Dear Friends and Neighbors:

We understand that you may have received information from The Ironworkers Union-Local 46 outlining concerns about the safety record of Leviathan Construction, the general contractor engaged on our project here at 20 Henry Street. We want you to know that we have carefully reviewed the issues raised and have based our analysis on what we believe to be the most objective measure of safety---a contractor's loss experience rating. This rating is the one insurers rely upon when insuring contractors. The rating starts at 1.0 as the benchmark. Anything above a 1.0 rating is below average. Anything below 1.0 is better than average. Both Leviathan and Local 46 have ratings under 1.0, so both are better than average. However, Leviathan's rating is .93, which exceeds Local 46 by .04 points.

As you know, this project was stalled for almost 2 years and the sale of this project to us made it possible to re-commence construction which in turn will allow us to deliver these beautiful units to the market at the end of this year.

Thank you for your interest in 20 Henry and for your commitment to seeing this project finished.

Very truly yours,
The Canyon Johnson Urban Funds