Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 14, 2008, Centerline Holding Company (the "Registrant") was notified by the New York Stock Exchange (the "NYSE") that it was below the NYSE's continued listing standard set forth in Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Registrant's common stock over a consecutive 30 trading-day period was less than $1.00. As of November 18, 2008, the 30 trading-day average closing share price was $0.63. Under NYSE rules, the Registrant must bring its share price and average share price back above $1.00 within six months of November 14, 2008. If at the expiration of the six-month cure period, both the $1.00 share price and the $1.00 average share price over the preceding 30 trading days are not attained, the NYSE will commence suspension and delisting procedures. The Registrant is currently exploring its options in respect to this deficiency.

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