439 0 1 1 735 7/1/2011 8/1/2013 7/31/2014 5,412.95 0 0 5,412.95 0 5,412.95

440 0 2 2 1,024 6/27/2011 9/1/2013 8/31/2014 6,500.00 0 0 6,500.00 0 6,500.00

441 0 0 1 444 10/1/2013 10/1/2013 9/30/2014 2,990.00 0 0 2,990.00 0 2,990.00

442 0 1 1 609 7/15/2013 9/15/2013 9/30/2015 3,895.00 0 0 3,895.00 0 3,895.00

443 0 1 1 615 1/28/2012 4/1/2014 3/31/2016 3,792.55 0 0 3,792.55 0 3,792.55

444 0 1 1 648 12/1/2013 12/1/2013 11/30/2015 3,466.00 0 0 3,466.00 0 3,466.00

445 0 1 1 741 12/15/2013 12/15/2013 12/31/2015 3,932.00 0 0 3,932.00 0 3,932.00

446 0 2 2 978 1/1/2014 1/1/2014 12/31/2015 5,750.00 0 0 5,750.00 0 5,750.00

447 0 0 1 431 11/1/2013 11/1/2013 10/31/2014 3,050.00 0 0 3,050.00 0 3,050.00

448 0 0 1 494 11/15/2013 11/15/2013 11/30/2014 3,350.00 0 0 3,350.00 0 3,350.00

449 0 2 2 1,031 11/1/2013 1/1/2014 12/31/2015 6,990.00 0 0 6,990.00 0 6,990.00

450 0 1 1 747 3/15/2014 3/15/2014 3/31/2015 5,120.00 0 0 5,120.00 0 5,120.00

451 0 1 1 603 7/15/2013 9/15/2013 9/30/2015 4,125.00 0 0 4,125.00 0 4,125.00

452 0 1 1 645 7/1/2011 9/1/2013 8/31/2015 4,262.20 0 0 4,262.20 0 4,262.20

453 0 0 1 439 12/1/2013 12/1/2013 11/30/2014 3,020.00 0 0 3,020.00 0 3,020.00

454 0 1 1 618 8/31/2011 10/1/2013 9/30/2014 3,911.70 0 0 3,911.70 0 3,911.70

455 0 1 1 740 11/1/2013 12/1/2013 11/30/2014 4,440.00 0 0 4,440.00 0 4,440.00

456 0 2 2 1,017 7/30/2011 10/1/2013 9/30/2015 6,170.00 0 0 6,170.00 0 6,170.00

457 0 0 1 444 12/15/2012 2/1/2014 1/31/2015 3,343.60 0 0 3,343.60 0 3,343.60

458 0 1 1 609 2/1/2014 2/1/2014 7/31/2014 3,880.00 0 0 3,880.00 0 3,880.00

459 0 1 1 615 11/1/2011 12/1/2013 11/30/2014 3,993.92 0 0 3,993.92 0 3,993.92

460 0 1 1 648 7/15/2011 10/1/2013 9/30/2015 4,010.00 0 0 4,010.00 0 4,010.00

Lease Lease




461 0 1 1 745 2/1/2014 4/1/2014 3/31/2016 4,040.00 0 0 4,040.00 0 4,040.00

462 0 2 2 972 2/1/2014 2/1/2014 1/31/2015 6,300.00 0 0 6,300.00 0 6,300.00

463 0 0 1 431 4/15/2014 5/15/2014 5/31/2015 3,139.00 0 0 3,139.00 -1,417.61 1,721.39

464 0 0 1 494 9/15/2012 10/1/2013 9/30/2014 3,350.00 0 0 3,350.00 0 3,350.00

465 0 2 2 1,029 5/1/2011 6/1/2013 5/31/2014 7,058.53 0 0 7,058.53 0 7,058.53

466 0 1 1 748 2/13/2012 5/15/2012 5/31/2014 5,180.00 0 0 5,180.00 0 5,180.00

467 0 1 1 603 9/15/2012 11/1/2013 10/31/2014 4,131.00 0 0 4,131.00 0 4,131.00

468 0 1 1 645 9/1/2013 11/1/2013 10/31/2015 4,250.00 0 0 4,250.00 0 4,250.00

469 0 0 1 439 3/15/2014 3/15/2014 3/31/2015 3,050.00 0 0 3,050.00 0 3,050.00

470 0 1 1 625 3/1/2013 5/1/2014 4/30/2016 3,995.00 0 0 3,995.00 0 3,995.00

471 0 1 1 736 5/28/2011 8/1/2013 7/31/2014 5,206.55 0 0 5,206.55 0 5,206.55

472 0 2 2 1,014 6/1/2011 8/1/2013 7/31/2014 6,484.20 0 0 6,484.20 0 6,484.20

473 0 0 1 444 4/15/2014 6/15/2014 6/30/2016 3,245.00 0 0 3,245.00 -3,245.00 0

474 0 1 1 609 5/1/2012 8/1/2012 7/31/2014 3,820.00 0 0 3,820.00 0 3,820.00

475 0 1 1 615 3/15/2013 7/15/2013 7/31/2015 4,185.00 0 0 4,185.00 0 4,185.00

476 0 1 1 648 6/28/2011 9/1/2013 8/31/2015 4,054.50 0 0 4,054.50 0 4,054.50

477 0 1 1 745 8/1/2012 10/1/2013 9/30/2015 5,127.20 0 0 5,127.20 0 5,127.20

478 0 2 2 969 12/1/2013 12/1/2013 11/30/2015 5,714.00 0 0 5,714.00 0 5,714.00

479 0 0 1 431 5/31/2011 8/1/2013 7/31/2015 3,126.30 0 0 3,126.30 0 3,126.30

480 0 0 1 494 8/8/2013 10/8/2013 10/31/2015 3,450.00 0 0 3,450.00 0 3,450.00

481 0 2 2 1,024 4/30/2011 6/1/2013 5/31/2014 7,058.53 0 0 7,058.53 0 7,058.53

482 0 1 1 745 9/15/2012 11/1/2013 10/31/2014 4,990.00 0 0 4,990.00 0 4,990.00

483 0 1 1 603 2/1/2014 4/1/2014 3/31/2016 4,050.00 0 0 4,050.00 0 4,050.00

484 0 1 1 645 6/1/2011 7/1/2013 6/30/2014 4,233.00 0 0 4,233.00 0 4,233.00

485 0 0 1 439 6/1/2013 8/1/2013 7/31/2015 3,195.00 0 0 3,195.00 0 3,195.00

486 0 1 1 635 3/15/2014 3/15/2014 3/31/2015 3,582.00 0 0 3,582.00 0 3,582.00

487 0 1 1 735 7/18/2012 11/1/2012 10/31/2014 5,175.00 0 0 5,175.00 0 5,175.00

488 0 2 2 1,014 11/1/2013 12/1/2013 11/30/2014 6,550.00 0 0 6,550.00 0 6,550.00

489 0 0 1 444 1/1/2013 3/1/2014 2/28/2015 3,245.00 0 0 3,245.00 0 3,245.00

490 0 1 1 609 6/1/2013 7/1/2013 6/30/2014 3,925.00 0 0 3,925.00 0 3,925.00

491 0 1 1 615 1/1/2014 1/1/2014 12/31/2015 3,536.00 0 0 3,536.00 0 3,536.00

492 0 1 1 648 9/1/2012 10/1/2013 9/30/2014 4,192.20 0 0 4,192.20 0 4,192.20

493 0 1 1 741 9/15/2012 12/15/2012 12/31/2014 4,950.00 0 0 4,950.00 0 4,950.00

494 0 2 2 972 7/1/2013 9/1/2013 8/31/2015 6,550.00 0 0 6,550.00 0 6,550.00

495 0 0 1 431 5/1/2011 6/1/2013 5/31/2014 3,259.41 0 0 3,259.41 0 3,259.41

496 0 0 1 494 8/15/2013 9/15/2013 9/30/2014 3,470.00 0 0 3,470.00 0 3,470.00

497 0 2 2 1,021 10/1/2013 11/1/2013 10/31/2014 6,990.00 0 0 6,990.00 0 6,990.00

498 0 1 1 740 10/1/2011 1/1/2014 12/31/2015 5,273.40 0 0 5,273.40 0 5,273.40

499 0 1 1 603 4/21/2014 4/21/2014 4/30/2015 3,665.00 0 0 3,665.00 0 3,665.00

500 0 1 1 642 3/1/2012 6/1/2012 5/31/2014 4,020.00 0 0 4,020.00 0 4,020.00

501 0 0 1 439 2/1/2013 6/1/2013 5/31/2015 3,100.00 0 0 3,100.00 0 3,100.00

502 0 1 1 636 4/15/2014 4/15/2014 4/30/2016 3,494.00 0 0 3,494.00 0 3,494.00

503 0 1 1 733 3/1/2014 3/1/2014 2/28/2015 4,389.00 0 0 4,389.00 0 4,389.00

504 0 2 2 1,010 2/1/2012 4/1/2014 3/31/2015 6,812.00 0 0 6,812.00 0 6,812.00

505 0 0 1 444 4/1/2014 4/1/2014 3/31/2015 2,990.00 0 0 2,990.00 0 2,990.00

506 0 1 1 609 3/1/2014 3/1/2014 2/28/2015 3,674.00 0 0 3,674.00 0 3,674.00

Lease Lease




507 0 1 1 615 11/10/2011 2/1/2014 1/31/2015 3,946.80 0 0 3,946.80 0 3,946.80

508 0 1 1 648 4,225.00 4,225.00 0 0 0 0

509 0 1 1 739 1/15/2013 3/15/2013 3/31/2015 4,970.00 0 0 4,970.00 0 4,970.00

510 0 2 2 971 3/15/2013 5/15/2013 5/31/2014 6,700.00 0 0 6,700.00 0 6,700.00

511 0 0 1 431 4/15/2014 4/15/2014 4/30/2015 2,852.00 0 0 2,852.00 0 2,852.00

512 0 0 1 494 10/7/2013 12/7/2013 12/31/2015 3,370.00 0 0 3,370.00 0 3,370.00

513 0 2 2 1,014 8/1/2013 9/1/2013 8/31/2014 7,200.00 0 0 7,200.00 0 7,200.00

514 0 1 1 730 9/1/2013 10/1/2013 9/30/2014 5,190.00 0 0 5,190.00 0 5,190.00

515 0 1 1 603 12/1/2013 12/1/2013 11/30/2014 3,775.00 0 0 3,775.00 0 3,775.00

516 0 1 1 647 6/15/2013 6/15/2013 2/28/2015 4,040.00 0 0 4,040.00 0 4,040.00

517 0 0 1 438 7/15/2013 8/15/2013 8/31/2014 3,195.00 0 0 3,195.00 0 3,195.00

518 0 1 1 636 1/1/2013 3/15/2013 3/31/2015 3,975.00 0 0 3,975.00 0 3,975.00

519 0 1 1 731 6/1/2013 7/1/2013 6/30/2014 5,265.00 0 0 5,265.00 0 5,265.00

520 0 2 2 1,005 6/1/2013 8/1/2013 7/31/2015 6,850.00 0 0 6,850.00 0 6,850.00

521 0 0 1 444 3/15/2013 4/15/2013 4/30/2014 3,220.00 0 0 3,220.00 0 3,220.00

522 0 1 1 609 9/1/2013 10/1/2013 9/30/2014 3,990.00 0 0 3,990.00 0 3,990.00

523 0 1 1 615 8/1/2013 10/1/2013 9/30/2015 3,990.00 0 0 3,990.00 0 3,990.00

524 0 1 1 648 10/15/2012 12/1/2013 11/30/2015 4,253.40 0 0 4,253.40 0 4,253.40

525 0 1 1 736 3/1/2014 3/1/2014 2/29/2016 4,990.00 0 0 4,990.00 0 4,990.00

526 0 2 2 969 11/1/2012 1/1/2013 12/31/2014 6,750.00 0 0 6,750.00 0 6,750.00

527 0 0 1 431 4/21/2014 4/21/2014 4/30/2015 2,985.00 0 0 2,985.00 0 2,985.00

528 0 0 1 494 4/1/2013 6/1/2013 5/31/2014 3,495.00 0 0 3,495.00 0 3,495.00

529 0 2 2 1,005 7/15/2013 8/1/2013 5/31/2015 7,200.00 0 0 7,200.00 0 7,200.00

530 0 1 1 726 12/1/2013 12/1/2013 11/30/2014 4,107.00 0 0 4,107.00 0 4,107.00

531 0 1 1 603 7/29/2011 10/1/2013 9/30/2014 4,457.40 0 0 4,457.40 0 4,457.40

532 0 1 1 645 11/1/2011 1/1/2013 12/31/2014 4,610.40 0 0 4,610.40 0 4,610.40

533 0 0 1 0 393.55 393.55 0 0 0 0

534 1 0 1 437 5/5/2014 5/5/2014 5/31/2015 2,656.45 0 0 2,656.45 0 2,656.45

535 0 1 1 636 5/20/2012 8/20/2012 8/31/2014 3,975.00 0 0 3,975.00 0 3,975.00

536 0 1 1 732 8/1/2011 10/1/2013 9/30/2014 5,385.00 0 0 5,385.00 0 5,385.00

537 0 2 2 1,001 4/1/2014 4/1/2014 3/31/2016 6,831.00 0 0 6,831.00 0 6,831.00

538 0 0 1 444 4/15/2014 5/15/2014 5/31/2015 3,245.00 0 0 3,245.00 -1,465.48 1,779.52

539 0 1 1 609 11/1/2011 12/1/2013 11/30/2014 4,108.00 0 0 4,108.00 0 4,108.00

540 0 1 1 615 3/15/2013 7/15/2013 7/31/2015 4,100.00 0 0 4,100.00 0 4,100.00

541 0 1 1 648 11/1/2013 12/1/2013 11/30/2014 3,990.00 0 0 3,990.00 0 3,990.00

542 0 1 1 731 12/18/2013 12/18/2013 12/31/2015 4,191.00 0 0 4,191.00 0 4,191.00

543 0 2 2 959 11/1/2013 12/1/2013 11/30/2014 6,230.00 0 0 6,230.00 0 6,230.00

544 0 0 1 431 11/7/2013 11/7/2013 11/30/2014 3,150.00 0 0 3,150.00 0 3,150.00

545 0 0 1 494 4/15/2013 8/15/2013 8/31/2015 3,390.00 0 0 3,390.00 0 3,390.00

546 0 2 2 1,044 7/15/2011 9/1/2013 8/31/2014 8,466.00 0 0 8,466.00 0 8,466.00

547 0 1 1 694 1/1/2013 3/15/2013 3/31/2015 5,995.00 0 0 5,995.00 0 5,995.00

548 0 1 1 618 11/15/2012 1/15/2013 1/31/2015 4,350.00 0 0 4,350.00 0 4,350.00

549 0 1 1 622 9/1/2011 11/1/2013 10/31/2015 4,325.00 0 0 4,325.00 0 4,325.00

550 0 0 1 554 8/15/2012 10/1/2013 9/30/2014 3,695.00 0 0 3,695.00 0 3,695.00

551 0 0 1 511 10/15/2013 12/15/2013 12/31/2015 3,850.00 0 0 3,850.00 0 3,850.00

552 0 1 1 638 7/15/2011 10/1/2013 9/30/2015 4,222.80 0 0 4,222.80 0 4,222.80

Lease Lease




553 0 1 1 784 9/1/2013 10/1/2013 9/30/2014 6,500.00 0 0 6,500.00 0 6,500.00

554 0 1 1 796 4/1/2014 4/1/2014 3/31/2015 6,770.00 0 0 6,770.00 0 6,770.00

555 0 1 1 669 5/1/2014 5/1/2014 4/30/2016 3,990.00 0 0 3,990.00 0 3,990.00

556 0 1 1 662 3/15/2014 3/15/2014 3/31/2015 3,980.00 0 0 3,980.00 0 3,980.00

557 0 1 1 795 12/1/2013 1/15/2014 1/31/2016 6,195.00 0 0 6,195.00 0 6,195.00

558 0 1 1 754 10/15/2013 12/15/2013 12/31/2015 6,500.00 0 0 6,500.00 0 6,500.00

559 0 1 1 692 2/1/2014 4/1/2014 3/31/2016 4,171.00 0 0 4,171.00 0 4,171.00

560 0 2 2 1,045 9/1/2013 11/1/2013 10/31/2015 7,200.00 0 0 7,200.00 0 7,200.00

561 0 1 1 697 7/15/2013 9/15/2013 9/30/2015 5,150.00 0 0 5,150.00 0 5,150.00

562 0 1 1 636 12/15/2012 2/15/2013 2/28/2015 4,195.00 0 0 4,195.00 0 4,195.00

563 0 1 1 622 2/1/2014 2/1/2014 1/31/2015 3,858.00 0 0 3,858.00 0 3,858.00

564 0 0 1 553 9/9/2011 12/1/2013 11/30/2014 3,806.59 0 0 3,806.59 0 3,806.59

565 0 0 1 507 10/15/2012 12/1/2013 11/30/2014 3,915.60 0 0 3,915.60 0 3,915.60

566 0 1 1 638 7/1/2011 8/1/2013 7/31/2014 4,310.82 0 0 4,310.82 0 4,310.82

567 0 1 1 782 11/23/2012 1/23/2013 1/31/2015 5,390.00 0 0 5,390.00 0 5,390.00

568 0 1 1 796 1/15/2013 3/1/2014 2/28/2015 5,772.00 0 0 5,772.00 0 5,772.00

569 0 1 1 669 4/1/2014 4/1/2014 3/31/2015 3,990.00 0 0 3,990.00 0 3,990.00

570 0 1 1 662 9/1/2011 12/1/2013 11/30/2014 4,110.00 0 0 4,110.00 0 4,110.00

571 0 1 1 795 5,355.00 5,355.00 0 0 0 0

572 0 1 1 752 2/15/2014 2/15/2014 2/29/2016 4,689.00 0 0 4,689.00 0 4,689.00

573 0 1 1 692 11/1/2013 1/1/2014 12/31/2015 4,355.00 0 0 4,355.00 0 4,355.00

574 0 2 2 1,045 6/1/2011 7/1/2013 6/30/2014 7,428.92 0 0 7,428.92 0 7,428.92

575 0 1 1 697 3/15/2013 7/15/2013 7/31/2015 4,995.00 0 0 4,995.00 0 4,995.00

576 0 1 1 641 12/1/2013 1/1/2014 12/31/2014 4,350.00 0 0 4,350.00 0 4,350.00

577 0 1 1 622 2/1/2014 2/1/2014 1/31/2016 3,886.00 0 0 3,886.00 0 3,886.00

578 0 0 1 553 5/1/2012 6/1/2013 5/31/2015 3,825.00 0 0 3,825.00 0 3,825.00

579 0 0 1 507 9/1/2011 11/1/2013 10/31/2014 3,886.20 0 0 3,886.20 0 3,886.20

580 0 1 1 638 1/15/2013 3/1/2014 2/28/2015 4,149.60 0 0 4,149.60 0 4,149.60

581 0 1 1 780 8/1/2011 9/1/2013 8/31/2014 6,110.88 0 0 6,110.88 0 6,110.88

582 0 1 1 796 9/1/2013 10/1/2013 9/30/2014 5,625.00 0 0 5,625.00 0 5,625.00

583 0 1 1 669 9/1/2013 9/1/2013 3/31/2014 4,230.00 0 0 4,230.00 0 4,230.00

584 0 1 1 662 4/1/2014 4/1/2014 3/31/2016 3,990.00 0 0 3,990.00 0 3,990.00

585 0 1 1 794 8/1/2013 9/1/2013 8/31/2014 5,300.00 0 0 5,300.00 0 5,300.00

586 0 1 1 750 11/15/2013 1/15/2014 1/31/2016 5,325.00 0 0 5,325.00 0 5,325.00

587 0 1 1 692 2/1/2013 4/15/2013 4/30/2015 4,370.00 0 0 4,370.00 0 4,370.00

588 0 2 2 1,048 8/1/2011 10/1/2013 9/30/2015 7,211.40 0 0 7,211.40 0 7,211.40

589 0 1 1 696 5/1/2014 5/1/2014 4/30/2015 4,952.00 0 0 4,952.00 0 4,952.00

590 0 1 1 648 2/1/2013 4/15/2013 4/30/2015 4,340.00 0 0 4,340.00 0 4,340.00

591 0 1 1 622 4/1/2014 4/1/2014 3/31/2015 4,090.00 0 0 4,090.00 0 4,090.00

592 0 0 1 553 2/15/2013 5/1/2014 4/30/2015 3,799.50 0 0 3,799.50 0 3,799.50

593 0 0 1 501 3/15/2014 3/15/2014 3/31/2015 3,450.00 0 0 3,450.00 0 3,450.00

594 0 1 1 638 2/1/2013 4/15/2013 4/30/2015 3,990.00 0 0 3,990.00 0 3,990.00

595 0 1 1 777 7,316.20 7,316.20 0 0 0 0

596 0 1 1 796 1/15/2013 3/1/2014 2/28/2015 5,645.90 0 0 5,645.90 0 5,645.90

597 0 1 1 669 3/15/2013 5/15/2013 5/31/2015 4,450.00 0 0 4,450.00 0 4,450.00

598 0 1 1 662 8/1/2013 10/1/2013 9/30/2015 4,290.00 0 0 4,290.00 0 4,290.00

Lease Lease




599 0 1 1 794 9/1/2013 11/1/2013 10/31/2015 5,375.00 0 0 5,375.00 0 5,375.00

600 0 1 1 750 11/1/2012 12/1/2013 11/30/2014 5,339.70 0 0 5,339.70 0 5,339.70

601 0 1 1 692 2/1/2012 4/1/2013 3/31/2015 4,472.70 0 0 4,472.70 0 4,472.70

602 0 2 2 1,053 6/29/2011 8/1/2013 7/31/2014 7,534.74 0 0 7,534.74 0 7,534.74

603 0 1 1 697 2/15/2014 2/15/2014 2/29/2016 4,698.00 0 0 4,698.00 0 4,698.00

604 0 1 1 649 8/27/2011 11/1/2013 10/31/2014 4,442.10 0 0 4,442.10 0 4,442.10

605 0 1 1 622 3/1/2013 5/15/2013 5/31/2015 4,275.00 0 0 4,275.00 0 4,275.00

606 0 0 1 553 8/1/2013 9/1/2013 8/31/2014 3,790.00 0 0 3,790.00 0 3,790.00

607 0 0 1 500 2/1/2013 6/1/2013 5/31/2015 3,725.00 0 0 3,725.00 0 3,725.00

608 0 1 1 638 2/1/2013 4/1/2014 3/31/2015 4,110.60 0 0 4,110.60 0 4,110.60

609 0 1 1 768 5/1/2014 5/1/2014 4/30/2016 4,985.00 0 0 4,985.00 0 4,985.00

610 0 1 1 796 10/8/2011 1/1/2014 12/31/2014 6,041.26 0 0 6,041.26 0 6,041.26

611 0 1 1 669 5/1/2014 5/1/2014 4/30/2016 4,090.00 0 0 4,090.00 0 4,090.00

612 0 1 1 662 4/24/2012 6/1/2013 5/31/2015 4,399.20 0 0 4,399.20 0 4,399.20

613 0 1 1 794 11/9/2013 12/9/2013 12/31/2014 5,350.00 0 0 5,350.00 0 5,350.00

614 0 1 1 754 1/15/2014 3/15/2014 3/31/2016 5,170.00 0 0 5,170.00 0 5,170.00

615 0 1 1 692 8/15/2013 8/15/2013 8/31/2014 4,500.00 0 0 4,500.00 0 4,500.00

616 0 2 2 1,054 5/15/2012 8/15/2012 8/31/2014 8,295.00 0 0 8,295.00 0 8,295.00

617 0 1 1 702 6/22/2013 6/22/2013 6/30/2015 5,360.00 0 0 5,360.00 0 5,360.00

618 0 1 1 654 7/1/2013 8/1/2013 7/31/2014 4,410.00 0 0 4,410.00 -2,133.87 2,276.13

619 0 1 1 622 4/1/2012 6/1/2013 5/31/2014 4,314.60 0 0 4,314.60 0 4,314.60

620 0 0 1 553 8/1/2013 9/1/2013 8/31/2014 3,810.00 0 0 3,810.00 0 3,810.00

621 0 0 1 500 8/15/2013 9/15/2013 9/30/2014 3,895.00 0 0 3,895.00 0 3,895.00

622 0 1 1 638 5/7/2013 5/7/2013 5/31/2014 4,170.00 0 0 4,170.00 0 4,170.00

623 0 1 1 763 8/15/2013 10/15/2013 10/31/2015 5,395.00 0 0 5,395.00 0 5,395.00

624 0 1 1 796 10/1/2013 11/1/2013 10/31/2014 5,675.00 0 0 5,675.00 0 5,675.00

625 0 1 1 669 7/1/2012 10/1/2012 9/30/2014 4,275.00 0 0 4,275.00 0 4,275.00

626 0 1 1 662 3/15/2014 3/15/2014 3/31/2016 4,052.00 0 0 4,052.00 0 4,052.00

627 0 1 1 794 7/31/2012 10/1/2013 9/30/2014 5,330.00 0 0 5,330.00 0 5,330.00

628 0 1 1 753 8/1/2013 10/1/2013 9/30/2015 5,375.00 0 0 5,375.00 0 5,375.00

629 0 1 1 692 8/1/2013 9/1/2013 8/31/2014 4,395.00 0 0 4,395.00 0 4,395.00

630 0 2 2 1,052 8/1/2013 9/1/2013 8/31/2014 7,300.00 0 0 7,300.00 0 7,300.00

631 0 1 1 708 11/1/2011 1/1/2014 12/31/2014 5,516.16 0 0 5,516.16 0 5,516.16

632 0 1 1 652 4/1/2014 4/1/2014 3/31/2016 4,052.00 0 0 4,052.00 0 4,052.00

633 0 1 1 622 2/1/2012 4/1/2013 3/31/2015 4,329.90 0 0 4,329.90 0 4,329.90

634 0 0 1 553 4/15/2014 4/15/2014 4/30/2015 3,175.00 0 0 3,175.00 0 3,175.00

635 0 0 1 500 11/1/2012 1/1/2013 12/31/2014 3,870.00 0 0 3,870.00 0 3,870.00

636 0 1 1 640 4/1/2014 4/1/2014 3/31/2016 4,090.00 0 0 4,090.00 0 4,090.00

637 0 1 1 751 1/1/2012 4/1/2014 3/31/2015 5,834.40 0 0 5,834.40 0 5,834.40

638 0 1 1 796 4/1/2013 5/1/2014 4/30/2015 5,850.00 0 0 5,850.00 0 5,850.00

639 0 1 1 669 5/15/2012 8/15/2012 8/30/2014 4,290.00 0 0 4,290.00 0 4,290.00

640 0 1 1 662 9/1/2013 11/1/2013 10/31/2015 4,350.00 0 0 4,350.00 0 4,350.00

641 0 1 1 794 6/22/2012 9/1/2013 8/31/2014 5,457.00 0 0 5,457.00 0 5,457.00

642 0 1 1 747 2/1/2014 2/1/2014 1/31/2015 4,929.00 0 0 4,929.00 0 4,929.00

643 0 1 1 692 6/15/2013 8/15/2013 8/31/2015 4,545.00 0 0 4,545.00 0 4,545.00

644 0 2 2 1,044 9/1/2011 10/1/2012 9/30/2013 8,788.00 0 0 8,788.00 0 8,788.00

Lease Lease




645 0 1 1 706 9/9/2011 12/1/2013 11/30/2014 5,537.38 0 0 5,537.38 0 5,537.38

646 0 1 1 648 4/1/2014 4/1/2014 3/31/2016 4,071.00 0 0 4,071.00 0 4,071.00

647 0 1 1 623 2/15/2012 5/1/2013 4/30/2015 4,345.20 0 0 4,345.20 0 4,345.20

648 0 0 1 553 3/9/2012 6/1/2013 5/31/2014 3,860.70 0 0 3,860.70 0 3,860.70

649 0 0 1 503 4/1/2013 8/1/2013 7/31/2015 3,690.00 0 0 3,690.00 0 3,690.00

650 0 1 1 644 3/1/2013 5/1/2014 4/30/2015 4,156.50 0 0 4,156.50 0 4,156.50

651 0 1 1 748 4/1/2012 6/1/2013 5/31/2014 5,742.60 0 0 5,742.60 0 5,742.60

652 0 1 1 796 4/7/2013 7/7/2013 7/31/2015 5,650.00 0 0 5,650.00 0 5,650.00

653 0 1 1 669 3/24/2012 6/1/2013 5/31/2014 4,391.10 0 0 4,391.10 0 4,391.10

654 0 1 1 662 5/15/2012 7/1/2013 6/30/2014 4,360.50 0 0 4,360.50 0 4,360.50

655 0 1 1 790 6/29/2012 10/1/2012 9/30/2014 5,370.00 0 0 5,370.00 0 5,370.00

656 0 1 1 0 2,400.32 2,400.32 0 0 0 0

657 1 1 1 733 5/15/2014 5/15/2014 5/31/2015 2,713.42 0 0 2,713.42 0 2,713.42

658 0 1 1 692 6/1/2013 7/1/2013 6/30/2014 4,540.00 0 0 4,540.00 0 4,540.00

659 0 2 2 1,042 2/1/2013 6/1/2013 5/31/2015 7,600.00 0 0 7,600.00 0 7,600.00

660 0 1 1 705 9/1/2011 11/1/2013 10/31/2014 5,292.40 0 0 5,292.40 0 5,292.40

661 0 1 1 647 3/15/2013 5/15/2013 5/31/2014 4,420.00 0 0 4,420.00 0 4,420.00

662 0 1 1 623 4/1/2012 7/1/2012 6/30/2014 4,275.00 0 0 4,275.00 0 4,275.00

663 0 0 1 553 7/7/2013 9/7/2013 9/30/2015 3,855.00 0 0 3,855.00 0 3,855.00

664 0 0 1 506 12/27/2011 3/1/2013 2/28/2015 3,900.00 0 0 3,900.00 0 3,900.00

665 0 1 1 647 7/1/2013 9/1/2013 8/31/2015 4,230.00 0 0 4,230.00 0 4,230.00

666 0 1 1 746 4/1/2012 6/1/2013 5/31/2014 5,763.00 0 0 5,763.00 0 5,763.00

667 0 1 1 796 1/4/2012 4/1/2013 3/31/2015 5,686.50 0 0 5,686.50 0 5,686.50

668 0 1 1 669 6/1/2012 8/1/2013 7/31/2014 4,406.40 0 0 4,406.40 0 4,406.40

669 0 1 1 662 3/1/2014 3/1/2014 2/28/2015 4,090.00 0 0 4,090.00 0 4,090.00

670 0 1 1 788 8/1/2012 8/1/2012 7/31/2014 5,390.00 0 0 5,390.00 0 5,390.00

671 0 1 1 733 11/15/2013 1/15/2014 1/31/2016 5,120.00 0 0 5,120.00 0 5,120.00

672 0 1 1 0 1,892.26 1,892.26 0 0 0 0

673 1 1 1 695 5/15/2014 5/15/2014 5/31/2016 2,297.74 0 0 2,297.74 0 2,297.74

674 0 2 2 1,049 9/15/2011 11/1/2013 10/31/2014 8,721.00 0 0 8,721.00 0 8,721.00

675 0 1 1 709 3/1/2014 3/1/2014 2/28/2015 4,948.00 0 0 4,948.00 0 4,948.00

676 0 1 1 640 2/1/2014 2/1/2014 1/31/2015 3,891.00 0 0 3,891.00 0 3,891.00

677 0 1 1 623 3/27/2012 6/1/2013 5/31/2014 4,375.80 0 0 4,375.80 0 4,375.80

678 0 0 1 553 8/1/2013 9/1/2013 8/31/2014 3,870.00 0 0 3,870.00 0 3,870.00

679 0 0 1 509 8/1/2013 9/1/2013 8/31/2014 3,850.00 0 0 3,850.00 0 3,850.00

680 0 1 1 0 810.41 810.41 0 0 0 0

681 1 1 1 648 5/7/2014 5/7/2014 5/6/2016 3,217.74 0 0 3,217.74 0 3,217.74

682 0 1 1 743 2/1/2014 4/1/2014 3/31/2016 4,780.00 0 0 4,780.00 0 4,780.00

683 0 1 1 797 2/15/2012 5/1/2014 4/30/2015 5,821.04 0 0 5,821.04 0 5,821.04

684 0 1 1 0 2,567.44 2,567.44 0 0 0 0

685 1 1 1 669 5/19/2014 5/19/2014 5/31/2015 1,757.52 0 0 1,757.52 0 1,757.52

686 0 1 1 662 6/15/2012 9/15/2012 9/30/2014 4,305.00 0 0 4,305.00 0 4,305.00

687 0 1 1 781 4/15/2013 8/1/2013 7/31/2014 5,518.20 0 0 5,518.20 0 5,518.20

688 0 1 1 737 5/15/2012 8/1/2013 7/31/2014 5,655.00 0 0 5,655.00 0 5,655.00

689 0 1 1 698 8/15/2013 10/15/2013 10/31/2015 4,455.00 0 0 4,455.00 0 4,455.00

690 0 2 2 1,072 8/1/2011 9/1/2013 8/31/2015 8,507.50 0 0 8,507.50 0 8,507.50

Lease Lease




691 0 1 1 712 3/1/2014 3/1/2014 2/29/2016 4,948.00 0 0 4,948.00 0 4,948.00

692 0 1 1 633 7/15/2013 9/15/2013 9/30/2015 4,465.00 0 0 4,465.00 0 4,465.00

693 0 1 1 625 4/15/2014 4/15/2014 4/30/2016 3,969.00 0 0 3,969.00 0 3,969.00

694 0 0 1 554 4/15/2012 7/1/2013 6/30/2014 3,906.60 0 0 3,906.60 0 3,906.60

695 0 0 1 511 4/21/2014 4/21/2014 4/30/2015 3,526.00 0 0 3,526.00 0 3,526.00

696 0 1 1 649 2/1/2013 4/1/2013 3/31/2015 4,170.00 0 0 4,170.00 0 4,170.00

697 0 1 1 740 8/1/2011 10/1/2013 9/30/2015 6,334.20 0 0 6,334.20 0 6,334.20

698 0 1 1 799 5/1/2013 5/1/2014 4/30/2015 5,808.90 0 0 5,808.90 0 5,808.90

699 0 1 1 669 1/1/2014 1/1/2014 12/31/2014 3,789.00 0 0 3,789.00 0 3,789.00

700 0 1 1 662 7/1/2012 9/1/2013 8/31/2014 4,320.00 0 0 4,320.00 0 4,320.00

701 0 1 1 781 7/1/2012 9/1/2013 8/31/2014 5,430.00 0 0 5,430.00 0 5,430.00

702 0 1 1 741 9/1/2012 11/1/2013 10/31/2015 5,475.00 0 0 5,475.00 0 5,475.00

703 0 1 1 699 4,490.00 4,490.00 0 0 0 0

704 0 2 2 1,069 0 0 0 0 0 0

705 0 1 1 714 2/1/2014 3/1/2014 2/28/2015 5,380.00 0 0 5,380.00 0 5,380.00

706 0 1 1 628 3/30/2012 6/1/2013 5/31/2014 4,692.00 0 0 4,692.00 0 4,692.00

707 0 1 1 625 7/15/2012 10/15/2012 10/31/2014 4,435.00 0 0 4,435.00 0 4,435.00

708 0 0 1 554 0 0 0 0 0 0

709 0 0 1 512 4/1/2014 4/1/2014 3/31/2015 3,630.00 0 0 3,630.00 0 3,630.00

710 0 1 1 650 10/1/2011 1/1/2014 12/31/2015 4,135.00 0 0 4,135.00 0 4,135.00

711 0 1 1 739 4/1/2012 7/1/2012 6/30/2014 6,090.00 0 0 6,090.00 0 6,090.00

712 0 1 1 799 1/1/2014 2/1/2014 1/31/2015 5,695.00 0 0 5,695.00 0 5,695.00

713 0 1 1 669 5/1/2014 5/1/2014 9/30/2014 4,500.00 0 0 4,500.00 0 4,500.00

714 0 1 1 662 8/1/2012 10/1/2013 9/30/2015 4,470.00 0 0 4,470.00 0 4,470.00

715 0 1 1 782 6/27/2012 10/1/2012 9/30/2014 5,630.00 0 0 5,630.00 0 5,630.00

716 0 1 1 737 8/1/2012 10/1/2013 9/30/2014 5,902.00 0 0 5,902.00 0 5,902.00

717 0 1 1 699 5/1/2014 6/1/2014 5/31/2015 4,539.00 0 0 4,539.00 -4,539.00 0

718 0 3 2.5 1,600 12/28/2011 4/1/2014 3/31/2016 19,000.00 0 0 19,000.00 0 19,000.00

719 0 1 1 744 6/1/2012 9/1/2012 8/31/2014 4,900.00 0 0 4,900.00 0 4,900.00

720 0 2 2 1,040 11/1/2013 1/1/2014 12/31/2015 6,706.00 0 0 6,706.00 0 6,706.00

721 0 1 1 769 2/1/2014 2/1/2014 1/31/2015 5,982.00 0 0 5,982.00 0 5,982.00

722 0 2 2 1,268 5/1/2014 5/1/2014 4/30/2015 9,969.00 0 0 9,969.00 0 9,969.00

723 0 1 1 701 5/1/2013 7/1/2013 6/30/2015 4,600.00 0 0 4,600.00 0 4,600.00

724 0 2 2 1,162 6/1/2012 8/1/2013 7/31/2014 8,295.00 0 0 8,295.00 0 8,295.00

725 0 2 2.5 1,314 6/1/2012 9/1/2012 8/31/2014 8,995.00 0 0 8,995.00 0 8,995.00

726 0 3 2.5 1,604 1/15/2013 4/1/2013 3/31/2015 11,250.00 0 0 11,250.00 0 11,250.00

727 0 1 1 744 3/1/2013 7/1/2013 6/30/2015 5,075.00 0 0 5,075.00 0 5,075.00

728 0 2 2 1,041 5/1/2013 9/1/2013 8/31/2015 7,275.00 0 0 7,275.00 0 7,275.00

729 0 1 1 770 3/15/2012 4/1/2014 3/31/2015 5,194.80 0 0 5,194.80 0 5,194.80

730 0 2 2 1,270 11/1/2013 1/1/2014 12/31/2015 8,250.00 0 0 8,250.00 0 8,250.00

731 0 1 1 701 6/15/2012 9/15/2012 9/30/2014 4,500.00 0 0 4,500.00 0 4,500.00

732 0 2 2 1,162 9/1/2012 11/1/2013 10/31/2015 8,345.00 0 0 8,345.00 0 8,345.00

733 0 2 2.5 1,314 8/1/2013 10/1/2013 9/30/2015 9,000.00 0 0 9,000.00 0 9,000.00

734 0 3 2.5 1,620 5/1/2013 6/1/2013 5/31/2015 10,650.00 0 0 10,650.00 0 10,650.00

735 0 1 1 741 12/15/2011 3/1/2014 2/28/2015 4,989.40 0 0 4,989.40 0 4,989.40

736 0 2 2 1,041 4/1/2013 6/1/2013 5/31/2014 7,400.00 0 0 7,400.00 0 7,400.00

Lease Lease




737 0 1 1 771 2/29/2012 5/1/2014 4/30/2015 5,319.91 0 0 5,319.91 0 5,319.91

738 0 2 2 1,276 5/1/2014 5/1/2014 4/30/2015 8,852.00 0 0 8,852.00 0 8,852.00

739 0 1 1 701 5/15/2013 6/15/2013 6/30/2014 4,620.00 0 0 4,620.00 0 4,620.00

740 0 2 2 1,162 4/20/2012 7/1/2013 6/30/2014 8,395.00 0 0 8,395.00 0 8,395.00

741 0 2 2.5 1,312 3/29/2012 7/1/2012 6/30/2014 8,850.00 0 0 8,850.00 0 8,850.00

742 0 3 2.5 1,624 6/12/2012 10/1/2012 9/30/2014 12,050.00 0 0 12,050.00 0 12,050.00

743 0 1 1 737 5/15/2013 7/15/2013 7/31/2015 5,160.00 0 0 5,160.00 0 5,160.00

744 0 2 2 1,043 5/1/2014 5/1/2014 4/30/2015 6,475.00 0 0 6,475.00 0 6,475.00

745 0 1 1 771 5,495.00 5,495.00 0 0 0 0

746 0 2 2 1,278 6/15/2013 8/15/2013 8/31/2014 9,100.00 0 0 9,100.00 0 9,100.00

747 0 1 1 701 4,651.20 4,651.20 0 0 0 0

748 0 2 2 1,162 9/15/2013 11/15/2013 11/30/2015 8,200.00 0 0 8,200.00 0 8,200.00

749 0 2 2.5 1,314 5/1/2012 8/1/2012 7/31/2014 9,000.00 0 0 9,000.00 0 9,000.00

750 0 3 2.5 1,626 6/1/2012 9/1/2012 8/31/2014 12,125.00 0 0 12,125.00 0 12,125.00

751 0 1 1 731 11/1/2013 12/1/2013 11/30/2014 4,864.00 0 0 4,864.00 0 4,864.00

752 0 2 2 1,044 12/1/2011 2/1/2014 1/31/2015 7,696.00 0 0 7,696.00 0 7,696.00

753 0 1 1 772 7/16/2012 12/1/2012 11/30/2014 5,055.00 0 0 5,055.00 0 5,055.00

754 0 2 2 1,278 9/15/2013 10/15/2013 10/31/2014 8,325.00 0 0 8,325.00 0 8,325.00

755 0 1 1 701 7/15/2013 8/15/2013 8/31/2014 4,680.00 0 0 4,680.00 0 4,680.00

756 0 2 2 1,162 11/15/2013 11/15/2013 11/30/2015 6,886.00 0 0 6,886.00 0 6,886.00

757 0 2 2.5 1,317 11/1/2013 12/1/2013 11/30/2014 8,331.00 0 0 8,331.00 0 8,331.00

758 0 3 2.5 1,630 1/15/2012 5/1/2014 4/30/2015 12,688.00 0 0 12,688.00 0 12,688.00

759 0 1 1 730 8/1/2013 9/1/2013 8/31/2014 5,400.00 0 0 5,400.00 0 5,400.00

760 0 2 2 1,047 8/1/2011 10/1/2013 9/30/2014 7,770.36 0 0 7,770.36 0 7,770.36

761 0 1 1 772 11/23/2013 11/23/2013 11/30/2015 4,329.00 0 0 4,329.00 0 4,329.00

762 0 2 2 1,276 7/29/2011 10/1/2013 9/30/2015 9,200.00 0 0 9,200.00 0 9,200.00

763 0 1 1 701 6/1/2013 8/1/2013 7/31/2015 4,700.00 0 0 4,700.00 0 4,700.00

764 0 2 2 1,163 6/15/2012 9/15/2012 9/30/2014 8,545.00 0 0 8,545.00 0 8,545.00

765 0 2 2.5 1,321 5/1/2012 8/1/2012 7/31/2014 9,000.00 0 0 9,000.00 0 9,000.00

766 0 3 2.5 1,629 7/15/2012 10/1/2013 9/30/2014 12,275.00 0 0 12,275.00 0 12,275.00

767 0 1 1 729 10/1/2013 11/1/2013 10/31/2014 4,990.00 0 0 4,990.00 0 4,990.00

768 0 2 2 1,050 2/1/2014 2/1/2014 1/31/2015 6,452.00 0 0 6,452.00 0 6,452.00

769 0 1 1 773 11/1/2013 1/1/2014 12/31/2015 5,290.00 0 0 5,290.00 0 5,290.00

770 0 2 2 1,276 9/15/2013 11/15/2013 11/30/2015 8,375.00 0 0 8,375.00 0 8,375.00

771 0 1 1 701 1/18/2014 1/18/2014 1/31/2015 3,850.00 0 0 3,850.00 0 3,850.00

772 0 2 2 1,155 12/1/2013 2/1/2014 1/31/2016 7,825.00 0 0 7,825.00 0 7,825.00

773 0 2 2.5 1,323 3/26/2012 6/1/2013 5/31/2015 9,395.00 0 0 9,395.00 0 9,395.00

774 0 3 2.5 1,649 6/1/2013 6/1/2013 12/31/2014 12,350.00 0 0 12,350.00 0 12,350.00

775 0 1 1 730 5/1/2012 7/1/2013 6/30/2015 5,040.00 0 0 5,040.00 0 5,040.00

776 0 2 2 1,049 1/1/2014 1/1/2014 12/31/2014 6,125.00 0 0 6,125.00 0 6,125.00

777 0 1 1 775 5/1/2012 7/1/2013 6/30/2015 5,217.30 0 0 5,217.30 0 5,217.30

778 0 2 2 1,273 3/1/2014 3/1/2014 2/29/2016 8,852.00 0 0 8,852.00 0 8,852.00

779 0 1 1 701 1/28/2012 4/1/2014 3/31/2015 4,827.46 0 0 4,827.46 0 4,827.46

780 0 2 2 1,155 5/1/2012 7/1/2013 6/30/2015 8,990.80 0 0 8,990.80 0 8,990.80

781 0 2 2.5 1,324 7/1/2013 9/1/2013 8/31/2015 9,445.00 0 0 9,445.00 0 9,445.00

782 0 3 2.5 1,645 9/14/2012 12/15/2012 12/31/2014 12,425.00 0 0 12,425.00 0 12,425.00

Lease Lease




783 0 1 1 730 9/1/2011 12/1/2013 11/30/2014 5,262.40 0 0 5,262.40 0 5,262.40

784 0 2 2 1,055 10/15/2013 11/15/2013 11/30/2014 6,930.00 0 0 6,930.00 0 6,930.00

785 0 1 1 775 4/14/2012 7/1/2013 6/30/2014 5,186.36 0 0 5,186.36 0 5,186.36

786 0 2 2 1,257 7/1/2013 9/1/2013 8/31/2014 9,250.00 0 0 9,250.00 0 9,250.00

787 0 1 1 701 1/15/2012 5/1/2014 4/30/2016 4,753.20 0 0 4,753.20 0 4,753.20

788 0 2 2 1,155 11/7/2013 11/7/2013 11/30/2014 6,960.00 0 0 6,960.00 0 6,960.00

789 0 3 2.5 1,634 6/1/2013 7/1/2013 6/30/2014 11,900.00 0 0 11,900.00 0 11,900.00

790 0 1 1 732 6/1/2013 7/1/2013 6/30/2014 5,500.00 0 0 5,500.00 0 5,500.00

791 0 2 2 1,057 10/1/2013 11/1/2013 10/31/2014 6,930.00 0 0 6,930.00 0 6,930.00

792 0 1 1 777 5/1/2013 6/1/2013 5/31/2014 5,725.00 0 0 5,725.00 0 5,725.00

793 0 2 2 1,261 8/15/2013 9/15/2013 9/30/2014 8,450.00 0 0 8,450.00 0 8,450.00

794 0 1 1 701 11/1/2013 12/1/2013 11/30/2014 4,790.00 0 0 4,790.00 0 4,790.00

795 0 2 2 1,155 12/1/2013 2/1/2014 1/31/2016 7,900.00 0 0 7,900.00 0 7,900.00

796 0 2 2.5 1,327 6/1/2013 7/1/2013 6/30/2014 9,545.00 0 0 9,545.00 0 9,545.00

797 0 3 2.5 1,614 3/1/2013 7/1/2013 6/30/2015 11,200.00 0 0 11,200.00 0 11,200.00

798 0 1 1 730 1/1/2014 1/1/2014 12/31/2014 4,643.00 0 0 4,643.00 0 4,643.00

799 0 2 2 1,058 1/1/2014 1/1/2014 12/31/2014 6,051.00 0 0 6,051.00 0 6,051.00

800 0 1 1 779 5/30/2012 9/1/2012 8/31/2014 5,475.00 0 0 5,475.00 0 5,475.00

801 0 2 2 1,261 11/1/2012 2/1/2013 1/31/2015 9,395.00 0 0 9,395.00 0 9,395.00

802 0 1 1 701 2/15/2014 2/15/2014 2/29/2016 3,923.00 0 0 3,923.00 0 3,923.00

803 0 2 2 1,155 12/15/2013 12/15/2013 12/31/2015 7,431.00 0 0 7,431.00 0 7,431.00

804 0 2 2.5 1,325 7/1/2012 10/1/2012 9/30/2014 9,595.00 0 0 9,595.00 0 9,595.00

805 0 3 2.5 1,611 4/1/2013 6/1/2013 5/31/2014 11,300.00 0 0 11,300.00 0 11,300.00

806 0 1 1 0 330.32 330.32 0 0 0 0

807 1 1 1 734 5/3/2014 5/3/2014 5/2/2016 4,741.03 0 0 4,741.03 0 4,741.03

808 0 2 2 1,050 3/15/2014 3/15/2014 3/31/2016 7,550.00 0 0 7,550.00 0 7,550.00

809 0 1 1 779 9/27/2012 1/1/2013 12/31/2014 5,545.00 0 0 5,545.00 0 5,545.00

810 0 2 2 1,257 11/1/2012 12/1/2013 11/30/2014 8,424.00 0 0 8,424.00 0 8,424.00

811 0 1 1 701 5/15/2013 6/15/2013 6/30/2014 4,820.00 0 0 4,820.00 0 4,820.00

812 0 2 2 1,156 9/1/2013 9/1/2013 1/31/2015 8,100.00 0 0 8,100.00 0 8,100.00

813 0 2 2.5 1,318 9/1/2012 12/1/2012 11/30/2014 9,645.00 0 0 9,645.00 0 9,645.00

814 0 3 2.5 1,623 10/15/2012 1/28/2013 1/31/2015 12,725.00 0 0 12,725.00 0 12,725.00

815 0 1 1 740 9/1/2012 11/1/2013 10/31/2014 5,240.00 0 0 5,240.00 0 5,240.00

816 0 2 2 1,051 9/1/2012 12/1/2012 11/30/2014 7,400.00 0 0 7,400.00 0 7,400.00

817 0 1 1 780 1/1/2014 1/1/2014 12/31/2015 4,569.00 0 0 4,569.00 0 4,569.00

818 0 2 2 1,263 4/1/2014 4/1/2014 3/31/2015 9,351.00 0 0 9,351.00 0 9,351.00

819 0 1 1 701 5/31/2012 8/1/2013 7/31/2014 4,992.90 0 0 4,992.90 0 4,992.90

820 0 2 2 1,155 11/1/2012 1/1/2014 12/31/2015 8,895.00 0 0 8,895.00 0 8,895.00

821 0 2 2.5 1,307 8/1/2013 9/1/2013 8/31/2014 9,700.00 0 0 9,700.00 0 9,700.00

822 0 3 2.5 1,651 12/15/2011 4/1/2013 3/31/2015 13,312.00 0 0 13,312.00 0 13,312.00

823 0 1 1 740 5/1/2014 7/1/2014 6/30/2016 5,490.00 0 0 5,490.00 -5,490.00 0

824 0 2 2 1,049 8/30/2012 11/1/2013 10/31/2014 7,425.00 0 0 7,425.00 0 7,425.00

825 0 1 1 784 4/1/2012 6/1/2013 5/31/2014 5,339.70 0 0 5,339.70 0 5,339.70

826 0 2 2 1,258 12/1/2012 2/1/2013 1/31/2015 8,400.00 0 0 8,400.00 0 8,400.00

827 0 1 1 701 5/30/2012 8/1/2013 7/31/2014 5,013.30 0 0 5,013.30 0 5,013.30

828 0 2 2 1,150 1/1/2013 3/1/2013 2/28/2015 8,300.00 0 0 8,300.00 0 8,300.00

Lease Lease




829 0 2 2.5 1,299 9/1/2012 11/1/2013 10/31/2015 9,745.00 0 0 9,745.00 0 9,745.00

830 0 3 2.5 1,651 3/15/2013 7/15/2013 7/31/2015 11,400.00 0 0 11,400.00 0 11,400.00

831 0 1 1 745 8/1/2013 9/1/2013 8/31/2014 5,350.00 0 0 5,350.00 0 5,350.00

832 0 2 2 1,050 12/28/2013 12/28/2013 12/31/2015 6,166.00 0 0 6,166.00 0 6,166.00

833 0 1 1 792 9/15/2012 12/1/2013 11/30/2014 5,610.00 0 0 5,610.00 0 5,610.00

834 0 2 2 1,252 10/15/2013 12/15/2013 12/31/2015 8,500.00 0 0 8,500.00 0 8,500.00

835 0 1 1 701 10/1/2013 10/1/2013 9/30/2014 5,137.60 0 0 5,137.60 0 5,137.60

836 0 2 2 1,152 4/1/2013 5/1/2014 4/30/2015 8,032.50 0 0 8,032.50 -4,016.25 4,016.25

837 0 2 2.5 1,292 11/1/2013 1/1/2014 12/31/2015 8,850.00 0 0 8,850.00 0 8,850.00

838 0 3 2.5 1,658 6/1/2013 10/1/2013 9/30/2015 11,500.00 0 0 11,500.00 0 11,500.00

839 0 1 1 741 12/1/2012 2/1/2014 1/31/2015 5,782.40 0 0 5,782.40 0 5,782.40

840 0 2 2 1,051 9/28/2012 1/1/2013 12/31/2014 7,525.00 0 0 7,525.00 0 7,525.00

841 0 1 1 802 10/1/2013 12/1/2013 11/30/2015 5,490.00 0 0 5,490.00 0 5,490.00

842 0 2 2 1,250 1/1/2013 1/1/2013 12/31/2014 8,600.00 0 0 8,600.00 0 8,600.00

843 0 1 1 701 2/1/2014 3/1/2014 3/31/2016 4,290.00 0 0 4,290.00 0 4,290.00

844 0 2 2 1,154 10/1/2012 12/1/2013 11/30/2015 9,045.00 0 0 9,045.00 0 9,045.00

845 0 2 2.5 1,292 12/7/2013 12/7/2013 12/31/2015 9,129.00 0 0 9,129.00 0 9,129.00

846 0 3 2.5 1,641 5/15/2014 5/15/2014 6/30/2015 6,361.29 0 0 6,361.29 0 6,361.29

847 1 3 2.5 0 3/1/2013 7/1/2013 6/30/2015 11,600.00 6361.29 0 5,238.71 0 5,238.71

848 0 1 1 745 4/1/2014 4/1/2014 3/31/2015 5,262.00 0 0 5,262.00 0 5,262.00

849 0 2 2 1,054 9/20/2012 12/1/2013 11/30/2014 7,878.00 0 0 7,878.00 0 7,878.00

850 0 1 1 806 8/1/2012 10/1/2013 9/30/2014 5,886.40 0 0 5,886.40 0 5,886.40

851 0 2 2 1,245 4/15/2013 8/15/2013 8/31/2015 8,700.00 0 0 8,700.00 0 8,700.00

852 0 1 1 701 3/1/2014 3/1/2014 2/29/2016 3,992.00 0 0 3,992.00 0 3,992.00

853 0 2 2 1,155 5/1/2013 6/1/2013 5/31/2014 7,975.00 0 0 7,975.00 0 7,975.00

854 0 2 2.5 1,297 5/1/2013 9/1/2013 8/31/2015 8,800.00 0 0 8,800.00 0 8,800.00

855 0 3 2.5 1,636 5/1/2013 7/1/2013 6/30/2015 11,120.00 0 0 11,120.00 0 11,120.00

856 0 1 1 746 1/15/2013 4/15/2013 4/30/2015 5,610.00 0 0 5,610.00 0 5,610.00

857 0 2 2 1,054 12/15/2012 3/15/2013 3/31/2015 7,625.00 0 0 7,625.00 0 7,625.00

858 0 1 1 816 5/30/2012 9/1/2012 8/31/2014 5,485.00 0 0 5,485.00 0 5,485.00

859 0 2 2 1,242 5/1/2013 6/1/2013 5/31/2014 8,900.00 0 0 8,900.00 0 8,900.00

860 0 1 1 701 3/1/2014 3/1/2014 2/28/2015 4,292.00 0 0 4,292.00 0 4,292.00

861 0 2 2 1,161 6/1/2013 10/1/2013 9/30/2015 8,300.00 0 0 8,300.00 0 8,300.00

862 0 2 2.5 1,295 10/1/2013 12/1/2013 11/30/2015 8,900.00 0 0 8,900.00 0 8,900.00

863 0 3 2.5 1,628 3/15/2012 6/1/2013 5/31/2014 13,700.00 0 0 13,700.00 0 13,700.00

864 0 1 1 742 12/1/2012 3/1/2013 2/28/2015 5,650.00 0 0 5,650.00 0 5,650.00

865 0 2 2 0 1,524.19 1,524.19 0 0 0 0

866 1 2 2 1,059 5/7/2014 5/7/2014 5/6/2015 5,233.06 0 0 5,233.06 0 5,233.06

867 0 1 1 819 5/31/2012 8/1/2013 7/31/2014 5,792.35 0 0 5,792.35 0 5,792.35

868 0 2 2 1,248 8/15/2013 10/15/2013 10/31/2015 8,000.00 0 0 8,000.00 0 8,000.00

869 0 1 1 701 12/10/2013 12/10/2013 12/31/2014 4,191.00 0 0 4,191.00 0 4,191.00

870 0 2 2 1,162 5/1/2013 7/1/2013 6/30/2015 8,175.00 0 0 8,175.00 0 8,175.00

871 0 2 2.5 1,304 2/15/2013 6/15/2013 6/30/2015 8,950.00 0 0 8,950.00 0 8,950.00

872 0 3 2.5 1,627 5/1/2013 7/1/2013 6/30/2015 11,500.00 0 0 11,500.00 0 11,500.00

873 0 1 1 744 10/1/2013 10/1/2013 4/30/2015 5,700.00 0 0 5,700.00 0 5,700.00

874 0 2 2 1,052 7/1/2013 11/1/2013 10/31/2015 7,800.00 0 0 7,800.00 0 7,800.00

Lease Lease




875 0 1 1 827 6/1/2012 8/1/2013 7/31/2014 5,900.70 0 0 5,900.70 0 5,900.70

876 0 2 2 1,246 8/15/2013 10/15/2013 10/31/2015 8,050.00 0 0 8,050.00 0 8,050.00

877 0 1 1 701 1/6/2014 1/6/2014 1/31/2015 4,274.00 0 0 4,274.00 0 4,274.00

878 0 2 2 1,171 6/1/2013 10/1/2013 9/30/2015 8,500.00 0 0 8,500.00 0 8,500.00

879 0 2 2.5 1,311 3/1/2013 5/1/2014 4/30/2015 9,438.00 0 0 9,438.00 0 9,438.00

880 0 3 2.5 1,627 5/1/2013 6/1/2013 5/31/2014 11,600.00 0 0 11,600.00 0 11,600.00

881 0 1 1 746 6/7/2012 9/15/2012 9/30/2014 5,460.00 0 0 5,460.00 0 5,460.00

882 0 2 2 1,042 9/1/2013 11/1/2013 10/31/2015 6,900.00 0 0 6,900.00 0 6,900.00

883 0 1 1 834 4/20/2012 7/1/2013 6/30/2014 5,951.70 0 0 5,951.70 0 5,951.70

884 0 2 2 1,247 8/1/2013 10/1/2013 9/30/2015 8,100.00 0 0 8,100.00 0 8,100.00

885 0 1 1 701 11/1/2013 12/1/2013 11/30/2014 4,973.00 0 0 4,973.00 0 4,973.00

886 0 2 2 1,171 7/1/2013 11/1/2013 10/31/2015 8,550.00 0 0 8,550.00 0 8,550.00

887 0 2 2.5 1,312 4/15/2013 8/15/2013 8/31/2015 9,150.00 0 0 9,150.00 0 9,150.00

888 0 3 2.5 1,616 5/1/2013 6/1/2013 5/31/2014 11,700.00 0 0 11,700.00 0 11,700.00

889 0 1 1 746 4/1/2013 6/1/2013 5/31/2014 5,800.00 0 0 5,800.00 0 5,800.00

890 0 2 2 1,046 6/1/2013 10/1/2013 9/30/2015 8,000.00 0 0 8,000.00 0 8,000.00

891 0 1 1 832 8/1/2012 10/1/2013 9/30/2014 5,495.00 0 0 5,495.00 0 5,495.00

892 0 2 2 1,247 7/1/2013 9/1/2013 8/31/2014 9,650.00 0 0 9,650.00 0 9,650.00

893 0 1 1 701 1/15/2014 1/15/2014 1/31/2015 4,530.00 0 0 4,530.00 0 4,530.00

894 0 2 2 1,171 8/1/2013 9/1/2013 8/31/2014 7,900.00 0 0 7,900.00 0 7,900.00

895 0 2 2.5 1,316 4/1/2013 8/1/2013 7/31/2015 9,225.00 0 0 9,225.00 0 9,225.00

896 0 3 2.5 1,630 8/1/2012 10/1/2013 9/30/2015 14,500.00 0 0 14,500.00 0 14,500.00

897 0 1 1 746 3/15/2013 5/1/2014 4/30/2015 5,967.00 0 0 5,967.00 0 5,967.00

898 0 2 2 1,043 8/15/2013 10/15/2013 10/31/2015 6,950.00 0 0 6,950.00 0 6,950.00

899 0 1 1 830 7/30/2012 11/1/2012 10/31/2014 5,935.00 0 0 5,935.00 0 5,935.00

900 0 2 2 1,247 9/1/2013 11/1/2013 10/31/2015 8,200.00 0 0 8,200.00 0 8,200.00

901 0 1 1 701 11/1/2012 1/1/2014 12/31/2014 5,610.80 0 0 5,610.80 0 5,610.80

902 0 2 2 1,184 9/15/2013 10/15/2013 10/31/2014 7,950.00 0 0 7,950.00 0 7,950.00

903 0 2 2.5 1,316 5/1/2014 5/1/2014 7/31/2015 9,300.00 0 0 9,300.00 0 9,300.00

904 0 3 2.5 1,640 5/1/2013 9/1/2013 8/31/2015 12,500.00 0 0 12,500.00 0 12,500.00

905 0 1 1 742 12/1/2012 2/1/2014 1/31/2015 6,292.00 0 0 6,292.00 0 6,292.00

906 0 2 2 1,043 10/1/2013 12/1/2013 11/30/2015 6,950.00 0 0 6,950.00 0 6,950.00

907 0 1 1 824 3/1/2014 3/1/2014 2/29/2016 5,500.00 0 0 5,500.00 0 5,500.00

908 0 2 2 1,248 3/1/2013 7/1/2013 6/30/2015 9,000.00 0 0 9,000.00 0 9,000.00

909 0 1 1 701 4/1/2014 4/1/2014 3/31/2015 4,750.00 0 0 4,750.00 0 4,750.00

910 0 2 2 1,184 9/15/2013 10/15/2013 10/31/2014 8,000.00 0 0 8,000.00 0 8,000.00

911 0 2 2.5 1,313 4/1/2013 8/1/2013 7/31/2015 9,500.00 0 0 9,500.00 0 9,500.00

912 0 3 3.5 2,562 7/1/2013 7/1/2013 6/30/2015 18,500.00 0 0 18,500.00 0 18,500.00

913 0 4 3.5 3,578 9/1/2013 9/1/2013 8/31/2014 35,000.00 0 0 35,000.00 0 35,000.00

914 0 0 1 453 9/1/2013 9/1/2013 8/31/2014 4,500.00 0 0 4,500.00 0 4,500.00

915 0 3 3.5 2,380 6/15/2013 8/1/2013 7/31/2014 25,000.00 0 0 25,000.00 0 25,000.00

17 676,970 4,511,812.42 63,483.82 -5,395.00 4,442,933.60 -37,231.22 4,405,702.38


ADDENDUM B

IMPROVED SALE DATA SHEETS

APARTMENT SALE No. 1Avalon Chrystie PlaceLocation DataLocation: 229 Chrystie Street

New York, NY 10002

County: New York

Parcel No: 427-7504 Former BK & Lot : 0427-030

Atlas Ref:

Physical DataType: Multi-family Mid/High Rise

Land Area: 1.330 Acres

Grs Liv.Area 514,093 SF

Number of Units: 361

Average Unit Size: 1,424 SF

Year Built: 2003

No. of Stories: 14

Exterior: Masonry

Condition: Good

Amenities: Doorman, Gym, Pool, Roof Deck, tenant lounge.

Sale DataTransaction Type: Contract

Date: 5/2014

Marketing Time: NA

Grantor: AvalonBay Communities

Grantee: Ashkenazy Acquisition

Document No.:

Sale Price: $400,000,000

Financing: Cash to Seller

Cash Eq.Price: $380,000,000

Req.Capital Cost:

Adj. Sale Price: $380,000,000

Verification: Buyer Press Release

AnalysisUnderwriting Criteria:

Overall Cap Rate (OAR): 3.16%

Projected IRR:

Eff Gross Inc Mult (EGIM):

Op Exp Ratio (OER):

Price Per SF: $739.17

Price Per Unit: $1,052,632

Occupancy / Lease DataSource:

Occupancy at Sale: 95%

Based On: Pro Forma Income

Total Per Unit

Potential Gross Inc:

Vacancy & Credit Loss:

Effective Gross Inc:

Expenses & Reserves:

Net Operating Inc: $12,008,000 $33,263

APARTMENT SALE No. 1CommentsSubject property is an 80/20 project with a reported 72 units at affordable rental rates. Property includes a 72,300 square foot commercial property leased to Whole Foods through January 2028. At the time of contract the building was 95% occupied. As part of the transaction, the buyer assumed a $117MM bond that ran with the property which will expire November 2036. The bond is a 30-year term that it is interest only until November 2016 at an interest rate that is based on SIFMA + 77bps (since 2011 SIFMA has averaged 15 bps). Thereafter the bond begins amortizing in accordance with a 30 year schedule and a 9% interest rate. There is a pre-payment penalty of approximately $5,000,000. Because of the onerous interest rate, we assume that the buyer will pre-pay the bond and incur the penalty. Therefore, we have added $5,000,000 to the purchase price. The property benefits from a 25-year 421-A tax exemption which has 11 years remaining. We estimate the present value of the abatement to be $25,000,000. Deducting the present value of the remaining abatement from the sale price and adding the penalty indicates an adjusted sale price of $380,000,000. With full taxes added to the operating income and applying that to the adjusted sale price results in adjusted capitalization rate of 3.16%.

APARTMENT SALE No. 215 Cliff StreetLocation DataLocation: 15 Cliff Street

New York, NY 10038

County: New York

Parcel No: Block 76 Lot 7501

Atlas Ref:


Land Area: 10,030.000 Acres



Average Unit Size: 962 SF

Year Built: 2001

No. of Stories: 32

Exterior: Masonry

Condition: Good

Amenities: Rooftop Sundeck, Second Floor Fitness Center

Sale DataTransaction Type: Sale

Date: 1/2014

Marketing Time: NA

Grantor: Lalezarian Dvlp

Grantee: Carmel Partners

Document No.:

Sale Price: $95,000,000

Financing:


Req.Capital Cost:


Verification: Broker



Projected IRR:


15.57

Op Exp Ratio (OER): 44.60%


Price Per Unit: $608,974

Occupancy / Lease DataSource: Appraiser


Based On:

Total Per Unit

Potential Gross Inc: $6,252,560 $40,081

Vacancy & Credit Loss: $151,187 $969

Effective Gross Inc: $6,101,373 $39,111

Expenses & Reserves: $2,721,301 $17,444


CommentsA 156 Unit luxury rental building in the heart of the Financial District. The seller converted the prior 156 unit dormintory building in a luxury rental. Property cotains 80 parking spaces.

APARTMENT SALE No. 3The Aldyn & The AshleyLocation DataLocation: 60 Riverside Boulevard

400 West 63rd Street

New York, NY 10069

County: New York

Parcel No: 1175-0145, 1171-0148

Atlas Ref: Block 1175 lot 145, Block 1171 Lot 148

Physical DataType: Other





Year Built: 2010

No. of Stories: 40

Exterior: Glass

Condition: Excellent

Amenities: Pool, Fitness Center, Doorman, Spa, Basketball Court


Date: 4/2013

Marketing Time: NA

Grantor: Carlyle Investment Management LLC

Grantee: GID Investment Advisers LLC, CalPERS

Document No.: Not yet Available

Sale Price: $401,000,000

Financing: Market Terms


Req.Capital Cost:


Verification:



Projected IRR:


Op Exp Ratio (OER):

Price Per SF: $1,120.68

Price Per Unit: $1,162,319

Occupancy / Lease DataSource: Buyer


Based On: Existing Income

Total Per Unit






APARTMENT SALE No. 3CommentsThis transaction represents the sale of the two joined buldings The Ashley and The Aldyn. The Ashely is a residential rental building with rooms ranging in size from studio to 3 bedroom. The Aldyn is a condominium building built with more luxurious fixtures and room sizes up to 7 bedroom. The sale represents the acquisition of the Aldyns remaining 136 condominium units and all 209 of The Ashley's residential rental units that leaves 150 condominium units that have already been sold in the Aldyn. Also acquired by CalPERS was a 230-car garage, 40,000 square feet that is leased to a fitness center and 12,000 square feet of grade level retail that is vacant.

APARTMENT SALE No. 4Mercedes HouseLocation DataLocation: 555 W 53rd St

Unit 3

New York, NY 10019

County: New York

Parcel No:

Atlas Ref:


Land Area:




Year Built: 2011

No. of Stories: 32

Exterior: Masonry


Amenities:


Date: 2/2013

Marketing Time: NA

Grantor:

Grantee:

Document No.:

Sale Price: $170,000,000

Financing: Cash to Seller


Req.Capital Cost: ($14,000,000)


Verification:



Projected IRR:


Op Exp Ratio (OER):



Occupancy / Lease DataSource: Broker


Based On:

Total Per Unit






Unit Type No. SF %

One Bedroom

59 625 - 900 36%

Two Bedroom

82 850 - 1,000 51%

Three Bedroom

21 1,175 - 1,300 13%

Totals/Avg

162 100%

Unit Mix

APARTMENT SALE No. 4CommentsMercedes House is an 862 unit building that consists of different condominium units. Invesco Ltd purchased one of the condos, which was the top 11 floors, for $170,000,000. At the time of the sale those units were completely unoccupied but now that have begun to be leased up. Invesco estimates that the condominium will be stabilized by September or October of 2013 at which point they believe the building will operate with a 4% cap rate.

The subject benefits from a 10 year 421-A exemption. The present value of this exemption was determined to be $14,000,000. Based on the adjusted Sale price of $156,000,000 and the stabilized NOI (assuming full taxes), the revised cap rate is 2.66%

APARTMENT SALE No. 5The Madison BelvedereLocation DataLocation: 10 East 29th Street

New York, NY 10016

County: New York

Parcel No: Block 858, Lot 8

Atlas Ref:






Year Built: 1998

No. of Stories: 50

Exterior: Brick

Condition: Good

Amenities: Fitness center, concierge, landscaped plaza, private storage, and furnished roof deck.


Date: 12/2012

Marketing Time: NA

Grantor: Rose 29 LLC (Rose Associates)

Grantee: Invesco real Estate

Document No.:

Sale Price: $300,000,000

Financing:


Req.Capital Cost:


Verification: Purchase & Sale AgreementJob # 12-047NY-1887



Projected IRR:


Op Exp Ratio (OER):



Occupancy / Lease DataSource: Appraiser



Total Per Unit






APARTMENT SALE No. 5CommentsThis comparable is a high-rise apartment property that is situated at 10 East 29th Street in Midtown South Manhattan. The property includes 404 units, of which two are off-lines units, one occupied by the live-in super, one utilized as leasing office. There are 34 rent stabilized apartment and 4 affordable units. The subject also includes a 60-space parking garage at ground level. As of the date of sale, the improvements are 91.6% leased. The landlord is gradually renovating the units as tenants are vacating and the units are become available. The building was constructed in 1998, is currently in good condition and considered a Class A property in this marketplace. The property has being going through an interior renovation program of the apartment. As of the date of value, 193 units have been renovated, while 211 are still remaining. Featured amenities include fitness center, concierge, landscaped plaza, private storage, and furnished roof deck.The capitalization rate reflects the upside potential associated with the 34 rent stabilized units. As the leases signed under the expired 421a Tax Benefit Program expire, the units are deregulated. Based on the rent roll, almost all units will be converted to market in 2013.The buyer plans to complete the ongoing unit renovation program with a capital injection of $20 million.

APARTMENT SALE No. 6MIMALocation DataLocation: 450-460 West 42nd Street

New York, NY 10036

County: New York

Parcel No: 1051-1101

Atlas Ref:






Year Built: 2011

No. of Stories: 63

Exterior: Glass


Amenities: Resident only fitness club, swimming pool, full sized basketball court, outdoor terraces and sun deck, private party and game rooms, catering kitchen, screening room, business center, pet care center, bicycle storage, parking garage.


Date: 11/2012

Marketing Time: NA

Grantor: Related Companies

Grantee: TIAA

Document No.:

Sale Price: $542,500,000

Financing:


Req.Capital Cost: ($137,400,000)


Verification: TIAA (Buyer)



Projected IRR:


Op Exp Ratio (OER):



Occupancy / Lease DataSource:



Total Per Unit






APARTMENT SALE No. 6CommentsTeachers Insurance and Annuity Association of America (TIAA) purchased 70% interest in the subject property for $542.5 million, which equates to a gross sale price for the entire property of $775 million. The property is Gold LEED certified. In order to analyze the under normalized taxed conditions, we deducted the present value of the tax benefit from the sale price and included the full, unabated real estate tax in the operating expenses. By doing so, the sale price is adjusted to $637,600,000 ($818,485 per unit) with a 3.76% capitalization rate. The purchase does not include the theater, hotel, or 33 low income units.


ADDENDUM C

PRECIS METRO REPORT - ECONOMY.COM, INC.

[email protected]

analysis

EmploymEnt Growth rank VItalIty2013-2015

rElatIVE CoStSLIVING BUSINESS2013-2018 RELATIVE RANK

Best=1, Worst=384Best=1, Worst=392 U.S.=100%

strengths & weaknesses

U.S.=100%

Short tErm

forecast risks

lonG tErm

rISk EXpoSUrE 2014-2019

Business cycle status

moody’s rating

EConomIC drIVErS

Highest=1 Lowest=384

ECONOMIC & CONSUMER CREDIT ANALYTICS

MOODY’S ANALYTICS / Précis® U.S. Metro / Northeast / May 2014 61

CITY AS OF Jun 05, 2014Aa2

New York-white PlaiNs-waYNe NY-NJData Buffet® MSA code: DMNEY

2008 2009 2010 2011 2012 2013 INDIcAtorS 2014 2015 2016 2017 2018 2019 659.3 652.0 679.6 689.7 700.8 714.2 Gross metro product (C05$B) 731.7 759.1 780.2 796.6 808.9 820.7 -2.3 -1.1 4.2 1.5 1.6 1.9 % change 2.5 3.7 2.8 2.1 1.6 1.5 5,273.4 5,113.5 5,126.1 5,224.8 5,323.0 5,419.3 Total employment (ths) 5,503.9 5,605.9 5,719.6 5,782.5 5,783.1 5,771.1 0.8 -3.0 0.2 1.9 1.9 1.8 % change 1.6 1.9 2.0 1.1 0.0 -0.2 5.4 9.0 9.3 8.9 9.1 8.3 Unemployment rate (%) 7.4 6.3 5.5 4.9 4.8 4.9 1.2 -3.1 4.7 5.9 3.2 2.6 Personal income growth (%) 5.0 5.5 5.7 4.7 3.5 3.0 58.1 56.7 56.0 56.7 58.3 60.5 Median household income ($ ths) 62.6 64.5 66.6 68.5 69.8 70.7 11,420.4 11,511.6 11,597.2 11,706.9 11,799.5 11,886.5 Population (ths) 11,970.3 12,040.0 12,093.5 12,146.4 12,199.1 12,251.1 0.7 0.8 0.7 0.9 0.8 0.7 % change 0.7 0.6 0.4 0.4 0.4 0.4 -9.4 9.9 3.0 21.9 10.6 15.7 Net migration (ths) -0.1 -15.3 -32.3 -33.9 -34.7 -35.9 2,126 1,381 1,490 1,295 1,433 2,191 Single-family permits (#) 2,570 4,783 5,526 4,786 3,900 3,190 37,636 8,078 8,514 12,678 15,451 24,272 Multifamily permits (#) 34,036 37,593 37,836 35,444 33,184 30,905 493.3 434.4 450.2 441.8 442.6 462.5 Existing-home price ($ ths) 482.3 497.6 507.4 514.4 526.2 542.7

Recent Performance. New York-White Plains-Wayne navigated the harsh winter relatively well, despite near-record snowfall and cold. Employ-ment levels in weather-sensitive industries such as retail, leisure/hospitality and film production suffered because of the weather in the first quar-ter, but anecdotes from the Federal Reserve’s Beige Book indicate that by early April, the economy was returning to normal. The house-hold survey’s measure of employment finally surpassed its prerecession peak in February, and the unemployment rate was down nearly a full percentage point in March compared with a year earlier, even as labor force growth was strong.

Credit quality is improving rapidly across the board, thanks especially to gains in mortgage lines. In housing, the first quarter marked the strongest growth in condo and co-op sales in seven years in Manhattan, with the median price up nearly a fifth over the year. In the smaller single-family market outside the city, prices and sales are also up, though by smaller amounts.

Bonus. Wall Street bonuses will support hous-ing and retail in the near term. The state’s comp-troller estimates that the average bonus payout in the first quarter for the city’s finance industry workers increased 15% from last year to nearly $165,000, or almost $27 billion in aggregate. The bonus payout for 2014 was the largest since 2007, even though finance employment in NEY is below its post-recession peak reached in mid-2011 and falling.

Changes. NEY’s economy will continue to undergo its metamorphosis from being Wall Street-dependent to a more diverse economy with growth increasingly centered in the city rather than in the suburbs. Finance, especially the brokerage industry, makes up a smaller por-tion of the economy now in terms of both wages and jobs than it has since the early 2000s after the dot-com bust. High-tech jobs in particular

have overtaken Wall Street positions in terms of their share of the employment base, though wages in high tech still account for less than half of the share that finance wages do. Although fi-nance’s share of jobs and wages will slowly de-cline, the industry will still be of outsize impor-tance—finance wages will never fall below 20% of total NEY wages.

Population. The population outlook has changed for the better, one of the more surprising aspects of NEY’s recovery. Although the increase slowed in 2013 to 0.7%, matching the 2010 rate, growth above 0.5% is still much higher than forecast for this point in the business cycle. As a result, the forecast for 2016 and onward has been raised to average gains of around 0.4%, up from 0.2% per year. This translates to about 200,000 more residents in the metro division by 2020 than previously forecast. Since 2000, an outsize share of the population growth in NEY has been in Manhattan and the Bronx. Over the same pe-riod, nearly 90% of the job gains have been in the five boroughs of New York City, while the three counties in northern New Jersey have lost jobs and little growth has occurred in the counties north of the city. This trend is expected to con-tinue over the forecast horizon as older workers and retirees as well as the echo boom generation increasingly favor cities over suburbs.

In 2014, job growth in New York-White Plains-Wayne will be the slowest in four years, as cooling in construction takes some mo-mentum out of the expansion. Financial firms will also cut costs aggressively as they seek to maximize profits in a harsher regulatory envi-ronment. Longer term, NEY is poised for av-erage job growth and above-average wage and output gains, thanks to its highly productive workforce and dynamic industry base.

Marisa Di NataleMay 2014

209 3rd quintile 130% 160%241

4th quintile 96% 209

351 5th quintile

March 2014 Expansion » recoVerY « At Risk Moderating Recession In Recession

streNGths » Financial capital of the world. » High per capita income and limited exposure to

manufacturing. » High level of international immigration.

weakNesses » High business costs, especially for energy. » Unaffordable housing and high tax burdens on

residents. » High income inequality.

UPsiDe » Population growth holds up despite faster job

growth elsewhere on the East Coast. » Despite rising interest rates, house price growth is

unimpeded because of low inventory and strong demand.

DowNsiDe » The passage of the Volcker rule leads to layoffs

and smaller Wall Street bonuses. » Europe stumbles again, lowering trade at NEY’s

ports and tourism in the city.

X X

MeDical

ceNterh

toUrist

DestiNatioN

JFiNaNcial

ceNter

$ £€

Economic HEaltH cHEck BusinEss cyclE indEx

rElativE EmploymEnt pErformancE

Better than prior 3-mo MA Unchanged from prior 3-mo MA Worse than prior 3-mo MA

Sources: BLS, Census Bureau, Moody’s Analytics

currEnt EmploymEnt trEnds HousE pricE

Housing affordaBility indEx

Sources: NAR, Moody’s Analytics

Source: Moody’s Analytics

Sources: FHFA, Moody’s Analytics

EmploymEnt outlook

Sources: BLS, Moody’s AnalyticsSources: BLS, Moody’s Analytics

Sources: BLS, Moody’s Analytics

Educational attainmEnt population By agE, %BusinEss costs

Sources: Census Bureau, Moody’s AnalyticsSources: Census Bureau, Moody’s AnalyticsSource: Moody’s Analytics

62 MOODY’S ANALYTICS / Précis® U.S. Metro / Northeast / May 2014

Jan 2002=100

% cHanGE yr aGo 1996Q1=100, nSa

U.S.

Total

Unit labor

Energy

State and local taxes

Office rent

20112006

% of adultS 25 and oldEr, 2012u.S.=100 ≥7570-7465-69 60-64 55-59 50-5445-49 40-4435-3930-3425-2920-2415-1910-145-90-4< High school High school

Some college CollegeGraduate school

Jan 2004=100

Government Goods producing Private services

14

28

29

1811

100%

80%

60%

40%

20%

0%

GrEatEr tHan 100=MorE affordablE

NEY NY U.S.

98100102104106108110112114116118

04 05 06 07 08 09 10 11 12 13 14F 15F 16F 17F 18F 19F 20F 21F 22F 23F

NEY

NEY NY U.S.

80100120140160180200220240260280

96 99 02 05 08 11 14

NEY NY U.S.

98100102104106108110112114116118

05 08 11 14

2006 2011

0 50 100 150 200 250 300

Total

Unit Labor

Energy

State and local taxes

Office rent

0 1 2 3 4 5 6 7 8 9

15

27

25

19

14

18

24

21

22

15

NEY NY U.S.

20406080

100120140160180200220240

97 01 05 09 13

Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14Employment, change, ths 7.9 8.4 5.5 5.1 3.4 5.5Unemployment rate, % 7.8 7.6 7.4 7.5 7.6 7.5Labor force participation rate, % 60.4 60.4 60.5 60.6 60.7 60.8Employment-to-population ratio, % 55.7 55.8 56.0 56.0 56.1 56.3Average weekly hours, # 34.3 34.4 34.1 34.3 34.6 34.2Industrial production, 2007=100 95.1 95.9 95.5 95.9 96.9 NDResidential permits, single-family, # 2,568 2,268 2,317 1,750 2,287 2,190Residential permits, multifamily, # 27,720 30,884 14,215 37,221 77,243 31,445

% ChANGE yR AGo, 3-Mo MA

Aug 13 Dec 13 Apr 14Total 2.0 1.9 1.6Construction 4.5 1.8 -0.8Manufacturing -0.6 0.6 0.6Trade 2.3 2.6 2.5Trans/Utilities 0.7 0.7 1.6Information 1.0 2.2 1.8Financial Activities 0.0 0.6 0.4Prof & Business Svcs. 3.6 2.4 2.4Edu & Health Svcs. 2.4 3.3 3.0Leisure & Hospitality 4.3 3.3 1.3Other Services 2.0 1.2 2.5Government -0.2 -0.4 -0.3

-12-10-8-6-4-20246

10 11 12 13 14

PRÉCIS® U.S. METRo NoRThEAST �� New York-White Plains-Wayne NY-NJ

NEY NY U.S.

Sources: IRS (top), 2011, Census Bureau, Moody’s AnalyticsSources: Percent of total employment — BLS, Moody’s Analytics, 2013, Average annual earnings — BEA, Moody’s Analytics, 2011

employment & Industry mIgratIon flows

Comparative employment and inCome

per capIta Income

due to u.s. fluctuations relative to u.s.

top employers

pUBliC

indUstrial diversity

employment volatility

sector % of total employment average annual earnings

Due to U.S.

Most Diverse (U.S.)

Least Diverse

MiningConstructionManufacturing Durable NondurableTransportation/UtilitiesWholesale TradeRetail TradeInformationFinancial ActivitiesProf. and Bus. ServicesEduc. and Health ServicesLeisure and Hosp. ServicesOther ServicesGovernment

Not due to U.S.

Source: Moody’s Analytics, BEA

MID

LOW

HIG

H

NET MIGRATION, #

$ THS

LEADING INDUSTRIES by WAGE TIER

MOODY’S ANALYTICS / Précis® U.S. Metro / Northeast / May 2014 63

Ths % of total

Ths % of total

HigH-TecH employmenT

Housing-relaTed employmenT

Source: Moody’s Analytics, 2013

0%

20%

40%

60%

80%

100%

91

NEY U.S.

10081

0.00

0.20

0.40

0.60

0.80

1.00

0.57

INto NEw York, NY NuMBErof MIgrANtS

Nassau, NY 20,889Newark, NJ 17,878Edison, NJ 11,254Philadelphia, PA 5,765Poughkeepsie, NY 5,345Los Angeles, CA 4,799Bridgeport, CT 4,706Washington, DC 4,580Atlanta, GA 4,277Chicago, IL 4,058Total in-migration 200,898

froM NEw York, NYNassau, NY 31,087Newark, NJ 23,719Edison, NJ 15,682Bridgeport, CT 8,437Poughkeepsie, NY 7,878Philadelphia, PA 7,133Los Angeles, CA 5,808Washington, DC 5,362Atlanta, GA 5,186Orlando, FL 4,968Total out-migration 259,494

Net migration -58,596

Location Employees NAIcS Industry Quotient (ths)

6221 General medical and surgical hospitals 1.1 202.05231 Sec. & comm. contracts intermed. & brkrg. 6.6 117.35511 Management of companies & enterprises 1.3 105.95411 Legal services 2.0 91.5GVL Local Government 1.1 613.46113 Colleges, universities & prof. schools 1.7 114.95613 Employment services 0.7 102.55311 Lessors of real estate 3.3 74.16241 Individual and family services 1.8 135.36216 Home health care services 2.5 127.24451 Grocery stores 0.9 97.74481 Clothing stores 2.0 81.6

Source: Moody’s Analytics, 2014

2010 2011 2012 2013Domestic -84,123 -69,194 -84,011 -81,386Foreign 87,191 91,092 94,620 97,113Total 3,068 21,898 10,609 15,727

Federal 63,935State 70,808Local 612,331

2013

NEY NY u.S. 0.0% 0.0% 0.6% 3.3% 3.6% 4.3% 2.9% 5.1% 8.8% 42.3% 58.5% 62.8% 57.7% 41.5% 37.2% 3.3% 3.0% 3.7% 4.2% 3.8% 4.2% 9.4% 10.4% 11.1% 3.9% 2.9% 2.0% 10.0% 7.6% 5.8% 15.9% 13.5% 13.6% 19.8% 20.1% 15.5% 9.2% 9.4% 10.4% 4.3% 4.3% 4.0% 13.8% 16.2% 16.0%

NEY NY u.S. nd $88,089 $121,241 $79,146 $66,572 $55,288 $83,305 $73,967 $75,242 nd $76,840 $76,882 nd $69,877 $72,564 nd $59,206 $63,045 $99,746 $86,009 $77,359 $42,186 $35,182 $31,495 $154,727 $123,897 $93,099 $147,997 $106,700 $47,540 $102,655 $82,886 $61,311 $53,915 $51,272 $50,524 $39,458 $31,465 $23,812 $41,015 $35,239 $33,224 $81,804 $89,977 $70,342

0

5,000

10,000

15,000

20,000

25,000

10 11 12 13

Net Migration, NEY

NEY - $59,516 NY - $54,063 U.S. - $44,543

30

38

46

54

60

02 03 04 05 06 07 08 09 10 11 12 13

2013 NEY $59,516 NY $54,063 u.S. $44,543

NEY 453.6 8.4

U.S. 12,401.4 9.1

NEY 237.6 4.4

U.S. 6,431.1 4.7

PRÉCIS® U.S. METRo NoRThEAST �� New York-White Plains-Wayne NY-NJ

North-Shore Long Island Jewish Health System 48,650JPMorgan Chase & Co. 37,363Mount Sinai Medical Center 32,056Macy’s Inc. 31,200Citibank NA 24,991New York-Presbyterian Healthcare System 21,802Bank of America 19,500Continuum Health Partners Inc. 18,974Verizon Communications 18,650Montefiore Medical Center 18,030NYU Langone Medical Center 17,879New York University 16,021Columbia University 15,601City University of New York 13,970Consolidated Edison Inc. 13,280Memorial Sloan-Kettering Cancer Center 12,662Morgan Stanley 12,500Time Warner Inc. 10,337Archdiocese of New York 10,265Barclays Capital 10,000

Source: Crain’s New York Business, 2014

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Moody’s Analytics helps capital markets and credit risk management professionals worldwide respond to an evolving marketplace with confi dence. Through its team of economists, Moody’s Analytics is a leading independent provider of data, analysis, modeling and forecasts on national and regional economies, fi nancial markets, and credit risk.

Moody’s Analytics tracks and analyzes trends in consumer credit and spending, output and income, mortgage activity, population, central bank behavior, and prices. Our customized models, concise and timely reports, and one of the largest assembled fi nancial, economic and demographic databases support fi rms and policymakers in strategic planning, product and sales forecasting, credit risk and sensitivity management, and investment research. Our customers include multinational corporations, governments at all levels, central banks and fi nancial regulators, retailers, mutual funds, fi nancial institutions, utilities, residential and commercial real estate fi rms, insurance companies, and professional investors.

Our web periodicals and special publications cover every U.S. state and metropolitan area; countries throughout Europe, Asia and the Americas; the world’s major cities; and the U.S. housing market and other industries. From our offi ces in the U.S., the United Kingdom, the Czech Republic and Australia, we provide up-to-the-minute reporting and analysis on the world’s major economies.

Moody’s Analytics added Economy.com to its portfolio in 2005. Now called Economic & Consumer Credit Analytics, this arm is based in West Chester PA, a suburb of Philadelphia, with offi ces in London, Prague and Sydney. More information is available at www.economy.com.


ADDENDUM D

ENGAGEMENT LETTER

Award Confirmation LetterSupplier is hereby authorized to perform the Statement of Work detailed below. Supplier acknowledges that this confirmation letter is a summaryof select contract terms and conditions which is provided for convenience. To view the complete agreement electronically accepted by Supplier,Supplier is referred to Bank of America's Commercial Valuation Services Information Management System.

Supplier: Statement of WorkService Type ID: 14-004948-APR01-001 Supplier: CB Richard Ellis (dba CBRE Group,

Inc.)Service: Appraisal (Order) Supplier Representative: Helene Jacobson Borrower: Forest City Ratner Companies Agreement Number: CW295318Award Terms and ConditionsSourcing Manager: Debbie Pauza, Market Manager Other Terms or Conditions:Date Awarded: 06/11/2014 THIS IS A CMBS TRANSACTION--PLEASE NOTE THE

INTENDED USE/USER LANGUAGE. BARCLAYS ANDCITIGROUP ARE ADDITIONAL INTENDED USERS - SEEATTACHMENTS FOR THEIR RELIANCE LANGUATE. Pleaseinclude the subject?s historical income and expense statements, and proforma/budget in the report addenda along with an explanation of thecategorization (mapping) associated with your reconstructed operatingstatement(s). Hand written notes categorizing the expenses to coincidewith the appraisal expense conclusions is acceptable. Also, please alsoinclude the rent roll in the addenda of the report.

Fees: USD 12,500Bank Contact: Debbie PauzaContact Phone: 704.951.8229Appraisal Type: Self-containedCertification: Contracted Appraiser Must Sign

Service Delivery RequirementsDue Date Description06/25/2014 this is a participation with Barclays & CitiBank. Note new appraisal requirements effective 12/09/13 attached. All appraisal

reports must include both exposure time and marketing time as a condition of this award. Include copies of licenses/certificationsin the addenda. Please reconcile previous values with current values in letter of transmittal (when applicable) and make priorservices disclosure in certification. USPAP requirement - please indicate that this is an Appraisal Report. DATA AND ACCESSREQUEST MUST BE MADE WITHIN 5 BUSINESS DAYS Time is of the essence. Review of all attachments and initialcommunication with identified project or property contacts must occur within five days of engagement. Liquidated damages maybe assessed if the Statement of Work (SOW), including the delivery of all reports and requested data, is incomplete by the listeddue date. Damages will be assessed at a rate of 5% of the negotiated fee for each day (cumulative) the SOW remains incomplete.Damages will not be imposed for delays resulting from circumstances beyond the appraiser's control if timely notice is provided;such circumstances to be judged for their validity solely by the Sourcing Manager. Individual standalone reports to be providedfor each listed property unless instructed otherwise in this agreement.

Service DefinitionCurrency Premise Qualifier Interest Appraised Allocations DescriptionUSD Market Value As-Is Leased Fee Real Estate USD Insurable Cost As-Is Fee Simple Real Estate Policies and ProceduresSupplier is required to review, update and/or enter key summary information about the property appraised and associated value conclusions aspart of this service.Include a current demographic study including population and average household income from a recognized source for 1, 3 and 5 mile radiiaround the subject property.All appraisal reports must include both exposure time (as required by USPAP) and marketing time in your appraisal as a condition of this award.1. Please include the following language in the Letter of Transmittal and the Intended Use Section of the report: "This report may be relied uponby Bank of America, N.A., its successors and/or assigns in connection with their respective consideration of the extension of credit related to theproperty and/or the beneficial ownership thereof (the "Loan Financing"). This information also may be relied upon by any actual or prospectivepurchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any actual or prospective investor (includingagents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually orprospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or creditsupport for such Loan Financing. In addition, this report or a reference to this report, may be included or quoted in any offering circular,registration statement, or prospectus in connection with a securitization or transaction involving the Loan Financing and/or related securities thatmay be issued. This report has no other purpose and should not be relied upon by any other person or entity." 2. Please include the followingstatement in your letter of transmittal: ?Bank of America makes no warranties or representations regarding this document or the conclusionscontained herein.?Reappraisal assignments must document and explain assumption changes and resulting value differences for all Bank of America assignmentscompleted within the prior two years.All appraisal reports (including all addendum and related attachments) and invoices must be uploaded to VSIMS in Adobe Acrobat-compatibleformat (PDF). Document security must be set to allow Commenting, Copying and Extracting of Content for use in the Bank's review function.Documents may be otherwise restricted from changes subject to the supplier's personal security preference. Additional Microsoft and Argusdocuments may be uploaded in their native format, where appropriate. Vendors are prohibited from accepting payment for services renderedfrom anyone other than Bank of America, N.A., its successors and/or assigns unless otherwise specified within this agreement.Addressee and Distribution InstructionsReport Distribution Name Address CD/DVD Bound CommentsAddressee, Recipient andIntended User

Debbie Pauza, Market Manager Bank of America, NA | 119 CrossCenter Drive| NC3-176-01-01|Denver, NC 28037

0 0

Documents (content available online only)Reference Documents APPRAISAL REQUIREMENTS_12-9-13_12122013_103750.pdfProject Attachments Miscellaneous (APR) BARCLAYS_CMBS_-

_RELIANCE_LANGUAGE_06102014_083722.docxMiscellaneous (APR) CITI_RELIANCE_LANGUAGE_06102014_083658.docx

Project ContactsName Company / Role Telephone CommentsProperty Contact (additional contacts may be listed for each property. Refer to the online property profile for details)

JMcGuire

Typewritten Text

14-047NY-1121

JMcGuire

Typewritten Text

Award Confirmation LetterName Company / Role Telephone CommentsJeremy Woods Borrower 718-923-5312 [email protected] (detailed descriptions may be viewed online or downloaded)

# Property Type Property Address1 Multi-Family - Mid/High-Rise 8 Spruce Street and , 8 Beekman Street, New York, NY


ADDENDUM E

QUALIFICATIONS

QUALIFICATIONS OF

HELENE JACOBSON, MAI

Managing Director

CBRE, Inc. One Penn Plaza, Suite 1835 New York, New York 10119

(212) 207-6106

EDUCATION Master of Science in Real Estate: Valuation and Analysis, New York University New York, NY Bachelor of Business Administration - Finance, George Washington University Washington, D.C. Appraisal Institute Course work at NYU Masters Program fulfills all requirements for Appraisal Institute courses. Standards of Professional Practice A & B.

LICENSES/CERTIFICATIONS Certified Real Estate General Appraiser: State of New York State (#46000026005) Certified Real Estate General Appraiser: State of New Jersey (RG 01924) Certified General Real Estate Appraiser: Connecticut (RCG.0001334)

PROFESSIONAL Appraisal Institute Designated Member (MAI), Certificate No. 11050

EMPLOYMENT EXPERIENCE 20 years of Real Estate appraisal and Consulting experience throughout the Northeast region. 1992 - Present CBRE, Inc. New York, New York 1989-1991 Office of Thrift Supervision Bowie, Maryland Assignments include full and partial interest appraisals of office buildings, commercial lofts, malls, shopping centers, apartments, cooperatives, condominiums, townhouses, industrial facilities, residential and office market studies, portfolio valuations and multi-property assignments.

QUALIFICATIONS OF

JUSTIN P. CASSON, MAI

Director, Multi-family Group

CBRE One Penn Plaza, Suite 1835 New York, New York 10119

(212) 715-5749

EDUCATION Bachelor of Environmental Design, University of Colorado Boulder, CO. All Appraisal Institute coursework completed.

LICENSES/CERTIFICATIONS Certified Real Estate General Appraiser: State of New York State (#46000003220)

PROFESSIONAL Appraisal Institute Designated Member (MAI), Certificate No. 10892 Year 2000 President of Mid-Hudson Chapter of the Appraisal Institute

COURT TESTIMONY PROVIDED ON REAL ESTATE United States Bankruptcy Court New York State Supreme Court Connecticut Bankruptcy Court

EMPLOYMENT EXPERIENCE Real Estate appraisal and Consulting experience throughout the Northeast region. 1986 - 1999 Albert Valuation Group, Inc. Tarrytown, New York 1999 - 2007 Cushman & Wakefield, Inc. New York, New York 2007 - Present CBRE, Inc. New York, New York Assignments involve appraisal of income-producing properties in the northeastern United States and, more specifically, throughout New York and Connecticut. Work scope includes demographics, feasibility studies, market surveys and investment analysis.