The Odessa Apartments, LLC

    December 2003 Chauncey Development was awarded a group of
    buildings under the NYC Neighborhood Entrepreneurs Program
    ("NEP") known as the "8th Avenue Cluster" in Central Harlem.  This
    cluster consists of seven buildings totaling 101 residential units and
    12 commercial units also known as "The Odessa Apartments, LLC."
    Estimated total development cost is approximately $17 million.

    Woodycrest Green

    Fifty-six unit cooperative new construction project in the Highbridge
    section of the Bronx, New York- just two blocks from the venerable
    Yankee Stadium.  Estimated total development cost is approximately
    $13 million.
HEC Real Estate Group
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