Document:

EXHIBIT 10.1

                     AMENDED AND RESTATED AGREEMENT OF SALE

      THIS AGREEMENT (the  "Agreement"),  made effective as of this November 10,
2004, by and between LEHIGH  ACQUISITION  CORPORATION,  a New Jersey corporation
having an address at 1416 Morris  Avenue,  Suite 207,  Union,  New Jersey 07083,
(the  "Seller") and 24 WEST 96TH STREET REALTY CORP.,  a New Jersey  corporation
having an address  at 10  Devonshire  Road,  Livingston,  New Jersey  07039 (the
"Buyer").

                                   WITNESSETH:

      WHEREAS,  the  parties  entered  into an original  Agreement  of Sale (the
"Original  Agreement of Sale") dated as of July 1, 2004,  regarding certain real
property and the  improvements  thereon located on Lot 1 in Block 511 of the Tax
Map of the Township of Cranford, New Jersey, commonly known as 555 South Avenue,
Cranford, New Jersey 07016 (hereinafter referred to as the "Property");

      WHEREAS,  in  order  to  implement  certain  provisions  of  the  Original
Agreement of Sale,  the  Seller's  parent  entity,  NuWave  Technologies,  Inc.,
delivered to the Buyer a Convertible Debenture (the "Convertible  Debenture") in
the original principal amount of $1,783,549.25;

      WHEREAS,  the Original  Agreement of Sale and  Convertible  Debenture  are
hereby rescinded and terminated in their entirety and this Agreement constitutes
the entire agreement of the parties regarding the Property;

      WHEREAS, Seller is the 100% owner of the Property; and

      WHEREAS, Buyer is desirous of acquiring a twenty percent (20%) interest in
the Property as a tenant-in-common pursuant to the terms and conditions herein.

      NOW,  THEREFORE,  in  consideration  of the mutual  covenants  hereinafter
contained, the parties hereto agree as follows:

      1.    Agreement to Sell and Purchase.  Seller agrees to sell to Buyer, and
Buyer agrees to buy from Seller,  a twenty percent (20%) fee simple  interest in
the  Property  as  a   tenant-in-common,   such  interest  in  land  being  more
particularly  described  on  Exhibit  A,  together  with all  right,  title  and
interest, if any of Seller in and to any lands lying in any stream, street, road
or highway  in front of or  adjoining  the  Property  and all  right,  title and
interest of Seller in and to any awards made or to be made in lieu thereof.

<PAGE>

      2.    Purchase  Price.  Buyer agrees to pay to Seller and Seller agrees to
accept from Buyer as and for the purchase  price for a twenty  percent (20%) fee
simple  interest in the Property the sum of ONE MILLION FOUR HUNDRED  TWENTY SIX
THOUSAND  EIGHT  HUNDRED  THIRTY NINE AND 41/100  DOLLARS  ($1,426,839.41)  (the
"Purchase Price"),  of which  $1,783,549.25 was paid to the Seller in connection
with the Original Agreement of Sale.

      3.    Title to the Property.  Subject to Buyer's  rights under  Sections 4
and 6 under this  Agreement,  a twenty percent (20%) fee simple  interest in the
Property is being sold and Buyer agrees to purchase a twenty  percent  (20%) fee
simple interest in the Property as a  tenant-in-common  subject to the following
Permitted Exceptions (the "Permitted Exceptions"):

            (a)   Zoning   ordinances   and   other   applicable    governmental
      regulations and requirements;

            (b)   Rights  of the  public  and  adjourning  owners  in  highways,
      streets, roads and lanes bounding the Property;

            (c)   Rights and easements  relating to the construction,  operation
      and  maintenance  of  utility  lines,   wires,   cables,   pipes,   poles,
      distribution  boxes and other such  equipment  in, on, over,  or under the
      Property, and other easements and rights;

            (d)   Covenants, restrictions or agreements of record, affecting the
      Property,  provided  that no such  covenant,  restriction  or agreement or
      record has been  violated and that future  violation  will not result in a
      forfeiture or require any monetary payments by Buyer;

                                       2
<PAGE>

            (e)   Outstanding rights in adjoining roads;

            (f)   The  state  of  facts  as  might  be  disclosed  by a  survey,
      inspection  and/or  title  search of the  Property,  provided  same do not
      render title unmarketable;

            (g)   Liens for unpaid taxes,  assessments,  water charges and sewer
      rents, subject to adjustment as set forth in this Agreement;

            (h)   Standard  conditions and exceptions to title  contained in the
      current form of ALTA Owner's Standard Form B Title Insurance Policy.

      4.    Seller's  Representations.  Seller  represents  and  warrants to the
Buyer only with respect to the Property owned by Seller as follows:

            (a)   The person  executing and delivering  this Agreement on behalf
      of the Seller is  authorized  to do so and no consent of any other person,
      firm or entity is  required  for the Seller to enter into this  Agreement.
      Seller has the  authority to enter into this  Agreement  and to consummate
      the transactions contemplated hereunder.

            (b)   The execution and  performance of this Agreement (i) shall not
      be a breach  or  violation  of any  agreement  to which  Seller is a party
      and/or  Seller has obtained the  necessary  approval for the execution and
      performance of same, and (ii) does not conflict with any order,  judgment,
      injunction,  award or  decree  of any  governmental  body,  administrative
      agency or court  affecting  Seller or by which  Seller or any of  Seller's
      assets or properties is or are bound.

            (c)   Seller will not further  sell,  convey,  assign or contract to
      sell,  convey,  assign,  or pledge,  all or any part of the Property,  nor
      restrict the use of all or any part of the Property,  nor take or cause to
      be taken any action in conflict  with this  Agreement  at any time between
      the date of this Agreement and Closing.

                                       3
<PAGE>

            (d)   Seller  is the  sole  owner of the  Property  and has the full
      right,  power and authority to sell, convey and transfer to Buyer a twenty
      percent (20%) interest in the Property as a tenant-in-common.

      5.    Buyer's Representations. Buyer represents and agrees as follows:

            (a)   The person  executing and delivering  this Agreement on behalf
      of the Buyer is  authorized  to do so and no consent of any other  person,
      firm or entity is  required  for the Buyer to enter  into this  Agreement.
      Buyer has the authority to enter into this Agreement and to consummate the
      transactions contemplated hereunder.

            (b)   The  execution  and  delivery  of  this  Agreement,   and  the
      consummation of the  transactions  contemplated  hereby will not result in
      the breach of any  agreement  to which the Buyer or any  affiliate  of the
      Buyer is a party.

            (c)   Buyer is a sophisticated  business person  experienced in real
      estate  development and has entered into this Agreement with the knowledge
      that Seller intends to pursue the  development  of the Property;  however,
      Seller  has not made any  representations  as to whether  the  development
      approvals  will be  obtained or whether the  ultimate  development  of the
      Property will increase the value of Buyer's investment.

      6.    Conditions Precedent to Closing.

            (a)   The following shall be further conditions precedent to Buyer's
      obligation to close:

                  (i)   Seller delivering fee simple title as a tenant-in-common
            to the twenty  percent (20%)  interest in the Property in accordance
            with the provisions hereof.

                                       4
<PAGE>

                  (ii)  The  truth  and  accuracy  of  Seller's  warranties  and
            representations  herein  being  true and  correct  as of the date of
            Closing.

                  (iii) On the date of Closing,  no proceedings shall be pending
            or threatened  that could or would affect  Seller's  interest in the
            Property.

      In the event  that any of the  conditions  precedent  referred  to in this
paragraph  6(a),  or any of the  representations  set forth in Article 4 of this
Agreement  are not  materially  true as of the date of  Closing,  then the Buyer
herein may terminate this Agreement upon written notice to Seller.

      7.    Closing of Title.  The  Closing  shall take place at the  offices of
DeCotiis Fitzpatrick,  Cole & Wisler, LLP, 500 Frank W. Burr Boulevard, Teaneck,
New  Jersey  07666 on such  date and at such  time as  shall be  agreed  upon in
writing by Seller and Buyer.  It is estimated that the time for Closing shall be
on or about  November  19, 2004 or at such other time as shall be agreed upon in
writing between Buyer and Seller (the "Closing").

      8.    Closing Deliveries.

            (a)   At Closing, Seller shall deliver to Buyer the following:

                  (i)   A Bargain and Sale Deed with covenant against  grantor's
            acts to the twenty percent (20%) interest in the Property, in proper
            statutory form for recording  subject only to Permitted  Exceptions.
            Seller  shall  utilize in the deed the metes and bounds  description
            set forth in Exhibit A.(ii) An Affidavit of Title in the usual form,
            shall be made to the best  knowledge,  information and belief of the
            deponent thereof, however, without the obligation to investigate.

                  (ii)  A refund of purchase price of $298,561.84.

                  (iii) An interest payment of $28,422.18, representing interest
            from September 14, 2004 through November 10, 2004.

                                       5
<PAGE>

            (b)   At Closing, Buyer shall deliver to Seller the following:

                  (i)   The  adjustments  contemplated by Article 9 hereof shall
            be made.

      Each  party  shall  deliver  to the other  party  such  other and  further
documents and instruments as may reasonably be requested by the other party.

      9.    Brokerage.  Each party  represents to the other that it did not deal
with any real estate broker in connection with this transaction.

      10.   Notices.  All  notices,  requests,   consents,  approvals  or  other
communications  under this  Agreement  shall be in writing and sent by overnight
courier,  transmitted by facsimile,  or mailed by certified mail, return receipt
requested, postage prepaid, addressed to:

            (a)   If to Seller, at:

                  1416 Morris Avenue
                  Suite 207
                  Union, New Jersey 07083

                  with a copy to:

                  Paul S. Werther, Esq.
                  DeCotiis, FitzPatrick, Cole & Wisler, LLP
                  Glenpointe Centre West
                  500 Frank W. Burr Blvd.
                  Teaneck, New Jersey 07666

            (b)   If to Buyer, at:

                  10 Devonshire Road
                  Livingston, New Jersey 07039

                  with a copy to:

                  Michael Present, Esq.
                  Vaslas Lepowsky Hauss & Danke LLP
                  220 Fifth Avenue, 10th Floor
                  New York, New York 10001

                                       6
<PAGE>

      All notices  shall be  effective  if sent in the manner set forth above on
the date of receipt or rejection as evidenced by certified  mail receipt card or
bill of lading as the case may be.

      11.   Merger.  The  acceptance  of a deed by Buyer shall be deemed to be a
full  performance by Seller of, and shall discharge Seller from, all obligations
hereunder; and Seller shall have no liability hereunder thereafter to Buyer. 12.
Further Assurances.  Each of the parties hereby agrees to execute,  acknowledge,
and deliver such other deeds, affidavits, certificates, documents or instruments
as the other may reasonably  require from time to time to carry out the purposes
of this Agreement.

      13.   Miscellaneous Provisions. The parties further agree as follows:

            (a)   Neither  party may assign  this  Agreement  without  the prior
      written consent of the other party.

            (b)   This Agreement  shall be binding upon and inure to the benefit
      of  the  parties  hereto  and  their  respective  legal   representatives,
      successors (by operation of law or otherwise) and assigns.

            (c)   This  Agreement  contains  the entire  agreement  between  the
      parties,  and may not be modified  or changed  except by an  agreement  in
      writing executed by the parties hereto.

            (d)   The captions herein are for convenience and reference only and
      in no way define,  limit or describe the scope or intent of this Agreement
      or affect any of the terms or provisions hereof.

            (e)   This  Agreement  may be executed in one or more  counterparts,
      each of which  shall be deemed to be an  original,  but all of which shall
      constitute one and the same Agreement.

            (f)   This  Agreement  shall be governed by the laws of the State of
      New Jersey.

                                       7
<PAGE>

            (g)   Submission of this Agreement for consideration is not an offer
      and this Agreement  shall be binding upon the parties hereto only upon the
      execution and delivery hereof.

            (h)   Buyer  hereunder  desires to exchange  other  property of like
      kind and qualifying use within the meaning of Section 1031 of the Internal
      Revenue Code of 1986, as amended ("IRC"), and the Regulations  promulgated
      thereunder,  for fee title (as a tenant-in-common) in the Property.  Buyer
      expressly   reserves  the  right  to  assign  its  rights,   but  not  its
      obligations, hereunder to a Qualified Intermediary as provided in IRC Reg.
      1.103(k)-1(g)(4) on or before the date of Closing.

                            [SIGNATURE PAGE FOLLOWS]

                                       8
<PAGE>

      IN WITNESS  WHEREOF,  the parties hereto have duly executed this Agreement
as of the day and year first above written.

WITNESS:                                       SELLER:

                                               LEHIGH ACQUISITION CORPORATION

_________________________________              By: /s/ George Kanakis
                                                 -------------------------------
                                                 Name:  George Kanakis
                                                 Title: President

                                               BUYER:

                                               24 WEST 96TH STREET REALTY CORP.

_________________________________              By: /s/  Michael Kesselbrenner
                                                 -------------------------------
                                                 Name:  Michael Kesselbrenner
                                                 Title: President

                                       9
<PAGE>

                                    Exhibit A

                                Legal Description

All that certain lot, tract or parcel of land and premises,  situate,  lying and
being in the Township of Cranford, Union County, State of New Jersey, designated
as Block 511,  Lot 1 on a Map  entitled  "Proposed  Minor  Subdivision  of South
Avenue  Property,  Lot 1,  Block  600,  Lot 1 Block  511 and Lot 1,  Block  537,
township of Cranford,  Union  County,  New Jersey"  which Map is dated April 24,
1985,  revised to June 24,  1985,  made by B and T  Associates  and filed in the
Office of the Union County  Register on November 22, 1985 as Map No.  762-D1 and
D2, and also being more particularly described as follows:

      BEGINNING at a point in the northerly sideline of South Avenue, said point
being distant  2,203.72 feet westerly  along the said sideline from its point of
intersection  with the  Boundary  line  between the Township of Cranford and the
Borough of  Roselle;  thence  (1) South 80  degrees  07 minutes 15 seconds  West
1265.65  feet to a point;  thence (2) North 9 degrees 52 minutes 45 seconds West
100.00 feet to a point;  thence (3) South 80 degrees 07 minutes 15 seconds  West
250.00  feet to a point;  thence (4) North 9 degrees 52 minutes 45 seconds  West
100.00  feet to a point in the  lands  of,  now or  formerly,  the N.J.  Transit
Corporation;  thence (5) North 80 degrees 07 minutes 15 seconds East,  along the
lands of the N.J. Transit  Corporation,  767.78 feet to a point in the southerly
line of a 50 foot railroad right of way;  thence (6) North 89 degrees 05 minutes
01  seconds  East,  along the  southerly  line of the 50 foot wide right of way,
223.10 feet to a point of curvature; thence (7) Southeasterly,  continuing along
the  southerly  line of the 50 foot wide  right-of  way,  and along curve to the
right, having a radius of 1,885.08, an arc distance of 554.77 feet to a point in
the northerly sideline of South Avenue and the Point and Place of BEGINNING.

      BEING  the same  premises  conveyed  to the  Grantor  by Deed of Edward K.
Cumming  & Co.,  Inc.,  a New  Jersey  corporation,  dated  January  1, 1996 and
recorded in the Union County  Register's  Office on May 15, 1996 in Book 4380 of
Deed for said County at page 108 &c.

      BEING  premises  commonly  known  and  designated  as  555  South  Avenue,
Cranford, Union County, New Jersey.

                                       10EXHIBIT 10.2
                                AGREEMENT OF SALE

      THIS AGREEMENT (the  "Agreement"),  made as of this 1st day of July, 2004,
by and between LEHIGH ACQUISITION  CORPORATION,  a New Jersey corporation having
an address at 1416 Morris  Avenue,  Suite 207,  Union,  New Jersey  07083,  (the
"Seller") and 24 WEST 96TH STREET REALTY CORP., a New Jersey  corporation having
an address at 10 Devonshire  Road,  Livingston,  New Jersey 07039 (the "Buyer").

                                  WITNESSETH:

      WHEREAS,  Seller  is the  100%  owner of  certain  real  property  and the
improvements  thereon  located  on Lot 1 in  Block  511 of  the  Tax  Map of the
Township of Cranford, New Jersey, commonly known as 555 South Avenue,  Cranford,
New Jersey 07016 (hereinafter referred to as the "Property"); and

      WHEREAS, Buyer is desirous of acquiring a twenty percent (20%) interest in
the Property as a tenant-in-common pursuant to the terms and conditions herein.

      NOW,  THEREFORE,  in  consideration  of the mutual  covenants  hereinafter
contained, the parties hereto agree as follows:

      1.    Agreement to Sell and Purchase.  Seller agrees to sell to Buyer, and
Buyer agrees to buy from Seller,  a twenty percent (20%) fee simple  interest in
the  Property  as  a   tenant-in-common,   such  interest  in  land  being  more
particularly  described  on  Exhibit  A,  together  with all  right,  title  and
interest, if any of Seller in and to any lands lying in any stream, street, road
or highway  in front of or  adjoining  the  Property  and all  right,  title and
interest of Seller in and to any awards made or to be made in lieu thereof.

      2.    Purchase  Price.  Buyer agrees to pay to Seller and Seller agrees to
accept from Buyer as and for the purchase  price for a twenty  percent (20%) fee
simple  interest in the Property  the sum of ONE MILLION  SEVEN  HUNDRED  EIGHTY
THREE  THOUSAND FIVE HUNDRED AND FORTY NINE and 25/100  DOLLARS  ($1,783,549.25)
(the "Purchase Price") which sum shall be paid on closing of title  (hereinafter
referred to as the "Closing"),  by a certified check or wire transfer payable to
the order of the Seller.

<PAGE>

      3.    Title to the Property.  Subject to Buyer's  rights under  Sections 4
and 6 under this  Agreement,  a twenty percent (20%) fee simple  interest in the
Property is being sold and Buyer agrees to purchase a twenty  percent  (20%) fee
simple interest in the Property as a  tenant-in-common  subject to the following
Permitted Exceptions (the "Permitted Exceptions"):

            (a)   Zoning   ordinances   and   other   applicable    governmental
      regulations and requirements;

            (b)   Rights  of the  public  and  adjourning  owners  in  highways,
      streets, roads and lanes bounding the Property;

            (c)   Rights and easements  relating to the construction,  operation
      and  maintenance  of  utility  lines,   wires,   cables,   pipes,   poles,
      distribution  boxes and other such  equipment  in, on, over,  or under the
      Property, and other easements and rights;

            (d)   Covenants, restrictions or agreements of record, affecting the
      Property,  provided  that no such  covenant,  restriction  or agreement or
      record has been  violated and that future  violation  will not result in a
      forfeiture or require any monetary payments by Buyer;

            (e)   Outstanding rights in adjoining roads;

            (f)   The  state  of  facts  as  might  be  disclosed  by a  survey,
      inspection  and/or  title  search of the  Property,  provided  same do not
      render title unmarketable;

                                       2
<PAGE>

            (g)   Liens for unpaid taxes,  assessments,  water charges and sewer
      rents, subject to adjustment as set forth in this Agreement;

            (h)   Standard  conditions and exceptions to title  contained in the
      current form of ALTA Owner's Standard Form B Title Insurance Policy.

      4.    Seller's  Representations.  Seller  represents  and  warrants to the
Buyer only with respect to the Property owned by Seller as follows:

            (a)   The person  executing and delivering  this Agreement on behalf
      of the Seller is  authorized  to do so and no consent of any other person,
      firm or entity is  required  for the Seller to enter into this  Agreement.
      Seller has the  authority to enter into this  Agreement  and to consummate
      the transactions contemplated hereunder.

            (b)   The execution and  performance of this Agreement (i) shall not
      be a breach  or  violation  of any  agreement  to which  Seller is a party
      and/or  Seller has obtained the  necessary  approval for the execution and
      performance of same, and (ii) does not conflict with any order,  judgment,
      injunction,  award or  decree  of any  governmental  body,  administrative
      agency or court  affecting  Seller or by which  Seller or any of  Seller's
      assets or properties is or are bound.

            (c)   Seller will not further  sell,  convey,  assign or contract to
      sell,  convey,  assign,  or pledge,  all or any part of the Property,  nor
      restrict the use of all or any part of the Property,  nor take or cause to
      be taken any action in conflict  with this  Agreement  at any time between
      the date of this Agreement and Closing.

            (d)   Seller  is the  sole  owner of the  Property  and has the full
      right,  power and authority to sell, convey and transfer to Buyer a twenty
      percent (20%) interest in the Property as a tenant-in-common.

      5.    Buyer's Representations. Buyer represents and agrees as follows:

                                       3
<PAGE>

            (a)   The person  executing and delivering  this Agreement on behalf
      of the Buyer is  authorized  to do so and no consent of any other  person,
      firm or entity is  required  for the Buyer to enter  into this  Agreement.
      Buyer has the authority to enter into this Agreement and to consummate the
      transactions contemplated hereunder.

            (b)   The  execution  and  delivery  of  this  Agreement,   and  the
      consummation of the  transactions  contemplated  hereby will not result in
      the breach of any  agreement  to which the Buyer or any  affiliate  of the
      Buyer is a party.

            (c)   Buyer is a sophisticated  business person  experienced in real
      estate  development and has entered into this Agreement with the knowledge
      that Seller intends to pursue the  development  of the Property;  however,
      Seller  has not made any  representations  as to whether  the  development
      approvals  will be  obtained or whether the  ultimate  development  of the
      Property will increase the value of Buyer's investment.

      6.    Conditions Precedent to Closing.

            (a)   The following shall be further conditions precedent to Buyer's
      obligation to close:

                  (i)   Seller delivering fee simple title as a tenant-in-common
            to the twenty  percent (20%)  interest in the Property in accordance
            with the provisions hereof.

                  (ii)  The  truth  and  accuracy  of  Seller's  warranties  and
            representations  herein  being  true and  correct  as of the date of
            Closing.

                  (iii) On the date of Closing,  no proceedings shall be pending
            or threatened  that could or would affect  Seller's  interest in the
            Property.

      In the event  that any of the  conditions  precedent  referred  to in this
paragraph  6(a),  or any of the  representations  set forth in Article 4 of this
Agreement  are not  materially  true as of the date of  Closing,  then the Buyer
herein may terminate this Agreement upon written notice to Seller.

                                       4
<PAGE>

      7.    Closing of Title.  The  Closing  shall take place at the  offices of
DeCotiis Fitzpatrick,  Cole & Wisler, LLP, 500 Frank W. Burr Boulevard, Teaneck,
New  Jersey  07666 on such  date and at such  time as  shall be  agreed  upon in
writing by Seller and Buyer.  It is estimated that the time for Closing shall be
on or about  August 6,  2004 or at such  other  time as shall be agreed  upon in
writing between Buyer and Seller (the "Closing").

      8.    Closing Deliveries.

            (a)   At Closing, Seller shall deliver to Buyer the following:

                  (i)   A Bargain and Sale Deed with covenant against  grantor's
            acts to the twenty percent (20%) interest in the Property, in proper
            statutory form for recording  subject only to Permitted  Exceptions.
            Seller  shall  utilize in the deed the metes and bounds  description
            set forth in Exhibit A.

                  (ii)  An Affidavit  of Title in the usual form,  shall be made
            to the  best  knowledge,  information  and  belief  of the  deponent
            thereof, however, without the obligation to investigate.

            (b)   At Closing, Buyer shall deliver to Seller the following:

                  (i)   The  Purchase  Price as  provided  in  Article 2 of this
            Agreement.

                  (ii)  The  adjustments  contemplated by Article 9 hereof shall
            be made.

      Each  party  shall  deliver  to the other  party  such  other and  further
documents and instruments as may reasonably be requested by the other party.

      9.    Adjustments at Closing. The following  adjustments are to be made at
the Closing as of the date of Closing:

                                       5
<PAGE>

            (a)   Real estate taxes,  water charges,  sewer rents and fuel shall
      be adjusted, apportioned and allowed as of Closing with the day of Closing
      being a day of income and expense to the Buyers.

            (b)   Assessments  for  improvements,  if any,  shall  be  paid  and
      allowed by Seller on account of the purchase price if the  improvement has
      been completed on or before the date hereof.

            (c)   Such  other  adjustments  shall be made as are  customary  for
      properties of the nature of the Property in Union County, New Jersey.

      10.   Options on the Property.

            (a)   Seller.  At any time  after  the date of  Closing  and upon 15
      business days advance written notice to Buyer, Seller shall have the right
      to repurchase  all or any portion of the twenty  percent (20%) interest in
      the Property  being sold to Buyer  hereunder.  The purchase price shall be
      equal to one  hundred  twenty  percent  (120%) of the value on the date of
      Closing of the  Buyer's  entire or part  interest  in the  Property  being
      repurchased.  For example, if the Seller desires to repurchase twenty five
      percent (25%) of the Buyer's interest in the Property,  the purchase price
      would be calculated by first multiplying $1,783,549.25 by .25 or 25% which
      equals $445,885.56,  and second, by multiplying $445,885.56 by 1.2 or 120%
      which  equals  $535,062.67.  The  purchase  price to be paid by Seller for
      twenty five percent  (25%) of Buyer's  interest in the  Property  would be
      equal to  $535,062.67.  The  Buyer's  interest  in the  Property  would be
      correspondingly  reduced by five percent (5%) to fifteen percent (15%) and
      the Seller's interest in the Property would be  correspondingly  increased
      by five percent (5%) to eighty five percent (85%).

                                       6
<PAGE>

            (b)   Buyer.  Subject to the prior approval of the Seller and at any
      time  after the date of  Closing,  Buyer  shall  have the  right,  upon 15
      business days advance written notice to Seller, to sell all or any portion
      of its twenty percent (20%) interest in the Property to Seller.  Buyer and
      Seller shall  determine the purchase  price of the Buyer's  entire or part
      interest in the Property  being sold pursuant to this option in good faith
      at the time  Buyer  exercises  this  option.  In the  sole  and  exclusive
      discretion  of the Seller,  Seller may pay the purchase  price to Buyer in
      cash,  property or securities of Seller (or its direct or indirect  parent
      corporation).  If Buyer sells twenty five percent (25%) of its interest in
      the Property,  Buyer's  interest in the Property would be  correspondingly
      reduced by five  percent  (5%) to fifteen  percent  (15%) and the Seller's
      interest  in the  Property  would  be  correspondingly  increased  by five
      percent (5%) to eighty five percent (85%).

            (c)   Termination.  Buyer's option to sell all or any portion of its
      interest in the Property  pursuant to Section  10(b) shall  terminate  and
      expire on the third anniversary of this Agreement.  On that date,  Buyer's
      option shall be automatically  exercised and all of Buyer's twenty percent
      (20%)  interest in the Property shall be purchased by Seller in accordance
      with Section 10(b) hereof. After such sale is completed,  Seller shall own
      a one hundred percent (100%) interest in the Property.

            (d)   Seller's  Right of First Offer.  If at any time after the date
      of Closing but before the third anniversary date of this Agreement,  Buyer
      desires to sell or  otherwise  transfer all (but not less than all) of its
      20%  interest in the Property to a third  party,  Buyer shall  provide the
      Seller with 15 business days advance written notice of such desire. Seller
      shall have the first  option to  purchase  all of Buyer's  twenty  percent
      (20%) interest in the Property for a price equal to the Purchase Price set
      forth in Section 2. Seller's option shall remain  irrevocable for a thirty
      (30) day period  commencing on the date of Seller's receipt of the written
      notice. At any time during such 30-day option period,  Seller may elect to
      exercise this option by giving written notice of its election to Buyer. If
      Seller elects to exercise this option, the purchase price shall be paid at
      closing by bank check or wire transfer  payable to Buyer.  If Seller fails
      to exercise  this  option,  Buyer shall be permitted to offer and sell all
      (but not less than all) of its interest in the Property to any third party
      not related to Buyer for a period of ninety  (90) days.  If Buyer does not
      sell its interest in the  Property  before the  expiration  of this ninety
      (90)  day  period,  Buyer's  right to sell its  interest  in the  Property
      pursuant to this subsection (d) shall cease and terminate.

                                       7
<PAGE>

            (e)   Enforcement.  The parties  recognize and acknowledge  that any
      sale or  transfer,  or failure to sell or  transfer,  in  violation of the
      provisions of this Agreement may result in irreparable damage in the event
      that this  Agreement is not  specifically  enforced.  Accordingly,  if any
      dispute  arises  concerning  the  rights  or  obligations  of any party as
      provided in this  Section  10, the  parties  agree that any party shall be
      entitled to bring an action  seeking a decree of specific  performance  to
      compel or enjoin, as the case may be, specific actions.

      11.   Brokerage.  Each party  represents to the other that it did not deal
with any real estate broker in connection with this transaction.

      12.   Notices.  All  notices,  requests,   consents,  approvals  or  other
communications  under this  Agreement  shall be in writing and sent by overnight
courier,  transmitted by facsimile,  or mailed by certified mail, return receipt
requested, postage prepaid, addressed to:

            (a)   If to Seller, at:

                  1416 Morris Avenue
                  Suite 207
                  Union, New Jersey 07083

                  with a copy to:

                  Paul S. Werther, Esq.
                  DeCotiis, FitzPatrick, Cole & Wisler, LLP
                  Glenpointe Centre West
                  500 Frank W. Burr Blvd.
                  Teaneck, New Jersey 07666

                                       8
<PAGE>

            (b)   If to Buyer, at:

                  10 Devonshire Road
                  Livingston, New Jersey 07039

                  with a copy to:

                  Michael Present, Esq.
                  Vaslas Lepowsky Hauss & Danke LLP
                  220 Fifth Avenue, 10th Floor
                  New York, New York 10001

      All notices  shall be  effective  if sent in the manner set forth above on
the date of receipt or rejection as evidenced by certified  mail receipt card or
bill of lading as the case may be.

      13.   Merger.  Except  for the  options  referred  to in  Section  10, the
acceptance of a deed by Buyer shall be deemed to be a full performance by Seller
of, and shall discharge Seller from, all obligations hereunder; and Seller shall
have no liability hereunder thereafter to Buyer.

      14.   Further  Assurances.  Each of the parties  hereby agrees to execute,
acknowledge, and deliver such other deeds, affidavits,  certificates,  documents
or instruments  as the other may  reasonably  require from time to time to carry
out the purposes of this Agreement.

      15.   Miscellaneous Provisions. The parties further agree as follows:

            (a)   Neither  party may assign  this  Agreement  without  the prior
      written consent of the other party.

            (b)   This Agreement  shall be binding upon and inure to the benefit
      of  the  parties  hereto  and  their  respective  legal   representatives,
      successors (by operation of law or otherwise) and assigns.

            (c)   This  Agreement  contains  the entire  agreement  between  the
      parties,  and may not be modified  or changed  except by an  agreement  in
      writing executed by the parties hereto.

                                       9
<PAGE>

            (d)   The captions herein are for convenience and reference only and
      in no way define,  limit or describe the scope or intent of this Agreement
      or affect any of the terms or provisions hereof.

            (e)   This  Agreement  may be executed in one or more  counterparts,
      each of which  shall be deemed to be an  original,  but all of which shall
      constitute one and the same Agreement.

            (f)   This  Agreement  shall be governed by the laws of the State of
      New Jersey.

            (g)   Submission of this Agreement for consideration is not an offer
      and this Agreement  shall be binding upon the parties hereto only upon the
      execution  and delivery  hereof and the payment of the deposit as provided
      for herein.

            (h)   Buyer  hereunder  desires to exchange  other  property of like
      kind and qualifying use within the meaning of Section 1031 of the Internal
      Revenue Code of 1986, as amended ("IRC"), and the Regulations  promulgated
      thereunder,  for fee title (as a tenant-in-common) in the Property.  Buyer
      expressly   reserves  the  right  to  assign  its  rights,   but  not  its
      obligations, hereunder to a Qualified Intermediary as provided in IRC Reg.
      1.103(k)-1(g)(4) on or before the date of Closing.

                            [SIGNATURE PAGE FOLLOWS]

                                       10
<PAGE>

      IN WITNESS  WHEREOF,  the parties hereto have duly executed this Agreement
as of the day and year first above written.

WITNESS:                                       SELLER:

                                               LEHIGH ACQUISITION CORPORATION

_________________________________              By: /s/George Kanakis
                                                 -------------------------------
                                                 Name:  George Kanakis
                                                 Title: President

                                               BUYER:

                                               24 WEST 96TH STREET REALTY CORP.

_________________________________              By: /s/Michael Kesselbrenner
                                                 -------------------------------
                                                 Name:  Michael Kesselbrenner
                                                 Title: President

                                       11
<PAGE>

                                    Exhibit A

                                Legal Description

All that certain lot, tract or parcel of land and premises,  situate,  lying and
being in the Township of Cranford, Union County, State of New Jersey, designated
as Block 511,  Lot 1 on a Map  entitled  "Proposed  Minor  Subdivision  of South
Avenue  Property,  Lot 1,  Block  600,  Lot 1 Block  511 and Lot 1,  Block  537,
township of Cranford,  Union  County,  New Jersey"  which Map is dated April 24,
1985,  revised to June 24,  1985,  made by B and T  Associates  and filed in the
Office of the Union County  Register on November 22, 1985 as Map No.  762-D1 and
D2, and also being more particularly described as follows:

      BEGINNING at a point in the northerly sideline of South Avenue, said point
being distant  2,203.72 feet westerly  along the said sideline from its point of
intersection  with the  Boundary  line  between the Township of Cranford and the
Borough of  Roselle;  thence  (1) South 80  degrees  07 minutes 15 seconds  West
1265.65  feet to a point;  thence (2) North 9 degrees 52 minutes 45 seconds West
100.00 feet to a point;  thence (3) South 80 degrees 07 minutes 15 seconds  West
250.00  feet to a point;  thence (4) North 9 degrees 52 minutes 45 seconds  West
100.00  feet to a point in the  lands  of,  now or  formerly,  the N.J.  Transit
Corporation;  thence (5) North 80 degrees 07 minutes 15 seconds East,  along the
lands of the N.J. Transit  Corporation,  767.78 feet to a point in the southerly
line of a 50 foot railroad right of way;  thence (6) North 89 degrees 05 minutes
01  seconds  East,  along the  southerly  line of the 50 foot wide right of way,
223.10 feet to a point of curvature; thence (7) Southeasterly,  continuing along
the  southerly  line of the 50 foot wide  right-of  way,  and along curve to the
right, having a radius of 1,885.08, an arc distance of 554.77 feet to a point in
the northerly sideline of South Avenue and the Point and Place of BEGINNING.

      BEING  the same  premises  conveyed  to the  Grantor  by Deed of Edward K.
Cumming  & Co.,  Inc.,  a New  Jersey  corporation,  dated  January  1, 1996 and
recorded in the Union County  Register's  Office on May 15, 1996 in Book 4380 of
Deed for said County at page 108 &c.

      BEING  premises  commonly  known  and  designated  as  555  South  Avenue,
Cranford, Union County, New Jersey.

                                       12

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