ASSIGNMENT OF MEMBERSHIP INTEREST


     ASSIGNMENT,  dated as of October 1, 2000,  by SX Advisors,  LLC, a Delaware
limited  liability  company  ("Assignor")  to Wellsford  Fordham  Tower,  LLC, a
Delaware limited liability company ("Assignee").

     WHEREAS,  Assignor  is a member with a 51%  membership  interest in Creamer
Vitale Wellsford, LLC a Delaware limited liability company (the "Company");

     WHEREAS,  Assignor  desires to assign to  Assignee  its  entire  membership
interest in the Company and Assignee desires to acquire such interest.

     NOW  THEREFORE,  for  $200,000  (the  "Purchase  Price") and other good and
valuable  consideration,  the receipt of which is hereby acknowledged,  Assignor
does  hereby  assign unto  Assignee  all of its right,  title and  interest as a
member in and to the Company;

     TO HAVE AND TO HOLD the same unto  Assignee,  its  successors  and  assigns
forever;

     AND Assignee  hereby  accepts said  interest and agrees to pay the Purchase
Price on the date hereof  one-half to Michael J. Vitale  ("Vitale") and one-half
to Frank G. Creamer, Jr. ("Creamer"), Vitale and Creamer constituting all of the
members of Assignor.

                             Exhibit 10.103 Page 1


     IN WITNESS WHEREOF,  Assignor and Assignee have executed this instrument as
of the date and year first above written.

                         ASSIGNOR:

                         SX ADVISORS, LLC


                         By:  /s/ Michael J. Vitale
                              ---------------------
                         Name:  Michael J. Vitale
                         Title:  Managing Director


                         ASSIGNEE:

                         WELLSFORD FORDHAM TOWER, LLC

                         By:  /s/ James J. Burns
                              ------------------
                         Name:  James J. Burns
                         Title:  Wellsford Capital Member

                             Exhibit 10.103 Page 2