The Real Deal
April, 2004

PRUDENTIAL DOUGLAS ELLIMAN BUYS GOODSTEIN REALTY

Prudential Douglas Elliman announced today that it has acquired residential
firm Goodstein Realty, which will expand Prudential’s presence in both
Manhattan and on Long Island’s North Shore.

Prudential will add Goodstein’s offices in Great Neck and Roslyn to its
existing 53 offices stretching from Manhattan to Montauk. Terms of the
deal were not disclosed.

Goodstein has over 145 agents and five offices, and accounted for a total
closed sales volume of $355 million in 2003.

“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.”