PRESIDENTIAL

          REALTY	EXHIBIT 10.21
	CORPORATION         180 South Broadway – White Plains, N.Y. 10605 – (914) 948-1300
	 	 
	 	September 16, 2005
	 	 
	Mr. Robert N. Rich	 
	Mr. Lester Cohen
    	 
	Ms.  Lyla Dolgin
    	 
	Mr. Stephen Silverstein
    	 
	Mr. Arthur Cohen
    	 
	Mr. Martin Cohen
    	 
	Presidential Matmor
    	 
	 	 
	Dear Partners:	 
	 
	                The
      undersigned partners (the “Partners”) of Pdl, Inc. & Associates, Limited Copartnership
      (the “Partnership”) have discussed the advisability of making various repairs and capital
      improvements to the Home Mortgage Plaza property (the “Property”)as described on Exhibit
      A annexed hereto (the “Improvements”) at the estimated cost also set forth on said Exhibit
      A. Following our discussions about the situation, the Partners have authorized Pdl, Inc. (the “General
      Partner”) to cause the Improvements to be made on behalf of the Partnership.

                      In
        order to provide (a) the funds necessary to make the Improvements, along with any other repairs and
        capital improvements that the General Partner determines are necessary or appropriate, and (b) additional
        funds that may become necessary to cover negative cash flow from the operations of the Property,
        the General Partner has agreed to lend the Partnership from time to time the aggregate amount of
        $1,000,000 (the “Loan”). The amount of the Loan may be increased at the discretion of the
        General Partner to $2,000,000. The Loan will accrue interest at the rate of 11% per annum from the
        time of each advance until repaid in full as provided below. Accrued interest and principal shall
        be repaid as and when there is cash flow from the operation of the Property available for such payment
        (as determined by the General Partner) and before any distributions are made to Partners. All repayments
        shall be applied first to any accrued and unpaid interest and then to principal. Notwithstanding
        anything else contained herein, all accrued and unpaid interest and unpaid principal shall be due
        and payable on May 11, 2008, or prior thereto upon any refinancing of the First Mortgage on the Property.

                     Prior
        to making any advance of the Loan, the General Partner will utilize $400,000 of the funds currently
    set aside for payment 



	











	 
	
of the costs of tenant work and leasing commissions (the “Self Escrowed Funds”). The Self
Escrowed Funds, which are in addition to an escrow held by the holder of the First Mortgage, are
currently in the amount of approximately $907,000. The General Partner, in its discretion, may use
available cash flow from the Property either to repay any unpaid accrued interest and principal or
to restore the amount of the Self Escrowed Funds to its existing balance. 

                Notwithstanding
anything else contained herein, the outstanding principal balance of the Loan, and any accrued and
unpaid interest thereon, shall be repaid to the General Partner prior to any distributions of cash
flow or in liquidation of the Partnership. 

                Please
sign a copy of this letter in the space provided below for your signature and return the executed
copy to the undersigned in order to evidence your agreement to the above.

	 


	 	Very truly yours, 
	 	 	 
	 	Pdl, Inc.
	 	 	 
	 	By	/s/ Steven Baruch
	 	 	

	Agreed to: 	 	Steven Baruch
	 	 	 


	 	 	 	 
	/s/   Robert N. Rich	 	 	 
	
	 	
    
      
	Robert N. Rich	 	Lester
Cohen
	  	 	 	 
	 	 	 
	/s/   Lyla Dolgin	 	/s/   Stephen Silverstein
	
	 	
    
      
	Lyla Dolgin	 	Stephen
Silverstein
	 	 	 	 	 
	 	 	 
	Martin Cohen Trust	 	Arthur Cohen Trust
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Martin Cohen	 	By:	/s/ Arthur Cohen
	 	
      	 	 	
      
	 	 	 	 
	 	 	 	 
	Presidential Matmor, Inc.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Jeffrey F. Joseph	 	 	 
	 	
      	 	 	 


	











	 
	
Exhibit A

Proposed

    Building Upgrade Program

    



HOME MORTAGE PLAZA



268 Ponce de León Avenue

    Hato Rey, Puerto Rico




	











	 
	
INFRASTRUCTURE

	 


	Elevator Upgrade	 	 	 	 	 	 
	 	Replacement of controllers and motor generators, machine room wiring, seismic sensors and system, electronic
selector system, hoistway conduit wiring, traveling cables, limit switches, car stations (button
pads) complying with ADA regs, hall buttons (also ADA compliant), digital indicators, door operators
for 5 elevators 	 	 	 
	 	 	 	 	 	 	$	 447,000
	 	 	 	 	 	 	 	 
	Backup Power	 	 	 	 	 	 
	 	John Deere 1000 KvA 208/120 Volt Backup system and fuel tank	 	$	 163,545	 	 	 
	 	John Deere 1000 KvA 480/277 Volt Backup system and fuel tank	 	$	 161,657	 	 	 
	 	 	 	 	 	 	$	325,202
	 	 	 	 	 	 	 	 
	Roof	 	 	 	 	 	 
	 	Drains Installed	 	 	 	 	 	 
	 	 	 	 	 	 	$	7,250
	 	 	 	 	 	 	 	 
	Insulation of cold water piping – 2nd floor	 	 	 	 	 	 
	 	Some cold water piping runs through a machine area on the P-2 level, generating considerable condensation.
This piping should be insulated 	 	 	 
	 	 	 	 	 	 	$	 3,250
	 	 	 	 	 	 	 	 
	A/C System – DEFERRED WORK    	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	3rd Chiller - (SHOULD BE COMPLETED WITHIN 12 – 18 MONTHS) 	 	 	 
	 	 	When the original 3 chillers were replaced in the past, only 2 were replaced.  	 	 	 
	 	 	 	 	 	 	$	136,500
	 	 	 	 	 	 	 	 
	 	3rd Cooling Tower - (SHOULD BE COMPLETED WITHIN 12 – 18 MONTHS) 	 	 	 
	 	 	Currently the third cooling tower is inoperable, we are running on 2 towers. If one goes down, replacement
would take months to accomplish while we would be unable to provide adequate cooling to the tenants.
Replacement of cooling tower including installation with stainless steel components 	 	 	 
	 	 	 	 	 	 	$	 91,770
	 	 	 	 	 	 	 	 
	 	15th Floor Air Handlers - (TO BE COMPLETED WHEN OCCUPIED BY NEW TENANT)  	 	 	 
	 	 	Currently two 25-ton air handlers (installed in 1987) provide cooling for the 15th (top) floor. These
don’t provide for adequate flow to all areas of the floor. Trane and York reps both recommend
two 40-ton units for proper cooling. 	 	 	 
	 	 	 	 	 	 	$	106,700
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	INFRASTRUCTURE TOTAL 	 	 	 	 	$	1,117,672


	











	COSMETIC

    
	 


	Replace lobby floor and repaint ceiling	 	 	 
	 	Remove existing tile in lobby and on Munoz Rivera patio and replace with stone we can polish	 	 	 
	 	 	 	$	 65,500
	 	 	 	 	 
	Signage	 	 	 
	 	We need some exterior building identification with lighting after review of building name and tenant
      directories on each floor need upgrading and standardizing 	 	 	 
	 	 	 	$	 32,000
	 	 	 	 	 
	Metal shades treated and painted	 	 	 
	 	Metal trim on north and south sides of building is dulled and needs refurbishment	 	 	 
	 	 	 	$	 22,968
	 	 	 	 	 
	Repair or replace Ocasio Street façade	 	 	 
	 	Repairs needed where pigeons have eaten away material and nested.	 	 	 
	 	 	 	$	 8,520
	 	 	 	 	 
	Lighting	 	 	 
	 	Some interior lighting fixtures in lobby area may be part of re-design	 	 	 
	 	 	 	$	 7,500
	 	 	 	 	 
	Interior Garden Display	 	 	 
	 	Professionally redo interior garden	 	 	 
	 	 	 	$	 600
	 	 	 	 	 
	 	 	 	

	 	 	 	 
	COSMETIC TOTAL	 	$	 137,088
	 	 	 	 	 
	 	 	 	

	 	 	 	 
	PROJECT TOTAL	 	$	 1,254,760
	 	 	 	 
	PROJECT TOTAL LESS DEFERRED HVAC WORK 	 	$	 919,790


	 	 
	NOTE 1: it may develop that a capital investment in power saving devices and equipment would net a
long-
	 	term gain for the operation of the building. Although this is not part of this program to increase
the rentability of the building, it is mentioned here for informational purposes because of our concern
with the increasing energy costs of the property.
	 	 
	NOTE 2: Some discussion needs to take place around the issue of naming the building. Suggestions such
as 
	 	Plaza 268 or Tower 268 have been offered, and it remains to be seen whether a large tenant would
want naming rights.