From: "David Mitchell" <IM

From: "David Mitchell" <IM I=> To: "Jeffrey Epstein" <[email protected]> Subject: Thanks Date: Thu, 04 Aug 2011 15:03:01 +0000 Importance: Normal For calling me back , As I outlined there is 950,000 in investor unit on 21 e 26 th street We closed our deal in February and since then have received Landmark approval 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 7,000,000 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 asbestos removal is behind No guarantees but should be good Sent via BlackBeny from T-Mobile David Mitchell MITCHELL HOLDINGS LLC 815 Fifth Avenue New York NY 10065 1212-486-4444 EFTA00917498 1212-588-0286 fax cell EFTA00917499