PARK PARTNERS

PARK PARTNERS 320 EAST 82 ST I NEW YORK I NY October 18, 2016 Dear Partner, I hope this email finds you well. Please find below a summary of all that is happening at 320 East 82 Street: The Park Mansion 1. Under the advice of our professionals, we ripped up the many layers of floor and poured new concrete so that the new floor will sit evenly on the concrete and not be subject to the vagaries of 100 years of settlement. 2. We have started the internal framing of each unit. 3. We have a completion date of March 31, 2016. 4. We decided to change our marketing effort to start on January 15th in order to achieve the maximum impact of the launch. In this market, potential buyers have to see units as finished as possible. 5. Upon removal of the wall coverings, we discovered that our 100-year-old building required significant repairs, which have since been completed. 6. The new subway will open on December 24, 2016 with an entrance one block north of us on 83rd Street and Second Avenue 7. Please find enclosed a selection of photographs of the work that is being done, as well as the three-week look ahead schedule. In summary, the initial budget for the renovation has been upsized to allow for the repair of the building, new concrete floors, and the accelerated delivery schedule. A new budget will be sent out next week. Thank you so much for your trust and confidence, David J. Mitchell 801 Madison Avenue New York NY 10065 (T EFTA00794893 TRACK 8c METAL STUD NEW POURED CONCRETE FLOOR EFTA00794894 NEW BUILD OF 6th FLOOR EFTA00794895 CELLAR PLUMBING EFTA00794896 PAGE I OF 3 THREE-WEEK LOOK AHEAD SCHEDULE CONTRACT No.: 320 E 82nd Street PROJECT: Park Mansions DESCRIPTION OF ITEM MON 10117 TUE 10116 WED 10119 THU 10720 FRI 10721 SAT 10722 SUN 10723 MON 1024 TUE 10125 WED 10126 THU 10127 FRI 10126 SAT 10129 SUN 10/30 MON 1031 TUE 11/1 WED 1112 THU 1113 FRI 1114 SAT 11/5 SUN 11/8 FRAMING LAYOUT I 2 3 a 5 6 CLEAN AND CLEAR ALL SUEIFLOCRING x RECEIVE REVISED ARCHITECTURAL DRAWINGS X *STALL TRACK % X X X X X X X *STALL SluOS AT wET wAu.S AND THEMOR FRATANG 2-5 X X X X X X X X I I MON TUE WED THU FRI SAT SUN MON TUE WED TMJ FRI SAT SUN MON TUE WED THU FRI SAT SUN DEMO OF MN FLOOR ROOF AT BuLICHEADS • CHANGE ORDER 10117 10116 10119 10720 10721 10722 10723 10/24 10125 10/26 1027 10/26 10/29 10/30 10731 1111 112 1113 1114 11/5 1115 FIMSHOEMCUTION OF ROOF SLAB AND CUT OUT STRUCTURAL STEEL X X NSTALL NEW OA) FOR CHANGES TO 6 TNFLOOR ROOFING X X X X X 7 PREP WALLS FOR STEEL • EMBED WARM PLATES X a 9 ID 11 IT 13 IS 15 16 IT is IT 20 21 22 23 MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN DEMO OF REAR EXTENSION -CHANGE ORDER 1 10/17 10/16 10/19 1020 10721 10722 10723 10124 10125 10126 10127 10128 10129 10/30 10/31 1111 1112 1113 1114 11/5 11/6 LAYOUT TEAT, PROTECTION win, ARSENAL X START REMOVALS AT ROOF DECK X X RECENE MK APPROVAL FRCM 335E 81ST ST MANAGERS X X NSTRL ARSENAL PROTECnvE MEASURES X X X X DEMO OF REAR EXTENSION • CHANGE ORDER t X X X X X X X X X X X X I I MON TUE WED THU FRI SAT SUN MON TUE WED TMJ FRI SAT SUN MON TUE WED THU FRI SAT SUN MASONRY 10/17 10/16 10/19 10720 10721 10722 10723 1024 10125 10/26 1027 10/26 10/29 10130 10131 1111 1112 1113 1114 11/5 1115 INSTALL LINTFSS AND IISILL CUSTOM SIZED WINDOWS Cm EASTERN FACADE X X X % REPC0ITING OF PARAPET X X X BREAK FLOOR AT BASEMENT FOR TRASH CHUTE FOOTING • MOVE ELEVATOR CONTROL 1ST X BREAK FLOOR AT BASEMENT FOR TRASH CHUTE FOOTING -MOVE ELEVATOR CONTROL 1ST X CMV INSTALL FOR TRASH CHUTE LOAD BEARING X X X X X X X X X X I I MON TUE WED THU FRI SAT SUN MON TUE WED TMJ FRI SAT SUN MON TUE WED THU FRI SAT SUN INSTALL STRUCTURAL STEEL 10/17 10/16 10/19 10720 1021 1022 1023 10124 10125 10126 10127 10126 10129 10/30 10/31 11/1 1112 1113 11/4 11/5 11/6 INSTALL ADDITIONAL wORK AT 44S2o2 MR PLATE X X X RECEIVE APPROVED SHOP DRAWINGS X ORDER STEEL X FABRICATE STEEL X X X X X X X X X X X X X START INSTALLATION OF STRUCTURAL STEEL X X PLACE CONCRETE AT METAL DECK IN REAR EXTENSION X I I MON TUE WED THU FRI SAT SUN MON TUE WED 174U FRI SAT SUN MON TUE WED THU FRI SAT SUN a 25 26 27 2S 29 53 HVAC MET LAYOUT 10/17 10/16 10/19 10720 10721 10722 1023 10/24 10e25 1026 10e27 10e26 10/29 10/30 10731 1111 1112 1113 1114 11/5 11/6 MEETING WITH AOR FOR MECHANICAL DESIGN MID LAYOUT DUCT SIZE APPROVAL X LAYOUT ONSITE MID CRAFTING X SUBMIT DUCTWORK SHOP DRAWINGS FOR RECORD X APPROVED SHOP DRAWINGS DUCT FABRICATION X X X X X X X X NSTALL OuCTwORK X X X X X X X X X X NSTALL TEMP HEAT X X X X 31 32 33 I I MON TUE WED THU FRI SAT SUN MON TUE WED TMJ FRI SAT SUN MON TUE WED THU FRI SAT SUN PLuMEING 10/17 10/16 10/19 10720 10721 10722 10723 1024 10/25 lens 1027 1026 1029 Iwo 10(31 1111 1112 1113 11/4 11/5 1115 COMPLETE CELLAR uADERGROum) PIPING % K K K % SPECIAL ROUGH IPIDER3ROI.AvD INSPECTION X CORE DRILLING AND RuNNNG vERnCAL STACKS THROuGHOR X X X X X X X X X X 34 HORIZONTAL BRANCH ROUGH NS X II MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN IRON TUE WED THU FRI SAT SUN EFTA00794897 PAGE 1 OF 3 THREE-WEEK LOOK AHEAD SCHEDULE CONTRACT No.: 320 E 82nd Street PROJECT: Park Mansions DESCRIPTION OF ITEM MON 1WI7 TUE 10118 WED 10/19 THU 10/20 FRI 10/21 SAT 10/22 SUN 10/23 MON 10/24 TUE 10425 WED 10/26 TliU 10e27 FRI 10128 SAT 10/29 SUN 10/30 MON 10/31 TUE 1111 WED 1112 THU 1113 FRI 11/4 SAT 11/5 SUN 111E 35 36 37 33 39 ELECTRiCAL 1WI7 10118 10/19 10/20 10/21 10/22 10/23 10/24 10/25 10/26 10e27 10128 10/29 10/30 10/31 1111 1112 1113 1114 11/5 111E RELOCATE ELEVATOR MACHINE CONTROL ROOM AS PER DRAWINGS X X FRONDE POWER FOR TE1A, NEAT X X I I MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN SPRINKLER 10/17 10/18 10/19 10/20 10+21 1022 10/23 10424 10/25 1026 10/27 1028 10/29 10430 10131 1111 1112 1113 1_1/4 11/5 WC PROvOE REVISED DRAWINGS FOR TOM LOOP FOR WINTERIZED SITE X SUBMIT NCOFOR THE ELEvATM Cf THE SHUT OFF VALVES AT THE RGERS X RELOCATE TEMP LOOP AND SHUT OFF VALVES X X X X X X X X EFTA00794898 PAGE 2 OF 3 THREE-WEEK LOOK AHEAD HOLD POINTS & PRECEDING OCCASIONS CONTRACT No.: 320 E 82nd Street PROJECT: Park Mansions ITEM DESCRIPTION OF ITEM SHIFT TIME REA Oi: WORK) COMMENTS / HOLD POINTS DEPENDENCIES FRAMING LAYOUT AOR RECEIVE REVISED ARCHITECTURAL DRAWINGS STEEL DELIVERY OF PLATES SIGNED NEIGHBOR AGREEMENT FOR 81ST ST TEMP PROTECTION IN PLACE 1 CLEAN AND CLEAR ALL SUBFLOORING 2 RECEIVE REVISED ARCHITECTURAL DRAWINGS 3 INSTALL TRACK 4 INSTALL STUDS AT WET WALLS AND INTERIOR FRAMING 2-5 DEMO OF 6TH FLOOR ROOF AT BULKHEADS - CHANGE ORDER 5 FINISH DEMOLITION OF ROOF SLAB AND CUT OUT STRUCTURAL STEEL 6 INSTALL NEW CMU FOR CHANGES TO 6TH FLOOR ROOFING 7 PREP WALLS FOR STEEL - EMBED BEARING PLATES DEMO OF REAR EXTENSION - CHANGE ORDER 1 8 LAYOUT TEMP PROTECTION WITH ARSENAL 9 START REMOVALS AT ROOF DECK 10 RECEIVE FINAL APPROVAL FROM 335 E 81ST ST MANAGERS 11 INSTALL ARSENAL PROTECTIVE MEASURES 12 DEMO OF REAR EXTENSION - CHANGE ORDER 1 MASONRY 13 INSTALL LINTELS AND INFILL CUSTOM SIZED WINDOWS ON EASTERN FAQADE 14 REPOINTING OF PARAPET 15 BREAK FLOOR AT BASEMENT FOR TRASH CHUTE FOOTING - MOVE ELEVATOR CONTROL 1ST 16 BREAK FLOOR AT BASEMENT FOR TRASH CHUTE FOOTING - MOVE ELEVATOR CONTROL 1ST 17 CMU INSTALL FOR TRASH CHUTE LOAD BEARING EFTA00794899 INSTALL STRUCTURAL STEEL PAGE 2 OF 3 18 INSTALL ADDITIONAL WORK AT 41S202 BENT PLATE 19 RECEIVE APPROVED SHOP DRAWINGS 20 ORDER STEEL 21 FABRICATE STEEL 22 START INSTALLATION OF STRUCTURAL STEEL 23 PLACE CONCRETE AT METAL DECK IN REAR EXTENSION HVAC DUCT LAYOUT 24 MEETING WITH AOR FOR MECHANICAL DESIGN AND LAYOUT DUCT SIZE APPROVAL 25 LAYOUT ONSITE AND DRAFTING AOR APPROVAL OF LAYOUT 26 SUBMIT DUCTWORK SHOP DRAWINGS FOR RECORD 27 APPROVED SHOP DRAWINGS 28 DUCT FABRICATION AOR APPROVAL OF LAYOUT 29 INSTALL DUCTWORK 30 INSTALL TEMP HEAT PLUMBING 31 COMPLETE CELLAR UNDERGROUND PIPING AOR APPROVAL OF LAYOUT 32 SPECIAL ROUGH UNDERGROUND INSPECTION 33 CORE DRILLING AND RUNNING VERTICAL STACKS THROUGHOUT 34 HORIZONTAL BRANCH ROUGH INS ELECTRICAL 35 RELOCATE ELEVATOR MACHINE CONTROL ROOM AS PER DRAWINGS ELEVATOR COMPANY SCOPE APPROVED 36 PROVIDE POWER FOR TEMP HEAT SPRINKLER PROVIDE REVISED DRAWINGS FOR TEMP LOOP FOR WINTERIZED SITE SUBMIT RCO FOR THE ELEVATING OF THE SHUT OFF VALVES AT THE RISERS RELOCATE TEMP LOOP AND SHUT OFF VALVES EFTA00794900 PAGE 3 OF 3 THREE-WEEK LOOK AHEAD SCHEDULE CONTRACT No.: 320 E 82nd Street PROJECT: Park Mansions Prepared By: rafirSty 23K11727 -O11 pm 5v.iatmio Date: 17-Oct Reviewed & Accepted By: JIM SALADINO Date: 17-Oct Project Manager EFTA00794901