EFTA01074147.pdf

1372 Broadway New York, NY 10018 EFTA01074147 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. 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Mu 34th St ion New York Scao, vv 413 Path 33rd St 4,tast Q St sinst g, st .siti C IT --."-- am ••41,t, 201, Nay:4410 µnot+ EFTA01074148 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% EFTA01074149 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 EFTA01074150 1372 - Rent Roll Occupied Area 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 12122 1,523,676 LI & Fung 6FL 37,157 12122 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 1/21 438,644 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 12122 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 1/21 438,680 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 12122 467,415 Situation Marketing 20 & 21 13,862 1/16 640,877 TS! 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 Dell 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-Den t 3,229 (2) 6/16 84.858 Dave Javonne, Inc St-10 2,085 (2) 12/23. 128.316 Vacant St-1 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. EFTA01074151  1372 Broadway- Stacking Plan Square Feet WItuillee Melt4111” 21 2.510 6WlFloor) 20 lima= tasting 11.352 itst.mm,ininane LI S Fung 19 11035 535.600.12.362022 18 KnOthe ApOeselGreSIP 11035 $31.10/418130/2013 Ross Prootrement 17 12.794 $31.60111139(2021 Ross Prootrement 16 12.794 332.00fel If3It2021 IBEX Construction 15 $37.70,20, 4114/2012 13.823 LI S fl ea 14 13023 $36.5010.12131/2022 LI S Fung 13 15085 $35.5041.12131F2022 Ross Stores 12 38015 $40.50.10.1/31/2021 Ross Procurement 11 37.031 $34 6041. ¶31(2021 Ross Procurement 10 534.70'x1. tf31/202i 37.031 Ross Procurement 9 38.472 $3590x1. ¶31(2021 Rem Procurement 8 38.007 838.20.1s1. 1131.2021 Sara Max Ammo, Group 7 37.192 $26.60‘1. 12131/2012 LI S Fung 6 37,117 $42.40,1,1213112022 LI & Fung I SUbleaSed from Am Taylor) 5 37.272 $10 604i.eiso(2ozo LI & Fung 4 38.395 $36.8011, 12/3112022 Walmart Stores $39.30,1, 10/3112021 37,201 Walmart Store. 2 37,303 $50.60/41. 83112017 Warted 81040 Men 8,800 $50.00fst 7731)2017 Masi I Mer me„ 0, 0.A $40•0044114n &SST u«. sm. anal 510311030 »»B.97611 SIM !lost St 4112 ISOM Ground 1344*, $191, Noon toostrevae Wiry Kan' MOWN Ca SabliCakresn 22.262 MOO tan. line »MOW Mott Sal cent mom $$40M190612 46001WitiOni I SIII 4.440 TS.MalMa $U IPOW.1.16,10 .4.50:b. 6 000 Bsmt 1111Wolleak Doryi{cals 21,485 Sit 1.0(00,2019 Po,. 2010 4 2012 2013 2018 2017 2018 2019 2020. 00 • 51,525 13,022 17,819 46,103 19,883 400,589 572,811 0% 0% 9% 054 0% 71% Note: Per square foot amounts include base rents. real estate taxes and operating expenses. 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