Post on 23-Jan-2022
Telephone (914) 244-3400 Fax (914) 244-3450
H U D S O N
PROPERTY
ADVISORS, LLC 10 South Moger Avenue
Mt. Kisco, NY 10549
Jonathan A. Bernz, MAI Advanced Real Estate Appraisal and Consulting
APPRAISAL OF REAL PROPERTY Summary Appraisal Report
Property of
Consolidated Edison Company of New York, Inc.
Windmill Road Town of North Castle
Westchester County, New York (Our file # 2014.06007)
Submitted Consolidated Edison Company of New York, Inc.
4 Irving Place New York, NY 10003
Date of Appraisal July 29, 2014
Date of Report August 8, 2014
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H U D S O N
PROPERTY 10 South Moger Avenue
Mt. Kisco, NY 10549
ADVISORS, LLC Tel. (914) 244-3400
Fax (914) 244-3450
Jonathan A. Bernz, MAI Advanced Real Estate Appraisal and Consulting
August 8, 2014
Consolidated Edison Company of New York, Inc. 4 Irving Place New York, NY 10003
Attention: Scott Sanders, Vice President and Treasurer
Re: Windmill Road Vacant Land Parcel (Tax Map ID No. 102.03-1-7) Town of North Castle, Westchester County, NY (Our file no. 2014.06007) Gentlemen:
In accordance with your request, we inspected the captioned property, consisting of approximately a 0.267 acre (11,630 sq. ft.) vacant parcel of land, for the purpose of providing you with our estimate of “as-is” market value of the fee simple interest. The market value estimate is rendered as of the date of our physical inspection, July 29, 2014. The summary report attached hereto represents the results of our complete appraisal process. As indicated in the statement of underlying assumptions and contingent conditions appearing at the end of this report, this appraisal is predicated on the assumption that the subject property is free of asbestos and is not contaminated by any other noxious or dangerous materials. We do not have the expertise to recognize such conditions. It is the responsibility of the client to retain other experts who have training and experience in ascertaining the existence of these substances. Recent U.S. financial market turmoil and ensuing events have impacted the U.S. economy in a variety of ways, including an increased level of uncertainty. In analyzing market conditions for this assignment, the appraiser applied the best available means to measure the effects of these events, however, limited information is available at this time. As a result, because of these circumstances, the client and intended user (or users) of this
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appraisal are cautioned of the following:
1. The ability to rely on the conclusion(s) reached within this appraisal may be more limited than usual.
2. The conclusion(s) reached within this appraisal may be subject to more fluctuation than usual in the short term.
The summary appraisal report that follows sets forth the definition of market value, identification of the property, assumptions and limiting conditions, summary of pertinent facts relative to the area and the subject property, summary of comparable data, the results of our investigations and analyses, and the reasoning leading to our conclusions. This appraisal has been prepared in conformance with our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and in accordance with the regulations established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). We believe the content of this report covers the scope of our assignment. If you have any questions, or if you should require clarification, please do not hesitate to call. Thank you for providing us with the opportunity to assist you with this matter. Very truly yours, ________________________________________ JONATHAN BERNZ, MAI, President NY State Certified General Real Estate Appraiser #46-26085
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Table of Contents
Executive Summary .......................................................................................................................... 5
Location Map .................................................................................................................................... 6
Subject Identification ........................................................................................................................ 7
Date of Appraisal .............................................................................................................................. 7
Identification of Client and Submittee ............................................................................................... 7
Intended Use (Function) of Appraisal ............................................................................................... 7
Intended User of Appraisal ............................................................................................................... 7
Extraordinary Assumptions ............................................................................................................... 7
Hypothetical Conditions .................................................................................................................... 8
Appraisal Foundation Standards and Definition of Market Value ..................................................... 9
Exposure Time ................................................................................................................................ 11
Property Rights and/or Interest Appraised ..................................................................................... 12
Current Ownership, Sales and Property History ............................................................................ 14
Property Inspection ......................................................................................................................... 14
Americans with Disabilities Act (ADA) ............................................................................................ 14
Competency Provision .................................................................................................................... 14
Scope of Work ................................................................................................................................ 15
Location Data .................................................................................................................................. 17
Trend Analysis and Marketing Period (Marketing Time) ................................................................ 22
Site Data ......................................................................................................................................... 24
Photographic Log............................................................................................................................ 29
Photographic Log............................................................................................................................ 30
Photographic Log............................................................................................................................ 31
Assessment And Tax Data ............................................................................................................. 32
Zoning Data .................................................................................................................................... 36
Highest & Best Use ........................................................................................................................ 39
Sales Comparison Approach .......................................................................................................... 44
Indicated Preliminary Land Value (as though buildable) ................................................................ 60
Scenario 2 (Market Value “as-is”) ................................................................................................... 61
Underlying Assumptions and Contingent Conditions ..................................................................... 87
Appraiser’s Certification .................................................................................................................. 92
Addendum ...................................................................................................................................... 93
Professional Qualifications ............................................................................................................. 94
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Executive Summary
Date of Appraisal: July 29, 2014.
Type of Report: Summary report; complete appraisal process.
Type of Property: Vacant land; limited utility property.
Location: East side of Windmill Road (no number), located at the corner of Long Pond Road, Town of North Castle, Westchester County, NY.
Tax ID No.: 102.03-1-7.
Land Area: 0.267 acre (11,630 sq. ft.).
Principal Improvements: None.
Property Rights Appraised: Fee simple.
Assessed Valuation: $3,000.
Real Estate Taxes: $2,957.
Zoning District: "R-1.5A , One-Family Residence District (1 ½ acres)."
Highest and Best Use: Sale to adjacent property owner or limited recreational use.
“As-is” Market Value of Subject Property $18,500
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Location Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
SUBJECT
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Subject Identification The property that is the subject of this appraisal is a vacant parcel of land containing
approximately 0.267 acre (11,630 sq. ft.) owned by Consolidated Edison Company of
New York, Inc., located on the east side of Windmill Road (no number) at the corner of
Long Pond Road, Town of North Castle, Westchester County, New York.
Tax Map ID No.: 102.03-1-7
Date of Appraisal July 29, 2014.
Identification of Client and Submittee The client is “the party or parties who engage, by employment or contract, an appraiser in
a specific assignment. The client may be an individual, group or entity, and may engage
and communicate with the appraiser directly or through an agent.”1 The client for this
appraisal assignment is Consolidated Edison Company of New York, Inc., 4 Irving Place,
New York, NY 10003. The submittee is Scott Sanders, Vice President and Treasurer,
Consolidated Edison Company of New York, Inc., 4 Irving Place, New York, NY 10003.
Intended Use (Function) of Appraisal The function of this appraisal is to demonstrate, through the use of professionally
recognized and commonly accepted appraisal practice and procedure, the market value of
the fee simple interest in the subject property in its “as-is” physical condition, for use in
connection with our client’s objectives. The intended use of the appraiser’s opinions and
conclusions is to assist Client for internal decision-making purposes.
Intended User of Appraisal The intended users of this report are Consolidated Edison Company of New York, Inc.
and the new York State Public Service Commission. There are no other intended users.
Extraordinary Assumptions An extraordinary assumption is “an assumption directly related to a specific assignment,
as of the effective date of the assignment results, which, if found to be false, could alter
1 Uniform Standards of Professional Appraisal Practice (USPAP), 2012-2013 Edition, The Appraisal Standards Board, The Appraisal Foundation, p. u-2.
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the appraiser’s opinions or conclusions.”2 “Extraordinary assumptions presume as fact
otherwise uncertain information about physical, legal, or economic characteristics of the
subject property; or about conditions external to the property such as market conditions
or trends; or about the integrity of data used in an analysis.”3 Since the property had
formerly been used as an electrical sub-station, the appraisal will be made subject to the
extraordinary assumption that the property is unaffected by contamination or
contamination-related issues. This appraisal will also be subject to the extraordinary
assumption that the property may only be used for limited recreational purposes and that
it can not be further developed for a typical single-family use.
This appraisal contains no other extraordinary assumptions.
Hypothetical Conditions A hypothetical condition is defined as “a condition, directly related to a specific
assignment, which is contrary to what is known by the appraiser to exist on the effective
date of the assignment results, but is used for the purpose of analysis.”4 Hypothetical
conditions are contrary to known facts. “Hypothetical conditions assume conditions
contrary to known facts about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or
trends; or about the integrity of data used in an analysis.”5 The difference between
whether a particular condition is an extraordinary assumption or a hypothetical condition
depends upon what the appraiser knows about the particular condition in question. “If an
appraiser cannot verify a certain condition that is critical to the valuation but which he
believes is true and has no reason to doubt is true, then the condition is an extraordinary
assumption . . . If, on the other hand, an appraiser is asked to use a condition which he
knows to be false but which is necessary for the analysis, then two things are required;
the appraiser can use the condition as long as it meets the criteria in USPAP (Uniform
Standards of Professional Appraisal Practice) and the appraiser must not confuse the
information with the known facts. The appraiser must clearly distinguish ‘false
2 Uniform Standards of Professional Appraisal Practice (USPAP), 2012-2013 Edition, The Appraisal Standards Board, The Appraisal Foundation, p. u-3. 3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010, p. 73. 4 Uniform Standards of Professional Appraisal Practice (USPAP), 2012-2013 Edition, The Appraisal Standards Board, The Appraisal Foundation, p. u-3. 5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010, p. 97.
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conditions’ from those other assumptions or conditions which are believed or taken to be
true.”6 This appraisal contains no hypothetical conditions.
Appraisal Foundation Standards and Definition of Market Value This appraisal has been prepared to conform to the Uniform Standards of Professional
Appraisal Practice (USPAP), adopted by the Appraisal Foundation.
The definition of market value which follows is taken from Uniform Standards of
Professional Appraisal Practice (USPAP) instructions, adopted by the Appraisal
Standards Board of the Appraisal Foundation.
“The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a date and the passing of title from seller to buyer under conditions whereby-
1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised, and acting in what they consider their
own best interests. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto. 5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with the sale.”
According to The Dictionary of Real Estate Appraisal, Fifth Edition, a publication of the
Appraisal Institute, “The most widely accepted components of market value are
incorporated in the following definition:
The most probable price that the specified property interest should sell for in a competitive market after a reasonable exposure time, as of a specified date, in cash, or in terms equivalent to cash, under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, for self-interest, and assuming that neither is under duress.”
6 Uniform Standards of Professional Appraisal Practice (USPAP) Frequently Asked Questions, 2000 Edition, Appraisal Standards Board, The Appraisal Foundation, 2000, p. 41-42.
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The Dictionary of Real Estate Appraisal, Fifth Edition, also indicates that market
value is described in the Uniform Standards of Professional Appraisal Practice
(USPAP) as follows:
“A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. (USPAP, 2010-2011 ed.).”
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Exposure Time Exposure time is considered to precede the effective date of appraisal. It is defined in
The Dictionary of Real Estate Appraisal, 5th ed. as follows:
“Exposure Time
1. The time a property remains on the market.
2. The estimated length of time the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at
market value on the effective date of the appraisal; a retrospective estimate based
on an analysis of past events assuming a competitive and open market.”7
Exposure Time is defined by USPAP as “[the] estimated length of time that the property
interest being appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal.”8 Exposure
time is a retrospective estimate based upon an analysis of past events, assuming a
competitive and open market. In arriving at an estimate of reasonable exposure time, the
appraiser assumes an adequate, sufficient and reasonable effort to sell the real property.
Owing to market conditions, preceding the effective date of this valuation, that were
similar to present market conditions, i.e., similar supply and demand factors, stable local
and regional economic conditions, similar availability and cost of financing, etc., and
based upon information gathered through sales verification, our daily activity in the real
estate market and interviews with market participants, it is our opinion that a reasonable
exposure time for the subject real property, would have been 12 to 18 months.
7 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010, p. 73 8 Uniform Standards of Professional Appraisal Practice (USPAP), 2012-2013 Edition, The Appraisal Standards Board, The Appraisal Foundation, p. U-3.
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Property Rights and/or Interest Appraised Real Estate is commonly defined as physical land and appurtenances affixed to the land,
e.g., structures. Real Property consists of all interests, benefits, and rights inherent in the
ownership of physical real estate.
Real property does not necessarily include the complete bundle of rights, i.e., “fee
simple” rights or interests. For example, when a property is subject to a lease, different
interests are created, the “leased fee” interest and the “leasehold” interest.
We have been informed by the property owner’s representative that the subject property
is unencumbered by lease. Within this appraisal, therefore, we will primarily be
concerned with the valuation of the fee simple interest.
The Dictionary of Real Estate Appraisal, Fifth Edition, 2010, provides the following
definitions.
“Fee Simple (Estate)”
Absolute ownership subject only to limitations imposed by the State.
“Leased Fee Interest”
A freehold (ownership interest) where the possessory interest has been granted to another
party by creation of a contractual landlord-tenant relationship (i.e., a lease).
“Leasehold Interest”
The tenant’s possessory interest created by a lease.9
Development Restrictions
We are not engineers or land planners and do not have the expertise to determine the
developability of the property. This type of determination is beyond the scope of this
assignment and would require the services of such experts. However, in order to provide
guidance concerning the potential developability of the property we contacted Michael
Cromwell, Assistant Building Inspector for the Town of North Castle, NY on June 2,
2014. During our conversation with Mr. Cromwell, he indicated the following:
9 Note: A leasehold interest may be a negative leasehold or positive leasehold.
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1. When the lot was created, it was never intended to be a single-family building lot (it
was created for utility purposes).
2. The property is sub-standard with respect to the minimum lot size required by zoning
(the minimum lot size required is one and one-half acres, with the subject containing
substantially less).
3. Other zoning variances would also be necessary.
4. Although a public water system is nearby, in order for the property to be buildable, an
individual septic system would be required.
Mr. Cromwell also indicated that given the size of the property, along with the required
setbacks and other requirements, an insufficient amount of land area exists on this
property to accommodate a septic system and that the property is unbuildable. Mr.
Cromwell stated that “in its present configuration, I will go on record as saying that the
property is unbuildable.”
Again, while we do not have the expertise to determine the developability of the property,
given the preceding, the property is considered to have no significant development
potential on its own and may only have utility to an adjacent property owner, potential for
a low-utility land use, or for long term speculation.
Personal Property Fixtures and Intangible Items
The value conclusion within this appraisal is of the real estate only; unless specifically
stated otherwise, it excludes the value of any personal property, fixtures and intangible
items, if any.
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Current Ownership, Sales and Property History The present owner of record is Consolidated Edison Company of New York, Inc.
There have been no arm’s length transfers of ownership recorded within the past three
years.
Property Inspection The subject was physically inspected for the purpose of this appraisal report by Jonathan
Bernz on July 29, 2014. It was subsequently revisited for further review and analysis.
The appraiser(s) have not performed services regarding this property within the past three
years.
Americans with Disabilities Act (ADA) We have not made a specific compliance survey to determine if the improvements on
subject property (if any), which were built prior to enactment of the ADA, conform with
its requirements. Any non-compliance could have a negative effect upon value.
Competency Provision The appraiser has accepted this appraisal assignment having the knowledge, training and
experience necessary to complete the assignment competently. We are aware of the
competency provision of the Uniform Standards of Professional Appraisal Practice
(USPAP) and the author of this report meets these standards. Jonathan Bernz, MAI has
inspected the property and its surrounding environs and prepared this report.
Additionally, the appraiser has extensive appraisal experience in the appraisal of similar
properties. Thus, it is our opinion that we are fully competent to perform this appraisal,
due to the fact that:
1. We have full knowledge and experience in the nature of this assignment;
2. All necessary and appropriate steps have been taken in order to complete the
assignment competently; and
3. We do not lack any knowledge or experience that would prohibit this
assignment to be completed in a professional, competent manner, or where a
biased or misleading opinion of value would be rendered
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Scope of Work The Scope of Work is “the type and extent of research and analysis in an assignment.”10
The scope of the appraisal process encompasses the research and the extent of the
analyses required to prepare an appraisal in accordance with the intended use of the
report, and in compliance with the Standards of Professional Appraisal Practice of the
Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice
(USPAP) of the Appraisal Foundation. The Scope of Work generally includes, but is not
necessarily limited to the following:
1. The extent to which the property is identified.
2. The extent to which tangible property is inspected.
3. The type of and extent of data researched.
4. The type and extent of analysis applied to arrive at opinions or conclusions.
The Scope of this assignment included the following:
1. The property that is the subject of this appraisal was specifically identified earlier
in this report.
2. The subject property was physically inspected on July 29, 2014, by Jonathan Bernz.
At this time the property was photographed, measured and visually inspected for
the purpose of obtaining general physical characteristics as reported herein.
3. County, municipal and neighborhood data are based upon our inspection and prior
knowledge of the area, and information available in Hudson Property Advisors’
library, consisting of various documents and periodicals.
4. Lot area, dimensions and physical characteristics were based upon our review of 1)
a survey of the subject property, 2) the metes and bounds description contained in
deed Liber 5572, Page 302, 3) a site location map prepared by Bureau Veritas, 4) a
site plan entitled “Windmill Farm 46 Former Unit Substation” dated 11/27/12
prepared by Bureau Veritas, 5) various soil sampling location maps prepared by
Bureau Veritas dated 5/30/12, 10/25/12 and 11/27/12, 6) USGS Topographic
Quadrangle Maps (15” Series), 7) the subject's municipal tax assessment map and
8) direct on-site physical inspection.
10 Uniform Standards of Professional Appraisal Practice (USPAP), 2012-2013 Edition, The Appraisal Standards Board, The Appraisal Foundation, p. u-4.
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5. Real estate tax and assessment data were obtained from the municipal Receiver of
Taxes and Assessment Offices.
6. Zoning data was obtained from the municipal Zoning Ordinance.
7. An opinion with regard to the potential developability of the property was obtained
from Michael Cromwell, Assistant Building Inspector for the Town of North
Castle, NY on June 2, 2014.
8. In developing the approaches to value, the appraisers analyzed market data
collected from company files, various proprietary databases, the commercial real
estate brokerage community, the Empire Access Multiple Listing Service (formerly
the Westchester-Putnam Multiple Listing Service) and CID Division, the NY State
Office of Real Property Tax Services (ORPTS), other appraisers, developers,
investors and other persons knowledgeable of, and experienced in, the subject
market. If sufficient comparables were unavailable from within the immediate
community, we expanded our geographic search to include comparables in other
locations.
9. Within this report, we utilized the Sales Comparison Approach to estimate a
preliminary value (as though buildable.) We then researched and analyzed
additional market data which enabled us to estimate an appropriate deduction
reflecting the limited utility of the property and its, likely, lack of developability.
Once an appropriate deduction for its limited utility was subtracted from the
developable value, an estimate of “as is” (limited) value is indicated. After
assembling and analyzing the data defined in this scope of the appraisal, we
concluded at a final value estimate of the subject property’s fee simple interest,
subject to it’s limited use.
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Location Data The subject is located in the Town of North Castle in central Westchester County, New
York. North Castle comprises approximately 27 square miles and is located at the
approximate geographic mid-point of Westchester County, some 30 miles north of
Manhattan, the nation’s business and financial center. North Castle is bounded on the
north by the Towns of New Castle and Bedford, on the east by the Town of Pound Ridge,
on the west by the Town of Mount
Pleasant, and on the south by the
Town of Harrison, the City of
White Plains and Fairfield County,
Connecticut. According to US
Census Bureau figures, North
Castle’s population in 2010 was
11,841, representing an increase of
9.1% over the 2000 level of
10,849. This rate of increase is
higher than the 7.8% rate of
increase over the 1990 level.
North Castle has no villages within
its boundaries; it is divided into
three main unincorporated areas:
North White Plains, Armonk, and
Banksville-Middle Patent.
North White Plains is situated in
the southern end of the town
approximately 1½ miles north of downtown White Plains, the center of commerce and
government in the county; White Plains also contains the most significant amount of
office development in the county. North White Plains is comprised primarily of older,
stable, middle-income residential neighborhoods; there is commercial development along
Route 22, a four-lane non-divided roadway that functions as the primary artery through
this hamlet. Route 22 leads south directly into the White Plains central business district.
Armonk, known for its fine homes, schools and proximity to Westchester County
SUBJECT
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Airport, is also the location of IBM World Headquarters and contains other commercial
office development as well as the Town’s municipal offices. Route 22 and Interstate 684
run north/south through Armonk.
Banksville-Middle Patent is a residential area situated in the eastern section of the Town
that borders exclusive neighborhoods in Pound Ridge and Bedford; it, like the
neighboring communities, contains some of the finest and most expensive residences in
the county.
Major highway access in North Castle is good. Both Route 22 and Interstate 684 link
North Castle with other major roads and highways in the county, by virtue of their direct
access to Interstate 287, approximately one and one-half miles south of the southernmost
point of the town. Interstate 287, which runs east/west through the City of White Plains,
links with the New York (Interstate 87) and New England Thruways (Interstate 95).
Construction of Interstate 684 was the catalyst for both residential and commercial
development in the town. Over the previous two decades, numerous luxury homes on
multi-acre lots, and several multi-tenant office and semi-industrial buildings in Armonk
were constructed.
A modern office park known as Westchester Business Park is located just south of
Armonk, off of Route 22; the park contains several modern office and office/light
industrial uses. In addition, there is a modern La Quinta Inn with an accessory restaurant.
In 1997±, Swiss RE completed construction of its 320,000-square-foot U.S. headquarters
on 127 acres on King Street in Armonk. Also in 1997, IBM completed and took
occupancy of its new world headquarters in Armonk.
According to information obtained from the Town Building Department, “there have
been 282 new dwelling units constructed in the Town of North Castle since the 2000
Census, offset by approximately 30 to 35 teardowns. This yields a net increase of
approximately 250 homes and results in an estimated current total of 3,956 dwelling
units. The substantial difference between the number of new lots created and the number
of new homes built is explained in large part by the earlier subdivision approval of the
Whippoorwill Hills and Whippoorwill Ridge developments. Based upon the nature of
the new units, i.e. a combination of one-family, two-family and townhouse
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dwellings, it is estimated that the current population of North Castle has grown to
approximately 11,500 people. This represents an increase of approximately 650 people
living in North Castle during the past five years, almost as much as the increase during
the entire decade of 1990-2000 (788 people).”
In summary, North Castle is a sought-after and desirable location enriched with a
balanced mix of commercial, mid to high end residential, light industrial and commercial
uses. There are no apparent negative influences on value.
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Area Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
SUBJECT
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Neighborhood Data
A neighborhood, from an appraisal perspective is defined as “A group of complementary
land uses; a congruous grouping of inhabitants, buildings, or business enterprises.”11
The subject is located within the Windmill Lake/Windmill Farm section of the Town of
North Castle approximately 3.5 miles northeast of Armonk’s central retail district. This
section of the Town of North Castle contains mostly affluent single-family residences,
the Windmill Club (holding local community events), Cat Rocks Park, Brynwood Golf
and Country Club and the Armonk Tennis Club. The subject’s neighborhood is served by
the Byram Hills School District. The Byram Hills High School is located approximately
two miles southwest of the subject.
Pleasantville’s Metro-North station provides daily commuter service to and from Grand
Central Terminal and is located approximately 20 minutes from the subject. Interstate-
684 is the main north/south throughway with both north and southbound entrance ramps
accessible within approximately 2.5+ miles south of the subject at the intersection of
NYS Route 22. Approximately seven miles south of the subject is Westchester County
Airport (HPN) providing a limited number of domestic flights.
Overall, this section of the Town of North Castle benefits from being a quiet residential
neighborhood, however, it’s limited public transportation and access to larger retail
districts such as White Plains and Mount Kisco result in a lack of convenience for local
residents. Nevertheless, the area continues to be a highly sought-after location and
successfully commands relatively high pricing levels.
11 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010
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Trend Analysis and Marketing Period (Marketing Time) The term “marketing time” typically takes into consideration current and anticipated
market conditions. It is defined as “an opinion of the amount of time it might take to sell
a real or personal property interest at the concluded market value level during the period
immediately after the effective date of an appraisal. In essence, estimated marketing
period is the amount of time elapsed starting from the date a property is listed for sale
(usually the effective date of this appraisal) and ending on the date that a contract is
executed for purchase and sale of the property. Marketing time differs from exposure
time, which is always presumed to precede the effective date of an appraisal.”12 Implicit
in the definitions of marketing time are the following assumptions:
- The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by buyers and sellers of similar type properties. - The property will be offered at a price reflecting the most probable mark-up, over market value, used by sellers of similar type properties. - A sale will be consummated under terms and conditions of the definition of market value.
In order to estimate a marketing time that could reasonably be expected for the subject,
we conducted interviews with market participants, brokers and other professionals who
are actively involved in the purchase and / or sale of the type of property represented by
the subject. Based upon the results of our survey, and considering current and anticipated
supply and demand factors, we formed the opinion that in this particular sub-market, a
period of approximately twelve (12) months should be sufficient to successfully market a
property such as the subject. Our conclusion is made subject to the assumption of
realistic pricing and assuming professional marketing efforts.
12 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010, p. 121.
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Tax Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
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Site Data
Location: East side Windmill Road (no number) at the corner of Long Pond
Road, Town of North Castle, Westchester County, NY.
Tax Map ID No.: 102.03-1-7.
Size: 0.267 acre (11,630 sq. ft.)
Shape: Irregular.
Road Frontage: 186.32+ feet of frontage along the east side of Windmill Road.
Depth: 117 to 150+ feet (easterly and northerly property line respectively).
Topography: Much of the property is below the grade of Windmill Road. Land
gently slopes up in a generally northerly direction. The northeast
corner contains steeper land.
Terrain: Wooded.
Drainage: Appears adequate.
Soil Conditions: No soils report was provided to the appraiser; we assume that the
subject’s soils are adequate to support development.
Utilities: Public utilities include telephone and electric.
Fronting Roads: Windmill Road and Long Pond Road, in the vicinity of the subject,
are both two-way paved public streets. Street parking appears to be
permitted along both sides of the street.
Visibility: Good road visibility.
Access: Vehicular access to the subject is provided by Windmill Road.
While there is no driveway on the subject from the road,
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there is a small paved driveway which leads into town property on
the south (the town property forms an extension of Long Pond
Road). And, owing to topographic conditions, access to the
property from Windmill Road may be difficult.
Easements/ Encroachments: No apparent adverse easements or encroachments noted.
Flood Zone: According to Flood Hazard Map #36119C0168F, effective
9/28/07, the subject is not situated within a designated flood hazard
zone (“Zone X, Areas determined to be outside the 0.2% annual
chance floodplain.”)
Environmental
Hazards: Unless otherwise stated in this report, the existence of hazardous
material, which may or may not be present on the property, was
not observed by the appraiser. The appraiser has no knowledge of
the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presence
of substances such as asbestos, urea-formaldehyde foam insulation,
or other potentially hazardous materials may affect the value of the
property. The value estimate is predicated on the assumption that
there is no such material on or in the property that would cause a
loss in value. No responsibility is assumed for any such conditions,
or for any expertise or engineering knowledge required to discover
them. The client is urged to retain an expert in this field, if desired.
Natural, Cultural Recreational or
Scientific Value: Our inspection of the real estate revealed that the subject property
apparently has no significant natural, cultural, recreational or
scientific factors affecting its market value.
Legal Description: See addendum.
Improvement Data: Driveway leading to adjacent town property and a concrete slab.
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Aerial Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
SUBJECT
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Wetlands and Steep Slopes Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
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Site Plan
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
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Photographic Log
Client Name: Consolidated Edison Company of New York, Inc.
Site Location: Windmill Road North Castle, NY Tax Map ID No.: 102.03-1-7
Project No.: 2014.06007
Photo No.: 1
Date: 7/29/14
Direction Photo Taken: Northeast
Description: View of concrete pad on property.
Photo No.: 2
Date: 7/29/14
Direction Photo Taken: N./A.
Description: Remnants of asphalt on property
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Photographic Log
Client Name: Consolidated Edison Company of New York, Inc.
Site Location: Windmill Road North Castle, NY Tax Map ID No.: 102.03-1-7
Project No.: 2014.06007
Photo No.: 3
Date: 7/29/14
Direction Photo Taken: Northwest
Description: View northwest from central portion of property.
Photo No.: 4
Date: 7/29/14
Direction Photo Taken: West
Description: View west facing Long Pond Road.
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Photographic Log
Client Name: Consolidated Edison Company of New York, Inc.
Site Location: Windmill Road North Castle, NY Tax Map ID No.: 102.03-1-7
Project No.: 2014.06007
Photo No.: 5
Date: 7/29/14
Direction Photo Taken: North
Description: Windmill Road from subject facing north.
Photo No.: 6
Date: 7/29/14
Direction Photo Taken: South
Description: Windmill Road from subject facing south.
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Assessment And Tax Data
Section 102.03, Block 1, Lot 7
Assessment
Land $3,000
Improvements $0
Total $3,000
Assessment Comments
Most property owners throughout the New York metropolitan area routinely protest their
assessments. None of these protests involve the comparison of property assessments.
Comparison of a property’s assessment to the assessment of another similar property is
no proof that the property in question has an inequitable assessment. The law recognizes
that the assessments of other properties may be wrong also. The only proof accepted by
the courts is a valuation of the subject property. Therefore, if the comparison of the
subject’s assessment with the assessment of other similar properties indicates disparities,
it does not indicate that the subject assessment is wrong, it merely indicates that the
assessments differ. Therefore, this appraisal does not include so-called assessment
comparables.
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Equalization Rate
The New York State Office of Real Property Tax Services (ORPTS) is statutorily
obligated to administer an equalization program in order to assure equitable property tax
allocation among nearly 4,000 taxing jurisdictions in New York State, and to insure the
proper allocation of State Aid to Education funds, among other purposes. Equalization
seeks to measure the relationship of locally assessed values to an ever-changing real
estate market. Each year, ORPTS calculates equalization rates for each of the state’s
more than 1,200 assessing units…. … Equalization is necessary in New York State
because:
(1) there is no fixed percentage at which property must be assessed;
(2) not all municipalities assess property at the same percentage of market value; and
(3) taxing jurisdictions, such as most school districts, do not share the same taxing
boundaries as the cities and towns that are responsible for assessing properties. Most of the state’s more than 700 school districts distribute their taxes among segments of several municipalities, many of which have different levels of assessment. The number of municipal segments in a school district can range from one to fifteen or more.”13 An equalization rate, at its simplest “is the state’s measure of a municipality's level of assessment (LOA). This is the ratio of total assessed value (AV) to the municipality's total market value (MV). The municipality determines the AV; the MV is estimated by the state. The equalization rate formula is:
Total Assessed Value (AV)
= Equalization Rate
Total Market Value (MV)
Equalization rates do not indicate the degree of uniformity among assessments within a municipality.”14 An equalization rate is computed by dividing the total assessed value of taxable real property by an estimated total market value of the property in accordance with a complex model promulgated by the New York State Office of Real Property Tax Services for each city, town or village in the state as of a specified date. Thus, an equalization rate can be used to convert the assessed value of a property into the indicated assessor’s full market value of the property. The 2013 New York State Equalization Rate for the Town of North Castle is: 2.36%.
13 Understanding the Equalization Rate, NY State Office of Real Property Tax Services. 14 Ibid.
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Assessment Analysis Using the equalization rate, the assessed value can be converted into an imputed market value of the property as follows:
Assessed Value Equalization Rate = Purported (imputed) Market Value
The subject’s purported market value is calculated below:
Assessed Value $3,000
Equalization Rate 2.36%Purported Market Value $127,119
The purported market value is above our conclusion of market value for the subject property; thus, we have concluded that the subject’s assessment is excessive, which results in excessive real estate taxes. Moreover, as a result of the property’s over assessment, the inequitable real estate taxes have a negative effect on the market value of the property.
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Real Estate Taxes The subject’s current real estate taxes are as follows: District TaxesTown and County $995.63School (Byram Hills) $1,960.92Total $2,956.55
The mill rate indicated by the total real estate taxes is $985.52 in real estate taxes per $1,000 of assessed value.
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Zoning Data The subject property is situated in a district designated "R-1.5A , One-Family Residence
District (1 ½ acres)" by the Zoning Ordinance of the Town of North Castle, as amended
to the date of appraisal.
The "R-1.5A" zone permits the following principal uses:
A use marked with an asterisk (*) is subject to conformance to additional standards as set forth in Article
VII. All uses are subject to site plan approval and performance standards in accordance with Articles VIII
and X. Except as specifically permitted, all uses, including storage of materials and equipment, shall be
within enclosed structures. Standards shown are minimum requirements, unless otherwise indicated. Any
use not specifically listed shall be deemed to be prohibited. Dimensions are in feet, unless otherwise noted
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The "R-1.5A" zone area and bulk schedule is as follows:
Minimum Lot Area: 1 ½ acres
Maximum Lot Coverage: 10%
Minimum Yards
Front Yard: 50 feet
Rear Yard: 40 feet
Side Yards: 30 feet
Building Height Limit: 30 feet
Minimum Lot Width: 150 feet
Minimum Lot Depth: 150 feet
Minimum Frontage 150 feet
Parking Requirements: Two spaces.
Zoning Comments
The subject property does not conform to the minimum lot size required by zoning. The
property may be sub-standard with respect to other zoning requirements (see discussion
regarding lack of developability).
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Zoning Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
Subject
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Highest & Best Use Highest and best use may be defined as: Highest and Best Use “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property—specific with respect to the user and timing of the use—that is adequately supported and results in the highest present value.”15 Highest and Best Use of Land or a Site as Though Vacant “Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements.”16 Highest and Best Use of Property as Improved “The use that should be made of a property as it exists. An existing improvement should be renovated or retained as is so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one.”17
Both the site and an improved property have a highest and best use; highest and best use
of an improved property may differ from that of the site.
The site is valued as though vacant and available to be put to its highest and best use. The
value of an improved property is also estimated in terms of its highest and best use taking
into consideration such contribution, if any, the improvements are making to the value of
the total property.
Estimating highest and best use typically requires application of the following criteria:
1. Legal (Permissible) Use
15 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010., p. 93. 16 IBID. 17 IBID., p. 94.
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What uses are legally permitted by zoning regulations and not
prohibited by deed restrictions or covenants?
2. Possible Use
What uses are physically possible, considering the site's size,
configuration, topography, availability of utilities, etc.?
3. Financially Feasible Use
Which uses, being both possible and legally permitted, will produce
any net return to the site?
4. Highest and Best Use (Maximally Productive Use)
Among the feasible uses, which use will produce the highest net
return?
In analyzing the subject property’s highest and best use, we considered the four criteria
above on an individual basis as they pertain to the subject property, as follows:
Highest and Best Use - As Though Vacant
Highest and best use as though vacant assumes that a parcel of land is vacant or can be
made vacant by demolishing any improvements.
Legally Permissible
The subject is situated within a zoning district designated R-1.5A which restricts use of
the site to any of the uses summarized earlier. According to the Town of North Castle’s
zoning ordinance, the subject appears as though it can not be developed with a residential
use. We are not engineers or land planners and do not have the expertise to determine the
developability of the property. This type of determination is beyond the scope of this
assignment and would require the services of such experts. However, in order to provide
guidance concerning the potential developability of the property we contacted Michael
Cromwell, Assistant Building Inspector for the Town of North Castle, NY on June 2,
2014. During our conversation with Mr. Cromwell, he indicated the following:
1. When the lot was created, it was never intended to be a single-family building lot (it
was created for utility purposes).
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2. The property is sub-standard with respect to the minimum lot size required by zoning
(the minimum lot size required is one and one-half acres, with the subject containing
substantially less).
3. Other zoning variances would also be necessary.
4. Although a public water system is nearby, in order for the property to be buildable, an
individual septic system would be required.
Mr. Cromwell also indicated that given the size of the property, along with the required
setbacks and other requirements, an insufficient amount of land area exists on this
property to accommodate a septic system and that the property is unbuildable. Mr.
Cromwell stated that “in its present configuration, I will go on record as saying that the
property is unbuildable.”
Again, while we do not have the expertise to determine the developability of the property,
given the preceding, the property is considered to have no significant development
potential on its own and may only have utility to an adjacent property owner for
additional buffer, potential for a low-utility land use, or for long term speculation.
Physically Possible
The subject site has adequate size, shape, frontage, drainage, utilities, ingress/egress and
topography that allows for a variety of land uses, including a residential use. However,
as mentioned previously, it would not conform to zoning.
Financially Feasible
Which uses, being both possible and legally permitted, will produce any net return to the
site. All uses that are expected to produce a positive return are regarded as financially
feasible.
Maximally Productive/Highest and Best Use
The use that will produce the greatest gain to the property owner, that is both possible
and legally permissible will be the highest and best use. It is our opinion, therefore, that
as of the date of appraisal, the highest and best use (optimal use) of the subject property,
as though vacant, is for either sale to adjacent property owner for expansion/buffer, for a
limited utility land use or for long term speculation.
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Appraisal Objective and Methodology
The objective of this appraisal is to estimate the “as-is” market value of the herein
described property as of July 29, 2014.
In arriving at the estimate of market value of a given property, an established and
systematic procedure is followed. The steps required include definition of the problem,
the accumulation of data in the analysis, and interpretation of the data based upon the
three approaches to value. Finally, the results of each applicable approach are correlated
into a final estimate of value. In the case of the subject (because of its limited utility), our
analysis involved a --- step process:
Step 1 – Estimate market value assuming that the property is developable.
Step 2 – Estimate the appropriate discount applicable to the property reflecting its lack of
developability.
Step 3 – Apply the abovementioned discount to the step 1 (developable) value to arrive at
an as-is market value estimate.
In the appraisal process three recognized approaches to value are considered:
- Sales Comparison Approach
- Income Capitalization Approach
- Cost Approach
Following is a brief description of each of the three valuation approaches, along with an
explanation of their applicability and relevance to the valuation of the subject.
The Sales Comparison Approach
The sales comparison approach is a process of comparison of similar properties which
have recently sold with various items of similarity or dissimilarity noted; the sale prices
of the comparable properties are then adjusted to the subject in order to indicate a range
of value for the property being appraised. Since sufficient sales of similar properties were
available for comparison, we employed the Sales Comparison Approach to estimate
market value of the subject.
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The Income Capitalization Approach
The income capitalization approach is a process in which a value indication is estimated
by calculating the present worth of future income through a capitalization process. This
process capitalizes annual net income before debt service and uses capitalization
techniques commensurate with quality and durability of the income stream. In order to
use this approach, an estimate of potential gross income is made by analyzing actual
income or comparing income from similar or competitive properties. Reasonable
expenses, including an allowance for vacancy and credit loss, are estimated and are then
subtracted from gross income in order to arrive at net income. Net income is then
capitalized using market-derived rates to arrive at an estimate of value. The income
capitalization approach is not commonly relied upon by market participants for this type
of property. Additionally, sufficient data was not available for our review and analysis.
The Income Capitalization Approach will, therefore, not be used to estimate the subject
property’s market value.
The Cost Approach
The cost approach is based on the proposition that a knowledgeable purchaser would pay
no more than the vacant land value plus construction cost, less physical, functional and
external (economic) depreciation reflected in substitute property with the same utility as
the subject property. This approach may be relevant when the property being appraised
involves new or nearly new improvements which represent the highest and best use of the
land, when unique or specialized improvements are located on the site, and when there
are recent comparable land sales available to estimate underlying land value.
The Cost Approach has not been developed for the valuation of the subject property for
the following reasons.
1. The subject is not improved with a new, or nearly new, building,
2. The improvement is not a specialty structure,
3. This type of property is typically bought and sold on the open market,
4. The levels of accrued depreciation that would need to be approximated would render
this approach less reliable than would be desired.
The Cost Approach is not considered especially relevant for the valuation of the subject
property, and, has therefore, been omitted.
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Sales Comparison Approach The sales comparison approach is an appraisal technique in which the appraiser estimates
the subject's market value based on prices paid in actual market transactions. It is a
process of analyzing recently sold properties that are similar to and have the same or
similar highest and best use as the subject.
The reliability of this technique depends on (a) the degree of comparability of the
property appraised with each sale, (b) the length of time since the sale, (c) the accuracy of
the sales data, and (d) the absence of unusual conditions affecting the sale.
The steps of the Sales Comparison Approach are as follows:
1. Research the market to obtain sales of properties comparable to the subject property;
this step includes the verification of all relevant factual sales data.
2. Analyze the comparable sales to derive market supported adjustments that reflect the
significant differences between the comparable sales and the subject; general
adjustment categories include buyer expenditures, property rights conveyed, finance
terms, conditions of sale, market conditions, location and physical characteristics.
3. Formulate an opinion of the price or unit price for which each comparable property
would have sold had it possessed all of the important attributes of the subject
property, by applying the market derived adjustments to the comparable sales.
4. Reconcile the adjusted sale or unit prices into an indication of value for the subject
property.
Collection and Analysis of Sale Data
Comparable sales were researched through leads found on SalesWeb, published by the
NYS Office of Real Property Tax Services (ORPTS), or a variety of market data reports.
SalesWeb compiles transfers of real estate within the county through deeds recorded at
the Westchester County Clerk’s Office, Division of Land Records located in the City of
White Plains. Leads were then analyzed based on a physical inspection of the property,
information at the office of the Assessor and/or Building Department, and a review of the
recorded deeds and mortgages. The respective grantor, grantee, real estate
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broker, or attorney of the grantor or grantee verified each of the sales used in this
analysis.
The research yielded recent sales of comparable properties in the market area of the
subject property; the properties that were considered most comparable to the subject have
been used as the basis of this analysis. Consideration is given to the following
characteristics and elements of comparison:
Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Many types of real estate, particularly income-producing properties, are sold subject to existing leases. The revenue-generating potential of a property is often fixed or limited by the terms of existing leases. Therefore, in the valuation process, if possible, adjustments must be made to reflect the difference between contract rent and market rent and how this difference affects property price. However, in most cases, such rental data for comparable sale properties is difficult to obtain, often precluding the ability to make appropriate adjustments. Finance Terms The transaction price of one property may differ from that of an identical property owing to different financing arrangements. Conditions of Sale Adjustments of conditions of sale usually reflect the motivations of the buyer and the seller. A sale may be transacted at a below-market price if the seller needs cash in a hurry. A financial, business, or family relationship between the parties may also affect the price of property. When non-market conditions of a sale are detected in a transaction, the sale can be used as a comparable only with care. The circumstances of the sale must be thoroughly researched before an adjustment is made. Expenditures Made Immediately After Purchase A knowledgeable purchaser will typically consider expenditures that will be necessary upon purchase of a property because these costs will affect the price a buyer agrees to pay and the price a seller is willing to accept. Such expenditures may include the costs to demolish or remove buildings, costs to obtain a zone change, or costs to remediate environmental contamination. These expenditures (or planned expenditures) must be researched in order to accurately derive a proper adjustment. Market Conditions (Time Adjustment) Market conditions generally change over time, but the date of an appraisal is a specific time. Therefore, past sales must be examined in light of the
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direction of change between the sale date of the comparable and valuation date of the subject property. Although the adjustment for market conditions is often referred to as a "time adjustment," time is not the cause of the adjustment. Market conditions shift over time; therefore, market conditions, not time, create the need for an adjustment. If market conditions have not changed, no adjustment is required, even though considerable time may have elapsed. Location An adjustment for location may be required when the location characteristics of a comparable property are different from those of the subject property. Location adjustments are usually expressed as percentages that reflect the increase or decrease in value attributable to the property's location or neighborhood. Physical Characteristics If the physical characteristics of a comparable property and the subject differ in many ways, each of these differences may require comparison and adjustment to the comparable. For vacant land properties, physical characteristics may include such factors as zoning, land size (area/unit), frontage, shape/configuration, topography, wetlands, and other physical features. For improved properties, physical differences may include such factors as building size, quality of construction, architectural style, building materials, age, condition, functional utility, site size, attractiveness and amenities. Furthermore, on site environmental conditions are adjusted when deemed necessary.
After analysis, an estimate is made of the price for which each comparable sale property would have sold had it possessed all of the same attributes and/or disabilities of the property being appraised. These opinions are then reconciled into an estimate of market value for the subject property.
Because Westchester County is extensively developed, there are a limited number of
comparable land sales to choose from; therefore, the land sales analyzed in this report
include sales that differ in size from the subject and that required expenditures by the
grantee (for demolition, extensive site work or development approvals). However, these
sales collectively provide a reliable preliminary indication of value for the subject’s
underlying land.
The following sales are used to estimate the subject property’s market value. Later in this
report we will demonstrate an appropriate deduction reflecting the subject’s limited
utility.
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Sale 1
Location: Eastern terminus (#15) of Briggs Lane, Armonk, Town of North Castle, Westchester County, NY.
Tax ID: 107.02‐4‐66.2.Grantor: 15 Briggs, LLC., 15 Rosehill Drive, Armonk, NY 10504.Grantee: Splinter Construction Corp., 4 East Brook Farm, Bedford, NY 10506. Land Area: 2.282 acres.Land Data: Irregular shaped inside parcel with approximately 175.82’ of frontage along the east
side of Briggs Lane, located at the eastern end of a cul‐de‐sac. Land slopes up from road grade then becomes gently rolling in main region of property. Additionally, the land slopes up at far eastern portion easterly. The entire property is heavily wooded. Utilities include telephone and electric.
Improvements: None. Zoning: “R‐3/4A, One Family Residence District (3/4 Acre).”Sale Date: 7/18/13, Recorded 8/9/13, Control No. 531993170.Sale Price: $450,000 (MLS indicates a price of $426,000; actual deed indicates $450,000).Comments: The property was listed for sale for $525,000; marketing time was 154 days.Base Value: $450,000.
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Sale 2
Location: North side (#16) of Cider Mill Circle, approximately 556+ feet west of Old Post Road, located on the north side of a cul‐de‐sac, Armonk, Town of North Castle, Westchester County, NY.
Tax ID: 2/11/9‐17. Grantor: Cider Mill Main Street LLC., 199 Main Street, Suite 205, White Plains, NY 10601.Grantee: Christopher and Tamara Arcamone, 5 Schultz Way, Armonk, NY 10504. Land Area: 0.264 acre. Land Data: Irregular shaped inside parcel with approximately 39.28’ of frontage along the north
side of Cider Mill Circle. Land steeply slopes up from east to west exceeding a 25% grade in center portion of property. The entire property is cleared. All utilities.
Improvements: None. Zoning: “R‐MF‐A, Multi Family Residence A District.”Sale Date: 12/17/12, Recorded 1/2/13, Control No. 523483550.Sale Price: $499,000. Base Value: $499,000.
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Sale 3
Location: South side (#34) of Hardscrabble Hill Road, approximately 1,470’ east of Hardscrabble Road, Town of Mount Pleasant, Westchester County, NY.
Tax ID: 99.10‐2‐3.9.Grantor: Zappico Morning View Heights, LLC., 194 Brady Avenue, Hawthorne, NY 10532.Grantee: R. Todd Constable, 187 West 89th Street, 10D, New York, NY 10029. Land Area: 1.091 acres.Land Data: Irregular shaped inside parcel with approximately 163.99’ of frontage along the
south side of Hardscrabble Hill Road. The property is generally rolling, slightly sloping from west to east, and begins sloping down steeper at far southwestern portion; heavily wooded throughout. Utilities include telephone and electric.
Improvements: None. Zoning: “R‐40, One‐Family Residential District.”Sale Date: 5/15/14, Recorded 5/30/14, Control No. 541323180.Sale Price: $500,000. Comments: The property was subsequently developed with a house.Base Value: $500,000
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Sale 4
Location: East side (#16) of Windmill Place, approximately 1,260+ feet north of Windmill Road, Town of North Castle, Westchester County, NY.
Tax ID: 1/04/10‐407.Grantor: Mary Ruth Kilpatrick, 16 Windmill Place, Armonk, NY 10504 as 50% tenant in
common, and Candace Flanagan, 62 Fleming Court, Palm Coast, Florida 32137 as 50% tenant in common.
Grantee: Savyon Development Inc., 3 Sniffen Road, Armonk, NY 10504. Land Area: 1.502 acres.Land Data: Nearly rectangular shaped inside parcel with approximately 178.46’ of frontage
along the east side of Windmill Place. Land is gently sloping throughout. Western portion is mostly cleared for residence and eastern portion is wooded. Utilities include telephone and electric.
Improvements: At time of sale a one‐story single‐family house containing existed on the property containing 1,822 sq. ft. built in 1960 but was demolished. Estimated demolition cost is $40,000.
Zoning: “R‐1.5A, One Family Residence District (1‐½ Acres).”Sale Date: 2/7/13, Recorded 2/28/13, Control No. 530293214.Sale Price: $690,000. Effective acquisition cost (including estimated cost of demolition) is
$730,000. Comments: The property was listed for sale for $725,000 on 12/4/2012; marketing time was 65
days. Base Value: $730,000 (effective).
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Sale 5
Location: West side (#1513) of Old Orchard Street, approximately 174+ feet north of Johnson Place, Town of North Castle, Westchester County, NY.
Tax ID: 123.05‐1‐1. Grantor: Kazimierz Czoch, 1513 Old Orchard Street, White Plains, NY 10604. Grantee: Gaetano and Elise DiMatteo, 4 Forest Lake Drive, West Harrison, NY 10604.Land Area: 0.478 acre. Land Data: Irregular shaped inside parcel with approximately 80.00’ of frontage along the west
side of Old Orchard Street. The majority of property is at road grade and gently slopes up westerly; most of the lot is cleared. Utilities include telephone and electric.
Improvements: At time of sale a one‐story single‐family house existed on the property containing 640 sq. ft. constructed in 1915. Property was sold with approvals for demolition to build 3,000 sq. ft. home. Estimated cost for demolition/removal is $25,000.
Zoning: “R‐1.5A, One Family Residence District (1‐½ Acres).”Sale Date: 10/2/13, Recorded 12/16/13, Control No. 531163601.Sale Price: $305,000. Effective acquisition cost (including estimated demolition cost) is
$330,000. Comments: The property was listed for sale for $350,000 on March 21, 2013; marketing time
was 200 days. Base Value: $330,000.
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Comparable Sales Location Map
Subject: Windmill Road Town of North Castle, Westchester County, NY Tax Map ID No. 102.03-1-7
SUBJECT
4
1
2
3
5
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Adjustment Grid Process
In the following grid(s), the numerical adjustment factors with respect to each of the
individual categories for which adjustments are made are applied as follows:
0 denotes a degree of similarity, equality, or parity as between the comparable sale (or
lease) and the subject property sufficient to justify no numerical adjustment.
A positive (+) adjustment indicates a relative degree of inferiority of the comparable sale
(or lease) compared to the subject property for the particular adjustment category.
A negative (-) adjustment indicates a relative degree of superiority of the comparable sale
(or lease) compared to the subject property for the particular adjustment category.
In accordance with the suggestion of the Appraisal Institute, preliminary adjustments for
economic factors are made sequentially for property rights, financing, motivation, and
market conditions, where warranted. Individual adjustments are then made for various
physical characteristics of the sales on a cumulative basis. The net cumulative adjustment
indicated is the total addition of each individual positive or negative numerical
adjustment in the respective comparable column. The net adjustment is applied to a 1.00
factor (for multiplication purposes), and the adjusted factor is subsequently applied to the
preliminary adjusted base unit value of the comparable sale (or lease).
In making the various computations herein, the appraiser has adopted typical and
reasonable methods of rounding in order to retain, wherever possible, the convenience
and utility of whole numbers. In no case does the rounding process materially affect the
results obtained.
The Summary of Comparable Sales and Adjustment Grid is presented on the following page and is followed by our conclusion of value for the subject property.
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Sales Summary & Adjustment Grid
Sale No. 1 2 3 4 5 SubjectLocation #15 #16 #34 #16 #1513
Briggs Lane Cider Mill Circle Hardscrabble Hill Rd Windmill Place Old Orchard Street Windmill RoadMunicipality North Castle North Castle Mount Pleasant North Castle North Castle North CastlePO Armonk Armonk Chappaqua Armonk No. White Plains ArmonkSchool District Byram Hills Byram Hills Chappaqua Byram Hills Valhalla Byram HillsCounty Westchester Westchester Westchester Westchester Westchester Westchester
Grantor 15 Briggs, LLC Cider Mill Main St LLC
Zappico Morning View Heights, LLC
Mary Kilpatrick & Candace Flanagan
Kazimierz Czoch n./a.
Grantee Splinter Construction Corp.
Christopher & Tamara Arcamone
R. Todd Constable Savyon Development Inc
Gaetano & Elise Dematteo
n./a.
Tax Map ID No. 107.02-4-66.2 2/11/9-17 99.10-2-3.9 1/04/10-407 123.05-1-1 102.03-1-7Deed Reference 531993170 523483550 541323180 530293214 531163601 n./a.Sale Date 7/18/2013 12/17/2012 5/15/2014 2/7/2013 10/2/2013 n./a.Effect. Sale Price $450,000 $499,000 $500,000 $730,000 $330,000 n./a.Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee SimpleAtypical Financing None Known None Known None Known None Known None Known None KnownConditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's LengthMarket Conditions Similar Similar Similar Similar Similar n./a.Land Area (Acres) 2.280 0.260 1.091 1.502 0.478 0.267Road Frontage (usable) 175.82 39.28 163.99 178.46 80.00 186.32Frontage/Acre (ft./ac.) 77 151 150 119 167 698Configuration Irregular Irregular Irregular Nearly regular Irregular IrregularTopography Gently sloping Sloping Generally rolling Gently sloping Rolling Gently slopes up
Utilities All All T, E T, E T, E T, EZoning R-3/4A R-MF-A R-40 R-1.5A R-MF-A R-1.5ABOHA Yes Yes Yes Yes No
Amenities None None None None None NoneEncumbrances None known None known None known None known None known None knownComments Approvals to build
3,000 sq. ft houseImprovements None None None One-story 1,822 sq. ft.
house built in 1960 One-story 640 sq. ft.
house built in 1915None
Effective Sale Price $450,000 $499,000 $500,000 $730,000 $330,000
AdjustmentsProperty Rights 0.0% 0.0% 0.0% 0.0% 0.0%Adjusted Price $450,000 $499,000 $500,000 $730,000 $330,000Financing 0% 0% 0% 0% 0%Adjusted Price $450,000 $499,000 $500,000 $730,000 $330,000Conditions of Sale 0% 0% 0% 0% 0%Adjusted Price $450,000 $499,000 $500,000 $730,000 $330,000Market Conditions 0% 5% 0% 0% 0%Adjusted Price $450,000 $523,950 $500,000 $730,000 $330,000Expenditures after Sale 0% 0% 0% 0% 0%
Adjusted Price $450,000 $523,950 $500,000 $730,000 $330,000Zoning/Utility/BOHA -10% -10% -10% -10% -10%Size -30% 0% -20% -25% -5%Topography -5% -5% -5% -5% -5%Configuration/access 15% 0% 0% 0% 15%Location 5% -5% 10% 0% 25%Improvements 0% 0% 0% -5% 0%Amenities 0% 0% 0% 0% 0%Utilities 0% -20% 0% 0% 0%
Net Adjustment -25% -40% -25% -45% 20%Value Indication $337,500 $314,370 $375,000 $401,500 $396,000
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Adjustment Factors
Within the Sales Comparison Approach, comparables are analyzed and compared to the
subject property, and adjustments are applied to reflect the differences between each sale
property and the subject. The various factors considered in making such adjustments
include the following:
Real Property Rights Conveyed - A transactions price is always predicated on the real
property interest conveyed. Many types of real estate, particularly income-producing
properties, are sold subject to existing leases. The revenue-generating potential of a
property is often fixed or limited by the terms of existing leases. Therefore, in the
valuation process, if possible, adjustments must be made to reflect the difference between
contract rent and market rent and how this difference affects property price. However, in
most cases, such rental data for comparable sale properties is very difficult to obtain,
often precluding the ability to make appropriate adjustments. Properties may also be
encumbered by easements, covenants or restrictions which represent various property
rights that may influence value. Therefore, in the valuation process, if possible, an
analysis must be made with respect to the differences in property rights and how these
differences affect property price.
Finance Terms - The transaction price of one property may differ from that of an
identical property owing to different financing arrangements.
Conditions of Sale - Adjustments of conditions of sale usually reflect the motivations of
the buyer and the seller. A sale may be transacted at a below-market price if the seller
needs cash in a hurry. A financial, business, or family relationship between the parties
may also affect the price of property. When non-market conditions of a sale are detected
in a transaction, the sale can be used as a comparable only with great care. The
circumstances of the sale must be thoroughly researched before an adjustment is made.
Expenditures Made Immediately After Purchase - A knowledgeable purchaser will
typically consider expenditures that will be necessary upon purchase of a property
because these costs will affect the price a buyer agrees to pay and the price a seller is
willing to accept. Such expenditures may include the costs to demolish or remove
buildings, costs to obtain a zone change, or costs to remediate environmental
contamination. These expenditures (or planned expenditures) must be thoroughly
researched in order to accurately derive a proper adjustment.
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Time - The price of each comparable sale was adjusted to reflect the effect of the passage
of time on the value of real property in the market. The factor includes an allowance
reflecting the increment in real value (related to supply and demand), as well as that
portion of increasing value attributable to inflation. The adjustment made is referred to in
terms of percent increase or decrease annually.
Following a period of market deterioration (2007/2008), prices for many property types
are believed to have subsequently stabilized with recent signs of increases in response to
renewed demand stimulated by improving economic conditions (nationally, regionally
and locally).
Owing to the diverse and fragmented nature of Westchester County’s real estate market
segments, prices for various property types have not changed uniformly, but, rather, have
changed at varying levels that, to a large part, reflect the relative advantages and
desirability of specific geographic locations.
With regard to the residential market segment, we reviewed statistical information
gathered by the Hudson Gateway Association of Realtors, Inc. “The region’s surge in
real estate sales since early 2013 continued stronger still in the first quarter of 2014.
Realtors participating in the Hudson Gateway Multiple Listing Service, Inc. reported a
grand total of 2,552 closed residential transactions in the MLS’s core four county service
territory in January through March, an increase of 10.8% over the 2,304 closings in the
same period last year. The increase from 2012 to 2013 was 8.8%, and compared to the
recessionary performance of only 1,582 closings in 2009, the 2014 volume was 61.3%
higher… …The first quarter closings resulted largely from properties that were listed
and marketed during the late autumn and winter months of 2013. Westchester, which
accounts for about 60% of the region’s real estate sales, led the way with a powerful
19.4% sales increase in its single family house sector, and 21.0% in its cooperative unit
sector. Westchester condominium sales did not follow suit, however, declining by 15.2%
from last year…
… In a high sales rate and tight inventory environment, prices could be expected to
increase and they did. The first quarter median1 sale price of a single family house in
Westchester was $600,000, an increase of $85,000 or 16.5% over last year’s median. Not
all of the increase derived from competitive market pressure, however. Some reflected
the addition of more high end properties to the real estate market basket. Such
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properties (defined in this report as single family houses selling for $1,000,000 or more)
constituted 23% of house sales in the first quarter of 2014, a level that was more
characteristic of prerecession markets. Last year’s first quarter ratio of high end
properties was just 16%.”18 The following chart indicates first quarter median sale prices
in Westchester, Putnam, Rockland and Orange County Counties:
Source: Hudson Gateway Association of Realtors
The chart on the following page indicates second quarter and year-to-date 2013 market
activity in Westchester County including:
Number of Sales Median Sale Price Mean Sale Price Inventory
18 2143 First Quarter Residential Real Estate Sales Report, Westchester, Putnam, Rockland and Orange Counties, New York, Hudson Gateway Association of Realtors, April 11, 2014.
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Source: Hudson Gateway Association of Realtors, 1st Quarter 2014 Sales Report
Considering both the positive and negative aspects of the subject’s immediate and
surrounding neighborhood, it is our opinion that this particular sub-market has undergone
a modest rate of growth over the past two years or so. Accordingly, within this report,
comparable sale prices have been adjusted for time in order to reflect market conditions
in effect for this property type over the past several years.
Zoning/Utility - An analysis of uses permitted in differing zoning district classifications,
yield potentials, building regulations and/or applicable restrictions and limitations.
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Size- An analysis of the relationship that exists between overall area, or size, and unit
value, based on the proposition established in the real estate market wherein, generally,
other factors being equal, the larger the property size, the higher the price, or value, and
vice versa.
Topography - An analysis of topographical features, as they relate to optimum site
utilization.
Configuration - An analysis of the effect of plot shape, street frontage, and perimeter
outline, as they would affect optimum property development.
Location/Desirability - An analysis of various location factors (transportation facilities,
highway accessibility, population density, patterns of existing improvements and uses,
labor supply, availability, convenience, and adequacy of shopping and municipal
services, vehicular traffic patterns and volume, etc.).
Improvements - An analysis and evaluation of the age, size, type, quality, condition, and
functional utility of all structural and site improvements which enhance the land.
Amenity/View- An analysis of the differences in site amenities such as a view, water
frontage, or other enhancement, as a factor affecting the value of vacant land.
Utilities - An analysis of the availability of municipal utilities (water, sanitary and storm
sewer, natural gas, electricity, telephone, paved street, etc.).
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Indicated Preliminary Land Value (as though buildable)
We researched and analyzed the most similar and recent sales in the area of the subject
property. The sales cited are the best available, and after appropriate adjustments they
represent a reliable range of value per unit for the subject property as though it can be
developed. We applied appropriate adjustments to each of the comparable sales offered
herein to reflect the differences between each sale and the subject.
Adjustments to the sale prices of the comparables were based on information provided by
the grantor or grantee and estimated based on the appraiser’s experience and knowledge
of the local market. Considering the analyses, the sales are reconciled into an estimate of
market value that is best supported by the market data. The adjusted unit values for the
comparable sales were as follows:
Sale No. 1 2 4 5 6
AdjustedValue Indication $396,000 $337,500 $314,370 $375,000 $401,500
After adjustments, the comparables demonstrate a range in value from a low of $314,370
to a high of $401,500. The average adjusted value indication is $364,874 and the median
is $375,000.
Substantially equal weight is given to each of the comparables since each of these
properties have characteristics closely resembling the subject property. Utilizing the
comparable sales, it is our opinion that the market value of the subject property as though
it can be developed, as of the date of appraisal, was:
Three Hundred Seventy Thousand ($370,000) Dollars
Note: The above preliminary value estimate is made under the hypothetical
condition assuming that the property is not subject to development limitations.
It is required for, and is the basis of, the Scenario 2 portion (“as-is”) of this
analysis.
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Scenario 2 (Market Value “as-is”) In order to derive the adjustment reflecting the decrement in value attributable to lack
of developability (the inability to develop the subject), we utilized four matched-pair
analyses. Because developability at the subject site is non-existent (pursuant to
current zoning restrictions the property cannot be developed) this added adjustment is
necessary.
The first non-developable parcel analyzed, Paired sale A (located in the Town of
Somers, NY), was sold by Lincoln Hall to New York State. John F. Gabriel, Assistant
Secretary of Lincoln Hall oversaw the transaction; Mr. Gabriel reported that because
of topographic conditions, the parcel is non-developable. Most of the lot is 6’ to 8’
below street grade and acts as a water catch basin for the area. This sale property is
compared to other sales of building lots in Somers. Once all differences, excepting
the sought variable, are adjusted, a non-development adjustment is extracted.
Adjustments for topography are omitted from the analysis because site topography is
the feature that rendered the parcel undevelopable (the sought variable). Paired Sale
A, the sales used in its analysis, and the adjustment grid are shown on the following
pages.
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Paired Sale A (Undevelopable Land Sale)
Location
Address : Southeast corner of Lovell Road and Primrose Street,
Town of Somers, Westchester County, New York
Tax I.D. # : Section 16.20, Block 2, Lots 10 - 13, p/o 7, 8, 14 - 21.
Deed and Mortgage Data
Grantor : Lincoln Hall
Grantee : The People of the State of New York
Sale Dated : 10/13/94
Sale Recorded : 12/27/94, Liber 11045, Page 51
Revenue Stamps : $0 (exempt)
Sales Price : $24,000
Physical Data
Area : 1.39 acres
Frontage : Sufficient frontage on Lovell Road and Primrose Street
Configuration : Irregular, corner parcel
Topography : Most of the lot is 6’ to 8’ below street grade and acts as
a catch basin for the area.
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-40, Single-Family Residential”
Sale Analysis
Price per Lot : $24,000
Verification : Particulars of sale confirmed
Comments : Because of site topography the grantor believed the site
was undevelopable. According to Mr. Gabriel, prior to
the sale to New York State, a contractor approached
Lincoln Hall with the intention of purchasing the lot for
development. However, after conferring with town
officials who indicated that the likelihood of
development was virtually nonexistent, the contractor
withdrew his offer.
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Paired Sale AA
Location
Address : East side of Sunderland Lane, Town of Somers,
Westchester County, New York
Tax I.D. # : Section 28.13, Block 1, Lot 4
Deed and Mortgage Data
Grantor : Tip Top Group
Grantee : Thomas and Valerie Pascale
Sale Dated : 1/11/93
Sale Recorded : 2/10/93, Liber 10511, Page 235
Revenue Stamps : $672
Sales Price : $168,000
Physical Data
Area : 3.63 acres
Frontage : Sufficient frontage on Sunderland Lane
Configuration : Generally rectangular, inside parcel
Topography : Drops below grade and is generally level
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-80, Single-Family Residential”
Sale Analysis
Price per Lot : $168,000
Verification : Particulars of sale confirmed
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Paired Sale AB
Location
Address : East side of Sunderland Lane, Town of Somers,
Westchester County, New York
Tax I.D. # : Section 28.09, Block 1, Lot 5
Deed and Mortgage Data
Grantor : Tip Top Group
Grantee : Joseph M. Malzo
Sale Dated : 6/24/92
Sale Recorded : 7/8/92, Liber 10347, Page 213
Revenue Stamps : $720
Sales Price : $180,000
Physical Data
Area : 4.27 acres
Frontage : Sufficient frontage on Sunderland Lane
Configuration : Irregular, inside parcel
Topography : Land slopes down from north to south
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-80, Single-Family Residential”
Sale Analysis
Price per Lot : $180,000
Verification : Particulars of sale confirmed
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Paired Sale AC
Location
Address : Southeast terminus of Teed Court, Town of Somers,
Westchester County, New York
Tax I.D. # : Section 28.13, Block 1, Lot 3
Deed and Mortgage Data
Grantor : Tip Top Group
Grantee : Ambuj Goyal and Barbara L. Goyal
Sale Dated : 5/14/92
Sale Recorded : 5/29/92, Liber 10309, Page 263
Revenue Stamps : $688
Sales Price : $172,000
Physical Data
Area : 1.98 acres
Frontage : Sufficient frontage on Teed Court
Configuration : Irregular, inside parcel
Topography : Land rises from north to south
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-80, Single-Family Residential”
Sale Analysis
Price per Lot : $172,000
Verification : Particulars of sale confirmed
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ANALYSIS OF NON-DEVELOPMENT VARIABLE
Sale AA Sale AB Sale AC Paired Sale A
Date of Sale 11-Jan-93 24-Jun-92 29-May-92 13-Oct-94
Address Sunderland Ln Sunderland Ln Teed Ct Primrose St
Town Somers Somers Somers Somers
Area (Acres) 3.63 4.27 1.98 1.39
Zoning R-80 R-80 R-80 R-40
Topography Drops/Level Slopes Rises gradually Below Grade
Frontage Adequate Adequate Adequate Adequate
Configuration Gen rectangular Irregular Irregular Irregular
Utilities E,T E,T E,T E,T
Motivation No No No No
Sale Price $168,000 $180,000 $172,000 $24,000
Property Rights 0% 0% 0%
Adjusted Price $168,000 $180,000 $172,000
Finance Terms 0% 0% 0%
Adjusted Price $168,000 $180,000 $172,000
Motivation 0% 0% 0%
Adjusted Price $168,000 $180,000 $172,000
Market Conditions 0% 0% 0%
Adjusted Price $168,000 $180,000 $172,000
Physical Characteristic Adjustments
Location 0% 0% 0%
Size -10% -10% -5%
Topography n/a n/a n/a
Frontage 0% 0% 0%
Utilities 0% 0% 0%
Net Adjustment -10% -10% -5%
Grid Adjusted Price $151,200 $162,000 $163,400
Adjusted % Difference 15.87% 14.81% 14.69%
As the above grid demonstrates, once the comparables are adjusted, the value of the
non-developable parcel represents roughly 15% of the value of its developable
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comparables. From this analysis, it is indicated that 85% of the value is in the
developability of the parcel.
The second non-developable parcel analyzed, Paired Sale B, because of its
subdivision configuration, lacks road frontage and also is not developable. It was
purchased by an adjoining property owner from the subdivision developers to
increase the grantees’ privacy. Like the previous non-developable parcel, it is
compared to similar, but buildable, lots. The feature that makes the parcel non-
developable, frontage, is omitted from the analysis in order to derive a non-
development adjustment. Paired Sale B, the sales used in its analysis, and the
adjustment grid are shown on the following pages.
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Paired Sale B (Undevelopable Land Sale)
Location
Address : Off Lakeview Road, Town of Yorktown, Westchester
County, New York
Tax I.D. # : Section 20.5, Block 42, Lot 4
Deed and Mortgage Data
Grantor : Pinesbridge Estates
Grantee : Lawrence David Swift & Sally C. Swift
Sale Dated : 12/20/91
Sale Recorded : 1/2/92, Liber 10184, Page 171
Revenue Stamps : $47
Sales Price : $10,000
Physical Data
Area : 2.10 acres
Frontage : None
Configuration : Irregular, inside parcel
Topography : Rolling
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R1-80, Single-Family Residential”
Sale Analysis
Price per Lot : $10,000
Verification : Particulars of sale confirmed
Comments : This parcel layout lacks road frontage and is
surrounded by other parcels of the subdivision. It was
purchased by an adjoining property owner from the
subdivision developers to increase the grantees’
privacy. At the time of sale both parties knew the
parcel was undevelopable.
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Paired Sale BA
Location
Address : Northeast corner of Hog Hill Road and Wooded Hill
Court, Town of Yorktown, Westchester County, New
York
Tax I.D. # : Section 19.3, Parcel 21, Lot 3
Deed and Mortgage Data
Grantor : Wooded Hill Associates
Grantee : Corrado and Marie Ragazzo
Sale Dated : 10/14/94
Sale Recorded : 11/1/94, Liber 11005, Page 197
Revenue Stamps : $548
Sales Price : $137,000
Physical Data
Area : 1.85 acres
Frontage : Sufficient frontage on Hog Hill Road and Wooded
Hill Court
Configuration : Irregular, corner parcel
Topography : Rolling
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R1-80, Single-Family Residential”
Sale Analysis
Price per Lot : $137,000
Verification : Particulars of sale confirmed
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Paired Sale BB
Location
Address : Northwest corner of Vine and Wall Streets, Town of
Yorktown, Westchester County, New York
Tax I.D. # : Section 15.1, Block 17, Lot 157
Deed and Mortgage Data
Grantor : Raymond A. and Bridget M. Cardonne
Grantee : Arthur R. and Joanne C. Bartosch
Sale Dated : 3/5/90
Sale Recorded : 3/15/90, Liber 9764, Page 36
Revenue Stamps : $480
Sales Price : $120,000
Physical Data
Area : 1.12 acres
Frontage : Sufficient frontage on Vine and Wall Streets
Configuration : Irregular, corner parcel
Topography : Generally level
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R1-80, Single-Family Residential”
Sale Analysis
Price per Lot : $120,000
Verification : Particulars of sale confirmed
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PROPERTY ADVISORS, LLC
Paired Sale BC
Location
Address : Southeast side of Spring Hill Lane, Town of
Yorktown, Westchester County, New York
Tax I.D. # : Section 19.05, Parcel 18.1, Lot 24
Deed and Mortgage Data
Grantor : 22-24 Spring Development Corp.
Grantee : Robert P. Zimmel and Jean M. Zimmel
Sale Dated : 11/3/94
Sale Recorded : 12/8/94, Liber 11030, Page 339
Revenue Stamps : $564
Sales Price : $140,800
Physical Data
Area : 1.98 acres
Frontage : Sufficient frontage on Spring Hill Lane
Configuration : Generally rectangular, inside parcel
Topography : Slopes up
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R1-80, Single-Family Residential”
Sale Analysis
Price per Lot : $140,800
Verification : Particulars of sale confirmed
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ANALYSIS OF NON-DEVELOPMENT VARIABLE
Sale BA Sale BB Sale BC Paired Sale B
Date of Sale 14-Oct-94 5-Mar-90 3-Nov-94 20-Dec-91
Address Hog Hill Rd Vine St Spring Hill Ln Off Lakeview Rd
Town Yorktown Yorktown Yorktown Yorktown
Area (Acres) 1.85 1.12 1.98 2.10
Zoning R1-80 R1-40 R1-80 R1-80
Topography Rolling Gen level Slopes Rolling
Frontage Adequate Adequate Adequate None
Configuration Irregular Rectangular Rectangular Irregular
Utilities E,T E,T E,T E,T
Motivation No No No No
Sale Price $137,000 $120,000 $140,800 $10,000
Property Rights 0% 0% 0%
Adjusted Price $137,000 $120,000 $140,800
Finance Terms 0% 0% 0%
Adjusted Price $137,000 $120,000 $140,800
Motivation 0% 0% 0%
Adjusted Price $137,000 $120,000 $140,800
Market Conditions 10% 0% 10%
Adjusted Price $150,700 $120,000 $154,880
Physical Characteristic Adjustments
Location 0% 0% 0%
Size 0% 5% 0%
Topography 0% 0% 0%
Frontage n/a n/a n/a
Utilities 0% 0% 0%
Net Adjustment 0% 5% 0%
Grid Adjusted Price $150,700 $126,000 $154,880
Adjusted % Difference 6.64% 7.94% 6.46%
As the above grid demonstrates, once the comparables are adjusted, the value of the
non-developable parcel represents roughly 7% of the value of its developable
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comparables. From this analysis, it is indicated that 93% of the value is in the
developability of the parcel.
The third non-developable parcel analyzed, Paired Sale C, because of its extremely
narrow configuration (it lacks sufficient depth after accounting for zoning setbacks)
and its relatively steep topography, the property is, in all likelihood not developable.
It was purchased by a group of three adjoining property owners from the municipality
(Town of Yorktown) to increase the grantees’ privacy and control over the site. Like
the previous non-developable parcels, it is compared to similar, but buildable, lots in
its market area. The features that make Parcel C non-developable (configuration and
topography) are omitted from the analysis in order to isolate a non-development
adjustment. Paired Sale C, the sales used in its analysis, and the adjustment grid are
shown on the following pages.
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Paired Sale C (Undevelopable Land Sale)
Location
Address : Northeast corner of McKeel Street and Spring Drive,
Town of Yorktown, Westchester County, New York.
Tax I.D. # : Section 15.3, Block 10, Lot 99.
Deed and Mortgage Data
Grantor : Town of Yorktown.
Grantee : Nancy Sherwood-Truitt, Jonathan and Jane Bernz and
Scott Sanger and Joy Dallenegra.
Sale Dated : 12/23/97.
Sale Recorded : 4/28/98, Liber 11984, Page 53.
Revenue Stamps : $0 (exempt)
Sales Price : $400.00.
Physical Data
Area : 1.0± acre.
Frontage : 487’ on McKeel Street and 231’ on Spring Drive.
Configuration : Irregular, corner parcel with limited lot depth.
Topography : Land slopes up sharply from the grade of McKeel
Street to Spring Drive.
Utilities : Electric, telephone and water.
Encumbrances : None known
Zoning
District : “R1-40, Residential.”
Sale Analysis
Price per Lot : $400.00.
Verification : Particulars of sale confirmed.
Comments : Because of site topography and insufficient lot depth to
meet zoning requirements, a strong likelihood exists
that the lot was undevelopable. The property was
purchased by a group of three adjacent property owners
at a widely publicized public auction with numerous
bidders present.
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Paired Sale CA
Location
Address : West side of McKeel Street, 500± feet north of Croton
Heights Road, Town of Yorktown, Westchester
County, New York
Tax I.D. # : Section 15.3, Block 10, Lot 19.
Deed and Mortgage Data
Grantor. : Anthony De Vito.
Grantee : Eric Di Bartolo.
Sale Dated : 11/30/94.
Sale Recorded : 12/4/94, Liber 11029, Page 211
Revenue Stamps : $300.00
Sales Price : $75,000
Physical Data
Area : 0.662± acre.
Frontage : 122’ on McKeel Street.
Configuration : Irregular, inside parcel with ample lot depth.
Topography : Land slopes gradually down from the grade of McKeel
Street.
Utilities : Electric, telephone and water.
Encumbrances : None known
Zoning
District : “R1-40, Residential”
Sale Analysis
Price per Lot : $75,000.
Verification : Particulars of sale confirmed
Comments : Subsequent to the sale, the property was improved with
a single-family residence.
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Paired Sale CB
Location: Old Logging Road, Town of Yorktown, Westchester County, NY.
Tax ID: 11.2-7-7.2.
Grantor: Roger Goodfriend (undivided 55% interest), and Lewis A. Goodfriend (undivided 45% interest), c/o Goodfriend, 11 Riverdale Avenue Port Chester, New York.
Grantee: Christopher and Amy Malisse, 1155 Warburton Avenue, Apt. 3R, Yonkers, NY.
Land Area: 1.847 acres.
Land Data: Irregular shaped parcel. Paved street.
Frontage: 127.07’
Topography: Slightly sloping to a low area; some rock outcroppings; owing to the topographical features, the septic system design will require use of an ejector pump.
Utilities: Electric and telephone.
Zoning: “R1-80” (changed to “R1-160”).
Deed Dated: 12/12/96, Recorded: 12/31/96, Liber 11623 Page 71.
Sale Price: $78,500; Revenue Stamps: $314.00
Financing: Typical.
Comments: 1. After 285 days on the market, the property achieved 72% of its original listing price of $109,500.
2. The southerly 50’ is encumbered by a tree buffer.
Base Unit Value: $78,500.
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Paired Sale CC
Location: South side of Spring Drive, 140’ west of Croton Heights Road, Town of Yorktown, Westchester County, NY.
Tax ID: 15.4-10-92.
Grantor: Peter D. Welch, 85 Croton Avenue, Mount Kisco, NY.
Grantee: Rene Bloch, Rochambeau Drive, Yorktown Heights, NY.
Land Area: 1.025 acres.
Land Data: Irregular shaped inside parcel. Unpaved (dirt surface) street.
Frontage: 295’
Topography: Gradually sloping down from east to west; front portion s at road grade and generally level. Some rock outcroppings were evident and the site required some rock removal.
Utilities: Public utilities include electric, telephone and water.
Zoning: “R1-40, Residential” (40,000 sq. ft. min. lot size).
Deed Dated: 1/31/97, Recorded: 3/12/97, Liber 11680 Page 4.
Sale Price: $60,000; Revenue Stamps: $240.00
Financing: Seller provided a $48,000 short-term (1-year) mortgage; undisclosed terms.
Comments: 1. After 270 days on the market, the property achieved 75% of its original listing price of $89,500.
2. Subsequent to the sale, the grantee constructed a single-family residence on this site.
Base Unit Value: $60,000.
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ANALYSIS OF NON-DEVELOPMENT VARIABLE
Sale CA Sale CB Sale CC Paired Sale C
Date of Sale 30-Nov-94 12-Dec-96 31-Jan-97 23-Dec-97
Address McKeel St. Old Logging Rd. Croton Heights
Rd.
McKeel St.
Town Yorktown Yorktown Yorktown Yorktown
Area (Acres) 0.662 1.847 1.025 1
Zoning R1-40 R1-80 R1-40 R1-40
Topography Moderate Moderate Moderate Steep
Frontage Adequate Adequate Adequate Adequate
Configuration Irregular Irregular Irregular Narrow
Utilities E, T, W E,T E, T, W E, T, W
Motivation No No No No
Sale Price $75,000 $78,500 $60,000 $400
Property Rights 0% 0% 0%
Adjusted Price $75,000 $78,500 $60,000
Finance Terms 0% 0% 0%
Adjusted Price $75,000 $78,500 $60,000
Motivation 0% 0% 0%
Adjusted Price $75,000 $78,500 $60,000
Market Conditions 10% 0% 10%
Adjusted Price $82,500 $78,500 $66,000
Physical Characteristic Adjustments
Location 0% 0% 0%
Size 5% -5% 0%
Topography n/a n/a n/a
Frontage n/a n/a n/a
Utilities 0% 5% 0%
Net Adjustment 5% 0% 0%
Grid Adjusted Price $86,625 $78,500 $66,000
Adjusted % Difference 0.46% 0.51% 0.61%
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As the above grid demonstrates, once the comparables are adjusted, the value of the
non-developable parcel represents roughly 0.5% of the value of its developable
comparables. From this analysis, it is indicated that 99.5% of the value is in the
developability of the parcel.
The fourth non-developable parcel analyzed, Paired Sale D, is a 2.30 acre parcel in
the Town of Bedford, NY. Owing to non-compliance with zoning (insufficient lot
size) and topographic conditions, the property was not developable. It was purchased
by an adjoining property owner from grantor. Like the previous non-developable
parcel, it is compared to similar, but buildable, lots. The main feature that makes the
parcel non-developable, topography, is omitted from the analysis in order to derive a
non-development adjustment. Paired Sale D, the sales used in its analysis, and the
adjustment grid are shown on the following pages.
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Paired Sale D
Location
Address : Southeast end (#48) of Christopher Road, Town of
Bedford, Westchester County, New York
Tax I.D. # : Section 83.7, Block 1, Lot 10
Deed and Mortgage Data
Grantor : Androse LLC
Grantee : George Retsinas
Sale Dated : 12/16/2010
Sale Recorded : 1/24/2011, Liber 50340, Page 3486
Sales Price : $5,000
Physical Data
Area : 2.30 acres
Frontage : Minimal
Configuration : Irregular, inside parcel
Topography : Slopes down sharply in an easterly direction from
road grade.
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-4A, Residence Four-Acre District”
Sale Analysis
Price per Lot : $5,000
Verification : Particulars of sale confirmed
Comments : Grantor tried to sell previously but could not find a
buyer. Property was then sold to an adjacent property
owner.
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Paired Sale DA
Location
Address : South side (#36) of Barrett Road, Town of Bedford,
Westchester County, New York
Tax I.D. # : Section 49.16, Parcel 1, Lot 16
Deed and Mortgage Data
Grantor : Michael S. Cashel
Grantee : Evonne Watanabe
Sale Dated : 7/23/09
Sale Recorded : 8/26/09, Liber 49223, Page 30
Sales Price : $398,000
Physical Data
Area : 1.30 acres
Frontage : Frontage on the south side of Barrett Road.
Configuration : Irregular, inside parcel
Topography : Generally rolling
Utilities : Electric and telephone
Improvements : In-ground pool, pool house in deteriorated condition;
nominal contributory value to underlying site.
Encumbrances : None known
Zoning
District : “R-1A, Residence One-Acre District”
Sale Analysis
Price per Lot : $398,000
Verification : Particulars of sale confirmed
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Paired Sale DB
Location
Address : East side (#32) of Hickory Lane, Town of Bedford,
Westchester County, New York
Tax I.D. # : Section 85.9, Block 2, Lot 9
Deed and Mortgage Data
Grantor : Anne H. Cocke
Grantee : 32 Hickory Lane LLC
Sale Dated : 11/29/11
Sale Recorded : 12/28/11, Liber 51315, Page 3404
Sales Price : $405,000
Physical Data
Area : 2.30 acres
Frontage : Sufficient frontage on Hickory Lane
Configuration : Irregular
Topography : Gradually slopes
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-1A, Residence One-Acre District”
Sale Analysis
Price per Lot : $405,000
Verification : Particulars of sale confirmed
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Paired Sale DC
Location
Address : West side of (#17) of Whitlockville Road, Town of
Bedford, Westchester County, New York
Tax I.D. # : Section 49.10, Parcel 1, Lot 7
Deed and Mortgage Data
Grantor : Anthony Executor Sporborg
Grantee : Julia Voster
Sale Dated : 6/12/09
Sale Recorded : 8/27/09, Liber 49223, Page 706
Sales Price : $250,000
Physical Data
Area : 2.10acres
Frontage : Sufficient frontage on Whitlockville Road
Configuration : Irregular, inside parcel
Topography : Steeply slopes
Utilities : Electric and telephone
Encumbrances : None known
Zoning
District : “R-2A, Residence Two-Acre District”
Sale Analysis
Price per Lot : $250,000
Verification : Particulars of sale confirmed
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ANALYSIS OF NON-DEVELOPMENT VARIABLE
Sale DA Sale DB Sale DC Paired Sale D
Date of Sale 23-Jul-09 29-Nov-11 12-Jun-09 6-Dec-10
Address Barrett Rd Hickory Ln Whitlockville Rd Christopher Rd
Town Bedford Bedford Bedford Bedford
Area (Acres) 1.3 2.3 2.1 2.3
Zoning R-1A R-1A R-2A R-4A
Topography Gradually slopes Gradually slopes Steeply slopes Slopes down
Frontage Adequate Adequate Adequate Limited
Configuration Irregular Irregular Irregular Irregular
Utilities E,T E,T E,T E,T
Motivation No No No No
Sale Price $398,000 $405,000 $250,000 $5,000
Property Rights 0% 0% 0% Adjusted Price $398,000 $405,000 $250,000 Finance Terms 0% 0% 0% Adjusted Price $398,000 $405,000 $250,000 Motivation 0% 0% 0% Adjusted Price $398,000 $405,000 $250,000 Market Conditions 0% 0% 0% Adjusted Price $398,000 $405,000 $250,000 Physical Characteristic Adjustments
Location -5% -10% -10% Size 10% 0% 0% Topography n/a n/a n/a Frontage -5% -5% -5% Utilities 0% 0% 0% Net Adjustment 0% -15% -15% Grid Adjusted Price $398,000 $344,250 $212,500 Adjusted % Difference 1.26% 1.45% 2.35%
As the above grid demonstrates, once the comparables are adjusted, the indicated
value of the non-developable parcel represents roughly 2% of the value of its
developable comparables. From this analysis, it is indicated that 98% of the value is
in the developability of the parcel.
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Summary of Isolated Non-Development Adjustments
In order to isolate a variable which would indicate an appropriate adjustment for lack of
developability, we researched four sets of paired sales. Each paired sale set consisted of a
non-developable sale parcel and three comparable sales which were similar in virtually all
characteristics but were developable. After adjustments are applied we were able to
isolate the percentage of value attributable to developability (or lack thereof).
The percent of value attributable to developability is expressed as an “indicated % of
value.” This figure is achieved by a fraction where the numerator is the sale price of the
non-developable sale and the denominator is the adjusted value of the developable sale.
For each paired sale set, four indicators were calculated (one from each comparable).
These indicators provided a range in “percent of value” attributable to lack of
developability. And, for each set, we concluded at a “percent of value” for this variable.
The indicators range from 0.05% to 15% of value which translates to negative adjustments
ranging from -85% to -99.5% of value.
Our research and analysis yielded the following results:
Paired Sale
Indicated % of Value (A)
Indicated % of Value (B)
Indicated % of Value (C)
Concluded % of Value
Concluded Adjustment
A 15.87% 14.81% 14.69%
15% -85.0%
B 6.64% 7.94% 6.46%
7% -93.0%
C 0.46% 0.51% 0.61%
.05% -99.5%
D 1.26% 1.45% 2.35%
2% -98.0%
We have been informed by Mr. Michael Cromwell, Assistant Building Inspector for the
Town of North Castle, NY on June 2, 2014, that “in its present configuration, I will go on
record as saying that the property is unbuildable.” This factor is likely incurable (and
would presumably run in perpetuity). As a result, the adjustment applicable to reflect the
subject’s non-developability should fall toward the extreme end of the indicated range.
The paired sales analyses demonstrate negative adjustments ranging from -85% to -
99.5% of unimpaired value. Based on the foregoing, we concluded that an appropriate
downward adjustment for the subject’s non-developability factor is 95%. This
adjustment is necessary to reflect the non-developability encumbrance on the subject site
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attributable to the aforementioned factors.
The Scenario 2 value is therefore calculated as follows:
Scenario 1 Value
(Assuming property is developable) $370,000
Less
Discount for non-developability @ 95% $351,500
Scenario 2 Value Indication (“as-is”) $18,500 (As restricted by the Town of North Castle)
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Underlying Assumptions and Contingent Conditions This appraisal, made as of July 29, 2014, is made subject to the following assumptions
and limiting conditions.
1. No responsibility is assumed for matters of a legal nature, or require legal
expertise or specialized knowledge beyond that of a real estate appraiser nor has
an opinion been rendered on title, good and clear title being assumed, free of any
encumbrances and/or defects or liens.
2. No opinion is intended to be expressed and no responsibility is assumed for the
legal description of the property. Although a legal description may be included
herein, it is included as a matter of courtesy and no responsibility is assumed for
its accuracy or completeness.
3. The distribution of values estimated herein for land and/or improvements where
separately scheduled are values applicable to each such respective element of the
subject property under the program(s) of utilization defined herein by virtue of the
definition and description of highest and best use. Such individual values may not
be applicable under other alternative use programs, and are invalid in conjunction
with any other appraisal.
4. If this appraisal report contains a valuation relating to an estate that is less than
the whole fee simple estate, then (i) the value reported for such estate relates to a
fractional interest only in the real estate involved, and (ii) the value of this
fractional interest plus the value of all other fractional interests may or may not
equal the value of the entire fee simple estate considered as a whole.
5. If this appraisal report contains a valuation relating to a geographical portion of a
larger parcel or tract of real estate, then (i) the value reported for such
geographical portion relates to such portion only and should not be construed as
applying with equal validity to other portions of the larger parcel or tract, and (ii)
the value reported for such geographical portion plus the value of all other
geographical portions may or may not equal the value of the entire parcel or tract
considered as an entity.
6. The subject property is assumed to have been held under responsible ownership
and competent management, unless otherwise specifically stated. In the absence
of a statement herein to the contrary, it is assumed that such quality
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ownership and management will continue for the remaining economic and useful
life estimated therefor.
7. It is assumed that there are no hidden or unapparent conditions of the Property,
subsoil or structures that render the Property more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering
studies that may be required to discover them.
8. It is assumed that the property is in full compliance with all applicable federal,
state and local zoning and environmental regulations and laws, unless
noncompliance is stated, defined and considered in the Report
9. It is assumed that all required licenses, certificates of occupancy and other
governmental consents have been or can be obtained and renewed for any use on
which the value opinion contained in the Report is based.
10. Any representation, indication, and/or description herein as to the physical
condition and/or content of the unseen, underlying land or the indiscernible
improvements included in this report is intended solely as an expression of the
general visual impression gained by the appraiser upon inspection of the property.
No representation is made as to any technical and/or engineering expertise of such
observations, and no technical and/or engineering professional responsibility is
assumed therefor, or for any conditions not observable or specifically mentioned
herein.
11. The physical condition of the improvements, if any, considered by the Report is
based on visual inspection by the Appraiser or other person identified in the
Report. Hudson Property Advisors, LLC assumes no responsibility for the
soundness of structural members of the improvements, or for the condition of
mechanical equipment, plumbing or electrical components. The appraiser is not
an expert in the field of structural integrity of the improvements or of mechanical
equipment, plumbing or electrical components.
12. Unless otherwise stated in this report, the existence of hazardous material and/or
chemical or other contamination, which may or may not be present on the
property, was not observed by the appraiser. The appraiser has no knowledge of
the existence of such materials or contamination on or in the property. The
appraiser, however, is not qualified to detect such substances. The
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presence of substances such as asbestos, urea-formaldehyde foam insulation,
radon gas, or other potentially hazardous materials or contamination may affect
the value of the property. The value estimate provided herein is predicated on the
assumption that there is no such material or contamination on or in the property
that would cause a loss in value. No responsibility is assumed for any such
conditions, or for any expertise or engineering knowledge required for their
discovery. The client is urged to retain an appropriate expert if desired.
13. Any sketch(s), map(s), drawing(s), and/or diagram(s) prepared by the appraiser
and included in this report have been offered only for the purpose of providing
visual assistance. No engineering survey or analysis of the property has been
made by the appraiser, and no responsibility is assumed in connection therewith.
14. To the extent, if any, that information, estimates, and/or opinions have been
obtained from others, and to the extent, if any, that such information, estimates,
and/or opinions have been utilized and/or included herein, the source(s) of such
information, estimates, and/or opinions may be deemed to have been sound,
responsible, and reliable. However, no responsibility or liability therefor is
assumed by the appraiser.
15. The projected financial information (such as, but not necessarily limited to
potential gross income and expenses) referred to in the Report may be based on
lease summaries, lease abstracts or other financial information provided by the
owner, client or third parties. Hudson Property Advisors, LLC assumes no
responsibility for the authenticity or completeness of such information provided
by others and recommends that legal and/or accounting advice be obtained
regarding the interpretation of financial statements, lease provisions and the
contractual rights of parties.
16. Possession of this report, or a copy thereof, does not confer any right of disclosure
as to the value conclusions, identity of the appraiser, or any part of the contents
hereof, or of publication, nor may it be used for any purpose by anyone other than
the submittee without the prior written consent of the appraiser or the submittee,
and then only subject to such qualification(s) as may be imposed in connection
therewith. Exception to this condition is granted for appraisal reports submitted to
any court of competent jurisdiction, or other duly constituted official body by, or
on behalf of the submittee, pursuant to duly instituted legal proceedings.
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17. Any authorized user(s) of this Report who provides a copy to, or permits reliance
thereon by, any person or entity not authorized by Hudson Property Advisors,
LLC, in writing to use or rely thereon, hereby agrees to indemnify and hold
Hudson Property Advisors, LLC, its affiliates and their respective shareholders,
directors, officers and employees, harmless from and against all damages,
expenses, claims and costs, including attorney’s fees, incurred in investigating
and defending any claim arising from or in any way connected to the use of, or
reliance upon, the Report by any such unauthorized person(s) or entity or entities.
18. All values rendered within this report assume marketing times of twelve months
or less unless otherwise indicated.
19. In arriving at the value set forth in this appraisal no consideration has been given
to the effect of state, local or federal income and gains taxes, or of occupancy,
hotel, capital levy, gift, estate, succession, inheritance, or similar taxes, which
may be imposed upon any owner, lessee or mortgagee, by reason of any sale,
conveyance, transfer, leasing, hypothecation, mortgage, pledge or other
disposition of the appraised property.
20. This appraisal expresses an opinion as of the date of appraisal. It is supplied at
the request of the submittee and, unless otherwise stated, is for the submittee’s
exclusive use. It is not a guarantee. Neither Hudson Property Advisors, LLC, nor
any of its officers or employees has made any representation or warranty
regarding this report. Since real estate appraising is not an exact science, this
report constitutes only the best professional opinion of this company and the
appraiser(s) who signed this report. Hudson Property Advisors, LLC is under no
circumstances responsible for differences in value conclusion(s) which could
occur as the result of repeated expertise and/or the use of standards, norms,
methods or criteria other than those employed by Hudson Property Advisors,
LLC.
21. The opinions and or conclusions reached herein are only effective as of the date
stated in the Report. Changes either before or after the effective date in external
and market factors or in the Property itself can significantly affect the
conclusions.
22. In the event of a claim against Hudson Property Advisors, LLC, or its affiliates or
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their respective officers, owner(s) or employees or the Appraisers in connection
with or in any way relating to this Report or this engagement, the maximum
damages recoverable shall be limited to the amount of the fee actually collected
by Hudson Property Advisors, LLC or its affiliates for this Report and under no
circumstances shall any claim for consequential damages be made.
23. The Americans with Disabilities Act ("ADA") became effective January 26, 1992.
We have not made a specific compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed
requirements of the ADA. It is possible that a compliance survey of the property,
together with a detailed analysis of the requirements of the ADA, could reveal
that the property is not in compliance with one or more of the requirements of the
Act. If so, this fact could have a negative effect upon the value of the property.
Since we have no direct evidence relating to this issue, we did not consider
possible noncompliance with the requirements of the ADA in estimating the value
of the subject.
24. The liability of Hudson Property Advisors, LLC, Jonathan Bernz and all signers,
is limited to the client only and limited to the amount of fee actually received by
the appraiser. Further, there is no accountability, obligation or liability expressed
or implied to any third party.
25. By use of this Report each party that uses this Report agrees to be bound by all of
the Assumptions and Limiting Conditions, Hypothetical Conditions and
Extraordinary Assumptions stated herein.
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Appraiser’s Certification I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification.
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
As of the date of this report, I have completed the continuing education program for Designated Members of the Appraisal Institute.
Dated: August 8, 2014 ________________________________________ JONATHAN BERNZ, MAI, President NY State Certified General Real Estate Appraiser #46-26085
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Addendum
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Professional Qualifications Jonathan A. Bernz, MAI President, Hudson Property Advisors, LLC
10 South Moger Avenue
Mt. Kisco, NY 10549 USA Tel. (914) 244-3400 email jon@hudsonprop.com Fax (914) 244-3450
Certification/Affiliations - Member of the Appraisal Institute (MAI). Mr. Bernz began his affiliation in 1985
when he was admitted as a candidate member with the predecessor organization, then known as the American Institute of Real Estate Appraisers (AIREA).
- Former President of the Mid-Hudson Chapter of the Appraisal Institute, Mr. Bernz has served on the Board of Directors for many years and is presently a chapter member.
- Former member, Metropolitan New York Chapter of the Appraisal Institute.
- Former member Southern California Chapter of the Appraisal Institute.
- New York State Certified General Real Estate Appraiser, #46-26085 (Current license expires October 23, 2013)
- Connecticut State Certified General Real Estate Appraiser, Lic. #RCG.0001165 (Current License expires April 30, 2012).
- Former California State Certified General Real Estate Appraiser License #AG 018482 (1993-1997)
- Temporary Massachusetts Certified General Real Estate Appraiser, Temporary Practice Permit #253 (1998)
- Temporary US Virgin Islands (US V.I.) Certified Appraiser, Temporary Practice Permit License #2-2033298-2007 (2007).
Formal Education - State University of New York at Albany, Bachelor of Science Degree in Economics,
Combined Minor, Math and Computer Science. - Over 500 hours of real estate appraisal, general real estate and related courses and
seminars (see following summary). Professional Real Estate Appraisal and Consulting Experience Since 1983, engaged exclusively in the appraisal, consultation and analysis of commercial, industrial, large scale residential, special purpose properties, and vacant land, for purposes of tax certiorari proceedings; appropriation and/or severance damage; mortgage security, utility easement; urban renewal acquisition; assessment review; condemnation by public authority; estate, DEIS submission, transfer and gift tax; partial interests, sale, acquisition, disposition, investment analysis; tax basis; economic and/or location feasibility; leasehold interest; leased fee interests; equity yield; cash flow analysis; construction financing, development, rehabilitation; zoning constitutionality, assessment ratio analysis; lease vs. purchase analysis, co-operative and condominium conversion; tax revenue impact, value impact analyses and easement valuation. Assisted in coordination, research, and analysis of tax ratio studies in several municipalities in Westchester County.
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Professional Real Estate Appraisal Experience (Continued) Primary professional territory in the greater New York metropolitan area includes Westchester, Putnam, Rockland, Dutchess, and Orange Counties in New York. Assignments also completed in New York City, NY, Fairfield County, Connecticut, Nantucket County Massachusetts, St. Croix, USVI, Franklin County, Ohio, Palm Beach County, Florida, Richmond City, Virginia, Bergen County, New Jersey, Los Angeles, Orange, Riverside and San Bernardino Counties, California. Professional Appraisal Employment 2007-Current President, Hudson Property Advisors, LLC
10 South Moger Avenue, Mt. Kisco, NY 10549
1995 - 2007: Senior Vice President, Albert Valuation Group, Inc. 100 White Plains Road, Tarrytown, NY 10591
1993 – 1995 McGrath Basciani & Associates 141 North State Road, Briarcliff Manor, NY
1992 – 1993 Ryon Associates, Inc. 865 Manhattan Beach Boulevard, Manhattan Beach, California Independent Appraiser, assignments completed for:
Curtis, Rosenthal & Associates, Inc. 8939 So. Sepulveda Boulevard, Suite 401, Los Angeles, California
The Research Group, Inc. 865 Manhattan Beach Boulevard, Manhattan Beach, California
1987 - 1992: Vice President, McGrath Basciani & Associates 141 North State Road, Briarcliff Manor, NY
1984 – 1987 Senior Commercial Appraiser, The Albert Appraisal Company, Inc. 383 So. Riverside Avenue, Croton-on-Hudson, NY
1983 – 1984 Residential Appraiser, The Albert Appraisal Company, Inc. 383 So. Riverside Avenue, Croton-on-Hudson, NY
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Appraisal and consultation assignments have been completed on a wide variety of property types including: Vacant land - small to extremely large tracts (over 15,000 acres), land assemblages, commercial and retail developments, residential subdivision developments, beachfront property, condominium development sites; sub-surface easements, conservation easements; single-family, multi-family apartment complexes, condominium and cooperative properties; historic estates and landmark properties golf courses; country clubs horse farms; contaminated properties and inactive hazardous
waste sites; industrial factories and plants, warehouse, mill, refrigeration, distribution, flex, office and medical office properties, complexes and parks; automotive dealerships, auto service facilities, gasoline service stations and garages; mini/self-storage facilities; parking facilities; mobile home trailer parks; lumber yards; retail buildings, banks, department stores, big box discount warehouses, strip shopping centers, neighborhood, community, regional and super regional
shopping centers; restaurants and fast food establishments; mixed-use residential and commercial properties; corporate headquarters; retirement homes and complexes, independent, assisted and nursing facilities; subsidized and low-income properties; hotel and motel properties; airport related properties; churches and education facilities; public utilities, substations and telephone exchange properties; rock and gravel quarries; coastal, river waterfront and wetlands properties.
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Since 1983, Mr. Bernz has completed assignments for a wide variety of clientele and properties including:
Developers, Construction & Real Estate Industry and Related Companies 37 Croton Dam Road Corp. Annie K. Harper Awdeh & Co. Bourke & Matthews Briar Contracting Corp. Briarcliff Associates Brycon Development #2, Inc. Carra Construction Corp. Castagna and Son Construction Management Group Edgemont Development Co., Inc. Fareri Companies Finklestein-Morgan Real Estate Forest City Ratner Forest Charolais Farm Garden Homes Management Generation Building Corp. Corporation George Comfort & Sons, Inc. Garden Homes, Inc. Ginsburg Development Co. (GDC)
Henry George Greene, AIA Heritage Development Group, Inc. Jesselson Capital Corporation JFE Associates John A. Dodson Kurt Wittek Laramie-Dawson Corp. Mack-Cali Realty National Patent Development Corp. RHNB Realty Company, Inc. Robert Martin Co. Samson Management Schulweiss Realty Sullivan Data Summit Development Thalle Construction Company, Inc. The Sturman Organization The Trump Organization Victor Weingarten Willow Development Corp. Yonkers Contracting Co.
Fortune 500, General Commercial and Industrial
Aerotech Holding Co., Inc. Algonquin Gas Transmission Co. Bell Atlantic Breakthrough Publications Champion International Coastal Distribution, Inc. Columbus Construction Corp. Condon Lumber Consolidated Edison Company of New York, Inc. Corbin Co. Cortlandt Animal Hospital Dairy Conveyor Corp. Farrand Realty Corp. INSL-X Products Corp. Jilco Corp. Katonah Professional Associates LaFarge, NA
Lederle Laboratories McDonalds Michael Anthony Jewelers, Inc. New York Telephone Company NYNEX Pawling Rubber Corp. Pizza Hut, Inc. Putnam Valley Properties Company Richmar Controls, Inc. SEMX Corporation Shell Oil Company Sunoco, Inc. The Stop & Shop Supermarket Company Universal Voltronics Van Wyck Assoc. Verizon Services Corp. Weinstein Enterprises, Inc. Zwilling J.A. Henckels, Inc.
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Financial Institutions, Mortgage Related & Insurance Companies American Savings Bank, FSB Aristar Mortgage Corp. Associated Financial Services Bache Funding Bankers Trust Company Barclays Bank of New York Beverly Hills Savings Bank BLS Funding C.I.T. Financial Services Capital Resources Corp. Chase Manhattan Bank, N.A. Chase NBW Chemical Bank Citibank Citibank Home Equity Center Citicorp Citicorp Real Estate, Inc. CitiTrust City Federal Savings Bank CNA Insurance Companies Collateral Mortgage, Ltd. Commerce Bank Connecticut Bank and Trust Connecticut National Bank and Trust Co. Corporate Transfer Service Delta Funding Dime Savings Bank of New York Dreyfuss Consumer Bank East New York Savings Bank Emigrant Savings Bank Empbankque Capital Corp Enseign Bank, FSB Equitable Life Assurance Co. Equitable Relocation Service Exposure Consultants Family Financial Services Federal Financial Fund First Fidelity Bank First New Hampshire Bank Gateway Asset Management Co. Golddome Realty Credit Corp. Grand Pacific Finance Corp.
Home Mortgagee Corp. Household Finance Corp. HSBC Hudson Valley Bank Inspectus/Mortgageramp Investors Mortgage Insurance Company J.P. Morgan Investment Management, Inc. Kennedy Funding Key Bank Lincoln First Bank-NBW Division Lincoln Savings Bank M&T Bank Marine Midland Bank Merrill Lynch Mid-Hudson Savings Bank Mid-Lantic Home Mortgage Corp. MONY Relocation Center National Westminster Bank U.S.A. New York Surety Company Northern Funding Peoples United Bank Peoples Westchester Savings Bank Poritzky Funding Porter Capital Putnam County Savings Bank RECOLL Management Corporation Resource Funding Group Ridgewood Savings Bank San Paolo Bank Seacoast Mortgage Co. Sibley Corp. The Yonkers Savings & Loan Association TransAmerica Equity Corp. U.S. Trust Union State Bank Williamsburg Savings Bank Yonkers Savings & Loan Association Yorkville Federal Savings & Loan Association
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Farms, Estates Subdivisions, Land Tracts, Condominiums/Coops Astor Rhinebeck Property Baltic Estates Beaverkill Conservancy, Inc. Bedford Lake Blue Lake Brookside Boulder Ridge Briarcliff Acres Subdivision Buckingham Towers Buxton Gorge Cameo House Camrose Associates Cannon Hill Castlebrook Estates Cedar Pond Chiselhurst Co. Copley Court Corbin Hill Eagle Bay Condominium Galway Farm Garden Homes, Woodlands Estate of Laurance S. Rockefeller East Boyds Conservation, LLC Half Moon Bay Haverstraw Road Lands Co. Hilltop Hanover Farm Hillpoint Hudson Courts Hudson Pines Hudson Pointe Indian Hill Lake Meahagh Woods Subdivision Lakeland Acres, Inc. Lakepointe Woods Lily Pond Stables Little Whaley Lake
Madison Development Group Marble Heights Mariners Pointe Maintop Oak Ridge Condominium Old Salem Farm Park Lane Reserve Perkins III Pennybridge Manor Primrose Farm Prickly Pear Hill Quarry Lake Random Farms Red Brook Glen Ridgeview Rye Brook Estates Tara Close The River Club Thornbrooke Farm Squire Green The David Rockefeller Fund, Inc. The Woods at King Pond Three Ponds Sterling Forest Stonewall Farm Stoneybrook Farm Stoneyvreek Farm Villas Lucania Wampus Lakes Estates Watch Hill Homeowners Association, Inc. Watch Hill Manor White Willow Willow Farm Winterburn Farm Zoey Estates
Golf Courses & Recreational
Apawamis Club Bonnie Briar Country Club Brae Burn Country Club Bronxville Field Club Centennial Golf Club Century Country Club Dellwood Country Club GlenArbor Golf Club Hampshire Country Club Hampshire Country Club Julius Petersen, Inc. Lake Isle Country Club
Leewood Golf Club New York Country Club Orienta Beach Club Pelham Country Club Pleasantville Golf Course Corp. Shenorock Shore Club Siwanoy Country Club Sleepy Hollow Country Club The Sedgewood Club Westchester Country Club Westchester Hills Golf Club, Inc.
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Institutional, Not-for-Profits, Schools and Religious
American Committee for the Weizmann Institute of Science, Inc. Anderson School Archdiocese of New York Catholic Health Care Systems Camp Cummings Camp Salomon Children’s Hospital Foundation at WMC, Inc. Children’s Village Church of the Holy Spirit Cross Cultural Solutions, Inc. Delmar Properties Group, Ltd. East Boyd’s Conservation, LLC The Educational Alliance, Inc. Franciscan Sisters Guideposts Associates, Inc. Hawthorne Foundation, Inc. Missionary Sisters of the Third Order St. Francis New York Medical College Northern Westchester Hospital Center
NY Medical College Open Space Institute, Inc. Pace University Purchase Environmental Protection Association S.O.U.N.D. Scenic Hudson Land Trust Sound Shore Medical Center St. Hilda’s and St. Hugh’s School Stony Lodge Hospital SUNY at Purchase Surprise Lake Camp The Margaret Chapman School The Trust for Public Land The Trustees of St. Patrick's Cathedral UJA-Federation of New York Westchester County Medical Society Westhab, Inc. Westchester Medical Center White Plains Hospital Medical Center YMCA of Greater NY YMYWHA of Southern Westchester
Municipal Entities and Governmental Agencies
City of Newburgh City of Rye City of White Plains County of Orange County of Putnam County of Rockland County of Westchester National Park Service NY State Office of Parks, Recreation and Historic Preservation Town of Eastchester Town of Clarkstown Town of Cortlandt Town of Eastchester
Town of Greenburgh Town of Kent Town of Mamaroneck Town of New Castle Town of Orangetown Town of Ossining Town of Patterson Town of Ramapo Town of Rye Town of Southeast Town of Yorktown Town/Village of Mount Kisco Village of Croton-on-Hudson Village of Scarsdale
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Attorneys, Law Firms and Legal Related
Andrew J. Fiore, Esq. Berger Stern & Webb, LLP Biggerstaff Law Firm Bleakley Platt & Schmidt Campbell, McMillan, Bosco, Penzel, Danzig & Maker Charles K. Pietrow, Esq. Charles Martabano, Esq. Charles T. Bistany, Esq. Cleary, Gottlieb, Steen & Hamilton Constantine B. Filardi, Esq. Cuddy, Feder & Worby Danziger Markhoff DelBello Donnellan Weingarten & Tartaglia, LLP Dewey Ballantine, LLP Farley Jutkowitz Balint and Wiederkehr Greenburg & Schulman Griffin Coogan & Veneruso Hahn & Hessen LLP Hocherman Tortorella & Wekstein J. Bruce Gilman, Esq. John E. Watkins, Jr. Keane & Beane Kirkpatrick & Lockhart Nicholson & Graham, LLP Kittay, Gold & Gershfeld Lasky & Douglas, CPA’s Law Firm of Steven J. Small Law Offices of David N. Namm, Esq. Lawrence Blumberg, Esq. Leahy, Nyberg, Curto & D’Apice Luskin & Stern McCullough Goldberger McGovern Connelley & Davidson Milbank Tweed Hadley & McCloy Milton Berner, Esq. Morgan, Lewis & Bockius O’Connor Davies Munns & Dobbins, LLP
Patterson Belknap, Webb & Tyler Paul Epstein, Esq. Paul S. Richmond, Esq. Phillips Nizer Benjamin Krim and Ballon LLP Ponzini, Spencer & Geis, L.L.P. Richard Goldsand, Esq. Richard M. Sussman, P.C. Robert J. McGoey, Esq. Robert J. Reger, Esq. Robert Littman, Esq. Robinson Silverman Pearce Aronsohn & Berman LLP Roosevent & Arfa Rosenman & Colin LLP Rossi & Smith Rothschild, Himmelfarb, Sher, Pearl & Giacomo Richard Sporn, Esq. Saretsky Katz Dranoff & Glass, LLP Shamberg Marwell Hocherman & Davis Shapiro & Goodfriend, P.C. Sidley & Austin Sills Cummins Zuckerman Radin Tischman Epstein & Gross Sirlin & Sirlin Stephens and Charbonneau Stern, Keiser, Panken & Wohl Teahan & Constantino Thatcher Profit Townley & Updike Vincent A. DeIorio, Esq. Westchester Supreme and County Courts William A. Miller, Esq. Willis Stephens, Esq. Wilson, Elser, Moskowitz, Edelman & Dicker Young Conway Stargatt & Taylor, LLP Zarin & Steinmetz
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Professional Appraisal Education, Seminars and Courses
Course/Seminar Name Organization Location
Basic Valuation Procedures Appraisal Institute (f/k/a AIREA) New York City, NY
New Industrial Valuation Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Real Estate Appraisal Principles Appraisal Institute (f/k/a AIREA) New York City, NY NY State Real Estate Salesperson’s Licensing Course Westchester County Board of Realtors White Plains, NY
Capitalization Theory and Techniques - Part A Appraisal Institute (f/k/a AIREA) New York City, NY
Capitalization Theory and Techniques - Part B Appraisal Institute (f/k/a AIREA) New York City, NY
NY State Real Estate Broker’s Licensing Course Westchester County Board of Realtors White Plains, NY
Valuation Analysis and Report Writing Appraisal Institute (f/k/a AIREA) Boston, MA
Standards of Professional Practice Appraisal Institute (f/k/a AIREA) New York City, NY
Appraisal Procedures Appraisal Institute (f/k/a AIREA) Irvine, CA
Valuation By Subdivision Analysis Appraisal Institute, Mid-Hudson Chapter Fishkill, NY Litigation Appraising - Part 1- Current Issues in Tax Certiorari Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Current Issues in Tax Certiorari Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Advanced Applications (Case Studies) Appraisal Institute (f/k/a AIREA) New York City, NY Course 410, Standards of Professional Practice, Part A Appraisal Institute, Mid-Hudson Chapter Poughkeepsie, NY Course 420, Standards of Professional Practice, Part B Appraisal Institute, Mid-Hudson Chapter Poughkeepsie, NY
Golf Course Valuation NY State Assessor’s Association Mount Kisco, NY
Preserving Family Lands Teatown Lake Reservation Ossining, NY Special-purpose Properties; Appraising in Limited Markets Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Appraising High Value & Historic Homes Appraisal Institute, Mid-Hudson Chapter Bear Mountain, NY
Case Studies in Special Purpose Properties Appraisal Institute, Mid-Hudson Chapter Wappingers Falls, NY Planning Board, Land Use Control and Zoning Board of Appeals Appraisal Institute, Mid-Hudson Chapter Wappingers Falls, NY
Current Issues in Tax Certiorari Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
The New York City Watershed Protection Plan Sive, Paget & Riesel, P.C. Brewster, NY
Internet Search Strategies Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Development Projects and Urban Theory and the Cities of Westchester and Fairfield Counties
Urban Land Institute (Westchester/Fairfield District Council, ULI) Rye Brook, NY
Proposed USPAP Changes Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Litigation Case Studies Appraisal Institute, Mid-Hudson Chapter Fishkill, NY Course 430, Standards of Professional Practice, Part C Appraisal Institute, Mid-Hudson Chapter Poughkeepsie, NY
Business Valuation Seminar Appraisal Institute, Mid-Hudson Chapter Fishkill, NY Non-residential Demonstration Appraisal Report Preparation Seminar NY Metro District Chapter of the Appraisal Institute New York, NY Case Studies in Special Purpose Properties Seminar Appraisal Institute, Mid-Hudson Chapter Wappingers Falls, NY
Mass Appraisal in Mid-Hudson Area Appraisal Institute, Mid-Hudson Chapter Wappingers Falls, NY
State of the Appraisal Profession Appraisal Institute, Mid-Hudson Chapter Wappingers Falls, NY Court Testimony: Preparing for Rebuttal and Cross Examination Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Appraisal of Local Retail Properties Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Dynamics of Office Building Valuation Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Appraising Vacant Land Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
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Professional Appraisal Education, Seminars and Courses (continued)
Course/Seminar Name Organization Location
Real Property Tax Issues in Real Estate Contracts Westchester County Bar Association Yonkers, NY
The Use of Appraisals in Tax Certiorari Proceedings Westchester County Bar Association Yonkers, NY Recent Developments Regarding real Property Tax Law §727 Westchester County Bar Association Yonkers, NY
Litigation Skills for the Appraiser Appraisal Institute, Mid-Hudson Chapter Fishkill, NY Feasibility Analysis, Market Value & Investment Timing Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Scope of Work: Expanding Range of Services Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Builders, Brokers, Banks & the Big Apple Metropolitan New York Chapter, Appraisal Institute New York, NY
USPAP Update Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Appraisal Consulting Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Subdivision Valuation Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
2006 Changes to USPAP Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Analyzing Commercial Lease Clauses Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Business Practices & Ethics Appraisal Institute, Chicago, Ill On-line
USPAP Update Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
Case Studies in Commercial Highest and Best Use Appraisal Institute, Mid-Hudson Chapter Fishkill, NY
On-line Valuation Resources for the NY Appraiser Appraisal Institute, Mid-Hudson Chapter Tarrytown, NY
Evaluating Commercial Construction Appraisal Institute, Mid-Hudson Chapter Goshen, NY
Declining Markets and Sales Concessions Appraisal Institute, Mid-Hudson Chapter Goshen, NY Land Trusts, Landowners and Appraisers: Working in Tandem Toward Successful Conservation Land Trust Alliance West Point, NY
Appraisal Curriculum Overview (Two-day, General) Appraisal Institute, Mid-Hudson Chapter Goshen, NY Updates in Eminent Domain Westchester County Bar Association White Plains, NY Understanding Blueprints and Specifications in New Home Construction
Westchester County Society of Real Estate Appraisers
White Plains, NY
Sales Verification: Principles, Procedures, & Case Studies McKissock Mt. Kisco, NY
Mandatory CT R.E. Appraisal Law Update Appraisal Institute, CT Chapter Berlin, CT Hotel Appraising-New Techniques for Today’s Uncertain Times
Appraisal Institute, Mid-Hudson Chapter Goshen, NY