Sponsor: Harbor Square, LLC, 100 Summit Lake Drive, Suite 100, Valhalla, New York 10595. This advertisement is not an offering. No offering can be made until an offering plan is filed with the Department of Law in the State of New York. This advertisement is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General.

Cappelli Enterprises and Ginsburg Development, LLC (GDC Homes) have formed a joint venture to build "One Harbor Square," a mixed-use waterfront development on the banks of the Hudson River in the Village of Ossining. The $78 million project will be located on part of a 4.5-acre waterfront site and will include 150 market-rate condominiums, 10,000 square feet of retail and restaurant space, as well as a waterfront park, a water's edge esplanade, fishing pier, kayak launch and storage, a public beach and the existing commuter ferry pier. A total of 60 percent of the site is being developed for publicly accessible open space. Ground has been broken and sales are scheduled to start in early 2007. Web site: www.gdc-homes.com