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AVATAR HOLDINGS ANNOUNCES PRIVATE PURCHASE

 NEW YORK, Sept. 30 /PRNewswire/ -- Avatar Holdings Inc. (NASDAQ: AVTR) announced that it has privately purchased from the estate of Peter Jay Sharp 1 million shares of the company's common stock at a purchase price of $27 per share. These shares will be held in the company's treasury for future corporate purposes. As a result of such purchase, the total number of outstanding shares of the company's common stock has been reduced to 9,095,102.
 Avatar also announced that Leon Levy, who is chairman of the company's board of directors, is privately purchasing from Sharp's estate an additional 200,000 outstanding shares of the company's common stock at a purchase price of $27 per share.
 Avatar is a diversified holding company primarily engaged, through its various subsidiaries, in real estate and utility operations. Real estate activities include the sale of improved homesites and improved and unimproved commercial/industrial land tracts; the development, sale and management of vacation ownership intervals; the construction and sale of single and multifamily housing; the operation of amenities and resorts; the construction and leasing of shopping centers; and the provision of property management service. Utility operations include the purification and distribution of water and the treatment and disposal of wastewater.
 -0- 9/30/93
 /CONTACT: Juanita I. Kerrigan, vice president and secretary, of Avatar Holdings, 305-442-7000, ext. 230/
 (AVTR)


CO: Avatar Holdings Inc. ST: Florida IN: UTI SU:

AW-RK -- FL003 -- 7174 09/30/93 10:02 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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