Falling Falling, rents are falling ...... TREGNY

Year-over-year Changes Non-Doorman Doorman February '08 February '09 Change February '08 February '09 Change Studios $2055 $1979 -3.70% $2579 $2364 -8.33% One-bedrooms $2821 $2632 -6.70% $3601 $3395 -5.71% Two-bedrooms $3929 $3654 -6.99% $5287 $5258 -0.54% And for the final hit! Inventories are back up — After a brief dip last month, inventories are back on the rise throughout Manhattan. Doorman units are up 17% since last month and non–doorman properties up 11% – showing a clear link between price increases and inventory levels. http://www.tregny.com/manhattan_rental_market_report SELL NOW OR BE IN DEBT FOREVER!!!