183 COLUMBIA HOLDING, LLC 815 Fifth Avenue New York, New York 10065 December 10, 2012 Re: 183 Columbia Heights, Brooklyn NY 11201 Dear Darren, I am delighted to share with you the following update on our property 183 Columbia Heights, Brooklyn NY 11201. Condo prices in Brooklyn Heights continue to climb significantly. When we bought the building, this past April, condo prices were hitting highs in the $920 per square foot (psf) range and rental prices in the $60 psf range. Today rental prices seem to have topped out at the $60 psf range but condo prices now in the $1053 psf range and in some cases much higher. We are being put in a very good position of having the ability to turn around a projected profit by condoing the building. Please see the projected budget and sellout attached. I have also negotiated a very attractive, additional financing with our bank based on this plan, please see below. We will need a small amount of additional equity to meet the banks requirement of $530,000. Your portion of this equity is $88,333. There is no obligation on your part to fund the additional capital. We have completed demolition on the project, filed for additional building permits based on the drawings attached and plan to have our first show unit in place by the end of March. In addition, as of last Friday we have filed our condo plan that will allow us to start taking deposits once it has been approved by the Attorney General. Douglas Elliman, our marketing and sales agent, predicts a very brisk sellout; please see the attached letter and comparative analysis. I have also enclosed articles on the neighborhood and the original ad form 1890 when our building first opened. The photo above was recently taken from our roof. In the photo you can see Staten Island, Brooklyn and Manhattan Harbor. Below, the piers seen in the photo will become part of Brooklyn Bridge Park, once converted to park land. Please contact me with any questions at Thank you a