May 3, 2007

ABS Partners Real Estate, LLC is pleased to announce the acquisition of the Rockefeller Center and Jewelry District Area office building at 2-8 West 47th Street. A partnership of investors put together by the ABS principals, Gregg Schenker, Steve Hornstock, Peter Burack and Earle Altman have taken title to 2-8 West 47th Street, an 80,000 square foot, 12-story, 3-elevator office building in the heart of New York’s famed Diamond District.

Gregg Schenker indicated that a modernization is contemplated for the large 86 foot store front national jewelry exchange which is located 100 feet off of Fifth Avenue, in order to restore it to its former prominence as one of the leading jewelry exchanges in New York City. Ninety percent of the diamonds brought into the United States are handled through New York City’s Diamond District.

The Partnership plans an overall upgrading of the property including steam cleaning the exterior façade, improving the lobby and entrance, as well as upgrading the elevators, elevator cabs, upper floor hallways and bathrooms.

The Operating General Manager of the property will be Keith Lipstein, a third generation real estate professional who has recently joined the ABS team.

ABS Partners currently owns or manages a total portfolio of commercial and residential buildings approximately 5.5 million square feet all held as long term assets.

Lawrence B. Simon, Esq. of Morrison & Cohen acted as Attorney for the purchaser. Steven Hornstock was broker in the sale of this building, held since November 17, 1977 by the seller.