Reval

Input all yellow shaded areas Building space (in square feet) Vacancy rate = Rent/square foot Inflation rate for rents/expenses = Inflation rate for real estate taxes = Inflation rate for ground rent = Unlevered beta = Levered beta = Riskfree rate = Risk premium =

Begin 528357 95% 28.07 3.00% 4.00% 0.00% 0.62 1.20 5.40% 4.00%

In terminal year 97% 3.00% 3.00% 3.00% 0.50 1.20

1 528357 95% $28.91 $14,512,115 $824,000 $353,735 $362,803 $15,327,047

2 528357 95.50% $29.78 $15,026,149 $848,720 $364,347 $375,654 $15,863,563

$5.24 $1,500,000 $6.50 $300,000

$2,879,334 $1,500,000 $3,537,350 $309,000 $8,225,684

$2,994,508 $1,500,000 $3,643,471 $318,270 $8,456,248

Operating income before depreciation Depreciation $2,000,000 Operating income Taxes 38% Operating income after taxes + Depreciation - Capital maintenance & Leasehold Improvement $1,500,000 Cash flow to firm Terminal value Present value $101,480,449 Cost of equity 10.19% Cost of debt 6.50% Debt ratio 60% Cost of capital 6.49%

$7,101,363 $2,000,000 $5,101,363 $1,938,518 $3,162,845 $2,000,000 $1,545,000 $3,617,845

$7,407,314 $2,000,000 $5,407,314 $2,054,779 $3,352,535 $2,000,000 $1,591,350 $3,761,185

$3,397,275 10.19% 6.50% 60.00% 6.49%

$3,316,547 10.19% 6.50% 60.00% 6.49%

Building Space Occupancy Rent/Square foot Rental Income Garage Income Reimbursement revenue Credit Loss Total Revenues Expenses Real Estate Taxes Ground Rent Other expenses Management fee Total Expenses

$28.07 $800,000 10.00% 2.50%

3 528357 96.00% $30.67 $15,557,965 $874,182 $375,277 $388,949 $16,418,475

4 528357 96.50% $31.59 $16,108,166 $900,407 $386,536 $402,704 $16,992,404

5 Terminal year 528357 97% $32.54 $16,677,377 $17,177,698 $927,419 $955,242 $398,132 $410,076 $416,934 $429,442 $17,585,993 $18,113,573

$3,114,288 $1,500,000 $3,752,775 $327,818 $8,694,881

$3,238,860 $1,500,000 $3,865,358 $337,653 $8,941,870

$3,368,414 $1,500,000 $3,981,319 $347,782 $9,197,515

$3,469,466 $1,545,000 $4,100,758 $358,216 $9,473,440

$7,723,594 $2,000,000 $5,723,594 $2,174,966 $3,548,628 $2,000,000 $1,639,091 $3,909,538

$8,050,534 $2,000,000 $6,050,534 $2,299,203 $3,751,331 $2,000,000 $1,688,263 $4,063,068

$8,640,133 $2,060,000 $6,580,133 $2,500,450 $4,079,682 $2,060,000 $2,060,000 $4,079,682

$3,237,186 10.19% 6.50% 60.00% 6.49%

$3,159,199 10.19% 6.50% 60.00% 6.49%

$8,388,478 $2,000,000 $6,388,478 $2,427,622 $3,960,857 $2,000,000 $1,738,911 $4,221,946 $116,810,659 $88,370,242 10.19% 6.50% 60.00% 6.49%

10.19% 6.50% 60.00% 6.49%

Valuing equity stake in building Debt=

Building Space Occupancy Rent/Square foot Rental Income Garage Income Reimbursement revenue Credit Loss Total Revenues Expenses Real Estate Taxes Ground Rent Other expenses Management fee Interest expenses Total Expenses Net income before depreciation & taxes Depreciation Operating income Taxes Net income + Depreciation - Capital maintenance & Leasehold Improvement Cash flow to equity Terminal value Present value Cost of equity

$60,888,269 1 528357 95.00% $28.91 $14,512,115 $824,000 $353,735 $362,803 $15,327,047

2 528357 95.50% $29.78 $15,026,149 $848,720 $364,347 $375,654 $15,863,563

$2,879,334 $1,500,000 $3,537,350 $309,000 $3,957,737 $12,183,422

$2,994,508 $1,500,000 $3,643,471 $318,270 $3,957,737 $12,413,986

0 2000000 0 38.00% 0 0 1500000

$3,143,625 $2,000,000 $1,143,625 $434,578 $709,048 $2,000,000 $1,545,000 $1,164,048

$3,449,577 $2,000,000 $1,449,577 $550,839 $898,738 $2,000,000 $1,591,350 $1,307,388

$39,832,499 10.19%

$1,056,435 10.19%

$1,076,833 10.19%

$28.07 $800,000 $0.10 2.50%

5.24 1500000 6.5 300000 0

3 528357 96.00% $30.67 $15,557,965 $874,182 $375,277 $388,949 $16,418,475

4 528357 96.50% $31.59 $16,108,166 $900,407 $386,536 $402,704 $16,992,404

5 528357 97.00% $32.54 $16,677,377 $927,419 $398,132 $416,934 $17,585,993

$3,114,288 $1,500,000 $3,752,775 $327,818 $3,957,737 $12,652,618

$3,238,860 $1,500,000 $3,865,358 $337,653 $3,957,737 $12,899,608

$3,368,414 $1,500,000 $3,981,319 $347,782 $3,957,737 $13,155,252

$3,765,856 $2,000,000 $1,765,856 $671,025 $1,094,831 $2,000,000 $1,639,091 $1,455,741

$4,092,797 $2,000,000 $2,092,797 $795,263 $1,297,534 $2,000,000 $1,688,263 $1,609,271

$1,088,178 10.19%

$1,091,735 10.19%

$4,430,741 $2,000,000 $2,430,741 $923,682 $1,507,059 $2,000,000 $1,738,911 $1,768,148 $55,922,390 $35,519,318 10.19%

SUMMARY OUTPUT Regression Statistics Multiple R 0.68 R Square 0.46 Adjusted R Square 0.37 Standard Error 49.09 Observations

8

ANOVA Regression Residual

df 1 6

SS 12148.92 14461.18

Total

7

26610.1

Intercept X Variable 1

Coefficients Standard Error -2535.5 1223.71 2857.86

1272.91

MS 12148.92 2410.2

t Stat -2.07 2.25

F 5.04

Significance F 0.07

P-value Lower 95% Upper 95% 0.08 -5529.81 458.81 0.07

-256.84

5972.56

Lower 95.0% Upper 95.0% -5529.81 458.81 -256.84

5972.56

Property Size 900 Third Avenue 767 Third Avenue 350 Madison Avenue 888 Seventh Avenue 622 Third Avenue 150 East 58th Street 1065 Avenue of the Americas 810 Seventh Avenue Average 711 Third Avenue Estimated value Price per square foot Price per rented square foot Price based upon NOI

Occupancy rate Price for sale Price/Square foot NOI/SF 99% $182,000,000 $325.00 26.98 95% $95,000,000 $208.33 NA 97% $70,060,000 $226.00 17.6 96% $154,500,000 $184.22 NA 97% $172,000,000 $196.70 NA 95% $118,000,000 $232.66 16.52 95% $59,000,000 $101.72 NA 95% $141,000,000 $218.27 15.17 96.13% $211.61 528357 95% 6107405 11.56 560000 456007 310000 838680 874434 507178 580000 646000

$111,806,755.01 $110,498,223.42 81470375.68 1.16

Price/NOI 12.05 12.84

14.08 14.39 13.34