ARCFE GROUP A PROJECT PROGRESS

Per quarterly site visit in April 2018, here is summary of finding:

– This building is complete and the  temporary certificate of occupancy has been obtained.

– The units sold have been settled for occupancy.

Per quarterly site visit on Wed, 12/13/2017, here is summary of finding:

– This building is complete and is anticipated to obtain temporary certificate of occupancy.

– More than half of units (total 24) are sold and pending for closing as soon as TCO is issued.

Per quarterly site visit on Wed, 10/4/2017, here is summary of finding:

– Construction is finished now and all appliances in except some refrigerators are not in and stoves pending hook up

– Laborers are painting the utility rooms and parking place.

– Apartments are appealing and roof view at the park and LIC and Manhattan is very appealing to buyers.

They are trying to get final signoff from building department currently.  It should be ready in a month or two.

Per quarterly site visit today June 26, 2017, here is summary of finding:

– Construction is near completion and workers are installing bathroom fixtures and kitchen appliances.

– Remaining works are in hallways, lobby, parking lots and gym room on roof.  They are some minor works in apartments too.

– Windows, facade works and balcony plus railings are completed.

– Elevator has been completed on site but it is not yet operational.

– A model apartment unit has been set up by Modern Spaces on 3rd floor.

Murray Park North:

Construction of Murray Park North was completed in 2016 Q3. Buyers have moved in.

Murray Park South:

Per quarterly site visit on March 17, 2017, here is summary of finding:

– a dozen of construction workers doing interior finished works including tiles, carpentry, patching, painting.

– at time of site visit, Pane stone truck was offloading tiles to job site.

– windows, facade works and balcony plus railings are completed except 1st floor

– almost all sheetrock works and drywall are done except 1st floor, bedrooms, living rooms, bathrooms are near completion.

– wood floors and kitchen related works have not commenced yet. light and plumbing fixtures have not installed yet.  We believe they will begin flooring and kitchen work very soon.

-elevator has been completed on site but it is not yet operational.

Contractor should finish up the building’s interior in three to five months depending on manpower on job site.

Murray Park North

Till the end of 2016, construction of Murray Park North has been completed. CO was issued. Condo buyers are gradually moving in.

Murray Park South

Per site visit on 1/6/2017, there were over 20 workers.  Panels for the front and back of the building exterior have been installed and windows have been delivered on site and being installed on 2nd thru rooftop. Elevator is being installed.  Drywall are in place from 2nd to roof including hallway, living room bedrooms just pending ceiling and kitchen area.  Boilers are installed rooftop room.  Tiles are being installed on roof.  However, there are a lot of works remaining for kitchens and bathroom.  No flooring works yet.  Based on current progress, we expect them to reach substantial completion in April this year providing that they have put more manpower in next three months.

Murray Park Apartment North Tower

As of 9/30/2016, the Murray Park North has received TCO. Condo buyers are now in process of closing.

Murray Park Apartment South Tower

Per site visit on 10/10, there were over 15 workers consisted of masonry workers, electricians, plumbers and interior workers. MEP work are continue to intensify through out building. Aluminum panels have been installed on facade and back of the building. insulation works are progressing from 2nd floor to 4th floor.  As windows have not been delivered, they have not begun interior finished work yet.  We will follow up with them to find out timing of window delivery.  Construction progress is moving steadily now.

Murray Park Apartment South Tower

Per site visit 6/6/2016, there were over a dozen of workers doing mainly formwork for roof on job site. Rooftop should be finished in a week or two. Plumbing and sprinkler works have progressed to 4th floor and began work on 5th floor. Framing studs, bricks, cmu bricks are stored on site. Significant amount of worked has been improved on the job site since our last visit in May.  During our visit, over a dozen of workers were either having a break or having lunch.  Overall, construction work has been running smoothly on site.

Murray Park Apartment North Tower

As site visit on June 7^th 2016, about 80% of 1st half of sub-cellar level 1 (3rd underground level) is complete.  They are looking to dig down final 8 feet down to complete the foundation.  David said they target to complete it in two months.  when foundation is completed and automate parking garage will be installed on site. At the time of visit, David Lo was talking to newly used excavator operator and he said the new guy will handle further excavation.  there was a big excavator machine on site.  Overall, the work has resumed moving steadily.

Murray Park North tower expects construction completion in spring 2016. According to the developer, 8 units were pre-sold, with the average price of $1,100/ square feet. The general contractor is working on the foundation in Murray Park South tower, which will be completed within 15-18 months.

The general contractor has completed the superstructure of Murray Park North tower. They expect interior construction completion in early 2016. The general contractor has started demolishing old building for Murray Park South tower.

The general contractor has completed the superstructure of Murray Park North tower. They have commenced interior construction work in the building. Building work permit has been applied for Murray Park South tower pending approval. Demolition work would commence upon receipt of work permits.

The general contractor is erecting steel beams and columns up to the fifth floor (total six floors). They expected to top out the building at the end of 2014. The general contractor has applied for building work permits to work on construction of Murray Park North tower.

Compared to 2^nd quarter, Murray Park North has showed substantial progress this quarter. 1^st floor concrete has been poured and the building superstructure has progressed to 2^nd floor. They anticipate the building’s superstructure would be finished by year end.

The general contractor has obtained the needed building work permits from the Department of Buildings in New York City. At present, construction workers are drilling large pipes below ground to stabilize the building site for foundation. The drilling work is near completion.

The old building has been demolished. The general contractor is applying for building work permits to start constructing the foundation for the project.