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AVATAR HOLDINGS FILES REGISTRATION STATEMENT WITH SEC

 AVATAR HOLDINGS FILES REGISTRATION STATEMENT WITH SEC
 NEW YORK, Sept. 8 /PRNewswire/ -- Leon Levy, chairman of the board


of directors of Avatar Holdings Inc. (NASDAQ: AVTR) announced that the company filed with the Securities and Exchange Commission a registration statement relating to a proposed offer by Avatar to exchange up to $34,496,000 aggregate principal amount of new 9 percent Senior Debentures due Oct. 1, 2000 for all of its outstanding 8 percent Senior Debentures due Oct. 1, 2000. Avatar also announced that it will solicit consents from the holders of its 8 percent Senior Debentures to eliminate substantially all of the principal restrictive covenants currently contained in the indenture for the 8 percent Senior Debentures.
 Avatar expects to commence the proposed exchange offer and solicitation as soon as its registration statement is declared effective by the commission.
 Avatar is a diversified holding company primarily engaged, through its various subsidiaries, in real estate and utility operations. Real estate activities include the development, marketing and sale of improved and unimproved property; construction and sale of shelter units; operation of amenities, resorts and cable television facilities in Avatar-developed communities; sales and management of timeshare unit weeks; and residential and commercial property management services. Utility operations include the purification and distribution of water and the treatment and disposal of wastewater.
 This news release does not constitute either an offer to sell or a solicitation of an offer to buy these securities, which offer may be made only by Avatar's Prospectus/Offer to Exchange and Consent Solicitation Statement.
 -0- 9/8/92
 /CONTACT: Juanita I. Kerrigan, vice president and secretary of Avatar Holdings, 305-442-7000 ext. 277/
 (AVTR) CO: Avatar Holdings Inc. ST: Florida IN: SU: OFR


AW-JB -- FL007 -- 6852 09/08/92 09:10 EDT
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Date:Sep 8, 1992
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