In April of 2007, an affiliate of Meritage Properties, in partnership with an affiliate of Avenue Capital Group, acquired a portfolio of 140 cooperative apartments in three buildings on the Upper West Side of Manhattan, all within blocks of Central Park. Half of the portfolio consisting of 2 and 3 bedroom units and the remainder consists of large 1 bedroom units.

We have worked with each building’s Board of Directors to refinance the Co-op Association’s in-place loan on a long – term basis, providing proceeds to implement a capital improvement plan. This plan included adding a lobby attendant to each property, renovating lobbies, common areas and elevators, and where appropriate upgrading building systems.

Meritage and Avenue, as co-managers of the portfolio, are renovating, marketing and selling individual apartments as they become available. For current availabilities, please visit www.sharesofny.com.

The apartment renovation program includes:

• Modern kitchens with wood cabinets, stainless steel appliances, stone countertops
  and cork floors
• Fully tiled baths with onyx highlights, stone vanities and designer fixtures