MANDALAY ON THE HUDSON HONORED AS COMMUNITY OF THE YEAR
THE PINNACLE COMPANIES GARNER SAM AWARDS FOR FIFTH CONSECUTIVE YEAR

JERSEY CITY, NJ, April 17, 2007 — Pinnacle Downtown, a division of Chatham-based homebuilder, The Pinnacle Companies, was honored by the New Jersey Builders Association (NJBA) on April 17, with seven Sales and Marketing (SAM) Awards for Mandalay on the Hudson in Jersey City, including the prestigious "Community of the Year" award. Regarded as one of New Jersey's most respected builders, this is yet another year that The Pinnacle Companies has been recognized by the NJBA with multiple SAM Awards.

Mandalay's luxurious design, features, and amenities, as well as its tremendous value have wide appeal to buyers. In February, Pinnacle announced that 85 units had sold at Mandalay during the previous six-months, representing 30 percent of available homes.

"Mandalay is truly what's next in luxury gold coast living. We have created a special community that appeals to savvy buyers who expect the highest standards of luxury and amenities in their new home, and still want the ability to commute to New York City." said Mary Boorman, Pinnacle's Senior Vice President of Development and Marketing "These awards validate the extraordinary efforts of our team at Pinnacle."

SAM Awards winners were judged for excellence in the various categories by industry experts, and were selected from hundreds of entries submitted by leading homebuilders from throughout the State of New Jersey. Approximately 1,000 builders and marketing professionals attended the event.

The NJBA is a professional trade organization representing the building industry and building-related businesses. Association membership includes builders, remodelers, materials suppliers, subcontractors, consultants, lending institutions, and other correlating businesses.

Mandalay on the Hudson's 25-story tower houses 269 condominium homes directly on the Hudson River's western bank, providing both breathtaking views of the New York skyline and easy access to the city, with the PATH train and two ferries within a block. One, two, and three-bedroom homes are being offered at affordable prices starting in the low $400,000s. Two-bedroom homes with phenomenal views of Manhattan and the river can be purchased from the low $700,000s, and one-bedroom homes in similar locations start in the low $500,000s.

All of the homes have opulent design features including hardwood floors in the living room, dining area, and kitchen. A kitchen and bathroom upgrade package, which includes stainless steel appliances, European-style cabinetry, and granite countertops, is available.

Mandalay features a heated outdoor pool on the Hudson waterfront that is surrounded by gardens and picnic and barbeque areas set against a backdrop of the stunning Manhattan skyline. The pool is accessible from the Resident's Club, which is perfect for special events or smaller gatherings, or to watch sports on the plasma screen in front of the fireplace. Another popular feature is the convenience of a 24-hour concierge and valet service for dry cleaning and repairs. Residents also have access to a fully equipped fitness and exercise area. There is also an outdoor playground for children and a promenade that runs along the riverfront, which surrounds the perimeter of the community and is ideal for walkers and joggers alike.

New Jersey Transit's Hudson-Bergen Light Rail station lies at Mandalay's doorstep, offering train service to Hoboken, Bayonne, and other cities along New Jersey's vibrant Gold Coast. Jersey City's dramatically revitalized downtown, complete with trendy restaurants and clubs, is only three blocks away, and the nearby Newport Centre Mall offers 140 businesses and stores.

For more information, visit the sales center at 20 Second St., Jersey City; call a sales representative at (866) OWN MANDALAY; or visit the website at www.MandalayOnTheHudson.com. The sales office is open from 10:00 a. m. to 5:00 p. m. during the week, and 11:00 a.m. to 5:00 p. m. on weekends. Customers should ask about the wide variety of advantages that come from financing their new home through Pinnacle's HomeSync mortgage program.

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