Elite Pharmaceuticals Inc (ELTP)

[Hike]

Well, there's a pic of their building at 165 Ludlow Avenue on their home page:
http://www.elitepharma.com/corp_info.asp


And you can google map the building here:

http://maps.google.com/maps?q=165+Ludlow+Ave.,+Northvale,+NJ+07647&um=1&ie=UTF-8&hq=&hnear=165+Ludlow+Ave,+Northvale,+NJ+07647&gl=us&ei=O4VVTdjrHoOdlgfYmpnwBw&sa=X&oi=geocode_result&ct=title&resnum=1&ved=0CBMQ8gEwAA

They also leased additional warehouse space two doors down at 135 Ludlow Avenue. Info about the lease....

The Company entered into a lease for a portion of a one-story warehouse, located at 135 Ludlow Avenue, Northvale, New Jersey, consisting of approximately 15,000 square feet of floor space. The lease term begins on July 1, 2010 and is classified as an operating lease. The lease includes an initial term of 5 years and 6 months and we have the option to renew the lease for two additional terms, each of 5 years. The property related to this lease will be used for the storage of pharmaceutical finished goods, raw materials, equipment and documents as well as engaging in manufacturing, packaging and distribution activities.

This property requires significant leasehold improvements and qualification as a prerequisite to achieving suitability for such intended future use. It is expected that approximately 3,500 square feet of this property will be constructed and qualified as suitable for use for storage of pharmaceutical finished goods, raw materials, equipment and documents on or before the expiration of the lease for the current warehouse at 80 Oak Street.

Leasehold improvements and qualification as suitable for manufacturing, packaging and distribution operations are expected to be achieved within two years from the beginning of the lease term. These are estimates based on current project plans, which are subject to change. There can be no assurance that the construction and qualification will be accomplished during the estimated time frames, or that the property located at 135 Ludlow Avenue, Northvale, New Jersey will ever achieve qualification for intended future utilization.

Minimum 5 year payments* for the leasing of 15,000 square feet at 135 Ludlow are as follows:

Fiscal year ended March 31, 2011
$ 19,689
Fiscal year ended March 31, 2012
79,248
Fiscal year ended March 31, 2013
81,228
Fiscal year ended March 31, 2014
83,259
Fiscal year ended March 31, 2015
85,344
Total Minimum 5 year lease payments
$ 348,768

* Minimum lease payments are exclusive of additional expenses related to certain expenses incurred in the operation and maintenance of the premises, including, without limitation, real estate taxes and common area charges which may be due under the terms and conditions of the lease, but which are not quantifiable at the time of filing of this quarterly report on Form 10-Q.