Councilman David I. Weprin (D, Hollis), Chair of the City Council Finance Committee, will be joined by City Council Colleagues and Local 32BJ President Michael Fishman at a press conference at City Hall on Thursday July 17, 2003 at 2:00 PM urging the New York City Housing Development Corporation to delay approval of a Liberty Bond worth $215 million for Rockrose Development Corporation building located at 95 Maiden Lane.

The principals of Rockrose, Henry, Karman, and Frederick Elghanyan are also principals in a managing partner of 45 Wall LLC, the owner of a property at 45 Wall Street. On June 5th 2003, SEIU Local 32BJ submitted a complaint regarding 45 Wall’s 421-g exemption, alleging that 45 Wall LLC claimed that 95% of its units were being used or held out for use as residential units. But, as of January 2001, 45 Wall was under agreement with City and State agencies to be paid millions of dollars annually to vacate the property and to prepare it for commercial use. On March 1, 2001, less than thirty days after agreeing to sell 45 Wall Street to the government for $149 million, 45 Wall LLC submitted an appeal to the City Tax Commission claiming that the market value of the property was only $9.8 million.

WHAT: PRESS CONFERENCE URGING THE N.Y.C. HOUSING DEVELOPMENT CORP. TO DELAY LIBERTY BOND AWARD TO 95 MAIDEN LANE

WHEN: THURSDAY JULY 17, 2003

WHERE: CITY HALL STEPS