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--Skyscraper at 77 Hudson will be First of its Kind on the Gold Coast--

EDISON, N.J., June 21 – K. Hovnanian, the largest homebuilder in New Jersey, today announced that is has closed on property at 77 Hudson St. in Jersey City where, with co-developer Equity Residential, it plans to build a 500-foot skyscraper to meet a growing demand for housing in an area that has been transformed by the increased number of businesses that have moved from Manhattan.

The 1.76-acre parcel, purchased from Hartz Mountain of Secaucus, N.J., will consist of two multi-unit buildings. One is a tower with 420 condominiums to be sold by K. Hovnanian and the other is a 481-apartment rental tower operated by Equity Residential. The building will be about 500 feet tall.

“We are excited that this project is moving forward at a fast clip,” said Jim Driscoll, division president of K. Hovnanian. “At a time when Jersey City keeps adding jobs and New Yorkers are looking for strong home equity, we believe residences at 77 Hudson will offer high value with lots of amenities in an unbeatable waterfront location.”

The site 77 Hudson St. is located a block from the waterfront in the desirable Paulus Hook area with convenient access to employment, shops, restaurants, nightlife, and transportation to New York City. It is three blocks from the Exchange Place Path Station, one block from the Hudson-Bergen Light Rail System and New York Waterway Ferry.

The building, designed by New York architecture firm Cetra/Ruddy Inc., the award-winning architectural firm known for its innovative housing design, will be the first Manhattan-style skyscraper in Jersey City and will feature a curtain wall system, with floor-to-ceiling glass that maximizes the spectacular water views.

The condominiums, 75 percent with Manhattan skyline views, will comprise approximately 215 one-bedroom units, 144 two-bedroom units, 19 three-bedroom units, and 42 studios. Home prices start in the mid $300s and extend to $2 million for the penthouses. The average pricing will be in the mid-$800,000’s.

The apartments will include 132 studios, 209 one-bedrooms and 140 two-bedroom units, according to Megumi Brod, vice president of development.

Compared to Manhattan and Brooklyn prices, homebuyers seeking waterfront homes minutes away from downtown Manhattan will get a strong value for their dollar. In addition to large kitchens and living spaces, each condominium home will include a parking space within the shared parking garage. Most also will have incredible views. The building will have nearly 19,000 square feet of retail space on the ground floor.

Seller Hartz Mountain said it sees a bright future for the site.

“We have been looking forward to building an important office tower on this site since 1999, but it is clear that the awesome power of the residential market demands another use for this land,” said Emanuel Stern, president and chief operating officer of Hartz Mountain Industries. “We are gratified that a team as esteemed as K. Hovnanian and Equity Residential will bring the site to life as luxury housing.”

K. Hovnanian and Equity Residential plan to break ground on the new building in July.

Building almost one in every nine homes in the state, K Hovnanian has taken a leading role in the rebuilding the Hudson River’s “Gold Coast” in New Jersey to meet the needs of a growing demographic. From the late 1990s, when the company started building Jacob’s Ferry, to the completion of its latest projects, it will have built almost 2,000 homes, changing the demographics of several Hudson County communities and most certainly changing the view from the Hudson Parkway across the river.

About K. Hovnanian
K. Hovnanian is one of the nation’s leading builders of fine homes and award-winning communities. The company started as a family-owned business in 1959, and through well-defined acquisition efforts, has expanded over the years to include homebuilders with localized expertise in numerous markets throughout the United States. The company designs, constructs and markets a variety of for-sale housing in more than 367 residential communities in 18 states. K. Hovnanian ranks among the largest homebuilding companies in the U.S., with total revenues of $5.3 billion on 17,783 home deliveries in fiscal 2005. For more information about living on the Gold Coast please visit www.khovmetroliving.com or call K. Hovnanian at 888-KHOV-GOLD. Information about K. Hovnanian is available at its Web site, www.khov.com.

About Equity Residential
Equity Residential, an S&P 500 company, is the largest publicly traded apartment company in America. Nationwide, Equity Residential owns or has investments in 896 properties in 31 states and the District of Columbia consisting of 190,621 apartment units. For more information on Equity Residential, please visit our website at www.equityresidential.com.

About Hartz Mountain Industries
Headquartered in Secaucus, N.J., Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, including approximately 200 properties and totaling more than 38 million square feet in the northern New Jersey/New York area. Most recently, Hartz was recognized by NJPA Real Estate Journal as the “Best Place to Work for 2006” and “Best Developer of 2004” and the Business News New Jersey (NJBIZ) as one of the best places to work in New Jersey for 2005 and 2006. For more information, visit Hartz’s Web site at www.hartzmountain.com.