GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-1                                                           July 2, 2007

$200,000.00                                                     PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly  and  severally  hereby  promises  to pay to ING USA  ANNUITY  AND  LIFE
INSURANCE  COMPANY,  or  registered  assigns,  the  principal sum of TWO HUNDRED
THOUSAND  DOLLARS (or so much  thereof as shall remain  outstanding)  on July 1,
2010,  subject  to  extension  at the  option of the  Borrowers  as set forth in
Section 7 below (the "Maturity Date"), with interest (computed on the basis of a
360-day year of twelve 30-day months),  payable monthly on the first day of each
calendar month  commencing on August 1, 2007 and at maturity,  (i) on the unpaid
balance at the rate of 6.59% per annum (the  "Interest  Rate"),  and (ii) to the
extent permitted by law, on any overdue payment of such interest and, during the
continuance of an Event of Default (as defined below),  on such unpaid principal
balance and on any overdue payment of any Make-Whole  Amount (as defined below),
at a rate per annum from time to time equal to the  Default  Rate.  The  Default
Rate shall mean the lesser of (a) the  Interest  Rate plus two percent  (2%) and
(b) the highest rate permitted by applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this  Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>


     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be

                                      -2-
<PAGE>

less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall
delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-

<PAGE>

     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally  liable with respect to the  obligations
under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.

                                      -4-

<PAGE>




Borrower:                          GTJ REIT, INC.


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          GREEN ACQUISITION, INC.


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          TRIBORO ACQUISITION, INC


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          JAMAICA ACQUISITION, INC.


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          165-25 147TH AVENUE, LLC


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          49-19 ROCKAWAY BEACH BOULEVARD, LLC


                                   By:__________________________________
                                         Name:
                                         Title:

Borrower:                          85-01 24TH AVENUE, LLC


                                   By:__________________________________
                                         Name:
                                         Title:

<PAGE>


Borrower:                          114-15 GUY BREWER BOULEVARD, LLC


                                   By:__________________________________
                                         Name:
                                         Title:


                                      -6-
<PAGE>

                                 GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-2                                                 July 2, 2007

$165,517.24                                              PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly  and  severally  hereby  promises  to pay to ING USA  ANNUITY  AND  LIFE
INSURANCE  COMPANY,  or  registered  assigns,  the  principal sum of ONE HUNDRED
SIXTY-FIVE  THOUSAND FIVE HUNDRED SEVENTEEN DOLLARS AND TWENTY-FOUR CENTS (or so
much thereof as shall remain  outstanding) on July 1, 2010, subject to extension
at the option of the  Borrowers  as set forth in Section 7 below (the  "Maturity
Date"),  with interest (computed on the basis of a 360-day year of twelve 30-day
months),  payable monthly on the first day of each calendar month  commencing on
August 1, 2007 and at maturity,  (i) on the unpaid  balance at the rate of 6.59%
per annum (the "Interest Rate"), and (ii) to the extent permitted by law, on any
overdue  payment of such interest  and,  during the  continuance  of an Event of
Default (as defined below),  on such unpaid principal balance and on any overdue
payment of any Make-Whole  Amount (as defined  below),  at a rate per annum from
time to time equal to the Default  Rate.  The Default Rate shall mean the lesser
of (a) the  Interest  Rate  plus  two  percent  (2%)  and (b) the  highest  rate
permitted by applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this  Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>

     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be
less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall

                                      -2-
<PAGE>

delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-
<PAGE>

     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally  liable with respect to the  obligations
under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.

                                      -4-
<PAGE>

Borrower:                   GTJ REIT, INC.


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   GREEN ACQUISITION, INC.


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   TRIBORO ACQUISITION, INC


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   JAMAICA ACQUISITION, INC.


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   165-25 147TH AVENUE, LLC


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   49-19 ROCKAWAY BEACH BOULEVARD, LLC


                            By:____________________________________
                                  Name:
                                  Title:

Borrower:                   85-01 24TH AVENUE, LLC


                            By:____________________________________
                                  Name:
                                  Title:


<PAGE>


Borrower:                   114-15 GUY BREWER BOULEVARD, LLC


                            By:____________________________________
                                  Name:
                                  Title:

                                      -6-
<PAGE>

                                 GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-3                                                   July 2, 2007

$96,551.72                                                 PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly  and  severally  hereby  promises  to pay to ING USA  ANNUITY  AND  LIFE
INSURANCE  COMPANY,  or  registered  assigns,  the  principal  sum of NINETY-SIX
THOUSAND  FIVE  HUNDRED  FIFTY-ONE  DOLLARS  AND  SEVENTY-TWO  CENTS (or so much
thereof as shall remain  outstanding)  on July 1, 2010,  subject to extension at
the  option of the  Borrowers  as set forth in  Section 7 below  (the  "Maturity
Date"),  with interest (computed on the basis of a 360-day year of twelve 30-day
months),  payable monthly on the first day of each calendar month  commencing on
August 1, 2007 and at maturity,  (i) on the unpaid  balance at the rate of 6.59%
per annum (the "Interest Rate"), and (ii) to the extent permitted by law, on any
overdue  payment of such interest  and,  during the  continuance  of an Event of
Default (as defined below),  on such unpaid principal balance and on any overdue
payment of any Make-Whole  Amount (as defined  below),  at a rate per annum from
time to time equal to the Default  Rate.  The Default Rate shall mean the lesser
of (a) the  Interest  Rate  plus  two  percent  (2%)  and (b) the  highest  rate
permitted by applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this  Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>


     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be
less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall

                                      -2-
<PAGE>

delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-
<PAGE>

     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally  liable with respect to the  obligations
under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.

                                      -4-
<PAGE>


Borrower:                             GTJ REIT, INC.


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             GREEN ACQUISITION, INC.


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             TRIBORO ACQUISITION, INC


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             JAMAICA ACQUISITION, INC.


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             165-25 147TH AVENUE, LLC


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             49-19 ROCKAWAY BEACH BOULEVARD, LLC


                                      By:______________________________
                                            Name:
                                            Title:

Borrower:                             85-01 24TH AVENUE, LLC


                                      By:______________________________
                                            Name:
                                            Title:


<PAGE>

Borrower:                             114-15 GUY BREWER BOULEVARD, LLC


                                      By:______________________________
                                            Name:
                                            Title:


-6-
<PAGE>


 GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-4                                             July __, 2007

$344,827.59                                          PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly and severally  hereby  promises to pay to ING LIFE INSURANCE AND ANNUITY
COMPANY,  or registered  assigns,  the principal sum of THREE HUNDRED FORTY-FOUR
THOUSAND EIGHT HUNDRED  TWENTY-SEVEN  DOLLARS AND  FIFTY-NINE  CENTS (or so much
thereof as shall remain  outstanding)  on July 1, 2010,  subject to extension at
the  option of the  Borrowers  as set forth in  Section 7 below  (the  "Maturity
Date"),  with interest (computed on the basis of a 360-day year of twelve 30-day
months),  payable monthly on the first day of each calendar month  commencing on
August 1, 2007 and at maturity,  (i) on the unpaid  balance at the rate of 6.59%
per annum (the "Interest Rate"), and (ii) to the extent permitted by law, on any
overdue  payment of such interest  and,  during the  continuance  of an Event of
Default (as defined below),  on such unpaid principal balance and on any overdue
payment of any Make-Whole  Amount (as defined  below),  at a rate per annum from
time to time equal to the Default  Rate.  The Default Rate shall mean the lesser
of (a) the  Interest  Rate  plus  two  percent  (2%)  and (b) the  highest  rate
permitted by applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this  Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>


     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be

                                      -2-
<PAGE>

less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall
delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-

<PAGE>


     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally  liable with respect to the  obligations
under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.


                                      -4-
<PAGE>


Borrower:                                   GTJ REIT, INC.


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   GREEN ACQUISITION, INC.


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   TRIBORO ACQUISITION, INC


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   JAMAICA ACQUISITION, INC.


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   165-25 147TH AVENUE, LLC


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   49-19 ROCKAWAY BEACH BOULEVARD, LLC


                                            By:___________________________
                                                  Name:
                                                  Title:

Borrower:                                   85-01 24TH AVENUE, LLC


                                            By:
                                                  Name:
                                                  Title:

<PAGE>


Borrower:                                   114-15 GUY BREWER BOULEVARD, LLC


                                            By:___________________________
                                                  Name:
                                                  Title:


                                      -6-

                     GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-5                                             July 2, 2007

$96,551.72                                           PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly  and  severally  hereby  promises  to pay to  RELIASTAR  LIFE  INSURANCE
COMPANY,  or registered  assigns,  the principal sum of NINETY SIX THOUSAND FIVE
HUNDRED  FIFTY-ONE  DOLLARS AND  SEVENTY-TWO  CENTS (or so much thereof as shall
remain  outstanding) on July 1, 2010,  subject to extension at the option of the
Borrowers as set forth in Section 7 below (the "Maturity  Date"),  with interest
(computed  on the basis of a  360-day  year of twelve  30-day  months),  payable
monthly on the first day of each calendar month commencing on August 1, 2007 and
at  maturity,  (i) on the  unpaid  balance  at the rate of 6.59% per annum  (the
"Interest  Rate"),  and (ii) to the  extent  permitted  by law,  on any  overdue
payment of such interest and,  during the continuance of an Event of Default (as
defined below),  on such unpaid principal  balance and on any overdue payment of
any Make-Whole  Amount (as defined below), at a rate per annum from time to time
equal to the Default  Rate.  The  Default  Rate shall mean the lesser of (a) the
Interest  Rate plus two  percent  (2%) and (b) the  highest  rate  permitted  by
applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this  Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>


     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be
less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall

                                      -2-
<PAGE>

delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-

<PAGE>


     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally  liable with respect to the  obligations
under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.

                                      -4-

<PAGE>


Borrower:                           GTJ REIT, INC.


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           GREEN ACQUISITION, INC.


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           TRIBORO ACQUISITION, INC


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           JAMAICA ACQUISITION, INC.


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           165-25 147TH AVENUE, LLC


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           49-19 ROCKAWAY BEACH BOULEVARD, LLC


                                    By:___________________________
                                          Name:
                                          Title:

Borrower:                           85-01 24TH AVENUE, LLC


                                    By:___________________________
                                          Name:
                                          Title:

<PAGE>


Borrower:                           114-15 GUY BREWER BOULEVARD, LLC


                                    By:___________________________
                                          Name:
                                          Title:


                                      -6-

<PAGE>

 GTJ REIT, INC.,
                            GREEN ACQUISITION, INC.,
                            TRIBORO ACQUISITION, INC,
                           JAMAICA ACQUISITION, INC.,
                            165-25 147TH AVENUE, LLC,
                      49-19 ROCKAWAY BEACH BOULEVARD, LLC,
                           85-01 24TH AVENUE, LLC, AND
                        114-15 GUY BREWER BOULEVARD, LLC


                              SENIOR MORTGAGE NOTE

No. MR-6                                              July 2, 2007

$96,551.72                                            PPN:  36238@ AA4

     FOR VALUE RECEIVED,  each of GTJ REIT,  INC., a Maryland  corporation  (the
"Parent"), GREEN ACQUISITION, INC., a New York corporation, TRIBORO ACQUISITION,
INC, a New York corporation,  JAMAICA ACQUISITION, INC., a New York corporation,
165-25 147TH AVENUE, LLC, a New York limited liability company (the "First Green
Operating Subsidiary"),  49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited
liability company (the "Second Green Operating Subsidiary"),  85-01 24TH AVENUE,
LLC, a New York limited liability company (the "Triboro Operating  Subsidiary"),
and 114-15 GUY BREWER BOULEVARD,  LLC, a New York limited liability company (the
"Jamaica Operating Subsidiary")  (collectively,  herein called the "Borrowers"),
jointly  and  severally  hereby  promises  to pay to  SECURITY  LIFE  OF  DENVER
INSURANCE  COMPANY,  or  registered  assigns,  the  principal  sum of NINETY-SIX
THOUSAND  FIVE  HUNDRED  FIFTY-ONE  DOLLARS  AND  SEVENTY-TWO  CENTS (or so much
thereof as shall remain  outstanding)  on July 1, 2010,  subject to extension at
the  option of the  Borrowers  as set forth in  Section 7 below  (the  "Maturity
Date"),  with interest (computed on the basis of a 360-day year of twelve 30-day
months),  payable monthly on the first day of each calendar month  commencing on
August 1, 2007 and at maturity,  (i) on the unpaid  balance at the rate of 6.59%
per annum (the "Interest Rate"), and (ii) to the extent permitted by law, on any
overdue  payment of such interest  and,  during the  continuance  of an Event of
Default (as defined below),  on such unpaid principal balance and on any overdue
payment of any Make-Whole  Amount (as defined  below),  at a rate per annum from
time to time equal to the Default  Rate.  The Default Rate shall mean the lesser
of (a) the  Interest  Rate  plus  two  percent  (2%)  and (b) the  highest  rate
permitted by applicable law.

     1. Manner of Payment.  Payment of  principal,  interest and any  Make-Whole
Amount with respect to this Mortgage Note are to be made in lawful money of the
United States of America.

     2. Senior  Mortgage  Notes.  This Mortgage Note is one of a class of senior
notes  (herein  called  the  "Mortgage  Notes")  issued  pursuant  to  the  Loan
Agreement,  dated as of June 30, 2007 (as from time to time amended, restated or
otherwise  modified,  the  "Loan  Agreement"),  among  the  Borrowers,  and  the
respective Lenders named therein, and is entitled to the benefits thereof and of
a certain Mortgage and Security Agreement (the "Mortgage") of even date herewith
made by the  First  Green  Operating  Subsidiary,  the  Second  Green  Operating
Subsidiary,   the  Triboro  Operating   Subsidiary  and  the  Jamaica  Operating
Subsidiary  encumbering  such  parties'  respective  fee simple  interest in the
properties  known as (i)  165-25  147th  Avenue,  Jamaica,  Queens,  (ii)  49-19
Rockaway Beach  Boulevard,  Averne,  Queens,  New York, (iii) 85-01 24th Avenue,
East Elmhurst, New York and (iv) 114-15 Guy Brewer Boulevard,  Jamaica,  Queens,
New York.

<PAGE>


     3.  Registered  Mortgage Note. This Mortgage Note is a registered note and,
as provided in the Loan  Agreement,  upon  surrender of this  Mortgage  Note for
registration of transfer,  duly endorsed, or accompanied by a written instrument
of transfer  duly  executed,  by the  registered  holder hereof or such holder's
attorney duly  authorized in writing,  a new Mortgage Note for a like  principal
amount will be issued to, and registered in the name of, the  transferee.  Prior
to due  presentment for  registration  of transfer,  the Borrowers may treat the
person in whose name this  Mortgage  Note is  registered as the owner hereof for
the purpose of receiving  payment and for all other purposes,  and the Borrowers
will not be affected by any notice to the contrary.

     4.  Optional  Prepayment.   This  Mortgage  Note  is  subject  to  optional
prepayment at the times and on the terms specified below:

     (a) Provided that there are no  Non-Mortgage  Loans (as defined in the Loan
Agreement) outstanding or Commitments (as defined in the Loan Agreement) to make
Non-Mortgage  Loans  available from the Lenders to the Borrowers,  the Borrowers
may, at their  option,  upon notice as provided in  subsection  (b),  prepay the
outstanding  principal of this Mortgage Note, and all other notes evidencing the
Mortgage  Loan (as defined in the Loan  Agreement),  in whole but not in part at
any time on or after the date that is 30 months after the date hereof,  together
with  all  accrued  interest  thereon  and  any  applicable  Make-Whole  Amount.
Notwithstanding  the  above-described  lock-out  period,  if Lenders  permit the
Borrowers  to prepay  the  Non-Mortgage  Loans  prior to the  expiration  of the
lock-out  period,  the  Borrowers  shall also be entitled to prepay the Mortgage
Loan,  together with all accrued interest thereon and any applicable  Make-Whole
Amount.

     (b) The Parent will give each Lender  written  notice of its  intention  to
make the optional  prepayment  hereunder  not less than five  Business  Days (as
defined in the Loan  Agreement)  and in any event not more than 60 days prior to
the date fixed for such prepayment. Each such notice shall specify (i) such date
(which shall be a Business  Day),  (ii) the  aggregate  principal  amount of the
Mortgage  Loan to be  prepaid on such date,  (iii) the  principal  amount of the
Mortgage  Loan held by each  Lender to be prepaid,  and (iv) the  interest to be
paid on the  prepayment  date  with  respect  to such  principal  amounts  being
prepaid,  accompanied by a certificate of a Senior Financial Officer (as defined
in the Loan Agreement) as to the estimated  Make-Whole  Amount due in connection
with such prepayment  (calculated as if the date of such notice were the date of
the  prepayment),  setting forth the details of such  computation.  Two Business
Days prior to any such prepayment of the Mortgage Loan, the Parent shall deliver
to each  Lender a  certificate  of a Senior  Financial  Officer  specifying  the
calculation of such Make-Whole Amount as of the specified prepayment date.

     (c) The  principal  amount of the Mortgage Loan shall mature and become due
and payable on the date fixed for such  prepayment,  together  with  interest on
such principal amount accrued to such date and the applicable Make-Whole Amount,
if any. From and after such date,  unless the  Borrowers  shall fail to pay such
principal  amount when so due and payable,  on the date so fixed for prepayment,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue.

     (d) The Borrowers will not and will not permit any Affiliate (as defined in
the Loan Agreement) to prepay, purchase,  redeem or otherwise acquire,  directly
or  indirectly,  the Mortgage  Loan except upon the payment or prepayment of the
Mortgage  Loan in  accordance  with the terms of this Mortgage Note and the Loan
Documents.

     (e) "Make-Whole Amount" means an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of the Mortgage Loan over the amount of
such Called  Principal;  provided that the Make-Whole  Amount may in no event be
less than 1% of the Called  Principal  of the Mortgage  Loan.  In no event shall

                                      -2-
<PAGE>

delivery to any of the Lenders of any certificate of a Senior Financial  Officer
(or of any other writing by or on behalf of any of the Borrowers) specifying the
calculation  of any  Make-Whole  Amount  affect  the  rights of the  Lenders  to
challenge the accuracy of any such  calculation  or the rights of the Lenders to
be paid the full amount of any Make-Whole  Amount due to them in accordance with
the terms of this  Agreement.  For the purposes of  determining  the  Make-Whole
Amount, the following terms have the following meanings:

     (i) "Called Principal" means the principal of such Mortgage Loan that is to
be prepaid  pursuant to the terms of this Section 4 or has become or is declared
to be immediately due and payable as a result of an Event of Default (as defined
in Section 9 below), as the context requires.

     (ii) "Discounted  Value" means, with respect to the Called Principal of the
Mortgage Loan, the amount obtained by discounting such Called Principal from the
Maturity Date to the Settlement Date with respect to such Called  Principal,  in
accordance with accepted financial practice and at a discount factor (applied on
the same  periodic  basis as that on which  interest  on the  Mortgage  Loans is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     (iii)  "Reinvestment  Yield" means, with respect to the Called Principal of
the Mortgage Loan, the yield to maturity implied by (i) the yield reported as of
10:00  a.m.  (New York City  time) on the  second  Business  Day  preceding  the
Settlement Date with respect to such Called Principal, on the applicable display
page in the pages  designated  as Pages PX1 through 8 (or such other  display as
may replace such pages on Bloomberg Financial Markets  ("Bloomberg") or, if such
page (or its successor screen on Bloomberg) is unavailable,  the Telerate Access
Service screen that  corresponds  most closely to such page for actively  traded
U.S.  Treasury  securities having a maturity equal to the Remaining Life of such
Called  Principal  as of such  Settlement  Date or  (ii)  if such  yield  is not
reported  as of  such  time  or  the  yield  reported  as of  such  time  is not
ascertainable,  the Treasury Constant  Maturity Series Yields reported,  for the
latest day for which such yield has been so reported  as of the second  Business
Day  preceding the  Settlement  Date with respect to such Called  Principal,  in
Federal  Reserve  Statistical  Release H.15 (519) (or any  comparable  successor
publication) for such U.S. Treasury  security.  The Reinvestment  Yield shall be
rounded to the number of decimal places as appears in the Interest Rate.

     (iv) "Remaining  Life" means,  with respect to such Called  Principal,  the
number of years  (calculated to the nearest  one-twelfth  year) that will elapse
between  the  Settlement  Date with  respect to such  Called  Principal  and the
Maturity Date.

     (v) "Settlement  Date" means the date on which such Called  Principal is to
be  prepaid  pursuant  to this  Section  4 or has  become or is  declared  to be
immediately due and payable as a result of an Event of Default.

     5. Method of Payment; When Payments Deemed Made. The Borrowers will pay all
sums becoming due hereunder by Federal funds transfer of  immediately  available
funds to the  account  of the  Lender as  specified  in  Schedule  A to the Loan
Agreement, or by such other method or at such other address as such Lender shall
have from time to time  specified  to the  Parent in writing  for such  purpose,
without the  presentation or surrender of any Mortgage Note or the making of any
notation  thereon.  Any such payment to be made to the Lender shall be deemed to
have been made on the Business Day such payment  actually  becomes  available to
the Lender at such Lender's bank prior to the 1:00 p.m.  (local time in New York
City).

                                      -3-

<PAGE>


     6. Payments Due on Non-Business Days.

     Anything herein to the contrary  notwithstanding  (but without limiting the
requirements of Section 4 that any date specified for prepayment of the Mortgage
Loan shall be a Business Day), any payment of principal of or Make-Whole  Amount
or interest on the Mortgage Loan that is due on a date other than a Business Day
shall  be made  on the  next  succeeding  Business  Day  without  including  the
additional days elapsed in the computation of the interest  payable on such next
succeeding Business Day; provided that if the Maturity Date is a date other than
a Business Day, the payment  otherwise due on the Maturity Date shall be made on
the next  succeeding  Business Day and shall include the additional days elapsed
in the computation of interest payable on such next succeeding Business Day.

     7. Prepayment in the Event of Casualty or  Condemnation;  Prepayment Upon a
Change in Control.  Proceeds of  casualty  or  condemnation  shall be applied in
accordance with Sections 2.04 and 2.05 of the Mortgage. In the event of a Change
of Control (as defined in the Loan Agreement), Section 4.4 of the Loan Agreement
shall govern.

     8. Extension of Maturity Date.  Provided that no Default (as defined in the
Loan Agreement) or Event of Default shall then be continuing,  the Borrowers may
extend the Maturity Date in strict  accordance  with Section  4.2(b) of the Loan
Agreement.  In no event shall the  Maturity  Date be extended  more than two (2)
years.

     9.  Event of  Default.  An "Event  of  Default"  shall  exist if any of the
following conditions or events shall occur and be continuing:

     (a) the  Borrowers  default in the payment of any  principal or  Make-Whole
Amount  with  respect to this  Mortgage  Note or any other note  evidencing  the
Mortgage Loan when the same becomes due and payable, whether at maturity or at a
date fixed for prepayment or by declaration of otherwise; or

     (b) the Borrowers  default in the payment of interest on this Mortgage Note
or any other note  evidencing  the Mortgage Loan for more than two Business Days
after the same become due and payable; or

     (c) an Event of Default shall occur under the Loan Agreement,  the Mortgage
or any other Loan Document.

     If an Event of Default  occurs and is  continuing,  the  principal  of this
Mortgage Note may be declared or otherwise become due and payable in the manner,
at the price  (including any applicable  Make-Whole  Amount) and with the effect
provided in the Loan Agreement.

     10. Joint and Several.  Subject to Section 3.6 of the Loan Agreement,  each
Borrower shall be jointly and severally liable with respect to the
obligations under this Mortgage Note.

     11.  Governing  Law.  This Mortgage Note shall be construed and enforced in
accordance  with, and the rights of the parties shall be governed by, the law of
the  State of New York  excluding  choice-of-law  principles  of the law of such
State that would require the  application  of the laws of a  jurisdiction  other
than such State.

                                      -4-

<PAGE>


Borrower:                     GTJ REIT, INC.


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     GREEN ACQUISITION, INC.


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     TRIBORO ACQUISITION, INC


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     JAMAICA ACQUISITION, INC.


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     165-25 147TH AVENUE, LLC


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     49-19 ROCKAWAY BEACH BOULEVARD, LLC


                              By:_______________________________
                                    Name:
                                    Title:

Borrower:                     85-01 24TH AVENUE, LLC


                              By:_______________________________
                                    Name:
                                    Title:

<PAGE>


Borrower:                     114-15 GUY BREWER BOULEVARD, LLC


                              By:_______________________________
                                    Name:
                                    Title:


                                      -6-