OVERVIEW

Value alternative to Midtown with repositioning upside

Address: 229-239 W 28th Street

Location: New York, NY

Square Footage: 153,913

Investment Profile: Value-Added

Purchase Date: May 2007

Sale Date: March 2014

Purchase Price: $48,600,000

Sale Price: $81,500,000

INVESTMENT THESIS

Well Located

Redevelopment Opportunity

Good Quality

Within 3 blocks of Penn Station and directly across from the Fashion Institute of Technology

Convert from loft to office to take advantage of burgeoning Penn Station and Chelsea sub-markets

Highly desirable 12,500 square foot floor plates, 11-foot ceilings and superior light and air compared to peer buildings

EXECUTION

REBRANDING

Changed use and target demographic from
printing to office tenancy

BEST-IN-CLASS BUILD-OUTS

Offered above market tenant improvement
packages relative to competition

BASE BUILDING UPGRADES

Targeted rent impactful capital expenditures
including upgraded lobbies, elevators, windows
and electrical distribution

RESULTS

Sold for $81.5 million (68% above purchase price)