PRAEDIUM GROUP SELLS MULTIFAMILY UNITS IN QUEENS, N.Y., FOR $32 MILLION

New York, N.Y. (February 2003) - A national real estate investment firm, The Praedium Group LLC (Praedium) today announced the $32 million sale of 499 multi-family units at Windsor Park Apartments and Garden Bay Manor in Queens, NY.

In June 2001, a partnership between Praedium, New York-based Broadway Management and Myles Horn purchased 627 total units at the Bayside and Astoria condo and co-op properties. The partnership has since renovated and sold separate units to individual owners. The current transaction represents the bulk sale of 499 units to a local private investor.

Jeff Granowitz, Praedium Group principal stated, "We were attracted to this investment because it is well-located housing in a densely populated area. We achieved strong sales velocity to date due to the attractive unit renovations and a strong residential market. This bulk sale allowed us to realize most of the value of our investment in one transaction, rather than over an extended period of time."

The six-story Windsor Park Apartments buildings, located on Bell Boulevard, were built between 1951 and 1967 and feature a swimming pool, tennis courts, basketball court and recreation room. The two-story Garden Bay Manor property, located on Ditmars Boulevard, was built in 1940. Just prior to the original conversion, major capital improvements were undertaken at Windsor Park in 1983 and at Garden Bay in 1985.

The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.

Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.

Praedium recently closed on a $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties over the next two years. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $60 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.