Re: Fwd: Status

<DKIESQ@aol.com>

tkae the space at full ask

----- Original Message ----
From: "DKIESQ@aol.com" <DKIESQ@aol.com>
To: jeeproject@yahoo.com
Sent: Monday, February 12, 2007 12:48:51 PM
Subject: Fwd: Status

Please advise how you wish me to respond re:

1. Term sheet proposal for 50% ownership

2. Compromise in annual rent for the 885 square feet of office space at AYH for Lafayette Contractors, LLC (your firm that employs Amerling and his people for the Island's construction projects) between $26 per foot and $32 per foot (that is $29 per foot or a total of $25,665 annually). I would like to point out that the first option on FTC's space expired in August 2005 and this past year we negotiated a 4 year option for FTC's space for just under $26 per foot. We did this at a time when Farkas had not contracted to purchase AYH. Is $3 per foot appropriate market increase in such short a time? I note that Cecile and Jeanne gave me a range of market rents from $18 per foot not including CAM for Downtown sites to $22-24 per foot including CAM at Nisky to $25 per foot including CAM at Red Hook Plaza to $26 per foot including CAM at Havensite. In light of this, insisting on the same per foot deal that an affiliate got within the past year at a time when Farkas did not own the space does not seem unreasonable. Your call.

Darren K. Indyke
Attorney-At-Law
457 Madison Avenue
4th Floor
New York, New York 10022
Tel: 212-750-1176
Fax: 212-750-0381
e-mail: dkiesq@aol.com

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Hi Darren. I hope all is well. I am writing to find out where we are on jeffery’s desire to own 50% of the equity in AYH. We need to know so that we can structure our financing properly and put this to bed. I have also been made aware of the response you gave to the local property manager re the additional office space requested. We need to be extra diligent here to avoid any criticism from other IGY shareholders that there was any favoritism in the pricing. I know that JE is extremely sensitive to this too. My suggestion is that there be a compromise between where the manager has priced it and what you have suggested. Moreover, if JE does end up with 50% of the equity, 50% of the rent in excess of where you think you should be will come back to you anyway. At the end of the day I believe we are talking very, very small numbers, no?

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<DKIESQ@aol.com>

take space at full ask of 32

----- Original Message ----
From: "DKIESQ@aol.com" <DKIESQ@aol.com>
To: jeeproject@yahoo.com
Sent: Monday, February 12, 2007 12:48:51 PM
Subject: Fwd: Status

Please advise how you wish me to respond re:

1. Term sheet proposal for 50% ownership

The information contained in this message and any attachment to it may be privileged, confidential or otherwise protected from disclosure. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by replying to the message and please delete it from your system. Please also note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of the company. 

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