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IGY Newport Yacht Club and Marina to Undergo Mega Yacht Expansion

JERSEY CITY, NJ – May 23, 2011 – Continuing its effort to provide the highest level of service and convenience to their worldwide marina clientele, IGY has announced significant mega yacht expansion plans at the Newport Yacht Club and Marina. The expansion will substantially increase the number of berths available to mega yachts (vessels over 80 ft).

"Newport Yacht Club and Marina has been a valuable addition to the IGY network of marinas, and we've determined that there is a large unmet demand for quality berthing in close proximity to New York City. The Newport Yacht Club and Marina expansion will allow more people to visit the marina and enjoy all that it has to offer and its convenient access to New York City. The capital investment at this time is a signal of our confidence in the property, as well as the northeastern U.S. boating market," stated Eric Simonton, Director of Development and Asset Management for IGY. Construction is scheduled to be completed in Q4 2011 and current customers of the marina will not be affected.

The owner of the marina, Newport Associates Development Company applauds IGY's expansion of the marina. IGY's stewardship of the marina has brought change, innovation and growth to the already prosperous property.

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