Webster Office Plaza, a 17-story office property with 421,433 square feet of rentable area. Estimates of revenue used to compile this statement are based on a total of 65 leases, which include a combination of flat, step-up, and indexed rents. Based on the rentable area, and assuming full occupancy, a weighted average has been used to estimate total rent at $27.21 per rentable square foot for the coming year. The property also should produce other income from some retail services, cell tower rents, and parking and storage fees and are estimated to be $466,023. Expected expense recoveries from tenants are $1,078,189. This amount was estimated by reviewing expense provisions in each of the 65 leases. Vacant space is estimated to be equivalent to 5 percent of gross rent. Concessions (moving allowances and rent discounts given to new tenants) are estimated at 1.3 percent are deducted from revenues. Total expenses payable by the property owner are estimated to be $13.22 per rentable foot. Additional deductions include $2,209,863 as a CAPEX/Improve allowance. These latter outlays include tenant improvement costs that have been negotiated as part of the tenant/improvement/finish out costs of preparing the space for new tenant occupancy and other outlays. After deducting operating expenses and the CAPEX/Improve allowance from effective gross income, what is the net operating income (NOI) for Webster Office Plaza determined for the base year to be?

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