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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 6-Jun-2002

Chelsea Property Group Corrects Record and Pay Dates for Preferred Dividend; July 15, 2002 Sted Sept. 3, 2002 and July 1, 2002 Sted Aug. 15, 2002

Jun 06, 2002 (BUSINESS WIRE) -- In BW2371, (NJ-CHELSEA-PROPERTY-GRP), last graph, third line should read xxx payable on July 15, 2002 (sted Sept. 3, 2002) to shareholders of record on July 1, 2002 (sted Aug. 15, 2002).

CONTACT:          For Chelsea Property Group, Inc.
                  Michael J. Clarke, 973/228-6111

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