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Appendix J-4 Preliminary Feasibility Report, Canal Property

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Appendix J-4 Preliminary Feasibility Report, Canal Property CPI, Canal & Eastern Properties Maritime Planned Development District (MPDD) Change of Zone Application Final EIS Appendix J-4 Preliminary Feasibility Report, Canal Property Breslin Appraisal Co., Inc. March 1, 2014 PRELIMINARY FEASABILITY REPORT OF REAL PROPERTY LOCATED AT 1 & 5 North Road & 243 E. Montauk Highway Hampton Bays, NY 11946 AS OF March 1, 2014 PREPARED FOR Canal Properties LLC REQUESTED BY Gregg Rechler Canal Properties LLC 85 South Service Road Plainview, NY 11803 PREPARED BY BRESLIN APPRAISAL CO., INC. 44 ELM STREET SUITE 5 HUNTINGTON, NEW YORK 11743 BRESLIN APPRAISAL CO., INC. 44 Elm Street, Suite 5 Huntington, NY 11743 Residential Division Phone: (631) 271-7277 Fax: (631) 271-7298 March 10, 2014 Gregg Rechler Canal Properties LLC 85 South Service Road Plainview, NY 11803 Re: Breslin File No: R-14-4321 Canal Properties LLC Real Property Appraisal of: 1 & 5 North Road & 243 E. Montauk Highway Hampton Bays, NY 11946 Dear Mr. Rechler: Pursuant to your request, we have prepared a preliminary appraisal report to establish the feasibility and estimate the potential fair market value range, under the assumption of construction of 37 single family condominium units on the above referenced property(s). The appraisal has as its purpose, the determination of the subject property’s potential market value as of March 1, 2014. Property rights appraised herein are fee simple title ownership, assuming no indebtedness against the property. The proposed plan has been described as follows: 37 - 3 bedroom attached townhouse row style units all facing the water; averaging approximately 1,978 square feet each; with a clubhouse/gym; outdoor, built in pool; 17 boats slips; approximately 74 resident parking spots with 19 additional land-banked parking spaces; public access to waterfront “overlook”; & 5 public parking spots to access said “overlook”. The individual units as presently planned will have: 9 foot ceilings; hardwood flooring throughout unit; “high-end” equipment in kitchens and bathrooms; superior upscale quality to the fit, finished and trim through interior and exterior units. The facade will be cedar shingle with a boathouse style appearance. We have inspected the exterior of subject property and surrounding area, researched, selected, and examined realty market data and analyzed all comparable sales used in this report. - 2 - As a result of our research and analysis, which is more fully detailed in the accompanying report, it is our opinion that the estimated fair market value range of the subject property as of March 1, 2014, is $525 - $575 Per Square Foot for units offered with boat slips. $475 - $525 Per Square Foot for units offered without boat slips. Gross sell out period 2-3 years from completion Very truly yours, BRESLIN APPRAISAL CO., INC. John J. Breslin, Jr. Kathy Leitman President Associate Appraiser Certified General Real Estate Appraiser NYS Real Estate Appraiser New York Certificate #46000013641 New York Certificate #48000048794 File #: R-14-4321 Breslin Appraisal Co., Inc. - 3 - PROPERTY IDENTIFICATION Location Hampton Bays, Suffolk County, New York Street Address 1 & 5 North Road 243 E. Montauk Highway Hampton Bays, NY 11946 Physical Location North of East Montauk Highway / Route 80, East of Newtown Road, South of Main Sunrise Highway / Route 27, West of Peconic Road, East side of Shinnecock Canal Legal Description District 900, Section 207, Block 4, Lots 22.1, 23, 24, 25 SALES HISTORY OF SUBJECT PROPERTY Three of the lots were purchased February 6, 2007 as follows: Lot 22.1 for $4,000,000, Liber 12490 / Page 985; Lot 23 for $500,000, Liber 12490 / Page 987; Lot 24 for $450,000, Liber 12490 / Page 986; Lot 25 was purchased December 24, 1996 for $705,000, Liber 11807 / Page 706 The appraiser has considered the trend in market values and/or changes in the physical characteristics of the subject property since the date of the above conveyance. PURPOSE OF THE PRELIMINARY APPRAISAL The purpose of this preliminary appraisal report is to establish the feasibility and estimate the potential fair market value range, under the assumption of construction of 37 – 3 bedroom attached townhouse row style waterfront units. File #: R-14-4321 Breslin Appraisal Co., Inc. - 4 - FUNCTION OF THE PRELIMINARY APPRAISAL The function of this preliminary appraisal is to establish the possible & probable fair market value range of the subject property under the assumption of 37 residential single family condominium units, for use in re-zoning property for 37 residential single family condominium units. ZONING This report is being prepared as part of a contemplated rezoning application to the Town for a planned unit development. The contemplated zoning would of course permit the anticipated 37 unit development. ASSESSED VALUE AND TAXES, 2010 TAX YEAR Assessed Value Land - Lots 22.1, 23, 24, & 25 $1,295,600 Improvement - Lots 22.1 & 23 $5,065,400 Total Assessed Value $6,361,000 Taxes Total Taxes $95,601 ± Note: These are the current taxes as of the 2013 update. The taxes upon completion of the development proposed would be different; more than likely they would be substantially higher. File #: R-14-4321 Breslin Appraisal Co., Inc. - 5 - DEFINITION OF HIGHEST AND BEST USE Highest and Best Use is defined as the reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in highest land value. The definition immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser’s judgment and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value, an alternative term would be most profitable use. 1 1 The Appraisal of Real Estate, Twelfth Edition, The American Institute of Real Estate Appraisers. File #: R-14-4321 Breslin Appraisal Co., Inc. - 6 - DEFINITION OF HIGHEST AND BEST USE (con’t) Highest and Best Use considers alternative programs of development among uses which are physically possible, legally permissible, economically feasible, and compatible with existing area development and community goals. This analysis considers first the site as though vacant and available for development, and subsequently analyzes the existing improvements in order to establish an appropriate future program of utilization. In the analysis of the site as if vacant, the appraiser considers the zoning, neighborhood and surrounding land use: also to be considered are zoning changes, zoning board of appeal decisions and changes and trends in property uses in the area. HIGHEST AND BEST USE OF THE SUBJECT The highest and best use of the subject property is considered to be a rezoning to the contemplated planned unit development. File #: R-14-4321 Breslin Appraisal Co., Inc. - 7 - DEFINITION OF MARKET VALUE “Market Value” means: “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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (a) Buyer and seller are typically motivated; (b) Both parties are well informed or well advised, and each acting in what he considers his own best interest; (c) A reasonable time is allowed for exposure in the open market; (d) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (e) 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.”2 2 Federal Register/Volume 53, No. 3/Wednesday, January 6, 1988/Rules and Regulations File #: R-14-4321 Breslin Appraisal Co., Inc. - 8 - NEIGHBORHOOD DESCRIPTION The area is bounded on the North by Great Peconic Bay, East by Shinnecock Hills & Southampton, on the South by the Shinnecock Bay and on the West by East Quogue & Quogue The area is convenient to schools, shopping, and local business areas. The ages of homes range from newer construction to 60 ± years old. Architectural styles include Ranch, High Ranch, Split Level, Cape Cod, Colonial, Mobile Homes, Contemporary, Custom Designs and Apartment Style Dwellings. The home values range from $250,000 to $2,000,000 ± and above depending on lot size, house size, age, condition, style, location, improvements, and water frontage & water views. CHARACTER: Residential TREND: Slow, Stabilizing SCHOOL DISTRICT: SD #2 – Hampton Bays AREA: Hampton Bays – Shinnecock Hills Border Note: The subject location is at the beginning or entranceway to the popular vacation destination of the Hamptons. The site is situated at the point on the highway before the roadway narrows to one lane.
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