EFTA02686048.pdf

From: mark fisher < Sent: Tuesday, January 18, 2011 2:59 AM To: Jeffrey Epstein Subject: Income Oriented Investment Jeffrey The attached set up details an income oriented i=vestment with upside. 1372 Broadaway (NE corner 37th St) is a 57=1; SF building 99% leased primarily to Walmart, Li & Fung (1666 rev pri=ate co), and Ross Stores--2nd largest discount retailer NYSE mkt cap 7.566= 700MM CF 150MM LT debt. 92% of leases terminate after 2020. High credit stable CF tenant b=se. long term strong credit income visibility. Free and clear yield starting at 5% going to 6% by 2016 per contractua= rent increases. The small number of expiring leases should bring the yiel= to —6.5%. There is an assumable 235MM 1st mortgage at 1.25% ove= libor. Current interest rate is 1.5%. Term 11/13. Purchase price 325MM. 5560/SF. 90MM cash over the mortgage to clo=e. Current yield with mortgage assumption is 14%. Excellent f=xed income subsitute for yield segment of investment portfolios. Long term=leases--High credit tenants-- investment grade midtown NYC office asset. Call me or email me to discuss. Mark 1 EFTA_R1_02010900 EFTA02686048