HOME ABOUT US PROJECTS TEAM The Royale 188 East 64th Street New York, NY THE STORY: Turned an entire block front in a very desirable neighborhood on the Upper East Side into a 205-unit luxury condominium with an underground supermarket and a 17,000 sq. ft. parking garage. 205 RESIDENCES BUILT 1985 42 STORIES KEY DETAILS Total Cost: $80 Million Total Gross Sq Ft: 257,000 USES: 215,000 sq. ft. of luxury condominiums 25,000 sq. ft. of retail 17,000 sq. ft of parking below grade AMENITIES: Landscaped plaza, fitness center, health club, parking, resident storage, underground supermarket in-building Floor-to-ceiling windows and large wraparound terraces with panoramic views of the city, river and Central Park Lavish finishes including granite kitchen countertops and stainless steel appliances PROJECT CHALLENGES Property encumbered by occupied tenement buildings with rent control and rent stabilized tenants. To proceed with the development, 62 existing residential tenants had to be relocated, along with 10 retail tenants. The economic feasibility depended on the ability to identify additional sources of income beyond the residential sales. OUR SOLUTION Successfully vacated the buildings within four months of the acquisition through negotiated buyouts and relocations of existing tenants. Created additional revenue streams by locating a major supermarket retailer below grade and negotiating a long-term lease with a bank for the second floor retail space. Both original tenants are still there today. Condominiums sold out at record prices. 30 West 21st Street, 11th Floor, New York, NY 10010 T +212 554 3700 info@continuumcompany.com press@continuumcompany.com

HOME ABOUT US PROJECTS TEAM The America 300 East 85th Street New York, NY THE STORY: Turned a distressed property into a 200-unit, full-service "Condop" in a great location the heart of the Upper East Side. 200 RESIDENCES 36 STORIES BUILT 1986 KEY DETAILS Total Cost: $60 Million Total Gross Sq Ft: 228,000 USES: 215,000 sq. ft. of luxury “Condop” apartments 5,000 sq. ft. retail 8,000 sq. ft parking below grade AMENITIES: Plaza at building entrance Health club, indoor pool Parking garage Near shopping, restaurants, gourmet supermarkets and the 2nd Ave Subway PROJECT CHALLENGE Market research indicated that the size of the down payment was an issue for condominium buyers in that area. OUR SOLUTION Utilized a “Condop” legal structure that created two separate condominiums and allowed the developer to structure two separate financing packages. The residential condominium was converted into a cooperative by placing a first mortgage on the building. The resulting "Condop" had the financial advantage of a cooperative structure but functioned operationally in the same way as a condominium. This structure enabled the sponsor to offer lower unit costs to purchaser, allow the unit owner to deduct his mortgage interests of the building and unit, and also reduce the down payment by 25%. 30 West 21st Street, 11th Floor, New York, NY 10010 T +212 554 3700 info@continuumcompany.com press@continuumcompany.com