Sterling appointment

Real Estate Weekly, March 9, 2005

Sterling American Property Inc., the real estate investment funds of Sterling Equities, Inc., announced the promotion of James E. Seiler to Senior Vice President of Asset Management. Richard Wilpon, Co-Chief Executive Officer of the general partners of the Sterling American Funds, made the announcement.

The promotion is in recognition of Mr. Seiler's contribution and leadership, as well as expanding his supervisory role of the Sterling American's asset management team for all multifamily markets in the U.S.

Having joined Sterling American in 1984, Mr. Seiler has received numerous promotions, and was a vice president before today's announcement.

Mr. Wilpon said, "Our organization has benefited significantly from Jim's service, spanning over two decades with Sterling Equities and Sterling American. Indeed, he played a key role in the formation of the Sterling American funds. His knowledge of multifamily asset management and operations continues to contribute to our success."

Since joining Sterling American, Mr. Seiler has worked closely with his colleagues to add value to each of the four Funds' portfolio assets.

He has also been responsible for the creation of strong ties to the local communities where Sterling American has a presence. Mr. Wilpon added, "Jim is known for his focus on, and implementation of, effective resident retention programs."

Mr. Seiler said, "I'm proud to have an integral role with Sterling American. Our 'hands on' approach to property management extends literally from the boiler room to the board room. I'm especially gratified that our years-long relationships with joint venture partners, on-site management companies and local community organizations have become a model for rental communities everywhere."

Prior to joining Sterling American, Mr. Seiler was assistant general manager of New York State's Roosevelt Island Development Corporation, one of the nation's pioneering public/private affordable housing development partnerships.

Mr. Seiler holds a bachelor's degree from Penn State University and a Juris Doctor from Suffolk University Law School.

He is a Certified Property Manager.