The agreement is subject to a $64 million mortgage loan and property accounts payable, an adjacent parcel of land and cash approximating $1.5 million to a partnership formed by the Saraceno family and other third parties. As part of the transaction, the existing tax indemnity of the venture to the Saraceno family's members was eliminated.

The six properties total 891,000 sf. The Saraceno family's original contribution to the venture in 1998 included these six properties along with other properties no longer in the venture's portfolio.

Wellsford Real Properties had previously said that the Venture's manager had requested a dialogue with the special servicer of the $64 million loan on these six properties. The lender agreed to restructure the loan for the acquiring partnership. The venture is managed by an affiliate of the Goldman Sachs Group Inc. which is also an affiliate of Whitehall.