PARK PARTNERS

PARK PARTNERS 320 EAST 82 ST I NEW YORK I NY August 20, 2015 Dear Partner, I am delighted to inform you that we finally closed on 320 East 82 Street, New York. The Seller delays throughout the summer were extraordinary but because of their not-for-profit humanitarian status there was little one could actually do. Thank you for your patience. I hope to get you closing binders within the next 30-days. At the end of the day, we purchased a very handsome building that we believe will be successful as a residential condominium. Please find enclosed recent news articles outlining the transformation of the area that indicate our submarket of the Upper East Side, low 80s, is positioned for substantial development. The Second Avenue Subway is projected for completion in the third quarter of 2016, which dovetails nicely with our projected completion and sell out plans. After recently touring some of the new condo projects that are currently for sale, we feel comfortable with our projected pricing. For your review, I have included some VERY preliminary floor plans and pricing sheet. We are contemplating offering building amenities as follows: • Part time doorman • Fully equipped, professionally designed athletic center • Individually locked storage rooms • Individually locked wine storage caves for up to 150 bottles each We hope to file for our demolition permit within the next 24 hours and start demo work on the building next week. In the next 45 days, we hope to file for our full building permit. Please fell free to contact me if you have any questions at or Thank you so much for your trust and friendship, David J. Mitchell 801 Madison Avenue, New York, NY 10065 EFTA01080922 THE WILLIAMSON TEAM DouglasEllimesTan 1911REAL ESTATE 320 EAST 82ND STREET UNIT ROSTER FLOOR SELLABLE SF SELLABLE PSF GROSS SALE PRICE MAISONETTE 4,507 $1,600 $7,211,200' 1,500 SQFT PRIVATE GARDEN SPACE 2 3,735 $2,250 $8,403,750 3 2,899 $2,300 $6,667,700 116 SQFT TERRACE 4 2,899 $2,343 $6,792,357 116 SQFT TERRACE 5 2,814 $2,378 $6,691,692 210 SQFT TERRACE PH 2,477 $2,700 56,687,900' 828 SQFT PRIVATE ROOF DECK • 336 SQFT TERRACE TOTAL 19,329 $2,262 $42,454,599 NOTES: *PRIVATE OUTDOOR SPACE EFTA01080923 31' — 1 1/2" GYM O N 1 CELLAR 1/8"— I'-0 BOILER ELECTRICAL Po_om ROM FAMILY ROOM FOR 2ND FLOOR RLSIEWNTIAi STORAGE UP I UP STORAGE FOP JrNIT PTORKOF FOR UNIT 1 5-4- SKYLIGHT UP 1. JEFFREY COL E ARCH ITECTS 102' — 2" ABOVE RECRDOM FOR UNIT I a) 4) 258 EAST 3RD STREET — 0 2015-08-17 GROUND FLOOR NEW YORK NY 10009 ot 320 EAST 82nd STREET 0) C CELLAR PLAN 0)CO CONCEPT DRAWINGS PHONE: 212-375-8551 FAX: 212-375-8554 O O CELLAR 2ND FLOOR RESIDENTIAL UNIT: 456 SF MAISONETTE: 2390 SF RESIDENTIAL STORAGE AND GYM: 711 SF Sheet Number A-100 EFTA01080924 301 - 0" sST 52ND STRUT N RAMP I I 1 1 MASTER BEDROOM WAX. LOBBY MAIL MASTER BATHROOM RESIDENTIAL 10122Y BMTRIXIM 4 FOR 2ND FLOOR UNIT I I B DN UP fl LEVEL 1 1 /8" = 0 RAMP SIDE TARO FOR UNIT I LAU% C OMEN TYPE_A BATHROOM 102' - 2" LLYIKG DN BEDROOM 2 I- IC REDEMONL3 BACK TARO FOR win 1 FIRST FLOOR 2ND FLOOR RESIDENTIAL UNIT: 380 SF MAISONETTE: 1998 SF TERRACE: 1500 SF JEFFREY COL E 258 EAST 3RD STREET GROUND FLOOR NEW YORK NY 10009 TO" a. 320 EAST 82nd STREET 2015-08-17 CONCEPT DRAWINGS 1= FIRST FLOOR PLAN Sheet Number A- 1 01 ARCH ITECTS PHONE: 212-375-8551 FAX: 212-375-8554 EFTA01080925 70' - 2" N Imam(' ROOM 25.-6“ x 19.-r DINING ROOM DN r KITCHEN urrNANtrAi ROOM 00 L D° N LAUNDRY BOOM iw• N B 0142 MASTER BMW Al J / TYPE A EIATHR41 CL BEDROOM3 1 1' -2" x 13-9' BEDROOM 2 MASTER BEDROOM 4 x r LEVEL 2 yr =1.-a. 0, JEFFREY 258 EAST 3RD STREET 2015-08-17 1= COL E GROUND FLOOR NEW YORK NY 10009 a. 320 EAST 82nd STREET SECOND FLOOR PLAN CONCEPT DRAWINGS ARCH ITECTS PHONE:212-375-8551 FAX: 212-375-8554 SECOND FLOOR 2ND FLOOR RESIDENTIAL UNIT: Sheet Number A-102 EFTA01080926 72' — 2" ir C LEVEL 3 Wi 1/8" = 11-Cr LIVING ROOM x 19.-C EILEIROOm x I 3' -8" -11-11- 1a a ir In ISLTCNEN I ( 1 `TRASH ROOM \ MECHANICAL ROOM 00 00 0 AHNERY ROOM ( TYPE A BATHROOM I DER 30m DN FIRE STAIR UP U 11V w 3 I MAS ER BATHROOM EirnROOm 3 11'-2" x 13-9' CL BEDROOM MASTFaroRn le x 17' BALCONY THIRD FLOOR 3RD FLOOR RESIDENTIAL UNIT: BALCONY: 1 1 6 SF JEFFREY COL E 258 EAST 3RD STREET GROUND FLOOR NEW YORK NY 10009 0-320 EAST 82nd STREET 2O15-O8-17 CONCEPT DRAWINGS THIRD FLOOR PLAN Sheet Number A-103 ARCH ITECTS PHONE: 212-375-8551 FAX: 212-375-8554 EFTA01080927 72' -2- O EN ‘t LIVING ROOM BF DROOM 4 THROOM 4 FOYER MEC HANICA ROOM um= . ROOM MAST BATHRO M TYPE A BAlNROOM N of nRoom 3 BEDROOM 2 MASTER BEDROOM 4 x 17 BALCONY FOURTH FLOOR 4TH FLOOR RESIDENTIAL UNIT: . BALCONY: 116 SF LEVEL 4 1/8 = 1'-0" JEFFREY 258 EAST 3RD STREET 2015-08-17 COL E GROUND FLOOR NEW YORK NY 10009 a. 320 EAST 82nd STREET 115 4) .0 N FOURTH FLOOR PLAN CONCEPT DRAWINGS ARCH ITECTS PHONE: 212-375-8551 FAX: 212-375-8554 Sheet Number A-104 EFTA01080928 70. — 2- 0 N LEVEL 5 1 LIVING ROOM 35 -fi x 19'-6" BEDROOM 4 Id' x 13*-8-ca / GALLERY k 6 x EMDEN ,", 00 C kJRASH ROOF NEGHANIF.Al ROOM Ir =to LAUNDRY falm POWDER ROOM DN FIRE STAIR UP L TYPEA BATHROOM BEDROOM 3 11'-2" x II-S' ROOM2 arnoom 2 I1'-4" x I BALCONY 1 FIFTH FLOOR 5TH FLOOR RESIDENTIAL UNIT: 2695 SF BALCONY/TERRACE: 210 SF CI JEFFREY 258 EAST 3RD STREET GROUND FLOOR NEW YORK NY 10009 0-320 EAST 82nd STREET COL E ARCH ITECTS PHONE: 212-375-8551 FAX: 212-375-8554 2015-08-17 CONCEPT DRAWINGS FIFTH FLOOR PLAN Sheet Number A-105 EFTA01080929 62' — 2" 0 cp LEVEL 6 AnHA ROOM 25'-6" x 19*-6" craw 3 1b1 BATHROOM 3 urrlIAHICAJ ROOM r_fp_EA O \ BATHROOM WIC —TERRAC POWDER ROOM TIRE STAIR UP SIXTH FLOOR 6TH FLOOR RESIDENTIAL UNIT: 2358 SF TERRACE: 336 SF JEFFREY COL E 258 EAST 3RD STREET GROUND FLOOR NEW YORK NY 10009 a. 320 EAST 82nd STREET 2015-08-17 CONCEPT DRAWINGS SIXTH FLOOR PLAN Sheet Number A-106 ARCH ITECTS PHONE: 212-375-8551 FAX: 212-375-8554 EFTA01080930 O ELEVATOR MACHINE R0121,1 OVERRUN DN DN -6 II ELOOR TERRACE ROOF ROOF TERRACE: 828 SF ROOF TOP lig.= I.-O. JEFFREY COLE ARCH ITECTS 258 EAST 3RD STREET - GROUND FLOOR NEW YORK NY 10009 PHONE: 212-375-8551 - FAX: 212-375-8554 320 EAST 82nd STREET 2015-08-17 ROOF PLAN 2 CONCEPT DRAWINGS A-107 EFTA01080931 THE REAL DEAL NEW YORK CITY REAL ESTATE NEWS Gary Barnett to pay $iooM for UES development site Properly. home to a Gristedes supermarket. part of Extelts latest condo assemblage A88::52 18. 2015 04.29PM PREVIOUS Pecs, ref,: Cary Barnet John CatSarafid. ,S and 350 East 86th Snot on the Upper East S'de Gary Bamett's Extell Development is in contract to buy a Gristedes supermarket site on the Upper East Side for about $100 million. The deal will let the developer put up a 20-story condominium project of more than 200 units, when combined with other sites Extell already owns. The site, at 350 East 86th Street, can be combined with four Extell-owned low-rise properties facing First Avenue between East 86th and East 85th streets, Crain's reported. Extell also bought a property on East 85th Street that could be part of the project. A JLL team led by Richard Baxter brokered the transaction on behalf of the seller, a family that owned the property for many years. If Barnett buys the four remaining adjacent parcels between East 86th and East 85th streets, he would be able to build a project that stretches the entire block, according to Crain's. Earlier this month, The Real Deal reported that Extell came on board as a partner on C&K Properties' Midtown development site at 1710 Broadway. [Crain's] — Hiten Samtani Tags: extell development, gristedes, ill Sgn Up to see what your friends ire. Now Trending on The Real Deal 11 crazy facts about Ira Rennert's $248M fiamptons mansion What could Gary do? Analyzing Extell's 54.46 sellout at the Nordstrom Tower Joe Sitt's Thor pays $36M for Williamsburg development site From The Web Rafts to Riches - Pool Boy Gains Millions in Stocks Money Morning Report Subscription Forget The (Phone 6. Next Apple Sensation Leaked The Motley Fool by Taboote Sponsored Links by Tab:tote EFTA01080932 IN THE NEWS: mORGAN FREEmAN GENO SMITH HILLARY CLINTON DONALD TRUMP NEW YORK METS * E HOME SECIIONS SEARCH NEW YORK POST FOLLOW SUBSCRIBE SIGN IN • OcYg FRENCH LOFT DESIGNS E=I3MM 0 0 0 Second Avenue residential projects on track to open with subway By Stara .ozzo The long wait on Second Avenue will soon be over — not only for the new subway, which the MTA hopes to open in December 2016, but for progress on two large development sites. MORE 111006 STEVE CUOZZO Dewloptc Nordstrom Taff design ad up inhe air 0,...1.2M5 115:0530 To most neighbors' relief, Icon Realty Management has started full-bore demolition at the assemblages — Pay less tax — Cn way less time. t your quarterly 0 tan bill automatically. CAuckBooks. TREhlft ,Nr, hin,Al ON AFN Jr.ordors daughter Kyra to clean up hstagram amount Hackers leak personal data of 32M Ashley Madsen customers EFTA01080933 Eat* readies for move to new corporate home on W. 23rd Si These are the west restaurants in Times Square Violence in Times Square could send businesses fleeing This mediocre new restaurant should have stayed on the Riviera 1538.1546 Second Ave. between East 80th and 81st streets and 1562-1564 Second between East 81st and 82nd streets. While any such job creates short-term disruptions, it means actual construction of the new projects will begin in early 2016, sources told us. Both sites are slated for luxury residentiaVretail buildings. Although plans for a 14-story structure were revealed earlier for the northern site, there's no word yet on exactly what will go up on the larger site between 80th and 81st streets. That location, spanning more than half of the east blockfront, comprises six tenement structures. Icon, headed by Terrence Lowenberg and Todd Cohen, paid just 444.8 million for the buildings and S3 million for air rights a few years ago — both reflecting values which are likely to skyrocket when the subway is completed. No Manhattan boulevard is in such tumultuous transition as Second Avenue, where small businesses and rich and poor residents alike have endured a decade of eminent domain evictions, street digs and sidewalk-narrowing — to say nothing of the MTA's ship-size temporary structures which blocked windows. On top of it all, Icon had to empty its development sites of stores and cafés, further darkening the avenue. But the new projects should be open in time to catch the wave of rising fortunes on the boulevard when the new subway finally puts an end to the disruptions — and fulfills a 70-year-old dream. Burgeoning online music provider Pandora Media is doubling its Manhattan office presence. The Oakland, Calif.-based company is adding 51,065 square feet with a 10- year expansion lease at SL Green's 125 Park Ave., bringing its total in the prewar tower near Grand Central Terminal to 103,515 square feet. SL Green Executive Vice President Steven Durels, citing Pandora's "rapid growth," said the company has "constructed an extraordinary office environment for its employees? Asking rents in the building are around 170 a square foot. CBRE's William lacovelli and Ramsey Feher represented Pandora and SL Green's Howard Tenenbaum and Gary Rosen rapped the landlord in-house. Cushman & Wakefield on Monday reported the city investment sale market rode "brisk momentum" carried over from 2014 into the first half of 2015 — "on pace for an all- time record in dollar volume of sales," with "values at all-time highs for every property type in every neighborhood," said Cushman's Bob Knakal, chairman of New York investment sales. Second-quarter volume totaled 416.8 billion, the fourth-highest quarterly total on record. On an annualized basis, dollar volume might reach 465.6 billion, topping 2007's all- time high by 22 percent, although Knakal expected final year-end volume closer to S65 billion. In Manhattan, $12.8 billion in total sales pushed the borough average price per property up 29 percent from 2014's average, to 453.5 million. Wj Top de Blasio backer mulling run against 'anti-business, anti-cop socialist' VIDEO REAL ESTATE NEWS ..", Check out the $66M 'crown jewel of Soho real estate' realtorcom• Netfax Exec Ted Sarandos is Selling Beautiful S9.4M Beverly Hills Home Rolm' Away From the Hills: Limp Bizkit's Fred Durst is Selling House in Hollywood Estate of Hollywood Legends Steve Allen and Jayne meadows for Sale in Encino Life's a Beach: Jaguars OB Blake Bowles Buys Oceanfront Home In Jacksonville Farewell. Oetrcw: New Maple Leafs Coach Mike Babcock Lists Michigan Home MORE FROM NOW ON PC In the first new lease at 11 Madison Ave. since SL Green agreed to buy the Mt Deco EFTA01080934 giant for $2.29 billion, global talent agency William Morris Endeavor has signed for 33,000 square feet, expanding from its current 66,000 square feet at the address. Not that the new owners were exactly sweating for tenants: the 2.3 million-square- foot tower is nearly fully leased, with Credit Suisse the largest occupant and Sony Corp.'s US division on the way. The William Morris Endeavor asking rent was into triple digits: a source said. However, none of the brokers would comment. CBRE's Howard Fiddle, Zakery Snider and Brad Gerla acted for the landlord. The tenant was repped by Newmark Grubb Knight Frank's Brian Goldman and Savills/Studley's John Mambrino. Two more new Asian restaurants are coming to Harlem. Shanghai Yang, an Asian-fusion spot, has signed at 3141 Broadway just south of West 125th Street. Operated by the same team behind Manhattan eateries Friedman's, Wei West and Lilli & Loo, it will replace two smaller restaurants on the 1,000-square-foot site. The 15-year lease is for $180 per square foot. The deal was arranged for the landlord by Douglas Elliman's Faith Hope Consolo and Arthur Maglio, while Square Foot Realty acted for the tenant. Meanwhile, Consolo and Maglio acted for both sides in the lease for a new, as-yet unnamed Thai spot at 2115 Frederick Douglass Blvd. between 114th and 115th streets. The rent is SII5 per square foot. The location on the avenues "restaurant row" is next door to the same operators' Maharaja Palace. FILED UNDER FOOD, MIA, PANDORA, REALTY CHECK, SECOND AVENUE SUBWAY PROMOTED STORIES 9 Celebs Who Accidentally Flashed Some Flesh This week in Coogle (not good) Cops Aim Sketch, $2131( at news Nabbing Bangkok Bomber 21 Colleges That Nobody Wants Having 10f TheselCredit Cards 'Wrest taxes grow as direct to Go to Anymore Means You Have Excellent taxes stagnate Credit A grieving Morgan Freeman returns to movie set RFK Jr. orders daughter Kyra to clean up Instagram account Chuck Schumer's daughter gets engaged SEE ALL -DECIDER SEE ALL Pay less tax — in way less time. CD StickBooks Cut your quarterly tax bill automatically. Try It tree > EFTA01080935