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CONTACT: Joel G. Cahn or George M. Cahn
Cahn Communications
(201) 996-9222
01 May 2003

JERSEY CITY, N.J. — State and local officials joined developers in Jersey City, N.J. today (May 4, 2005) to celebrate the completion of the first new-construction project in Journal Square in 20 years.

The 12-story-building, called State Square, features 130 rental residences, including 100 market-rate apartments and 30 affordable apartments.

The $31 million project, which is located on the site of the former State Theater on Kennedy Boulevard, also includes 15,000 square feet of ground-floor retail space and a new eight-story parking garage with the capacity of 395 automobiles.

Jersey City Mayor Jerramiah Healyand fellow municipal officials joined representatives of the Housing Mortgage Finance Agency (HMFA) and the developer of the property -- a consortium whose principals include The Alpert Group, Applied Development Co., Panepinto Properties, Harwood Properties and former Congressman Frank Guarini -- to mark the completion of one of Jersey City=s most significant off-river residential development efforts.

AWe believe this is an important milestone for Jersey City as State Square represents a vital component in the overall investment taking place in Journal Square," notes Joseph Alpert, a principal in the joint venture.

AThis area has received substantial capital improvements in recent years, including new and renovated office space, commercial stores and restaurants; the renovated Lowes Theatre and several buildings belonging to Hudson Community College. We can now add new residential construction to that list. We will initiate our leasing program this month and look forward to welcoming new residents to this important Jersey City neighborhood."

State Square is ideally located in the center of Journal Square near one of the Port Authority=s largest metropolitan hubs. Thus, commuting by public transportation is possible to Manhattan and every town in Hudson County via the PATH trains, the Hudson-Bergen Light Rail and express busses and ferries.

Monthly rents for State Square's market rate residences start from $1,025 for studios and from $1,225 for one-bedroom layouts. The 30 affordable apartments are available to qualified renters at monthly rents of $488.00 for studios and $510.00 for one-bedroom residences.

For more information, please call 201-610-9483.


		CONTACT: Joel G. Cahn or George M. Cahn Cahn Communications (201) 996-9222 01 May 2003 JERSEY CITY, N.J. — State and local officials joined developers in Jersey City, N.J. today (May 4, 2005) to celebrate the completion of the first new-construction project in Journal Square in 20 years. The 12-story-building, called State Square, features 130 rental residences, including 100 market-rate apartments and 30 affordable apartments. The $31 million project, which is located on the site of the former State Theater on Kennedy Boulevard, also includes 15,000 square feet of ground-floor retail space and a new eight-story parking garage with the capacity of 395 automobiles. Jersey City Mayor Jerramiah Healyand fellow municipal officials joined representatives of the Housing Mortgage Finance Agency (HMFA) and the developer of the property -- a consortium whose principals include The Alpert Group, Applied Development Co., Panepinto Properties, Harwood Properties and former Congressman Frank Guarini -- to mark the completion of one of Jersey City=s most significant off-river residential development efforts. AWe believe this is an important milestone for Jersey City as State Square represents a vital component in the overall investment taking place in Journal Square," notes Joseph Alpert, a principal in the joint venture. AThis area has received substantial capital improvements in recent years, including new and renovated office space, commercial stores and restaurants; the renovated Lowes Theatre and several buildings belonging to Hudson Community College. We can now add new residential construction to that list. We will initiate our leasing program this month and look forward to welcoming new residents to this important Jersey City neighborhood." State Square is ideally located in the center of Journal Square near one of the Port Authority=s largest metropolitan hubs. Thus, commuting by public transportation is possible to Manhattan and every town in Hudson County via the PATH trains, the Hudson-Bergen Light Rail and express busses and ferries. Monthly rents for State Square's market rate residences start from $1,025 for studios and from $1,225 for one-bedroom layouts. The 30 affordable apartments are available to qualified renters at monthly rents of $488.00 for studios and $510.00 for one-bedroom residences. For more information, please call 201-610-9483.	George Cahn President Cahn Communications 1401 Washington Street Suite 300 Hoboken, NJ 07030 Tel: (201) 876-3100 gcahn@cahncomm.com