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PINNACLE INTRODUCES NEW LUXURY CONDOMINIUM COMPLEX IN JERSEY CITY

CHATHAM, NJ, MAY 30, 2006 — Pinnacle Companies will hold a grand opening for its new luxury high-rise condominium, Mandalay on the Hudson, located on Jersey City’s famed Gold Coast on Saturday and Sunday, June 24 and 25.

The grand opening will afford prospective buyers the opportunity to view the models at the new condominium community, which features stunning views of the New York City skyline from every home as well as proximity to public transportation into New York via two ferry terminals or a PATH station, both within a block.

In addition, New Jersey Transit’s Hudson-Bergen Light Rail station, a half a block away, offers train access to Weehawken, Hoboken and Bayonne.

“There are other great locations along New Jersey’s Gold Coast, but no other building offers these views in combination with the proximity to public transportation,” said Mary Boorman, senior vice president of marketing and strategic planning for Pinnacle Companies.

Mandalay offers buyers the best of both worlds: sleek, sophisticated design and easy access to Manhattan’s dining and culture, along with amenities such as a heated outdoor river-front pool and easy access to a scenic river-front promenade.

In addition, Mandalay buyers will have easy access to the clubs and restaurants of Jersey City’s hip revitalized downtown; to nearby shopping malls, including Newport Centre Mall with its 140 businesses, which is only three blocks away; and to the New Jersey Turnpike, I-78 and Newark Liberty Airport.

The 269 condominiums in the 26-story tower will be offered at prices starting at the mid-300,000s. One-, two- and three-bedroom homes are available, with all having floor-to-ceiling windows to take advantage of the panoramic views, which stretch from the George Washington Bridge to Lower Manhattan and Staten Island.

Amenities include a fitness area and exercise room; a club room for group activities or entertaining; a children’s playground; 24-hour security and concierge services; and a parking garage with parking for one car included.

Mandalay has strong appeal to young professionals working in Manhattan and on New Jersey’s Gold Coast, families attracted by the affordability of the space, empty nesters from the suburbs lured by the proximity to Manhattan and those seeking an urban pied-a-terre. Many units are ready for immediate occupancy, Boorman said.

Pinnacle Downtown is already well-known on New Jersey’s Gold Coast as the co-developer, with Toll Brothers City Living, of the luxurious Maxwell Place on the Hudson in Hoboken, with interiors designed by renowned architect Michael Graves, and for Aurora Over the Hudson in Cliffside Park with its two stunning all-glass luxury towers.

For more information on Mandalay on the Hudson, visit the new sales center at 20 Second St., Jersey City; call a sales representative at (866) OWN MANDALAY; or visit the Web site at www.mandalayonthehudson.com.

Pinnacle, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry. The award-winning company has built an enviable reputation in the sale and rental of luxury, active adult and custom housing, as well as the office, retail, and mixed-use markets. Since the company’s founding in 1984, Pinnacle has built in excess of 3,000 luxury attached and detached homes as well as several million square feet of commercial space. Pinnacle’s innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as “what’s next” in the real estate market.

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