<PAGE>
Filed pursuant to Rule 424(b)(3)
File No. [TO BE SUPPLIED]
1999 BROADWAY ASSOCIATES LIMITED PARTNERSHIP
Supplement Dated November 21, 1997
To Proxy Statement and Prospectus Dated October 30, 1997
The purpose of this Supplement is to supply updated information with respect to
the Office Tower. Capitalized terms used herein shall have the meanings ascribed
to them in the Proxy Statement and Prospectus.
Based on leases currently in place and without giving effect to the renewal of
leases scheduled to expire, the base rental scheduled to be received in 1998 on
leases at the Office Tower will aggregate $7,085,000.
In addition, the Operating Partnership has agreed in principle, subject to the
execution of a definitive agreement, to lease an additional 34,000 square feet
of space at the Office Tower at a base rental for 1998 of $14.50 per square
foot. Assuming this lease is executed, the occupancy rate as of January 1, 1998
will be approximately 94%.
The following chart sets forth certain information concerning lease expirations
(assuming no renewals) for the Office Tower:
<TABLE>
<CAPTION>
Annualized Percentage
Number of Aggregate sq/ft. Rental for of Total
Tenants whose Covered by Leases Annualized
Leases Expire Expiring Leases Expiring (1) Rental (1)
<S> <C> <C> <C> <C>
1998 4 6,161 $79,309 1.11%
1999 8 54,578 614,328 8.42%
2000 9 139,176 1,821,066 25.72%
2001 5 39,345 568,297 10.62%
2002 9 40,824 543,410 11.10%
2003 2 56,311 966,483 21.05%
2004 4 112,150 1,642,696 44.79%
2005 0 0 0 0%
2006 0 0 0 0%
2007 0 0 0 0%
2008 2 114,185 1,942,985 100%
</TABLE>
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(1) Based on actual base rent plus increases from various escalation provisions
of the leases in place. The chart does not include square feet or rental revenue
related to the proposed lease for 34,000 square feet referred to above.
<PAGE>
1999 Broadway Associates Limited Partnership
Supplement Dated November 21, 1997
Page 2
As disclosed in the Third Quarter Form 10-QSB filed with the Securities and
Exchange Commission, average occupancy for the nine months ended September 30,
1997 was 70%. Unaudited operating expenses for the Partnership (excluding
depreciation and amortization) during the same period were as follows:
<TABLE>
<CAPTION>
For the Nine Months ended
September 30, 1997
Expenses (unaudited)
<S> <C>
Real estate taxes $488,000
Payroll and payroll expense reimbursements 475,000
Operating expenses 363,000
Repairs and maintenance 532,000
Utilities 543,000
Management and other fees 418,000
General and administrative costs 228,000
Insurance 71,000
Total operating expenses $3,118,000
(excluding depreciation and amortization)
</TABLE>
Except for $172,000 relating to partnership management and administration costs,
all expenses relate to the Operating Partnership.
Operating expense reimbursements billed to tenants for the nine months ended
September 30, 1997 were $229,000 and were included in Rental Income on the
Consolidated Statement of Operations in the Third Quarter Form 10-QSB. Other
income reported on the Consolidated Statement of Operations in the Third Quarter
Form 10-QSB included $232,000 of garage revenue for the same period.
