December 06, 2006

• Mixed-use condominium to incorporate landmark church and adjacent community center
• Joint venture development with Artimus Construction and Uptown Partners

New York City –Phoenix Realty Group, Artimus Construction Inc., and Uptown Partners LLC today announced the construction of Fifth on the Park, a new high-rise, mixed-use building that will occupy the full-block front of Fifth Avenue between 119th Street and 120th Street in New York City. The project will be located directly across the street from the 20-acre Marcus Garvey Park, 10 blocks from Central Park and five blocks from the 125th Street corridor.

The building will include a 38,000-square-foot church for the Bethel Gospel Assembly, the previous owner of the land. Above the four-story, 1,800-seat church sanctuary, the developers will build a 26-story residential tower that will include approximately 50,670 square feet of affordable rental apartments, 247,000 square feet of market rate condominiums, and a 117-space subterranean parking garage.

The residential floors will have views of Central Park, Marcus Garvey Park and the Manhattan and Harlem skylines. Equity for the development will be provided by Phoenix Realty Group (PRG) with a co-investment from Artimus Construction. PRG is a national real estate fund manager focused on urban and workforce housing development.

"We are honored to be part of the Harlem housing renaissance with a high-profile development that includes both mixed-income and mixed-use at an important address - the meeting of Fifth Avenue and the Park," said Keith B. Rosenthal, president of Phoenix Realty Group. "The project will provide support for the 125th street retail corridor and is one of the best located mass transit-oriented buildings in the city, with proximity to both the East Side and West Side subway lines, as well as the Metro North commuter rail to Westchester and Connecticut."

"Phoenix Realty Group's strategy is to create competitively priced housing, and we're proud to have found a way to apply this sensibility to such a dynamic market area," said Ron Orgel, managing director of Phoenix Realty Group. "Fifth on the Park will provide a range of new, cost-competitive housing to a diverse group of renters and homeowners. And at the same time, we're able to help create a new home for one of Harlem's premier churches."

"We are excited about contributing to a community which we have worked in for many years, as well as the fact that we will be helping to shape the Manhattan skyline," said Eytan Benyamin, a principal at Artimus Construction, the developer of the building. "This development would not be achievable without our partnership with the Bethel Gospel Assembly, and we look forward to working with them and the community in the future."

The sixth floor will feature a setback with a full-length lap pool, landscaped garden, outdoor deck, a complete fitness center and a theater-quality media room. The condominiums will offer a doorman and 24-hour concierge, and will be entered through an atrium lobby featuring artwork from prominent artists.

Artimus Construction Inc. is developing the project and will serve as both the managing member of the property partnership and the general contractor. Uptown Partners, the originator of the project's concept, will be a member of the property partnership and will be responsible for design supervision, marketing and sales.

FXFOWLE Architects, an internationally renowned architecture, design and planning firm in New York, will serve as architect for Fifth on the Park.

"The property will provide numerous benefits to the community, including affordable rental apartments and an exceptional church and community center that will provide significant outreach programs to people living across New York City," added Joe Holland, President of Uptown Partners.

Phoenix Realty Group (www.phoenixrg.com) is a national real estate investment firm founded by J. Michael Fried, Keith Rosenthal and Ron Orgel providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and community revitalizing commercial projects. Phoenix Realty Group (PRG) has attracted significant institutional investment from many of America's leading pension funds, banks and insurance companies. PRG currently manages private equity and tax credit real estate funds that together will provide nearly $3 billion in housing and community revitalizing commercial properties.

Artimus Construction Inc. (www.artimusnyc.com) is a New York-based development and construction company founded in 1979. Over the past 10 years, Artimus has completed approximately 38 projects in the New York City area, including 18 in Harlem.

Uptown Partners LLC is a Harlem-based real estate development company founded in 2001. It is currently completing the largest solely market rate development heretofore built in Harlem, The Lenox, in association with Artimus.

Editors' Note: A rendering of the Fifth on the Park project is available for viewing or download in jpeg format at www.phoenixrg.com/editors/FifthOnThePark.jpg.

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