MANDALAY ON THE HUDSON TO HOLD GRAND OPENING
PINNACLE INTRODUCES NEW LUXURY CONDOMINIUM IN JERSEY CITY

CHATHAM, NJ, JUNE 13, 2006 — Mandalay on the Hudson, Pinnacle Companies' new luxury condominium development in Jersey City, will celebrate its grand opening Saturday and Sunday, June 24 and 25, with the soothing tones of tropical rhythms.

A Caribbean steel drum band will play at the building's outdoor pool overlooking the Hudson, while prospective buyers will have the opportunity to tour the building's one-, two- and three-bedroom models.

But although the poolside music, combined with river breezes and balmy summer weather, might evoke the magic of the islands, the advantage of escaping to Mandalay on the Hudson is that it doesn't take a plane ticket to get there.

Mandalay offers easy access to Manhattan. Stations for the PATH train and two ferries are within a block and New Jersey Transit's Hudson-Bergen Light Rail station, a half-block away, offers train access to Weehawken, Hoboken and Bayonne.

Despite the proximity to the city, however, Mandalay also offers amenities not usually associated with urban living, such as the heated riverfront pool; immediate proximity to a scenic riverfront promenade; and easy access to airport, highways and big box stores.

Plus there are the stunning views. Because of building's unique location, many of the homes offer panoramas of Manhattan, with the views taking in the George Washington Bridge to the north and Lower Manhattan and Staten Island to the south.

“There are other great locations along New Jersey's Gold Coast, but few other buildings offer these views in combination with the proximity to public transportation,” said Mary Boorman, Pinnacle Companies' senior vice president of marketing and strategic planning.

In addition, Mandalay buyers have easy access to the clubs and restaurants of Jersey City's hip revitalized downtown and to nearby shopping malls, including the 140 businesses at Newport Centre Mall, which is only three blocks away.

The 269 condominiums in the 26-story tower will be offered at prices starting at the mid-300,000s. All the homes offer sleek, sophisticated design features, along with floor-to-ceiling windows to take advantage of the stunning views of the Manhattan skyline.

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 or on the Gold Coast of New Jersey, families attracted by the affordability of the space and suburban empty nesters lured by the proximity to Manhattan, Boorman said.      

Many homes are ready for immediate occupancy.

The sales office will be open from 11 a. m. to 5 p. m. on both grand opening days. For more information, 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. Pinnacle has recently completed an Extreme Makeover for ABC television in the town of Bergenfield and the show is due to air in July of this year. 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.