WTIWestview

Taskforce, Inc.

Tenant’s MeetingMarch 8, 2006

“The Future is in Our Hands”

3 WTI Tenants Meeting March 8, 2006

Welcome

Welcome Westview Tenants Exciting Times, Major Accomplishments

Formula For Success

Key Objective’s for Tonight’s Meeting Ratification of the “By-Laws Of Westview Taskforce, Inc” Communicate Westview Privatization Progress Meet the Westview Legal Team Address Tenant Questions We Have to be Out of Here By 10 PM!

Meeting Policies Stick to the Agenda Address All Tenant Questions Aligned with the Agenda

• Q& A Session’s – By-Laws, Legal, Post Meeting• After the meeting Taskforce members will remain to answer any questions

Show Respect to Those Who Have the Floor• Taskforce Members and Tenants• Keep Discussions Constructive

4 WTI Tenants Meeting March 8, 2006

Agenda

Sign In 7:30 – 8:00 PM Tenants

Ratification of Westview By-Laws M. Katz

Westview Taskforce Introduction O. Pail

Privatization Update O. Pail, J. Marfey

Fundraising I. Stanton

Meet the Legal Team Introducing Carol Ule, Esq. and Jack Rose, Esq.

WTI How Can You Help? F. Santella

Meeting Close F. Santella

5 WTI Tenants Meeting March 8, 2006

Ratification Of By-laws

Ratification of Westview By-Laws

The Taskforce Has Spent A Significant Amount of Time Drafting the By-laws

Tonight’s Objectives are to Address Any Questions You Have regarding the By-laws and Vote on the By-Laws As They Stand

Vote Will Be Conducted at 8:00 PM Sharp!

6 WTI Tenants Meeting March 8, 2006

Westview Taskforce Introduction

Here are your Taskforce Members

Co-ChairsOpher Pail Johan Marfey

Secretary Real Estate AdvisorsLaurence Brodsky Natalia Chin

Dimitri GavrilevTreasurerTeri Sheridan

Production TeamFinance Advisor Sainjargal EnhSaihanIvens Stanton Alima Amarsaihan

Architecture ConsultantEngineering Director Tad SudolSanja Zlatanic

RI Advisory BoardPolitical Liaison Matthew KatzDierdre Breslin Sherie Helstein

Legal Liaison MembersPhilip Groner Petra Kaizer

Zakie WazaniMaintenance Director Jember Asfaw ZewdieDejan Kovacevic Nicholas Ghattas

Felix SantellaEvent Coordinator Nirmala NarineFay Christian Anya Wiecek

7 WTI Tenants Meeting March 8, 2006

Westview Taskforce – Major Accomplishments 2000 – 2005

YEAR 2000 Blocked 31% Rent Hike Application

• Rent increase was reduced to 4% annually over 2 years

YEAR 2003 Blocked 11% rent Hike Application

• Rent increase was reduced to 2% annually over 2 years

Tenant Apartment Condition Survey Conducted• Detailed Conditions Are Alarming!

YEAR 2005 Blocked Unilateral M-L Dissolution Blocked Ground Lease Extension Created Affordable opportunities to Own and Rent

0

2

4

6

8

10

12

14

16

Year 1 Year 2

APPLIED

ACTUAL

0

1

2

3

4

5

6

Year 1 Year 2

APPLIED

ACTUAL

8 WTI Tenants Meeting March 8, 2006

Westview Taskforce – Major Accomplishments 2006

NORTH TOWN PHASE III ASSOCIATES, L.P. c/o CHARLES A. LUCIDO, ESQ.

P.O. BOX 673 GENEVA, NY 14456-0673

315-789-2081 FAX-781-2814

March 3, 2006 Kenneth A. Leitner, Esq. VP & General Counsel RIOC 591 Main Street Roosevelt Island, NY 10044 RE: Westview Task Force Dear Mr. Leitner: As you may know, the Westview Task Force ("WTF") represents the tenants of the Westview apartments located at 595 and 625 Main Street. WTF is interested in the tenants purchasing the buildings from North Town Phase III Houses, Inc., as a tenant sponsored cooperative, in order that the tenants can own their apartments and maintain affordable housing on the Island. An important consideration in their progress towards this goal is RIOC's position concerning the extension of the ground lease. We confirm that our negotiations with WTF are in earnest and consent to its meeting with RIOC for this purpose. Please accept my apology for the delay in responding to RIOC's request for the past due legal reimbursements incurred by Sheldrake, and for future legal costs. I will be out of the country next week. When I return I will contact you and Jay Neveloff to reach an agreement on these matters. Very truly yours, Charles A. Lucido President Westview Houses, Inc. Managing General Partner CC: Gerald Goldstein, Esq. Jay Neveloff, Esq. Jacques Rose, Esq. .

A letter from Charles Lucido to RIOC stating that the Owners are negotiating “In Earnest” with the Taskforce so that the tenants can own their apartments and maintain affordable housing on the Island.

9 WTI Tenants Meeting March 8, 2006

Westview Building Snapshot

Westview 595/625 Main Street

13 Studio Apartments

Rental Income $ 6.5 M annually 97 One Bedroom Apartments

167 Two Bedroom Apartments

84 Three Bedroom Apartments

361 Total Apartments

10 WTI Tenants Meeting March 8, 2006

Current Building Expense Structure – What You Rent Covers!

Maintenance 60.5 % - $ 900

Real Estate Taxes 8.5 % - $ 128Ground Lease Rent 1 % - $ 15Miscellaneous Expense 8% - $ 120

Interest/Mortgage 22% - $ 330

100%

50%

Average Monthly Rent Per Apartment = $ 1,500

11 WTI Tenants Meeting March 8, 2006

Westview Building – 2003 Apartment Condition Survey- Engineers Estimate $8 - $10M in Immediate Repairs

90% of All Apartments Reported…

Problem Categories: Floors/Walls/Ceiling 40% Intercom 28% Repaired Windows/Doors 32% Faucets/Piping/Leaks 32% Air Conditioners 27% Kitchen Appliances 23% Quality of Water 21% Kitchen Cabinets 19% Heating 16% Electrical/Lighting 13% Locks/Knobs 11% Closets 9%

Other (Ventilation, Plumbing, etc.) 34%

12 WTI Tenants Meeting March 8, 2006

Meet the Legal Team

Meet the legal Team from Hartman, Ule, Rose & Ratner, LLC

Successfully Supported the Successful West Village Apartments, Tenants Sponsored Mitchell – Lama Privatization

Welcome…

Carol Ule, Esq.

Jack Rose, Esq.

13 WTI Tenants Meeting March 8, 2006

Fundraising

Fundraising

Past Tenant Contributions Been the Key to Our Success To-Date!

Your Contributions Are Considered Investments

We Estimate Today that the Total Expense to Privatization Will be Approximately…

• $300,000

This Will Require Each Apartment to Invest One months Rent• 50% NOW• 50 in the Summer

A Fundraising Packet Will be Distributed to All Tenants in the Next Week

14 WTI Tenants Meeting March 8, 2006

WTI – How Can You Help?

WTI Opportunities

We Need Your Continued Commitment and Participation in all Privatization Activities

We Build Strength in Unity and Numbers• The Bigger and Stronger the Taskforce the More Support and Attention Owners,

Politicians, State and City Agencies, the Press, Financier’s, etc. Will Pay Us

Specific Skills We Need ASAP• CFO (CPA preferred)

Please fill out the index cards provided with skills or expertise you are interested in contributing to the Taskforce efforts

15 WTI Tenants Meeting March 8, 2006

Meeting Close

Meeting Close Taskforce Members are Available to Address any Questions Thank You, Good Night and Good Luck!