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Investor_Progress_Summary_84Madison_JunAug2025 - 84 Madison Ave, Albany, NY 12202.docx

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Investor Progress Summary – 84 Madison (June–August 2025) **Reporting Period:** June 1 – August 31, 2025 **Prepared By:** Earl Co Overview This report summarizes the progress at 84 Madison and related properties during June through August 2025. Work transitioned from major renovations to final furnishing, staging, routine maintenance, and minor repairs, as well as guest readiness tasks for Airbnb and long-term occupancy. Some time was spent addressing tenant issues and preparing documentation fo

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Investor Progress Summary – 84 Madison (June–August 2025) **Reporting Period:** June 1 – August 31, 2025 **Prepared By:** Earl Co Overview This report summarizes the progress at 84 Madison and related properties during June through August 2025. Work transitioned from major renovations to final furnishing, staging, routine maintenance, and minor repairs, as well as guest readiness tasks for Airbnb and long-term occupancy. Some time was spent addressing tenant issues and preparing documentation for inspections. Key Work Highlights - **June:** Focused on cleaning, organizing, assembling furniture, and completing final touches in 84.1 and 84.2. Installed smoke detectors, fastened windows for AC units, and added insulation. AC units were installed and adjusted. Dining furniture assembled, rugs and décor placed, and inventory organized. - **July:** Final furnishing of 84.1 and launch preparation. TV mounting, assembly of furniture, and placement of beds. Minor maintenance tasks handled, including lock adjustments and dryer vent fixes. Guest-ready cleaning and setup performed. Preparation for planning board presentations and unit measurements completed. - **August:** Routine maintenance and minor fixes. Assembly of nightstands, measurements for blinds and décor, and replacement of small items. Quick ceiling patches, plumbing and electrical diagnosis for 84.2, and minor leak area painting before inspections. Labor and Expenses Contributors included: - Evan (Handyman, structural and electrical diagnosis) – $45–$65/hr - Zohar (Electrician and technical support) – $45–$65/hr - Jasmine and other support (cleaning, assembly, furnishings) – $20–$30/hr Notable costs included: - AC units installed and maintained - Assembly of dining chairs, tables, bed frames, nightstands, and décor - Minor tool purchases and materials for repairs Financial Metrics Approximate totals for this period: - **Total Hours:** ~100–120 hrs (including waived time for meetings and small fixes) - **Labor Cost:** ~$3,000–$3,500 - **Materials and Supplies:** Modest, largely furnishings and consumables - **Combined Burn:** ~$3,500–$4,000 Next Steps - Continue light maintenance and furnishings for Airbnb turnover - Address roof coating and longer-term EPDM repair strategy - Finalize presentation and inspection readiness for planning board - Maintain guest-ready conditions and routine checks across units