Opportunities abound in New Jersey.

Since its formation a little over two years ago, Wellsford Commercial Properties Trust has amassed a 6 million square-foot portfolio of properties from Boston to Washington, D.C.

As a private REIT joint venture between WRP, a publicly-traded American Stock Exchange Company, and The Whitehall Fund, an affiliate of Goldman, Sachs & Co., Wellsford Commercial Properties Trust is focused on acquiring redevelopment projects, Class A properties and land, sites from Boston to Washington, D.C. With new space now nonexistent, our organization is focused on redeveloping and converting older, outdated facilities into Class A properties to meet market demand. We expect to continue to be among the most active acquirers on the East Coast in the new millennium.

Our view is that the current conditions of the marketplace pose an outstanding opportunity for us to make significant acquisitions in the New Jersey, Boston and Baltimore markets. As a private REIT with substantial capital and partners that are constantly investing in a volatile market, Wellsford is one of the few large companies that has not withdrawn from the negotiating table. Our plans are to actively step up our acquisition plans throughout the Northeast and, with the REITs pulling back, we are finding that we are one of the only ones looking at particular properties.

Because the fundamentals of the market remain strong (no new space, a robust economy, low interest rates), Wellsford is committed to growth within the market and poised to hit the $1 billion threshold in assets in the very near future.

Wellsford Commercial Properties Trust has quickly seized an established market position as an extremely well-capitalized, full-service development company that has already built a significant portfolio in prime, Class A markets. Our strategy has positioned us to be able to fill the void in the market for corporate quality space in the Northeast's most desirable markets.

Because of the time factor associated with new development and the cost of market entry, Wellsford Commercial Properties Trust can meet tenants' occupancy needs in the most expeditious manner.

In the near future, Wellsford Commercial Properties Trust plans to aggressively pursue new acquisitions in the Boston, Northern New Jersey and suburban Washington, D.C. markets.