Upper West Side Portfolio
New York, NY

In April of 2007, an affiliate of Meritage Properties, in partnership with an affiliate of Avenue Capital Group, acquired a portfolio of 140 sponsor owned cooperative apartments in three buildings on the Upper West Side of Manhattan. Two of the buildings are located on West 95th Street and the third is on West 87th Street, all within blocks of Central Park. All three buildings are pre-war construction with relatively high ceilings and that special character and charm typical of older New York apartment buildings. The average apartment size is 995 SF, with half of the portfolio consisting of 2 and 3 bedroom units and the remainder consisting of large 1 bedroom units.

In addition to renovating each unit, we have worked together with the Board of Directors of each building to refinance each Association’s in-place loan with the purpose of utilizing the resulting proceeds to implement a pre-approved capital improvement plan for each of the properties. This plan, which is currently underway at all three buildings, will include adding a lobby attendant to each property, renovating lobbies, common areas and elevators, and where appropriate upgrading building plumbing and electrical systems.

Meritage and Avenue, as co-managers of the portfolio, plan to renovate, market and sell individual apartments as they become available. For current availabilities, please visit www.sharesofny.com.

The apartment renovation program includes:

• New, modern kitchens with wood cabinets
  and cork floors
• New, fully tiled baths which include onyx tiling
  and modern space-saving sink and shower design
• New stainless steel appliances

For Further Information Contact:

Meritage Properties
(Owner) (914) 723-3533

Shares of New York
Bob Gellert
(Sales Agent) (917) 822-1921
Virtual Tour & Slideshow of the Property