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September 16, 2004

Agreement Reached for Manhattan Plaza

New York

Following eight months of intense negotiations, an agreement among The Related Companies, The Manhattan Plaza Policy Advisory Committee and Manhattan Plaza Tenants Association has been reached to provide an affordable rent plan for future and current tenants of the residential housing complex on 42nd Street between Ninth and Tenth Avenues. For the majority of tenants, the agreement means that their rents and how those rents are calculated will remain the same.

The buildings, known as "the Miracle on 42nd Street", were sold to The Related Companies in mid-March, 2004, raising some concern for the future of the complex in which most residents are members of the performing arts. However, under this new agreement and underscoring the real estate development firm’s commitment to affordable housing, Related agreed to a new federal government Section 8 contract, which protects subsidized housing for qualifying tenants at the complex for the next 20 years with no possibility for opt outs. In addition, Manhattan Plaza will remain in the Mitchell Lama program (a middle-income state housing program).

The much-anticipated announcement was made at a tenants' meeting held September 10, 2004. Marisa Redanty, President of the Manhattan Plaza Tenants Association, and Mary Lou Westerfield, Chair of the Manhattan Plaza Management Policy Advisory Committee and Actors’ Equity’s National Director, Policy made the announcement. In addition, the meeting was attended by Jeff Brodsky, Mark Carbone and Hector Pinero of The Related Companies, Congressman Jerrold Nadler, State Senator Thomas Duane, Assembly Member Richard Gottfried, City Council member Christine Quinn, representatives of the New York City Department of Housing and Urban Development (HUD), Department of Housing Preservation and Development (HPD), Equity, AFTRA, SAG, AGMA, Musicians' Local 802, Community Planning Board #4, Clinton Planning Council, Tenants & Neighbors, the Mitchell Lama Task Force and Settlement Housing Fund—all of whom were active in the negotiating process and many of whom addressed the meeting.

Ms. Westerfield said that both she and Ms. Redanty were "thrilled with the outcome" and were "especially grateful to the elected officials who dedicated so much time and effort to our negotiations. We also deeply appreciate the efforts of Jeff Brodsky and Mark Carbone of the Related Companies during the eight months of negotiations," she added. "They were always gentlemen and professionals and they are committed to affordable housing." “The unions which are part of the Policy Committee also deserve special thanks”, said Westerfield. Equity took the lead with immediate support from the others particularly SAG, AFTRA and Local 802.

Executive Director Alan Eisenberg, in turn, praised Ms. Westerfield's efforts, saying she has shown, through her work with Manhattan Plaza and other projects, "her enormous dedication and commitment to the members of the performing arts community."

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