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MATRIX DEVELOPMENT GROUP ACQUIRES PRIME 69-ACRE PROPERTY IN NEWBURGH, NY ADJACENT TO STEWART INTERNATIONAL AIRPORT

Leading Development Firm Plans to Develop Up To 650,000 Square Feet of
Light Industrial Space at the Intersection of Interstate 84 and the New York State Thruway

NEWBURGH, NY (January 10, 2008) – Matrix Development Group, one of the Northeast’s most respected real estate investment and development companies, has purchased 69 acres of land in Newburgh, N.Y. in the highly sought after Interstate 84 and New York State Thruway corridors. Matrix plans to develop up to 650,000 square feet of light industrial space on the property.

Brokered by Bob Vitanza of Kahn Realtors in Newburgh, the acquisition diversifies Matrix’s industrial portfolio from New Jersey and Pennsylvania into the highly desirable upstate New York market. The Cranbury, N.J.-based development firm purchased the property in two separate transactions from PNC Bank and a private investment group.

The property is directly adjacent to Stewart International Airport. In November, the Port Authority of New York and New Jersey acquired a 93-year lease on the airport at the same time that the New York State Department of Transportation completed a $55 million project to improve road access at Stewart. The Port Authority is expected to invest $500 million over the next 10 years to upgrade the airport.

“We are very excited about the acquisition because it greatly diversifies our portfolio in a market that has tremendous growth potential,” said Matrix Acquisitions Vice President Gary Hans. “The Port Authority’s investment will have a very significant impact on the airport and the business climate of Orange County overall. We expect Matrix Business Park at Newburgh to be a highly sought after location.”

The new Matrix property is ideal for industrial users because of its proximity to the airport, the New York State Thruway (Interstate 87) and Interstate 84, which received a new interchange as part of the recent state roadway improvements. Interstate 84 runs east-west through the center of 816-mile Orange County and Interstate 87 runs north-south along the eastern edge of the county. Industrial users such as C&S Wholesale Grocers, The Gap, Home Depot and Cardinal Health are just a few of the corporations already located in the growing region.

Census figures note that Orange County is one of the fastest growing regions in New York with a population increase of 10 percent between 2000 and 2006. The growth is believed to have been spurred by home buyers priced out of markets such as Bergen County, N.J. and Westchester, N.Y. Increased rail service to Grand Central Terminal in New York City has also supported the population growth.

Matrix’s expansion into Orange County continues the company’s growth and diversification in prime development locations throughout the region. Over the last two decades, the company has strategically expanded its geographic reach throughout New Jersey into Pennsylvania and now New York, while broadening its industrial and commercial business base to include a construction firm, property management entity, asset recovery division, residential development company and a golf management subsidiary.

About Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at (732) 521-2900 or visit www.matrixcompanies.com.

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Leading Development Firm Plans to Develop Up To 650,000 Square Feet of
Light Industrial Space at the Intersection of Interstate 84 and the New York State Thruway

NEWBURGH, NY (January 10, 2008) – Matrix Development Group, one of the Northeast’s most respected real estate investment and development companies, has purchased 69 acres of land in Newburgh, N.Y. in the highly sought after Interstate 84 and New York State Thruway corridors. Matrix plans to develop up to 650,000 square feet of light industrial space on the property.

Brokered by Bob Vitanza of Kahn Realtors in Newburgh, the acquisition diversifies Matrix’s industrial portfolio from New Jersey and Pennsylvania into the highly desirable upstate New York market. The Cranbury, N.J.-based development firm purchased the property in two separate transactions from PNC Bank and a private investment group.

The property is directly adjacent to Stewart International Airport. In November, the Port Authority of New York and New Jersey acquired a 93-year lease on the airport at the same time that the New York State Department of Transportation completed a $55 million project to improve road access at Stewart. The Port Authority is expected to invest $500 million over the next 10 years to upgrade the airport.

“We are very excited about the acquisition because it greatly diversifies our portfolio in a market that has tremendous growth potential,” said Matrix Acquisitions Vice President Gary Hans. “The Port Authority’s investment will have a very significant impact on the airport and the business climate of Orange County overall. We expect Matrix Business Park at Newburgh to be a highly sought after location.”

The new Matrix property is ideal for industrial users because of its proximity to the airport, the New York State Thruway (Interstate 87) and Interstate 84, which received a new interchange as part of the recent state roadway improvements. Interstate 84 runs east-west through the center of 816-mile Orange County and Interstate 87 runs north-south along the eastern edge of the county. Industrial users such as C&S Wholesale Grocers, The Gap, Home Depot and Cardinal Health are just a few of the corporations already located in the growing region.

Census figures note that Orange County is one of the fastest growing regions in New York with a population increase of 10 percent between 2000 and 2006. The growth is believed to have been spurred by home buyers priced out of markets such as Bergen County, N.J. and Westchester, N.Y. Increased rail service to Grand Central Terminal in New York City has also supported the population growth.

Matrix’s expansion into Orange County continues the company’s growth and diversification in prime development locations throughout the region. Over the last two decades, the company has strategically expanded its geographic reach throughout New Jersey into Pennsylvania and now New York, while broadening its industrial and commercial business base to include a construction firm, property management entity, asset recovery division, residential development company and a golf management subsidiary.

About Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at (732) 521-2900 or visit www.matrixcompanies.com.