EFTA02686049.pdf

1372 Broadway New York, NY 10018 EFTA_R1_02010901 EFTA02686049 OVERVIEW • 572,000 square foot office building located on Broadway and 37th Street, in the heart of New York City. • Total building occupancy is 99.5% with long term leases in place. • The tenancy base consists of three investment grade tenants, Walmart, LI & Fung and Ross Stores. These tenants occupy 85% of the office space with leases extending through 2022. • The initial cash on cash return is in excess of 14%. • Average rent increases over the next five years are $652,000 per year, increasing the NOI to $19.5 million by 2016. Si Purl Atfity Bus New international • v 46. 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Amtrak New York Penn Ilr'Stabr Mb 34th St ion New York .1a it a -0 se Oath UM St .s.t 2 ivsar F3 s "' St 2 : FII er Fr 7n t hr:) No.teolt +0 klyertert EFTA_R1_02010902 EFTA02686050 TRANSACTION HIGHLIGHTS Purchase Price $325,000,000 Assumable 151 Mortgage $235,000,000 (expiring 11/13) Equity Required $90,000,000 Net Operating Income $16,250,000 Debt Service $3,548,500 1.25% over LIBOR (curr: 1.51%) Cash Flow After Debt Service $12,701,500 Current Cash-On-Cash Return 14.11% EFTA_R1_02010903 EFTA02686051 1372 Broadway 2011 Budget Total For the Months 2011 Scheduled Base Rental Revenue 21,619,087 Expense Reimbursement Revenue Electric 1,899,000 Real Estate Taxes 1,123,022 OPEX 218,700 Total Reimbursement Revenue 3,240,722 Other Income 150,000 Effective Gross Revenue 25,009,809 Real Estate & BID Taxes 4,343,139 Electric 2,040,000 Repairs & Maintenance 680,000 Management Fee 490,192 Payroll 448,050 Insurance 350,000 Heat 180,000 Administrative 144,000 Water & Sewer 80,000 Total Operating Expenses 8,755,382 Net Operating Income 16,254,427 EFTA_R1_02010904 EFTA02686052 1372 - Rent Roll Occupied Area Exp. Annual Rent (1) Tenant Suite Walmart 2FL 46.103 (2) 7/17. 2.329,242 Walmart 3FL 37,201 10/21 1.413,168 Li & Fung 4FL 36.395 12/22 1.287.319 Li & Fung (Ann Taylor) 5FL 37.272 12/22 1,523.676 Li & Fung 6FL 37,157 12/22. 1.534,896 Sara Max Apparel Group 7FL 37,192 12/12 798,096 Ross Stores, Inc. 8FL 38,007 1/21 1,269,780 Ross Stores, Inc. 9FL 38.472 1/21 1,269.780 Ross Stores, Inc. 10FL 37,031 1/21. 1.269,780 Ross Stores, Inc. 11FL 14,634 1/21 436.644 Ross Stores, Inc. 11FL 22,397 1/21 827,244 Ross Stores. Inc 12FL 36.615 1/21 1,211.692 Li & Fung 13FL 15,065 12/22. 587,535 Li & Fung 14FL 13,623 12/22 531.297 IBEX 15FL 13,623 4/12 467.656 Ross Stores. Inc. 16FL 12,794 1/21 436.680 Ross Stores, Inc. 17FL 12,794 1/21 436,680 Knothe 18FL 11.985 9/13 363.588 Ann Taylor (Li & Fung) 19FL 11,985 12/22 467.415 Situation Marketing 20 & 21 13.862 1/16 640.877 TSI West 38th St. St-1 4,640 (2) 9/19 259.477 TSI West 38th St. BSMT 14.500 (2) 8/19 389.736 Liberty Shop St-2 523 5/19 55.080 Master Food Service St-3 800 7/22 * 78.975 Broadway Deli St-4 & 5 11,339 (2) 6/24 636.589 Starbucks St-6 1.924 (2) 7/11 147.669 GNC St-7 1.900 12/16 562,752 Menorah St-8 1,064 (2) 10/12 40.668 0-Dart St-9 3.229 (2) 6/16 84,858 Dave Javonne. Inc St-10 2,085 (2) 12/23 128.316 Vacant St-11 4.770 (2) (3) 119.250 Saba Collection Inc. St-12 1.830 9/13 56,523 572,811 21.662,937 (1) Rent includes real estate taxes and operating expenses. (2) Includes mezzanine and basement spaced allotted to tenant. (3) Lease out to Subway store operator. EFTA_R1_02010905 EFTA02686053  1372 Broadway- Stacking Plan Square Feet 21 2.510 20 11.352 U & Fulp 19 11,986 33.5.5010, 12/514022 18 11 985 Ross Procureniont 17 12,794 $31.601,1141/2021 Ross Procuniniont 16 12,794 432.00/0 14112021 1BFX Constructief. 15 13.823 537 70,/sf. 41144012 ti a Fung 14 13 623 $35.5011.12414022 U 8 Fung 13 15,065 $35.50/0. 12/314022 Ross Stores 12 36,615 540.501x1.1314021 Ross Procurornsat 11 37,031 534.60)x1.1414021 Ross Prceurem(mt 10 $34.7010.1414921 37.031 Ross Procurernent 9 39.472 $35.901.1.1114021 Ross Procurement 8 34.001 536.20)sr, 141/2821 7 Sam aas APPorot GrouP 37.192 $25.6x.1.12/314012 Li 8 Fung 6 37.157 142 40/s1, 124112022 LIS tung (Subleased hors Ann Tey104 37,272 $40.6010.8430.2020 LI 8 Fung 4 34.395 US SW0.12/31/2022 Walrnarl Stores 37.201 $39.30nr. 1041/2021 Weimar, Stores 2 37.303 $50.6x0,7114017 Weimar< Stores Men SA00 650.60/0. 741)2017 Lot 11.061 MS illkana Ca. Woog tletnOzeszben 4.557 Mep Wat usa mom si«flow som sneu MO17111.0 Me) IA47d Steil Vn 3.1rge Ground e.a. 51.9 ~n Nol Sens Doeg~we ~was Ce* urmag 22202 IS MW. 12,15 Ibl.Wog1M512 3.1.0~.444,24 Stams man: 819.181183.13 Stel 4.440 sta•M•414e. 11.1.~. kling 14.4.0•1 kW./ 124.1 Bomt TW~ 3~ Rib" ga , SWRgb• 21.42.5 UI 34kel entb2011 MI ._ Mag VROOM 2010 2011 2012 2017 2018 2019 2020- on 3,0161 1, 61,626 46,103 • 19,663 404,569 672,611 14 0. 0% 9% 2% 0% 3% 8% 0% 71% Nota. Per square toot amounts ,ncludo base rents. real °state Ines and operating expenses EFTA_R1_02010906 EFTA02686054