Exhibit 99.59

Calculation of Illustrative Exchange Values Using the Discounted Cash Flow Method to

Allocate Residual Value

The following is a calculation of illustrative exchange values using the discounted cash flow method to allocate residual value based on the projections that were used to calculate the preliminary exchange values shown in this prospectus/consent solicitation (except that the projections used for purposes of this calculation are for a longer time period).

The valuations based on the discounted cash flow method, as set forth below, were calculated by the independent valuer based on information provided by the management of the supervisor. The supervisor requested the independent valuer in June 2012 to calculate the exchange values using the discounted cash flow methodology on this basis solely for illustrative purposes to show participants the effect of the different methods.

The tables that follow also include a summary of projections that were utilized by the independent valuer in calculating the exchange values using the discounted cash flow method described above. The projections were prepared solely for the purpose of determining the relative values among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs or the private entities. The projections should not be relied upon in determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties may be materially different from these projections because of changes in market conditions and many other factors.

Neither the subject LLCs nor the supervisor as a matter of course make public projections as to future performance, earnings or other results beyond the current fiscal year, and the supervisor is especially reluctant to disclose projections for extended periods due to the unpredictability of the underlying assumptions and estimates. The projections with respect to the properties were presented by the independent valuer based on the information provided by management of the supervisor and analysis performed by the independent valuer and reviewed and approved by management of the supervisor.

These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this prospectus/consent solicitation are cautioned not to place undue reliance on the prospective financial information. Neither the company’s independent registered public accounting firm nor any other independent accountants have examined, compiled or otherwise applied procedures to the projections presented herein or express an opinion or any other form of assurance on them. The summary of the projection is being included in this prospectus/consent solicitation solely because the projections were used by the independent valuer in calculating the illustrative exchange values using the discounted cash flow method to allocate residual value.

The projections were based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under “Risk Factors” and “Forward-Looking Statements.” The projections also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the projections. Accordingly, there can be no assurance that the projections will be realized.

Certain of the prospective financial information set forth herein may be considered non-U.S. GAAP financial measures. The independent valuer believed this information could be useful in valuing the properties. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-U.S. GAAP financial measures may not be comparable to similarly titled amounts used by other companies.

The inclusion of the summary of the projections in this prospectus/consent solicitation should not be regarded as an indication that any of the company, the subject LLCs or the supervisor or their respective affiliates, advisors or representatives considered the projections to be predictive of actual future events, and the projections should not be relied upon as such. None of the company, the subject LLCs or the supervisor or their respective affiliates, advisors, officers, directors, partners or representatives can give you any assurance that actual results will not differ from the projections, and none of them undertakes any obligation to update or otherwise revise or reconcile the projections to reflect circumstances existing after the date the projections were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the projections are shown to be in error. None of the company, the supervisor and the subject LLCs intend to make publicly available any update or other revision to the projections. None of the company, the supervisor and the subject LLCs or their respective affiliates, advisors, officers, directors, partners or representatives has made or makes any representation to any participant or other person regarding the company’s or the subject LLCs ultimate performance compared to the information contained in the projections or that forecasted results will be achieved. None of the subject LLCs, the private entities, the management companies or any of their affiliates has made any representation to the company concerning the projections.

	Appraised Property Value		Debt Obligations			Cash for Improvements		Present Value of Supervisory Fees			Unpaid Cash Overrides			Total Exchange Value		Per $ 1000 Original Investment, etc			Check		Check
Empire State Building
Empire State Building Associates L.L.C.
JV		1,306,500,000		(124,750,000	)		7,000,000		(5,137,451	)		—			1,183,612,549		32,380	after VC		1,183,612,549		—
DCF		1,458,000,000		(189,000,000	)		7,000,000		(5,137,451	)		—			1,270,862,549		34,760	after VC		1,270,862,549		—
Empire State Building Company L.L.C.
JV		1,223,500,000		(64,250,000	)		7,000,000		(4,113,518	)		—			1,162,136,482					1,162,136,482		—
DCF		1,072,000,000		—			7,000,000		(4,113,518	)		—			1,074,886,482					1,074,886,482		—
One Grand Central Place
60 East 42nd Street Associates L.L.C.
JV		359,500,000		(45,155,119	)		—		(1,275,348	)		—			313,069,533		40,266			313,069,533		—
DCF		392,000,000		(90,310,237	)		—		(1,275,348	)		—			300,414,415		38,639			300,414,415		—
Lincoln Building Associates L.L.C.
JV		344,500,000		(45,155,119	)		—		(2,739,564	)		(618,000	)		295,987,317					295,987,317		—
DCF		312,000,000		—			—		(2,739,564	)		(618,000	)		308,642,436					308,642,436		—
250 West 57th St.
250 West 57th St. Associates L.L.C.
JV		186,000,000		(22,212,606	)		—		(722,787	)					163,064,607		40,966	after VC		163,064,607		—
DCF		197,000,000		(44,425,212	)		—		(722,787	)					151,852,001		38,163	after VC		151,852,001		—
Fisk Building Associates L.L.C.
JV		175,000,000		(22,212,606	)		—		(729,597	)		(909,000	)		151,148,797					151,148,797		—
DCF		164,000,000		—			—		(729,597	)		(909,000	)		162,361,403					162,361,403		—
CHECK:
Empire State Building
JV		2,530,000,000		(189,000,000	)		14,000,000		(9,250,970	)		—			2,345,749,030
DCF		2,530,000,000		(189,000,000	)		14,000,000		(9,250,970	)		—			2,345,749,030
One Grand Central Place
JV		704,000,000		(90,310,237	)		—		(4,014,913	)		(618,000	)		609,056,850
DCF		704,000,000		(90,310,237	)		—		(4,014,913	)		(618,000	)		609,056,850
250 West 57th St.
JV		361,000,000		(44,425,212	)		—		(1,452,383	)		(909,000	)		314,213,405
DCF		361,000,000		(44,425,212	)		—		(1,452,383	)		(909,000	)		314,213,405

DCF	Appraised value of property interest		Debt Obligation			Cash for improvements		PV of Supervisory Fees			Unpaid Cash Overrides			Net Value
Empire State Land Associates L.L.C. (Fee Owner)		1,458,000,000		(189,000,000	)		7,000,000		(5,137,451	)		—			1,270,862,549
Empire State Building Company L.L.C. (Operating Lessee)		1,072,000,000					7,000,000		(4,113,518	)					1,074,886,482
60 East 42nd St. Associates L.L.C. (Fee Owner)		392,000,000		(90,310,237	)				(1,275,348	)					300,414,415
Lincoln Building Associates L.L.C. (Operating Lessee)		312,000,000							(2,739,564	)		(618,000	)		308,642,436
250 West 57th St. Associates L.L.C. (Fee Owner)		197,000,000		(44,425,212	)				(722,787	)					151,852,001
Fisk Building Associates L.L.C. (Operating Lessee)		164,000,000							(729,597	)		(909,000	)		162,361,403
JV														Net Value
Empire State Land Associates L.L.C. (Fee Owner)															1,183,612,549
Empire State Building Company L.L.C. (Operating Lessee)															1,162,136,482
60 East 42nd St. Associates L.L.C. (Fee Owner)															313,069,533
Lincoln Building Associates L.L.C. (Operating Lessee)															295,987,317
250 West 57th St. Associates L.L.C. (Fee Owner)															163,064,607
Fisk Building Associates L.L.C. (Operating Lessee)															151,148,797

DCF	% of Net Value			Per $1000		% change per $1000			% change NV			check
Empire State Land Associates L.L.C. (Fee Owner)		54.18	%		35,764		8.10	%		7.37	%		1,270,862,549
Empire State Building Company L.L.C. (Operating Lessee)		45.82	%							-7.51	%		1,074,886,482
60 East 42nd St. Associates L.L.C. (Fee Owner)		49.32	%		36,683		-5.87	%		-4.04	%		300,414,415
Lincoln Building Associates L.L.C. (Operating Lessee)		50.68	%							4.28	%		308,642,436
250 West 57th St. Associates L.L.C. (Fee Owner)		48.33	%		33,418		-6.45	%		-6.88	%		151,852,001
Fisk Building Associates L.L.C. (Operating Lessee)		51.67	%							7.42	%		162,361,403
JV	% of Net Value			Per $1000
Empire State Land Associates L.L.C. (Fee Owner)		50.46	%		33,085
Empire State Building Company L.L.C. (Operating Lessee)		49.54	%
60 East 42nd St. Associates L.L.C. (Fee Owner)		51.40	%		38,972
Lincoln Building Associates L.L.C. (Operating Lessee)		48.60	%
250 West 57th St. Associates L.L.C. (Fee Owner)		51.90	%		35,722
Fisk Building Associates L.L.C. (Operating Lessee)		48.10	%

Summary Comparison of Results

Utilizing Different Valuation Methods

One Grand Central Place

	60 East 42nd St. Associates L.L.C. (Fee Owner)			Lincoln Building Associates L.L.C. (Operating Lessee)			Total
JV Method
Property Value								704,000,000
Less: Shared Debt Obligations								(90,310,237	)
Less: PV of Base Rent								(15,000,000	)
Plus: Cash for Improvements								—
Total Allocable Value		299,344,882			299,344,882			598,689,763
Less: After-Tax PV of Supervisory Fees		(1,275,348	)		(2,739,564	)		(4,014,913	)
Less: Unpaid Cash Override		—			(618,000	)		(618,000	)
Less: Unshared Debt Obligations		—			—			—
Plus: PV of Base Rent		15,000,000			—			15,000,000
Amount to Allocate for Capital Transaction		313,069,533			295,987,317			609,056,850
Long-term DCF Method Estimate
Asset Value		392,000,000			312,000,000			704,000,000
Less: Debt		(90,310,237	)					(90,310,237	)
Total Allocable Value		301,689,763			312,000,000			613,689,763
Less: After-Tax PV of Supervisory Fees		(1,275,348	)		(2,739,564	)		(4,014,913	)
Less: Unpaid Cash Override		—			(618,000	)		(618,000	)
Amount to Allocate for Capital Transaction		300,414,415			308,642,436			609,056,850
Variance		(12,655,119	)		12,655,119			—

Summary Comparison of Results

Utilizing Different Valuation Methods

250 W57th Street

	250 West 57th  St. Associates L.L.C. (Fee Owner)			Fisk Building Associates L.L.C. (Operating Lessee)			Total
JV Method
Property Value								361,000,000
Less: Shared Debt Obligations								(44,425,212	)
Less: PV of Base Rent								(11,000,000	)
Plus: Cash for Improvements								—
Total Allocable Value		152,787,394			152,787,394			305,574,788
Less: After-Tax PV of Supervisory Fees		(722,787	)		(729,597	)		(1,452,383	)
Less: Unpaid Cash Override		—			(909,000	)		(909,000	)
Less: Unshared Debt Obligations		—			—			—
Plus: PV of Base Rent		11,000,000			—			11,000,000
Amount to Allocate for Capital Transaction		163,064,607			151,148,797			314,213,405
Long-term DCF Method Estimate
Asset Value		197,000,000			164,000,000			361,000,000
Less: Debt		(44,425,212	)					(44,425,212	)
Total Allocable Value		152,574,788			164,000,000			316,574,788
Less: After-Tax PV of Supervisory Fees		(722,787	)		(729,597	)		(1,452,383	)
Less: Unpaid Cash Override		—			(909,000	)		(909,000	)
Amount to Allocate for Capital Transaction		151,852,001			162,361,403			314,213,405
Variance		(11,212,606	)		11,212,606			—

Summary Comparison of Results

Utilizing Different Valuation Methods

Empire State Building

	Empire State Land Associates L.L.C. (Fee Owner)			Empire State Building Company L.L.C. (Operating Lessee)			Total
JV Method
Property Value								2,530,000,000
Less: Shared Debt Obligations								(128,500,000	)
Less: PV of Base Rent								(83,000,000	)
Plus: Cash for Improvements								14,000,000
Total Allocable Value		1,166,250,000			1,166,250,000			2,332,500,000
Less: After-Tax PV of Supervisory Fees		(5,137,451	)		(4,113,518	)		(9,250,970	)
Less: Unpaid Cash Override		—			—			—
Less: Unshared Debt Obligations		(60,500,000	)		—			(60,500,000	)
Plus: PV of Base Rent		83,000,000			—			83,000,000
Amount to Allocate for Capital Transaction		1,183,612,549			1,162,136,482			2,345,749,030
Long-term DCF Method Estimate
Asset Value		1,458,000,000			1,072,000,000			2,530,000,000
Less: Debt		(189,000,000	)					(189,000,000	)
Total Allocable Value		1,269,000,000			1,072,000,000			2,341,000,000
Plus: Cash for Improvements		7,000,000			7,000,000			14,000,000
Less: After-Tax PV of Supervisory Fees		(5,137,451	)		(4,113,518	)		(9,250,970	)
Less: Unpaid Cash Override		—			—			—
Amount to Allocate for Capital Transaction		1,270,862,549			1,074,886,482			2,345,749,030
Variance		87,250,000			(87,250,000	)		—

Summary Comparison of Results

Utilizing Different Valuation Methods

Variances	Fee Owner			Operating Lessee			Total
One Grand Central Place		(12,655,119	)		12,655,119			—
250 W57th Street		(11,212,606	)		11,212,606			—
Empire State Building		87,250,000			(87,250,000	)		—
Total		63,382,276			(63,382,276	)		—

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				1 Year 1 Jun-2013			2 Year 2 Jun-2014			3 Year 3 Jun-2015			4 Year 4 Jun-2016			5 Year 5 Jun-2017			6 Year 6 Jun-2018
	Total Potential Gross Revenue				56,397,290			61,792,045			65,585,022			72,254,423			78,897,641			82,768,110
	General Vacancy				0			0			0			0			(987,084	)		(1,210,784	)
	Collection Loss				(563,974	)		(617,920	)		(655,850	)		(722,544	)		(788,976	)		(827,681	)
	Effective Gross Revenue				55,833,316			61,174,125			64,929,172			71,531,879			77,121,581			80,729,645
	Operating Expenses
	Payroll				2,034,156			2,095,178			2,158,035			2,222,777			2,289,459			2,358,144
	Cleaning				4,612,713			4,751,095			4,893,626			5,040,437			5,191,649			5,347,400
	Utilities				5,673,495			5,843,700			6,019,010			6,199,582			6,385,569			6,577,135
	Security				1,055,749			1,087,424			1,120,044			1,153,647			1,188,255			1,223,905
	Repairs & Maintenance				2,306,357			2,375,547			2,446,815			2,520,218			2,595,826			2,673,698
	Management Fee				558,332			611,742			649,292			715,319			771,216			807,296
	Professional Fees/Admin				1,317,918			1,357,455			1,398,180			1,440,124			1,483,329			1,527,827
	Real Estate Taxes				10,944,562			11,329,263			11,727,487			12,139,708			12,566,418			13,008,128
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				649,316			668,796			688,859			709,524			730,812			752,735
	Other				0			0			0			0			0			0
	Total Operating Expenses				29,360,565			30,328,167			31,309,315			32,349,303			33,410,500			34,484,235
	Net Operating Income				26,472,751			30,845,958			33,619,857			39,182,576			43,711,081			46,245,410
	Leasing & Capital Costs
	Tenant Improvements				6,569,183			3,261,395			3,804,489			2,479,044			2,134,663			1,477,221
	Leasing Commissions				3,552,640			1,821,923			2,439,469			2,134,377			1,864,322			1,508,788
	PB Work				2,774,998			971,001			0			0			0			0
	Base Building				990,000			875,500			1,039,681			502,656			810,366			869,455
	Capital Improvements				5,796,175			4,612,002			2,861,928			1,906,704			1,862,561			1,132,231
	Total Leasing & Capital Costs				19,682,996			11,541,821			10,145,567			7,022,781			6,671,912			4,987,695
	Cash Flow Before Debt Service			$	6,789,755		$	19,304,137		$	23,474,290		$	32,159,795		$	37,039,169		$	41,257,715
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				55,833,316			61,174,125			64,929,172			71,531,879			77,121,581			80,729,645
	Total Operating Expense				(29,360,565	)		(30,328,167	)		(31,309,315	)		(32,349,303	)		(33,410,500	)		(34,484,235	)
	Net Operating Income				26,472,751			30,845,958			33,619,857			39,182,576			43,711,081			46,245,410
Less:	Total Capital Expenses				(19,682,996	)		(11,541,821	)		(10,145,567	)		(7,022,781	)		(6,671,912	)		(4,987,695	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				5,711,955			18,226,337			22,396,490			31,081,995			35,961,369			40,179,915
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				5,711,955			18,226,337			22,396,490			31,081,995			35,961,369			40,179,915
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				2,855,978			9,113,169			11,198,245			15,540,998			17,980,685			20,089,958
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				2,855,978			9,113,169			11,198,245			15,540,998			17,980,685			20,089,958
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				3,933,778			10,190,969			12,276,045			16,618,798			19,058,485			21,167,758
	Discount Rate	7.51	%		3,659,158			8,817,757			9,880,353			12,441,849			13,272,265			13,712,065
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				6,789,755			19,304,137			23,474,290			32,159,795			37,039,169			41,257,715
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(2,855,978	)		(9,113,169	)		(11,198,245	)		(15,540,998	)		(17,980,685	)		(20,089,958	)
	Total Cash Flow to Operator				2,855,978			9,113,169			11,198,245			15,540,998			17,980,685			20,089,958
	Discount Rate	8.01	%		2,644,301			7,812,350			8,888,293			11,420,982			12,234,519			12,656,565
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				6,789,755			19,304,137			23,474,290			32,159,795			37,039,169			41,257,715
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service				6,789,755			19,304,137			23,474,290			32,159,795			37,039,169			41,257,715
	Net Sale Proceeds				—			—			—			—			—			—
	Total				6,789,755			19,304,137			23,474,290			32,159,795			37,039,169			41,257,715
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				725,120,000			746,873,600			769,279,808			792,358,202			816,128,948			840,612,817

Page 1 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				7 Year 7 Jun-2019			8 Year 8 Jun-2020			9 Year 9 Jun-2021			10 Year 10 Jun-2022			11 Year 11 Jun-2023			12 Year 12 Jun-2024
	Total Potential Gross Revenue				85,038,275			87,122,602			89,613,692			93,613,669			95,718,565			99,416,289
	General Vacancy				(749,328	)		(499,322	)		(255,996	)		(1,126,404	)		(286,009	)		(574,077	)
	Collection Loss				(850,383	)		(871,226	)		(896,136	)		(936,137	)		(957,185	)		(994,164	)
	Effective Gross Revenue				83,438,564			85,752,054			88,461,560			91,551,128			94,475,371			97,848,048
	Operating Expenses
	Payroll				2,428,886			2,501,755			2,576,807			2,654,111			2,733,734			2,815,747
	Cleaning				5,507,820			5,673,056			5,843,246			6,018,545			6,199,101			6,385,072
	Utilities				6,774,449			6,977,684			7,187,013			7,402,624			7,624,703			7,853,443
	Security				1,260,621			1,298,438			1,337,393			1,377,515			1,418,839			1,461,405
	Repairs & Maintenance				2,753,912			2,836,528			2,921,625			3,009,272			3,099,551			3,192,537
	Management Fee				834,386			857,520			884,616			915,511			944,755			978,479
	Professional Fees/Admin				1,573,664			1,620,873			1,669,499			1,719,585			1,771,171			1,824,307
	Real Estate Taxes				13,465,364			13,938,672			14,428,615			14,935,780			15,383,856			15,845,370
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				775,317			798,576			822,534			847,211			872,626			898,804
	Other				0			0			0			0			0			0
	Total Operating Expenses				35,582,386			36,711,069			37,879,315			39,088,121			40,256,303			41,463,131
	Net Operating Income				47,856,178			49,040,985			50,582,245			52,463,007			54,219,068			56,384,917
	Leasing & Capital Costs
	Tenant Improvements				1,893,030			2,168,759			2,400,417			2,855,603			4,158,029			3,095,434
	Leasing Commissions				1,673,923			2,092,501			2,521,548			3,118,052			3,107,509			2,486,525
	PB Work				0			0			0			0			0			0
	Base Building				1,050,767			1,303,666			1,165,427			1,213,440			0			0
	Capital Improvements				507,913			244,028			124,935			0			0			0
	Total Leasing & Capital Costs				5,125,633			5,808,954			6,212,327			7,187,095			7,265,538			5,581,959
	Cash Flow Before Debt Service			$	42,730,545		$	43,232,031		$	44,369,918		$	45,275,912		$	46,953,530		$	50,802,958
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				83,438,564			85,752,054			88,461,560			91,551,128			94,475,371			97,848,048
	Total Operating Expense				(35,582,386	)		(36,711,069	)		(37,879,315	)		(39,088,121	)		(40,256,303	)		(41,463,131	)
	Net Operating Income				47,856,178			49,040,985			50,582,245			52,463,007			54,219,068			56,384,917
Less:	Total Capital Expenses				(5,125,633	)		(5,808,954	)		(6,212,327	)		(7,187,095	)		(7,265,538	)		(5,581,959	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				41,652,745			42,154,231			43,292,118			44,198,112			45,875,730			49,725,158
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				41,652,745			42,154,231			43,292,118			44,198,112			45,875,730			49,725,158
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				20,826,373			21,077,116			21,646,059			22,099,056			22,937,865			24,862,579
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				20,826,373			21,077,116			21,646,059			22,099,056			22,937,865			24,862,579
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				21,904,173			22,154,916			22,723,859			23,176,856			24,015,665			25,940,379
	Discount Rate	7.51	%		13,198,550			12,417,689			11,847,429			11,240,041			10,833,763			10,885,098
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				42,730,545			43,232,031			44,369,918			45,275,912			46,953,530			50,802,958
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(20,826,373	)		(21,077,116	)		(21,646,059	)		(22,099,056	)		(22,937,865	)		(24,862,579	)
	Total Cash Flow to Operator				20,826,373			21,077,116			21,646,059			22,099,056			22,937,865			24,862,579
	Discount Rate	8.01	%		12,148,051			11,383,093			10,823,908			10,231,401			9,832,649			9,867,789
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				42,730,545			43,232,031			44,369,918			45,275,912
	Reversion
	Net Operating Income																54,219,068			56,384,917
	Average NOI													56,135,838
	Cap Rate	5.75	%											5.75	%
	Value													976,275,443
	Selling Expense	2.50	%											(24,406,886	)
	Net Sale Proceeds													951,868,557
	Fee Simple Value Today
	Cash Flow Before Debt Service				42,730,545			43,232,031			44,369,918			45,275,912
	Net Sale Proceeds				—			—			—			951,868,557
	Total				42,730,545			43,232,031			44,369,918			997,144,469
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				865,831,201			891,806,137			918,560,321			946,117,131			974,500,645			1,003,735,664

Page 2 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				13 Year 13 Jun-2025			14 Year 14 Jun-2026			15 Year 15 Jun-2027			16 Year 16 Jun-2028			17 Year 17 Jun-2029			18 Year 18 Jun-2030
	Total Potential Gross Revenue				102,086,505			103,914,693			108,654,094			112,176,841			115,889,589			118,411,146
	General Vacancy				(564,146	)		(292,277	)		(1,100,593	)		(1,131,121	)		(1,145,943	)		(847,513	)
	Collection Loss				(1,020,864	)		(1,039,148	)		(1,086,540	)		(1,121,770	)		(1,158,895	)		(1,184,112	)
	Effective Gross Revenue				100,501,495			102,583,268			106,466,961			109,923,950			113,584,751			116,379,521
	Operating Expenses
	Payroll				2,900,218			2,987,224			3,076,843			3,169,148			3,264,220			3,362,149
	Cleaning				6,576,626			6,773,926			6,977,142			7,186,455			7,402,051			7,624,111
	Utilities				8,089,047			8,331,720			8,581,669			8,839,120			9,104,293			9,377,424
	Security				1,505,246			1,550,405			1,596,917			1,644,825			1,694,168			1,744,992
	Repairs & Maintenance				3,288,313			3,386,964			3,488,570			3,593,230			3,701,025			3,812,056
	Management Fee				1,005,015			1,025,833			1,064,669			1,099,240			1,135,849			1,163,795
	Professional Fees/Admin				1,879,034			1,935,408			1,993,468			2,053,273			2,114,871			2,178,318
	Real Estate Taxes				16,320,731			16,810,353			17,314,663			17,834,103			18,369,128			18,920,200
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				925,769			953,544			982,149			1,011,612			1,041,961			1,073,221
	Other				0			0			0			0			0			0
	Total Operating Expenses				42,697,966			43,963,344			45,284,057			46,638,973			48,035,533			49,464,233
	Net Operating Income				57,803,529			58,619,924			61,182,904			63,284,977			65,549,218			66,915,288
	Leasing & Capital Costs
	Tenant Improvements				3,442,304			3,828,412			2,961,988			2,247,346			2,085,268			3,465,255
	Leasing Commissions				2,738,454			3,324,233			2,544,360			3,643,130			2,242,507			2,985,877
	PB Work				0			0			0			0			0			0
	Base Building				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				6,180,758			7,152,645			5,506,348			5,890,476			4,327,775			6,451,132
	Cash Flow Before Debt Service			$	51,622,771		$	51,467,279		$	55,676,556		$	57,394,501		$	61,221,443		$	60,464,156
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				100,501,495			102,583,268			106,466,961			109,923,950			113,584,751			116,379,521
	Total Operating Expense				(42,697,966	)		(43,963,344	)		(45,284,057	)		(46,638,973	)		(48,035,533	)		(49,464,233	)
	Net Operating Income				57,803,529			58,619,924			61,182,904			63,284,977			65,549,218			66,915,288
Less:	Total Capital Expenses				(6,180,758	)		(7,152,645	)		(5,506,348	)		(5,890,476	)		(4,327,775	)		(6,451,132	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				50,544,971			50,389,479			54,598,756			56,316,701			60,143,643			59,386,356
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				50,544,971			50,389,479			54,598,756			56,316,701			60,143,643			59,386,356
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				25,272,486			25,194,740			27,299,378			28,158,351			30,071,822			29,693,178
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				25,272,486			25,194,740			27,299,378			28,158,351			30,071,822			29,693,178
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				26,350,286			26,272,540			28,377,178			29,236,151			31,149,622			30,770,978
	Discount Rate	7.51	%		10,285,199			9,538,954			9,583,833			9,184,628			9,102,601			8,364,218
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				51,622,771			51,467,279			55,676,556			57,394,501			61,221,443			60,464,156
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(25,272,486	)		(25,194,740	)		(27,299,378	)		(28,158,351	)		(30,071,822	)		(29,693,178	)
	Total Cash Flow to Operator				25,272,486			25,194,740			27,299,378			28,158,351			30,071,822			29,693,178
	Discount Rate	8.01	%		9,287,049			8,572,269			8,599,928			8,213,068			8,121,086			7,424,499
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income				57,803,529
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,033,847,734			1,064,863,166			1,096,809,061			1,129,713,333			1,163,604,733			1,198,512,875

Page 3 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				19 Year 19 Jun-2031			20 Year 20 Jun-2032			21 Year 21 Jun-2033			22 Year 22 Jun-2034			23 Year 23 Jun-2035			24 Year 24 Jun-2036
	Total Potential Gross Revenue				121,313,818			124,703,109			129,328,803			133,265,161			137,163,746			138,871,487
	General Vacancy				(482,700	)		(729,434	)		(913,274	)		(886,616	)		(938,882	)		0
	Collection Loss				(1,213,139	)		(1,247,030	)		(1,293,289	)		(1,332,651	)		(1,371,638	)		(1,388,715	)
	Effective Gross Revenue				119,617,979			122,726,645			127,122,240			131,045,894			134,853,226			137,482,772
	Operating Expenses
	Payroll				3,463,012			3,566,904			3,673,910			3,784,128			3,897,650			4,014,581
	Cleaning				7,852,835			8,088,420			8,331,072			8,581,006			8,838,434			9,103,589
	Utilities				9,658,744			9,948,508			10,246,964			10,554,372			10,871,004			11,197,132
	Security				1,797,345			1,851,264			1,906,801			1,964,006			2,022,927			2,083,614
	Repairs & Maintenance				3,926,419			4,044,211			4,165,536			4,290,504			4,419,218			4,551,795
	Management Fee				1,196,179			1,227,267			1,271,222			1,310,459			1,348,532			1,374,829
	Professional Fees/Admin				2,243,667			2,310,977			2,380,308			2,451,715			2,525,267			2,601,024
	Real Estate Taxes				19,487,808			20,072,440			20,674,613			21,294,853			21,933,697			22,591,709
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				1,105,417			1,138,580			1,172,736			1,207,920			1,244,157			1,281,480
	Other				0			0			0			0			0			0
	Total Operating Expenses				50,939,393			52,456,538			54,031,129			55,646,930			57,308,853			59,007,720
	Net Operating Income				68,678,586			70,270,107			73,091,111			75,398,964			77,544,373			78,475,052
	Leasing & Capital Costs
	Tenant Improvements				3,225,328			4,373,071			5,217,191			3,711,818			4,258,354			6,070,230
	Leasing Commissions				3,641,092			4,585,435			3,557,858			3,144,497			3,440,353			5,158,959
	PB Work				0			0			0			0			0			0
	Base Building				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				6,866,420			8,958,506			8,775,049			6,856,315			7,698,707			11,229,189
	Cash Flow Before Debt Service			$	61,812,166		$	61,311,601		$	64,316,062		$	68,542,649		$	69,845,666		$	67,245,863
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				119,617,979			122,726,645			127,122,240			131,045,894			134,853,226			137,482,772
	Total Operating Expense				(50,939,393	)		(52,456,538	)		(54,031,129	)		(55,646,930	)		(57,308,853	)		(59,007,720	)
	Net Operating Income				68,678,586			70,270,107			73,091,111			75,398,964			77,544,373			78,475,052
Less:	Total Capital Expenses				(6,866,420	)		(8,958,506	)		(8,775,049	)		(6,856,315	)		(7,698,707	)		(11,229,189	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				60,734,366			60,233,801			63,238,262			67,464,849			68,767,866			66,168,063
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				60,734,366			60,233,801			63,238,262			67,464,849			68,767,866			66,168,063
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				30,367,183			30,116,901			31,619,131			33,732,425			34,383,933			33,084,032
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				30,367,183			30,116,901			31,619,131			33,732,425			34,383,933			33,084,032
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				31,444,983			31,194,701			32,696,931			34,810,225			35,461,733			34,161,832
	Discount Rate	7.51	%		7,950,725			7,336,815			7,153,277			7,083,962			6,712,753			6,015,244
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				61,812,166			61,311,601			64,316,062			68,542,649			69,845,666			67,245,863
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(30,367,183	)		(30,116,901	)		(31,619,131	)		(33,732,425	)		(34,383,933	)		(33,084,032	)
	Total Cash Flow to Operator				30,367,183			30,116,901			31,619,131			33,732,425			34,383,933			33,084,032
	Discount Rate	8.01	%		7,030,256			6,455,547			6,275,218			6,198,443			5,849,877			5,211,536
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,234,468,261			1,271,502,309			1,309,647,378			1,348,936,800			1,389,404,904			1,431,087,051

Page 4 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				25 Year 25 Jun-2037			26 Year 26 Jun-2038			27 Year 27 Jun-2039			28 Year 28 Jun-2040			29 Year 29 Jun-2041			30 Year 30 Jun-2042
	Total Potential Gross Revenue				145,073,505			151,118,499			155,680,811			158,599,152			162,196,021			166,040,551
	General Vacancy				(1,123,248	)		(1,918,544	)		(1,696,094	)		(785,187	)		(650,350	)		(386,699	)
	Collection Loss				(1,450,736	)		(1,511,184	)		(1,556,809	)		(1,585,992	)		(1,621,960	)		(1,660,405	)
	Effective Gross Revenue				142,499,521			147,688,771			152,427,908			156,227,973			159,923,711			163,993,447
	Operating Expenses
	Payroll				4,135,020			4,259,067			4,386,841			4,518,446			4,653,999			4,793,619
	Cleaning				9,376,695			9,657,997			9,947,737			10,246,169			10,553,554			10,870,161
	Utilities				11,533,047			11,879,040			12,235,408			12,602,473			12,980,546			13,369,963
	Security				2,146,123			2,210,506			2,276,820			2,345,125			2,415,481			2,487,944
	Repairs & Maintenance				4,688,350			4,828,999			4,973,868			5,123,086			5,276,778			5,435,081
	Management Fee				1,424,995			1,476,887			1,524,279			1,562,279			1,599,238			1,639,933
	Professional Fees/Admin				2,679,057			2,759,427			2,842,212			2,927,476			3,015,301			3,105,761
	Real Estate Taxes				23,269,461			23,967,542			24,686,571			25,427,168			26,189,983			26,975,680
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				1,319,926			1,359,524			1,400,308			1,442,319			1,485,588			1,530,156
	Other				0			0			0			0			0			0
	Total Operating Expenses				60,780,641			62,606,956			64,482,011			66,402,508			68,378,435			70,416,265
	Net Operating Income				81,718,880			85,081,815			87,945,897			89,825,465			91,545,276			93,577,182
	Leasing & Capital Costs
	Tenant Improvements				4,340,435			2,691,740			2,322,248			5,361,756			3,725,505			6,738,457
	Leasing Commissions				3,868,494			4,566,786			2,760,743			3,747,991			5,122,295			6,720,526
	PB Work				0			0			0			0			0			0
	Base Building				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				8,208,929			7,258,526			5,082,991			9,109,747			8,847,800			13,458,983
	Cash Flow Before Debt Service			$	73,509,951		$	77,823,289		$	82,862,906		$	80,715,718		$	82,697,476		$	80,118,199
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				142,499,521			147,688,771			152,427,908			156,227,973			159,923,711			163,993,447
	Total Operating Expense				(60,780,641	)		(62,606,956	)		(64,482,011	)		(66,402,508	)		(68,378,435	)		(70,416,265	)
	Net Operating Income				81,718,880			85,081,815			87,945,897			89,825,465			91,545,276			93,577,182
Less:	Total Capital Expenses				(8,208,929	)		(7,258,526	)		(5,082,991	)		(9,109,747	)		(8,847,800	)		(13,458,983	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				72,432,151			76,745,489			81,785,106			79,637,918			81,619,676			79,040,399
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				72,432,151			76,745,489			81,785,106			79,637,918			81,619,676			79,040,399
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				36,216,076			38,372,745			40,892,553			39,818,959			40,809,838			39,520,200
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				36,216,076			38,372,745			40,892,553			39,818,959			40,809,838			39,520,200
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				37,293,876			39,450,545			41,970,353			40,896,759			41,887,638			40,598,000
	Discount Rate	7.51	%		6,108,308			6,010,461			5,947,969			5,391,211			5,136,350			4,630,680
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				73,509,951			77,823,289			82,862,906			80,715,718			82,697,476			80,118,199
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(36,216,076	)		(38,372,745	)		(40,892,553	)		(39,818,959	)		(40,809,838	)		(39,520,200	)
	Total Cash Flow to Operator				36,216,076			38,372,745			40,892,553			39,818,959			40,809,838			39,520,200
	Discount Rate	8.01	%		5,282,079			5,181,822			5,112,814			4,609,585			4,374,142			3,921,961
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,474,019,662			1,518,240,252			1,563,787,460			1,610,701,084			1,659,022,116			1,708,792,780

Page 5 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				31 Year 31 Jun-2043			32 Year 32 Jun-2044			33 Year 33 Jun-2045			34 Year 34 Jun-2046			35 Year 35 Jun-2047			36 Year 36 Jun-2048
	Total Potential Gross Revenue				174,971,236			178,335,457			183,915,900			186,204,902			193,387,008			202,181,300
	General Vacancy				(1,670,088	)		(1,593,649	)		(1,384,549	)		0			(761,487	)		(2,524,441	)
	Collection Loss				(1,749,713	)		(1,783,355	)		(1,839,158	)		(1,862,050	)		(1,933,871	)		(2,021,812	)
	Effective Gross Revenue				171,551,435			174,958,453			180,692,193			184,342,852			190,691,650			197,635,047
	Operating Expenses
	Payroll				4,937,429			5,085,551			5,238,117			5,395,260			5,557,119			5,723,832
	Cleaning				11,196,264			11,532,154			11,878,116			12,234,461			12,601,496			12,979,538
	Utilities				13,771,060			14,184,193			14,609,720			15,048,011			15,499,451			15,964,435
	Security				2,562,583			2,639,459			2,718,644			2,800,202			2,884,210			2,970,734
	Repairs & Maintenance				5,598,133			5,766,078			5,939,062			6,117,230			6,300,749			6,489,771
	Management Fee				1,715,515			1,749,585			1,806,922			1,843,429			1,906,917			1,976,349
	Professional Fees/Admin				3,198,934			3,294,900			3,393,747			3,495,562			3,600,427			3,708,440
	Real Estate Taxes				27,784,954			28,618,500			29,477,055			30,361,369			31,272,208			32,210,376
	Bid Tax				207,967			207,967			207,967			207,967			207,967			207,967
	Insurance				1,576,060			1,623,342			1,672,043			1,722,203			1,773,869			1,827,086
	Other				0			0			0			0			0			0
	Total Operating Expenses				72,548,899			74,701,729			76,941,393			79,225,694			81,604,413			84,058,528
	Net Operating Income				99,002,536			100,256,724			103,750,800			105,117,158			109,087,237			113,576,519
	Leasing & Capital Costs
	Tenant Improvements				6,648,905			4,223,562			5,740,603			8,241,031			7,118,958			3,524,039
	Leasing Commissions				2,846,508			5,516,134			4,799,595			6,498,725			6,341,772			6,079,604
	PB Work				0			0			0			0			0			0
	Base Building				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				9,495,413			9,739,696			10,540,198			14,739,756			13,460,730			9,603,643
	Cash Flow Before Debt Service			$	89,507,123		$	90,517,028		$	93,210,602		$	90,377,402		$	95,626,507		$	103,972,876
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				171,551,435			174,958,453			180,692,193			184,342,852			190,691,650			197,635,047
	Total Operating Expense				(72,548,899	)		(74,701,729	)		(76,941,393	)		(79,225,694	)		(81,604,413	)		(84,058,528	)
	Net Operating Income				99,002,536			100,256,724			103,750,800			105,117,158			109,087,237			113,576,519
Less:	Total Capital Expenses				(9,495,413	)		(9,739,696	)		(10,540,198	)		(14,739,756	)		(13,460,730	)		(9,603,643	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				88,429,323			89,439,228			92,132,802			89,299,602			94,548,707			102,895,076
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				88,429,323			89,439,228			92,132,802			89,299,602			94,548,707			102,895,076
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				44,214,662			44,719,614			46,066,401			44,649,801			47,274,354			51,447,538
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				44,214,662			44,719,614			46,066,401			44,649,801			47,274,354			51,447,538
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				45,292,462			45,797,414			47,144,201			45,727,601			48,352,154			52,525,338
	Discount Rate	7.51	%		4,805,486			4,519,847			4,327,951			3,904,846			3,840,720			3,880,940
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				89,507,123			90,517,028			93,210,602			90,377,402			95,626,507			103,972,876
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(44,214,662	)		(44,719,614	)		(46,066,401	)		(44,649,801	)		(47,274,354	)		(51,447,538	)
	Total Cash Flow to Operator				44,214,662			44,719,614			46,066,401			44,649,801			47,274,354			51,447,538
	Discount Rate	8.01	%		4,062,624			3,804,473			3,628,581			3,256,329			3,192,203			3,216,515
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,760,056,563			1,812,858,260			1,867,244,008			1,923,261,328			1,980,959,168			2,040,387,943

Page 6 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				37 Year 37 Jun-2049			38 Year 38 Jun-2050			39 Year 39 Jun-2051			40 Jun-2052			41 Jun-2053			42 Jun-2054
	Total Potential Gross Revenue				210,213,799			212,585,131			218,573,330
	General Vacancy				(3,415,878	)		(1,185,761	)		(783,346	)
	Collection Loss				(2,102,137	)		(2,125,852	)		(2,185,733	)
														3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				204,695,784			209,273,518			215,604,251			222,072,379			228,734,550			235,596,586
	Operating Expenses
	Payroll				5,895,548			6,072,412			6,254,587
	Cleaning				13,368,927			13,769,993			14,183,094
	Utilities				16,443,367			16,936,668			17,444,770
	Security				3,059,857			3,151,654			3,246,203
	Repairs & Maintenance				6,684,466			6,884,998			7,091,547
	Management Fee				2,046,959			2,092,735			2,156,043
	Professional Fees/Admin				3,819,694			3,934,284			4,052,313
	Real Estate Taxes				33,176,686			34,171,986			35,197,146
	Bid Tax				207,967			207,967			207,967
	Insurance				1,881,900			1,938,355			1,996,506
	Other				0			0			0
														3.00	%		3.00	%		3.00	%
	Total Operating Expenses				86,585,371			89,161,052			91,830,176			94,585,081			97,422,634			100,345,313
	Net Operating Income				118,110,413			120,112,466			123,774,075			127,487,297			131,311,916			135,251,274
	Leasing & Capital Costs
	Tenant Improvements				1,806,258			5,878,441			6,676,106
	Leasing Commissions				2,929,366			5,259,944			5,787,643
	PB Work				0			0			0
	Base Building				0			0			0
	Capital Improvements				0			0			0
																	3.00	%		3.00	%
	Total Leasing & Capital Costs				4,735,624			11,138,385			12,463,749			8,487,481			8,742,106			9,004,369
	Cash Flow Before Debt Service			$	113,374,789		$	108,974,081		$	111,310,326			118,999,816			122,569,810			126,246,905
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				204,695,784			209,273,518			215,604,251			222,072,379			228,734,550			235,596,586
	Total Operating Expense				(86,585,371	)		(89,161,052	)		(91,830,176	)		(94,585,081	)		(97,422,634	)		(100,345,313	)
	Net Operating Income				118,110,413			120,112,466			123,774,075			127,487,297			131,311,916			135,251,274
Less:	Total Capital Expenses				(4,735,624	)		(11,138,385	)		(12,463,749	)		(8,487,481	)		(8,742,106	)		(9,004,369	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				112,296,989			107,896,281			110,232,526			117,922,016			121,492,010			125,169,105
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				112,296,989			107,896,281			110,232,526			117,922,016			121,492,010			125,169,105
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				56,148,495			53,948,141			55,116,263			58,961,008			60,746,005			62,584,552
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				56,148,495			53,948,141			55,116,263			58,961,008			60,746,005			62,584,552
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				57,226,295			55,025,941			56,194,063			60,038,808			61,823,805			63,662,352
	Discount Rate	7.51	%		3,933,101			3,517,858			3,341,739			3,321,127			3,181,123			3,047,045
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				113,374,789			108,974,081			111,310,326			118,999,816			122,569,810			126,246,905
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(56,148,495	)		(53,948,141	)		(55,116,263	)		(58,961,008	)		(60,746,005	)		(62,584,552	)
	Total Cash Flow to Operator				56,148,495			53,948,141			55,116,263			58,961,008			60,746,005			62,584,552
	Discount Rate	8.01	%		3,250,239			2,891,410			2,735,075			2,709,009			2,584,160			2,465,046
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,101,599,581			2,164,647,569			2,229,586,996			2,296,474,606			2,365,368,844			2,436,329,909

Page 7 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				43 Jun-2055			44 Jun-2056			45 Jun-2057			46 Jun-2058			47 Jun-2059			48 Jun-2060
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				242,664,484			249,944,418			257,442,751			265,166,034			273,121,015			281,314,645
	Operating Expenses
	Payroll
	Cleaning
	Utilities
	Security
	Repairs & Maintenance
	Management Fee
	Professional Fees/Admin
	Real Estate Taxes
	Bid Tax
	Insurance
	Other
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				103,355,672			106,456,342			109,650,033			112,939,534			116,327,720			119,817,551
	Net Operating Income				139,308,812			143,488,076			147,792,719			152,226,500			156,793,295			161,497,094
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	PB Work
	Base Building
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				9,274,500			9,552,735			9,839,317			10,134,496			10,438,531			10,751,687
	Cash Flow Before Debt Service				130,034,312			133,935,341			137,953,402			142,092,004			146,354,764			150,745,407
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				242,664,484			249,944,418			257,442,751			265,166,034			273,121,015			281,314,645
	Total Operating Expense				(103,355,672	)		(106,456,342	)		(109,650,033	)		(112,939,534	)		(116,327,720	)		(119,817,551	)
	Net Operating Income				139,308,812			143,488,076			147,792,719			152,226,500			156,793,295			161,497,094
Less:	Total Capital Expenses				(9,274,500	)		(9,552,735	)		(9,839,317	)		(10,134,496	)		(10,438,531	)		(10,751,687	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				128,956,512			132,857,541			136,875,602			141,014,204			145,276,964			149,667,607
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				128,956,512			132,857,541			136,875,602			141,014,204			145,276,964			149,667,607
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				64,478,256			66,428,771			68,437,801			70,507,102			72,638,482			74,833,803
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				64,478,256			66,428,771			68,437,801			70,507,102			72,638,482			74,833,803
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				65,556,056			67,506,571			69,515,601			71,584,902			73,716,282			75,911,603
	Discount Rate	7.51	%		2,918,638			2,795,663			2,677,888			2,565,092			2,457,063			2,353,598
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				130,034,312			133,935,341			137,953,402			142,092,004			146,354,764			150,745,407
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(64,478,256	)		(66,428,771	)		(68,437,801	)		(70,507,102	)		(72,638,482	)		(74,833,803	)
	Total Cash Flow to Operator				64,478,256			66,428,771			68,437,801			70,507,102			72,638,482			74,833,803
	Discount Rate	8.01	%		2,351,404			2,242,985			2,139,549			2,040,870			1,946,728			1,856,917
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,509,419,806			2,584,702,401			2,662,243,473			2,742,110,777			2,824,374,100			2,909,105,323

Page 8 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				49 Jun-2061			50 Jun-2062			51 Jun-2063			52 Jun-2064			53 Jun-2065			54 Jun-2066
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				289,754,084			298,446,707			307,400,108			316,622,111			326,120,775			335,904,398
	Operating Expenses
	Payroll
	Cleaning
	Utilities
	Security
	Repairs & Maintenance
	Management Fee
	Professional Fees/Admin
	Real Estate Taxes
	Bid Tax
	Insurance
	Other
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				123,412,078			127,114,440			130,927,873			134,855,709			138,901,381			143,068,422
	Net Operating Income				166,342,007			171,332,267			176,472,235			181,766,402			187,219,394			192,835,976
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	PB Work
	Base Building
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				11,074,238			11,406,465			11,748,659			12,101,119			12,464,152			12,838,077
	Cash Flow Before Debt Service				155,267,769			159,925,802			164,723,576			169,665,283			174,755,242			179,997,899
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				289,754,084			298,446,707			307,400,108			316,622,111			326,120,775			335,904,398
	Total Operating Expense				(123,412,078	)		(127,114,440	)		(130,927,873	)		(134,855,709	)		(138,901,381	)		(143,068,422	)
	Net Operating Income				166,342,007			171,332,267			176,472,235			181,766,402			187,219,394			192,835,976
Less:	Total Capital Expenses				(11,074,238	)		(11,406,465	)		(11,748,659	)		(12,101,119	)		(12,464,152	)		(12,838,077	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				154,189,969			158,848,002			163,645,776			168,587,483			173,677,442			178,920,099
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				154,189,969			158,848,002			163,645,776			168,587,483			173,677,442			178,920,099
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				77,094,984			79,424,001			81,822,888			84,293,742			86,838,721			89,460,049
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				77,094,984			79,424,001			81,822,888			84,293,742			86,838,721			89,460,049
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				78,172,784			80,501,801			82,900,688			85,371,542			87,916,521			90,537,849
	Discount Rate	7.51	%		2,254,504			2,159,596			2,068,694			1,981,630			1,898,241			1,818,370
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				155,267,769			159,925,802			164,723,576			169,665,283			174,755,242			179,997,899
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(77,094,984	)		(79,424,001	)		(81,822,888	)		(84,293,742	)		(86,838,721	)		(89,460,049	)
	Total Cash Flow to Operator				77,094,984			79,424,001			81,822,888			84,293,742			86,838,721			89,460,049
	Discount Rate	8.01	%		1,771,238			1,689,502			1,611,528			1,537,144			1,466,185			1,398,494
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,996,378,483			3,086,269,837			3,178,857,932			3,274,223,670			3,372,450,380			3,473,623,892

Page 9 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				55 Jun-2067			56 Jun-2068			57 Jun-2069			58 Jun-2070			59 Jun-2071			60 Jun-2072
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				345,981,530			356,360,976			367,051,805			378,063,359			389,405,260			401,087,418
	Operating Expenses
	Payroll
	Cleaning
	Utilities
	Security
	Repairs & Maintenance
	Management Fee
	Professional Fees/Admin
	Real Estate Taxes
	Bid Tax
	Insurance
	Other
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				147,360,475			151,781,289			156,334,728			161,024,769			165,855,513			170,831,178
	Net Operating Income				198,621,055			204,579,687			210,717,077			217,038,590			223,549,747			230,256,240
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	PB Work
	Base Building
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				13,223,219			13,619,916			14,028,513			14,449,369			14,882,850			15,329,335
	Cash Flow Before Debt Service				185,397,836			190,959,771			196,688,564			202,589,221			208,666,898			214,926,905
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				345,981,530			356,360,976			367,051,805			378,063,359			389,405,260			401,087,418
	Total Operating Expense				(147,360,475	)		(151,781,289	)		(156,334,728	)		(161,024,769	)		(165,855,513	)		(170,831,178	)
	Net Operating Income				198,621,055			204,579,687			210,717,077			217,038,590			223,549,747			230,256,240
Less:	Total Capital Expenses				(13,223,219	)		(13,619,916	)		(14,028,513	)		(14,449,369	)		(14,882,850	)		(15,329,335	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				184,320,036			189,881,971			195,610,764			201,511,421			207,589,098			213,849,105
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				184,320,036			189,881,971			195,610,764			201,511,421			207,589,098			213,849,105
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				92,160,018			94,940,986			97,805,382			100,755,711			103,794,549			106,924,552
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				92,160,018			94,940,986			97,805,382			100,755,711			103,794,549			106,924,552
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				93,237,818			96,018,786			98,883,182			101,833,511			104,872,349			108,002,352
	Discount Rate	7.51	%		1,741,869			1,668,595			1,598,412			1,531,187			1,466,796			1,405,120
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				185,397,836			190,959,771			196,688,564			202,589,221			208,666,898			214,926,905
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(92,160,018	)		(94,940,986	)		(97,805,382	)		(100,755,711	)		(103,794,549	)		(106,924,552	)
	Total Cash Flow to Operator				92,160,018			94,940,986			97,805,382			100,755,711			103,794,549			106,924,552
	Discount Rate	8.01	%		1,333,921			1,272,323			1,213,564			1,157,513			1,104,045			1,053,042
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				3,577,832,609			3,685,167,587			3,795,722,614			3,909,594,293			4,026,882,122			4,147,688,585

Page 10 of 12

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending				61 Jun-2073			62 Jun-2074			63 Jun-2075			64 Jun-2076			65 Jun-2077			66 Jun-2078
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				413,120,040			425,513,642			438,279,051			451,427,422			464,970,245			478,919,352
	Operating Expenses
	Payroll
	Cleaning
	Utilities
	Security
	Repairs & Maintenance
	Management Fee
	Professional Fees/Admin
	Real Estate Taxes
	Bid Tax
	Insurance
	Other
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				175,956,113			181,234,797			186,671,841			192,271,996			198,040,156			203,981,360
	Net Operating Income				237,163,927			244,278,845			251,607,210			259,155,426			266,930,089			274,937,992
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	PB Work
	Base Building
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				15,789,215			16,262,892			16,750,778			17,253,302			17,770,901			18,304,028
	Cash Flow Before Debt Service				221,374,712			228,015,953			234,856,432			241,902,125			249,159,188			256,633,964
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				413,120,040			425,513,642			438,279,051			451,427,422			464,970,245			478,919,352
	Total Operating Expense				(175,956,113	)		(181,234,797	)		(186,671,841	)		(192,271,996	)		(198,040,156	)		(203,981,360	)
	Net Operating Income				237,163,927			244,278,845			251,607,210			259,155,426			266,930,089			274,937,992
Less:	Total Capital Expenses				(15,789,215	)		(16,262,892	)		(16,750,778	)		(17,253,302	)		(17,770,901	)		(18,304,028	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				220,296,912			226,938,153			233,778,632			240,824,325			248,081,388			255,556,164
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				220,296,912			226,938,153			233,778,632			240,824,325			248,081,388			255,556,164
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				110,148,456			113,469,077			116,889,316			120,412,162			124,040,694			127,778,082
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			24,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Overage Rent				110,148,456			113,469,077			116,889,316			120,412,162			124,040,694			127,778,082
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				111,226,256			114,546,877			117,967,116			121,489,962			125,118,494			128,855,882
	Discount Rate	7.51	%		1,346,043			1,289,455			1,235,251			1,183,330			1,133,596			1,085,957
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				221,374,712			228,015,953			234,856,432			241,902,125			249,159,188			256,633,964
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Overage Rent				(110,148,456	)		(113,469,077	)		(116,889,316	)		(120,412,162	)		(124,040,694	)		(127,778,082	)
	Total Cash Flow to Operator				110,148,456			113,469,077			116,889,316			120,412,162			124,040,694			127,778,082
	Discount Rate	8.01	%		1,004,391			957,984			913,717			871,492			831,215			792,796
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				4,272,119,243			4,400,282,820			4,532,291,305			4,668,260,044			4,808,307,845			4,952,557,081

Page 11 of 12

One Grand Central Place

Long-term DCF Method Estimate

				67			68			69			70			71			71.25
For the Years Ending				Jun-2079			Jun-2080			Jun-2081			Jun-2082			Jun-2083			Sep-2083
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				493,286,933			508,085,541			523,328,107			539,027,950			555,198,789			571,854,752
	Operating Expenses
	Payroll
	Cleaning
	Utilities
	Security
	Repairs & Maintenance
	Management Fee
	Professional Fees/Admin
	Real Estate Taxes
	Bid Tax
	Insurance
	Other
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				210,100,801			216,403,825			222,895,940			229,582,818			236,470,303			243,564,412
	Net Operating Income				283,186,132			291,681,716			300,432,167			309,445,132			318,728,486			328,290,341
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	PB Work
	Base Building
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				18,853,149			19,418,743			20,001,306			20,601,345			21,219,385			21,855,967
	Cash Flow Before Debt Service				264,332,983			272,262,972			280,430,862			288,843,788			297,509,101			306,434,374
	Fixed Rents
	Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
	Overage Rent
	Total Income				493,286,933			508,085,541			523,328,107			539,027,950			555,198,789			571,854,752
	Total Operating Expense				(210,100,801	)		(216,403,825	)		(222,895,940	)		(229,582,818	)		(236,470,303	)		(243,564,412	)
	Net Operating Income				283,186,132			291,681,716			300,432,167			309,445,132			318,728,486			328,290,341
Less:	Total Capital Expenses				(18,853,149	)		(19,418,743	)		(20,001,306	)		(20,601,345	)		(21,219,385	)		(21,855,967	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
	Income Subject to Ovg Rent				263,255,183			271,185,172			279,353,062			287,765,988			296,431,301			305,356,574
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				263,255,183			271,185,172			279,353,062			287,765,988			296,431,301			305,356,574
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				131,627,591			135,592,586			139,676,531			143,882,994			148,215,651			152,678,287
PV to Fee
	Basic rent				24,000			24,000			24,000			24,000			24,000			6,000
	Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			263,450
	Overage Rent				131,627,591			135,592,586			139,676,531			143,882,994			148,215,651			38,169,572
	Future Fee Simple Value (see below)																			5,783,955,186
	Total Cash Flow to Fee				132,705,391			136,670,386			140,754,331			144,960,794			149,293,451			5,822,394,208
	Discount Rate	7.51	%		1,040,323			996,610			954,738			914,627			876,205			33,559,025
	PV to Fee	392,000,000
PV to Operator
	Cash Flow Before Debt Service				264,332,983			272,262,972			280,430,862			288,843,788			297,509,101			76,608,594
	Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(269,450	)
	Overage Rent				(131,627,591	)		(135,592,586	)		(139,676,531	)		(143,882,994	)		(148,215,651	)		(38,169,572	)
	Total Cash Flow to Operator				131,627,591			135,592,586			139,676,531			143,882,994			148,215,651			38,169,572
	Discount Rate	8.01	%		756,150			721,196			687,855			656,053			625,720			158,067
	PV to Operator	312,000,000
	Combined Value	704,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	704,000,000
	Future Fee Simple Value
	Fee Simple Value Today	704,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				5,101,133,793			5,254,167,807			5,411,792,841			5,574,146,626			5,741,371,025			5,783,955,186

Page 12 of 12

250 W57th Street

Long-term DCF Method Estimate

				1			2			3			4			5			6
				Year 1			Year 2			Year 3			Year 4			Year 5			Year 6
For the Years Ending				Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018
	Total Potential Gross Revenue				26,873,183			30,992,908			34,439,954			36,351,015			37,988,233			39,209,163
	General Vacancy				0			0			(395,210	)		(511,003	)		(712,196	)		(665,325	)
	Collection Loss				(268,731	)		(309,929	)		(344,400	)		(363,511	)		(379,882	)		(392,090	)
	Effective Gross Revenue				26,604,452			30,682,979			33,700,344			35,476,501			36,896,155			38,151,748
	Operating Expenses
	Professional Fees				657,107			629,726			648,620			668,076			688,120			708,764
	Cleaning				2,153,001			2,217,589			2,284,117			2,352,641			2,423,221			2,495,917
	Insurance				284,689			293,229			302,025			311,087			320,419			330,031
	Payroll/Labor Cost				1,019,700			1,050,291			1,081,800			1,114,253			1,147,682			1,182,112
	Utilities				2,327,254			2,397,071			2,468,983			2,543,051			2,619,344			2,697,924
	Repairs and Mainte				930,901			958,829			987,592			1,017,221			1,047,737			1,079,170
	Security				328,553			338,410			348,562			359,018			369,790			380,882
	Real Estate Taxes				4,534,457			4,670,492			4,810,605			4,954,923			5,103,572			5,256,678
	Management Fee				266,046			306,830			337,003			354,765			368,962			381,517
	Licenses and Permits				136,897			141,003			145,236			149,591			154,079			158,700
	Total Operating Expenses				12,638,605			13,003,470			13,414,543			13,824,626			14,242,926			14,671,695
	Net Operating Income				13,965,847			17,679,509			20,285,801			21,651,875			22,653,229			23,480,053
	Leasing & Capital Costs
	Tenant Improvement				911,678			1,199,380			885,471			636,582			695,959			325,242
	Leasing Commission				452,978			2,763,337			550,618			751,509			444,308			491,372
	Base Building Cost				250,000			329,600			371,316			382,454			450,204			510,081
	Capital Improvements				11,431,433			5,408,715			1,328,404			1,726,549			605,777			556,725
	Total Leasing & Capital Costs				13,046,089			9,701,032			3,135,809			3,497,094			2,196,248			1,883,420
	Cash Flow Before Debt Service			$	919,758		$	7,978,477		$	17,149,992		$	18,154,781		$	20,456,981		$	21,596,633
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				26,604,452			30,682,979			33,700,344			35,476,501			36,896,155			38,151,748
	Total Operating Expense				(12,638,605	)		(13,003,470	)		(13,414,543	)		(13,824,626	)		(14,242,926	)		(14,671,695	)
	Net Operating Income				13,965,847			17,679,509			20,285,801			21,651,875			22,653,229			23,480,053
Less:	Total Capital Expenses				(13,046,089	)		(9,701,032	)		(3,135,809	)		(3,497,094	)		(2,196,248	)		(1,883,420	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				139,758			7,198,477			16,369,992			17,374,781			19,676,981			20,816,633
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				139,758			7,198,477			16,369,992			17,374,781			19,676,981			20,816,633
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				69,879			3,599,239			8,184,996			8,687,391			9,838,491			10,408,317
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				69,879			3,599,239			8,184,996			8,687,391			9,838,491			10,408,317
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				849,879			4,379,239			8,964,996			9,467,391			10,618,491			11,188,317
	Discount Rate	7.86	%		787,946			3,764,244			7,144,451			6,995,015			7,273,789			7,105,624
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				919,758			7,978,477			17,149,992			18,154,781			20,456,981			21,596,633
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(69,879	)		(3,599,239	)		(8,184,996	)		(8,687,391	)		(9,838,491	)		(10,408,317	)
	Total Cash Flow to Operator				69,879			3,599,239			8,184,996			8,687,391			9,838,491			10,408,317
	Discount Rate	8.36	%		64,488			3,065,298			6,432,969			6,301,056			6,585,420			6,429,342
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				919,758			7,978,477			17,149,992			18,154,781			20,456,981			21,596,633
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service				919,758			7,978,477			17,149,992			18,154,781			20,456,981			21,596,633
	Net Sale Proceeds				—			—			—			—			—			—
	Total				919,758			7,978,477			17,149,992			18,154,781			20,456,981			21,596,633
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				371,830,000			382,984,900			394,474,447			406,308,680			418,497,941			431,052,879

Page 1 of 16

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending				7 Year 7 Jun-2019			8 Year 8 Jun-2020			9 Year 9 Jun-2021			10 Year 10 Jun-2022			11 Year 11 Jun-2023			12 Year 12 Jun-2024
	Total Potential Gross Revenue				38,707,828			41,119,778			43,284,791			47,345,430			47,443,167			49,009,574
	General Vacancy				0			(646,912	)		(10,416	)		(1,010,071	)		(490,435	)		0
	Collection Loss				(387,080	)		(411,196	)		(432,849	)		(473,455	)		(474,431	)		(490,095	)
	Effective Gross Revenue				38,320,748			40,061,670			42,841,526			45,861,904			46,478,301			48,519,479
	Operating Expenses
	Professional Fees				730,027			751,927			774,484			797,720			821,651			846,300
	Cleaning				2,570,796			2,647,919			2,727,355			2,809,176			2,893,452			2,980,256
	Insurance				339,933			350,130			360,634			371,452			382,597			394,076
	Payroll/Labor Cost				1,217,576			1,254,103			1,291,725			1,330,476			1,370,391			1,411,503
	Utilities				2,778,862			2,862,228			2,948,095			3,036,537			3,127,632			3,221,463
	Repairs and Mainte				1,111,545			1,144,891			1,179,237			1,214,615			1,251,052			1,288,585
	Security				392,309			404,079			416,201			428,688			441,547			454,795
	Real Estate Taxes				5,414,379			5,576,810			5,771,217			5,974,074			6,153,297			6,337,895
	Management Fee				383,207			400,616			428,416			458,618			464,784			485,194
	Licenses and Permits				163,464			168,365			173,417			178,620			183,979			189,496
	Total Operating Expenses				15,102,098			15,561,068			16,070,781			16,599,976			17,090,382			17,609,563
	Net Operating Income				23,218,650			24,500,602			26,770,745			29,261,928			29,387,919			30,909,916
	Leasing & Capital Costs
	Tenant Improvement				2,381,175			916,727			751,886			514,565			1,422,236			1,430,650
	Leasing Commission				1,458,206			1,040,651			2,627,585			314,632			1,236,345			2,701,968
	Base Building Cost				620,906			430,456			544,712			508,861			0			0
	Capital Improvements				615,934			1,269,304			862,576			0			0			0
	Total Leasing & Capital Costs				5,076,221			3,657,138			4,786,759			1,338,058			2,658,581			4,132,618
	Cash Flow Before Debt Service			$	18,142,429		$	20,843,464		$	21,983,986		$	27,923,870		$	26,729,338		$	26,777,298
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				38,320,748			40,061,670			42,841,526			45,861,904			46,478,301			48,519,479
	Total Operating Expense				(15,102,098	)		(15,561,068	)		(16,070,781	)		(16,599,976	)		(17,090,382	)		(17,609,563	)
	Net Operating Income				23,218,650			24,500,602			26,770,745			29,261,928			29,387,919			30,909,916
Less:	Total Capital Expenses				(5,076,221	)		(3,657,138	)		(4,786,759	)		(1,338,058	)		(2,658,581	)		(4,132,618	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				17,362,429			20,063,464			21,203,986			27,143,870			25,949,338			25,997,298
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				17,362,429			20,063,464			21,203,986			27,143,870			25,949,338			25,997,298
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				8,681,215			10,031,732			10,601,993			13,571,935			12,974,669			12,998,649
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				8,681,215			10,031,732			10,601,993			13,571,935			12,974,669			12,998,649
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				9,461,215			10,811,732			11,381,993			14,351,935			13,754,669			13,778,649
	Discount Rate	7.86	%		5,570,882			5,902,173			5,760,691			6,734,515			5,983,917			5,557,528
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				18,142,429			20,843,464			21,983,986			27,923,870			26,729,338			26,777,298
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(8,681,215	)		(10,031,732	)		(10,601,993	)		(13,571,935	)		(12,974,669	)		(12,998,649	)
	Total Cash Flow to Operator				8,681,215			10,031,732			10,601,993			13,571,935			12,974,669			12,998,649
	Discount Rate	8.36	%		4,948,773			5,277,448			5,147,147			6,080,675			5,364,600			4,959,870
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				18,142,429			20,843,464			21,983,986			27,923,870
	Reversion
	Net Operating Income																29,387,919			30,909,916
	Average NOI													30,823,091
	Cap Rate	6.00	%											6.00	%
	Value													513,718,189
	Selling Expense	2.50	%											(12,842,955	)
	Net Sale Proceeds													500,875,234
	Fee Simple Value Today
	Cash Flow Before Debt Service				18,142,429			20,843,464			21,983,986			27,923,870
	Net Sale Proceeds				—			—			—			500,875,234
	Total				18,142,429			20,843,464			21,983,986			528,799,104
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				443,984,465			457,303,999			471,023,119			485,153,813			499,708,427			514,699,680

Page 2 of 16

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending				13 Year 13 Jun-2025			14 Year 14 Jun-2026			15 Year 15 Jun-2027			16 Year 16 Jun-2028			17 Year 17 Jun-2029			18 Year 18 Jun-2030
	Total Potential Gross Revenue				51,432,244			53,185,609			55,039,381			57,189,835			56,792,346			59,191,560
	General Vacancy				(605,256	)		(714,602	)		(1,050,360	)		(1,141,575	)		(192,664	)		(417,410	)
	Collection Loss				(514,323	)		(531,856	)		(550,393	)		(571,899	)		(567,924	)		(591,915	)
	Effective Gross Revenue				50,312,665			51,939,151			53,438,628			55,476,361			56,031,758			58,182,235
	Operating Expenses
	Professional Fees				871,690			897,840			924,776			952,519			981,094			1,010,527
	Cleaning				3,069,662			3,161,753			3,256,606			3,354,303			3,454,933			3,558,581
	Insurance				405,897			418,072			430,618			443,533			456,841			470,545
	Payroll/Labor Cost				1,453,849			1,497,464			1,542,387			1,588,660			1,636,320			1,685,409
	Utilities				3,318,107			3,417,648			3,520,179			3,625,786			3,734,556			3,846,596
	Repairs and Mainte				1,327,243			1,367,059			1,408,070			1,450,313			1,493,823			1,538,638
	Security				468,437			482,492			496,966			511,874			527,232			543,047
	Real Estate Taxes				6,528,032			6,723,873			6,925,588			7,133,357			7,347,358			7,567,778
	Management Fee				503,126			519,392			534,386			554,764			560,317			581,822
	Licenses and Permits				195,183			201,037			207,070			213,280			219,680			226,270
	Total Operating Expenses				18,141,226			18,686,630			19,246,646			19,828,389			20,412,154			21,029,213
	Net Operating Income				32,171,439			33,252,521			34,191,982			35,647,972			35,619,604			37,153,022
	Leasing & Capital Costs
	Tenant Improvement				1,365,052			709,304			1,054,976			584,669			2,459,145			2,046,876
	Leasing Commission				1,158,321			1,000,682			753,802			522,838			1,814,816			1,601,259
	Base Building Cost				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				2,523,373			1,709,986			1,808,778			1,107,507			4,273,961			3,648,135
	Cash Flow Before Debt Service			$	29,648,066		$	31,542,535		$	32,383,204		$	34,540,465		$	31,345,643		$	33,504,887
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				50,312,665			51,939,151			53,438,628			55,476,361			56,031,758			58,182,235
	Total Operating Expense				(18,141,226	)		(18,686,630	)		(19,246,646	)		(19,828,389	)		(20,412,154	)		(21,029,213	)
	Net Operating Income				32,171,439			33,252,521			34,191,982			35,647,972			35,619,604			37,153,022
Less:	Total Capital Expenses				(2,523,373	)		(1,709,986	)		(1,808,778	)		(1,107,507	)		(4,273,961	)		(3,648,135	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				28,868,066			30,762,535			31,603,204			33,760,465			30,565,643			32,724,887
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				28,868,066			30,762,535			31,603,204			33,760,465			30,565,643			32,724,887
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				14,434,033			15,381,268			15,801,602			16,880,233			15,282,822			16,362,444
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				14,434,033			15,381,268			15,801,602			16,880,233			15,282,822			16,362,444
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				15,214,033			16,161,268			16,581,602			17,660,233			16,062,822			17,142,444
	Discount Rate	7.86	%		5,689,301			5,603,116			5,329,915			5,262,956			4,438,076			4,391,220
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				29,648,066			31,542,535			32,383,204			34,540,465			31,345,643			33,504,887
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(14,434,033	)		(15,381,268	)		(15,801,602	)		(16,880,233	)		(15,282,822	)		(16,362,444	)
	Total Cash Flow to Operator				14,434,033			15,381,268			15,801,602			16,880,233			15,282,822			16,362,444
	Discount Rate	8.36	%		5,082,656			4,998,344			4,738,776			4,671,695			3,903,288			3,856,614
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income				32,171,439
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				530,140,671			546,044,891			562,426,237			579,299,025			596,677,995			614,578,335

Page 3 of 16

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending				19 Year 19 Jun-2031			20 Year 20 Jun-2032			21 Year 21 Jun-2033			22 Year 22 Jun-2034			23 Year 23 Jun-2035			24 Year 24 Jun-2036
	Total Potential Gross Revenue				60,377,218			64,534,353			64,663,285			66,049,201			69,062,814			71,677,735
	General Vacancy				(652	)		(1,508,907	)		(845,945	)		(78,267	)		(506,703	)		(732,123	)
	Collection Loss				(603,773	)		(645,344	)		(646,632	)		(660,492	)		(690,628	)		(716,777	)
	Effective Gross Revenue				59,772,793			62,380,102			63,170,708			65,310,442			67,865,483			70,228,835
	Operating Expenses
	Professional Fees				1,040,843			1,072,067			1,104,230			1,137,358			1,171,476			1,206,624
	Cleaning				3,665,340			3,775,297			3,888,557			4,005,216			4,125,370			4,249,130
	Insurance				484,664			499,201			514,178			529,604			545,492			561,856
	Payroll/Labor Cost				1,735,970			1,788,051			1,841,691			1,896,944			1,953,851			2,012,466
	Utilities				3,961,992			4,080,852			4,203,277			4,329,377			4,459,258			4,593,035
	Repairs and Mainte				1,584,796			1,632,341			1,681,311			1,731,752			1,783,702			1,837,212
	Security				559,340			576,119			593,402			611,206			629,541			648,428
	Real Estate Taxes				7,794,812			8,028,656			8,269,515			8,517,601			8,773,129			9,036,324
	Management Fee				597,727			623,802			631,708			653,104			678,654			702,288
	Licenses and Permits				233,058			240,049			247,252			254,669			262,309			270,180
	Total Operating Expenses				21,658,542			22,316,435			22,975,121			23,666,831			24,382,782			25,117,543
	Net Operating Income				38,114,251			40,063,667			40,195,587			41,643,611			43,482,701			45,111,292
	Leasing & Capital Costs
	Tenant Improvement				1,098,268			363,577			1,975,871			1,567,274			1,970,656			1,467,928
	Leasing Commission				3,699,564			309,064			1,453,857			3,730,948			1,726,233			1,331,132
	Base Building Cost				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				4,797,832			672,641			3,429,728			5,298,222			3,696,889			2,799,060
	Cash Flow Before Debt Service			$	33,316,419		$	39,391,026		$	36,765,859		$	36,345,389		$	39,785,812		$	42,312,232
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				59,772,793			62,380,102			63,170,708			65,310,442			67,865,483			70,228,835
	Total Operating Expense				(21,658,542	)		(22,316,435	)		(22,975,121	)		(23,666,831	)		(24,382,782	)		(25,117,543	)
	Net Operating Income				38,114,251			40,063,667			40,195,587			41,643,611			43,482,701			45,111,292
Less:	Total Capital Expenses				(4,797,832	)		(672,641	)		(3,429,728	)		(5,298,222	)		(3,696,889	)		(2,799,060	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				32,536,419			38,611,026			35,985,859			35,565,389			39,005,812			41,532,232
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				32,536,419			38,611,026			35,985,859			35,565,389			39,005,812			41,532,232
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				16,268,210			19,305,513			17,992,930			17,782,695			19,502,906			20,766,116
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				16,268,210			19,305,513			17,992,930			17,782,695			19,502,906			20,766,116
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				17,048,210			20,085,513			18,772,930			18,562,695			20,282,906			21,546,116
	Discount Rate	7.86	%		4,048,842			4,422,569			3,832,334			3,513,273			3,559,103			3,505,250
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				33,316,419			39,391,026			36,765,859			36,345,389			39,785,812			42,312,232
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(16,268,210	)		(19,305,513	)		(17,992,930	)		(17,782,695	)		(19,502,906	)		(20,766,116	)
	Total Cash Flow to Operator				16,268,210			19,305,513			17,992,930			17,782,695			19,502,906			20,766,116
	Discount Rate	8.36	%		3,538,578			3,875,265			3,333,135			3,040,042			3,076,893			3,023,426
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				633,015,685			652,006,156			671,566,340			691,713,331			712,464,731			733,838,672

Page 4 of 16

250 W57th Street

Long-term DCF Method Estimate

				25			26			27			28			29			30
For the Years Ending				Year 25 Jun-2037			Year 26 Jun-2038			Year 27 Jun-2039			Year 28 Jun-2040			Year 29 Jun-2041			Year 30 Jun-2042
	Total Potential Gross Revenue				74,343,527			77,392,216			76,987,856			79,846,653			81,929,265			86,716,762
	General Vacancy				(1,455,773	)		(1,607,519	)		(370,735	)		(350,461	)		(197,327	)		(1,772,649	)
	Collection Loss				(743,436	)		(773,923	)		(769,878	)		(798,467	)		(819,292	)		(867,168	)
	Effective Gross Revenue				72,144,318			75,010,774			75,847,243			78,697,725			80,912,646			84,076,945
	Operating Expenses
	Professional Fees				1,242,819			1,280,105			1,318,510			1,358,063			1,398,805			1,440,770
	Cleaning				4,376,606			4,507,905			4,643,140			4,782,435			4,925,909			5,073,685
	Insurance				578,712			596,074			613,956			632,375			651,345			670,885
	Payroll/Labor Cost				2,072,840			2,135,025			2,199,076			2,265,048			2,333,000			2,402,989
	Utilities				4,730,827			4,872,751			5,018,932			5,169,502			5,324,587			5,484,323
	Repairs and Mainte				1,892,331			1,949,100			2,007,574			2,067,801			2,129,833			2,193,730
	Security				667,881			687,916			708,555			729,812			751,704			774,257
	Real Estate Taxes				9,307,413			9,586,634			9,874,236			10,170,460			10,475,576			10,789,843
	Management Fee				721,443			750,107			758,473			786,978			809,125			840,770
	Licenses and Permits				278,282			286,633			295,231			304,087			313,211			322,607
	Total Operating Expenses				25,869,154			26,652,250			27,437,683			28,266,561			29,113,095			29,993,859
	Net Operating Income				46,275,164			48,358,524			48,409,560			50,431,164			51,799,551			54,083,086
	Leasing & Capital Costs
	Tenant Improvement				1,343,867			709,232			3,226,395			2,820,408			1,267,839			837,614
	Leasing Commission				1,109,877			598,231			2,290,273			2,524,263			4,509,150			944,182
	Base Building Cost				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				2,453,744			1,307,463			5,516,668			5,344,671			5,776,989			1,781,796
	Cash Flow Before Debt Service			$	43,821,420		$	47,051,061		$	42,892,892		$	45,086,493		$	46,022,562		$	52,301,290
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				72,144,318			75,010,774			75,847,243			78,697,725			80,912,646			84,076,945
	Total Operating Expense				(25,869,154	)		(26,652,250	)		(27,437,683	)		(28,266,561	)		(29,113,095	)		(29,993,859	)
	Net Operating Income				46,275,164			48,358,524			48,409,560			50,431,164			51,799,551			54,083,086
Less:	Total Capital Expenses				(2,453,744	)		(1,307,463	)		(5,516,668	)		(5,344,671	)		(5,776,989	)		(1,781,796	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				43,041,420			46,271,061			42,112,892			44,306,493			45,242,562			51,521,290
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				43,041,420			46,271,061			42,112,892			44,306,493			45,242,562			51,521,290
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				21,520,710			23,135,531			21,056,446			22,153,247			22,621,281			25,760,645
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				21,520,710			23,135,531			21,056,446			22,153,247			22,621,281			25,760,645
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				22,300,710			23,915,531			21,836,446			22,933,247			23,401,281			26,540,645
	Discount Rate	7.86	%		3,363,631			3,344,331			2,831,071			2,756,601			2,607,880			2,742,199
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				43,821,420			47,051,061			42,892,892			45,086,493			46,022,562			52,301,290
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(21,520,710	)		(23,135,531	)		(21,056,446	)		(22,153,247	)		(22,621,281	)		(25,760,645	)
	Total Cash Flow to Operator				21,520,710			23,135,531			21,056,446			22,153,247			22,621,281			25,760,645
	Discount Rate	8.36	%		2,891,557			2,868,703			2,409,474			2,339,405			2,204,531			2,316,791
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				755,853,833			778,529,448			801,885,331			825,941,891			850,720,148			876,241,752

Page 5 of 16

250 W57th Street

Long-term DCF Method Estimate

				31			32			33			34			35			36
				Year 31			Year 32			Year 33			Year 34			Year 35			Year 36
For the Years Ending				Jun-2043			Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048
	Total Potential Gross Revenue				87,721,877			89,586,217			92,363,895			97,247,611			98,801,367			103,943,356
	General Vacancy				(1,299,079	)		(220,693	)		(360,999	)		(1,569,543	)		(1,377,680	)		(2,288,242	)
	Collection Loss				(877,219	)		(895,861	)		(923,640	)		(972,477	)		(988,012	)		(1,039,434	)
	Effective Gross Revenue				85,545,579			88,469,663			91,079,256			94,705,591			96,435,675			100,615,680
	Operating Expenses
	Professional Fees				1,483,993			1,528,513			1,574,368			1,621,599			1,670,247			1,720,356
	Cleaning				5,225,897			5,382,672			5,544,154			5,710,476			5,881,793			6,058,246
	Insurance				691,013			711,744			733,094			755,089			777,741			801,072
	Payroll/Labor Cost				2,475,081			2,549,331			2,625,813			2,704,586			2,785,724			2,869,296
	Utilities				5,648,854			5,818,320			5,992,869			6,172,655			6,357,835			6,548,568
	Repairs and Mainte				2,259,540			2,327,328			2,397,146			2,469,061			2,543,135			2,619,428
	Security				797,484			821,410			846,050			871,433			897,576			924,503
	Real Estate Taxes				11,113,536			11,446,944			11,790,351			12,144,063			12,508,384			12,883,635
	Management Fee				855,456			884,697			910,793			947,056			964,357			1,006,156
	Licenses and Permits				332,284			342,253			352,522			363,096			373,990			385,210
	Total Operating Expenses				30,883,138			31,813,212			32,767,160			33,759,114			34,760,782			35,816,470
	Net Operating Income				54,662,441			56,656,451			58,312,096			60,946,477			61,674,893			64,799,210
	Leasing & Capital Costs
	Tenant Improvement				2,582,108			2,044,281			2,866,894			1,416,817			2,328,498			895,960
	Leasing Commission				1,794,419			4,744,953			2,479,291			1,160,162			2,277,386			841,556
	Base Building Cost				0			0			0			0			0			0
	Capital Improvements				0			0			0			0			0			0
	Total Leasing & Capital Costs				4,376,527			6,789,234			5,346,185			2,576,979			4,605,884			1,737,516
	Cash Flow Before Debt Service			$	50,285,914		$	49,867,217		$	52,965,911		$	58,369,498		$	57,069,009		$	63,061,694
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				85,545,579			88,469,663			91,079,256			94,705,591			96,435,675			100,615,680
	Total Operating Expense				(30,883,138	)		(31,813,212	)		(32,767,160	)		(33,759,114	)		(34,760,782	)		(35,816,470	)
	Net Operating Income				54,662,441			56,656,451			58,312,096			60,946,477			61,674,893			64,799,210
Less:	Total Capital Expenses				(4,376,527	)		(6,789,234	)		(5,346,185	)		(2,576,979	)		(4,605,884	)		(1,737,516	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				49,505,914			49,087,217			52,185,911			57,589,498			56,289,009			62,281,694
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				49,505,914			49,087,217			52,185,911			57,589,498			56,289,009			62,281,694
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				24,752,957			24,543,609			26,092,956			28,794,749			28,144,505			31,140,847
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				24,752,957			24,543,609			26,092,956			28,794,749			28,144,505			31,140,847
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				25,532,957			25,323,609			26,872,956			29,574,749			28,924,505			31,920,847
	Discount Rate	7.86	%		2,445,841			2,249,015			2,212,696			2,257,704			2,047,158			2,094,592
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				50,285,914			49,867,217			52,965,911			58,369,498			57,069,009			63,061,694
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(24,752,957	)		(24,543,609	)		(26,092,956	)		(28,794,749	)		(28,144,505	)		(31,140,847	)
	Total Cash Flow to Operator				24,752,957			24,543,609			26,092,956			28,794,749			28,144,505			31,140,847
	Discount Rate	8.36	%		2,054,415			1,879,882			1,844,363			1,878,311			1,694,255			1,730,002
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				902,529,005			929,604,875			957,493,021			986,217,812			1,015,804,346			1,046,278,476

Page 6 of 16

250 W57th Street

Long-term DCF Method Estimate

				37			38			39			40			41			42
				Year 37			Year 38			Year 39
For the Years Ending				Jun-2049			Jun-2050			Jun-2051			Jun-2052			Jun-2053			Jun-2054
	Total Potential Gross Revenue				104,288,627			107,017,361			110,819,055
	General Vacancy				(881,983	)		(347,903	)		(743,534	)
	Collection Loss				(1,042,887	)		(1,070,173	)		(1,108,191	)
														3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				102,363,757			105,599,285			108,967,330			112,236,350			115,603,440			119,071,544
	Operating Expenses
	Professional Fees				1,771,965			1,825,125			1,879,876
	Cleaning				6,239,992			6,427,193			6,620,009
	Insurance				825,106			849,859			875,352
	Payroll/Labor Cost				2,955,374			3,044,036			3,135,357
	Utilities				6,745,028			6,947,376			7,155,800
	Repairs and Mainte				2,698,010			2,778,950			2,862,320
	Security				952,236			980,806			1,010,229
	Real Estate Taxes				13,270,145			13,668,250			14,078,296
	Management Fee				1,023,639			1,055,992			1,089,673
	Licenses and Permits				396,766			408,669			420,928
														3.00	%		3.00	%		3.00	%
	Total Operating Expenses				36,878,261			37,986,256			39,127,840			40,301,675			41,510,725			42,756,047
	Net Operating Income				65,485,496			67,613,029			69,839,490			71,934,675			74,092,715			76,315,496
	Leasing & Capital Costs
	Tenant Improvement				3,981,183			2,832,698			2,614,869
	Leasing Commission				2,859,712			2,611,615			5,053,872
	Base Building Cost				0			0			0
	Capital Improvements				0			0			0
																	3.00	%		3.00	%
	Total Leasing & Capital Costs				6,840,895			5,444,313			7,668,741			4,062,635			4,184,515			4,310,050
	Cash Flow Before Debt Service			$	58,644,601		$	62,168,716		$	62,170,749			67,872,039			69,908,200			72,005,446
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				102,363,757			105,599,285			108,967,330			112,236,350			115,603,440			119,071,544
	Total Operating Expense				(36,878,261	)		(37,986,256	)		(39,127,840	)		(40,301,675	)		(41,510,725	)		(42,756,047	)
	Net Operating Income				65,485,496			67,613,029			69,839,490			71,934,675			74,092,715			76,315,496
Less:	Total Capital Expenses				(6,840,895	)		(5,444,313	)		(7,668,741	)		(4,062,635	)		(4,184,515	)		(4,310,050	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				57,864,601			61,388,716			61,390,749			67,092,039			69,128,200			71,225,446
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				57,864,601			61,388,716			61,390,749			67,092,039			69,128,200			71,225,446
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				28,932,301			30,694,358			30,695,375			33,546,020			34,564,100			35,612,723
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				28,932,301			30,694,358			30,695,375			33,546,020			34,564,100			35,612,723
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				29,712,301			31,474,358			31,475,375			34,326,020			35,344,100			36,392,723
	Discount Rate	7.86	%		1,807,594			1,775,256			1,645,943			1,664,205			1,588,693			1,516,621
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				58,644,601			62,168,716			62,170,749			67,872,039			69,908,200			72,005,446
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(28,932,301	)		(30,694,358	)		(30,695,375	)		(33,546,020	)		(34,564,100	)		(35,612,723	)
	Total Cash Flow to Operator				28,932,301			30,694,358			30,695,375			33,546,020			34,564,100			35,612,723
	Discount Rate	8.36	%		1,483,304			1,452,234			1,340,238			1,351,703			1,285,276			1,222,102
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,077,666,831			1,109,996,836			1,143,296,741			1,177,595,643			1,212,923,512			1,249,311,218

Page 7 of 16

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending				43 Jun-2055			44 Jun-2056			45 Jun-2057			46 Jun-2058			47 Jun-2059			48 Jun-2060
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				122,643,690			126,323,001			130,112,691			134,016,071			138,036,553			142,177,650
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				44,038,729			45,359,890			46,720,687			48,122,308			49,565,977			51,052,956
	Net Operating Income				78,604,961			80,963,110			83,392,003			85,893,764			88,470,576			91,124,694
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				4,439,351			4,572,532			4,709,708			4,850,999			4,996,529			5,146,425
	Cash Flow Before Debt Service				74,165,610			76,390,578			78,682,295			81,042,764			83,474,047			85,978,269
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				122,643,690			126,323,001			130,112,691			134,016,071			138,036,553			142,177,650
	Total Operating Expense				(44,038,729	)		(45,359,890	)		(46,720,687	)		(48,122,308	)		(49,565,977	)		(51,052,956	)
	Net Operating Income				78,604,961			80,963,110			83,392,003			85,893,764			88,470,576			91,124,694
Less:	Total Capital Expenses				(4,439,351	)		(4,572,532	)		(4,709,708	)		(4,850,999	)		(4,996,529	)		(5,146,425	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				73,385,610			75,610,578			77,902,295			80,262,764			82,694,047			85,198,269
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				73,385,610			75,610,578			77,902,295			80,262,764			82,694,047			85,198,269
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				36,692,805			37,805,289			38,951,148			40,131,382			41,347,024			42,599,134
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				36,692,805			37,805,289			38,951,148			40,131,382			41,347,024			42,599,134
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				37,472,805			38,585,289			39,731,148			40,911,382			42,127,024			43,379,134
	Discount Rate	7.86	%		1,447,832			1,382,176			1,319,509			1,259,694			1,202,600			1,148,103
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				74,165,610			76,390,578			78,682,295			81,042,764			83,474,047			85,978,269
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(36,692,805	)		(37,805,289	)		(38,951,148	)		(40,131,382	)		(41,347,024	)		(42,599,134	)
	Total Cash Flow to Operator				36,692,805			37,805,289			38,951,148			40,131,382			41,347,024			42,599,134
	Discount Rate	8.36	%		1,162,021			1,104,884			1,050,547			998,873			949,733			903,002
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,286,790,554			1,325,394,271			1,365,156,099			1,406,110,782			1,448,294,105			1,491,742,928

Page 8 of 16

250 W57th Street

Long-term DCF Method Estimate

				49			50			51			52			53			54
For the Years Ending				Jun-2061			Jun-2062			Jun-2063			Jun-2064			Jun-2065			Jun-2066
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				146,442,980			150,836,269			155,361,357			160,022,198			164,822,864			169,767,550
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				52,584,545			54,162,081			55,786,944			57,460,552			59,184,369			60,959,900
	Net Operating Income				93,858,435			96,674,188			99,574,413			102,561,646			105,638,495			108,807,650
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				5,300,818			5,459,842			5,623,638			5,792,347			5,966,117			6,145,101
	Cash Flow Before Debt Service				88,557,617			91,214,345			93,950,776			96,769,299			99,672,378			102,662,549
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				146,442,980			150,836,269			155,361,357			160,022,198			164,822,864			169,767,550
	Total Operating Expense				(52,584,545	)		(54,162,081	)		(55,786,944	)		(57,460,552	)		(59,184,369	)		(60,959,900	)
	Net Operating Income				93,858,435			96,674,188			99,574,413			102,561,646			105,638,495			108,807,650
Less:	Total Capital Expenses				(5,300,818	)		(5,459,842	)		(5,623,638	)		(5,792,347	)		(5,966,117	)		(6,145,101	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				87,777,617			90,434,345			93,170,776			95,989,299			98,892,378			101,882,549
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				87,777,617			90,434,345			93,170,776			95,989,299			98,892,378			101,882,549
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				43,888,808			45,217,173			46,585,388			47,994,649			49,446,189			50,941,275
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				43,888,808			45,217,173			46,585,388			47,994,649			49,446,189			50,941,275
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				44,668,808			45,997,173			47,365,388			48,774,649			50,226,189			51,721,275
	Discount Rate	7.86	%		1,096,084			1,046,430			999,033			953,789			910,601			869,374
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				88,557,617			91,214,345			93,950,776			96,769,299			99,672,378			102,662,549
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(43,888,808	)		(45,217,173	)		(46,585,388	)		(47,994,649	)		(49,446,189	)		(50,941,275	)
	Total Cash Flow to Operator				43,888,808			45,217,173			46,585,388			47,994,649			49,446,189			50,941,275
	Discount Rate	8.36	%		858,565			816,307			776,124			737,913			701,578			667,028
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,536,495,216			1,582,590,073			1,630,067,775			1,678,969,808			1,729,338,902			1,781,219,070

Page 9 of 16

250 W57th Street

Long-term DCF Method Estimate

				55			56			57			58			59			60
For the Years Ending				Jun-2067			Jun-2068			Jun-2069			Jun-2070			Jun-2071			Jun-2072
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				174,860,576			180,106,393			185,509,585			191,074,873			196,807,119			202,711,332
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				62,788,697			64,672,358			66,612,528			68,610,904			70,669,231			72,789,308
	Net Operating Income				112,071,879			115,434,036			118,897,057			122,463,968			126,137,888			129,922,024
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				6,329,454			6,519,337			6,714,917			6,916,365			7,123,856			7,337,572
	Cash Flow Before Debt Service				105,742,426			108,914,698			112,182,139			115,547,603			119,014,032			122,584,453
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				174,860,576			180,106,393			185,509,585			191,074,873			196,807,119			202,711,332
	Total Operating Expense				(62,788,697	)		(64,672,358	)		(66,612,528	)		(68,610,904	)		(70,669,231	)		(72,789,308	)
	Net Operating Income				112,071,879			115,434,036			118,897,057			122,463,968			126,137,888			129,922,024
Less:	Total Capital Expenses				(6,329,454	)		(6,519,337	)		(6,714,917	)		(6,916,365	)		(7,123,856	)		(7,337,572	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				104,962,426			108,134,698			111,402,139			114,767,603			118,234,032			121,804,453
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				104,962,426			108,134,698			111,402,139			114,767,603			118,234,032			121,804,453
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				52,481,213			54,067,349			55,701,070			57,383,802			59,117,016			60,902,226
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				52,481,213			54,067,349			55,701,070			57,383,802			59,117,016			60,902,226
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				53,261,213			54,847,349			56,481,070			58,163,802			59,897,016			61,682,226
	Discount Rate	7.86	%		830,019			792,451			756,588			722,352			689,669			658,469
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				105,742,426			108,914,698			112,182,139			115,547,603			119,014,032			122,584,453
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(52,481,213	)		(54,067,349	)		(55,701,070	)		(57,383,802	)		(59,117,016	)		(60,902,226	)
	Total Cash Flow to Operator				52,481,213			54,067,349			55,701,070			57,383,802			59,117,016			60,902,226
	Discount Rate	8.36	%		634,175			602,936			573,232			544,989			518,134			492,599
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				1,834,655,642			1,889,695,311			1,946,386,170			2,004,777,755			2,064,921,088			2,126,868,721

Page 10 of 16

250 W57th Street

Long-term DCF Method Estimate

				61			62			63			64			65			66
For the Years Ending				Jun-2073			Jun-2074			Jun-2075			Jun-2076			Jun-2077			Jun-2078
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				208,792,672			215,056,453			221,508,146			228,153,391			234,997,992			242,047,932
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				74,972,988			77,222,177			79,538,843			81,925,008			84,382,758			86,914,241
	Net Operating Income				133,819,685			137,834,275			141,969,304			146,228,383			150,615,234			155,133,691
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				7,557,699			7,784,430			8,017,963			8,258,501			8,506,257			8,761,444
	Cash Flow Before Debt Service				126,261,986			130,049,846			133,951,341			137,969,881			142,108,978			146,372,247
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				208,792,672			215,056,453			221,508,146			228,153,391			234,997,992			242,047,932
	Total Operating Expense				(74,972,988	)		(77,222,177	)		(79,538,843	)		(81,925,008	)		(84,382,758	)		(86,914,241	)
	Net Operating Income				133,819,685			137,834,275			141,969,304			146,228,383			150,615,234			155,133,691
Less:	Total Capital Expenses				(7,557,699	)		(7,784,430	)		(8,017,963	)		(8,258,501	)		(8,506,257	)		(8,761,444	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				125,481,986			129,269,846			133,171,341			137,189,881			141,328,978			145,592,247
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				125,481,986			129,269,846			133,171,341			137,189,881			141,328,978			145,592,247
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				62,740,993			64,634,923			66,585,671			68,594,941			70,664,489			72,796,124
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				62,740,993			64,634,923			66,585,671			68,594,941			70,664,489			72,796,124
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				63,520,993			65,414,923			67,365,671			69,374,941			71,444,489			73,576,124
	Discount Rate	7.86	%		628,683			600,248			573,103			547,187			522,446			498,826
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				126,261,986			130,049,846			133,951,341			137,969,881			142,108,978			146,372,247
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(62,740,993	)		(64,634,923	)		(66,585,671	)		(68,594,941	)		(70,664,489	)		(72,796,124	)
	Total Cash Flow to Operator				62,740,993			64,634,923			66,585,671			68,594,941			70,664,489			72,796,124
	Discount Rate	8.36	%		468,320			445,235			423,286			402,417			382,575			363,709
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,190,674,782			2,256,395,026			2,324,086,876			2,393,809,483			2,465,623,767			2,539,592,480

Page 11 of 16

250 W57th Street

Long-term DCF Method Estimate

				67			68			69			70			71			72
For the Years Ending				Jun-2079			Jun-2080			Jun-2081			Jun-2082			Jun-2083			Jun-2084
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				249,309,370			256,788,651			264,492,311			272,427,080			280,599,892			289,017,889
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				89,521,668			92,207,318			94,973,538			97,822,744			100,757,426			103,780,149
	Net Operating Income				159,787,702			164,581,333			169,518,773			174,604,336			179,842,466			185,237,740
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				9,024,288			9,295,016			9,573,867			9,861,083			10,156,915			10,461,623
	Cash Flow Before Debt Service				150,763,414			155,286,317			159,944,906			164,743,254			169,685,551			174,776,118
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				249,309,370			256,788,651			264,492,311			272,427,080			280,599,892			289,017,889
	Total Operating Expense				(89,521,668	)		(92,207,318	)		(94,973,538	)		(97,822,744	)		(100,757,426	)		(103,780,149	)
	Net Operating Income				159,787,702			164,581,333			169,518,773			174,604,336			179,842,466			185,237,740
Less:	Total Capital Expenses				(9,024,288	)		(9,295,016	)		(9,573,867	)		(9,861,083	)		(10,156,915	)		(10,461,623	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				149,983,414			154,506,317			159,164,906			163,963,254			168,905,551			173,996,118
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				149,983,414			154,506,317			159,164,906			163,963,254			168,905,551			173,996,118
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				74,991,707			77,253,158			79,582,453			81,981,627			84,452,776			86,998,059
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				74,991,707			77,253,158			79,582,453			81,981,627			84,452,776			86,998,059
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				75,771,707			78,033,158			80,362,453			82,761,627			85,232,776			87,778,059
	Discount Rate	7.86	%		476,277			454,748			434,195			414,572			395,838			377,951
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				150,763,414			155,286,317			159,944,906			164,743,254			169,685,551			174,776,118
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(74,991,707	)		(77,253,158	)		(79,582,453	)		(81,981,627	)		(84,452,776	)		(86,998,059	)
	Total Cash Flow to Operator				74,991,707			77,253,158			79,582,453			81,981,627			84,452,776			86,998,059
	Discount Rate	8.36	%		345,773			328,719			312,505			297,089			282,433			268,498
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,615,780,255			2,694,253,662			2,775,081,272			2,858,333,710			2,944,083,722			3,032,406,233

Page 12 of 16

250 W57th Street

Long-term DCF Method Estimate

				73			74			75			76			77			78
For the Years Ending				Jun-2085			Jun-2086			Jun-2087			Jun-2088			Jun-2089			Jun-2090
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				297,688,426			306,619,079			315,817,651			325,292,181			335,050,946			345,102,474
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				106,893,553			110,100,360			113,403,371			116,805,472			120,309,636			123,918,925
	Net Operating Income				190,794,873			196,518,719			202,414,280			208,486,709			214,741,310			221,183,549
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				10,775,471			11,098,735			11,431,697			11,774,648			12,127,888			12,491,724
	Cash Flow Before Debt Service				180,019,401			185,419,983			190,982,583			196,712,060			202,613,422			208,691,825
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				297,688,426			306,619,079			315,817,651			325,292,181			335,050,946			345,102,474
	Total Operating Expense				(106,893,553	)		(110,100,360	)		(113,403,371	)		(116,805,472	)		(120,309,636	)		(123,918,925	)
	Net Operating Income				190,794,873			196,518,719			202,414,280			208,486,709			214,741,310			221,183,549
Less:	Total Capital Expenses				(10,775,471	)		(11,098,735	)		(11,431,697	)		(11,774,648	)		(12,127,888	)		(12,491,724	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				179,239,401			184,639,983			190,202,583			195,932,060			201,833,422			207,911,825
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				179,239,401			184,639,983			190,202,583			195,932,060			201,833,422			207,911,825
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				89,619,701			92,319,992			95,101,291			97,966,030			100,916,711			103,955,912
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				89,619,701			92,319,992			95,101,291			97,966,030			100,916,711			103,955,912
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				90,399,701			93,099,992			95,881,291			98,746,030			101,696,711			104,735,912
	Discount Rate	7.86	%		360,875			344,571			329,005			314,143			299,954			286,407
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				180,019,401			185,419,983			190,982,583			196,712,060			202,613,422			208,691,825
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(89,619,701	)		(92,319,992	)		(95,101,291	)		(97,966,030	)		(100,916,711	)		(103,955,912	)
	Total Cash Flow to Operator				89,619,701			92,319,992			95,101,291			97,966,030			100,916,711			103,955,912
	Discount Rate	8.36	%		255,251			242,655			230,681			219,297			208,473			198,183
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				3,123,378,420			3,217,079,773			3,313,592,166			3,412,999,931			3,515,389,929			3,620,851,627

Page 13 of 16

250 W57th Street

Long-term DCF Method Estimate

				79			80			81			82			83			84
For the Years Ending				Jun-2091			Jun-2092			Jun-2093			Jun-2094			Jun-2095			Jun-2096
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				355,455,549			366,119,215			377,102,791			388,415,875			400,068,351			412,070,402
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				127,636,493			131,465,588			135,409,555			139,471,842			143,655,997			147,965,677
	Net Operating Income				227,819,056			234,653,627			241,693,236			248,944,033			256,412,354			264,104,725
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				12,866,476			13,252,470			13,650,045			14,059,546			14,481,332			14,915,772
	Cash Flow Before Debt Service				214,952,580			221,401,157			228,043,192			234,884,487			241,931,022			249,188,953
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				355,455,549			366,119,215			377,102,791			388,415,875			400,068,351			412,070,402
	Total Operating Expense				(127,636,493	)		(131,465,588	)		(135,409,555	)		(139,471,842	)		(143,655,997	)		(147,965,677	)
	Net Operating Income				227,819,056			234,653,627			241,693,236			248,944,033			256,412,354			264,104,725
Less:	Total Capital Expenses				(12,866,476	)		(13,252,470	)		(13,650,045	)		(14,059,546	)		(14,481,332	)		(14,915,772	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				214,172,580			220,621,157			227,263,192			234,104,487			241,151,022			248,408,953
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				214,172,580			220,621,157			227,263,192			234,104,487			241,151,022			248,408,953
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				107,086,290			110,310,578			113,631,596			117,052,244			120,575,511			124,204,476
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				107,086,290			110,310,578			113,631,596			117,052,244			120,575,511			124,204,476
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				107,866,290			111,090,578			114,411,596			117,832,244			121,355,511			124,984,476
	Discount Rate	7.86	%		273,472			261,122			249,331			238,073			227,324			217,061
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				214,952,580			221,401,157			228,043,192			234,884,487			241,931,022			249,188,953
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(107,086,290	)		(110,310,578	)		(113,631,596	)		(117,052,244	)		(120,575,511	)		(124,204,476	)
	Total Cash Flow to Operator				107,086,290			110,310,578			113,631,596			117,052,244			120,575,511			124,204,476
	Discount Rate	8.36	%		188,401			179,101			170,259			161,853			153,862			146,265
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				3,729,477,176			3,841,361,491			3,956,602,336			4,075,300,406			4,197,559,418			4,323,486,200

Page 14 of 16

250 W57th Street

Long-term DCF Method Estimate

				85			86			87			88			89			90
For the Years Ending				Jun-2097			Jun-2098			Jun-2099			Jun-2100			Jun-2101			Jun-2102
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				424,432,514			437,165,489			450,280,454			463,788,868			477,702,534			492,033,610
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				152,404,647			156,976,787			161,686,090			166,536,673			171,532,773			176,678,756
	Net Operating Income				272,027,867			280,188,703			288,594,364			297,252,195			306,169,761			315,354,853
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				15,363,245			15,824,143			16,298,867			16,787,833			17,291,468			17,810,212
	Cash Flow Before Debt Service				256,664,621			264,364,560			272,295,497			280,464,362			288,878,292			297,544,641
	Fixed Rents
	Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000
	Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000
	Overage Rent
	Total Income				424,432,514			437,165,489			450,280,454			463,788,868			477,702,534			492,033,610
	Total Operating Expense				(152,404,647	)		(156,976,787	)		(161,686,090	)		(166,536,673	)		(171,532,773	)		(176,678,756	)
	Net Operating Income				272,027,867			280,188,703			288,594,364			297,252,195			306,169,761			315,354,853
Less:	Total Capital Expenses				(15,363,245	)		(15,824,143	)		(16,298,867	)		(16,787,833	)		(17,291,468	)		(17,810,212	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Income Subject to Ovg Rent				255,884,621			263,584,560			271,515,497			279,684,362			288,098,292			296,764,641
	Exclusion				—			—			—			—			—			—
	Remainder for Overage				255,884,621			263,584,560			271,515,497			279,684,362			288,098,292			296,764,641
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				127,942,311			131,792,280			135,757,748			139,842,181			144,049,146			148,382,321
PV to Fee
	Basic rent				28,000			28,000			28,000			28,000			28,000			28,000
	Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000
	Overage Rent				127,942,311			131,792,280			135,757,748			139,842,181			144,049,146			148,382,321
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				128,722,311			132,572,280			136,537,748			140,622,181			144,829,146			149,162,321
	Discount Rate	7.86	%		207,261			197,905			188,972			180,442			172,297			164,521
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				256,664,621			264,364,560			272,295,497			280,464,362			288,878,292			297,544,641
	Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
	Overage Rent				(127,942,311	)		(131,792,280	)		(135,757,748	)		(139,842,181	)		(144,049,146	)		(148,382,321	)
	Total Cash Flow to Operator				127,942,311			131,792,280			135,757,748			139,842,181			144,049,146			148,382,321
	Discount Rate	8.36	%		139,043			132,177			125,650			119,445			113,546			107,938
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				4,453,190,786			4,586,786,510			4,724,390,105			4,866,121,808			5,012,105,463			5,162,468,627

Page 15 of 16

250 W57th Street

Long-term DCF Method Estimate

				91			91.25
For the Years Ending				Jun-2103			Sep-2103
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%
	Effective Gross Revenue				506,794,618			521,998,457
	Operating Expenses
	Professional Fees
	Cleaning
	Insurance
	Payroll/Labor Cost
	Utilities
	Repairs and Mainte
	Security
	Real Estate Taxes
	Management Fee
	Licenses and Permits
					3.00	%		3.00	%
	Total Operating Expenses				181,979,119			187,438,493
	Net Operating Income				324,815,499			334,559,964
	Leasing & Capital Costs
	Tenant Improvement
	Leasing Commission
	Base Building Cost
	Capital Improvements
					3.00	%		3.00	%
	Total Leasing & Capital Costs				18,344,519			18,894,854
	Cash Flow Before Debt Service				306,470,980			315,665,110
	Fixed Rents
	Basic Rent				28,000			28,000
	Primary Additional Rent				752,000			752,000
	Total Fixed Rent				780,000			780,000
	Overage Rent
	Total Income				506,794,618			521,998,457
	Total Operating Expense				(181,979,119	)		(187,438,493	)
	Net Operating Income				324,815,499			334,559,964
Less:	Total Capital Expenses				(18,344,519	)		(18,894,854	)
Less:	Total Fixed Rent				(780,000	)		(780,000	)
	Income Subject to Ovg Rent				305,690,980			314,885,110
	Exclusion				—			—
	Remainder for Overage				305,690,980			314,885,110
	Overage Rent %				50.00	%		50.00	%
	Overage Rent @ 50%				152,845,490			157,442,555
PV to Fee
	Basic rent				28,000			7,000
	Additional/Primary Rent				752,000			188,000
	Overage Rent				152,845,490			39,360,639
	Future Fee Simple Value (see below)							5,356,781,798
	Total Cash Flow to Fee				153,625,490			5,396,337,436
	Discount Rate	7.86	%		157,096			5,414,846
	PV to Fee	197,000,000
PV to Operator
	Cash Flow Before Debt Service				306,470,980			78,916,277
	Fixed Rents				(780,000	)		(195,000	)
	Overage Rent				(152,845,490	)		(39,360,639	)
	Total Cash Flow to Operator				152,845,490			39,360,639
	Discount Rate	8.36	%		102,606			25,898
	PV to Operator	164,000,000
	Combined Value	361,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	6.00	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.25	%
	Fee Simple Value Today	361,000,000
	Future Fee Simple Value
	Fee Simple Value Today
	Growth Rate				3.00	%		3.00	%
	Future Fee Simple Value				5,317,342,685			5,356,781,798

Page 16 of 16

Empire State Building

Long-term DCF Method Estimate

				1			2			3			4			5			6
				Year 1			Year 2			Year 3			Year 4			Year 5			Year 6
				Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018
	Total Potential Gross Revenue				184,241,567			209,905,711			238,226,221			256,918,108			264,312,741			273,014,087
	General Vacancy				(628,065	)		(615,897	)		(1,677,118	)		(3,225,217	)		(4,037,547	)		(2,827,582	)
	Collection Loss				(1,799,880	)		(2,059,972	)		(2,339,309	)		(2,528,001	)		(2,598,598	)		(2,678,181	)
	Effective Gross Revenue				181,813,622			207,229,842			234,209,794			251,164,890			257,676,596			267,508,324
	Operating Expenses
	Real Estate Taxes				30,883,340			31,689,114			32,502,197			33,322,641			34,150,496			35,320,740
	Cleaning				7,797,100			8,031,015			8,271,945			8,520,103			8,775,705			9,038,976
	Security				6,904,235			7,111,362			7,324,703			7,544,443			7,770,778			8,003,901
	Professional Fees				6,983,999			6,667,179			6,074,544			6,256,777			6,444,481			6,637,817
	Insurance				8,262,100			8,509,964			8,765,260			9,028,221			9,299,066			9,578,039
	Repairs & Maintenance				9,794,999			8,148,775			6,667,178			6,867,196			7,073,211			7,285,407
	Payroll				10,371,169			10,682,305			11,002,774			11,332,857			11,672,842			12,023,027
	Utilities				15,556,752			16,023,456			16,504,159			16,999,284			17,509,262			18,034,540
	Management Fee				909,068			1,036,149			1,171,049			1,255,824			1,288,383			1,337,542
	Total Operating Expenses				97,462,762			97,899,319			98,283,809			101,127,346			103,984,224			107,259,989
	Net Operating Income				84,350,860			109,330,523			135,925,985			150,037,544			153,692,372			160,248,335
	Leasing & Capital Costs
	Tenant Improvements				19,812,540			13,751,587			8,369,066			2,320,384			1,098,829			1,221,484
	Leasing Commissions				11,231,059			12,918,063			9,393,090			2,463,621			1,113,588			7,294,599
	Base Building Costs				1,749,999			1,163,901			1,103,336			1,562,600			787,857			2,109,877
	Li & Fung TI/BB/LC (Original & New)				21,420,876			11,144,684			4,828,698			—			—			—
	CapEx, Major R&M, Project Mgmt				87,990,460			55,555,355			24,176,011			15,407,824			11,429,417			7,923,416
	Total Leasing & Capital Costs				142,204,934			94,533,590			47,870,201			21,754,429			14,429,691			18,549,376
	Cash Flow Before Debt Service			($	57,854,074	)	$	14,796,933		$	88,055,784		$	128,283,115		$	139,262,681		$	141,698,959
	Fixed Rents
	Basic Rent				5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				181,813,622			207,229,842			234,209,794			251,164,890			257,676,596			267,508,324
	Total Operating Expense				(97,462,762	)		(97,899,319	)		(98,283,809	)		(101,127,346	)		(103,984,224	)		(107,259,989	)
	Net Operating Income				84,350,860			109,330,523			135,925,985			150,037,544			153,692,372			160,248,335
Less:	Total Capital Expenses				(142,204,934	)		(94,533,590	)		(47,870,201	)		(21,754,429	)		(14,429,691	)		(18,549,376	)
Less:	Total Fixed Rent				(5,957,188	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				(63,811,262	)		8,901,308			82,160,159			122,387,490			133,367,056			135,803,334
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				—			7,901,308			81,160,159			121,387,490			132,367,056			134,803,334
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				—			3,950,654			40,580,080			60,693,745			66,183,528			67,401,667
PV to Fee
	Basic rent				5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				—			3,950,654			40,580,080			60,693,745			66,183,528			67,401,667
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				5,957,188			9,846,279			46,475,705			66,589,370			72,079,153			73,297,292
	Discount Rate	7.74	%		5,529,379			8,482,862			37,164,761			49,424,854			49,657,549			46,870,400
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				(57,854,074	)		14,796,933			88,055,784			128,283,115			139,262,681			141,698,959
	Fixed Rents				(5,957,188	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				—			(3,950,654	)		(40,580,080	)		(60,693,745	)		(66,183,528	)		(67,401,667	)
	Total Cash Flow to Operator				(63,811,262	)		4,950,654			41,580,080			61,693,745			67,183,528			68,401,667
	Discount Rate	8.24	%		(58,955,128	)		4,225,821			32,791,258			44,950,875			45,225,573			42,541,442
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				(57,854,074	)		14,796,933			88,055,784			128,283,115			139,262,681			141,698,959
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service				(57,854,074	)		14,796,933			88,055,784			128,283,115			139,262,681			141,698,959
	Net Sale Proceeds				—			—			—			—			—			—
	Total				(57,854,074	)		14,796,933			88,055,784			128,283,115			139,262,681			141,698,959
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				2,605,900,000			2,684,077,000			2,764,599,310			2,847,537,289			2,932,963,408			3,020,952,310

Page 1 of 11

Empire State Building

Long-term DCF Method Estimate

				7			8			9			10			11			12
				Year 7			Year 8			Year 9			Year 10			Year 11			Year 12
				Jun-2019			Jun-2020			Jun-2021			Jun-2022			Jun-2023			Jun-2024
	Total Potential Gross Revenue				288,427,231			299,116,186			315,738,316			329,891,038			338,061,779			346,820,170
	General Vacancy				(2,506,598	)		(2,018,388	)		(3,530,066	)		(4,622,520	)		(4,192,486	)		(3,076,196	)
	Collection Loss				(2,826,904	)		(2,931,153	)		(3,097,525	)		(3,233,513	)		(3,309,137	)		(3,398,032	)
	Effective Gross Revenue				283,093,729			294,166,645			309,110,725			322,035,005			330,560,156			340,345,942
	Operating Expenses
	Real Estate Taxes				36,532,116			37,786,073			39,084,107			40,427,766			41,614,870			42,837,585
	Cleaning				9,310,148			9,589,451			9,877,135			10,173,447			10,478,652			10,793,012
	Security				8,244,016			8,491,340			8,746,078			9,008,460			9,278,715			9,557,076
	Professional Fees				6,836,951			7,042,058			7,253,321			7,470,922			7,695,047			7,925,900
	Insurance				9,865,379			10,161,340			10,466,182			10,780,166			11,103,572			11,436,679
	Repairs & Maintenance				7,503,971			7,729,089			7,960,960			8,199,792			8,445,783			8,699,158
	Payroll				12,383,719			12,755,229			13,137,887			13,532,023			13,937,984			14,356,124
	Utilities				18,575,578			19,132,843			19,706,830			20,298,035			20,906,975			21,534,184
	Management Fee				1,415,469			1,470,833			1,545,554			1,610,175			1,652,801			1,701,730
	Total Operating Expenses				110,667,347			114,158,256			117,778,054			121,500,786			125,114,399			128,841,448
	Net Operating Income				172,426,382			180,008,389			191,332,671			200,534,219			205,445,757			211,504,494
	Leasing & Capital Costs
	Tenant Improvements				3,311,156			5,989,828			3,732,665			2,496,115			2,391,103			4,917,140
	Leasing Commissions				6,177,918			9,166,961			5,821,906			4,001,446			2,437,767			5,271,154
	Base Building Costs				1,552,269			3,308,360			2,242,183			1,317,820			—			—
	Li & Fung TI/BB/LC (Original & New)				—			—			—			—			—			—
	CapEx, Major R&M, Project Mgmt				6,344,798			2,231,149			2,031,723			2,278,180			—			—
	Total Leasing & Capital Costs				17,386,141			20,696,298			13,828,477			10,093,561			4,828,870			10,188,294
	Cash Flow Before Debt Service			$	155,040,241		$	159,312,091		$	177,504,194		$	190,440,658		$	200,616,887		$	201,316,200
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				283,093,729			294,166,645			309,110,725			322,035,005			330,560,156			340,345,942
	Total Operating Expense				(110,667,347	)		(114,158,256	)		(117,778,054	)		(121,500,786	)		(125,114,399	)		(128,841,448	)
	Net Operating Income				172,426,382			180,008,389			191,332,671			200,534,219			205,445,757			211,504,494
Less:	Total Capital Expenses				(17,386,141	)		(20,696,298	)		(13,828,477	)		(10,093,561	)		(4,828,870	)		(10,188,294	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				149,144,616			153,416,466			171,608,569			184,545,033			194,721,262			195,420,575
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				148,144,616			152,416,466			170,608,569			183,545,033			193,721,262			194,420,575
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				74,072,308			76,208,233			85,304,285			91,772,516			96,860,631			97,210,288
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				74,072,308			76,208,233			85,304,285			91,772,516			96,860,631			97,210,288
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				79,967,933			82,103,858			91,199,910			97,668,141			102,756,256			103,105,913
	Discount Rate	7.74	%		47,463,715			45,231,870			46,634,841			46,355,807			45,268,345			42,160,430
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				155,040,241			159,312,091			177,504,194			190,440,658			200,616,887			201,316,200
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(74,072,308	)		(76,208,233	)		(85,304,285	)		(91,772,516	)		(96,860,631	)		(97,210,288	)
	Total Cash Flow to Operator				75,072,308			77,208,233			86,304,285			92,772,516			97,860,631			98,210,288
	Discount Rate	8.24	%		43,136,961			40,988,086			42,330,231			42,039,919			40,970,834			37,988,140
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service				155,040,241			159,312,091			177,504,194			190,440,658
	Reversion
	Net Operating Income																205,445,757			211,504,494
	Average NOI													212,141,194
	Cap Rate	5.75	%											5.75	%
	Value													3,689,412,063
	Selling Expense	2.50	%											(92,235,302	)
	Net Sale Proceeds													3,597,176,762
	Fee Simple Value Today
	Cash Flow Before Debt Service				155,040,241			159,312,091			177,504,194			190,440,658
	Net Sale Proceeds				—			—			—			3,597,176,762
	Total				155,040,241			159,312,091			177,504,194			3,787,617,420
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				3,111,580,880			3,204,928,306			3,301,076,155			3,400,108,440			3,502,111,693			3,607,175,044

Page 2 of 11

Empire State Building

Long-term DCF Method Estimate

				13			14			15			16			17			18
				Year 13			Year 14			Year 15			Year 16			Year 17			Year 18
				Jun-2025			Jun-2026			Jun-2027			Jun-2028			Jun-2029			Jun-2030
	Total Potential Gross Revenue				359,527,861			372,737,701			388,611,631			396,798,767			381,405,864			411,770,997
	General Vacancy				(3,841,477	)		(4,723,486	)		(5,937,152	)		(3,682,835	)		(1,097,363	)		(1,130,284	)
	Collection Loss				(3,524,067	)		(3,651,905	)		(3,807,316	)		(3,881,999	)		(3,729,870	)		(4,047,201	)
	Effective Gross Revenue				352,162,317			364,362,310			378,867,162			389,233,933			376,578,631			406,593,511
	Operating Expenses
	Real Estate Taxes				44,096,983			45,394,163			46,730,256			48,106,436			49,523,899			50,983,884
	Cleaning				11,116,800			11,450,306			11,793,816			12,147,628			12,512,060			12,887,419
	Security				9,843,789			10,139,100			10,443,276			10,756,572			11,079,272			11,411,648
	Professional Fees				8,163,676			8,408,588			8,660,844			8,920,669			9,188,291			9,463,939
	Insurance				11,779,778			12,133,174			12,497,167			12,872,083			13,258,245			13,655,992
	Repairs & Maintenance				8,960,133			9,228,935			9,505,804			9,790,980			10,084,706			10,387,250
	Payroll				14,786,807			15,230,411			15,687,323			16,157,943			16,642,682			17,141,964
	Utilities				22,180,210			22,845,616			23,530,984			24,236,916			24,964,020			25,712,943
	Management Fee				1,760,812			1,821,812			1,894,336			1,946,170			1,882,893			2,032,968
	Total Operating Expenses				132,688,988			136,652,105			140,743,806			144,935,397			149,136,068			153,678,007
	Net Operating Income				219,473,329			227,710,206			238,123,356			244,298,536			227,442,563			252,915,505
	Leasing & Capital Costs
	Tenant Improvements				3,379,021			2,446,794			2,728,625			4,601,014			35,029,414			22,729,645
	Leasing Commissions				3,223,497			6,293,744			3,467,971			10,227,848			43,828,166			32,054,122
	Base Building Costs				—			—			—			—			—			—
	Li & Fung TI/BB/LC (Original & New)				—			—			—			—			—			—
	CapEx, Major R&M, Project Mgmt				—			—			—			—			—			—
	Total Leasing & Capital Costs				6,602,518			8,740,538			6,196,596			14,828,862			78,857,580			54,783,767
	Cash Flow Before Debt Service			$	212,870,811		$	218,969,668		$	231,926,760		$	229,469,674		$	148,584,983		$	198,131,738
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				352,162,317			364,362,310			378,867,162			389,233,933			376,578,631			406,593,511
	Total Operating Expense				(132,688,988	)		(136,652,105	)		(140,743,806	)		(144,935,397	)		(149,136,068	)		(153,678,007	)
	Net Operating Income				219,473,329			227,710,206			238,123,356			244,298,536			227,442,563			252,915,505
Less:	Total Capital Expenses				(6,602,518	)		(8,740,538	)		(6,196,596	)		(14,828,862	)		(78,857,580	)		(54,783,767	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				206,975,186			213,074,043			226,031,135			223,574,049			142,689,358			192,236,113
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				205,975,186			212,074,043			225,031,135			222,574,049			141,689,358			191,236,113
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				102,987,593			106,037,022			112,515,568			111,287,025			70,844,679			95,618,057
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				102,987,593			106,037,022			112,515,568			111,287,025			70,844,679			95,618,057
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				108,883,218			111,932,647			118,411,193			117,182,650			76,740,304			101,513,682
	Discount Rate	7.74	%		41,325,444			39,431,970			38,718,594			35,565,201			21,618,253			26,543,413
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				212,870,811			218,969,668			231,926,760			229,469,674			148,584,983			198,131,738
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(102,987,593	)		(106,037,022	)		(112,515,568	)		(111,287,025	)		(70,844,679	)		(95,618,057	)
	Total Cash Flow to Operator				103,987,593			107,037,022			113,515,568			112,287,025			71,844,679			96,618,057
	Discount Rate	8.24	%		37,161,807			35,340,571			34,627,348			31,645,913			18,707,119			23,243,143
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income				219,473,329
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				3,715,390,295			3,826,852,004			3,941,657,564			4,059,907,291			4,181,704,510			4,307,155,645

Page 3 of 11

Empire State Building

Long-term DCF Method Estimate

				19			20			21			22			23			24
				Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
				Jun-2031			Jun-2032			Jun-2033			Jun-2034			Jun-2035			Jun-2036
	Total Potential Gross Revenue				443,736,857			461,282,072			476,448,218			482,876,871			501,791,373			512,320,747
	General Vacancy				(6,303,279	)		(7,765,429	)		(8,270,171	)		(4,717,869	)		(4,425,948	)		(4,800,805	)
	Collection Loss				(4,365,588	)		(4,534,933	)		(4,676,044	)		(4,740,485	)		(4,930,557	)		(5,041,441	)
	Effective Gross Revenue				433,067,991			448,981,710			463,502,003			473,418,518			492,434,867			502,478,501
	Operating Expenses
	Real Estate Taxes				52,487,673			54,036,573			55,631,939			57,275,168			58,967,692			60,710,993
	Cleaning				13,274,042			13,672,263			14,082,433			14,504,904			14,940,051			15,388,254
	Security				11,753,997			12,106,618			12,469,816			12,843,912			13,229,228			13,626,105
	Professional Fees				9,747,856			10,040,293			10,341,502			10,651,747			10,971,298			11,300,436
	Insurance				14,065,672			14,487,643			14,922,271			15,369,939			15,831,038			16,305,971
	Repairs & Maintenance				10,698,867			11,019,833			11,350,428			11,690,940			12,041,669			12,402,920
	Payroll				17,656,221			18,185,906			18,731,485			19,293,430			19,872,232			20,468,400
	Utilities				26,484,332			27,278,860			28,097,228			28,940,143			29,808,347			30,702,598
	Management Fee				2,165,340			2,244,909			2,317,510			2,367,093			2,462,174			2,512,393
	Total Operating Expenses				158,334,000			163,072,898			167,944,612			172,937,276			178,123,729			183,418,070
	Net Operating Income				274,733,991			285,908,813			295,557,391			300,481,242			314,311,138			319,060,431
	Leasing & Capital Costs
	Tenant Improvements				3,184,595			2,545,126			1,986,454			9,007,440			11,501,845			7,817,779
	Leasing Commissions				5,259,191			3,254,600			2,115,464			10,625,392			13,280,438			13,487,127
	Base Building Costs				—			—			—			—			—			—
	Li & Fung TI/BB/LC (Original & New)				—			—			—			—			—			—
	CapEx, Major R&M, Project Mgmt				—			—			—			—			—			—
	Total Leasing & Capital Costs				8,443,786			5,799,726			4,101,918			19,632,832			24,782,283			21,304,906
	Cash Flow Before Debt Service			$	266,290,205		$	280,109,087		$	291,455,473		$	280,848,410		$	289,528,855		$	297,755,525
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				433,067,991			448,981,710			463,502,003			473,418,518			492,434,867			502,478,501
	Total Operating Expense				(158,334,000	)		(163,072,898	)		(167,944,612	)		(172,937,276	)		(178,123,729	)		(183,418,070	)
	Net Operating Income				274,733,991			285,908,813			295,557,391			300,481,242			314,311,138			319,060,431
Less:	Total Capital Expenses				(8,443,786	)		(5,799,726	)		(4,101,918	)		(19,632,832	)		(24,782,283	)		(21,304,906	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				260,394,580			274,213,462			285,559,848			274,952,785			283,633,230			291,859,900
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				259,394,580			273,213,462			284,559,848			273,952,785			282,633,230			290,859,900
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				129,697,290			136,606,731			142,279,924			136,976,392			141,316,615			145,429,950
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				129,697,290			136,606,731			142,279,924			136,976,392			141,316,615			145,429,950
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				135,592,915			142,502,356			148,175,549			142,872,017			147,212,240			151,325,575
	Discount Rate	7.74	%		32,908,214			32,101,438			30,982,332			27,728,084			26,518,669			25,302,024
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				266,290,205			280,109,087			291,455,473			280,848,410			289,528,855			297,755,525
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(129,697,290	)		(136,606,731	)		(142,279,924	)		(136,976,392	)		(141,316,615	)		(145,429,950	)
	Total Cash Flow to Operator				130,697,290			137,606,731			143,279,924			137,976,392			142,316,615			146,429,950
	Discount Rate	8.24	%		29,048,747			28,256,915			27,182,830			24,184,570			23,046,949			21,908,468
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				4,436,370,314			4,569,461,424			4,706,545,266			4,847,741,624			4,993,173,873			5,142,969,089

Page 4 of 11

Empire State Building

Long-term DCF Method Estimate

				25 Year 25 Jun-2037			26 Year 26 Jun-2038			27 Year 27 Jun-2039			28 Year 28 Jun-2040			29 Year 29 Jun-2041			30 Year 30 Jun-2042
	Total Potential Gross Revenue				535,388,770			551,658,815			571,011,770			590,578,017			610,904,179			626,090,210
	General Vacancy				(7,669,011	)		(8,345,766	)		(8,037,721	)		(7,796,671	)		(8,594,011	)		(8,466,503	)
	Collection Loss				(5,267,568	)		(5,416,717	)		(5,599,558	)		(5,785,441	)		(5,980,286	)		(6,124,897	)
	Effective Gross Revenue				522,452,191			537,896,332			557,374,490			576,995,904			596,329,882			611,498,810
	Operating Expenses
	Real Estate Taxes				62,506,595			64,356,061			66,261,013			68,223,114			70,244,078			72,325,670
	Cleaning				15,849,901			16,325,398			16,815,159			17,319,615			17,839,203			18,374,379
	Security				14,034,888			14,455,934			14,889,613			15,336,301			15,796,392			16,270,282
	Professional Fees				11,639,451			11,988,635			12,348,292			12,718,743			13,100,304			13,493,314
	Insurance				16,795,149			17,299,002			17,817,972			18,352,512			18,903,087			19,470,181
	Repairs & Maintenance				12,775,007			13,158,255			13,553,004			13,959,595			14,378,382			14,809,732
	Payroll				21,082,451			21,714,924			22,366,373			23,037,363			23,728,486			24,440,339
	Utilities				31,623,675			32,572,388			33,549,556			34,556,045			35,592,725			36,660,508
	Management Fee				2,612,261			2,689,482			2,786,872			2,884,980			2,981,649			3,057,494
	Total Operating Expenses				188,919,378			194,560,079			200,387,854			206,388,268			212,564,306			218,901,899
	Net Operating Income				333,532,813			343,336,253			356,986,636			370,607,637			383,765,576			392,596,911
	Leasing & Capital Costs
	Tenant Improvements				4,230,112			2,264,894			2,456,152			2,073,198			2,688,982			5,449,883
	Leasing Commissions				5,761,081			8,454,251			4,044,946			7,618,422			5,251,078			6,287,168
	Base Building Costs				—			—			—			—			—			—
	Li & Fung TI/BB/LC (Original & New)				—			—			—			—			—			—
	CapEx, Major R&M, Project Mgmt				—			—			—			—			—			—
	Total Leasing & Capital Costs				9,991,193			10,719,145			6,501,098			9,691,620			7,940,060			11,737,051
	Cash Flow Before Debt Service			$	323,541,621		$	332,617,108		$	350,485,537		$	360,916,017		$	375,825,516		$	380,859,860
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				522,452,191			537,896,332			557,374,490			576,995,904			596,329,882			611,498,810
	Total Operating Expense				(188,919,378	)		(194,560,079	)		(200,387,854	)		(206,388,268	)		(212,564,306	)		(218,901,899	)
	Net Operating Income				333,532,813			343,336,253			356,986,636			370,607,637			383,765,576			392,596,911
Less:	Total Capital Expenses				(9,991,193	)		(10,719,145	)		(6,501,098	)		(9,691,620	)		(7,940,060	)		(11,737,051	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				317,645,996			326,721,483			344,589,912			355,020,392			369,929,891			374,964,235
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				316,645,996			325,721,483			343,589,912			354,020,392			368,929,891			373,964,235
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				158,322,998			162,860,742			171,794,956			177,010,196			184,464,946			186,982,118
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				158,322,998			162,860,742			171,794,956			177,010,196			184,464,946			186,982,118
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				164,218,623			168,756,367			177,690,581			182,905,821			190,360,571			192,877,743
	Discount Rate	7.74	%		25,485,928			24,309,349			23,758,154			22,699,220			21,927,824			20,622,237
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				323,541,621			332,617,108			350,485,537			360,916,017			375,825,516			380,859,860
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(158,322,998	)		(162,860,742	)		(171,794,956	)		(177,010,196	)		(184,464,946	)		(186,982,118	)
	Total Cash Flow to Operator				159,322,998			163,860,742			172,794,956			178,010,196			185,464,946			187,982,118
	Discount Rate	8.24	%		22,023,422			20,926,929			20,388,530			19,405,462			18,679,498			17,492,188
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				5,297,258,162			5,456,175,907			5,619,861,184			5,788,457,020			5,962,110,730			6,140,974,052

Page 5 of 11

Empire State Building

Long-term DCF Method Estimate

				31 Year 31 Jun-2043			32 Year 32 Jun-2044			33 Year 33 Jun-2045			34 Year 34 Jun-2046			35 Year 35 Jun-2047			36 Year 36 Jun-2048
	Total Potential Gross Revenue				644,089,651			605,854,327			645,037,558			679,560,556			715,357,973			736,699,025
	General Vacancy				(9,615,886	)		(1,709,656	)		(1,760,946	)		(7,551,855	)		(10,982,993	)		(11,379,188	)
	Collection Loss				(6,295,793	)		(5,921,349	)		(6,345,105	)		(6,696,585	)		(7,052,441	)		(7,249,722	)
	Effective Gross Revenue				628,177,972			598,223,323			636,931,506			665,312,116			697,322,538			718,070,115
	Operating Expenses
	Real Estate Taxes				74,469,710			76,678,072			78,952,683			81,295,536			83,708,670			86,194,199
	Cleaning				18,925,611			19,493,379			20,078,182			20,680,524			21,300,942			21,939,971
	Security				16,758,390			17,261,142			17,778,975			18,312,346			18,861,717			19,427,567
	Professional Fees				13,898,112			14,315,057			14,744,508			15,186,843			15,642,449			16,111,722
	Insurance				20,054,285			20,655,914			21,275,593			21,913,859			22,571,275			23,248,413
	Repairs & Maintenance				15,254,027			15,711,647			16,182,995			16,668,485			17,168,542			17,683,595
	Payroll				25,173,549			25,928,756			26,706,619			27,507,816			28,333,052			29,183,042
	Utilities				37,760,324			38,893,132			40,059,927			41,261,724			42,499,575			43,774,564
	Management Fee				3,140,890			2,991,117			3,184,658			3,326,561			3,486,613			3,590,351
	Total Operating Expenses				225,434,898			231,928,216			238,964,140			246,153,694			253,572,835			261,153,424
	Net Operating Income				402,743,074			366,295,107			397,967,367			419,158,422			443,749,704			456,916,691
	Leasing & Capital Costs
	Tenant Improvements				7,115,556			59,956,138			40,085,065			6,756,358			3,814,013			2,846,297
	Leasing Commissions				7,746,773			70,277,643			52,682,712			11,779,410			7,505,967			10,946,317
	Base Building Costs				—			—			—			—			—			—
	Li & Fung TI/BB/LC (Original & New)				—			—			—			—			—			—
	CapEx, Major R&M, Project Mgmt				—			—			—			—			—			—
	Total Leasing & Capital Costs				14,862,329			130,233,781			92,767,777			18,535,768			11,319,980			13,792,614
	Cash Flow Before Debt Service			$	387,880,745		$	236,061,326		$	305,199,589		$	400,622,654		$	432,429,724		$	443,124,077
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				628,177,972			598,223,323			636,931,506			665,312,116			697,322,538			718,070,115
	Total Operating Expense				(225,434,898	)		(231,928,216	)		(238,964,140	)		(246,153,694	)		(253,572,835	)		(261,153,424	)
	Net Operating Income				402,743,074			366,295,107			397,967,367			419,158,422			443,749,704			456,916,691
Less:	Total Capital Expenses				(14,862,329	)		(130,233,781	)		(92,767,777	)		(18,535,768	)		(11,319,980	)		(13,792,614	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				381,985,120			230,165,701			299,303,964			394,727,029			426,534,099			437,228,452
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				380,985,120			229,165,701			298,303,964			393,727,029			425,534,099			436,228,452
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				190,492,560			114,582,851			149,151,982			196,863,515			212,767,050			218,114,226
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				190,492,560			114,582,851			149,151,982			196,863,515			212,767,050			218,114,226
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				196,388,185			120,478,476			155,047,607			202,759,140			218,662,675			224,009,851
	Discount Rate	7.74	%		19,489,654			11,097,710			13,256,354			16,090,687			16,106,602			15,315,511
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				387,880,745			236,061,326			305,199,589			400,622,654			432,429,724			443,124,077
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(190,492,560	)		(114,582,851	)		(149,151,982	)		(196,863,515	)		(212,767,050	)		(218,114,226	)
	Total Cash Flow to Operator				191,492,560			115,582,851			150,151,982			197,863,515			213,767,050			219,114,226
	Discount Rate	8.24	%		16,462,802			9,180,567			11,018,727			13,414,990			13,390,279			12,680,714
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				6,325,203,274			6,514,959,372			6,710,408,153			6,911,720,398			7,119,072,010			7,332,644,170

Page 6 of 11

Empire State Building

Long-term DCF Method Estimate

				37 Year 37 Jun-2049			38 Year 38 Jun-2050			39 Year 39 Jun-2051			40 Year 40 Jun-2052			41 Year 41 Jun-2053			42 Year 42 Jun-2054
	Total Potential Gross Revenue				758,212,277			783,794,192
	General Vacancy				(10,611,447	)		(7,615,447	)
	Collection Loss				(7,447,552	)		(7,693,202	)
											3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				740,153,279			768,485,543			791,540,109			815,286,312			839,744,902			864,937,249
	Operating Expenses
	Real Estate Taxes				88,754,296			91,391,196
	Cleaning				22,598,169			23,276,112
	Security				20,010,395			20,610,706
	Professional Fees				16,595,074			17,092,925
	Insurance				23,945,865			24,664,240
	Repairs & Maintenance				18,214,105			18,760,527
	Payroll				30,058,536			30,960,289
	Utilities				45,087,802			46,440,433
	Management Fee				3,700,766			3,842,428
											3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				268,965,008			277,038,856			285,350,021			293,910,522			302,727,838			311,809,673
	Net Operating Income				471,188,270			491,446,687			506,190,088			521,375,790			537,017,064			553,127,576
	Leasing & Capital Costs
	Tenant Improvements				6,260,201			5,104,508
	Leasing Commissions				9,466,232			12,366,465
	Base Building Costs				—			—
	Li & Fung TI/BB/LC (Original & New)				—			—
	CapEx, Major R&M, Project Mgmt				—			—
														3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				15,726,433			17,470,973			27,413,921			28,236,339			29,083,429			29,955,932
	Cash Flow Before Debt Service			$	455,461,837		$	473,975,714		$	478,776,167		$	493,139,452		$	507,933,635		$	523,171,644
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				740,153,279			768,485,543			791,540,109			815,286,312			839,744,902			864,937,249
	Total Operating Expense				(268,965,008	)		(277,038,856	)		(285,350,021	)		(293,910,522	)		(302,727,838	)		(311,809,673	)
	Net Operating Income				471,188,270			491,446,687			506,190,088			521,375,790			537,017,064			553,127,576
Less:	Total Capital Expenses				(15,726,433	)		(17,470,973	)		(27,413,921	)		(28,236,339	)		(29,083,429	)		(29,955,932	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				449,566,212			468,080,089			472,880,542			487,243,827			502,038,010			517,276,019
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				448,566,212			467,080,089			471,880,542			486,243,827			501,038,010			516,276,019
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				224,283,106			233,540,044			235,940,271			243,121,913			250,519,005			258,138,010
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				224,283,106			233,540,044			235,940,271			243,121,913			250,519,005			258,138,010
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				230,178,731			239,435,669			241,835,896			249,017,538			256,414,630			264,033,635
	Discount Rate	7.74	%		14,607,123			14,103,389			13,221,798			12,636,733			12,077,660			11,543,417
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				455,461,837			473,975,714			478,776,167			493,139,452			507,933,635			523,171,644
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(224,283,106	)		(233,540,044	)		(235,940,271	)		(243,121,913	)		(250,519,005	)		(258,138,010	)
	Total Cash Flow to Operator				225,283,106			234,540,044			236,940,271			244,121,913			251,519,005			259,138,010
	Discount Rate	8.24	%		12,045,533			11,586,136			10,813,960			10,293,828			9,798,626			9,327,167
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				7,552,623,495			7,779,202,200			8,012,578,266			8,252,955,614			8,500,544,282			8,755,560,611

Page 7 of 11

Empire State Building

Long-term DCF Method Estimate

				43 Year 43 Jun-2055			44 Year 44 Jun-2056			45 Year 45 Jun-2057			46 Year 46 Jun-2058			47 Year 47 Jun-2059			48 Year 48 Jun-2060
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				890,885,366			917,611,927			945,140,285			973,494,494			1,002,699,329			1,032,780,308
	Operating Expenses
	Real Estate Taxes
	Cleaning
	Security
	Professional Fees
	Insurance
	Repairs & Maintenance
	Payroll
	Utilities
	Management Fee
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				321,163,963			330,798,882			340,722,848			350,944,534			361,472,870			372,317,056
	Net Operating Income				569,721,403			586,813,045			604,417,437			622,549,960			641,226,459			660,463,252
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	Base Building Costs
	Li & Fung TI/BB/LC (Original & New)
	CapEx, Major R&M, Project Mgmt
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				30,854,610			31,780,248			32,733,655			33,715,665			34,727,135			35,768,949
	Cash Flow Before Debt Service			$	538,866,794		$	555,032,798		$	571,683,782		$	588,834,295		$	606,499,324		$	624,694,304
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				890,885,366			917,611,927			945,140,285			973,494,494			1,002,699,329			1,032,780,308
	Total Operating Expense				(321,163,963	)		(330,798,882	)		(340,722,848	)		(350,944,534	)		(361,472,870	)		(372,317,056	)
	Net Operating Income				569,721,403			586,813,045			604,417,437			622,549,960			641,226,459			660,463,252
Less:	Total Capital Expenses				(30,854,610	)		(31,780,248	)		(32,733,655	)		(33,715,665	)		(34,727,135	)		(35,768,949	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				532,971,169			549,137,173			565,788,157			582,938,670			600,603,699			618,798,679
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				531,971,169			548,137,173			564,788,157			581,938,670			599,603,699			617,798,679
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				265,985,584			274,068,586			282,394,078			290,969,335			299,801,849			308,899,339
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				265,985,584			274,068,586			282,394,078			290,969,335			299,801,849			308,899,339
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				271,881,209			279,964,211			288,289,703			296,864,960			305,697,474			314,794,964
	Discount Rate	7.74	%		11,032,894			10,545,031			10,078,818			9,633,288			9,207,518			8,800,627
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				538,866,794			555,032,798			571,683,782			588,834,295			606,499,324			624,694,304
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(265,985,584	)		(274,068,586	)		(282,394,078	)		(290,969,335	)		(299,801,849	)		(308,899,339	)
	Total Cash Flow to Operator				266,985,584			275,068,586			283,394,078			291,969,335			300,801,849			309,899,339
	Discount Rate	8.24	%		8,878,318			8,451,001			8,044,187			7,656,899			7,288,202			6,937,210
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				9,018,227,429			9,288,774,252			9,567,437,479			9,854,460,604			10,150,094,422			10,454,597,255

Page 8 of 11

Empire State Building

Long-term DCF Method Estimate

				49 Year 49 Jun-2061			50 Year 50 Jun-2062			51 Year 51 Jun-2063			52 Year 52 Jun-2064			53 Year 53 Jun-2065			54 Year 54 Jun-2066
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				1,063,763,718			1,095,676,629			1,128,546,928			1,162,403,336			1,197,275,436			1,233,193,699
	Operating Expenses
	Real Estate Taxes
	Cleaning
	Security
	Professional Fees
	Insurance
	Repairs & Maintenance
	Payroll
	Utilities
	Management Fee
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				383,486,568			394,991,165			406,840,900			419,046,127			431,617,510			444,566,036
	Net Operating Income				680,277,150			700,685,465			721,706,029			743,357,209			765,657,926			788,627,663
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	Base Building Costs
	Li & Fung TI/BB/LC (Original & New)
	CapEx, Major R&M, Project Mgmt
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				36,842,017			37,947,278			39,085,696			40,258,267			41,466,015			42,709,996
	Cash Flow Before Debt Service			$	643,435,133		$	662,738,187		$	682,620,332		$	703,098,942		$	724,191,910		$	745,917,668
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				1,063,763,718			1,095,676,629			1,128,546,928			1,162,403,336			1,197,275,436			1,233,193,699
	Total Operating Expense				(383,486,568	)		(394,991,165	)		(406,840,900	)		(419,046,127	)		(431,617,510	)		(444,566,036	)
	Net Operating Income				680,277,150			700,685,465			721,706,029			743,357,209			765,657,926			788,627,663
Less:	Total Capital Expenses				(36,842,017	)		(37,947,278	)		(39,085,696	)		(40,258,267	)		(41,466,015	)		(42,709,996	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				637,539,508			656,842,562			676,724,707			697,203,317			718,296,285			740,022,043
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				636,539,508			655,842,562			675,724,707			696,203,317			717,296,285			739,022,043
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				318,269,754			327,921,281			337,862,354			348,101,659			358,648,143			369,511,021
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				318,269,754			327,921,281			337,862,354			348,101,659			358,648,143			369,511,021
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				324,165,379			333,816,906			343,757,979			353,997,284			364,543,768			375,406,646
	Discount Rate	7.74	%		8,411,774			8,040,155			7,685,002			7,345,583			7,021,197			6,711,175
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				643,435,133			662,738,187			682,620,332			703,098,942			724,191,910			745,917,668
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(318,269,754	)		(327,921,281	)		(337,862,354	)		(348,101,659	)		(358,648,143	)		(369,511,021	)
	Total Cash Flow to Operator				319,269,754			328,921,281			338,862,354			349,101,659			359,648,143			370,511,021
	Discount Rate	8.24	%		6,603,075			6,284,991			5,982,191			5,693,943			5,419,550			5,158,350
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				10,768,235,172			11,091,282,227			11,424,020,694			11,766,741,315			12,119,743,554			12,483,335,861

Page 9 of 11

Empire State Building

Long-term DCF Method Estimate

				55 Year 55 Jun-2067			56 Year 56 Jun-2068			57 Year 57 Jun-2069			58 Year 58 Jun-2070			59 Year 59 Jun-2071			60 Year 60 Jun-2072
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				1,270,189,510			1,308,295,195			1,347,544,051			1,387,970,373			1,429,609,484			1,472,497,768
	Operating Expenses
	Real Estate Taxes
	Cleaning
	Security
	Professional Fees
	Insurance
	Repairs & Maintenance
	Payroll
	Utilities
	Management Fee
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				457,903,017			471,640,107			485,789,310			500,362,990			515,373,879			530,835,096
	Net Operating Income				812,286,493			836,655,088			861,754,741			887,607,383			914,235,604			941,662,673
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	Base Building Costs
	Li & Fung TI/BB/LC (Original & New)
	CapEx, Major R&M, Project Mgmt
					3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				43,991,295			45,311,034			46,670,365			48,070,476			49,512,591			50,997,968
	Cash Flow Before Debt Service			$	768,295,198		$	791,344,054		$	815,084,375		$	839,536,907		$	864,723,014		$	890,664,704
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				1,270,189,510			1,308,295,195			1,347,544,051			1,387,970,373			1,429,609,484			1,472,497,768
	Total Operating Expense				(457,903,017	)		(471,640,107	)		(485,789,310	)		(500,362,990	)		(515,373,879	)		(530,835,096	)
	Net Operating Income				812,286,493			836,655,088			861,754,741			887,607,383			914,235,604			941,662,673
Less:	Total Capital Expenses				(43,991,295	)		(45,311,034	)		(46,670,365	)		(48,070,476	)		(49,512,591	)		(50,997,968	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				762,399,573			785,448,429			809,188,750			833,641,282			858,827,389			884,769,079
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				761,399,573			784,448,429			808,188,750			832,641,282			857,827,389			883,769,079
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				380,699,786			392,224,214			404,094,375			416,320,641			428,913,694			441,884,540
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Additional/Primary Rent				—			—			—			—			—			—
	Overage Rent				380,699,786			392,224,214			404,094,375			416,320,641			428,913,694			441,884,540
	Future Fee Simple Value (see below)
	Total Cash Flow to Fee				386,595,411			398,119,839			409,990,000			422,216,266			434,809,319			447,780,165
	Discount Rate	7.74	%		6,414,878			6,131,696			5,861,047			5,602,373			5,355,142			5,118,847
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				768,295,198			791,344,054			815,084,375			839,536,907			864,723,014			890,664,704
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Overage Rent				(380,699,786	)		(392,224,214	)		(404,094,375	)		(416,320,641	)		(428,913,694	)		(441,884,540	)
	Total Cash Flow to Operator				381,699,786			393,224,214			405,094,375			417,320,641			429,913,694			442,884,540
	Discount Rate	8.24	%		4,909,710			4,673,029			4,447,733			4,233,276			4,029,139			3,834,827
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				12,857,835,937			13,243,571,015			13,640,878,145			14,050,104,490			14,471,607,625			14,905,755,853

Page 10 of 11

Empire State Building

Long-term DCF Method Estimate

				61 Year 61 Jun-2073			62 Year 62 Jun-2074			63 Year 63 Jun-2075			63.5 Year 63.5 Dec-2075
	Total Potential Gross Revenue
	General Vacancy
	Collection Loss
					3.00	%		3.00	%		3.00	%		3.00	%
	Effective Gross Revenue				1,516,672,701			1,562,172,883			1,609,038,069			1,657,309,211
	Operating Expenses
	Real Estate Taxes
	Cleaning
	Security
	Professional Fees
	Insurance
	Repairs & Maintenance
	Payroll
	Utilities
	Management Fee
					3.00	%		3.00	%		3.00	%		3.00	%
	Total Operating Expenses				546,760,149			563,162,953			580,057,842			597,459,577
	Net Operating Income				969,912,553			999,009,929			1,028,980,227			1,059,849,634
	Leasing & Capital Costs
	Tenant Improvements
	Leasing Commissions
	Base Building Costs
	Li & Fung TI/BB/LC (Original & New)
	CapEx, Major R&M, Project Mgmt
					3.00	%		3.00	%		3.00	%		3.00	%
	Total Leasing & Capital Costs				52,527,907			54,103,745			55,726,857			57,398,663
	Cash Flow Before Debt Service			$	917,384,645		$	944,906,185		$	973,253,370		$	1,002,450,971
	Fixed Rents
	Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625
	Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625
	Overage Rent
	Total Income				1,516,672,701			1,562,172,883			1,609,038,069			1,657,309,211
	Total Operating Expense				(546,760,149	)		(563,162,953	)		(580,057,842	)		(597,459,577	)
	Net Operating Income				969,912,553			999,009,929			1,028,980,227			1,059,849,634
Less:	Total Capital Expenses				(52,527,907	)		(54,103,745	)		(55,726,857	)		(57,398,663	)
Less:	Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
	Income Subject to Ovg Rent				911,489,020			939,010,560			967,357,745			996,555,346
	Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage				910,489,020			938,010,560			966,357,745			995,555,346
	Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%
	Overage Rent @ 50%				455,244,510			469,005,280			483,178,873			497,777,673
PV to Fee
	Basic rent				5,895,625			5,895,625			5,895,625			2,947,813
	Additional/Primary Rent				—			—			—			—
	Overage Rent				455,244,510			469,005,280			483,178,873			248,888,837
	Future Fee Simple Value (see below)													16,530,435,294
	Total Cash Flow to Fee				461,140,135			474,900,905			489,074,498			16,782,271,943
	Discount Rate	7.74	%		4,893,002			4,677,142			4,470,825			147,802,231
	PV to Fee	1,458,000,000
PV to Operator
	Cash Flow Before Debt Service				917,384,645			944,906,185			973,253,370			501,225,486
	Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(2,947,813	)
	Overage Rent				(455,244,510	)		(469,005,280	)		(483,178,873	)		(248,888,837	)
	Total Cash Flow to Operator				456,244,510			470,005,280			484,178,873			249,388,837
	Discount Rate	8.24	%		3,649,868			3,473,813			3,306,236			1,636,881
	PV to Operator	1,072,000,000
	Combined Value	2,530,000,000
Future Fee Simple Value
	Cash Flow Before Debt Service
	Reversion
	Net Operating Income
	Average NOI
	Cap Rate	5.75	%
	Value
	Selling Expense	2.50	%
	Net Sale Proceeds
	Fee Simple Value Today
	Cash Flow Before Debt Service
	Net Sale Proceeds
	Total
	Discount Rate	7.00	%
	Fee Simple Value Today	2,530,000,000
	Future Fee Simple Value
	Fee Simple Value Today	2,530,000,000
	Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%
	Future Fee Simple Value				15,352,928,529			15,813,516,385			16,287,921,876			16,530,435,294

Page 11 of 11