May 13, 2007
Gemstone Development Announces 500th Residence Closed at Manhattan Condominiums

Gemstone Development announced today that it has closed on the 500th residence of its sold-out Manhattan Condominiums development.

"With our 500th residence closed and more than $150 million in proceeds to date we are quickly nearing the completion of the project," said Gemstone CEO, Alex Edelstein. "We have obtained the certificate of occupancy for seven of the nine buildings in the community and are on track to close our eight building early next month, with the last building following in July."

Gemstone is the developer of the 700 unit Manhattan Condominiums as well as ManhattanWest, a new 20 acre, 700 unit mixed use development under construction at Russell Road just west of I-215.

Contact:
Mark Chatow
Gemstone Development, LLC
702-614-3193
markc@gemstonedev.com
www.gemstonedev.com




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