Columbus Circle condominiums 40% sold.

In an undeniable display of confidence in New York's high-end real estate market, buyers have signed contracts worth over $300 million for the One Central Park condominiums atop AOL Time Warner Center, the 2.1-million-SF, mixed-use complex currently under construction on Columbus Circle. According to The Related Companies, L.P., the developer of AOL Time Warner Center, signed contracts for 40% of the 191 condominiums have been received; an additional $25 million in sales contracts have been sent out for signature at the request of purchasers.

One Central Park condominiums, ranging in size from two to four bedroom residences from 1,287 to 3,923 SF, have sold for $1.7 million to $11 million. In addition, two full-floor penthouses have been purchased, and contracts for another two penthouses -- priced from $25 to $35 million -- have been sent out for signature.

Scheduled for completion in Fall 2003, AOL Time Warner Center will include two elegant residential towers featuring the luxury One Central Park condominiums. There will be 126 residences at the One Central Park Club and 65 condominium residences above the Mandarin Oriental, New York, located on 58th and 60th streets, respectively. Crowning each tower will be 8,400-SF, full-floor penthouses with 12-foot ceiling heights, 360-degree views of the Manhattan skyline, and the most commanding views of any residence overlooking Central Park.

To accommodate the increasing number of inquiries from prospective purchasers requesting 4,000-6,000-SF residences, the developers have announced that they will reconfigure a few of the 8,400-SF penthouse floors. Among the residences that will be available are 4,000 to 4,500-SF apartments, and a custom-created 6,300-SF duplex residence, several with outdoor space. Each of these units will be priced from $14 to $24 million.

"We are pleased with the indisputable success of the sales program, demonstrating that buyers are seizing the opportunity to live the brilliant, full service lifestyle offered at One Central Park condominiums," said David J. Wine, vice chairman of The Related Companies, L.P. "Since we are in early construction stages for both the One Central Park Club residences and the residences above Mandarin Oriental Hotel, we are able to respond to our buyer's needs and desires by customizing residences for them."

"Purchasers are eagerly responding to the opportunity to live in a luxury environment that defines Five Star Living [TM]," added Louise Sunshine, CEO of The Sunshine Group, exclusive marketing & sales agent for One Central Park. "A location in the cultural heart of New York City; the most commanding views of any residences overlooking Central Park; inspired, contemporary architecture and interior design; the legendary, award winning service of the renowned Mandarin Oriental Hotel group; and unparalleled technological sophistication."

The exclusive One Central Park condominiums will offer a select few purchasers a brilliant lifestyle for the 21st century, providing a confluence of elements never before enjoyed in luxury residential development and creating, for the first time, Five Star Living [TM]. Incorporating every imaginable ingredient of luxury living, One Central Park will feature modern and spacious layouts; breathtaking views of Central Park, the Hudson River and the city's skyline; exquisitely planned kitchens and baths; pre-wired state-of-the-art technology and automated building systems. One Central Park residents at Mandarin Oriental will be treated as permanent guests of the hotel.

Owners will enjoy preferential access to the hotel's full-service spa and health club and be pampered by the spa's luxurious, Asian-influenced treatments. The fitness center, replete with the most advanced training equipment, will feature a 75-foot glass enclosed swimming pool.

In addition to Mandarin Oriental Hotel's world-renowned services, One Central Park owners will enjoy the broad array of world-class amenities at their own private club, The One Central Park Club. This exclusive club will include a lavish entertainment suite featuring a private dining room and salon with sweeping views of Central Park, a private screening room, a fully equipped Health & Wellness Center with a private spa treatment room, a children's play and party room, and a beautiful landscaped rooftop garden terrace overlooking the Hudson River and Manhattan's magical skyline.

AOL Time Warner Center will be an architectural masterpiece, designed by architect David M. Childs, FAIA, of Skidmore, Owings & Merrill. The 2.1 million-SF, multi-use complex will seamlessly integrate One Central Park's super-luxury residences; the world-renowned Mandarin Oriental Hotel; prestigious shopping and fine dining at the Palladium retail promenade, including restaurants by the legendary Jean Georges Vongerichten and Thomas Keller; Jazz at Lincoln Center; and the world headquarters of AOL Time Warner.