AFFILIATED COMPANIES

The triad of our three companies – Douglaston Development, Levine Builders and Clinton Management - provides a level of efficiency and service unusual in the real estate industry.

Under the leadership of Jeffrey Levine, these three separate companies act as a cohesive unit to develop, build and manage projects. Levine Builders participates while Douglaston Development is in the early stages of planning to ensure that the project is designed and value engineered for efficient and cost‐effective construction. Clinton Management is involved in project design, so that critical operational functions will be taken into account. The whole is greater than the sum of its parts.

The effectiveness of this strategy is clear from our record of successfully projects. In the past seven years alone we have completed over $1.5 billion of development, including over 3,000 residential apartments, over 2 million square feet of retail and 500 hotel rooms in the most desirable and fastest growing neighborhoods in New York City, along with our expanding seniors portfolio in the southwest.

Levine Builders has been providing complete construction management and general contracting services for a diverse range of projects since 1979. Our skilled management team works with experienced field personnel, in-house risk managers, IT staff and expediting department to provide expertise in all facets of construction. Our current bonding capacity exceeds half a billion dollars. Since 2003, all of the construction completed by us is for projects owned by affiliated entities, often in joint ventures, and developed by Douglaston Development, our wholly-owned development arm.

Two recent projects demonstrate the range of Levine Builders' capabilities. Levine Builders, with Douglaston Development, recently completed the Edge on the waterfront in Williamsburg, Brooklyn. The project includes more than one million square feet in four buildings with 912 housing units, 60,000 square feet of retail, 40,000 square feet of indoor amenities and 50,000 square feet of open space. We also recently completed the Ohm at 11th Avenue and 30th Street in the West Chelsea neighborhood of Manhattan. This 369-unit, luxury rental building, includes over 20,000 square feet of amenity space, retail and parking.

Recognizing the increasing importance of sustainable design and construction, Levine Builders works closely with our engineering team and consultants both to maximize the green potential of our projects, and to reduce operating costs of completed buildings. Because of this expertise, we expect that the Edge will receive a LEED gold rating, the largest residential project in New York City to do so.

Clinton Management was established to manage and operate projects developed by Douglaston Development and constructed by Levine Builders. With a current portfolio of approximately 2,000 residential units, plus commercial, retail and parking properties, Clinton Management recognizes that successful property management requires attention to detail and sophisticated information analysis, and that both are critical to maintaining and increasing the value of our real estate assets. Buildings under management include the rental component, parking and retail at the Edge in Williamsburg, and both the Ohm and The Cameo in Manhattan.