489 & 559 Irvington Avenue. Nearby Seton Hall University Upper Vailsburg, NJ & 559 Irvington Avenue

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1 Nearby Seton Hall University Upper Vailsburg, NJ & 559 Irvington Avenue

2 Confidentiality THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in 489 & 559 Irvington Avenue, Upper Vailsburg, New Jersey ("The Property"). This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") primarily from information supplied by the Owner. Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto. By acknowledgement of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions or interest in the building, and to terminate discussions with any party at any time with or without notice. If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Massey Knakal. This Confidential Memorandum shall not be deemed a representation of the state of affairs to the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum.

3 Offering Memorandum 489 & 559 Irvington Avenue Upper Vailsburg, NJ Offering for A Long Term Ground Lease or Joint Venture EXCLUSIVE AGENTS: James Nelson jnelson@masseyknakal.com x 7710 Mitchell Levine mlevine@masseyknakal.com x 7761 Andrew Helfst ahelfst@masseyknakal.com MASSEY KNAKAL REALTY SERVICES 275 MADISON AVENUE, 3 RD FLOOR NEW YORK, NEW YORK (P) (F)

4 Table of Contents Property Information Property Photograph Property Overview Tax Map Neighborhood Information Neighborhood Character Neighborhood Map Aerial Photograph Zoning Map Zoning Description Transportation Description Rail Map Bus Map Due Diligence Material Real Estate Tax Bills Resolution Deed Demographic and Retail Information Retail Map Big Box Store List Demographic and Income Profile Report Census 2010 Summary Profile Household Income Age Income Business Summary Market Profile Retail Marketplace Profile

5 Property Photograph Ivy Hill Apartment Complex Rose Hill Shopping Center

6 Nearby Seton Hall University Upper Vailsburg, NJ Property Information Address: 498 & 559 Irvington Avenue, Newark, NJ & 559 Irvington Avenue Location: The Subject is located in Upper Vailsburg, the western most part of Newark, NJ. Block: 4274 Lot: 15 Lot Dimensions: 600' X 500' Irr. (Approx.) Lot SF: 308,928 SF (Approx.) Acres: Zoning: FAR: R4 - Fourth Residential 3.0 (Max 14 Stories) Total Buildable SF: 926,783 SF (Approx.) Assessment (2011) : $ 2,055,300 RE Taxes (2011): $ 69,921 Description: This seven acre site is located on Irvington Avenue between Manor Drive and Eder Terrace. Only two miles to the Garden State Parkway and five miles to I78. Just south of Ivy Hill Park and Seton Hall University, which has an undergraduate enrollment of about 5,200 students and a graduate enrollment of about 4,400 students. This property presents a great development opportunity for a ground lease the land or joint venture to build a complimentary product to the existing Ivy Hill Apartment Complex and the Rose Hill Shopping Center, which both surround the site. In May of 1998, there was a resolution with the City of Newark to limit development to a daycare center, eldercare center, or senior citizen housing. However, it is hopeful that a reconsideration could allow alternate uses such as big box retail. For further information or inspection please contact Exclusive Agents: Offering For A Long Term Ground Lease or Joint Venture James P. Nelson jnelson@masseyknakal.com x7710 Mitchell Levine mlevine@masseyknakal.com x7761 Andrew Helfst ahelfst@masseyknakal.com The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue Third Floor New York, NY Fax THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

7 Seton Hall University Statistics Source: Source:

8 Retail Map

9 Concept Drawings

10 Concept Drawings

11 Concept Drawings

12 Neighborhood Map 489 & 559 Irvington Avenue 107 Bus

13 489 & 559 Irvington Avenue Area Map

14 Tax Map 489 & 559 Irvington Avenue Upper Vailsburg, NJ Block: 4274 Lots: 15

15 489 & 559 Irvington Avenue Aerial Map

16 Building Summary & Zoning Map The property is a acre vacant lot located behind the Rose Hill Shopping Center on Irvington Road in Upper Vailsburg, NJ. Upper Vailsburg s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. 489 & 559 Irvington Avenue is Zoned R4 Fourth Residence District

17 Zoning Map

18 Zoning Information Summary of Bulk Standards for Upper Vailsburg Zoning Districts

19 Zoning Information

20 Zoning Information Excerpt From: ARTICLE 3 Third Residence District Regulations f. Coverage, Building Width and Floor Area. No townhouse shall occupy more than fifty (50%) percent of the lot area. In addition, the minimum floor area for each townhouse family unit shall be seven hundred fifty (750) square feet exclusive of basements, garages and open porches, except that in the case of large scale developments on a lot, or a series of lots measuring, in the aggregate, two (2) acres or more, the maximum floor area ratio shall be three (3) and no more than two-thirds (2/3) of the lot area shall be occupied by buildings.

21 Zoning Information 40:5-4. REQUIREMENTS FOR OFF-STREET PARKING. a. In any new building of the type described below, provision shall be made on the premises, either in the open or enclosed, for the off-street parking of automobiles by providing parking space for the same according to the following schedule: 3. Multiple Family Dwelling with Four (4) or More Units or the Residential Component of Mixed-Use Structure That Has Four (4) or More Dwelling Units: Minimum of three (3) for every two (2) dwelling units in all districts.

22 Neighborhood Description Vailsburg is a neighborhood in the West ward of Newark, New Jersey elevation 280 ft. As of 2000, Vailsburg has a population of 34,348. There are 8,386 families living in 12,270 housing units, of which 11,456 are owner-occupied. There are 814 vacant units in Vailsburg. Vailsburg is divided into Upper and Lower Vailsburg by Sanford Ave (Lower Vailsburg is to the east). Sacred Heart Church on the border between Upper and Lower Vailsburg Vailsburg had existed as an independent municipality, and was incorporated as a borough by an Act of the New Jersey Legislature on March 28, 1894, from portions of South Orange Township. Vailsburg was annexed by Newark on January 1, In the mid-1890s, Vailsburg had been proposed as one of the municipalities that would form a "Greater Orange", in an effort to avoid piecemeal annexation by an expanding Newark. Vailsburg was the last independent suburb to be annexed to Newark, in 1905, during a failed attempt by the mayor of Newark to absorb Kearny, East Orange, Belleville, and Harrison. The district today stands out from the rest of Newark like a peninsula and is separated from the rest of the city by the trench of the Garden State Parkway. One major landmark of Vailsburg is Vailsburg Park. The land for Vailsburg Park was originally "Electric Park," an amusement park owned by the Krueger brewing family. The residents of Vailsburg believed that Electric Park harmed the peace of the neighborhood and lobbied to have the amusement park converted into a park for passive recreation. A velodrome across from the park was built at the turn of the century and was taken down in the late 1920's. Vailsburg has a significant stock of Dutch Colonial and Victorian inspired homes, mostly built between 1945 and Upper Vailsburg consists largely of single-family homes, while Lower Vailsburg consists of both single-family and two-family housing units. The area is also home to the Ivy Hill Apartments, New Jersey's largest rental complex, and Seton Hill University, which enrolls 5,200 undergraduate students and 4,400 graduate students. Vailsburg has some abandoned property and other signs of urban decay, but many parts feel suburban. Its commercial streets, particularly South Orange Avenue, underwent street-scape improvements at the turn of the 21st century and many businesses renovated their storefronts. Many mom-and-pop businesses line the avenue, giving the sense that entrepreneurial activity is greater than most other neighborhoods of Newark.

23 Tax Bill

24 Rail Transportation

25 Rail Transportation

26 Bus Routes

27 Transportation Description Newark is a hub of air, road, rail, and ship traffic, making it a significant gateway into the New York metropolitan area and the Northeastern United States. Newark Liberty International Airport, the second-busiest airport in the New York region and the fourteenth-busiest in the United States (in terms of passenger traffic), saw nearly 32 million travelers in 2004 and processed nearly 1,000,000 metric tons of freight and mail. Just east of the airport lies Port Newark, the fifteenth-busiest port in the world and the largest container port on the eastern seaboard. In 2003, the port moved over $100 billion in goods. The Pulaski Skyway connects Newark to Jersey City and New York City. The city is served by numerous highways including the New Jersey Turnpike (Interstate 95), Interstate 280, Interstate 78, the Garden State Parkway, U.S. Route 1/9, U.S. Route 22, and Route 21. Newark is connected to the Holland Tunnel and Lower Manhattan by the Pulaski Skyway, spanning both the Passaic and Hackensack Rivers. Local streets in Newark conform to a quasi-grid form, with major streets radiating outward (like spokes on a wheel) from the downtown area. Some major roads in the city are named after the towns to which they lead, including South Orange Avenue, Springfield Avenue, and Bloomfield Avenue. These are some of the oldest roads in the city. Newark Penn Station, situated just east of downtown, is a major train station for the city and the region, connecting the interurban PATH system (which links Newark to Manhattan) with three New Jersey Transit commuter rail lines and Amtrak service to Philadelphia and Washington, D.C. Only one mile north, the Newark Broad Street Station is served by two commuter rail lines. The two train stations are linked by the Newark Light Rail system, which also provides services from Newark Penn Station to the city's northern communities and into the neighboring towns of Belleville and Bloomfield. Built in the bed of the Morris Canal, the light rail cars runs underground in Newark's downtown area. The city's third train station, Newark Liberty International Airport, connects the Northeast Corridor and North Jersey Coast Line to the airport via AirTrain Newark. Bus service in Newark is provided by New Jersey Transit, CoachUSA contract operators, and DeCamp in North Newark. The Newark-Elizabeth Rail Link is a proposed light rail project that will link downtown Newark with neighboring Elizabeth and Newark Liberty International Airport. The first section of the light rail link, connecting Newark Penn Station with Broad Street Station one mile (1.6 km) away, began service on July 17, Newark is served by New Jersey Transit bus routes 1, 5, 11, 13, 21, 25, 27, 28, 29, 34, 37, 39, 40, 41, 42, 43, 59, 62, 65, 66, 67, 70, 71, 72, 73, 74, 75, 76, 78, 79, 90, 92, 93, 94, 96, 99, 107, and 108. Bus route 308 is an express bus route to Six Flags Great Adventure from Newark Penn Station while 319 is an express service to Atlantic City.

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33 Big Box Store List Big Box Store Address Distance from Irvington Avenue Albertsons A&P A&P Ashley Furniture Home Store Ashley Furniture Home Store Auto Zone Auto Zone Auto Zone Babies "R" Us Not within 20 Miles of Boulevard, Kenilworth, NJ 19 Belleville Avenue, Bloomfield, NJ 1741 W Edgar Rd, Linden, NJ U.S. 46 Fairfield, NJ 1128 Springfield Avenue, Irvington, NJ 514 Lyons Avenue, Irvington, NJ 500 Central Avenue, E Orange, NJ 2700 U.S. 22, Union Township, NJ Miles 5.5 Miles 8.6 Miles 11 Miles 1.2 Miles 2.0 Miles 2.2 Miles 4.5 Miles Barnes & Noble Barnes & Noble Bass Pro Shops Bed Bath and Beyond Bed Bath and Beyond Best Buy Best Buy Best Buy Best Buy Big Lots Big Lots BJ's BJ's Books-A-Million Books-A-Million Borders Borders Burlington Coat Factory Burlington Coat Factory 240 Route 22 West, Springfield Township, NJ 110 Warren Street, Newark, NJ not within at least 20 miles of 489 Irvington Ave 650 Liberty Avenue, NJ 715 Morris Turnpike, Springfield Township, NJ 2391, Union, NJ 2255 Springfield Avenue, Vauxhall, NJ 925 Patterson Plank RD, Secaucus, NJ 622 Broadway, New York, NY 1006 Us Highway 46 #5, Clifton, NJ 686 Oak Tree Avenue, South Plainfield, NJ 1001 East Edgar Road, Linden, NJ 1601 US Highway 22, Watchung, NJ 700 Paramus Park #2115, Paramus NJ Green Acres Mall, Valley Stream, NY 1260 Old Country Road, Westbury, NY 1041 High Ridge Rd, Stamford, CT 651 Kapkowski Road # 30, Elizabeth, NJ 40 Us. Highway 46, Pine Brook, NJ 5.1 Miles 3.9 Miles 20+ Miles 4.0 Miles 4.3 Miles 3.6 Miles 2.3 Miles 11 Miles 14 Miles 10 Miles 13 Miles 6.9 Miles 11 Miles 18 Miles 29 Miles 34 Miles 45 Miles 6.6 Miles 9.5 Miles

34 Big Box Store List Big Box Store Address Distance from Irvington Avenue Cabela's Capitol Fishing Tackle Company Carmax Cost Plus World Market Costco Costco Crate and Barrel Crate and Barrel Davis Sport Shop Designer Shoe Warehouse Designer Shoe Warehouse Not within at least 40 Miles of 489- (Capitol Fishing is similar) 132 West 36th Street, new Yor, NY Not within 30+ Miles of 489 Not within at least 40 Miles of Hudson Street, Union Township, NJ 20 Bridewell Place, Clifton, NJ 1200 Morris Turnpike, Short Hills, NJ 611 Broadway, New York, NY 120 New York 17, Sloatsburg, NY 95 New Jersey 23, Wayne, NJ 1515 U.S. 22, Watchung, NJ Miles Miles 8.8 Miles 5.9 Miles 13 Miles 28 Miles 11 Miles 11 Miles Dicks Sporting Goods 240 State Toute 10 West, NJ 8 Miles Dicks Sporting Goods 366 Woodbridge Township, NJ 13 Miles Dress Barn 1745 Morris Avenue, Union Township, NJ 3.0 Miles Dress Barn Fairway 495 Prospect Ave # 17, West Orange, NJ 2127 Broadway, New York, NY 3.8 Miles 14 Miles Fairway Famous Footwear Famous Footwear Fred Meyer Jewelry th Avenue, New York, NY 2698B Route 22 East #110, Union Township NJ 2700 US Highway 22 E #D, Union Township NJ 2612 Palisades Center Drive, West Nyack, NY 16 Miles 4.5 Miles 4.5 Miles 29 Miles Fresh Direct Borden Avenue, Long Island, NY 16 Miles Fresh Direct 370 7th Avenue, New York, NY 14 Miles

35 Big Box Store List Big Box Store Address Distance from Irvington Avenue Fry's (electronics, general merch) Not within 20 Miles of FYE 651 Kapkowski Rd, Elixabeth, NJ 6.6 Miles FYE 701 State RT 440, Jersey City, NJ 8.3 Miles Gander Mountain Not within 20 Miles of Guitar Center 160 US Highway 22, Springfield Township, NJ 5.0 Miles Guitar Center 25 West 14th Street, Manhattan NY 13 Miles Hhgregg 3371 U.S. 1 Space 34, Lawrencevill, NJ 38 Miles Hobby Lobby Home Depot Not within 20 Miles of 489 Newark, NJ Miles Home Depot Union Township, NJ 2.6 Miles Home Goods 920 Springfield RD S, Union Square, Union Township, NJ 4.2 Miles Ikea J.C. Penney J.C. Penney Jo-Ann Stores Jo-Ann Stores Kmart Kmart Kohl's 1000 Center Drive 10 mall Drive West, Jersey City, NJ 901 Ave of the Americas Ste137 Manhattan Mall, NY, NY 1272 State Rt 27, Colonia Plaza, Colonia, NJ 461 New Jersey 10, Ledgewood, NJ 235 Prospect Avenue, West Orange, NJ 200 Passaic Avenue, Kearny, NJ 14 Main Avenue, Clifton, NJ 6.1 Miles 11 Miles 14 Miles 11 Miles 23 Miles 4.7 Miles 5.1 Miles 8.4 Miles Kohl's department store 1900 east Linden Avenue, Linden, NJ 6.3 Miles

36 Big Box Store List Big Box Store Kroger La-Z-Boy La-Z-Boy Address Not within 20 Miles of Little falls road, Cedar Grove, NJ 332 New Jersey 4, Paramus, NJ Distance from Irvington Avenue Miles 16 Miles Lowe's Home Improvement Lowe's Home Improvement Macy's Macy's Marshalls Marshalls Meijer Construction INC Menards Men's Warehouse Office depot Office depot Office Max Office Max Old Navy Old Navy Pathmark Pathmark Petco Petco PetSmart 1721 Morris Avenue, Union Township, NJ 727 New Jersey 440, Jersey City, NJ 114 Route 22 West, Springfield, NJ Prospect Avenue, Essex green Plaza, West Orange, NJ 651 Kapkowski Road, Elizabeth, NJ 70 1/2 Franklin Street, Bloomfield, NJ 10 Grove Street, Caldwell, NJ Not within 20 Miles of Old Country Road, Carle Place, NY 1701 Morris Avenue, Union township, NJ 445 U.S. 46, Totowa, NJ 60 Metro Way, Secaucus, NJ 400 Commerce Blvd # B, Carlstadt, NJ 112 Eisenhower Parkway, Livingston, NJ 651 Kapkowski Road, Elizabeth, NJ 407 Valley Street, South Orange, NJ 741 Lyons Avenue, Irvington, NJ 495 Prospect Ave # 26 West Orange, NJ 2698 Route 22, Union Township, NJ 187 Millburn Avenue, Millburn NJ 3.0 Miles 8.3 Miles 4.8 Miles 3.9 Miles 6.5 Miles 4.8 Miles 6.5 Miles Miles 3.1 Miles 11 Miles 9.7 Miles 12 Miles 6.0 Miles 6.8 Miles 0.7 Miles 2.1 Miles 3.8 Miles 4.5 Miles 2.5 Miles

37 Big Box Store List Big Box Store Address Distance from Irvington Avenue PetSmart Pier 1 Imports Pier 1 Imports Price Chopper Price Chopper Rite Aid Rite Aid Ross Dress For Less Ross Dress For Less Safeway Sam's Club Sam's Club Save-A-Lot Save-A-Lot Sears Sears Auto Center Sears Hardware Store Sears Outlet Shoprite 2438 US Highway 22 E, Union Township, NJ 275 U.S. 22, Springfield Township, NJ 375 New Jersey 10, East Hanover, NJ 142 New York 94, Warwick, NY 1025 Pennsylvania Avenue, Matamoras PA 139 South Orange Avenue, NJ 1200 Clinton Avenue, Irvington, NJ 1372 Broadway #10 W, New York, NY 105 Mercer Street, Princton Township, NJ Not within 20 Miles of East Linden Avenue, Linden, NJ 300 Park Plaza Drive, Secaucus, NJ 1510 Olden Avenue Ext, Ewing Township, NJ 107 Jersey Avenue, Port Jervis, NY Sourth Orange Avenue, Livingston, NJ 2191 Rte 22, Union Township, NJ 551 Raritan Road, Rosselle, NJ 495 Prospect Avenue, West Orange, NJ 2661 Morris Avenue, union Township, NJ 4.1 Miles 5.2 Miles 7.4 Miles 35 Miles 49 Miles 0.6 Miles 1.2 Miles 14 Miles 35 Miles Miles 11 Miles 43 Miles 49 Miles 5.7 Miles 3.7 Miles 6.5 Miles 3.8 Miles 3.2 Miles Shoprite Sports Authority Sports Authority 533 Doctor Martin Luther King Junior Boulevard, East Orange, NJ 295 Route 22, Springfield Township, NJ 142 New Jersey 10, East Hanover, NJ 2.7 Miles 5.3 Miles 8.5 Miles

38 Big Box Store Staples Staples Address 1135 Bloomfield Avenue, Bloomfield 2933 Vauxhall Road, Vauxhall, NJ 489 & 559 Irvington Avenue Big Box Store List Distance from Irvington Avenue 4.3 Miles 2.3 Miles Stop and Shop Stop and Shop Super Value Center Super Value Furniture Super Value Liquor T.J. Maxx T.J. Maxx Target Target The Container Store The Container Store Toys R Us Toys R Us Trader Joes Ulta Ulta Beauty Walgreens Walgreens Walmart Walmart Wegmans Wegmans Western Beef Western Beef Whole Foods Market Whole Foods Market 1201 Stuyvesant Avenue, Union Township, NJ 801 Newark Avenue, Elizabeth, NJ 565 Bloomfield Avenue, Bloomfield, NJ 896 Bergen Avenue, Jersey City, NJ 224 Rahway Avenue, Elizabeth, NJ Route 22& East Springfield Road, Union Square, Union Township, NJ 790 Bloomfield Avenue, West Caldwell, NJ 2235 Springfield Avenue, Union Township, NJ 2690 U.S. Highway 22E, Union Township, NJ 629 6th Avenue, New York, NY 725 Lexington Avenue, New York, NY 599 Mount Pleasant Avenue, Livingston, NJ 900 Center Drive, Elizabeth, NJ 187 Millburn Avenue, Milburn, NJ 117 Broughton Avenue, Bloomfield, NJ Rte 22 W, Watchung, NJ 579 Irvington Avenue,MJ Vauxhall Road, Vauxhall, NJ 900 Springfield Road, Union Township, NJ 150 Harrison Avenue, Kearny, NJ 15 Woodbridge Center Drive, Woodbridge Township, NJ 724 U.S. 202, Bridgewater, NJ 1 Main Street, East Orange, NJ #1A Main Street, East Orange, NJ 2245 Springfield Avenue, Vauxhall, NJ 235 Prospect Avenue, West Orange, NJ 2.8 Miles 4.5 Miles 4.8 Miles 9.7 Miles 5.6 Miles 4.2 Miles 8.1 Miles 2.3 Miles 4.6 Miles 13 Miles 15 Miles 6.8 Miles 6.8 Miles 2.6 Miles 6.3 Miles 11 Miles 0.2 Miles 2.3 Miles 4.7 Miles 6.0 Miles 13 Miles 25 Miles 3.1 Miles 3.0 Miles 2.3 Miles 4.7 Miles

39 Demographic and Income Profile Report

40 Demographic and Income Profile Report

41 Census 2010 Summary Profile

42 Census 2010 Summary Profile

43 Census 2010 Summary Profile

44 Census 2010 Summary Profile

45 Census 2010 Summary Profile

46 2011 Household Income

47 Households / Households by Income

48 Age by Income Profile

49 Age by Income Profile

50 Age by Income Profile

51 Population by Age / Owner Occupied HUs by Value

52 Business Summary

53 Business Summary

54 Market Profile

55 Market Profile

56 Market Profile

57 Market Profile

58 2011 Population by Race

59 Market Profile

60 Market Profile

61 Households by Income / Population by Race

62 Market Profile

63 Market Profile

64 Retail Marketplace Profile

65 Retail Marketplace Profile