October 2015 LONG ISLAND CITY MARKET SNAPSHOT

Transcription

1 Ocobr 2015 LONG ILAND CITY MARKET NAPHOT

2 ing h ag Th hisory of Nw York Ciy is on of growh and chang. From a small rading own on h ip of Manhaan, h Ciy has ransformd o mor han igh million popl, h largs populaion cnr in h U.. Nw York Ciy has vold from a cnr of rad ino a manufacuring hub and, hn, ino h financial capial of h world. Long Island Ciy is a mark wih approximaly 12 million squar f of offic spac on subway sop away from Midown Manhaan. Nw York Ciy was onc a dominan manufacuring cnr. In 1958, approximaly 1.2 million popl workd wihin h manufacuring indusry in h Mropolian ara. Today, hr ar only 75,000 manufacuring workrs in Nw York Ciy (and only 368,000 in h nir Mropolian ara). Th Nw York Mropolian ara producs approximaly $1.0 rillion in conomic oupu, according o Moody s Analyics largr han h nir conomy of Indonsia, and only slighly smallr han Mxico s $1.2 rillion. Insad, Nw York is a ciy of srvic producrs, crai aln and knowldg workrs. In Nw York Ciy, 19.0% of workrs ar ihr in h chnology, adrising, mdia, and informaion ( TAMI ) scor or h financial srvics indusry. In h rs of h U.., hs scors accoun for a lil lss han 10.0% of all jobs. As h conomy has vold, so oo has h commrcial ral sa mark. Buildings originally dsignd for indusrial us ar bing rpurposd, as aras ha onc focusd on manufacuring and warhous sorag ha bcom h las dsinaions for companis sking a mor cuing-dg or uniqu offic nvironmn. Ths aras nd o b on h dgs of Manhaan, on h far Ws id, for xampl, or in h boroughs of Brooklyn and Quns. Wihin a subway sop of h Midown Manhaan sands Long Island Ciy, which was vold ino an influnial and vibran mark of is own. Long Island Ciy has bcom an aci and halhy mark of approximaly 12 million squar f. In addiion o drawing a srong offic workr bas, Long Island Ciy has bcom a hobd of aciviy wih rsidnial and hol consrucion bringing many nw rsidns and visiors o h ara. In rspons o h surg in his mark of inrs, Cushman & Wakfild is iniiaing is corag of h Long Island Ciy offic mark and will provid rgular quarrly updas racking h mark as i coninus o grow and chang.

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4 4 A Cushman & Wakfild Rsarch Publicaion Noabl Facs: Courhous quar Buil in 1989 and sanding 658 f all, Ciigroup Building is h alls building in Long Island Ciy and in any of h Nw York Ciy boroughs ousid of Manhaan. I is h mos prominn and widly rcognizd srucur in h ara. Largs Cooki Facory in h Unid as Dspi coninuing conrsions, manufacuring companis rmain in Long Island Ciy. Wonon Food s cooki facory mploys or 100 popl and producs mor han four million forun cookis pr day. JBlu s Hadquarrs Rloca o LIC In 2012, JBlu Airways mod is hadquarrs from Fors Hills o h Brwsr Building in Long Island Ciy. Th airlin opras is largs hub a John F. Knndy Inrnaional Airpor, jus 11.5 mils away.

5 Long Island Ciy Mark Rpor Q Abou Long Island Ciy purrd by a zoning rdlopmn in 2001, Long Island Ciy has vold from a manufacuring disric ino a hriving mixd-us 24/7 communiy ha coninus o grow. rong rsidnial dlopmn has conribud o h aracion and rnion of crai nans, whil a growing numbr of insiuional-qualiy ownrs coninu o impro many ass yps. Offring a wid rang of culural aracions and amniis and a lowr cos alrnai for boh rsidnial and commrcial nans o Manhaan, Long Island Ciy is poisd o bcom Nw York Ciy s nx gra hospo. Long Island Ciy was crad in 1870 from h mrgr of h Villag of Asoria and h hamls of Ranswood, Hunrs Poin, Blissvill, unnysid, Duch Kills, inway, Bowry Bay, and Middlon in Nwown Township. I was a spara ciy unil 1898, whn i bcam par of Nw York Ciy. Wih h ara s xpansi viws of Manhaan and connin accss o mass ransi, Long Island Ciy has rcnly aracd ownrs and dloprs o consruc rsidnial buildings, along wih rsaurans, bars, and parks. rsidnial growh. Th 2001 rzoning allowd for dnsr dlopmn in h Cour quar and Quns Plaza ara, rsuling in h offic and rail boom and a rsidnial rnaissanc ha is ransforming h nighborhood. Onc an afrhough, h old indusrial nighborhood of Long Island Ciy is currnly primd o b Nw York s nws rsidnial, indusrial and ar dsinaion, as vidn by h many facoris, bakris and ohr indusrial buildings in h ara ha ha bn rposiiond or conrd for nw uss. Th classic Ppsi-Cola ign along h warfron rcalls h ara s indusrial pas, which is aracing crai indusris o h ara. Th 5 Poinz/Cran r udios, a sr ar complx, is on such xampl, hough i was rcnly facing dmoliion o mak way for rsidnial consrucion. A hub of h ciy s film and lvision indusry, Long Island Ciy is also h hom of ilrcup udios in h ilrcup Bakry building along h Eas Rir, kping h ara busling wih film crws for onlocaion shoos. An araci dsinaion for h rndsing ar communiy, h formr winglin aplrs plan was h mporary hadquarrs of h Musum of Modrn Ar ( MoMA ) from Jun 2002 o pmbr (MoMA P1 rmains on of Long Island Ciy s mos popular dsinaions.) In addiion, aris Isamu Noguchi conrd a phoo-ngraving plan ino a workshop; h si is now a musum ddicad o his work. Whil h hol indusry is booming, wih 20 hols opning sinc 2008 and anohr 26 on h way, h commrcial scor is lagging bhind boh hol and

6 6 A Cushman & Wakfild Rsarch Publicaion Mark Orviw Long Island Ciy consiss of hr major marks: h Facory Disric, Cour quar, and Quns Plaza Norh. Thr ar currnly mor han 70 offic propris oaling narly 12 million squar f wihin his ara. Approximaly 25.0% of hs propris ha bn rnovad sinc 2000, which has rducd h arag building ag from 68 o 49 yars. INVENTORY (F) # OF BUILDING VACANCY RATE AKING RENT (PF) AVERAGE AGE (YEAR) QUEEN PLAZA NORTH 3,051, % $ COURT QUARE 4,447, % $ FACTORY DITRICT 4,052, % $ LONG ILAND CITY OVERALL 11,551, % $ Long Island Ciy aisics by ubmark $ % 14% $37 $37.32 PF 12% PRICE PER QUARE FOOT $36 $35 $34 $33 7.9% $34.55 PF 8.4% $33.58 PF $34.43 PF 10% 8% 6% 4% VACANCY RATE $32 2.8% 2% $31 Long Island Ciy Orall Quns Plaza Norh Cour quar Facory Disric 0%

7 Broadway Long Island Ciy Mark Rpor Q h 21s 36h Vrnon Blvd 31s 33rd Koch Qunsboro Bridg QUEEN PLAZA NORTH Norhrn Blvd COURT QUARE 66 Vrnon Blvd killman 49h FACTORY DITRICT 39h Grnpoin

8 8 A Cushman & Wakfild Rsarch Publicaion Tnan Mix & ignifican Lasing Transacions Gornmn/ocial rvics and Educaion has bcom h largs offic lasing scor in Long Island Ciy, accouning for mor han 40.0% of lass signd in h ara sinc Th largs ransacion in his scor was h Dparmn of Dsign and Consrucion s rnwal and xpansion o mor han 200,000 squar f a Thomson r in Th propry, also known as Quns Arium, was conrd sral yars ago from an indusrial building o an offic and showroom faciliy. Long Island Ciy is paricipaing in TAMI growh and ciy programs in ordr o arac nrprnurial and sar-up companis o h ara. In 2015, on of h largs ransacions signd in Long Island Ciy was Macy s 150,000-squar-foo las a Th Facory Building a h nu. Macy s will rloca is phoo sudio and s opraions from is Fulon r locaion in Downown Brooklyn o his mor conmporary faciliy. Coworking spac providr Rgus, which has sral sis in Manhaan, announcd i will opn is firs Quns locaion a h Falchi Building a h nu. Th 34,000-squarfoo spac will hous Rgus s nw PACE concp. Long Island Ciy Tnan Indusry Brakdown Aug Aug 2015 Rail 1.7% Wholsal 1.8% Enrainmn 1.9% Transporaion 1.3% Ohr 4.6% Rail 1.7% Wholsal 3.1% Enrainmn 4.4% Transporaion 1.5% Ohr 3.1% Manufacuring 5.2% Gov/oc/Ed 33.1% Manufacuring 4.5% Gov/oc/Ed 40.3% Apparl / Txil 11.3% By Prcnag of F Lasd Apparl / Txil 8.2% By Prcnag of F Occupid Ral Esa 13.1% Ral Esa 12.3% TAMI 25.9% TAMI 20.8%

9 E9 E8 8 0 Po Co Noabl Las Transacions E Prsn QUARTER LEAED E8 E8 TENANT NAME 2 6 YO R K V I L L E 4 ADDRE LEAED F TENANT BUINE TYPE MARKET NAME 1Q14 Dparmn of Dsign & Consrucion E Thomson nu 200,333 Gov'/oc. vcs/educaion Facory Disric 3Q15 Macy's (Phoo udio pac) h nu 149,848 TAMI Facory Disric E7 8 Hall's Co 3Q14 OATH TLC (Ciy of NY Offic of Trials/Taxi Commission) h nu 72,577 Gov'/oc. vcs/educaion Facory Disric 2Q14 Anhony LawrncE 7-6 Blfair Inc h nu 60,000 Apparl/Txil Facory Disric 3Q15 WWork h r 51,656 Ral Esa Facory Disric E7 4 2Q15 L E N OX HILL Nw York Unirsiy h Dri 50,500 Gov'/oc. vcs/educaion Cour quar 1Q15 Rgus E h nu 34,211 Ral Esa Facory Disric 1Q15 Transl Elvaor h nu 22,725 Manufacuring Facory Disric 3Q15 Joffry Ball Ausll Plac 15,500 Enrainmn Facory Disric Rail Facory Disric Mmbrship Organizaion Quns Plaza Norh Banks Facory Disric h nu 10, h nu 5,944 EL 36 h 14 O 11 EV h nu (Th Facory) RO 34 4,564 Ral Esa Facory Disric Facory Disric 3,567 Rsarch Tsing Facory Disric Bri 33 rd 24 dg LONG IL AND CIT Y oro 27 sb vd Bl on n 37 u ay Transporaion rn V hq h dw 4,542 Noabl Las Transacions by iz and Locaion Ed Prsn Ko c oa Applid Rsarch & Consuling h nu 2Q h nu T Tri-a Car and Drir, LLC R AV E N W O O D s EFM Lasing LLC 3Q14 12, uffolk Couny Naional Bank Br s ND Nw York Taxi Allianc Norhrn Blvd c n 44 A s d Cr 44 R U N N YIDE GARDEN 45 A Qun s Blvd Ga l D hk uc ills Hu n rs P Gr A oin np 39 Pl U N N YIDE Pl 39h Van Dam Pl 31 49h A A R d an A killm d 21s 46 R 47 A v HUNTER POINT 11h on B lvd 6 Vrn E6 d 30 Pl 45 R 46 A h nu (Th Facory) LA 4Q Gwynni B I E6 4Q14 E6 E6 2Q15 1Q E7

10 10 A Cushman & Wakfild Rsarch Publicaion Rcn Conrsions Th Falchi Building h nu In 2012, Jamsown Propris purchasd Th Falchi Building, a 658,029-squar-foo facory. In 2013, Jamsown Propris conrd h propry formrly a sorag and disribuion cnr for Gimbls dparmn sors ino a crai mixd-us offic and rail cnr. Th building, which now includs a ground-floor ary wih high-qualiy arisanal food ndors similar o Chlsa Mark, is nar full occupancy. Th Facory Building h nu Th Facory Building was buil in 1926, and is currnly undrgoing a 1 million-squar-foo rnovaion, which is nar complion. Th building will conain larg, flxibl full-floor plas. I was originally usd by Macy s as a furniur warhous. andard Moors Building Norhrn Boulvard Buil in 1919, Th andard Moor Producs Building originally housd h Karpn Furniur Facory. In 2014, RXR Raly purchasd h propry for $110 million. Th building was rcnly conrd o a muli-nand commrcial offic and showroom building. In addiion o andard Moor Producs, which mainains is bas of opraions hr, currn nans includ Th Jim Hnson Company, ociy Awards, and a commrcial roofop farm run by Brooklyn Grang.

11 Long Island Ciy Mark Rpor Q Rail Growing Populaion Th burgoning dlopmn in Long Island Ciy has fuld a nd for nw sors and aris, rsuling in h conrsion of formr facory spacs ino crai mixd-us rail cnrs (for xampl, Th Falchi Building). Th Booming Cour quar Rsidnial Mark As h majoriy of nw dlopmn is in h Cour quar submark, hr ar concrns abou h lack of grocry sors o suppor housands of aparmns in h ara. To m his dmand, Rockros Dlopmn has buil a 15,000-squar-foo grocry sor a Crscn r along wih 2,500 nw housing unis in h span of hr o fi yars. Rockros Dlopmn is currnly planning sral addiional rail projcs in h ara as wll. ailabiliis On of h largs rail availabiliis is a a 150,000-squar-foo big-box, hr-ll vacancy spac a Norhrn Boulvard, known as h Appl Building. Th spac, a h bas of a 200,000-squarfoo offic building, is currnly on h mark. Norhrn Boulvard is hom o many singl-nan slf-sorag propris. Two sorag faciliis rcnly compld ar Cubmar and Th orag Fox. Boh ar locad on Norhrn Boulvard and offr ground-floor rail spacs wih sorag unis abo. Rail Tnancy Exising railrs in Long Island Ciy includ Juic Prss, Doughnu Plan, Amy s Brad, Bs Buy, op & hop, Marshalls, Cosco, Forr 21, David s Bridal, Applb s, Th Yoga Room, Babis R Us, Pary Ciy, Con-way, and many mor. Long Island Ciy Nw Rail Tnans Noabl Las Transacions TENANT NAME ADDRE LEAED F YEAR Big Ciy Auomoi h nu 27, David s Bridal h r 20, Pary Ciy Norhrn Boulvard 20, Juic Prss h nu 13, Larning Exprinc Thomson nu 15, Babis of Amrica Daycar Vrnon Boulvard 2, oll Pis h nu 2, ourc: Coar

12 12 A Cushman & Wakfild Rsarch Publicaion Rcn Dlopmns In 2001, Nw York Ciy rzond 37 blocks in cnral Long Island Ciy in ordr o facilia offic, rail, and rsidnial dlopmn of is many undrdlopd propris. Th goal was o cra a dirs 24/7 mixd-us communiy, and o opimiz Long Island Ciy s proximiy o Manhaan and connin accss o mass ransi. inc ha im, Long Island Ciy has rapidly vold ino a popular muli-us mark. Mor han 8,000 rsidnial dlopmn projcs ha bn compld sinc 2006 and 20 nw hols ha opnd sinc 2008.* Top rsidnial projcs currnly undr consrucion includ Tishman pyr s wo-block, hr-owr mulifamily/rail complx boundd by Jackson nu, Orchard r, unnysid Yards, and Quns Boulvard; G&M Raly s 1.2 million-squarfoo luxury rnal building locad a Jackson nu, o b known as 5Poinz Aparmns; and Rockros s 50-sory luxury rnal building locad a Hunr r. Nw hol dlopmns of no includ JMK Raly s proposd 13-sory Dram Hol a h Road; a 22-sory Alof Hol undr consrucion a Jackson nu; and G Holding s soon-o-b-compld 31-sory Marrio Hol a Quns Plaza Norh. ral high-nd offic conrsions ar also undrway, including conring h formr zippr facory a Ausll Plac ino an offic and rail building; Tim Equiis proposd offic conrsion a Ausll Plac; and h rdlopmn of h hr-sory Bg Bindry warhous a h nu. Manwhil, rumors indica ha h ownrs of h rcnly landmarkd Long Island Ciy Clock Towr in Quns Plaza Norh ar considring rnovaing h building s inrior o accommoda offic nans. *aisic providd by licparnrship.org Massi Nw Dlopmn: Uovo Ar orag Faciliy Quns Plaza Norh, Long Island Ciy A 280,000-squar-foo flagship locaion, buil from h ground-up in 2015 is currnly Nw York Ciy s only faciliy for h sol purpos of soring and caring for ar.

13 Dlopmn als Long Island Ciy s rapidly changing landscap has bn drin by h land sals mark. inc 2009, 186 dlopmn sis ha sold for an aggrga valu of $3.4 billion rprsning narly 8.7 million buildabl squar f. In 2013 and 2014, 99 sis radd for narly $670 million. In 2015, Long Island Ciy is on pac o s $330 million in dlopmn sals, rprsning half of h aggrga sals considraion for h niry of Quns. As dlopabl land has bcom mor dsirabl, h arag pric pr buildabl foo has risn from jus $74 in 2009 o an all-im high of $189 hrough h scond quarr of his yar. In 2015, Long Island Ciy land has sold for an 8.0% prmium compard o h rs of Quns. als Aciviy Q DATE OLD ADDRE PROPERTY TYPE ALE PRICE PRICE PF BUYER Aug-14 andard Moors Building Offic Building $110M $333 RXR Raly Oc Broadway Elvaor Aparmn $88.5M $ Broadway Asoria LLC Jun-14 Ws. Porfolio (Jackson nu) Dlopmn i $77.5M $126* Tishman pyr Jun Broadway; s r Elvaor Aparmn $72.5M $533 E&M Associas Mar Norhrn Boulvard Offic Building $71M $162 Vornado Raly Trus Oc h Dri Dlopmn i $57M $120* Th Cririon Group * Dnos Pric Pr Buildabl quar Foo Long Island Ciy rag Pric Pr Buildabl quar Foo $200 $ $ $150 $ $100 $74.00 $80.00 $93.00 $50 $

14 A Cushman & Wakfild Rsarch Publicaion Hol Dlopmns ADDRE h Road Dram Hol Quns Plaza Norh Marrio Jackson nu Alof Hol FUTURE BUILDING F # ROOM OWNER/ DEVELOPER ARCHITECT ETIMATED DELIVERY DATE TATU COMMENT 84, JMK Raly phn B. Jacobs TBD Proposd 79, h nu 50, rd nu Hya Hol 8-08 Quns Plaza ouh (Th Esa a Ral) h r 43, G. Holdings Corporaion Gary Edward Handl , Nissim likar Gn Kaufman 2016 Janna Hospialiy Group Consrucion Consrucion hining Tam Archic TBD Proposd 49, Prakash Pal Michal Kang , Upndra Pal Grnwich. Equiis Bn Kron Gradin Archicur Rsidnial Dlopmns / Conrsions ADDRE Jackson nu/ Jackson nu/ Quns Boulvard Jackson nu 5Poinz Aparmns FUTURE BUILDING F # UNIT OWNER/DEVELOPER ARCHITECT TATU 518, , ,000 1,789 Tishman pyr jv H&R Ral Esa Insmn Trus 1,200,000 1,116 G&M Raly Hunr r 921, nu (Nx o Clock Towr) Quns r Eagl Lofs h r 28 on 28h Norhrn Boulvard QE7 830, , , , Rockros Dlopmn Corp. Propry Marks Group Rockros Dlopmn Corp. Hahrwood Communiis imon Baron Dlopmn Goldsin Hill & W. Thomas O Hara s HTO Archic LCE Archics TBD Consrucion Consrucion Consrucion Consrucion Consrucion Proposd ETIMATED DELIVERY DATE Q17 4Q17 LCE Archics Proposd 2019 LCE Archics Goldsin Hill & Ws BJ Group Vrnon Boulvard 298, Alma Raly Corp Panagis Gorgopoulos nd Road aka Quns Plaza ouh 347, Propry Marks Group LCE Archics Consrucion Consrucion Consrucion Consrucion Consrucion 4Q16 3Q Plans for a 13-sory hol; facory ha was on h si has bn dmolishd. Plans call for a 31-sory hol. Plans call for an 18-sory hol. Will includ a gym, a loung in h cllar, confrnc rooms, parking spos and a brakfas room in h subcllar. Nw prmis for a hol, was originally slad o b rsidnial. Building a scond 10-sory owr o b conncd o h xising Ral Hol. Will includ a roof rrac, a rsauran, parking lo, confrnc rooms and gym in h cllar. COMMENT Plans for a complx, which aks up wo blocks bound by Jackson nu, Orchard r, unnysid Yards, and Quns Boulvard. Projc includs 53-, 44-, and 33-sory owrs wih a oal of 15,500 sf of rail. Plannd 48- and 41-sory, 1.2M sf rsidnial rnal dlopmn wih rail in h bas. Plans call for a 50-sory rsidnial building wih 18,000 sf of rail. Th projc will includ a hos of amniis, including baskball cours, a billiard room, and a yoga sudio. Propry Marks Group has fild applicaions for a 77-sory rsidnial building. Plans call for a 54-sory rsidnial building wih som rail spac. Facory conrsion. Plans call for a 58-sory buildings wih a nclosd parking spacs and som rail spac. Will b h alls rsidnial building in LIC. Plans call for a 44-sory rnal building wih 13,580 sf of rail on h firs and scond floors Plans call for 17-sory, wo-owr dlopmn Plans for a 44-sory rnal owr wih 30,650 sf of offic spac on h hird floor Offic Dlopmn is / Conrsions ADDRE Quns Plaza Norh- LIC Clock Towr Ausll Plac Zippr Building FUTURE BUILDING F OWNER/DEVELOPER ARCHITECT TATU 51,870 Propry Marks Group jv Hakin Organizaion 60,670 Vanbaron Group LLC Ausll Plac 120,000 Tim Equiis h nu Th Bindry nd Road aka Quns Plaza ouh 145,038 Brickman Group jv Danil Lob 30,650 Propry Marks Group ETIMATED DELIVERY DATE - Proposd Rnovaion TBD Fogary Fingr LCE Archics Offic Conrsion/ Consrucion Offic Conrsion/ Proposd Rdlopmn 4Q15 TBD TBD Consrucion h nu 33,000 Hakimian - Consrucion 1Q17 COMMENT Currnly vacan 10-sory building. Ownr plans o rnova h building o accommoda offic spac, and possibly rail. Building was rcnly landmarkd. Plans o conr h building ino rail and offic; h nir building will b dlird vacan for nw usrs. Currnly an indusrial warhous lof building and whn sold, plans call for a conrsion o offic spac. Planning o mpy ou h marjoriy of nan s and conr h hr-sory warhous building ino offic. High ris mixd-us building, mosly rsidnial bu hr will b 30,650 sf of offic spac on h hird floor. Currnly a warhous which is bing conrd o commrcial spac wih h addiion of four nw floors of rsidnial Hunr's Poin nu 17,800 Faviana Inrnaional Inc - Proposd TBD Will b ownr occupid; o b conrd o offic/indusrial.

15 E7 15 Br oa ND 34 h bo ro Bri 24 dg 3 ns s h Qu 9 Bl vd 4 V rn on ch ay 21 s T EL EV O Ko dw I LA R AV E N W O O D RO Ed 15 Long Island Ciy Mark Rpor Q LONG IL AND CIT Y n c 13 s d 2 Cr Qun 23 Ga l c hk ills Hu n rs P Pl U N N YIDE 38 m s Blvd Van Da Pl h A A man kill R d A v 21s d 6 46 R 10 HUNTER POINT 11h lvd 46 A on B E6 d R A Pl 44 R Norhrn Blvd 44 A 1 Vrn 68

16 16 A Cushman & Wakfild Rsarch Publicaion Mark aisics Class A INVENTORY # OF BUILT BUILDING OVERALL VACANCY RATE DIRECT VACANCY RATE UBLET OVERALL RENT VACANCY RATE (PF) DIRECT RENT (PF) UBLET RENT (PF) OVERALL AVAILABLE PACE (F) DIRECT AVAILABLE PACE (F) UBLET AVAILABLE PACE (F) YTD LEAING ACTIVITY (F) OVERALL QUARTERLY ABORPTION (F) 1Q14 2,902, % 0.0% 0.0% $0.00 $0.00 $ ,721 2Q14 3,102, % 5.0% 0.0% $32.50 $32.50 $ , , ,895 3Q14 4,263, % 4.6% 0.0% $31.80 $31.80 $ , , ,029-3,194 4Q14 3,112, % 4.1% 0.0% $31.64 $31.64 $ , , ,537 18,351 1Q15 3,112, % 3.1% 0.5% $31.39 $30.23 $ ,136 95,496 16,640 37, Q15 4,101, % 3.8% 3.3% $ $ , , ,373 42, ,169 Class B 1Q14 2,907, % 5.4% 0.0% $32.10 $32.10 $ , , ,600 12,895 2Q14 2,591, % 0.0% 0.0% $0.00 $0.00 $ ,000 5,000 3Q14 4,112, % 1.0% 0.0% $24.40 $24.40 $ ,450 42, ,600-49,115 4Q14 4,285, % 1.5% 0.0% $26.29 $26.29 $ ,615 64, ,600-15,500 1Q15 4,285, % 1.4% 0.0% $26.35 $26.35 $ ,850 60, ,965 2Q15 5,200, % 3.3% 0.0% $32.11 $32.11 $ , , , ,201 Class C 1Q14 1,804, % 1.7% 0.0% $27.21 $27.21 $ ,400 30, ,000 2Q14 1,804, % 1.7% 0.0% $27.21 $27.21 $ ,400 30, Q14 1,804, % 26.6% 0.0% $34.30 $34.30 $ , , ,235 4Q14 2,781, % 18.6% 0.0% $33.71 $33.71 $ , , Q15 2,781, % 18.4% 0.0% $34.65 $34.65 $ , , ,725-33,049 2Q15 2,844, % 6.5% 0.0% $34.96 $34.96 $ , , , ,651 Orall 1Q14 7,613, % 2.5% 0.0% $31.31 $31.31 $ , ,834-4,600 27,879 2Q14 7,498, % 2.5% 0.0% $31.64 $31.64 $ , ,155-5,000 17,895 3Q14 7,720, % 9.3% 0.0% $34.72 $34.72 $ , ,651-82, ,544 4Q14 10,179, % 7.0% 0.0% $32.41 $32.41 $ , , ,137 2,851 1Q15 10,179, % 6.6% 0.2% $33.20 $33.06 $ , ,130 16,640 60,211-7,468 2Q15 12,146, % 8.1% 1.1% $35.00 $34.63 $ ,119, , , , ,021

17 Long Island Ciy Mark Rpor Q hapways Offic Inrior 17

18 For mor informaion abou Cushman & Wakfild Rsarch: Knnh McCarhy nior Managing Dircor, Rgional Rsarch Dircor Cushman & Wakfild is a global ladr in commrcial ral sa srvics, hlping clins ransform h way popl work, shop, and li. Th firm s 43,000 mploys in mor han 60 counris provid dp local and global insighs ha cra significan valu for occupirs and insors around h world. Cushman & Wakfild is among h largs commrcial ral sa srvics firms in h world wih rnus of $5 billion across cor srvics of agncy lasing, ass srvics, capial marks, faciliis srvics (brandd C&W rvics), global occupir srvics, insmn managmn (brandd DTZ Insors), nan rprsnaion and valuaions & advisory. To larn mor, visi or on Twir Cushman & Wakfild, Inc. All righs rsrd.