8/4/04

Gary-

Here is a summary of recent events:

Purchase of 2nd floor from Moses Shayowitz
	
Purchase of 12 acre parcel with trailer adjoining upstate property
	closing early August 2004

Satisfaction of 160 Madison Mortgage

Sale of air rights 160 madison avenue-pending

Upgrade of 3rd floor offices

Transfer of JMS shares in 160 Madison to CS

CS has tenant from 2003 that is still paying 36,000 loss possible.

CS has dependent, Charles Auguste Simon