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      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmts />
      <HeldWorksOfArtAmts />
      <CurrentYearMinus3Years />
      <Land />
      <Buildings />
      <LeaseholdImprovements />
      <Equipment />
      <OtherLandBuildings />
      <OtherAssets>
        <Description>DEVELOPMENT IN PROGRESS</Description>
        <BookValue>11395873</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>DEFERRED LEASE COSTS</Description>
        <BookValue>141482</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>PREPAID EXPENSES</Description>
        <BookValue>5937</BookValue>
      </OtherAssets>
      <TotalBookValueOtherAssets>11543292</TotalBookValueOtherAssets>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <TotalOfAmounts>0</TotalOfAmounts>
      <TotalRevenue>36916</TotalRevenue>
      <TotalExpenses>27782</TotalExpenses>
      <ExcessOrDeficitForYear>9134</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>9134</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>36916</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>36916</RevenueSubtotal>
      <TotalRevenuePerForm990>36916</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>27782</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>27782</ExpensesSubtotal>
      <TotalExpensesPerForm990>27782</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>FIN 48 DISCLOSURE</Identifier>
        <Explanation>Income Taxes The corporation is exempt from income taxes under Section 501(c)(25) of the Internal Revenue Code, except for income taxes on unrelated business income, if any. The corporation did not have any unrelated business income for the years ending June 30, 2012 and 2011. Accordingly, no provision for income taxes has been included in the accompanying financial statements. The Organization is required to file and does file tax returns with the IRS and state agencies. For the years ended June 30, 2012 and 2011, the Organization did not identify any uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The Organizations Forms 990, Return of Organization Exempt from Income Tax, for the years ending 2009, 2010 and 2011 are subject to examination by the IRS, generally for three years after they were filed.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ">
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <Form990ScheduleJPartII>
        <NamePerson>Louis Kiang</NamePerson>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <OtherCompensationFilingOrg>211936</OtherCompensationFilingOrg>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>211936</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>governance</Identifier>
        <ReturnReference>part vi, section b, question 11</ReturnReference>
        <Explanation>the 990 is made available to the board and 990 is reviewed by the executive director and president.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>governance</Identifier>
        <ReturnReference>part vi, section c, question 19</ReturnReference>
        <Explanation>these documents are available upon request</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>governance</Identifier>
        <ReturnReference>part vi, section A, question 7a</ReturnReference>
        <Explanation>In accordance with the by-laws of the organization, the Board of Directors shall be appointed by the corporate members. Four of the directors shall be named by The Research Foundation of the State University of New York, four shall be named by the New York City Economic Development Corporation and two shall be elected jointly by the members.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>