L.R.F. Slater Company.

Wellsford Commercial Properties Trust (WCPT) has closed on the purchase of the former Channel facility in Whippany, N.J. The single-story, 150,000 square foot building situated on 15 acres is located at the corner of Route 10 and South Jefferson Road adjacent to a full I-287 interchange. The seller was L.R.F. Slater Company.

WCPT is planning to convert the Channel building into a state-of-the-art high tech office building The company hopes to receive approvals by the end of this year and begin construction in early 2001. The building offers an outstanding interchange location adjacent to Route 287, a large, open floor plate; high bays, dual power feeds and abundant parking.

Frank Gunsberg, Executive Director of Cushman & Wakefield of New Jersey was responsible for closing this transaction. WCPT has subsequently appointed Cushman & Wakefield Exclusive Leasing Agent for this redevelopment.

Wellsford Commercial Properties Trust is a privately-held real estate investment trust ("REIT"). The company is a joint venture between Wellsford Real Properties, Inc., an American Stock Exchange company, and a New York Stock Exchange traded global investment banking institution. Wellsford Commercial Properties Trust currently has a portfolio of 44 properties representing 5,500,000 square feet of Class A office space in the metro-New York City, metro-Boston and metro- Washington, D.C./Baltimore regions. The Company's operating strategy is to acquire underutilized assets in excellent locations and to reposition, rehabilitate and/or redevelop those assets into Class A office properties. Due to the savings inherent in redeveloping existing assets, WCPT is able to offer premium quality office space to tenants at 10% to 15% below competitive Class A properties.