Local Law 11 Update

The following is a summary of the progress to date and anticipated activity going forward relating to the Local Law 11/98 7th cycle repairs:

• Drop 17 (J and K line west) is a 100% completed.

• Drop 10 (east elevation A and B line) Brickwork is 100% completed.

• Drop 18 (L south line) 100% completed.

• Drop 11 (north elevation A, F, G and H lines) This area is 100% completed

• Main Roof Bulkhead: All brick replacement has been completed and pointing is ongoing on the north elevation, which is due to complete by 6/20/12. The west, east, and south elevations are completed.

• Drop 19 and Drop 20: (south elevation K and L lines, Apartments 19D and 18F) This area is fully rigged and work has commenced. The work is 80% completed and completion date is 6/29/12. The work in this area will be the same as the other drops and will include lintel and brick replacement.

Courtyard and East 16 Street sidewalk bridges have been removed.

Upcoming Work:

• The priming and painting of the roof bulkhead and setback railings on the 19th and 20th floors to commence on 6/18/12.

• Main roof bulkhead work to be completed by 6/22/12.

• Third Avenue sidewalk bridge to be removed by 6/29/12.

There have been eleven men working on site with two scaffolds. It is expected that weather permitting, the project will be completed in its entirety by the middle of July or earlier.

Both the Board of Directors and Management thank you in advance for your anticipated cooperation and understanding.

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