Document:

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                                                                  EXECUTION COPY

                AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT

      THIS AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (this "Agreement")
is made as of June 20, 2000, by 1517-25 THIRD L.P., a New York limited
partnership, having an office at c/o Philips International Realty Corp., 417
Fifth Avenue, Third Floor, New York, New York 10016 ("Seller"), and PHILIP
PILEVSKY, an individual having a residence at 41 Harborview West, Lawrence, New
York 11559, or his designee ("P.Pilevsky"), SL Florida LLC, a Delaware limited
liability company having an office at c/o Philips International Realty Corp.,
417 Fifth Avenue, Third Floor, New York, New York 10016, or its designee
("SLF"), Allen Pilevsky an individual having a residence at 1282 Marginal Road,
Atlantic Beach, New York 11509, or his designee ("A.Pilevsky"); Fred Pilevsky,
an individual having a residence at 749 Wilson Court, North Woodmere, New York
11581, or his designee ("F.Pilevsky"; and, together with P.Pilevsky, SLF, and
A.Pilevsky, collectively, "Purchasers", and each, a "Purchaser").

                              W I T N E S S E T H:

      WHEREAS, Seller owns a 50% membership interest (the "Interest") in 1517-25
Third Avenue LLC, a New York limited liability company (the "Company");

      WHEREAS, the Company owns that certain tract, piece or parcel of land,
situated in the City, County and State of New York, having a street address of
1517-25 Third Avenue, and more particularly described on Exhibit A attached
hereto and made a part hereof (the "Property"); and

      WHEREAS, Seller and P.Pilevsky entered into that certain Purchase and Sale
Agreement, dated as of April 28, 2000 (the "Original Agreement"), in connection
with the sale and purchase of the Interest;

      WHEREAS, Seller and P.Pilevsky and the other parties hereto desire to
amend and restate the Original Agreement in its entirety to include SLF,
A.Pilevsky, F.Pilevsky, PFDC and MHC (or their respective designees) as
additional Purchasers and to modify certain additional provisions thereof; and

      WHEREAS, subject to the terms, covenants, conditions and agreements
hereinafter set forth, Seller desires to sell, transfer, convey, assign and
deliver to Purchasers the Interest, which Interest represents its entire
interest in Company, and Purchasers desire to purchase, acquire and accept from
Seller the Interest.

      NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and the mutual
covenants and agreements hereinafter set forth, and other good and valuable
consideration, the mutual receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

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1.    Sale of Interest; Purchase Price.

      1.01  Subject to the terms and conditions of this Agreement, Seller hereby
            agrees to sell, transfer, convey, assign and deliver to Purchasers,
            and each Purchaser hereby agrees to purchase, acquire and accept
            from Seller, the Interest, at the Closing (as defined in Section 2).

      1.02  The purchase price for the Interest shall be Seller's net cost of
            owning and operating the Property, which the parties acknowledge and
            agree to be approximately Four Million and 00/100 ($4,000,000)
            Dollars as of April 28, 2000 (the "Purchase Price"), subject to
            adjustment as more particularly set forth in Sections 1.03 and 1.04,
            which shall be due and payable at the Closing by bank, certified or
            attorney trust check or by wire transfer of immediately available
            funds to such bank account or accounts as shall be designated by
            Seller in writing two (2) days prior to the Closing. Each Purchaser
            shall remit to Seller its allocable share of the Purchase Price, in
            proportion to the percentage of the Interest that each such
            Purchaser is to receive, as set forth in Schedule "1" annexed
            hereto.

      1.03  Notwithstanding anything in this Agreement to the contrary, in the
            event that the Seller's actual net cost of owning and operating the
            Property as of the Closing Date is more than the estimated Four
            Million and 00/100 ($4,000,000), the estimated Purchase Price shall
            be increased by an amount equal to the difference between (a) the
            Seller's actual, total net cost of owning and operating the Property
            as of the Closing Date, as established by evidence reasonably
            acceptable to Purchasers, and (b) Four Million and 00/100
            ($4,000,000) (the "Additional Cost Adjustment").

      1.04  Notwithstanding anything in this Agreement to the contrary, in the
            event that Philips International Realty Corp. ("Philips Corp.")
            determines that the net amount Philips Corp shall have available to
            distribute to its shareholders and unitholders (assuming that no
            units have been redeemed) upon the liquidation of Philips Corp.
            (which amount shall include, among other items, the equity value of
            all of Philips Corp.'s assets (as if none of them had been
            distributed or sold pursuant to Philips Corp.'s Plan of Liquidation
            and Dissolution) and the Purchase Price) in respect of all
            outstanding shares of its stock and all outstanding partnership
            units in Operating Partnership (including stock options and
            warrants) entitled to receive such liquidating distribution, on a
            fully diluted basis (the "Actual Per Share Distribution Amount"),
            shall be less than (or greater than) $18.25 (the "Target Per Share
            Distribution Amount"), then the Purchase Price payable by the
            Purchasers pursuant to Section 1.02 (as adjusted by Section 1.03)
            shall be increased (or decreased) by an amount (the "Additional
            Purchase Price") equal to the product of (a) 1,870,873 (i.e., the
            number of operating units in the Operating Partnership that are held
            by Purchasers) multiplied by (b) the difference between (i) the
            Target Per Share Distribution Amount and (ii) the Actual Per

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            Share Distribution Amount. Each Purchaser shall remit to Seller its
            allocable share of the Additional Purchase Price, in proportion to
            the percentage of the Interest that each such Purchaser is to
            receive, as set forth in Schedule "1" annexed hereto.

2.    Closing. The consummation of the transactions contemplated by this
      Agreement (the "Closing") shall take place at the offices of Pryor Cashman
      Sherman & Flynn LLP, 410 Park Avenue, 10th Floor, New York, New York
      10022, on that date and at the time prescribed for such Closing as set
      forth in Section 6.2 of the Group B Agreement (as defined below) (the
      "Closing Date").

3.    Representations, Warranties and Covenants.

      3.01  Seller hereby represents and warrants to Purchasers as follows:

            (a)   (i) Seller is a duly formed and validly existing limited
                  partnership organized and in good standing under the laws of
                  the State of New York, and (ii) this Agreement and Seller
                  Documents (as defined in Section 5.01) do not and will not
                  contravene any provision of any limited partnership agreement
                  to which Seller is bound.

            (b)   Seller has or shall have by the Closing Date the full legal
                  right, power and authority to execute and deliver this
                  Agreement and Seller Documents to consummate the transaction
                  contemplated hereby and to perform its obligations hereunder
                  and under Seller Documents.

            (c)   This Agreement and Seller Documents do not and will not
                  contravene any judgment, order, decree, writ or injunction
                  issued against Seller, or materially violate a material
                  provision of any law or governmental ordinance, rule,
                  regulation, order or requirement (collectively, "Laws") to
                  which Seller is or will be subject, except such violations as
                  would not have a material adverse effect on any of the
                  transactions contemplated hereby if finally determined
                  adversely to such party. The consummation of the transactions
                  contemplated hereby will not result in a breach or constitute
                  a default or event of default by Seller, under any agreement
                  to which any of them or any of their assets are or will be
                  subject or bound and will not result in a violation of any
                  Laws to which Seller is or will be subject, except such
                  violations as would not have a material adverse effect on the
                  transaction contemplated hereby if finally determined
                  adversely to the Seller.

            (d)   Seller owns the Interest free and clear of any and all liens
                  and encumbrances.

            (e)   At the Closing, upon Seller's delivery of an assignment of the
                  Interest in substantially the form set forth on Exhibit B (the
                  "Assignment") and all of

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                  the other Seller Documents, good and valid title to the
                  Interest will pass to Purchasers.

            (f)   There are no statutory or contractual preemptive rights,
                  rights of refusal or options with respect to the transfer
                  and/or assignment of any portion of the Interest.

            (g)   No representation or warranty by Seller in this Agreement and
                  no statement contained herein or in any document, certificate,
                  or other writing furnished or to be furnished by Seller to
                  Purchasers pursuant to the provisions hereof or in connection
                  with the transactions contemplated hereby contains or will
                  contain any untrue statement of material fact or omits or will
                  omit to state any material fact necessary in order to make the
                  statements herein or therein not misleading. Seller has
                  disclosed to Purchasers all facts known or reasonably
                  available to Seller that are material to the transactions
                  contemplated herein.

      3.02  Each Purchaser hereby represents and warrants to Seller follows:

            (a)   Such Purchaser has the full legal right, power and authority
                  to execute and deliver this Agreement and Purchasers'
                  Documents to consummate the transactions contemplated hereby,
                  and to perform his obligations hereunder and under Purchasers'
                  Documents.

            (b)   This Agreement and Purchasers' Documents do not and will not
                  contravene any judgment, order, decree, writ or injunction
                  issued against such Purchaser, or materially violate a
                  material provision of any Laws to which such Purchaser is or
                  will be subject, except such violations as would not have a
                  material adverse effect on any of the transactions
                  contemplated hereby if finally determined adversely to such
                  Purchaser. Such Purchaser hereby represents and warrants that
                  the consummation of the transactions contemplated hereby will
                  not result in a breach or constitute a default or event of
                  default by such Purchaser under any agreement to which such
                  Purchaser or any of his/its assets is subject or bound and
                  will not result in a violation of any Laws applicable to such
                  Purchaser, except such violations as would not have a material
                  adverse effect on the transactions contemplated hereby if
                  finally determined adversely to such Purchaser.

            (c)   No representation or warranty by such Purchaser in this
                  Agreement and no statement contained herein or in any
                  document, certificate, or other writing furnished or to be
                  furnished by such Purchaser to Seller pursuant to the
                  provisions hereof or in connection with the transactions
                  contemplated hereby contains or will contain any untrue
                  statement of material fact or omits or will omit to state any
                  material fact necessary in order to make the statements herein
                  or therein not misleading. Such Purchaser has disclosed

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                  to Seller all facts known or reasonably available to such
                  Purchaser that are material to the transaction contemplated
                  herein.

4.    Conditions Precedent to Closing.

      4.01  Seller's obligation under this Agreement to consummate the
            transaction contemplated herein is subject to the fulfillment of
            each of the following conditions.

            (a)   The representations and warranties of Purchasers contained
                  herein shall be true, accurate and correct in all material
                  respects as of the Closing Date, except to the extent they
                  expressly relate only to an earlier date.

            (b)   All consents and approvals of governmental authorities and
                  parties to agreements to which any Purchaser is a party or by
                  which any asset owned by a Purchaser is bound that are
                  required with respect to the consummation of the transactions
                  contemplated by this Agreement shall have been obtained and
                  copies thereof shall have been delivered to Seller at or prior
                  to the Closing.

            (c)   On or prior to the Closing Date, (i) no Purchaser shall have
                  applied for or consented to the appointment of a receiver,
                  trustee or liquidator for himself or any of his assets unless
                  the same shall have been discharged prior to the Closing Date,
                  and no such receiver, liquidator or trustee shall have
                  otherwise been appointed, unless same shall have been
                  discharged prior to the Closing Date, (ii) no Purchaser shall
                  have admitted in writing an inability to pay his debts as they
                  mature, (iii) no Purchaser shall have made a general
                  assignment for the benefit of creditors, (iv) no Purchaser
                  shall have been adjudicated a bankrupt or insolvent, or had a
                  petition for reorganization granted with respect to Purchaser,
                  (v) no Purchaser shall have filed a voluntary petition seeking
                  reorganization or an arrangement with creditors or taken
                  advantage of any bankruptcy, reorganization, insolvency,
                  readjustment or debt, dissolution or liquidation law or
                  statute, or filed an answer admitting the material allegations
                  of a petition filed against him in any proceeding under any
                  such law or statute, or had any petition filed against him in
                  any proceeding under any such law or statute unless the same
                  shall have been dismissed, canceled or terminated prior to the
                  Closing Date.

            (d)   This Agreement shall not have been terminated, if expressly
                  permitted herein.

            (e)   The closing of title (the "Group A Closing") under and
                  pursuant to that certain Purchase and Sale Agreement (the
                  "Group A Agreement") dated April 28, 2000, by and among Munsey
                  Park Associates, LLC, North Shore Triangle, LLC, Philips
                  Yonkers, LLC, Philips Henry, LLC, Philips

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                  Shopping Center Fund, L.P. and Philips Lake Mary Associates,
                  L.P., collectively as seller, and Kimco Income Operating
                  Partnership, L.P., as purchaser, for each Property or Ground
                  Lease (each as defined in the Group A Agreement) shall have
                  occurred or shall have been excluded or postponed pursuant to
                  the terms of the Group A Agreement.

            (f)   All of the material conditions to and under the Group B
                  Agreement required to have been satisfied as of immediately
                  before the sale described in Section 1 above shall have been
                  satisfied or waived. For the purposes of this Agreement, the
                  "Group B Agreement" shall mean that certain Asset
                  Contribution, Purchase and Sale Agreement dated April 28, 2000
                  (as amended), by and among Operating Partnership, Philips
                  International Realty Corp. ("Philips Corp."), Certain
                  Affiliated Parties Signatory Thereto, KIR Acquisition, LLC,
                  and Kimco Income Operating Partnership, L.P.

      4.02  Each Purchaser's obligation under this Agreement to consummate the
            transaction contemplated herein is subject to the fulfillment of
            each of the following conditions.

            (a)   The representations and warranties of Seller contained herein
                  shall be true, accurate and correct in all material respects
                  as of the Closing Date, except to the extent they relate only
                  to an earlier date.

            (b)   All consents and approvals of governmental authorities and
                  parties to agreements to which Seller is a party or by which
                  any asset of Seller is bound that are required with respect to
                  the consummation of the transactions contemplated by this
                  Agreement shall have been obtained and copies thereof shall
                  have been delivered to such Purchaser at or prior to the
                  Closing.

            (c)   On or prior to Closing Date, (i) Seller shall not have applied
                  for or consented to the appointment of a receiver, trustee or
                  liquidator for itself or any of its assets unless the same
                  shall have been discharged prior to the Closing Date, and no
                  such receiver, liquidator or trustee shall have otherwise been
                  appointed, unless same shall have been discharged prior to the
                  Closing Date, (ii) Seller shall not have admitted in writing
                  an inability to pay its debts as they mature, (iii) Seller
                  shall not have made a general assignment for the benefit of
                  creditors, (iv) Seller shall not have been adjudicated a
                  bankrupt or insolvent, or had a petition for reorganization
                  granted with respect to itself, (v) Seller shall not have
                  filed a voluntary petition seeking reorganization or an
                  arrangement with creditors or taken advantage of any
                  bankruptcy, reorganization, insolvency, readjustment or debt,
                  dissolution or liquidation law or statute, or filed an answer
                  admitting the material allegations of a petition filed against
                  it in any proceedings under any such law or statute, or had
                  any petition filed against it in any

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                  proceeding under any of such law or statute unless the same
                  shall have been dismissed, canceled or terminated prior to the
                  Closing Date.

            (d)   This Agreement shall not have been terminated, if expressly
                  permitted herein.

            (e)   The Group A Closing under and pursuant to the Group A
                  Agreement for each Property or Ground Lease (each as defined
                  in the Group A Agreement) shall have occurred or shall have
                  been excluded or postponed pursuant to the terms of the Group
                  A Agreement.

            (f)   All of the material conditions to and under the Group B
                  Agreement required to have been satisfied as of immediately
                  before the sale described in Section 1 above shall have been
                  satisfied or waived.

5.    Delivery of Documents at Closing.

      5.01  Deliveries by Seller. Seller agrees to deliver (or cause to be
            delivered) to Purchasers at the Closing the following agreements and
            documents ("Seller Documents"), all satisfactory in form and
            substance to Purchasers:

            (a)   The Assignment, duly executed by Seller.

            (b)   A certificate of good standing and/or subsistence, dated not
                  more than thirty (30) days prior to the Closing Date, issued
                  by the Secretary of State of the State of New York.

            (c)   Certified copy of a consent duly adopted by PL-1515-25 Corp.
                  authorizing the execution, delivery and performance of this
                  Agreement and of each of Seller Documents.

            (d)   Such other consents, documents and instruments as may be
                  reasonably required to effectuate the terms of this Agreement
                  and to comply with the terms hereof.

      5.02  Deliveries by Purchasers. Each Purchaser agrees to deliver (or cause
            to be delivered) to Seller at the Closing the following agreements
            and documents ("Purchaser Documents"), all satisfactory in form and
            substance to Seller:

            (a)   The Purchase Price.

            (b)   The Assignment, duly executed by such Purchaser.

            (c)   Such other consents, documents and instruments as may be
                  reasonably required to effectuate the terms of this Agreement
                  and to comply with the terms hereof.

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      5.03  Further Assurances. After the Closing, at the request of either
            party hereto, and without further conditions or consideration, each
            party shall execute and deliver from time to time such other
            instruments, documents, agreements and/or take such other actions as
            the other party may reasonably request in order to more effectively
            consummate the transactions contemplated herein. This Section 5.03
            shall survive the Closing.

6. Remedies. If any party hereto shall be in default of or breach any of his
respective obligations hereunder, then each party shall have such rights or
remedies available at law and/or in equity, including, without limitation, the
right of specific performance.

7. Notices. All notices, requests, demands, consents or waivers and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if delivered by (i) hand, (ii) facsimile (with
immediate confirmation), (iii) a nationally recognized overnight courier for
next business day delivery (charges prepaid), or (iv) certified or registered
mail, return receipt requested (postage prepaid):

               If to Seller, to:

                      c/o Philips International Realty Corp.
                      417 Fifth Avenue, Third Floor
                      New York, New York 10016
                      Attention: Louis J. Petra
                      Facsimile: (212) 545-1355

               With a copy to:

                      Pryor Cashman Sherman & Flynn, LLP
                      410 Park Avenue
                      New York, New York 10022
                      Attention: Jonathan A. Bernstein, Esq.
                                 Stephen G. Epstein, Esq.
                      Facsimile: (212) 326-0806

               If to any Purchaser, as follows:

                      Philip Pilevsky
                      41 Harborview West
                      Lawrence, New York 11559
                      Facsimile: (516) 239-3687

                      Fred Pilevsky
                      749 Wilson Court
                      North Woodmere, New York 11581
                      Facsimile: (212) 547-5444

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                      Allen Pilevsky
                      1282 Marginal Road
                      Atlantic Beach, New York  11509
                      Facsimile: (212) 547-5444

                      SL Florida LLC
                      c/o Philips International Realty Corp.
                      417 Fifth Avenue, Third Floor
                      New York, New York 10016
                      Attention: Sheila Levine
                      Facsimile: (212) 545-1355

               With a copy to:

                      McDermott Will & Emery
                      50 Rockefeller Plaza
                      New York, New York 10020-1605
                      Attention: Keith M. Pattiz, Esq.
                      Facsimile: (212) 547-5444

      or, in each case, to such other person or address as any party shall
      furnish to the other parties in writing. Notices shall be deemed to be
      delivered upon receipt or rejection.

8.    Confidentiality.

      8.01  (a) Seller, on behalf of itself and its Representatives (as defined
            in Section 8.03(a)), agrees that, prior to the Closing, all
            information relating to this Agreement shall be kept strictly
            confidential by Seller and its Representatives and shall not,
            without the prior written consent of Purchasers, be disclosed by
            Seller or its Representatives, in any manner whatsoever, in whole or
            in part, and will not be used by Seller or its Representatives,
            directly or indirectly, for any purpose other than evaluating the
            transactions contemplated hereunder. The provisions of this Section
            8.01(a) shall in no event apply to any information which is a matter
            of public record and shall not prevent Seller, Philips Corp. or any
            of their Affiliates or Representatives (i) from complying with any
            Law to which any of them is subject and (ii) from making any
            disclosure required to be made by any of them which any of them deem
            appropriate to the public, the shareholders of Philips Corp. or any
            other person or persons pursuant to any Securities and Exchange Law
            or other Law.

            (b) Each Purchaser, on behalf of himself and his Representatives,
            agrees that, prior to the Closing, all information relating to this
            Agreement shall be kept strictly confidential by such Purchaser and
            his Representatives and shall not, without the prior written consent
            of the Seller, be disclosed by such Purchaser or his Representatives
            in any manner whatsoever, in whole or in part, and will not be

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            used by such Purchaser or his Representatives, directly or
            indirectly, for any purpose other than evaluating the transactions
            contemplated hereunder. The provisions of this Section shall in no
            event apply to any information which is a matter of public record
            and shall not prevent a Purchaser or any of his Representatives from
            complying with any Law to which such Purchaser or any such
            Representative is subject.

      8.02  (a) Seller shall indemnify and hold each Purchaser and his
            Representatives harmless from and against any and all claims,
            demands, causes of action, losses, damages, liabilities, costs and
            expenses (including, without limitation, reasonable attorneys' fees
            and disbursements) suffered or incurred by such Purchaser or any
            Affiliate of such Purchaser or any Representative of such Purchaser
            and arising out of or in connection with a breach by Seller or any
            Affiliate or Representative of Seller of any provision of this
            Section 8.

            (b) Each Purchaser shall indemnify and hold Seller and its
            Representatives harmless from and against any and all claims,
            demands, causes of action, losses, damages, liabilities, costs and
            expenses (including, without limitation, reasonable attorneys' fees
            and disbursements) suffered or incurred by the Seller, any Affiliate
            and arising out of or in connection with a breach by such Purchaser
            or any Affiliate or Representative of such Purchaser of any
            provision of this Section 8. Any liability of a Purchaser under this
            Section 8.02(b) shall be several, and not joint, liability.

      8.03  As used in this Agreement, the following terms shall have the
            following meanings:

            (a) "Representative" shall mean with respect to Seller or any
            Purchaser, any member, shareholder, partner, manager, director,
            officer, trustee, principal, agent, employee, contractor, broker,
            and/or other representative of Seller or such Purchaser, including,
            the attorneys, accountants and financial advisors of Seller or such
            Purchaser.

            (b) "Affiliate" shall mean, with respect to Seller or any Purchaser,
            a parent, subsidiary or other affiliate of Seller or such Purchaser.

      8.04  The provisions of this Section 8 shall survive the Closing.

9.    Miscellaneous.

      9.01  This Agreement shall not be altered, amended, changed, waived,
            terminated or otherwise modified in any respect or particular, and
            no consent or approval required pursuant to this Agreement shall be
            effective, unless the same shall be in writing and signed by or on
            behalf of the party to be affected thereby.

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      9.02  This Agreement may not be assigned by any party hereto.
            Notwithstanding the preceding sentence, Seller shall have the right,
            without the prior consent of Purchasers, to assign this Agreement to
            PL-1517-25 Corp., a New York corporation or Philips International
            Realty, L.P., a Delaware limited partnership, or any their
            respective designees. Notwithstanding anything to the contrary
            contained in this Section 9.02, any Purchaser shall have the right,
            without the prior consent of Seller, to assign this Agreement to any
            entity in which such Purchaser owns at least 51% of the outstanding
            interests of such entity and controls such entity, provided,
            however, that such Purchaser shall deliver a true and complete copy
            of any such assignment to Seller not more than five (5) days after
            the earlier of the execution of such assignment by the parties
            thereto or the effective date thereof, which assignment shall
            provide that the assignee of such Purchaser assumes all of such
            Purchaser's obligations and liabilities under this Agreement. If a
            Purchaser assigns this Agreement pursuant to this Section 9.02, such
            Purchaser shall not be released from any of its obligations or
            liabilities hereunder. Any assignment of this Agreement by a
            Purchaser which does not comply with the terms and conditions of
            this Section 9.02 shall be null and void.

      9.03  This Agreement shall be binding upon, and shall inure to the benefit
            of, the parties hereto and to their respective heirs, executors,
            administrators, successors and permitted assigns.

      9.04  All prior statements, understandings, representations and agreements
            between the parties, oral or written, are superseded by and merged
            into this Agreement, which alone fully and completely expresses the
            agreement between them in connection with this transaction and which
            is entered into after full investigation, neither party relying upon
            any statement, understanding, representation or agreement made by
            the other not embodied in this Agreement. This Agreement shall be
            given a fair and reasonable construction in accordance with the
            intentions of the parties hereto, and without regard to or aid of
            canons requiring construction against the party drafting this
            Agreement.

      9.05  Except as otherwise expressly provided herein, all of the parties'
            representations, warranties, covenants and agreements herein shall
            merge into the documents and agreements executed at the Closing and
            shall not survive the Closing.

      9.06  No failure or delay of either party in the exercise of any right or
            remedy given to such party hereunder or the waiver by any party of
            any condition hereunder for his benefit (unless the time specified
            herein for exercise of such right or remedy has expired) shall
            constitute a waiver of any other or further right or remedy nor
            shall any single or partial exercise of any right or remedy preclude
            other or further exercise thereof or any other right or remedy. No
            waiver by any party of any breach hereunder or failure or refusal by
            any other party to comply with his obligations shall be deemed a
            waiver of any other or subsequent breach, failure or refusal to so
            comply.

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      9.07  Neither this Agreement nor any memorandum thereof shall be recorded
            by either party hereto and any attempted recordation hereof shall be
            void and shall constitute a default under this Agreement.

      9.08  This Agreement may be executed in one or more counterparts, each of
            which so executed and delivered shall be deemed an original, but all
            of which taken together shall constitute but one and the same
            instrument.

      9.09  The caption headings in this Agreement are for convenience only and
            shall not be construed to modify, explain or alter any of the terms,
            covenants or conditions herein contained. Any and all schedules and
            exhibits referenced herein are by this reference hereby made a part
            hereof and incorporated herein.

      9.10  This Agreement shall be interpreted and enforced in accordance with
            the laws of the State of New York, without reference to its
            conflicts of law principles and, in the event of any dispute in
            connection with this Agreement, venue shall be in the federal and
            state courts located in New York County.

      9.11  If the last day of the period prescribed herein for the giving of
            any notice, election, consent, approval, demand, objection or
            request or the submission of any documents by any party hereunder
            shall fall on a Saturday, Sunday or any day observed as a public
            holiday by the federal government or the State of New York, then
            such period shall be deemed to be extended to the immediately
            following day which is not a Saturday, Sunday or such public
            holiday. The term "business day" as used in this Agreement shall
            mean any day other than Saturday, Sunday or any day observed as a
            public holiday by the federal government or the State of New York.

      9.12  Unless otherwise specified herein, for purposes of this Agreement
            (a) references to persons or parties include their permitted
            successors and assigns; (b) references to modifications or
            amendments shall in all events mean modifications and amendments;
            (c) references to statutes are to be construed as including all
            rules and regulations adopted pursuant to the statute referred to
            and all statutory provisions consolidating, amending or replacing
            the statute referred to; (d) references to agreements and other
            contractual instruments shall be deemed to include all subsequent
            amendments and other modifications thereto entered into from time to
            time after the date hereof; (e) the words "include" or "including",
            and words of similar import, shall be deemed to be followed by the
            words "but not limited to" or "without limitation"; (f) the words
            "hereto", "herein", "hereof' and "hereunder", and words of similar
            import, refer to this Agreement in its entirety; and (g) unless
            otherwise specified herein, all references to Sections are to
            Sections of this Agreement. Terms defined herein may be used in the
            singular or the plural; when used in the singular and preceded by
            "a", "an" or "any", such term shall be taken to indicated one or
            more members of the relevant class; and when used in the plural,
            such term shall be taken to indicate all members of the relevant
            class.

                                       12
<PAGE>

      9.13  If any provision of this Agreement shall be unenforceable or
            invalid, the same shall not affect the remaining provisions of this
            Agreement and to this end the provisions of this Agreement are
            intended to be and shall be severable.

      9.14  The parties hereto hereby waive trial by jury in any action,
            proceeding or counterclaim brought by either against the other on
            any matter arising out of or in any way connected with this
            Agreement.

      9.15  This Agreement shall not be binding upon any party unless and until
            each of the parties shall have executed and delivered a fully
            executed original of this Agreement to the other parties.

      9.16  All schedules attached hereto are hereby incorporated herein by
            reference and made a part hereof.

      9.17  In the event that any party hereto brings an action or proceeding
            for a declaration of the rights of the parties under this Agreement,
            for injunctive relief, or for an alleged breach or default of this
            Agreement, or any other action arising out of this Agreement or the
            transactions contemplated hereby, the prevailing party in any such
            action shall be entitled to an award of reasonable attorneys' fees,
            disbursements and any court costs incurred in connection with such
            action or proceeding, in addition to any other damages or relief
            awarded, regardless of whether such action proceeds to final
            judgment.

10.   As Is

      10.01 Each Purchaser expressly acknowledges and agrees that, subject to
and in accordance with the terms and conditions of this Agreement, in connection
with such Purchaser's acquisition of the Interest in Company, such Purchaser
accepts the Property on an "as-is-where-is and with all faults" basis.

      10.02 This Agreement, as written, contains all the terms of the agreement
entered into between the parties as of the date hereof, and each Purchaser
acknowledges that neither Seller nor any of its Affiliates or Representatives,
has made any representations or held out any inducements to such Purchaser, and
Seller hereby specifically disclaims any representation, oral or written, past,
present or future, other than those specifically set forth in this Agreement.
Without limiting the generality of the foregoing, no Purchaser has relied on any
representations or warranties, and neither Seller nor any of its Affiliates or
Representatives has or is willing to make any representations or warranties,
express or implied, other than as may be expressly set forth herein, as to: (a)
the status of title to the Property; (b) the current or future real estate tax
liability, assessment or valuation of the Property; (c) the potential
qualification of the Property for any and all benefits conferred by any Laws
whether for subsidies, special real estate tax treatment, insurance, mortgages
or any other benefits, whether similar or dissimilar to those enumerated; (d)
the compliance of the Property in its current or any future state with
applicable Laws or any violations thereof, including, without limitation, those
relating to access for the

                                       13
<PAGE>

handicapped, environmental or zoning matters, and the ability to obtain a change
in the zoning or a variance in respect to the Property's non-compliance, if any,
with zoning Laws; (e) the nature and extent of any right-of-way, lease,
possession, lien, encumbrance, license, reservation, condition or otherwise; (f)
the availability of any financing for the purchase, alteration, rehabilitation
or operation of the Property from any source, including, without limitation, any
government authority or any lender; (g) the current or future use of the
Property; (h) the present and future condition and operating state of any
personal property and the present or future structural and physical condition of
the buildings or other improvements located on the Property, their suitability
for rehabilitation or renovation, or the need for expenditures for capital
improvements, repairs or replacements thereto; (i) the viability, financial
condition or continued occupancy of any tenant; (j) the status of the leasing
market in which any Property is located; or (k) the actual or projected income
or operating expenses of the Property.

      10.03 Each Purchaser or anyone claiming by, through or under such
Purchaser, hereby fully and irrevocably releases Seller, its Affiliates and
Representatives, from any and all claims that it may now have or hereafter
acquire against Seller, its Affiliates or Representatives for any cost, loss,
liability, damage, expense, action or cause of action, whether foreseen or
unforeseen, arising from or related to any construction defects, errors or
omissions on or in the Property, the presence of environmentally hazardous,
toxic or dangerous substances, or any other conditions (whether patent, latent
or otherwise) affecting the Property. Each Purchaser further acknowledges and
agrees that this release shall be given full force and effect according to each
of its expressed terms and provisions, including, but not limited to, those
relating to unknown and suspected claims, damages and causes of action.

      10.04 This Section 10 shall survive the Closing or sooner termination of
this Agreement.

11. Transfer to Philips Corp. The parties hereto agree and acknowledge that, in
the event that the Closing contemplated hereunder has not occurred prior to the
closing scheduled under the Group B Agreement, then Seller shall have the right,
but not the obligation, to distribute (as a non-liquidating distribution) the
Interest to Philips Corp., which shall, by its execution of this Agreement, be
and hereby agrees to assume all of the rights, liabilities and obligations of
Seller hereunder and be bound by the provisions of this Agreement as if Philips
Corp. were the Seller hereunder, and Seller shall thereafter be released from
any and all liabilities and obligations arising under or relating to this
Agreement.

            [The remainder of this page is intentionally left blank.]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered all on the day and year first above written.

                                 SELLER:

                                     1517-25 THIRD L.P., a New York limited
                                     partnership

                                     BY: PL-1517-25 Corp., a New York
                                         corporation, its general partner

                                         By: Philips International Realty, L.P.,
                                             its sole shareholder

                                             By: Philips International Realty
                                                 Corp., its general partner

                                                 By: /s/ Louis J. Petra
                                                    -----------------------
                                                     Name:  Louis J. Petra
                                                     Title: President

                                 PURCHASERS:

                                     /s/ Philip Pilevsky
                                     ------------------------------------
                                     PHILIP PILEVSKY

                                     /s/ Allen Pilevsky
                                     ------------------------------------
                                     ALLEN PILEVSKY

                                     /s/ Fred Pilevsky
                                     ------------------------------------
                                     FRED PILEVSKY

<PAGE>

                                     SL FLORIDA LLC,
                                     a Delaware limited liability company

                                     BY: /s/ Sheila Levine
                                        ----------------------------------
                                         Name: Sheila Levine
                                         Title: Member

SOLELY FOR THE PURPOSE OF
AGREEING TO BE BOUND BY THE
TERMS AND CONDITIONS OF
SECTION 11 OF THIS AGREEMENT:

PHILIPS INTERNATIONAL REALTY CORP.,
A Maryland corporation

BY: /s/ Louis J. Petra
   ---------------------------
    Name:  Louis J. Petra
    Title: President

<PAGE>

                                  SCHEDULE "1"

                           ALLOCATION OF THE INTEREST

        ASSIGNEE:                                        PERCENTAGE INTEREST
        ---------                                        -------------------

        Philip Pilevsky*                                       82.34%

        Allen Pilevsky**                                        5.18%

        Fred Pilevsky***                                        2.03%

        SL Florida LLC+                                        10.45%

                                 TOTAL:                       100.00%
                                                              ======

--------------------------------------------------------------------------------
Assuming a total of 1,870,873 units owned in the aggregate,
*       Assumes ownership of 1,540,290 units
**      Assumes ownership of    96,943 units
***     Assumes ownership of    38,090 units
+       Assumes ownership of   195,550 units

<PAGE>

                                    EXHIBIT A

                        LEGAL DESCRIPTION OF THE PROPERTY

                                 [See attached]

<PAGE>

                                    EXHIBIT B

                      ASSIGNMENT OF MEMBERSHIP INTEREST IN
                              1517 THIRD AVENUE LLC

            THIS ASSIGNMENT OF PARTNERSHIP INTEREST (this "Assignment") is made
as of this ___ day of ___________, 2000, by 1517-25 THIRD L.P., a New York
limited partnership, having an office at c/o Philips International Realty Corp.,
417 Fifth Avenue, Third Floor, New York, New York 10016 ("Assignor"), and PHILIP
PILEVSKY, an individual having a residence at 41 Harborview West, Lawrence, New
York 11559, or his designee ("P.Pilevsky"), SL Florida LLC, a Delaware limited
liability company having an office at c/o Philips International Realty Corp.,
417 Fifth Avenue, Third Floor, New York, New York 10016, or its designee
("SLF"), Allen Pilevsky an individual having a residence at 1282 Marginal Road,
Atlantic Beach, New York 11509, or his designee ("A.Pilevsky"); Fred Pilevsky,
an individual having a residence at 749 Wilson Court, North Woodmere, New York
11581, or his designee ("F.Pilevsky"; and, together with P.Pilevsky, SLF, and
A.Pilevsky, collectively, "Assignees", and each an "Assignee").

                              W I T N E S S E T H:

      WHEREAS, Seller and P.Pilevsky entered into that certain Purchase and Sale
Agreement, dated as of April 28, 2000 (the "Original Agreement"), in connection
with the sale and purchase of the Interest (as hereinafter defined);

      WHEREAS, Seller and P.Pilevsky and the other parties hereto desire to
amend and restate the Original Agreement in its entirety to include SLF,
A.Pilevsky, F.Pilevsky, PFDC and MHC (or their respective designees) as
additional Purchasers and to modify certain additional provisions thereof; and

      WHEREAS, Assignor owns a 50% membership interest (the "Interest") in
1517-25 Third Avenue LLC, a New York limited liability company ("Company");

      WHEREAS, Company owns that certain tract, piece or parcel of land,
situated in the City, County and State of New York, having a street address of
1517-25 Third Avenue, and more particularly described on Exhibit A attached
hereto and made a part hereof (the "Property"); and

      WHEREAS, Assignor desires to assign the Interest which represents its
entire interest in Company to Assignee, and Assignee desires to accept the
assignment of the Interest, and to assume, fulfill, perform and discharge all of
Assignor's obligations and liabilities with respect to the Interest.

      NOW, THEREFORE, for Ten ($10) Dollars and other good and valuable
consideration, the mutual receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:
<PAGE>

1.    All of the recitals set forth above are incorporated herein as if fully
      set forth below.

2.    Assignor represents and warrants to Assignee that: (a) Assignor is the
      record owner of the Interest, and the Interest is free and clear of any
      lien, claim or encumbrance; (b) Assignor has full right, power and
      authority to perform the terms of this Assignment; and (c) Assignor has
      not heretofore sold, assigned, transferred, encumbered, pledged or
      hypothecated all or any part of the Interest.

3.    Assignor hereby sells, grants, assigns, transfers and conveys to Assignee
      all of its legal and beneficial right, title and interest in and to the
      Interest which shall include, without limitation, all right, title and
      interest, if any, of Assignor in and to the assets of Company, the
      corresponding amount of Assignor's capital account, and Assignor's right
      to receive any past, present or future profits, gains, losses and
      distributions of any nature from Company.

4.    Assignee hereby accepts the Assignment of the Interest and agrees to
      assume, fulfill, perform and discharge all the obligations and liabilities
      of Assignor with respect to the Interest, accruing or obligated to be
      performed from and after the date hereof.

5.    This Assignment shall inure to the benefit of and be binding upon the
      parties hereto and their respective successors and assigns.

6.    This Assignment is the final expression of, and contains the entire
      agreement between, the parties with respect to the subject matter hereof,
      and supersedes all prior understandings with respect thereto.

7.    This Assignment may not be modified, changed, supplemented or terminated,
      nor may any obligations hereunder be waived, except by written instrument,
      signed by the party to be charged or by its agent duly authorized in
      writing, or as otherwise expressly permitted herein.

8.    This Assignment shall be interpreted and enforced in accordance with the
      laws of the State of New York without reference to principles of conflicts
      of laws.

9.    This Assignment may be executed in one or more counterparts, each of which
      shall be deemed to be an original Assignment, but all of which, taken
      together, shall constitute but one and the same Assignment.

            [The remainder of this page is intentionally left blank.]

                                       2
<PAGE>

      IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as
of the date first written above.

                           ASSIGNOR:

                              1517-25 THIRD L.P., a New York limited
                              partnership

                              BY:  PL-1517-25 Corp., a New York
                                   corporation, its general partner

                                  By:  Philips International Realty, L.P.,
                                       its sole shareholder

                                        By:  Philips International Realty Corp.,
                                             its general partner

                                             By:___________________________
                                                 Name:  Louis J. Petra
                                                 Title: President

                           ASSIGNEES:

                              ____________________________________
                              PHILIP PILEVSKY

                              ____________________________________
                              ALLEN PILEVSKY

                              ____________________________________
                              FRED PILEVSKY

                              SL FLORIDA LLC,
                              a Delaware limited liability company

                              By:_________________________________
                                  Name:
                                  Title: Managing Member

<PAGE>

                                   SCHEDULE A

                        LEGAL DESCRIPTION OF THE PROPERTY

                                 [See attached]<PAGE>

                                                                  EXECUTION COPY

                              AMENDED AND RESTATED
                           PURCHASE AND SALE AGREEMENT

      THIS AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (this "Agreement")
is made as of June 20, 2000, by PHILIPS INTERNATIONAL REALTY, L.P., a Delaware
limited partnership, having an office at 417 Fifth Avenue, Third Floor, New
York, New York 10016 ("Operating Partnership"), PHILIPS LAKE WORTH CORP., a New
York corporation, having an office at c/o Philips International Realty Corp.,
417 Fifth Avenue, Third Floor, New York, New York 10016 (individually, "Lake
Worth GP" and, together with Operating Partnership, jointly and severally,
"Seller"), and PHILIP PILEVSKY, an individual having a residence at 41
Harborview West, Lawrence, New York 11559, or his designee (the "Purchaser").

                                   W I T N E S S E T H:

      WHEREAS, Operating Partnership owns a 99.99% limited partnership interest
(the "LP Interest") in Philips Lake Worth, L.P., a New York limited partnership
("Limited Partnership");

      WHEREAS, Lake Worth GP owns a 0.01% general partnership interest (the "GP
Interest" and, together with the LP Interest, the "Interest") in Limited
Partnership;

      WHEREAS, Limited Partnership owns that certain tract, piece or parcel of
land, situated in the Village of Palm Springs, County of Palm Beach, State of
Florida, and more particularly described on Exhibit A attached hereto and made a
part hereof (the "Property");

      WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale
Contract, dated as of April 28, 2000 (the "Original Agreement"), in connection
with the sale and purchase of the Property;

      WHEREAS, Seller and Purchaser desire to amend and restate the Original
Agreement in its entirety to modify certain provisions thereof; and

      WHEREAS, subject to the terms, covenants, conditions and agreements
hereinafter set forth, Seller desires to sell, transfer, convey, assign and
deliver to Purchaser the Interest, which Interest represents its entire interest
in Limited Partnership, and Purchaser desires to purchase, acquire and accept
from Seller the Interest.

      NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and the mutual
covenants and agreements hereinafter set forth, and other good and valuable
consideration, the mutual receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:
<PAGE>

1.    Sale of Interest; Purchase Price.

      1.01  Subject to the terms and conditions of this Agreement, Seller hereby
            agrees to sell, transfer, convey, assign and deliver to Purchaser,
            and Purchaser hereby agrees to purchase, acquire and accept from
            Seller, the Interest, at the Closing (as defined in Section 2).

      1.02  The purchase price for the Interest shall be Seller's net cost of
            owning and operating the Property, which the parties acknowledge and
            agree to be approximately Six Million Six Hundred Thousand and
            00/100 ($6,600,000.00) Dollars as of April 28, 2000 (the "Purchase
            Price"), subject to adjustment as more particularly set forth in
            Section 1.03, which shall be due and payable at the Closing by bank,
            certified or attorney trust check or by wire transfer of immediately
            available funds to such bank account or accounts as shall be
            designated by Seller in writing two (2) days prior to the Closing.

      1.03  Notwithstanding anything in this Agreement to the contrary, in the
            event that the Seller's actual net cost of owning and operating the
            Property as of the Closing Date is more than the estimated Six
            Million Six Hundred Thousand and 00/100 ($6,600,000.00) Dollars, the
            estimated Purchase Price shall be increased by an amount equal to
            the difference between (a) the Seller's actual, total net cost of
            owning and operating the Property as of the Closing Date, as
            established by evidence reasonably acceptable to Purchaser, and (b)
            Six Million Six Hundred Thousand and 00/100 ($6,600,000.00) Dollars
            (the "Additional Cost Adjustment")

2. Closing. The consummation of the transactions contemplated by this Agreement
(the "Closing") shall take place at the offices of Pryor Cashman Sherman & Flynn
LLP, 410 Park Avenue, 10th Floor, New York, New York 10022, on that date and at
the time prescribed for such Closing as set forth in Section 6.2 of the Group B
Agreement (as defined below)(the "Closing Date").

3.    Representations, Warranties and Covenants.

      3.01  Seller hereby represents and warrants to Purchaser as follows:

            (a)   (i) Operating Partnership is a duly formed and validly
                  existing partnership organized and in good standing under the
                  laws of the State of Delaware, and Lake Worth GP is a duly
                  formed and validly existing limited partnership organized and
                  in good standing under the laws of the State of New York, and
                  (ii) this Agreement and Seller Documents (as defined in
                  Section 5.01) do not and will not contravene any provision of
                  any by-laws or limited partnership agreement to which Seller
                  is bound.

                                       2
<PAGE>

            (b)   Seller has or shall have by the Closing Date the full legal
                  right, power and authority to execute and deliver this
                  Agreement and Seller Documents to consummate the transaction
                  contemplated hereby and to perform its obligations hereunder
                  and under Seller Documents.

            (c)   This Agreement and Seller Documents do not and will not
                  contravene any judgment, order, decree, writ or injunction
                  issued against Seller, or materially violate a material
                  provision of any law or governmental ordinance, rule,
                  regulation, order or requirement (collectively, "Laws") to
                  which Seller is or will be subject, except such violations as
                  would not have a material adverse effect on any of the
                  transactions contemplated hereby if finally determined
                  adversely to such party. The consummation of the transactions
                  contemplated hereby will not result in a breach or constitute
                  a default or event of default by Seller, under any agreement
                  to which any of them or any of their assets are or will be
                  subject or bound and will not result in a violation of any
                  Laws to which Seller is or will be subject, except such
                  violations as would not have a material adverse effect on the
                  transaction contemplated hereby if finally determined
                  adversely to the Seller.

            (d)   Seller owns the Interest free and clear of any and all liens
                  and encumbrances.

            (e)   At the Closing, upon Seller's delivery of an assignment of the
                  Interest in substantially the form set forth on Exhibit "B"
                  annexed hereto (the "Assignment") and all of the other Seller
                  Documents, good and valid title to the Interest will pass to
                  Purchaser.

            (f)   There are no statutory or contractual preemptive rights,
                  rights of refusal or options with respect to the transfer
                  and/or assignment of any portion of the Interest.

            (g)   No representation or warranty by Seller in this Agreement and
                  no statement contained herein or in any document, certificate,
                  or other writing furnished or to be furnished by Seller to
                  Purchaser pursuant to the provisions hereof or in connection
                  with the transactions contemplated hereby contains or will
                  contain any untrue statement of material fact or omits or will
                  omit to state any material fact necessary in order to make the
                  statements herein or therein not misleading. Seller has
                  disclosed to Purchaser all facts known or reasonably available
                  to Seller that are material to the transactions contemplated
                  herein.

      3.02  Purchaser hereby represents and warrants to Seller as follows as to
            itself:

                                       3
<PAGE>

            (a)   Purchaser has the full legal right, power and authority to
                  execute and deliver this Agreement and Purchaser's Documents
                  to consummate the transactions contemplated hereby, and to
                  perform his obligations hereunder and under Purchaser's
                  Documents.

            (b)   This Agreement and Purchaser's Documents do not and will not
                  contravene any judgment, order, decree, writ or injunction
                  issued against Purchaser, or materially violate a material
                  provision of any Laws to which Purchaser is or will be
                  subject, except such violations as would not have a material
                  adverse effect on any of the transactions contemplated hereby
                  if finally determined adversely to Purchaser. Purchaser hereby
                  represents and warrants that the consummation of the
                  transactions contemplated hereby will not result in a breach
                  or constitute a default or event of default by Purchaser under
                  any agreement to which Purchaser or any of his assets is
                  subject or bound and will not result in a violation of any
                  Laws applicable to Purchaser, except such violations as would
                  not have a material adverse effect on the transactions
                  contemplated hereby if finally determined adversely to
                  Purchaser.

            (c)   No representation or warranty by Purchaser in this Agreement
                  and no statement contained herein or in any document,
                  certificate, or other writing furnished or to be furnished by
                  Purchaser to Seller pursuant to the provisions hereof or in
                  connection with the transactions contemplated hereby contains
                  or will contain any untrue statement of material fact or omits
                  or will omit to state any material fact necessary in order to
                  make the statements herein or therein not misleading.
                  Purchaser has disclosed to Seller all facts known or
                  reasonably available to Purchaser that are material to the
                  transaction contemplated herein.

4.    Conditions Precedent to Closing.

      4.01  Seller's obligation under this Agreement to consummate the
            transaction contemplated herein is subject to the fulfillment of
            each of the following conditions.

            (a)   The representations and warranties of Purchaser contained
                  herein shall be true, accurate and correct in all material
                  respects as of the Closing Date, except to the extent they
                  expressly relate only to an earlier date.

            (b)   All consents and approvals of governmental authorities and
                  parties to agreements to which Purchaser is a party or by
                  which any asset owned by Purchaser is bound that are required
                  with respect to the consummation of the transactions
                  contemplated by this Agreement shall have been obtained and
                  copies thereof shall have been delivered to Seller at or prior
                  to the Closing.

                                       4
<PAGE>

            (c)   On or prior to the Closing Date, (i) Purchaser shall not have
                  applied for or consented to the appointment of a receiver,
                  trustee or liquidator for himself or any of his assets unless
                  the same shall have been discharged prior to the Closing Date,
                  and no such receiver, liquidator or trustee shall have
                  otherwise been appointed, unless same shall have been
                  discharged prior to the Closing Date, (ii) Purchaser shall not
                  have admitted in writing an inability to pay his debts as they
                  mature, (iii) Purchaser shall not have made a general
                  assignment for the benefit of creditors, (iv) Purchaser shall
                  not have been adjudicated a bankrupt or insolvent, or had a
                  petition for reorganization granted with respect to Purchaser,
                  (v) Purchaser shall not have filed a voluntary petition
                  seeking reorganization or an arrangement with creditors or
                  taken advantage of any bankruptcy, reorganization, insolvency,
                  readjustment or debt, dissolution or liquidation law or
                  statute, or filed an answer admitting the material allegations
                  of a petition filed against him in any proceeding under any
                  such law or statute, or had any petition filed against him in
                  any proceeding under any such law or statute unless the same
                  shall have been dismissed, canceled or terminated prior to the
                  Closing Date.

            (d)   This Agreement shall not have been terminated, if expressly
                  permitted herein.

            (e)   The closing of title (the "Group A Closing") under and
                  pursuant to that certain Purchase and Sale Agreement, dated
                  April 28, 2000 (as amended, the "Group A Agreement"), by and
                  among Munsey Park Associates, LLC, North Shore Triangle, LLC,
                  Philips Yonkers, LLC, Philips Henry, LLC, Philips Shopping
                  Center Fund, L.P. and Philips Lake Mary Associates, L.P.,
                  collectively as Seller, and Kimco Income Operating
                  Partnership, L.P., as Purchaser, for each Property or Ground
                  Lease (each as defined in the Group A Agreement) shall have
                  occurred or the properties to be conveyed thereunder shall
                  have been excluded or postponed pursuant to the terms of the
                  Group A Agreement.

            (f)   All of the material conditions to and under the Group B
                  Agreement required to have been satisfied as of immediately
                  before the sale described in Section 1 above shall have been
                  satisfied or waived. For the purposes of this Agreement, the
                  "Group B Agreement" shall mean that certain Asset
                  Contribution, Purchase and Sale Agreement dated April 28, 2000
                  (as amended), by and among Operating Partnership, Philips
                  International Realty Corp. ("Philips Corp."), Certain
                  Affiliated Parties Signatory Thereto, KIR Acquisition, LLC,
                  and Kimco Income Operating Partnership, L.P.

      4.02  Each Purchaser's obligation under this Agreement to consummate the
            transaction contemplated herein is subject to the fulfillment of
            each of the following conditions.

                                       5
<PAGE>

            (a)   The representations and warranties of Seller contained herein
                  shall be true, accurate and correct in all material respects
                  as of the Closing Date, except to the extent they relate only
                  to an earlier date.

            (b)   All consents and approvals of governmental authorities and
                  parties to agreements to which Seller is a party or by which
                  any asset of Seller is bound that are required with respect to
                  the consummation of the transactions contemplated by this
                  Agreement shall have been obtained and copies thereof shall
                  have been delivered to Purchaser at or prior to the Closing.

            (c)   On or prior to Closing Date, (i) Seller shall not have applied
                  for or consented to the appointment of a receiver, trustee or
                  liquidator for itself or any of its assets unless the same
                  shall have been discharged prior to the Closing Date, and no
                  such receiver, liquidator or trustee shall have otherwise been
                  appointed, unless same shall have been discharged prior to the
                  Closing Date, (ii) Seller shall not have admitted in writing
                  an inability to pay its debts as they mature, (iii) Seller
                  shall not have made a general assignment for the benefit of
                  creditors, (iv) Seller shall not have been adjudicated a
                  bankrupt or insolvent, or had a petition for reorganization
                  granted with respect to itself, (v) Seller shall not have
                  filed a voluntary petition seeking reorganization or an
                  arrangement with creditors or taken advantage of any
                  bankruptcy, reorganization, insolvency, readjustment or debt,
                  dissolution or liquidation law or statute, or filed an answer
                  admitting the material allegations of a petition filed against
                  it in any proceedings under any such law or statute, or had
                  any petition filed against it in any proceeding under any of
                  such law or statute unless the same shall have been dismissed,
                  canceled or terminated prior to the Closing Date.

            (d)   This Agreement shall not have been terminated, if expressly
                  permitted herein.

            (e)   The Group A Closing under and pursuant to the Group A
                  Agreement for each Property or Ground Lease (each as defined
                  in the Group A Agreement) shall have occurred or the
                  properties to be conveyed thereunder shall have been excluded
                  or postponed pursuant to the terms of the Group A Agreement.

            (f)   All of the material conditions to and under the Group B
                  Agreement required to have been satisfied as of immediately
                  before the sale described in Section 1 above shall have been
                  satisfied or waived.

                                       6
<PAGE>

5.    Delivery of Documents at Closing.

      5.01  Deliveries by Seller. Seller agrees to deliver (or cause to be
            delivered) to Purchaser at the Closing the following agreements and
            documents ("Seller Documents"), all satisfactory in form and
            substance to Purchaser:

            (a)   The Assignment, duly executed by Seller.

            (b)   A certificate of good standing and/or subsistence, dated not
                  more than thirty (30) days prior to the Closing Date, issued
                  by the Secretary of State of the State of Delaware with
                  respect to Operating Partnership, of the State of Maryland
                  with respect to Philips Corp., and of the State of New York
                  with respect to Lake Worth GP.

            (c)   Certified copy of a consent duly adopted by Philips Corp.
                  authorizing the execution, delivery and performance of this
                  Agreement and of each of Seller Documents.

            (d)   Such other consents, documents and instruments as may be
                  reasonably required to effectuate the terms of this Agreement
                  and to comply with the terms hereof.

      5.02  Deliveries by Purchaser. Purchaser agrees to deliver (or cause to be
            delivered) to Seller at the Closing the following agreements and
            documents ("Purchaser's Documents"), all satisfactory in form and
            substance to Seller:

            (a)   The Purchase Price.

            (b)   The Assignment, duly executed by Purchaser.

            (c)   Such other consents, documents and instruments as may be
                  reasonably required to effectuate the terms of this Agreement
                  and to comply with the terms hereof.

      5.03  Further Assurances. After the Closing, at the request of either
            party hereto, and without further conditions or consideration, each
            party shall execute and deliver from time to time such other
            instruments, documents, agreements and/or take such other actions as
            the other party may reasonably request in order to more effectively
            consummate the transactions contemplated herein. This Section 5.03
            shall survive the Closing.

6. Remedies. If any party hereto shall be in default of or breach any of his
respective obligations hereunder, then each party shall have such rights or
remedies available at law and/or in equity, including, without limitation, the
right of specific performance.

                                       7
<PAGE>

7. Notices. All notices, requests, demands, consents or waivers and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if delivered by (i) hand, (ii) facsimile (with
immediate confirmation), (iii) a nationally recognized overnight courier for
next business day delivery (charges prepaid), or (iv) certified or registered
mail, return receipt requested (postage prepaid):

      If to any Seller, to:

                  c/o Philips International Realty Corp.
                  417 Fifth Avenue, Third Floor
                  New York, New York 10016
                  Attention: Louis J. Petra
                  Facsimile: (212) 545-1355

            With a copy to:

                  Pryor Cashman Sherman & Flynn, LLP
                  410 Park Avenue
                  New York, New York 10022
                  Attention:  Jonathan A. Bernstein, Esq.
                              Stephen G. Epstein, Esq.
                  Facsimile: (212) 326-0806

      If to Purchaser, as follows:

                  Philip Pilevsky
                  41 Harborview West
                  Lawrence, New York 11559
                  Facsimile: (516) 239-3687

            With a copy to:

                  McDermott Will & Emery
                  50 Rockefeller Plaza
                  New York, New York 10020-1605
                  Attention: Keith M. Pattiz, Esq.
                  Facsimile: (212) 547-5444

      or, in each case, to such other person or address as any party shall
      furnish to the other parties in writing. Notices shall be deemed to be
      delivered upon receipt or rejection.

8.    Confidentiality.

      8.01  (a) Seller, on behalf of itself and its Representatives (as defined
            in Section 8.03(a)), agrees that, prior to the Closing, all
            information relating to this Agreement

                                       8
<PAGE>

            shall be kept strictly confidential by Seller and its
            Representatives and shall not, without the prior written consent of
            Purchaser, be disclosed by Seller or its Representatives, in any
            manner whatsoever, in whole or in part, and will not be used by
            Seller or its Representatives, directly or indirectly, for any
            purpose other than evaluating the transactions contemplated
            hereunder. The provisions of this Section 8.01(a) shall in no event
            apply to any information which is a matter of public record and
            shall not prevent Seller, Philips Corp. or any of their Affiliates
            or Representatives (i) from complying with any Law to which any of
            them is subject and (ii) from making any disclosure required to be
            made by any of them which any of them deem appropriate to the
            public, the shareholders of Philips Corp. or any other person or
            persons pursuant to any Securities and Exchange Law or other Law.

            (b) Purchaser, on behalf of himself and his Representatives, agrees
            that, prior to the Closing, all information relating to this
            Agreement shall be kept strictly confidential by Purchaser and his
            Representatives and shall not, without the prior written consent of
            the Seller, be disclosed by Purchaser or his Representatives in any
            manner whatsoever, in whole or in part, and will not be used by
            Purchaser or his Representatives, directly or indirectly, for any
            purpose other than evaluating the transactions contemplated
            hereunder. The provisions of this Section shall in no event apply to
            any information which is a matter of public record and shall not
            prevent a Purchaser or any of his Representatives from complying
            with any Law to which Purchaser or any such Representative is
            subject.

      8.02  (a) Seller shall indemnify and hold Purchaser and his
            Representatives harmless from and against any and all claims,
            demands, causes of action, losses, damages, liabilities, costs and
            expenses (including, without limitation, reasonable attorneys' fees
            and disbursements) suffered or incurred by such Purchaser or any
            Affiliate of Purchaser or any Representative of Purchaser and
            arising out of or in connection with a breach by any Seller or any
            Affiliate or Representative of any Seller of any provision of this
            Section 8.

            (b) Purchaser shall indemnify and hold Seller and its
            Representatives harmless from and against any and all claims,
            demands, causes of action, losses, damages, liabilities, costs and
            expenses (including, without limitation, reasonable attorneys' fees
            and disbursements) suffered or incurred by the Seller, any Affiliate
            and arising out of or in connection with a breach by Purchaser or
            any Affiliate or Representative of Purchaser of any provision of
            this Section 8.

      8.03  As used in this Agreement, the following terms shall have the
            following meanings:

            (a) "Representative" shall mean with respect to Seller or Purchaser,
            any member, shareholder, partner, manager, director, officer,
            trustee, principal, agent, employee, contractor, broker, and/or
            other representative of Seller or Purchaser,
            including, the attorneys, accountants and financial advisors of
            Seller or Purchaser.

                                       9
<PAGE>

            (b)   "Affiliate" shall mean, with respect to Seller or Purchaser, a
                  parent, subsidiary or other affiliate of Seller or Purchaser.

      8.04  The provisions of this Section 8 shall survive the Closing.

9.    Miscellaneous.

      9.01  This Agreement shall not be altered, amended, changed, waived,
            terminated or otherwise modified in any respect or particular, and
            no consent or approval required pursuant to this Agreement shall be
            effective, unless the same shall be in writing and signed by or on
            behalf of the party to be affected thereby.

      9.02  This Agreement may not be assigned by any party hereto.
            Notwithstanding the preceding sentence, Seller shall have the right,
            without the prior consent of Purchaser, to assign this Agreement to
            Philips Corp. or its designee. Notwithstanding anything to the
            contrary contained in this Section 9.02, Purchaser shall have the
            right, without the prior consent of Seller, to assign this Agreement
            to any entity in which Purchaser owns at least 51% of the
            outstanding interests of such entity and controls such entity,
            provided, however, that Purchaser shall deliver a true and complete
            copy of any such assignment to Seller not more than five (5) days
            after the earlier of the execution of such assignment by the parties
            thereto or the effective date thereof, which assignment shall
            provide that the assignee of Purchaser assumes all of Purchaser's
            obligations and liabilities under this Agreement. If Purchaser
            assigns this Agreement pursuant to this Section 9.02, Purchaser
            shall not be released from any of its obligations or liabilities
            hereunder. Any assignment of this Agreement by Purchaser which does
            not comply with the terms and conditions of this Section 9.02 shall
            be null and void.

      9.03  This Agreement shall be binding upon, and shall inure to the benefit
            of, the parties hereto and to their respective heirs, executors,
            administrators, successors and permitted assigns.

      9.04  All prior statements, understandings, representations and agreements
            between the parties, oral or written, are superseded by and merged
            into this Agreement, which alone fully and completely expresses the
            agreement between them in connection with this transaction and which
            is entered into after full investigation, neither party relying upon
            any statement, understanding, representation or agreement made by
            the other not embodied in this Agreement. This Agreement shall be
            given a fair and reasonable construction in accordance with the
            intentions of the parties hereto, and without regard to or aid of
            canons requiring construction against the party drafting this
            Agreement.

                                       10
<PAGE>

      9.05  Except as otherwise expressly provided herein, all of the parties'
            representations, warranties, covenants and agreements herein shall
            merge into the documents and agreements executed at the Closing and
            shall not survive the Closing.

      9.06  No failure or delay of either party in the exercise of any right or
            remedy given to such party hereunder or the waiver by any party of
            any condition hereunder for his benefit (unless the time specified
            herein for exercise of such right or remedy has expired) shall
            constitute a waiver of any other or further right or remedy nor
            shall any single or partial exercise of any right or remedy preclude
            other or further exercise thereof or any other right or remedy. No
            waiver by any party of any breach hereunder or failure or refusal by
            any other party to comply with his obligations shall be deemed a
            waiver of any other or subsequent breach, failure or refusal to so
            comply.

      9.07  Neither this Agreement nor any memorandum thereof shall be recorded
            by either party hereto and any attempted recordation hereof shall be
            void and shall constitute a default under this Agreement.

      9.08  This Agreement may be executed in one or more counterparts, each of
            which so executed and delivered shall be deemed an original, but all
            of which taken together shall constitute but one and the same
            instrument.

      9.09  The caption headings in this Agreement are for convenience only and
            shall not be construed to modify, explain or alter any of the terms,
            covenants or conditions herein contained. Any and all schedules and
            exhibits referenced herein are by this reference hereby made a part
            hereof and incorporated herein.

      9.10  This Agreement shall be interpreted and enforced in accordance with
            the laws of the State of New York, without reference to its
            conflicts of law principles and, in the event of any dispute in
            connection with this Agreement, venue shall be in the federal and
            state courts located in New York County.

      9.11  If the last day of the period prescribed herein for the giving of
            any notice, election, consent, approval, demand, objection or
            request or the submission of any documents by any party hereunder
            shall fall on a Saturday, Sunday or any day observed as a public
            holiday by the federal government or the State of New York, then
            such period shall be deemed to be extended to the immediately
            following day which is not a Saturday, Sunday or such public
            holiday. The term "business day" as used in this Agreement shall
            mean any day other than Saturday, Sunday or any day observed as a
            public holiday by the federal government or the State of New York.

      9.12  Unless otherwise specified herein, for purposes of this Agreement
            (a) references to persons or parties include their permitted
            successors and assigns; (b) references to modifications or
            amendments shall in all events mean modifications and

                                       11
<PAGE>

            amendments; (c) references to statutes are to be construed as
            including all rules and regulations adopted pursuant to the statute
            referred to and all statutory provisions consolidating, amending or
            replacing the statute referred to; (d) references to agreements and
            other contractual instruments shall be deemed to include all
            subsequent amendments and other modifications thereto entered into
            from time to time after the date hereof; (e) the words "include" or
            "including", and words of similar import, shall be deemed to be
            followed by the words "but not limited to" or "without limitation";
            (f) the words "hereto", "herein", "hereof' and "hereunder", and
            words of similar import, refer to this Agreement in its entirety;
            and (g) unless otherwise specified herein, all references to
            Sections are to Sections of this Agreement. Terms defined herein may
            be used in the singular or the plural; when used in the singular and
            preceded by "a", "an" or "any", such term shall be taken to
            indicated one or more members of the relevant class; and when used
            in the plural, such term shall be taken to indicate all members of
            the relevant class.

      9.13  If any provision of this Agreement shall be unenforceable or
            invalid, the same shall not affect the remaining provisions of this
            Agreement and to this end the provisions of this Agreement are
            intended to be and shall be severable.

      9.14  The parties hereto hereby waive trial by jury in any action,
            proceeding or counterclaim brought by either against the other on
            any matter arising out of or in any way connected with this
            Agreement.

      9.15  This Agreement shall not be binding upon any party unless and until
            each of the parties shall have executed and delivered a fully
            executed original of this Agreement to the other parties.

      9.16  All schedules attached hereto are hereby incorporated herein by
            reference and made a part hereof.

      9.17  In the event that any party hereto brings an action or proceeding
            for a declaration of the rights of the parties under this Agreement,
            for injunctive relief, or for an alleged breach or default of this
            Agreement, or any other action arising out of this Agreement or the
            transactions contemplated hereby, the prevailing party in any such
            action shall be entitled to an award of reasonable attorneys' fees,
            disbursements and any court costs incurred in connection with such
            action or proceeding, in addition to any other damages or relief
            awarded, regardless of whether such action proceeds to final
            judgment.

10.   As Is

      10.01 Purchaser expressly acknowledges and agrees that, subject to and in
accordance with the terms and conditions of this Agreement, in connection with
Purchaser's acquisition of

                                       12
<PAGE>

the Interest in Limited Partnership, Purchaser accepts the Property on an
"as-is-where-is and with all faults" basis.

      10.02 This Agreement, as written, contains all the terms of the agreement
entered into between the parties as of the date hereof, and Purchaser
acknowledges that neither Seller nor any of its Affiliates or Representatives,
has made any representations or held out any inducements to Purchaser, and
Seller hereby specifically disclaims any representation, oral or written, past,
present or future, other than those specifically set forth in this Agreement.
Without limiting the generality of the foregoing, Purchaser has not relied on
any representations or warranties, and neither Seller nor any of its Affiliates
or Representatives has or is willing to make any representations or warranties,
express or implied, other than as may be expressly set forth herein, as to: (a)
the status of title to the Property; (b) the current or future real estate tax
liability, assessment or valuation of the Property; (c) the potential
qualification of the Property for any and all benefits conferred by any Laws
whether for subsidies, special real estate tax treatment, insurance, mortgages
or any other benefits, whether similar or dissimilar to those enumerated; (d)
the compliance of the Property in its current or any future state with
applicable Laws or any violations thereof, including, without limitation, those
relating to access for the handicapped, environmental or zoning matters, and the
ability to obtain a change in the zoning or a variance in respect to the
Property's non-compliance, if any, with zoning Laws; (e) the nature and extent
of any right-of-way, lease, possession, lien, encumbrance, license, reservation,
condition or otherwise; (f) the availability of any financing for the purchase,
alteration, rehabilitation or operation of the Property from any source,
including, without limitation, any government authority or any lender; (g) the
current or future use of the Property; (h) the present and future condition and
operating state of any personal property and the present or future structural
and physical condition of the buildings or other improvements located on the
Property, their suitability for rehabilitation or renovation, or the need for
expenditures for capital improvements, repairs or replacements thereto; (i) the
viability, financial condition or continued occupancy of any tenant; (j) the
status of the leasing market in which any Property is located; or (k) the actual
or projected income or operating expenses of the Property.

      10.03 Purchaser or anyone claiming by, through or under Purchaser, hereby
fully and irrevocably releases Seller, its Affiliates and Representatives, from
any and all claims that it may now have or hereafter acquire against Seller, its
Affiliates or Representatives for any cost, loss, liability, damage, expense,
action or cause of action, whether foreseen or unforeseen, arising from or
related to any construction defects, errors or omissions on or in the Property,
the presence of environmentally hazardous, toxic or dangerous substances, or any
other conditions (whether patent, latent or otherwise) affecting the Property.
Purchaser further acknowledges and agrees that this release shall be given full
force and effect according to each of its expressed terms and provisions,
including, but not limited to, those relating to unknown and suspected claims,
damages and causes of action.

      10.04 This Section 10 shall survive the Closing or sooner termination of
this Agreement.

                                       13
<PAGE>

11. Transfer to Philips Corp. The parties hereto agree and acknowledge that, in
the event that the Closing contemplated hereunder has not occurred prior to the
closing scheduled under the Group B Agreement, then Seller shall have the right,
but not the obligation, to distribute (as a non-liquidating distribution) the
Interest to Philips Corp., which shall, by its execution of this Agreement, be
and hereby agrees to assume all of the rights, liabilities and obligations of
Sellers hereunder and be bound by the provisions of this Agreement as if Philips
Corp. were the Seller hereunder, and Sellers shall thereafter be released from
any and all liabilities and obligations arising under or relating to this
Agreement.

                [The remainder of this page is intentionally left blank.]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered all on the day and year first above written.

                                  SELLER:

                                  PHILIPS INTERNATIONAL REALTY, L.P., a Delaware
                                  limited partnership

                                  By: Philips International Realty Corp., a
                                  Maryland corporation, its general partner

                                 By: /s/ Louis J. Petra
                                    -------------------------------
                                 Name:  Louis J. Petra
                                 Title: President

                                 PHILIPS LAKE WORTH CORP., a New York
                                 corporation

                                 By: /s/ Louis J. Petra
                                    -------------------------------
                                 Name:  Louis J. Petra
                                 Title: President

                                 PURCHASER:

                                    /s/ Philip Pilevsky
                                 -----------------------------------
                                 PHILIP PILEVSKY

<PAGE>

SOLELY FOR THE PURPOSE OF
AGREEING TO BE BOUND BY THE
TERMS AND CONDITIONS OF
SECTION 11 OF THIS AGREEMENT:

PHILIPS INTERNATIONAL REALTY CORP.,
A Maryland corporation

BY:    /s/ Louis J. Petra
     -------------------------------
      Name:  Louis J. Petra
      Title: President

<PAGE>

                                   EXHIBIT "A"

                        LEGAL DESCRIPTION OF THE PROPERTY

                                 [See attached]
<PAGE>

                                   EXHIBIT "B"

                       ASSIGNMENT OF PARTNERSHIP INTEREST
                           IN PHILIPS LAKE WORTH, L.P.

            THIS ASSIGNMENT OF PARTNERSHIP INTEREST (this "Assignment") is made
as of this ___ day of ___________, 2000, by PHILIPS INTERNATIONAL REALTY, L.P.,
a Delaware limited partnership, having an office at 417 Fifth Avenue, Third
Floor, New York, New York 10016 ("Operating Partnership"), PHILIPS LAKE WORTH
CORP., a New York corporation, having an office at c/o Philips International
Realty, L.P., 417 Fifth Avenue, Third Floor, New York, New York 10016
(individually, "Lake Worth GP" and, together with Operating Partnership, jointly
and severally, "Assignor"), and PHILIP PILEVSKY, an individual having a
residence at 41 Harborview West, Lawrence, New York 11559, or his designee (the
"Assignee").

                              W I T N E S S E T H:

      WHEREAS, the parties hereto entered into that certain Purchase and Sale
Agreement dated as of June __, 2000 for the purchase and sale of the Interest
(as hereinafter defined);

      WHEREAS, Operating Partnership owns a 99.99% limited partnership interest
(the "LP Interest") in Philips Lake Worth, L.P., a New York limited partnership
("Limited Partnership");

      WHEREAS, Lake Worth GP owns a 0.01% general partnership interest (the "GP
Interest" and, together with the LP Interest, the "Interest") in Limited
Partnership;

      WHEREAS, Limited Partnership owns that certain tract, piece or parcel of
land, situated in the Village of Palm Springs, County of Palm Beach, State of
Florida, and more particularly described on Schedule "A" attached hereto and
made a part hereof (the "Property"); and

      WHEREAS, Assignor desires to assign the Interest which represents its
entire interest in Limited Partnership to Assignee, and Assignee desires to
accept the assignment of the Interest, and to assume, fulfill, perform and
discharge all of Assignor's obligations and liabilities with respect to the
Interest.

      NOW, THEREFORE, for Ten ($10) Dollars and other good and valuable
consideration, the mutual receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

1.    All of the recitals set forth above are incorporated herein as if fully
      set forth below.

2.    Assignor represents and warrants to Assignee that: (a) Assignor is the
      record owner of the Interest, and the Interest is free and clear of any
      lien, claim or encumbrance; (b) Assignor has

<PAGE>

      full right, power and authority to perform the terms of this Assignment;
      and (c) Assignor has not heretofore sold, assigned, transferred,
      encumbered, pledged or hypothecated all or any part of the Interest.

3.    Assignor hereby sells, grants, assigns, transfers and conveys to Assignee
      all of its legal and beneficial right, title and interest in and to the
      Interest which shall include, without limitation, all right, title and
      interest, if any, of Assignor in and to the assets of Limited Partnership,
      the corresponding amount of Assignor's capital account, and Assignor's
      right to receive any past, present or future profits, gains, losses and
      distributions of any nature from Limited Partnership, to be allocated to
      Assignee as set forth on Schedule "B" annexed hereto.

4.    Assignee hereby accepts the Assignment of the Interest and agrees to
      assume, fulfill, perform and discharge all the obligations and liabilities
      of Assignor with respect to the Interest, accruing or obligated to be
      performed from and after the date hereof.

5.    This Assignment shall inure to the benefit of and be binding upon the
      parties hereto and their respective successors and assigns.

6.    This Assignment is the final expression of, and contains the entire
      agreement between, the parties with respect to the subject matter hereof,
      and supersedes all prior understandings with respect thereto.

7.    This Assignment may not be modified, changed, supplemented or terminated,
      nor may any obligations hereunder be waived, except by written instrument,
      signed by the party to be charged or by its agent duly authorized in
      writing, or as otherwise expressly permitted herein.

8.    This Assignment shall be interpreted and enforced in accordance with the
      laws of the State of New York without reference to principles of conflicts
      of laws.

9.    This Assignment may be executed in one or more counterparts, each of which
      shall be deemed to be an original Assignment, but all of which, taken
      together, shall constitute but one and the same Assignment.
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be
duly executed and delivered all on the day and year first above written.

WITNESSES:                        ASSIGNOR:

                                  PHILIPS INTERNATIONAL REALTY, L.P., a Delaware
                                  limited partnership

                                  By: Philips International Realty Corp., a
                                  Maryland corporation, its general partner

                                 By:
------------------------            -------------------------------
Print Name:                         Name:
           -------------            Title:

Print Name:
           -------------

                                 PHILIPS LAKE WORTH CORP.

                                 By:
------------------------            -------------------------------
Print Name:                         Name:
           -------------            Title:

Print Name:
           -------------

                                 ASSIGNEE:

-------------------------        -----------------------------------
Print Name:                      PHILIP PILEVSKY
           -------------

-------------------------
Print Name:
           -------------
<PAGE>

                                   SCHEDULE A

                        LEGAL DESCRIPTION OF THE PROPERTY

                                 [See attached]

<PAGE>

                                   SCHEDULE B

                           ALLOCATION OF THE INTEREST

      ASSIGNEE:                           PERCENTAGE INTEREST (GP INTEREST)
      ---------                           ---------------------------------

      Philip Pilevsky*                                 .01%

      ASSIGNEE:                           PERCENTAGE INTEREST (LP INTERESTS)
      ---------                           ----------------------------------

      Philip Pilevsky*                               99.99%

                                 TOTAL:             100.00%
                                                    =======
-----------------------------------------------------
*     Or his designee

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