LAKEWOOD, N.J. October 23, 2007 – Lakewood Mayor Ray Coles joined with representatives of Somerset Development and other Lakewood public officials to formally open The Concord, located at 900 Madison Ave. in Lakewood, during a ribbon-cutting ceremony on Oct. 22. The new 32-unit, four-story luxury condo project has been built on the former site of an abandoned motel that had long been neglected.

“You can say that we have replaced an old landmark with a new landmark,” said Ralph Zucker, president of Somerset Development. “The Concord demonstrates that multifamily housing can create a distinctive sense of place and become a valuable asset to the community.”

The Concord contains a ground level of indoor gated parking and four levels of residential space. The impeccably designed four-, five- and six-bedroom condominiums each offer the space of a single-family home with units ranging from 2,200 to more than 3,000 square feet. A beautifully landscaped 3,000 square-foot courtyard and playground, as well as spacious outdoor balconies, provide residents with ample opportunities to enjoy the outdoors.

Mayor Coles said that Lakewood was proud to have Somerset Development redevelop the site and feels that Zucker delivered on his promise to create a building that all of Lakewood could enjoy. Coles presented Zucker with a proclamation from State Senator Robert W. Singer (R-30), praising Somerset Development for revitalizing the site and honoring Lakewood’s history with a new building that combines classic and modern architecture.

“When people ask about The Concord, we can simply point and say that it’s that beautiful new building in the center of Lakewood,” said Coles. “Not only does The Concord provide much-needed housing, but  it also has spectacular landscaping, a playground for our children and park benches for pedestrians to stop and rest when they are walking down Madison Avenue.”

One of The Concord’s first residents, Maurice E. Novoseller was so impressed by the building, its amenities and the attention to every architectural and construction detail, that he and his family purchased multiple units.

“I’m now one block from my daughter, two blocks from my son and a half-mile from my other son,” said Novoseller. “The location is perfect for Lakewood, and the homes are large enough to have my entire family visit during the holidays.”

The Concord is the third residential project for Lakewood-based Somerset Development within Lakewood. They have also built the single-family-home community of Pine River Village, with 175 homes, located at Pine and Washington Streets, and are developing Pine and Vine with 14 duplex units adjacent to Pine River Village.

“Lakewood is our home and we only build homes that we would live in ourselves,” said Zucker. “It’s a true testament to the partnership between Somerset Development and the town of Lakewood that we are able to create projects that will serve as local landmarks for years to come.”

About Somerset Development:

Somerset Development is a residential and commercial developer located in Lakewood, N. J. The principals of Somerset have more than 40 years of real estate development experience. Somerset is recognized as one of the New York/New Jersey metropolitan area’s most popular homebuilders. With an unwavering passion and commitment to detail, design and quality, Somerset has built an extraordinary following of buyers. As one of the few developers devoted to Traditional Neighborhood Design, Somerset works painstakingly to create neighborhoods of distinctive character and charm where small-town life thrives.

For more information on Somerset Development contact the company’s Lakewood headquarters by calling (732) 367-2828 or via their Web site at www.sdnj.com.