DOUGLASTON DEVELOPMENT

AFFILIATED COMPANIES

Our three companies – Douglaston Development, Levine Builders and Clinton Management - work in unison to provide 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 successful 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.

Douglaston Development is a full-service real estate development company specializing in the development of residential, commercial and mixed-use projects. Founded by company chairman Jeffrey E. Levine, its management team possesses expertise in all facets of the development process including site acquisition, zoning entitlements, site planning, building design and development, equity and debt financings, marketing, sales and leasing. Douglaston Development’s expertise is evident in many successfully completed projects ranging from affordable housing to luxury high-rise condominiums to commercial properties to office buildings.

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 facilities and retail at the Edge in Williamsburg, and both the Ohm and The Cameo in Manhattan.

Suna/Levine Industries, Inc.
A development company formed in partnership between Jeffrey Levine and Stuart Match Suna, President of Silvercup Studios and partner in Metro Management Development, Inc., a real estate management firm. Suna/Levine Industries, Inc. was responsible for the development of Renaissance Plaza in Harlem, the largest mixed-use project under the City's ANCHOR/Partnership Plaza development program, jointly sponsored by the NYC Department of Housing Preservation and Development and the NYC Housing Partnership.

The Hampton Group, Inc.
The Hampton Group is a well-respected Scottsdale-based developer of multi-family and senior health care projects. It has built and owns two independent living projects: 142 units in Peoria, Arizona and 144 units in Surprise, Arizona, as well as two state licensed assisted living projects of 80 units each in Peoria and Surprise, each has a 20-unit special care wing. Currently in development are two mixed-use projects, totaling 71 acres in Show Low, Arizona with the first phase consisting of 152 market rate apartments opening in mid-2007. Also in the planning stage is a for sale luxury housing project on land owned by the firm in Sedona, Arizona. The firm, over the years, has made several large land acquisitions and intends to expand its senior living projects portfolio in response to the rapid growth of the senior living market in the state.

PrimeStyle Development, Inc.
An affiliate of The Hampton Group, PrimeStyle Development was formed in the mid-1990's. The firm has developed a 100-unit independent living project and a 62-unit assisted living project in Sedona, Arizona, as well as office projects in Arizona. PrimeStyle Development serves as the developer for several mixed-use projects currently in the pre-development stage.

Senior Living Services, LLC
A professional property management company formed in 1998 which handles all aspects of property management for The Hampton Group and PrimeStyle Development. Established with the intent to keep firm control over all facets of operations, Senior Living Services is dedicated to managing only affiliated projects and does not provide fee-based service to outside parties. Senior Living Services provides staff in areas such as nursing, culinary, human resources, accounting, marketing and construction/maintenance services.

Levine Builders has formed many invaluable working relationships throughout its history. Some of the very distinguished partnerships have been formed with:

Arthur Leeds Associates
Atria Senior Living Group
Continental Properties
Glenwood Management
Granite Investors
Phillips International
Suna Organization
Tishman-Heskin Partners
Vornado Realty Trust