LG Electronics Inc. (SEO:066570) and AT&T Inc. (NYSE:T) held an event at the New Museum in New York’s SoHo district with celebrity photographer Tyler Shield to announce the LG Nitro HD, which is the first smartphone to have a true HD AH-IPS display. The Nitro HD will be available in AT&T stores or att.com starting tomorrow with a 2 year contract. It will cost $249.99. Other features of the LG Nitro HD include 4.5-inch display, 1280×720 pixel resolution, 500 nit display luminance, Qualcomm dual-core 1.5GHz Snapdragon S3 processor, and slim design (5.27″x2.67″x0.41″). It has an 8 megapixel HD camera and 20GB of total memory (4GB on-board and 16GB of included microSD memory). The phone’s WiFi and DLNA offers multiple wireless HD content streaming options as well.