FOR IMMEDIATE RELEASE

Riverside South Rises on the Upper West Side

Waterfront Properties Shapes Manhattan Landscape

New York - Extell Development Company has announced upcoming construction plans for Riverside South, a 75-acre neighborhood emerging along the waterfront on Manhattan's Upper West Side. The neighborhood will include more than 10,000 new homes, retail plazas, restaurants, additional parking and roads as well as 27.5 rezoned acres dedicated to Riverside Park South.

"If you look around the city, you can't really see development of this scope and at this pace," said Gary Barnett, president of Extell Development Company. "Riverside South will have the flavor of the Upper West Side and a tremendous sense of luxury and individuality because it is on the waterfront and on Riverside Park South, the centerpiece of the neighborhood."

The City Planning and Parks Department, the Riverside South Planning Corporation and various community boards assisted in the design and development process for the neighborhood. Real estate values of the properties have increased tremendously.

Extell's Avery and The Rushmore will be the first residential properties in the area with Avery ready for occupancy this fall and The Rushmore ready in winter 2008. The buildings will be joined by several additional residential developments taking shape in the next few years, three of which will break ground later this year.

Avery, a 32-story building with 274 one-to-three bedroom residences, will have views of the Hudson River and Riverside Park between 64th and 65th streets. Avery will feature a state-of-the-art fitness center that overlooks a large children's playroom, a gaming room, Abigail Michaels concierge service, an onsite parking garage and an unprecedented partnership with Lincoln Center for the Performing Arts.

The Rushmore's 16-story base will give rise to two soaring towers standing 43 stories tall. The Rushmore will offer its 289 residences world-class amenities, including La Palestra Fitness and Wellness Center, indoor lap pool, screening theater, private sundeck and an exclusive partnership with Kidville, NY.

"The properties of Riverside South have some of the best amenities in New York City. The finishes and the quality of their workmanship are fantastic," said Pam Liebman, president of Corcoran Sunshine Marketing Group. "The selection of apartments is very unique in that everything from small one-bedroom residences to large combinations with big terraces are offered."

Riverside Park South, designed by landscape architect Thomas Balsley, spans from 62nd to 72nd street connecting Riverside Park with Hudson River Park. The park offers a balance of recreational opportunities and amenities that reflect the culture of the Upper West Side, including an amphitheater, athletic facilities, community gardens, sunning lawns, café terraces and public art.

Other aspects include a boardwalk that spans four city blocks, a bicycle path stretching from The Cloisters to the tip of Manhattan and Pier I stretching 750-feet into the Hudson.

"Whether it is marsh grasses and the path today, or it's Pier I and the little café at its foot tomorrow, each day you'll notice and be drawn to something different in Riverside Park South," Balsley said. "It gives me unbelievable satisfaction to see the city reconnected with its river. I think that's a vital part of enhancing the quality of life to living in New York."

Railroad-themed elements, such as the remains of the former cargo Pier D and rail company logos carved into large granite seating slabs, give insight to Riverside Park South's history as the site of the former 60th Street Rail Yard. With more than 50 percent of the park complete, the final phase of the park will include an installation of a restored 1940s Alco S-1 switcher locomotive.

"The project took into account the desires of all the people involved and it accomplished the goals of the developer and the goals of the community," said Costas Kondylis, founding partner of Costas Kondylis and Partners, architect of several Riverside South properties, including Extell's The Rushmore. "When I think of Riverside South I think of a happy residential neighborhood and the strong values and interests of the people who live there."

Developer

Extell Development Company

Extell Development Company is a nationally acclaimed real estate developer of residential, office, hotel and retail properties. Respected by the world's leading architects and distinguished by innovative thinking, Extell exceeds market expectations while delivering the dream behind each building. Extell's current New York developments include Orion in the Theater District, Altair 18 and Altair 20 condominiums in Chelsea, Ariel East and Ariel West in the West 90s, and The Stanhope at 995 Fifth Avenue.