Page 1

Our Approach To Management & Leasing

Proposal for Property Management Services at 1776 Broadway New York, NY

1776 BROADWAY


Founded in 1933 By William L. Walter and Frank Samuels, Walter & Samuels, Inc. Is a privately held, full-service real estate firm located in New York City. The firm provides third-party building and asset management as well as leasing services for over 3.1 million square feet of commercial office space. It also develops select residential properties and undertakes condominium conversions in many of the city’s most dynamic neighborhoods.

Capabilities Sectors

Airports & Ports Automotive Banking/ Financial Data Centers Energy Food & Beverage Technology

Government Healthcare Technology Education Hospitality Life Sciences Pharmacy

Land Legal/Professional Services Multi-family Net Lease Investment Services Not-for-Profit Residential Retail

Primary Service

Agency Leasing Asset Services Capital Markets Facility Services Investment & Development Tenant Representation Valuation

Highlights

3.1 Million SF Operable Space

200 +

Employees

Page 2

10K Managed Residential Units

100 +

Clients & Partners

$3.5 Billion Portfolio Valued

35 +

Conversions


Stephen P. Erb, CPA 39 Caven Road Ligonier, PA 15658-2010 Steve, Walter & Samuels is pleased to present our proposal to provide property management and leasing services to ULM Holdings. Given our approach as owners of NYC commercial real estate, our vast experience and unmatched resources, coupled with our market knowledge, we are confident that our team is uniquely qualified to bring an Ownership approach to 1776 Broadway. This proposal contains information on our property management, leasing, accounting and asset management teams, along with a summary of the business terms. Walter & Samuels team of professionals manages over 3 million square feet in NYC. Our commercial management professionals understand the impact of demographic and social changes occurring in the office market and closely collaborate with the firm’s entire leasing and asset management platforms to ensure our assets under management reflect cutting-edge trends and help transform the way the world occupies and leases office space. We are excited about the opportunity to provide property management and leasing services and appreciate your consideration of Walter & Samuels for this assignment. If you have any questions regarding the content of this proposal, please feel free to reach out to me directly. I look forward to our discussion in the near future. Sincerely,

Joseph A. Manasseri President 419 Park Avenue South 15th floor New York, NY 10016 212 696 7128

419 Park Avenue South, 15th Floor | walter-samuels.com | 212.685.6200

Page 3


Walter & Samuels, Inc. Experienced Leadership

David I. Berley Chairman

Peter Weiss

Senior Executive Managing Director

Marc Berley

Steve Forest

Vice Chairman

Senior Executive Managing Director

Joseph A. Manasseri President

William S. Hesse Ernest Faraci, CPM Chief Financial Officer

Director of Management

Walter & Samuels’ highly experienced professional staff – many of whom have long-standing tenure with our firm – provide clients with robust asset management planning and execution. With over 85 years of experience in the New York City market, and under the leadership of chairman David I. Berley, who has been with the firm since 1968, Walter & Samuels offers a depth of knowledge gained from hands-on experience throughout boom, bust, and stable economic cycles. Our expertise ranges from optimizing the performance of healthy properties to successfully repositioning troubled assets with the intent of either keeping them in the client’s portfolio or maximizing their sale value.


Equity Asset Management Overview

Scope of Services In an increasing complex and uncertain environment, Walter & Samuels asset management professionals are dedicated to providing world-class expertise and investment solutions across all asset classes. Working together, we can provide tailored asset management services built to meet your specific needs. Capital Investment Focusing on maximizing asset value and meeting owners and partners investment objectives, Walter & Samuels performs detailed assessments of property capital needs and select investment in those projects accretive to value. Budgeting Operating budgets should be realistic and in line with client goals. Our asset management professionals review property-level operating expenses and identify areas for cost savings to ensure the lowest effective cost structure for the asset. Through engaging property management oversight, we provide owners with a detailed review of property performance vs. plan, capital needs and projects status, tenant concerns, and general market matters. Leasing Direction Walter & Samuels brings innovative thinking with a broad range of expertise to your real estate investment. Our leasing professionals approach each assignment with an owner’s perspective, with the deep local insights and broad networks to expand an owner’s presence and gain market share.

CapEx and Tenant Improvement Management To ensure outcomes are in accordance with leases and project plans, we provide oversight and direction for all elements of project execution, including competitive bidding, contract negotiation, construction, and funding reviews. Valuation / Disposition We prepare disposition reviews including multi-year projections, discounted cash flow models, hold vs. sell analysis, and appraisal reviews. To maximize size proceeds and ensure certainty of contract execution at closing, our team solicits proposals, engages a qualified sales team, selects bid finalists, and conducts thorough buyer interviews. Debt Management To preserve and protect our client’s capital, we continuously evaluate existing debt obligations vs. current capital market conditions, and recommend and execute on favorable refinancing opportunities. Our team also manages investments by administering compliance with existing loans terms, coordinating required reporting and approvals with lenders, and managing additional credit line draw funding.

Page 5


Debt Asset Management Overview

Proactive Collateral Monitoring Providing our clients with well-informed investment advice requires the proactive mitigation of surprises. We work to anticipate potential issues and develop corrective actions by: conducting detailed financial reviews of the collateral, borrower, and guarantor; completing on-site asset reviews, including a competitive set assessment to identify collateral strengths and weaknesses; and establishing a strong rapport with borrowers to foster open and honest relationships. Restructurings / Work-outs / Dispositions Walter & Samuels’ integrated restructuring platform works to mitigate risk and maximize returns on distressed commercial real estate loans and assets. We approach troubled debt situations using proven restructuring tools and techniques such as A/B splits and IRR look-backs to maximize risk-adjusted returns, and engage additional services when needed, such as brokerage for loan/note disposition or counsel to apply legal pressure and litigation oversight.

Valuation An accurate and defensible property valuation can mean the difference between achieving critical business objectives, or not. Our valuation experts leverage industry sources to formulate an independent assessment of markets and to develop an understanding of the key forces impacting valuation over both the near- and long term. Multiple “what if� analysis are presented based on hold periods, capital investment levels, tenant credit risks, market supply and demand factors, and investor cap/ discount rate requirements. Underwriting and Acquisition Evaluation As your partner in every aspect of a real estate investment, we provide complete due diligence and underwriting assistance, as well as smaller auxiliary services including site inspections, engineering and environmental report reviews, lease analysis, credit review, and general deal support.


Walter & Samuels, Inc. Asset Management Overview A Closer Look At Our Team How We Operate Walter & Samuels’ highly experienced professional staff – many of whom have long-standing tenure with our firm – provide clients with robust asset management planning and execution. With over 85 years of experience in the New York City market, and under the leadership of chairman David I. Berley, who has been with the firm since 1968,

Walter & Samuels offers a depth of knowledge gained from hands-on experience throughout boom, bust, and stable economic cycles. Our expertise ranges from optimizing the performance of healthy properties to successfully repositioning troubled assets with the intent of either keeping them in the client’s portfolio or maximizing their sale value.

Asset Management Team Objectives Accuracy Financial Analysis Portfolio Monitor Research

Accounting Department Team

Property Management Team

Leasing & Brokerage Team

David I. Berley Chairman

Marc Berley Vice Chairman

Joseph A. Manasseri President

Peter Weiss

Steven Forest

Senior Executive Managing Director

Senior Executive Managing Director

Page 7


Walter & Samuels, Inc. Property Management Overview A Closer Look At Our Team Property Management We manage buildings like an owner because our principals are longtime property owners themselves. Our dedicated property managers analyze and monitor each building to achieve the ideal level of service at the most competitive cost.

Our managers also conduct periodic building studies and suggest maintenance and capital improvements that will have a measurable impact on the long-term value of each property. Walter & Samuels has well-established relationships with architects, engineers, and contractors and is able to obtain highly competitive pricing for all repair and improvements.

Property Management Team Objectives Analyze Monitor Maintenance Service

Accounting Department Team

Established Relationships Communicating Engineers Contractors Improvements

Asset Management Team

Ernest Faraci, CPM Director of Management

Suada Briganti Management Coordinator

Mel G. Farrell

Norman Silver

Mark Torre

Zef Kraniqi

Management Supervisor

Management Supervisor

Management Supervisor

Managing Agent

Leasing & Brokerage Team


3rd Party Managed Properties Overview

800 Second Avenue A 3 Star commercial condominium in the U.N. Plaza submarket that is home to the Israel, Ecuador & Equatorial Guinea Consulates. Class A building; built in 1957 seven passenger elevators & one freight elevator. Onsite 24 hour NYPD security. Location: Between 42nd & 43rd Streets Submarket: U.N. Plaza Building size: 286,226 SF Typical floor size: 15,901 SF Stories: 18 Availability: 11.2% Available; 6.7% Vacant

800 Second Avenue

30 East 40th Street An SL Green property, one of Midtowns last few full medical & dental office buildings. We have been part of an on going 5 million dollar capital improvement project, including refurbished elevators, industrial electric generator and new sprinkler systems. Location: Between Park & Madison Avenues Submarket: Grand Central Building size: 69,446 SF Typical floor size: 5,578 SF Stories: 13 Availability: 7.0% Available; 7.0% Vacant

30 East 40th Street

18 East 41st Street A 3 Star office building, steps away from Grand Central and Bryant Park. We oversaw a full sprinkler system project. Now currently overseeing full floor modernizing & renovating.

Location: Between Madison & Fifth Avenues Submarket: Grand Central Building size: 108,627 SF Typical floor size: 4,937 SF Stories: 21 Availability: 7.7% Available; 8.6% Vacant

18 East 41st Street Page 9


1776 Broadway Compensation Break down

Management fee

Management fee options A & B on page 11 for 1776 Broadway, including rent and recovery income review. Management oversight will be provided on a daily, with monthly recommendations in our reports we will provide an annual and 5-year proposed budget plan.

Rent and recovery income review

Walter & Samuels will review all rent, additional rent, and recovery income billed to tenants at both properties. The review will involve a detailed analysis of each tenant’s billing to confirm tenants are billed in accordance to the obligations per their lease. The review will also include reviewing the component of the calculation of all recovery income. Analysis will be performed on the property’s common area operating expenses and real estate tax expenses vs. the recovery income of those expenses billed back to tenants. Lease will be examined to determine whether leases are administrated effectively to collect maximum expense reimbursement, and will include a detailed review of operating expenses, common area maintenance recovery and real estate tax recovery. Electric income recovery will also be reviewed to ensure all tenants are being billed properly for their electric usage at 1776 Broadway whether the billings occur from electric rent inclusion or by sub-meter billing.

Accounting Services

All costs and fee associated with project accounting are covered under the base management fee. Any third party cost associated with bank fees, postage or non-typical client mandated software will be billed back at cost. Sustainability

Project Management Services

In the event Walter & Samuels is retained to oversee capital, the following fee structure is proposed:

Rates for Project / Construction costs

Fee

$ 0 - $ 800,000

Handled by in-house property management staff or hourly by project manager.

$ 800,001 - $ 1,200,000

5%

$ 1,200,001 - $ 1,600,000

4.5%

$ 1,600,001 and over

4%


Phases Option A & B Overview

(Option A) Streamline Phase Eliminate (C&W) Portfolio Manager, (estimated cost $100,000)

(Option B) 2020 Phase in Approach In addition to option A, we would report directly to the Board of Directors, advise on building strategy, including monthly reporting, including asset, collateral, market and any capital improvement

Eliminate Freight Operator (estimated cost $65,000)

Staff:

Building Superintendent Assistant Superintendent Front Desk (Union)

(As well)

Re-bid Cleaning contract to reduce from $461,000 to approximately $300,000

Estimated employees/staff savings, including cleaning and freight operator approximately $326,000

Estimated savings from phase out of ULM building employees of approximately $150,000

Proposed fee Walter & Samuels Monthly Management fee $14,000

Proposed additional fee Walter & Samuels Monthly Asset Management fee $5,000

Page 11


Walter & Samuels, Inc. Brokerage Leasing Team A Closer Look At Our Team Leasing & Brokerage Mindset Walter & Samuels consistently achieves among the highest occupancy rates in the industry. Our leasing agents are dedicated to servicing properties that our principals own – continually optimizing the market positioning of each property by carefully monitoring the needs of tenants as they change over time and pro-actively proposing solutions that respond to those demands.

In addition, the leasing team offers innovative thinking with a broad range of expertise to your real estate investment. Our leasing professionals approach each assignment with an owner’s perspective, with strong local insights and broad networks to expand an owners presence.

Leasing & Brokerage Team Objectives Canvassing Research Trends & Analytics Marketing

Accounting Department Team

Asset Management Team

Property Management Team

Peter Weiss

Commercial Team

Tony Builder

Managing Director - Leasing

Senior Executive Managing Director

Anthony Vitta Leasing Associate

Francisco Marquez Graphic Designer & Marketing Coordinator


1776 Broadway Current Tenant Roster as of August 19, 2019

25

VACANT 1,000SF

(Staging Area / Faรงade work)

1,000

24

VACANT 3,405SF

(Staging Area / Faรงade work)

3,405

Flex Marketing Group 4,055sf

LX 8/31/2024

4,055

Diamond Schmitt Architects / 1,875 sf Lx 4/30/2024

4,250

1414 Law Office Mgmt 4,326sf, LX 12/31/2023

4,326

23 22

VACANT 2,375 sf

21 20

Lefcourt et al Esq. / 2,657 sf / 8/31/2024

VACANT 1,470 sf

Galileo Investment Mgmt. 1,373 sf LX 10/31/2026

19

VACANT 5,500 sf

18 17 16

12 11 10 9 8 7

Yung Chin 800 sf LX 3/31/2024

Plymouth Partners 1,450sf LX 12/31/2023

YCA 3,585 sf LX 12/31/2027

VACANT 1,915 sf

VACANT 2,125 sf VACANT 2,376 sf ULM Office, 2,309 sf Great White Way 947 sf, LX 12/31/2023

VACANT 2,376 sf Hearst Communications 1,485 sf Lx 12/31/22 Pembroke Capital 1,300 sf LX 12/31/2023

5,500

Levy Partnership (2,339 sf) Lx 6/30/2021

5,500 VACANT 1,500 sf

Atia Enterprises,Inc 1,190 sf / LX 8/31/2023

Amerinvents 1,575 sf LX 12/31/2025 Ripp Media 1,924 sf LX 1/31/2024

BFD/Urban Land - 2,825 sf (Lx 12/31/23) PJ Murray & Sons 1,400sf , LX 12/31/2023

5,500

Clarion Partners (3,375 sf) LX 12/31/2020.

Amarantine 1,691 sf through 12/31/2025 LR. Garmise Esq 1,788 sf 4/30/2022

5,500 5,500

VACANT 3,974 sf

KBS TV 1,625 sf LX 12/31/2023

15 14

Glassberg MD 400 sf Mos to Mos

5,500 5,500

OptionMetrics 5,500 sf , LX 01/31/2024 Reed Yeboah / Paolo Alberghini Violins 2,870 sf, LX 12/31/2023

5,500

5,500 5,500

Hear USA 1,200 LX 12/31/2023

5,500

Siminou Consulting / 1,190 sf Lx 4/30/2024

5,500

Dede Harris 800 sf 3/31/2020

VACANT 2,000 sf

5,500

6

VACANT 5,500 sf

5,500

5

VACANT 5,500 sf

5,500

4

NORDSTROM - 5,500 rsf Lx 1/31/2035

5,500

3

NORDSTROM - 5,500 rsf Lx 1/31/2035

5,500

2

NORDSTROM - 5,500 rsf Lx 1/31/2035

5,500

1

NORDSTROM - Ground Floor Retail 3,300 Lx 1/31/2035

LOBBY

3,300 119,455

Page 13


1776 Broadway Typical Floor Plate 5,500 SF

Standpipe Hose Outlet

Stair Well

A

Stair Well

Fire Alarm Pull Station

B

ay

adw

Bro 57th Street

Elevator Bank

C

Fire Warden Station/phone


1776 Broadway Manhattan Map

1776 BROADWAY

Page 15


1776 Broadway Columbus Circle Overview Research Team Columbus Circle was shaping up to be a net loser in the tenant migration caused by the revitalization of Lower Manhattan and the Hudson Yards/Manhattan West mega-developments, but vacancies are still tight at the end of 19Q3. Coming on the heels of Time’s defection, both Time Warner and Related will leave large blocks of vacant space here as they continue the en masse migration to new product on the Far West Side and south of Chambers Street. But fundamentals have been buoyed by UBS’s long-term renewal at 1285 Avenue of the Americas and Deutsche Bank's 1.2-million-SF relocation from Wall Street to One Columbus Circle. With no large scale construction underway over the past eight years, Columbus Circle is relying on capturing the recent preference among tenants of favoring product over location by renovating existing office buildings. Recent capital expenditures have been paying dividends as several noteworthy tenants have relocated into the

submarket since the start of 2018. Rockefeller Group's$600 million renovation of 1271 Avenue of the Americas has bred exceptional success, securing about 2 million SF of commitments from tenants like Bessemer Trust, Blank Rome, and Latham & Watkins in a two-year span. Over at the recently repositioned 787 11th Ave., co-working provider Spaces took 98,000 SF, helping the building become nearly fully leased within three years. The strengthened demand has applied downward pressure on vacancy, with Columbus Circle's occupancy levels much improved since the start of 2016. Despite this, rents have seen little change in recent quarters as the submarket lacks the number of transit options available in other core Midtown submarkets, especially for properties located further west, thus limiting how far landlords can push their rents during this highly competitive cycle. 12 Mo Deliveries in SF

0

KEY INDICATORS

12 Mo Net Absorption in SF

(532 K)

Vacancy Rate

6.2%

12 Mo Rent Growth

0.3%

RBA

Vacancy Rate

Market Rent

Availability Rate

Net Absorption SF

Deliveries SF

Under Construction

4 & 5 Star

27,904,217

7.2%

$81.68

14.2%

4,162

0

90,000

3 Star

7,647,894

3.1%

$61.94

4.7%

127,667

0

0

616,419

1.7%

$57.89

1.7%

4,300

0

0

36,168,530

6.2%

$77.11

11.9%

136,129

0

90,000

12 Month

Historical Average

Forecast Average

Peak

When

Trough

When

1.1%

7.0%

7.2%

14.5%

2003 Q1

2.1%

2000 Q2

(532 K)

170,990

(81,348)

2,590,538

2004 Q1

(1,641,128)

2015 Q4

Deliveries SF

0

205,171

25,414

2,664,469

2003 Q4

0

2019 Q2

Rent Growth

0.3%

4.5%

-

25.7%

2007 Q3

-21.4%

2009 Q3

Sales Volume

$447 M

$808.7 M

N/A

$4.3 B

2016 Q2

$0

1998 Q4

Current Quarter

1 & 2 Star Submarket Annual Trends

Vacancy Change (YOY) Net Absorption SF

While the submarket has withstood pressures from several other challengers, there are still headwinds that could pressure the 6.5% vacancy rate. In many metros, a lack of new construction provides landlords with leverage, but with many Manhattan tenants willing to move between submarkets for the right office space—or the right price—a sparse pipeline could work against owners here. Very few big office buildings have delivered here in recent years, outside of Boston Properties’ 989,000-SF 250 West 55th St. Although the 4.5 million SF delivered in Columbus Circle since 2000 ranks the submarket third in Manhattan by total delivery volume, that amount still pales in comparison with the more than 16 million SF expected to deliver on the Far West Side when its all said and done.

While leasing has gone in fits and starts across Midtown through most of this cycle, the newly delivered towers at Hudson Yards have had little trouble attracting tenants.That includes at least two that vacated large swaths of space here: Time Warner and Related Companies are moving out of the submarket over the course of this year as space gets built out at the recently opened 30 Hudson Yards. NET ABSORPTION, NET DELIVERIES & VACANCY


1776 Broadway Past 12 Months Deals Forcast Research Team 4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address

Rating

RBA

Deals

SF

Vacancy (QTD)

Net Absorption SF (QTD)

2,100,000

2

135,451

10.3%

77,519

1,998,994

2

43,270

6.5%

42,317

767,619

4

14,142

5.5%

26,162

129 West 52nd Street 133 W 52nd St

59,844

1

25,578

56.9%

25,820

Carnegie Hall Tower 152 W 57th St

555,000

13

53,848

7.7%

6,093

Plaza 57 145 W 57th St

83,000

2

7,741

5.3%

3,375

Metropolitan Tower 142 W 57th St

255,586

2

10,983

9.6%

2,982

765,000

5

52,101

9.9%

2,905

601,000

2

7,874

1.0%

1,902

878,321

4

121,397

15.5%

3

1271 Avenue of the Americas 1345 Avenue of the Americas 3 Columbus Cir

810 Seventh Ave 1740 Broadway 1675 Broadway 250 W 57th St Time Warner Center One Columbus Cir Random House Tower 1745 Broadway 250 W 55th St Rodin Studios 200 W 57th St 1301-1315 Avenue of the Ame… 4 Columbus Cir 888 Seventh Avenue 888 7th Ave 1325 Avenue of the Americas 1700 Broadway

536,452

1

1,688

7.0%

0

1,875,851

1

1,063,104

0.2%

0

777,695

1

53,490

0%

0

981,143

5

37,720

1.9%

(3,632)

135,051

9

23,579

10.2%

(3,935)

1,781,571

2

37,971

9.1%

(8,006)

135,035

1

72,584

31.0%

(18,903)

880,000

3

10,781

9.1%

(37,726)

808,998

2

13,505

28.0%

(74,925)

625,000

5

21,817

18.8%

(77,559)

3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address

5 Columbus Cir Hudson Research Center 619 W 54th St 333 W 52nd St Boutique Office Building - Mi… 244-250 W 54th St 850 Seventh Ave Park Towers South 330 W 58th St 1776 Broadway The Renaissance Studios 130 W 57th St 438 W 51st St 33 W 60th St 353 W 57th St

VACANCY RATE

Rating

RBA

Deals

SF

Vacancy (QTD)

Net Absorption SF (QTD)

219,000

1

24,294

0%

24,294

326,861

2

35,500

29.8%

20,500

111,000

5

21,341

10.1%

9,743

182,211

9

27,075

25.0%

1,475

75,000

6

8,590

12.5%

0

100,000

6

5,906

0%

0

116,443

5

10,131

9.3%

0

90,000

3

2,781

0%

0

36,000

2

3,606

39.6%

0

120,351

1

11,070

0%

0

506,043

1

400

3.2%

0

These departures leave behind an estimated 1.4 million SF. The bulk of that, though, was taken off the market by Deutsche Bank, which will move into 1.2 million SF left by the pair after their 2019 departures. Deutsche Bank's move was a consolidation, as the behemoth German banking group will shrink down by roughly 30% from it's 1.6 million SF space at 60 Wall Street. The Hell’s Kitchen neighborhood, much of which is encompassed by the Columbus Circle submarket, appears to be benefiting from its proximity to the Far West Side’s mega-development. Given Hudson Yards’ success in attracting tenants to a Manhattan neighborhood once known as an office wasteland, investors and developers appear willing to push farther north to Hell’s Kitchen. Historically better known for its car dealerships and warehouses than for its office space, the neighborhood has the potential to partake in the boutique office boom underway in Midtown South. As buildings like 860 Washington St. (Chelsea) and 425 Park (Plaza District) have attained high rents, more boutique projects have cropped up, including Bill Ackman’s expansion/renovation of 787 11th Ave. Meanwhile, WeWork has given the neighborhood a vote of confidence with its decision to lease 66,000 SF at Macklowe’s recently renovated 311 West 43rd St. But even as Hell’s Kitchen grows in popularity, this part of town still lacks the cultural attractions of neighborhoods like the Meatpacking District. Moreover, 787 11th Ave. would have to fill up three times over to fully compensate for the loss of Time Warner. Across the submarket, renovations will probably be the key to bolstering occupancies and boosting rent growth over the coming years. This has already come to fruition at 1271 Avenue of the Americas, where Rockefeller Group spent$600 million to reposition the 2.1 million SF asset. Upgrades included transforming the exterior curtain wall, re-imagining the lobby, and modernizing internal operating systems. As a result, large occupiers like Bessemer Trust (239,000), Mizuho (325,000), and MLB (398,000) have helped the building achieve near full occupancy at rents that hovered above $90/SF which is a premium compared to the submarket average of $75/SF.

AVAILABILITY RATE

Page 17


1776 Broadway Lease Comps Research Team

Date

Bldg #

Address

Street Address 1500 Broadway

Floor

SF

FR

TI

Sub

Effective Lease Rent Type

12,850

3 Yrs

$60.00 x 3 years

2 Mos

As Is

West Side

$56.33

New Lease

P25

Norvic Shipping USA Inc.

7,499

6 Yrs

$85.00 x 6 years

4 Mos

As Is

West Side

$79.29

New Lease

6,203

5 Yrs

$65.00 x 5 years

3 Mos

$12.00

West Side

$58.35

Renewal

5,385

5 Yrs

$56.00 x 5 years

4 Mos

$25.00

West Side

$45.72

New Lease

3,758

7 Yrs

0 Mos

As Is

West Side

$55.04

Renewal

Broadway

Q2 19

250

West 55th Street

Q2 19

1500

Broadway

1500 Broadway

P18

Q2 19

1500

Broadway

1500 Broadway

P5

Q2 19

1500

Broadway

1500 Broadway

P8

Spire Capital Boyd Richards Parker Colonnelli Hilco Appraisal Services

Rent growth in Columbus Circle has slowed over the past two years, as tenant defections have weighed on landlords’ pricing power. Rent growth was down -0.9%last year and is relatively flat as of 19Q3. Even then, across all quality rating groups, rents in Columbus Circle recently have recovered from recession levels. This recovery, though, hasn't been even, as rents are feeling the pinch in 4 & 5 Star buildings since assets in this quality segment are being forced to compete with new

Page 18

Rent

SCG America Group

1500

MARKET RENT GROWTH (YOY)

Term

E33

Q1 19

250 West 55th Street

Lessee

$53.00 x 3 years $57.00 x 4 years

product coming online on the Far West Side and in Lower Manhattan. This dynamic has left 4 & 5 Star rents in Columbus Circle below their previous cyclical peak, perhaps a byproduct of outdated stock—nearly 80% of upper-tier assets here were built before 1990. By comparison, 3 Star buildings have fared much better, with gross asking rates about 20% above their previous peak.

MARKET RENT PER SQUARE FOOT


Key Metrics Property Analytics Costar

Page 19


APPENDIX

Page 21


Nordstrom Inc. (t0000119)

Nordstrom Inc. (t0000119)

300

400

Floor 3

Floor 4

01-Sep-13

01-Sep-13

01-Sep-13

01-Sep-13

31-Jan-35

31-Jan-35

31-Jan-35

31-Jan-35

END DATE

LEASE DATES START DATE

This report is solely for the intended recipient and contains confiden�al or privileged informa�on. If you are not the intended recipient, any disclosure, copying, use, or distribu�on of the informa�on included in this report is prohibited.

Vacant Nordstrom Inc. (t0000119)

120 200

Floor 2

Floor 1

Vacant Nordstrom Inc. (t0000119)

TENANT NAME

100 110

FLOOR

UNIT NUMBER

CLIENT NAME: ULM I & II HOLDINGS CORP.

Page 22 5,500

5,500

500 5,500

0 3,300

LEASE/ CURRENT SQFT

0.00

0.00

0.00

0.00

SECURITY DEPOSIT

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail

CHARGE CODE

30,050.00

30,050.00

30,050.00

135,225.00

MONTHLY RENT

AS OF SEPTEMBER 26, 2019

SUMMARY RENT ROLL

1776 BROADWAY (NY17600)

0.00

0.00

0.00

0.00

COST RECOVERY

0.00

0.00

0.00

0.00

OTHER CHARGES

21.85

21.85

21.85

491.73

ANNUAL PSF

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail nyretail

01-Feb-20 - 31-Jan-21 01-Feb-21 - 31-Jan-22 01-Feb-22 - 31-Jan-23 01-Feb-23 - 31-Jan-24 01-Feb-24 - 31-Jan-25 01-Feb-25 - 31-Jan-26 01-Feb-26 - 31-Jan-27 01-Feb-27 - 31-Jan-28 01-Feb-28 - 31-Jan-29 01-Feb-29 - 31-Jan-30 01-Feb-30 - 31-Jan-31 01-Feb-31 - 31-Jan-32 01-Feb-32 - 31-Jan-33 01-Feb-33 - 31-Jan-34 01-Feb-34 - 31-Jan-35 01-Feb-20 - 31-Jan-21 01-Feb-21 - 31-Jan-22 01-Feb-22 - 31-Jan-23 01-Feb-23 - 31-Jan-24 01-Feb-24 - 31-Jan-25 01-Feb-25 - 31-Jan-26 01-Feb-26 - 31-Jan-27 01-Feb-27 - 31-Jan-28 01-Feb-28 - 31-Jan-29 01-Feb-29 - 31-Jan-30 01-Feb-30 - 31-Jan-31 01-Feb-31 - 31-Jan-32 01-Feb-32 - 31-Jan-33 01-Feb-33 - 31-Jan-34 01-Feb-34 - 31-Jan-35 01-Feb-20 - 31-Jan-21 01-Feb-21 - 31-Jan-22 01-Feb-22 - 31-Jan-23

01-Feb-20 - 31-Jan-21 01-Feb-21 - 31-Jan-22 01-Feb-22 - 31-Jan-23 01-Feb-23 - 31-Jan-24 01-Feb-24 - 31-Jan-25 01-Feb-25 - 31-Jan-26 01-Feb-26 - 31-Jan-27 01-Feb-27 - 31-Jan-28 01-Feb-28 - 31-Jan-29 01-Feb-29 - 31-Jan-30 01-Feb-30 - 31-Jan-31 01-Feb-31 - 31-Jan-32 01-Feb-32 - 31-Jan-33 01-Feb-33 - 31-Jan-34 01-Feb-34 - 31-Jan-35

STEP DATE

30,951.50 31,880.03 32,836.44 33,821.49 34,836.17 35,881.25 36,957.69 38,066.44 39,208.42 40,384.67 41,596.22 42,844.11 44,129.42 45,453.31 46,816.92 30,951.50 31,880.03 32,836.44 33,821.49 34,836.17 35,881.25 36,957.69 38,066.44 39,208.42 40,384.67 41,596.22 42,844.11 44,129.42 45,453.31 46,816.92 30,951.50 31,880.03 32,836.44

139,281.75 143,460.17 147,764.00 152,196.92 156,762.83 161,465.67 166,309.67 171,298.92 176,437.92 181,731.08 187,183.00 192,798.50 198,582.42 204,539.92 210,676.08

FUTURE AMOUNT

67.53 69.56 71.64 73.79 76.01 78.29 80.63 83.05 85.55 88.11 90.76 93.48 96.28 99.17 102.15 67.53 69.56 71.64 73.79 76.01 78.29 80.63 83.05 85.55 88.11 90.76 93.48 96.28 99.17 102.15 67.53 69.56 71.64

0.00 506.48 521.67 537.32 553.44 570.05 587.15 604.76 622.91 641.59 660.84 680.67 701.09 722.12 743.78 766.09

ANNUAL PSF

FUTURE SCHEDULED CHARGE INCREASES CHARGE CODE


Floor 9

Floor 8

Floor 7

Floor 5 Floor 6

PJM & Sons, Inc. (t0000076)

Dede Harris Productions, LLC (t0000027) Siminou & Associates, P.C. (t0000129)

Urban Development Partners New York, LLC (t0000067)

Hearst Communications, Inc. (t0000131)

Vacant Allan Ripp Public Relations, Inc (t0000073)

HearUSA dba HEARX (t0000011)

710

720

801

802

900 901

903

800

Vacant Vacant Vacant Vacant Pembroke Capital, LLC (t0000143)

TENANT NAME

500 609 610 0710A 705

UNIT NUMBER

08-Nov-95

01-Mar-11

17-Mar-17

01-Oct-09

20-Jan-17

19-Nov-04

01-Dec-11

27-Aug-18

START DATE

31-Dec-23

31-Jan-24

31-Dec-22

31-Dec-23

31-Dec-23

31-Mar-20

31-Dec-23

31-Dec-23

END DATE

LEASE DATES

This report is solely for the intended recipient and contains confiden�al or privileged informa�on. If you are not the intended recipient, any disclosure, copying, use, or distribu�on of the informa�on included in this report is prohibited.

FLOOR

CLIENT NAME: ULM I & II HOLDINGS CORP.

Page 23

1,350

2,376 1,924

1,485

2,825

1,190

800

1,404

5,500 2,840 2,660 2,000 1,300

LEASE/ CURRENT SQFT

17,503.68

20,212.50

8,662.50

19,438.42

0.00

13,000.00

24,720.00

30,767.00

SECURITY DEPOSIT

7,722.00

nyrtoff nyrtoff nyrtoff nyconces nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

8,835.75

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

7,464.38

10,317.45

14,125.00

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff

6,513.88

nyrtoff

3,642.43

7,691.67

MONTHLY RENT

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

CHARGE CODE

AS OF SEPTEMBER 26, 2019

SUMMARY RENT ROLL

1776 BROADWAY (NY17600)

364.50

537.12

415.00

791.70

332.21

225.00

0.00

362.92

COST RECOVERY

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

OTHER CHARGES

66.35

64.35

90.24

58.96

53.87

54.64

66.00

71.00

ANNUAL PSF

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

CHARGE CODE

01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-24 - 31-Jan-24 01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23

01-Jan-21 - 31-Dec-21

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-20 - 31-Dec-20

01-Mar-21 - 28-Feb-22 01-Mar-22 - 28-Feb-23 01-Mar-23 - 31-Dec-23 01-Jan-20 - 31-Dec-20

01-Mar-20 - 28-Feb-21

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Dec-19 - 31-Dec-19 01-Jan-20 - 31-Dec-20 01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-20 - 31-Mar-20

01-Jan-20 - 31-Dec-20

01-Feb-23 - 31-Jan-24 01-Feb-24 - 31-Jan-25 01-Feb-25 - 31-Jan-26 01-Feb-26 - 31-Jan-27 01-Feb-27 - 31-Jan-28 01-Feb-28 - 31-Jan-29 01-Feb-29 - 31-Jan-30 01-Feb-30 - 31-Jan-31 01-Feb-31 - 31-Jan-32 01-Feb-32 - 31-Jan-33 01-Feb-33 - 31-Jan-34 01-Feb-34 - 31-Jan-35

STEP DATE

10,712.58 10,916.09 11,123.67 7,606.13 7,750.72 7,898.19

10,513.06

9,192.71 9,376.57

14,695.65 14,989.56 15,289.35 9,012.47

6,843.64 7,014.73 7,190.10 14,407.50

6,676.72

8,081.06 8,283.08 8,490.16 (7,691.67) 7,876.44 8,033.97 8,194.65 8,358.54 3,751.70

7,883.96

33,821.49 34,836.17 35,881.25 36,957.69 38,066.44 39,208.42 40,384.67 41,596.22 42,844.11 44,129.42 45,453.31 46,816.92

FUTURE AMOUNT

66.81 68.08 69.38 67.61 68.90 70.21

65.57

74.28 75.77

62.42 63.67 64.95 72.83

69.01 70.74 72.51 61.20

67.33

74.59 76.46 78.37 (71.00) 67.32 68.67 70.04 71.44 56.28

72.78

73.79 76.01 78.29 80.63 83.05 85.55 88.11 90.76 93.48 96.28 99.17 102.15

ANNUAL PSF

FUTURE SCHEDULED CHARGE INCREASES


Reed-Yeboah Fine Violins, LLC (t0000031)

1700

Floor 17

01-May-06

01-Jun-24

31-Mar-24

29-Feb-28

01-Sep-17

16-Jan-02

31-Dec-21

30-Jun-21

31-Oct-19

31-Dec-25

31-Aug-23

30-Apr-22

31-Dec-23

31-Dec-25

END DATE

01-Feb-10

15-Feb-10

23-Aug-19

15-Aug-18

04-Apr-18

This report is solely for the intended recipient and contains confiden�al or privileged informa�on. If you are not the intended recipient, any disclosure, copying, use, or distribu�on of the informa�on included in this report is prohibited.

Vacant Vacant Korean Broadcasting System (t0000044)

1501 1600 1610

Floor 16

Floor 15

Vacant Clarion Research Inc. (t0000068) Vacant Young Concert Artists, Inc. (t0000132)

Spectrum Building Services Inc. (t0000147) Vacant Levy Partnership, Inc (t0000069)

1102

1400 1410 1420 1500

Amarantine Investment Limited (t0000137)

1101

Floor 14

Atias Enterprises, Inc. (t0000134)

1004

1220 1250

The Law Offices of Richard Garmise, 01-Feb-17 PLLC (t0000130)

1002

01-Jan-19

GREATWHITEWAY.COM LLC (t0000139)

1001

15-Aug-18

START DATE

JK Della Sales Dimensions, Inc. (t0000136)

TENANT NAME

LEASE DATES

1000

UNIT NUMBER

Floor 12

Floor 11

Floor 10

FLOOR

CLIENT NAME: ULM I & II HOLDINGS CORP.

Page 24 2,880

1,915 3,975 1,625

2,125 3,375 0 3,585

3,161 2,230

1,500

1,691

1,190

1,788

962

1,575

LEASE/ CURRENT SQFT

64,501.93

16,539.00

120,996.00

11,708.92

16,780.00

0.00

17,493.98

25,784.00

39,634.00

11,110.00

26,775.00

SECURITY DEPOSIT

10,504.27

nyrtoff nyrtoff nyrtoff

7,785.00

15,533.87

nyrtoff nyrtoff nyrtoff nyrtoff

20,721.30

15,143.77

10,553.00

5,300.00

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff

nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

9,582.33

6,445.83

5,290.00

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyconces nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

8,925.00

MONTHLY RENT

nyrtoff

CHARGE CODE

AS OF SEPTEMBER 26, 2019

SUMMARY RENT ROLL

1776 BROADWAY (NY17600)

387.22

0.00

1,000.81

922.50

652.97

0.00

472.07

0.00

405.00

265.00

440.00

COST RECOVERY

0.00

0.00

0.00

0.00

0.00

0.00

0.00

332.21

0.00

0.00

0.00

OTHER CHARGES

64.72

61.38

45.27

132.55

56.79

42.40

68.00

51.91

70.50

65.99

68.00

ANNUAL PSF

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

nyrtoff

nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff

CHARGE CODE

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Mar-24 01-Jan-20 - 31-Dec-20

01-Jan-20 - 31-Dec-20

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-24 - 31-Dec-24 01-Jan-25 - 31-Dec-25 01-Jan-26 - 31-Dec-26 01-Jan-27 - 29-Feb-28

01-Jan-20 - 31-Dec-20

01-Jan-20 - 31-Dec-20

01-Jan-20 - 31-Dec-20 01-Jan-21 - 30-Jun-21

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-24 - 31-Dec-24 01-Jan-25 - 31-Dec-25

01-May-21 - 30-Apr-22 01-Sep-20 - 31-Aug-21 01-Sep-21 - 31-Aug-22 01-Sep-22 - 31-Aug-23 01-Jan-20 - 31-Dec-20

01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-May-20 - 30-Apr-21

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-Dec-23 01-Jan-24 - 31-Dec-24 01-Jan-25 - 31-Dec-25 01-Nov-19 - 30-Nov-19 01-Jan-21 - 31-Dec-21

01-Jan-20 - 31-Dec-20

STEP DATE

8,259.11 8,506.88 8,762.09 15,844.54

8,018.55

21,558.44 21,989.61 23,624.40 24,096.89 24,578.83 25,070.40 25,571.81

21,135.73

15,522.36

10,817.00 11,088.00

10,165.90 10,470.87 10,785.00 11,108.55 11,441.81

11,031.28 6,639.21 6,838.38 7,043.54 9,869.80

5,557.81 5,696.75 10,764.52

9,376.83 9,611.25 9,851.53 10,097.82 10,350.26 (8,925.00) 5,422.25

9,148.13

FUTURE AMOUNT

60.99 62.82 64.70 66.02

59.21

72.16 73.61 79.08 80.66 82.27 83.92 85.60

55.19 0.00 70.75

58.21 59.67

72.14 74.31 76.53 78.83 81.20

74.04 66.95 68.96 71.03 70.04

69.33 71.06 72.25

71.44 73.23 75.06 76.94 78.86 (68.00) 67.64

69.70

ANNUAL PSF

FUTURE SCHEDULED CHARGE INCREASES


Optionmetrics, LLC (t0000075)

Optionmetrics, LLC (t0000075)

Vacant Gerald B. Lefcourt, P.C. (t0000146)

Galileo Investment Management, LLC 05-Aug-19 (t0000145)

1414 Law Office Mgt (t0000046)

Vacant Diamond Schmitt Architecture Corporation, P.C. (t0000141)

1800

1810

1900 2000

2002

2100

2210 2220

Floor 21

Floor 22

Floor 19 Floor 20

Floor 18

Yung Chin (t0000142)

1740

This report is solely for the intended recipient and contains confiden�al or privileged informa�on. If you are not the intended recipient, any disclosure, copying, use, or distribu�on of the informa�on included in this report is prohibited.

01-Mar-19

01-Sep-03

01-Sep-19

01-Nov-11

01-Nov-11

01-Feb-19

31-Oct-00

Stephen Glassberg, MD (t0000034)

31-Dec-15

START DATE

1730

TENANT NAME

Plymouth Management Group, Inc (t0000122)

UNIT NUMBER

30-Apr-24

21-Dec-23

31-Oct-26

31-Aug-24

28-Feb-22

28-Feb-22

31-Mar-24

MTM

31-Dec-23

END DATE

LEASE DATES

1720

FLOOR

CLIENT NAME: ULM I & II HOLDINGS CORP.

Page 25

2,375 1,860

4,326

1,373

5,500 2,657

1,210

4,390

800

400

1,420

LEASE/ CURRENT SQFT

44,688.00

41,178.72

50,112.00

45,168.00

0.00

0.00

20,824.00

5,439.00

21,150.00

SECURITY DEPOSIT

nyrtoff

nyrtoff

11,172.00

22,351.00

(8,352.00)

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyconces nyconces nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyconces nyconces nyrtoff nyrtoff nyrtoff nyrtoff

(15,056.00)

6,287.40

15,187.88

4,968.00

2,191.67

7,897.00

MONTHLY RENT

nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff

CHARGE CODE

AS OF SEPTEMBER 26, 2019

SUMMARY RENT ROLL

1776 BROADWAY (NY17600)

523.44

0.00

383.30

0.00

0.00

0.00

238.00

96.92

405.00

COST RECOVERY

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

OTHER CHARGES

72.08

62.00

(73.00)

(68.00)

60.07

60.07

74.52

74.08

66.74

ANNUAL PSF

nyrtoff

nyrtoff

nyconces nyconces nyconces nyconces nyconces nyconces nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyconces nyconces nyconces nyrtoff nyrtoff nyrtoff nyrtoff nyconces

nyconces

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff nyrtoff

CHARGE CODE

01-May-21 - 30-Apr-22

01-Jun-20 - 30-Apr-21

01-Nov-22 - 31-Oct-23 01-Nov-23 - 31-Oct-24 01-Nov-24 - 31-Oct-25 01-Nov-25 - 31-Oct-26 01-Jul-20 - 31-Jul-20 01-Jul-22 - 31-Jul-22 01-Nov-21 - 31-Oct-22 01-Nov-22 - 31-Oct-23 01-Nov-23 - 31-Oct-24 01-Nov-24 - 31-Oct-25 01-Nov-25 - 31-Oct-26 01-Jul-20 - 31-Jul-20 01-Jul-22 - 31-Jul-22 01-Jan-20 - 31-Dec-20 01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 21-Dec-23

01-Sep-21 - 31-Aug-22 01-Sep-22 - 31-Aug-23 01-Sep-23 - 31-Aug-24 01-Sep-20 - 31-Aug-21 01-Sep-21 - 31-Aug-22 01-Sep-22 - 31-Aug-23 01-Sep-23 - 31-Aug-24 01-Nov-21 - 31-Oct-22

01-Sep-20 - 31-Aug-21

01-Apr-20 - 31-Mar-21 01-Apr-21 - 31-Mar-22 01-Apr-22 - 31-Mar-23 01-Apr-23 - 31-Mar-24 01-Feb-20 - 31-Jan-21 01-Feb-21 - 28-Feb-22 01-Feb-20 - 31-Jan-21 01-Feb-21 - 14-Feb-22

01-Dec-20 - 30-Nov-21 01-Dec-21 - 30-Nov-22 01-Dec-22 - 31-Dec-23

01-Jan-21 - 31-Dec-21 01-Jan-22 - 31-Dec-22 01-Jan-23 - 31-May-24 01-Dec-19 - 30-Nov-20

STEP DATE

11,737.00

11,451.00

8,929.00 9,130.00 9,335.00 9,545.00 (8,352.00) (8,733.00) 8,733.00 8,929.00 9,130.00 9,335.00 9,545.00 (8,352.00) (8,733.00) 22,798.00 23,254.00 23,719.00 24,193.00

15,665.00 15,978.00 16,297.00 15,357.00 15,665.00 15,978.00 16,297.00 8,733.00

15,357.00

5,092.00 5,220.00 5,350.00 5,484.00 15,567.58 15,956.77 6,444.59 6,605.70

8,199.68 8,355.57 8,514.58

16,161.43 16,484.66 16,814.36 8,046.84

FUTURE AMOUNT

75.72

73.88

78.04 79.80 81.59 83.42 (73.00) (76.33) 76.33 78.04 79.80 81.59 83.42 (73.00) (76.33) 63.24 64.50 65.79 67.11

70.75 72.16 73.60 69.36 70.75 72.16 73.60 76.33

69.36

76.38 78.30 80.25 82.26 42.55 43.62 63.91 65.51

69.29 70.61 71.95

67.34 68.69 70.06 68.00

ANNUAL PSF

FUTURE SCHEDULED CHARGE INCREASES


66.18% 33.82% 100.00%

01-Jun-19

76,970.00 39,332.00 116,302.00

31-Aug-24

END DATE

LEASE DATES START DATE

This report is solely for the intended recipient and contains confiden�al or privileged informa�on. If you are not the intended recipient, any disclosure, copying, use, or distribu�on of the informa�on included in this report is prohibited.

LEASED SQFT:

Total Leased Sqft: Not Leased Sqft: Total Sqft:

Vacant Vacant Total Leases Currently Occupying Space:

2400 2500

Floor 24 Floor 25

TOTALS FOR

Flex Marketing Group, LLC (t0000144)

2300

TENANT NAME

Floor 23

FLOOR

UNIT NUMBER

CLIENT NAME: ULM I & II HOLDINGS CORP.

Page 26 3,405 1,000

4,055

LEASE/ CURRENT SQFT

808,802.65

808,802.65

94,616.00

SECURITY DEPOSIT

nyrtoff nyrtoff nyrtoff nyconces nyconces

nyrtoff nyrtoff nyrtoff

CHARGE CODE

477,772.88

477,772.88

23,654.00

MONTHLY RENT

AS OF SEPTEMBER 26, 2019

SUMMARY RENT ROLL

1776 BROADWAY (NY17600)

9,220.68

9,220.68

0.00

COST RECOVERY

332.21

332.21

0.00

OTHER CHARGES

70.00

ANNUAL PSF

nyrtoff nyrtoff nyrtoff nyrtoff nyrtoff

nyrtoff nyrtoff nyrtoff

01-Sep-21 - 31-Aug-22 01-Sep-22 - 31-Aug-23 01-Sep-23 - 31-Aug-24 01-Jun-20 - 30-Jun-20 01-Jun-21 - 30-Jun-21

01-May-22 - 30-Apr-23 01-May-23 - 30-Apr-24 01-Sep-20 - 31-Aug-21

STEP DATE

24,610.00 25,102.00 25,604.00 (23,654.00) (24,127.00)

12,031.00 12,332.00 24,127.00

FUTURE AMOUNT

72.83 74.28 75.77 (70.00) (71.40)

77.62 79.56 71.40

ANNUAL PSF

FUTURE SCHEDULED CHARGE INCREASES CHARGE CODE


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W&S Proposal for Property Management Services 10.10.19  

W&S Proposal for Property Management Services 10.10.19  

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