AMERICAN REGIONAL CENTER FOR ENTREPRENEURS

ARCFE GROUP 7 PROJECT PROGRESS

September 2017

As of 2016 Q4, construction work for OOSTEN had been completed. Certificate of occupancy had been received. Condo units are 80% sold out as of 2017 Q3.

June 2017

As of 2016 Q4, construction work for OOSTEN had been completed. Certificate of occupancy had been received. Condo units are 80% sold out as of 2017 Q3.

March 2017

As of 2016 Q4, construction work for Oosten had been completed. Certificate of occupancy had been received. Condo closings are progressing during 2017 Q1.

DECEMBER 2016

Till the end of 2016, construction of all four buildings has been completed. The interior renovation is also completed. On the day of site visit, we saw some moving in. Based on the pricing information provided by sales center, the average price has been increase by 56% since the opening.

OCTOBER 2016

As of September 30th 2016, the construction of 4 buildings has completed. Garden and facilities are ready to use. Closing will started as soon as TCO is approved.

JUNE 2016

As of June 30th 2016, the construction of four buildings is finishing up. Con Ed lines are already set up. We are expecting to receive TCO before 3rd quarter this year and begin condo closing in November.

DECEMBER 2015

The general contractor is working on the interior construction. They expect construction completion in July 2016. The sales of the units are going on well. More than 120 units were presold, with the average price of above $1,100 per square feet (among 201 condo units and 15 town houses in the building). It is expected to be delivered before the end of 2016.

JUNE 2015

Four sections of the 7-story superstructure building have been topped out. The general contractor is working on the interior construction in the building. They expect substantial construction completion in September 2016.

MARCH 2015

Oosten Condominium is a square shape building structure with an open courtyard in the center. Three sections of the 7-story superstructure building have been topped out while the remaining section (facing the East River) is up to 2nd floor. The remaining superstructure section would be completed in about a month. As mentioned previously, the project would be completed in 2016.

DECEMBER 2014

In this quarter, the project has showed substantial progress. The general contractor is erecting steel beams up to the third floor. They anticipated the project would be completed in 2016.