New England Realty Associates (Amex: NEN) Announces Results of Consent Solicitation and Election of New Directors

ALLSTON, Mass., Nov. 7  /PRNewswire-FirstCall/ -- On November 7, 2007, NewReal, Inc., the general partner of New England Realty Associates Limited Partnership, announced that a majority of the holders of the outstanding partnership units of the Partnership had voted by proxy to qualify Gregory R. Dube, Robert J. Nahigian, Thomas Raffoul and Edward Sarkisian as nominees for election by NewReal to the Partnership's Advisory Committee. The votes were tabulated on October 29, 2007. Messrs. Dube, Nahigian and Raffoul were the recipients of the three highest number of affirmative votes cast in their favor and have been appointed by NewReal to the Partnership's Advisory Committee.

In addition, on November 6, 2007, the board of directors of NewReal elected David A. Aloise and Roberta D. Ornstein to the board of directors to fill vacancies that existed on the board of directors. Mr. Aloise and Ms. Ornstein also were appointed to the audit committee of the board of directors of NewReal.

Mr. Aloise is a founder and principal of Aloise & Associates, LLC, a consulting services firm providing advisory, training, and analytical services to bank and non-bank lenders and investors in the early recognition and management of distressed and high risk assets. Mr. Aloise's experience includes 20 years with Bank Boston Corporation, where he held executive positions in the areas of C&I loan workout, real estate workout, corporate banking and small business banking. Mr. Aloise is a member of the Turnaround Management Association and is nationally recognized by the legal and business turnaround and workout community across the U.S. He currently serves as a training instructor for the Risk Management Association, FleetBoston Financial, Citizens Bank and GE Commercial Finance. Mr. Aloise earned his B.S. degree in finance and accounting from Boston College and attended the National Commercial Lending Graduate School at the University of Oklahoma.

Ms. Ornstein is a senior financial professional with extensive knowledge of capital markets and 20 years experience in product development, portfolio management, strategic planning and financial transactions. Ms. Ornstein's experience includes nine years with Scudder Investments/Deutsche Asset Management as a senior vice president and managing director. Ms. Ornstein also previous served as a director and chief financial officer of Summit Partners, as vice president of Liberty Financial, and various senior executive positions with The Boston Company, Shearson Lehman Brothers and affiliates of American Express. Ms. Ornstein earned her B.A. degree from Brown University and earned her M.B.A. from Boston College.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect New England Realty Associates ("NERA" or the "Partnership") current views about future events and financial performances. These forward-looking statements are identified by the use of terms and phrases such as "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from NERA's expectation. These factors are elaborated upon in the Partnership's Form 10-K and other factors may be disclosed from time to time in NERA's filings with the Securities and Exchange Commission. NERA expressly does not undertake any duty to update forward-looking statements. 

DATASOURCE: New England Realty Associates



CONTACT:  Sally Starr of New England Realty Associates LP,

[phone],  

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