PARK PARTNERS

PARK PARTNERS 320 EAST 82 ST I NEW YORK I NY March 21, 2016 Dear Partner, I hope this email finds you well. I am thrilled to tell you that on Thursday, March 17, 2016 we filed the building plans to get a building permit to start the majority of the work at 320 East 82 St, New York. We hope to get our initial comments back within 30-days and have a permit within 60-days. In addition, I am pleased to report to you that this past week we received the initial comments from the Attorney General's office. We hope to complete our response by the beginning of this next week. Once our plan is approved, we can begin marketing the units. Our hope is to be marketing by late spring. We have contracted Interior Marketing Group (http://www.imgnyc.com) to stage and design the model units. We will be using these designs in our renderings for our website and sales brochures. Lastly, in order to file your taxes, over this next week you should receive your hard copy K-1 Form via USPS from my office. Additionally, we emailed a PDF copy directly to you. If you have any questions, please feel free to contact me at or Thank you so much for your trust and friendship, David J. Mitchell 801 Madison Avenue, New York, NY 10065 EFTA01183991 Yorkville Is Chugging Along - WSJ 211/16. 9:42 AM THE WALL STREET JOURNAL. This copy is foe your perwal ncercommercill UN My. To o ploonimOnenaly 0Sp•SS for CISInbaiOn IA you' a' a4 darni a Cullmarl NM MP "mg 41.10rIrts arn. Nip Answ ssicantidcWArkvIle-OscsWprrlbmt$04103366 U.S. I NEW YORK I NY REAL ESTATE COMMERCIAL Yorkville Is Chugging Along The Upper East Side's more affordable area eagerly awaits the Second Avenue Subway Grade Mansica the New York Oty mayoral roddence. in Carl Schurz Park a Yorkvite. PHOTO. CL AUDIO PAPAPIEIRO FOR ME WALL STREET JOURNAL By KATHLEEN LUCADAMO Jan. 29, 2016 S:59 p.m. ET As completion of a subway line in the Yorkville section of Manhattan inches nearer, the neighborhood is seeing new businesses and apartment bidding wars. Long considered an affordable alternative to the rest of the Upper East Side, Yorkville, which runs from 79th to 96th streets between Third Avenue and the East River, has been plagued by poor transportation. Residents have relied on bus service or a healthy walk to trains on Lexington Avenue, making commutes to commercial sections of the borough a chore. 4 " YORK MANHATT AN QUE£h S BROOKLY 950 feet '•.. ILLE Asphal YORKVILLE t Green Gracie Mansiori Carl Schurz Park The subway extension along Second Avenue, an idea that dates from the 1920s, promises to change that. But for the past decade, residents have had to cope with construction zones and closed stores. Now, transit plans show the first phase of the project is scheduled for completion this year, making the area more attractive to prospective buyers. "The subway is inevitable," said Barbara van Beuren, managing director of Anbau, a developer of high-end residential property. "If it's six http://www.wsj.com/articles/yorkville-is-chugging-along-1454 108366 Page 1 of 3 EFTA01183992 Yorkville Is Chugging Along - WSJ 2/1/16. 9:42 AM months in one direction or another. I don't think it really matters. It's real." Busanesses ca First Meow PHOTO. CLAIM* NIVIPIETRO FOR ME WALL STREETJOURNAL retirees in the suburbs. Anbau is developing Citizen36O, an 84• unit condominium on 89th Street and First Avenue that opens in spring 2017. Sales begin next month, and Ms. van Beuren said there is mounting interest from families, foreign investors and Donna London, 58 years old, traded her Chappaqua, N.Y., home three years ago for a two- bedroom on York Avenue, an area she lived in during the 198Os. "I like to walk, so I love that the train is far," said Ms. London, adding she hopes more stores and restaurants open on Second Avenue when the subway is finished. More businesses are already popping up. Annie & Co. Knitting & Needlepoint moved to Second Avenue from Madison Avenue two years ago because of the low rent and a long lease. "I thought I'd be on the forefront coming down here," said owner Annie Goodman. "I know with the subway the rents will go up and more fun shopping will occur down here." Bidding wars also are being waged. Teri Noren, an agent with real estate agency Bond New York, said she received 80 inquiries in one week about a one• bedroom home in a building on 90th Street, and ■. 290 on East UM Street PHOTO CV MO PAPA/WEIR° FOR THE WALL STREET /WPM. multiple bids from people who hadn't seen the place—the open house isn't scheduled until Feb. 7. "I have so much interest in one apartment that I spend all day fielding responses," said Ms. Noren. "There should be a bidding war." And prices are rising. The average price for an apartment in Yorkville was $1.95 million and $1,627 a square foot in 2015, up from $1.88 million and $1,505 a square foot in 2013, according to Corcoran Sunshine Marketing Group. Average rent was $3,703 a month in 2015, up 13% from $3,269 in 2013, Corcoran reports. Yorkville has "always been well-served, but now there are new things to try," said Beth Fisher, a senior managing director of Corcoran Sunshine. "That sense of discovery and adventure is something that has come back to the east side." The strong schools, high-quality hospitals and world-class museums within walking distance have always made the area desirable, site said, but the Second Avenue Subway is hnp://www.wsj.com/anicles/yorkville-is-chugging-along-14S4 108366 Page 2 of 3 EFTA01183993 Yorkville Is Chugging Along - WSJ 211/16, 9:42 AM WE WANT TO HEM FROM YOU Have something to say about an article in Greater New York? Email us, along with your contact information, at [email protected]. Letters will be edited for brevity and clarity. Please include your city and state. a "game changer." Parks: Carl Schurz Park has playgrounds, gardens, dog runs and a rink for roller hockey. It runs north along the East River starting at 84th Street and includes views of Gracie Mansion, an 18th-century structure that since the 1940s has been the mayor's official residence. For soccer, swimming, flag football and other sports, residents flock to Asphalt Green, a nonprofit recreational campus on 90th Street and York Avenue. A waste-transfer station is planned for 91st Street and the East River despite neighborhood opposition. Restaurants: For beer and brats, the Ileidelberg is a reminder of the area's German roots. Italian fare can be found at Erminia. Newcomers include a branch of Luke's Lobster and a Whole Foods Market where residents can get food truck-style treats with indoor service. Drinking haunts include the Writing Room, formerly Elaine's, and the Drunken Munkey for cocktails and Indian specialties. Transportation: When completed, the first section of the Second Avenue Subways Q line will run from 96th Street to 63rd Street, with stops at 86th and 72nd streets. Meanwhile, the closest line is the 4/5/6 on Lexington Avenue at 86th Street and the 6 on 96th Street. There are also crosstown buses on 79th, 86th and 96th streets. IF YOU'RE DROWSING FOR A HOME... $885,000 $1 .15 million $2.1 million 425 L M St Ill n a troyDeocrn liannwr .51 ere bailor. al a ben pen Do Wiry In n vaany ▪ vailertnater Ire a lotenn Om, ri— fer, F$ Pt' homily rim le tap nen es Intl nth marOom - SUSS Pt Wows. Mr Weld (WC *kr. Wry Oda Arr II W hy Amite Nara ldl rd Yaar Mae e Harrell PripPrry M. Nis jeSse ban 2 Se kW Fa Mt I. Mb IL MY A , 100:1• ma AP I ttidefftletaiind en Per any dant Sean %Maar 100 lhoprry Mrs is, 'TY arm el Vahan. Iran the *rumor ar4 the WIC.% Drawly Wes ne• wilarry•pn n val , n1 all I, pm hoen. LSD pro in It Wry AfaIlt Veit trona fanny or Weill ,Ms. Llne. OM Maly Dr i(Orimni r L w It MO MK n twat. II r.C.. I - Ws ono Diilitcy KW, a Swear hies.) IT Ni ...lc/ De (au ID.. tar bantiile, ordywn master tale wali baihras, at , a* raw! ad &ratan max Spare biltrie UIB Digs*/ Or he Innt Nth PUI 3 AI{ an tent& at a a.4 Mcwa n'OPOrt. anal no St No Wir. Daly In In US" &Oat *len lanai Li Spert,1 irt.mptocol guar pm Mane 0, Ewan/nye. COP)Ori 204 Caw Java 6 G:fresnYinc, MR9hs Ressnr0 This copy is fa 'co. µannt moan/mail u city 0/0ILYWI all se ol !Ns mte.! ore ?mast) t, co. Suescs.oreanew end by copsnitt b* fa noipersonal use or ID Yea maple rxipiks. please “Walf.1 00W JOIN Ripka Y 1-0034410308 Of NUT ma. efssuiresase. Page 3 of 3 EFTA01183994