New York Governor George Pataki, Mayor Michael Bloomberg, the Majic Development Group and 1800 Park Ave. LLC development teams, officially break ground on Harlem Park today. The landmark $236 million mixed-use commercial/residential revitalization project is designed by Enrique Norton of Ten Arquitectos /MDA Designgroup. Press Release
---

Ambitious Mixed Use Commercial and Residential Property Will Include a
Marriott Courtyard Hotel and Create 2,500 Jobs

NEW YORK, Feb. 17 /PRNewswire/ -- Celebrating the most ambitious real estate development in Harlem's recent history, New York City public officials, including Governor George Pataki and Mayor Michael Bloomberg are joining the Majic Development Group and 1800 Park Ave. LLC development teams to officially break ground on Harlem Park today. The landmark $236 million mixed-use commercial and residential property will raise the bar for the revitalization efforts the area has seen in recent years, creating approximately 2,500 jobs by the time it opens in late 2006.

Designed by world-renowned architect Enrique Norton of Ten Arquitectos/MDA Designgroup, Harlem Park will feature a 204-room Marriott Courtyard Hotel -- the first nationally flagged hotel in Harlem since 1966 -- The Offices at Harlem Park (167,000 square feet of "Class A" office space), The Shoppes at Harlem Park (a 62,000 square foot retail center), approximately 100 residential units, a 1,200-seat meeting/banquet facility, a health club and spa with an outdoor pool facility, and a bi-level underground parking garage.

"Harlem is more than a community with a rich history -- it is a community that has helped to drive history -- and that's why it is vital to create something special for future generations," said Michael Caridi, chairman, MAJIC Development. "Harlem Park builds a bridge between East and West Harlem and will provide an infusion of capital and new jobs into the community,
attracting Fortune 500 companies and leading retail brands."

Harlem Park is currently in pending negotiations with Brand Jordan, a division of Nike, to open its first-ever Jordan flagship retail store at the site. Like Harlem Park, Brand Jordan recognizes that the Harlem community is more than "historic" -- it continues to be a defining force with regards to how we envision the future. The store opening will coincide with the 20th anniversary celebration of the Air Jordan franchise, making Harlem the window to the future of the brand.

According to an independent survey conducted by Caridi's MAJIC Development, approximately 30% of all New York's tourists pass through Harlem and now, the presence of a Marriott Courtyard Hotel will provide area visitors with a place to stay and an incentive to stay longer.

"Marriott is proud of its association with Harlem Park and what that will mean for the future development of the Harlem community, said Dave Sampson, Senior Vice President, Marriott International. "Because of Harlem Park's proximity to mid-town and major transportation arteries, this and prime location will serve as an attractive destination for travelers, helping to
retain tourism dollars; while serving as an attractive asset for business travelers, providing them with the resources they need to be productive while they're in Harlem."

Harlem Park is centrally located in Harlem, on the southeast corner of 125th Street and Park Avenue and sits in close proximity to the Metro North (the second largest transportation hub in New York City), three major airports, as well as local subways and bus stops.

"Harlem Park is such an attractive property for the community and its developers because it will be a beacon for business and tourism, generating income and jobs for its residents and businesses," said Eric Westbury, Chief Executive Officer of SBM Financial LLC, a principal investor in Harlem Park. "Today marks a new chapter in the history of Harlem and a turning point in how and where Manhattan does business."

Michael Caridi/Majic Development Group LLC

Michael Caridi is Chairman of several companies including MAJIC Development, Protection Plus Security Consultants, Inc., and Berkshire Financial Group, Inc. His business endeavors span various industries including residential construction and development, concrete and asphalt
operations, interior/exterior and ground-up commercial construction for Fortune 500 corporations. In addition, Michael is also engaged in a diverse mix of independent business ventures including residential and commercial property-ownership, management and banking, ship salvaging and dismantling, hotel ownership and development, consulting and management, corporate janitorial services, magazine publishing, and alcohol/non-alcoholic import and export.

MAJIC Development Group LLC, headed by Michael Caridi, have undertaken significant development and construction projects for an extensive clientele roster. With capabilities ranging from design, sales and lease acquisitions, to financing, construction, renovation and rehabilitation, Majic's multi- million-dollar projects have included: Holiday Inn Hotel on West 57th street (New York, NY); Esplanade (Palisades Park, NJ); Ocean Terrace (Long Beach,
NY); Villas of Whitestone Mews (Queens, New York); 237 Martine Avenue (White Plains, New York). High-rise and superstructure construction projects have included: Barnes & Nobel Superstores; Citigroup; Toys-R-Us; Circuit City; Weight Watchers; Pfizer Pharmaceuticals; Verizon (corporate and retail).

Harlem Park

Co-conceived by Majic Development Group and 1800 Park Ave. LLC, and co-designed by world-renowned architect, Enrique Norton, and Designgroup International, Harlem Park is the $236 million, mixed-use residential and commercial property planned for occupancy in 2006. Centrally located in New York City's Harlem neighborhood, on the southeast corner of 125th Street and Park Avenue (adjacent to the newly renovated 125th Street Metro North
station), the 660,000 square foot, 34-floor structure will house a Marriott Courtyard Hotel, The Offices at Harlem Park (167,000 square feet of "Class A" office space), The Shoppes at Harlem Park (a 62,000 square foot retail center), approximately 100 residential units, a 1,200-seat meeting/banquet facility, a health club and spa with an outdoor pool facility, and a bi-level
underground parking garage.


SOURCE Harlem Park