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Harlem Development Project

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THE HARLEM

RENAISSANCE CENTER

A RETAIL DEVELOPMENT PROJECT

Market Feasibility and Analysis

By: G. W.-L.

TABLE OF CONTENTS

SECTION

PAGE

I. Nature Of Assignment

3

II. Letter Of Transmittal 4

III. Market History/Report 5

Area And Regional Market Trends 5

Executive Summary 5

IV. New York City Market Overview 7

V. Harlem - Neighborhood Overview 11

Neighborhood Description 11

Area Map 11

Land Use 14

Population 16

Employment And Income 18

Owner Vs. Renter Occupied Housing Units 19

Education 21

Transportation 23

VI. Groups Contributing To The Revitalization Of Harlem 24

VII. Existing And Competing Real Estate Harlem Developments 26

VIII. General Overview Of Similar Properties 29

Direct Competitors 32

Customer Sources 32

IX. Proposed Project 33

Project Site 33

Proposed Site Lot Map 34

Proposed Site Aerial View 35

X. Zoning 38

Commercial Districts 38

C4 Districts

39

Current Zoning Map (6a) 40

XI. Highest And Best Use - Evaluation Of Current Property Usage 41

XII. Site Perspective 42

Visibility 42

Access (Pedestrian, Vehicular & Service) & Parking 42

Air Rights / Height Restrictions 43

XIII. Proposed Business Model 44

XIV. Construction Financing, Permanent Financing And Operational Pro-Forma 45

XV. Site Plan (Including Proposed Tenant Make-Up) 46

XVI. Square Footage Plan 47

XVII. Legal Description Of The Premises 48

XVIII. Linkages 49

XIX. Marketing 50

XX. Property Images 53

I. NATURE OF ASSIGNMENT:

The following assignment is a market and feasibility analysis for a proposed retail shopping center to be located in central Harlem, in New York City, New York. This particular assignment assumes that this analysis is being prepared by a developer in order to present it to potential investors or potential lenders.

The proposed project is the construction of a "big box" retail shopping center to be occupied by at least four national retailers, each specializing on the sale of different "life products", servicing the Harlem neighborhood of New York City. We define "life products" as goods, which service consumers' basic needs (i.e. shelter, clothing, food, education, entertainment, etc.). The proposed project is to be located on the eastern two thirds of the block bounded by 125th street, Lenox Avenue, 124th Street and 7th Avenue.

Construction of the project will require the purchase and demolition of several small contiguous single story retail properties located on 125th street, as well as five small abandoned walk-up apartment buildings. Upon said demolition, the lots are to be combined and a single lot on which we propose to build a three story commercial building occupying the eastern two thirds of the block.

The idea is to provide adequate space for national retailers who have not previously been represented in this community. We intend to target one large home maintenance and repair store (Home Depot or its equivalent); on large bookseller (Barnes & Noble or its equivalent); one large home electronics store (Best Buy or its equivalent); and one large general discount retailer (Target or its equivalent). The center should take advantage of the success created by recent commercial developments in the area and should serve as an anchor for neighborhood/uptown renovation and redevelopment.

II. LETTER OF TRANSMITTAL:

Walsh & Grippo LLC

April 30, 2006

[Recipient]

[Address]

Re: The Harlem Renaissance Center Shopping Center

Dear Mr./Ms._____________:

I accordance with your requirements, we have the pleasure of presenting to you this project feasibility analysis for the proposed project mentioned above. This letter shall act as our request for [construction / permanent] financing for The Harlem Renaissance Center project. The enclosed documents include general property and market data and information, as well as a detailed financial

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