Cosmopolitan Condo Pre-Sales Off-the-Chart

Cosmopolitan Condo Pre-Sales Off-the-Chart

Large Broker Demand Met With Organized and Catered Valentine's Day Event

LAS VEGAS, Feb. 17 /PRNewswire/ -- For real estate brokers, this past Valentine's Day could be best described as "love at first sight" for a condo- hotel unit at The Cosmopolitan Resort & Casino. Even without the benefit of a large-scale advertising campaign or the walk-in traffic of a Sales Center (scheduled to open at the beginning of March), the demand to "own it all at the center of The Las Vegas Strip" was "overwhelming."

The Valentine's Day demand was generated by seasoned real estate developer Ian Bruce Eichner working with Prudential Americana Group's High-Rise Development Division. Eichner, CEO of 3700 Associates, LLC, the developer of the $1.5 billion Cosmopolitan Resort & Casino, has successfully developed luxury properties in New York, South Beach, and now has his sights focused on Las Vegas.

Eichner's team hosted a one-day pre-sales event at the Four Seasons where brokers were treated to catered meals and refreshments throughout the day. Unlike other condo reservation events, Eichner and his team utilized a pre-sales, reservation formula that controls inventory throughout the sales process, which gives buyers an opportunity to select a condo-hotel from a balanced mix of units of all price points, views, levels, and locations within the tower.

"While a huge volume of reservations have been taken thus far, our current inventory still includes a variety of floor-plans and prices points, all with stunning views of the Strip," said Eichner.

"If this is any indication of things to come, owning at the center of the Strip appears to be an attractive proposition," said Eichner. "We've established a new paradigm by building a boutique, luxury condo-hotel on top of a four-story lower podium which features a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club. We provide buyers with a fully integrated real estate opportunity that's all under-one- roof and at one prime location. It's the truest form of the Manhattanization of Las Vegas, and represents the arrival of the Cosmopolitan lifestyle," Eichner added.

"This type of demand is a true testament to the new paradigm we've created for luxury, urban high-rise living in Las Vegas," said David Friedman, President of 3700 Associates, LLC, of the droves of people who have appeared at the Four Seasons. "It's a great problem to have at this stage. We can't imagine what the response will be once we open our Sales Center," added Friedman.

With its stunning architecture, stylized luxury, and panoramic views of Bellagio's fountains, Paris' Eiffel Tower, and the Strip, The Cosmopolitan places you at the "ocean front" of Las Vegas' famed excitement and entertainment. Its luxury condo-hotel design ushers in a new era of Las Vegas real estate development, where residents can "own it all, in the middle of it all," said Friedman, and literally take an elevator from their residence to the casino, retail shops, restaurants, theater, beach club, and meeting rooms on the floors below.

The Cosmopolitan's "one-button convenience" places owners on top of all the entertainment and in the middle of all the excitement that makes Las Vegas famous. The property will be comprised of:

* Over 4 million square feet

* Approximately 2,700 keys comprised of luxury condo-hotel units and
hotel rooms with over 1,300 condo-hotel units offered for sale in
phase 1

* Over 150,000 square feet of convention and meeting space

* Over 70,000 square-foot casino

* Over 300,000 square feet of world-class retail, restaurant, and
entertainment space

* 1,800 seat theatre



Stay tuned: The Cosmopolitan opens it Sales Center at the beginning of March. For more information, please contact the Sales Offices of the High-Rise Development Group for Prudential Americana at (702) 215-5500, or visit www.cosmolv.com.

About 3700 Associates, LLC

Formed in April 2004, 3700 Associates, LLC brings together one of the nation's foremost real estate moguls from New York City and Miami with one of the gaming industry's top developers and a major, world-wide financier. The trio will develop the $1.5 billion Cosmopolitan Resort & Casino on previously undeveloped acreage at the center of the famous Las Vegas Strip (next door to Bellagio). The Cosmopolitan will be a boutique, mixed-use luxury condo-hotel- resort featuring condominiums, hotel rooms, a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club and is scheduled to break ground in mid-2005 and open in early 2008. The 3700 Associates partnership is led by Miami and New York City developer Ian Bruce Eichner, one of the country's leading real estate developers who serves as the group's Chief Executive Officer. Eichner has developed more than six million square feet of luxury residential, office, hospitality and retail space in the Northeast and Florida totaling more than $2 billion in the last 25 years. Eichner most recently opened the Continuum on South Beach, a luxury condominium project in Miami's trendy South Beach area that has achieved record sales per square foot. Eichner partnered with noted gaming developer David Friedman, a former executive at The Venetian where he served as Assistant to Chairman Sheldon Adelson. Friedman serves as the President of the Las Vegas-based group. During his nine-year tenure, he helped finance and develop The Venetian and led The Venetian's successful effort to secure a coveted gaming license in Macau, China. Eichner and Friedman are joined by SFM Capital Management, an affiliate of New York-based Soros Fund Management.

For Press Inquiries, contact:

Kurt Ouchida
(702) 300-5756



Source: 3700 Associates, LLC

CONTACT: Kurt Ouchida, +1-702-300-5756, for 3700 Associates, LLC

Web site: http://www.cosmolv.com/


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