NEW YORK (June 30, 2005) — The New York regional office of LCOR announced today that Manhattan’s Murray Hill neighborhood soon will be home to The Charleston, a new 172-unit luxury condominium. The national real estate development company said it had completed acquisition of a 15,800-square-foot development parcel located at 225 East 34th Street, along with air rights and inclusionary bonus square footage, and plans to build a new 21-story residential tower on the site.

LCOR purchased the site in a joint venture with the California State Teachers’ Retirement System (CalSTRS) from Benenson Capital Partners, LLC, one of the nation’s oldest and most active privately held real estate investment and development companies. The property is currently occupied by a vacant three-story office building.

The Charleston will contain approximately 170,000 square feet of luxury condominiums. The ground floor will combine a residential lobby and an 11,000-square-foot commercial space for office or retail uses. The project will also include a fitness facility, media lounge, catering kitchen and an outdoor garden terrace.

“There has been a lack of new luxury condominiums in Murray Hill, a desirable residential neighborhood convenient to all transportation,” said David Sigman, senior vice president of LCOR. “The Charleston will provide a living experience that is a cut above the rest, with well-designed, beautifully finished residences with high ceilings. Given the steep rise in rental prices in the neighborhood, the time is right to offer an ownership option in a traditionally underserved market.”

“It was very important to the Benenson family that the building be named in memory of our father, Charlie, who was instrumental in helping make New York City great,” commented Lawrence B. Benenson, a principal of Benenson Capital Partners, LLC. “LCOR was gracious enough to agree and we are certain The Charleston will be one of their most successful projects.” The Charleston will be located on East 34th Street between Second and Third Avenues in the heart of Murray Hill, a leafy residential enclave that retains much of its "old Manhattan charm." The area has developed into a thriving retail and entertainment district, with trendy bars, cafes and the Loews Kips Bay movie complex.

The Charleston will offer studio, one- and two-bedroom residences and several three-bedroom penthouses. The convenient location offers access to public transportation, the Midtown Tunnel and FDR Drive.

All residences will have ceilings at least nine feet high, large, open-style kitchens of wood and stone and stainless steel appliances, and luxurious bathrooms with stone finishes and premium fixtures.

Construction on The Charleston is expected to begin later this year, with completion in 2007.

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