FOR IMMEDIATE RELEASE

SALES AT EXTELL DEVELOPMENT CO. SKYROCKET

YEAR TO DATE RESIDENTIAL SALES REACH OVER $500,000,000

New York, NY (July 22, 2008) - Defying market expectations, Extell Development Company is experiencing tremendous sales activity in its residential sector. According to Gary Barnett, President of Extell Development Co., “First and second quarter 2008 sales of Extell residential properties totaled $507,450,000. One of the company’s unique strengths is its portfolio of properties spanning a broad spectrum of price points and styles. That diversity has contributed to our success with 152 residential units sold since January 2008.”

Pamela Liebman, President and CEO of The Corcoran Group, exclusive sales and marketing agent for Extell Development Company commented, “Each Extell residential property is thoughtfully planned and executed with specifically tailored amenities, finishes and details unique to each building. This puts Extell in the distinctive position of having something for everyone with a diversity of products ranging from $550,000- $45,000,000.”

First and second quarter sales figures reflect robust sales activities experienced at the following Extell properties in Manhattan’s Midtown, Upper East Side, Upper West Side and Riverside South neighborhoods: Ariel East and Ariel West, Avery, The Lucida, The Rushmore, 212 East 47th Street, 995 Fifth Avenue and 535 West End Avenue. Opened for sales just over a year ago, both The Lucida and 212 East 47th Street are already 90% sold.

535 West End Avenue, Extell Development’s new condominium residence designed in grand, pre-war style with all modern amenities, has experienced incredible sales momentum with 40% sold in just 30 days. Commenting on this extraordinary sales activity, Gary Barnett remarked, “The immediate response to 535 West End Avenue has been phenomenal. These large scale homes have attracted huge buyer interest because they are incomparable – it is the only property offering this caliber of expansive, pre-war space and style on the Upper West Side.”

Also contributing to Extell’s success is the “Extell Choice” which presents buyers with the option to select and choose from different layouts, flooring options, kitchen styles and bath finishes. By allowing buyers to customize their homes, Extell is unique among other developers in presenting buyers the opportunity to create a home that is a reflection of their own personal taste and style.

Barnett concluded, “This remarkable sales activity is testimony to the quality of Extell’s properties - buildings that are beautifully designed with an array of superior amenities. Our buildings are always top of their class and present a wonderful product to buyers. We stay true to our commitment and buyers appreciate the value of an Extell property.”

For more information regarding Extell Development Co. please visit extelldev.com and The Corcoran Group, please visit: corcoran.com.

EXTELL DEVELOPMENT COMPANY

Nationally acclaimed real estate developer of residential, office, hotel and retail properties, Extell Development Company, consistently exceeds market expectations and delivers the dream behind each project. Respected by the world’s leading architects and distinguished by innovative thinking, each property is meticulously designed, offering exceptional floor plans, finishes and amenities. Among Extell’s New York developments are the master renovation of an Upper East Side Classic, The Stanhope at 995 5th Avenue; 535 West End Avenue, the definitive Upper West Side address that honors the distinguished design of pre-war architecture; The Lucida, a new vision for modern green living on the Upper East Side; the Orion in the Theater District, one of Manhattan’s tallest residential buildings; Ariel East and West, two exquisite glass towers in the West 90’s; and Altair 18 and Altair 20, located in the historic Ladies Mile downtown district. Extell is currently developing Riverside South. The Rushmore and Avery are the first of several residential buildings planned for this vibrant new Upper West Side neighborhood that fronts a 21-acre park stretching along the Hudson River. Other notable projects are the award-winning redevelopment of the Insurance Exchange Building in downtown Chicago; The Belnord, a landmark, trophy residential building in New York City; the W Hotel in Times Square; and the luxury InterContinental Hotel overlooking Boston Harbor.

THE CORCORAN GROUP

The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 47 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group, www.corcoran.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.