07.19.05
AMC Delancey Partners With Hudson Capital to
Acquire 132-Acre Plot on Anastasia Island in Northern Florida
Three-Year, $280 Million Development Project Planned for Site.

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

ANASTASIA ISLAND, FL, JULY 19, 2005 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, announced it has teamed with joint venture partner Hudson Capital, LLC, to acquire 132 acres of land on Anastasia Island, located near St. Augustine in northern Florida, for $30 million. The companies plan to embark on a three-year, $280 million large-scale development project, which will include the construction of 450 condominiums, as well as retail and commercial units.

Abraham Galbut, CEO of Hudson Capital, commented, “We are pleased to have formed a partnership with AMC Delancey Group to acquire this exciting development property on Anastasia Island, across the Intercoastal from St. Augustine. We look forward to working closely with AMC Delancey, marrying their investment experience and development expertise with ours to create a world-class residential community that our homeowners will enjoy for many years to come.”

Kenneth P. Balin, President and CEO of AMC Delancey, stated, “We are delighted to be partnering with Hudson Capital on what I know is the first of many ventures together. This is an exciting development that will help spur additional economic investment in the St. Augustine region. In addition, this project will be executed with a great deal of vision, professionalism and sensitivity to the surrounding community and environment. The venture has already engaged the services of many local consultants who are familiar with the current issues facing the local and regional real estate market. These local consultants helped in producing the most exciting and aesthetically pleasing plan for the site.”

Hudson Capital, LLC, is a diversified real estate company. In addition to development opportunities like Anastasia Island, their focus includes the acquisition, development, rehabilitation and conversion of residential multifamily apartment complexes to condominiums. Hudson Capital is constantly searching for new acquisitions utilizing a hands-on approach of scouting properties, conforming to strict due diligence guidelines and market-pricing acquisition. Combining over fifty years of combined real estate experience, the principals of Hudson Capital produce quality real estate projects and achieve success through a blend of expertise, discipline and integrity. For more information visit www.hudcap.com.

In addition to the Anastasia Island development, Hudson and AMC Delancey are considering several other opportunities including condominium conversion and new ground-up residential lifestyle development projects.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com .