Summary of Purchase Agreement
http://www.sec.gov/Archives/edgar/data/32776/000003277601500018/esbam14a.txt
page 87 
EXHIBIT D
Summary of Purchase Agreement


Purchase Price:       Not to exceed $57.5 million.

Contract Downpayment: To be held in escrow by Seller's counsel pending
                      closing of the transaction and refundable if (i) Fee
                      Owner defaults or (ii) a condition to Associates'
                      obligation is not satisfied.

Closing Date:         Early 2002, subject to any right to adjourn which may
                      require payment of an additional deposit to be applied
                      to the purchase price at closing.

Closing Expenses:     Associates and the Fee Owner will each bear its own
                      legal expenses.  State and local transfer taxes will be
                      paid by the Fee Owner.  Associates will pay the premium
                      for its and its lender's title insurance policies, cost
                      of a survey, recording charges for the deed and mortgage,
                      and mortgage recording taxes.  Associates will also pay
                      its lender's legal costs for the loan.

Broker:               Only Peter L. Malkin, Anthony E. Malkin, Thomas N.
                      Keltner, Jr., and Wien & Malkin LLP and its affiliates
                      have represented Associates in this transaction.  No
                      broker was instrumental or will receive a commission
                      from Associates in this transaction.

Closing Prorations:   Rent under the Master Lease will be prorated as of the
                      Closing Date.  Because operating income and expense are
                      for the account of the Operating Sublessee, no other
                      apportionment will be required.

Damage and Destruction: Pursuant to the existing Master Lease, Associates must
                        restore the Building after any fire or other casualty.
                        Therefore, in spite of any Building fire or casualty
                        damage prior to closing, Associates will remain
                        obligated to close the transaction.  All insurance
                        proceeds payable to the Fee Owner will be assigned
                        to Associates.  However, the Operating Sublessee
                        maintains the fire and casualty insurance for the
                        Building and is obligated to restore any damage.

Defaults and Remedies: On default by Associates, the Fee Owner will be entitled
                        to liquidated damages equal to the aggregate of the
                        Contract Downpayment and any additional deposit.

                                -87-

                        On default by the Fee Owner: Associates should have the
                        right, at its option, (i) to sue for specific
                        performance and its legal fees incurred to prosecute
                        such action or (ii) to be repaid the Contract
                        Downpayment and any additional deposit, together with
                        interest earned on such amounts.

Assignment:             Associates may be able to assign the Purchase Agreement
                        without the consent of the Seller to an entity
                        controlled by Associates or with which Associates will
                        purchase the Fee Title.  If Associates does not conclude
                        the purchase under the Purchase Agreement, Peter L.
                        Malkin may have the right to assign the Purchase
                        Agreement to any assignee which reimburses Associates
                        for its Contract Downpayment, any additional deposit,
                        and its direct costs in connection with the Purchase
                        Agreement.