Document:

WELLSFORD REAL PROPERTIES, INC.
                               535 Madison Avenue
                            New York, New York 10022

                                                              September 30, 2000

Creamer Vitale Wellsford, LLC
535 Madison Avenue, 26th Floor
New York, New York 10022

Frank G. Creamer, Jr.
27 Fern Street
Floral Park, New York 11001

Michael J. Vitale
77 Kensington Road
Garden City, New York 11530

Gentlemen:

     Reference is made to (i) the Limited Liability Company Agreement of Creamer
Vitale  Wellsford,  LLC,  dated as of  January  20,  1998  (the  "CVW  Operating
Agreement"),  by and  between  Wellsford  CRC  Holding  Corp.  ("Wellsford"),  a
wholly-owned  subsidiary of Wellsford  Real  Properties,  Inc.  ("WRP"),  and SX
Advisors, LLC ("SX Advisors"), (ii) the Amended and Restated General Partnership
Agreement of Creamer Realty Consultants ("CRC"), dated as of January 1, 1998, by
and between Wellsford and FGC Realty Consultants,  Inc. and (iii) the Assignment
and  Assumption,  made as of January  20,  1998,  by and between CRC and Creamer
Vitale Wellsford, LLC ("CVW').

     Reference is also made to the  proposal by CVW to form a limited  liability
company ("Clairborne Fordham Tower, LLC") together with Wellsford Fordham Tower,
LLC and The  Prudential  Insurance  Company  ("Prudential")  for the  purpose of
purchasing, owning, repositioning,  restructuring and otherwise investing in and
dealing with a $34,000,000  mezzanine loan to be made to  Fordham/ICD  Superior,
L.L.C.  (the making of such loan,  the "Proposed  Investment"),  which  Proposed
Investment is expected to close on September 29, 2000.

                                     PART I
                                     ------

     In anticipation of the closing of the Proposed Investment,  WRP, CVW, Frank
G. Creamer,  Jr.  ("Creamer") and Michael J. Vitale  ("Vitale" and  collectively
with WRP, CVW and Creamer,  the "Parties")  desire to provide for the separation
of  Creamer  from CVW and  other  matters  relating  to the  administration  and
operation of CVW. The Parties hereby therefore agree as follows:

                             Exhibit 10.102 Page 1
<PAGE>

          1.  Effective as of September  30, 2000 (the  "Effective  Date"),  (i)
     Creamer  shall  terminate  his  employment  with  CVW and  (ii)  CVW  shall
     terminate the  employment  of all other  persons  employed by CVW, with the
     exception  of Vitale.  Upon such  terminations,  CVW shall  make  severance
     payments to the terminated employees in accordance with Schedule A attached
     hereto.

          2. The Parties agree that CVW shall  reimburse all  unreimbursed  bona
     fide business  expenses incurred by employees of CVW for the benefit of CVW
     during the period up to and including the Effective Date.

          3.  Attached  hereto as Schedule A is a projection of the cash flow of
     CVW through December 31, 2000 (the "Cash Flow Projection"), which Cash Flow
     Projection  has been  prepared  by CVW's  accountants.  Each of Creamer and
     Vitale  severally  represents  and warrants to WRP that (i) he has reviewed
     the Cash Flow  Projection and (ii) to the best of his  knowledge,  the Cash
     Flow  Projection  (A) was  prepared  based  upon  assumptions  which  had a
     reasonable  basis at the time of preparation and (B) as of the date hereof,
     represents a good faith reasonable estimate of the cash flow of CVW through
     December 31, 2000.

          4. Following the Effective  Date, (i) WRP shall provide  technical and
     administrative  support  to Vitale  substantially  similar  in scope to the
     support  currently  provided to him by CVW,  and CVW shall cease to provide
     such support.

          5. Creamer, Vitale and CVW jointly and severally covenant and agree to
     (i) take  appropriate  measures to eliminate all operating  costs of CVW as
     soon as practicable  after the date hereof,  except for such costs as shall
     be  required to  maintain  (A) CVW's  ongoing  business  and (B)  liability
     protection  for CVW in  connection  with  its  prior  operations  up to and
     through the date hereof and (ii) use their best efforts to collect, as soon
     as practicable after the date hereof, all outstanding receivables due CVW.

          6. Up to and including the  Effective  Date,  Creamer and Vitale shall
     not, and after the Effective Date, Vitale shall not, permit CVW to make any
     cash  expenditure in excess of $2,000 without the prior written approval of
     WRP.

          7. The Parties agree to work together  diligently to cause the closing
     of the Proposed Investment by November 15, 2000.

          8. Vitale and  Creamer  covenant  and agree,  in  connection  with the
     Proposed Investment,  to use their commercial best efforts to facilitate an
     orderly  transition of their  relationship with Prudential to key personnel
     of WRP, including, without limitation, negotiating a reduction of the share
     payable to Prudential  of the extension fee due CVW in connection  with the
     Proposed Investment.

          9.  The  Parties  agree  that  CVW  shall  make  no  distributions  or
     allocations  of income to SX Advisors  for the 2000 fiscal year of CVW, and
     Creamer and

                             Exhibit 10.102 Page 2
<PAGE>

     Vitale  each  hereby  waives  on behalf  of SX  Advisors  any claim to such
     distributions or allocations.

          10. Vitale and Creamer  jointly and severally  covenant and agree that
     no material  decision with respect to or affecting the Proposed  Investment
     or Clairborne  Fordham  Tower,  LLC will be made without the specific prior
     express consent of WRP.

          11. The Parties  agree that,  notwithstanding  anything in this letter
     agreement to the contrary, the Warrant Agreements, each dated as of January
     20, 1998 (each,  a "Warrant  Agreement"),  executed by WRP and  accepted by
     each of Creamer and Vitale, respectively,  shall continue in full force and
     effect in accordance with their respective terms.

                                     PART II
                                     -------

     If the  Proposed  Investment  closes by November 15, 2000 (or by such other
date as the Parties shall  hereafter  otherwise  agree),  and CVW's cash on hand
less reserves for unpaid liabilities,  costs and employee  compensation  payable
through December 31, 2000 (such net amount calculated as of October 1, 2000, the
"Distributable Cash") is $175,000 or more, the Parties further agree as follows:

          1.  Effective  as of  October  1,  2000,  WRP shall  purchase  the 51%
     membership  interest in CVW held by SX Advisors (the "SX  Interest")  for a
     purchase  price  of  $200,000  (such  purchase  transaction,   the  "Buyout
     Transaction"),  which  purchase  price  shall be paid by wire  transfer  in
     immediately available funds to an account designated by SX Advisors.

          2. In  connection  with the Buyout  Transaction,  Creamer  and Vitale,
     jointly and severally,  hereby represent and warrant to WRP on behalf of SX
     Advisors,  on the date  hereof and on the date of the closing of the Buyout
     Transaction, that:

               (a) The consummation by SX Advisors of the Buyout Transaction has
          been duly and validly  authorized by all necessary  limited  liability
          company action on the part of SX Advisors;

               (b) SX Advisors has good and valid title to the SX Interest, free
          and clear of all liens, security interests, pledges, mortgages, rights
          of first refusal, options, proxies, voting trusts or other encumbrance
          (collectively,  "Encumbrances"),  and the sale and  delivery of the SX
          Interest  to WRP  will  vest in WRP  good  and  valid  title to the SX
          Interest,  free and clear of all Encumbrances (other than Encumbrances
          created or suffered by WRP);

               (c) The  consummation  of the Buyout  Transaction  by SX Advisors
          will not,  with or without  the giving of notice or the lapse of time,
          or both,  conflict  with or violate (i) any  provision of law, rule or
          regulation  to which  either SX Advisors  or CVW is subject,  (ii) any
          order, judgment or decree applicable to SX

                             Exhibit 10.102 Page 3
<PAGE>

          Advisors  or CVW or  binding  upon  the  assets  or  properties  of SX
          Advisors  or CVW,  or (iii) any  provision  of the  organizational  or
          operational documents of CVW;

               (d) CVW has no material  liabilities,  commitments or obligations
          (secured or unsecured  and whether  accrued,  absolute,  contingent or
          otherwise  and  whether  due or to  become  due)  which  have not been
          disclosed  to  WRP,  other  than  any   liabilities,   commitments  or
          obligations   incurred  in  the  ordinary  course  of  CVW's  business
          consistent with past practice;

               (e) CVW has good title to all of the assets and properties  which
          it purports to own free and clear of all Encumbrances;

               (f) Except for the  agreements  disclosed  on Schedule B attached
          hereto  (the  "Commitments"),  CVW is not a party  to or  bound by any
          material  contract or  agreement  and is not in material  breach of or
          default under any of the Commitments;

               (g) There are no lawsuits, actions or proceedings in any court or
          before any governmental authority pending or, to the best knowledge of
          Creamer and  Vitale,  threatened  against SX  Advisors or CVW,  nor is
          either SX Advisors or CVW subject to any outstanding orders,  rulings,
          judgments or decrees of any court or governmental authority;

               (h)  CVW is in  compliance  in all  material  respects  with  all
          applicable laws, rules and regulations currently in effect;

               (i) No consent, approval or authorization of, or exemption by, or
          filing with, any governmental authority or any third party is required
          to be obtained or made by SX  Advisors in  connection  with the Buyout
          Transaction,  except to the extent such consents  have been  obtained;
          and

               (j) CVW is not liable for any due and unpaid taxes of any kind in
          any  jurisdiction  and has not  received  notice of any audit or other
          proceeding from any tax authority.

          3. In connection with the Buyout  Transaction,  WRP hereby  represents
     and warrants to Creamer and Vitale for the benefit of SX  Advisors,  on the
     date hereof and on the date of the closing of the Buyout Transaction, that:

               (a) The  consummation  by WRP of the Buyout  Transaction has been
          duly and validly  authorized by all necessary  corporate action on the
          part of WRP;

               (b) The  consummation of the Buyout  Transaction by WRP will not,
          with or without  the  giving of notice or the lapse of time,  or both,
          conflict  with or violate (i) any provision of law, rule or regulation
          to which WRP is subject, (ii) any

                             Exhibit 10.102 Page 4
<PAGE>

          order, judgment or decree applicable to WRP or binding upon the assets
          or  properties of WRP, or (iii) any  provision of the  certificate  of
          incorporation or by-laws of WRP; and

               (c) No consent, approval or authorization of, or exemption by, or
          filing with, any governmental authority or any third party is required
          to  be  obtained  or  made  by  WRP  in  connection  with  the  Buyout
          Transaction, except to the extent such consents have been obtained.

          4. The representations and warranties  contained in paragraphs 2 and 3
     of this Part II hereof shall survive for a period of one year following the
     closing of the Buyout  Transaction,  except  that the  representations  and
     warranties  contained  in  paragraph  2(b) of this  Part II  shall  survive
     without limitation as to time.

          5.  Following  the  closing  of the Buyout  Transaction,  WRP shall be
     responsible for filing or causing to be filed all federal,  state and local
     tax returns  required of CVW and shall be the "tax matters  partner" of CVW
     within the meaning of Section  6231(a)(7)  of the Internal  Revenue Code of
     1986, as amended.

          6. WRP and Vitale  shall  negotiate  in good faith an  agreement  that
     provides  for Vitale to continue as an employee of CVW until  December  31,
     2000 at Vitale's current compensation.

          7. Upon the closing of the Proposed  Investment,  CVW shall pay to WRP
     (i) $68,000 of the  origination  fee payable to CVW in connection  with the
     Proposed  Investment and (ii) $8,500 of the extension fee payable to CVW in
     connection with the Proposed Investment, for an aggregate payment to WRP of
     $76,500.

          8. Upon the closing of the Buyout Transaction, CVW shall distribute to
     Wellsford all of the Distributable Cash of CVW. The Parties agree that such
     payment  to  Wellsford  shall  be in  full  satisfaction  of  the  priority
     distribution  due Wellsford for fiscal 2000 (the "2000  Priority  Payment")
     pursuant  to Article  III of the CVW  Operating  Agreement,  and WRP hereby
     waives, on behalf of Wellsford,  any further claim against CVW for the 2000
     Priority Payment.

          9.  Upon  the  closing  of the  Buyout  Transaction,  all  rights  and
     obligations  of SX  Advisors,  Creamer and Vitale  under the CVW  Operating
     Agreement shall terminate.

          10. As more fully set forth in the Promote Sharing Agreement, dated as
     of even date herewith, among the Parties and CVW, in the event CVW receives
     any payments from Clairborne Fordham Tower, LLC representing  distributions
     of First Level Carried  Percentage or Second Level Carried  Percentage  (as
     such terms are defined in the  operating  agreement of  Clairborne  Fordham
     Tower,  LLC) with respect to the Proposed  Investment  (such payments,  the
     "Promote  Payments"),  each of Creamer  and  Vitale  shall be  entitled  to
     receive an amount equal to (i) 25% of the first  $1,000,000  and (ii) 27.5%
     of all  amounts in excess of  $1,600,000  of such  Promote  Payments in the
     aggregate.

                             Exhibit 10.102 Page 5
<PAGE>

          11.  WRP  agrees  that,  at any time after  March 31,  2001,  upon the
     request of either of Creamer or Vitale, it shall promptly cause the name of
     CVW to be changed to a name that does not  include  the name  "Creamer"  or
     "Vitale,"  as the case may be, and to cause CVW  thereupon  to cease use of
     the name "Creamer" or "Vitale," as the case may be, in connection  with the
     business and operations of CVW.

     If WRP does not acquire the SX Interest,  the Parties agree to negotiate in
good  faith  with  respect  to all  matters  necessary  to  ensure  the  orderly
continuation of CVW's existence and operation.

                             Exhibit 10.102 Page 6
<PAGE>

     Please  acknowledge  your  agreement  with the  foregoing  by  signing  the
acknowledgment provided below:

                         Very truly yours,

                         WELLSFORD REAL PROPERTIES, INC.

                         By: /s/ Edward Lowenthal
                             --------------------
                         Name:  Edward Lowenthal
                         Title:  President & CEO

Accepted and agreed to this
30th day of September, 2000

CREAMER VITALE WELLSFORD, LLC

By: /s/ Michael J. Vitale
    ---------------------
    Name:  Michael J. Vitale
    Title  Managing Director

FRANK G. CREAMER, JR.
/s/ Frank G. Creamer, Jr.
-------------------------

MICHAEL J. VITALE
/s/ Michael J. Vitale
---------------------

                             Exhibit 10.102 Page 7
<PAGE>ASSIGNMENT OF MEMBERSHIP INTEREST

     ASSIGNMENT,  dated as of October 1, 2000,  by SX Advisors,  LLC, a Delaware
limited  liability  company  ("Assignor")  to Wellsford  Fordham  Tower,  LLC, a
Delaware limited liability company ("Assignee").

     WHEREAS,  Assignor  is a member with a 51%  membership  interest in Creamer
Vitale Wellsford, LLC a Delaware limited liability company (the "Company");

     WHEREAS,  Assignor  desires to assign to  Assignee  its  entire  membership
interest in the Company and Assignee desires to acquire such interest.

     NOW  THEREFORE,  for  $200,000  (the  "Purchase  Price") and other good and
valuable  consideration,  the receipt of which is hereby acknowledged,  Assignor
does  hereby  assign unto  Assignee  all of its right,  title and  interest as a
member in and to the Company;

     TO HAVE AND TO HOLD the same unto  Assignee,  its  successors  and  assigns
forever;

     AND Assignee  hereby  accepts said  interest and agrees to pay the Purchase
Price on the date hereof  one-half to Michael J. Vitale  ("Vitale") and one-half
to Frank G. Creamer, Jr. ("Creamer"), Vitale and Creamer constituting all of the
members of Assignor.

                             Exhibit 10.103 Page 1
<PAGE>

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

                         ASSIGNOR:

                         SX ADVISORS, LLC

                         By:  /s/ Michael J. Vitale
                              ---------------------
                         Name:  Michael J. Vitale
                         Title:  Managing Director

                         ASSIGNEE:

                         WELLSFORD FORDHAM TOWER, LLC

                         By:  /s/ James J. Burns
                              ------------------
                         Name:  James J. Burns
                         Title:  Wellsford Capital Member

                             Exhibit 10.103 Page 2
<PAGE>

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