INWOOD, NY

04. EXECUTIVE SUMMARY

06. PROPERTY OVERVIEW

08. FINANCIAL OVERVIEW

18. LOCATION OVERVIEW

TABLE OF CONTENTS

Meridian Investment Sales is pleased to present exclusively for sale 152 Sherman Avenue, a recently refurbished prewar walk-up apartment building containing 23,700 square feet in the flourishing Upper Manhattan neighborhood of Inwood. The well maintained building features a total of 40 apartments consisting of 8 studios, 19 one-bedroom units, and 13 two-bedroom units. With average monthly rents of approximately $1,500 and an array of unit sizes, the property offers secure and durable income just steps from local parks and public transportation. Additionally, the property offers tremendous future upside as the building possesses over $146,000 of annual preferential rents.

Containing a total of 125 rooms, 152 Sherman Avenue is currently 97% rent stabilized. Current ownership has substantially improved the property in recent years including significant façade improvements, roof renovations, and boiler enhancements. Complementing the renovations, a significant amount of the building’s units have recently undergone renovations, increasing the property's desirability in an ever-growing area.

152 Sherman Avenue present investors with the opportunity to acquire a stabilized, cash-flowing asset in a prime neighborhood anchored by a plethora of parks and public transportation. The diverse residential enclave of Inwood has enjoyed significantly increased demand in recent years from families, students, and young professionals, given its relative affordability and abundance of mass transportation options. Even more, the historic Fort Tryon and Inwood Hill Park, feature barbecuing areas, basketball courts, baseball fields, eateries, handball courts, canoe/kayaking, roller hockey, playgrounds, marinas, soccer fields, and tennis courts. Potential investors have the opportunity to acquire a cash-flowing asset of scale in one of New York City’s fastest growing residential areas.

EXECUTIVE SUMMARY

• Highly financeable asset with in-place NOI over $419,000

• Over $146,000 in annual preferential rents, creating significant upside for potential investors

• 23,700 Gross SF in one of New York City’s fastest growing residential enclaves

• Highly desirable location one block from the Dyckman Street commercial corridor

• Directly across the street from the brand new The Equity Project Charter School

• Close proximity to mass transportation, neighborhood amenities, dining and shopping, as well as Fort Tryon Park and Inwood Hill Park

INVESTMENT HIGHLIGHTS

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ASKING PRICE: $8,400,000

"152 SHERMAN AVENUE PRESENT INVESTORS WITH THE OPPORTUNITY TO ACQUIRE A STABILIZED, CASH-FLOWING ASSET IN A PRIME NEIGHBORHOOD"

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ASKING PRICE: $8,400,000

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PROPERTY OVERVIEW

Borough / Neighborhood Manhattan / Inwood Description Walk-Up Apartment BuildingCross Streets Academy Street and West 204th StreetBlock / Lot 2225 / 38Year Built 1916Stories 5 FloorsElevators NoneLot Dimensions / As Built 50.00' x 150.00' / 50.00' x 115.00'Lot Area (SF) 7,500 SFBuilt SF 23,700 SFFree Market Apartments 1 ApartmentRent Stabilized Apartments 39 ApartmentsTotal Apartments 40 ApartmentsAvg. Unit Size (10% Loss Factor) 533 SFLayout (Rooms) 8/2 ; 19/3 ; 13/4Zoning R7-2Built FAR 3.16Air Rights 2,100 SFAvg. Residential Monthly Rent $1,476Rooms 125 RoomsAvg. Rent / Room $472Avg. Residential Rent / PSF $33HPD Violations 18/A; 40/B; 11/C

PROPERTY OVERVIEW

ASKING PRICE: $8,400,000

Cap Rate 5.00%$ / Unit $210,000 $ / SF $354 GRM 12.1x

FINANCIAL OVERVIEW

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INCOME & EXPENSES

REVENUE

Residential Income $708,437

Less Vacancy / Collection @ 2% ($14,200)

GROSS INCOME $694,200

Potential Pref. Rent $146,400

EXPENSES

Real Estate Taxes (2019 / 2020) $111,400

Water/Sewer $43,150

Insurance $18,000

Payroll (+ free basement apt) $26,000

Management Fee (3%) $20,800

Fuel (Dual) $31,250

Electric $4,000

Repairs & Maintenance, & Misc. $20,000

TOTAL EXPENSES $274,600

NET OPERATING INCOME $419,600

EXISTING DEBT $5,380,100 FOR ASSIGNMENT PURPOSES ONLY

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REAL ESTATE TAX SUMMARY

Tax Class 2

Tax Rate 12.612%

2019 / 2020 Actual AV $1,230,750

2019 / 2020 Transitional AV $882,990

2019 / 2020 Taxes $111,363

INDIVIDUAL APARTMENT IMPROVEMENTS 20% of the apartments are completely renovated: 1, 6, 36, 38, 46, 51, 52, 58.

MAJOR CAPITAL IMPROVEMENTS (COMPLETED 2014-2016)

Boiler $187,880

Elevator $64,350

Front Door, Intercom $237,752

Compactor $123,000

TOTAL IMPROVEMENTS $612,982

UNIT STATUS SUMMARY

STATUS COUNT AVG MONTHLY RENT

RS 39 $1,461

FM 1 $2,050

TOTAL 40 UNITS $1,476

UNIT MIX SUMMARY

ROOMS COUNT AVG MONTHLY RENT

2 8 $1,261

3 19 $1,448

4 13 $1,650

TOTAL 40 UNITS $1,476

FINANCIAL OVERVIEW

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RENT ROLL

UNIT# UNIT BEDROOMS ROOMS STATUS LEGAL RENT PREF NET RENT LEASE END1 1* 2 4 RS $3,543.75 ($1,443.75) $2,100.00 7/31/20192 2 2 4 RS $966.96 - $966.96 8/31/2021

3 3 1 3 RS $1,411.53 - $1,411.53 3/31/2021

4 4 Studio 2 RS $1,085.97 - $1,085.97 Vacant

5 5 1 3 RS $1,251.80 - $1,251.80 MTM

6 6 (Duplex)* 2 4 RS $2,500.00 - $2,500.00 12/31/20197 7 Studio 2 RS $1,122.25 - $1,122.25 Vacant

8 8 1 3 RS $1,550.00 - $1,550.00 7/31/2019

9 21 2 4 RS $739.89 - $739.89 2/28/2021

10 22 2 4 RS $1,164.79 - $1,164.79 7/31/2020

11 23 1 3 RS $877.05 - $877.05 8/31/2020

12 24 1 3 RS $1,890.46 ($290.46) $1,600.00 11/30/2019

13 25 1 3 RS $922.97 - $922.97 5/31/2020

14 26 1 3 RS $1,099.94 - $1,099.94 Vacant

15 27 Studio 2 RS $1,224.42 - $1,224.42 8/31/2020

16 28 Studio 2 RS $1,036.64 - $1,036.64 3/31/2020

17 31 2 4 FM $2,050.00 - $2,050.00 7/31/2019

18 32 2 4 RS $1,111.56 - $1,111.56 10/31/2019

19 33 1 3 RS $2,871.18 ($1,271.18) $1,600.00 11/30/2019

20 34 1 3 RS $1,910.63 ($235.63) $1,675.00 10/31/2019

21 35 1 3 RS $754.86 - $754.86 9/30/2020

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UNIT# UNIT BEDROOMS ROOMS STATUS LEGAL RENT PREF NET RENT LEASE END22 36* 1 3 RS $1,900.00 - $1,900.00 8/31/202023 37 Studio 2 RS $1,222.73 - $1,222.73 4/30/2020

24 38* Studio 2 RS $1,795.86 ($145.86) $1,650.00 8/31/201925 41 2 4 RS $1,674.89 - $1,674.89 5/31/2020

26 42 2 4 RS $1,239.50 - $1,239.50 10/31/2019

27 43 1 3 RS $1,650.00 - $1,650.00 7/31/2020

28 44 1 3 RS $2,336.41 ($776.41) $1,560.00 7/31/2020

29 45 1 3 RS $1,962.96 ($447.96) $1,515.00 1/31/2020

30 46* 1 3 RS $2,579.96 ($754.96) $1,825.00 4/30/202031 47 Studio 2 RS $1,193.68 - $1,193.68 3/31/2021

32 48 1 3 RS $1,550.00 - $1,550.00 9/30/2019

33 51* 2 4 RS $2,341.78 ($241.78) $2,100.00 8/31/202034 52* 2 4 RS $2,100.00 - $2,100.00 10/31/202035 53 1 3 RS $2,899.61 ($1,299.61) $1,600.00 6/30/2020

36 54 1 3 RS $3,193.87 ($1,593.87) $1,600.00 9/30/2019

37 55 2 4 RS $2,595.98 ($645.98) $1,950.00 2/29/2020

38 56 2 4 RS $2,850.10 ($1,100.10) $1,750.00 7/31/2019

39 57 1 3 RS $2,193.16 ($633.16) $1,560.00 7/31/2020

40 58* Studio 2 RS $2,866.78 ($1,316.78) $1,550.00 Vacant40 UNITS 125 ROOMS MONTHLY: $71,234 ($12,197) $59,036

ANNUAL: $854,807 ($146,370) $708,437

*Individual Apartment Improvements are available for units: 1, 6, 36, 38, 46, 51, 52, 58. These units are gut renovated.

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PROPERTY OVERVIEW

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PROPERTY OVERVIEW

PROPERTY LOCATION

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152 SHERMANAVENUE

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A hilly residential enclave, Inwood is a unique neighborhood on the northern tip of Manhattan. With incredible views, a vast amount of greenspace, and relatively lower home prices, Inwood has recently become a choice destination of families and young professionals seeking an affordable alternative to lower Manhattan.

Largely rural until the early 20th century, Inwood experienced a surge of growth upon the completion of a subway station in the neighborhood in 1906. The art-deco apartment buildings that populate Inwood today quickly popped up across the lower lying areas of the neighborhood, but the hilly, western portion of Inwood remained untouched. The nearly 200-acre Inwood Hill Park was created to preserve this pristine section of Manhattan. Quiet and secluded, visitors of the park are often shocked to find that such a serene location exists in the city. The historic park is home to the largest remaining forest land on Manhattan Island and is popular destination for the neighborhood’s residents.

While the hilly, western section of Inwood may feel secluded, descend down to Broadway and Dyckman Street and the hustle and bustle of Manhattan quickly returns. Residents enjoy a diverse selection of shopping, dining, and nightlife options. Popular local hangouts include Bocaditos Bistro, Seawalk, Mamasushi, and Tina Lounge, serving the growing affluent population.

In the midst of the beauty and rezoning, there are a flurry of new developments in the area:

• 4790 Broadway: An affordable housing development from the Department of Housing Preservation and Development will span roughly 145,000 square feet and rise 14 stories. It will include 174 apartments across about 118,000 square feet and feature 26,000 square feet of community space. The project will include a new library, as it is located at the current site of the Inwood Library.

• 4650 Broadway: Hello Living will develop 272 residential units, 140,000 square feet of community facility and 40,000 square feet of commercial space. Housing will range from one to four-bedrooms with thirty percent of the units designated as affordable.

• 3875 Ninth Avenue: Maddd Equities will develop over 500,000 square feet of residential space with an additional 66,000 of commercial square feet. It will also include a garage for 100 cars, storage space for 308 bikes and a recreation room. A portion of the residential units will likely be designated affordable.

Residents of 152 Sherman Avenue enjoy a short walk to the A train and 1 subway lines, which provides convenient access and connectivity into Manhattan and throughout New York City. Residents also enjoy the convenience of BxM1, Bx7, Bx12, Bx20, and M100 bus lines providing expedient access to and from the neighborhood.

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LOCATION OVERVIEW

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THE EQUITY PROJECTCHARTER SCHOOL

LOCATION OVERVIEW

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LOCATION OVERVIEW

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152 SHERMANAVENUE

AMENITIES MAP

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MERIDIAN CAPITAL GROUP, LLC BROCHURE DISCLOSURES AND DISCLAIMERSThis is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to express any further interest in the proposed sale of 152 Sherman Avenue, Manhattan, New York (the “Property”). By accepting a copy of the Brochure, you hereby agree to the matters set forth herein.

The Brochure was prepared by Meridian Capital Group, LLC (“MCG”) and has been reviewed by representatives of the owner or owners of the Property (the “Owner”). The Brochure contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser, mortgagee, investor, lender or lessee may desire. Additional information and an opportunity to inspect the Property and other information relevant thereto will be made available to interested and qualified purchasers, mortgagees, investor, lender or lessee. Neither Owner, MCG nor any of their respective officers, agents, brokers or employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of the Brochure or any of its contents, and no legal commitments or obligations shall arise by reason of the Brochure or any of its contents. In particular, but without limitation, no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates, or forecasts (“projections”) contained in the Brochure. Any such projections are for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond the control of Owner, and therefore, subject to material variation. All information, opinions and estimates are given as of the date hereof and are subject to change without notice. Neither MCG nor the Owner undertakes any obligation to provide any additional information or to update any of the information or the conclusions contained herein or to correct any inaccuracies. The information in the Brochure is not intended to predict actual results and no assurances are given with respect thereto. The value of the Property, or any other property described herein may fluctuate as a result of market changes. All square footage measurements must be independently verified by you.

Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with you or any prospective purchaser, mortgagee, investor, lender or lessee at any time with or without notice. Owner shall have no legal commitment or obligation to you or any prospective purchaser,

mortgagee, investor, lender or lessee reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered to all parties, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or expressly waived.

By receipt of the Brochure, you agree that the Brochure and its contents and information are of a confidential nature, that you will hold and treat it and all information therein in the strictest confidence, and that you will not disclose the Brochure or any of its contents or information to any other entity without the prior written authorization of Owner, nor will you use the Brochure or any of its contents or information in any manner detrimental to the interest of Owner or MCG. You acknowledge and agree that any breach of this confidentiality clause will cause injury to Owner and/or MCG for which money damages may not be an inadequate remedy and that, in addition to remedies at law, Owner and/or MCG is entitled to equitable relief as a remedy for any such breach.

It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. MCG does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws, statutes, and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.

While the Brochure contains physical description information of the Property, there are no references to its condition. Neither

Owner nor MCG make any representation as to the physical condition of the Property. Prospective purchasers, mortgagees, investors, lenders or lessees should conduct their own independent engineering report and any other reports or inspections they deem necessary to verify property condition.

In the Brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full terms or agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to independently review all relevant documents which may or may not be referenced in this Brochure. The terms and conditions stated in this section will relate to all of the sections of the Brochure as if stated independently therein. If, after reviewing the Brochure, you have no further interest in purchasing the Property, kindly return the Brochure and all other documents accompanying the Brochure to MCG at your earliest possible convenience.

Photocopying or any other reproduction or duplication of the Brochure is not authorized. The Brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner or the Property since the date of preparation of the Brochure. Once you have expressed an offer to acquire the property and have demonstrated certain bona fides satisfactory to Owner, certain further and additional information may be provided in order for you to complete your due diligence investigation, such as complete and detailed rent roll information, expense pass-throughs, and expenses.

Zoning is a critical factor in the value of the Property. All zoning information must be independently verified as the Owner or MCG does not make any representation with respect thereto.

MCG, its subsidiaries or affiliates, and any manager, member, officer, director, employee or agent of MCG, or any of its subsidiaries or affiliates, does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this Brochure or its contents or reliance on the information contained herein.

800 Third Avenue - 38th Floor New York, NY 10022

MERIDIAN INVESTMENT SALES TEAMA DIVISION OF MERIDIAN CAPITAL GROUPMeridian’s Investment Sales division is comprised of some of the top investment sales professionals in New York City. With more than 75 years of combined New York real estate transactional experience exceeding $35 billion in value, Meridian’s team of investment sales professionals includes best-in-class expertise across a breadth of asset types, transaction sizes, and sub markets. Meridian’s team has an intimate knowledge of New York City real estate, knowing neighborhoods on a door-by-door basis, and has a deep and detailed understanding not just of how a property’s tenancy and cash flow drive value, but also of how drivers such as zoning, land use, air rights, and alternative uses play a key role in determining a property’s true market value. The Meridian team has an unparalleled knowledge of the buyer base and capital flows germane to the New York City investment sales market at any given point in time, and maintains excellent working relationships with a wide array of local, national, and international buyers.

Meridian’s Investment Sales professionals have transacted in New York City over the course of many macro and micro market cycles. As such, clients seek out Meridian’s team not only when they have decided to sell a property, but also as trusted advisors that can offer unique perspectives relative to portfolio management, risk mitigation, and value creation.

Meridian Capital Group was founded in 1991. It is widely recognized as one of the leading and prolific commercial real estate finance and advisory firms in the country. Meridian has arranged $286 billion of commercial real estate financings, including more than 48,231 transactions in 49 states.

CONTACT INFORMATION

SHALLINI B. MEHRA Managing DirectorO: 212.468.5958smehra@meridiancapital.com

JONATHAN SHAINBERG Vice PresidentO: 212.468.5957jshainberg@meridiancapital.com

AMIT DOSHI Senior Executive Managing DirectorO: 212.468.5959adoshi@meridiancapital.com

INWOOD, NY