EFTA02542579.pdf

From: Jeffrey Epstein <[email protected]> Sent: Friday, August 5, 2011 11:03 AM To: Subject: Re: Thanks you said there were two componetns deal plus overide piece or something =ike that On Thu, Aug 4, 2011at 5:03 PM,=David Mitchell wrote: For calling me back, As I outlined there is 950,000 in investor unit on 21 e 26th street We closed our deal in February and since then have received Landmark approv=l to extend the building one more floor We have also completed the demolition and have removed all the asbestos The 950,000 is part of the placement that I did with friends and family of =,000,000 The deal is that after the mortgage debt is paid 100 percent goes to return=of capital ,once that happens 75 percent goes to the investment group No fees are paid until return of capital There- after the development group receives the residual A quick snapshot is Mortgage 15.625 Debt 338,000 Equity 7,800,000 Square feet to sell 33,000 We plan to offer a white box unit at 1300 a foot And one finished unit at 1600 a foot (Comps are higher) I believe there is a sellout of over 36-38 million I also believe it will happen with in 12 months I think this is attractive because most of the risk of approvals and asbest=s removal is behind No guarantees but should be good EFTA_R1_01693436 EFTA02542579 Sent via BlackBerry from T-Mobile David Mitchell MITCHELL HOLDINGS LLC 815 Fifth Avenue New York NY 10065 The information contained in this comm=nication is confidential, may be attorney-client privileged, may constitute inside i=formation, and is intended only for the use of the addressee. It is the=property of Jeffrey Epstein Unauthorized use, disclosure or copying=of this communication or any part thereof is strictly prohibited and may be unla=ful. If you have received this communication in error, please notify us=immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved 2 EFTA_R1_01693437 EFTA02542580