In October 2006, Global One acquired the controlling interest in Atlantic Plaza Towers, a 2-tower, 718-unit property, valued at over $37 million or about $52,000 per unit. Comparatively, nearby housing developments have recently sold for all-in costs exceeding $150,000 per unit. This Mitchell-Lama project suffered from severe deferred maintenance, which resulted in poor tenant living conditions as demonstrated by the 835 building violations in place at the time of acquisition. Since acquiring the property over $12 million in work has been performed upgrading the apartments, common areas, security, and the building Plant and Equipment, which has resulted in the remediation of 100% of the conditions that led to the previous violations. Further demonstrating our commitment to environmentally conscientious management, we teamed up with the New York State Energy Research and Development Authority (NYSERDA) on a series of energy efficiency initiatives, investing almost $5 million in energy saving equipment and technologies.