Centerline Holding Company Common Shares to Move to Over-the-Counter Market.

NEW YORK -- Centerline Holding Company (NYSE:CHC) ("Centerline" or the "Company"), the parent company of Centerline Capital Group, today announced that on December 1, 2008, the New York Stock Exchange (the "NYSE") delivered a written notice to Centerline and issued a press release announcing that trading of the common shares of Centerline would be suspended prior to the market opening on Monday, December 8, 2008.

The NYSE is delisting the Centerline common shares because Centerline did not maintain a market capitalization of at least $25 million over a consecutive 30 trading day period as required by NYSE listing standards. While Centerline has a right to appeal the NYSE determination, based upon the cost of appeal and the likelihood of success, the Company believes that it is in the best interest of its shareholders not to contest this action and has informed the NYSE that the Company will not appeal the NYSE's determination.

Centerline common shares will commence trading over-the-counter ("OTC") market on the Pink Quotes (formerly the "Pink Sheets") on Monday, December 8, 2008. The Company is also taking appropriate steps to be quoted on the OTC Bulletin Board ("OTCBB"). The Company's NYSE ticker symbol "CHC" will be discontinued and its OTC ticker symbol will be "CLNH". Information on the Pink Quotes can be accessed via Pink Sheets' website at www.pinksheets.com and on the OTCBB can be accessed via OTCBB's website at www.otcbb.com.

Although the Company's common shares will be changing markets, the transition to the OTC market will have no effect on the shares themselves under Centerline's charter or its registration with the Securities and Exchange Commission. Centerline shareholders are still the registered owners of the common shares and commencing Monday, December 8, 2008 will be able to trade them on the OTC.

About the Company

Centerline Capital Group, a subsidiary of Centerline Holding Company, is an alternative asset manager focused on real estate funds and financing. As of September 30, 2008, Centerline had more than $14 billion of assets under management. Centerline is headquartered in New York, New York and has nine offices throughout the United States. For more information, please visit Centerline's website at http://www.centerline.com or contact the Company directly at [phone].

Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include the impact on the Company's share price of its delisting from the NYSE and listing on the OTCBB. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, adverse changes in real estate markets, general economic and business conditions; adverse changes in credit markets and risks related to the form and structure of our financing arrangements; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss from direct and indirect investments in commercial mortgage-backed securities and collateralized debt obligations; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.