AFFORDABLE NEW YORK: OPTION C

• One of the last opportunities to develop on Affordable New York eligible site which is expected to be superior to any future tax abatement program

• 35 year abatement duration

• 30% of units at 130% AMI, increasing the blended rent per square foot above other abatement options

LARGE SCALE DEVELOPMENT SITE IN AN OPPORTUNITY ZONE

• Provides tax incentives for investors to re-invest their unrealized capital gains into designated opportunity zones

• The Property falls within the Opportunity Zone “Census Tract 219” allowing developers to take advantage of these highly lucrative tax benefits

LIMITED SUPPLY & CONSTRUCTION TO A HIGH GROWTH SUBMARKET

• Proximity to Columbia University, CUNY Advanced Science Research Center, and City College of New York provide a permanent inflow of new residents and a stable population of employees

• Harlem lacks new developments with new units under construction representing less than 1% of the existing inventory

• Absence of a city-wide tax abatement will create another barrier for building rental product

PROXIMATE TO 17 ACRE MANHATTANVILLE DEVELOPMENT BY COLUMBIA UNIVERSITY

• $6.3 billion campus spans 17 acres and 6.8 million square feet

• New home for the Columbia Business School

• University’s largest expansion in over a century which will continue to drive economic development and growth in the neighborhood

• Includes publicly accessible green space, retail, restaurants, rock-climbing gym and cultural hubs