GARY R. BLUM JOINS GREINER-MALTZ AS DIRECTOR OF CONVERSION DEVELOPMENT

Long Island City, NY, June 10, 2002 -- Gary Blum, a 20-year real estate industry veteran, has joined Greiner-Maltz as Director of Conversion Development. He will be spearheading a team of brokers who are focusing on the vast, underutilized industrial base of Queens, Brooklyn and the Bronx.

Throughout his lustrous career, Gary brought to fruition complex industrial, commercial and retail transactions. From the beginning, he consummated several significant industrial leasing and sales transactions, such as:

• The representation of both the Larry Silverstein Group as seller and Irwin Cohen Development in the purchase of the excess 500,000-sq. ft. warehouse resulting from the merger of Gimbel's and Macy's.

• Brokered the first significant industrial condominium transaction with the sale of a 150,000-sq. ft. division of a 300,000-sq. ft. building to Lord West Tuxedo; a $7.5 Million transaction.

• Repositioned a 180,000-sq. ft. loft complex in the heart of Long Island City to sell to three separate buyers having a transaction value of $12 Million.

Anticipating the growing trend for retail conversion of existing industrial properties, Gary completed transactions which were instrumental in turning the Northern Blvd. corridor into a retail destination as well as the transformation of the Whitestone Expressway landscape into a shopping mecca.

Gary's first significant industrial to retail conversion resulted from Hershey Foods backing his vision for the marketing of the obsolete 400,000-sq. ft. Ronzoni Pasta Plant on Northern Blvd. Correctly evaluating the site as having retail potential, Gary's structured marketing campaign resulted in an $18 Million sale to Kmart. The Home Depot subsequently placed their seal of approval on the site by acquiring it from Kmart for $21 Million.

Additional retail development transactions included long-term leases for:

• Old Navy, valued at $6 Million
  
• Kids R US, valued at $16 Million
  
• T.J. Maxx, valued at $12 Million
  
• Toys R US, valued at $25 Million
  
• The Sports Authority, valued at $11 Million
  
• Marshalls, valued at $15 Million
  
• Babies R US, valued at $20 Million

Gary is an adjunct professor at New York University and at Iona College and holds a Masters Degree in Business Communications from the University of MD.

For more information on Greiner-Maltz, Greinermaltz.com or any available properties in the metropolitan area please contact John Maltz at 718-786-5050 x 207, via email at jmaltz@greinermaltz.com.

About Greiner-Maltz Company of New York, Inc.
Since 1953 Greiner-Maltz has been engaged exclusively in the leasing, selling, appraising and managing of industrial and commercial property in Manhattan, Brooklyn, Queens and Long Island.

The professionals at Greiner-Maltz have over 400 years of combined experience. The firm has three offices and an active staff of thirty-five sales associates.