FOR IMMEDIATE RELEASE Contact : Avatar Holdings Inc. 201 Alhambra Circle Coral Gables, FL 33134 Juanita I. Kerrigan (305) 442-7000
AVATAR HOLDINGS INC. ANNUAL MEETING OF STOCKHOLDERS HELD
TODAY IN CORAL GABLES
Coral Gables, FL – May 25, 2006 – Stockholders at today’s Annual Meeting of Avatar Holdings Inc. (NASDAQ-AVTR) voted to elect the eleven members of the Company’s Board of Directors and to approve the appointment of accountants Ernst & Young LLP to act as auditors for the Company for the year ending December 31, 2006. The meeting was held at the Hyatt Regency Coral Gables, in Coral Gables, Florida.
Re-elected to the Board were Joshua Nash, Chairman of the Board, Avatar Holdings Inc., and Managing Member of Odav LLC; Gerald D. Kelfer, Vice Chairman of the Board, Chairman of the Executive Committee, President and Chief Executive Officer, Avatar Holdings Inc.; Eduardo A. Brea, Partner and Managing Director of Sterling Capital Management LLC; Milton H. Dresner, Founding Partner, the Highland Companies; Martin Meyerson, President Emeritus, University of Pennsylvania; Kenneth T. Rosen, Professor Emeritus, Haas School of Business, and Chairman of the Fisher Center for Real Estate and Urban Economics, University of California at Berkeley; Joel M. Simon, Partner and Principal, XRoads Solutions Group, LLC; Fred Stanton Smith, Vice Chairman of the Board, The Keyes Company; William G. Spears, Principal, Spears, Grisanti & Brown LLC; and Beth A. Stewart, Chief Executive Officer and Co-Chairman of Storetrax.com and President of Stewart Real Estate Capital. Newly elected to the Board was Roger W. Einiger, a private investor who previously served as a consultant to Canadian Imperial Bank of Commerce and as Vice Chairman of CIBC Oppenheimer Corp. and Oppenheimer & Co., Inc.
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Avatar Holdings Inc. is primarily engaged in real estate operations in Florida and Arizona. Its principal real estate operations are conducted at Poinciana, Solivita and Bellalago in central Florida near Orlando, Cory Lake Isles in Tampa, Florida, and at Rio Rico, south of Tucson, AZ. Avatar’s common shares trade on The Nasdaq Stock Market under the symbol AVTR.
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