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PINNACLE INTRODUCES NEW LUXURY CONDOMINIUM COMPLEX IN JERSEY CITY

CHATHAM, NJ, APRIL 2006 — Pinnacle Downtown is proud to announce its latest spectacular community, Mandalay on the Hudson, located in the heart of Jersey City on the famed Gold Coast. Pinnacle plans to offer these 269 condominiums for sale very shortly and anticipates their sales office on site will be open in early May. This will be an extraordinary opportunity to live on the Hudson River in one of the most prestigious and well-appointed locations with prices starting in the mid $300,000’s and the opportunity to move-in immediately.

One, two and three bedroom homes are available with all of the homes featuring floor-to-ceiling windows with over 60% of the homes overlooking the river and Manhattan. All of the homes have hardwood flooring in the living areas and kitchen and some of the homes have balconies. Kitchen and bathroom upgrade packages are provided and include European cabinetry, granite countertops, stainless steel appliances in the kitchen and beautiful tiling details in the bathrooms. Designed to take advantage of the location and easy accessibility to New York City, Mandalay on the Hudson is attracting young professionals and families from Hudson County, Bergen County and New York City who are either working in New York City or Jersey City.

Residents can travel via Light Rail as far as Weehawken on the New Jersey side of the river, making access to Hoboken and other attractive areas very easy or NYC is easy to reach by two ferry terminals or two PATH stations just blocks away from Mandalay. Other amenities at Mandalay on the Hudson include an outdoor pool and garden with a overlooking the Hudson River, a fitness and exercise area and clubroom for group activities or entertaining. A boardwalk links up with a walking path along the entire Jersey City riverfront--perfect for weekend strolls and as a jogging area. There is 24-hour concierge service and a valet service for cleaning, repairs, maid services etc.

“Pinnacle is extremely excited to introduce our extraordinary plans for Mandalay on the Hudson. This community’s picturesque views and spacious condos combined with the great location will draw many prospective buyers from throughout the New York metropolitan area. Pinnacle is committed to investing in this community to bring it to ‘Pinnacle standards’ of luxury, quality and innovation,” commented Mary Boorman, senior vice president for of Marketing and Strategic Planning for the Pinnacle Companies.

Jersey City, located just across the Hudson River from Manhattan, combines a historical, proud past with an exciting array of nightlife, fine dining and exceptional retail venues. . Jersey City is home to the famous Liberty Science Center, beautiful Liberty State Park featuring picturesque views of New York City and Ellis Island and home to countless Wall Street and global investment companies.

The Pinnacle name is already well known on the Hudson as it is co-developing Maxwell Place on the Hudson, one of the most extraordinary new luxury communities ever built in New Jersey, in conjunction with Toll Brothers. Pinnacle has also built countless luxury residents throughout Hoboken and is building one of the most exciting mixed-use communities in the state in Montclair.

Interested buyers can visit Mandalay on the Hudson’s website, www.mandalayonthehudson.com for more information.

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.