LEVINE BUILDERS TOPS CHARTS FOR RESIDENTIAL CONSTRUCTION IN 2004
-- Major residential developments including 555 West 23rd Street and 325 Fifth Avenue total more than $225 million --

New York, NY, - January 6, 2005 - Levine Builders, the 25-year-old construction company, had one of its best years ever in 2004 with a surge in revenue and dozens of projects underway. In fact, according to a recent survey of New York City’s largest construction companies by Crain’s New York Business, the company had a 38% increase in revenue from 2003 to 2004.

Levine Builders has three major residential projects in progress, totaling an estimated $225 million, including a new apartment building on East 25th Street in Gramercy, as well as 555 West 23rd Street, which is nearing completion, and site preparations for 325 Fifth Avenue. When completed, the three projects will add approximately 650 housing units to help New York’s growing need for housing.

"This year, we’ve reached significant milestones for three residential projects we are working on, in addition to numerous other construction and renovation projects, such as the new mall in Union Square and the renovation of 90 West Street," said said Jeffrey E. Levine, president of Levine Builders. "Our West 23rd Street building, in line with the greater vision for New York City, will further the effort to bring a 24/7 residential community to the far West Side. This project is one example of our strong presence in Manhattan. We are building new housing not only in West Chelsea, but in Gramercy and Midtown as well. As with all of our residential and commercial construction projects, we bring our trademark: quality construction and high-end luxury amenities."

The company’s newest residential project at 244 East 25th Street between 2nd and 3rd Avenues will have 54 apartments featuring hardwood floors, marble baths and floor-to-ceiling windows. Levine Builders is providing construction management services for the 13-story building owned by Arthur Leeds Associates. Designed by the Stephen B. Jacobs Group, the $13.3 million project is planned to be completed in May 2005.

Levine Builders celebrated the topping out of 555 West 23rd Street in September. Located between 10th and 11th Avenues, this luxury rental property will offer 337 units ranging from studios to two-bedrooms at market rate prices. Offering services more akin to a boutique hotel than a rental building, this project is an essential part of the revitalization of this area and will bring 12,000 square feet of retail space, most of which will be dedicated to art galleries.

325 Fifth Avenue, between 32nd and 33rd Streets, is in the early stages of development with demolition in progress and excavation and concrete foundation work expected to begin in January. For the project, Douglaston Development, the development affiliate of Levine Builders, has teamed up with New Jersey developer, Continental Properties. This 41-story building, diagonally adjacent to the Empire State Building, will elevate the midtown block of Fifth Avenue, formerly home to low-end retailers, to a premier residential destination with an awe-inspiring window wall façade. The 250 luxury apartments will have top-of-the-line building amenities including a fitness center, lounge, pool, spa area, a 7,000 square-foot landscaped plaza and outdoor balcony. The building will have 6,000 square feet of retail space and an underground parking garage.

Levine Builders completed the renovation of a vacant, 230,000 square foot, seven-level, "city-mall" retail building owned by Vornado Realty. The vertical mall, which opened this fall, takes the place of the long-vacant Bradlee’s and J.W. May’s space. Major tenants include Whole Foods, Forever21, Filene's Basement and DSW (Designer Shoe Warehouse).

Levine Builders finished work on two major rehabilitation projects in 2004. In Brooklyn, for The Doe Fund, Levine Builders turned a former knitting factory into a residence for homeless men, complete with wood-trimmed library and computer center. In the South Bronx, Levine finished a year-long project to renovate nine, low-income buildings on Wales Avenue under the Article 8A program sponsored by the NYC Department of Housing Preservation & Development.

Hampton Court, a project in conjunction with Glenwood Management, was also completed in 2004. The 229-unit building at 333 East 102nd Street and First Avenue in East Harlem, offers luxury rentals at market rate prices. The coveted apartments were fully leased up within three months of the building’s completion.

Levine Builders, based in Douglaston, Queens and headed by Jeffrey E. Levine, has been involved in the construction and renovation of thousands of residential units and millions of square feet of commercial space throughout New York City. Well respected in the industry for its top-quality construction, the company celebrated its 25th anniversary in 2004. Levine affiliate Douglaston Development heads up development projects while Levine Builders handles a variety of construction and renovation projects. Clinton Management, another affiliate company, provides property management services for Levine-owned buildings.

Jeffrey E. Levine is a member of the Real Estate Board of New York (REBNY) Board of Governors, vice president of the Associated Builders and Owners of Greater New York (ABO), board member of the Citizens Housing and Planning Council, member of the New York Housing Conference, and is BUILD-PAC Trustee for the National Association of Home Builders (NAHB). Mr. Levine was presented the 2003 Community Builder Award by Phipps Houses for his efforts to develop affordable housing in New York.