Massey Knakal Multifamily Summit

November 16, 2011 McGraw-Hill Conference Center New York City

P r e s e n t e d b y G r e e n Pe a r l E v e n t s

Welcome to MASSEY KNAKEL MULTIFAMILY SUMMIT 2

Dear colleagues and friends,

It is my pleasure to welcome you to the 2nd Annual Massey

Knakal Multifamily Summit.

Over 600 have gathered to learn about and discuss the

acquisition, disposition, financing and management of NYC

area multifamily properties in today’s changing market.

This summit will have a special emphasis on the political

environment, trends in rents and operations, as well as a

discussion of cap rates, financing and interest rates.

We have assembled panels comprised of some of the

finest in the industry, and we are delighted to have Bruce

Beal, Executive Vice President, Related Companies and

Richard Mack, Chief Executive Officer, AREA Property

Partners as our morning and afternoon keynote speakers.

Working under the Massey Knakal Territory System™, we

recognize that the NYC multifamily market is one that is

multifaceted. I hope we can learn from each other to

emerge from the economic crisis with an even stronger

commercial real estate market.

Very Truly Yours,



Paul Massey

Chief Executive Officer, Founding Partner

Massey Knakal Realty Services

NYC's #1 Building Sales Firm

MORE INFORMATION ABOUT GREENPEARL EVENTS

Events are continuously added, so please check back to www.greenpearlevents.com for updates and a full list of programs. Early bird and group discounts are available.

Visit www.greenpearlevents.com for pricing and registration deadlines. Register early and you can save up to $300 off the cost of a single event.

SPONSORSHIP, SPEAKING AND EVENT INQUIRIES

Please contact events@greenpearlevents.com or (646) 862-6136 x2.

As GREENPEARL EVENTS continues to grow and bring education and networking events to real estate professionals, we’d like to say thank you to all of our attendees, sponsors, and partners for making 2010 a year to remember. The com-bined successes have set the stage for more growth and more opportunities in 2011.

HERE ARE SOME OF THE PROGRAMS YOU CAN LOOK FORWARD TO:

COMMERCIAL REAL ESTATE SUMMIT: BEYOND DISTRESS

MIDWESTChicago – May 12

NEW YORKNew York City – September 22

IREM NYC ASSET MANAGEMENT SYMPOSIUM

NEW YORK CITYMarch 24

MASSEY KNAKAL CRE INVESTMENT SUMMIT

NEW YORK CITYMay 19

THE BROOKLYN REAL ESTATE SUMMIT

NEW YORK CITYJune 16

CMBS 2.0 - REAL ESTATE ASSET SECURITIZATION FORUM

NEW YORK CITYOctober 27

MULTIFAMILY SUMMIT

CHICAGOSeptember 15

NEW YORK CITYNovember 16

New Year, New Ideas, New Contacts… EXPAND YOUR BUSINESS IN 2011

CCIM REAL ESTATE FORECAST 2012New York City Bar AssociationNew York City – January 26th

REAL ESTATE WEEKLY'S WOMEN’S FORUMMcGraw Hill Conference CenterNew York City – February 15th

IREM ASSET MANAGEMENT SYMPOSIUMMcGraw Hill Conference CenterNew York City – March 21st

MASSEY KNAKAL COMMERCIAL REAL ESTATE INVESTMENT SUMMITNew York City Bar AssociationNew York City – April 26th

THE BROOKLYN REAL ESTATE SUMMITSt. Francis CollegeBrooklyn – June 14th

New Year, New Ideas,New Contacts…

EXPAND YOUR BUSINESS IN 2012

As GREENPEARL EVENTS continues to grow and bringeducation and networking events to real estate professionals,we’d like to say thank you to all of our attendees, sponsors,and partners for making 2011 a year to remember. The combinedsuccesses have set the stage for more growth and moreopportunities in 2012.

HERE ARE SOME OF THE PROGRAMSYOU CAN LOOK FORWARD TO:

REGISTER EARLYWith early bird and group rates, you can save up to $300 off the cost of a single event.

EVENTS ARE CONTINUOUSLY ADDEDPlease visit www.greenpearl.com for a full list of programs, updates, and to register.

SPONSORSHIP, SPEAKING AND EVENT INQUIRIESPlease contact events@greenpearl.com or(646) 862-6136.

Whoever said there are no guarantees in life never called us.

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LIGHT YEARS AHEAD OF THE INDUSTRY™

© 2011 Friedman LLP. All rights reserved. An Independent Member Firm of DFK with Offices Worldwide

NEW YORK | NEW JERSEY | LONG ISLAND | BEIJING

Fred Berk, CPA, PartnerReal Estate GroupTel: 212-842-7000fberk@friedmanllp.com

Steven Barranca, CPA, PrincipalTel: 212-842-7575sbarranca@friedmanllp.com

Real Estate is about more than steel and glass. It’s about a myriad of timely business decisions essential to maximizing the return on your properties. That’s why you need an accounting firm with real expertise. For over 85 years Friedman LLP has successfully guided our clients through the financial complexities of the ever-changing market, and helped them recognize and take advantage of every opportunity along the way. So when your real estate business needs expertise, build a relationship with Friedman. FRIEDMAN – THE NAME YOU SHOULD KNOW.®

E PERTISE

AUDITORIUM

ROOM206

ROOM204

ROOM205

ROOM207

ROOM208

ROOM209

EXHIBIT HALL

REGISTRATION

ESCALATORS

FLOOR PLAN

McGRAW-HILLConference Center

S e c o n d F l o o r

sponsorship & exhibit opportunities

For more information on sponsoring or exhibiting, please contact Abel Devis at 646-862-9391 or events@greenpearlevents.com.Visit us on the web at www.greenpearl.com.

UPCOMING 2012 GREENPEARL EVENTS

Sponsorships and exhibits are excellent opportunities for your company to showcase its productsand services to high-level, targeted decision makers. It helps companies like yours achieve importantsales, marketing and branding objectives by setting aside a limited number of event sponsorships andexhibit spaces - all of which are tailored to assist your organization in creating a platform to maximizeits exposure at the event.

CCIM REAL ESTATE FORECAST 2012NEW YORK CITY BAR ASSOCIATION

NEW YORK CITYJANUARY 26TH

REAL ESTATE WEEKLY'S WOMEN'S FORUMMCGRAW HILL CONFERENCE CENTER

NEW YORK CITYFEBRUARY 15TH

IREM ASSET MANAGEMENT SYMPOSIUMMCGRAW HILL CONFERENCE CENTER

NEW YORK CITYMARCH 21ST

MASSEY KNAKAL COMMERCIAL REAL ESTATE INVESTMENT SUMMITNEW YORK CITY BAR ASSOCIATION

NEW YORK CITYAPRIL 26TH

THE BROOKLYN REAL ESTATE SUMMITST. FRANCIS COLLEGE

BROOKLYNJUNE 14TH

AGENDA AT A GLANCE7:30AM - Registration and Breakfast in Exhibit Hall

8:00AM - Opening Remarks & NYC Multifamily Market Update �8:30AM - Interview with Special Guest, Bruce Beal, Related Companies �9:00AM - Affordable Housing: The Low Income Housing Market �

10:00AM - Networking Break and Refreshments in Exhibit Hall

10:30AM - CONCURRENT SESSION (choose one)

Multifamily Financing: Cap Rates vs. Interest Rates �

Innovations in Management: Generating Cash-Flow �

Online Marketing to Renters �

11:30AM - CONCURRENT SESSION (choose one)New Development Showdown: Rentals vs. Condos �

Albany and the City 2011:Rent-Stabilization and the Politics of Real Estate �

Multifamily Energy Management: Optimizing Benchmarking Data �

12:30PM - Networking Luncheon in Exhibit Hall

1:00PM - Working Luncheon: Cash Management Secrets for Building Owners and Managers �

1:30PM - CONCURRENT SESSION (choose one)Owners Roundtable �

Transaction Financing Strategies: 1031 Exchanges �

2:45PM - Repositioning Multifamily Assets: Renovation, Redevelopment & Conversions �3:45PM - Keynote Interview with AREA Property’s Richard Mack �

4:30PM - Networking Cocktail Reception in Exhibit Hall

7 Thank You to Our Summit Sponsors and Partners

BRT Realty Trust is a publicly traded (NYSE: BRT) direct short-term commercial lender with over thirty five years of experience originating first mortgage loans nationwide. BRT is recognized as a national leader in creative short-term

financing solutions throughout the commercial real estate industry. We closed over $110MM in the first half of 2011. Our primary focus is on loans that need immediate financing where borrowers have the opportunity to acquire commercial real estate, repurchase debt from a current lender, purchase third party performing or non-performing notes, and refinance current debt.www.brtrealty.com

Thank You to Our Summit SponsorsMassey Knakal is the New York metropolitan area's premier full service sales company, specializing in thesale of investment and user properties. With over 100 employees, four offices and thorough coverage ofthe five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal Re-alty Services dominates the New York metropolitan area's building sales marketplace. For over twodecades, Massey Knakal has focused exclusively on the New York metropolitan area, building strong rela-

tionships within the neighborhoods we represent and developing an extensive database of customers that includes all of themajor investors, institutions, agencies and individuals that are active in real estate in the area. Our dedication to neighborhoodknowledge and relationship building is a source of continuing pride and success for Massey Knakal, and through our TerritorySystemT, our agents have partnered with sellers throughout the city to close over 2,000 transactions, with an aggregate value ofapproximately $10 billion since 2001. Massey Knakal handles many different property types, including commercial buildings,apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, indus-trial properties and development/conversion sites. Our agents are experienced in representing properties of all values, from$500,000 properties to portfolios exceeding $100 million. To learn more about the people behind Massey Knakal, meet our Ex-ecutive Team. To find the Agent that's right for you, browse our Neighborhood pages.www.masseyknakal.com

Capital One is a diversified bank that offers abroad array of financial products and services toconsumer, small businesses and commercial

clients. A Fortune 500 company, Capital One has one of the most widely recognized brands in America and is one of the nation's top 10 largest banksbased on deposits. Most recently, Capital One has organized a group to lend to multifamily owners and investors, with a specific focus on the New York tri-state market. To reach Capital One's multifamily lending group, contactChristie Keel at (631) 531-2114.www.capitalone.com

Bargold Storage Systems custom builds and installsyour Tenant Storage System at No Cost To You! We market your Storage System to building residentsand give you 25% of the gross monthly rental

income. We handle all administration services including: tenant rental agree-ments and monthly billing and collections. We maintain your storage system including general upkeep and repairs done at no expense to you, and alwaysprovides professional and friendly customer service. It's a win-win situation.www.bargoldstorage.net

Consider Citibank's Financial Intermediaries Group.Firms that manage 'other peoples' money'--

such as title insurance companies, investment money managers, commercial real estate companies--need bankers with specialized industry knowledge. Our dedicated group of financial intermediary professionals use a consultative approach and their particular expertise to provide their clients with customer-centric banking solutions.www.online.citibank.com

Belkin Burden Wenig & Goldman, LLP, established in 1989, is alaw firm concentrating on real estate issues, disputes and problemsolving. Our areas of practice include, but are not limited to, Land-lord/Tenant Disputes, Leasing, Co-op and Condo Disputes, Com-mercial Disputes, Co-op and Condo Conversions, Real Estate

Transactions/Financing, Mortgage Foreclosures, Land Use and Zoning, Admin-istrative Proceedings, and Bankruptcy and Creditors' Rights. Our clients includemany of New York's most prominent owners, developers, sponsors, manage-ment companies and lenders. We can be contacted at (212) 867-4466 orthrough our website at www.bbwg.com.www.bbwg.com

As the Nation's #1 multi-family lender, Chase strives toprovide our commercial clients the best financing

solutions when purchasing or refinancing stabilized apartment buildings.•Term financing from $500,000 to $10 million•An array of fixed and adjustable rate loan programs•Competitive pricing and low fees•Streamlined and standardized documentation•Fast, efficient loan processing•Excellent customer service provided by seasoned professionalswww.chase.com/online/commercial-bank/solutions-ctl-multifamily.htm

For more than 180 years, Con Edison has been sup-plying the energy that powers New York. Con Edison—one of the nation’s largest investor-owned energy

companies, with approximately $13 billion in annual revenue, and $36 billionin assets—provides electric service in New York, and most of WestchesterCounty. Con Edison also owns and operates the world’s largest district steamsystem, providing steam service in most of Manhattan. Con Edison is committed to supporting New York State’s competitive energy market.Through its PowerYourWay program, the company encourages customers to learn about other electric and natural gas companies — known as energyservices companies (ESCOs) — and to compare the pricing options and services that they offer. www.coned.com/energyefficiency

Commercial & IndustrialEnergy Efficiency

Our Global Real Estate Groupconsists of 56 lawyers across

our network of offices, including 28 in New York. Dewey & LeBoeuf is one of a fewglobal firms to combine major real estate disciplines, including: construction anddevelopment, complex real estate negotiation and transaction structuring, finance, tax and environmental. We have represented the owners of several hundred shopping centers, office buildings, apartment complexes, hotels, resorts,recreational, cultural, healthcare facilities, and industrial and manufacturing facilities throughout the United States and abroad. Our diversified real estate experience enables the group to handle virtually any real estate-related matter, including the completion of properties having financial difficulties during construction, the unwinding of complex structured financing transactions and the restructuring of properties with multiple levels of debt.www.deweyleboeuf.com

Friedman LLP has been serving the accounting, tax and business consultingneeds of public and private companies

since 1924. Our industry-focused practice features concentrated areas of expertise and understanding of the economic environment. We have the ability to be innovative in our approach, act quickly in our decision-making andbe flexible in our delivery of services. Our clients benefit from hands-on contactwith our partners, cutting-edge technical expertise and our understanding oftheir industry and their business. Our clients have the advantage of workingwith a mid-size accounting firm that combines the staff and resources of alarge firm with a philosophy of personal responsibility for our clients. Pleasealso visit our practice and service areas to learn more about our firm.www.friedmanllp.com

Real estate lending has been Greystone Servicing Corporation,Inc.'s ("GSC") core business for nearly two decades. From ourroots as a workout specialist for distressed FHA loans, we havecontinuously expanded our capabilities to become a full-servicemultifamily housing and healthcare facility lender. We work with

both large and small clients, on transactions of all sizes and degrees of complexity. Our national team of professionals-including the largest group ofFHA loan underwriters in the country-has built strong, collaborative relationships with Fannie Mae and the United States Department of Housingand Urban Development (HUD), enabling us to move quickly to help clients capture investment opportunities and avoid costly missteps and delays.www.greystoneusa.com

Hudson Realty Capital LLC (Hudson) is a real estatefund manager with more than $2 billion of assetscurrently under management. Since the formation

of its initial two funds in 2003, the company has closed over $3 billion in transactions. Activities include originating, participating in, servicing, restructuring and/or acquiring high-yield, special situation debt and mezzanine loans. In addition, the company invests directly in real estate and the acquisition of under-performing real estate assets and other real estate-related instruments.www.hudsonrealtycapital.com

Margolin, Winer & Evens LLP is one of the largest accounting and business advisory firms in the Northeast. Since 1946, MWE has provided expert advice to a cross-section of the real estate industry, including developers,

owners and operators of commercial, industrial, retail and residential properties, as well as financial institutions and individual investors. Our expertise covers a wide range of applications from rental and mixed-use facilities to cooperatives, condominiums, community developments, hospitality,recreational and special purpose facilities. MWE's leadership in providing services to the real estate industry is based on a conviction that we serve adual role as accountants and business and financial advisors. Our goal is to assist clients in structuring sound real estate transactions, as well as developing effective tax and finance strategies that address their overall business and financial objectives.www.mwellp.com

TOWN Residential is a Manhattan-based real estate services firm specializing in luxury sales, new de-velopment marketing and rentals. TOWN's business philosophy is based on an unwavering commit-ment to providing the most exceptional services and impactful resources to both our clients and our

representatives. This includes a focus on providing preeminent marketing, training and the most advanced technology programsin the industry, as well as additional services which allow TOWN to operate as a fully-integrated real estate services firm.www.townrealestate.com

For over thirteen years now, the EnTech corporationhas stood at the forefront of the electronic boiler control revolution. EnTech was founded by a team

of expert boiler technicians and veteran software developers, whose years of experience and combined expertise in both fields have put them on the cutting edge of computerized control technology development. Most of all, our overriding commitment to our clients, well beyond the point of sale, hasmade EnTech the #1 preferred choice among leading real estate holders from across the entire spectrum. While insuring maximum efficiency the Virtual Remote-500 increases tenant satisfaction by providing a uniform interior temperature. Its precise digital technology provides accurate, up-to-the-minute readings and comprehensive historical data.www.entechboiler.com

The Insurent Lease Guaranty Program was created to assistlandlords, condo/co-op owners, renters and brokers in closingresidential leases. Its role as the "institutional Mommy andDaddy" allows thousands of leases to quickly and easily close

to the benefit of all parties that otherwise would not have closed without Insurent.For owners, the benefits of Insurent include increasing cash flow and closing manymore leases quickly for no cost and with no risk. Some of the types of leases thatInsurent helps to close include foreigners with no U.S. credit, foreign and domesticstudents, retirees, self-employed people, wealthy people who are out of the workforce, and those with good credit but a little short on income. Please email cschoenau@insurent or call 646-843-1713 to learn more.www.insurent.com

New York State Energy Research and DevelopmentAuthority (NYSERDA) is a public benefit corporation.NYSERDA’s aim is to help New York meet its energy

goals: reducing energy consumption, promoting the use of renewable energysources, and protecting the environment. NYSERDA administers the MultifamilyPerformance Program (MPP) to help owners and developers make their build-ings more energy efficient and more comfortable! Visit our table at the MasseyKnakal Multifamily Summit to learn more about how you can save moneythrough retrofit and get the government to subsidize the work.www.getenergysmart.org/MultiFamilyHomes

The brokerage formed by the merger of The Developers Group and The Real Estate Group in 2009 is rebranding itself with a new name - MNS,which stands for 'marketing and sales.' MNS will

open its second Manhattan office at 189 Eighth Avenue in Chelsea on June 1.The expansion will bring the three-office brokerage to a sales force of over 125 agents focusing on new developments, resale and rentals. The company'sthird office is located on Bedford Avenue in Williamsburg, Brooklyn. MNS currently represents over $1 billion in exclusive listings comprising over 1,000 apartment units in Manhattan, Brooklyn and Queens. The firm is reporting remarkable sales activity at the city's two largest condominiumcommunities - The Edge in Williamsburg and One Brooklyn Bridge Park inBrooklyn Heights. MNS is also instituting VOW, or Virtual Office Website, which will enable customers and agents to search all of the industry's listings provided directly by REBNY.www.mns.com

Thank You to Our Summit Summit Sponsors and Partners 8

Quality Conservation Services is an award-winning, nationwide energy services company with core competencies in weatherization, lighting and custom energy retrofits serving the residential, commercial and in-

dustrial markets. As a residential and commercial energy efficiency contractorboth independently and authorized by major utility companies across the country, QCS is the largest and most experienced provider of energy services to the multi-family residential market. A national leader in energy conservation programs, QCS' energy management professionals with 25 years of experience have designed and implemented solutions for demand-side management energy reduction programs to various business segments. In the tri-state area, QCS is employing its GreenSmart Energy Reduction Program® for property owners and managers of multi-unit buildings.www.qcsenergy.netThe Rent Stabilization Association of N.Y.C., Inc. (RSA) is the

largest real estate industry trade association in New York representing 25,000 property owners/agents responsible for

approximately one million units of housing. RSA's members range from ownersof one small building to large multi-family complexes, cooperatives & condominiums. Our broad representation has allowed the RSA to develop apowerful base for our lobbying programs and the resources to provide a wideassortment of products and services to our members. Our members rely onthe RSA to effectively manage their buildings and protect their property rights in the most challenging rental environment in the country.www.rsanyc.com

Founded in 1991, Meridian Capital Group,LLC is one of the nation's largest commer-cial real estate finance and advisory firms.

Meridian has arranged more than $120 billion of commercial real estate debt,including more than 27,500 transactions in 42 states. The firm is headquar-tered in New York with offices in New Jersey, Maryland, Illinois, Florida and Cali-fornia. Working with a broad array of capital providers, Meridian arrangesfinancing for transactions ranging from $500,000 to more than $500 millionfor multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, stu-dent housing, self-storage and constructionproperties.www.meridiancapital.com.www.meridiancapital.com/

Laundry rooms provide a valuable amenity to residentsand steady revenue to property owners. SDi will installrooms with one washer and dryer or dozens of machines,

often at no cost to the property owner. Our Cyberserve system eliminates cash,improving security and reducing labor costs. Our award-winning laundry roomsare in thousands of buildings throughout the Metro area. Family owned and operated since 1952, SDi boasts instant refunds, 24/7 service, and timely payments to property managers to help keep budgets on track. That’s why 95 percent of our business comes from referrals, and over 90 percent of our customers renew their contracts.www.sdilaundrysolutions.com

With experience that spans a vast variety of deals and property types, thelawyers inNixon Peabody's Real Estate

practice quickly comprehend client goals and work to meet them with speed,creativity, and efficiency. The firm has more than 100 attorneys with deep experience in virtually all matters related to real estate acquisition, development, and financing, so there is never a shortage of the know-howneeded to address issues, resolve them, and get the job done. We have full-service capabilities, so can assist clients with every detail at every stage of areal estate transaction. Consider our practice a comprehensive resource forcounsel on: Development, Acquisitions, Financing, Investment managementand asset recovery, Permitting, Leasing, Dispositions and workouts.www.nixonpeabody.com

RealPage provides a platform of on-demand software solutions that integrates and streamlines rental property management business functions.

Our solutions enable owners and managers of single-family and a wide varietyof multi-family rental property types, including conventional, affordable, privatized military, student and senior housing, to manage their marketing, pricing, screening, leasing, accounting, purchasing and other property operations. Our solutions enable property owners and managers to increase revenues and reduce operating costs through higher occupancy, improved pricing methodologies, new sources of revenue from ancillary services, improved collections and more integrated and centralized business processes. For more information, visit www.realpage.com.www.realpage.com

Reach rental tenants using multichannel marketing.Whether your target audience uses laptops or PDAs,reads blogs or Kindles, you must have the know how to

deliver the right message at the right time. The professionals at Online Marketing Groupknow the most effective ways to reach potential tenants atwork or play. We transform your sales & marketing goals into online strategies& tactics that work. Search Engine strategies, affiliate marketing, website development and online advertising campaigns. These are just a few of theareas we can help you with. In a world where change is the only constant, youneed the guidance of professionals who understand how the online world affects the offline. Online Marketing Group provides a complete suite of servicesto help clients make the most of online opportunities - wherever they are.www.onlinemarketinggrp.com

On the leading edge since 1978, US En-ergy's mission has been to help propertyowners and managers conserve energy

and reduce costs. Now, every property owner knows the world of energy usehas changed forever and the days of cheap energy are long gone. The watch-words today are "operating efficiency" and "conservation". Certainly, there aremany energy conservation and money-saving products smart property owners and managers should consider, but Energy Management Systems (EMS), integrated controls, fuel measurement and delivery verification, and online monitoring are the essential "no-brainers." They go to the heart of a property's energy use - providing information, control and provable cost-saving results.www.use-group.com

REM Residential is one of New York’s preeminent real estatemanagement companies, with a focus on managing rentalbuildings for investors. At REM, we adhere to a set of core val-ues that form the cornerstone of our reputation: accountabil-

ity, integrity and an “old school” work ethic that commits us to delivering onevery client obligation in a professional and timely fashion. Accountability is aterm that is all too often overlooked by our competitors in the industry. Wefirmly believe that we are accountable for the management of your asset. Weaccomplish this accountability through various means of communication. Webelieve in providing our clients with comprehensive details, updates and statusreports. We are passionate about the buildings we manage and we are confi-dent no company can match our attentiveness or the level of experience webring to every facet of managing your building. We are known for our long termclient relationships and our hands-on approach to building management.www.remny.com

WeiserMazars LLP, an independent U.S. member firm of Mazars Group, meets the critical issues and competitive challenges facing global organizations, owner managed businesses and high net worth

individuals. We provide innovative accounting, auditing, tax and financial advisory services to a diverse range of clients in industries including: real estate, financial services, manufacturing & distribution, media & communications, healthcare, and not-for-profit. Our organizational structure and access to professionals throughout the world facilitate strong client relations and excellent service.www.weisermazars.com

9 Thank You to Our Summit Sponsors and Partners

Social, Search, Mobile, Remarketing, Listing Syndication, Dynamic phone numbers,

Analytics, Website Optimization. This is no time to go it alone.

Online Marketing Group (OMG) offers unequalled insight & services

for marketing real estate online. We are committed to

helping ownership generate leads. Lots of them, every day.

ONLINE GENIUS

Visit our table in the exhibit hall.

onlinemarketinggrp.com 212.532.0600 12 West 23rd Street New York, NY 10010

Stop by our table and sign up for 2 months of free listing syndication.

We’ll put all your availabilities on over

30 WEBSITES FOR 2 MONTHS – FREE OF CHARGE.

FREE LISTING SYNDICATION

TUESDAY, NOVEMBER 15THButterfield 8 • 5 East 38th Street • New York, NY 10016

8:30 AM –Interview with Special Guest, Bruce Beal, Related Companies �Auditorium

One-on-one with:

Bruce Beal, Executive Vice President, RELATED COMPANIESRobert Knakal, Chairman, MASSEY KNAKAL REALTY SERVICES

8:00 AM – Opening Remarks & NYC Multifamily Market Update �Auditorium

Robert Knakal, Chairman, MASSEY KNAKAL REALTY SERVICES

7:30 AM Registration & Networking Breakfast in Exhibit Hall

9:00 AM – Affordable Housing: The Changing Fundamentals of the Low Income Housing Market �Auditorium

Moderator: John Kelly, Partner, NIXON PEABODY

Sol Arker, Partner, THE ARKER COMPANIESSteven Barranca, Principal, FRIEDMAN LLPDavid Dishy, Executive Vice President – Acquisitions & Investment, L + M DEVELOPMENT PARTNERSShola Olatoye, Deputy Director – New York, ENTERPRISE COMMUNITY PARTNERSEugene Schneur, Co-Founder & Managing Director, OMNI NEW YORK LLCMathew Wambua, Commissioner, NYC DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT

5:00 - 7:00 PMVIP Cocktail Reception (By Invitation Only)

A reception for sponsors, speakers and special guests hosted by Massey Knakal Realty Services

WEDNESDAY, NOVEMBER 16THMcGraw-Hill Conference Center • 1221 Avenue of Americas • New York, NY 10020

Conference Agenda 12

Attendance at this year's Massey Knakal Multifamily Summit

qualifies you for up to 7.5 hours of CE credits,facilitated by REEDC. License number and

sign-in required. Visit their table in the exhibithall for more details.

www.reedc.com

REDUCE YOUR BUILDING’S ENERGY USE.IMPROVE YOUR BOTTOM L INE .Results have shown an averageannual recurring energy savings of $650* per unit

Take the FIRST STEP to reducing your building’s energy use.

We have the SOLUTION.

GreenSmart Energy Reduction

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Track A - Multifamily Financing: Cap Rates vs. Interest Rates �

Auditorium

Moderator: Garrett Thelander, Managing Director, MASSEY KNAKAL REALTY SERVICES

Robert Akalski, Senior Vice President, CAPITAL ONEMelissa Farrell, Principal, PRUDENTIAL COMMERCIAL MORTGAGESpencer Garfield, Managing Director, HUDSON REALTY CAPITALJeff Gould, President and CEO, BRT REALTY TRUSTHilary Provinse, Vice President – Multifamily Lending, FANNIE MAERon Wechsler, Managing Director, RAITRichard Wolf, Senior Managing Director, GREYSTONE

Track B - Innovations in Management: Lessons from the Front Line of Cash-Flow Generation �

Room 209

Moderator: Stephen Palmese, Director of Sales, MASSEY KNAKAL REALTY SERVICES

Robert Cohen, Managing Principal, R. A. COHEN & ASSOCIATESAndrew Hoffman, Chief Operating Officer, STONEHENGE PARTNERSDavid Kuperberg, Founder & CEO, COOPER SQUARE REALTYWayne Olson, Partner, MARGOLIN WINER & EVENS LLPDavid Unger, Chief Operating Officer, US ENERGYMatt Van Damm, Director of Operations, TOWN RESIDENTIAL

10:00 AMNetworking Break and Refreshments in Exhibit Hall

10:30 AMConcurrent Sessions (Choose Track A, B or C)

Track A - New Development Showdown: Rentals vs. Condos �

Auditorium

Moderator: James Nelson, Partner, MASSEY KNAKAL REALTY SERVICES

Harold Fetner, President & CEO, DURST FETNER RESIDENTIALJames Hedden, Senior Managing Director, Development, ROSE ASSOCIATESKenneth Horn, Founder & Principal, ALCHEMY PROPERTIESJoe McMillan, Chief Executive Officer, DDG PARTNERSReid Price, Managing Director – New Developments, TOWN RESIDENTIAL

Track B - Albany and the City 2011: Rent-Stabilization and the Politics of Real Estate �

Room 209

Moderator: Ron Lagnado, Partner, WEISERMAZARS

Sherwin Belkin, Partner, BELKIN BURDEN WENIG & GOLDMAN, LLPDavid Hershey-Webb, Partner, HIMMELSTEIN, MCCONNELL,

GRIBBEN, DONOGHUE & JOSEPHRobert Knakal, Chairman, MASSEY KNAKAL REALTY SERVICESDaniel Margulies, Executive Director, ASSOCIATED BUILDERS

AND OWNERS OF GREATER NEW YORKJoe Strasburg, President, RENT STABILIZATION ASSOCIATION

11:30 AMConcurrent Sessions (Choose Track A, B or C)

Track C - Multifamily Energy Management: How to Use Benchmarking Data to Optimize Your Building’s Performance �

Room 205

Presenter: David Unger, Chief Operating Officer, US ENERGY

About this workshop: Now that you have gathered your energy use data and have submitted it to EPA's Portfolio Manager in compliance with Local Law 84, how can you put this valuable information to use? This workshop will focus on how to interpret the results from benchmarking your buildings and how to use this information to drive energy efficiency measures to improve performance and reduce cost. This session will focus on the following topics:

• What is an EUI (Energy Use Index), and how does my EUI compare to other buildings?• How to evaluate the building based on tenancy and space use• Who bears the cost of energy use and how can it be controlled (Tenant vs. Owner)?• How to evaluate each area of use, and determine strategies for reducing consumption • Short and long term measures that can be taken - Low Hanging Fruit vs. Longer term investments

Track C - Online Marketing to Renters: How to Use Web, Mobile, and Social Media to Better Market Your Building �Room 205

Presenters: Don Tallerman, President, ONLINE MARKETING GROUP • Ilana Schwartz, Vice President, ONLINE MARKETING GROUP

Case Studies:

Alex Kafenbaum, Associate Director of Development, M&R MANAGEMENTMichael Regan, Senior Leasing Director, VANTAGE PROPERTIESKirsten Risko, Marketing Manager, ROSE ASSOCIATES

About this workshop: Come learn how you and your leasing team can better market and lease up your vacant units while minimizing costs and brokers fees.

• Mobile Devices – How to be Smart “mobile” • Brand Monitoring & Management – What comes up when you type your name into Google?• Back from the dead. Print is making a comeback – how to use print to dovetail with your online efforts. • Can social media really bring deals? How to make social media work for you.

Conference Agenda 14

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12:30 PMConcurrent Luncheons

Networking LunchExhibit Hall

1:30 PMConcurrent Sessions (Choose Track A or B)

Track A - Owners Roundtable �Auditorium

Moderator: Andrew Baroccas, CEO, MNS

Adam Leitman Bailey, Owner, ADAM LEITMAN BAILEY, P.C.Daniel Benedict, President, BENEDICT REALTYJohn Gilbert, Executive Vice President, RUDIN MANAGEMENTLarry Gluck, Founder and CEO, STELLAR MANAGEMENTRobert Nelson, President, NELSON MANAGEMENT GROUPRichard Parkoff, President, THE PARKOFF ORGANIZATION

Track B - Transaction Financing Strategies: 1031 Exchanges �Room 205

Presenter: David Gorenberg, Senior Vice President, CITIBANK

About this workshop: Transaction attorneys and building owners considering a sale should attend this workshop.

• Transactions: Property transactions and the rules of “incidental property”• Benefits: How to maximize tax benefits, plus personal property implications• Restrictions: What not to do in a delayed exchange• Protect Yourself: Effects of Qualified Intermediary Fraud and Bankruptcy• Examples: Real-life case studies and creative exchange solutions

2:45 PMRepositioning Multifamily Assets: Renovation, Redevelopment & Conversions �Auditorium

Moderator: Stuart Saft, Chair of the Real Estate Department, DEWEY & LEBOEUF

Devin Aronstam, Head of Acquisitions, VANTAGE PROPERTIESLarry Curtis, President, WINNDEVELOPMENTDouglas Eisenberg, Chief Operating Officer, URBAN AMERICANZiel Feldman, Managing Principal, HFZ CAPITAL GROUPArnold Goldstein, Chairman, SAMSON MANAGEMENTDavid Gorenberg, Senior Vice President, CITIBANK

3:45 PMKeynote Interview with AREA Property’s Richard Mack �Auditorium

One-on-one with:

Richard Mack, Chief Executive Officer, AREA PROPERTY PARTNERSPaul Massey, CEO, MASSEY KNAKAL REALTY SERVICES

4:30 PMNetworking Cocktail Reception in Exhibit Hall

Working Lunch: Cash Management Secrets for Building Owners and Managers Room 205 (Presentation begins promptly at 1pm)

Presenters: Bernadette Knight, Senior Vice President, CITIGROUP • Lyndie Fasold, Vice President, CITIGROUP

About this workshop: Owner, operators, and managers who are responsible for their portfolio’s cash management should attend.

• Real Estate Cash Management: Different account and payment types that meet the demands of the Real Estate industry• Collections and Receivables: How to speed up receivables and streamline your company’s collections process• Online Cash Management: How to maximize your bank’s Online Banking platform• Preventing Fraud: How to safeguard your company’s bank accounts from check and electronic fraud

Photos, presentations, and audio recordings will be posted online after the event. Please visit

http://greenpearl.com/event-archivesAnd, meet past attendees of GreenPearl’s Real Estate Summits by following

GreenPearl Events on Facebook, LinkedIn, and Twitter.

Conference Agenda 16

Over 600 investors, owners, developers, financiers, and other principals and deal makers helped make

MASSEY KNAKAL MULTIFAMILY SUMMIT a success. Thank you for your support!

10439th Realty1st Global Equity Investors23 Schermerhorn KG, LLCAdam Leitman Bailey, P.C.Adelphia, LLCAEAAIG Global Real EstateAJ Clarke Real EstateAJA Properties, Ltd.Alchemy PropertiesAmalgamated BankAnbau EnterprisesApartments.comArbor Realty TrustAREA Property PartnersARM Real Estate Group, LLCAsset Preservation, Inc.Associated Builders &

Owners of Greater New YorkBank of AmericaBargold Storage SystemsBaruch College (CUNY)Bedford Strategies & SolutionsBELFOR Property RestorationBelkin Burden Wenig & Goldman, LLPBelpointe Capital, LLCBenchmark Title AgencyBenedict RealtyBerkadia Birchwood Properties, LLCBloomberg News Boston Realty AdvisorsBozzuto Management CompanyBrenhines Properties, LLCBRGBright Power, Inc. Brown Harris StevensBrownstone Real Estate, LLCBRT Realty TrustBuilders BankCadence Capital Group, LLCCapital One BankCBRECenterline Capital GroupCertilman BalinCetraRuddyChase Bank

Citi Abstract Inc.Citi HabitatsCitibankCitigroupCiti-HabitatsCity Skyline Realty, Inc.ClickPay Services, Inc.Columbia University Community Housing Improvement ProgramCon EdisonConey Realty Co.Cooper Square RealtyCoriginCornicello, Tendler, Baumel-CornicelloCovington & Burling, LLPCPEX Real EstateCreative Funding Group, LLCDavid StatonDDG Partners, LLCDearborn Capital GroupDeerwood Real Estate CapitalDeutsche Bank Berkshire MortgageDewey & LeBoeufDiversified Realty Advisors, LLCDixon AdvisoryDouglas Elliman Property ManagementDouglaston Realty Management CorpDurst Fetner ResidentialDVO Real Estate Holdings, LLCEagle Rock Advisors, LLCEast End CapitalEastdil SecuredEcotekture Development & Design Inc. Eldon ManagementEmanuel Enterprises Corp.EMG Entech Digital ControlsEnterprise Community InvestmentEnterprise Community PartnersExceed, LLCFalco & Isak Realty ServicesFannie MaeFine TimesFirst American Title Insurance CompanyFirst Metropolitan PropertiesFirst National Bank of Long Island First Point Realty Advisors, LLC

Fisher BrothersFlatbush Federal SavingsFocus Real Estate Group, LLCForrest Partners, LLCForsyth Street AdvisorsFortress Investment GroupFriedman, LLPGACE Consulting EngineersGaveco Real Estate, Inc.GCP Capital Group Georgia MaloneGlenwood Management Corp.Goldman SachsGramercy Capital Corp.Great Point PropertiesGreat RentalsGreenPearl EventsGreenrock Organization, LLCGreystone Servicing Corp.Grubb & EllisGTIS PartnersHamilton PropertiesHartz Mountain Industries, Inc.Heights Real EstateHelaba Landesbank Hessen-ThüringenHerrick, Feinstein, LLPHFZ Capital GroupHimmelstein, McConnell, Gribben,

Donoghue & JosephHoulihan ParnesHudson Housing CapitalHudson Realty CapitalHughes Hubbard & Reed, LLPInsurent Agency CorporationInvescoIron Hound Management, LLCJasberg Group, LLCJB Real Estate Investment GroupJDF Realty, Inc.JGAM, LLCJP Morgan - Asset ManagementJP Morgan ChaseJSPOL Investors Corp.Julianna RealtyKASA Holdings, LLCKeyBank Real Estate CapitalKhana Equities

17 Conference Attendees

Kushner Real Estate GroupL&P Real Estate Group, Inc.L.A.M. Management Co., Inc.L+M Development Partners, Inc.Lafayette Portland Corp.Landmark PartnersLarew, Doyle & AssociatesLee Stern & Co.LeFrak OrganizationLehigh Cromwell, LLCLeitner Group Inc. Lend Some MoneyLeslie A. Barnett, ArchitectLexin Capital, LLCLu Ning Architecture, PLLCM&R Management CompanyM&T BankM. Ravikoff Associates, Inc.Madison EquitiesMadison National BankManhattan Skyline Management Corp.Margolin, Winer & Evens, LLPMassey Knakal Realty ServicesMedley Realty, LLCMeister Seelig & Fein, LLPMeridian Capital Group, LLCMeridian Properties, LLCMetLifeMetrobuild, LLCMetropolitan Funding Corp.Michael & Appell Associates, Inc.Mitsui Fudosan AmericaMJS InvestmentsMNSMorgan PropertiesMoss Adams CapitalNCL Capital AdvisorsNelson Management GroupNemec FinancialNew York State Energy Research &

Development Authority (NYSERDA)Newmark Knight FrankNidoj Realty Corp.NIKKEINixon Peabody, LLPNOI StrategiesNorthEnd Equities, LLCNorthMarq CapitalNYC Department of Housing Preservation &

DevelopmentNYRE Ventures, LLCOmni New York, LLCOnline Marketing GroupOn-Site.com

Papaver Holdings, LLCParkimmoPhillips Development, Inc.Pink Stone Capital Group, LLCPomme Group Real Estate Corp.Porthaven Capital, LLCPrana InvestmentsPrincipal Real Estate InvestorsPrudential Commercial MortgagePrudential Douglass Elliman -

The Haber TeamPrudential Mortgage Capital CompanyQuality Conservation ServicesQuinlan Development Group, LLCQuontic BankR. A. Cohen & AssociatesRAITRapid Realty NYC, Inc.RealPage, Inc. Rebel Rebel CapitalRecap Real Estate AdvisorsReigns CapitalRelated CompaniesREM ResientialRennie-Walker HoldingsRent Stabilization AssociationRent.comRentGrowREOL ServicesReznick GroupRG Consulting Services, LLCRiverside AbstractRMLRoanoke Realty PartnersRose Associates, Inc.Roux Associates, Inc. Royal AbstractRudin ManagementSafeRentSamson ManagementSandra OspinaService Directions, IncShearman & Sterling, LLPSholom & Zuckerbrot Realty Corp.Signature BankSimone Song PropertiesSimpson Housing, LLPSkyline TRG Title AgencySotheby's International RealtySovereign AssociatesSR PropertiesState Bank of Long IslandStellar ManagementSterling American Property, Inc.

Steven Winter Associates, Inc.Stillman ManagementStonehenge PartnersStudley, Inc.Stuyvesant Town -

Peter Cooper Village Tenants AssociationTAB Equities, LLCTD BankTerraCRGThe Arker CompaniesThe Carlyle GroupThe Dermot Company, Inc.The Harmony GroupThe Houston Real Estate GroupThe John Buck CompanyThe Manhattan Realty (TMR)The Marketing DirectorsThe Mgmt GroupThe Parkoff OrganizationThe Rainmaker GroupThe Real DealThe Witkoff GroupThomas S. Fleishell & Associates, P.C.TIAA-CREFTishman SpeyerTMGTOWN Residential, LLCTransAtlantic Capital AdvisorsTrellis PropertiesTuck Capital AssociatesTurett Collaborative ArchitectsUniversal Enterprise, LLCUrban AmericanUS Energy GroupUSA Mortgage / Hecht GroupVantage PropertiesWachtel Management Corp.Waksard Capital, LLCWalker & DunlopWaterton AssociatesWeiserMazars, LLPWheelhouse PropertyWhite Birch Builders, Inc. Winick Realty GroupWinnDevelopmentWinthrop ManagementWiss & Company, LLPWoodsBagotYarra Development, LLCYMCA of Greater New YorkYoungwood & Associates

A s of November 4th

Conference Attendees 18

19 Thank You to Our Summit Speakers

Thank You to Our Summit SpeakersRobert Akalski, Senior Vice President, Capital OneRobert Akalski is the Senior Vice President and Relationship Manager of Capital One's Multifamily Lendingbusiness in New York. Capital One is one of New York's leading multifamily lenders with a portfolio of ap-proximately $5.3fB and multifamily originations of over $1.4B in 2011. Capital One is very high on the NewYork multifamily business and expects to grow its portfolio significantly over the next several years. Mr.Akalski has over twenty five years of experience in all aspects of real estate finance, including the sourcing,underwriting, structuring and negotiating of all types of transactions.

Sol Arker, Partner, The Arker CompaniesSol Arker is the Chief Executive Officer of The Arker Companies. He is responsible for providing direction toall parts of the company including its development, contracting and management divisions. Mr. Arker holdsa B.S. degree in Economics from the University of Hartford and a J.D. degree from St. John's University. TheArker Companies is a fully integrated development, construction, and property management company withmore than 100 employees, based in Floral Park, NY.

Devin Aronstam, Director - Head of Acquisitions, Vantage PropertiesDevin is the Head of Acquisitions for Vantage Properties and its affiliate, Candlebrook Properties. Sincejoining Vantage in 2009, Devin has led Vantage's geographic expansion out of New York City and into thesurrounding suburban markets, having acquired approximately 2,500 units in New Jersey to date. Prior toJoining Vantage, Devin was a Principal with Lubert-Adler Partners, a leading real estate private equity firm.Devin received his B.A from the University of Michigan and his M.B.A. from The Wharton School at the Uni-versity of Pennsylvania.

Adam Leitman Bailey, Owner, Adam Leitman Bailey, P.C.Adam Leitman Bailey, Esq. practices residential and commercial real estate law. Among New York's mostsuccessful and prominent real estate attorneys, Mr. Bailey has been identified among the top five percentof attorneys in the New York area, and named a Super Lawyer by Law & Politics magazine. During the pastthree years, the internationally esteemed Chambers & Partners repeatedly selected Mr. Bailey as one ofNew York's Leading Real Estate lawyers, hailing Mr. Bailey as a "tenacious and confident litigator who isquick-witted in court and respected by the judges."

Steven Barranca, Tax Principal, Friedman LLPSteven Barranca is a tax principal with Friedman LLP. He has over 25 years of experience in public account-ing and specializes in the taxation of partnerships and partners in real estate. Steve has extensive experi-ence with real estate developers, investors, operators, syndicated real estate deals, tiered-entity-structures,low-income housing projects, historic tax credits, REIT compliance, UPREIT structures, tax-exempt investors,and section 1031 like-kind exchanges.

Andrew Barrocas, CEO, MNSAndrew Barrocas is the Chief Executive Officer of The Real Estate Group. He is jointly responsible for theday-to-day operations, strategic planning and the overall vision of the company. Mr. Barrocas began his realestate career at one of Manhattan's largest brokerage firms, where he soon earned the title of ManagingDirector at the age of 23. Over the course of the next four years, he received numerous awards for hisachievements in real estate, including the prestigious Crain's NY "Top Broker Under 30?.

Bruce Beal, Executive Vice President, Related CompaniesBruce A. Beal, Jr., is an Executive Vice President of Related Companies. Mr. Beal joined Related in 1995and is responsible for overseeing the day-to-day development process for projects throughout the country,including acquisition, finance and construction activities. In addition, Mr. Beal oversees Related's existingportfolio of residential properties as well as the new acquisitions and development for the Related Afford-able division.

Sherwin Belkin, Partner, Belkin Burden Wenig & Goldman, LLPMr. Belkin has represented owners in numerous proceedings and hearings before the New York Concilia-tion and Appeals Board, Office of Rent Control, New York State Division of Housing and Community Re-newal, Attorney General's Real Estate Financing and Consumer Frauds Bureaus, U.S. Department ofHousing and Urban Development and New York City Commission on Human Rights. He has successfullychallenged many of these administrative agencies in State Supreme Court and has argued appeals beforeall levels of State appellate courts.

Daniel Benedict, President, Benedict RealtyMr. Benedict founded Benedict Realty Group, LLC in 1995. After working with a Belgium-based metals andcommodities trading firm, Mr. Benedict saw the opportunities available in real estate in the early 1990sand switched his focus toward acquiring NY multifamily real estate. Mr. Benedict's first real estate purchaseoccurred in 1994 when he bought a $1 million note secured by 60 units in the Bronx, New York. The prop-erty had 30 vacancies with significant capex issues. Mr. Benedict foreclosed on the equity, filled the unitsand has recouped the investment many times over.

Robert Cohen, Managing Principal, R. A. Cohen & AssociatesBesides his expertise at assembling a diversified staff of professionals, Robert A. Cohen, president andfounder, has an extensive background in real estate law and management. Prior to forming R. A. Cohen &Associates, Inc., he was Executive Vice President and Chief Operating Officer at Imperial Properties, Inc.,New York, after a long and successful career as Vice President and General Counsel of M. J. Raynes Incor-porated, during its period of dominance in co-op conversions in the 1980s.

Lawrence Curtis, President, WinnDevelopmentAs Managing Partner and President for WinnDevelopment, Larry leads a full range of real estate develop-ment and acquisition activities for WinnCompanies, a Boston-based firm with over 80,000 residential unitsunder management in 23 states across the country. While maintaining a wide range of real estate inter-ests, Larry's primary focus has been on the creation of affordable housing and historic rehabilitation.

David Dishy, Executive Vice President for Acquisition & Investment, L + M Development PartnersDavid Dishy is responsible for new acquisitions and investments for L+M. In this capacity, David managesthe New York Affordable Housing (NYAH) Preservation Fund, an investment platform with Citi CommunityCapital as well as components of L+M's joint venture with Goldman Sachs' Urban Investment Group(GSLM). Prior to joining L+M, David served as Senior Vice President for residential with Forest City RatnerCompanies and then as a Managing Director for residential development and acquisition with TishmanSpeyer in New York.

Douglas Eisenberg, Chief Operating Officer, Urban AmericanUrban American-founded in 1997-got its start in New York and New Jersey, building a portfolio of more than12,000 units. Douglas Eisenberg is Chief Operating Officer of the company he started with his father, andhas developed a formula of buying, renovating, and managing workforce apartment properties often over-looked by institutional investors.

Melissa Farrell, Principal, Prudential Commercial MortgageMelissa is a Managing Director with Prudential Mortgage Capital Company. In this role, she oversees thefirm's Manhattan office and is responsible for the origination of a broad range of commercial mortgageproducts throughout the Northeast region. She is located in New York City.

Lyndie Fasold, Vice President, CitigroupLyndie Fasold is a Treasury Consultant and Vice President at Citi. Lyndie has been working at Citi since2005 when she joined the organization as a Management Associate. Currently, Lyndie works with MiddleMarket and Financial Intermediary clients in the New York and Connecticut marketplaces to provide themwith innovative Cash Management Solutions.

Ziel Feldman, Managing Principal, HFZ Capital GroupMr. Feldman began his career as a real estate attorney in 1984 and ascended quickly to the role of part-ner. Concurrent with his legal work, Mr. Feldman began investing in several multi-family properties locatedin New York City. In 2005, Feldman created a new entity, HFZ Capital Group, with a broader mandate tocapitalize on development and investment opportunities in the U.S. and around the globe. In 2007, Mr.Feldman purchased a majority stake in Polar Investments Ltd., a public real estate company traded on theTel Aviv Stock Exchange (TASE), and assumed the position of Chairman.

Harold Fetner, President and CEO, Durst Fetner ResidentialHarold Fetner became President and CEO of Sidney Fetner Associates in 1988, and he was named Presi-dent and CEO of Durst Fetner Residential at its inception in 2007. Under Mr. Fetner's direction, SFA's port-folio has grown exponentially, all through ground up development, allowing the company to earn itsreputation as a premiere residential development and management company. He has established the corevalues for Durst Fetner Residential, which include: high service standards, commitment to sustainable de-velopment and attention to detail.

Spencer Garfield, Managing Director, Hudson Realty CapitalMr. Garfield joined Hudson at its formation in March 2003 as a Managing Director in charge of new loanoriginations, business development and business relations. Mr. Garfield has been instrumental in the com-pany achieving dominance in the middle-market, opportunistic real estate investment arena. Led byGarfield's originations, HRC has closed more than $2 billion in debt and equity transactions since the for-mation of its initial two funds. Before joining HRC, Mr. Garfield spent 12 years in the real estate industrywith an emphasis on real estate investment and finance.

John Gilbert, Executive Vice President, Rudin ManagementJohn Gilbert is EVP and COO for the Rudin organization. This prominent, family-owned developer, possesses10 million feet of commercial space and 18 apartment buildings. Mr. Gilbert has chaired or co-chaired sev-eral task forces on rebuilding telecom infrastructure and security, and serves on Mayor Bloomberg's taskforces on energy policy and improving the City's emergency response and security, and was appointed tothe Mayor's new Broadband Advisory Committee. Mr. Gilbert also is a Trustee for the New York Hall of Sci-ence.

Laurence Gluck, Founder and CEO, Stellar ManagementIn March, Laurence Gluck picked up a stalled condominium project in Williamsburg, Brooklyn, at a steepdiscount. He plans to relaunch it as a rental. In the past year, the head of Stellar Management has alsosnapped up a hotel and a residential tower in Manhattan, and signed on a deep-pocketed investor for hiscash-squeezed, 26-story office tower downtown.

Arnold Goldstein, Chairman, Samson ManagementArnold Goldstein graduated from New York University's School of Commerce, Accounts and Finance, and isco-founder of Samson Management, one of New York City's largest owner management firm. Mr. Goldsteinis Chairman of the Board and Chairman of the Executive Committee of the Rent Stabilization Association ofNew York, member of the Attorney General's Cooperatives and Condominiums Advisory Task Force andserved as a Director of the NYS Managed Long Term Care Advisory Board.

David Gorenberg, Senior Vice President, CitibankDavid is the Senior Vice President of Citibank, N.A., and serves as the National Director of 1031 ExchangeServices, a national Qualified Intermediary in Section 1031 tax-deferred property exchanges. In that capac-ity, he speaks frequently on Section 1031 tax-deferred property exchanges, recently issued regulations re-garding exchanges, and updates to the Tax Code concerning Section 1031, and related issues. He has alsodeveloped other specialized presentations to meet the needs of specific groups, including attorneys, ac-countants, estate planners, real estate professionals, and investor groups.

Jeffrey Gould, President and CEO, BRT Realty TrustJeff is President and Chief Executive Officer of BRT Realty Trust (NYSE: BRT), a Great Neck, New York basedpublic mortgage REIT and a member of the Board of Trustees. BRT originates short-term bridge loans foracquisition and to assist borrowers in the buyback of their debt or third-party debt opportunities primarilyon income producing properties nationwide. Jeff has an outstanding record of accomplishments in com-mercial real estate lending and real estate ownership. Under his stewardship, BRT has dramatically ad-vanced its reach, equity and assets to become one of the foremost short-term lenders on the nationalunconventional lender landscape, providing impeccable service, speed, and reliability of closing.

James Hedden, Senior Managing Director, Development, Rose AssociatesAs Senior Managing Director of Development for Rose Associates, Inc., James L. Hedden sources develop-ment and acquisition opportunities and provides financial analysis and investment viability. Prior to joiningRose Associates, Jim was NYC Regional Executive for Bank of America's Commercial Real Estate BankingGroup. Jim has more than 25 years in various positions in the real estate industry hroughout the Northeast.He served as senior vice president at Fleet Bank in charge of commercial real estate lending, managing of-fices in New Jersey, Philadelphia and Washington DC.

David Hershey-Webb, Partner, Himmelstein, McConnell, Gribben, Donoghue & JosephDavid is a partner at Himmelstein, McConnell, Gribben, Donoghue & Joseph and has been with the firmsince 2001. David specializes in DHCR related litigation and has won significant decisions in favor of rent-stabilized tenants including Columbus 95 v. DHCR (Supreme Court decision holding that former Mitchell-Lamas are not entitled to "unique or peculiar" rent increases). David has published in the New York LawJournal (In the Wake of the 'Roberts' Decision, What Next? 12/1/09).

Andrew Hoffman, Chief Operating Officer, Stonehenge PartnersAndrew Hoffman joined Stonehenge Partners in 2008 as Chief Operating Officer. He is responsible for allaspects of the company's operations including leasing, property management, compliance and related op-erational matters. Mr. Hoffman has over 25 years in New York City real estate management, including 16years as the President of Clarendon Management Corp., the owner-operated management company man-aging more than 2,500 residential rental units, including the 1,000-unit London Terrace Gardens. The port-folio Mr. Hoffman oversaw was valued at over $800 million.

Kenneth Horn, Principal, Alchemy PropertiesKenneth S. Horn, Esq. founded Alchemy Properties Inc. in 1990. Mr. Horn has been actively involved in de-velopment and other aspects of real estate in the metro area for 25 years. Since 1990, Mr. Horn has beendirectly responsible for the acquisition, renovation, development, financing, marketing and conversion ofover 3,000 apartments in the New York City region. Alchemy has developed over Twenty (20) residentialand retail buildings in Manhattan, Brooklyn and Queens either as ground-up structures or rehabilitations.

John Kelly, Partner, Nixon PeabodyMr. Kelly has extensive experience representing both for-profit and nonprofit developers, owners, and oper-ators in complex real estate transactions, including acquisitions and sales, ground leases, developmentagreements, and financings (private or public). Mr. Kelly has developed specific experience in federal,state, and local housing programs, including the FHA multifamily mortgage insurance programs, Section 42low income housing tax credits, Section 8 and Section 202 restructurings, New York State and City Mitchell-Lama programs, and New York State Housing Finance Agency.

Robert Knakal, Chairman, Massey Knakal Realty ServicesRobert Knakal is Chairman and Founding Partner of Massey Knakal Realty Services, a full service propertysales firm. He graduated from the Wharton School of Business at the University of Pennsylvania with a B.S.in in Economics in 1984. He started his real estate career at CB Richard Ellis where he met Paul Massey.They both left CB in 1988 to form Massey Knakal Realty Services. To date, Massey Knakal has a marketvalue in excess of $11 billion. Mr. Knakal has been personally responsible for the sale of more than 1000buildings worth over $6 billion.

Bernadette Knight, Senior Vice President, CitigroupBernadette Knight is a Senior Vice President and manages Citibank's Northeast Cash Management SalesGroup. She has been with Citibank for 13 years primarily in the Cash Management business. She managesa team of 14 Treasury Consultants who help companies create efficiencies in their cash managementprocesses and free up working capital. Bernadette has over 17 years banking experience and holds anMBA in Management and Finance from the Zarb School of Business at Hofstra University and a Bachelor ofBusiness Administration from Adelphi University.

David Kuperberg, Founder & CEO, Cooper Square RealtyDavid Kuperberg, a respected leader and visionary in property management for more than two decades,founded Cooper Square Realty in 1987 and quickly spearheaded its growth into the largest residentialproperty management firm in New York City. He is a vocal advocate of training and certification and hasearned the industry's highest designations of Certified Property Manager (CPM®) and Advanced RegisteredApartment Manager (RAM).

Ron Lagnado, Partner, WeiserMazarsRon Lagnado is a partner in the Real Estate Services Group at WeiserMazars. Ron brings more than 20years of experience providing audit and accounting services to the real estate industry based primarily inthe New York metropolitan area. He has extensive knowledge in the areas of affordable housing develop-ment and compliance, and the financial and tax issues confronting the real estate and construction indus-tries. Areas of key focus include the performance of attestation engagements, compliance, due diligence,and cost certifications for commercial and residential real estate entities.

Richard Mack, Chief Executive Officer, AREA Property PartnersRichard is the Chief Executive Officer of AREA's North American business responsible for new investmentsand investment management. Mr. Mack was one of the founding Principals of AREA in 1993 and is a mem-ber of the firm's Investment Committees in the U.S. and Europe. Since 1993, Mr. Mack has been involvedin the investment of over $13 billion in more than 550 transactions on behalf of AREA's institutional in-vestors and was specifically responsible for the creation of new business lines to capitalize on evolvingmarket trends, including AREA's subordinate debt business.

Paul Massey, Chief Executive Officer, Massey Knakal Realty ServicesTogether with Partner Robert Knakal, whom he met at Coldwell, he founded what has become New YorkCity's largest investment property sales brokerage firm. With 150 sales professionals serving more than200,000 property owners, Massey Knakal Realty Services is ranked New York's #1 sales company in vol-ume by CoStar Group, a national independent tracking agency. With more than $2 billion in annual sales,Massey Knakal also ranks as one of the nation's largest privately owned real estate brokerage firms.

Daniel Margulies, Executive Director, Associated Builders and Owners of Greater New YorkDan Margulies is Executive Director of the Associated Builders and Owners of Greater New York, the localaffiliate of the National Association of Home Builders. ABO represents New York City's major housing devel-opers. Margulies was executive director of Community Housing Improvement Program, Inc., a rental prop-erty owners' trade association, from 1986 until 2003, when he left to become a real estate broker andconsultant. More recently, he was chief operating officer of US Energy Group, a heating controls manufac-turer.

Joe McMillan, Chief Executive Officer, DDG PartnerJoe McMillan is Chief Executive Officer of DDG Partners, an integratedinvestment and development firm with offices in New York and San Francisco. DDG's vertically integratedstructure allows it to provide capital, design, construction, development and asset management expertiseacross its portfolio. DDG focuses on mixed-use and luxury residential development on the east and westcoasts.

James Nelson, Partner, Massey Knakal Realty ServicesJames Nelson brings to every real estate transaction he works on the determination to win, the tenacityand hard work to succeed, and the confidence that comes from years of experience in the field. At MasseyKnakal Realty Services since 1998 and a partner since 2004, James has been involved in the sale of morethan 200 properties and loans with an aggregate value of over $1.3 billion. In April, he was included by TheReal Deal as one of the Top 35 and Under NYC Real Estate Players and was recently ranked as the #1 TopNYC Deal Maker by LoopNet, an on-line Commercial Real Estate Publication.

Robert Nelson, President, Nelson Management GroupRobert S. Nelson is an owner and operator of apartment buildings in New York City and the President ofNew York-based Nelson Management Group, Ltd. He is also one of the founding partners of Global One In-vestments, LLC. Mr. Nelson recently formed a private equity fund of $100 million dollars by the name ofGlobal One ASB Fund, LLC. The fund primarily seeks to invest in additional apartment buildings to add to itsportfolio. Mr. Nelson oversees the day-to-day management and asset management functions of over $200million worth of multifamily product owned by the firm and its affiliates.

Wayne Olson, Partner, Margolin Winer & Evens LLPMr. Olson is the Chairman of MWE's Real Estate Practice Group and a member of the Firm's Executive Com-mittee. At MWE, he is involved with all aspects of tax planning, review and compliance on behalf of clientsthat include owner-operators, developers, converters and contractors. Mr. Olson has extensive experiencein business and tax planning, as well as financial due diligence, forecasts and projections, especially re-lated to real estate and facility acquisition, development, construction and operation.

Stephen Palmese, Director of Sales, Massey Knakal Realty ServicesMr. Palmese, a Brooklyn native, joined Massey Knakal, in August 2004, after graduating from GeorgetownUniversity, where he pursued a degree in International Finance & Business Management, and also spenttime studying at Oxford University, UK. In his career, Stephen has sold over 50 properties with an aggregateconsideration of nearly $225,000,000. In 2009, Stephen handled the largest apartment building and de-velopment site transactions to take place in Brooklyn (as of June 2010), in the post-Lehman Brothers econ-omy.

Shola Olatoye, Deputy Director - New York, Enterprise Community PartnersAs deputy director and director of relationship management, she leads production efforts, helps to developnew products and solutions, and oversees relationship management for the many public and private part-ners with which Enterprise works in New York. Prior to joining Enterprise, Shola was a vice president andsenior community development manager with HSBC Bank USA, N.A., managing the bank's CommunityReinvestment Act (CRA) program of lending, investment and service in low- and moderate-income commu-nities in Washington D.C., and South Florida.

Reid Price, Managing Director - New Developments, Town ResidentialReid Price is recognized as one of Manhattan's leading real estate experts in new development and high-end sales. In his 15-plus-year career, he has not only produced over $1 billion in property sales at Manhat-tan's premier residential brokerage firms; he has been integral in the pre-planning, marketing and sales ofsome of Manhattan's most prestigious new developments. Among them are The New Museum Building,285 Lafayette Street, 385 West 12th Street, The Atalanta Building, 140 West 22nd Street, Spring, RiverLofts, Orion, Downtown by Starck and The Hubert.

Hilary Provinse, Vice President - Multifamily Lending, Fannie MaeHilary B. Provinse is a Vice President of Small Loans and Pools in Fannie Mae's multifamily division. Sheworks for Fannie Mae's Vice President - Multifamily Lender Strategy and Relationships. Ms. Provinse is re-sponsible for managing relationships with several of Fannie Mae's Delegated Underwriting and Servicing(DUS) Lenders. She also manages the multifamily Small Loan platform as well as bulk purchases and secu-ritizations of seasoned multifamily pools of loans. Hilary joined Fannie Mae in July 2004 and was responsi-ble for Fannie Mae's municipal bond purchases.

Stuart Saft, Head of the Real Estate Department, Dewey & LeBoeufStuart M. Saft, chair of Dewey & LeBoeuf's Global Real Estate Department, is one of the leading lawyers inthe development, financing, leasing, conversion to condominium and cooperative ownership, construction,exchange, syndication, sale/leaseback, time share, restructuring, acquisition and sale of residential, com-mercial and hospitality property throughout the US. Mr. Saft has also represented lending institutions inmortgage lending and workouts and has advised clients on dealings with Fannie Mae, Freddie Mac and theFederal Home Loan Banks.

Eugene Schneur, Co-Founder & Managing Director, Omni New York LLCEugene is the co-Managing Director and co-founder of Omni New York LLC. Since Omni's inception in 2004,Eugene has overseen the day to day operations of the organization that has grown into a full service realestate organization (development, construction and management) employing over 250 full time employees.During this period, Omni has acquired and rehabilitated (or is in the process of rehabilitating) 30 propertiestotaling over 5,200 units of affordable housing with an aggregate transaction amount of over $750 milliondollars.

Ilana Schwartz, Vice President, Online Marketing GroupIlana is Vice President of Online Marketing Group. Online Marketing Group (OMG) is a full service advertis-ing agency. OMG specializes in providing comprehensive online marketing strategies for building ownersand managers. Each campaign is customized to the clients' needs. Marketing professionals at OMG candevelop advertising & media recommendations that match your goals and budget to generate highly quali-fied leads to you. OMG can create unique and compelling ad campaigns to be used in a variety of medi-ums, including the internet, e-blasts, magazines, newspapers and outdoor media.

Patrick Siconolfi, Executive Director, Community Housing Improvement ProgramPatrick Siconolfi leads the Community Housing Improvement Program (CHIP), which is a trade associationrepresenting more than 2,500 apartment-building owners in New York City's five boroughs. Founded in1966, CHIP has been a key player in City and State housing policy for over 40 years, leading on such di-verse issues as lead paint, property taxes, water rates, and rent regulation.

Joe Strasburg, President, Rent Stabilization AssociationJoe Strasburg leads the Rent Stabilization Association of N.Y.C., Inc. (RSA), which is a real estate industrytrade association in New York representing 25,000 property owners/agents responsible for approximatelyone million units of housing. RSA's members range from owners of one small building to large multi-familycomplexes, cooperatives & condominiums. Our broad representation has allowed us to develop a powerfulbase for our lobbying programs and the resources to provide a wide assortment of products and services toour members.

Don Tallerman, President, Online Marketing GroupDon Tallerman, President of Online Marketing Group (OMG), is an advertising industry veteran, beginninghis career with Young & Rubicam and Saatchi & Saatchi. He worked with such clients as Kraft, The Travel-ers, and Texaco. He later spent time on the client side of marketing, working for financial giant MerrillLynch. Don founded Online Marketing Group, which is a company that specializes in providing services toOwners & Managers in New York City. Don saw a tremendous need for a company to help clients bridge thegap from reliance on "old media" to more effective online media.

Garrett Thelander, Managing Director, Massey Knakal Realty ServicesGarrett Thelander comes to Massey Knakal from Anglo Irish Bank where he was Executive Vice President.During his tenure, he was part of the executive team responsible for hiring and strategic planning for whatstarted as a two-person office into a 35-person team. Prior to Anglo Irish Bank, Mr. Thelander was the Di-rector of the Mortgage Finance Group for Kimco Realty Corporation where he was responsible for thearrangement, structuring and closing of all mortgage debt for this real estate investment trust, the largestowner of neighborhood and community shopping centers in the country.

David Unger, Chief Operating Officer, US EnergyDavid Unger has more than 15 years experience growing technology focused companies, and has been apioneer in the use of Internet and Web-Based technologies. He was the founder of MediaStream, a cuttingedge New York Web Services company, in 1994. David joined US Energy as their CTO in early 2006 in orderto lead the development effort for their USE-Manager Software platform, and has since become COO of thecompany in order to drive the growth of the company into new products and markets.

Matt Van Damm, Director of Operations, Town ResidentialMatthew Van Damm, Director of Operations, plays an integral role in Town's strategic growth, business de-velopment and all facets of its operations. Additionally, he oversees the design and construction of all ofTown's locations. With nearly a decade in the Manhattan real estate industry, Matthew's experience has ex-posed him to nearly every aspect of residential brokerage and development. This experience has shapedhis understanding of numerous processes and helped him develop his collaborative and dynamic approachto management.

Mathew Wambua, Commissioner, NYC Department of Housing Preservation and DevelopmentMathew Wambua, Commissioner of the NYC Department of Housing Preservation & Development, most re-cently served as Executive Vice President of Real Estate and External Affairs for the New York City HousingDevelopment Corporation (HDC) since February of 2008. As HPD Commissioner, Mr. Wambua is Chair ofthe HDC Board of Directors; from May 2006 to early 2008, he served as Vice Chair of the board, appointedby Mayor Bloomberg. From November 2004 through February 2008, Mr. Wambua was Senior Policy Advisorfor the NYC Deputy Mayor of Economic Development.

Ron Wechsler, Managing Director, RAITMr. Wechsler has over 30 years of professional real estate experience, the last 21 of which have been inCMBS. Mr. Wechsler is a Managing Director at RAIT Financial Trust in charge of CMBS origination. He hasbeen with RAIT since 2008. Prior to joining RAIT, Mr. Wechsler was co-head of the CMBS conduit for Citi-group between 2001 and 2008. Under his direction, conduit originations grew 7-fold. Prior to his tenure atCitigroup, Mr. Wechsler was a Senior Vice President at GMAC from 2000 to 2001, originating mezzanineloans and preferred equity investments.

Richard Wolf, Senior Managing Director, GreystoneRichard Wolf is Senior Managing Director in charge of Small Loan Production at Greystone Servicing Corpo-ration. Prior to Greystone, Richard worked at Fannie Mae for 11 years as Vice President responsible forsmall loan production, negotiated pools, and large national accounts. Prior to Fannie Mae, worked in secu-ritization groups at Merrill Lynch and KPMG. MBA in Finance from Florida State University and BA in Eco-nomics from the University of Miami.

Thank You to Our Summit Speakers 20

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PROFIT WITH SDI

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At R E M Re s i d e n t i a l , we a d h e ret o a s e t o f c o r e v a l u e s t h a tf o r m t h e c o r n e r s t o n e o f o u rr e p u t a t i o n : a c c o u n t a b i l i t y ,i n t e g r i t y a n d a n “o l d s c h o o l ”wo r k e t h i c t h a t co m m i t s u s tod e l i v e r i n g o n e v e r y c l i e n to b l i g a t i o n i n a p r o f e s s i o n a la n d t i m e l y f a s h i o n . We a re a

f a m i l y o w n e d b u s i n e s s t h a te m b o d i e s b o u t i q u e m a n a g e -ment a t i t s f ines t . There i s nos u c h t h i n g a s a b u i l d i n g to osmal l . Our overr id ing goal i s toprotect your investment as if it wereour own and to help you makem o n e y. We have worked hard t ocreate a nurturing, supportive

environment that encourages ouremployees to pursue long termcareers with us; meaning that ourc l ients benef i t f rom long-termr e l a t i o n s h i p s w i t h t h e s a m e ,seasoned professionals. The mo-ment you walk into our office youwi l l understand that managingbuildings is what we love to do.

REM Residential is one of New York’s preeminentreal estate management companies with a focuson managing rental buildings for investors

REM Resident ia l of fers ownerss tab i l i ty in management thatt h e y h a v e l o n g s o u g h t b u tn o t o f t e n f o u n d . W e t a k eg re a t p r i d e i n h ow d i l i g e n t l yw e c o v e r t h e b a s i c s : i f y o uwo r k w i t h R E M , f i l e s w i l l n o tget los t ; tenants ’ records wi l l

a l ways be at our f inger t ips —precisely and accurately f i led.I s s u e s w i l l n o t f a l l t h r o u g ht h e c r a c k s ; p e r m i t s , M B R ’ sa n d F u e l C o s t a d j u s t m e n t swil l be f i led correct ly, and any( ra re l y o cc u r r i n g ) v i o l a t i o n sw i l l b e c l e a r e d p r o m p t l y .

B y c h o o s i n g R E M R e s i d e n t i a lto m a n a g e yo u r p ro p e r ty yo un o t o n l y a re g e t t i n g a ne x p e r i e n c e d m a n a g e m e n tf i r m t h a t w i l l p ro t e c t yo u rinve s tment but wi l l a l so he lpt h e e c o n o m i c s o u n d n e s s o fyo u r i nve s t m e n t .

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NYAH Preservation Fund LLC is a joint venture betweenCiti Community Capital and L+M Development Partners Inc.