Schenectady, N.Y., August 22, 2006 — Schenectady County officials today joined with the Town of Niskayuna to announce that the largely vacant St. James Square retail center at the corner of Balltown Road and Nott Street has been purchased by a major developer.

The new owners, Realty Equities Group, plan to upgrade and rename the retail center hoping to fill vacancies and bring new vitality to a shopping plaza located in the heart of Niskayuna. Realty Equities is in discussions with several potential tenants interested in locating at the center.

Susan E. Savage, Chair of the Schenectady County Legislature said, “Niskayuna residents hope that there will be a brighter future for St. James Square. The Town is a great place to live and work and there is no reason that this retail center has to have so many vacancies. The County’s smart growth economic policies focus on re-using existing buildings. Plans to revitalize St. James Square are totally consistent with our smart growth agenda.”

Niskayuna Supervisor Luke Smith said, “Niskayuna residents join me in welcoming a new developer to this retail plaza in the center of Town. Our goal is to work closely with the developer so that this site adds to the excellent quality of life that Niskayuna is already well known for.”

Realty Equities Group has offices in Westchester and in Manhattan. The company owns several retail centers and mixed – use properties and has developed well over 1,00 residential units. The company has a strong track record of purchasing retail centers and improving their performance.

Paul Foley, President of Realty Equities Group said, “Niskayuna is a very strong market. The economy of Schenectady County and the Capital Region are also very strong. We see a great opportunity for a very successful retail hub in the middle of Niskayuna and we plan to work hard to improve the look and feel of the plaza. Renaming the site and increasing the occupancy rate are our first priorities.”

The company has already closed on the sale of the first phase of the property which includes over 93,000 square feet at the front of the parcel closest to Balltown Road. A rear portion of the site may be added at some point in the future.

The Schenectady County Department of Economic Development and Planning is already working with the new owners to show the site to potential office and retail tenants. The County IDA administered by Metroplex can offer PILOT agreements and other incentives to companies that want to utilize the site for office or tech space.

More information may be obtained by contacting (914) 747-9512.