Terms of Sale

      In the matter of 251-West 121^st Street, Inc. Bankrupt by Order of the United States Bankruptcy Court, Southern District of New York, G.E.M. Auction Corp. will sell at public auction on Monday, June 20, 2005 at 11:00 A.M.  at the United States Bankruptcy Court, 1 Bowling Green, Room 701, New York, New York assets of the debtor consisting of 1-3 story 8 unit residence located at 251-West 121^st Street, New York, New York 10027.

      The auctioneer requires a refundable deposit of $50,000.00 payable to David Carlsbach  attorney for 251 West 121^st Street, Inc. be presented to the auctioneer prior to the sale as a condition to bid at the sale. Only parties who have complied with this procedure may be permitted to bid at the sale.

       All Bids shall remain irrevocably open and subject to acceptance by the Debtor. In the event a closing does not take place with respect to an offer accepted by the Debtor, the Debtor reserves the right to accept any other offer deemed by it to be the highest and best offer at that time. Additionally, if the successful Bidder fails to close, then such bidder shall forfeit its deposit as liquidated damages, and the Debtor shall be authorized to retain such Deposit for the benefit of its estate. Once the Sale has been consummated, the Deposits shall be returned to the unsuccessful Bidders.

       At the conclusion of the sale the successful bidder has until the close of business of that day, to secure the balance of the deposit of 10% of the bid and present that balance to the Debtors attorney.