madison street madison... · 951 madison street 3 for more information, please contact exclusive...

951MADISONSTREET

3951 MADISON STREET

FOR MORE INFORMATION,PLEASE CONTACT EXCLUSIVE AGENTS

DJ JohnstonPartner, Sr. Managing Director646 933 2619 [email protected]

William ChengDirector 646 933 [email protected]

Bryan KirkDirector646 933 [email protected]

Michael MurphyAssociate646 933 [email protected]

TABLE OF CONTENTS

I. EXECUTIVE SUMMARY

II. THE NEIGHBORHOOD

III. DUE DILIGENCE

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E X E C U T I V ES U M M A R Y

6 B6 REAL ESTATE ADVISORS 7951 MADISON STREET

B6 Real Estate Advisors has been retained on an exclusive basis to arrange the sale of 951 Madison Street, a newly developed luxury mixed-use building, consisting of 37 residential units, and 2 retail spaces, in the Brooklyn neighborhood of Bushwick.

This seven-story building was completed in September of 2018 and offers 80 feet of residential frontage on Madison Street. The single-story retail space extends 50 feet to Broadway, providing a convenient setback for the residential building and adding 130 feet of corner retail frontage to the property. The building is efficiently designed to maximize window counts and light exposure, allowing for increased bedroom counts and refreshing layouts. There is a 6,800 SF basement, of which 3,500 SF is being used for tenant storage and will eventually be offered to the retail tenant for their planned expansion. In addition to mechanical space, the remaining 3,300 SF has been designed to offer a unique amenity package to the residential tenants. In total, the building offers 31,000 SF of residential SF, 10,000 SF of retail, and 6,800 SF of amenity, storage, and mechanical space. Parking for residential tenants is available off-site per the parking easement represented in the certificate of occupancy.

The building offers a full package of amenities and has been meticulously designed to offer a sense of community and comfort. The most updated management technologies have been leveraged to enhance the tenant experience, including building-wide Wi-Fi, virtual doorman, video intercom system, internet connected locks, Bluetooth sound systems, and cell phone boosters. In addition to these technological amenities, generous space has been allocated to a gym, laundry room, and common great room, where tenants can host events and enjoy additional living space separate from their individual units. A system of tiered roofs offers an outdoor package rare to the neighborhood, with multiple gardens, barbecue grills, outdoor lounges, and a greenhouse available for community use.

The residential unit mix consists of 13 four-bedrooms,

8 two-bedrooms, and 16 one-bedrooms, offering a total of 84 bedrooms across the building. The four-bedroom layouts were designed to attract young professional roommates, a high demand tenancy pool in Bushwick, while the one and two-bedroom units were designed to attract individuals or couples looking for a larger and more sophisticated living space. Each unit hosts high-end appliances and fixtures, as well as private temperature controls and video intercoms. Many units include private patios and terraces, further increasing the building’s marketability to tenants.

Two retail tenants are currently paying rent. Betances Health Center is fully operational and occupies 8,300 SF, including frontage on Broadway, as well as the entire ground floor retail space beneath the residential units. Betances is an established and reputable medical facility operator, which was approved for a $1.4M federal grant to build out their space. They have the option, and will likely execute their right, to occupy the available basement space at a per-determined rate of $25 per SF, further increasing the profitability of the property to a new owner. The corner 1,400 SF retail space on Broadway is occupied by David’s Check Cashing, which has the exclusive right to operate a check cashing business within this zone. Each store front has recently undergone improvements, increasing the visibility and attractiveness of the corner.

The property is perfectly positioned just off the Broadway corridor where tenants have access to countless retail options. The J/Z subway entrance is 3 blocks away at Gates Avenue and Broadway, providing quick and convenient access to Williamsburg in 8-10 minutes and Manhattan in 15-20 minutes. As result of the L Train shutdown, the city will be increasing service to the J/Z Train, which will improve commute times and further encourage tenants to live along this subway line.

In 2017, there were only 4 sales in Brooklyn for newly developed buildings of 20 units or more. This is a truly unique and rare opportunity to purchase a brand-new building of scale in a naturally maturing neighborhood.

THE OPPORTUNITY PROPERTY INFORMATION

Address 951 Madison Street, Brooklyn, NY 11221

Location On the northwest corner of Madison Street and Broadway.

Block & Lot 3357 / 4 & 65

Lot Size 137.5' x 80' + ext.

Lot SF 11,370

Ground Floor Size 137.5' x 80'

2nd Floor Size 85' x 80' - less courtyard

Stories 7

Total Gross SF 47,780 (Approx)

Above-Grade SF 41,006 (Approx)

Residential SF 31,262 (Approx)

Commercial SF 9,744 (Approx)

Basement SF 6,774 (Approx)

Total Units 39

Commercial Units 2

Residential Units 37

Zoning R6 / C1-3

Abated R.E. Taxes $16,144

STATION DISTANCE FROM PROPERTY

TRAIN LINE STATION WALKING DISTANCE

J Z Gates Avenue 2 blocks / 2 minutes

L M Myrtle - Wyckoff Avenue 1 mile / 20 minutes

TRAVEL TIMES ESTIMATED BY GOOGLE MAPS

INCOME AND EXPENSE SUMMARY

Gross Annual Income $1,760,079

Vacancy & Credit Loss @ 3% $52,802

Effective Gross Income $1,707,276

Less Total Expenses $182,412

Projected Net Operating Income $1,524,864


■ Construction completed in 2018 with residential leases commencing in September.

■ 47,780 SF total, 31,262 SF of residential, 9,744 SF for commercial and 6,774 SF for amenity.

■ 37 Residential units and 2 Retail. (13 x 4BR, 8 x 2BR,16 x 1BR, 84 units total)

■ 6,774 SF basement, ~3,500 allocated to commercial, ~3,300 for residential and amenity use.

■ $1,760,000 in projected net rents, $1,525,000 in projected NOI.

■ Approved for the 35 year Affordable NY tax abatement. (30% of units at 130% AMI)

■ Tenants are billed for utilities, including heating and cooling, water, and laundry expenses.

■ 3 blocks to J/Z train at Gates Avenue, access to Manhattan in under 20 minutes.

■ Multiple retail options nearby, including restaurants like City Bear, located around the corner.

■ Medical facility tenant has option to lease remaining basement space for $25 per SF.

INVESTMENT HIGHLIGHTS AREA MAP

TAX MAP

WOODBINE STREET

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EXTERIOR INTERIOR


OUTDOOR AMENITIES ■ A system of tiered roofs offer garden space

managed by Brooklyn Grange.

■ Multiple outdoor seating areas and barbeque grills for outdoor entertaining.

■ A greenhouse on the roof offers a unique indoor/outdoor space to tenants.

INDOOR AMENITIES ■ A large lounge, brings the community together, offering

a theatre, dining table, and games.

■ A private Gym has been installed with internet accessible equipment, including a Peloton Bike.

■ Building owned laundry room with 4 credit card enabled washer and dryers, plus room to expand if needed.

■ Complimentary tenant self-storage available. Retail tenant has option to lease for $25 per SF.

TECHNOLOGICAL AMENITIES ■ A Carson virtual doorman offers an interactive doorman

experience for tenants.

■ SMARTair electric and internet connected locks provide access the building using a cell phone.

■ SONOS surround sound can be controlled via WiFi in most common areas.

■ Cell phone boosters have been installed to ensure excellent service across the building.

INDIVIDUAL UNIT AMENITIES ■ ABB video intercoms allows tenants to view and grant access to

guest at the front door.

■ Each room comes with a Mitsubishi VRF Mini Split with remote control of heating and cooling.

■ Stainless steel appliances and high-end cabinetry offer a sleek and durable kitchen.

■ 3/4 inch hard oak wood floors and solid 8-foot-tall core doors present a clean and open layout.


RESIDENTIAL REVENUE

UNIT STATUS BEDS BATH FLEX OUTDOOR SPACE UNIT SF LEASE START LEASE EXP. GROSS RENT $ / SF GROSS ANNUAL

2A Free Market 1 1 -- -- 543 $2,733 $60 $32,796

2B Free Market 4 1 Yes -- 949 10/15/18 10/14/19 $4,145 $52 $49,744

2C Free Market 4 1 Yes Terrace 907 9/1/18 8/31/19 $4,527 $60 $54,325

2D Free Market 4 1 Yes Terrace 840 9/1/18 8/31/19 $4,254 $61 $51,053

2E Affordable - RS 1 1 -- -- 585 11/1/18 10/31/18 $2,150 $44 $25,800

2F Affordable - RS 1 1 -- -- 499 11/1/18 10/31/18 $2,150 $52 $25,800

2G Affordable - RS 2 1 -- -- 730 11/1/18 10/31/18 $2,600 $43 $31,200

3A Free Market 1 1 -- -- 543 10/1/18 9/30/19 $2,733 $60 $32,796

3B Free Market 4 1 Yes -- 949 10/1/18 9/30/19 $4,527 $57 $54,325

3C Free Market 4 1 Yes Balcony 907 9/1/18 8/31/19 $4,663 $62 $55,962

3D Affordable - RS 2 1 Yes Terrace 840 11/1/18 10/31/18 $2,600 $37 $31,200

3E Affordable - RS 1 1 -- -- 585 11/1/18 10/31/18 $2,150 $44 $25,800

3F Affordable - RS 1 1 -- -- 499 11/1/18 10/31/18 $2,150 $52 $25,800

3G Affordable - RS 2 1 -- -- 730 11/1/18 10/31/18 $2,600 $43 $31,200

4A Free Market 1 1 -- -- 543 $2,733 $60 $32,796

4B Free Market 4 1 Yes -- 949 $4,609 $58 $55,307

4C Free Market 4 1 Yes Balcony 907 9/1/18 8/31/19 $4,718 $62 $56,616

4D Free Market 4 1 Yes Balcony 840 Lease Issued $4,473 $64 $53,671

4E Affordable - RS 1 1 -- -- 585 11/1/18 10/31/18 $2,150 $44 $25,800

4F Affordable - RS 1 1 -- -- 499 11/1/18 10/31/18 $2,150 $52 $25,800

4G Affordable - RS 2 1 -- -- 730 11/1/18 10/31/18 $2,600 $43 $31,200

5A Free Market 1 1 -- -- 543 Lease Issued $2,733 $60 $32,796

5B Free Market 2 1 -- Terrace 647 8/31/18 8/31/19 $3,000 $56 $35,999

5C Free Market 4 1 Yes Balcony 893 $4,800 $64 $57,598

5D Free Market 4 1 Yes Balcony 838 $4,554 $65 $54,653

5E Free Market 1 1 -- -- 575 9/1/18 8/31/19 $2,782 $58 $33,381

5F Free Market 1 1 -- -- 487 10/1/18 9/30/19 $2,733 $67 $32,796

5G Affordable - RS 2 1 -- -- 718 11/1/18 10/31/18 $2,600 $43 $31,200

6A Free Market 1 1 -- Terrace 591 $2,945 $60 $35,344

6D Free Market 4 1 Yes -- 840 $4,636 $66 $55,634

6E Free Market 1 1 -- -- 575 11/1/18 10/31/18 $2,836 $59 $34,035

6F Free Market 1 1 -- -- 487 $2,782 $69 $33,381

6G Affordable - RS 2 1 -- -- 714 11/1/18 10/31/18 $2,600 $44 $31,200

7A Free Market 1 1 -- Terrace 654 $2,891 $53 $34,690

7D Free Market 4 1 Yes Balcony 840 11/1/18 10/31/18 $4,718 $67 $56,616

7E Free Market 4 1 Yes -- 840 10/1/18 9/30/19 $4,609 $66 $55,307

7F Free Market 2 1 -- Terrace 579 9/1/18 8/31/19 $3,049 $63 $36,588

Total 84 37 25,980 $121,684 $56 $1,460,207

COMMERCIAL REVENUE

UNIT TYPE TENANT SPACE SF MONTHLY RENT $ / SF ANNUAL

Corner Retail David's Check Cashing 1,412 $6,159 $52 $73,902

Broadway Medical Facility Betances Healthcare 8,331 $17,400 $25 $208,799

Basement Laundry Property Owned 150 $1,431 $114 $17,170

9,893 $24,989 $30 $299,871

PROJECTED EXPENSES Annual $ / SF $ / Unit

Real Estate Taxes $16,144 $0.39 $414

Insurance $15,000 $0.37 $385

Staff $50,000 $1.22 $1,282

421-A Compliance $6,000 $0.15 $154

Maintenance Materials $8,000 $0.20 $205

Gas -- -- --

Water & Sewer -- -- --

Common Area Electric $12,000 $0.29 $308

Carson Virtual Doorman $4,400 $0.11 $113

Internet $4,246 $0.10 $109

Alarm Monitoring $2,820 $0.07 $72

Misc. and Supplies $2,000 $0.05 $51

Elevator Maintenance $4,000 $0.10 $103

Legal and Accounting $5,000 $0.12 $128

Property Management Fee (3%) $52,802 $1.29 $1,354

Total Exp. Ratio: 10.36% $182,412 $4.45 $4,930

INCOME MIX

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UNIT SIZE MIX

AFFORDABLE INC

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20%$342,000

80%$1,418,000


The subject property is an 8 minute train ride from Williamsburg and within 15 minutes of Manhattan.

951 Madison Street is conveniently located within just three blocks of the J, Z trains’ Gates Avenue station to the north, providing direct access with Downtown Manhattan, Fulton Center – Lower Manhattan’s main transport hub, and Sutphin Boulevard – Archer Avenue, where connect with the JFK Airport via Air Train.

Multiple bus options are also available with the Q24, B26, and B52 buses, providing direct connections throughout Brooklyn and into Queens.

By car, there is easy access to Manhattan via the Brooklyn Bridge, Manhattan Bridge or Williamsburg Bridge. The property is ideally situated in close proximity to the Brooklyn-Queens Expressway (BQE) accessible within three miles of the property, connecting to most major thoroughfares throughout the borough.

The three major metropolitan airports, John F. Kennedy (8 mi), LaGuardia (8.8 mi), and Newark (17.7 mi) are located in the immediate Metropolitan area.

TRANSPORTATION

UNION SQUARE18 Minutes

22 MinutesFULTON CENTER

PATH

29 MinutesHERALD SQUARE

PATH

GATES AVENUE3 Blocks

MARCY AVENUE8 Minutes

DELANCEY-ESSEX STREET 17 Minutes


FLOOR PLANS

A LINE 1BR C LINE 4BR D LINE 3BR E LINE 1BR F LINE 1BR G LINE 2BR

B LINE 4BR


NEIGHBORHOOD


BUSHWICKBushwick is a neighborhood in northern Brooklyn, bounded by Flushing Avenue, Broadway, the borough of Queens, and the Cemetery of the Evergreens. With 142,934 residents (2013) across 1.3 square miles, the neighborhood is undergoing a dramatic transformation. Over the last decade, the vicinity – historically home to big breweries – has witnessed a surge of development; emerging from the shadow of neighboring DUMBO and Williamsburg as a world-renowned haven for creative types. With the area’s convenient access to mass transit and comparatively low rents, Bushwick is now the edgy locale for millennial hipsters to work and live. To meet this demand, owners and developers are steadily constructing residential buildings, along with restaurants, bars, and entertainment options. Once an afterthought, this old industrial neighborhood is enjoying a diverse revitalization.

The implementation of a new gravity-fed water system in 1859 provided Brooklyn with drinking water from Long Island lakes. With its low mineral content, the water was ideal for brewing. Within 30 years, 14 breweries had opened in Bushwick, establishing the community’s position as the center for American brewing. The success of the breweries also led to the construction of several mansions along Bushwick Avenue, which served as homes for the neighborhood’s industrial magnates. In addition to its stately mansions, Bushwick was home to many architecturally magnificent churches, including St. Mark’s Lutheran Church (built in 1892), the South Bushwick Reformed Church (constructed in 1853) and Saint Barbara’s Roman Catholic Church (erected in 1910) -- each a testament to the large German population, and the influx of immigrants from Russia, Italy, Ireland and Poland.

Due in large part to the efforts of the city, state and federal government, as well as private and nonprofit organizations, Bushwick is enjoying a major cultural renaissance. Selected as the “Seventh Coolest” neighborhood in the world by Vogue, Bushwick is now a trendy locale. With hundreds of artist studios and more than 50 gallery spaces, the neighborhood is an attractive refuge for artistic types and younger people who are being priced out of areas like Williamsburg and DUMBO. The Bushwick Collective, which invites the world’s premier street artists to paint murals on neighborhood walls, is representative of the area’s personality, as it has helped change the energy of the neighborhood and spur the transformation from industrial wasteland into thriving creative hub.

Over the course of 2Q17, Brooklyn continued to exhibit tremendous growth. The 2Q17 Corcoran Brooklyn Report demonstrated that volume of sales experienced a 17% increase from a year ago. Following the peak in inventory experienced in 2Q11, inventory declined year over year through 2Q14. After 2Q14, inventory rose during nine of twelve quarters, but has been unable to quench demand. New developments are rapidly trying to meet the demand for space (up 22% from a year ago), but are still not satisfying the disparity as market wide inventory fell 16% in 2Q17. In part due to new developments, closings were up 17% across the market, which contributed to lowering the current months of supply by 20% year over- year. The Corcoran Brooklyn Report also illustrates a specific lack of inventory for the under $750k market. Resale activity has been on the decline for both condos and co-ops, which has hurt the market’s months of supply with inventory for co-ops down 28% and condo inventory down 12%. Although new developments bolstered their sales activity by 22% from a year ago, they were still not prolific enough to satisfy growing market demand or compensate for lack of properties up for resale. Brooklyn’s current supply is only capable of satisfying 3.8 months of demand. Sale prices continue to appreciate, with median price up to $760k and average price up to $937k, a staggering 27% and 24% respectively year-over-year. Brooklyn also experienced a 25% higher sales volume above the seven year average, and recorded its second highest second quarter since 2010.

CONTINUED UPWARD GROWTH


RETAIL & AMENITIES

951MAD


DUE DILIGENCE

28 B6 REAL ESTATE ADVISORS

ZONING R6R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. The character of R6 districts can range from neighborhoods with a diverse mix of building types and heights to large-scale “tower in the park” developments such as Ravenswood in Queens and Homecrest in Brooklyn. Developers can choose between two sets of bulk regulations. Standard height factor regulations, introduced in 1961, produce small multi-family buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. Optional Quality Housing regulations produce high lot coverage buildings within height limits that often reflect the scale of older, pre-1961 apartment buildings in the neighborhood.

HEIGHT FACTOR REGULATIONSBuildings developed pursuant to height factor regulations are often tall buildings set back from the street and surrounded by open space and on-site parking. The floor area ratio (FAR) in R6 districts ranges from 0.78 (for a single-story building) to 2.43 at a typical height of 13 stories; the open space ratio (OSR) ranges from 27.5 to 37.5. Generally, the more open space, the taller the building. In the diagram, for example, 81% of the zoning lot with the 13-story building is required to be open space (2.43 FAR x 33.5 OSR). Thus, the maximum floor area ratio is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. There are no height limits for height factor buildings although they must be set within a sky exposure plane which begins at a height of 60 feet above the street line and then slopes inward over the zoning lot.

Off-street parking is generally required for 70 percent of a building’s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required.

QUALITY HOUSING REGULATIONSThe optional Quality Housing regulations produce high lot coverage buildings set at or near the street line. Height limitations ensure that these buildings are often more compatible with older buildings in the neighborhood. As an incentive for developers to choose the Quality Housing option outside the Manhattan

Core, greater floor area ratio, and therefore, more apartments, is permitted for buildings on or within 100 feet of a wide street than would be permitted under height factor regulations. The FAR is 3.0; the maximum base height before setback is 65 feet with a maximum building height of 75 with a qualifying ground floor (70 feet without). On a narrow street (beyond 100 feet of a wide street), the maximum FAR is 2.2; the maximum base height before setback is 45 feet with a maximum building height of 55 feet. The area between a building’s street wall and the street line must be planted and the buildings must have interior amenities for the residents pursuant to the Quality Housing Program.

Higher maximum FAR and heights are available for buildings participating in the Inclusionary Housing Program or that provide certain senior facilities.

Off-street parking is generally required for 50 percent of a building’s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within theTransit Zone and the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required.

Source: The Department of City Planning website.www1.nyc.gov. January 2017.


ZONING C1 & C2 OVERLAYSC1-1 through C1-5 and C2-1 through C2-5 districts are commer-cial overlays mapped within residence districts. Mapped along streets that serve local retail needs, they are found extensively throughout the city’s lower- and medium-density areas and occasionally in higher-density districts.

Typical retail uses include neighborhood grocery stores, restaurants and beauty parlors. C2 districts permit a slightly wider range of uses, such as funeral homes and repair services. In mixed buildings, commercial uses are limited to one or two floors and must always be located below the residential use.

When commercial overlays are mapped in R1 through R5 districts, the maximum commercial floor area ratio (FAR) is 1.0; when mapped in R6 through R10 districts, the maximum commercial FAR is 2.0. Commercial buildings are subject to commercial bulk rules.

Overlay districts differ from other commercial districts in that residential bulk is governed by the residence district within which the overlay is mapped. All other commercial districts that permit residential use are assigned a specific residential district equivalent. Unless otherwise indicated on the zoning maps, the depth of overlay districts ranges from 100 to 200 feet.

Generally, the lower the numerical suffix, the more off-street parking is required. For example, in C1-1 districts, typically mapped in outlying areas of the city, a large food store would require one parking space for every 100 square feet of floor area, whereas no parking is required in C1-5 districts, which are well served by mass transit.

Source: The Department of City Planning website.www1.nyc.gov. January 2017.


AFFORDABLE NEW YORK PROGRAMFormerly known as the 421-A program, the new Affordable New York Program restored tax exemption benefits for new residential construction. Below is a general outline of the program. This information is subject to change and should only be used for general reference.

The new program is available to rental projects that commenced on or after January 1, 2015 and before June 15, 2022. The project must also be completed on or before June 15, 2026.

Projects that commenced prior to January 2016 and have not received benefits but comply with the provisions of the Affordable Housing New York Program, may receive benefits pursuant to this program.

Below is an outline of three of the seven affordability options that developers may choose from:

OPTION A• 10% of the rental units are offered at no more than 40% AMI• 10% of the rental units are offered at no more than 60% AMI• 5% of the rental units are offered at no more than 130% AMI• Years 1 through 25 receive a 100% exemption; only the “mini tax” (calculated on assessed value prior to

construction) must be paid• Years 26 through 35 receive 25% exemption, requiring that 75% of the taxes including the “mini tax” be paid• These projects are also eligible to receive tax exempt bonds and tax credits

OPTION B• 10% of the rental units are offered at no more than 70% AMI• 20% of the rental units are offered at no more than 130% AMI• Years 1 through 25 receive a 100% exemption; only the “mini tax” must be paid• Years 26 through 35 receive a 30% exemption, requiring that 70% of the taxes including the “mini tax” be

paid• These projects are eligible for substantial government assistance

OPTION C• 30% of the rental units are offered at no more than 130% AMI• Years 1 through 25 receive a 100% exemption; only the “mini tax” must be paid• Years 26 through 35 receive 30% exemption, requiring that 70% of the taxes including the “mini tax” be paid• This option is not available in Manhattan south of 96th Street

Furthermore, the program established three “enhanced affordability areas”. Among them are Brooklyn’s Community Boards 1 and 2 within one mile of the bulkhead along the East River. In these areas, new residential buildings with 300 or more rental units may qualify for an “enhanced 35-year benefit” as long as they meet additional criteria, not outlined in the general overview.

Source: “Statement and Summary: Affordable New York Housing Program.” REBNY. www.rebny.com. April 12, 2017.


DATA ROOM

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CONFIDENTIALITY & CONDITIONSThe information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.

You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including the leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.

The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom.

Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.

The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

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B6 REAL ESTATE ADVISORS1040 Avenue of the Americas, 8th FloorNew York, NY 10018

FOR MORE INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS

DJ JohnstonPartner, Sr. Managing Director646 933 2619 [email protected]

William ChengDirector 646 933 [email protected]

Bryan KirkDirector646 933 [email protected]

Michael MurphyAssociate646 933 [email protected]

FOR QUESTIONS ABOUT FINANCING,PLEASE CALL

Steven SperandioPartner, Senior Managing [email protected]

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