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December 18, 2006
The Largest Vintage Italian Wine Offering


In This Issue

A Note from Sergio
The ability to grasp the complex nature of a mature wine is the highest achievement attained by a committed wine drinker, providing a reward incomparable to any other. It is mature wines that inspired Hemingway and Franklin's passion for wine-not two-year-old Merlots.

That said, however, they are not for everyone; nor should they be. In order to comprehend them fully, one must exercise great patience and vigilance in developing an extensive frame of reference with respect to the wines, an undertaking that is too time-consuming and expensive for most. In my experience, only a few enthusiasts cultivate the skills necessary to realize such nuanced appreciation. Wine writers, who so skillfully evoke the future of our wine culture, largely ignore older wines, referencing them only when convenient. These older wines, however, constitute the raison d'etre for a small, though fiercely committed audience.

A consumer's frustration when exploring the realm of old wine is further exacerbated by the high probability that a mature wine is unsound. The vintage business is mostly a crapshoot, with most involved knowingly selling bad wines under the "caveat emptor" adage, rendering it tacitly acceptable. If disappointed, a buyer's only recourse is to send the remaining bottles to auction, thereby continuing the cycle. Buyers may also contribute to their own disillusionment, desiring to experience the thrill of finding mind-boggling 50-year-old wines for $60.00; invariably, they end up paying too much. You'll hear them say, "I want to drink great old wines, but I don't want to pay a lot for them." I always reply, "I'd like to own a Ferrari and not pay a lot." Consider that proper storage of a bottle at a cost of 42 cents per month for 30 years is about $150.00 Should great old wines cost any less than that?

Today I am presenting a list that contains neither bottles offered under that caveat emptor nor any disappointments for those who hold genuine claim to the identity of an old wine drinker. Each wine is priced in proportion to its quality, with special consideration afforded wines of high demand and reputation.

Why is it that mature Italian wines taste better in Italy? In part, the influence of ambience contributes to their better showing, as does the fact that they are spared the impact of turbulence. However, the primary rationale is clear: While the wines of Italy were often mistreated and heat-damaged in the US (even by most importers), American collectors pampered their big-name Bordeaux wines, tucking them away in climate-controlled cellars that afforded them sanctuary until maturity was reached. Only a handful of connoisseurs treated Italian wines with the respect they deserved. For this reason, I source all of the older wines I offer directly from cellars in Europe, where culture's dictates (which, in this case, really amount to common sense) have ensured the placement of these wines in cool conditions-no different than those employed for cured meat or cheese.

With the ever-growing awareness of Italy's great wines spreading daily-not to mention the cost of proper cellaring -you can be certain that prices will continue to appreciate. I advise new collectors to explore older wines whenever possible, develop a frame of reference, and lay down newer vintages for future enjoyment and a great return on your investment. This is the only real way to have a mind-boggling wine for $60.00.

Please note that many of the wines featured today are available in very limited quantities and as a result may not be offered on our website. To learn more about the vintage wines below or to discover recent releases for cellaring, call an IWM Portfolio Manager at 212.473.2323.

My best,
Sergio Esposito

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Vintage Barolo

The masculine, full-bodied Barolo displays elegance, depth, and a wealth of tastes and aromas that are the exclusive province of the Nebbiolo grape and its terroir. The prized vineyards of Barolo sit in Piemonte's Langhe Hills, just southwest of the town of Alba. Despite its marked rapport with Piedmonte, Nebbiolo proves to be a difficult partner, a fact directly implied by its provision of less than three percent of the area's production. A demanding one, it requires significant exposure to the summer sun and ripens very late in the season (requiring harvest to take place towards the end of the October and into November, thereby rendering rain an ever imminent threat). Moreover, its sensitivity to soil variations and climatic nuances within the parameters of an individual site precludes it from being grown in certain areas in the most revered vineyards. Such high-maintenance restraints, however, provide for much of the fascination and allure of Barolo- a fascinating and unique red that reveals unmatchable power and aromatic complexity with age.

Note: Due to the limited availability of these Barolos, most are not available through our website. For more information on these wines, please contact an IWM Portfolio Manager at 212.473.2323, x114.

Vintage Barolo Offering
1941 Giacomo Conterno Barolo Monfortino $950.00
1958 Giacomo Conterno Barolo Riserva $629.95*
1961 Borgogno Barolo Riserva $160.96*
1961 Bartolo Mascarello Barolo $1,479.00 (1.88L)
1964 Bartolo Mascarello Barolo $549.00
1971 Aldo Conterno Barolo Granbussia Riserva $2,495.00 (3.78L)
1974 Borgogno Barolo Riserva $129.96*
1974 Aldo Conterno Barolo Granbussia Riserva $340.00*
1978 Borgogno Barolo Riserva $169.96*
1978 Bartolo Mascarello Barolo $549.00
1979 Aldo Conterno Barolo Colonnello $299.00
1979 Aldo Conterno Barolo Bussia Soprana $989.00 (3.78L)*
1982 Borgogno Barolo Riserva $169.96*
1982 Bruno Giacosa Barolo $225.00*
1985 Borgogno Barolo Riserva $169.96*
1985 Seghesio Barolo $219.00
1985 Scavino Barolo Bric del Fiasc $253.90*
1985 Bruno Giacosa Barolo Le Rocche del Falletto $285.00
1985 Prunotto Barolo Bussia $420.00 (1.5L)
1985 Scavino Barolo Riserva $498.00 (1.5L)*
1985 Scavino Barolo Bric del Fiasc $598.00 (1.5L)*
1985 Bartolo Mascarello Barolo $890.00 (1.5L)
1986 Bartolo Mascarello Barolo $690.00 (1.5L)
1988 Borgogno Barolo Riserva $139.96*
1988 Valentino Rocche Dei Manzoni Barolo Vigna Big d'Big $149.00
1988 Conterno Fantino Barolo Sori Ginestra $149.50
1988 Clerico Barolo Ginestra Ciabot Mentin $210.00
1988 Sandrone Barolo Cannubi Boschis $270.00*
1988 Aldo Conterno Barolo Colonnello $279.00*
1988 Aldo Conterno Barolo Cicala $289.00*
1988 Guiseppe Mascarello Barolo Monprivato $369.00 (1.5L)
1988 Aldo Conterno Barolo Cicala $395.00 (1.5L)
1988 Bartolo Mascarello Barolo $546.77 (1.5L)
1988 Aldo Conterno Barolo Granbussia Riserva $996.95 (1.5L)*
1988 Aldo Conterno Barolo Bussia Soprana $787.00 (3.0L)
1989 Borgogno Barolo Riserva $139.96*
1989 Conterno Fantino Barolo Vigna Del Gris $149.50
1989 Aldo Conterno Barolo Bussia Soprana $199.00*
1989 Aldo Conterno Barolo Colonnello $247.00*
1989 Scavino Barolo Bric del Fiasc $279.00*
1989 Ceretto Barolo Bricco Rocche $298.95*
1989 Sandrone Barolo Cannubi Boschis $380.00*
1989 Sandrone Barolo Cannubi Boschis $995.80 (1.5L)
1989 Aldo Conterno Barolo Bussia Soprana $895.00 (3.0L)
1990 Scavino Barolo $198.00*
1990 Mauro Sebaste Barolo Vigna Le Coste $79.50
1990 Borgogno Barolo Riserva $129.96*
1990 Elio Grasso Barolo Casa Mate $169.95*
1990 Elio Grasso Barolo Vigna Chiniera $169.95*
1990 Conterno Fantino Barolo Sori Ginestra $229.00
1990 Ceretto Barolo Bricco Rocche $298.95*
1990 Scavino Barolo Bric del Fiasc $299.00*
1990 Bartolo Mascarello Barolo $349.00*
1990 Conterno Giacomo Barolo Cascina Francia $349.95*
1990 Aldo Conterno Barolo Granbussia Riserva $389.00*
1990 Sandrone Barolo Cannubi Boschis $549.99*
1990 Grimaldi Barolo $219.00 (1.5L)
1990 Aldo Conterno Barolo Cicala $699.95 (1.5L)*
1990 Bartolo Mascarello Barolo $725.00 (1.5L)
1990 Aldo Conterno Barolo Colonnello $798.00 (1.5L)*
1990 Sandrone Barolo Cannubi Boschis $1,295 (1.5L) *
1993 Sandrone Barolo Cannubi Boschis $119.00
1995 Burlotto Barolo Monvigliero $44.95
1995 Burlotto Barolo Neirane $44.95
1995 Roagna Barolo Riserva $59.95
1995 Famiglia Anselma Barolo Adasi $76.73
1995 Bartolo Mascarello Barolo $87.95
1995 Aldo Conterno Barolo Cicala $115.50
1995 Valentino Rocche Dei Manzoni Barolo Vigna d'la Roul $114.75 (1.5L)
1995 Famiglia Anselma Barolo Adasi $130.00 (1.5L)
1995 Bartolo Mascarello Barolo $198.00 (1.5L)
*Available for pre-arrival purchase
Vintage Barbaresco

Barbaresco has become synonymous with the name Gaja-but the "Queen of Wines" does not begin and end with this signature label. The tiny Barbaresco DOCG resides northeast of Alba and Barolo, producing only half the amount of wine that her famous brother does. Barbaresco tends to be slightly finer, less tannic, and more elegant than Barolo, and typically offers greater approachability. These points of difference owe, in part, to the Barbaresco zone's cooler climate and shorter ripening period. It also has a lower alcohol level requirement (12.5 percent compared to Barolo's 13 percent) and less stringent aging requirements (Barbaresco ages for a minimum of two years with at least one in barrel, while Barolo ages for at least three years with a minimum of two in barrel).

Note: Due to the limited availability of these Barbarescos, most are not available through our website. For more information on these wines, please contact an IWM Portfolio Manager at 212.473.2323, x107.

Vintage Barbaresco Offering
1982 Paquero Barbaresco Sori Paitin $225.00
1983 Bruno Giacosa Barbaresco Santo Stefano $198.00
1985 Oddero Barbaresco $169.00
1986 Prunotto Barbaresco Montestefano $159.00
1988 Guiseppe Mascarello Barbaresco $110.00
1988 Bruno Giacosa Barbaresco Santo Stefano Riserva $275.00
1988 Bruno Giacosa Barbaresco Santo Stefano Riserva $590.00 (1.5L)
1989 Roagna Barbaresco $84.95
1989 Gaja Barbaresco $509.00 (1.5L)
1990 Mauro Sebaste Barbaresco Montestefano $79.50
1990 Cigliuti Barbaresco Serraboella $169.00
1990 Prunotto Barbaresco Montestefano $219.00
Vintage Brunello di Montalcino

Brunello is the most recognizable name among Italy's collectible wines, and is produced wholly from a clone of the Sangiovese grape known as Grosso (accorded the name of Brunello in the DOCG zone), the discovery of which is generally attributed to Clemente Santi (whose grandson established Biondi-Santi). Regarded as qualitatively superior to the strain of Sangiovese used in Chianti, the inherent character of Sangiovese Grosso is complemented by the Montalcino zone's Mediterranean climate, which provides for a fuller, more generous expression of character.

Distinctions in climate and soil between the northern and southern parts of the Montalcino zone realize a well-delineated stylistic range. Nine subzones comprise the Montalcino production area, all of which offer distinct variations in altitude, soil composition, and weather patterns. It is beneficial to conceptualize the region in terms of three territories-central, north, and south-broad designations whose differences in altitude and exposition account for discrete wine styles. The northern zone evidences a cooler climate than that of its southern counterpart, which offers a more intense Mediterranean clime; the soils of the latter are also sandier, a condition that facilitates the rate of speed at which the grapes ripen. Speak to a Portfolio Manager to discover which Brunello is best for your palate.

Note: Due to the limited availability of these Brunellos, most are not available through our website. For more information on these wines, please contact an IWM Portfolio Manager at 212.473.2323, x114.

Vintage Brunello di Montalcino Offering
1973 Biondi-Santi Il Greppo Brunello di Montalcino $199.95*
1978 Biondi-Santi Il Greppo Brunello di Montalcino $267.50*
1982 Case Basse di Soldera Brunello di Montalcino $449.00*
1983 Altesino Brunello di Montalcino Riserva $160.00
1983 Cerbaiona Brunello di Montalcino $207.00
1984 Case Basse di Soldera Brunello di Montalcino $289.00*
1985 Val di Suga Brunello di Montalcino Vigna Lago $195.00
1985 Talenti Brunello di Montalcino $210.00
1985 Caparzo Brunello di Montalcino La Casa $219.00
1985 Banfi Brunello di Montalcino Poggio all' Oro Riserva $225.00*
1985 Canalicchio di Sopra Brunello di Montalcino $245.00
1985 Biondi-Santi Il Greppo Brunello di Montalcino $249.95*
1985 Case Basse di Soldera Brunello di Montalcino $625.00*
1986 Case Basse di Soldera Brunello di Montalcino $649.90(1.5L)
1987 Case Basse di Soldera Brunello di Montalcino $289.00*
1988 Col D'Orcia Brunello di Montalcino Poggio Al Vento Riserva $159.50
1988 Val Di Suga Brunello di Montalcino Vigna Spuntali $165.00
1988 Banfi Brunello di Montalcino Poggio all' Oro Riserva $175.00*
1988 Pieve di Santa Restituta (Gaja) Brunello di Montalcino Rennina $179.90
1988 Argiano Brunello di Montalcino Riserva $195.00
1988 Biondi-Santi Il Greppo Brunello di Montalcino $249.95*
1990 Talenti Brunello di Montalcino $269.00 (1.5L)*
1990 La Torre Brunello di Montalcino $145.00
1990 Lisini Brunello di Montalcino $149.50
1990 Mastrojanni Brunello di Montalcino $173.00
1990 Pieve di Santa Restituta (Gaja) Brunello di Montalcino Rennina $189.90
1990 Casanova di Neri Brunello di Montalcino $189.95*
1990 Mastrojanni Brunello di Montalcino Riserva $193.00
1990 Mastrojanni Brunello di Montalcino Schiena $193.00
1990 Altesino Brunello di Montalcino Riserva $195.00
1990 Caparzo Brunello di Montalcino La Casa $195.00
1990 Col D'Orcia Brunello di Montalcino Poggio Al Vento Riserva $196.00
1990 San Felice Brunello di Montalcino Campogiovanni $198.00
1990 Banfi Brunello di Montalcino Poggio all' Oro Riserva $199.95
1990 Costanti Brunello di Montalcino $210.00
1990 San Felice Brunello di Montalcino Riserva Quercione $219.00
1990 Cerbaiona Brunello di Montalcino $239.00
1990 Costanti Brunello di Montalcino Riserva $245.00 *
1990 Biondi-Santi Il Greppo Brunello di Montalcino $299.95*
1990 Case Basse di Soldera Brunello di Montalcino $625.00*
1990 Tenuta Caparzo Brunello di Montalcino $279.95 (1.5L)*
1990 San Felice Brunello di Montalcino Campogiovanni $425.00 (1.5L)
1990 Caparzo Brunello di Montalcino La Casa $475.00 (1.5L)
*Available for pre-arrival purchase
Vintage Super-Tuscans, Chiantis, & More

The Tuscan hills are known for their great beauty and wines. Here, noble Sangiovese displays her brilliance and numerous personalities through the various strains that have adapted to individual vineyards and microclimates. When blended with complementary grapes she is capable of framing superb wines which seem more familiar to non-Italian wine drinkers. Conquering armies such as Napoleon's are responsible for bringing international varietals to Italy, but it wasn't until 1944 that their presence set the stage for Toscana's wine renaissance. That is when Italy's first relevant traveling consultant, Tancredi Biondi Santi, helped Mario Incisa della Rocchetta plant Cabernet Sauvignon at his Tenuta San Guido estate a few miles from the coast.

In 1968, Mario's cuvée of Cabernet Sauvignon and Cabernet Franc was named Sassicaia and changed the course of Italian wine. While tradition is Italy's strength, it's important to recognize that it has always welcomed change, and Italians' taste preferences have always evolved. After all, Nebbiolo of Barolo was used primarily to create a sweeter wine until it was altered by Louis Oudart in the 1840s, and the preferred wine of Montalcino during the 16th century was the dry Vermiglio, which later lost favor to the sweet Moscadelletto. The efforts of Tancredi and Mario, though pioneering, were also a part of the constant evolution of Italian wine that is necessary but which suffers abuse at the hands of less scrupulous winemakers. Building on the success of the pioneering "Super" vini da tavola, Bolgheri and the rest of Toscana experienced a proliferation of international varietals. Even those who respect and uphold tradition opened the door to change when wines like Tignanello in 1971, Solaia in 1978, Grattamacco Rosso in 1982, Sammarco in 1980, Ornellaia in 1985, Guado al Tasso in 1990, and Vigna d'Alceo in 1996 charted the course for Toscana's success. The Super Tuscans featured here are among the best Italy has to offer and are mandatory staples for any enthusiast's cellar. In addition, we are including Chiantis that prove that longevity is not just restricted to Brunello and Super Tuscans.

Note: Due to the limited availability of these Tuscan wines, most are not available through our website. For more information on these wines, please contact an IWM Portfolio Manager at 212.473.2323, x107.

Vintage Tuscan Wine Offering
1971 Castell'In Villa Chianti Classico Riserva $138.05
1982 Fattoria Monsanto Il Poggio Riserva $195.00
1982 Tenuta San Guido Sassicaia $549.00*
1982 Antinori Tignanello $425.00 (1.5L)*
1982 Castello dei Rampolla Sammarco $479.00 (1.5L)
1985 Castello di Monsanto Fabrizio Bianchi Sangiovese $54.95
1985 Villa Cafaggio San Martino $155.00
1985 Castello di Ama Chianti Bellavista $159.00
1985 Castell'In Villa Chianti Classico Riserva $195.00
1985 Antinori Solaia $479.00
1985 Castello dei Rampolla Sammarco $479.00 (1.5L)
1985 Tenuta dell'Ornellaia Ornellaia $899.00 (1.5L)
1986 Castello dei Rampolla Sammarco $180.95
1986 Antinori Solaia $269.00*
1987 Antinori Solaia $229.00*
1988 Castello di Monsanto Il Poggio Chianti Classico Riserva $74.95
1988 Fattoria Monsanto Il Poggio Riserva $140.00
1988 Castello dei Rampolla Sammarco $165.00*
1988 Avignonesi Grifi $180.00
1988 Castello dei Rampolla Sammarco $395.96 (1.5L)
1988 Antinori Tignanello $749.95 (3.0L)
1988 Montevertine Le Pergole Torte $789.00 (3.0L)*
1989 Antinori Solaia $249.00*
1989 Tenuta dell'Ornellaia Ornellaia $399.00 (1.5L)*
1990 Castello di Monsanto Fabrizio Bianchi Sangiovese $64.95
1990 Castello di Monsanto Nemo $74.95
1990 Altesino Palazzo Altesi $110.00
1990 Altesino Alte D'Altesi $110.00
1990 Palazzino Grosso Sanese Chianti $175.00
1990 Isole E Olena Cepparello $179.00
1990 Fattoria Monsanto Il Poggio Riserva $180.00
1990 Castello dei Rampolla Sammarco $199.00*
1990 Banfi Summus $210.00
1990 Tenuta dell'Ornellaia Ornellaia $325.00*
1990 Antinori Solaia $389.00*
1990 Antinori Solaia $389.00*
1990 Tenuta dell'Ornellaia Masseto $485.00
1990 Tenuta dell'Ornellaia Ornellaia $1,495.00 (3.0L)
1991 Antinori Solaia $229.00*
1993 Banfi Summus $110.00
1995 Castell'In Villa Chianti Classico Riserva $133.65 (1.5L)
1995 Tenuta dell'Ornellaia Ornellaia $249.00 (1.5L)*
Italy's Rarest White Wine

In the opinion of Burton Anderson, "the greatness of Fiorano is a secret shared by a few." The precious gems of this estate represent the dedication and passion of the reclusive and eccentric Alberico Boncompagni Ludovisi, Principe di Venosa. Ludovisi passed his private cellar to Luigi Veronelli in order to ensure that the wines would be afforded placement with the appropriate individuals-those who would secure the future of his story. His wish continues today, as the late Veronelli left these vintage wines to IWM's Sergio Esposito, charging him with the task of fulfilling his promise to Principe Ludovisi.

In order to honor this obligation and find serious owners, IWM makes these wines available only within the context of an extremely allocated assorted case. The two whites being offered, the Bianco (made from Malvasia di Candia) and Semillon, are represented through a vintage range spanning 1986 to 1994, and are only beginning to show their great destiny. We implore the recipients of these wines to cellar a portion of their allotment up to 20 years, enabling them to realize their consummate grace and the continuation of the prince's story.

As with recent bottlings from Gravner, these wines are not for everyone-rather, they represent true cult wines for the connoisseur to cherish. Speak with our Portfolio Managers to get a better understanding of what you may expect from this investment.

Fiorano's Rare Assorted Case:
Fiorano Bianco 1994 Botte 26
Fiorano Bianco 1994 Botte 46
Fiorano Bianco 1993 Botte 25
Fiorano Bianco 1993 Botte 32
Fiorano Bianco 1992 Botte 26
Fiorano Bianco 1988 Botte 26
Fiorano Bianco 1986 Botte 25
Fiorano Semillon 1994 Botte 47
Fiorano Semillon 1993 Botte 22
Fiorano Semillon 1992 Botte 46
Fiorano Semillon 1990 Botte 47
Fiorano Semillon 1989 Botte 48

Assorted Case Price (one of each): $948.00*
*Not available for online purchase - please call Perry Porricelli at 212.473.2323, x102 to inquire.
Vintage Gravner

This Vintage Gravner offer is extremely rare. Due to limited availability, the wines are presented exclusively in case and six-pack samplers. Unlike the efforts characterizing Gravner's recent production (1997 - 2001), these wines are not about long maceration, aging in botti, or amphorae. They are young, bright, and vibrant, defying the laws of winemaking with their ability to age.

All of these wines derive from a period when Josko abandoned his father's old botti, combining stainless steel fermentation with barrique aging. Three of these four wines- the Pinot Grigio, Sauvignon Blanc, and Chardonnay-are pure varietal bottlings and represent the last such expressions of these grapes. While Chardonnay has time and again proven its ability to age in other regions, even the experienced wine drinker may be skeptical about the aging potential of a Pinot Grigio or Sauvignon Blanc dating back more than 15 years. However, Gravner has established their ability to realize viable maturity over this timeframe. In fact, he does not plan to release certain Riservas (made only in select vintages from certain plots of old vines) from this period in his career for years to come-a bold move that is justified by the quality reflected in the wines' current showings.

The fourth wine offered- Vinograd Breg-is the most singular and best known of Gravner's wines. Originally conceived in 1982, it was named in recognition of the site where the fruit is grown. For two years, 1990 and 1991, the wine was known as Bianco Gravner and was ultimately christened Breg.

Note: These wines are extremely rare and are available in limited quantities. They are not available for online purchase - please call Perry Porricelli at 212.473.2323, x102 to inquire.

Vintage Gravner Case Sampler: (Available by bottle as well)
Gravner 1987 Pinot Grigio $99.98
Gravner 1989 Sauvignon Blanc $99.98
Gravner 1990 Bianco Gravner $99.98
Gravner 1991 Chardonnay $99.98
Gravner 1993 Breg $99.98
Gravner 1993 Ribolla Gialla $99.98
Gravner 1993 Chardonnay $99.98
Gravner 1994 Chardonnay $99.98
Gravner 1994 Ribolla Gialla $99.98
Gravner 1994 Sauvignon Blanc $99.98
Gravner 1995 Breg $99.98
Gravner 1995 Ribolla Gialla $99.98
Vintage Gravner Case Sampler: $1,199.76*

Vintage Gravner Six-Pack Sampler: (Available by bottle as well)
Gravner 1990 Chardonnay $99.98
Gravner 1990 Ribolla Gialla $99.98
Gravner 1991 Ribolla Gialla $99.98
Gravner 1991 Bianco Gravner $99.98
Gravner 1991 Sauvignon Blanc $99.98
Gravner 1994 Breg $99.98
Vintage Gravner Six-Pack Sampler: $599.88*

Riserva and Anfora Gravner Three-Pack: (Available by bottle as well)
Gravner 1992 Breg Riserva $119.98
Gravner 2001 Ribolla Anfora $89.87
Gravner 2001 Breg Anfora $89.87
Riserva and Anfora Gravner Three-Pack: $299.72*

Magnum Gravner Three-Pack: (Available by bottle as well)
Gravner 1991 Ribolla Riserva $199.98 (1.5L)
Gravner 1991 Sauvignon Riserva $199.98 (1.5L)
Gravner 1994 Breg $249.99 (1.5L)
Magnum Gravner Three-Pack: $649.95*

*Free delivery in Manhattan only
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