Exhibit 99.1


Contact: First Union Real Estate Equity and Mortgage Investments
         Neil Koenig, Interim Chief Financial Officer
        (212) 949-1373


 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS AFFIRMS PURSUIT OF
PROPOSED MERGER WITH GOTHAM GOLF CORP.

FOR IMMEDIATE RELEASE - February 24, 2003 - First Union Real Estate Equity and
Mortgage Investments (NYSE: FUR) announced today that it has reconfirmed to
Gotham Partners, L.P. that it was not pursuing, and has no present intention of
pursuing, an alternative transaction to First Union's merger with Gotham Golf
Corp. First Union has notified Gotham, as required by its merger agreement, of
an unsolicited proposal from a third party relative to the possible acquisition
of First Union. First Union has indicated to Gotham that the alternative offer
was not a superior proposal and that it would not be pursued.

The merger between First Union and Gotham currently is enjoined by an order of
the New York State Supreme Court for New York County which has been appealed by
both First Union and Gotham. The oral argument before the three-judge panel of
the Appellate Division - First Department of the New York State Supreme Court is
scheduled for March 11, 2003. There is no specific timetable for the appellate
court to render its decision.

Separately, First Union announced that it intends to hold a shareholders meeting
for the purpose of the election of trustees no later than June 30, 2003.

Materials with respect to the merger have been filed with the Securities and
Exchange Commission and sent to the First Union shareholders in early November.
As previously announced, the Company's common shareholders approved the merger
at a reconvened special meeting on November 27, 2002. In the proposed merger
transaction, holders of Preferred Shares would receive preferred shares of
Gotham Golf Corp., as provided for under the terms of the Preferred Shares.
Holders of First Union common shares would receive for each common share held
(i) $1.98 in cash, (ii) a choice of $0.35 in cash or approximately 1/174th of a
debt instrument to be issued by a First Union subsidiary with a face value of
$100 and which is indirectly secured by First Union's principal real estate
assets and (iii) rights to purchase common shares of Gotham Golf Corp.

In the event that the appeal of the injunction ultimately is not successful and
First Union is legally unable to complete the transaction under contract, First
Union intends to continue its operations as a real estate investment trust
(REIT). The First Union Board of Trustees has no present intention of
liquidating First Union.

INVESTORS AND SECURITY HOLDERS SHOULD READ THE DEFINITIVE MERGER AGREEMENT AND
THE REGISTRATION STATEMENT ON FORM S-4, AS AMENDED, OF GOTHAM GOLF AND SOUTHWEST
SHOPPING CENTERS CO. II, LLC ("SSCC") FILED ON OCTOBER 31, 2002, TO APPRISE
THEMSELVES OF THE PROPOSED TRANSACTION. IN ADDITION, INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/FINAL PROSPECTUS
REGARDING THE PROPOSED TRANSACTION REFERENCED IN THE FOREGOING BECAUSE IT
CONTAINS IMPORTANT INFORMATION. The definitive proxy statement/final prospectus
has been filed with the Securities and Exchange Commission by First Union,
Gotham Golf and SSCC and was mailed to First Union's shareholders on or about
November 6, 2002. Investors and security holders may obtain a free copy of the
definitive proxy statement/final prospectus and other documents filed by First
Union, Gotham Golf and SSCC with the Securities and Exchange Commission at the
Commission's website at www.sec.gov. The definitive proxy statement/final
prospectus and these other documents may also be obtained for free from First
Union.

The definitive proxy statement/final prospectus filed on October 31, 2002 may be
found at the Commission's website under the listings for either Gotham Golf
Corp. or Southwest Shopping Centers Co. II, L.L.C.

Certain statements contained in this news release that are forward-looking are
based on current expectations that are subject to a number of uncertainties and
risks, and actual results may differ materially. The uncertainties and risks
include, but are not limited to, changes in market activity, changes in local
real estate conditions and markets, actions by competitors, interest rate
movements and general economic conditions. Further information about these
matters can be found in the information included in the Annual Report filed by
First Union with the SEC on Form 10-K, as amended, for its fiscal year ended
December 31, 2001.

First Union Real Estate Equity and Mortgage Investments is a NYSE-listed
stapled-stock real estate investment trust (REIT) headquartered in New York, New
York.