WESTPORT, Conn., December 14, 2006 – Following execution of the contract for sale of its Bedford Building complex, the Westport Weston Family Y today announced that Bedford Square Associates LLC is the selected developer to purchase the Westport YMCA facility. The YMCA is located at the intersection of Route 1 and Main Street in the heart of Westport’s retail corridor.

Bedford Square Associates is a Connecticut limited-liability company formed for the purpose of purchasing, redeveloping and owning the existing Family Y facility. The manager of this LLC is Bedford Square Development Corp., a Connecticut corporation owned by David A. Waldman (David Adam Realty, Westport Conn.), B. Lance Sauerteig (BLS Strategic Capital, Westport Conn.), Paul S. Brandes) (Charter Realty & Development Corp., Rye Brook N.Y) and Daniel M. Zelson (Charter Realty & Development Corp., Westport Conn.).

Together Charter & David Adam Realty have acquired or developed over 12,000,000 square feet of retail space throughout the Eastern US with a value exceeding $700,000,000. The team plans on preserving the historical portion of the YMCA and constructing new portions consistent with the existing architecture. When complete the development will house over 86,000 square feet of retail, residential, restaurant and office space.

The purchaser was recommended to the Family Y Board of Trustees, following a stringent qualification and review process by the Family Y Real Estate Committee. The Board of Trustees then approved the recommendation. The developer met all three of the key selection criteria: the amount of time the Family Y would be able to remain within the Bedford Building complex following the sale to ensure that it would be able to continue providing programs and services to the community; a demonstrated willingness on the part of the developer to respect the architectural integrity of the Bedford Building and Firehouse while enhancing the vibrancy of downtown Westport; and the offer price.

"That the chosen purchaser selected the name of the family that was the original benefactor of this Association is particularly fitting," said Family Y CEO Helene Weir. "Without the vision and generosity of Edward T. Bedford 83 years ago, there would be no Family Y downtown. Now Bedford Square Associates will help to preserve this historic gem into the future."