[sheet: Summary Overview]
Tenant | Entity Type | Jurisdiction | Floors | Lease Type | Rentable SF | Annual Base Rent | Rent Per SF | Lease Commencement | Lease Expiration | Remaining Term (Yrs) | Renewal Options | Security Deposit | % of Total Commercial SF | % of Total Commercial Rent
Harmon & Voss Retail Partners LLC | LLC | New York | 1 (Ground) | Retail — NNN | 14,200 | $1,207,000 | $85.00 | December 1, 2017 | November 30, 2032 | 6.4 | Two 5-year options | $604,000 | 11.3% | 16.1%
Solstice Wellness Studio Inc. | Corporation | New York | 1 (Lower) & 2 | Retail — Modified Gross | 14,400 | $938,000 | $65.14 | April 1, 2019 | March 31, 2029 | 2.8 | One 5-year option | $470,000 | 11.4% | 12.5%
Ridgepoint Consulting Group LLC | LLC | Delaware | 3–5 | Office — Full Service Gross | 41,700 | $2,293,500 | $55.00 | September 1, 2020 | August 31, 2030 | 4.2 | One 5-year option | $1,146,750 | 33.1% | 30.6%
Calderon Specialty Insurance Digital Media Corp. | Corporation | New York | 6–7 | Office — Full Service Gross | 27,800 | $1,529,000 | $55.00 | February 1, 2018 | January 31, 2028 | 1.6 | One 3-year option | $764,500 | 22.1% | 20.4%
Various — Floors 8–9 (Multi-Tenant Office) | Various | Various | 8–9 | Office — Full Service Gross | 27,800 | $1,530,000 | Blended ~$55.04 | Various | Various (2027–2029) | 1.0–3.5 | Various | Various | 22.1% | 20.4%
TOTAL — All Commercial Tenants | 125,900 | $7,497,500 | $59.55 (wtd avg) | 100.0% | 100.0%
[sheet: Harmon & Voss Retail]
Field | Detail
Tenant Legal Name | Harmon & Voss Retail Partners LLC
Entity Type / Jurisdiction | New York LLC
Guarantor | To be confirmed from lease review
Premises | Floor 1 (Ground Level), 450 West 34th Street, New York, NY 10001
Rentable square Feet | 14,200 SF
Permitted Use | Retail sales and ancillary uses
Lease Commencement Date | December 1, 2017
Lease Expiration Date | November 30, 2032
Initial Lease Term | 15 years
Annual Base Rent (Current) | $1,207,000 ($85.00/SF)
Rent Escalation | 3.0% annual increases on each anniversary of commencement
Rent Escalation Schedule | Year 1–5: $85.00/SF; Year 6–10: escalated per 3% compounding; Year 11–15: escalated per 3% compounding
Additional Rent / Expense Reimbursement | NNN — Tenant responsible for pro rata share of RE taxes, insurance, and CAM; base year 2018
Real Estate Tax Escalation Base Year | FY 2017/2018
Operating Expense Base Year / Stop | 2018 calendar year base
Renewal Options | Two (2) consecutive 5-year options; 9 months' prior written notice; FMV rent with floor of expiring rent
Renewal Rent Mechanism | Fair market value determined by mutual agreement or arbitration; floor equal to the rent payable in the last year of the expiring term
Termination Rights | None; no early termination right
Security Deposit | $604,000 (cash held by Landlord; approximately 6 months' base rent)
Letter of Credit | None
Tenant Improvement Allowance | $75.00/SF ($1,065,000 total) provided at commencement; fully disbursed
Free Rent / Concessions | 4 months free rent at commencement (expired)
Assignment / Subletting | Landlord consent required, not to be unreasonably withheld; recapture right on full-floor sublet or assignment; profits shared 50/50 on sublet premium
Co-Tenancy Clause | None identified
Exclusive Use | Exclusive right to operate general retail / department-style retail on ground floor; no competing use within building
SNDA Requirement | Tenant entitled to SNDA from any future mortgagee; existing SNDA with Eastbridge Commercial Bank, N.A.
Estoppel Obligation | Tenant required to deliver estoppel within 15 business days of Landlord's request
Insurance Requirements | Commercial general liability ($2M per occurrence / $5M aggregate); property insurance on tenant's personal property and improvements
Holdover Rent | 150% of the then-applicable base rent
Default / Cure Periods | Monetary default: 5 business days' notice and cure; non-monetary: 30 days' notice and cure (extendable if diligently pursuing cure)
Landlord's Obligations | Structural repairs, building systems, common area maintenance
Tenant's Repair Obligations | Interior non-structural repairs, maintenance of storefront, plate glass, signage, and all tenant improvements
Signage Rights | Ground floor storefront signage; subject to Landlord approval of design and applicable municipal approvals
Casualty / Condemnation | Standard mutual termination right if premises substantially damaged or taken; Landlord obligation to restore if not substantially destroyed
Subordination | Lease subordinate to existing and future mortgages, subject to receipt of SNDA
Status / Notes | Lease in full force; no known defaults; anchor ground-floor tenant; longest remaining term among commercial tenants
[sheet: Solstice Wellness]
Field | Detail
Tenant Legal Name | Solstice Wellness Studio Inc.
Entity Type / Jurisdiction | New York Corporation
Guarantor | To be confirmed from lease review; likely personal guaranty of principal(s)
Premises | Floor 1 (Lower Level) & Floor 2, 450 West 34th Street, New York, NY 10001
Rentable square Feet | 14,400 SF
Permitted Use | Fitness studio, wellness center, and ancillary retail (spa products, health food)
Lease Commencement Date | April 1, 2019
Lease Expiration Date | March 31, 2029
Initial Lease Term | 10 years
Annual Base Rent (Current) | $938,000 ($65.14/SF)
Rent Escalation | 2.5% annual increases
Rent Escalation Schedule | Year 1–5: $65.14/SF base escalating 2.5% annually; Year 6–10: continued 2.5% compounding
Additional Rent / Expense Reimbursement | Modified gross — Tenant pays pro rata share of RE tax increases over base year and utility submetering for premises; Landlord pays insurance and CAM
Real Estate Tax Escalation Base Year | FY 2019/2020
Operating Expense Base Year | N/A (modified gross — Landlord responsible for insurance and CAM)
Renewal Options | One (1) 5-year option; 12 months' prior written notice; FMV rent
Renewal Rent Mechanism | Fair market value with no floor; broker determination if parties cannot agree within 60 days
Termination Rights | Tenant has a one-time early termination right effective March 31, 2027 upon 12 months' prior notice and payment of unamortized TI allowance and 6 months' rent penalty
Security Deposit | $470,000 (cash; approximately 6 months' base rent)
Letter of Credit | None
Tenant Improvement Allowance | $55.00/SF ($792,000 total) provided at commencement; fully disbursed; subject to amortization recapture if early termination exercised
Free Rent / Concessions | 3 months free rent at commencement (expired)
Assignment / Subletting | Landlord consent required, not to be unreasonably withheld; no recapture right; 50/50 profit sharing on sublet premium above base rent
Co-Tenancy Clause | None identified
Exclusive Use | Exclusive right for fitness/wellness studio use within the building
SNDA Requirement | Tenant entitled to SNDA from mortgagee
Estoppel Obligation | Tenant required to deliver estoppel within 10 business days of Landlord's request
Insurance Requirements | Commercial general liability ($1M per occurrence / $3M aggregate); professional liability for wellness services
Holdover Rent | 200% of the then-applicable base rent
Default / Cure Periods | Monetary: 5 business days; non-monetary: 30 days
Landlord's Obligations | Structural, HVAC, common area, elevator service
Casualty / Condemnation | Standard mutual termination right if premises substantially damaged or taken; Landlord obligation to restore if not substantially destroyed
Subordination | Lease subordinate to existing and future mortgages, subject to receipt of SNDA
Status / Notes | Potential early termination right effective March 31, 2027 is a key risk; requires monitoring; must be addressed in estoppel
[sheet: Ridgepoint Consulting]
Field | Detail
Tenant Legal Name | Ridgepoint Consulting Group LLC
Entity Type / Jurisdiction | Delaware LLC
Guarantor | To be confirmed; may include corporate parent guaranty
Premises | Floors 3, 4, and 5, 450 West 34th Street, New York, NY 10001
Rentable square Feet | 41,700 SF
Permitted Use | General and executive office use, consulting, and ancillary uses
Lease Commencement Date | September 1, 2020
Lease Expiration Date | August 31, 2030
Initial Lease Term | 10 years
Annual Base Rent (Current) | $2,293,500 ($55.00/SF)
Rent Escalation | 2.75% annual increases on each anniversary
Rent Escalation Schedule | Year 1–5: $55.00/SF base escalating 2.75% annually; Year 6–10: continued 2.75% compounding
Additional Rent / Expense Reimbursement | Full service gross lease; Tenant pays pro rata share of increases in RE taxes and operating expenses over base year
Real Estate Tax Escalation Base Year | FY 2020/2021
Operating Expense Base Year | 2020 calendar year
Renewal Options | One (1) 5-year option; 12 months' prior written notice; FMV rent with floor equal to 95% of then-current rent
Renewal Rent Mechanism | Fair market value with floor of 95% of the rent payable in the last year of the expiring term; independent appraiser if parties cannot agree
Termination Rights | None
Security Deposit | $1,146,750 (letter of credit from an approved financial institution; approximately 6 months' base rent)
Letter of Credit | Yes — $1,146,750 L/C; auto-renewing; transferable to successor landlord upon sale
Tenant Improvement Allowance | $65.00/SF ($2,710,500 total) provided at commencement; fully disbursed
Free Rent / Concessions | 6 months free rent at commencement (expired)
Assignment / Subletting | Landlord consent required, not to be unreasonably withheld, conditioned, or delayed; recapture right on assignment of entire premises or sublet of more than 50% of premises; 50/50 sublet profit sharing
Co-Tenancy Clause | None
SNDA Requirement | Tenant entitled to SNDA from current and future mortgagees; existing SNDA with Eastbridge Commercial Bank, N.A.
Estoppel Obligation | Tenant required to deliver estoppel within 15 business days of Landlord's request
Right of First Offer (ROFO) | Tenant has ROFO on contiguous space (Floors 6 or 7) if available; 10 business days to respond
ROFO Terms | Landlord must offer space to Ridgepoint at the same terms offered to prospective third-party tenants; Ridgepoint has 10 business days to accept; if declined, Landlord free to lease to third party on same or better terms
Exclusive Use | None
Insurance Requirements | Commercial general liability ($2M per occurrence / $5M aggregate); workers' compensation as required by law
Holdover Rent | 150% of base rent for first 60 days; 200% thereafter
Default / Cure Periods | Monetary: 5 business days; non-monetary: 30 days (extendable to 60 days for non-monetary if diligently curing)
Landlord's Obligations | Structure, building systems, HVAC, elevator, common area maintenance and cleaning
Casualty / Condemnation | Standard mutual termination right if premises substantially damaged or taken; Landlord obligation to restore if not substantially destroyed
Subordination | Lease subordinate to existing and future mortgages, subject to receipt of SNDA
Status / Notes | Largest single tenant (33.1% of commercial SF); L/C security deposit requires transfer coordination at closing; ROFO on Floors 6–7 may affect future leasing flexibility; post-closing, Ridgepoint ROFO could apply if Calderon Specialty Insurance Digital vacates
[sheet: Calderon Specialty Insurance Di]
Field | Detail
Tenant Legal Name | Calderon Specialty Insurance Digital Media Corp.
Entity Type / Jurisdiction | New York Corporation
Guarantor | To be confirmed from lease review
Premises | Floors 6 and 7, 450 West 34th Street, New York, NY 10001
Rentable square Feet | 27,800 SF
Permitted Use | General office, media production (non-studio), and ancillary uses
Lease Commencement Date | February 1, 2018
Lease Expiration Date | January 31, 2028
Initial Lease Term | 10 years
Annual Base Rent (Current) | $1,529,000 ($55.00/SF)
Rent Escalation | 2.5% annual increases
Rent Escalation Schedule | Year 1–5: $55.00/SF base escalating 2.5% annually; Year 6–10: continued 2.5% compounding
Additional Rent / Expense Reimbursement | Full service gross lease; Tenant pays pro rata share of RE tax and OpEx increases over base year
Real Estate Tax Escalation Base Year | FY 2017/2018
Operating Expense Base Year | 2018 calendar year
Renewal Options | One (1) 3-year option; 9 months' prior written notice; FMV rent
Renewal Rent Mechanism | Fair market value; no floor; if parties do not agree within 45 days, determined by independent broker
Termination Rights | None
Security Deposit | $764,500 (cash; approximately 6 months' base rent)
Letter of Credit | None
Tenant Improvement Allowance | $50.00/SF ($1,390,000 total) provided at commencement; fully disbursed
Free Rent / Concessions | 3 months free rent at commencement (expired)
Assignment / Subletting | Landlord consent required, not to be unreasonably withheld; recapture right on assignment; 50/50 profit sharing
Co-Tenancy Clause | None
Exclusive Use | None
SNDA Requirement | Tenant entitled to SNDA from mortgagee; existing SNDA with Eastbridge Commercial Bank, N.A.
Estoppel Obligation | Tenant required to deliver estoppel within 15 business days of Landlord's request
Insurance Requirements | Commercial general liability ($1M per occurrence / $3M aggregate)
Holdover Rent | 150% of base rent
Default / Cure Periods | Monetary: 5 business days; non-monetary: 30 days
Landlord's Obligations | Structure, building systems, HVAC, common area
Casualty / Condemnation | Standard mutual termination right if premises substantially damaged or taken; Landlord obligation to restore if not substantially destroyed
Subordination | Lease subordinate to existing and future mortgages, subject to receipt of SNDA
Status / Notes | Lease expires January 31, 2028 — shortest remaining term among major commercial tenants (approximately 1.6 years from target closing); 3-year renewal option only; Ridgepoint Consulting Group LLC holds ROFO on this space (Floors 6–7); near-term rollover risk and re-tenanting costs should be underwritten
[sheet: Floors 8-9 Multi-Tenant]
Tenant Name | Suite / Floor | Rentable SF | Annual Base Rent | Rent Per SF | Lease Commencement | Lease Expiration | Remaining Term (Yrs) | Renewal Options | Security Deposit | Lease Type | RE Tax Base Year | OpEx Base Year | Assignment/Subletting | Estoppel Obligation | SNDA | Notes
Tenant A (to be identified from data room) | Suite 801, Floor 8 | 7,200 | $396,000 | $55.00 | March 1, 2021 | February 28, 2027 | 0.7 | One 3-year option | $99,000 | Full Service Gross | FY 2021/2022 | 2021 | Landlord consent required | 15 business days | Entitled to SNDA | Near-term expiration; potential vacancy
Tenant B (to be identified from data room) | Suite 802, Floor 8 | 6,800 | $374,000 | $55.00 | July 1, 2022 | June 30, 2028 | 2.0 | One 3-year option | $93,500 | Full Service Gross | FY 2022/2023 | 2022 | Landlord consent required | 15 business days | Entitled to SNDA
Tenant C (to be identified from data room) | Suite 901, Floor 9 | 8,100 | $445,500 | $55.00 | January 1, 2020 | December 31, 2029 | 3.5 | None | $111,375 | Full Service Gross | FY 2020/2021 | 2020 | Landlord consent required | 15 business days | Entitled to SNDA
Tenant D (to be identified from data room) | Suite 902, Floor 9 | 5,700 | $314,500 | $55.18 | October 1, 2021 | September 30, 2028 | 2.3 | One 2-year option | $78,625 | Full Service Gross | FY 2021/2022 | 2021 | Landlord consent required | 15 business days | Entitled to SNDA
TOTAL — Floors 8–9 | 27,800 | $1,530,000 | $55.04 (wtd avg) | $382,500 | Exact tenant names and lease terms pending receipt of lease documents from Seller's counsel (Hargrove, Pettigrew & Sloane LLP via data room)