Document:

EXECUTION VERSION

 

GUARANTY AGREEMENT

 

COACH, INC.,

 

as Guarantor

 

    	 

    	 

    

 

GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT
(this “Guaranty”) is made as of April 10, 2013, by Coach,
Inc., a Maryland corporation, having an office at 516 West 34th Street, New York, New York 10001 (“Guarantor”),
to and for the benefit of PODIUM FUND TOWER C SPV LLC, a Delaware limited liability company (the “Fund Member”),
having an office at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023 and ERY DEVELOPER LLC, a Delaware
limited liability company (“Developer”), having an office at c/o The Related Companies, L.P., 60 Columbus Circle,
New York, New York 10023 (the Fund Member and Developer are each, individually, a “Developer Party” and collectively,
the “Developer Parties”).

 

WITNESSETH:

 

WHEREAS, ERY Tenant LLC,
a Delaware limited liability company (“Master Tenant”), as ground lessee, entered into that certain Agreement
of Lease (Eastern Rail Yard Section of the John D. Caemmerer West Side Yard), dated as of the date hereof (the “Master
Ground Lease”), with the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit
corporation of the State of New York (the “MTA”), as ground lessor, pursuant to which Master Tenant ground leased
from the MTA, for a ninety-nine (99) year term, certain airspace above and terra firma within the Eastern Rail Yard Section (the
“ERY”) of the John D. Caemmerer West Side Yard in the City, County and State of New York as more particularly
described in the Master Ground Lease (the “Master Ground Lease Property”);

 

WHEREAS,
Coach Legacy Yards LLC, a Delaware limited liability company (the “Coach Member”), and the Fund Member have
entered into that certain Limited Liability Company Agreement of Legacy Yards LLC, a Delaware limited liability company
(the “Building C JV”), dated as of the date hereof (as amended from time to time, the “Operating Agreement”);

 

WHEREAS, the Building
C JV is the sole member of and owns 100% of the limited liability company interests in Legacy Yards Mezzanine LLC, a Delaware limited
liability company (“Building C Mezzanine Borrower”), which is the sole member of and owns 100% of the limited
liability company interests in Legacy Yards Tenant LLC, a Delaware limited liability company (the “Building C Tenant”),
pursuant to that certain Limited Liability Company Agreement of Legacy Yards Tenant LLC, dated as of the date hereof;

 

WHEREAS, the Building
C Tenant entered into that certain Agreement of Severed Parcel Lease (Eastern Rail Yard Section of the John D. Caemmerer West Side
Yard), dated as of the date hereof (as amended from time to time, the “Building C Lease”), as ground lessee,
with the MTA pursuant to which the Building C Tenant leased that certain portion of the ERY located on terra firma on the northwest
corner of West 30th Street and 10th Avenue, New York, New York as more particularly described therein (the “Land”);

 

WHEREAS, the Building
C Tenant and Developer have entered into that certain Development Management Agreement, dated as of the date hereof (as amended
from time to time, the “Development Management Agreement”), pursuant to which Developer shall, inter alia,
develop and construct a commercial building containing office space, a podium with retail space, parking facilities, loading docks
and other facilities, and other improvements to be constructed on the Land, as shown on the Plans (collectively, the “Building”);

 

    	 

    	 

    

 

WHEREAS, the Coach Member
and Developer have entered into that certain Development Agreement, dated as of the date hereof (as amended from time to time,
the “Development Agreement”), pursuant to which Developer shall perform the Developer Work and Base Building
Work; all capitalized terms not otherwise defined herein shall have the respective meanings specified in the Development Agreement;

 

WHEREAS, as a material
inducement to the Fund Member to enter into the Operating Agreement and to Developer to enter into the Development Agreement, Guarantor
has agreed to execute and deliver this Guaranty in order to assure the payment and performance of the Guaranteed Obligations; and

 

WHEREAS, Guarantor owns
a direct or indirect interest in the Coach Member and will derive substantial benefits from the execution and delivery by the Fund
Member of the Operating Agreement and by Developer of the Development Agreement and the transactions contemplated thereby.

 

NOW, THEREFORE, in consideration
of the promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:

 

SECTION 1.        Guaranteed
Obligations.

 

(a)          Subject
to and in accordance with the succeeding provisions of this Guaranty (including without limitation Section 1(b)), Guarantor
does hereby unconditionally, absolutely and irrevocably, as primary obligor and not merely as surety, guarantee, for the
benefit of each of the Developer Parties (each of the following Guaranteed Obligations (as defined below) being a separate and
independent obligation):

 

(i)          the
payment in full of: (A) all Coach Total Development Costs and all other sums and charges due to Developer under the Development
Agreement (including, without limitation, all sums and charges due to Developer pursuant to Sections 2.04, 2.05, 3.07, 8.04, 10.01,
10.07 and 17.02(a) and Article 12 of the Development Agreement); (B) all sums and charges that are the responsibility of the Coach
Member under the Operating Agreement (including, without limitation, all sums and charges due to the Building C JV or the Fund
Member pursuant to Sections 3.1, 3.8(f), 3.8(h), 3.8(j) (but not including Section 3.8(j)(iv) for this purpose), 4.2(a), 4.3, 7.8(b),
8.3, 8.4 and 10.2 of the Operating Agreement); and (C) any liquidated damages, penalties, self-help costs and
interest charges payable by the Coach Member under the Development and the Operating Agreement (the costs, sums and charges described
in clause (A)-(C), collectively, the “Coach Member Costs”; and such payment obligation, the “Coach
Member Payment Obligation”); 

 

(ii)         that
any and all liens or claims of any Persons furnishing materials, labor or services in connection with the Coach Finish Work (other
than any Coach Finish Work performed on behalf of the Coach Member by or on behalf of any Developer Party or any Affiliate of any
Developer Party) encumbering or affecting any portion of the Building other than the Coach Areas shall be removed by bonding or
otherwise discharged within the time periods provided in the Development Agreement, subject to the rights of the Coach Member,
Developer, Building C Tenant, and the Building C Mezzanine Borrower (if any), as applicable, in accordance with the terms and conditions
set forth in the Development Agreement and the Loan Documents, to contest any such liens or claims which are otherwise so removed
by bonding, except for any liens or claims of Persons furnishing materials, labor or services to or on behalf of the Developer
(the “Lien Discharge Obligation”); and

 

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(iii)        the
payment of, or reimbursement to Developer and the Fund Member of, all reasonable costs and expenses incurred by such Developer
Party in connection with its enforcement of the Coach Member Payment Obligation and the Lien Discharge Obligation (such costs and
expenses, “Enforcement Costs”), where such enforcement is brought either against Guarantor or in a combined
action against both Guarantor and the Coach Member and such Developer Party is the substantially prevailing party with respect
thereto (the “Enforcement Costs Obligation”).

 

The obligations set forth
in clauses (i) through (iii) above are hereinafter collectively referred to as the “Guaranteed Obligations”
(provided, that there shall be no duplication of any such obligation to the extent the same underlying obligation is included in
more than one such clause). Notwithstanding anything to the contrary contained in the Operating Agreement or this Guaranty, there
shall be no limitation on the liability of Guarantor hereunder with respect to the any liability of the Coach Member pursuant to
Section 8.4 of the Operating Agreement.

 

(b)          Subject
to the provisions of Section 1(c), if at any time, whether or not a default shall have occurred or be continuing under
the Development Agreement, the Operating Agreement or any other Building Document, but subject to the
rights of the Coach Member and the Developer Parties with respect to the arbitration of disputes between or among such parties
pursuant to the terms of the Development Agreement or the Operating Agreement, as applicable, any of the Guaranteed Obligations
shall not have been duly paid or performed after the expiration of applicable notice and cure periods
(if any), then Guarantor shall, within ten (10) Business Days of written notice and demand made by a Developer Party, pay
and perform such Guaranteed Obligations. In addition to the other rights and remedies that a Developer Party may have hereunder,
any Developer Party, at its option, shall have the right to undertake to pay or perform, to the extent not paid or performed by
the Coach Member, the Guaranteed Obligations or any portion thereof (including the payment of costs and expenses to pay or perform
any of the Guaranteed Obligations) either before or after the exercise of any other remedy of such Developer Party against the
Coach Member or Guarantor. All reasonable expenditures made by a Developer Party in connection with such Developer Party’s
payment or performance of any Guaranteed Obligations, with interest at the Interest Rate (as
defined in the Development Agreement), shall be paid to such Developer Party by Guarantor within ten (10) Business Days after written
notice and demand, by wire transfer of immediately available federal funds to an account designated by such Developer Party.

 

(c)          Notwithstanding
anything to the contrary contained in this Guaranty, no amounts payable to any Developer Party hereunder shall duplicate any payments
actually made to such or any other Developer Party in respect of the same underlying obligation under the Operating Agreement or
the Development Agreement (or any other agreements or instruments executed by the Coach Member pursuant thereto). The Operating
Agreement, the Development Agreement and any such other agreements and instruments executed by the parties pursuant thereto (excluding
the Building C Lease and the MTA Documents) and this Guaranty shall collectively be referred to herein as the “Building
Documents”.

 

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SECTION 2.        Nature
of Guaranty. Guarantor’s liability under this Guaranty is a guaranty of payment and performance and not of collection.
Each Developer Party has the right to require Guarantor to pay, comply with and satisfy its obligations and liabilities under this
Guaranty, and shall have the right to proceed immediately against Guarantor with respect thereto, without being required to attempt
recovery first from the Coach Member or any other Person, and without demonstrating that the Developer Parties have exercised (to
any degree) or exhausted any of the Developer Parties’ rights against the Coach Member under any of the Building Documents.
This Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future, including
Guaranteed Obligations arising or accruing after any bankruptcy of the Coach Member or Guarantor or
any sale or other disposition of any security for this Guaranty under the Building Documents.

 

SECTION 3.        Representations
and Warranties. Guarantor hereby represents and warrants as of the date hereof as follows:

 

(a)          It
is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland and owns a direct
or indirect interest in the Coach Member.

 

(b)          It
has the power, authority and legal right, (i) to own and operate its properties and assets, (ii) to carry on the business
now being conducted, and (iii) to execute, deliver and perform its obligations under, and engage in the transactions contemplated
by, this Guaranty, and it has duly authorized, executed and delivered this Guaranty.

 

(c)          There
is no provision of any agreement or contract binding on it which would prohibit, conflict with, or in any way prevent the execution,
delivery and performance of this Guaranty.

 

(d)          True,
correct and complete copies of the certificate of incorporation and by-laws of Guarantor and each amendment thereto entered into
as of the date hereof (collectively, the “Organizational Documents”) have been delivered to the Developer Parties.
The Organizational Documents are not subject to any right of rescission, set-off, counterclaim or defense by any partner, member
or shareholder, and no partner, member or shareholder has asserted any right of rescission, set-off, counterclaim or defense.

 

(e)          It
has, independently and without reliance upon the Developer Parties and based on such documents and information as Guarantor has
deemed appropriate, made its own credit analysis and decision to enter into this Guaranty.

 

(f)           It
is not a Prohibited Person (as such term is defined in the Building C Lease).

 

(g)          There
are no actions, suits or proceedings at law or in equity by or before any Government Entity now pending or, to Guarantor’s
knowledge, threatened against Guarantor, any Affiliates of Guarantor or any of their respective assets, which actions, suits or
proceedings, if determined against Guarantor, any such Affiliate of Guarantor or any of such assets, might reasonably be expected
to materially adversely affect the financial condition of Guarantor or its ability to perform its obligations under this Guaranty.

 

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(h)          This
Guaranty in all respects represent valid and legally binding obligations, which are enforceable against Guarantor in accordance
with the terms hereof, subject only to the effects of bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally.

 

SECTION 4.        Intentionally
Omitted.

 

SECTION 5.       Obligations
Independent. The obligations of Guarantor under this Guaranty shall be independent of, and shall not be measured or affected
by, (a) the legal sufficiency or insufficiency of the Development Agreement, the Operating Agreement or any other Building
Document, (b) the modification, expiration or termination of the Development Agreement, the Operating Agreement or any other
Building Document (except as any modifications shall modify the Guaranteed Obligations), (c) any extension of time for performance
under the Development Agreement, the Operating Agreement or any other Building Document (except as any extensions of time shall
extend the time to perform the Guaranteed Obligations), (d) the terms and provisions of the Loan Documents or the sufficiency of
the funds advanced to Building C Tenant or Building C Mezzanine Borrower by the Coach Lender pursuant thereto, (e) any bankruptcy,
insolvency or other discharge of the Coach Member, and (f) any offsets or defenses available to
the Coach Member or any other offsets or defenses to liability of Guarantor (other than any offset based on a default by the Fund
Member or Developer in the payment or performance of its obligations under the Development Agreement or the Operating Agreement,
as applicable, that, if disputed by Developer or the Fund Member, has been finally determined to be due and payable or required
to be performed pursuant to the dispute resolution process thereunder), all of which are hereby waived.

 

SECTION 6.        Other
Rights and Remedies. The rights of the Developer Parties under
this Guaranty shall be in addition to the other rights and remedies of the Developer Parties against
Guarantor, if any, under any other Building Document, or at law or in equity, and shall not in any way be deemed a waiver of any
such rights.

 

SECTION 7.        Limitation
on Obligations. Notwithstanding anything to the contrary contained herein or in any other Building Document to the contrary,
the maximum liability of Guarantor under this Guaranty shall be One and 00/100 Dollar ($1.00) less than the amounts which, under
applicable federal and state laws, including those relating to the insolvency of debtors, and after giving effect to all applicable
rights of contribution, would result in the avoidance or illegality of the obligations of Guarantor hereunder or, if applicable,
under any other Building Document. Nothing herein shall be construed to shift to the Developer Parties the burden of proof with
respect to the maximum liability of Guarantor.

 

SECTION 8.       Survival
of Obligations. The Guaranteed Obligations shall survive any termination, surrender, summary proceeding,
foreclosure or other proceeding involving the Development Agreement, the Operating Agreement or any other Building Document and/or
the exercise by any Developer Party of any of its remedies pursuant to the Development Agreement, the Operating Agreement or any
other Building Document. The Guaranteed Obligations shall survive until performed in full, and shall be reinstated in the event
that any payment made is rescinded.

 

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SECTION 9.        Obligations
Absolute.

 

(a)          The
obligations and liability of Guarantor hereunder shall remain in full force and effect without regard to, and shall not be impaired
by, the following: (i) any amendment, modification, renewal, supplement or extension of or waiver under the Development Agreement,
the Operating Agreement or any other Building Document or any obligations thereunder (except that the Guaranteed Obligations shall
be deemed to be modified to the extent that any such amendment, modification, renewal, supplement, extension or waiver shall modify
any obligations of the Coach Member that constitute Guaranteed Obligations); (ii) any exercise or non-exercise by any Developer
Party of (or any delay in exercising) any right or privilege under the Development Agreement, the Operating Agreement or any other
Building Document; (iii) any voluntary or involuntary bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or similar proceeding relating to the Coach Member or Guarantor or any of the assets belonging to either of them, or
any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding, whether or
not Guarantor shall have had notice or knowledge of any of the foregoing; (iv) any release, waiver or discharge of Guarantor from
liability under any of the Building Documents (other than liability under this Guaranty); (v) any subordination, compromise, settlement,
release (by operation of law or otherwise), discharge, collection or liquidation of any of the Building Documents or any repossession
or surrender of the Premises (as defined in the Building C Lease) under the Building C Lease; (vi) any assignment or other
transfer of any or all of the Development Agreement, the Operating Agreement, the Building C Lease or the other Building Documents,
in whole or in part; (vii) any acceptance of a partial performance of any of the obligations of Guarantor (except to the extent
of such partial performance); (viii) any transfer of any or all of the Building, the Land or any Unit or any consent thereto; (ix)
any bid or purchase at any sale of any or all of the Building, the Land or any Unit; (x) any change in the composition of
the Coach Member, or any member, partner or shareholder of the Coach Member, including, without limitation, the withdrawal or removal
of Guarantor from any current or future position of direct or indirect ownership, management or control of the Coach Member or
such member, partner or shareholder; (xi) any failure to file or record the Building C Lease or any documents related thereto
or any failure to take or perfect any security interest intended to be provided thereby; and (xii) any breach or inaccuracy of
a representation, warranty or covenant made by the Coach Member, whether express or implied.

 

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(b)        Guarantor
unconditionally waives: (i) any right to require any Developer Party to terminate the Development Agreement, the Operating Agreement
or any other Building Document or to pursue any other remedy whatsoever under the Development Agreement, the Operating Agreement
or any other Building Document or otherwise; (ii) any defense arising by reason of any invalidity or unenforceability of the Development
Agreement, the Operating Agreement or any other Building Document or any of the respective provisions thereof; (iii) any defense
based upon an election of remedies by any Developer Party, including, without limitation, any election to proceed by termination
of the Development Agreement, the Operating Agreement or any other Building Document, or exercise of any other remedies of the
applicable Developer Party under the Development Agreement, the Operating Agreement or any other Building Document; (iv) any
defense to the recovery by any Developer Party against Guarantor of any deficiency or otherwise to the enforcement of this Guaranty
(except as otherwise expressly provided herein); (v) demand, presentment for payment, notice of nonpayment or other default
by the Coach Member, protest, notice of protest and all other notices of any kind, or the lack of any thereof, including, without
limiting the generality of the foregoing, notice of the existence, creation or incurring of any new or additional indebtedness
or obligation or of any action or non-action on the part of any Developer Party, any endorser or creditor of Guarantor or any other
person whomsoever under this or any other instrument in connection with any obligation or evidence of indebtedness held by any
Developer Party, except for notices required under this Guaranty; (vi) any right or claim of right to cause a marshaling of
the assets of Guarantor; (vii) any duty on the part of any Developer Party to disclose to Guarantor any facts any Developer
Party may now or hereafter know about the Building, the Land or the Coach Areas, regardless of whether any Developer Party have
reason to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or has reason
to believe that such facts are unknown to Guarantor or has a reasonable opportunity to communicate such facts to Guarantor, it
being understood and agreed that Guarantor is fully responsible for being and keeping informed of the condition of the Building,
the Land and the Coach Areas and of any and all circumstances bearing on the risk that liability may be incurred by Guarantor hereunder;
(viii) any lack of notice of disposition or of manner of disposition of any collateral for any Building Document or the Guaranteed
Obligations; (ix) any deficiencies in the collateral for any Building Document or the Guaranteed Obligations or any deficiency
in the ability of any Developer Party to collect or to obtain performance from any Persons now or hereafter liable for the payment
and performance of any of the Guaranteed Obligations; and (x) any other circumstance which might otherwise constitute a defense
available to a guaranty or surety, or a discharge of any of the Guaranteed Obligations. Without limiting the generality of the
foregoing, Guarantor hereby waives all rights and defenses arising out of an election of remedies by any Developer Party and all
rights of subrogation or contribution, whether arising by contract or operation of law or otherwise by reason of any payment by
Guarantor pursuant to the provisions hereof for so long as the obligations under the Development Agreement or any other Building
Document remain outstanding (to the extent such subrogation or contribution adversely affects the exercise of any Developer Party’s
rights hereunder). Furthermore, Guarantor shall not have any right of recourse against the Developer Parties or any of their respective
Affiliates, or any other Developer Indemnitee, by reason of any action that any Coach Indemnitee may take or omit to take under
the provisions of this Guaranty, the Development Agreement or, if applicable, any other Building Document, except as set forth
in such Building Document or to the extent such action or omission constitutes gross negligence or willful misconduct, and provided
that nothing in this Guaranty shall limit any rights or remedies of Guarantor or any of its Affiliates under the Development Agreement,
the Operating Agreement or any other Building Document in the event of any default thereunder or violation of the terms thereof
by the applicable Developer Party.

 

SECTION 10.      Intentionally
Omitted.

 

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SECTION 11.     Release
of Guaranty. Subject to the provisions of Section 24 regarding reinstatement of Guaranteed Obligations, Guarantor
shall be released and discharged from all liability for the Guaranteed Obligations under this Guaranty at such time as (a) all
of the Guaranteed Obligations have been satisfied in full, and (b) all reasonable costs and expenses incurred by the Developer
Parties with respect to the enforcement of the Guaranteed Obligations, including enforcement undertaken directly against the Coach
Member pursuant to the Building Documents with respect to obligations which are the subject of this Guaranty (where such enforcement
is brought either against Guarantor or in a combined action against Guarantor and the Coach Member) shall have been paid in full.
Upon satisfaction of the Guaranteed Obligations and the conditions set forth in this Section 11, at the request of
Guarantor, the Developer Parties will deliver a written instrument evidencing the termination of this Guaranty and the release
of Guarantor of all obligations hereunder in form and substance reasonably satisfactory to the Developer Parties and Guarantor,
which release shall be subject to reinstatement as provided in Section 24.

 

SECTION 12.      Subordination.

 

(a)          All
indebtedness, liabilities and obligations of the Coach Member to Guarantor (including, without limitation, any obligation of the
Coach Member arising out of any payment or performance by Guarantor hereunder) and all indebtedness, liabilities and obligations
of any member, partner or shareholder of the Coach Member to Guarantor (“Subordinated Debt”), whether secured
or unsecured and whether or not evidenced by any instrument, now existing or subsequently created or incurred, are and shall be
subordinate and junior in right of payment to the Guaranteed Obligations.

 

(b)          If
any payment or distribution or security, or any proceeds of any of the foregoing, (i) is collected or received by Guarantor in
respect of any Subordinated Debt or in respect of any obligation of any member, partner or shareholder of the Coach Member to make
any capital contribution to the Coach Member, and (ii) is not expressly permitted under the provisions of this Guaranty, then Guarantor
shall immediately turn over such payment, distribution, security or proceeds to the Developer Parties in the form received, and,
until so turned over, the same shall be deemed to be held in trust by Guarantor as the property of the Developer Parties.

 

SECTION 13.      Recourse;
Exculpation.

 

(a)          Guarantor’s
liability hereunder shall be fully recourse and shall not be subject to, limited by or affected in any way by any non-recourse
provisions contained in the Development Agreement, the Operating Agreement or any other Building Document. Guarantor hereby acknowledges
that it is the intent of the Developer Parties to create separate obligations of Guarantor hereunder which can be enforced against
Guarantor without regard to the existence of any other Building Document or the rights, liens or security interests created therein.
Guarantor agrees that the agreements made and given in this Guaranty are separate from, independent
of and in addition to the undertakings under any other guaranty now existing or hereafter made by Guarantor in favor of any other
Person with respect to any of the Guaranteed Obligations (“Other Guaranties”). Guarantor agrees that a separate
action may be brought to enforce the provisions of this Guaranty which shall in no way be deemed to be an action on any of the
Other Guaranties, the Development Agreement, the Operating Agreement or any other Building Document.

 

(b)          The
Developer Parties shall not be required (and Guarantor hereby waives any rights that Guarantor may have to require any Developer
Party), in order to enforce the obligations of Guarantor hereunder, first to (i) institute any suit or exhaust any remedies against
the Coach Member or any other Person liable under the Development Agreement, the Operating Agreement or any other Building Document,
(ii) enforce any Developer Party’s rights against any other
guarantors of the Guaranteed Obligations, (iii) enforce any Developer Party’s rights against any collateral which
shall ever have been given to secure the Development Agreement, the Operating Agreement or any other Building Document, (iv) join
the Coach Member or any other Person liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, or (v)
resort to any other means of obtaining payment of the Guaranteed Obligations. The Developer Parties shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

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(c)          Guarantor
shall have no right of recourse against any Developer Party by reason of any enforcement action any Developer Party may take or
omit to take under the provisions of this Guaranty or any of the Building Documents in connection with the enforcement of the Guaranteed
Obligations in compliance with law and with such Building Documents.

 

(d)          No
personal liability shall be asserted, sought or obtained by any Developer Party under this Guaranty or enforceable by any Developer
Party under this Guaranty against (i) any Affiliate of Guarantor, (ii) any Person owning, directly or indirectly, any legal
or beneficial interest in Guarantor or any Affiliate of Guarantor or (iii) any direct or indirect partner, member, principal, officer,
beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate or director of any Persons described in clauses (i) and
(ii) above (collectively, the “Exculpated Parties”), and none of the Exculpated Parties shall have any personal
liability in respect of any of the Guaranteed Obligations or any other liabilities and obligations of Guarantor under this Guaranty.
Nothing in this Section 13(d) shall derogate from or reduce the rights of any Developer
Party in respect of any separate undertakings or agreements given in connection herewith.

 

SECTION 14.      Independent
Actions. Guarantor waives any right to require that any action be brought by any Developer Party against any other Person,
or that any other remedy under the Development Agreement, the Operating Agreement or any other Building Document be exercised.
Any Developer Party may, at its option, proceed against Guarantor in the first instance to collect monies when due or obtain performance
under this Guaranty, without first resorting to the Development Agreement, the Operating Agreement or any other Building Document
or any remedies thereunder.

 

SECTION 15.      Assignment.

 

(a)          Guarantor
may not assign any of its rights and obligations under this Guaranty without the prior written consent of the Fund Member, which
consent may be granted or withheld by the Coach Member in its sole and absolute discretion.

 

(b)          Subject
to the provisions of the Building Documents, Guarantor acknowledges and agrees that the Developer Parties (or any Developer Party)
shall have the right, upon notice to Guarantor but without Guarantor’s consent, to assign, transfer, sell, lease, negotiate,
pledge, grant or otherwise hypothecate all or any portion of its or their rights in and to the Fund Member Units, the Development
Agreement, the Operating Agreement or any other Building Documents and/or this Guaranty to any permitted transferee of its interest
under and in accordance with the terms of the Development Agreement, the Operating Agreement or such Building Document, and no
such assignment, transfer, sale, lease, negotiation, pledge, grant or hypothecation and/or transfer of the Developer Parties’
(or any Developer Party’s) rights thereunder or hereunder, shall in any way impair or affect, or constitute a defense to,
Guarantor’s liability under this Guaranty.

 

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SECTION 16.      Successors
and Assigns Included in Parties. Whenever in this Guaranty any of Guarantor, the Coach Member or any Developer Party is named
or referred to, the heirs, legal representatives, successors and permitted assigns of such Person shall be included and all covenants
and agreements contained in this Guaranty by or on behalf of Guarantor shall bind and inure to the benefit of their respective
heirs, legal representatives, successors and permitted assigns, whether so expressed or not.

 

SECTION 17.      Number
and Gender. Whenever the singular or plural number, or the masculine, feminine or neuter gender is used herein, it shall equally
include the other.

 

SECTION 18.      Computation
of Time Periods. In this Guaranty, with respect to the computation of periods of time from a specified date to a later specified
date, the word “from” means both “from and including” and the words “to” and “until”
both mean “to but excluding”.

 

SECTION 19.      Notices.

 

(a)          Any
request, notice, report, demand, approval or other communication (each, a “Notice”) permitted or required by
this Guaranty to be given or furnished shall be in writing signed by the party giving such Notice and shall be delivered (x) by
hand (with signed confirmation of receipt), (y) by nationally or internationally recognized overnight mail or courier service (with
signed confirmation of receipt) or (z) by facsimile transmission (with a confirmation copy delivered in the manner described in
clause (x) or (y) above). All such Notices shall be deemed delivered, as applicable: (i) on the date of the personal
delivery or facsimile (as shown by electronic confirmation of transmission) if delivered by 5:00 p.m., and if delivered after 5:00
p.m. then on the next business day; or (ii) on the next business day for overnight mail.

 

(b)          Any
party may change the entity, address or the attention party to which any Notice is to be given, by furnishing written Notice of
such change to the other parties in the manner specified above. Rejection or refusal to accept, or inability to deliver because
of changed address or because no notice of changed address was given, shall be deemed to be receipt of any such notice.

 

(c)          Notices
directed to a party shall be delivered to the parties at the addresses set forth below or at such other address or addresses as
may be supplied by written Notice given in conformity with the terms of this Section 19:

 

if to Guarantor:

 

Coach,
Inc.

516 West 34th Street

New York, New York 10001

Attention: Todd Kahn 

Facsimile: (212) 629-2398

 

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with a copy to each of the following:

 

Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Mitchell L. Feinberg

Facsimile: (212) 629-2298

 

Fried, Frank, Harris, Shriver &
Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: Jonathan L. Mechanic and Harry R. Silvera, Esqs.

Facsimile: (212) 859-4000

 

if to any of the Developer Parties:

 

c/o The
Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention: Jeff T. Blau and L. Jay Cross 

Facsimile: (212) 801-3540

 

with a copy to each of the following:

 

The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: Richard O’Toole, Esq.

Facsimile: (212) 801-1036

 

The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: Amy Arentowicz, Esq.

Facsimile: (212) 801-1003

 

Oxford
Properties Group

Royal Bank Plaza, North Tower

200 Bay Street, Suite 900

Toronto, Ontario M5J 2J2 Canada

Attention: Chief Legal Counsel

Facsimile: (416) 868-3799

 

    	11

    	 

    

 

and, if different than the address set forth
above, to the address posted from time to time as the corporate head office of Oxford Properties Group on the website www.oxfordproperties.com
to the attention of the Chief Legal Counsel (unless the same is not readily ascertainable or accessible by the public in
the ordinary course)

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

Facsimile: (212) 593-5955

 

The attorney for any party may send notices
on that party’s behalf.

 

SECTION 20.      Governing
Law. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed solely within such State.

 

SECTION 21.      Consent
to Jurisdiction; Waiver of Jury Trial. Guarantor hereby irrevocably and unconditionally (a) agrees that any suit, action
or other legal proceeding arising out of or relating to this Guaranty shall be brought in the courts of record of the State of
New York in New York County or the courts of the United States, Southern District of New York; (b) consents to, and waives
any and all personal rights under the laws of any state or the United States to object to, the jurisdiction of each such court
in any such suit, action or proceeding; and (c) waives any objection which it may have to the laying of venue of any such
suit, action or proceeding in any of such courts. In furtherance of such agreement, Guarantor hereby agrees, upon request of any
Developer Party, to discontinue (or allow to be discontinued) any such suit, action or proceeding pending in any other jurisdiction
or court. Nothing contained herein, however, shall prevent any Developer Party from bringing any suit, action or proceeding or
exercising any rights against any security or against Guarantor, or against any property of Guarantor, in any other state or court.
Initiating such suit, action or proceeding or taking such action in any state shall in no event constitute a waiver of the agreement
contained herein that the laws of the State of New York shall govern the rights and obligations of Guarantor and the Developer
Parties hereunder or thereunder or the submission herein or therein by Guarantor to personal jurisdiction within the State of New
York. Guarantor hereby irrevocably consents to the service of any and all process in any such suit, action or proceeding by service
of copies of such process to Guarantor at its address provided herein. Nothing in this Section 21, however, shall affect
the right of any Developer Party to serve legal process in any other manner permitted by law. TO THE FULLEST EXTENT PERMITTED BY
LAW, GUARANTOR AND EACH DEVELOPER PARTY HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT
COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING
OUT OF, OR IN ANY WAY RELATING TO THIS GUARANTY OR ANY CONDUCT, ACT OR OMISSION OF GUARANTOR OR ANY DEVELOPER PARTY, OR ANY OF
ITS RESPECTIVE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, ATTORNEYS OR AFFILIATES, IN EACH OF THE FOREGOING CASES, WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE. The waivers contained in this Section 21 are given knowingly and voluntarily by
Guarantor and each Developer Party, as the case may be, and, with respect to the waiver of jury trial, are intended to encompass
individually each instance and each issue as to which the right to a trial by jury would otherwise accrue. Each Developer Party
and Guarantor is hereby authorized to file a copy of this Section 21 in any proceeding as conclusive evidence of these waivers.

 

    	12

    	 

    

  

SECTION 22.      Invalid
Provisions to Affect No Others. If fulfillment of any provision hereof at the time performance of such provision shall be due,
shall involve transcending the limit of validity presently prescribed by law, with regard to obligations of like character and
amount, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity; and if any
clause or provision herein contained operates or would prospectively operate to invalidate this Guaranty in whole or in part, then
such clause or provision only shall be held for naught, as though not herein contained, and the remainder of this Guaranty shall
remain operative and in full force and effect to the fullest extent permitted by law.

 

SECTION 23.      No
Waiver. No failure or delay on the part of any Developer Party to exercise any power, right or privilege under this Guaranty
shall impair or be construed to be a waiver of any such power, right or privilege, or be construed to be a waiver of any default
or an acquiescence therein, nor shall any single or partial exercise of such power, right or privilege preclude any other or further
exercise thereof or of any other right, power or privilege.

 

SECTION 24.      Reinstatement
of Guaranteed Obligations. If at any time all or any part of any payment made by the Coach Member or Guarantor or received
by any Developer Party from the Coach Member or Guarantor under or with respect to the Guaranteed Obligations and/or this Guaranty
is or may be voided in bankruptcy proceedings as a preference or for any other reason, or shall at any time be required to be restored
or returned by any Developer Party upon the insolvency, bankruptcy or reorganization of the Coach Member or Guarantor, or for any
other reason, then the obligations of Guarantor hereunder shall, to the extent of the payment voided, rescinded or returned, be
deemed to be reinstated and to have continued in existence, notwithstanding such previous payment made by the Coach Member or Guarantor,
or receipt of payment by any Developer Party, and the obligations of Guarantor hereunder shall continue to be effective or be reinstated,
as the case may be, as to such payment, all as though such previous payment by the Coach Member or Guarantor had never been made.

 

SECTION 25.       Time
of the Essence. Time is of the essence with respect to the performance by Guarantor of its obligations hereunder.

 

SECTION 26.       Successive
Actions. Separate and successive actions may be brought hereunder to enforce any of the provisions hereof at any time and from
time to time. No action hereunder shall preclude any subsequent action, and Guarantor hereby waives and covenants not to assert
any defense in the nature of splitting of causes of action or merger of judgments.

 

SECTION 27.       Headings.
The headings of the Sections and subsections of this Guaranty are for the convenience of reference only, are not to be considered
a part hereof and shall not limit or otherwise affect any of the terms hereof.

 

    	13

    	 

    

  

SECTION 28.       Waiver.
Guarantor hereby covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against
the Coach Member, Guarantor shall not seek a supplemental stay pursuant to the United States Bankruptcy Code or any other debtor
relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect,
which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of any of the Developer Parties
to enforce its rights against Guarantor by virtue of this Guaranty or otherwise.

 

SECTION 29.       Amendments.
Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only by instrument
in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

 

SECTION 30.      Counterparts.
This Guaranty may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original,
and such counterparts shall constitute but one and the same instrument and shall be binding upon each party hereto as fully and
completely as if all had signed but one instrument. The exchange of copies of this Guaranty, any signature
pages required hereunder or any other documents required or contemplated hereunder by facsimile or portable document format
(“PDF”) transmission shall constitute effective execution and delivery of such signature pages and may be used
in lieu of the original signature pages for all purposes. Signatures of the parties transmitted by facsimile or PDF shall be deemed
to be their original signatures for all purposes.

 

SECTION 31.      Entire
Agreement. This Guaranty embodies the entire agreement and understanding between the parties with respect to the subject matter
hereof and supersedes all other prior agreements and understandings, whether oral or written, relating to the subject matter hereof,
except as specifically agreed to the contrary.

 

SECTION 32.      Remedies
of Guarantors. In the event that a claim or adjudication is made that a Developer Party has acted unreasonably or has unreasonably
delayed acting in any case where by law or under this Guaranty such Developer Party has an obligation to act reasonably or promptly,
the Developer Parties shall not be liable for any monetary damages, and Guarantor’s remedies shall be limited to injunctive
relief or declaratory judgment.

 

SECTION 33.      Approval
Standard. In any circumstance where this Guaranty specifies that the approval or consent of a Developer Party must be given,
or that any matter or circumstance must be satisfactory or acceptable to a Developer Party, then unless expressly set forth to
the contrary, or unless such Developer Party expressly agrees hereunder to be reasonable, such approval or consent or such determination
of satisfaction or acceptability, shall be within the sole and absolute discretion of the such Developer Party.

 

SECTION 34.      Statute
of Limitations. Guarantor hereby expressly waives and releases, to the fullest extent permitted by law, the pleading of any
statute of limitations as a defense to payment or performance of its obligations hereunder.

 

    	14

    	 

    

  

SECTION 35.      Confidentiality.
Each of the Developer Parties and Guarantor, and their respective partners, principals, members, owners, shareholders, attorneys,
agents, employees and consultants (and their respective successors and assigns), will treat the terms of this Guaranty and all
confidential information disclosed to the Developer Parties by Guarantor as confidential, giving it the same care as its own confidential
information and make no use of any such disclosed confidential information not independently known to it, except (a) in connection
with the transactions contemplated hereby, (b) to the extent legally compelled (by deposition, interrogatory, request for documents,
subpoena, civil investigative demand or similar process) to disclose the same, or (c) to the extent required by any federal, state,
local or foreign laws, or by any rules or regulations of the United States Securities and Exchange Commission (or its equivalent
in any foreign country) or any domestic or foreign public stock exchange or stock quotation system, that may be applicable to Guarantor
or any of its direct or indirect constituent owners or Affiliates. Notwithstanding the foregoing, the terms hereof may be disclosed
by any Developer Party or Guarantor to (i) its accountants, attorneys, employees, agents, actual and potential transferees, investors
and lenders, and others in privity with such party to the extent reasonably necessary for such party’s business purposes
or in connection with a dispute hereunder, (ii) the MTA, and (iii) any Construction Lender or any lender providing financing to
the Fund Member or any Developer Party or its Affiliates, which financing shall be secured by the Fund Member Units or any direct
or indirect interests therein.

 

SECTION 36.      Joint
and Several Liability. If more than one Person executes this Guaranty, the obligations of those Person under this Guaranty
shall be joint and several. A Developer Party may, in its sole and absolute discretion, (a) bring suit against Guarantor, or any
one or more of the Persons comprising Guarantor, jointly and severally, or against any one or more of them; (b) compromise or settle
with any one or more of the Persons comprising Guarantor for such consideration as such Developer Party may deem proper; (c) release
one or more of the Persons comprising Guarantor from liability; and (d) otherwise deal with Guarantor or any one or more of them,
in any manner, and no such action shall impair the rights of the Developer Parties to collect from Guarantor any amount guaranteed
by Guarantor under this Guaranty.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	15

    	 

    

 

IN WITNESS WHEREOF, Guarantor
has caused this Guaranty to be duly executed and delivered as of the date first above written.

 

	 	COACH, INC.,
	 	a Maryland corporation
	 	 	 
	 	By: 	/s/ Todd Kahn
	 	 	Name: Todd Kahn
	 	 	Title: Executive Vice President and General Counsel
	 	 	 
	 	For purposes of agreeing to Sections 12, 13 and 35 hereof:
	 	 
	 	ERY DEVELOPER LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By: 	/s/ L. Jay Cross
	 	 	Name: L. Jay Cross
	 	 	Title: President
	 	 
	 	PODIUM FUND TOWER C SPV LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 
	 	 	By:	/s/ L. Jay Cross
	 	 	 	Name:  L. Jay Cross
	 	 	 	Title:    President

 

Signature Page to Guaranty Agreement

 

    	 

    	 

    

 

Acknowledgments

 

	STATE OF NEW YORK	)
	 	)  ss.
	COUNTY OF NEW YORK	)

 

On the 1st day of April,
2013, before me, the undersigned, a Notary Public in and for the said State of New York, personally appeared Todd Kahn, personally
known to me or who proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual
or person upon behalf of which the individual acted, executed the instrument.

 

	 	/s/ Elizabeth Ashley Roy
	 	Notary Public
	 	(Seal)
	 	 
	 	My commission expires: December 17, 2016

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)  ss.
	COUNTY OF NEW YORK	)

 

On the 9th day of April,
2013, before me, the undersigned, a Notary Public in and for the said State of New York, personally appeared L. Jay Cross, personally
known to me or who proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual
or person upon behalf of which the individual acted, executed the instrument.

 

	 	/s/ Allison Eggleston
	 	Notary Public
	 	(Seal)
	 	 
	 	My commission expires: January 5, 2016

 

	STATE OF NEW YORK	)
	 	)  ss.
	COUNTY OF NEW YORK	)

 

On the 9th day of April,
2013, before me, the undersigned, a Notary Public in and for the said State of New York, personally appeared L. Jay Cross, personally
known to me or who proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual
or person upon behalf of which the individual acted, executed the instrument.

 

	 	/s/ Allison Eggleston
	 	Notary Public
	 	(Seal)
	 	 
	 	My commission expires: January 5, 2016EXECUTION VERSION

 

PURCHASE AND SALE AGREEMENT

 

Between

 

504-514 WEST 34th STREET CORP.

 

and

 

516 WEST 34th STREET LLC

 

	 	COLLECTIVELY, SELLER,

 

and

 

ERY
34th Street Acquisition LLC,

 

	 	PURCHASER.

 

PREMISES:
504-514 West 34th Street, and 516-520 West 34th 

New York, New York

Block 705, Lots 45 and 46

 

DATED:
as of April 10, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	l.	DEFINITIONS.	1
	 	 	 
	2.	PURCHASE AND SALE.	6
	 	 	 
	3.	INSPECTION	6
	 	 	 
	4.	PURCHASE PRICE.	8
	 	 	 
	5.	STATUS OF TITLE.	8
	 	 	 
	6.	TITLE INSURANCE; LIENS	9
	 	 	 
	7.	APPORTIONMENTS.	12
	 	 	 
	8.	PROPERTY NOT INCLUDED IN SALE.	14
	 	 	 
	9.	COVENANTS.	14
	 	 	 
	10.	ASSIGNMENTS BY SELLER AND ASSUMPTIONS BY PURCHASER; EMPLOYEES; CONDITIONS TO CLOSING.	15
	 	 	 
	11.	CONDITION OF THE PROPERTY; REPRESENTATIONS.	20
	 	 	 
	12.	DAMAGE AND DESTRUCTION.	27
	 	 	 
	13.	CONDEMNATION.	27
	 	 	 
	14.	BROKERS AND ADVISORS.	29
	 	 	 
	15.	TAX REDUCTION PROCEEDINGS.	29
	 	 	 
	16.	TRANSFER TAXES AND TRANSACTION COSTS.	30
	 	 	 
	17.	DELIVERIES TO BE MADE ON THE CLOSING DATE.	30
	 	 	 
	18.	CLOSING DATE.	33
	 	 	 
	19.	NOTICES.	33
	 	 	 
	20.	DEFAULT	34
	 	 	 
	21.	FIRPTA COMPLIANCE.	36
	 	 	 
	22.	ENTIRE AGREEMENT.	36
	 	 	 
	23.	AMENDMENTS.	36
	 	 	 
	24.	WAIVER.	36

 

    	 

    	 

    

 

	25.	PARTIAL INVALIDITY.	36
	 	 	 
	26.	SECTION HEADINGS.	36
	 	 	 
	27.	GOVERNING LAW.	37
	 	 	 
	28.	PARTIES; ASSIGNMENT AND RECORDING.	37
	 	 	 
	29.	CONFIDENTIALITY AND PRESS RELEASES.	38
	 	 	 
	30.	FURTHER ASSURANCES.	38
	 	 	 
	31.	THIRD PARTY BENEFICIARY.	38
	 	 	 
	32.	JURISDICTION AND SERVICE OF PROCESS.	38
	 	 	 
	33.	WAIVER OF TRIAL BY JURY.	39
	 	 	 
	34.	MISCELLANEOUS.	39
	 	 	 
	35.	ATTORNEYS’ FEES.	39

 

Schedules

 

	A	Description of the Land
	5(h)	Permitted Encumbrances
	11(c)(v)	Existing Space Leases, Brokerage Agreements and Management Agreements
	11(c)(vii)	Litigation
	11(c)(viii)	CBAs
	11(c)(ix)	Employees

 

Exhibits

 

	1.	Form of Deed
	2.	Form of Bill of Sale
	3.	Form of FIRPTA Affidavit
	4.	Form of Affidavit in Lieu of Registration
	5.	Form of Title Affidavit
	6.	Form of Assignment and Assumption of Contracts
	7.	Form of Assignment and Assumption Agreement of CBAs

 

    	 

    	 

    

 

PURCHASE
AND SALE AGREEMENT (as amended, modified or restated from time to time, this “Agreement”) made as of the 10th
day of April, 2013, by and among 504-514 WEST 34th STREET CORP., a Maryland corporation, and 516 WEST 34th
STREET LLC, a Delaware limited liability company, both having an address c/o Coach, Inc., 516 West 34th Street, New
York, New York 10001 (collectively, “Seller”), and ERY 34th
Street Acquisition LLC, a Delaware limited liability company, having an address c/o The Related
Companies, L.P., 60 Columbus Circle, New York, New York 10023 (“Purchaser”).

 

WITNESSETH:

 

WHEREAS,
Seller is the owner and holder of the fee simple estate in and to those certain parcels of land known as 504-514 West 34th Street,
designated as Lot 45 of Block 705 on the Tax Map of the City of New York, County of New York
(the “Tax Map”), and 516-520 West 34th Street, designated as Lot 46 of Block 705 on the Tax Map, all as more
particularly described on Schedule A attached hereto (collectively, the “Land”), together with the buildings
and all other improvements located on the Land (collectively, the “Building”; the Building and the Land are
referred to herein collectively as the “Premises”);

 

WHEREAS,
simultaneously herewith, Coach Legacy Yards LLC, an affiliate Seller (“Coach Legacy”), and Podium Fund Tower
C SPV LLC, an affiliate of Purchaser (“Fund Member”), have entered into that certain Limited Liability Company
Agreement of Legacy Yards LLC (the “Operating Agreement”), and Coach Legacy and ERY Developer LLC, an affiliate
of Purchaser (“Developer”), have entered into that certain Development Agreement (the “Development
Agreement”), with respect to the ownership and development of a building and other improvements (collectively, as the
same exist from time to time, the “Hudson Yards Building”) on that certain parcel of land located in Eastern
Rail Yard Section of the John D. Caemmerer West Side Yard in the City, County and State of New York, all as
more particularly described in the Operating Agreement and the Development Agreement;

 

WHEREAS, each of Seller
and Purchaser will derive substantial benefit from the execution and delivery by its affiliate or affiliates of the Operating Agreement
and the Development Agreement, and the transactions contemplated thereunder; and

 

WHEREAS, Seller desires
to sell the Property (as hereinafter defined) to Purchaser and Purchaser desires to purchase the Property from Seller, upon and
subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

1.          DEFINITIONS.

 

	Adjourned Closing Date	Section 6(a)(v)
	 	 
	Agreement	Preamble
	 	 
	Apportionment Date	Section 7(a)
	 	 
	Asbestos	Section 11(g)

 

    	 

    	 

    

 

	Books and Records	Section 2(a)
	 	 
	Breach Notice	Section 11
	 	 
	Broker	Section 14(a)
	 	 
	Building	Recitals
	 	 
	business day	Section 4(b)
	 	 
	Casualty	Section 12
	 	 
	CBA	Section 10(b)
	 	 
	Claimed Damage	Section 11(c)
	 	 
	Closing	Section 18
	 	 
	Closing Date	Section 18
	 	 
	Coach	Section 11(c)(xiv)
	 	 
	Coach Legacy	Recitals
	 	 
	Code	Section 11(c)(iv)
	 	 
	Commitment	Section 6(a)(i)
	 	 
	Commitment Objections	Section 6(a)(iii)
	 	 
	Condemnation Election Date	Section 13(a)(ii)
	 	 
	Contracts	Section 10(a)
	 	 
	Current Billing Period	Section 7(e)
	 	 
	Damages	Section 11(c)
	 	 
	DBSWPA	Section 10(b)
	 	 
	Default Rate	Section 7(g)
	 	 
	Developer	Recitals
	 	 
	Development Agreement	Recitals
	 	 
	Diligence Party	Section 11(d)
	 	 
	Disclosed Survey Items	Section 5(a)
	 	 
	Employees	Section 10(b) 

 

    	2

    	 

    

 

	Environmental Laws	Section 11(g)
	 	 
	ERISA	Section 10(b)
	 	 
	Excluded Personalty	Section 8
	 	 
	Existing Survey 	Section 5(a)(i)
	 	 
	Express Representations	Section 11(a)
	 	 
	Final Closing Statement	Section 7(i)
	 	 
	FIRPTA	Section 21
	 	 
	Fund Member	Recitals
	 	 
	Hazardous Materials	Section 11(g)
	 	 
	Hudson Yards Building	Recitals
	 	 
	HYDC	Section 13(d)
	 	 
	Intangible Property	Section 2(a)
	 	 
	Land	Recitals
	 	 
	Laws and Regulations	Section 5(e)
	 	 
	Limitation Period	Section 11
	 	 
	Liquidated Amount	Section 20(a)
	 	 
	Maximum Liability Amount	Section 11(c)
	 	 
	MTA	Section 13(d)
	 	 
	Multiemployer Pension Plan	Section 10(d)
	 	 
	Non-Objectionable Encumbrances	Section 6(a)(v)
	 	 
	Notices	Section 19
	 	 
	OFAC	Section 11(c)(xiv)
	 	 
	Operating Agreement	Recitals
	 	 
	Outside Proceeding Date	Section 11(c)
	 	 
	PCBs	Section 11(g)
	 	 
	Permits and Licenses	Section 2(a)

 

    	3

    	 

    

 

	Permitted Encumbrances	Section 5(a)
	 	 
	Personalty	Section 2(a)
	 	 
	Plans	Section 2(a)
	 	 
	Preliminary Closing Statement	Section 7(i)
	 	 
	Premises	Recitals
	 	 
	Proceeding	Section 11(c)
	 	 
	Property	Section 2(a)
	 	 
	Property Taxes	Section 7(a)(i)
	 	 
	Purchase Price	Section 4(a)
	 	 
	Purchaser	Preamble
	 	 
	Purchaser Knowledge Individuals	Section 11(f)
	 	 
	Purchaser Parties	Section 36(b)
	 	 
	Purchaser’s Representatives	Section 3(a)
	 	 
	Qualification	Section 10(f)(i)
	 	 
	Relocation Work	Section 13(d)
	 	 
	Representation	Section 11(c)
	 	 
	Representation Update	Section 17(a)(xi)
	 	 
	Scheduled Closing Date	Section 18
	 	 
	Seller	Preamble
	 	 
	Seller Breach	Section 11
	 	 
	Seller Knowledge Individuals	Section 11(c)(xv)
	 	 
	Seller Multiemployer Plans	Section 10(d)
	 	 
	Seller Parties	Section 3(d)
	 	 
	Seller’s Broker	Section 14(a)
	 	 
	Seller’s Representative	Section 3(b)
	 	 
	Space Leases	Section 11(c)(v)

 

    	4

    	 

    

 

	Surviving Representations	Section 11(c)
	 	 
	Taking	Section 13(a)
	 	 
	Tax Certiorari Proceeding	Section 15
	 	 
	Tax Map	Recitals
	 	 
	Tenant Inducement Costs	Section 7(f)
	 	 
	Threshold Amount	Section 11(c)
	 	 
	Title Company	Section 6(a)(i)
	 	 
	Title Cure Notice	Section 6(a)(v)
	 	 
	Title Cure Period	Section 6(a)(v)
	 	 
	Title Objections	Section 6(a)(iv)
	 	 
	Transaction Parties	Section 29(a)
	 	 
	Transfer Taxes	Section 16(a)
	 	 
	Transfer Tax Laws	Section 16(a)
	 	 
	Update Exception	Section 6(a)(iv)
	 	 
	Update Objections	Section 6(a)(iv)
	 	 
	Update Objection Date	Section 6(a)(iv)
	 	 
	Updated Survey	Section 6(a)(i)
	 	 
	Utilities	Section 7(d)
	 	 
	Violations	Section 6(f)
	 	 
	Voluntary Encumbrances	Section 6(c)

 

    	5

    	 

    

 

2.           PURCHASE
AND SALE.

 

(a)          Seller
shall sell, assign and convey to Purchaser, and Purchaser shall purchase and assume from Seller, subject to the terms and conditions
of this Agreement: (i) fee title to the Premises; (ii) all of Seller’s right, title and interest in and to (A) the land lying
in the bed of any street, highway, road or avenue, opened or proposed, public or private, in front of or adjoining the Land to
the center line thereof, (B) any rights of way, rights of ingress and ingress, appendages, appurtenances, easements,
sidewalks, alleys, gores or strips of land adjoining or appurtenant to the Land or any portion thereof and used in conjunction
therewith, and (C) any air or development rights appurtenant to the Land or any portion thereof; (iii)
all of the fixtures, furnishings, furniture, equipment, machinery, inventory, appliances and other tangible and intangible personal
property owned by Seller, located at the Premises and used in connection with the operation thereof (collectively, the “Personalty”),
subject to Section 8 below and depletions, replacements or additions thereto in the ordinary course of the use of the Property
by Seller, Coach or any of their respective affiliates; (iv) all of Seller’s right, title and interest in, to and
under the Contracts (as hereinafter defined) in effect on the Closing Date (subject to Section 9);
(v) guarantees, licenses, approvals, certificates, permits, consents, authorizations, variances and warranties relating to the
Property (collectively, the “Permits and Licenses”), all to the extent assignable (the Contracts and the Permits
and Licenses are sometimes hereinafter referred to collectively as the “Intangible Property”); and (vi) all
plans and specifications, drawings, engineering reports and technical manuals for the Property which are in Seller’s (or
Seller’s property manager’s) possession (collectively, the “Plans”); and all books and records maintained
by Seller, or Seller’s property manager in connection with the operation of the Premises (collectively, the “Books
and Records”). The items described in clauses (i) through (vi) above are referred to collectively as the
“Property”.

 

(b)          The
parties hereto acknowledge and agree that the value of the Personalty is de minimis and that no part of the Purchase
Price is allocable thereto. Although it is not anticipated that any sales tax shall be due and payable, Purchaser agrees that Purchaser
shall pay any and all State of New York and City of New York sales and/or compensating use taxes imposed upon or due in connection
with the transfer of the Personalty under any applicable laws of State of New York or City of New York. Purchaser shall file all
necessary tax returns with respect to all such taxes and, to the extent required by applicable law, Seller will join in the execution
of any such tax returns. The provisions of this Section 2(b) shall survive the Closing.

 

3.           INSPECTION.

 

(a)          Subject
to the provisions of this Section 3, Purchaser and its agents, employees, consultants, inspectors, appraisers, engineers
and contractors (collectively “Purchaser’s Representatives”) shall have the right, through the Closing
Date, from time to time, upon the advance notice required pursuant to Section 3(c), to enter upon and pass through the Premises
during normal business hours to examine and physically inspect the same.

 

    	6

    	 

    

 

(b)          In
conducting any inspection of the Premises, Purchaser shall at all times comply in all material respects with all laws and regulations
of all applicable governmental authorities, and neither Purchaser nor any of Purchaser’s Representatives shall (i) contact
or have any discussions with any of Seller’s employees, agents or representatives (other than Seller’s Representative)
at, or contractors providing services to, the Premises, unless, in each case, Purchaser obtains the prior written consent of Seller,
(ii) interfere in any material respect with the business of Seller, Coach or any of their respective affiliates conducted at the
Premises, or (iii) physically damage the Premises. Seller shall designate a representative or
representatives with whom Purchaser and Purchaser’s Representatives may communicate with respect to the Premises and any
inspection thereof (each and collectively, “Seller’s Representative”) and may from time to time establish
reasonable rules of conduct for Purchaser and Purchaser’s Representatives with respect to any access to or inspection of
the Premises. Purchaser shall schedule and coordinate all inspections, including, without limitation, any environmental or engineering
inspections and tests, with Seller and shall give Seller at least five (5) days prior notice thereof. Seller shall be entitled
to have Seller’s Representative present at all times during each such inspection of or other access to the Premises by Purchaser
or any of Purchaser’s Representatives. Purchaser agrees to pay to Seller on demand the actual out-of-pocket cost of repairing
and restoring any damage which Purchaser or any of Purchaser’s Representatives shall cause to the Property to the
same condition the Property was in immediately prior to such damage. If Purchaser does not pay
to Seller such costs within five (5) business days’ of demand by Seller, Purchaser shall pay to Seller such cost with interest
at the Default Rate from the date due to the date such costs are paid. All inspection fees, appraisal
fees, engineering fees and other costs and expenses of any kind incurred by Purchaser or Purchaser’s Representatives relating
to any inspection of and access to the Premises shall be at the sole expense of Purchaser. In the event that the Closing
hereunder shall not occur for any reason whatsoever (other than Seller’s default), Purchaser shall promptly (A) deliver to
Seller, at no cost to Seller, and without representation or warranty, the originals of all tests and reports made by or on behalf
Purchaser with respect to the Property which are in the possession or control of Purchaser or Purchaser’s Representatives,
and (B) return to Seller copies of all due diligence materials delivered by Seller to Purchaser and shall destroy all copies and
abstracts thereof. Purchaser or Purchaser’s Representatives shall treat all due diligence materials furnished by or on behalf
of Seller to Purchaser or Purchaser’s Representatives with respect to the Property as confidential and proprietary to Seller,
and shall not disclose to others during the term of this Agreement (or thereafter in the event that the Closing hereunder shall
not occur) any such due diligence materials or any description thereof unless such disclosure is required by law or Purchaser obtains
the prior written consent of Seller in each instance. Purchaser shall indemnify and hold Seller harmless from any and all actual
damages, losses, liabilities and reasonable expenses (including, without limitation, reasonable attorneys’ fees) incurred
by Seller in the event Purchaser or any of Purchaser’s Representatives discloses any such due diligence materials in violation
of the terms of this Section 3(b). Purchaser and Purchaser’s Representatives shall not be permitted to conduct borings
of the Premises or drilling in or on the Premises, or any other invasive testing, in connection with the preparation of an environmental
audit or in connection with any other inspection of the Premises without the prior written consent of Seller (and, if such consent
is given, Purchaser shall be obligated to pay to Seller on demand the actual cost of repairing and restoring any borings or holes
created or any other damage to the Premises caused thereby). Any liens against the Premises, or any portion thereof, arising from
the performance by Purchaser’s Representatives of any services in connection with Purchaser’s due diligence activities
shall be removed by Purchaser as promptly as practicable and in any event not later than forty-five (45) days after Purchaser shall
have been notified in writing of the filing of such liens. The provisions of this Section 3(b) shall survive the Closing
or any termination of this Agreement. 

 

(c)          Prior
to conducting any physical inspection or testing at the Premises, other than mere visual examination, including, without limitation,
boring, drilling and sampling of soil, Purchaser shall obtain, and during the period of such inspection or testing shall maintain,
at its expense, commercial general liability insurance, including a contractual liability endorsement, and personal injury liability
coverage, with Seller and its managing agent, if any, identified in writing by Purchaser, as additional insureds, from an insurer
reasonably acceptable to Seller, which insurance policies must have limits for bodily injury and death of not less than Five Million
Dollars ($5,000,000) for any one occurrence and not less than Five Million Dollars ($5,000,000) for property damage liability for
any one occurrence. Prior to making any entry upon the Premises, Purchaser shall furnish to Seller a certificate of insurance evidencing
the foregoing coverages in form and substance reasonably satisfactory to Seller.

 

(d)          Purchaser
agrees to indemnify and hold Seller and its disclosed or undisclosed, direct and indirect shareholders, officers, directors, trustees,
partners, principals, members, employees, agents, affiliates, representatives, consultants, accountants, contractors and attorneys,
and any successors or assigns of the foregoing (collectively with Seller, “Seller Parties”) harmless from and
against any and all actual losses, costs, damages, liens, claims, liabilities or expenses (including, but not limited to, reasonable
attorneys’ fees, court costs and disbursements) incurred by any of the Seller Parties arising from or by reason of Purchaser’s
and/or Purchaser’s Representatives’ access to, or inspection of, the Premises or any tests or inspections of the Premises
or other due diligence conducted by or on behalf of Purchaser. The provisions of this Section 3(d) shall survive the Closing
or any termination of this Agreement.

 

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4.           PURCHASE
PRICE.

 

(a)          The
total purchase price to be paid by Purchaser to Seller for the Property (the “Purchase Price”) is ONE HUNDRED
THIRTY MILLION DOLLARS ($130,000,000), subject to apportionments, adjustments and credits as provided in this Agreement, payable
in full by Purchaser to or as directed by Seller in cash at Closing.

 

(b)          As
used in this Agreement, the term “business day” shall mean every day other than Saturdays, Sundays, all days observed
by the federal or New York State government as legal holidays and all days on which commercial banks in New York State are required
by law to be closed. Any reference in this Agreement to a “day” or a number of “days” (other than
references to a “business day” or “business days”) shall mean a calendar day or calendar days.

 

5.           STATUS
OF TITLE.

 

Subject to the terms
and provisions of this Agreement, Seller agrees to sell, assign and convey Seller’s interest in the Premises to Purchaser,
and Purchaser shall accept and assume the same, subject only to the following (collectively, the “Permitted Encumbrances”):

 

(a)          the
state of facts disclosed (the “Disclosed Survey Items”) on (i) the survey prepared by Manhattan Surveying, P.C.,
dated August 20, 1993 and updated as of July 28, 2005 with respect to the portion of the Premises designated as Lot 45 of Block
705 on the Tax Map, and (ii) the survey dated May 15, 1942, updated on April 10, 2001 by Roland K. Link, and further updated on
September 17, 2008 and October 24, 2008 by Harwood Surveying P.C., with respect to the portion of the Premises designated as Lot
46 of Block 705 on the Tax Map, (collectively, the “Existing Survey”), and any further state of facts which
are not Disclosed Survey Items as a current survey or visual inspection of the Premises would disclose;

 

(b)          the
standard printed exclusions from coverage contained in the ALTA form of owner’s title policy currently employed by the Title
Company for use in New York State;

 

(c)          Non-Objectionable
Encumbrances (as hereinafter defined), and any liens, encumbrances or other title exception approved or waived in writing by Purchaser
as provided in this Agreement;

 

(d)          Property
Taxes which are a lien but not yet due and payable, subject to proration in accordance with Section 7;

 

(e)          any
laws, rules, regulations, statutes, ordinances, orders and regulations of all governmental authorities having jurisdiction with
respect to the Premises (“Laws and Regulations”), including, without limitation, all zoning, land use, building
and environmental laws, rules regulations, statutes, ordinances, orders or other legal requirements, including, landmark designations
and all zoning variance and special exceptions, if any;

 

(f)     
    all covenants, restrictions and easements (i) of record as of the date hereof or hereafter approved
or deemed approved by Purchaser as provided in this Agreement, or (ii) given for the benefit of any utility company or
governmental authority, including all easements relating to electricity, water, steam, gas, telephone, sewer or other utility
service or the right to use and maintain any utility pipelines, poles, lines, wires, cables, boxes, conduits or other like
fixtures, facilities, and appurtenances thereto, in, on, over under or across the Premises, but excluding any license or
other agreement with respect to any antenna, satellite dish or other cellular communications equipment, which
agreements will not expire or terminate by their terms on or prior to the Closing Date or may not be terminated by the owner
of the Property without penalty upon not more than thirty (30) days’ (or less) prior notice;

 

    	8

    	 

    

 

(g)          all
Violations (as hereinafter defined) whether or not noted or issued as of the date hereof or the Closing Date, but excluding any
liens, judgments, fines, penalties or other charges imposed or assessed by reason of any such Violations;

 

(h)          the
matters described in Schedule 5(h) attached hereto and made a part hereof and which are not stricken thereon;

 

(i)      
    written consents granted by Seller or any former owner of all or a portion of the Premises
prior to the date hereof for the erection of any structure or structures on, under or above any street or streets on which
the Premises may abut, copies of which have been furnished to Purchaser to the extent in Seller’s possession;

 

(j)       
   possible encroachments and/or projections of stoop areas, roof cornices, window trims, vent pipes,
cellar doors, steps, columns and column bases, flue pipes, signs, piers, lintels, window sills, fire escapes, satellite
dishes, protective netting, sidewalk sheds, ledges, fences, coping walls (including retaining walls and yard walls), air
conditioners and the like, if any, on, under, or above any street or highway onto to Premises or from the Premises to any
adjoining property; and

 

(k)          all
other matters which, pursuant to the terms of this Agreement, are deemed Permitted Encumbrances.

 

6.           TITLE
INSURANCE; LIENS.

 

(a)          (i)          The
parties acknowledge that Purchaser and Seller have received and reviewed a title commitment dated January 15, 2013 (the “Commitment”)
for an owner’s policy of title insurance with respect to Purchaser’s acquisition of the Premises from Royal Abstract
Company, as agent for a national recognized title insurance company to be selected by Purchaser (the “Title Company”).
Purchaser, at its option and expense, may obtain a new survey or an update of the Existing Survey (the “Updated Survey”)
of the Premises, and Seller agrees to provide Purchaser’s surveyor with reasonable access to the Premises at reasonable times
in connection therewith.

 

(ii)         The
parties acknowledge that Purchaser has received the Existing Survey and the Commitment.

 

(iii)        Purchaser
shall have no right to object to any exception or other matters disclosed in the Commitment or Existing Survey except for Item
2, and the mortgages identified on the Mortgage Schedule to the Commitment, and Items 4, 7, 8, 9, 10, 16(A), 18, 19 and 25 listed
on Schedule B of the Commitment (collectively, the “Commitment Objections”). All such exceptions and other matter
disclosed in the Commitment and Existing Survey (other than the Commitment Objections) shall be deemed Permitted Encumbrances.

 

(iv)        Purchaser
shall (A) direct the Title Company to deliver a copy of any update to the Commitment, and (B) if applicable, direct the surveyor
to deliver a copy of the Updated Survey (and any update thereto), to Seller simultaneously with its delivery of the same to Purchaser.
If, prior to the Closing Date, Purchaser shall receive the Updated Survey (or any update thereto) or any update to the Commitment
which discloses additional liens, encumbrances or other title exceptions which were not disclosed by the Commitment and are not
Disclosed Survey Items and which do not constitute Permitted Encumbrances hereunder (each, an “Update Exception”),
then Purchaser shall have until the earlier of (x) thirty (30) days after delivery of such update to Purchaser or its counsel or
(y) business day immediately preceding the Closing Date (except for matters first disclosed on the Closing Date, as to which Purchaser
may object on the Closing Date), time being of the essence (the “Update Objection Date”) to deliver written
notice to Seller objecting to any of the Update Exceptions (the “Update Objections”; the Update Objections and
Commitment Objections are referred to herein collectively as the “Title Objections”). If Purchaser fails to
deliver such objection notice by the Update Objection Date, then Purchaser shall be deemed to have waived its right to object to
such Update Exception and the same shall not be deemed a Title Objection, but shall instead be deemed a Permitted Encumbrance.
If Purchaser shall deliver such objection notice by the Update Objection Date, any Update Exceptions which are not objected to
in such notice shall not constitute Title Objections, but shall be Permitted Encumbrances.

 

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(v)         Purchaser
shall not be entitled to object to, and shall be deemed to have approved, any liens, encumbrances or other title exceptions and
the same shall not constitute Title Objections, but shall instead be deemed to be Permitted Encumbrances (A) over which the Title
Company is willing to insure (without additional cost to or an indemnity from Purchaser or where Seller pays all such costs or
provides such indemnity), (B) against which the Title Company is willing to provide affirmative insurance (without additional cost
to or an indemnity from Purchaser or where Seller pays all such costs or provides such indemnity), or (C) which will be extinguished
upon the transfer of the Property and not appear as an exception to Purchaser’s title to the Premises (collectively, the
“Non-Objectionable Encumbrances”). Notwithstanding anything to the contrary contained herein, if Seller is unable
to eliminate the Title Objections by the Scheduled Closing Date, unless the same are waived in writing by Purchaser without any
abatement in the Purchase Price, Seller may, from time to time, upon at least two (2) business days’ prior notice (a “Title
Cure Notice”) to Purchaser (except with respect to matters first disclosed during such two (2) business day period, as
to which notice may be provided at any time through and including the Scheduled Closing Date) adjourn the Scheduled Closing Date
for a period not to exceed sixty (60) days in the aggregate (the “Title Cure Period”) in order to attempt to
eliminate such Title Objections. In the event that any Title Objection is first disclosed on the Closing Date, unless the same
is waived in writing by Purchaser without any abatement in the Purchase Price, Seller may adjourn the Closing Date for a period
not to exceed the Title Cure Period, taking into account any prior adjournment of the Scheduled Closing Date, in order to attempt
to eliminate such Title Objection. The date to which Seller adjourns the Scheduled Closing Date pursuant to this Section 6(a)
or Section 10(g) is referred to herein as the “Adjourned Closing Date”.

 

(b)          If
Seller fails or is unable to eliminate any Title Objection within the Title Cure Period, then, unless the same is waived in writing
by Purchaser, Purchaser may either (i) accept the Property subject to such Title Objection without abatement of the Purchase Price,
in which event (A) such Title Objection shall be deemed to be, for all purposes, a Permitted Encumbrance, (B) Purchaser shall close
hereunder notwithstanding the existence of same, and (C) Seller shall have no obligations whatsoever after the Closing Date with
respect to Seller’s failure to cause such Title Objection to be eliminated, or (ii) terminate this Agreement by notice given
to Seller on or at any time within ten (10) business days following the expiration of the Title Cure Period. If Purchaser shall
fail to deliver the termination notice described in clause (ii) within the ten (10) business day period described herein,
Purchaser shall be deemed to have made the election under clause (i) and Purchase and Seller shall close hereunder on a
mutually agreed upon date following the expiration of the Title Cure Period, but not more than ten (10) business days thereafter.
Upon the timely giving of any termination notice under clause (ii), this Agreement shall terminate and neither party hereto
shall have any further rights or obligations hereunder other than those which are expressly provided to survive the termination
hereof.

 

(c)          It
is expressly understood that in no event shall Seller be required to bring any action or institute any proceeding, or to otherwise
incur any costs or expenses in order to attempt to eliminate any Title Objections, or take any other actions to cure or remove
any Title Objections, or to otherwise cause title in the Premises to be in accordance with the terms of this Agreement on the Closing
Date. Notwithstanding the foregoing or anything in this Section 6 to the contrary, Seller shall be required to remove, eliminate
or otherwise cure, by payment, bonding or otherwise, (i) all Commitment Objections specified in Section 6(a)(iii), (ii)
all mortgages (together with any assignment of leases and Uniform Commercial Code financing statements and subordination and non-disturbance
agreements recorded in connection therewith), (iii) all mechanic’s or materialman’s liens for work performed on behalf
of, or goods provided to, Seller at the Premises, (iv) all tax and judgment liens filed against Seller, and (v) any other Title
Objections which have been voluntarily granted by Seller on or following the date hereof (other than with the approval or deemed
approval of Purchaser) and which are not given for the benefit of any utility company or governmental authority (collectively,
“Voluntary Encumbrances”).

 

    	10

    	 

    

 

(d)          If
the Premises shall, at the time of the Closing, be subject to any liens or transfer, inheritance, estate, franchise, license or
other similar taxes which do not otherwise constitute Permitted Encumbrances, the same shall not be deemed an objection to title
provided that, at the time of the Closing, either (i) Seller delivers certified or official bank checks at the Closing in the amount
required to satisfy the same and delivers to Purchaser and/or the Title Company at the Closing instruments in recordable form (and
otherwise in form reasonably satisfactory to the Title Company in order to omit the same as an exception to Purchaser’s title
policy at no additional premium or other charge) sufficient to satisfy and discharge of record such liens and encumbrances together
with the cost of recording or filing such instruments or (ii) the Title Company will otherwise issue or bind itself to issue a
policy which will insure Purchaser against collection thereof from or enforcement thereof against the Premises.

 

(e)          If
the Commitment or any update thereof discloses judgments, bankruptcies or other returns against other persons having names the
same as or similar to that of Seller, on request Seller shall deliver to the Title Company affidavits showing that such judgments,
bankruptcies or other returns are not against Seller in order to induce the Title Company to omit exceptions with respect to such
judgments, bankruptcies or other returns or to insure over same. In addition, Seller shall cooperate in all reasonable respects
with the Title Company in connection with obtaining the Title Policy and shall deliver to the Title Company such affidavits, certificates,
other instruments and documents by evidence as are reasonably requested by the Title Company and customarily furnished in connection
with a transaction of the nature contemplated by this Agreement.

 

(f)           Purchaser
agrees to purchase the Premises subject to any and all notes or notices of violations of Laws and Regulations, noted in or issued
by any federal, state, municipal or other governmental department, agency or bureau or any other governmental authority having
jurisdiction over the Premises (collectively, “Violations”), or any condition or state of repair or disrepair
or other matter or thing, whether or not noted, which, if noted, would result in a Violation being placed on the Premises. Seller
shall have no duty to remove any Violations or cure or repair any condition, matter or thing whether or not noted, which, if noted,
would result in a Violation being placed on the Premises, and Purchaser shall accept the Premises subject to all such Violations,
the existence of any conditions at the Premises which would give rise to such Violations, if any, and any governmental claims arising
from the existence of such Violations, in each case, without any abatement of or credit against the Purchase Price; provided, that
Seller shall pay on or prior to the Closing Date any judgments, fines, penalties or other charges imposed or assessed against the
Premises prior to the Closing Date by reason of any such Violations, including, without limitation, all amounts in respect of Items
11(A)(1) and (2) of the Commitment (but in no event shall Seller be obligated to expend more than $25,000 in the aggregate
pursuant to this sentence).

 

(g)          If
the Title Company shall be unwilling to remove any Title Objections which another major national title insurance company selected
by Seller (either directly or through an agent) would be willing to remove at no additional cost to and without an indemnity from
Purchaser, then Seller shall have the right to substitute such major national title insurance company for the Title Company, provided
that if Purchaser elects not to use such major national title insurance company, such Title Objections which such major national
title insurance company would be willing to remove shall not constitute Title Objections and shall be deemed Permitted Encumbrances.

 

    	11

    	 

    

 

7.           APPORTIONMENTS.

 

(a)          The
following shall be apportioned between Seller and Purchaser as of 11:59 p.m. on the day immediately preceding the Closing Date
(the “Apportionment Date”) on the basis of the actual number of days of the month which shall have elapsed as
of the Closing Date and based upon the actual number of days in the month and a 365 day year:

 

(i)          real
estate taxes, sewer rents and taxes, water rates and charges, vault charges and taxes, business improvement district taxes and
assessments and any other governmental taxes, charges or assessments levied or assessed against the Premises (collectively, “Property
Taxes”), on the basis of the respective periods for which each is assessed or imposed, to be apportioned in accordance
with Section 7(b);

 

(ii)         fuel
oil, if any, as estimated by Seller’s supplier, at current cost, together with any sales taxes payable in connection therewith,
if any (a letter from Seller’s fuel supplier shall be conclusive evidence as to the quantity of fuel on hand and the current
cost therefor). To aid in such prorations, Seller shall endeavor to obtain meter readings as of a date that is no earlier
than thirty (30) days prior to the Closing Date, and the unfixed meter charges, based thereon for the intervening time shall be
apportioned on the basis of such last reading;

 

(iii)        prepaid
fees for Permits and Licenses assigned to Purchaser at the Closing;

 

(iv)        any
amounts prepaid or payable by the owner of all or a portion of the Property under the Contracts assigned to Purchaser at Closing;

 

(v)         salaries,
wages and fringe benefits (including, without limitation, vacation pay, sick pay, health, welfare, pension, disability and other
benefits) of all Employees (as hereinafter defined);

 

(vi)        all
other operating expenses with respect to the Property; and

 

(vii)       such
other items as are customarily apportioned in accordance with real estate closings of commercial properties in the City of New
York, State of New York.

 

(b)          Property
Taxes shall be apportioned on the basis of the fiscal period for which assessed. If the Closing Date shall occur either before
an assessment is made or a tax rate is fixed for the tax period in which the Closing Date occurs, the apportionment of such Property
Taxes based thereon shall be made at the Closing Date by applying the tax rate for the preceding year to the latest assessed valuation,
but, promptly after the assessment and/or tax rate for the current year are fixed, the apportionment thereof shall be recalculated
and Seller or Purchaser, as the case may be, shall make an appropriate payment to the other within ten (10) business days based
on such recalculation. If as of the Closing Date the Premises or any portion thereof shall be affected by any special or general
assessments which are or may become payable in installments of which the first installment is then a lien and has become payable,
Seller shall pay the unpaid installments of such assessments which are due prior to the Closing Date and Purchaser shall pay the
installments which are due on or after the Closing Date.

 

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(c)          If
there are water meters at the Premises, the unfixed water rates and charges and sewer rents and taxes covered by meters, if any,
shall be apportioned (i) on the basis of an actual reading done within thirty (30) days prior to the Apportionment Date, or (ii)
if such reading has not been made, on the basis of the last available reading. If the apportionment is not based on an actual current
reading, then, upon the taking of a subsequent actual reading, the parties shall, within ten (10) business days following notice
of the determination of such actual reading, readjust such apportionment and Seller shall deliver to Purchaser or Purchaser shall
deliver to Seller, as the case may be, the amount determined to be due upon such readjustment. Seller shall endeavor to
obtain and deliver to Purchaser at Closing a current water meter reading. 

 

(d)          Charges
for all electricity, steam, gas, light, telephone and other utility services at the Premises (each a “Utility”
and collectively, “Utilities”) shall be billed to Seller’s account up to the Apportionment Date and, from
and after the Apportionment Date, all Utilities shall be billed to Purchaser’s account. If for any reason such changeover
in billing is not practicable as of the Closing Date, as to any Utility, such Utility shall be apportioned on the basis of actual
current readings or, if such readings have not been made, on the basis of the most recent bills that are available. If any apportionment
is not based on an actual current reading, then upon the taking of a subsequent actual reading, the parties shall, within ten (10)
business days following notice of the determination of such actual reading, readjust such apportionment and Seller shall promptly
deliver to Purchaser, or Purchaser shall promptly deliver to Seller, as the case may be, the amount determined to be due upon such
adjustment.

 

(e)          Charges
payable under Contracts that Seller elects to assume in respect of the billing period of the related service provider in which
the Closing Date occurs (the “Current Billing Period”) will be allocated on a per diem basis to Seller, based
upon the number of days in the Current Billing Period prior to the Closing Date, and to Purchaser, based upon the number of days
in the Current Billing Period on and after the Closing Date, and assuming that all charges are incurred uniformly during the Current
Billing Period.

 

(f)       
   At or prior to the Closing, Seller and Purchaser and/or their respective agents or designees will jointly
prepare a preliminary closing statement (the “Preliminary Closing Statement”) which will show the net
amount due either to Seller or to Purchaser as the result of the adjustments and prorations provided for herein, and such net
due amount will be added to or subtracted from the cash balance of the Purchase Price to be paid to Seller at the Closing
pursuant to Section 4, as applicable. Within six (6) months following the Closing Date, Seller and Purchaser will
jointly prepare a final closing statement reasonably satisfactory to Seller and Purchaser in form and substance (the
“Final Closing Statement”) setting forth the final determination of the adjustments and prorations
provided for in this Agreement and setting forth any items which are not capable of being determined at such time (and the
manner in which such items shall be determined and paid). The net amount due Seller or Purchaser, if any, by reason of
adjustments to the Preliminary Closing Statement as shown in the Final Closing Statement, shall be paid in cash by the party
obligated therefor within five (5) business days following the approval by both parties of the Final Closing Statement. The
adjustments, prorations and determinations agreed to by Seller and Purchaser in the Final Closing Statement shall be
conclusive and binding on the parties hereto except
for any items which are not capable of being determined at the time the Final Closing Statement is agreed to by Seller and
Purchaser, which items shall be determined and paid in the manner set forth in the Final Closing Statement and except for
other amounts payable hereunder pursuant to provisions which survive the Closing. Prior to and
following the Closing Date, each party shall provide the other with such information as the other shall reasonably request
(including, without limitation, access to the books, records, files, ledgers, information and data with respect to the
Property during normal business hours upon reasonable advance notice) in order to make the preliminary and final adjustments
and prorations provided for herein.

 

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(g)          If
any payment to be made after Closing under this Section 7 shall not be paid when due hereunder, the same shall bear interest (which
shall be paid together with the applicable payment hereunder) from the date due until so paid at a rate per annum equal to the
Prime Rate (as such rate may vary from time to time) as reported in the Wall Street Journal plus 3% (the “Default
Rate”). To the extent a payment provision in this Section 7 or elsewhere in this Agreement does not specify a
period for payment, then for purposes hereof such payment shall be due within five (5) business days of the date such payment obligation
is triggered.

 

(h)          The
provisions of this Section 7 shall survive the Closing.

 

8.           PROPERTY
NOT INCLUDED IN SALE.

 

Notwithstanding anything
to the contrary contained herein, it is expressly agreed by the parties hereto that (a) any fixtures, furniture, furnishings, equipment
or other personal property (including, without limitation, trade fixtures in, on, around or affixed to the Building) owned or leased
by any tenant, managing agent, leasing agent, contractor or employee at the Building, and (b) all inventory, samples and Coach
products of all types, and any other personal property used in connection with the business of Coach and its affiliates (as opposed
to the operation of the Property) and pictures, paintings, drawings, prints, sculptures, tapestries or other items of art now or
hereafter located in the common areas of the Building ((a) and (b), collectively, “Excluded Personalty”), shall
not be included in the Property to be sold to Purchaser hereunder.

 

9.           COVENANTS

 

(a)          During
the period from the date hereof until the Closing Date (as the same may be extended in accordance with the terms of this Agreement),
Seller shall:

 

(i)          be
permitted to enter into, amend, modify, renew or extend any agreements with respect to all or any portion of the Property provided
that such agreements will expire or terminate by their terms on or prior to the Closing Date or, in the case of Contracts, may
be terminated by the owner of the Property without penalty upon not more than thirty (30) days’ (or less) prior notice unless
the same are deemed in good faith to be necessary by Seller to respond to an emergency at the Premises;

 

(ii)         be
permitted to enter into, amend, modify, renew or extend any Space Leases with respect to all or any portion of the Property provided
that such Space Leases will expire or terminate by their terms on or prior to the Closing Date;

 

(iii)        maintain
in full force and effect the insurance policies currently in effect with respect to the Premises (or replacements continuing similar
coverage);

 

(iv)        operate,
manage and maintain the Premises in a manner consistent in all material respects with past practice, except that Seller shall not
be required to make any capital improvement or replacement to the Premises (unless, and to the extent, required to remedy unsafe
conditions at the Premises); and

 

(v)         comply
and otherwise perform all obligations in all material respects under any existing financing secured by the Premises.

 

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(b)          During
the period from the date hereof until the Closing Date (as the same may be extended in accordance with the terms of this Agreement),
Seller shall not, to the extent the same would be binding on or affect the Premises or any owner thereof after the Closing, except
as permitted under Section 9(a), without Purchaser’s prior written approval in each instance, which approval
shall not be unreasonably withheld, conditioned or delayed:

 

(i)          voluntarily
subject the Property to any additional liens, encumbrances, covenants, restrictions or easements which would not constitute Permitted
Encumbrances; and

 

(ii)         enter
into any employment contract, service contract or any other agreement with respect to all or
any portion of the Property; 

 

(iii)        amend
or modify (other than non-material amendments or modifications) or renew or extend any Contracts existing on the date hereof;

 

(iv)        enter
into any new Contracts or Space Leases; or

 

(v)         cause
the number of Employees at the Property to increase in any material respect or make any material changes in the salaries, wages
or benefits paid to the Employees at the Property other than (A) as provided for in the applicable CBAs, (B) as required by applicable
law, or (C) as determined by Seller if necessary for the reasonable and prudent operation of the Property or the conduct of Seller’s
or any of its affiliates’ business therefrom.

 

(c)          Seller
covenants and agrees that it shall use commercially reasonably efforts to vacate the Premises as soon as reasonably practicable
following the occurrence of the “Closing” (as such term is defined in the Operating Agreement); provided, that in no
event shall Seller vacate the Premises later than the date that is six (6) months following the occurrence of the “Closing”
(as such term is defined in the Operating Agreement).

 

(d)          Whenever
in Section 9(b) Seller is required to obtain Purchaser’s approval with respect to any transaction described therein,
Purchaser shall notify Seller of its approval or disapproval within ten (10) business days after receipt of Seller’s request
therefor and all agreements to be entered into in connection therewith. If Purchaser fails to notify Seller of its disapproval
of any such transaction within said ten (10) business day period with the reasonable basis therefor, then Purchaser shall be deemed
to have approved same (except with respect to matters set forth in Section 9(b)(i) above, with respect to which Purchaser
shall be deemed to have disapproved the same).

 

10.         ASSIGNMENTS
BY SELLER AND ASSUMPTIONS BY PURCHASER; EMPLOYEES; CONDITIONS TO CLOSING.

 

(a)          Assignment.
On the Closing Date, Seller agrees to assign to Purchaser, pursuant to the instruments referenced in Section 17(c), without
recourse, representation or warranty (except as expressly set forth in this Agreement), all of Seller’s right, title and
interest in, and Purchaser agrees to assume Seller’s obligations accruing on and after the Closing Date under, (i) all transferable
Licenses and Permits, if any, relating to the Property and all other intangible Personalty, and (ii) to the extent transferable
and then in effect, all service, maintenance, supply and other agreements required for the operation of or otherwise relating
to the Property (including all modifications and amendments thereof and supplements thereto, collectively the “Contracts”)
that Purchaser elects to assume pursuant to the terms of this Section 17(a). Seller shall
deliver to Purchaser on or before the date that is sixty (60) days prior to the Closing Date a true, correct and complete copy
of each of the Contracts that are then in and will not expire or terminate prior to the Closing Date and Purchaser may, at its
option, by written notice given to Seller on or prior to the date that is forty-five (45) days prior to the Closing Date, elect
to assume any of such Contracts effective from and after the Closing Date.

 

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(b)          Employees.
Purchaser may, or may cause another entity to, offer to continue the employment of any building service employees who are
employed at the Property immediately prior to the Closing Date, including, without limitation, employees
employed by Seller’s managing agent or an entity related to or affiliated with Seller or Seller’s managing agent (each
an “Employee” and collectively, the “Employees”), and shall comply fully with sec. 22-505
of the Administrative Code of the City of New York (“DBSWPA”), if applicable. Purchaser shall provide written
notice to Seller on or prior to the date that is forty-five (45) days prior to the Closing Date, whether it will assume, or cause
another entity to assume, any of the CBAs (or corresponding “contractors agreement,”
if applicable) effective from and after the Closing Date and identifying which Employees, if any, to
whom Purchaser intends to offer, or cause another entity to offer, employment effective from and after the Closing Date. Seller,
Seller’s managing agent or an entity related to or affiliated with Seller or Seller’s managing agent, may provide any
and all notices and information required by the DBSWPA with prior notice to, but without the need for consent from, Purchaser,
anything to the contrary in this Agreement notwithstanding. Purchaser shall be solely responsible for all liabilities whatsoever
with respect to any and all Employees for (i) salaries for the period from and after the Closing Date for Employees retained by
Purchaser or another entity, (ii) benefits attributable to the period from and after the Closing Date for Employees retained by
Purchaser or another entity as contemplated above, (iii) to the extent a Section 4204 transaction is not completed under Section
10(d) below with respect to the applicable Multiemployer Plan, withdrawal liability as defined in Section 4201, et seq. of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) arising from and after the Closing Date,
including, without limitation, such liability arising in connection with the transactions contemplated in this Agreement, but only
to the extent such withdrawal liability relates to the operation of the Property and is actually assessed against Seller or its
managing agent, (iv) benefit continuation and/or severance payments relating to any Employee that may be payable as a result of
(A) any termination of employment from and after the Closing Date of any such Employee retained by Purchaser or another entity
as contemplated above, or (B) the transactions contemplated in this Agreement, (v) notices, payments, fines or assessments due
to any governmental authority pursuant to any laws, rules or regulations with respect to the employment, discharge or layoff from
and after the Closing Date of any such Employee retained by Purchaser or another entity as contemplated above, including, but not
limited to, such liability as arises under the Worker Adjustment and Retraining Notification Act, Section 4980B of the Internal
Revenue Code (COBRA) and any rules or regulations as have been issued in connection with any of the foregoing, and (vi) for all
obligations and liabilities under, arising from or otherwise relating to any collective bargaining agreement listed in Schedule
11(c)(viii), including, any such agreement that succeeds or replaces the listed collective bargaining agreements (each, a “CBA”),
relating to the Employees (or any of them) or the operation of the Property by Seller or its managing agent that arise and accrue
on or after the Closing Date (including by reason of the consummation of the transactions contemplated by this Agreement), including,
without limitation, such obligations and liabilities of Seller or Seller’s managing agent or an entity related to or affiliated
with Seller or Seller’s managing agent concerning Purchaser’s failure to assume, or to agree in this Agreement to assume,
any CBA. The provisions of this Section 10(b) shall survive the Closing. 

 

(c)          Employment
Indemnities. Seller hereby agrees to indemnify and defend Purchaser and its affiliates against, and agrees to hold them harmless
from, any and all claims, losses, damages and expenses (including, without limitation, reasonable attorneys’ fees) and other
liabilities and obligations incurred or suffered as a result of any claim by any Employee or person or entity acting in the interest
of or on behalf of any Employee, including, without limitation, any union, governmental agency or other representative, that arises
under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1991, the Age Discrimination Act of 1967, the Equal Pay Act, the Americans with Disabilities Act of 1990, ERISA, DBSWPA
and all other statutes regulating the terms and conditions of employment), regulation or ordinance, under the common law or in
equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, CBA, understanding or promise,
written or oral, formal or informal, between Seller and the Employee, or person or entity acting in the interest of or on behalf
of the Employee, arising out of actions, events or omissions that occurred (or, in the case of omissions, failed to occur) before
the Closing Date. Purchaser hereby agrees to indemnify and defend Seller and its affiliates against, and agrees to hold them harmless
from, any and all claims, losses, damages and expenses (including, without limitation, reasonable attorneys’ fees) and other
liabilities and obligations incurred or suffered as a result of any claim by any Employee or person or entity acting in the interest
of or on behalf of any Employee, including without limitation, any union, employee benefit plan, governmental agency or other representative,
that arises under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Age Discrimination Act of 1967, the Equal Pay Act, the Americans with Disabilities Act of 1990, ERISA,
DBSWPA and all other statutes regulating the terms and conditions of employment), regulation or ordinance, under the common law
or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, CBA, understanding or
promise, written or oral, formal or informal, between Seller or Purchaser and the Employee or person or entity acting in the interest
of or on behalf of the Employee, arising out of actions, events or omissions that occurred (or, in the case of omissions, failed
to occur) on or after the Closing Date and any action, events or omission that occurred (or, in the case of omissions, failed to
occur) in connection with the transactions contemplated in this Agreement. The provisions of this Section 10(c) shall survive
the Closing.

 

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(d)          Multiemployer
Pension Plans. 

 

(i)          Seller,
Seller’s managing agent or an entity related to or affiliated with Seller or Seller’s managing
agent has, obligations to contribute to the Multiemployer Plans(s) and/or funds listed or referenced in the CBAs (“Seller
Multiemployer Plans”). The Seller Multiemployer Plans listed or referenced in the CBAs that are subject to Section 4201
of ERISA, are herein called the “Multiemployer Pension Plans”.

 

(ii)         If
Purchaser elects to, or elects to cause another entity to, assume one or more of the CBAs, then the further provisions of this
Section 10(d)(ii) shall apply, unless Purchaser notifies Seller in writing at least ten (10) business days prior to the
Closing Date of its election not to have such further provisions of this Section 10(d)(ii) apply. With respect to each Multiemployer
Pension Plan: (A) Purchaser shall have an obligation to contribute to such Multiemployer Pension Plan from and after the Closing
Date for substantially the same number of contribution base units for which Seller had an obligation to contribute prior to the
Closing Date, (B) to the extent required by such Multiemployer Pension Plan and Section 4204 of ERISA, Purchaser shall provide
to such Multiemployer Pension Plan, for a period equal to five plan years of such Multiemployer Pension Plan, commencing with the
first plan year beginning after the Closing Date, a bond issued by a corporate surety company that is an acceptable surety for
purposes of Section 412 of ERISA, or an amount held in escrow by a bank or a similar financial institution or such other equivalent
form of security permitted for this purpose in an amount equal to 100% (or 200% in the case that the Multiemployer Pension Plan
is in reorganization in the plan year during which the Closing Date occurs) of the greater of (1) the average annual contribution
required to have been made by Seller with respect to the Property under the Multiemployer Pension Plan for the three plan years
preceding the plan year in which the Closing Date occurs or (2) the annual contribution that Seller was required to have made with
respect to the Property under the Multiemployer Pension Plan for the last plan year of the Multiemployer Pension Plan preceding
the plan year in which the Closing Date occurs, which bond, escrow or security shall be paid to the Multiemployer Pension Plan
if Purchaser withdraws from the Multiemployer Pension Plan or fails to make a contribution to the Multiemployer Pension Plan when
due, at any time during the first five plan years of the Multiemployer Pension Plan beginning after the Closing Date, (C) Purchaser
shall notify the Multiemployer Plan of the transactions contemplated herein and will use its reasonable efforts to satisfy such
Multiemployer Pension Plan that such transactions comply with the terms of Section 4204 of ERISA, and Seller shall cooperate with
Purchaser in such efforts (including any efforts to obtain a waiver of the security provisions under ERISA by the Multiemployer
Pension Plan or the PBCG), and (D) if Purchaser completely or partially withdraws (within the meaning of Sections 4203 and 4205
of ERISA, respectively) from such Multiemployer Pension Plan during the five plan years beginning after the Closing Date and does
not pay any part of any Withdrawal Liability by reason of such withdrawal, Seller shall be secondarily liable to the Multiemployer
Pension Plan for the Withdrawal Liability up to the amount of the Withdrawal Liability that it would have incurred but for the
provisions of this Section 10(d) and Section 4204 of ERISA; provided, that Purchaser shall reimburse Seller for any such
payment within ten (10) business days of demand by Seller. If Seller is required to provide a bond or an amount in escrow to the
extent required by, and under the circumstances described in, Section 4204(a)(3) of ERISA, Purchaser shall pay to Seller the cost
of such bond or the amount of such escrow not less than ten (10) business days prior to Seller obtaining such bond or establishing
such escrow, and Seller shall not be required to reimburse the Purchaser for any such costs or amounts. Purchaser shall indemnify
and hold harmless Seller from any fees or charges imposed by a Multiemployer Pension Plan to issue a Withdrawal Liability Estimate
on or after the Closing Date.  The obligations and undertaking of Purchaser under this Section
10(d)(ii) is a special inducement to Seller to enter into this Agreement without which Seller would not enter into this Agreement.
Any reference to “Seller” or “Purchaser in the above paragraph shall also refer to their respective agents and
affiliates, as applicable. The provisions of this Section 10(d) shall survive the Closing.

 

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(e)          Conditions
to Obligations of Seller. The obligation of Seller to effect the Closing shall be subject to the fulfillment or written waiver
by Seller at or prior to the Closing of the following conditions:

 

(i)          Representations
and Warranties. The representations and warranties of Purchaser contained in Section 11(f) shall be true and correct
in all material respects as of the Closing Date, as though made on and as of the Closing Date.

 

(ii)         Performance
of Obligations. Purchaser shall have, in all material respects, performed or caused to be performed all obligations required
of Purchaser under this Agreement on and prior to the Closing Date, including payment of the full balance of the Purchase Price
as provided in Section 4(a) hereof.

 

(iii)        Delivery
of Documents. Each of the documents required to be executed, acknowledged (if applicable) and/or delivered by Purchaser at
Closing shall have been delivered as provided herein.

 

(iv)        Operating
Agreement. The Closing (as such term is defined in the Operating Agreement) shall have occurred and Legacy Yards LLC shall
have distributed the Coach Unit (as such term is defined in the Operating Agreement) to Coach in accordance with the Operating
Agreement.

 

(v)         Development
Agreement. Developer shall have completed the TCO Work (as defined in the Development Agreement)
and shall have received a temporary certificate of occupancy for the Coach Areas (as defined in the Development Agreement) in accordance
with the terms of the Development Agreement on or before June 1, 2016, which date shall be extended on a day-for-day basis for
delays caused by Force Majeure events, Coach Change Delays extending beyond the Chance Order Grace Period and Coach Work Delays
(as such terms are defined in the Development Agreement).

 

(f)          Conditions
to Obligations of Purchaser. The obligations of Purchaser to effect the Closing shall be subject to the fulfillment or written
waiver by Purchaser at or prior to the Closing Date of the following conditions:

 

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(i)          Representations
and Warranties. The representations and warranties of Seller contained in Section 11(c) shall be true and correct in
all material respects as of the Closing Date, as though made on and as of the Closing Date. Notwithstanding the foregoing,
Purchaser shall have no right to terminate this Agreement and there shall be no reduction in the Purchase Price if any representation
made by Seller on the date hereof shall not be true and correct in any material respect on or as of the Closing Date if such inaccuracy
is due to (i) any condition or matter arising or occurring after the date hereof, in each case, not within Seller’s reasonable
control or (ii) any action taken, or any omission, by or on behalf of Seller in accordance with or permitted by the provisions
of this Agreement (and, for the avoidance of doubt, no such permitted change shall constitute a Seller breach or a failure of condition
under this Agreement). If Seller, in the Representation Update to be delivered by Seller pursuant to this Agreement, makes any
qualifications or other changes to Seller’s representations and warranties that are not described in the foregoing clause
(i) or clause (ii) (any such other qualification or other change, a “Qualification”), Purchaser shall
have no right, remedy or claim against Seller, and Seller shall in any event be deemed to have satisfied the condition set forth
in this Section 10(f)(i), unless the sum of (A) in the case of Qualifications resulting from circumstances that can be cured
by the payment of money, the aggregate cost of correcting all such circumstances, plus (B) in the case of Qualifications
resulting from circumstances that cannot readily be corrected with the payment of money, the aggregate diminution in the value
of the Premises, exceeds the Threshold Amount. If any Qualifications in the aggregate involve costs and/or impairments to value
that are in excess of the Threshold Amount, then Seller shall have the right, in Seller’s sole and absolute discretion, to
credit Purchaser the amount of such costs and/or impairments to value in excess of the Threshold Amount, in which event such Qualification
shall be deemed to not constitute a failure of a condition to Purchaser’s obligations to effectuate the Closing under this
Agreement, and Purchaser shall be required to close hereunder and shall have no further remedy therefor. In either event, the costs
and/or impairments to value resulting from any such Qualifications shall be credited against the Threshold Amount for purposes
of determining, after the Closing, whether the Damages resulting from any breach of the representations contained in Section
11(c) exceeds the Threshold Amount. If Seller does not elect to credit Purchaser the amount of such costs and/or impairments
to value in excess of the Threshold Amount, then the provisions of Section 10(g) shall apply.

 

(ii)         Performance
of Obligations. Seller shall have, in all material respects, performed or cause to be performed all obligations required of
Seller under this Agreement on or prior to the Closing Date.

 

(iii)        Delivery
of Documents. Each of the documents required to be executed, acknowledged (if applicable) and/or delivered by Seller at Closing
shall have been delivered as provided herein.

 

(iv)        Operating
Agreement. The Closing (as such term is defined in the Operating Agreement) shall have occurred and Legacy Yards LLC shall
have distributed the Coach Unit (as such term is defined in the Operating Agreement) to Coach in accordance with the Operating
Agreement.

 

(v)         Title.
Subject to the terms and provisions of this Agreement, title to the Premises to be sold, assigned and conveyed by Seller
to Purchaser hereunder shall be subject only to Permitted Encumbrances.

 

(vi)        Occupancy.
All Space Leases shall have expired or terminated and all tenants thereunder shall have vacated the premises demised thereunder
and Seller shall have delivered evidence to Purchaser thereof (to the extent applicable).

 

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(vii)       Contracts.
Seller shall have delivered evidence to Purchaser that all Contracts that Purchaser has not elected to assume have
expired or terminated or will expire or terminate on or prior to the Closing Date.

 

(g)          Failure
of Condition. If Purchaser is unable to timely satisfy (and Seller has not waived in writing) the conditions precedent
to Seller’s obligation to effect the Closing, then such failure shall constitute a default hereunder, in which case, Section
20(a) shall govern. If Seller is unable to timely satisfy the conditions precedent to Purchaser’s obligation to effect
the Closing, then, (i) Seller may, if it so elects and without any abatement in the Purchase Price, adjourn the Scheduled Closing
Date for a period or periods not to exceed sixty (60) days in the aggregate and (ii) if, after any such extension, the conditions
precedent to Purchaser’s obligation to effect the Closing continue to not be satisfied (and Purchaser has not waived the
same in writing) or Seller does not elect such extension and, in either case, such failure of condition precedent is not the result
of Seller’s default hereunder, then Purchaser or Seller shall be entitled to terminate this Agreement by notice thereof to
the other party. If this Agreement is so terminated, then neither party shall have any further obligations hereunder, except those
expressly stated to survive the termination of this Agreement. If the provisions of clause (ii) of this Section 10(g)
would be applicable, except such failure of condition precedent is the result of Seller’s default hereunder, then Section
20(b) shall govern.

 

11.         CONDITION
OF THE PROPERTY; REPRESENTATIONS.

 

(a)          PURCHASER
EXPRESSLY ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT (THE “EXPRESS REPRESENTATIONS”),
NEITHER SELLER, NOR ANY OTHER SELLER PARTY, NOR ANY PERSON OR ENTITY WHICH PREPARED OR PROVIDED ANY OF THE MATERIALS REVIEWED BY
PURCHASER IN CONDUCTING ITS DUE DILIGENCE, NOR ANY SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES HAS MADE OR SHALL BE DEEMED
TO HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE
(INCLUDING WITHOUT LIMITATION WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT TO
THE PROPERTY, THE PERMITTED USE OF THE PROPERTY OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE THERETO OR THE COMPLIANCE
BY THE PROPERTY THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR ASSOCIATED WITH THE PROPERTY, THE AVAILABILITY OR AMOUNT OF
ANY TAX CREDITS, OR OTHERWISE RELATING TO THE PROPERTY OR THE TRANSACTIONS CONTEMPLATED HEREIN. PURCHASER FURTHER ACKNOWLEDGES
THAT ALL MATERIALS WHICH HAVE BEEN PROVIDED BY ANY OF THE SELLER PARTIES HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION,
EXPRESSED OR IMPLIED AS TO THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR COMPLETENESS AND PURCHASER SHALL
NOT HAVE ANY RECOURSE AGAINST SELLER OR ANY OF THE OTHER SELLER PARTIES IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS THEREFROM.
PURCHASER IS ACQUIRING THE PROPERTY BASED SOLELY ON ITS OWN INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY AND NOT IN
RELIANCE ON ANY INFORMATION PROVIDED BY SELLER, OR ANY OF THE OTHER SELLER PARTIES, EXCEPT FOR THE REPRESENTATIONS EXPRESSLY SET
FORTH HEREIN. PURCHASER EXPRESSLY DISCLAIMS ANY INTENT TO RELY ON ANY SUCH MATERIALS PROVIDED TO IT BY SELLER IN CONNECTION WITH
ITS DUE DILIGENCE AND AGREES THAT IT SHALL RELY SOLELY ON ITS OWN INDEPENDENTLY DEVELOPED OR VERIFIED INFORMATION.

 

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(b)          EXCEPT
FOR THE EXPRESS REPRESENTATIONS, PURCHASER ACKNOWLEDGES AND AGREES THAT IT IS PURCHASING THE PROPERTY “AS IS” AND “WITH
ALL FAULTS”, BASED UPON THE CONDITION (PHYSICAL OR OTHERWISE) OF THE PROPERTY AS OF THE DATE OF THIS AGREEMENT, REASONABLE
WEAR AND TEAR AND, SUBJECT TO THE PROVISIONS OF SECTIONS 12 AND 13 OF THIS AGREEMENT, LOSS BY CONDEMNATION OR FIRE
OR OTHER CASUALTY EXCEPTED. PURCHASER ACKNOWLEDGES AND AGREES THAT ITS OBLIGATIONS UNDER THIS AGREEMENT SHALL NOT BE SUBJECT
TO ANY FINANCING CONTINGENCY OR OTHER CONTINGENCIES OR SATISFACTION OF ANY CONDITIONS OTHER THAN THE CONDITIONS PRECEDENT TO PURCHASER’S
OBLIGATION TO EFFECT THE CLOSING EXPRESSLY SET FORTH IN THIS AGREEMENT, AND PURCHASER SHALL HAVE NO RIGHT TO TERMINATE THIS AGREEMENT
EXCEPT AS EXPRESSLY PROVIDED FOR HEREIN.

 

(c)          Seller
hereby represents and warrants to Purchaser as of the date hereof and as of Closing Date (subject to Seller’s Representation
Update and the provisions of Section 10(f)(i)) as follows (each a “Representation” and collectively,
the “Representations”) that:

 

(i)          Seller
is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and duly organized
to do business in the State of New York.

 

(ii)         Seller
has the full power and authority to enter into this Agreement and perform its obligations hereunder. This Agreement has been duly
authorized, executed and delivered by Seller and is the legal, valid and binding obligations of Seller enforceable against Seller
in accordance with its terms, subject to equitable principles and principles governing creditors’ right generally, and does
not violate any provision of any agreement or judicial order to which Seller or the Property is subject. All documents to be executed
by Seller and delivered to Purchaser at Closing will as of the Closing Date be duly authorized, executed and delivered by Seller
and the legal, valid and binding obligations of Seller enforceable against Seller in accordance with their respective terms, subject
to equitable principles and principles governing creditors’ right generally, and will not violate any provision of any agreement
or judicial order to which Seller or the Property is subject.

 

(iii)        Neither
the execution, delivery or performance of this Agreement nor the consummation of the transactions contemplated hereby is or will
be prohibited, or requires or will require as a condition thereto any consent, authorization, approval or registration under, any
law, statute, rule, regulation, judgment, order, writ, injunction, decree or agreement which has not been obtained and delivered
to Seller.

 

(iv)        Seller
is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code 1986, as amended, or any
regulations promulgated thereunder (collectively, the “Code”).

 

(v)         There
are no leases, licenses or other agreements granting the right of occupancy at the Premises (“Space Leases”)
to any person or entity or any brokerage agreements or management agreements, except for those set forth on Schedule 11(c)(v)
attached hereto and made a part hereof, each of which shall be terminated on or prior to Closing at no expense or cost to Purchaser.

 

(vi)        Seller
has not (A) made a general assignment for the benefit of its creditors, (B) admitted in writing its inability to pay its debts
as they mature, (C) had an attachment, execution or other judicial seizure of any property interest which remains in effect, or
(D) taken, failed to take or submitted to any action indicating a general inability to meet its financial obligations as they accrue.
There is not pending any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution
or recomposition of Seller or any of its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors,
seeking appointment of a receiver, trustee, custodian or other similar official for any of them or for all or any substantial part
of its or their property.

 

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(vii)       Except
for the matter set forth on Schedule 11(c)(vii), there is no action, suit, litigation, hearing or administrative proceeding
as to which Seller has received written notice, or, to Seller’s knowledge, threatened in writing with respect to all or any
portion of the Premises and which would adversely affect in any material respect, Seller’s ability to consummate the transactions
contemplated in this Agreement in accordance with the terms hereof.

 

(viii)      Attached
hereto as Schedule 11(c)(viii) is a true, correct and complete list of all CBAs affecting the Premises as of the date hereof,
and a true, correct and complete copy of each CBA has been provided by Seller to Purchaser prior to the date hereof. To Seller’s
knowledge, (A) there are no pending grievances or labor arbitrations pursuant to any CBA and (B) Seller and its managing agent
for the Property are in compliance in all material respects with all federal and state laws respecting the employment of the Employees
at the Property.

 

(ix)         Attached
hereto as Schedule 11(c)(ix) is a true, correct and complete list of all current Employees.

 

(x)          With
respect to each Multiemployer Plan or any other employee benefit plans, as defined in Section 3(3) of ERISA, or other employee
benefit, agreement, policy or arrangement which is or has been maintained or contributed to by Seller, the Property is not subject
to a lien under ERISA or the Code. Seller is not an “employee benefit plan” as defined in ERISA, whether or not subject
to ERISA, or a “plan” as defined in Section 4975 of the Code and none of Seller’s assets constitutes (or is deemed
to constitute for purposes of ERISA or Section 4975 of the Code, or any substantially similar federal, state or municipal Law)
“plan assets” for purposes of 29 CFR Section 2510.3-101, as amended by Section 3(42) of ERISA or otherwise for purposes
of ERISA or Section 4975 of the Code.

 

(xi)         There
are no condemnation or eminent domain proceedings as to which Seller has received written notice, or to Seller’s knowledge,
threatened in writing against the Premises or any portion thereof.

 

(xii)        There
is no contract or agreement for management or leasing of the Premises or any portion thereof which will be binding on Purchaser
as of the Closing Date.

 

(xiii)       Seller
has not granted any person or entity any oral or written right, agreement or option to acquire all or any portion of the Premises.

 

(xiv)      Except
as disclosed to Purchaser in writing, Seller has not received written notice from any governmental authority of any violation of
any Environmental Laws (other than ECB violations) at the Premises which violation remains uncured.

 

(xv)       Seller
is not now nor shall it be at any time prior to or at the Closing a person with whom a U.S. person is prohibited from transacting
business of the type contemplated by this Agreement, whether such prohibition arises under United States law, regulation, executive
orders and lists published by the Office of Foreign Assets Control (“OFAC”) (including those executive orders
and lists published by OFAC with respect to Specially Designated Nationals and Blocked Persons or otherwise).

 

    	22

    	 

    

 

(xvi)      Seller:
(A) is not under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering,
drug trafficking, terrorist related activities, any crimes which in the United States would be predicate crimes to money laundering,
or any violation of any Anti-Money Laundering Laws; (B) has not been assessed civil or criminal penalties under any Anti-Money
Laundering Laws; or (C) has not had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws, which
investigation, charge, conviction, penalties, seizure, or forfeiture as described in clause (A), (B) or (C)
above would prohibit Seller and Purchaser from consummating the transactions contemplated by this Agreement. Such laws, regulations
and sanctions shall be deemed to include the Patriot Act, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., the Trading with
the Enemy Act, 50 U.S.C. App. Section 1 et. seq., the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq.,
and the sanction regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and detection of
money laundering in 18 U.S.C. Sections 1956 and 1957.

 

Any
and all uses of the phrase, “to Seller’s knowledge” or other references to the knowledge of Seller in this Agreement
shall mean the actual, present, conscious knowledge of Todd Kahn or Mitchell Feinberg (the “Seller Knowledge Individuals”)
as to a fact at the time given without any investigation or inquiry. Without limiting the foregoing, Purchaser acknowledges
that the Seller Knowledge Individuals have not performed and are not obligated to perform any investigation or review of any files
or other information in the possession of Seller, or to make any inquiry of any persons, or to take any other actions in connection
with the representations and warranties of Seller set forth in this Agreement. Neither the actual, present, conscious knowledge
of any other individual or entity, nor the constructive knowledge of the Seller Knowledge Individuals or of any other individual
or entity, shall be imputed to the Seller Knowledge Individuals.

 

The representations and
warranties of Seller contained in this Section 11(c) (such representations and warranties, the “Surviving Representations”)
shall survive the Closing for one hundred eighty (180) days following the Closing Date (the “Limitation Period”).
Each Surviving Representation shall automatically be null and void and of no further force and effect upon the expiration of the
Limitation Period unless, prior to the expiration of the Limitation Period, Purchaser shall have provided Seller with a Breach
Notice (as hereinafter defined) alleging that Seller is in breach of such Surviving Representation. Any claim by Purchaser that
Seller is in breach of any Surviving Representation (each, a “Seller Breach”) shall be made by Purchaser delivering
to Seller written notice (each a “Breach Notice”) promptly after Purchaser has learned of such Seller Breach
and prior to the expiration of the Limitation Period, which Breach Notice shall set forth (x) a description in reasonable detail
of the claimed Seller Breach, including all facts and circumstances upon which the claimed Seller Breach is based and why those
facts and circumstances constitute an alleged Seller Breach, (y) the section and/or subsection of this Agreement under which the
claimed Seller Breach is asserted, and (z) Purchaser’s good faith determination of the damages suffered by Purchaser
resulting from the Seller Breach described in the Breach Notice (the “Claimed Damage”), which Claimed Damage
shall be expressed as a dollar amount. Purchaser shall allow Seller thirty (30) days after receipt of a Breach Notice within which
to cure the applicable Seller Breach. If Seller fails to cure such Seller Breach within such thirty (30) day period, Purchaser’s
sole remedy shall be to commence a legal proceeding against Seller alleging that Seller has breached this Agreement and that Purchaser
has suffered actual damages as a result thereof (a “Proceeding”). Any proceeding with respect to the Surviving
Representations must be commenced, if at all, no later than the date (the “Outside Proceeding Date”) that is
sixty (60) days after the expiration of the later of (A) the Limitation Period and (B) Seller’s thirty (30) day cure
period. If Purchaser shall have timely commenced a Proceeding and a court of competent jurisdiction shall, pursuant to a final,
non-appealable order in connection with such Proceeding, determine that (i) a Seller Breach has occurred and (ii) Purchaser
suffered actual damages (the “Damages”) by reason of such Seller Breach and that such Damages exceed $250,000.00
in the aggregate (the “Threshold Amount”), and (iii) Purchaser did not have actual knowledge of such Seller
Breach on or prior to the Closing Date and is not deemed to have knowledge of such Seller Breach as described in Section 11(d)
below, then, Purchaser shall be entitled to receive an amount equal to the Damages; provided, that in no event shall Seller’s
aggregate liability for any and all Seller Breaches under this Agreement or any of the agreements, certificates or instruments
executed by Seller in connection herewith or pursuant hereto, exceed $2,600,000.00 (the “Maximum Liability Amount”).
Any such Damages, subject to the limitations contained herein, shall be paid within thirty (30) days following the entry of such
final, non-appealable order and delivery of a copy thereof to Seller. If there shall be a Seller Breach and Purchaser is entitled
to receive any Damages as a result thereof, Purchaser shall have no recourse to the property or other assets of Seller or any other
Seller Party, other than Seller’s interest in the net sales proceeds received by Seller from Purchaser at the Closing (subject
to the Maximum Liability Amount and the other limitations expressly set forth in this Agreement).

 

    	23

    	 

    

 

(d)          The
representations and warranties of Seller set forth in Section 11(c) are subject to the following limitations: (i) subject to the
express provisions of Section 9(b), Seller does not represent or warrant that any particular Contract or Space Lease will
be in force or effect as of the Closing or that the contractors thereunder, as applicable, will not be in default thereunder, (ii)
to the extent that Seller has delivered or made available to Purchaser (or to any Diligence Party (as defined below)) any Contracts
or other information with respect to the Property at any time prior to the date hereof, and such Contracts or other information
contain provisions inconsistent with any of such representations and warranties, then such representations and warranties shall
be deemed modified to conform to such provisions and Purchaser shall be deemed to have knowledge thereof and (iii) in the event
that, prior to the Closing, Purchaser shall obtain actual knowledge of any information that is contradictory to, and would constitute
the basis of a breach of, any representation or warranty or failure to satisfy any condition on the part of Seller, then, promptly
thereafter (and, in all events, on or prior to Closing), Purchaser shall deliver to Seller notice of such information specifying
the representation, warranty or condition to which such information relates, and Purchaser further acknowledges that such representation,
warranty or condition will not be deemed breached in the event Purchaser shall have, prior to Closing, obtained actual knowledge
of any information that is contradictory to such representation or warranty and shall have failed to disclose to Seller as required
hereby and Purchaser shall not be entitled to bring any action after the Closing Date based on such representation, warranty or
condition. Without limiting the generality of the foregoing, Purchaser shall be deemed to know that any representation or warranty
contained herein is untrue, inaccurate or breached to the extent that (1) Purchaser has knowledge of any fact or information which
is inconsistent with such representation or warranty or (2) this Agreement or any Contracts or other information with respect to
the Property delivered or made available to Purchaser or any Diligence Party contain provisions inconsistent with any of such representations
and warranties. “Diligence Party” shall mean any of the following: (i) Purchaser and (ii) any officers, directors,
employees, agents, consultants, affiliates, attorneys and representatives of Purchaser or any affiliate of Purchaser who were involved
in the negotiation of this Agreement, reviewed any Contracts or other information relating to the Property, were involved in the
preparation of the Diligence Reports or the performance of the due diligence conducted on behalf of Purchaser in order to prepare
the same. “Diligence Reports” mean the results of any examinations, inspections, investigations, tests, studies, analyses,
appraisals, evaluations and/or investigations prepared by or for or otherwise obtained by or on behalf of Purchaser in connection
with the Property.

 

(e)          Each
of the provisions of this Section 11 shall survive the Closing, but such survival shall be limited, in the case of the Surviving
Representations, to the extent set forth in Section 11(c). The provisions of Section 11(a) and Section 11(b)
shall be deemed incorporated by reference and made a part of all documents or instruments delivered by Seller to Purchaser in connection
with the sale of the Property.

 

(f)    
      Purchaser hereby represents and warrants to Seller as of the date hereof and as of
Closing Date that:

 

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(i)          Purchaser
is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

 

(ii)         Purchaser
has the full power and authority to enter into this Agreement and perform its obligations hereunder. This Agreement has been duly
authorized, executed and delivered by Purchaser and is the legal, valid and binding obligations of Purchaser enforceable against
Purchaser in accordance with its terms, subject to equitable principles and principles governing creditors’ right generally,
and does not violate any provision of any agreement or judicial order to which Purchaser is subject. All documents to be executed
by Purchaser and delivered to Seller at Closing will as of the Closing Date be duly authorized, executed and delivered by Purchaser
and the legal, valid and binding obligations of Purchaser enforceable against Purchaser in accordance with their respective terms,
subject to equitable principles and principles governing creditors’ right generally, and will not violate any provision of
any agreement or judicial order to which Purchaser is subject.

 

(iii)        Neither
the execution, delivery or performance of this Agreement nor the consummation of the transactions contemplated hereby is or will
be prohibited, or requires or will require as a condition thereto Purchaser to obtain any consent, authorization, approval or registration
under, any law, statute, rule, regulation, judgment, order, writ, injunction, decree or agreement which has not been obtained and
delivered to Purchaser.

 

(iv)        Purchaser
is not the subject of any voluntary or involuntary bankruptcy proceedings for the dissolution or liquidation thereof.

 

(v)         There
are no judgments, orders or decrees of any kind against Purchaser unpaid and unsatisfied of record, nor any actions, suits or other
legal or administrative proceedings pending or, to Purchaser’s actual knowledge, threatened in writing against Purchaser,
which would have a material adverse effect on Purchaser, its financial condition or its ability to consummate the transactions
contemplated by this Agreement.

 

(vi)        Purchaser
is not acquiring the Property with the assets of an employee benefit plan (as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)), or, if plan assets will be used to acquire the Property,
Purchaser will deliver to Seller at Closing a certificate containing such factual representations as shall permit Seller and its
counsel to conclude that no prohibited transaction would result from the consummation of the transactions contemplated by this
Agreement. Purchaser is not a “party in interest” within the meaning of Section 3(14) of ERISA with respect to any
beneficial owner of Seller.

 

(vii)       Purchaser
is not now nor shall it be at any time prior to or at the Closing a person with whom a U.S. person is prohibited from transacting
business of the type contemplated by this Agreement, whether such prohibition arises under United States law, regulation, executive
orders and lists published by OFAC (including those executive orders and lists published by OFAC with respect to Specially Designated
Nationals and Blocked Persons or otherwise).

 

(viii)      Purchaser:
(A) is not under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering,
drug trafficking, terrorist related activities, any crimes which in the United States would be predicate crimes to money laundering,
or any violation of any Anti-Money Laundering Laws; (B) has not been assessed civil or criminal penalties under any Anti-Money
Laundering Laws; or (C) has not had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws, which
investigation, charge, conviction, penalties, seizure, or forfeiture as described in clause (A), (B) or (C)
above would prohibit Seller and Purchaser from consummating the transactions contemplated by this Agreement. Such laws, regulations
and sanctions shall be deemed to include the Patriot Act, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., the Trading with
the Enemy Act, 50 U.S.C. App. Section 1 et. seq., the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq.,
and the sanction regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and detection of
money laundering in 18 U.S.C. Sections 1956 and 1957.

 

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Any and all uses of the
phrase, “to Purchaser’s knowledge” or other references to the knowledge of Purchaser in this Agreement shall
mean the actual, present, conscious knowledge of L. Jay Cross, Bruce Warwick, Jeff T. Blau or Richard O’ Toole (the “Purchaser
Knowledge Individuals”) as to a fact at the time given. Without limiting the foregoing, Seller acknowledges that the
Purchaser Knowledge Individuals are not obligated to perform any investigation or review of any files or other information in the
possession of Purchaser, or to make any inquiry of any persons, or to take any other actions in connection with the representations
and warranties of Seller or Purchaser set forth in this Agreement, other than any investigations, reviews or inquiries which Purchaser
has, or may hereafter in its discretion, perform. Neither the actual, present, conscious knowledge of any other individual or entity,
nor the constructive knowledge of the Purchaser Knowledge Individuals or of any other individual or entity, shall be imputed to
the Purchaser Knowledge Individuals.

 

(g)          Except
as expressly set forth in Section 11(c)(xiii) of this Agreement, Seller makes no warranty with respect to the presence of
Hazardous Materials (as hereinafter defined) in, on, above or beneath the Premises (or any parcel in proximity thereto) or in any
water on or under the Premises. Purchaser’s closing hereunder shall be deemed to constitute an express waiver of Purchaser’s
right to cause Seller to be joined in any action brought under any Environmental Laws (as hereinafter defined). As used herein,
the term “Hazardous Materials” means (i) those substances included within the definitions of any one or more
of the terms “hazardous materials,” “hazardous wastes,” “hazardous substances,” “industrial
wastes,” and “toxic pollutants,” as such terms are defined under the Environmental Laws, or any of them, (ii)
petroleum and petroleum products, including, without limitation, crude oil and any fractions thereof, (iii) natural gas, synthetic
gas and any mixtures thereof, (iv) asbestos and or any material which contains any hydrated mineral silicate, including, without
limitation, chrysotile, amosite, crocidolite, tremolite, anthophylite and/or actinolite, whether friable or non-friable (collectively,
“Asbestos”), (v) polychlorinated biphenyl (“PCBs”) or PCB-containing materials or fluids,
(vi) radon, (vii) any other hazardous or radioactive substance, material, pollutant, contaminant or waste, and (viii) any other
substance with respect to which any Environmental Law or governmental authority requires environmental investigation, monitoring
or remediation. As used herein, the term “Environmental Laws” means all federal, state and local laws, statutes,
ordinances and regulations, now or hereafter in effect, in each case as amended or supplemented from time to time, including, without
limitation, all applicable judicial or administrative orders, applicable consent decrees and binding judgments relating to the
regulation and protection of human health, safety, the environment and natural resources (including, without limitation, ambient
air, surface, water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation), including,
without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. §§
9601 et seq.), the Hazardous Material Transportation Act, as amended (49 U.S.C. §§ 1801 et seq.), the Federal Insecticide,
Fungicide, and Rodenticide Act, as amended (7 U.S.C. §§ 136 et seq.), the Resource Conservation and Recovery Act, as
amended (42 U.S. §§ 6901 et seq.), the Toxic Substance Control Act, as amended (15 U.S.C. §§ 2601 et seq.),
the Clean Air Act, as amended (42 U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act, as amended (33 U.S.C.
§§ 1251 et seq.), the Occupational Safety and Health Act, as amended (29 U.S.C. §§ 651 et seq.), the Safe Drinking
Water Act, as amended (42 U.S.C. §§ 300f et seq.), Environmental Protection Agency regulations pertaining to Asbestos
(including, without limitation, 40 C.F.R. Part 61, Subpart M, the United States Environmental Protection Agency Guidelines on Mold
Remediation in Schools and Commercial Buildings, the United States Occupational Safety and Health Administration regulations pertaining
to Asbestos including, without limitation, 29 C.F.R. Sections 1910.1001 and 1926.58), applicable New York State and New York City
statutes and the rules and regulations promulgated pursuant thereto regulating the storage, use and disposal of Hazardous Materials,
the New York City Department of Health Guidelines on Assessment and Remediation of Fungi in Indoor Environments and any state or
local counterpart or equivalent of any of the foregoing, and any related federal, state or local transfer of ownership notification
or approval statutes. Purchaser, for itself and its agents, affiliates, successors and assigns, hereby releases and forever discharges
Seller, and the other Seller Parties from any and all rights, claims and demands at law or in equity, whether known or unknown
at the time of this Agreement, which Purchaser has or may have in the future, arising out of the physical, environmental, economic
or legal condition of the Property, including, without limitation, any claim for indemnification or contribution arising under
any Environmental Law.

 

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12.         DAMAGE
AND DESTRUCTION. 

 

(a)          If
all or any part of the Building is damaged by fire or other casualty occurring on or after the date hereof and prior to the Closing
Date, whether or not such damage affects a material part of such building, then neither party shall have the right to terminate
this Agreement, Seller shall assign and remit to Purchaser all insurance proceeds resulting therefrom, less all
amounts reasonably and actually expended by Seller to collect such proceeds and/or remedy
any unsafe or unlawful conditions at the Premises as a result of such fire or casualty, and the
parties shall nonetheless consummate this transaction in accordance with this Agreement, without any abatement of the Purchase
Price or any liability or obligation on the part of Seller by reason of such destruction or damage, except that Seller shall be
required to restore the Premises to the extent (and only to the extent) required by applicable Laws and Regulations to address
unsafe conditions at the Premises; provided, that Seller shall, on the Closing Date, (i) assign and remit to Purchaser all insurance
proceeds which may have been collected by Seller with respect to such casualty, less all amounts reasonably and actually expended
by Seller to collect such proceeds or to remedy any such unsafe conditions at, or repair any damage to, the Premises as a result
of such casualty, or (ii) if no insurance proceeds shall have been collected, deliver to Purchaser an assignment of Seller’s
right to all proceeds which may be payable to Seller as a result of such casualty, and Purchaser shall reimburse Seller for all
amounts reasonably and actually expended by Seller in furtherance of collecting such proceeds.

 

(b)          The
provisions of this Section 12 supersede any law applicable to the Premises governing the effect of fire or other casualty
in contracts for real property.

 

13.         CONDEMNATION.

 

(a)          If,
prior to the Closing Date, any part of the Premises is taken (other than a temporary taking), or if Seller shall receive an official
notice from any governmental authority having eminent domain power over the Premises of its intention to take, by eminent domain
proceeding, any part of the Premises (a “Taking”), then:

 

(i)          if
such Taking involves twenty-five percent (25%) or less of the rentable area of the Building as determined by an independent architect
chosen by Seller (subject to Purchaser’s review and reasonable approval of such determination and the provisions of Section
13(b)), then neither party shall have any right to terminate this Agreement, and the parties shall nonetheless consummate this
transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the
part of Seller by reason of such Taking; provided, however, that Seller shall, on the Closing Date, (A) assign and
remit to Purchaser any award or other proceeds which may have been collected by Seller as a result of such Taking, less all
amounts reasonably and actually expended by Seller to collect such award and/or to remedy
any unsafe conditions at, or repair any damage to, the Premises as a result of such Taking, or
(B) if no award or other proceeds shall have been collected, deliver to Purchaser an assignment of Seller’s right to all
such award or other proceeds which may be payable to Seller as a result of such Taking, and Purchaser shall reimburse Seller for
all amounts reasonably and actually expended by Seller in furtherance of collecting such award or other proceeds.

 

    	27

    	 

    

 

(ii)         if
such Taking involves more than twenty-five percent (25%) of the rentable area of the Building as determined by an independent
architect chosen by Seller (subject to Purchaser’s review and reasonable approval of such determination and the provisions
of Section 13(b)), then Purchaser shall have the option, exercisable on or prior to the Condemnation Election Date (as defined
below), to terminate this Agreement by delivering notice of such termination to Seller, whereupon this Agreement shall be canceled
and of no further force or effect, and neither party shall have any further rights or liabilities against or to the other except
pursuant to the provisions of this Agreement which are expressly provided to survive the termination hereof. If a Taking described
in this clause (ii) shall occur and Purchaser shall not timely elect to terminate this Agreement, then Purchaser and Seller
shall consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability
or obligation on the part of Seller by reason of such Taking; provided, however, that Seller shall, on the Closing
Date, (A) assign and remit to Purchaser any award or other proceeds which may have been collected by Seller as a result of such
Taking, less all amounts reasonably and actually expended by Seller to collect
such award and/or remedy any unsafe or unlawful conditions at the Property as a result of such
Taking, or (B) if no award or other proceeds shall have been collected, deliver to Purchaser an assignment of Seller’s
right to all such award or other proceeds which may be payable to Seller as a result of such Taking, and Purchaser shall reimburse
Seller for all amounts reasonably and actually expended by Seller in furtherance of collecting such award or other proceeds. As
used herein, the term “Condemnation Election Date” means the tenth (10th) business day following
Seller’s delivery of an independent architect’s determination pursuant to Section 13(a) or if Purchaser timely
delivered a notice disputing such independent architect’s determination, the tenth (10th) business day following
the final resolution of such dispute by arbitration or agreement of the parties.

 

(b)          Purchaser
shall have the right to dispute any determination by an independent architect pursuant to Section 13(a) by giving Seller
a notice thereof and describing the basis of such dispute in reasonable detail within ten (10) business days following Seller’s
delivery of such independent architect’s determination. If Purchaser fails to timely deliver such a notice, then Purchaser
shall be deemed to have waived its right to dispute the same. If Purchaser shall timely deliver such a notice, then such dispute
shall be resolved by expedited arbitration before a single arbitrator in New York, New York acceptable to both Seller and Purchaser
in their reasonable judgment in accordance with the rules of the American Arbitration Association; provided that if Seller and
Purchaser fail to agree on an arbitrator within five (5) business days after Seller’s receipt of Purchaser’s notice,
then either party may request the office of the American Arbitration Association located in New York, New York to designate an
arbitrator. Such arbitrator shall be an independent architect having at least ten (10) years of experience in the construction
of office buildings in New York, New York. The costs and expenses of such arbitrator shall be borne equally by Seller and Purchaser.

 

(c)          The
provisions of this Section 13 supersede any law applicable to the Premises governing the effect of condemnation in contracts
for real property.

 

(d)          Each
of Seller and Purchaser acknowledges that the Hudson Yards Development Corporation (“HYDC”), itself or together
with the Metropolitan Transit Authority (“MTA”), intends to perform certain street elevation and other work
in connection with the extension of the Number 7 Subway Line and that Seller may be required to relocate the Building loading dock
from the South side of the Building on 33rd Street to the North side of the Building on 34th Street in connection
therewith (the “Relocation Work”). In the event that the Relocation Work is not completed by Seller prior to
the Closing Date, then Seller shall, on the Closing Date, (i) assign and remit to Purchaser any award or other compensation which
may have been paid to Seller in connection with the Relocation Work, less all costs and expenses actually incurred by Seller prior
to the Closing Date in the performance the Relocation Work, and (ii) assign to Purchaser all agreements entered into by Seller
and HYDC and/or the Metropolitan Transit Authority with respect to the Relocation Work and Seller’s right to all compensation
which may be payable to Seller with respect to the Relocation Work. Neither the performance nor completion of any Relocation Work
on or prior to the Closing Date shall be condition precedent to Seller’s or Purchaser’s obligations to close the transaction
contemplated in this Agreement, nor shall Purchaser be entitled to any abatement of or credit against the Purchase Price at Closing
as a result of the performance or non-performance, or completion or non-completion, thereof.

 

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14.         BROKERS
AND ADVISORS.

 

(a)          Purchaser
represents and warrants to Seller that it has not dealt or negotiated with, or engaged on its own behalf or for its benefit, any
broker, finder, consultant, advisor, or professional in the capacity of a broker or finder (each a “Broker”)
in connection with this Agreement or the transactions contemplated hereby other than CBRE, Inc. (“Seller’s Broker”).
Purchaser hereby agrees to indemnify, defend and hold Seller and the other Seller Parties, and any successors or assigns of the
foregoing harmless from and against any and all claims, demands, causes of action, losses, costs and expenses (including reasonable
attorneys’ fees, court costs and disbursements) arising from any claim for any commission, fees or other compensation or
reimbursement for expenses made by any Broker (other than Seller’s Broker) engaged by or claiming to have dealt with Purchaser
in connection with this Agreement or the transactions contemplated hereby. Seller shall pay, or cause Coach, Inc. to pay, all commissions,
fees, or other compensation or reimbursement due to Seller’s Broker pursuant to a separate agreement.

 

(b)          Seller
represents and warrants to Purchaser that it has not dealt or negotiated with, or engaged on its own behalf or for its benefit,
any Broker (other than Seller’s Broker) in connection with this Agreement or the transactions contemplated hereby. Seller
hereby agrees to indemnify, defend and hold Purchaser and its direct and indirect shareholders, officers, directors, partners,
principals, members, employees, agents, contractors and any successors or assigns of the foregoing, harmless from and against any
and all claims, demands, causes of action, losses, costs and expenses (including reasonable attorneys’ fees, court costs
and disbursements) arising from any claim for commission, fees or other compensation or reimbursement for expenses made by any
Broker engaged by or claiming to have dealt with Seller in connection with this Agreement or the transactions contemplated hereby,
including, without limitation, Seller’s Broker.

 

(c)          The
provisions of this Section 14 shall survive the Closing or earlier termination of this Agreement.

 

15.         TAX
REDUCTION PROCEEDINGS.

 

Seller may file and/or
prosecute an application for the reduction of the assessed valuation of the Premises or any portion thereof for real estate taxes
or a refund of Property Taxes previously paid (a “Tax Certiorari Proceeding”) to the City of New York for any
fiscal year. Seller shall have the right to withdraw, settle or otherwise compromise any Tax Certiorari Proceeding affecting real
estate taxes assessed against the Premises (a) for any fiscal period prior to the fiscal year in which the Closing shall occur
without the prior consent of Purchaser, and (b) for the fiscal year in which the Closing shall occur or any fiscal year thereafter,
provided Purchaser shall have consented with respect thereto. The amount of any tax refunds (net of attorneys’ fees and other
actual out-of-pocket costs incurred to obtain such tax refunds) with respect to any portion of the Premises for the tax year in
which the Apportionment Date occurs shall be apportioned between Seller and Purchaser as of the Apportionment Date. If, in lieu
of a tax refund, a tax credit is received with respect to any portion of the Premises for the tax year in which the Apportionment
Date occurs, then (i) within thirty (30) days after receipt by Seller or Purchaser, as the case may be, of evidence of the actual
amount of such tax credit (net of attorneys’ fees and other costs of obtaining such tax credit), the tax credit apportionment
shall be readjusted between Seller and Purchaser, and (ii) upon realization by Purchaser of a tax savings on account of such credit,
Purchaser shall pay to Seller an amount equal to the savings realized (as apportioned). All tax refunds,
credits or other benefits applicable to the portion of the tax year preceding the Closing or to any fiscal period prior thereto
shall belong solely to Seller (and Purchaser shall have no interest therein), and if any such refund, credit or other benefit shall
be paid to Purchaser, Purchaser shall pay the same to Seller within ten (10) business days following Purchaser’s receipt
thereof and, if not timely paid, with interest thereon from the date payment was due until paid to Seller at a rate equal to the
Default Rate.  The provisions of this Section 15 shall survive the Closing.

 

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16.         TRANSFER
TAXES AND TRANSACTION COSTS.

 

(a)          At
the Closing, Seller and Purchaser shall execute, acknowledge, deliver and file all such returns as may be necessary to comply with
any applicable city, county or state conveyance tax laws and/or New York real estate conveyance tax laws (collectively, as the
same may be amended from time to time, the “Transfer Tax Laws”). The transfer taxes payable pursuant to the
Transfer Tax Laws shall collectively be referred to as the “Transfer Taxes”. On the Closing Date, Seller will
pay (or cause to be paid) to the appropriate party the Transfer Taxes payable under the Transfer Tax Laws, if any, in connection
with the consummation of the transactions contemplated by this Agreement.

 

(b)          Seller
shall be responsible for (i) the costs of its legal counsel, advisors and other professionals employed by it in connection with
the sale of the Property, (ii) the costs associated with terminating any Contracts or Employees as provided for hereinabove, and
(iii) any recording fees relating to its obligations (if any) to remove Title Objections.

 

(c)          Except
as otherwise provided above, Purchaser shall be responsible for (i) the costs and expenses associated with its due diligence, (ii)
the costs and expenses of its legal counsel, advisors and other professionals employed by it in connection with the purchase of
the Property, (iii) all premiums and fees for title examination and owner’s title insurance obtained by Purchaser and all
related charges and survey costs in connection therewith, (iv) the recording taxes and/or charges for any financing that Purchaser
may elect to obtain, (v) premiums and fees for title examination and mortgagee title insurance in connection with any financing
that Purchaser may elect to obtain and all related charges in connection therewith, and (vi) any recording fees for the recording
of the deed to be recorded in connection with the transactions contemplated by this Agreement.

 

(d)          The
provisions of this Section 16 shall survive the Closing.

 

17.         DELIVERIES
TO BE MADE ON THE CLOSING DATE.

 

(a)          Seller’s
Documents and Deliveries. On the Closing Date, each Seller shall deliver or cause to be delivered to Purchaser the following:

 

(i)          A
duly executed and acknowledged bargain and sale deed without covenants against grantor’s acts in the form of Exhibit 1
attached hereto;

 

(ii)         A
duly executed Bill of Sale in the form of Exhibit 2 attached hereto;

 

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(iii)        Originals
or, if unavailable, copies, of plans and specifications, technical manuals and similar materials for the Building or any portion
thereof, including, without limitation, all Building systems to the extent same are in Seller’s possession or control;

 

(iv)        A
duly executed certification as to Seller’s non-foreign status in accordance with Section 1445 of the Code, if appropriate,
in the form of Exhibit 3 attached hereto;

 

(v)         Resolutions
of Seller’s board of directors or the written consent of Seller’s members, as applicable, in a form reasonably satisfactory
to the Title Company, authorizing the transaction contemplated herein and the execution and delivery of the documents required
to be executed and delivered by Seller hereunder;

 

(vi)        Seller
shall execute an affidavit in lieu of registration as required by Chapter 664 of the Laws of 1978, in the form of Exhibit 4
attached hereto and made a part hereof;

 

(vii)       Seller
shall execute, acknowledge and deliver to the Title Company a title affidavit in the form attached hereto as Exhibit 5 and
made a part hereof;

 

(viii)      Originals
or, if unavailable, copies, of all Books and Records relating to the ownership and operation of the Premises and maintained by
Seller during Seller’s ownership thereof to the extent the same are in Seller’s possession;

 

(ix)         Originals
or, if unavailable, copies, of all Plans, Permits and Licenses and approvals relating to the ownership, use or operation of the
Premises, to the extent in Seller’s possession; and

 

(x)          Keys
and combinations in Seller’s possession relating to the operation of the Premises; and

 

(xi)         An
instrument (the “Representation Update”) confirming that the Surviving Representations remain true and correct
in all material respects on and as of the Closing Date of advising Purchaser in what respects Seller’s Representations are
inaccurate as of the Closing Date.

 

Seller shall be deemed to have delivered
the items set forth in clauses (ii), (vii) and (viii) above if the same are left in the management office at the Premises on the
Closing Date.

 

(b)          Purchaser’s
Documents and Deliveries. On the Closing Date, Purchaser shall deliver or cause to be delivered to Seller the following:

 

(i)          The
Purchase Price, in cash, by wire transfer to an account or accounts designated by Purchaser prior to the Closing Date;

 

(ii)         If
Purchaser is a corporation, (1) copies of the certificate of incorporation and by-laws of Purchaser and of the resolutions of the
board of directors of Purchaser authorizing the execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement certified as true and correct by the Secretary or Assistant Secretary of Purchaser;
(2) a good standing certificate for Purchaser issued by the state of incorporation of Purchaser, dated within thirty (30) days
of the Closing Date; (3) a good standing certificate for Purchaser issued by the State of New York (if not incorporated in but
having the authority to do business in the State of New York) dated within thirty (30) days of the Closing Date; and (4) an incumbency
certificate executed by the Secretary or Assistant Secretary of Purchaser with respect to those officers of Purchaser executing
any documents or instruments in connection with the transactions contemplated herein;

 

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(iii)        If
Purchaser is a partnership, (1) copies of Purchaser’s partnership agreement and partnership certificate and consent of the
partners of Purchaser authorizing the execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement, all of the foregoing being certified as true and correct by the general partner of Purchaser, (2)
a good standing certificate issued for Purchaser by the state of organization of Purchaser, dated within thirty (30) days of the
Closing Date; (3) a certificate of legal existence for Purchaser issued by the State of New York (if not organized in but having
the authority to do business in the State of New York) dated within thirty (30) days of the Closing Date; and (4) with respect
to the general partner of Purchaser, an incumbency certificate executed by an officer (if such general partner is a corporation)
or manager(s)/managing member(s), as applicable (if such general partner is a limited liability company) of Purchaser with respect
to individuals executing any documents or instruments on behalf of Purchaser in connection with the transactions contemplated herein;
and

 

(iv)        If
Purchaser is a limited liability company, (1) copies of Purchaser’s articles of organization and operating agreement and
consent of the members of Purchaser authorizing the execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated by this Agreement, all of the foregoing being certified as true and correct by the manager(s)/managing
member(s), as applicable, of Purchaser; (2) a good standing certificate issued for Purchaser by the state of organization of Purchaser,
dated within thirty (30) days of the Closing Date; (3) a certificate of legal existence for Purchaser issued by the State of New
York (if not organized in but having the authority to do business in the State of New York) dated within thirty (30) days of the
Closing Date; and (4) an incumbency certificate executed by an officer or manager(s)/managing member(s), as applicable, of Purchaser
with respect to individuals executing any documents or instruments on behalf of Purchaser in connection with the transactions contemplated
herein.

 

(c)          Jointly
Executed Documents. Seller and Purchaser shall, on the Closing Date, each execute, acknowledge (as appropriate) and exchange
the following documents:

 

(i)          The
returns required under the Transfer Tax Laws, if any, and any other tax laws applicable to the transactions contemplated herein;

 

(ii)         An
Assignment and Assumption of Contracts that Purchaser elects to assume in the form attached hereto as Exhibit 6, duly executed
by Seller and Purchaser;

 

(iii)        If
applicable, an Assignment and Assumption Agreement with respect to all CBAs bargaining agreements in the form attached hereto as
Exhibit 7 duly executed by Seller and Purchaser;

 

(iv)        Any
other affidavit, document or instrument required to be delivered by Seller or Purchaser or reasonably requested by the Title Company
(so long as such request does not add additional warranties or covenants to Seller or Purchaser), pursuant to the terms of this
Agreement or applicable law in order to effectuate the transfer of title to the Premises; and

 

(v)         The
Preliminary Closing Statement.

 

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18.         CLOSING
DATE.

 

The closing (the “Closing”)
of the transactions contemplated hereunder shall occur at the offices of Purchaser or its attorneys, in either case, located in
Manhattan, on the date that is forty-five (45) days after the date that Seller notifies Purchaser in writing that it has vacated
the entire Premises in accordance with the terms hereof unless such date is not a business day, in which case the Closing shall
occur on the first business day after such forty-fifth day (such date, the “Scheduled Closing Date”) or such
later date to which the Closing may a adjourned pursuant to Section 6(a) or Section 10(g) hereof. The date on which
the Closing actually occurs is referred to herein as the “Closing Date”.

 

19.         NOTICES.

 

All notices, demands,
requests or other communications (collectively, “Notices”) required to be given or which may be given hereunder
shall be in writing and shall be sent by (a) national overnight delivery service, or (b) facsimile transmission (provided that
the original shall be simultaneously delivered by national overnight delivery service or personal delivery), or (c) personal delivery,
addressed as follows:

 

		(i)	If to Seller:

 

c/o Coach,
Inc.

516 West 34th Street

New York, New York 10001

Attention: Todd Kahn 

Facsimile: (212) 629-2398 

 

with a copy to each of the following:

 

Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Mitchell L. Feinberg 

Facsimile: (212) 629-2298 

 

Fried, Frank, Harris, Shriver
& Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: Jonathan L. Mechanic, Esq. and Harry R. Silvera, Esq.

Facsimile: (212) 859-4000 

 

		(ii)	If to Purchaser:

 

c/o The Related Companies,
L.P.

60 Columbus Circle

New York, New York 10023

Attention: Jeff T. Blau and L. Jay Cross

Facsimile: (212) 801-3540 

 

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with a copy to each of the following:

 

The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: Amy Arentowicz, Esq.

Facsimile: (212) 801-1003 

 

Oxford Hudson Yards LLC

320 Park Avenue, 17thth Floor

New York, New York 10022

Attention: Dean J. Shapiro

Facsimile: (212) 986-7510 

 

Oxford Properties Group

Royal Bank Plaza, North Tower

200 Bay Street, Suite 900

Toronto, Ontario M5J 2J2, Canada

Attention: Chief Legal Officer

Facsimile: (416) 868-3799 

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

Fax: 212-593-5955

 

Any Notice so sent by
national overnight delivery service or personal delivery shall be deemed given on the date of the receipt of the national overnight
delivery service or personal delivery service. Any Notice sent by facsimile transmission shall be deemed given when received as
confirmed by facsimile confirmation receipt. A Notice may be given either by a party or by such party’s attorney. Seller
or Purchaser may designate, by not less than five (5) business days’ notice given to the others in accordance with the terms
of this Section 19, additional or substituted parties to whom Notices should be sent hereunder.

 

20.         DEFAULT
BY PURCHASER OR SELLER.

 

(a)          If
(i) Purchaser shall default in the in the performance of any of its obligations to be performed on the Closing Date, other than
due to a default by Seller, and as a result of such Purchaser default the transaction contemplated by this Agreement shall not
close in accordance with the terms of this Agreement, (ii) Purchaser shall default in the performance of any of its material obligations
to be performed prior to the Closing Date and such default shall continue for ten (10) business days after notice to Purchaser,
or (iii) Fund Member or Developer shall default in the performance of any of its material obligations to be performed under the
Development Agreement or the Operating Agreement, as applicable, prior to the Closing Date and such default shall continue beyond
any applicable notice and cure period provided thereunder (if any) and Related/Oxford Guarantor (as defined in the Development
Agreement) shall fail to perform or caused to be performed such obligations in accordance with the terms of the Related/Oxford
Guaranty (as defined in the Development Agreement) within the time period required thereunder, then Seller’s sole remedy
under this Agreement by reason of any such default (but in addition to any remedies Seller or any affiliate of Seller may have
under the Development Agreement or the Operating Agreement, as applicable) shall be to terminate this Agreement and to receive
from Purchaser $6,500,000.00 (the “Liquidated Amount”) as liquidated damages for Purchaser’s
default hereunder, it being agreed that the damages by reason of Purchaser’s default are difficult, if not impossible, to
ascertain, and upon the making of such payment, this Agreement shall cease and terminate, and neither
party shall have any further rights or obligations hereunder except for those that are expressly provided in this Agreement
to survive the termination hereof. If Seller terminates this Agreement pursuant to a right given to it hereunder and Purchaser
takes any action which interferes with Seller’s ability to sell, exchange, transfer, lease, dispose of or finance the Property
or take any other actions with respect thereto (including, without limitation, the filing of any lis pendens or other form of attachment
against the Property), then the named Purchaser (and any permitted assignee of Purchaser’s interest hereunder) shall be jointly
and severally liable for all losses, costs, damages, liabilities or expenses (including, without limitation, reasonable attorneys’
fees, court costs and disbursements and consequential damages) incurred by Seller by reason of such action to contest by Purchaser.
Notwithstanding the foregoing, none of the above liquated damages shall be deemed to reduce or waive in any respect the additional
obligations of Purchaser to indemnify Seller as provided in this Agreement.

 

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(b)          If
(i) Seller shall default in any of its obligations to be performed on the Closing Date, (ii) Seller shall default in the performance
of any of its material obligations to be performed prior to the Closing Date and such default shall continue for ten (10) business
days after notice to Seller, or (iii) Coach Legacy shall default in the performance of any of its material obligations to be performed
under the Development Agreement or the Operating Agreement prior to the Closing Date and such default shall continue beyond any
applicable notice and cure period provided thereunder (if any) and Coach Guarantor (as defined in the Development Agreement) shall
fail to perform or caused to be performed such obligations in accordance with the terms of the Coach Guaranty (as defined in the
Development Agreement) within the time period required thereunder, then Purchaser’s sole remedy under this Agreement by reason
of any such default by Seller (in lieu of prosecuting an action for damages or proceeding with any other legal or equitable course
of conduct, the right to bring such actions or proceedings being expressly and voluntarily waived by Purchaser following and upon
advice of its counsel), shall be, subject to the other provisions of this Section 20(b), to either (A) seek to obtain specific
performance of Seller’s obligations hereunder (provided that any action for specific performance shall be commenced within
sixty (60) days after such default, and if Purchaser prevails thereunder, Seller shall reimburse Purchaser for all reasonable legal
fees, court costs and all other reasonable costs of such action) or (B) terminate this Agreement, it being understood that if Purchaser
fails to commence an action for specific performance within sixty (60) days after such default, Purchaser’s sole remedy shall
be to terminate this Agreement. If Purchaser elects to seek specific performance of this Agreement, then as a condition precedent
to any suit for specific performance, Purchaser shall on or before the Closing Date fully perform all of its obligations hereunder
which are capable of being performed (other than the payment of the Purchase Price, which shall be paid as and when required by
the court in the suit for specific performance). Upon the termination of this Agreement pursuant to this Section 20(b),
neither party hereto shall have any further obligations hereunder except for those that are expressly provided in this Agreement
to survive the termination hereof. Notwithstanding the foregoing, Purchaser shall have no right to seek specific performance, if
Seller shall be prohibited from performing its obligations hereunder by reason of any law, regulation, or other legal requirement
applicable to Seller.

 

(c)          Notwithstanding
anything to the contrary set forth in this Agreement, in no event shall Seller be liable for any incidental, consequential, indirect,
punitive, special or exemplary damages, or for lost profits, unrealized expectations or other similar claims in connection with
this Agreement or the transactions contemplated hereby.

 

(d)          The
provisions of this Section 20 shall survive the termination hereof.

 

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21.         FIRPTA
COMPLIANCE.

 

Seller shall comply with
the provisions of the Foreign Investment in Real Property Tax Act, Section 1445 of the Internal Revenue Code of 1986 (as amended,
“FIRPTA”). Seller acknowledges that Section 1445 of the Internal Revenue Code provides that a transferee of
a United States real property interest must withhold tax if the transferor is a foreign person. To inform Purchaser that withholding
of tax is not required upon the disposition of a United States real property interest by Seller, Seller hereby represents and warrants
that Seller is not a foreign person as that term is defined in the Internal Revenue Code and Income Tax Regulations. On the Closing
Date, Seller shall deliver to Purchaser a certification as to Seller’s non-foreign status in the form of Exhibit 3,
and shall comply with any temporary or final regulations promulgated with respect thereto and any relevant revenue procedures or
other officially published announcements of the Internal Revenue Service of the U.S. Department of the Treasury in connection therewith.

 

22.         ENTIRE
AGREEMENT.

 

This Agreement contains
all of the terms agreed upon between Seller and Purchaser with respect to the subject matter hereof, and all prior agreements,
understandings, representations and statements, oral or written, between Seller and Purchaser are merged into this Agreement. The
provisions of this Section 22 shall survive the Closing or the termination hereof.

 

23.         AMENDMENTS.

 

This Agreement may not
be changed, modified or terminated, except by an instrument executed by Seller and Purchaser. The provisions of this Section
23 shall survive the Closing or the termination hereof.

 

24.         WAIVER.

 

No waiver by either party
of any failure or refusal by the other party to comply with its obligations shall be deemed a waiver of any other or subsequent
failure or refusal to so comply. The provisions of this Section 24 shall survive the Closing or the termination hereof.

 

25.         PARTIAL
INVALIDITY.

 

If any term or provision
of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid
and shall be enforced to the fullest extent permitted by law. The provisions of this Section 25 shall survive the Closing
or the termination hereof.

 

26.         SECTION
HEADINGS.

 

The headings of the various
sections of this Agreement have been inserted only for the purposes of convenience, and are not part of this Agreement and shall
not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this Agreement. The provisions of this
Section 26 shall survive the Closing or the termination hereof.

 

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27.         GOVERNING
LAW.

 

This Agreement shall
be governed by the laws of the State of New York without giving effect to conflict of laws principles thereof. The provisions of
this Section 27 shall survive the Closing or the earlier termination of this Agreement.

 

28.         PARTIES;
ASSIGNMENT AND RECORDING.

 

(a)          This
Agreement and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon Seller and
Purchaser and their respective successors and permitted assigns; provided, however, that none of the representations
or warranties made by Seller hereunder shall inure to the benefit of any person or entity that may, after the Closing Date, succeed
to Purchaser’s interest in the Property.

 

(b)          Purchaser
may not assign or otherwise transfer this Agreement or any of its rights or obligations hereunder or any of the direct or indirect
ownership interests in Purchaser, without first obtaining Seller’s consent thereto. Notwithstanding the foregoing,
(i) this Agreement may be assigned by Purchaser without the prior written consent of Seller to any affiliate in which either The
Related Companies, L.P. and/or Oxford Hudson Yards LLC, individually or collectively, owns, directly or indirectly, not less than
25% of all beneficial ownership interests therein and which is controlled, directly or indirectly, by The Related Companies, L.P.
or Oxford Hudson Yards LLC; provided, that (a) such entity assumes all obligations of Purchaser hereunder; (b) Purchaser shall
provide Seller with the name, signature block, address, federal taxpayer identification number and other information pertaining
to the proposed assignee, as applicable, reasonably requested by Seller, together with a copy of the assignment and assumption
agreement, not later than three (3) business days prior to the Closing Date; and (c) no such assignment shall release the originally
named Purchaser from its obligations and liabilities hereunder and (ii) transfers of direct or indirect interests in Purchaser
may be transferred without the prior written consent of Seller, provided that after giving effect to any such transfer either The
Related Companies, L.P. and/or Oxford Hudson Yards LLC, individually or collectively, owns, directly or indirectly, not less than
25% of all beneficial ownership interests in Purchaser and Purchaser remains controlled, directly or indirectly, by The Related
Companies, L.P. or Oxford Hudson Yards LLC.

 

(c)          Neither
this Agreement nor any memorandum hereof may be recorded without first obtaining Seller’s consent thereto. Any breach of
the provisions of this clause (c) shall constitute a default by Purchaser under this Agreement. Purchaser agrees not to file any
lis pendens or other instrument against all or a portion of the Premises in connection herewith. In furtherance of the foregoing,
Purchaser (i) acknowledges that the filing of a lis pendens or other evidence of Purchaser’s rights or the existence of this
Agreement against all or a portion of the Premises could cause significant monetary and other damages to Seller and (ii) hereby
agrees to indemnify Seller from and against any and all claims, losses, liabilities and expenses (including, without limitation,
reasonable attorneys’ fees incurred in the enforcement of the foregoing indemnification obligation) arising out of the breach
by Purchaser of any of its obligations under this clause (c).

 

(d)          The
provisions of Section 28(a) and Section 28(c) shall survive the Closing or termination of this Agreement.

 

    	37

    	 

    

 

29.         CONFIDENTIALITY
AND PRESS RELEASES.

 

(a)          Unless
required by law, rule or regulation, neither Purchaser nor Seller shall disclose the terms and conditions of this Agreement and
the transactions contemplated hereby to any person or entity without the express written consent of the other party prior to the
Closing; provided, however, that either party may, without consent, disclose the
terms hereof and the transactions contemplated hereby (a) to its respective advisors, consultants, attorneys, accountants, investors,
potential investors, lenders, potential lenders (and to the respective advisors, consultants, attorneys and accountants of their
investors, potential investors, lenders, and potential lenders) (collectively, the “Transaction Parties”),without
the express written consent of the other party, so long as any such Transaction Parties to whom disclosure is made shall also agree
to keep all such information confidential in accordance with the terms hereof, and (b) if disclosure is required by law, regulation
or legal process, provided that in such event Seller or Purchaser, as applicable, shall notify the other party in writing of such
required disclosure, shall exercise commercially reasonable efforts to preserve the confidentiality of the confidential documents
or information, as the case may be, including, without limitation, reasonably cooperating with the other party to obtain an appropriate
order or other reliable assurance that confidential treatment will be accorded such confidential documents or information, as the
case may be, by such tribunal and shall disclose only that portion of the confidential documents or information which it is legally
required to disclose. The foregoing confidentiality obligations shall not apply to the extent such information is or becomes a
matter of public record. In addition, prior to the Closing Date, neither Purchaser nor Seller shall issue any press releases (or
other public statements) with respect to the transaction contemplated in this Agreement without approval of the other party, which
approval may be withheld in its sole and absolute discretion. 

 

(b)          The
provisions of Section 29(a) shall survive the Closing or termination of this Agreement.

 

30.         FURTHER
ASSURANCES.

 

Seller and Purchaser
will do, execute, acknowledge and deliver all and every such further acts, deeds, conveyances, assignments, notices, transfers
and assurances as may be reasonably required by the other party, for carrying out the intentions or facilitating the consummation
of this Agreement. The provisions of this Section 30 shall survive the Closing.

 

31.         THIRD
PARTY BENEFICIARY.

 

This Agreement is an
agreement solely for the benefit of Seller and Purchaser (and their permitted successors and/or assigns). No other person, party
or entity shall have any rights hereunder nor shall any other person, party or entity be entitled to rely upon the terms, covenants
and provisions contained herein. The provisions of this Section 31 shall survive the Closing or earlier termination of this
Agreement.

 

32.         JURISDICTION
AND SERVICE OF PROCESS.

 

The
parties hereto agree to submit to personal jurisdiction in the State of New York in any action or proceeding arising out of this
Agreement and, in furtherance of such agreement, the parties hereby agree and consent that without limiting other methods of obtaining
jurisdiction, personal jurisdiction over the parties in any such action or proceeding may be obtained within or without the jurisdiction
of any court located in New York and that any process or notice of motion or other application to any such court in connection
with any such action or proceeding may be served upon the parties by registered or certified mail to or by personal service at
the last known address of the parties, whether such address be within or without the jurisdiction of any such court. Any
legal suit, action or other proceeding by one party to this Agreement against the other arising out of or relating to this Agreement
(other than any dispute which, pursuant to the express terms of this Agreement, is to be determined by arbitration) shall be instituted
only in the Supreme Court of the State of New York, County of New York or the United States District Court for the Southern District
of New York, and each party hereby waives any objections which it may now or hereafter have based on venue and/or forum non-conveniens
of any such suit, action or proceeding and submits to the jurisdiction of such courts. The provisions
of this Section 32 shall survive the Closing or earlier termination of this Agreement.

 

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33.         WAIVER
OF TRIAL BY JURY.

 

Seller and Purchaser
hereby irrevocably and unconditionally waive any and all right to trial by jury in any action, suit or counterclaim arising in
connection with, out of or otherwise relating to this agreement. The provisions of this Section 33 shall survive the Closing
or earlier termination of this Agreement.

 

34.         MISCELLANEOUS.

 

(a)          This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together,
shall constitute one and the same instrument.

 

(b)          Any
consent or approval to be given hereunder (whether by Seller or Purchaser) shall not be effective unless the same shall be given
in advance of the taking of the action for which consent or approval is requested and shall be in writing. Except as otherwise
expressly provided herein, any consent or approval requested of Seller or Purchaser may be withheld by Seller or Purchaser in its
sole and absolute discretion.

 

(c)          Seller
shall have the right at its expense to structure the sale of the Property as a forward or reverse exchange thereof for other real
property of a like-kind to be designated by Seller (including the ability to assign this Agreement to an entity established in
order to effectuate such exchange including a qualified intermediary, an exchange accommodation title holder or one or more single
member limited liability companies that are owned by any of the foregoing persons ), with the result that the exchange shall qualify
for non-recognition of gain or loss under Section 1031 of the Internal Revenue Code of 1986, as amended, the Treasury Regulations
thereunder and IRS Revenue Procedure 2000-37. The Purchaser shall execute any and all documents reasonably requested by Seller
to affect such exchange, and otherwise assist and cooperate with Seller in effecting such exchange, provided that any additional
reasonable costs and expenses incurred by Purchaser as a result of structuring such transaction as an exchange, as opposed to an
outright sale, shall be borne by Seller.

 

(d)          The
provisions of this Section 34 shall survive the Closing.

 

35.         ATTORNEYS’
FEES.

 

In the event of any litigation
between the parties hereto to enforce any of the provisions of this Agreement or any right of either party hereto, the unsuccessful
party to such litigation agrees to pay to the successful party all costs and expenses, including reasonable attorneys’ fees
and disbursements, incurred herein by the successful party in and as part of the judgment rendered in such litigation.

 

36.         EXCULPATION.

 

(a)          Purchaser
agrees that it does not have and will not have any claims or causes of action against any Seller Party (other than Seller), arising
out of or in connection with this Agreement or the transactions contemplated hereby. Purchaser agrees to look solely to Seller
and Seller’s interest in the Property or, if the Closing has occurred, the net proceeds of the sale (subject to the limitations
contained herein) for the satisfaction of any liability or obligation arising under this Agreement or the transactions contemplated
hereby, or for the performance of any of the covenants, warranties or other agreements of Seller contained herein, and further
agrees not to sue or otherwise seek to enforce any personal obligation of Seller against any Seller Parties (other than Seller)
or their assets or properties or against any of Seller’s other assets or properties, with respect to any matters arising
out of or in connection with this Agreement or the transactions contemplated hereby.

 

    	39

    	 

    

 

(b)          Seller
agrees that it does not have and will not have any claims or causes of action against any disclosed or undisclosed, direct and
indirect shareholders, officers, directors, trustees, partners, principals, members, employees, agents, affiliates, representatives,
consultants, accountants, contractors and attorneys of Purchaser, and any successors or assigns of the foregoing (collectively
with Purchaser, “Purchaser Parties”), arising out of or in connection with this Agreement or the transactions
contemplated hereby. Seller agrees to look solely to Purchaser or if the Closing has occurred, to Purchaser’s interest in
the Property for the satisfaction of any liability or obligation arising under this Agreement or the transactions contemplated
hereby, or for the performance of any of the covenants, warranties or other agreements of Purchaser contained herein, and further
agrees not to sue or otherwise seek to enforce any personal obligation of Purchaser against any Purchaser Parties other than Purchaser
(or their assets or properties) or, if the Closing has occurred, against any of Purchaser’s assets other than the Premises
with respect to any matters arising out of or in connection with this Agreement or the transactions contemplated hereby.

 

(c)          The
provisions of this Section 36 shall survive the termination of this Agreement and the Closing.

 

[NO FURTHER TEXT ON THIS PAGE; SIGNATURE
PAGE FOLLOWS]

 

    	40

    	 

    

 

IN WITNESS WHEREOF, Seller
and Purchaser have caused this Agreement to be executed the day and year first above written.

 

	 	SELLER:
	 	 
	 	504-514 WEST 34th STREET CORP.,
	 	a Maryland corporation
	 	 
	 	By:	/s/ Todd Kahn
	 	 	Name: Todd Kahn
	 	 	Title: Executive Vice President and General Counsel
	 	 	 
	 	516 WEST 34th STREET LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Todd Kahn
	 	 	Name: Todd Kahn
	 	 	Title: Executive Vice President and General Counsel
	 	 	 
	 	PURCHASER:
	 	 
	 	ERY 34th Street Acquisition LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ L. Jay Cross
	 	 	Name: L. Jay Cross
	 	 	Title: President

 

    	 

    	 

    

 

The undersigned, jointly and severally, as a primary obligor
(and not as a surety), acknowledge and agree to be obligated to perform and liable for the obligations of Purchaser under Sections
10(b), 10(c), 10(d) and 20(a) of this Agreement, including, without limitation, for the payment of the
Liquidated Amount (as defined in Section 20(a)).

 

	 	The Related Companies, L.P.,
	 	a New York limited partnership
	 	 	 	 
	 	By:	The Related Realty Group, Inc.,
	 	 	a Delaware corporation,
	 	 	its general partner
	 	 	 	 
	 	 	By:	/s/ Michael J. Brenner
	 	 	 	Name: Michael J. Brenner
	 	 	 	Title: Executive Vice President
	 	 	 	 
	 	OP USA DEBT HOLDINGS LIMITED PARTNERSHIP 
	 	 	 	 
	 	By:	OP USA Debt GP Inc.,
	 	 	its general partner
	 	 	 	 
	 	 	By:	/s/ Bob Aziz
	 	 	 	Name: Bob Aziz
	 	 	 	Title: Executive Vice President
	 	 	 	 
	 	 	By:	/s/ Alysha C. Valenti
	 	 	 	Name: Alysha C. Valenti
	 	 	 	Title: Assistant Secretary

 

    	 

    	 

    

 

SCHEDULE A

 

Description of the Land

 

ALL THAT CERTAIN plot, piece or parcel
of land, with the buildings and other improvements thereon erected, situate, lying and being in the Borough of Manhattan, City,
County and State of New York, bounded and described as follows:

 

BEGINNING at a point on the southerly side
of 34th Street, distant one hundred five feet westerly from the southwesterly corner of 34th Street and Tenth Avenue;

 

RUNNING THENCE southerly parallel with
Tenth Avenue and part of the distance through a party wall, ninety-eight feet nine inches to the center line of the block;

 

RUNNING THENCE westerly along the center
line of the block one hundred feet;

 

THENCE northerly parallel with Tenth Avenue
ninety-eight feet nine inches to the southerly side of 34th Street;

 

THENCE easterly along the southerly side
of 34th Street, one hundred feet to the point or place of BEGINNING.

 

Being the same premises conveyed to the
grantor from Madelyn Simon (d/b/a Madelyn Simon & Associates) by deed dated as of 2/3/06 and recorded 3/22/06 as City Register
File Number (CFRN) 2006000162302. Said premises are known as 504-514 West 34th Street, New York, New York, and designated as Block
705, Lot 45 as shown on the Tax Map of the City of New York, County of New York.

 

    	 

    	 

    

 

ALL THAT CERTAIN plot, piece or parcel
of land, with the buildings and other improvements thereon erected, situate, lying and being in the Borough of Manhattan, City,
County and State of New York, bounded and described as follows:

 

BEGINNING at a point on the northerly side
of West 33rd Street, distant 205 feet westerly from the corner formed by the intersection of the northerly side of West 33rd Street
with the westerly side of Tenth Avenue;

 

RUNNING THENCE northerly and parallel with
the westerly side of Tenth Avenue, 197 feet 6 inches to the southerly side of West 34th Street;

 

THENCE westerly along the said southerly
side of West 34th Street, 145 feet;

 

THENCE southerly and again parallel with
the westerly side of Tenth Avenue, 197 feet 6 inches to the northerly side of West 33rd Street; and

 

THENCE easterly along the northerly side
of 33rd Street, 145 feet to the point or place of BEGINNING.

 

Being the same premises conveyed to the
grantor from Bauman 34th Street, LLC and Goldberg 34th Street, LLC, by deed dated 11/26/08 and recorded 12/19/08 as City Register
File Number (CFRN) 2008000482315. Said premises are known as 516-520 West 34th Street and 513-525 West 33rd Street,
New York, New York, and designated as Block 705, Lot 46 as shown on the Tax Map of the City of New York, County of New York.

 

    	 

    	 

    

 

SCHEDULE 5(h)

 

Permitted Encumbrances

 

    	 

    	 

    

 

 

 

PAGE 1 OF 7 1. Any
state of facts shown on the Existing Survey and Survey exceptions set forth on Survey Reading Schedule herein, and, subject to
Section 6 of the Agreement, the state of facts that an accurate Updated Survey would show. 2. Department of City Planning, City
of New York Memorandum dated 11/3/06 and recorded 11/6/06 as CRFN 2006000618910. (affects Block 705 Lots 41, 42, 45 and 46 and
more) (See Exhibit A) 3. Revocable Consent Agreement made between The New York City Department of Transportation, acting through
the Commissioner of Transportation and 504-514 West 34th Street Corp. dated 6/28/11 and recorded 12/15/11 as CRFN 2011000437311.
(affects Block 705 Lot 45) (See Exhibit B)

    	 

    	 

    

 

 

PAGE 2 OF 7 4. Judgment searches against the names, 504-514 West 34th Street Corp. and 516 West 34th Street LLC, the names of the sellers,
completed in the New York County Clerk's Office, disclosed the following returns. (The judgments so returned may be against the
seller(s) or against an entity of similar name.) The policy, will except the lien of said judgments unless said judgment liens
are satisfactorily disposed of prior to closing. Judgment(s) Returned: A) Environmental Control Board judgments: 1. 504-514 West
34th St. Corp., 437 Madison Avenue, New York, New York Violation No. 034740913J, Docketed 12/10, Amount $600 2. 504-514
West 34th St. Corp., 437 Madison Avenue, New York, New York

Violation No. 034740914L, Docketed 12/10, Amount $600

 

    	 

    	 

    

 

 

PAGE 3 OF 7

    	 

    	 

    

 

PAGE 4 OF 7

    	 

    	 

    

 

 

PAGE 5 OF 7 5. Sidewalk Notice – filed 7/30/98, #71164 (Lot 46). (This Notice reflects a violation which may ripen into
a lien. See Section 2904, New York City Charter).

 

    	 

    	 

    

 

 

PAGE 6 OF 7

    	 

    	 

    

 

 

PAGE
7 OF 7

 

 

    	 

    	 

    

 

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

  

SCHEDULE 11(c)(v)

 

List of Space Leases, Brokerage Agreements
and Management Agreements

 

		1.	Management Agreement between Coach, Inc., as owner, and
George Comfort & Sons, Inc., as manager, dated as of July 12, 2010.

 

    	 

    	 

    

 

SCHEDULE 11(c)(vii)

 

Litigation

 

None.

 

    	 

    	 

    

 

SCHEDULE 11(c)(viii)

 

CBAs

 

		1.	Engineer Agreement between Local 94-94A-94B, International
Union of Operating Engineers AFL-CIO and The Realty Advisory Board on Labor Relations, Inc., effective January 1, 2011 through
December 31, 2014.

 

		2.	Commercial Building Agreement between Local 32BJ Service
Employees International Union and The Realty Advisory Board on Labor Relations, Inc., effective January 1, 2012 through December
31, 2015 (as embodied in the Stipulation of Agreement between SEIU, Local 32BJ and The Realty Advisory Board on Labor Relations,
Inc. dated December 31, 2011 amending the 2008 Commercial Building Agreement).

 

    	 

    	 

    

 

SCHEDULE 11(c)(ix)

 

Employees

 

		1.	Carlos Anibal Cardel –
SEIU, Local 32BJ;

		2.	Nunzio DeFillippo –
SEIU, Local 32BJ;

		3.	Alvin Chen – SEIU,
Local 32BJ;

		4.	Jake Buser – SEIU,
Local 32BJ; and

		5.	Frank Cambria – IUOE, Local 94.

 

    	 

    	 

    

 

EXHIBIT 1

 

Form of Deed

 

BARGAIN AND SALE DEED WITHOUT

 COVENANT AGAINST GRANTOR’S
ACTS

 

THIS INDENTURE,
dated as of _________________, 20__, among 504-514 WEST 34th STREET CORP., a Maryland corporation, 516
WEST 34th STREET LLC, a Delaware limited liability company, each having an office c/o Coach, Inc., 516 West 34th
Street, New York, New York 10001 (“Grantor”), and ERY 34th STREET ACQUISITION LLC,
a Delaware limited liability company, having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New York,
New York 10023 (“Grantee”).

 

WITNESSETH,
that Grantor in consideration of the sum of Ten Dollars ($10.00), and other good and valuable consideration paid by Grantee, the
receipt and legal sufficiency of which is hereby acknowledged by Grantor, does hereby grant and release and assign forever unto
Grantee, and the heirs or successors and assigns of Grantee, all those certain plots, pieces or parcels of land commonly known
as 504-514 West 34th Street and 516-520 West 34th Street, and located in the City of New York, County of New York and
State of New York, as more particularly bounded and described in Exhibit A attached hereto and made a part hereof
(the “Land”);

 

TOGETHER with
the building(s) now located or hereafter erected on the Land (the “Building”) and any and all other improvements
now located or hereafter erected on the Land (the Building and such other improvements being hereinafter collectively referred
to as the “Improvements”);

 

TOGETHER with
all right, title and interest, if any, of Grantor in and to the land lying in the bed of any street, highway, road or avenue, opened
or proposed, public or private, in front of or adjoining the Land, to the center line thereof, any rights of way, appendages, appurtenances,
easements, sidewalks, alleys, gores or strips of land adjoining or appurtenant to the Land and used in conjunction therewith, any
development rights appurtenant to the Land (the foregoing rights, together with the Land and the Improvements being hereinafter
referred to, collectively, as the “Premises”);

 

TO HAVE AND TO HOLD
the Premises herein granted unto Grantee, and the heirs, successors and assigns of Grantee, forever.

 

AND Grantor,
in compliance with Section 13 of the Lien Law, covenants that Grantor will receive the consideration for this conveyance and will
hold the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of the improvements
at the Premises and will apply the same first to the payment of the cost of the improvements before using any part of the total
of the same for any other purpose.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Grantor has duly executed this deed the day and year first above written.

 

	 	GRANTOR:
	 	 
	 	504-514 WEST 34th STREET CORP.,
	 	a Maryland corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	516 WEST 34th STREET LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT A

 

Legal Description

 

ALL THAT CERTAIN plot, piece or parcel
of land, with the buildings and other improvements thereon erected, situate, lying and being in the Borough of Manhattan, City,
County and State of New York, bounded and described as follows:

 

BEGINNING at a point on the southerly side
of 34th Street, distant one hundred five feet westerly from the southwesterly corner of 34th Street and Tenth Avenue;

 

RUNNING THENCE southerly parallel with
Tenth Avenue and part of the distance through a party wall, ninety-eight feet nine inches to the center line of the block;

 

RUNNING THENCE westerly along the center
line of the block one hundred feet;

 

THENCE northerly parallel with Tenth Avenue
ninety-eight feet nine inches to the southerly side of 34th Street;

 

THENCE easterly along the southerly side
of 34th Street, one hundred feet to the point or place of BEGINNING.

 

Being the same premises conveyed to the
grantor from Madelyn Simon (d/b/a Madelyn Simon & Associates) by deed dated as of 2/3/06 and recorded 3/22/06 as City Register
File Number (CFRN) 2006000162302. Said premises are known as 504-514 West 34th Street, New York, New York, and designated as Block
705, Lot 45 as shown on the Tax Map of the City of New York, County of New York.

 

BEGINNING at a point on the northerly side
of West 33rd Street, distant 205 feet westerly from the corner formed by the intersection of the northerly side of West 33rd Street
with the westerly side of Tenth Avenue;

 

RUNNING THENCE northerly and parallel with
the westerly side of Tenth Avenue, 197 feet 6 inches to the southerly side of West 34th Street;

 

THENCE westerly along the said southerly
side of West 34th Street, 145 feet;

 

THENCE southerly and again parallel with
the westerly side of Tenth Avenue, 197 feet 6 inches to the northerly side of West 33rd Street; and

 

THENCE easterly along the northerly side
of 33rd Street, 145 feet to the point or place of BEGINNING.

 

Being the same premises conveyed to the
grantor from Bauman 34th Street, LLC and Goldberg 34th Street, LLC, by deed dated 11/26/08 and recorded 12/19/08 as City Register
File Number (CFRN) 2008000482315. Said premises are known as 516-520 West 34th Street, New York, New York, and designated
as Block 705, Lot 46 as shown on the Tax Map of the City of New York, County of New York.

 

    	 

    	 

    

 

ACKNOWLEDGMENT

 

	STATE OF NEW YORK	)
	 	)     ss.:
	COUNTY OF NEW YORK	)

 

On the ___ day of ______________
in the year 20__ before me, the undersigned, a Notary Public in and for said State, personally appeared _________________, personally
known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that she/he executed the same in her/his capacity, and that by her/his signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public (SEAL)

 

    	 

    	 

    

 

BARGAIN AND SALE DEED

WITHOUT COVENANT AGAINST GRANTOR’S ACTS

 

[504-514 WEST 34th STREET
CORP.][516 WEST 34th STREET LLC]

 

TO

 

ERY 34th STREET ACQUISITION
LLC

 

	 	Block:	705
	 	Lot:	[45][46]
	 	County:	New York
	 	Address:	[504-514 West 34th Street][ 516-520 West 34th Street]
	 	 	New York, New York

 

	 	RECORD AND RETURN TO:	 
	 	 	 
	 	The Related Companies, L.P.	 
	 	60 Columbus Circle	 
	 	New York, New York 10023	 
	 	Attention: Amy Arentowicz, Esq.	 

 

    	 

    	 

    

 

EXHIBIT 2

 

Form of Bill of Sale

 

BILL OF SALE AND GENERAL ASSIGNMENT
AND ASSUMPTION

 

THIS
BILL OF SALE AND GENERAL ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Bill of Sale”) is made and entered
into this _____ day of [______________], 20__, by 504-514 WEST 34th STREET CORP., a Maryland corporation and 516 WEST
34th STREET LLC, a Delaware limited liability company, each having an office c/o Coach, Inc., 516 West 34th
Street, New York, New York 10001 (collectively, “Seller”), and ERY 34th STREET ACQUISITION
LLC, a Delaware limited liability company, having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New
York, New York 10023 (“Purchaser”).

 

RECITALS

 

WHEREAS, Seller and
Purchaser entered into that certain Purchase and Sale Agreement, dated as of [______________ ___, 2013], (the “Agreement”;
capitalized terms used herein, but not otherwise defined herein, shall have the meanings ascribed to such terms in the Agreement)
wherein Seller agreed to sell certain Property described therein to Purchaser, which Property (as defined in the Agreement) includes,
without limitation, that certain real property located at 504-514 West 34th Street and 516-520 West 34th Street, New
York, New York; and

 

WHEREAS, Seller desires
to assign, transfer and convey to Purchaser and Purchaser desires to assume all of Seller’s right, title and interest in,
to and under the Personalty (other than Excluded Personalty), the Permits and Licenses, the Intangible Property, the Plans and
the Books and Records.

 

NOW, THEREFORE, for
and in consideration of TEN ($10.00) DOLLARS and other good and valuable consideration, the receipt and legal sufficiency of which
is hereby acknowledged, the parties agree as follows:

 

1.          Seller
hereby assigns, transfers and sets over unto Purchaser and Purchaser hereby accepts the assignment, transfer and conveyance of
all of Seller’s right, title and interest in and to all of the Personalty (other than the Excluded Personalty), the Permits
and Licenses, the Intangible Property, the Plans and the Books and Records, in accordance with the Agreement.

 

2.          This
Bill of Sale is made by Seller without recourse and without any expressed or implied representation or warranty, except as may
be expressly set forth in the Agreement.

 

3.          This
Bill of Sale may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed
to be an original and all of which shall constitute one and the same instrument.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Seller has caused this Bill of Sale to be duly executed as of the date and year first set forth above.

 

	 	SELLER:
	 	 
	 	504-514 WEST 34th STREET CORP.,
	 	a Maryland corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	516 WEST 34th STREET LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PURCHASER:
	 	 
	 	ERY 34th Street Acquisition LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT 3

 

Form of FIRPTA Affidavit

 

CERTIFICATE OF NO FOREIGN PERSON

Pursuant to Section 1445

of the

 Internal Revenue Code of 1986, as
amended

 

Section 1445 of the Internal
Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person.
To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by [504-514
WEST 34th STREET CORP., a Maryland corporation][516 WEST 34th STREET LLC, a Delaware limited liability company]
(“Seller”), the undersigned hereby certifies the following on behalf of Seller.

 

1.           Seller
is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as such terms are defined in the Internal
Revenue Code and Income Tax Regulations).

 

2.           Seller’s
U.S. employer identification number is: ________________.

 

3.           Seller’s
office address is:

 

c/o Coach, Inc.

516 West 34th Street

New York, New York 10001

 

The undersigned understands
that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.

 

Under penalties of perjury
I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete,
and I further declare that I have authority to sign this document on behalf of Seller.

 

	 	_____________________________________
	 	_______________________________,
	 	as _______________, and not individually

 

Dated: _________________, 201___

 

    	 

    	 

    

 

EXHIBIT 4

 

Form of Affidavit in Lieu of Registration

 

DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT

Office of Rent and Housing Maintenance

 Division of Code Enforcement

 

AFFIDAVIT IN LIEU OF

STATEMENT

	STATE OF NEW YORK	)
	 	)      ss.:
	COUNTY OF NEW YORK	)

 

The undersigned, being
duly sworn, deposes and says:

 

(1)          I
am personally familiar with the real property known by the street address of [504-514 West 34th Street, New York, New
York, and designated as Block 705, Lot 45 as shown on the Tax Map of the City of New York, County of New York][516-520 West 34th
Street, New York, New York, and designated as Block 705, Lot 46 as shown on the Tax Map of the City of New York, County of New
York], and I make this affidavit as [_________________] of [504-514 WEST 34th STREET CORP., a Maryland corporation][_________,
a [__________], the [managing member] of 516 WEST 34th STREET LLC, a Delaware limited liability company] (“Transferor”),
in connection with a deed which transfers fee title in the above real property, that is dated as of ___________________, 20___,
and is between Transferor, and ERY 34TH STREET ACQUISITION LLC, a Delaware limited liability company (the “Instrument”).

 

(2)          The
statements made in this Affidavit are true of my own knowledge and I submit this Affidavit in order that the Instrument be accepted
for recording without being accompanied by a registration statement, as such is defined by Subchapter IV, Article 2 of Title 27
of the Administrative Code of the City of New York.

 

(3)          Exemption
from registration is claimed because the Instrument does not affect an multiple dwelling, as such term is defined by section 27-2004(a)(7)
of Subchapter I, Article I of Title 27 of the Administrative Code of the City of New York and Section 4(7) of the New York
State Multiple Dwelling Law. The instrument does not affect a multiple dwelling because it affects the following (check applicable
item):

 

		x	a commercial building

 

		 ̈	a one or two-family dwelling whose owner resides in the City of New York

 

		 ̈	condominium units constituting a portion of a multiple dwelling

 

		 ̈	cooperative corporation shares relating to a single residential unit in a multiple dwelling

 

		 ̈	mineral, gas, water, air or other similar rights not affecting a multiple dwelling

 

		 ̈	lease of commercial space in a multiple dwelling

 

    	 

    	 

    

 

		 ̈	vacant land

 

(4)          I
am aware that this Affidavit is required by law to be submitted in order that the Instrument be recorded or accepted for recording
without being accompanied by a registration statement. I am aware that any false statements made in this Affidavit may be punishable
as a felony or misdemeanor under Article 210 of the Penal Law or as an offense under Section 10-154 of the Administrative Code
of the City of New York.

 

	Sworn to before me this	_____________________________________
	_____ day of ____________, 20___:	__________________________,
	 	as _______________, and not individually
	 	 
	______________________________	 
	Notary Public	 

 

    	 

    	 

    

 

EXHIBIT 5

 

Form of Title Affidavit

 

	STATE OF NEW YORK	)
	 	)     SS.:
	COUNTY OF NEW YORK	)

 

		Re:	Certificate of Title, dated ______________, 20___, as updated through the date hereof, issued by
_________________________ ____________ (the “Company”) and designated as Title Number ____________ (the
“Commitment”) relating to certain real property, located in New York County, New York, being more particularly
described in the Commitment and commonly known as [504-516 West 34th Street][516-520 West 34th Street], New York, New
York (the “Property”)

 

________________ being
duly sworn, deposes and says:

 

1.          I
am the ____________________ of [504-514 WEST 34th STREET CORP., a Maryland corporation][516 WEST 34th STREET
LLC, a Delaware limited liability company] (“Owner”), the owner of the captioned Property.

 

2.          All
persons in possession are in possession pursuant to written leases as tenants only. Except as set forth on Exhibit A, there
are no options to purchase or rights of first refusal either pursuant to written leases or by separate agreements.

 

3.          To
the undersigned’s knowledge, except as disclosed in the Commitment, no work has been done on the Property by The City of
New York (the “City”), nor has any demand been made by the City for any work, that may result in charges
by the City Department of Rent and Housing Maintenance - Emergency Services, the City Department of Health, the City Department
of Environmental Protection, or the City Department of Buildings.

 

4.          To
the undersigned’s knowledge, except as disclosed in the Commitment, no permits have been issued or inspections made by the
City Department of Buildings or the New York City Fire Department as of the date hereof, that may result in the imposition of liens
entered subsequent to this date.

 

[Continued on Next Page.]

 

    	 

    	 

    

 

5.          [____________]
is executing and delivering this affidavit solely in his or her capacity as [_____________] of Owner, and no personal liability
or recourse shall be had against [____________] or any member, or other direct or indirect holder of any equity interest in Owner
or any affiliate thereof, or any of their respective officers, directors or employees, in connection with this affidavit and the
matters set forth herein.

 

	 	___________________________________
	 	_________________________,
	 	as _______________, and not individually

 

Sworn and subscribed to before

me this ___ day of _______ 20__.

 

______________________________

Notary Public

 

    	 

    	 

    

Exhibit A

 

None.

 

    	 

    	 

    

 

EXHIBIT 6

 

Form of Assignment and Assumption of
Contracts

 

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

 

Dated: __________, 20__

 

KNOW ALL MEN BY THESE
PRESENTS, that 504-514 WEST 34th STREET CORP., a Maryland corporation, and 516 WEST 34th STREET LLC, a Delaware
limited liability company, each having an office c/o of Coach, Inc, 516 West 34th Street, New York, New York 10001 (collectively,
“Assignor”), for and in consideration of TEN ($10.00) DOLLARS and other good and valuable consideration
paid by ERY 34TH STREET ACQUISITION LLC, a Delaware limited liability company, having an address at c/o The Related
Companies, L.P., 60 Columbus Circle, New York, New York 10023 (“Assignee”), the receipt and legal sufficiency
of which is hereby acknowledged, hereby assigns, transfers and sets over unto Assignee, and unto Assignee’s successors and
assigns without representation or warranty by or recourse to Assignor express or implied, by operation of law or otherwise, except
as may be expressly set forth herein or in that certain Purchase and Sale Agreement, dated as of ___________, 2013, by and between
Assignor and Assignee (the “Agreement”), all of Assignor’s right, title and interest in, to and
under any and all of the Contracts (as defined in the Agreement), which Contracts relate to the premises commonly known as [504
West 34th Street,] [516-520 West 34th Street], New York, New York.

 

TO HAVE AND TO HOLD
unto Assignee, its successors and assigns, forever. Assignee for itself, its successors and assigns, hereby assumes Assignor’s
obligations under the Contracts accruing from and after the date hereof.

 

This Assignment and
Assumption of Contracts inures to the benefit of the parties hereto and their respective successors and assigns.

 

This Assignment and
Assumption of Contracts may be executed in any number of counterparts, which together shall constitute one single agreement of
the parties hereto.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment and Assumption of Contracts as of the date and year first written above.

 

	 	ASSIGNOR:
	 	 
	 	504-514 WEST 34th STREET CORP.,
	 	a Maryland corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	516 WEST 34th STREET LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	ASSIGNEE:
	 	 
	 	ERY 34th Street Acquisition LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT 7

 

Form of Assignment and Assumption of
CBA

 

ASSIGNMENT AND ASSUMPTION OF

COLLECTIVE BARGAINING AGREEMENT[S]

 

Dated: __________, 20__

 

[________________________],
a [__________________________], having an office at[_______________________________] (“Assignor”), for
and in consideration of TEN ($10.00) DOLLARS and other good and valuable consideration paid by [________________________], a [__________________________],
having an office at[_______________________________] (“Assignee”), the receipt and legal sufficiency
of which is hereby acknowledged, hereby assigns, transfers and sets over unto Assignee, and unto Assignee’s successors and
assigns without representation or warranty by or recourse to Assignor express or implied, by operation of law or otherwise, except
as may be expressly set forth herein or in that certain Purchase and Sale Agreement, dated as of ___________, 2013, by and between
Assignor and Assignee (the “Agreement”), all of Assignor’s right, title and interest in, to and
under that certain [Engineer Agreement between Local 94-94A-94B, International Union of Operating Engineers AFL-CIO and The Realty
Advisory Board on Labor Relations, Inc., effective January 1, 2011 through December 31, 2014][Commercial Building Agreement between
Local 32BJ Service Employees International Union and The Realty Advisory Board on Labor Relations, Inc., effective January 1, 2012
through December 31, 2014] (the “CBA”), with respect the premises commonly known as [504-514 West 34th
Street][516-520 West 34th Street], New York, New York (the “Premises”) and any successor or replacement
to any CBA or other collective bargaining agreement that covers the employees employed by Assignor or its managing agent or an
affiliated or related entity to either Assignor or its managing agent, in connection with the operation of the Premises.

 

TO HAVE AND TO HOLD
unto Assignee, its successors and assigns, forever. Assignee for itself, its successors and assigns, hereby assumes Assignor’s
obligations under the CBA accruing from and after the date hereof.

 

This Assignment and
Assumption of Collective Bargaining Agreement[s] inures to the benefit of the parties hereto and their respective successors and
assigns.

 

This Assignment and
Assumption of Collective Bargaining Agreement[s] may be executed in any number of counterparts, which together shall constitute
one single agreement of the parties hereto.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exh. 7 - Page 1

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment and Assumption of Collective Bargaining Agreement[s] as of the date and year first
written above.

 

	 	ASSIGNOR:
	 	 
	 	[_______________________________]
	 	a [________________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	ASSIGNEE:
	 	 
	 	[_______________________________]
	 	a [________________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exh. 7 - Page 2

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