From: Jeevacation <[email protected]>

From: Jeevacation <[email protected]> To: Faith Kates Subject: Re: Comparable pricing- Imperial house Date: Thu, 22 Jul 2010 13:18:16 +0000 I think we should focus on properties with upside . Even if you bought it at 5 it over aprox 6.5 to break wven Sent from my iPhone On Jul 21, 2010, at 10:03 PM, Faith Kates < > wrote: .4 /net 5.4 you would have to sell I did a lot of homework as you can see I think it's a good deal at in the low 5's I want to bring an architect there on Monday to see what it will cost to reconfigure the lower level Jeffrey thinks it will take 100k to do the work which is minor and clearly I will be responsible for I am also going to bring the decorator there on Monday do u want to see it Monday am? Its not to far from your house and since you are a walking person it's a stones throw from your house. If you don't want to do this I am fine with it not happening just don't want to waste anyone's time most importantly yours.. Hanson is nuts you looked great today...it was so great to see you and looking forward to seeing you for lunch tomorrow want me to bring anything??? I know you know this but either way on the apt is fine and I will never be upset with you ever... Xoxo me Through various sources I have compiled market information and recent sales that will help us determine the value of this apartment. (Sorry for the different type faces etc) It is interesting to note that Phyllis said there haven't been any apartments sold in the building that compare to the duplex in size and scale. That is partly true, but the two detailed below are over 3000 feet. This link below is apt 17ST. A beautifulrenovated apartment by David Mann (very high end) The actual sale price was 6.2M not 6.75M. Note that it was listed in January 2009 when the market was in the toilet This one is 22G. The actual sale price was 5.3M. High floor, also renovated. Sold in 2008 when the market was still strong. You can note below that the basic 3 bedrooms have been selling in the low 3Million area. Address Apt Size R / B I B ASF Shares Listed Price Listed Date Sold Price Sold Date APPSF Source 150 East 69th Street 29-H 3BD 61312 2,250 940 $3,750,000 09/08/08 $3,300,000 03/31/10 $1,466 Public 150 East 69th Street 10-N 3BD 6 / 3 / 3 2,430 $3,100,000 08/05/09 $2,950,000 12/22/09 $1,213 Public 150 East 69th Street 19-A 3BD 6 / 3 / 2.5 953 $3,350,000 05/08/08 53.325.000 10/27/08 Public 150 East 69th Street 17-ST 4BD 10 / 4 / 3.5 1495 $7,250,000 01/14/09 $6,200,000 09/14/09 Public Here is a list of current listings in the building. EFTA00736985 ASR Updated 29-1 28D 5/2/3 2191 $3,195,000 $2,869 2/11/10 7/20/10 CS 4-M 4W 11/4/5 4015 1671 $5,850,000 $5,315 4/14/10 7/21/10 Active 4-N 380 7/3/2.5 2430 $2,895,000 $3,031 7/14/10 7/19/10 Active Based on final sale prices of 5.3M and 6.2M respectively of the large apartments (17ST and 22G), it seems that 5 million plus is not unreasonable. It is 25% larger than these apartments although it does need work, which needs to be factored in. NOTE:This message including any attachments contains information. some or all of which, may be proprietary or legally privileged. It is for the intended recipient only. If you have received this message by error. please notify us immediately and destroy the related message. You. the recipient, are obligated to maintain it in a safe. secure. and confidential manner. Unauthorized re-disclosure or failure to maintain confidentiality could subject you to penalties described in Federal and State law. Next Management. LLC and any affiliate companies are not responsible for errors or omissions in this message or any attachments. EFTA00736986