CLOSING STATEMENT

CLOSING STATEMENT SALE OF CONDOMINIUM UNIT 18C THE CIELO CONDOMINIUM 450 EAST 81° STREET NEW YORK, NEW YORK 10028 APRIL 1, 2010 CLOSING: April 1, 2010 at 2:00 p.m. at the offices of Platte, Klarsfeld, Levine & Lachtman, LLP 10 East 40th Street, 46th Floor New York, New York 10016 PERSONS PRESENT Steven G. Bailey and Dangene McKay-Bailey ("Seller") 10501 Wilshire Boulevard, Apt. 1011 Los Angeles, California 90024 By: David Levine, Attorney-in-Fact David Levine, Esq. Platte, Klarsfeld, Levine & Lachtman, LLP 10 East 40th Street, 46th Floor New York, New York 10016 Counsel to Seller Carmen Herrera and Timothy E. Breen ("Purchaser") 52 East 815' Street, Apt. J New York, New York 10028 John Lego, Esq. Kudman Trachten Aloe LLP 350 Fifth Avenue, Suite 4400 New York, New York 10118 Counsel to Purchaser New York Title Research Corporation ("Title Company") 550 Mamaroneck Avenue, Suite 401 Harrison, New York 10528 By: 1 EFTA00725156 Prudential Douglas Elliman Real Estate ("Co-Broker") 575 Madison Avenue, 5th Floor New York, New York 10022 By: Max Dobens AegIM Properties ("Co-Broker) 320 West 37th Street, Suite 301 New York, New York 10018 By: Hans Ingram EFTA00725157 CREDITS AND CLOSING ADJUSTMENTS The following represents the credits due to Seller and Purchasers and the consequent balance owing at closing: ITEM TO SELLER TO PURCHASER Purchase Price $1,600,000.00 Real Estate Taxes 4th Quarter 2009-2010 $1,084.40 due 4/1/2010 $ 1,084.40 Common Charges April 2010 $4,277.20 due 4/1/2010 No Adjustment Paid on execution of Contract of Sale $ I 60,000.00 Totals $1,601,084.40 $160,000.00 - 160.000.00 Balance due to Seller $1,441,084.40 The Balance due to Seller was paid as follows: $1,441,084.40 Bank check payable to Chase Home Finance, LLC in payment of portion of balance of Seller's outstanding mortgage loan. 3 EFTA00725158 PAYMENTS The following payments were made on behalf of Seller from Purchaser's Contract Deposit ($160,000.00) held by Platte, Klarsfeld, Levine & Lachtman, LLP, by checks dated as of the Closing Date, unless otherwise indicated. $ 56,356.15 Payable to Chase Home Finance, LLC in payment of portion of balance of Seller's outstanding mortgage loan. $ 29,525.00 Payable to Judicial Title Insurance Company in payment of title charges, including New York City real property transfer tax ($22,925.00), New York State real property transfer tax ($6,400.00) and recording charges ($200.00). $ 20,000.00 Payable to Prudential Douglas Elliman in payment of brokerage commission. $ 48,000.00 Payable to AegIM Properties in payment of brokerage commission. $ 4,000.00 Payable to Platte, Klarsfeld, Levine & Lachtman, LLP in payment of balance of attorneys' fees and disbursements. $ 250.00 Payable to in payment of mortgage satisfaction administrative fee. 250.00 Payable to Cooper Square Realty in payment of closing document preparation fee. $ 1,618.85 Payable to Dangene McKay-Bailey in payment of balance of escrow deposit. 4 EFTA00725159 DOCUMENTS The following documents, each dated as of the Closing Date, unless otherwise noted, were delivered at or in connection with the closing and copies are attached hereto: I. Contract of Sale and Powers of Attorney. 2. Deed. 3. New York City RPT, Smoke Alarm Affidavit, New York State Combined Transfer Gains Tax Affidavit and Equalization Form and NYS Non- Resident Affidavit. 4. Condominium Waiver of Right of First Refusal and Common Charge Letter. 5. Mortgage Payoff Statement. 6. HUD-1 Settlement Statement. 7. Seller's 1099, FIRPTA Affidavit and Ancillary Closing Documents. 8. Copies of Bills and Checks. 5 EFTA00725160