<PAGE>
FORM 4
/ / Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
Pilevsky, Philip
(Last) (First) (Middle)
Philips International Realty Corp.
417 Fifth Avenue
(Street)
New York, NY 10016
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Philips International Realty Corp.
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
September 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
/X/ Director /X/ 10% Owner
/X/ Officer (give title below) / / Other (specify below)
Chairman of the Board and
Chief Executive Officer
7. Individual or Joint/Group Reporting (Check Applicable Line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
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<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
of Secu-
rities
4. Securities Acquired (A) Bene- 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) ficially Form:
action action (Instr. 3, 4 and 5) Owned Direct 7. Nature of
Date Code ----------------------------- at End (D) or Indirect
(Month/ (Instr. 8) (A) of Month Indirect Beneficial
1. Title of Security Day/ ------------- or (Instr. (I) Ownership
(Instr. 3) Year) Code V Amount (D) Price 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- ---------- ------ ----- ------------ --- ---------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 320,476
(1) D
Common Stock 9/10/98 P 1,000 A $14.75 D
Common Stock 9/10/98 P 2,000 A $14.75 D
Common Stock 9/10/98 P 500 A $14.75 D
Common Stock 9/10/98 P 500 A $14.56 D
</TABLE>
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 9/10/98 P 6,000 A $14.75 D
Common Stock 9/10/98 P 200 A $14.88 D
Common Stock 9/10/98 P 200 A $14.69 330,876 D
</TABLE>
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
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<TABLE>
<CAPTION>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- ative Securities and Expiration Date
Exercise action 4. Transac- Acquired (A) or (Month/Day/Year)
Price of Date tion Code Disposed of (D) ----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ------------- -------------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
- ---------------------------------------- ----------- ---------- ------ ----- ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Options to purchase Common Stock $17.50 (2) 1/1/
08
Partnership Units (3) 12/31/98 None
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
---------------------------------------- 8. Price of Owned at (D) or Indirect
Amount or Derivative End of Indirect Beneficial
1. Title of Derivative Title Number of Security Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- --------------------------- ---------------------- ----------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Options to purchase Common Stock Common 240,000 D
Stock
Partnership Units Common 1,540,859 D
Stock
</TABLE>
Explanation of Responses:
(1) Previously owned.
(2) Options will vest 33 1/3% on January 1 of each of 1999, 2000 and 2001. The
options were previously acquired by Mr. Pilevsky.
(3) The Partnership Units (the "Units") represent interests in Philips
International Realty, L.P., a Delaware limited partnership, through which
Philips International Realty Corp. (the "Company") conducts its real estate
activities. The Units were originally distributed on December 31, 1997, in
connection with the acquisition of certain properties. The Units are convertible
into shares of Common Stock on a one-for-one basis beginning December 31, 1998.
The Units were previously acquired by Mr. Pilevsky.
* Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Philip Pilevsky October 7, 1998
-------------------------------- ---------------
** Signature of Reporting Person Date
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
