<table><tr><th>From: </th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent: </td><td>Friday, August 5, 2011 11:03 AM</td></tr><tr><td>To: </td><td></td></tr><tr><td>Subject: </td><td>Re: Thanks</td></tr></table>

you said there were two componetns deal plus overide piece or something =ike that

On Thu, Aug 4, 2011 at 5:03 PM,=David Mitchell wrote:

For calling me back, As I outlined there is 950,000 in investor unit on 21 e 26th street

We closed our deal in February and since then have received Landmark approv=l to extend the building one more floor

We have also completed the demolition and have removed all the asbestos

The 950,000 is part of the placement that I did with friends and family of =,000,000

The deal is that after the mortgage debt is paid 100 percent goes to return=of capital ,once that happens 75 percent goes to the investment group

No fees are paid until return of capital

There- after the development group receives the residual

A quick snapshot is
Mortgage 15.625
Debt 338,000
Equity 7,800,000

Square feet to sell 33,000

We plan to offer a white box unit at 1300 a foot And one finished unit at 1600 a foot

(Comps are higher)

I believe there is a sellout of over 36-38 million

I also believe it will happen with in 12 months

I think this is attractive because most of the risk of approvals and asbest=s removal is behind

No guarantees but should be good

Sent via BlackBerry from T-Mobile
David Mitchell

MITCHELL HOLDINGS LLC
815 Fifth Avenue
New York NY 10065

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