Real Estate Weekly
April 14, 2004

PRUDENTIAL DOUGLAS ELLIMAN ACQUIRES
GOODSTEIN REALTY


Prudential Douglas Elliman, the largest privately owned real estate brokerage in New York City, has announced the acquisition of the residential real estate firm Goodstein Realty. Dottie Herman, CEO of Prudential Douglas Elliman, will oversee operations in Manhattan and Long Island.

With this announcement, Prudential Douglas Elliman will add offices in
Great Neck and Roslyn, New York to its existent 53 offices that stretch from Manhattan to Montauk. The addition of these two offices will consolidate Prudential Douglas Elliman’s formidable presence over the entire North
Shore of Long Island.

“I am pleased and proud to welcome Ivan Goodstein and his agents to our family,” said Herman. “Goodstein Realty has stood for honesty, integrity and ethics for over 77 years and their dedication to providing the ultimate real estate experience for their customers is a natural fit for us.”

Goodstein Realty is well-known in Manhattan and Long Island as a third generation family owned and operated boutique firm with a solid presence
in presence in residential sales, rentals, marketing, construction and development. The firm has over 145 agents and 5 offices and accounted
for a total closed sales volume of $355 million in 2003.

Esther Muller, president and CEO of Esther Muller Consultants, was instrumental in the initiation of this merger. In the course of her work as
a mergers and acquisitions consultant for the residential brokerage community, Ms. Muller recognized a natural synergy between the two companies. “This is an excellent union that will benefit both organizations
and their clients,” said Muller.

“The sale of our brokerage division will allow us to refocus operations to the development side of the company,” said Ivan Goodstein, CEO and president of Goodstein Development. “This alliance with Prudential Douglas Elliman will allow greater opportunity for synergies between two industry leaders of residential real estate development and management.”