LANE APPRAISALS, INC. Real Estate Valuation Consultants AN APPRAISAL REPORT OF A VACANT, DEVELOPMENT SITE, TO BE DEVELOPED WITH A 5 STORY, MIXED APARTMENT AND RETAIL BUILDING OWNED BY “VILLAGE OF PORT CHESTER IDA” LOCATED AT WESTCHESTER AVENUE, NORTH MAIN STREET AND ABENDROTH AVENUE IN THE TOWN OF RYE, VILLAGE OF PORT CHESTER WESTCHESTER COUNTY, NEW YORK, 10573 Prepared For Village of Port Chester IDA c/o Mr. Christopher D. Steers, Administrative Director 222 Grace Church Street Port Chester, NY, 10573 Date of the Appraisal November 3, 2017 Date of the Report December 12, 2017 LANE APPRAISALS, INC. Real Estate Valuation Consultants EDWARD J. FERRARONE, MAI 178 MYRTLE BOULEVARD PAUL A. ALFIERI, III, MAI LARCHMONT, NEW YORK 10538 GREGORY FAUGHNAN, MAI 914-834-1400 JANE MOSS FAX 914-834-1380 STEVEN BAMBACE JOSEPH P. SIMINSKY LORI COADY E Mail :
[email protected] JOHN W. LANE, MAI (1907-1993) December 12, 2017 Village of Port Chester IDA c/o Mr. Christopher D. Steers, Administrative Director 222 Grace Church Street Port Chester, NY, 10573 RE: Vacant Site as though Improved with an Apartment over Retail Building, North Main Street, Westchester and Abendroth Avenues, Town of Rye, Village of Port Chester, Westchester County, NY Gentlemen: In accordance with your request, we have completed our inspection and appraisal analysis of the above referenced property. The attached report provides essential data and detailed reasoning employed in formulating the final value estimate. The subject consists of nine tax parcels plus a paper street, comprising 23,138 +/- square feet or 0.5312 acres, which is intended to be improved with a five story, masonry and steel frame, apartment over retail building with a storage and utility basement.