DOUGLASTON DEVELOPMENT

AFFILIATED COMPANIES

Our three companies – Douglaston Development, Levine Builders and Clinton Management - function in unison to provide a level of efficiency and service unusual in the real estate industry. Under the leadership of Jeffrey Levine, these three companies act together to develop, build and manage projects. Levine Builders works with Douglaston Development in the early stages of planning so that a project is engineered for efficient, cost‐effective construction. Clinton Management is also involved, so that critical operational functions will be taken into account. The whole is greater than the sum of its parts.

Our record of successful projects proves the effectiveness of this strategy. In the past seven years alone we have completed over $1.5 billion of development, including 3,000 residential apartments, 2 million square feet of retail, 500 hotel rooms in the most desirable and fastest growing neighborhoods in New York City, and 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 departments 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.

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

Clinton Management manages projects developed by Douglaston Development. 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 maintain and increase the value of our real estate assets. Buildings under management include the rental component, parking and retail at the Edge in Williamsburg, and Ohm and The Cameo in Manhattan.