Business .

General

     BF Enterprises, Inc. and its subsidiaries (collectively, the “Company”) currently are engaged primarily in the real estate business, including the last stages of the development of approximately 1,724 acres of land known as Meadow Pointe, in suburban Tampa, Florida, and, as owner and landlord, leasing of a 220,000 square foot building on 16 acres in Tempe, Arizona.

     At December 31, 2004, the Company’s assets also included approximately $15.7 million of cash, cash equivalents and marketable securities, which the Company intends to use...