RED_SU21_5 by GSAPP_Digital Publishing

Northern Greenpoint Gateway Eco-Community Mixed-Use Development in Greenpoint Capstone Deal Book Location: 27 West St Brooklyn, Brooklyn, New York Neighborhood and Market: Block 2570, Lot 1

Qi Shan UNI: qs2140

❖ Location Description The site is located in the Green Point District. The Green Point District is the northernmost community in Brooklyn, New York. It borders Williamsburg Bushwick Bay Park and McCarran Park to the southwest; Brooklyn-Queens Highway and East Williamsburg to the southeast; Newtown Creek and Long Island City, Queens to the north. Long Island City); To the west is the East River.

❖ Historical and Culture Influence The Green Point District has long been a maritime industrial area and has been home to Polish and Irish immigrants since the end of the 19th century. Until the Second World War, shipbuilding, glass products and pencil manufacturing have been large enterprises in this region. Today, however, the Green Dot District has got rid of its reputation as an industrial area and replaced it with a leader in Brooklyn's new art field. ❖ Surrounding Facilities Green Point District has a variety of shopping centers where fashionable neighbors can visit boutiques like Old Hollywood on Franklin Street. To the north are brand new condominiums and converted warehouses, and to the south are traditional townhouses and apartments without elevators. 144 Franklin Street, Historic Building in Greenpoint Brooklyn

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Although rents in Green Point District are lower compare to Manhattan and Williamsburg, the rents are rising as the neighborhood becomes more popular. Newly built luxury condominiums on Franklin and Huron streets and developers hope to build more high-rise buildings there.

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Overview Greenpoint District, New York Overview 27 West Street Greenpoint is an 11.73 acre site located in the waterfront land inside the Greenpoint-Williamsburg Rezoning District. The vision for 27 West Street is to develop mixeduse properties on site. The new development of 27 West Street Greenpoint will revitalize this area and attract more population to this district. Vision of Project The concept of the 27 West Street Greenpoint redevelopment opportunity is pursuing to capitalize on the demand for efficient units among young single professionals with norms shifting toward remote work for many white-collar jobs, and surge entering demand of new families who interest in this vibrant, historic neighborhood for a quiet escape from Manhattan. Those units will provide competitive amenities in order to contribute stabilized cash flow for owners and investors in Greenpoint-Williamsburg Rezoning District.

27 West St Greenpoint, Brooklyn, NY 11222

Project Prospect: Systematic Construction of Greenpoint Neighborhood, a Full Ecological and Intelligent Experience Community. 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Rationale of Development Demands, Target Market and Financial Goals

What Demands will be Meet? • Further development of project will attractive more population in this area. The apartment will meet the demands in residential sub-market; • Retail properties will meet the demand in retail sub-market in order fulfill the need for retail spaces in the sub-market.

Target Market • The target costumers will be residents who are looking for new apartment, Because of the trend of gentrification from this district has made it much attractive, there will be much more mid-levels householders in this district. • Small business owners will be the target tenant for the retail spaces of project.

Financial Goals • The financial goal for this project will be to lease up all available space, and sell the property in the year 10 in order to also gain property appreciation. The goal is to stabilized occupancy rate in next 3-5 years. • Leverage 65% Loan-to-cost mortgage in order to achieve higher Internal Rate of Return.

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Site Information Land Use, Community, and Surrounding Facilities • The proposal for this site

will be a mix-use project includes multifamily and retail spaces. • Total gross floor area 3,077,310 s.f. of ground floor. 1,230,924 s.f. underground floor;

• Lot Coverage Ratio: 65%; FAR:6.02; • 20% affordable housing; • Apartment floor area 3,015,763 s.f., Retail floor area 61,546 s.f., and Office & Lobby area 1,230,924 s.f.

(1,231 units); 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Financial Feasibility

Project Proposal

Market Analysis

Basic Zoning and Limitation Zoning Summary: 27 W St Greenpoint Zoning Summary of 27 W St Greenpoint

• Basic zoning of the site Block

2570

Lot

1/ 10/ 20/ 30/ 36/ 40/ 45/ 50

includes R6, R8, and C2-

Rear Yard (min.)

R6/ R8: 30 ft; C2-4: 20ft

Street Type

4, the maximum FAR is

Zoning Districts

R6/ R8/ C2-4

Lot Coverage

6.02, Open Space Ratio is

Lot Type (corner, interior, through)

Interior Block, Corner Block, Through Lot

37.50, Rear Yard 30 feet,

Size of Zoning Lot (sq.ft)

511,181

Lot Coverage Ratio 65%

Permitted Uses

Vacant Land, Mixed Residential & Commercial Buildings

Yards: type and min depth (feet) Base Height (min/max feet) Building Height (max feet)

Narrow Street R6: 60%; R8: 65%; C2-4: 100% Rear Yard: 30 ft for R6/ R8; 20 ft for C2-4

Building Class

Vacant Land - Zoned Residential; Not Manhattan (V0); Vacant Land - Zoned Commercial or Manhattan Residential (V1); Vacant Land - Zoned Primarily Residential; Not Manhattan (V3); Elevator Apartments - Semi-Fireproof With Stores (D7); Miscellaneous - Other (Z9)

Required Parking, Min. for Group Parking Facilities

R6: 50% of DU, 25% of IRHU; R8: 40% of DU, 12% of IRHU; C2-4: 1 per 1,000 sf

Max FAR for each Permitted use

R6: 2.42; R8: 6.02; C2-4: 2.00

IRHU

15% of IRHU

Initial Setback Distance (ft)

20-85

Sky Exposure Plane Vertical to Horizontal

R6: Starts at 60 ft; R8: Starts at 85 ft; C2-4: Narrow St Sky= 2.7 to 1 in R6/ 3.7 to 1 in R8

for R8 and 100% for C2-4. • The maximum building height is 115 feet for R8, there are 20 to 85 feet initial setback requirement by the zoning. Basic Zoning FAR

OSR

Open Space Ratio

Required Parking Sky Exposure

Min.

Max.

Min.

Max.

Min.

Max.

0.78

2.42

27.50

37.50

21.5%

90.8%

0.94

6.02

5.90

11.90

5.5%

71.6%

C2-4

2.00

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Starts at 60 ft Starts at 85 ft

Basic

IRHU

50% of DU

25% of IRHU

40% of DU

12% of IRHU

Narrow St Sky= 2.7 to 1 in R6/ 1 per 1,000 sf 3.7 to 1 in R8

Rear Yard

Lot Coverage

Base Height (ft)

Building Height (ft)

115

# of Stories

DU Factor

Setback (ft)

680

60 to 85

20 in R6/ R8

Max.

Min.

Max.

Basic

Inclusion ary

30 ft

60%

30 ft

65%

115

20 ft

100%

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Financial Feasibility

Project Proposal

Rezoning Optimization With Inclusionary Housing Bonus • However, the rezoning strategy of GreenpointWilliamsburg which was approved in May 2005, sets the stage for the renewal of a vacant and underutilized stretch of the Brooklyn waterfront, and for the continuing revitalization of these vibrant neighborhoods. The site of 27 W St Greenpoint is located in the waterfront inclusionary program area. • As Deputy Mayor for Economic Development and Rebuilding announced Waterfront developments on blended R6/ R8 sites are eligible for a floor area bonus as well as a height bonus of up to certain feet in R8 districts as the following diagram:

SITE

Without Inclusionary Housing Bonus Inclusionary Housing Bonus on a Blended R6/R8 Waterfront Parcel

District

Blended R6/ R8 R6

Rezoning Area Map 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

With Inclusionary Housing Bonus

Without Inclusionary Housing Bonus Max. Max. FAR Height 150/ 3.70 230/ 330 2.42

150

6.02

230/ 330

With Inclusionary Housing Bonus District Max. FAR

Max. Height

Blended R6/ R8

4.70

150/ 300/ 400

2.75

150

6.50

300/ 400

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Surrounding Uses District Land Use, Community, and Surrounding Facilities • Land Use

Land Use

• Primarily residential and manufacturing use, this area includes Residence 46.02%, Manufacturing 46.80%, Commercial 4.30%, Park 2.87%; • Community

SITE

• This area includes 32 public schools, 4 public libraries, 26 hospitals and clinics, and 11 parks; • Facilities

Zoning

• Most of the facilities that the community contains is Education, Child Welfare, and Youth, Health and Human Services, Parks, Gardens, and Historical Sites. Other facilities includes Core Infrastructure and Transportation.

SITE

Facilities

SITE

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Demographics Population and Area Density of Neighborhood

• This Site currently belongs to Brooklyn Community District 1, the population of this community is approximately 1,731,000 includes 49.6% male and 50.4% female; • Area density is 36,826 persons per sq mile, and 22.9% of residents are foreign-born, the main race is White (63.0%) and Hispanic (22.9%);22.40% of the population is under age 18, and 9.6% of the population is at age 65 and above in this area. • Compared with its southern neighbors, the main disadvantage of Greenpoint is that it reduces public transportation options. But as the normality of many white-collar jobs shifts to remote work, interest in this vibrant and historic community is now surging. 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Financial Feasibility

Project Proposal

Site Summary Land Use: Block 2570, Lot 1, 10, 20, 30, 36, 40, 45, and 50 Zoning of 27 W St Greenpoint (#1 to 8 Land)

1 2

# of Buildi ng

# of Floo rs

Gros s Floor Area /GFA

# of Units

Year Built

Building Class

Lot Size (ft)

Block | Zoning Lot Area Land Use Fronta Lot District Depth (sq. ft) ge

Name

2 OAK STREET, 11222

Block 2570 | Lot 36

OAK STREET, 11222

Owner

8 7

320

130

103,740 24 OAK LLC

Miscellaneous Other (Z9)

Block 2570 | Lot 40

Mixed Residential & Commercia l Buildings

293

141

WEST 52,138 DEVELOPME NT C LLC

366,608

411

2020

Elevator Apartments - SemiFireproof with Stores (D7)

WEST STREET, 11222

Block 2570 | Lot 1

R6/ R8

Vacant Land

803

213,100

M&H REALTY LLC

Vacant Land Zoned Primarily Residential; Not Manhattan (V3)

WEST STREET, 11222

Mixed Block Residential & 2570 | R6/ C2-4 Commercia Lot 50 l Buildings

198

WEST 291.83 38,950 DEVELOPME NT C LLC

110,071

2019

Elevator Apartments - SemiFireproof with Stores (D7)

WEST STREET, 11222

Block 2570 | Lot 45

Vacant Land

157

WEST 100.62 16,473 DEVELOPME NT C LLC

Vacant Land Zoned Commercial or Manhattan Residential (V1)

WEST STREET, 11222

Block 2570 | Lot 10

R6/ R8/ C2-4

Vacant Land

200

251

45,242

M&H REALTY LLC

Vacant Land Zoned Primarily Residential; Not Manhattan (V3)

QUAY STREET, 11222

Block 2570 | Lot 20

R6/ R8

Vacant Land

228

122

21,575

M&H REALTY LLC

Vacant Land Zoned Residential; Not Manhattan (V0)

WEST STREET, 11222

Block 2570 | Lot 30

R6/ R8

Vacant Land

127

19,963

M&H REALTY LLC

Vacant Land Zoned Residential; Not Manhattan (V0)

Site: Eight-part of Land

• The site contains eight-part lands, from #1 to #8 as the diagrams show above, the total site area is 511,181 square feet. • Most of the lands are vacant land (Vacant Land - Zoned Primarily Residential; Not Manhattan V3), two lands are currently Elevator Apartments - Semi-Fireproof with Stores (D7). • The current owner of those land is 24 Oak LLC, West Development NT C LLC, and M & H Realty LLC. 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Total

511,181

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Project Proposal

Financial Feasibility

Transit Accessibility Subway and Main Streets • Subways Lines Only subway G line have crossed this area, lines G station is located at Greenpoint Ave, and Nassau Avenue Station; Franklin St/India St

• Main Streets

Line G: Greenpoint Ave West St/Kent St

Franklin Street is the main street accessibly to the site;

Greenpoint Av/Franklin St

• Bus Stations

SITE

There are many bus stations along the Franklin Street and in the north side of the site, such as Franklin St/India St, West St/Kent St, Greenpoint Av/Franklin St, Franklin St/ Calyer St, N 14 St/Kent Ave, and Kent Av/N 12 St.

Franklin St/Calyer St

N 14 St/Kent Ave

Line G: Nassau Avenue Station

Kent Av/N 12 St

To site from

Distance

Duration

Via

JFK

13.6 miles

25 mins

I-485 E

Newark Liberty International Airport

16.6 miles

40 mins

US-1 S

Financial District

6.1 miles

25 mins

FDR Dr

Times Square, Manhattan

4.2 miles

17 mins

I-495 W

Bus Terminal Subway Station Main Streets

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Financial Feasibility

Project Proposal

Apartment Market: Overview in New York Vacancy Rate, Absorption, and Rent in NYC Metro Area Mid-Tier and Low-Tier Apartment Outlooks More Favorable in 2021 Apartment Supply and Demand

Rental Trend

Sales Trend

• Demand: The vacancy rate up to a more than 20-year high of 3.7 percent in 2020. Vacancy rose by more than 300 basis points in Williamsburg-Greenpoint-Navy Yard. In 2021, the absorption rate will be stabilized as life return to normal and the labor market improves. Thus, the vacancy rate will be slowed in 2021, the overall vacancy rate will attend 4.3 percent by the end of 2021 by the forecast. • Supply: The construction pace continues to moderate in 2021 following a 2020 slowdown. The large developments will be in Brooklyn and Queens submarket. • Rent: 3.3% decrease in the average effective rent y-oy in 2020. The Class A apartment dropped 8.4% y-o-y; the Class B and C dropped 3.1% and 0.6%, respectively, in 2020. In 2021, the Class A apartment will process a rent correction as the pandemic slow down; Class B and C apartment begin to benefit from the stabilized rental demand. The overall average effective rental rate will be $2,636 per unit by the end of 2021 by forecast; *Source: Marcus & Millichap, Research and Advisory Services * Forecast Sources: RealPage, Inc.; CoStar Group, Inc.; Real Capital Analytics

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Apartment Market: Greenpoint Submarket Rent and leasing activities in Greenpoint Submarket Market rents are still below last year, Average rent in Greenpoint submarket dropped 6% y-o-y Monthly Rent

Singed Leases

Listed Inventory and Days on Market

• Rent: The Brooklyn market rents are still below last year, the rate is trending upward from the lowest point in January. The median rent in May 2021 dropped from both last month and last year. Though the figure of $2,600 was 4% higher than the trough in January 2021, the average rent was still lower than in 2020. Rent in Greenpoint submarket dropped 6% y-o-y. • Leasing: Leasing activity in May reached a ninemonth high as renters continue to take advantage of current deals. May brought increased inventory for the mid-spring leasing season and days on market climbed as renters shopped around.

Average Rent by Neighborhood

*Source: The Corcoran Report, May 2021 Brooklyn Rental Market

• Owners that previously held back inventory released more listings to take advantage of the recent uptick in activity. Lingering listings of smaller residences forced the overall average days on market figure up. 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Retail Market: Overview in New York Vacancy Rate, Absorption, and Rental in NYC Metro Area Modest Supply Additions Help Stabilize Vacancy; Upward Pricing Momentum Continues for Single-Tenant Assets Retail Supply and Demand

Rental Trend

Sales Trend

• Demand: The overall rate was lifted to 4.0 percent, however, vacancy in the downtown Brooklyn submarket fell in 2020. The total amount of vacant square feet is expected to grow by 1.2 million in 2021 driven by new supply. • Supply: Development fell to an eight-year low in 2020 because of the pandemic restriction. Completions were harvest in Staten Island over 234,000 square feet, followed by South Brooklyn at over 130,000 square feet in 2020. In 2021, the square footage of the supply market is expected to be doubled from what was completed last year. Total arrivals will more than 1.5 million square feet.

• Rent: In 2020, the average asking rent fell to $57.43 per square foot, decreased 10.4% y-o-y. The asking rent still facing downward pressure in 2021 even the overall pace of decline trend begins to moderate. The asking rent will fall down to $54.90 per square foot at end of 2021. *Source: Marcus & Millichap, Research and Advisory Services * Forecast Sources: RealPage, Inc.; CoStar Group, Inc.; Real Capital Analytics

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Retail Market: Greenpoint Submarket Rent and leasing activities in Greenpoint Retail Submarket Rents peaked in late 2018 then keep falling until now, the avg rent for Franklin St. $65 PSF, Manhattan Ave. $58 PSF Price Per SF in Greenpoint

Franklin St. (Meserole Ave. - Commercial St.) Average/ Median PSF

Manhattan Ave. (Driggs Ave. - Ash St.) Average/ Median PSF

• Rent: When COVID-19 descended on Brooklyn in early 2020, its retail sector was already roughly a year into a market correction. Rents peaked in late 2018 and were already falling over the course of 2019. • Rent in Franklin Street: Average asking price $65 PSF, a 12% decline from Summer 2020 and a 6% decline year-overyear(data is based on 6 availabilities) • Rent in Manhattan Ave.: Average asking price $58 PSF, a 21% decline from Summer 2020 and a 17% decline year-over-year (data is based on 17 availabilities) 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

• Leasing Activity: These restrictions continued to have a dramatic impact on Brooklyn’s diverse retail corridors, as conditions slowly improved, more retailers signed leases in Brooklyn this year. Some tenants remain reluctant to commit to longterm leases. Greenpoint continues to observe an abundance of new development from the Greenpoint Landing mega-development to renovations of older buildings with under 10 units. *Source: REBNY Research Brooklyn Retail Report Winter 2021

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Competitive Set Comp Set for Reconcile Demand with Supply The purpose for selection of the comp set related to the proposed mix-used development is to reconcile demand with supply for the project. Comp Set Properties: • One North Fourth: • Submarket Asset Grade: A • Built Year: 2015 • Stories: 40 • Occupancy rate: 100% • Asking Rent/Unit: $3,487 • • • • • •

4545 Center Boulevard Submarket Asset Grade: A+ Built Year: 2014 Stories: 40 Occupancy rate: 100% Asking Rent/Unit: $3,818

• • • • • •

One Blue Slip Submarket Asset Grade: A+ Built Year: 2019 Stories: 30 Occupancy rate: 100% Asking Rent/Unit: $4,812

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

One Blue Slip 1 Blue Slip, Brooklyn, NY Two Blue Slip 2 Blue Slip, Brooklyn, NY

4545 Center Blvd by TF Cornerstone 4545 Center Blvd, Long Island City, NY The View Condominiums 46-30 Center Blvd, Queens, NY

One North Fourth 1 N 4th Pl, Brooklyn, NY

420 Kent Luxury Brooklyn Apartments 420 Kent Ave, Brooklyn, NY 16

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Competitive Set Rental Rates Comparables 17 Kent Avenue Unit

#1R - 17 Kent Avenue #APT1 - 17 Kent Avenue #4 - 17 Kent Avenue #1 - 17 Kent Avenue #1F - 17 Kent Avenue #1C - 17 Kent Avenue Avg. Summary Product Type Studio 1BR 2BR

Price $8,145 $8,145 $8,145 $8,145 $7,999 $7,999 $8,096

Price $2,950 $3,562 $5,695 $5,570

Beds 8 rooms, 3 6 rooms, 4 5 rooms, 4 7 rooms, 4 9 rooms, 4 8 rooms, 3

beds beds beds beds beds beds

Baths 3 baths 3 baths 3 baths 3 baths 3 baths 3 baths

Avg. $2,950 $3,562 $5,231

3BR

Summary Studio 1BR 2BR 3BR

27 WEST STREET GREENPOINT

#PHB - 1 Blue Slip #28C - 1 Blue Slip #20B - 1 Blue Slip #27D - 1 Blue Slip #PHA - 1 Blue Slip #7K - 1 Blue Slip #20H - 1 Blue Slip #18C - 1 Blue Slip #28H - 1 Blue Slip #17K - 1 Blue Slip Avg. 2 Blue Slip Unit #PH2C - 2 Blue Slip

$5,105 $5,070 $4,745 $6,180 $5,115 $4,800 $4,800 $8,145 $7,999 $8,240 $8,065 $7,735 $6,700 $15,300 $9,035 $8,280

1 Blue Slip Unit

$8,919

#TH1D - 2 Blue Slip #31J - 2 Blue Slip #35L - 2 Blue Slip #30F - 2 Blue Slip #26E - 2 Blue Slip #32G - 2 Blue Slip #26H - 2 Blue Slip #34N - 2 Blue Slip Avg.

Price $8,240 $8,065 $7,735 $6,700 $5,695 $5,570 $5,105 $5,070 $4,745 $2,950 $5,988

Beds 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 1 room, studio

Baths 2 baths 2 baths 2 baths 2 baths 1 bath 1 bath 1 bath 1 bath 1 bath 1 bath

ft² 1,057 1,049 1,073 895 658 729 673 638 534 437

Price Beds $15,300 3 rooms, 2 beds

Baths 2 baths

ft² 1,258

$14,395 4 rooms, 3 beds

3 baths

1,667

$9,035 3 rooms, 2 beds $8,280 3 rooms, 2 beds $6,180 2 rooms, 1 bed $5,115 2 rooms, 1 bed $4,800 2 rooms, 1 bed $4,800 2 rooms, 1 bed $3,562 1 room, studio

2 baths 2 baths 1 bath 1 bath 1 bath 1 bath 1 bath

1,221 1,029 769 647 537 606

$7,941

One Blue Slip

Two Blue Slip 860

$2,950 $3,562 $5,231 $8,919

Capstone Project | Mixed-use Development in Brooklyn, New York

17 Kent Avenue

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Competitive Set Sales Price Comparables Property Property Name 237 11th Street The Henry Eagle Court Convivium PLG at 123 Linden Boulevard Grand Tier Crestwood The View on Nob Hill 1684 Nelson Avenue 45-57 Davis Street The Rheingold 122 Duane Street 3031 Holland Ave 2244 Creston Avenue 3548 Tryon Avenue 135 William Street Liberty View 1134 Fulton Street 1382 Crotona 2501 Hoffman Street 124 East 177 Street 3033 Wallace 222 East 3rd Street Highland Hall The Arches 2775 Morris Avenue The Kent 41-25 Case Street Van Tassel 28 Roebling Street 110 Greenwich Street Atlantic Plaza Towers 1381 Franklin Avenue 555TEN 524 East 14th Street 575 Grand Street 610 Crescent Avenue 612 Crescent Avenue 130 East 37th Street Front & York 1 West End Avenue Third at Bankside Lincoln at Bankside 44-46 Purves Street Myrtle Point Bevel LIC 24-26 Marcy Place 30 East Clarke Place Columbus Square 55 West Mosholu Parkway The Opal 2494 Morris Avenue Watermark LIC Extell 57th Tower 15 Park Row 2550 Bainbridge Avenue 18 East 198 Street 400 East 187 Street Sterling Parc at Middletown 2385 Grand Avenue 1405 Walton Avenue 2800 Jerome Avenue Hawks View Otto Greenpoint 2261 Morris Avenue Sixty 125 The Rise Webster Place

Transaction data is provided by Real Capital Analytics, Inc. Rental performance at time of sale (where available). Sale Activity Loan Sales Price Deal Qualifiers Loan Origination Date Loan Maturity Date Loan Amount 6/16/2021 6/16/2023 $60,000,000 $54,000,000 Approximate $71,000,000 Approximate 6/15/2021 $46,000,000 $127,900,000 Appraised 6/8/2021 6/8/2024 $31,500,000 6/3/2021 $223,000,000 6/2/2021 $107,750,000 $19,000,000 Approximate 4/30/2021 5/1/2028 $77,600,000 4/30/2021 $3,800,000 4/29/2021 $70,000,000 $309,300,000 Appraised 4/23/2021 9/1/2029 $102,205,000 4/20/2021 $7,900,000 4/16/2021 $5,600,000 4/15/2021 $4,000,000 4/5/2021 $2,300,000 3/31/2021 $20,000,000 3/31/2021 $32,000,000 3/30/2021 $53,000,000 3/30/2021 $4,750,000 3/29/2021 $2,250,000 $6,350,000 Confirmed 3/26/2021 $4,430,000 3/26/2021 2/28/2026 $2,997,443 3/18/2021 $12,900,000 3/17/2021 $32,500,000 3/5/2021 $163,000,000 $5,675,000 Confirmed 3/4/2021 $4,250,000 3/1/2021 3/1/2023 $116,519,096 1/28/2021 $12,362,567 3/1/2021 $22,150,000 $38,500,000 Appraised 2/26/2021 2/26/2023 $20,000,000 2/25/2021 $32,000,000 2/25/2021 3/1/2028 $43,435,000 2/23/2021 $12,503,017 12/12/2019 12/1/2029 $350,000,000 12/12/2019 12/6/2029 $35,000,000 2/12/2021 $40,000,000 $3,000,000 Approximate $3,500,000 Approximate $3,360,250 Approximate 2/11/2021 $2,400,000 2/9/2021 $268,400,827 $12,800,000 Appraised 2/5/2021 3/1/2036 $5,603,000 2/3/2021 $69,700,930 2/3/2021 $120,298,880 2/2/2021 $1,937,037 2/1/2021 $38,577,216 1/29/2021 1/29/2023 $40,000,000 1/29/2021 $2,878,722 1/29/2021 $3,721,271 271400000 Appraised 1/29/2021 2/1/2031 $149,270,000 1/28/2021 2/1/2031 $4,154,765 1/28/2021 $110,000,000 1/27/2021 $3,650,000 1/26/2021 $39,000,000 $720,000,000 $141,500,000 Approximate 1/21/2021 1/21/2024 $36,000,000 1/15/2021 $2,970,000 1/15/2021 $2,955,629 1/15/2021 $2,860,769 $60,570,000 Appraised 1/13/2021 2/1/2036 $45,000,000 $7,350,000 Appraised 1/13/2021 2/1/2031 $5,880,000 1/10/2021 $8,383,144 1/7/2021 $6,000,000 $5,000,000 Appraised 1/6/2021 2/1/2051 $3,250,000 1/5/2021 1/5/2026 $113,000,000 12/30/2020 $4,186,867 $106,700,000 Appraised 12/30/2020 12/30/2023 $32,000,000 12/30/2020 $23,000,000 $10,800,000 Confirmed 12/30/2020 1/1/2031 $7,350,000

Total Units Year Built Sales Date 105 2018 6/16/2021 169 2002 6/16/2021 129 1984 6/15/2021 139 2020 6/8/2021 467 2020 6/3/2021 229 2004 6/2/2021 150 1965 5/19/2021 416 1990 4/30/2021 32 1935 4/30/2021 158 2021 4/29/2021 500 2019 4/23/2021 26 1935 4/20/2021 56 1930 4/16/2021 49 1935 4/15/2021 27 1935 4/5/2021 30 2002 3/31/2021 233 1991 3/31/2021 119 2020 3/30/2021 91 1935 3/30/2021 27 1930 3/29/2021 42 1939 3/26/2021 26 1928 3/26/2021 52 2003 3/18/2021 108 1935 3/17/2021 215 2020 3/5/2021 48 1935 3/3/2021 83 2018 3/1/2021 109 1940 3/1/2021 263 1936 2/28/2021 60 2020 2/25/2021 60 1930 2/24/2021 720 1969 2/24/2021 336 1935 2/23/2021 598 2017 2/23/2021 160 2018 2/23/2021 1672 2/12/2021 18 1935 2/11/2021 26 1930 2/11/2021 12 1930 2/10/2021 732 2022 2/9/2021 116 2017 2/5/2021 450 2022 2/3/2021 921 2023 2/3/2021 49 2021 2/2/2021 133 2022 2/1/2021 202 2018 1/29/2021 41 1936 1/29/2021 53 1935 1/29/2021 359 2010 1/28/2021 24 1933 1/27/2021 388 2004 1/27/2021 31 1935 1/27/2021 168 2018 1/26/2021 179 2018 1/26/2021 322 1930 1/21/2021 20 1930 1/15/2021 25 1935 1/14/2021 20 1911 1/14/2021 192 2013 1/13/2021 51 1962 1/12/2021 40 1935 1/10/2021 78 1935 1/7/2021 21 2014 1/6/2021 240 2018 1/5/2021 33 1935 12/30/2020 141 2021 12/30/2020 44 2021 12/30/2020 69 2003 12/30/2020

Sales Price by Forecast Apartment Sales Comps Property Name Convivium The Rheingold 28 Roebling Street Columbus Square Sixty 125 Total/ Avg. Adjust Premium Forecast for Project Retail Sales Comps Neighborhood Brooklyn Wide Adjust Premium Forecast for Project

27 WEST STREET GREENPOINT

Total Units 139 500 60 359 141 1199

Year Built 2020 2019 2020 2010 2021 2018

12.5% $830,956

Price/ Unit

Dollar Volume $596,678,231 0% $580

Capstone Project | Mixed-use Development in Brooklyn, New York

Transactions 85

ERPU

Rental Performance ERPSF Occupancy

$1,189 $2,303

$1.60 $2.96

100% 94%

$3,170

$4.62

90%

$1,805

$3.33

94%

$1,886

$1.73

97%

Neighborhood Borough Park East Flatbush Flatbush Flatlands Kensington Lefferts Gardens Midwood Central Brownsville Canarsie Cypress Hills East Brooklyn Heights Cobble Hill Downtown Fort Greene Park Slope Prospect Heights Greater Downtown Williamsburg North Bedford Stuyvesant Bushwick Crown Heights Crown Heights South North-Central Brighton Beach Coney Island Gerritsen Beach Gravesend Marine Park Mill Basin Sheepshead Bay South Bath Beach Bay Ridge Bensonhurst Dyker Heights Fort Hamilton Sunset Park West

Dollar Volume Transactions $44,130,000 $10,455,000 $1,050,000 $2,000,000 $4,225,000 $4,300,000 $171,135,500 $237,295,500 $315,000 $7,382,500 $1,100,000 $8,797,500 $4,000,000 $5,550,300 $6,680,125 $3,707,000 $3,750,000 $1,350,000 $25,037,425 $145,000,000 $145,000,000 $4,740,000 $740,000 $525,000 $1,100,000 $7,105,000 $14,680,000 $20,327,500 $1,325,000 $18,198,200 $12,767,106 $6,675,000 $26,050,000 $100,022,806 $4,890,000 $27,525,000 $8,900,000 $1,800,000 $15,225,000 $15,080,000 $73,420,000

10 4 1 1 2 1 6 25 1 3 1 5 1 1 2 2 1 1 8 1 1 2 1 1 1 5 4 1 2 6 6 1 5 25 4 3 2 1 2 4 16

Neighborhood Brooklyn Wide

Dollar Volume Transactions $596,678,231

Sales Date 6/8/2021 4/23/2021 2/25/2021 1/28/2021 12/30/2020

Avg. Price $7,019,744

Sales Price $127,900,000 $309,300,000 $38,500,000 $271,400,000 $106,700,000 $853,800,000

Total SF 1,029,597

Avg. Price

Total SF

$4,413,000 $2,613,750 $1,050,000 $2,000,000 $2,112,500 $4,300,000 $28,522,583 $9,491,820 $315,000 $2,460,833 $1,100,000 $1,759,500 $4,000,000 $5,550,300 $3,340,063 $1,853,500 $3,750,000 $1,350,000 $3,129,678 $145,000,000 $145,000,000 $2,370,000 $740,000 $525,000 $1,100,000 $1,421,000 $3,670,000 $20,327,500 $662,500 $3,033,033 $2,127,851 $6,675,000 $5,210,000 $4,000,912 $1,222,500 $9,175,000 $4,450,000 $1,800,000 $7,612,500 $3,770,000 $4,588,750

Avg. Price $7,019,744

Avg P/SF 77,298 39,774 3,700 5,284 7,441 6,240 361,543 501,280 2,000 10,834 1,800 14,634 6,375 8,637 9,706 4,528 6,366 1,643 37,255 104,010 104,010 5,694 2,427 1,584 2,772 12,477 23,273 40,000 2,916 52,657 30,217 14,879 56,618 220,560 7,430 72,836 15,695 8,000 17,500 17,920 139,381

Total SF Avg P/SF 1,029,597

Price Per Unit $920,144 $618,600 $641,667 $755,989 $756,738 $738,627

Avg P/SF $580

Price p.sf.

$571 $263 $284 $379 $568 $689 $473 $473 $158 $681 $611 $601 $627 $643 $688 $819 $589 $822 $672 $1,394 $1,394 $832 $305 $331 $397 $569 $631 $508 $454 $346 $423 $449 $460 $453 $658 $378 $567 $225 $870 $842 $527

$580

Zoning & Land Use

Neighborhood

Site Analysis

Financial Feasibility

Project Proposal

Market Analysis

Highest and Best Use Highest and Best Use • The assumptions for highest and best use are residential 96.97% occupancy rate, office 88.20% occupancy rate, retail 85.84% occupancy rate, hotel 45.15% occupancy rate, and industrial 95.10% occupancy rate after the project built. The implied land value indicates residential property will be the highest and best use for the land, following by retail property. Market Rental Rate Rental Rate (PSF/ Unit)

Property Type Residential

Low 4.50%

Cap Rate (Avg.) High Avg. 6.00% 5.25%

Vacancy

Occupancy

3.03%

96.97%

Stuido 1 BR 2 BR 3 BR Avg.

$4.70 $2,363 $2,827 $3,403 $3,908 $3,125

PSF / Unit / Unit / Unit / Unit / Unit

Avg. in Greenpoint

$3,329

/ Unit

Office

$71.10

PSF

4.50%

7.50%

6.00%

41.20%

58.80%

Retail

$65.00

PSF

5.75%

6.25%

14.16%

85.84%

Hotel

$137.81 $41.45 $20.16

ADR

6.25%

7.50%

6.88%

69.90%

30.10%

PSF

5.75%

6.25%

6.00%

4.90%

95.10%

Industrial Assumptions Property Type

High

Low

Residential

859

461

Office

892

744

Retail

573

384

Hotel

1,108

892

359

256

221

173

Industrial Parking (Below GradeMulti-Level) (Above GradeMulti-Level)

27 WEST STREET GREENPOINT

Construction OpEx PSF Cost PSF

Annual OpEx

Occupancy Revenue Rate (*Forecast) (*Forecast)

Avg. Unit Size/ Keys

2,675,921

860

SF/ Unit

3,112

330

SF/ Key

6,061

$461

$1.50

$4,013,882

96.97%

$700

$12.00

$26,376,940

88.20%

$85.00

PSF

2,198,078

$384

$3.00

$5,539,157

85.84%

$65.00

PSF

1,846,386

$892

$3.80

$7,600,955

45.15%

$206.72

ADR

2,000,251

$200

$4.50

$12,463,104

95.10%

$25.00

Capstone Project | Mixed-use Development in Brooklyn, New York

$3,560.00 /Unit / Month

Rental Area

PSF

2,769,579

# of Unit/ Keys

Rental Income

$132,950,6 06 $186,836,6 56 $120,015,0 75 $457,336,0 83 $69,239,46 6

Zoning & Land Use

Site Analysis

Neighborhood

Project Proposal

Market Analysis

Financial Feasibility

Highest and Best Use Highest and Best Use • According to the market research and highest and best use analysis, the proposal will be a mixed-use development because of the office and hotel market’s high vacancy rate, declining rental rate, and low demand due to the COVID19 pandemic impact. Listed Land Price Listed Land Price

Price PSF

Adress

$4,475,000

4,168

$1,074SF

$5,800,000

6,600

$879SF

$2,499,000

3,725

$671SF

$4,395,000

5,200

$845SF

$5,800,000

6,600

$879SF

$2,499,000

3,725

$671SF

Avg

75 McGuinness Blvd, Brooklyn, NY 11222

47-49 51 Diamond St, Brooklyn, NY 11222 161 Meserole Ave, Brooklyn, NY 11222

$836SF

Project Total by Cal

$427,532,147

Highest and Best Use Property Type Residential Office Retail Hotel Industrial

EGI

OPEX

Year 1 NOI

$128,917,771 $4,013,882 $164,789,930 $26,376,940 $103,020,941 $5,539,157 $206,487,241 $7,600,955 $65,846,733 $12,463,104

Year 1 NOI

$124,903,889 $138,412,991 $97,481,783 $198,886,287 $53,383,629

Cap Rate

Implied Property Value

Building Costs

Total Project Cost

Yield

Implied Land Value

PSF

5.25% 6.00% 6.25% 6.88% 6.00%

$2,379,121,689 $2,306,883,176 $1,559,708,531 $2,892,891,441 $889,727,144

$1,418,639,735 $2,154,116,734 $1,181,686,894 $2,744,960,181 $615,461,924

$1,846,171,882 $2,581,648,881 $1,609,219,041 $3,172,492,328 $1,042,994,071

6.77% 5.36% 6.06% 6.27% 5.12%

$960,481,954 $152,766,442 $378,021,637 $147,931,260 $274,265,220

$1,879 $299 $740 $289 $537

Cap Rate

Implied Property Value

Building Costs

Imp Land Value

Total Project Cost

Yield

Return

Residential

$124,903,889

5.25%

$2,379,121,689

$1,418,639,735

$960,481,954

$1,846,171,882

6.8%

28.9%

Office

$138,412,991

6.00%

$2,306,883,176

$2,154,116,734

$152,766,442

$2,581,648,881

5.4%

-10.6%

Retail

$97,481,783

6.25%

$1,559,708,531

$1,181,686,894

$378,021,637

$1,609,219,041

6.1%

-3.1%

Hotel

$198,886,287

6.88%

$2,892,891,441

$2,744,960,181

$147,931,260

$3,172,492,328

6.3%

-8.8%

$53,383,629

6.00%

$889,727,144

$615,461,924

$274,265,220

$1,042,994,071

5.1%

-14.7%

Industrial

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

< Highest & Best Use

Project Prospect: Systematic Construction of Greenpoint Neighborhood, a Full Ecological and Intelligent Experience Community

The Business Card of the Northern Greenpoint Gateway is not only the architectural image, but also the overall display of the four major systems in this area:

Business Card of the Northern Greenpoint Gateway

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Community Sustainable Systems

Tech Supporting System

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway I. Eco + Community Sustainable Systems

Waterfront Ecological System •

The green ecosystem is cored by corridors, diverging into multiple parks to form loops of this area, making full use of the green spaces, and enhancing the availability of green in the entire community; Avoid excessive concentration of green resources in space, and enhance the ecological image of the area.

Green Waterfront

Green Central Community Park

Reference Case: Torrens River area in Adelaide, Australia

Reference Case: Gardens by the Bay Singapore Sports Park, Cultural park Pocket Park

Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway I. Eco + Community Sustainable Systems

Interconnecting Smart Community ◼ Full consideration of community layout, functions, transportation, supporting facilities, and environmental factors;

◼ Introduce a reasonable ratio of commercial formats to provide convenience for community living; ◼ Build a smart community platform and build an intelligent community.

Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Site Analysis

Neighborhood

Project Proposal

Market Analysis

Financial Feasibility

Prospect of Northern Greenpoint Gateway II. Eco + Tech Supporting System •

Supported by two major guarantee systems: Standard Guarantee System and Institutional Security System;

•

Build a smart community integrated information service platform and build a user-oriented smart application system.

The Overall Framework of the Smart Community Community Committee

User •

Smart • Application •

Community Governance Active Management E-government Services Security Controls

• • • •

Community Management Housing Management Committee Management Property Management

Service Companies

Residents

•

Public Service

•

Convenience Services

• •

Basic Public Service Specialized Population Service Legal Propaganda

• •

Domestic Services Financial Services

•

• • •

Themed Community Retails, Schools Hospitals, Transportation Tourism and Other Topics

Smart Community Integrated Information Service Platform Supporting Platform

•

Government Service Platform

•

Public Service Platform

•

Data specification, Distributed

•

Data Specification

Workflow and Electronic Forms,

•

Openness and Modular access

Infrastructure

Grid Level

Facility Level

Business Service Platform

•

Registration, Credit, Service Records, Community Hardware Integration, Personal Information Equipment Authentication Access, Data Targeted Distribution

Openness and Modular Access

Basic Platform

Perception Level

•

Urban Public Basic Database

City Public Information Platform

Monitoring Terminal

Sensing Equipment

Broadband Network Smart Green Buildings: Water, Electricity, Gas, Heat Community Service Center, Community Service Station

Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

Cameras

Wi-fi

Mobile Terminal Radio and TV Network

Smart Home: Home Appliances, Home Appliances Cultural and Sports Medical and Health Facilities Facilities

New Business of Urban Texture

Population Introduction System

Desktop Terminal

Institutional Security System

Standard Guarantee System

•

Property Management

Owners' Committee

Internet of Things Building Indoor and Outdoor Environment Municipal Utilities

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway II. Eco + Tech Supporting System

Introduce Fastest-Growing Start-Up Industries for the Community

Virtual Reality

Block Chain Technology

Digital Entertainment

Community Sustainable Systems 27 WEST STREET GREENPOINT

Artificial Intelligence

FinTech

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway III. Eco + New Business of Urban Texture System Famous Fashion Brand Inspirational and Creative Exhibitions

Greenpoint Art Festival

Creative Flagship Shops for Retail Space

Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway III. Eco + New Business of Urban Texture System

Creative Flagship Shops for Retail Space Tenant Suggestion

Wawa, Washington, D.C.

Hershey’s Chocolate World

Community Café Chicago Flagship

Tenant Suggestion Except for traditional anchor retail tenants such as CVS, Nordstrom, Kohl’s, and etc. The suggestion for the project’s retail tenants is to lease multipurpose retail spaces and design-led concept stores as new tenants. Those tenants have interior and digital features better than other convenient shops, immersive brand experiences delivered through a mix of digital and analog experiences through attraction retail space, and will be landmark destinations for concept store lovers. Examples such as Wawa, Washington, D.C., Hershey’s Chocolate World, Times Square, New York, and Community Café Chicago Flagship Shop. Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Population Introduction System

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Prospect of Northern Greenpoint Gateway IV. Eco + Population Introduction System •

Introduce a high-quality parent-child education system, improve the supporting functions of regional education, and improve the overall quality of the project.

•

With the launch of the area and the introduction of the population, cooperation and upgrading from kindergartens and educational institutions to schools with high-quality educational resources can be gradually implemented.

Regional High-quality Education

Community Sustainable Systems 27 WEST STREET GREENPOINT

Tech Supporting System

Capstone Project | Mixed-use Development in Brooklyn, New York

New Business of Urban Texture

Parent-child Education System

Population Introduction System

Zoning & Land Use

Site Analysis

Neighborhood

Financial Feasibility

Project Proposal

Market Analysis

Project Proposal Basic Information for Buildings Site Plan: There will be five residential buildings (#4 will be affordable housing), three retail buildings, and three parking/ facilities; Project Prospect: Systematic Construction of Greenpoint Neighborhood, a Full Ecological and Intelligent Experience Community. Property Info Type of Use

Mixed-Use

Location

Greenpoint, NY

Address

27 West Street Greenpoint

Site Summary Land Size

511,181

Land (Acres)

11.73

FAR

s.f. acre

6.02

Apartment 1

Apartment 2

Apartment

Gross Floor Area Ground

3,077,310

s.f.

Underground

1,230,924

s.f.

4,308,233

s.f.

TotalSF % by Type Building Lot Coverage Apartment

65% 58.0% 3,015,763 860 40.0% 1,230,924

Avg.Parking Unit Size Retail

2.0%

Total

s.f. s.f. s.f.

61,546

s.f.

100.0% 4,308,233

s.f.

Parking/ Facilities

Parking/ Facilities 4

Apartment

Affordable Housing

Apartment Retail

Building Info by #

Number of Height Floor (ft)

Property Type

Apartment

145

Affordable Housing

Apartment

Avg.

11.5

Total

27 WEST STREET GREENPOINT

Retail

145

Capstone Project | Mixed-use Development in Brooklyn, New York

Facilities

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Project Proposal Concept of Project, Efficiency and GFA • The concept of the 27 West Street Greenpoint redevelopment

Efficiency & Loss Factor Lot Size

511,181

opportunity is pursuing to capitalize on the demand for efficient

FAR

6.02

units among young single professionals with norms shifting

Lot Coverage

65%

toward remote work for many white-collar jobs, and surge

Gross Area

entering demand of new families who interest in this vibrant,

Residentail

historic neighborhood for a quiet escape from Manhattan. Those units will provide competitive amenities in order to

Office

contribute stabilized cash flow for owners and investors in Greenpoint-Williamsburg Rezoning District. Retail

• There will be a 2,412,611 square feet apartment building area,

61,546 square feet retail area, 1,231 unit parking space, and Hotel

3,077,310 Loss Factor

1.15

Rental Area

2,675,921

Efficiency

87%

Loss Factor

1.40

Rental Area

2,198,078

Efficiency

71%

Loss Factor

1.67

Rental Area

1,846,386

Efficiency

60%

Loss Factor

1.54

603,153 square feet of affordable housing (#4 building).

Rental Area

2,000,251

Totaling 3,507 units, 701 Studio, 1,403 One Bedroom, 1,052

Efficiency

65%

Loss Factor

1.11

Rental Area

2,769,579

Two Bedroom, and 351 Three Bedroom. Grand total area: 4,308,233 square feet.

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Industrial

Efficiency

s.f.

90%

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Project Proposal Project Overall Function and Layout Positioning The Business Card of the Northern Greenpoint Gateway is not only the architectural image, but also the overall display of the four major systems in this area: Eco + Community Sustainable Systems Eco + Tech Supporting System Eco + New Business of Urban Texture Eco + Population Introduction System

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Project Proposal Sections of Project Section A-A’, and Section B-B’

Section A-A’

Section B-B’ 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Project Proposal Property Unit & SF

Balcony: view to Manhattan

View of the Living Room and Bedroom

There will be a 2,412,611 square feet apartment building area, 61,546 square feet retail area, 1,231 unit parking space, and 603,153 square feet of affordable housing (#4 building). Totaling 3,507 units, 701 Studio, 1,403 One Bedroom, 1,052 Two Bedroom, and 351 Three Bedroom. Grand total area: 4,308,233 square feet.

Apartment Unit #

Units

% of Studio

20%

701

% of 1 BR

40%

1,403

% of 2 BR

30%

1,052

% of 3 BR

10%

351

100%

3,507

Total

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Studio

One Bedroom Type 1

One Bedroom Type 2

Two Bedroom

Zoning & Land Use

Neighborhood

Site Analysis

Project Proposal

Market Analysis

Financial Feasibility

Financial Feasibility Development Costs and Property Units & SF Specific development costs and property units and square footage will be as follows: Construction Date

Property Units/ SF

Construction Finish Year

12/31/2021

Construction Period

years

months

PSF $650

Total $332,267,650

Land Cost Hard Cost Soft Cost Construction Costs

75% 25%

$345 $115 $460

$1,487,051,405 $495,683,802 $1,982,735,207

Closing Cots Developer Fee Contingancy Total Financing Cost Total Project Cost

5.0% 0.0% 0.9%

$32.50 $0.00 $5.00

$16,613,383 $0 $21,541,167 $38,154,550 $105,892,083 $2,459,049,490

4.50%

$570.78

Avg.

Rent

Monthly

Units

PSF

Rent

Total

701

860

603,153

$42.87

$3,072

$25,858,380

1 BR

1,403

860

1,206,305

$55.24

$3,958

$66,631,267

2 BR

1,052

860

904,729

$71.24

$5,105

$64,452,342

351

860

301,576

$92.72

$6,644

$27,961,967

3 BR Residential Total

3,507

Retail at Grade Retail

3,015,763

1,200

61,546

1,200

Staff Parking

Retail Parking Residential Parking

$15,408,663 $184,903,956

$58.83

$301,743

$3,620,916

61,546

$301,743

$3,620,916

123

10%

$250

$369,277

1,083

88%

$417

$5,416,065

1,231

100%

1,230,924

$482,112

$5,785,342

Weighted Avg.

Residential $859

$461

$660

58.0%

$382.80

p.sf

Retail $573

$384

$479

2.0%

$9.57

p.sf

Parking (Below Grade-Multi-Level) $221 $173 (Above Grade-Multi-Level) $99 $76

Total

Studio

Development Costs

Construction Costs in Market High Low

Unit

40.0%

Parking $197

30.0%

$59.10

p.sf

$88

10%

$8.75

p.sf

100.0%

$460

p.sf

Grand Total Avg.

4,308,233

$16,192,518 $194,310,214

*Source: Fourth Quarter 2019 North America Construction Cost Report by Rider Levett Bucknall

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Financial Feasibility

Project Proposal

Market Analysis

Financial Feasibility Project Delivery Schedule Phase 1 includes 1,052 apartment units, 51 retail units, and 369 parking units, specific detail see below: Construction Schedule 1

2021

2022

2023

Construction Program

Timing/ Period Ending

Phase 1

Apartment

100%

Parking

100%

Retail Street

100%

Phases & Property Types

Parking Retail Street

30% 30%

70%

School

30%

70%

Parks

30%

70%

Apartment

40%

60%

Parking

40%

60%

2022

2023

Phases in Total

Residential Phase 1

Phase 2 Apartment

2021

100% 1,052 904,729 30% 316 271,419

Apartment

30% 860

1,052

Units s.f.

Apartment

30% 860

1,052

Units s.f.

Apartment

40% 860

1,403

Units s.f. Units

1,368

s.f.

100% 51 61,546

Phase 2

Phase 3

Total

70% 737 633,310 40% 561 482,522 1,298

60% 842 723,783 842

Phase 3

Retail Street School

40%

60%

Parks

40%

60%

Retail Phase 1 Retail

100% 1,200

Parkings

30%

369

Units

100% 369

Parkings

30%

369

Units

30% 111

Parkings

40%

492

Units

Parkings Phase 1

Phase 2

Phase 3

Total

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

1,231

480

70% 258 40% 197

60% 295

455

295

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Financial Feasibility

Project Proposal

Financial Feasibility Assumptions: Rental Rates, Operating and Sales Rental Rate by Forecast

Sales Assumptions

Hold Period:

10year 120months 4.75%* see High & Best Use

Exit Cap Rate

Apartment Rental Comps Market

Comps

Avg.

Premium

Adjust

Forecast

$2,363

$2,950

$2,657

12%

30%

$3,072

$2,827

$3,562

$3,195

13%

40%

$3,958

Development Costs and Exit Assumptions

$3,403

$5,231

$4,317

27%

50%

$5,105

Development Costs

$2,459,049,490

$3,908

$8,833

$6,371

63%

70%

$6,644

Sales Price

$2,617,212,523

Sales Costs

Discount Rate

Studio 1 BR 2 BR

Sales Commission

$157,032,751

3 BR

Retail Rent Comps *Source: Marcus & Millichap, Research and Advisory Services

Operating Assumptions

$57.43

2020 2021

* Forecast Sources: RealPage, Inc.; CoStar Group, Inc.; Real Capital Analytics Avg. Rental Rate increase (holding period)

3.00%

$54.90

Avg. Vacancy for all uses Apartment Retail Occupancy

4.15% 4.30% 4% 96%

$65

*Franklin Street, Greenpoint Submarket

$58

*Manhattan Ave, Greenpoint Submarket

Avg. $58.83 Avg. Expense Inflation Management Fee (% of Net Revenues)

3% 2%of Total Revenue Parking Rent

Operating Expenses Real Estate Taxes Capital Reserves

27 WEST STREET GREENPOINT

$10.00p.sf. $15.00p.sf. 10%

Capstone Project | Mixed-use Development in Brooklyn, New York

Residential Parking

$3,000rent/space/annum

Retail Parking

$5,000rent/space/annum

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Loan Amount & Sources and Uses Permanent Loan Assumptions Permanent Mortgage Conditions

Debt Assumptions Senior Assumptions

LTC Future Funding

65.00% 100.00%

DSCR Debt Yield

Interest Rate Term (amortizing) LTV DCR Debt Yield Cap Rate Total Project Cost

4.50% 30years 70% 1.2 7.00% 4.75% $2,459,049,490

Based on DSCR

Terms I-O Term (years)

3years

I-O Term (months)

36months

Amortization (years)

30years

Amortization (months)

360months

Interest Rate & Financing Fee Interest Rate

4.50%

Origination Fee

1.00%

Exit Fee

0.50%

Force Funding Date

18months

Loan Payment

3rd Year Stabilized NOI DSCR Annual Debt Monthly Debt Loan Amount

Based on Debt Yield $144,086,668 1.2 $120,072,223 $10,006,019 $1,974,799,426

Based on LTV

Loan Amount

$2,509,504,225 70%

Loan Amount

$1,756,652,957

100%

Interest Rate

$7,768,587

Anually payment

$93,223,044

Loan Payback

$1,227,945,100

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Interest-Only Period LIBOR Floor / Cap / Fee Amortization

1.40%

USES Development Costs Oper. & Int. Reserve Total Uses Futurn Funding & Interest Rerserve Loan Amount Selected

$1,533,217,337

Loan Amount- DSCR Loan Amount- Debt Yield Loan Amount- LTV Loan Amount

Senior Loan Monthly payment

$107,325,214 7.00%

Feasible Mortgage Loan Amount

Valuation- Yr 2 LTV

Sources and Uses Assumptions SOURCES Initial Balance Origination Fee Equity Investment Futurn Funding Total Amount

3rd Year Stablized NOI Debt Yield

100%

$1,974,799,426 $1,533,217,337 $1,756,652,957 $1,533,217,337

Amount $1,533,217,337 $15,332,173 910,499,980 $144,851,813 $2,603,901,303

% Total 58.9% 0.6% 35.0% 5.6% 100.0%

4.00% 5.40% 36 Months 2.50% 4.50%

Floating

0.50% 360 Months

At Closing $2,459,049,490 $144,851,813 $2,603,901,303

% Total 94.4% 5.6% 100.0%

$144,851,813 $1,533,217,337

Zoning & Land Use

Site Analysis

Neighborhood

Financial Feasibility

Project Proposal

Market Analysis

Financial Feasibility Lease-up Schedule: Operating Income of Apartment and Retail Lease-up Schedule: Apartment 24 months, Retail 6 months

Lease-up schedule Calendar Year: Year Counter: Month Counter: Calendar Date:

2023 0.00

2024 1.00

2025

2.00

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

M24

12/31/2023

1/31/2024

2/29/2024

3/31/2024

4/30/2024

5/31/2024

6/30/2024

7/31/2024

8/31/2024

9/30/2024

10/31/2024

11/30/2024

12/31/2024

1/31/2025

2/28/2025

3/31/2025

4/30/2025

5/31/2025

6/30/2025

7/31/2025

8/31/2025

9/30/2025

10/31/2025

11/30/2025

12/31/2025

#/ SF % of Total Unit # # Studio 1BR

701

2BR 3BR

1,403 40% 1,403

1,052 30% 1,052

146

351

Total #

20%

10%

701

351

3,507 100% 3,507

sf accumulative total SF Check

125,657 251,314 376,970 502,627 628,284 753,941 879,5981,005,2541,130,9111,256,5681,382,2251,507,8821,633,5391,759,1951,884,8522,010,5092,136,1662,261,8232,387,4792,513,1362,638,7932,764,4502,890,1073,015,763 TRUE

Retail

61,546 SF

sf accumul ative total

61,54 6

Check

TRUE

Parking

1,230, 924

sf accumul ative total Check

10,258

20,515

30,773

41,031

51,288

61,546

51,288

51,288 102,577 153,865 205,154 256,442 307,731 359,019 410,308 461,596 512,885 564,173 615,462 666,750 718,039 769,327 820,616 871,904 923,193 974,4811,025,7701,077,0581,128,3471,179,6351,230,924 TRUE

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Project Proposal

Market Analysis

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Annually Pro Forma Annually Pro Forma Year # Property Level CF

0 12/31/2023

1 12/31/2024

2 12/31/2025

3 12/31/2026

4 12/31/2027

5 12/31/2028

6 12/31/2029

7 12/31/2030

8 12/31/2031

9 12/31/2032

10 12/31/2033

11 12/31/2034

$62,717,469

$158,488,530

$200,752,035

$206,774,596

$212,977,834

$219,367,169

$225,948,184

$232,726,630

$239,708,429

$246,899,682

$232,533,117

($204,802)

($1,008,647)

($8,331,209)

($8,581,146)

($8,838,580)

($9,103,738)

($9,376,850)

($9,658,155)

($9,947,900)

($10,246,337)

($9,650,124)

$62,512,667

$157,479,882

$192,420,826

$198,193,451

$204,139,254

$210,263,432

$216,571,335

$223,068,475

$229,760,529

$236,653,345

$222,882,992

($13,800,879)

($35,080,047)

($44,485,742)

($45,820,314)

($47,194,923)

($48,610,771)

($50,069,094)

($51,571,167)

($53,118,302)

($54,711,851)

($51,528,285)

Management Fee

($1,250,253)

($3,149,598)

($3,848,417)

($3,963,869)

($4,082,785)

($4,205,269)

($4,331,427)

($4,461,369)

($4,595,211)

($4,733,067)

($4,457,660)

NOI (Operating)

$47,461,535

$119,250,237

$144,086,668

$148,409,268

$152,861,546

$157,447,392

$162,170,814

$167,035,938

$172,047,016

$177,208,427

$166,897,047

CapEx Reserve

($4,746,154)

($11,925,024)

($14,408,667)

($14,840,927)

($15,286,155)

($15,744,739)

($16,217,081)

($16,703,594)

($17,204,702)

($17,720,843)

($16,689,705)

NOI (Property) NOI Margin

$42,715,382 68.3%

$107,325,214 68.2%

$129,678,001 67.4%

$133,568,341 67.4%

$137,575,391 67.4%

$141,702,653 67.4%

$145,953,732 67.4%

$150,332,344 67.4%

$154,842,315 67.4%

$159,487,584 67.4%

$150,207,342 67.4%

($2,459,049,490) $0 $0 ($2,459,049,490)

$0 $0 $0 $0

$0 $3,513,622,045 ($210,817,323) $3,302,804,723

$0 $0 $0 $0

($2,459,049,490)

$42,715,382

$107,325,214

$129,678,001

$133,568,341

$137,575,391

$141,702,653

$145,953,732

$150,332,344

$154,842,315

$3,462,292,307

Potential Gross Income (PGI) Less: Vacancy & Collection Loss Effective Gross Income (EGI) Operating Expense

Development Costs Sale Price Sale Comissions Total Unleveraged Free Cash Flow

4.75% 6.00%

Unlevered Ratio Metrics Discount Rate DCF Valuation Present Value- CF Yr 1 Present Value- CF Yr 2 NPV

$2,363,166,302 $2,509,504,225 $50,454,735

IRR Profit Multiple

7.49% $2,146,936,190 1.87x

8.00%

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Project Proposal

Market Analysis

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Levered Annually Pro Forma Annually Pro Forma Year #

12/31/2023

12/31/2024

12/31/2025

12/31/2026

12/31/2027

12/31/2028

12/31/2029

12/31/2030

12/31/2031

12/31/2032

12/31/2033

12/31/2034

($15,332,173)

$18,398,608,040 $18,398,608,040

$7,097,372,036

Loan Proceeds Origination fee Beginning balance Proceeds

$506,371,412

$1,579,938,665

$2,606,179,446

$3,587,180,066

$4,524,934,863

$5,421,350,259

$6,278,248,636

$1,533,217,337

$0 $18,398,608,040 $0

$0 $0

$82,793,736 ($82,793,736)

$1,898,893 ($1,898,893)

$5,924,770 ($5,924,770)

$9,773,173 ($9,773,173)

$13,451,925 ($13,451,925)

$16,968,506 ($16,968,506)

$20,330,063 ($20,330,063)

$23,543,432 ($23,543,432)

$26,615,145 ($26,615,145)

$0 $0 $0

$0 $0 $0 ($7,666,087) $0 ($1,525,551,250)

$91,324,151 $0 $0

$87,298,274 $0 $0

$83,449,871 $0 $0

$79,771,119 $0 $0

$76,254,538 $0 $0

$72,892,981 $0 $0

$69,679,612 $0 $0

$66,607,899 $0 $0

$1,533,217,337 $18,398,608,040

$18,398,608,040 $16,865,390,703

$597,695,564

$1,667,236,940

$2,689,629,318

$3,666,951,185

$4,601,189,401

$5,494,243,240

$6,347,928,248

$7,163,979,935

$19,825,554 ($1,486,656,458)

$222,660,511

$218,605,815

$215,025,978

$211,908,952

$209,243,484

$207,019,092

$3,718,848,084

Interest Accrual Interest Payment Principal payment Exit Fee

Mortgage payback Ending balance Leveraged Free Cash Flow

($910,499,980)

($45,666,619)

$4,125,235

$11,402,143

$14,372,735

$14,803,917

$15,248,034

$15,705,476

$16,176,640

$16,661,939

$17,161,797

$17,676,651

$18,206,951

($144,851,813)

$0 $144,851,813

$1,420,451,507 $0

$1,177,384,906 $0

$0 $144,851,813

($45,666,619) $1,374,784,889

($1,201,158) ($1,529,337,263) $0 $0 $0 $0 $0 $0 $0 $0 $1,176,183,747 ($353,528,824) ($17,176,238,723) ($17,176,238,723)($17,176,238,723) ($17,176,238,723) ($17,176,238,723) ($17,176,238,723)($17,176,238,723) ($17,176,238,723)

($910,499,980)

Future Funding - Draws Sr. Loan Op./Int. Reserve Funding Senior Mortgage - Interest Reserve Beginning Balance Reserve Fund

Reserve Draw Ending Balance Levered Cash Flow

$21,026,712

$1,175,808,439 ($17,176,238,723) ($17,176,238,723)($17,176,238,723) ($17,176,238,723) ($17,176,238,723) ($17,176,238,723)($17,176,238,723) ($17,176,238,723) $0 $0 $0 $0 $0 $0 $0 $0 $0

$42,680,805

$222,660,511

$218,605,815

$215,025,978

$211,908,952

$209,243,484

$207,019,092

$3,718,848,084

Leveraged Ratio Metrics Discount Rate IRR Profit Multiple

8.00% 22.21% $4,156,519,453

5.57x

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 2: Apartments for Sale Scenario 2 would Sale the Apartment and Retail after development; Unlevered IRR: 7.86% Multiple: 1.15x

Levered IRR: 33.04% Multiple: 1.14x

Annually Pro Forma Property Level CF Apartments Sale Proceeds Phase 1 Unit SF Studio 1 BR 2 BR 3 BR Total Units Retail Sale Proceeds

12/31/2021

20% 40% 30% 10% 100%

s.f. 210 421 316 105 1,052

Total $174,868,739 $349,737,479 $262,303,109 $87,434,370 $874,343,697

100% $174,868,739 $349,737,479 $262,303,109 $87,434,370 $874,343,697

100%

61,546

$35,696,792

100% $35,696,792

20% 40% 30% 10% 100%

210 421 316 105 1,052

$174,868,739 $349,737,479 $262,303,109 $87,434,370 $874,343,697

30% $52,460,622 $104,921,244 $78,690,933 $26,230,311 $262,303,109

20% 40% 30% 10% 100%

281 561 421 140 1,403

$233,158,319 $466,316,639 $349,737,479 $116,579,160 $1,165,791,596

830,956price/ unit

580p.sf. Apartments Sale Proceeds Phase 2 Unit SF Studio 1 BR 2 BR 3 BR Total Units Phase 3 Unit SF Studio 1 BR 2 BR 3 BR Total Units

830,956p.sf.

6.0% ($2,459,049,490) ($2,459,049,490)

70% $122,408,118 $244,816,235 $183,612,176 $61,204,059 $612,040,588

60% $139,894,992 $279,789,983 $209,842,487 $69,947,496 $699,474,958

$1,110,707,943 3%

$720,459,207 3%

($70,340,616)

($66,642,477)

($43,227,552)

$1,102,002,982

$1,044,065,467

$677,231,654

$1,172,343,598

Less: commissions Development Costs Unlevered Total Cash Flow

12/31/2023

40% $93,263,328 $186,526,655 $139,894,992 $46,631,664 $466,316,639

830,956price/ unit

Total Sales Proceeds Growth Rate

12/31/2022

Unlevered Ratio Metrics Discount Rate IRR Profit Multiple

8.00% 7.86% $364,250,613 1.15x

Loan Proceeds Origination fee Beginning balance Proceeds Interest Accrual Interest Payment Principal payment Exit Fee Mortgage payback Ending balance Leveraged Free Cash Flow

($15,332,173)

$0 $1,533,217,337 $0 $0 $0 $0 $0 $1,533,217,337 ($910,499,980)

$1,533,217,337 $0 $82,793,736 ($82,793,736) $0 $0 $0 $1,533,217,337 $1,019,209,246

$1,533,217,337 $0 $82,793,736 ($82,793,736) $0 $0 $0 $1,533,217,337 $961,271,731

$1,533,217,337 $0 $82,793,736 ($82,793,736) $0 $7,666,087 ($1,540,883,423) $0 ($938,779,419)

Leveraged Ratio Metrics Discount Rate IRR Profit Multiple

27 WEST STREET GREENPOINT

8.00% 33.04% $131,201,578 1.14x

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility JV Waterfall Summary Assumptions:12% preferred return, 18% from hurdle 1 up to hurdle 2, 20% promote; 50% promote split above Hurdler 2;

LP IRR would be 19.8%, Multiple 4.5x, GP IRR would be 34.0%, Multiple 15.1x; See detail next page. Waterfall Assumptions Tiers

Hurdle

GP Promote

Promote %

Tier I (up to Hurdle I)

12.0%

10.0%

90.0%

0.0%

Tier II (from Hurdle I up to Hurdle 2)

18.0%

10.0%

72.0%

18.0%

20.0%

Tier III (Above Hurdle 2)

0.0%

10.0%

45.0%

50.0%

Waterfall Distribution Summary Year #

Year 0

Year 1

Year 2

Year 3

Year 4

IRR

Multiple

LP Cashflow

19.8%

4.5x

($819,449,982)

$18,924,041

$38,412,725

$200,394,460

GP Cashflow

34.0%

15.1x

($91,049,998)

$2,102,671

$4,268,081

$22,266,051

Total Cashflow

22.2%

5.6x

($910,499,980)

$21,026,712

$42,680,805

$222,660,511

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

$196,745,233 $193,523,380 $190,718,057 $188,319,135 $186,317,182 $2,480,315,803

$21,860,581

$21,502,598

$21,190,895

$20,924,348

$20,701,909 $1,238,532,281

$218,605,815 $215,025,978 $211,908,952 $209,243,484 $207,019,092 $3,718,848,084

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Financial Feasibility

Project Proposal

Financial Feasibility JV Waterfall Distribution Detail JV Waterfall Distribution Year #

Year 0

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Cashflow

IRR 22.2%

($910,499,980)

$21,026,712

$42,680,805

$222,660,511

$218,605,815

$215,025,978

$211,908,952

$209,243,484

Capital Contributions LP GP

% 90.0% 10.0%

($819,449,982) ($91,049,998)

Year 9

Year 10

$207,019,092 $3,718,848,084

Tier I LP Beginning Balance Preferred Return Due Capital Contribution Tier I Distributions Ending Balance LP Cashflow

Hurdle 12.0%

Check 12.0%

$0 $819,449,982 $917,783,980 $1,008,994,016 $1,091,660,573 $1,022,265,382 $948,191,995 $868,451,654 $781,947,796 $687,462,396 $0 $98,333,998 $110,134,078 $121,079,282 $130,999,269 $122,671,846 $113,783,039 $104,214,198 $93,833,735 $82,495,488 $819,449,982 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($18,924,041) ($38,412,725) ($200,394,460) ($196,745,233) ($193,523,380) ($190,718,057) ($188,319,135) ($186,317,182) $819,449,982 $917,783,980 $1,008,994,016 $1,091,660,573 $1,022,265,382 $948,191,995 $868,451,654 $781,947,796 $687,462,396 $583,640,701

$583,640,701 $70,036,884 $0 ($653,677,585) $0

($819,449,982)

$18,924,041

$38,412,725

$200,394,460

$196,745,233

$193,523,380

$190,718,057

$188,319,135

$186,317,182

$653,677,585

($91,049,998) $0

$0 $0

$0 $2,102,671

$0 $4,268,081

$0 $22,266,051

$0 $21,860,581

$0 $21,502,598

$0 $21,190,895

$0 $20,924,348

$0 $20,701,909

$0 $72,630,843

($91,049,998)

$2,102,671

$4,268,081

$22,266,051

$21,860,581

$21,502,598

$21,190,895

$20,924,348

$20,701,909

$72,630,843

Total Total Tier I Distributions

$21,026,712

$42,680,805

$222,660,511

$218,605,815

$215,025,978

$211,908,952

$209,243,484

$207,019,092

$726,308,428

Cashflow After Tier I Distributions

GP Capital Contributions Tier I Distributions GP Cashflow

Check 12.0%

$0 $2,992,539,656

Tier II LP Beginning Balance Preferred Return Due Capital Contributions Tier I Distributions Tier II Distributions Ending Balance

LP Cashflow

Hurdle 18.0%

Check 18.0%

$0 $819,449,982 $966,950,978 $1,122,078,113 $1,285,639,449 $1,316,660,090 $1,356,913,673 $1,407,634,754 $1,470,290,953 $1,546,624,190 $1,638,699,361 $0 $147,500,997 $174,051,176 $201,974,060 $231,415,101 $236,998,816 $244,244,461 $253,374,256 $264,652,372 $278,392,354 $294,965,885 $819,449,982 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($18,924,041) ($38,412,725) ($200,394,460) ($196,745,233) ($193,523,380) ($190,718,057) ($188,319,135) ($186,317,182) ($653,677,585) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($1,279,987,661) $819,449,982 $966,950,978 $1,122,078,113 $1,285,639,449 $1,316,660,090 $1,356,913,673 $1,407,634,754 $1,470,290,953 $1,546,624,190 $1,638,699,361 $0

($819,449,982)

$18,924,041

$38,412,725

$200,394,460

$196,745,233

$193,523,380

$190,718,057

$188,319,135

$0 $0

$177,776,064 $319,996,915

($91,049,998)

$2,102,671

$4,268,081

$22,266,051

$21,860,581

$21,502,598

$21,190,895

$20,924,348

$20,701,909

$570,403,822

Total Total Tier II Distributions + Promote

$0 $1,777,760,640

Cashflow After Tier II Distributions

$0 $1,214,779,016

$0 $0 $0

$0 $1,214,779,016

GP Tier II Distributions Tier II Promote GP Cashflow

IRR 26.0%

$186,317,182 $1,933,665,246

Tier III LP Distributions GP Distributions GP Promote Distributions

% 45.0% 10.0% 45.0%

Total Tier III Distributions

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

$546,650,557 $121,477,902 $546,650,557

Zoning & Land Use

Site Analysis

Neighborhood

Project Proposal

Market Analysis

Financial Feasibility

Financial Feasibility Sensitivity Analysis Different Scenario for Exit Year, Exit Cap Rate, LTV, Rental Growth Rate, Hard Cost, and Land Price Unlevered IRR

Levered IRR Exit Cap Rate

LTV & Exit Cap Rate

4.25%

4.50%

4.75%

5.00%

5.25%

11.89%

10.44%

9.10%

7.84%

6.66%

10.98%

9.85%

8.81%

7.83%

6.91%

9.95%

9.19%

8.48%

7.82%

7.19%

9.39%

8.83%

8.30%

7.81%

7.35%

8.43%

7.94%

7.49%

7.07%

6.67%

Exit Year

7.5%

Exit Cap Rate

Loan-to-Value

Exit Year & Exit Cap Rate

22.9%

4.25%

4.50%

4.75%

5.00%

5.25%

40%

17.4%

16.5%

15.6%

14.9%

14.2%

45%

19.0%

18.0%

17.0%

16.2%

15.4%

50%

20.9%

19.7%

18.6%

17.6%

16.8%

55%

23.0%

21.6%

20.4%

19.3%

18.3%

65%

23.8%

23.4%

22.9%

22.5%

22.1%

Levered IRR

Unlevered IRR

Exit Cap Rate

Rental Growth Rate & Exit Cap

Exit Cap Rate

8.1%

4.00%

4.25%

4.50%

4.75%

5.00%

2.00%

8.4%

7.8%

7.4%

6.9%

6.5%

2.50%

9.0%

8.5%

8.0%

7.5%

7.1%

3.00%

9.6%

9.1%

8.6%

8.1%

7.7%

3.50%

10.2%

9.7%

9.2%

8.7%

8.2%

4.00%

10.8%

10.2%

9.7%

9.3%

8.8%

Rental Growth Rate

Rental Growth Rate & Exit Cap Rate 22.9%

4.00%

4.25%

4.50%

4.75%

5.00%

2.00%

23.0%

22.6%

22.1%

21.7%

21.3%

2.50%

23.7%

23.2%

22.7%

22.3%

21.9%

3.00%

24.3%

23.8%

23.4%

22.9%

22.5%

3.50%

24.9%

24.4%

24.0%

23.5%

23.1%

4.00%

25.6%

25.1%

24.6%

24.2%

23.7%

22.9%

$575

$625

$650

$675

$725

$300

28.20%

27.48%

27.13%

26.80%

26.15%

$325

25.52%

24.93%

24.64%

24.36%

23.82%

$345 $375

23.71%

23.19%

22.94%

22.69%

22.22%

21.39%

20.96%

20.75%

20.55%

20.14%

$400

19.75%

19.37%

19.18%

19.00%

18.64%

Levered IRR

Unlevered IRR

Hard Cost

Hard Cost & Land Price

8.1%

$575

$625

$650

$675

$725

$300

9.48%

9.31%

9.23%

9.15%

8.99%

$325

8.82%

8.67%

8.59%

8.51%

8.36%

$345 $375

8.33%

8.18%

8.10%

8.03%

7.88%

7.62%

7.48%

7.41%

7.34%

7.21%

$400

7.07%

6.94%

6.87%

6.80%

6.67%

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Land Price

Hard Cost

Land Price

Hard Cost & Land Price

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Risks and Mitigation Market Risks, Profit Risks, and Zoning Issues 1. Profit Risk • Interest Rate Increase: Currently, the interest rate is at a low level because of the pandemic, the mortgage works

well at this point, however, with the recovering of the market the if the future interest rate increases, investors would prefer other investments with higher returns over the development of buildings in Greenpoint District. • Construction Cost Increase: There is a risk that costs may escalate at a faster rate. For builders, there would be a possibility to reassess how to control the construction costs (e.g. buyout advanced procurement of volatile materials) so the profit will not be eroded by the enormous price of materials.

2. Market Risk • COVID Impact in Retail Sector: The COVID-19 situation is still severe and uncertain, especially in the retail sector, It is estimated that the number of customers dropped significantly from 2020 to 2021; the landlords of the retails are facing a severe challenge due to the severe situation of the pandemic. • COVID-19 Delta Variant Uncertainty: Recently, COVID-19 Delta Variant has exacerbated the retail market uncertainty and further. For this case, the outbreak of the epidemic and measures such as home quarantine have a major impact on the retail market, disrupting normal business activities; • Impact on Residential Sector: Pandemic also had a significant impact on the residential sector, the risk of market pressure should be also taken into account for the construction and future rental of the project in Greenpoint District.

3. Zoning Issue • Zoning Issues: issues such as height limitation, setback distance (ft) of buildings, as-of-rights, Max FAR for each permitted use, sky exposure plane vertical to horizontal; • Waterfront accessibility: in the Greenpoint-Williamsburg rezoning district, residential or commercial redevelopment of individual parcels would require developers to build and maintain specified public access areas, including a waterfront walkway and pedestrian connections to public streets or parks. • Rezoning in Greenpoint-Williamsburg: other specific requirements for Greenpoint-Williamsburg rezoning district, such as Inclusionary Housing Bonus- how to use this rezoning bonus for builders to provide zoning initiatives to deal with continued development for this area. 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Appendix Content

◆

Appendix: Monthly Operating Income of Apartment and Retail

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Site Analysis

Neighborhood

Financial Feasibility

Project Proposal

Market Analysis

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma Monthly Pro Forma Calendar Year: Year Counter: Month Counter: Calendar Date:

2023 0.00 M0 12/31/2023

2024 1.00 M1 1/31/2024

2024 1.00 M2 2/29/2024

2024 1.00 M3 3/31/2024

2024 1.00 M4 4/30/2024

2024 1.00 M5 5/31/2024

2024 1.00 M6 6/30/2024

2024 1.00 M7 7/31/2024

2024 1.00 M8 8/31/2024

2024 1.00 M9 9/30/2024

2024 1.00 M10 10/31/2024

2024 1.00 M11 11/30/2024

2024 1.00 M12 12/31/2024

Residential Rental Income Studio 1BR 2BR 3BR Total

$0 $0 $0 $0

$89,786 $231,359 $223,793 $97,090 $642,028

$179,572 $462,717 $447,586 $194,180 $1,284,055

$269,358 $694,076 $671,379 $291,270 $1,926,083

$359,144 $925,434 $895,171 $388,361 $2,568,110

$448,930 $1,156,793 $1,118,964 $485,451 $3,210,138

$538,716 $1,388,151 $1,342,757 $582,541 $3,852,166

$628,502 $1,619,510 $1,566,550 $679,631 $4,494,193

$718,288 $1,850,869 $1,790,343 $776,721 $5,136,221

$808,074 $2,082,227 $2,014,136 $873,811 $5,778,249

$897,860 $2,313,586 $2,237,929 $970,902 $6,420,276

$987,646 $2,544,944 $2,461,721 $1,067,992 $7,062,304

$1,077,432 $2,776,303 $2,685,514 $1,165,082 $7,704,331

Retail

$50,291

$100,581

$150,872

$201,162

$251,453

$301,743

$301,743 TRUE

$301,743

Potential Gross Income (PGI)

Check Parking Staff Parking Retail Parking Residential Parking Total

$0 $0 $0

$0 $1,282 $18,806 $20,088

$0 $2,564 $37,612 $40,176

$0 $3,847 $56,417 $60,264

$0 $5,129 $75,223 $80,352

$0 $6,411 $94,029 $100,440

$0 $7,693 $112,835 $120,528

$0 $8,975 $131,640 $140,616

$0 $10,258 $150,446 $160,704

$0 $11,540 $169,252 $180,792

$0 $12,822 $188,058 $200,880

$0 $14,104 $206,864 $220,968

$0 $15,387 $225,669 $241,056

$712,406

$1,424,812

$2,137,218

$2,849,624

$3,562,031

$4,274,437

$4,936,552

$5,598,668

$6,260,784

$6,922,899

$7,585,015

$8,247,130

($2,921)

($5,841)

($8,762)

($11,683)

($14,604)

($17,524)

($18,358)

($19,192)

($20,025)

($20,859)

($21,693)

($22,526)

4.2%

$709,485

$1,418,971

$2,128,456

$2,837,942

$3,547,427

$4,256,912

$4,918,194

$5,579,476

$6,240,758

$6,902,040

$7,563,322

$8,224,604

($104,714) ($8,548) ($42,740)

($209,428) ($17,096) ($85,481)

($314,142) ($25,644) ($128,221)

($418,856) ($34,192) ($170,962)

($523,570) ($42,740) ($213,702)

($628,284) ($51,288) ($256,442)

($732,998) ($51,288) ($299,183)

($837,712) ($51,288) ($341,923)

($942,426) ($51,288) ($384,664)

($1,047,140) ($51,288) ($427,404)

($1,151,854) ($51,288) ($470,145)

($1,256,568) ($51,288) ($512,885)

Growth Rate Gross Rental Income Less: Vacancy & Collection Loss % of Gross Rental Income Less: Concessions % of Gross Rental Income Effective Gross Income Growth % Operating Expense Residential Rental Income Retail Parking % of Avg. Expense Inflation Total

($156,003)

($312,005)

($468,008)

($624,010)

($780,013)

($936,015)

($1,083,469)

($1,230,924)

($1,378,378)

($1,525,833)

($1,673,287)

($1,820,742)

Management Fee % f Net Revenues

($14,190) 2%

($28,379) 2%

($42,569) 2%

($56,759) 2%

($70,949) 2%

($85,138) 2%

($98,364) 2%

($111,590) 2%

($124,815) 2%

($138,041) 2%

($151,266) 2%

($164,492) 2%

NOI (Operating) Margin

$539,293 76.0%

$1,078,586 76.0%

$1,617,880 76.0%

$2,157,173 76.0%

$2,696,466 76.0%

$3,235,759 76.0%

$3,736,361 76.0%

$4,236,963 75.9%

$4,737,565 75.9%

$5,238,167 75.9%

$5,738,769 75.9%

$6,239,371 75.9%

($53,929)

($107,859)

($161,788)

($215,717)

($269,647)

($323,576)

($373,636)

($423,696)

($473,756)

($523,817)

($573,877)

($623,937)

$485,364 68.4%

$970,728 68.4%

$1,456,092 68.4%

$1,941,456 68.4%

$2,426,819 68.4%

$2,912,183 68.4%

$3,362,725 68.4%

$3,813,267 68.3%

$4,263,808 68.3%

$4,714,350 68.3%

$5,164,892 68.3%

$5,615,434 68.3%

($2,459,049,490)

$0 $0 $0 $0

$0 $0 $0

($2,459,049,490)

$485,364

$970,728

$1,456,092

$1,941,456

$2,426,819

$2,912,183

$3,362,725

$3,813,267

$4,263,808

$4,714,350

$5,164,892

$5,615,434

CapEx Reserve

10%

NOI (Property) NOI Margin Development Costs Sale Price Sale Comissions Total Unleveraged Free Cash Flow

($2,459,049,490) 4.75%

Unleveraged Ratios Discount Rate IRR Profit Multiple

8.00% 8.10% $2,344,583,664 1.95x

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2025 2.00 M13 1/31/2025

2025 2.00 M14 2/28/2025

2025 2.00 M15 3/31/2025

2025 2.00 M16 4/30/2025

2025 2.00 M17 5/31/2025

2025 2.00 M18 6/30/2025

2025 2.00 M19 7/31/2025

2025 2.00 M20 8/31/2025

2025 2.00 M21 9/30/2025

$1,167,219 $3,007,661 $2,909,307 $1,262,172 $8,346,359

$1,257,005 $3,239,020 $3,133,100 $1,359,262 $8,988,387

$1,346,791 $3,470,379 $3,356,893 $1,456,352 $9,630,414

$1,436,577 $3,701,737 $3,580,686 $1,553,443 $10,272,442

$1,526,363 $3,933,096 $3,804,479 $1,650,533 $10,914,470

$1,616,149 $4,164,454 $4,028,271 $1,747,623 $11,556,497

$1,705,935 $4,395,813 $4,252,064 $1,844,713 $12,198,525

$1,795,721 $4,627,171 $4,475,857 $1,941,803 $12,840,552

$1,885,507 $4,858,530 $4,699,650 $2,038,893 $13,482,580

$310,795

$0 $16,669 $244,475 $261,144

$0 $17,951 $263,281 $281,232

$0 $19,233 $282,087 $301,320

$0 $20,515 $300,892 $321,408

$0 $21,798 $319,698 $341,496

$0 $23,080 $338,504 $361,584

$0 $24,362 $357,310 $381,672

$0 $25,644 $376,116 $401,760

$0 $26,926 $394,921 $421,848

$8,918,298

$9,580,414

$10,242,530

$10,904,645

$11,566,761

$12,228,876

$12,890,992

$13,553,108

$14,215,223

($23,735) 4.2%

($24,569) 4.2%

($25,403) 4.2%

($26,236) 4.2%

($27,070) 4.2%

($27,904) 4.2%

($28,737) 4.2%

($29,571) 4.2%

0 0%

$8,894,563

$9,555,845

$10,217,127

$10,878,409

$11,539,691

$12,200,973

($1,361,282) ($51,288) ($555,625) 3% ($1,968,196)

($1,465,996) ($51,288) ($598,366) 3% ($2,115,650)

($1,570,710) ($51,288) ($641,106) 3% ($2,263,105)

($1,675,424) ($51,288) ($683,847) 3% ($2,410,559)

($1,780,138) ($51,288) ($726,587) 3% ($2,558,014)

($177,891) 2%

($191,117) 2%

($204,343) 2%

($217,568) 2%

$6,748,476 75.9%

$7,249,078 75.9%

$7,749,679 75.8%

$8,250,281 75.8%

2025 2.00 M22 10/31/2025

2025 2.00 M23 11/30/2025

2025 2.00 M24 12/31/2025

$2,065,079 $5,321,247 $5,147,236 $2,233,074 $14,766,635

$2,154,865 $5,552,606 $5,371,028 $2,330,164 $15,408,663 FALSE

$310,795

$0 $28,209 $413,727 $441,936 Check 3%

$0 $29,491 $432,533 $462,024

$0 $30,773 $451,339 $482,112

$1,975,293 $5,089,888 $4,923,443 $2,135,984 $14,124,608 Check

TRUE 3%

$14,877,339

$15,539,455

$16,201,570

($30,405) 4.2%

($31,238) 4.2%

($32,072) 4.2%

($32,906) 4.2%

0 0%

$12,862,255

$13,523,537

$14,184,819

$14,846,101

$15,507,383

$16,168,664

($1,884,852) ($51,288) ($769,327) 3% ($2,705,468)

($1,989,566) ($51,288) ($812,068) 3% ($2,852,922)

($2,094,280) ($51,288) ($854,808) 3% ($3,000,377)

($2,198,994) ($51,288) ($897,549) 3% ($3,147,831)

($2,303,708) ($51,288) ($940,289) 3% ($3,295,286)

($2,408,422) ($51,288) ($983,029) 3% ($3,442,740)

($2,513,136) ($51,288) ($1,025,770) 3% ($3,590,195)

($230,794) 2%

($244,019) 2%

($257,245) 2%

($270,471) 2%

($283,696) 2%

($296,922) 2%

($310,148) 2%

($323,373) 2%

$8,750,883 75.8%

$9,251,485 75.8%

$9,752,087 75.8%

$10,252,689 75.8%

$10,753,291 75.8%

$11,253,893 75.8%

$11,754,495 75.8%

$12,255,097 75.8%

($674,848)

($724,908)

($774,968)

($825,028)

($875,088)

($925,149)

($975,209)

($1,025,269)

($1,075,329)

($1,125,389)

($1,175,449)

($1,225,510)

$6,073,628 68.3%

$6,524,170 68.3%

$6,974,712 68.3%

$7,425,253 68.3%

$7,875,795 68.2%

$8,326,337 68.2%

$8,776,878 68.2%

$9,227,420 68.2%

$9,677,962 68.2%

$10,128,504 68.2%

$10,579,045 68.2%

$11,029,587 68.2%

$0 $0 $0

$6,073,628

$6,524,170

$6,974,712

$7,425,253

$7,875,795

$8,326,337

$8,776,878

$9,227,420

$9,677,962

$10,128,504

$10,579,045

$11,029,587

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Financial Feasibility

Project Proposal

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2026 3.00 M25 1/31/2026

2026 3.00 M26 2/28/2026

2026 3.00 M27 3/31/2026

2026 3.00 M28 4/30/2026

2026 3.00 M29 5/31/2026

2026 3.00 M30 6/30/2026

2026 3.00 M31 7/31/2026

2026 3.00 M32 8/31/2026

2026 3.00 M33 9/30/2026

2026 3.00 M34 10/31/2026

2026 3.00 M35 11/30/2026

2026 3.00 M36 12/31/2026

$2,219,511 $5,719,184 $5,532,159 $2,400,069 $15,870,923

$320,119

$0 $31,696 $464,879 $496,575

$16,687,617

($692,536) 4.2%

0 0%

$15,995,081

($2,588,530) ($52,827) ($1,056,543) 3% ($3,697,900)

($319,902) 2%

$11,977,279 74.9%

($1,197,728)

$10,779,551 67.4%

$0 $0 $0

$10,779,551

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2027 4.00 M37 1/31/2027

2027 4.00 M38 2/28/2027

2027 4.00 M39 3/31/2027

2027 4.00 M40 4/30/2027

2027 4.00 M41 5/31/2027

2027 4.00 M42 6/30/2027

2027 4.00 M43 7/31/2027

2027 4.00 M44 8/31/2027

2027 4.00 M45 9/30/2027

2027 4.00 M46 10/31/2027

2027 4.00 M47 11/30/2027

2027 4.00 M48 12/31/2027

$2,286,096 $5,890,759 $5,698,124 $2,472,071 $16,347,051

$329,723

$0 $32,647 $478,825 $511,472

$17,188,246

($713,312) 4.2%

0 0%

$16,474,934

($2,666,186) ($54,412) ($1,088,239) 3% ($3,808,837)

($329,499) 2%

$12,336,597 74.9%

($1,233,660)

$11,102,938 67.4%

$0 $0 $0

$11,102,938

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2028 5.00 M49 1/31/2028

2028 5.00 M50 2/29/2028

2028 5.00 M51 3/31/2028

2028 5.00 M52 4/30/2028

2028 5.00 M53 5/31/2028

2028 5.00 M54 6/30/2028

2028 5.00 M55 7/31/2028

2028 5.00 M56 8/31/2028

2028 5.00 M57 9/30/2028

2028 5.00 M58 10/31/2028

2028 5.00 M59 11/30/2028

2028 5.00 M60 12/31/2028

$2,354,679 $6,067,482 $5,869,068 $2,546,233 $16,837,462

$339,614

$0 $33,627 $493,190 $526,817

$17,703,893

($734,712) 4.2%

0 0%

$16,969,182

($2,746,172) ($56,044) ($1,120,886) 3% ($3,923,103)

($339,384) 2%

$12,706,695 74.9%

($1,270,670)

$11,436,026 67.4%

$0 $0 $0

$11,436,026

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2029 6.00 M61 1/31/2029

2029 6.00 M62 2/28/2029

2029 6.00 M63 3/31/2029

2029 6.00 M64 4/30/2029

2029 6.00 M65 5/31/2029

2029 6.00 M66 6/30/2029

2029 6.00 M67 7/31/2029

2029 6.00 M68 8/31/2029

2029 6.00 M69 9/30/2029

2029 6.00 M70 10/31/2029

2029 6.00 M71 11/30/2029

2029 6.00 M72 12/31/2029

$2,425,320 $6,249,507 $6,045,140 $2,622,620 $17,342,586

$349,803

$0 $34,635 $507,986 $542,621

$18,235,010

($756,753) 4.2%

0 0%

$17,478,257

($2,828,557) ($57,726) ($1,154,513) 3% ($4,040,796)

($349,565) 2%

$13,087,896 74.9%

($1,308,790)

$11,779,107 67.4%

$0 $0 $0

$11,779,107

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2030 7.00 M73 1/31/2030

2030 7.00 M74 2/28/2030

2030 7.00 M75 3/31/2030

2030 7.00 M76 4/30/2030

2030 7.00 M77 5/31/2030

2030 7.00 M78 6/30/2030

2030 7.00 M79 7/31/2030

2030 7.00 M80 8/31/2030

2030 7.00 M81 9/30/2030

2030 7.00 M82 10/31/2030

2030 7.00 M83 11/30/2030

2030 7.00 M84 12/31/2030

$2,498,079 $6,436,992 $6,226,494 $2,701,299 $17,862,864

$360,297

$0 $35,674 $523,225 $558,900

$18,782,060

($779,455) 4.2%

0 0%

$18,002,605

($2,913,414) ($59,457) ($1,189,148) 3% ($4,162,019)

($360,052) 2%

$13,480,533 74.9%

($1,348,053)

$12,132,480 67.4%

$0 $0 $0

$12,132,480

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2031 8.00 M85 1/31/2031

2031 8.00 M86 2/28/2031

2031 8.00 M87 3/31/2031

2031 8.00 M88 4/30/2031

2031 8.00 M89 5/31/2031

2031 8.00 M90 6/30/2031

2031 8.00 M91 7/31/2031

2031 8.00 M92 8/31/2031

2031 8.00 M93 9/30/2031

2031 8.00 M94 10/31/2031

2031 8.00 M95 11/30/2031

2031 8.00 M96 12/31/2031

$2,573,021 $6,630,101 $6,413,289 $2,782,338 $18,398,749

$371,106

$0 $36,745 $538,922 $575,667

$19,345,522

($802,839) 4.2%

0 0%

$18,542,683

($3,000,816) ($61,241) ($1,224,823) 3% ($4,286,880)

($370,854) 2%

$13,884,949 74.9%

($1,388,495)

$12,496,454 67.4%

$0 $0 $0

$12,496,454

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2032 9.00 M97 1/31/2032

2032 9.00 M98 2/29/2032

2032 9.00 M99 3/31/2032

2032 9.00 M100 4/30/2032

2032 9.00 M101 5/31/2032

2032 9.00 M102 6/30/2032

2032 9.00 M103 7/31/2032

2032 9.00 M104 8/31/2032

2032 9.00 M105 9/30/2032

2032 9.00 M106 10/31/2032

2032 9.00 M107 11/30/2032

2032 9.00 M108 12/31/2032

$2,650,212 $6,829,005 $6,605,688 $2,865,808 $18,950,712

$382,239

$0 $37,847 $555,090 $592,937

$19,925,888

($826,924) 4.2%

0 0%

$19,098,963

($3,090,841) ($63,078) ($1,261,568) 3% ($4,415,486)

($381,979) 2%

$14,301,498 74.9%

($1,430,150)

$12,871,348 67.4%

$0 $0 $0

$12,871,348

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Zoning & Land Use

Neighborhood

Site Analysis

Market Analysis

Project Proposal

Financial Feasibility

Financial Feasibility Scenario 1: Operating Income of Apartment and Retail Unlevered Monthly Pro Forma 2033 10.00 M109 1/31/2033

2033 10.00 M110 2/28/2033

2033 10.00 M111 3/31/2033

2033 10.00 M112 4/30/2033

2033 10.00 M113 5/31/2033

2033 10.00 M114 6/30/2033

2033 10.00 M115 7/31/2033

2033 10.00 M116 8/31/2033

2033 10.00 M117 9/30/2033

2033 10.00 M118 10/31/2033

2033 10.00 M119 11/30/2033

2033 10.00 M120 12/31/2033

$2,729,718 $7,033,875 $6,803,858 $2,951,782 $19,519,233

$393,706

$0 $38,982 $571,742 $610,725

$20,523,664

($851,732) 4.2%

0 0%

$19,671,932

($3,183,566) ($64,971) ($1,299,415) 3% ($4,547,951)

($393,439) 2%

$14,730,543 74.9%

($1,473,054)

$13,257,488 67.4%

$0 $0 $0

$3,513,622,045 $0 $3,513,622,045

$13,257,488

$3,526,879,534

27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York

Thank you!

Qi Shan UNI: qs2140 Email: qs2140@columbia.edu 27 WEST STREET GREENPOINT

Capstone Project | Mixed-use Development in Brooklyn, New York