Kathryn Wylde, President and CEO of the Partnership for New York City, gave the morning keynote on the state of New York City's economy. Some of the key points from her presentation included: - New York City is experiencing all-time highs in population, jobs, economic activity, and tourism. - The city has come a long way since the 1970s, with over 4 million jobs now compared to 3 million then. - Crime rates are down 80% from their peak in 1990. - Wall Street remains the largest economic driver, making up 21% of the city's economic output, though high-tech is the fastest growing sector. - The city faces over $

1. 9:00AM – Morning Keynote with
Kathryn Wylde

2. Effective
Leadership
Gives NYC
Its Edge
Kathryn S. Wylde
President & CEO

3. All time high in
population, jobs,
economic activity
• 8.5 million residents
• 4.4 million jobs
• $82 billion city budget
• $740 billion GCP
• 48 Fortune 500 headquarters

4. New York City Has Come a Long Way
Since 1970s
3,000,000
3,200,000
3,400,000
3,600,000
3,800,000
4,000,000
4,200,000
4,400,000
Jobs in NYC: 1960-2016
$-
$50
$100
$150
$200
$250
$300
$350
$400
Total Wages (in billions)

6. Crime down
80% from
1990-2014
0
100,000
200,000
300,000
400,000
500,000
600,000
Crimes

7. Tourism Increase
0
10
20
30
40
50
60
Visitors (millions)
0
5
10
15
20
25
30
35
40
45
Visitor Spending ($ billion)

8. Strength Through Diversity
0% 20% 40% 60% 80% 100%
Total population
U.S. workforce
New York City
workforce
Foreign-born workers U.S.-born workers
In New York City,
immigrants represent
45% of the workforce
and 48% of the small
business owners, 39%
of doctors and
55% of computer
programmers.

9. Wall Street is New York City’s
Economic Engine
21% ($153 bn)
5% ($36 bn)
10%
9%
9%
6%
6%
5%
30%
Percentage of City’s Economic Output
Financial Services
High-Tech
Professional Services
Government
Retail and Wholesale
Health Care
Information (excl. High-Tech)
Real Estate
Other

10. High-Tech is
New York City’s
Fastest-
Growing Sector
-10
0
10
20
30
40
50
2009 2010 2011 2012 2013 2014 2015 2016
Job Growth
High-Tech Financial Services

11. Education
31% 32% 33%
37%
Approximately 37% of New York City residents over
25 have a college degree, which is well above the
national average.
Approximately 35 percent of new jobs added
to the economy will require post-secondary
education from 2016 to 2026.
5%
21%
2%
7%
31%
34%

12. NYC FY 2017 Budget
28%
$23.2 bn
12%
$9.8 bn
4%
$3.0 bn
6%
$5.2 bn2%
$1.9 bn
2%
$23.2 bn
11%
$9.4 bn
46%
$37.4 bn
Education
Social Services
Children's Services
Police
Fire
Sanitation
Pension Contributions
Other

13. Infrastructure
In the New York City metro
region, nearly $60 billion is
needed to bring public
infrastructure assets to a state
of good repair over the next
five years.
Cost of State of Good Repair
City University $2.0 billion
Housing Authority $16.6 billion
MTA* $26.6 billion
NYC Transit $16.3 billion
Other MTA $10.4 billion
Port Authority* $6.8 billion
Department of Education $2.0 billion
Department of Transportation $2.9 billion
Other City Agencies $2.2 billion
Total $59.2 billion
* Includes all assets, not just those located in New York City

14. Infrastructure: Prototype Projects
Amtrak’s Gateway Tunnel Connecting
New York and New Jersey
250,000+ commuters
cross the Hudson River each day using public
transit.
100% increase in rail ridership
is expected by 2040.
10 years
of remaining useful economic life for existing
Hudson River tunnels.
$5.9 million
City employers incur $5.9 million in losses for each
hour of delay on NJ Transit operations.
Upgrade Air Traffic Control to Increase
Efficiency of New York Metro Airports
52% of business travelers
reported avoiding flying to meetings in New York
due to local airports.
~75% of nationwide flight delays
are attributable to problems in New York’s airspace.
66 minutes
Average delay for domestic flights
from New York airports
$2.6 billion
Annual cost of delays to the regional economy due
to air traffic congestion

15. Global
Corporate Tax
Competitiveness
0%
10%
20%
30%
40%
50%
60%
U.S. corporate taxes are
the highest in the developed world
8.85% New York City
6.5% New York State

16. Global Personal
Income Tax
Competitiveness
International competitors have
lower combined PIT rates than
New York City.
City Top statutory PIT tax rate
Los Angeles 52.9%
New York City >52%
London 45%
Paris 45%
Dublin 40%
Dallas 39.6%
Orlando 39.6%
Singapore 22%
Hong Kong 17%

17. States with no personal income tax are
outperforming New York in economic growth
and business climate.
Texas Florida New York
Top marginal income tax rate, 2016 0.0% 0.0% 8.82%
Top marginal corporate income tax rate, 2016 0.0% 5.5% 6.5%
Absolute domestic migration cumulative,
2005–2015 +1,334,575 +841,292 -1,717,390
Number of Fortune 500 companies headquartered in
the state, 2015 51 17 55
Gross State Product growth, 2005–2015 44% 3% 12%
Rank on the 2017 State Business
Tax Climate Index 14th 4th 49th
Rank of the state’s economic performance, 2016 1st 18th 26th
Rank of the state’s economic outlook, 2016 12th 8th 50th

18. New York is a
large net
contributor to
the federal
budget
$117.3 billion
$61.2
billion
New York to Washington, D.C. Washington, D.C. to New York
Balance of payments
deficit: $56.1 billion

19. 440 Emerging Cities Will Account for
Nearly Half of Growth
GDP growth through 2025
Emerging Cities
Developed Cities
Small Cities and Rural Areas
Current GDP
Emerging Cities
Developed Cities
Small Cities and Rural Areas

20. 10:00AM – Cranes in the
Clouds: Development &
Construction State of the Market
and Outlook

21. New | Renew
Fiscal Year 2013-Current
Audience Q&A: Slido.com | Code: 4853 Author: Rose Associates
$2.17B $1.4B 1,856 250k+ 88k
Asset Value Total Debt Luxury
Rental Units
SF Retail
Space
SF Amenities
space
40 $41.5M 988 $16.3M 140k
Renovation
Buildings
Renovation
Total
Units
Renovated
Public Area
Upgrades
SF Public
Area
New Development
Renovation

22. LIHTC Equity Implications of
Expected Corporate Tax Cuts
118 Unit, 120,000 SF Mixed-Use Rental Development in East New York
Audience Q&A: Slido.com | Code: 4853 Author: Terri Belkas-Mitchell
Development Sources Pre-Election Post-Election
HDC First Mortgage (Tax Exempt Bonds) 3,675,000 3,675,000
HPD Subsidy Second Mortgage 8,850,000 8,850,000
HDC Subsidy Third Mortgage 7,670,000 7,670,000
HPD Subsidy Fourth Mortgage 5,040,000 5,040,000
Low Income Housing Tax Credit Equity 16,408,000 14,984,000
Deferred Developer Fee 400,000 490,000
TOTAL SOURCES 42,043,000 40,709,000
Funding Gap 1,334,000

23. 11:30AM – Track A –
Next! Emerging Neighborhoods &
Markets on the Rise

24. • 85,000 SF mixed-use center with Class A medical office,
retail stores, banking and restaurants
• Adaptive reuse of 1924 historic building
• Parking ratio of 4.85/1,000 SF
SIMONE DEVELOPMENT COMPANIES
Before After
Audience Q&A: Slido.com | Code: 4853

25. BROOKLYN NAVY
YARDCURRENT DEVELOPMENT
PROJECTS
Real Estate Women's Form | February 16, 2017 Audience Q&A: Slido.com | Code: 4853

26. L+M Properties – Greater NYC Area
26
Audience Q&A: Slido.com | Code: 4853

27. 12:15PM – Track A –
Current Affairs: Financing and
Investment in Today’s Market

28. Foreign acquisition still more than 10%
of total volume
• Net foreign US investment fell in 2016, still third highest on record
For professional clients / qualified investors only
8%
4%
0%
4%
8%
12%
16%
20%
24%
28%
-$20
-$10
$0
$10
$20
$30
$40
$50
$60
$70
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
%oftotalAcquisitionVolume
Netvolume(billions)
Foreign Annual Net Acqusition Foreign Acqusitions as % of Total
Source: Real Capital Analytics, BlackRock; as of 31 December 2016
Audience Q&A: Slido.com | Code: 4853

29. Ceruzzi Investment Portfolio
155 E 86th St. 138 E 50th St. Lipstick Building (Land)
Net Sellable SF 151,000 180,000 635,653 (Gross)
Retail SF 30,000 7,350 -
Condo Units 61 124 N/A
Total Costs $415,000,000 $492,000,000 $457,625,000
Loan Amount $290,000,000 $255,000,000 $267,000,000
Preferred Equity/Mezz - $60,000,000* $135,000,000
Total LTC 70% 64% 88%
Interest Rate L + 850 L + 425 6.25%
Senior Lender TCI FUND ICBC GOLDMAN SACHS/SLG**
Partner KUAFU PROPERTIES SMI USA N/A
* In Process ** Subject to prepayment with no fee on 4/20/17
Other current projects: 520 Fifth Ave.
Audience Q&A: Slido.com | Code: 4853 Author: Ashley Rissolo

30. 12:15PM – Track B –
Rethinking Office Space: Beyond
Open Layouts and Coworking

31. Long Island City Office Mkt.
12.5 M
1.9 M
Approximate Square Feet of Useable
Office Space
Square Feet of New Ground Up &
Conversion Office Space Delivered
Since 2006
6.3
6.6 6.6
6
5.7
5.1
5.3
4.5
4
5.6
3
4
5
6
7
4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 15-Oct
Office Vacancy Rate(%)
Source: Long Island City Partnership
Audience Q&A: Slido.com | Code: 4853

32. Audience Q&A: Slido.com | Code: 4853 Author: Maggie Burns

33. 1:10PM – Track B - 555TEN: How
to Successfully Bring a New
Development to Market