KOR Cos. receives approvals for Jersey City development September 12, 2003

KOR Cos., a leading New Jersey-based diversified real estate development company, announced it has received amended site plan approval allowing it to proceed with a world-class, new residential high-rise development in Jersey City. Known as Montgomery Greene, the 20-story luxury building will contain 113 condominium units, composed of lofts, studios and one-bedroom and two-bedroom layouts as well as approximately 4000 square feet of ground floor retail space. A parking garage also will be constructed accomodating 124 spaces. Construction is expected to commence in Spring 2004 and be completed in Summer 2005.      Located on the corner of Montgomery and Greene streets, Montgomery Greene will offer such amenities as valet parking, state-of-the-art gym, abundant storage areas, loading dock facilities and terraces. Situated in the heart of Jersey City, Montgomery Greene will offer outstanding views of Manhattan, Liberty State Park and the Hoboken riverfront., as well as numerous transportation options. The development will offer convenient access to major highways, such as the New Jersey Turnpike, Routes 1 & 9, I-280, the Garden State Parkway and I-78, Hudson- Bergen Light Rail, PATH service to Manhattan, New Jersey Transit bus service and ferry service via the Colgate Center Terminal.      “We are pleased to be one step closer to breaking ground on Montgomery Greene, one of the most extraordinary condominium projects planned in Jersey City in quite some time,” said Harry Kantor, president and CEO of KOR Cos. “Montgomery Greene was meticulously planned to offer all the luxury appointments and features of Manhattans finest apartment buildings, but at much more attractive prices. We have re-configured this project from its original plans as a rental development into condominiums to take advantage of the shortage of new condo developments on the Gold Coast. We expect demand to be substantial and look forward to bringing a jewel to the Gold Coast of New Jersey.”      Montgomery Greene was designed by the Jersey City-based architectural firm, Lindemon Winckelmann Deupree Martin & Associates.      KOR Cos. is a rapidly expanding real estate development organization active in the residential, office and industrial sectors. Founded by Harry Kantor, KOR Cos. is dedicated to creating new developments that are architecturally distinct, quality constructed and based on sound financial strategies.