KISLAK CLOSES $51.75 MILLION PORTFOLIO SALE IN HUDSON VALLEY, NEW YORK
KISLAK REPRESENTS BUYER AND SELLER IN FIVE-PROPERTY TRANSACTION

HUDSON VALLEY, NY, Aug 23, 2007 - /FLIERWIRE/-- The Kislak Company, Inc., the leading multi-family and retail investment sales firm in the tri-state region, announced today the closing of a $51.75 million multi-family portfolio sale, which includes five assets located in Orange and Dutchess Counties, New York. The portfolio disposition was made on behalf of A&R Fuel, a long-term client of Janet Bortz, vice president of The Kislak Company. Matt Weilheimer, vice president also of the Kislak Company, represented the buyers in each of these transactions.

Janet Bortz notes that the Hudson Valley is one of the strongest and most desirable real estate markets in the Tri-state area, with an increased presence of local and national retailers, and a myriad of employment opportunities. "With no rent control and expanding rental markets, the current demand for multi-family investment properties in the Hudson Valley is as strong as ever. The area is quickly becoming an extremely popular option for investors and residents alike. The demographics are outstanding and with the express train service to New York City, and the recent approval of the Stewart Airport to become part of the NY/NJ Port Authority, the popularity of Hudson Valley is destined to only increase."

Matt Weilheimer added, "This was a complex transaction, and we had to work very closely with the buyers and the seller to complete several hurdles along the way." "The consummation of this deal was possible because of our long-term relationship with our clients and their confidence in our industry expertise, as well as their intense commitment to acquire these propertiesthey recognized the value in the Hudson Valley and stuck with their decisions."

The properties included in this $51.75 million portfolio transaction include:

" Village Crest Apartments located at Maloney Road in the town of Poughkeepsie. The 246-unit garden-style apartment complex is situated on 30 acres and is convenient Route 9. Coolidge Maloney Road, LLC was the buyer, and financing was provided by Arnold Smeenk of M&T Realty Capital.

" Country Manor located near Route 211 on Stratford Lane in Middletown. The 180-unit, 2 ?-story brick garden-style building is situated in a park-like setting and features a pool for residents. Coolidge Stratford Lane, LLC was the buyer, and financing was provided by Arnold Smeenk of M&T Realty Capital in this transaction.

" Stevens Manor located at Silver/Scotchtown Road in Middletown. The 160-unit, garden-style brick apartment complex features a pool, and is in close proximity to transportation and employment opportunities. Coolidge Scotchtown Road, LLC was the buyer, and Arnold Smeenk of M&T Realty Capital provided the financing in this transaction. The property was fully occupied at the time of the sale.

" Greenhouse Apartments located on Stewart Avenue in Newburgh. The 69-unit, two-story brick colonial building is located just one mile from the New York State Thruway and Route 84. GHA Realty was the buyer, and financing was obtained through HSBC in this transaction. The property was fully occupied at the time of the sale.

" Hopewell Gardens located on Route 376 in East Fishkill. Situated in a scenic location, this classic-style, field stone building was formerly a farm and stable. Featuring a pool for residents, this 69-unit apartment building was fully occupied at the time of the sale. Coolidge 376, LLC was the buyer, Arnold Smeenk of M&T Realty Capital provided the financing in this transaction.

About The Kislak Company
The Kislak Company, headquartered in Woodbridge, NJ, is recognized as the dominant investment sales company serving the multi-family and retail markets. Established in 1906, Kislak's market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak's prestigious client base includes individual investors and owners, partnerships, financial institutions and REITs. The firm's 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Virginia, Connecticut and Delaware.

For more information on The Kislak Company, please visit www.kislakrealty.com or call (732) 750-3000.