August 2, 2007

Press Release
ABS Partners Real Estate, LLC
August 2, 2007

ABS Partners Real Estate, LLC and First Pioneer Properties, Inc. have just acquired the South East Corner of Canal and Lafayette Streets in New York City. The existing property 111-113 Lafayette Street and 246-250 Canal Street, is a 75’ x 72’, 4,503 sq. ft., one-story retail building. The investment group is headed by Earle S. Altman, Peter D. Burack, Gregg L. Schenker and Steven I. Hornstock of ABS Partners Real Estate, LLC and Suresh Sani of First Pioneer Properties, Inc.

The corner site has an incredible amount of pedestrian traffic and is a seven-day shopping destination with direct access to seven major subway lines. The surrounding area is experiencing significant redevelopment to include the recently announced 270 room Mondrian Soho Hotel to be built at 150 Lafayette Street which is just north of the site; the repositioned office building at 148 Lafayette Street; the ground up retail/office building under construction one block East on the corner of Canal and Centre Streets as well as the Jean Nouvel condo recently completed on Broadway and Grand Street and sold to a celebrity group of residents.

The as of right development potential permits a multi-level retail and office building.
The ownership group is interviewing architectural firms to create conceptual drawings for a new five or six-story glass box building. The new glass box building will have extraordinary retail presence and street exposure from both Canal Street and Lafayette Street. Signage bands on all floors may be possible to effectively create five or six multi-level retail units.

The ABS leasing team headed by James Caseley and Keith Lipstein expect to lease the site to a major national and international financial institution consisting of a retail branch bank and stock brokerage and/or a major high profile retailer.

Larry Simon, Esq. of Morrison Cohen, LLP represented the purchasers.

ABS Partners Real Estate, LLC is a unique full service Real Estate advisory company specializing in representing property owners in management, leasing, investment sales and acquisitions managing over 5.5 million square feet of commercial and residential space.

For further information please contact Gregg L. Schenker at 212-400-6071 or the ABS Sales Team at 212-400-6060.

ABS Partners Real Estate, LLC
200 Park Avenue South, 10th Floor
New York, NY 10003

Phone – 212-400-6060
Fax – 212-400-9494
www.absre.com