New York Residence Offers Apartments in Landmarked Skyscraper at Unmatched Prices

NEW YORK, October 27, 2010 - New York Residence Inc. is pleased to announce the opening of the on-site
sale and leasing center at The Downtown Club Condominium, a luxury
residential property near New York's waterfront.

The prestigious 1930 Art Deco skyscraper on the Southern tip of Manhattan
was the former home of the Downtown Athletic Club and the Heisman Trophy.

In 2006 it was converted into a luxury residential property featuring one
of the largest private gyms in Manhattan.

"New York Residence worked closely with the Board of Directors of the
Downtown Club Condominium to show its commitment to this landmarked
property," said Ms. Alexis Gandelman, Senior Vice President of New York
Residence. The company has been successfully selling and renting condos in
the Downtown Club since the conversion of the property.

The Downtown Club offers a rare combination of compact and affordable
spaces with white glove service, including 24 hour doorman, residents'
lounge, sun deck, valet and other hotel-style services which are appreciated
by residents and investors alike. Many units feature breathtaking water
views, high ceilings and unique floor plans. Four subway stations right next
to the property bring the best of New York to resident's doorsteps in minutes
- Times Square can be reached in just 14 minutes.

Ms. Gandelman points out that "no other property in Manhattan comes even
close to matching the Downtown Club in terms of value and convenience."

Current offerings include a high floor studio with breathtaking city
views for only US$395,000 and a 3 bedroom apartment with water views at
US$1,490,000. Selected units start from only US$800 per square foot, a price
point that is virtually impossible to find in any quality Manhattan
condominium. Rents begin at US$2,100 and are in high demand.

The Downtown Club Sales and Leasing Office at 20 West Street is open 7
days a week and may be reached at +1-212-363-2020 or info@downtownclubnyc.com.

New York Residence Inc. www.newyorkresidence.com, is a New York
based real estate brokerage firm that was formed in 2005. Specializing in
residential, commercial, and investment property sales, the company has
branch offices in Berlin, Dublin, Seoul and Shanghai. New York Residence's
headquarters are on the 26th floor of the famed Paramount Building in the
heart of Times Square.

    Contacts:

    Thomas Guss
    New York Residence
    +1-212-840-1616 x103
    tg@newyorkresidence.com

Thomas Guss, +1-212-840-1616, x103, tg at newyorkresidence.com