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January 10, 2008

Reprinted from the New York Real Estate Journal
January 2008

New Rochelle, NY According to the New Rochelle Neighborhood Revitalization
Corporation (NRNRC) and 180 Union AvenueOwner LP, the senior residences, part of the West End Affordable Housing Development in New Rochelle, has been named Garito Manor at Union Square. Garito Manor, named after Frank Garito, NRNRC president, who was born and raised in New Rochelle and served as Mayor of New Rochelle from 1970-1975, has special meaning for a development that was
achieved due to Garito's vision for affordable housing in the West End of New Rochelle over 30 years ago.

The West End Development is a combination of urban renewal activity and
affordable housing. The development consists of the Town Homes at West
Way, 25 new duplex homes for families, and Garito Manor, affordable senior
residences with lifestyle services for senior citizens.

The West End Development represents a partnership formed between the City
of New Rochelle, County of Westchester and NRNRC. This alliance was created
to perform two objectives - abating blight and deterioration in the West End
Neighborhood and providing ownership opportunities for first time home
buyers who earn up to 80% of the median income.

The development of the West End is comprised of two phases: Phase I, which
consists of the construction of Garito Manor, a $40 million seven-story
building for senior living, and the Town Homes at West Way. Phase II,
estimated at $20 million, will continue with town home development and a
"green" multi-story mixed use building.

Garito Manor offers affordable deluxe studios, one and two-bedroom senior
living apartments, based on income guidelines, and includes a multitude of services.
The 102-unit senior residence is Westchester County's first affordable "green"
building, complying with "LEED" certification through the New York State
Energy Research and Development Administration's (NYSERDA) new
construction program.

Garito Manor is being developed by the NRNRC and managed by Isabella
Management Services, Inc., a subsidiary of Isabella Geriatric Center. Perkins
Eastman Architects, is the senior residence architect. The general contractor
for the town homes and senior building is Andron Construction Co.
Construction is scheduled to be completed this spring.

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