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                                                                   EXHIBIT 10.16



                                    AGREEMENT

     AGREEMENT ("Agreement"), dated as of May 5, 2000 ("Effective Date"), by and
between New Plan Excel Realty Trust, Inc., a Maryland corporation ("Company"),
and James M. Steuterman ("Steuterman").


                                    RECITALS

     A. Steuterman is currently Chief Operating Officer and Executive Vice
President of the Company.

     B. The Company and Steuterman entered into an employment agreement dated as
of September 25, 1998, which provides for, among other things, Steuterman's
employment by the Company as Co-Chief Operating Officer and Executive Vice
President (the "Employment Agreement").

     C. Steuterman desires to, among other things, resign as Chief Operating
Officer and Executive Vice President of the Company.


                                    AGREEMENT

     IN CONSIDERATION of the premises and the mutual covenants set forth below,
the parties hereby agree as follows:

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1.   Resignation. Steuterman hereby resigns effective as of the Effective Date
as (a) an officer, director and member of any committee (Board or otherwise) of
the Company, including, but not limited to, his position as Chief Operating
Officer and Executive Vice President of the Company, (b) a representative,
agent, signatory and other similar positions in connection with or for the
benefit of the Company and (c) an officer, director, member of any committee
(Board or otherwise), trustee, representative, agent, signatory and other
similar position of any and all subsidiaries, affiliates (including without
limitation, ERT Development Corporation and its subsidiaries and affiliates) and
benefit plans of the Company. Steuterman agrees to execute all documents that
the Company reasonably determines are necessary or desirable to effectuate or
reflect the foregoing.


2.   Payments and Benefits. In consideration of the resignations set forth in
Section 1 above, the Company shall provide Steuterman with the payments and
benefits set forth below:

(a)  the Company shall pay Steuterman, upon execution of the Loan Documentation
(as defined below), the sum of $865,000.00 (the "Gross Amount"), subject to the
remaining provisions of this clause (a). As of the date hereof, Steuterman has
certain demand loans (the "Outstanding Loans") outstanding to the Company (or
its subsidiaries) in the aggregate principal amount of $575,505.00, plus accrued
interest thereon from January 1, 2000 through the date hereof in the amount of
$10,951.70. It is agreed that the Gross Amount shall be reduced by $296,456.70
(the "Offset Loan Amount"), which Offset Loan Amount represents all accrued
interest outstanding on the Outstanding Loans as of the date hereof in the
amount of $10,951.70 plus $285,505.00 of the outstanding principal balance on
the Outstanding Loans. In consideration of the Offset Loan Amount being deducted
from the Gross Amount, the Outstanding Loans shall be modified to reflect the
payment of the Offset Loan Amount and Steuterman and the Company shall enter
into appropriate documentation (the "Loan Documentation") to evidence the
reduction of the Outstanding Loans by the Offset Loan Amount. In addition, the
Loan Documentation shall include the modification of the Outstanding Loans to
provide a maturity date for the balance of the outstanding amounts under the
Outstanding Loans (i.e., $290,000.00 principal balance plus accrued interest
from May 6, 2000 through repayment in full of the Outstanding Loan Amount) of
May 1, 2001 and such documentation as is necessary to pledge 22,000 shares of
the Company common stock to secure the Outstanding Loans (the "Pledge"). The
Company agrees that upon the request of Steuterman, which request shall only be
made one time prior to May 1, 2001 and after May 15, 2000, the Company shall
revalue the pledged shares and to the extent that the value of the pledged
shares exceeds the then outstanding balance of the Loan Amount, the Company
shall release such number of shares as equals such excess value. Upon payment in
full of the Outstanding Loans, the Company shall return to Steuterman the
original promissory notes representing the Outstanding Loans marked "Paid in
Full", the shares pledged to secure the Outstanding Loans, as well as all other
original documents, if any, evidencing the Outstanding Loans and the Pledge;

(b)  the Company shall pay Steuterman, upon exectuion of the Loan Documentation,
the sum of $34,057.69 for all accrued vacation to which he is entitled as of the
Effective Date. Steuterman acknowledges that this amount is the accrued vacation
to which he is entitled as of the Effective Date, that he will not accrue
additional vacation during the Transition Period (as defined in Section 3
below), and that upon termination of the Transition Period he shall have no
right to payment for any accrued vacation with respect to the Transition Period;

(c)  all stock options held by Steuterman shall be cancelled as of the Effective
Date;

(d)  the Company shall provide Steuterman, his spouse and dependents, until
May 30, 2003, those benefits set forth in Section 8(a)(ii) of the Employment
Agreement in accordance with the terms of said Section 8(a)(ii), subject,
however, to the provisos contained in said Section 8(a)(ii), which Section
8(a)(ii) shall survive the termination of the Employment Agreement;

(e)  the Company shall allow Steuterman to keep the Company car currently being
used by Steuterman and shall transfer title of the car to Steuterman, except
that Steuterman shall, from and after the Effective Date, be responsible for all
costs and insurance with respect to the car; and

(f)  the provisions of Sections 8(a)(iii), (iv) (exclusive of any stock options)
and (vii) of the Employment Agreement shall survive the termination of the
Employment Agreement.


3.   Transition Period. During the period from the Effective Date through
May 30, 2000 (or such sooner period as provided below) (the "Transition
Period"), Steuterman will render to the Company such services as are reasonably
necessary for a transition of duties resulting from Steuterman's resignation
from the Company. During the Transition Period, the Company shall pay Steuterman
at his current annual base salary and Steuterman shall be

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entitled during the Transition Period to the same coverage and benefits
currently being provided as of the Effective Date. Steuterman's services during
the Transition Period may be terminated by the Company at any time upon written
notice to Steuterman. Upon termination of the Transition Period, Steuterman
shall not be entitled to receive any compensation, benefits, payments, severance
or other remuneration other than payment of his current base salary through the
date of termination and otherwise as specifically provided herein.


4.   Retention of Items and Documents. Except as otherwise provided in
section 2(e) regarding the Company car and except that Steuterman shall be
permitted to keep the laptop computer currently being used by Steuterman,
Steuterman will return to the Company on or prior to May 30, 2000 all items
related to the Company including, but without limitation, all originals and all
copies of documents, notes, computer discs, tapes or other tangible information
of any sort which he has in his possession or under his custody or control that
is the property of Company or is confidential information and will not retain
any copies of such items. In addition, on the Effective Date, Steuterman shall
return to the Company the Company credit card and phone currently being used by
Steuterman.


5.   Release.

(a)  Steuterman. In consideration of the promises made by the parties in
this Agreement and the payments to be made by Company under this Agreement, the
receipt and sufficiency of which are hereby acknowledged, Steuterman hereby
releases and forever discharges, except as expressly provided herein, the
Company and its subsidiaries and affiliates and their shareholders, directors,
officers, agents, representatives, and employees and successors and assigns,
past and present ("Employer Released Parties"), jointly and individually, from
any and all claims, obligations, demands, damages, causes of action or
liabilities of any nature or kind whatsoever, known or unknown, which
Steuterman, his heirs, successors or assigns ever had or now have arising out of
or in any way connected with his employment and/or separation from Company or
its subsidiaries and affiliates including, but not limited to, claims arising
under or relating to the Employment Agreement and Steuterman's services in any
of the capacities described in Section 1; provided, however, that this release
does not include, and specifically excludes, any and all claims, obligations,
demands, damages, causes of action or liabilities relating to or arising out of
(i) this Agreement and (ii) indemnification under the Company's articles of
incorporation or by-laws or indemnification obligations under this Agreement.
Without limiting the generality of the foregoing or the excluded items contained
in the proviso in the immediately preceding sentence, this release applies to
any right which Steuterman, his heirs, successors or assigns have or may have to
commence or maintain a charge or action alleging discrimination under any
federal, state, or local statute (whether before a court or an administrative
agency), including, but not limited to, Title VII of the Civil Rights Act of
1964, the Employee Retirement Income Security Act of 1974, the Americans with
Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards
Act, all as amended from time to time, and to any right which Steuterman, his
heirs, successors or assigns have or may have to commence or maintain a claim
for attorneys' fees, wrongful discharge, estoppel, breach of contract, damage to
personal or professional reputation, misrepresentation, and/or intentional or
negligent infliction of emotional distress. Steuterman warrants and represents
he has not directly or indirectly transferred or assigned rights or causes of
action against the Employer Released Parties. Steuterman agrees not to make,
assert or maintain any charge, claim, demand or action which would be covered by
this release. If Steuterman breaches this provision, he agrees to indemnify the
Employer Released Parties against all liability, costs and expenses, including
reasonable attorneys' fees, related to such breach.

(b)  Company. In consideration for the promises made by the parties in this
Agreement, the receipt and sufficiency of which are hereby acknowledged, the
Company (which for purposes of this paragraph shall be deemed to include all
Employer Released Parties) hereby releases and forever discharges, except as
hereinafter expressly provided, Steuterman and his successors and assigns, past
and present ("Steuterman Released Parties"), jointly and individually, from any
and all claims, obligations, demands, damages, causes of action or liabilities
of any nature or kind whatsoever, known or unknown, which the Company and/or a
subsidiary or affiliate of the Company ever had or now has arising out of or in
any way connected with Steuterman's employment and/or separation from Company or
its subsidiaries and affiliates including, but not limited to, claims arising
under or relating to the Employment Agreement and Steuterman's services in any
capacities described in Section 1; provided, however, that this release does not
include, and specifically excludes, any and all claims, obligations, demands,
damages, causes of action or liabilities relating to or arising from any claims
as to which indemnification of a director or officer of the Company would be
unavailable under Maryland law. The Company warrants and represents that neither
it, nor a subsidiary, nor an affiliate of the Company has directly or indirectly
transferred or assigned rights or causes of action against the Steuterman
Released Parties. The Company agrees not to make, assert or maintain (either
directly or indirectly through a subsidiary or an affiliate of the Company) any

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charge, claim, demand or action which would be covered by this release. If the
Company breaches this provision, it agrees to indemnify the Steuterman Released
Parties against all liability, costs and expenses, including reasonable
attorneys' fees, related to such breach.


6.   Non-Disparagement.

(a)  Steuterman agrees that he will not, directly or indirectly, individually or
in concert with others, intentionally engage in any conduct or make any
statement that is calculated or likely to have the effect of undermining or
disparaging the reputation of the Company or any entity in control of,
controlled by or under common control with the Company or in which the Company
owns any material amount of common or preferred stock or interest or any entity
in control of, controlled by or under common control with such entity
("Affiliate"), or their good will, products, or business opportunities or that
is calculated or likely to have the effect of undermining or disparaging the
reputation of any officer, director, agent, representative, or employee, past or
present, of the Company and/or its Affiliates.; provided, however, that
Steuterman will be able to respond to any statement made or published by the
Company in breach of its obligations under Section 6(b) below (and/or a
statement made by a current or former director or officer of the Company that
would have been in violation of this provision had such person been a party to
this Agreement).

(b)  The Company (which for purposes of this paragraph shall be deemed to
include all Employer Released Parties) agrees that it will not, directly or
indirectly, individually or in concert with others, intentionally engage in any
conduct or make any statement that is calculated or likely to have the effect of
undermining or disparaging the reputation of Steuterman; provided, however, that
the Company will be able to respond to any statement made or published by
Steuterman in breach of his obligations under Section 6(a) above. The Company
will inform its directors and executive officers of this requirement and will
take reasonable measures to cause its directors and officers to comply with it.


7.   ADEA Waiver. Steuterman acknowledges that this Agreement includes a
waiver of any rights and claims arising under the Age Discrimination in
Employment Act ("ADEA"). Steuterman understands he is not waiving rights or
claims that may arise after the date this Agreement is executed. Steuterman
acknowledges that the consideration he is receiving in exchange for his waiver
of the rights and claims specified herein exceeds anything of value to which he
already is entitled. Steuterman acknowledges that he was advised in writing on
or prior to May 3, 2000, to consult with an attorney prior to executing this
Agreement. Steuterman acknowledges that he has entered into this Agreement
knowingly and voluntarily with full understanding of its terms and after having
had the opportunity to seek and receive advice and counsel from his attorney.
Steuterman acknowledges that he was given a period of at least twenty-one (21)
days within which to consider this Agreement and was so advised in writing on or
prior to May 3, 2000. Steuterman understands that he may revoke this ADEA waiver
during the seven (7) days following the execution of this Agreement and that the
ADEA waiver shall not become effective or enforceable until that seven-day
revocation period has expired.


8.   Mitigation. Steuterman shall not be required to mitigate amounts
payable under this Agreement by seeking other employment or otherwise, and there
shall be no offset against amounts due Steuterman under this Agreement on
account of subsequent employment. Additionally, but subject to clause (a) of
Section 2 of this Agreement, amounts owed to Steuterman under this Agreement
shall not be offset by any claims the Company may have against Steuterman, and
the Company's obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any
other circumstances, including, without limitation, any counterclaim,
recoupment, defense or other right which the Company may have against Steuterman
or others.


9.   Confidential Information, Ownership of Documents, Indemnification and
Insurance.

(a)  The provisions of Sections 10(a), 10(b), 10(d), 10(e) and 11 of the
Employment Agreement shall apply as if set forth herein. For purposes of
incorporating Section 11 of the Employment Agreement in this Agreement, the term
Company shall be deemed to include affiliates of the Company.

(b)  From the Effective Date through the sixth anniversary of the Effective
Date, the Company agrees that Steuterman shall be covered under any director's
and officer's liability insurance policy maintained by the Company with respect
to the Board and senior executive officers as in effect from time to time but
the Company shall have no requirement or obligation to continue to maintain any
director's and officer's liability insurance policy.

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10.  Successors; Binding Agreement.

(a)  Company's Successors. No rights or obligations of the Company under this
Agreement may be assigned or transferred except that the Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. As used in this Agreement, "Company"
shall mean the Company as hereinbefore defined and any successor to its business
and/or assets (by merger, purchase or otherwise) which executes and delivers the
agreement provided for in this Section 10 or which otherwise becomes bound by
all the terms and provisions of this Agreement by operation of law.

(b)  Steuterman's Successors. No rights or obligations of Steuterman
under the Agreement may be assigned or transferred by Steuterman other than his
rights to payments or benefits hereunder, which may be transferred only by will
or the laws of descent and distribution. Upon Steuterman's death, this Agreement
and all rights of Steuterman hereunder shall inure to the benefit of and be
enforceable by Steuterman's beneficiary or beneficiaries, personal or legal
representatives, or estate. In the event of Steuterman's death or a judicial
determination of his incompetence, reference in this Agreement to Steuterman
shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or
other legal representative(s). If Steuterman should die after the Effective Date
while any amounts would still be payable to him hereunder if he had continued to
live, all such amounts unless otherwise provided herein shall be paid in
accordance with the terms of this Agreement to such person or persons so
appointed in writing by Steuterman, or otherwise to his legal representatives or
estate and the provisions of Section 2(d) relating to medical, dental and
hospitalization benefits shall continue to apply with respect to Steuterman's
surviving spouse and/or dependents.


11.  Notice. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered either personally or by United
States certified or registered mail, return receipt requested, postage prepaid,
addressed as follows:

If to Steuterman:

     James M. Steuterman
     5 Stults Drive
     Plainsboro, New Jersey 08536

with a copy to:

     Michael Shapiro, PLLC
     420 Lexington Avenue
     Suite 1910
     New York, New York 10170

If to the Company:

     New Plan Excel Realty Trust, Inc.
     1120 Avenue of the Americas
     New York, New York  10036
     Attn:  General Counsel

or to such other address as any party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.


12.  Miscellaneous. No provisions of this Agreement may be amended, modified, or
waived unless such amendment or modification is agreed to in writing signed by
Steuterman and by a duly authorized officer of the Company, and such waiver is
set forth in writing and signed by the party to be charged. No waiver by either
party hereto at any time of any breach by the other party hereto of any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. The respective rights and
obligations of the parties hereunder of this Agreement

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shall survive Steuterman's termination of employment and the termination of this
Agreement to the extent necessary for the intended preservation of such rights
and obligations. The validity, interpretation, construction and performance of
this Agreement shall be governed by the laws of the State of New York without
regard to its conflicts of law principles.


13.  Validity. The invalidity or unenforceability of any provision or provisions
of this Agreement shall not affect the validity or enforceability of any other
provision of the Agreement, which shall remain in full force and effect.


14.  Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.


15.  Entire Agreement. Except as otherwise expressly provided herein, this
Agreement sets forth the entire agreement of the parties hereto in respect of
the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative
of any party hereto in respect of such subject matter. Any prior agreement of
the parties hereto in respect of the subject matter contained herein, including
without limitation, the Employment Agreement, is hereby terminated and canceled
with no rights or claim to any payment or benefits thereunder (including without
limitation any payments or benefits under the Employment Agreement for
termination by the Company without Cause or by Steuterman for Good Reason).


16.  Withholding. All payments or benefits under this Agreement (including,
without limitation, the Gross Amount) shall be subject to any required
withholding of Federal, state and local taxes pursuant to any applicable law or
regulation and the Company shall be permitted to take any other action required
to comply with withholding obligations.


17.  Press Release. The Company and Steuterman will mutually agree upon the
text of a statement concerning the circumstances of Steuterman's resignation
from the Company, and the Company will inform Steuterman reasonably in advance
of the making of such statement. All subsequent announcements and communications
to be made by the Company in relation to Steuterman's resignation shall be based
upon and consistent with such statement. The Company will inform its directors
and executive officers of this requirement and will take reasonable measures to
cause its directors and officers to comply with it.


18.  Noncontravention. The Company represents that the Company is not
prevented from entering into, or performing this Agreement by the terms of any
law, order, rule or regulation, its by-laws or certificate of incorporation, or
any agreement to which it is a party, other than which would not have a material
adverse effect on the Company's ability to enter into or perform this Agreement.


19.  Section Headings. The section headings in this Agreement are for
convenience of reference only, and they form no part of this Agreement and shall
not affect its interpretation.


20.  Cooperation. For one (1) year after expiration of the Transition
Period, Steuterman agrees upon request of the Company to make himself available
at reasonable times during normal business hours and upon reasonable notice for
the purpose of assisting the Company with responding to questions, depositions,
administrative proceedings and court hearings, executing documents, and
cooperating with Company and its accountants and legal counsel with respect to
claims and litigation of which he has personal or corporate knowledge. The
Company agrees to pay Steuterman a per diem of $2500 per day (including travel
days) for such services and the Company shall reimburse Steuterman for all
reasonable expenses, including, without limitation, travel expenses, incurred in
connection with such service upon the presentation of reasonable itemized
statements of such expenses in accordance with the Company's policies and
procedures now in force or as such policies and procedures may be modified with
respect to all senior executive officers.


21.  Shareholder Approval. The Company represents and warrants to Steuterman
that no shareholder approval is required for the Company to enter into this
Agreement and provide the benefits hereunder.


22.  ACKNOWLEDGMENT. STEUTERMAN REPRESENTS AND AGREES THAT HE FULLY
UNDERSTANDS HIS RIGHT TO DISCUSS ALL ASPECTS OF THIS AGREEMENT WITH LEGAL
COUNSEL AND, TO THE EXTENT HE DEEMS APPROPRIATE, HE HAS FULLY AVAILED HIMSELF OF
THIS

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RIGHT, AND HE HAS CAREFULLY READ AND FULLY UNDERSTANDS ALL THE PROVISIONS OF
THIS AGREEMENT AND IS VOLUNTARILY ENTERING INTO THEM.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.

                                             NEW PLAN EXCEL REALTY TRUST, INC.,
                                             a Maryland corporation


                                             By:/s/ GLENN J. RUFRANO
                                                --------------------------------
                                             Name: Glenn J. Rufrano
                                                  ------------------------------
                                             Title: President and Chief
                                                    Executive Officer
                                                   -----------------------------


                                             JAMES M. STEUTERMAN

                                             /s/ James M. Steuterman
                                             -----------------------------------

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