From: "Mark L. Epstein" To: "Jeffrey E." <jeevacationgginail.com> Subject: RE: hey Date: Mon, 29 Sep 2014 11:59:55 +0000 Even though vandam is part of Dara, Anthony knows that he has no ownership interest in it. We just haven't gotten to dividing it off on paper. DIdn't want to raise any flags since we did the exchange of properties years ago. It is time to rectify that now. That's one of the reasons I need a good creative person to figure out the best way. We can split the 301 condos, and still manage it all the same way, and I'd transfer them to the kids when they turn 18 some how. Or 'sell' them to them for what I paid, if that could fly. Would be worth the transfer fees etc. I am planning to tear down spring st in about 4-5 years and put up a condo tower. (they recently changed the zoning to allow for that) Hence the ridiculous offers coming in. Prior it was only good for a hotel development. We can just split the condos then, or sell them off and split the cash. (I'll keep the top floors for me, move in, and then do the same thing to Vandam). I'm waiting for the leases to expire, plus every other site in the area that can be converted to residential or add residential on top (if air rights exist) is taking place. Every time another property is developed the value of spring st. only goes up. It is a great location. (assuming there is no major crash, and even if there is a crash I can still do better developing it myself as opposed to selling it to a developer). If I sell it to a developer now for $100mm they will build the condos and make $100mm profit at the end of the day. If I do it myself I figure I will make at least $60mm profit (on top of the $100mm for the land) The big developers are better at it and can make more money than I could but who cares. I'm looking for something to do. I'm not going to eat any differently. I'll just be donating less when I drop dead. From: Jeffrey E. [mailto:[email protected]] Sent: Monday, Septemb