45 East 33rd Street New York, NY Confidential Investment ...

1 45 East 33rd Street New york , NYConfidential Investment MemorandumNewmark & Company Real Estate Inc, D/B/A Newmark Knight Frank ( Agent ) has been retained as exclusive broker for the sale of 45 East 33rd Street , New york , New york (the Property ) on behalf of Workmen s Circle/Arbeter Ring, Inc. and the Forward Association (collectively the Seller ). This memorandum has been prepared by Agent for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller and Agent and designated sources, and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation.

2 No representation is made by Seller or Agent as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, Seller s agents, attorneys, representatives and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Agent, Seller and their respective employees, disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this memorandum , or any other written or oral communication transmitted or made available to the recipient.

3 This memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation of this memorandum (10/09) have remained the same. Analysis and verification of the information contained in this memorandum are solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice.

4 Seller reserves the right to change the timing and procedures for the offering process at any time in Seller s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this memorandum , or making an offer to purchase the Property unless, and until such offer is approved by Seller, a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder. This memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a Confidential nature. By accepting this memorandum , you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent.

5 If you have no further interest in the Property, please return this memorandum brokers (i) will not be entitled to compensation from broker or owner and (ii) should seek compensation, commissions and/or fees in connection with any services provided in connection with a purchase of the Property from the applicable & ConditionsTable of Contents3 Investment Summary 5 Property Description/ 7 Floor Plans Market Overview 17 Location Analysis 22 Investment Summary5 Offering:Newmark Knight Frank Capital Group has been retained as the exclusive sales broker for 45 East 33rd Street in midtown Manhattan. The Property is on the north side of 33rd Street , between Park Avenue and Madison Avenue. It is a six-story, 41,785-square-foot brick building that will be delivered vacant, and has a maximum floor area ratio (FAR) of approximately 93,318 square feet (sf), of which 83,443sf can be Rentable Area: The existing building is 41,785sf approximateAdditional Air Rights: 51,533 sf approximateLot Size: 8,344 sf, 84 6 x 98 9 approximateMaximum FAR: 93,318 sf approximateZoning: C5-2 and C5-3; a central commercial district.

6 Mixed buildings with residential above office or commercial floors, large office buildings and luxury department stores are typical C5 : Redevelopment Opportunity The Property can be repositioned as a community facility, office building, or residential building. Desirable Neighborhood The Property is in midtown Manhattan, steps from Park Avenue and the 6 subway station, close to Grand Central Station, Penn Station, and part of the midtown south office district. Air Rights A new building of 93,318sf can be built on the lot, or the additional 51,533sf of air rights could be transferred to a neighboring parcel. Contacts: Neil Goldmacher Silver L. Noonan Schwartzman Number Description:45 East 33rd Street is a sixteen-story, 41,785sf brick building between Park Avenue and Madison Avenue in midtown Manhattan.

7 It has 85 of frontage on the north side of East 33rd Street . The ground floor is 8,090sf and floors 2 through 6 are 6,738sf. Built in 1923, the building is currently used as office space. Lot Size: 8,344sf84 6 (along East 33rd Street ) x 98 9 Size:The Property is approximately 49,540sf, of which 41,785sf are above Built: 1923 Entrance: The main entrance is on East 33rd Street . There is a reception lobby and program areas on the ground floor. There is also a retail store on the ground floor. Fa ade:The building fa ade is brick. Elevators:There are two elevators that serve all floors. Zoning: The lot is split between the C5-2 and C5-3 districts. The eastern 20 feet of the lot are in the C5-3 district. The western feet are in the C5-2 district.

8 C5 is a central commercial district. Mixed buildings with residential above office or commercial floors, large office buildings and luxury department stores are typical C5 Cellar Cellar Ground Floor Second Floor Third Floor Fourth Floor Fifth Floor Sixth Floor Total SFTotal SF Above Feet1, , , , , , , , 49, Above Grade8, , , , , , 41, Description 7 Maximum Floor Area Ratio (FAR):The maximum FAR allowed on the site is approximately 93,319sf. Up to 83,444sf can be used for residential development. Additional Air RightsThere may be additional air rights available on the block to create a larger development site, as detailed on the following map (available air rights are approximate). 6, sf1063, sf1063, sf1063, 1, sf1529, sf1529, sf1019, sf9, , 51, DepthFrontageTotal Lot SizeCommercial FART otal sf of Commercial FARC ommunity Facility FART otal sf of Community Facility FARR esidential FART otal sf of Residential FARIf Residential FAR is maximized, the remainder of FAR can be used as Commercial or Community FacilityExisting BuildingAdditional sf of FAR if existing building is 8, , sf93, sf83, sf9, 41, 51, 45 East 33rd Street56 East 34th StreetAir Rights: 11,612 sf 58 East 34th StreetAir Rights: 11,724 sf 60 East 34th StreetAir Rights: 13,976 sf 48 East 34th StreetMixed use dormBuilding SF: 87,550 Air Rights: OVERBUILT64 East 34th StreetAir Rights.

9 26,880 sf 33 East 33rd StreetLofts, over 8 storiesBuilding SF: 126,383 Air Rights: OVERBUILT66 East 34th StreetElevator AptBuilding SF: 341,950 (364 units)Air Rights: OVERBUILTThe PropertyProperty Description9 Site PlanProperty Description10 Sub CellarCellar Property Description11 First FloorSecond FloorProperty Description12 Third FloorFourth FloorProperty Description13 Fifth FloorSixth FloorProperty Description14 Building ElevationMarket Overview15 The PropertyLocation Analysis16406 W 31435 SEVSHULWEISSSITE400 W 33160W34400 ELEVWORLDPRODUCTCENTRE11 ACECEACEACEWRQNWRNWRNWRQNWRQNFVDBFVDBFVF V666123123S77777SS5641 StuyvesantSquareJJ Murphy ParkStuyvesant TownChelsea Waterside ParkChelsea ParkMadisonSquare ParkGramercy Park NSt.

10 Vartan ParkNational RRGrace PlazaLINCOLN TUNNELLINCOLN TUNNELENTRANCELINCOLN TUNNELEXITQUEENS MIDTOWN TUNNELQUEENS MIDTOWNTUNNEL ENTANCEQUEENS MIDTOWNTUNNEL EXITPIER 78 PIER 81 PIER 83 PIER 84 PIER 86 PIER 62 PIER 64 PIER 66 PIER 76 PIER 72 PIER 59 PIER 60 PIER 61 PRINCETONCLUBCORNELLCLUBPENNCLUBNY YACHTCLUBHARVARDCLUBCENTURYCLUBYALECLUBR EGAL E-WALKSTADIUM 13 IMPERIALTHST. JAMESTHPLYMOUTHTHTIMESSQ THBOOTHTHBROADHURSTTHGOLDENTHMARTINBECK THHELENHAYES THHILTON THEATERFORD CTRBRODSKYRICHARDROGERSTHBERNARDB. JACOBTHSHUBERTTHNEWVICTORYTHLUNT-FONTANN ETHNEW AMST THMUSICBOX THAMC EMPIRE25 THMADAMETUSSAUD'SWAX MUSEUMMAJESTIC THNEDERLANDERTHKAUFMANTHB&HPHOTO& VIDEOCONVENTION CTREXPANSIONCONVENTIONCTR HOTELSUITEMERCEDESBENZBASKETBALLCITYANNI NANOSEIGLRYLFLGLRYCLEARVIEWCHELSEACINEMA SDECHIARAGLRYZACHFEUERGLRYSANFORDMEISNER THDIACTRCHEIM & READ GLRYSONNABENDGLRYMHTNMOTORCARSKRAVETS/WE HBYGLRYCAELUMGLRYCOOPERGLRYPAULKASMINGLR YBONAKDARGLRYAUGUSTINE.