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IN THE NEWS

PINNACLE DOWNTOWN CONTINUES GROWTH IN URBAN LUXURY MARKET

MILLBURN, NJ, FEBRUARY, 2006 — Pinnacle Downtown, a subsidiary of Pinnacle, continues its successful track record in the downtown marketplace. With several landmarks for living underway in such communities as Montclair, Hoboken and Yonkers, Pinnacle Downtown will soon also be unveiling its latest projects in Jersey City and Cliffside Park.

Brian Stolar, President of Pinnacle, commented, “Urban redevelopment and smart growth have become the focus of developers and legislative leaders alike and Pinnacle has participated in downtown projects for many years. With Pinnacle Downtown and its team of seasoned experts, we’re targeting landmark centers to create true residential destinations and anchors of commerce. Pinnacle Downtown is a celebration of all we have achieved at Pinnacle and all we strive to bring to each local community.”

Pinnacle Downtown has enjoyed an unblemished track record in both the urban and suburban markets. Their philosophical approach centers around creating communities of true distinction and is led by several of the most experienced planning, construction, development and marketing experts in the field. The company’s reputation for excellence and integrity is well known in the real estate, business and local community levels. With its passion for creating projects that spark creativity, ignite further redevelopment and encourage commerce, Pinnacle Downtown is extremely selective in the endeavors it undertakes. No stranger to even the most complex, sophisticated and controversial projects, Pinnacle Downtown’s untarnished track record adds a mark of distinction to every downtown in which it becomes a participant.

In Montclair, Pinnacle Downtown is redeveloping the former Hahnes facility into a distinctive mixed-use property to anchor the community’s exciting downtown area. The Siena at Montclair, located at South Park and Church Streets, will feature 101 condo units including one- and two-bedroom homes; many of the homes will also have a den. Prices will range from the $400,000’s to over $1 million. The seven-floor facility will also feature 40,000 square feet of ground level retail space, which will include a New York Sports Club. Formerly the site of the Hahnes department store, the property stood vacant for more than ten years until it was acquired by Pinnacle.

In Hoboken, Pinnacle and Toll Brothers, developers of Maxwell Place on the Hudson, announced that the first release of 152 homes in the second building sold out in an unprecedented two-and-a-half hours. Unveiled to an extraordinarily diverse group of prospective buyers from throughout the metropolitan area, the second phase of Maxwell Place met with such strong demand, representatives from, developers of the community, commented that they have never seen anything like it before. Countless prospective buyers called, faxed and visited the sales office in hopes of obtaining a reservation for one of the luxury units. An additional 214 luxury condominium units are still available in the second building, 1125 Maxwell Lane, as well as ten ultra-luxury waterfront townhomes, which will soon be released at Maxwell Place and already potential buyers are clamoring for information on the newest selection. Maxwell Place is located on the Hudson River on the former Maxwell House Coffee manufacturing facility site. The community is approved for 832 units, 1,524 parking spaces and approximately 206,000 square feet of commercial and retail space. Maxwell Place is unlike any other condominium project to be developed on New Jersey’s Gold Coast. An exceptional standard of luxury urban living, Maxwell Place on the Hudson features a number of extraordinary amenities, including spectacular direct views of Manhattan, a residents’ club, rooftop pool, full-service fitness center and 24-hour concierge service.

In Yonkers, New York, Main Street Lofts, LLC, a joint venture comprised of Kohl Partners, LLC, Pinnacle and D.W. Capital Associates, LLC, embarked on 66 Main, a new mixed-use residential and retail development located in the downtown district. 66 Main is designed for 170 rental units and 25,000 square feet of retail space, and will contain a rooftop health club and fulltime concierge services, as well as an underground parking garage. Completion is expected in 2007.

In addition to Pinnacle Downtown, Pinnacle Custom’s exquisite designs can be seen across New Jersey. The company is currently building in the most exclusive communities in the state, including Saddle River, Holmdel, Short Hills, Alpine and Warren in Somerset County. Pinnacle has recently begun construction on an 18,000-square-foot estate home in Saddle River that is an architecturally accurate replication of an over-one hundred-year-old English Manor house—complete with natural slate roof shingles and cast stone window and door detailing. Currently underway, Hop Brook Estates in Holmdel is a private, custom community with only ten residences, each able to be designed to reflect its owner’s unique tastes and style. Work will soon begin on a magnificent Georgian-style colonial home and Pinnacle is currently working with other customers designing one-of-a-kind homes. Other beautifully designed and executed homes are available in locations such as Warren in Somerset County, Alpine and Short Hills.

Pinnacle, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the New Jersey and Connecticut markets. The award-winning company has built an enviable reputation in custom and luxury housing, active adult, rental, office and retail markets. Since the Company’s founding in 1984, Pinnacle has built in excess of 3,000 luxury attached and detached homes.

For more information on Pinnacle, visit www.pinnaclecompanies.net or contact the Company’s Millburn headquarters at 973-379-1900.