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Multifamily Quarter In Review: New York City | Q1 2014Released April 2014 | By Ariel Property Advisors

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2| Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com

Multifamily Quarter In Review: New York City | Q1 2014

About The Report

Ariel Property Advisors is pleased to present its Multifamily Quarter In Review: New York City | Q1

2014. The report is a modified version of our Multifamily Month In Review: New York City, which pro-

vides a monthly overview of market activity, benchmark transactions, revenue and expense trends,

and current events that affect the multifamily real estate market.

The Multifamily Month In Review is distributed to our clients on a monthly basis. Past versions of the

Multifamily Month In Review can be found at http://arielpa.com/research/reports/.

Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |3


Table Of Contents

4 New York City Multifamily Quarter In Review

5 Multifamily Market Performance By Sub-Market

6 Trailing Six Month Analysis: Introduction

7 Trailing Six Month Performance Comparison

8 Transaction & Dollar Volume Trailing Analysis

9 Macro-Economic Overview & Market Fundamentals

10 NYC Sub-Market OverviewManhattan | N. Manhattan | The Bronx | Brooklyn | Queens

15 About Ariel Property Advisors

16 Sample Listing Activity By Ariel Property Advisors



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Shimon Shkury Mike A. Tortorici Victor SozioPresident Vice President Vice President

212.544.9500 x.11 212.544.9500 x.13 212.544.9500 [email protected] [email protected] [email protected]

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NYC Multifamily Sales See Strong 1Q14 Activity

In the 1Q of 2014, New York City multifamily sales saw impressive year-over-year gains in trans-

actions, dollar volume, and pricing. Continuing a trend seen towards the latter part of 2013, large

institutional deals continued to dominate sales activity as the number of units changing hands

nearly doubled while the number of transactions increased by 51% compared to 1Q13.

For the 1Q14, New York City saw 160 transactions comprised of 293 buildings totaling $2.465

billion in gross consideration. This represents a 51% increase in transaction volume, a 61% in-

crease in building volume and a 167% increase in dollar volume compared to 1Q13, which saw

106 transactions comprised of 182 buildings totaling $922.786 million in gross consideration.

Pricing also advanced considerably year-over-year, as every submarket covered in the report

showed gains across pricing metrics in the six months ended March 2014.

While 1Q14 sales volume statistics declined compared to the 4Q13, we see that as a regular sea-

sonal trend as many investors push to close transactions at the end of the year.

Manhattan: Sales like the $99.75 million trade of The Grayson in Murray Hill and the $95 million

sale of 15 Cliff Street pushed Manhattan’s 1Q14 dollar volume well above 1Q13 levels. Pricing

continues to surge as well, with average cap rates over a 6-month period now falling to 3.85% -

80 basis points below the same figure a year ago.

Brooklyn: Posting the strongest year-over-year and quarter-to-quarter increases in multifam-

ily activity, Brooklyn had a tremendous 1Q14. While all other submarkets showed quarter-to-

quarter declines in volume, Brooklyn’s transaction volume kept pace and a slew of institutional

transactions led to a surge in dollar volume. Notable sales include two Brooklyn Heights transac-

tions that saw values north of $625 per square foot and 315-59 Lincoln Place in Prospect Heights

that sold for over $300 per square foot.

Northern Manhattan: While pricing is stronger than ever, Northern Manhattan multifamily sales

transactions took a breather in 1Q14 from the frantic pace of deals that took place at the end of

2013. The submarket saw 21 sales comprised of 32 transactions totaling $195.970 million and the

vast majority of the deals were below $10 million.

The Bronx: Portfolio transactions contributed to another strong quarter for the Bronx as 34

trades consisting of 68 properties totaling $363.858 million took place in 1Q14. The borough’s

leading transaction for the quarter was a $90 million sale of a portfolio of multifamily buildings to

a partnership consisting of The Related Companies and city pension funds. The sale represents

$124 per square foot and $123,748 per unit.

Queens: Queens started the year strong as portfolio sales led to major gains in dollar volume

for the borough. The $258.361 million in sales is nearly 5 times the dollar volume seen in 1Q13.

Neighborhoods like Astoria and Sunnyside also saw transactions top $275 per square foot. De-

mand for Queens is stronger than ever.

With interest rates expected to stay low over the balance of the year and the economy begin-

ning to make gains, we expect the multifamily market to continue to have a strong year moving

forward.

Warmest Regards,

Q1 2014 Snapshot

Dollar

Volume

Transaction

Volume

Building

Volume

$2.46 billion 160 293

167% increase

compared to

Q1 2013

51% increase

compared to

Q1 2013

61% increase

compared to

Q1 2013

Methodology: The multifamily transactions included in the analysis occurred at a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet and with a minimum of 10 units. Types Of Transactions Considered: Transactions in which there was a transfer of ownership and deed document recorded on ACRIS were considered. This report does not include partial interest in ownership transactions. Location Definitions: Manhattan - south of E. 96th Street and south of W. 110th Street Northern Manhattan - north of E. 96th Street, north or W. 110th Street The Bronx - Bronx Borough Brooklyn - Brooklyn Borough + Staten Island Queens - Queens Borough



Manhattan

Northern Manhattan

The Bronx

Brooklyn

Queens

Dollar & Building Volume Graphs

Dollar Volume

Comparison Graph

Building Volume

Comparison Graph

Legend: 36+8+15+31+10+z 13+11+23+41+12+z

$1.0b

$900m

$800m

$700m

$600m

$500m

$400m

$300m

$200m

$100m

$0

120

110

100

90

80

70

60

50

40

30

20

10

0

Bronx

Manhattan N. Manhattan

Brooklyn Queens

Legend

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Dollar Volume Comparison

By Location Graph

Building Volume Comparison

By Location Graph

Metrics Q1 2014% Change

vs. Q4 2013 Q4 2013% Change

vs. Q1 2013 Q1 2013

Transaction Vol 29 -29% 41 45% 20

Building Vol 39 -20% 49 -13% 45

Dollar Vol $878,701,533 -32% $1,291,442,063 156% $343,834,563

Total Units 1,307 -47% 2,449 30% 1,007

Transaction Vol 21 -22% 27 -5% 22

Building Vol 32 -74% 123 -46% 59

Dollar Vol $195,970,898 -68% $618,635,259 -36% $308,039,461

Total Units 924 -70% 3,076 -55% 2,034


Building Vol 68 -12% 77 172% 25

Dollar Vol $363,858,582 4% $349,402,967 322% $86,310,206

Total Units 3,190 -13% 3,670 226% 978


Building Vol 120 48% 81 200% 40

Dollar Vol $768,663,705 95% $394,808,237 445% $141,012,920

Total Units 4,474 131% 1,937 340% 1,016


Building Vol 34 -45% 62 162% 13

Dollar Vol $258,361,224 -57% $598,573,923 493% $43,589,365

Total Units 1,769 -37% 2,791 536% 278

Transaction Vol 160 -23% 207 51% 106

Building Vol 293 -25% 392 61% 182

Dollar Vol $2,465,555,942 -24% $3,252,862,449 167% $922,786,515

Total Units 11,664 -16% 13,923 120% 5,313


NYC Multifamily Sales See Strong 1Q14 Activity

In the 1Q of 2014, New York City multifamily sales saw impressive year-over-year gains in trans-

actions, dollar volume, and pricing. Continuing a trend seen towards the latter part of 2013, large

institutional deals continued to dominate sales activity as the number of units changing hands

nearly doubled while the number of transactions increased by 51% compared to 1Q13.

For the 1Q14, New York City saw 160 transactions comprised of 293 buildings totaling $2.465

billion in gross consideration. This represents a 51% increase in transaction volume, a 61% in-

crease in building volume and a 167% increase in dollar volume compared to 1Q13, which saw

106 transactions comprised of 182 buildings totaling $922.786 million in gross consideration.

Pricing also advanced considerably year-over-year, as every submarket covered in the report

showed gains across pricing metrics in the six months ended March 2014.

While 1Q14 sales volume statistics declined compared to the 4Q13, we see that as a regular sea-

sonal trend as many investors push to close transactions at the end of the year.

Manhattan: Sales like the $99.75 million trade of The Grayson in Murray Hill and the $95 million

sale of 15 Cliff Street pushed Manhattan’s 1Q14 dollar volume well above 1Q13 levels. Pricing

continues to surge as well, with average cap rates over a 6-month period now falling to 3.85% -

80 basis points below the same figure a year ago.

Brooklyn: Posting the strongest year-over-year and quarter-to-quarter increases in multifam-

ily activity, Brooklyn had a tremendous 1Q14. While all other submarkets showed quarter-to-

quarter declines in volume, Brooklyn’s transaction volume kept pace and a slew of institutional

transactions led to a surge in dollar volume. Notable sales include two Brooklyn Heights transac-

tions that saw values north of $625 per square foot and 315-59 Lincoln Place in Prospect Heights

that sold for over $300 per square foot.

Northern Manhattan: While pricing is stronger than ever, Northern Manhattan multifamily sales

transactions took a breather in 1Q14 from the frantic pace of deals that took place at the end of

2013. The submarket saw 21 sales comprised of 32 transactions totaling $195.970 million and the

vast majority of the deals were below $10 million.

The Bronx: Portfolio transactions contributed to another strong quarter for the Bronx as 34

trades consisting of 68 properties totaling $363.858 million took place in 1Q14. The borough’s

leading transaction for the quarter was a $90 million sale of a portfolio of multifamily buildings to

a partnership consisting of The Related Companies and city pension funds. The sale represents

$124 per square foot and $123,748 per unit.

Queens: Queens started the year strong as portfolio sales led to major gains in dollar volume

for the borough. The $258.361 million in sales is nearly 5 times the dollar volume seen in 1Q13.

Neighborhoods like Astoria and Sunnyside also saw transactions top $275 per square foot. De-

mand for Queens is stronger than ever.

With interest rates expected to stay low over the balance of the year and the economy begin-

ning to make gains, we expect the multifamily market to continue to have a strong year moving

forward.

Warmest Regards,

Q1 2014 Snapshot

Dollar

Volume

Transaction

Volume

Building

Volume

$2.46 billion 160 293

167% increase

compared to

Q1 2013

51% increase

compared to

Q1 2013

61% increase

compared to

Q1 2013

Methodology: The multifamily transactions included in the analysis occurred at a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet and with a minimum of 10 units. Types Of Transactions Considered: Transactions in which there was a transfer of ownership and deed document recorded on ACRIS were considered. This report does not include partial interest in ownership transactions. Location Definitions: Manhattan - south of E. 96th Street and south of W. 110th Street Northern Manhattan - north of E. 96th Street, north or W. 110th Street The Bronx - Bronx Borough Brooklyn - Brooklyn Borough + Staten Island Queens - Queens Borough

36%

8%

15%

31%

10%

13%

11%

23%

41%

12%

Q1 2014 Q4 2013 Q1 2013

Multifamily Market Performance By Sub-Market

Q1 2014 Q4 2013 Q1 2013

$1.3b



Trailing Six Month Analysis Methodology

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Trailing Six Month Analysis: Introduction


Given the commercial real estate industry’s cyclical nature and relatively small number of sample properties that trade in any

month or quarter, Ariel Property Advisors developed the Trailing Six Month Analysis as a unique research tool for identifying

multifamily sales trends in New York City.

The Trailing Six Month Analysis includes charts for the most recent six month period that detail the average price per unit,

average price per square foot, average cap rate, average gross rent multiplier, and total transactions and prices for multifamily

properties in Manhattan (south of East 96th Street and south of West 110th Street), Northern Manhattan (north of East 96th

Street, north of West 110th Street), The Bronx, Brooklyn, and Queens. Sales figures from neighborhoods that had transactions

during the six month period also are highlighted.

Trailing Six Month Performance: Oct 2013 - Mar 2014 vs. Oct 2012 - Mar 2013 Comparison

Pricing Indicators

Oct 2013 - Mar 2014 Trailing Numbers Oct 2012 - Mar 2013 Trailing Numbers

Location Avg. $/Unit Avg. $/SF Avg. Cap Rate Avg. GRM Avg. $/Unit Avg. $/SF Avg. Cap Rate Avg. GRM

Manhattan $592,981 $763 3.85% 16.92 $528,940 $581 4.65% 14.39

N. Manhattan $223,563 $249 4.90% 12.27 $152,267 $180 5.56% 10.04

Bronx $99,240 $112 7.24% 7.38 $89,871 $104 7.80% 7.06

Brooklyn $191,509 $222 5.33% 11.28 $157,579 $184 6.37% 9.84

Queens $189,935 $216 4.86% 11.24 $150,173 $184 5.82% 10.00


Multifamily Quarter In Review: New York City | Q1 2014B

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30+50+20+A16+42+42+A8+31+61+A11+29+60+A24+26+50+A80+17+3+A67+25+8+A43+35+22+A58+25+17+A84+10+6+A

$20mm+ $5-20mm $1-5mm

Trailing Six Month Analysis: Introduction


Given the commercial real estate industry’s cyclical nature and relatively small number of sample properties that trade in any

month or quarter, Ariel Property Advisors developed the Trailing Six Month Analysis as a unique research tool for identifying

multifamily sales trends in New York City.

The Trailing Six Month Analysis includes charts for the most recent six month period that detail the average price per unit,

average price per square foot, average cap rate, average gross rent multiplier, and total transactions and prices for multifamily

properties in Manhattan (south of East 96th Street and south of West 110th Street), Northern Manhattan (north of East 96th

Street, north of West 110th Street), The Bronx, Brooklyn, and Queens. Sales figures from neighborhoods that had transactions

during the six month period also are highlighted.

Trailing Six Month Performance: Deal Distribution By Transaction Count and Dollar Volume

Trailing Six Month Performance: Oct - Mar 2014 vs. Oct -Mar 2013 Comparison

Oct 2013 - Mar 2014 Trailing Numbers Oct 2012 - Mar 2013 Trailing Numbers

Location / CriteriaTotal

Transactions

Total Buildings Traded

Total Dollar

Value Traded

Median Price

Total Units

Traded

Median Units /

Transaction

Total Transactions

Total Buildings Traded

Total Dollar

Value Traded

Median Price

Total Units

Traded

Median Units /

Transaction

Manhattan 70 88 $2,170,143,596 $12,000,000 3,756 22 97 159 $2,486,341,978 $7,000,000 5,309 21

Brooklyn 48 155 $814,606,157 $5,500,000 4,000 29 66 133 $629,735,242 $5,338,500 4,349 38

Bronx 88 145 $713,261,549 $4,050,000 6,860 42 72 117 $660,872,895 $4,187,500 6,673 50

Queens 121 201 $1,163,471,942 $4,000,000 6,411 23 90 120 $437,133,023 $2,820,000 3,232 20

N. Manhattan 40 96 $856,935,147 $4,983,000 4,560 33 31 40 $170,939,865 $3,200,000 1,185 22

Summary 367 685 $5,718,418,391 $5,000,000 25,587 31 356 569 $4,385,023,003 $4,700,000 20,748 26

Manhattan N. Manhattan Bronx Brooklyn Queens

30% 16% 8% 11% 24%

50% 42% 31% 29% 26%

20% 42% 61% 60% 50%

Manhattan N. Manhattan Bronx Brooklyn Queens

80% 67% 43% 58% 84%

17% 25% 35% 25% 10%

3% 8% 22% 17% 6%



Multifamily Transaction TimelineMonth by Month Comparison: Oct '12 - Mar '14

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014Trans. Vol: 250 Trans. Vol: 106 Trans. Vol: 174 Trans. Vol: 184 Trans. Vol: 207 Trans. Vol: 160Dollar Vol: $3.46b Dollar Vol: $923m Dollar Vol: $2.10b Dollar Vol: $2.22b Dollar Vol: $3.25b Dollar Vol: $2.46b

$1.8 b

$1b 150

$900mm 135

$800mm 120

$700mm 105

$600mm 90

$500mm 75

$400mm 60

$300mm 45

$200mm 30

$100mm 15

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

De

als

Eco

no

my

The Trailing 6-Month Moving Average6 Months Ended Avg. Dollar Vol. Avg. Transaction Vol.Mar 2013 - Mar 2014

2013 Mar $730,837,167 59

Apr $750,941,614 58

May $734,264,549 58

Jun $504,859,958 47

Jul $624,295,780 52

Aug $670,100,746 58

Sep $722,200,720 60

Oct $735,942,586 64

Nov $880,852,017 63

Dec $913,282,256 65

2014 Jan $857,237,240 64

Feb $885,139,220 60

Mar $962,326,419 61

Mar

Ap

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May

Jun

Jul

Au

g

Sep

Oc

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No

v

De

c

Jan

Feb

Mar

Legend: Transaction Volume Dollar Volume

$1b

$950mm

$900mm

$850mm

$800mm

$750mm

$700mm

$650mm

$600mm

$550mm

$500mm

80

75

70

65

60

55

50

45

40

35

30

Legend: Transaction Volume

Dollar Volume

Average monthly dollar volume and transaction count for given month and five months prior

Transaction & Dollar Volume By Quarter | The Trailing 6-Month Moving Average

U.S. creates 114,000 jobs in Sep-tember; unemployment rate falls to 7.8% | NYC multifamily sales jump in August | New York City multifamily transactions jump 26 percent in the third quarter | GDP increases 2 percent in the third quarter | City looking to recover from Sandy devastation | U.S. jobless claims increase following Sandy | Third quarter GDP revised to 2.7 percent | U.S. adds 146,000 jobs in November | Governor announces $738 million in eco-nomic development grants

Congress settles uncertainty over Capital Gains tax | Dol-lar value of NYC multifamily transactions jump 86 percent in November 2012 compared to November 2011 | NYC mul-tifamily sales rise to $7.8 billion in 2012, a 54 percent increase from 2011 | World-Class Civil Rights Museum planned for Harlem | Manhattan real estate transactions reach $21.1 billion in 2012 | U.S. home prices rise 5.5 percent

Westbrook & Shaul East Vil-lage MF Portfolio of 17 walk-up apartment buildings in Down-town Manhattan sold for a total of about $130mm | 10 Upper Manhattan multifamily proper-ties known as the Decathlon portfolio sold for $49mm | 2-12 Pinehurst Ave, 2 eleva-tored Inwood properties sold for $16.7mm | Kushner paid $49mm for Shaoul portfo-lio | 3 W 86th St building sold for $530k per unit | 600-unit West Harlem package sells for $75mm | Extell sells off 2nd Ave properties

G-Way Management purchases 53-unit mixed-use building in Hamilton Heights | 122-unit Bay Ridge elevatored building sells for $19.8mm | Astoria port-folio sells for $240 per square foot | Stone Street Properties purchases 140k SF portfolio | Brookdale sells four apartment buildings for $22mm | Pair of Long Island City buildings sell for $141 per SF | Rose Associates sells luxury tower for $300mm | 10-building package sells for $152 per SF | Omni buys 1600-unit affordable housing complex | Dermot purchases 127,000 SF Queens package

Manhattan and Brooklyn rents increase in March | After-effects of big 2012 linger, but tight inventory pushing prices higher | First quarter multifam-ily transaction volume holds steady year-over-year | U.S. economy adds 165,000 jobs in April | State announces sup-port for affordable housing projects | Fed weighing future monetary policy options | New York City named world’s most competitive city | NYC mul-tifamily sales in April stable month-over-month | City & State unemployment rates fall to ‘09 levels

City Planning Commission approves new developments | Second quarter GDP re-vised upward to 2.5% | U.S. Economy adds 169,000 jobs in August | NYC multifam-ily transactions continue to strengthen in July | Fed votes to maintain accommoda-tive monetary policy | Man-hattan home prices surpass pre-recession peak in second quarter | NYC tech industry emerges as second largest engine for local economy | Panel shares positive outlook for multifamily market at NYC Real Estate Expo

August NYC multifamily trans-actions hold steady year-over-year | NYC multifamily sales increase in the 3Q | Fed votes to maintain accommodative policy | U.S. Economy adds 204,000 jobs in October | Institutional sales push NYC multifamily volume up 71% year-over-year in September | City’s vacant lots receive scru-tiny | Nation creates 203,000 jobs in November | NYC mul-tifamily transactions hit high mark in October | Federal Reserve announces monetary policy change

Manhattan Apartment Sales Reach 25-Year Record | Gov. Cuomo Proposes Tax Cuts to Attract Businesses and Jobs | Solid Gains for New York City Investment Property Sales in 2013 | NYC Construction Starts Increase 11% in 2013 | Borough President Outlines Aggressive Agenda for the “New Bronx” | January Multifamily Sales Show Strong Start To 2014 | Hudson Yards Developer Agrees to ‘Liv-ing Wage’ Policy | New York City Sees Net Gain in Population for Third Consecutive Year

Ziel Feldman’s HFZ buys West-brook Partners’ residential portfolio for $600mm | Silver-stone, RWN pay $72mm for Kips Bay package | Vantage Properties sold 2 Ellwood Street & 64 Hillside Avenue Portfolio for $48.2mm | BRG acquires $68M Queens portfo-lio from Area Property Partners | Harbor Group buys UES rental building for $20.5M | Orbach Group extends buying spree with UWS and West Harlem packages

Ares buys 29 Queens proper-ties for $200k per unit | Mixed-Use building at 100 Christopher Street purchased by Delshah for over $1,200 per SF | Rain-bow purchases 84-building Harlem portfolio for $339mm | Emmes purchases Bronx Com-mercial Portfolio for $652 per SF | Pair of Astoria elevatored buildings nab $60mm

Family Sells $53M Bronx Port-folio | South Brooklyn Rental Portfolio Sells For $78M | California Group Adds To NYC Portfolio, Buys 15 Cliff For $95M | Pinnacle Buys Out Part-ner In $208M Brooklyn Deal | DLJ Picks Up Brooklyn Heights Rentals For $39M | Plenty Of Green As Silverstone Sells The Grayson For $100M | Thor Equities, GreenOak Close On UWS Rentals For $85M | Chel-sea Rental Building Trades For Close To $80M | Commercial Firm BLDG Management Nabs Murray Hill Rentals

Calif. pension fund pays $400mm for UWS apartment portfolio | Treetop makes first Queens multifamily portfolio purchase for $82mm | 11 Bow-ery buildings sold for $62mm | Greenwich Village apart-ment and retail portfolio trades hands for $34mm | Two Mid-town West buildings trade for $25.5mm or $880 per SF

2013 2014



Macro-Economic Overview: Unemployment | Financing | Revenue | Expenses

Unemployment: Rental Market / Vacancy:

The first quarter of 2014 has shown a slight bump in the unemployment rate on a city and state level, though the overall trend for the last 18 months has been a thoroughly positive one. The latest statistics have unemployment sitting at 8.6%, an improve-ment over the same period in 2013, when the rate consistently sat above 9%. On a national level, the ADP National Unemployment Report found that the US Economy added 191,000 private sector jobs in March alone, an encouraging sign for current and future growth.

At the end of the 1Q, Manhattan vacancy rates came in at 1.46%, the same rate the borough experienced after the first quarter of 2013. SoHo and TriBeCa had the lowest vacancy rate of any area of Man-hattan, while also commanding the highest rents. Over in Brooklyn, DUMBO remained the most expensive rental market, though a few other neighborhoods are beginning to catch up. Both Crown Heights and Bed-Stuy saw large year-over-year increases in average rents, in-creasing 16% and 12%, respectively.

Financing: Expenses:

As treasury rates rose over the summer months of 2013, many predicted a continu-ation of that trend, restoring treasury rates closer to historical norms. But as the end of 2013 and the early part of 2014 have shown, that may not be the case. Interest rate increases have slowed down in the first quarter of 2014, remaining below 4% for 30-year bonds. 10-year and 5-year notes dipped slightly to start 2014 to 2.61% and 1.44%, respectively. 1-year Treasury bills remained relatively flat, dropping from .13% to .11% since January.

The Mid-Atlantic January residential electricity rate increased slightly to 15.63 cents per kilowatt hour (KWH). The New York State Energy Research and Development Authority (NYSERDA) reported the March price of No. 2 home heating at 424.1 cents per gallon, a modest de-crease from February.

Residential Electricity RatesRegional - Middle Atlantic (Cents / KWH)

Source: US EIA

2008 2009 2010 2011 2012 2013 2014

Cents

17.5

15

12.5

Unemployment Rate History

NYS (Seasonally Adjusted) & NYC (Not Seasonally Adjusted)

Source: NYS Dept Of Labor

%10%

7.5%

5%

2.5%

Treasury Yield Curve Rates

30-year | 10-year | 5-year | 1-year

Source: US Treasury Dept.

%6%

4%

2%

0%

Home Heating Oil PricesMonthly Average (cents per gallon)

500

400

300

200

100

Source: NYSERDA

2008 2009 2010 2011 2012 2013 2014

Cents Per Gallon

2007

7.7%

8.6%

Transaction & Dollar Volume By Quarter | The Trailing 6-Month Moving Average

Manhattan Rental Vacancy Rates | Monthly Percentage Change

1.46% 1.28% 1.09% 1.10% 1.28% 1.31% 1.48% 1.65% 1.74% 1.82% 1.62% 1.50% 1.46%

2.5%

2%

1.5%

1%

0.5%

0%

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Source: Citi Habitats2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


Multifamily Quarter In Review: New York City | Q1 2014H

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Sale Month Property Name Sale Price $/SF $/ Unit Total Buildings Total Building Size Total Units

1 Mar-14 224-232 East 39th Street $126,000,000 $748 $659,686 1 168,555 191

2 Feb-14 247 East 28th Street $99,750,000 $918 $767,308 1 108,614 130

3 Jan-14 15 Cliff Street $95,000,000 $599 $597,484 1 158,477 159

4 Mar-14 120-125 Riverside Drive $84,960,000 $771 $875,876 2 110,212 97

5 Mar-14 222-224 West 21st Street $16,800,000 $835 $730,435 2 20,120 23

11 2 3 4 5

NYC Sub-Market Overview: Manhattan | Oct 2013 - Mar 2014

Property Type Total Dollar Value Traded Total Transactions Total Buildings Traded Total Units Traded Average $ / SF Average $ / Unit

Elevatored Building $284,240,000 8 8 449 $788 $829,894

Mixed-Use Building $1,540,153,405 33 42 2,556 $816 $595,586

Portfolio $40,100,000 1 5 123 $483 $326,016

Walk-Up Building $185,086,658 24 28 419 $694 $521,551

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Location Total Dollar Value Traded Total Transactions Total Buildings Traded Total Units Traded Average $ / SF Average $ / Unit

Alphabet City $37,025,000 4 5 101 $669 $397,189

Chelsea $135,467,658 4 5 205 $746 $618,414

Chinatown $5,938,000 2 2 46 $321 $131,476

Civic Center $18,500,000 1 1 10 $740 $1,850,000

Clinton $170,000,000 1 1 375 $646 $453,333

East Village $91,758,000 6 6 146 $720 $489,425

Financial District $95,000,000 1 1 159 $599 $597,484

Flatiron $8,475,000 1 1 20 $424 $423,750

Gramercy $17,000,000 1 2 47 $570 $361,702

Greenwich Village $143,310,000 9 10 290 $863 $480,937

Javits Center $4,325,000 1 1 17 $412 $254,412

Kips Bay $99,750,000 1 1 130 $918 $767,308

Little Italy $8,500,000 1 1 28 $545 $303,571

Lower East Side $374,570,405 7 13 687 $704 $836,590

Midtown West $13,500,000 1 2 34 $743 $397,059

Murray Hill $130,375,000 2 2 201 $657 $548,593

SoHo $16,500,000 1 1 10 $774 $1,650,000

Turtle Bay $9,550,000 2 2 28 $723 $347,500

Upper East Side $360,726,000 12 17 380 $957 $712,225

Upper West Side $309,310,000 8 9 633 $803 $536,594

*Please note numbers above do not include projections



NYC Sub-Market Overview: Northern Manhattan | Oct 2013 - Mar 2014

Property Type Total Dollar Value Traded Total TransactionsTotal Buildings

TradedTotal Units Traded Average $ / SF Average $ / Unit


Mixed-Use Building $145,526,000 16 24 697 $250 $236,233

Portfolio $427,010,005 4 93 2,017 $215 $209,115

Walk-Up Building $79,745,000 16 19 409 $260 $193,993

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11 2 3 4 5


1 Feb-143351-3359 & 3420-

3428 Broadway$26,600,000 $246 $286,022 2 108,078 93

2 Jan-14453 & 465-467 West

152nd Street$9,250,000 $208 $177,885 2 44,425 52

3 Mar-14 540-542 West 157th Street $6,900,000 $219 $160,465 1 31,578 43

4 Jan-14 416 East 120th Street $4,000,000 $404 $333,333 1 9,900 12

5 Mar-14 1882 3rd Avenue $2,475,000 $381 $190,385 1 6,500 13Hig

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Central Harlem $379,447,259 10 96 1,797 $229 $206,240

East Harlem $59,400,000 8 9 145 $346 $348,937

Hamilton Heights $84,740,000 6 11 412 $248 $206,258

Inwood $74,000,000 5 8 650 $197 $146,789

Morningside Heights

$15,000,000 1 2 40 $410 $375,000

Sugar Hill $12,450,000 2 3 66 $249 $203,228

Washington Heights

$108,363,000 11 13 533 $205 $176,805

West Harlem $35,950,000 2 4 135 $256 $254,321




NYC Sub-Market Overview: Bronx | Oct 2013 - Mar 2014

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Mixed-Use Building $362,164,959 31 60 3,230 $119 $106,162

Portfolio $16,578,352 1 5 269 $80 $61,630

Walk-Up Building $149,429,558 40 57 1,718 $102 $86,113

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1 Feb-14Wasserman Realty Bronx

Multifamily Portfolio$91,450,000 $124 $123,748 12 737,217 739

2 Jan-14Pelham Parkway


3 Jan-14Pinnacle Group Bronx Multifamily Portfolio

$33,750,000 $111 $126,880 3 304,584 266

4 Jan-14 The Belmont-Venezia Portfolio $18,550,000 $107 $104,213 3 172,606 178

5 Jan-14 2985-2995 Botanical Square $17,050,000 $96 $88,342 2 178,200 193


Bathgate $12,300,286 2 5 155 $98 $81,281

Bedford Park $108,340,000 5 16 909 $96 $103,108

Belmont $87,430,725 9 18 818 $135 $124,790

Bronxdale $4,300,000 2 2 53 $98 $81,176

Castle Hill $2,040,000 1 1 27 $81 $75,556

Crotona Park $2,125,000 1 1 25 $128 $85,000

East Tremont $41,650,000 2 4 483 $98 $86,524

Fordham $70,004,000 8 15 660 $111 $98,455

Highbridge $43,288,352 7 11 545 $98 $92,521

Hunts Point $3,225,000 1 1 35 $95 $92,143

Jerome Park $17,050,000 1 2 193 $96 $88,342

Kingsbridge $21,900,000 2 2 140 $165 $141,716

Kingsbridge Heights $20,878,000 7 7 239 $99 $86,806

Melrose $26,440,334 6 9 320 $112 $82,062

Morris Park $52,500,000 1 4 305 $156 $172,131

Morrisania $41,060,000 6 8 447 $122 $90,920

Mott Haven $5,200,340 4 5 60 $102 $89,146

Mount Hope $58,975,538 10 10 520 $122 $111,001

Parkchester $2,500,000 1 1 30 $99 $83,333

Pelham Parkway $18,000,000 1 1 139 $108 $129,496

Soundview $19,428,332 3 11 208 $105 $92,235

Williamsbridge $15,000,000 3 3 168 $100 $88,932


1 2 3 4 5



NYC Sub-Market Overview: Bronx | Oct 2013 - Mar 2014 NYC Sub-Market Overview: Brooklyn | Oct 2013 - Mar 2014

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Elevatored Building $512,322,960 22 31 2,144 $269 $288,436


Portfolio $247,200,625 3 32 1,593 $344 $219,731

Walk-Up Building $272,893,527 69 95 1,924 $193 $154,255

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1Jan-14

Kensington Associates Brighton Beach Multifamily

Portfolio$70,600,000 $189 $176,942 4 374,532 399

2 Feb-14 25 Monroe Place $38,500,000 $634 $574,627 1 60,720 67

3 Feb-14 Brooklyn Law School Portfolio $36,500,000 $648 $331,818 2 56,342 110

4 Jan-14 596 Bushwick Avenue $4,000,000 $205 $181,818 1 19,460 22

5 Jan-14 315-329 Lincoln Place $12,800,000 $305 $256,000 4 41,920 50

6 Feb-14 991-993 President Street $9,000,000 $195 $142,857 2 46,112 63


Bath Beach $3,500,000 1 1 25 $193 $140,000

Bay Ridge $15,025,000 4 6 88 $224 $184,017

Bedford-Stuyvesant $42,250,000 7 7 163 $270 $217,317

Bensonhurst $6,780,000 3 3 47 $156 $144,503

Boerum Hill $3,725,000 1 3 10 $284 $372,500

Borough Park $2,700,000 1 1 32 $115 $84,375

Brighton Beach $73,775,000 2 5 420 $183 $164,066

Brooklyn (mixed portfolio) $217,373,125 3 33 1,523 $186 $177,521

Brooklyn Heights $78,900,000 3 4 187 $652 $432,148

Brownsville $6,537,500 2 3 66 $114 $95,564

Bushwick $9,400,000 3 5 54 $196 $173,106

Canarsie $2,200,000 1 1 21 $120 $104,762

Carroll Gardens $15,400,000 1 1 20 $506 $770,000

Clinton Hill $40,543,260 6 8 129 $307 $256,423

Crown Heights $87,450,000 17 24 631 $166 $136,497

Cypress Hills $1,125,000 1 1 15 $173 $75,000

Downtown $9,200,000 1 1 23 $418 $400,000

East Flatbush $21,530,000 4 4 182 $154 $120,178

Flatbush $133,830,000 16 22 1,026 $143 $119,752

Flatlands $1,800,000 1 1 16 $141 $112,500

Fort Hamilton $7,000,000 2 4 43 $194 $151,137

Gravesend $16,700,000 2 2 113 $162 $147,312

Greenpoint $72,000,000 1 1 130 $415 $553,846

Kensington $4,475,000 2 4 48 $90 $91,161

Midwood $18,283,000 4 7 104 $200 $267,382

Ocean Hill $4,740,000 3 3 52 $164 $90,764

Ocean Parkway $2,200,000 1 2 12 $297 $183,333

Park Slope $26,100,000 6 8 105 $335 $256,900

Prospect Heights $18,200,000 2 5 108 $209 $174,552

Prospect Lefferts Garden $17,925,000 3 7 119 $189 $170,467

Sheepshead Bay $70,985,750 2 3 302 $272 $272,308

Sunset Park $11,981,977 4 5 122 $171 $129,371

Williamsburg $55,200,000 4 5 119 $421 $409,143


11 2 3 4 5 6



NYC Sub-Market Overview: Queens | Oct 2013 - Mar 2014

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Property Type Total Dollar Value Traded Total Transactions Total Buildings TradedTotal Units

TradedAverage $ / SF Average $ / Unit

Elevatored Building $194,067,730 8 18 1,052 $234 $204,962


Portfolio $403,318,937 3 33 2,041 $254 $184,683

Walk-Up Building $44,268,297 14 19 344 $169 $126,465

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1 Mar-14Urban American Queens


2 Mar-1487-40,42 Elmhurst Ave

& 43-31 45th St & 41-96 Gleane St

$47,098,812 $194 $170,032 4 242,210 277

3 Mar-1446-15 & 49-15 Skillman

Avenue$37,771,174 $278 $192,710 2 136,028 196

4 Mar-14 88-15 168th Street $27,400,000 $212 $143,455 1 128,961 191


Astoria $129,296,000 9 11 376 $282 $260,190

Bayside $6,000,000 1 1 36 $219 $166,667

Briarwood $7,500,000 1 2 74 $244 $101,351

Douglaston $28,500,000 1 2 148 $249 $192,568

Elmhurst $77,678,812 5 9 366 $253 $219,237

Far Rockaway $65,727,730 4 13 610 $110 $93,694

Flushing $11,500,000 1 1 34 $400 $338,235

Flushing-North $1,450,000 1 1 12 $126 $120,833

Holliswood $12,731,863 1 1 95 $186 $134,020

Jackson Heights $11,828,297 2 3 67 $233 $177,674

Jamaica $34,460,000 3 3 249 $149 $122,035

Jamaica Hills $9,840,000 1 1 112 $169 $87,857

Richmond Hill $4,850,000 2 5 56 $101 $83,125

Ridgewood $1,280,000 1 2 12 $237 $106,667

Rockaway $4,966,000 1 1 15 $249 $331,067

St. Albans $2,300,000 1 3 24 $124 $95,833

Sunnyside $397,468,937 2 31 2,005 $258 $195,774

Woodhaven $1,950,000 1 1 16 $143 $121,875


1 2 3 4



About Ariel Property Advisors

Investment Sales Brokerage | NYCAriel Property Advisors is a New York City investment property sales firm founded by Shimon Shkury.

From multifamily portfolios to office buildings and vacant lots to warehouses, the Company has successfully

handled nearly every different kind of asset class and transaction size. Our success has led us to develop a

vast network of relationships with investors, developers, institutions, brokers and other market participants

throughout the region.

Our ApproachAriel Property Advisors is committed to providing unmatched value for our clients by combining top-notch,

relationship-driven investment sales professionals with cutting edge technology and research support.

For every deal size and asset type, we assign a team of professionals to ensure superior asset positioning,

broad marketing efforts, sophisticated negotiation tactics and a smooth closing. All clients benefit from the

close collaboration of senior and junior professionals.

Asset Evaluation

Utilizing the joint efforts of our investment sales and investment research teams, an Asset Evaluation will pro-

vide you with a thorough analysis of your investment property. Combining comprehensive financial analyses

with real time market data, our Asset Evaluation will help you both establish the current market value of the

asset and identify the primary value drivers affecting the price. Our team will not only review today’s pricing

environment but also explore every possible opportunity that could result in maximizing the asset’s value, be

it today or in the future. The best part – it’s free.

Exclusive Market ResearchOur investment research professionals strive to provide our sales staff, clients and industry leaders with the

latest market information. Our expertise in multifamily sales is supported by our New York City multifamily re-

search reports, which are produced and distributed monthly, quarterly, and annually. We also produce a variety

of comprehensive research reports that illustrate the latest in real estate and economic trends throughout

the boroughs.

For More Information Please call 212.544.9500 or visit arielpa.com

NYC Sub-Market Overview: Queens | Oct 2013 - Mar 2014



Sample Listing Activity By Ariel Property Advisors

As of April 2014 Join Our E-mail List: e-mail us at [email protected] or visit arielpa.com

Morrisania Associates PortfolioProperty Type: Elevatored Building; Walk-Up Building; Mixed Use Building; Vacant LotLocation In Morrisania

FOR SALE: $80,000,000

The Metropolitan PortfolioProperty Type: Six (6) Elevatored & Two (2) Walk-Up Buildings | 345,000 SF | 443 UnitsLocation In Queens & Long Island, NY

SOLD: $51,200,000

47-53 3rd AvenueProperty Type: Resi Condo PortionLocation In East Village

UNDER CONTRACT

Uptown 200Property Type: Walk-Up Building; Mixed Use BuildingLocation In Central Harlem

SOLD: $25,400,000

The Belmont-Venezia PortfolioProperty Type: Elevatored BuildingLocation In Belmont

SOLD: $18,550,000

1425 Amsterdam AvenueProperty Type: Elevatored BuildingLocation In West Harlem

SOLD: $17,000,000

220 West 116th & 449 West 125th StreetProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Central Harlem

UNDER CONTRACT

556-562 West 126th StreetProperty Type: Walk-Up BuildingLocation In Morningside Heights

SOLD: $15,000,000

Manhattan Avenue PortfolioProperty Type: Walk-Up Building; Mixed Use Building; PortfolioLocation In West Harlem

UNDER CONTRACT

61-63 West 108th StreetProperty Type: Walk-Up BuildingLocation In Manhattan Valley

UNDER CONTRACT

The West 135th Street PortfolioProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Central Harlem

UNDER CONTRACT



Sample Listing Activity By Ariel Property Advisors Sample Listing Activity By Ariel Property Advisors

As of April 2014Join Our E-mail List: e-mail us at [email protected] or visit arielpa.com

1340-1350 Stratford AvenueProperty Type: Elevatored BuildingLocation In Soundview

FOR SALE: $11,500,000

4720 BroadwayProperty Type: Elevatored Building; Mixed Use BuildingLocation In Washington Heights

SOLD: $11,360,000

453 & 465-467 West 152nd StreetProperty Type: Walk-Up BuildingLocation In Sugar Hill

SOLD: $9,250,000

500 Ft Washington AvenueProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Washington Heights

SOLD: $8,620,000

22-24 Mount Morris Park WestProperty Type: Elevatored BuildingLocation In Central Harlem

UNDER CONTRACT

143-48 41st AvenueProperty Type: Elevatored BuildingLocation In Flushing-North

SOLD: $8,110,000

163 West 80th StreetProperty Type: Walk-Up Building; Condo BuildingLocation In Upper West Side

SOLD: $7,650,000

1314 Seneca AvenueProperty Type: Elevatored Building; Mixed Use BuildingLocation In Hunts Point

SOLD: $6,900,000

540-542 West 157th StreetProperty Type: Elevatored BuildingLocation In Washington Heights

SOLD: $6,900,000

New Sierra PortfolioProperty Type: Walk-Up Building; Mixed Use Building; PortfolioLocation In Central Harlem

SOLD: $5,250,000

313 West 77th StreetProperty Type: Walk-Up BuildingLocation In Upper West Side

SOLD: $5,200,000

950 Columbus AvenueProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Upper West Side

SOLD: $5,100,000



Sample Listing Activity By Ariel Property Advisors

As of April 2014 Join Our E-mail List: e-mail us at [email protected] or visit arielpa.com

5 East 115th StreetProperty Type: Walk-Up Building; Mixed Use BuildingLocation In East Harlem

FOR SALE: $1,750,000

283 West 147 StreetProperty Type: Walk-Up BuildingLocation In Central Harlem

SOLD: $3,000,000

245 Lenox AvenueProperty Type: Mixed Use BuildingLocation In Central Harlem

SOLD: $2,925,000

1227 BroadwayProperty Type: Mixed Use BuildingLocation In Bushwick

FOR SALE: $2,800,000

2350 Adam C Powell BlvdProperty Type: Mixed Use BuildingLocation In Central Harlem

FOR SALE: $2,695,000

160 West 141st StreetProperty Type: Walk-Up BuildingLocation In Central Harlem

UNDER CONTRACT

380 Mcguinness BoulevardProperty Type: Mixed Use BuildingLocation In Greenpoint

FOR SALE: $2,050,000

137 West 111th StreetProperty Type: SROLocation In Central Harlem

UNDER CONTRACT

241 East 120 StreetProperty Type: Walk-Up BuildingLocation In East Harlem

FOR SALE: $2,000,000

868 Faile StreetProperty Type: Walk-Up BuildingLocation In Hunts Point

SOLD: $1,976,500

2245, 2259 & 2285 Adam Clayton Powell BoulevardProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Central Harlem

SOLD: $4,226,000

369-371 West 123rd StreetProperty Type: SROLocation In Morningside Heights

UNDER CONTRACT



Sample Listing Activity By Ariel Property Advisors Sample Listing Activity By Ariel Property Advisors

As of April 2014Join Our E-mail List: e-mail us at [email protected] or visit arielpa.com

508 West 149th StreetProperty Type: TownhouseLocation In Hamilton Heights

FOR SALE: $1,950,000

735 Saint Nicholas AvenueProperty Type: Mixed Use BuildingLocation In Hamilton Heights

FOR SALE: $1,895,000

2381 Belmont AvenueProperty Type: Elevatored Building; Mixed Use BuildingLocation In Belmont

FOR SALE: $1,800,000

315 West 112th StreetProperty Type: SROLocation In Morningside Heights

SOLD: $1,675,000

347 East 105th StreetProperty Type: Walk-Up BuildingLocation In East Harlem

SOLD: $1,675,000

156 Graham AvenueProperty Type: Mixed Use BuildingLocation In Williamsburg

SOLD: $1,615,000

2299 Adam C Powell BoulevardProperty Type: Walk-Up Building; Mixed Use BuildingLocation In Central Harlem

SOLD: $1,412,500

690 Monroe StreetProperty Type: Walk-Up BuildingLocation In Bedford-Stuyvesant

FOR SALE: Please inquire for details

17-17 Himrod StreetProperty Type: Walk-Up BuildingLocation In Ridgewood

FOR SALE: $1,300,000

2427 Hoffman StreetProperty Type: Walk-Up BuildingLocation In Belmont

FOR SALE: $1,250,000

53 West 127th StreetProperty Type: Walk-Up BuildingLocation In Central Harlem

SOLD: $1,140,000

647 Bryant AvenueProperty Type: Mixed Use BuildingLocation In Hunts Point

FOR SALE: $1,050,000

v5

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any informa-tion provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.

To visit our website please go to arielpa.com or scan the tag to the right with your smartphone K

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Know The ValueContact us to request aComplimentary Asset Evaluation

212.544.9500

MULTIFAMILY QUARTER IN REVIEw: NEw YORk CITY

by Ariel Property Advisors | Released April 2014

If you would like to use or quote this report on the web, we ask that you quote the source as “Multifamily Quarter In Review: New York City by Ariel Property Advisors” and link report from our website page (http://arielpa.com/research/reports/)

Investment Sales

Shimon Shkury ext. [email protected]

Marko Agbaba ext. [email protected]

Victor Sozio ext. [email protected]

Akil Rossi ext. [email protected]

Michael A. Tortorici ext. [email protected]

Joshua Berkowitz ext. 41

[email protected]

Randy Modell ext. [email protected]

Investment Research

Jonathan Berman ext. [email protected]

Ivan [email protected]

Scot Hirschfield ext. [email protected]

Aryeh [email protected]

Howard Raber ext. [email protected]

Daniel [email protected]

Mark Spinelli ext. [email protected]

David [email protected]

Daniel Tropp ext. [email protected]

Brett [email protected]

Jesse Deutch ext. [email protected]

Jason Pappas

[email protected]

Jason Gold ext. [email protected]

Sam Stuart

[email protected]

Daniel Wechsler ext. [email protected]

Dusan Panic

[email protected]

To learn more about current market conditions or if you would like a comprehensive Asset Evaluation for your property, please do not hesitate to contact us using the information below:

phone: 212.544.9500

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