Phone: 518.782.0200

Adams Park, Ltd.

Albany, New York/ NYC

January 8, 2003

Dear Jesse,

As we approach the end of the fifth year of our business relationship, I want to compliment you on the advances you have been able achieve at the Adam’s Park Apartments.

Your management of the property has resulted in a substantially improve occupancy rate and increased income.  The results have far exceeded my expectations and projections.  Your ability to implement the improvement and maintenance projects completely and within budget have also confirmed your ability to execute the program which we developed collectively.

I appreciate the quality and throughness of the reports provided, and especially the fact that they are provided on a prompt basis.  Your accomplishments relating to the management of the financial resources and the personnel on the site in order to execute the program continue to prove that we made the right choice with your firm.  Your knowledge and understanding of the nuances of the local market have been of substantial benefit to the ownership interest.

I look forward to your continued management of my apartment complex.

Sincerely,

- Simon Haberman, President