Press Release - 11/25/02
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                             CEDAR INCOME FUND, LTD.
                          44 South Bayles Avenue, #304
                         Port Washington, New York 11050

                                             Contact:     Brenda J. Walker
                                                          Vice President
                                                          (516) 767-6492

FOR IMMEDIATE RELEASE
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           CEDAR INCOME FUND COMPLETES PURCHASE OF CAMP HILL (PA) MALL
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         Port Washington, New York - November 22, 2002 - Cedar Income Fund,
Ltd., a real estate investment trust listed on the NASDAQ Small Cap Market,
today announced that it has completed the purchase of the Camp Hill Mall in Camp
Hill, Pennsylvania.

         The Camp Hill Mall is a 523,000 sq. ft. regional shopping mall with
several outparcels located on approximately 44 acres at the intersection of
Route 15 and Trindle Road at the Harrisburg "beltway" on the west bank of the
Susquehanna. Principal tenants include Boscov's, a Giant supermarket, Barnes and
Noble and Zany Brainy. The purchase price, including estimated closing costs,
was in excess of $18 million. The seller is an affiliate of the Connecticut
General Life Insurance Company. Financing for the purchase was provided by
Citizens Bank of Philadelphia, PA and SWH Funding Corp. of Hackensack, NJ. The
sellers were represented by Metro Commercial Real Estate, Inc. of Mount Laurel,
NJ and Newbridge Realty of New York City. Management contemplates redevelopment
of an 89,000 sq. ft. former Montgomery Ward store and of the mall property
generally at a cost of several million dollars during the next two years.
Financing for such redevelopment would be required and would be expected to
involve third party lenders and/or joint venturers.

         Cedar Income Fund, Ltd. is a real estate investment trust administered
by Cedar Bay Realty Advisors, Inc., Port Washington, New York. The Company's
shopping center portfolio, consisting primarily of supermarket-anchored shopping
centers in eastern Pennsylvania and southern New Jersey, exceeds 1.75 million
square feet. Shares of Cedar Income Fund, Ltd. are traded on the NASDAQ Small
Cap Market under the symbol "CEDR".