EXHIBIT 4 Real Estate Appraisal Report
Property Location 325 Prospect Avenue Sea Cliff, New York Section: 21 Block: K Lots: 22, 751 & 753
Property Appraised 2.49 Acre Vacant Site
Prepared for New York American Water
Report Date March 9, 2017
Valuation Date January 4, 2017
File Number 1612-10793
Michael Haberman Associates, Inc. 125 Front Street Mineola, New York 11501 (516) 739-8Q80 [i]
TABLE OF CONTENTS
PAGE Title Page Table of Contents i
GENERAL Letter of Transmittal 1 Executive Summary-- 3 Appraisal Scope of Work 4 Appraisal Purpose and Intended Use / Definitions and Concepts 6 Certification 8 Assumptions and Limiting Conditions 10 Neighborhood Analysis 13 Location of Subject Property 16 Sales History / Highest and Best Use 17 Description of Subject Property 20 Deed Plotter 21 Block Map of Subject Property 22 Aerial Photograph 23 Photographs of Subject Property 24 Zoning Regulations 28 Zoning Map 29
VALUATION OF PROPERTY Direst Sales Comparison Approach Determination of Market Value 30 Comparable Vacant Land Sales Analysis 31 Discounted Value 32 Demolition Estimates 32 Final Site Value 32 TABLE OF CONTENTS
PAGE
ADDENDA Comparable Vacant Land Sales Location Map 33 Comparable Vacant Land Sales Abstracts, Photographs & Block Maps 34 Discount Rate Data 44 Marshall Valuation Cost Pages 45 Qualifications - --48 MAIN OFFICE NYC OFFICE MICHAEL HABERMAN 125 Front Street 6 East 46th Street I 4th Floor ASSOCIATES, INC Mineola, NY 11501 New York, NY 10017 di Real Estate Appraisers & Consultants Tel (516) 739-8080 I Fax (516) 739-1810 (212) 732-4260
March 20, 2017
New Jersey American Water/New York American Water Short Hills Operations Center, Admin. Building 167 J. F. Kennedy Parkway Short Hills, NJ 07078 Attn: Suzana Duby, Esq. Corporate Counsel
Re: APPRAISAL OF: Land Only 325 Prospect Avenue Sea Cliff, New York Sec: 21 Blk: K Lots: 22, 751 & 753 OUR FILE #: 1612-10793
Dear Ms. Duby:
In accordance with your request, we have inspected and prepared an appraisal of the above stated Subject Property as of January 4, 2017, the date of inspection, for the purpose of estimating its Fee Simple Market Value. A prior appraisal of the Subject was done for you by our office and presented in a report dated June 18, 2014. The Subject Property is legally identified on the Tax Maps of Nassau County as:
Section: 21 Block: K Lots: 22, 751 & 753
The Subject appraised (which is further identified on maps seen within this report) is a 2.49 acre irregular shaped site located at the northeast corner of Laurel and Prospect Avenues (a portion of Prospect Avenue is seen as Shore Road on the tax maps of Nassau County incorporated within this report), in the Incorporated Village of Sea Cliff, New York. For appraisal purposes and as directed by your office, the Subject Property's site is appraised less estimated demolition costs to remove improvements. The Subject is zoned Residence B which allows single family dwellings on 10,000 sq.ft. plots.
E-MAIL : [email protected] WEBSITE : http://www.mhabermanassoc.com The intended use of the value found is to aid in the potential sale of the property. This report is not intended for any other use, nor is it to be used by others than yourself or those directed by you.
This appraisal report is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of Uniform Standards of Professional Appraisal Practice (USPAP). The report consists of an inspection of the Subject Property and surrounding areas, a Highest and Best Use Analysis, a review of a client presented survey (from our 2014 report), and a search for and analysis of comparable land sales. It includes a descriptive summary of the Subject Property, a discussion of the valuation process and both the reasoning and pertinent data leading to the appraisers' valuation estimate. Direct Sales Comparison has been used to determine the Subject's Site Value. As of right and after considering necessary infrastructure, an Extraordinary Assumption is estimated that the Subject would yield eight plots. Since the Subject appraised is a site with an anticipated eight lot development, discounting for time and expense associated with site subdivision and preparation for development are considered in our final estimate of value.
It is the opinion of the undersigned that the Fee Simple Market Value of the Subject's land, as of the valuation date of January 4, 2017, subject to the Assumptions and Limiting Conditions stated in this report, is $2,005,000.
If any questions arise after examining this report, please contact the undersigned for clarification.
Rfi tyiipectfully submitted, C onald Haberman, MAI, CSA-G New York State Real Estate General Appraiser Certificate #: 46-4499
I rn, CSA-G New York State Real Estate General Appraiser Certificate #: 46-41806
MICHAEL HABERMAN ASSOCIATES, INC. 2 EXECUTIVE SUMMARY
Our File #: 161210793
Location: 325 Prospect Avenue, Sea Cliff, New York
Owner: New York American Water
Property Appraised: Irregular shaped 2.49 acre site less estimated demolition costs to remove improvements on the site of a pump house and office building.
Highest and Best Use: As vacant: Development of eight residential plots.
As improved: To remove current improvements and develop as stated above.
Appraisal Date: March 20, 2017
Effective Valuation Date: January 4, 2017
Values Appraised: Market Value
Interest Appraised: Fee Simple Estate
Appraisal Process: Direct Sales Comparison Approach: $2,005,000 Income Approach: Not used Cost Approach: Not used
Final Estimate of Value: $2,005,000
MICHAEL HABERMAN ASSOCIATES, INC. 3 APPRAISAL SCOPE OF WORK
Michael Haberman Associates, Inc. has been retained by New York American Water, do Bill Varley, President, to appraise the Subject and estimate its Fee Simple Market Value as of the valuation date, January 4, 2017. Information about assignment elements, as seen throughout this report, has been used to identify the type and extent of research and analysis to include in the development of the appraisal.1 Based upon this information and analysis, the Subject and its surrounding neighborhood were inspected; research regarding market conditions and activity pertaining to Nassau County, the Subject and comparable properties within the current market was carried out; an analysis of the Subject's current Highest and Best Use was done; a search for comparable vacant land sales in proximity during the studied period was performed and relevant information and data has been confirmed and analyzed. Direct Sales Comparison has been used within this appraisal to determine the Subject's site value.
❑irect Sales Comparison Approach (used) In this analysis, a study of market transfers of comparable vacant land parcels is undertaken. Items of dissimilarity are adjusted and items of comparability are noted between the sales and Subject. The resultant price per unit is then applied to the Subject's yield of eight plots which is then discounted for the time and expenses associated with site subdivision and preparation for development. Valuation principles involved here include Substitution and Contribution which states that the value of any component of a property is measured by the amount of its contribution to the value of the entire property.
Within the valuation approach of this report, the Subject Property's neighborhood and surrounding communities were researched for comparable market data. This was for residential land sales that have occurred within the studied period. Data utilized comes from, but is not limited to 1] the appraisers' files and from previously appraised
1 The assignment elements include the Client and other intended users of the appraisal, intended use of the opinions and conclusions, type and definition of value, effective date of the appraisal, subject of the assignment and its relevant characteristics and the assignment conditions such as Assumptions and Limiting Conditions.
MICHAEL HABERMAN ASSOCIATES, INC. 4 properties, and 2] research of various data sources including RealQuest, Comps Inc., Sales Web and MLS. This data was then further documented, field reviewed and verified with principals where possible and applicable. Analysis leading to the conclusion of value is based upon these market data inputs.
Income Approach (not used): In this analysis, studies of rentals are typically undertaken from which a Potential Gross Income estimate is derived. Deductions including provisions for vacancy and operating expenses reveal a Net Operating Income directly attributable to the Subject Property. Resultant Net Operating Income is then capitalized to an estimate of value. The Subject Property is appraised as vacant and best valued by Direct Sales Comparison.
Cost Approach (not used): The Cost Approach is based on the principle of Substitution. A prudent person will not pay more for a property than the amount for which he or she can obtain by the purchase of a site and construction of a building without undue delay; a property of equal desirability and utility. The steps in this process typically are as follows:
1] Determine the value of site as if vacant.
2] Estimate the cost to construct at current prices the exact duplicate using the same materials and construction standards with all the deficiencies and obsolescence of the subject building (a/k/a Reproduction Cost New).
3] Estimate accrued depreciation
4] Deduct accrued depreciation from Reproduction Cost New to attain the Sound Value of Improvements.
5] Add the depreciated site improvements and site value to arrive at an indication of value a/k/a Summation Value.
This approach has not been utilized because it is not considered an applicable valuation methodology for the Subject Property appraised as vacant and unimproved.
MICHAEL HABERMAN ASSOCIATES, INC. 5 APPRAISAL PURPOSE AND INTENDED USE
The purpose and intended use of this appraisal is to estimate the Fee Simple Market Value of the Subject Property for a potential sale.
DEFINITIONS AND CONCEPTS
Market Value: 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 specified 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 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; and
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.2
2 The Dictionary of Real Estate Appraisal — Fifth Edition, 2010. The Appraisal Institute, Chicago, Illinois. Page 123.
MICHAEL HABERMAN ASSOCIATES, INC 6 Fee Simple: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power or escheat.3
Reasonable Exposure Time: The reasonable exposure time for the Subject Property is estimated to be three to six months. This is 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 upon an analysis of past events assuming a competitive and open market.4 Supply and demand conditions within the studied period both prior to and at the valuation date of the appraisal indicate comparable activity for similar properties within the local Nassau County region. The typical buyer for the Subject's real estate is a residential developer/investor.
Extraordinary Assumption: An assumption, directly related to a specific assignment, which, if found to be false could alter the appraiser's opinions or conclusion. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal or economic characteristic of the subject property; or about conditions external to the property such as market condition or trends; or about the integrity of data used in an analysis.5
3 The Dictionary of Real Estate Appraisal — Fifth Edition, 2010. The Appraisal Institute, Chicago, Illinois. Page 78. 4 Uniform Standards of Professional Appraisal Practice — 2016/2017 Edition. Appraisal Standards Board of the Appraisal Foundation. Advisory Opinion 35, Page 195. 5 The Dictionary of Real Estate Appraisal — Fifth Edition, 2010. The Appraisal Institute, Chicago, Illinois. Page 73.
MICHAEL HABERMAN ASSOCIATES, INC 7 CERTIFICATION
We certify that, to the best of our knowledge and belief:
1] The statements of fact contained in this report are true and correct.
2] The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions and conclusions.
3] We have no present or prospective interest in the property that is the subject of this report, and have no personal interest or bias with respect to the parties involved.
4] We have previously appraised the property that is the subject of this appraisal effective May 28, 2014 in a report dated June 18, 2014.
5] Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event.
6] Gordon Richards has made a personal inspection of the property that is the subject of this report. Ronald Haberman and Jill Kam have viewed the property and have completed all analyses herein.
7] No other person has provided significant professional assistance to the persons signing this report.
8] To the best of our knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice as promulgated by both the Appraisal Standards Board of the appraisal Foundation and the Appraisal Institute.
9] The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
10] The Appraisal Institute conducts a program of continuing education for its designated members. Senior designated members who meet the standards of this program are awarded educational certification. As of the date of this report, Ronald Haberman has completed the requirements under this program.
MICHAEL HABERMAN ASSOCIATES, INC. 8 11] Based on the information provided within this report and the exercise of the appraisers' professional judgment, it is their opinion that the subject site's Fee Simple Market Value, as of the valuation date of January 4, 2017 subject to the Assumptions and Limiting Conditions and Extraordinary Assumptions stated in this report, is: $2,110,000.
- Ronald Haberman, MAI, CSA-G New York State Real Estate General Appraiser Certificate #: 46-4499
Cp.1V----,....-
Ji am, CSA-G New York State Real Estate General Appraiser Certificate #: 46-41806
MICHAEL HABERMAN ASSOCIATES, INC. 9 ASSUMPTIONS AND LIMITING CONDITIONS
1l That the date of value to which the opinions expressed in this report apply is set forth in the letter of transmittal. The appraisers assume no responsibility for economic or physical factors occurring at some later date which may affect the opinions herein stated.
2] That no opinion is intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in the report.
3] That no opinion as to title is rendered. Data on ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable and free and clear of all liens and encumbrances, easements and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use.
4] That no engineering survey has been made by the appraisers. Except as specifically stated, data relative to size and area were taken from sources considered reliable, and no encroachment of real property improvements is assumed to exist.
5] That maps and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose.
6] That the projections included in this report are utilized to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors. Therefore, the projections are subject to changes in future conditions that cannot be accurately predicted by the appraisers and could affect the future income or value projections.
7] That information furnished by others is believed to be reliable. However, no warranty is given for its accuracy.
8] That, because no title report was made available to the appraisers, they assume no responsibility for such items of record not disclosed by his normal investigation.
9] That no detailed soil studies covering the Subject Property were available to the appraisers. Therefore, the premise pertaining to soil qualities employed in this report is considered consistent with information available to the appraisers.
MICHAEL HABERMAN ASSOCIATES, INC 10 10] That the appraisers are not qualified to detect the existence of potentially hazardous material which may be present on or near the property. The existence of such substances may have an effect on the value of the property. The appraisers valued the property as if there is no on-site contamination.
11] It is assumed that the appraisers have been informed of all conditions of the property, subsoil or structures that render it more or less valuable. No responsibility is assumed for such conditions not disclosed to the appraisers or for arranging for engineering studies that may be required to discover them.
12] It is assumed that pertaining to the Subject Property, there is full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in this report.
13] This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraisers are not responsible for unauthorized use of this report.
14] It is assumed that all required licenses, certificates of occupancy, or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based.
15] It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report.
16] Unless otherwise stated in this report, the Subject Property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The present architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability or utility.
17] Any proposed improvements if applicable are assumed to be completed in a good workmanlike manner in accordance with the submitted plans and specifications.
MICHAEL HABERMAN ASSOCIATES, INC 11 18] Possession of this report or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose or by any person other than the party to whom it is addressed without the written consent of the appraisers, and in any event, only with property written qualification and only in its entirety.
19] Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or the firm with which the appraisers are is connected) shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written consent and approval of the appraisers.
MICHAEL HABERMAN ASSOCIATES, INC. 12 NEIGHBORHOOD ANALYSIS
Village of Sea Cliff The Subject Property is located in the Incorporated Village of Sea Cliff, County of Nassau and State of New York. Situated on the north shore of Long Island, the quaint 1.1 square mile Village of Sea Cliff is situated immediately north of Glenwood Landing, high above the east side of Hempstead Harbor with the City of Glen Cove to its north and northeast and Glen Head along its southeast border.
Primary east/west roadways through Sea Cliff span the Village from its eastern border along north/south Glen Cove Avenue westward to Prospect Avenue which winds north/south up and down along the Village's steep western edge above the Harbor. They include two-lane Sea Cliff, Glen, and Downing Avenues and, to a lesser degree, Littleworth Lane. Carpenter Avenue also runs north/south through the center of Sea Cliff spanning nearly the entire Village and intersecting with the aforementioned east/west roads. Direct access to points north and south of Sea Cliff is typically via local Glen Cove and Prospect Avenues.
The western side of Sea Cliff is on a bluff high above Hempstead Harbor with the north side of the Village making a sharp decent northward toward the City of Glen Cove border, that City's Shore Road and shoreline along Glen Cove Creek beyond. Thus, many homes in extreme western Sea Cliff and cliff-side homes throughout the northern side of the community have commanding water views.
Shopping and dining within the Village are also concentrated in the western section of the Village on or near Sea Cliff Avenue in the community's small, old fashioned business district where improvements include Village Hall, Sea Cliff Museum and an adult and children's library a longstanding popular deli, restaurants, pubs, shops and services - many with walk-up apartments above. Hotels remaining from the Victorian era when Sea Cliff was a popular resort have, for the most part, been converted to apartments, but a few are in use as private homes. Most of the Village's grand old homes are concentrated along western Sea Cliffs narrow, hilly winding roadways,
MICHAEL HABERMAN ASSOCIATES, INC 13 interspersed with former summer cottages converted to year-round residences and some newer homes.
The flatter, eastern side of Sea Cliff is dotted with a few Victorians and older homes, but was for the most part developed after the Second World War and is thus a mix of colonials, capes, split levels and a few contemporary houses. Sea Cliff's eastern border along Glen Cove Avenue is a commercial corridor improved with a few nurseries, restaurants, delis, retail centers, a small supermarket, gym, office space and converted residences — the vast majority of these improvements are within Glen Cove's City limits. Sea Cliff Avenue extends beyond the Village from Glen Cove Avenue providing access to the Sea Cliff station of the Long Island Railroad about half a mile east of Sea Cliff and to Cedar Swamp Road a mile east of the Village. NYS Route 107 is immediately north of Cedar Swamp Road and provides the nearest highway access to points south including major east/west roadways - NYS Route 25A (Northern Boulevard), the Long Island Expressway, Hillside Avenue, Jericho Turnpike and Old Country Road.
Midtown Manhattan is 23 miles west of Sea Cliff and reachable via the Long Island Expressway in 45 minutes to an hour depending on traffic. The Long Island Railroad's Oyster Bay Line serves the area, but only provides one direct train to New York's Pennsylvania Station and one back during the morning and evening rush hours — passengers are otherwise required to transfer at Mineola or Jamaica stations in either direction. The commute is approximately one hour each way. Notably, the railroad's Sea Cliff Station is actually the westernmost of three stops situated in the neighboring City of Glen Cove. Local taxi cabs serve the area as well as MTA's N21 bus.
Despite Sea Cliffs long-standing reputation as an "artsy" community of residents involved in theater, music, studio arts, etc., many residents are professionals and a number commute to Manhattan. This stands to reason since Sea Cliffs well- preserved, restored Victorian homes in particular tend to garner higher prices than their counterparts in communities outside the Village.
MICHAEL HABERMAN ASSOCIATES, INC. 14 Sea Cliff's population has hovered around 5,000± for the last few decades. U.S. Census figures for 2010 showed 4,995 residents and an estimate of 5,045 was reported in 2016. There are 2,056 housing units in Sea Cliff of which 69.7% are owner occupied. The median home value as reported in 2016 was $698,343 and the median household income was reported at $107,376. Public school students attend the highly regarded North Shore School District which draws its 2,900± annual enrollment from Sea Cliff, Glen Head, Glenwood Landing and Old Brookville.
The quaint Village of Sea Cliff is a picturesque waterside community reminiscent of a bygone era. Strict zoning and building regulations and pride of ownership all serve to maintain the area's charm. There is a distinct sense of community within the Village with residents participating in a wide variety of programs and events. While the Village has been referred to as a bohemian outpost and even called "funky", it has become increasingly upscale in recent years and it is anticipated that Sea Cliff will continue to flourish for many years to come.
MICHAEL HABERMAN ASSOCIATES, INC 15 LOCATION OF SUBJECT PROPERTY
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MICHAEL HABERMAN ASSOCIATES, INC. 16 SALES HISTORY
Research uncovered no transfers of title for the last ten years.
HIGHEST AND BEST USE
That reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, legally permissible, financially/economically feasible and maximally productive.
The definition immediately above applies specifically to the Highest and Best Use of 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 appraisers' 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.
The generally accepted concept regarding any Highest and Best Use study typically involves two parts. The first part considers the site as if vacant and available for development to its highest and best, or most profitable use. The second considers the site as improved which either is or is not presently developed to its Highest and
MICHAEL HABERMAN ASSOCIATES, INC 17 Best Use. In either case, the use must fall within the confines of those uses that are physically possible, legally permissible, financially/economically feasible and maximally productive.
As Vacant and Available for Development:
Physically Possible Criteria to consider in deciding the physically possible uses include the Subject site's configuration, topography, access, subsoil conditions and size. The utility depends on these factors, which in turn would govern development costs and resultant returns on the land. The site is irregular in shape, the westerly portion is level and on street grade, the easterly side is even with street grade then becomes slightly above street grade and gently rolling. These characteristics create minor but measurable impacts on its utility. Access is provided to the site via Prospect and Laurel Avenues. The site is located in FEMA X and AE Flood Zones. There are no known subsoil drainage or environmental problems within the site. As a result of the above, residential, commercial and industrial uses are all possible.
Legally Permissible Private deed restrictions, zoning regulations, building code regulations and environmental restrictions all play a role in establishing the legally permissible uses possible at the subject site. Additionally, the Subject site is viewed in conjunction with its abutting parcels and neighborhood to establish if the present zoning is consistent and homogeneous with the surrounding improved properties.
The Subject parcel is presently situated within the Village of Sea Cliffs Residence B District. This District's primary use is for single family dwellings on a minimum of 10,000 sq.ft. plots. As of right, and considering necessary infrastructure, the Subject's land area of 2.49 acres could support an eight plot subdivision. For appraisal purposes, appraised value is based on the Extraordinary Assumption of an eight plot subdivision.
MICHAEL HABERMAN ASSOCIATES, INC. 18 Under the normal course of the investigation, the appraisers have found no moratoriums in place to halt this proposed type of development. In addition, the appraisers are assuming there are no land use or environmental regulations in place at the Subject Property that would affect development.
Financially/Economically Feasible From the preceding two sections, it is determined that an eight plot residential development, subject to applications approved by the Village, is seen as the best site development for the Subject parcel. This would produce incomes, or returns, equal to or greater than the dollars needed to offset operating expenses, debt and capital amortization. It is economically attractive and homogeneous with the surrounding uses with access provided from the surrounding roadway network.
Maximally Productive The last question typically asked is which use would deliver the highest price, or value, consistent with the rate of return. Assuming the same risk rates and characteristics, the same rates of return would be used to capitalize the income stream into their respective values. The highest value would be the Highest and Best Use of the land as if vacant.
In this case, it is believed that an eight plot residential development would be an example of the type of use that would be maximally productive. This application would provide the highest return to the land and represent the sites' Highest and Best Use, as vacant.
As Improved: To remove all current improvements and develop as stated above.
MICHAEL HABERMAN ASSOCIATES, INC. 19 ❑ESCRIPTION OF SUBJECT PROPERTY
The Subject Property appraised is situated at the northeast corner of Prospect and Laurel Avenues in the Incorporated Village of Sea Cliff, Town of Oyster Bay, County of Nassau and State of New York. Having a street address of 325 Prospect Avenue, the Subject is identified on the Tax Maps of Nassau County as:
Section: 21 Block: K Lots: 22, 751 & 753
The 2.49 acre (108,362 sq.ft.) irregular shaped site is at grade along its street frontages of 535.50' along Prospect Avenue and 402.2' along Laurel Avenue. It slopes downward from its hilly, treed easterly property line to the center of the site and its street frontages. It then slopes more gently from the center of the site downward toward its westerly side. Aside from the Subject's tree covered hill, the site is fairly level to gently sloping, cleared and grass covered. Privacy hedges line much of the road fronting perimeter with mature trees and brush buffering the site from adjacent residences to the east.
The Subject's location permits unobstructed water views of Hempstead Harbor to the west and, to some extent, the Long Island Sound to the northwest. However, hilly terrain and large single family homes along Prospect Avenue's waterfront west side where it begins its northeasterly ascent obstruct views of the Sound to the north.
Curb cuts along Prospect Avenue and Laurel Avenue provide ingress and egress to the site which is currently improved with a 11/2 story, 3,420 sq.ft. pump house and 2 story, 5,136 sq.ft. office building. Improvements are to be demolished by the seller and not considered within this appraisal.
The Subject's appraised site is zoned Residence B by the Village of Sea Cliff. Based on current zoning, this appraisal assumes an as of right yield of eight residential building lots. Actual yield and any water views afforded future development will depend upon design.
MICHAEL HABERMAN ASSOCIATES, INC. 20 DEED PLOTTER
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MICHAEL HABERMAN ASSOCIATES, INC. 21 BLOCK MAP OF SUBJECT PROPERTY
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MICHAEL HABERMAN ASSOCIATES, INC. 22 AERIAL PHOTOGRAPH
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MICHAEL HABERMAN ASSOCIATES, INC. 23 PHOTOGRAPHS OF SUBJECT PROPERTY TAKEN JANUARY 4, 2017
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Water View from Laurel Avenue View Northwest from Northeast Corner of Laurel and Prospect Avenues
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Frontage along Prospect Avenue View Northeast Westerly Portion of Subject Property
Easterly Portion of Subject Property
MICHAEL HABERMAN ASSOCIATES, INC. 24 PHOTOGRAPHS OF SUBJECT PROPERTY (FROM 2014 REPORT
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View Northeasterly Up Prospect Avenue — Subject on Right
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View Southeasterly Across Shore Road
MICHAEL HABERMAN ASSOCIATES, INC 25 View East/Northeast Across Shore Road at its Northeast Corner with Laurel Avenue
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Looking Northwest from Laurel Avenue Across Subject — Hempstead Harbor and Port Washington Peninsula Beyond
MICHAEL HABERMAN ASSOCIATES, INC. 26 - X
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Looking West from Subject's Frontage Along Prospect Avenue — Hempstead Harbor and Port Washington Peninsula Beyond
MICHAEL HABERMAN ASSOCIATES, INC. 27 ZONING REGULATIONS VILLAGE OF SEA CLIFF RESIDENCE B DISTRICT
Uses: One family dwelling; houses of worship, private schools, libraries, museums, meeting halls.
Lot Size: 10,000 sq.ft. minimum
Coverage: 30% of lot area
Front Line: 100' minimum
Lot Width: 90% of front line is minimum
Setback: 25' minimum
Side Yards: 15' minimum
Rear Yard: 30' minimum
Height: 2 story / 30' maximum
Floor Area: 1,000 sq.ft. first floor minimum 650 sq.ft. second floor minimum
FAR: 13% for lots of 40,001 sq.ft. and up
MICHAEL HABERMAN ASSOCIATES, INC. 28 ZONING MAP
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MICHAEL HABERMAN ASSOCIATES, INC. 29 DIRECT SALES COMPARISON APPROACH
Determination of Market Value The Subject Property appraised is a 2.49 acre site zoned Residence B by the Village of Sea Cliff and located at the northeast corner of Prospect and Laurel Avenues. As instructed, the appraisal values the Subject's site only as any improvements that may currently exist on the parcel are to be removed by New York American Water. To appraise the Subject, research for vacant residential land sales in proximity to the Subject resulted in five transactions deemed suitable for analysis purposes. Located in Sea Cliff and Glen Cove, they occurred between June 2016 and June 2015. Sales are analyzed on a price per building plot and adjusted to the Subject for time changes, location differences, land size, zoning and utility.
Time - Sales are trended at +3%/annum based on market changes occurring between 2015 and the valuation dale of January 4, 2017.
Location - Refinements are the result of viewing each sale and surrounding neighborhood, and comparing this information to the Subject Property. Sale 1 is reduced 20% for its superior general neighborhood, less traveled street, and pond frontage. Sale 2 is increased 15% for its inferior general neighborhood, recycling plant directly across the street, and lack of water view partially offset by its superior less traveled street. Sales 3 and 5 are increased 5% for their lack of water view partially offset by their less traveled streets. Sale 4 is reduced 35% for its superior less traveled street and waterfront location.
Size - Sales are adjusted to the Subject's total land area of 108,362 sq.ft. Based on the market driven premise that larger sites sell for lower unit values and vice versa, sales are reduced between 10% and 15% for their smaller sizes.
Zoning — Sales 1 and 5 are reduced 5% for their superior more desirable zoning of 20,000 sq.ft. plots while Sale 3 is increased 5% for its less desirable zoning of 6,500- 7,500 sq.ft. plots.
MICHAEL HABERMAN ASSOCIATES, INC. 30 Utility - Sales 1, 2, 3 and 5 are reduced 5% or their superior topography. Sale 4 is increased 10% for its inferior topography.
VACANT LAND SALE #
LOCATION: Southland Drive 61 AJtamont Avenue Laurel Avenue S/W/C Bay Avenue and 3 Jodi Court 18th Avenue Glen Cove Sea Cliff Glen Cove Sea Cliff Glen Cove
LEGAL I.D: 30/42/335 21/110/12, 13, 109 8 111 31/18/193 21/F/1952 31/80/9
IMPROVEMENTS AT SALE: Public Uitlity Building Single Family Residence None None None IMPROVEMENTS SINCE SALE: Single Family Residence None Single Family Residence None Single Family Residence
WATER FRONT/WATER VIEW Pond Front None None Water Front None
ZONING: Residence 2 Residence B Residence 4 Residence B Residence 2 City of Glen Cove Village of Sea Cliff City of Glen Cove Village of Sea Cliff City of Glen Cove
20,000 sq ft minimum 10,000 sq.ft. minimum 6,500-7,500 sq.ft. minimum 10,000 sq.ft minimum 20,000 sq.ft. minimum
SALE DATE: June 9, 2016 December 11, 2015 August 20, 2015 June 26, 2015 June 22, 2015
SALE PRICE: $412,000 $417,500 $215,000 $550,000 $380,000
LAND AREA (sq.ft.): 22,703 12,500 9,931 15,956 20,000
BUILDING PLOTS: 1 1 1 1 1
SALE PRICE PER PLOT: $412,000 $417,500 $215,000 $550,000 $380,000
TIME ADJUSTMENTS: x 2% 3% 4% 5% 5%
TIME ADJUSTED PRICE/PLOT: $418,180 $430,025 $223,600 $574,750 $397,100
OTHER ADJUSTMENTS: LOCATION -20% 15% 5% -35% 5% SIZE (108,464 sq.fL) -10% -15% -15% -15% -10% ZONING (10,000 s.f. minimum/plot) + -5% 0% 5% 0% -5% UTILITY + -5% -5% -5% 10% -5% TOTAL ADJUSTMENTS: -40% -5% -10% -40% -15%
ADJUSTED PRICE PER PLOT: = $250,908 $408,524 $201,240 $344,850 $337,535
Results of this analysis display a range between $201,240/plot and $408,524/plot, a mean of $308,611 and median of $337,535/plot. Removing high and low transfers results in a range of $250,908/plot and $344,850/plot and a mean of $311,098. Based on this analysis, a giving more weight to those sales considered most comparable, a unit value of $325,000/plot is deemed reasonable. Applying this unit value to the Subject's assumed eight plot subdivision results in the following:
$325,000 (x) 8 plots (=) $2,600,000
MICHAEL HABERMAN ASSOCIATES, INC. 31 The Subject was compared to single and separate buildable lots ready for development, thus, since the Subject appraised is without any approvals for a subdivision, and lacks the necessary infrastructure, economic value must be adjusted to reflect anticipated time, costs and uncertainties associated with preparing the site for development. Therefore, economic value is discounted at 11% over two years, the projected time needed for approvals and property sellout.
$2,600,000 (x) .8116 Present Value Factor (=) $2,110,000 Rd.
From indicated site value, costs of demolition are estimated and deducted.
Costs associated with demolition of the 1% story pump house (3,420 sq.ft.) and one and two story office structure (5,536 sq.ft.) are estimated by use of cost data from Marshall Valuation Services (see Addenda or Cost pages).
Lot 22 one and two story office 5,536 sq.ft. Lot 751 11/2 story pump house 3,420 sq.ft. Total building area 8,956 sq.ft.
Base demolition costs — say $ 8.00/sq.ft. Current adjustment factor x 1.00 Local adjustment factor x 1.46 Adjusted Base Cost 11.68 Building Area x 8,956 Estimated demolition costs $104,606 $105,000 Rd.
Site value of $2,110,000 reduced by demolition estimates of $105,000 results with appraised Market Value of $2,005,000, Rd.
MICHAEL HABERMAN ASSOCIATES, INC. 32 COMPARABLE VACANT LAND SALES LOCATION MAP
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Old Tappen Perk Tirane Land Sale 55 3 lad Ct Gam Cove NY _A 1-410P79_ o 6 CorIar Ln )•Olip Dr i t" -di -ed. ..— C O a Tower Rd ,,' 6 l' . 1 g Seaman ra 57 A 3 13 2, k Ave e(P Y. croi# 6 bhed& wro sey Ave Leas ,, e $2 Lo jralrAv0 §-,) D2 s oMeav or ..... 01'14 Noern Doorts WM 1- _... I Vacant Land Slat *3 112, [h1Laird Ave ;4,11 Gen COVE. NY n" CtEanel‘k Harland Rd 7 61, i •g Glen Cove lr Sl T path Morgan Park COtegoo Sin OO
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MICHAEL HABERMAN ASSOCIATES, INC 33 Vacant Land Comp: 1
Legal ID: 30/42/335
Location: South Side of Southland Drive Mid-Block Location Glen Cove, NY
Description: 22,703 sq.ft. residence parcel with pond frontage
Grantor: City of Glen Cove 9-13 Glen Street Glen Cove, NY 11542
Grantee: RMS Team, LLC 14 Holiday Pond Road Jericho, NY 11753
Zoning: Residence 2 (20,000 sq.ft. Minimum)
Indicated Price: $412,000
Units: 1 Lots
Analysis: $412,000 per lot
Revenue Stamps: $1,648
Deed Dated/Recorded: 6/9/2016 6/20/2016
Liber/Page: 13376/517
Improvements since sale: Single family dwelling
Remarks: Verified with deed in file
9818
MICHAEL HABERMAN ASSOCIATES, INC. 34 PHOTOGRAPH AND BLOCK MAP OF VACANT LAND SALE #1
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MICHAEL HABERMAN ASSOCIATES, INC. 35 Vacant Land Comp: 2
Legal ID: 21/110/12,13,109,111
Location: 61 Altamont Avenue Sea Cliff, NY
Description: A 12,500 sq.ft. rectangular residential parcel with one family residence scheduled for demolition.
Grantor: Giuseppe Graziosi, Mario Graziosi, and Anthony Graziosi as trustee of the Graziosi Family Trust, do Adam B. Sechter, Esq. 325 Glen Cove Avenue Sea Cliff, NY 11579
Grantee: Raul Apac, Joseph Apac, and Ana Apac, as Joint Tenants of 61 Altamont Avenue Sea Cliff, NY 11579
Zoning: Residence B (10,000 sq.ft. Minimum)
Indicated Price: $400,000 Adjustments: +17,500 Estimated Demolition Costs Adjusted Price: $417,500
Units: 1 Lots
Analysis: $417,500 per lot
Revenue Stamps: $1,600
Deed Dated/Recorded: 12/11/2015 1/7/2016
Liber/Page: 13307/122
Improvements since sale: None
Remarks: Verified with copy of deed in file.
9677
MICHAEL HABERMAN ASSOCIATES, INC 36 PHOTOGRAPH AND BLOCK MAP OF VACANT LAND SALE #2
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MICHAEL HABERMAN ASSOCIATES, INC 37 Vacant Land Comp:
Legal ID: 31/18/193
Location: South side of Laurel Avenue Mid-Block Location Glen Cove, NY
Description: 9,931 sq.ft. rectangular residence parcel
Grantor: Frances Cernowsky 175 East Lake Avenue Massapequa, NY 11762
Grantee: Stasi Brothers Asphalt Corp. 435 Maple Avenue Westbury, NY 11590
Zoning: Residence 4 (6,500 - 7,500 sq.ft. minimum)
Indicated Price: $215,000
Units: 1 Lots
Analysis: $215,000 per lot
Revenue Stamps: $860
Deed Dated/Recorded: 8/20/2015 8/27/2015
Liber/Page: 13253/416
Improvements since sale: Single family dwelling
Remarks: Verified with deed in file.
9816
MICHAEL HABERMAN ASSOCIATES, INC. 38 PHOTOGRAPH AND BLOCK MAP OF VACANT LAND SALE #3
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MICHAEL HABERMAN ASSOCIATES, INC 39 Vacant Land Comp: 4
Legal ID: 21/F/1952
Location: S/VV/C Bay Avenue and 18th Avenue Sea Cliff, NY
Description: A 15,956 sq.ft. mostly rectangular residential parcel.
Grantor: 208 Sea Cliff Realty Inc. 23 Hawthorne Road Sea Cliff, NY 11579
Grantee: Frans H. Preidel and Dalal Preidel, his wife 120 West 21st Street, Apt. 705 New York, NY 10011
Zoning: Residence B (10,000 sq.ft. minimum)
Indicated Price: $550,000
Units: 1 Lots
Analysis: $550,000.00 per lot
Revenue Stamps: $2,200
Deed Dated/Recorded: 6/26/2015 7/9/2015
Liber/Page: 13230/858
Improvements since sale: None
Remarks: Verified with copy of deed in file
9676
MICHAEL HABERMAN ASSOCIATES, INC 40 PHOTOGRAPHS AND BLOCK MAP OF VACANT LAND SALE #4
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MICHAEL HABERMAN ASSOCIATES, INC, 41 Vacant Land Comp: 5
Legal ID: 31/80/9
Location: 3 Jodi Court Glen Cove, NY
Description: 20,000 sq.ft. irregular residential parcel
Grantor: Salvatore Paolillo & Marilyn Paolillo Crescent Beach Road a/k/a 5 Jodi Court Glen Cove, NY 11542
Grantee: M & S/P Land Development, Inc. 37 Collage Row Glen Cove, NY 11542
Zoning: Residence 2 (20,000 sq.ft. minimum)
Indicated Price: $380,000
Units: 1 Lots
Analysis: $380,000 per lot
Revenue Stamps: $1,520
Deed Dated/Recorded: 9/29/1997 10/16/1997
Liber/Page: 10834/469
Improvements since sale: Single Family Residence
Remarks: Verified with deed in file.
9817
MICHAEL HABERMAN ASSOCIATES, INC 42 PHOTOGRAPH AND BLOCK MAP OF VACANT LAND SALE #5
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MICHAEL HABERMAN ASSOCIATES, INC. 43 Investment Rates
The following tables summarize discount and equity dividend rates reported by survey respondents. In all cases, rates were derived from Class A and B properties nationwide and are exclusive of reserves. Note that "Recapitalizations" refers to re-financing under current use.
RealtgRates_c om INVES WEI SURVEY - 1st Quarter 2017" DISCOUNT RATES New Development Acquisitions Recapitalizations
Proven, Tgpe Mae. Aug. Min. , Mae. Avg. Min. ; Mai. Aug. Apartments 6.20% 15 79% 11,01% 5 13.74% 9 587. 6.13% 15 637. 1090% GardeniSuburban TH 6.207i: 14.62% 10.31% 5;9% 1172% 897% 613% 14.48% 10 21% Hi-RisOUrban TH 703% 15,79% M. 13.74% 9.667. 6 96% 15.63% 11.00% Student Housing 6 15.39% 11.41% , 13.39% 9.93% 6 71% 15.24% 1129'%. Golf 7.18% 21.13% 15.29% 6.24% 18.38% 13.30% 7 10% 20,92% 15 13% Public D ell, Fee Courses 9.54% 20.87% 14.99% 8.30% i 18.16% 13.04% 9.44% 20.66% 14.84% Semi -Private Clubs 7.77% . 21 13% . 15.49% 6.76% 18,38% 13.48% 7,69% 20.92% j 15,34% Private Clubs 7.18% 19.56% 14.53% 6.24% 17 02% 12.64% 7.10% 19.36% 14.39% Health CareiSertior Housing 6.435: 20 447. , 11.47% 5.60% 17.79% 9.97>: 6.37% 2024% 11.35% Acute Care Facilities 7.43% 2154% 13.05% 6.51% 18.74% 11.35% 7.41% 21.33% 12.92% OutPatient Care Facilities 6.43% 15,31% 10,257., 5.60,: 13.32% 8.62% 6.37% 15.1,6% 10.15% Congregate Care Facilities 7 32% 16.90% 1132%1 6.37% 14.70% 1 9.76% 7.24% 16,73% 11.11% Assisted LivingF.iciiitius 6.68% 15.77% 113.48% 5.81% 13.72% 9.12% 6 61% 15.61% 10.38% industrial 6.4114 16.29%J. 12.16% 5.38% 13.68% 10.22% 6.47% 16.45% 1229% W are houserOistribution 6417.1 14 19% 1002%1 5.3R% 11.92% 926% 64'1% 14.33% 11.13% R613/ Flex- 7.42%1 16.26% 12.48% 6.23% 13.68% 10.48% 7.49. 16.45% 12.60% Climate ControllediNlanuf &muting 6.88%. 15.62% 11,45%I 5.78% 13.12% , 9 62% 6.95% 15.78% 11.57%
Lodging 7.007.. 19.14% 1 13.47%1 5.88% 16 08% 1132% 679% .1857% _ 1107% Full S ervice Facilities 7.00% 16.38% 13,59%/ 5.88% 13 74% 11.41% 6.79% 15.87% 13.18% Limited Service Facilities 8.07%. 19.14% 1192% 6.78% 16.00% 11.81% 7.82% 18.57% 13.40% GolliGamingiResort 7.63% 18.08% 12.71%1 6.41% 15.19% 10.68%, 7.40% , 17.54% 12.33% Mobile Home/RY PerkrCamping 6.47% 17.91%1 1102161 5,24% 14.50% 9.73% 6.47% 17.91% 12.02% RV ParkslCampgiounds 722% 17.91%1 12.53% 5.85% I 14.50% 10-15% 7 22% 17.91% 12.53% J Manti lectured Housing 0.47%• 16.15% • 11,26% 5.24% 1 1108% 9.12% 6 47% 16.15% 11.26% Mobile Horne Parks 7.08% 1815% 1 11.95% 5.73% 1 13.25% 9 68% 7.08% 16.35% 11.954 0111ce 6.43%. 15.94% 12.30% 5.59% 1197% ' 10.70% 6 37% 15.78% 12.18% Suburban 8.43% 14.75% 11.86% 5.59% 1 12.84% 10.14% 6.37% 14.61% 11.54% CSO 7.48% 15.94% 12.50% 6.51% 1 13.87% 10.88% 7.40% 15.7_8% 12,38% Medical 7.65%' 15.93% 1141%1 6.66'%1 13.86% 9 93% 7.59% 15.77% 11,29% Resteu rants 7.79% 19.71% 14.85% 6.62% 16/5% 12.625: 7.48% , 18.92% 14.28% Full Service 10.69%. 19.71% 14.85% 8.08% : 16.75% 12.62% 10.26% 18.92% 14 28% Fag Food 7.79>; 16.68% 13.96%t 6.62% 15.87% ; 11.86% 7.48% 17,93% 13.40% Retail 6,45%, 17.35% 12.69%1 5.54% 14.92% 10.92% 6.32% 17.01% 12 44% Anchored 6.45% 16.01% 12.81%1 5541'. 13.77% 1 11.02% 6.32% 15.69% 12 56% lin-Anchored 7.22%- 17.35% 13.43%1 8211'i ; 14.92% 11.80% 7.09% 47,01% 13.22% Cony enienceiGas 7.54%: 17.45% 11.17%' 8 49% 15.00% 7,39% 17.10% 10 95%. Free Standing 6.83%' 16.98% 13.30% 5 88% 14,60% 11.44% 6.70% 16.64% 1304% Self-Storage 6.23% 15.32% 12,91% 535% 13.02%_10_.96% 1 6.29% 15.32% 12.91% Climate Controlled 6.47%! 15 32% 12.79% 5 50% 13.02% 1017% 6.47% 15.32% 12.79% Mini S torage 6.29%: 16 44% 12.97% 5.35% 13.97% 11.02% 6.29% 16.44% 12.97% Special Purpose 7.76% 20 57% 14,06, 68% 17 69% 12.09% 7 61% 20.15% 13_78% Schools/Dag Care Centers 7.76% 17 67% 12.741: 66'0% 15 20% 10.92% 7.61% 17.32% 12.45% Churches/Temples/Sgnagogues 8.92% 20 57% 14.11% 7.67% 17.69% 12.13% 8 741: 20164 13.83% All Properties 6.20% 21.54% 1 12.64% 5 24% 18 74% 10 80% 6.13% 21.33% 12.48% '4th Q..mrtor 20160ct Copyr ight 2017 Ficolty1R4ta .com
MICHAEL HABERMAN ASSOCIATES, INC 44 ONI 'SaLVIOOSSV NVM38VH 13VHOIN tures, HOUSE residence idence HOUSE $18,600 $23,000 Pier Truss/rafter Cripple, Beam Rim EARTHQUAKE UNIT Sill Ta ALARSH4LL small 1 one number costs tamination Costs have Costs as -story: 2015 masonry Class Class Class Small noted, plate joist joist or (approximately COSTS no add be anchors, CoreLogic for presented (ground only $3,550 MOVING shearwall - of A: - residences, C: B: LIFTING anchors salvage straps, anchoring obtained, removal (approximately including VALUATION 35% $30,800 regarding variables $38,000 construction ties, a few , V floor to each - (HURRICANE) each each hi, are value. (6' (excluding 50%. sheathing, vary removal (elevated $8,350 for (2' loading area for and o.c,), SERVICE involved, total , hazardous average 1,000- ... full
o.c.), greatly 4.18 For its 6,89 5.28 slab Does
of 1,000 -story cost licensors. each projects and 500 individual to each new per on above SEISMIC - - - costs not BUILDING we depending (approximately 1,500 to raised to hauling, materials. REINFORCEMENT: . grade 2 foundations sq. 2,000 6.23 would 7_76 9,47 -story: include MISCELLANEOUS 1,000 all (Cost
of and -square ft flood unit . substructure. removal DEMOLITION residences.
square range should suggest square but $4,725 on removal reservcd. costs, The plain): RETROFITTING -foot) not the or 1,000 DEMOLITION per following per feet), be utilities): feet) dump size see that, - raised square Any and Cost square considered $11,400 - Add and Complete up prior and repeinting, wherever 1,500 fees. replacement Class Gutting Class -floor . to cost $8,550 Cost foot) . complexity $10,600 $9.350 page. foot a . .. It 5 sq. ranges -mile residences is D: $13,100 S: as of distribution, The foundation only: possible, fL also - total - very - 3 per distance. data $15,900 -story: of $17,700 are $18,800 of assumed building - utility floor): rough the 252.00 included in $23,800 42.75 60.50 28.00 42.75 32.00 creation cost survey, 1.74 some job anchorage $6,300 COST REMEDIATION obstructions. For for for guides. for $3,375 and 7,33 3,19 3.53 floor that a of - - - - on - - - cases masonry raised for fill bid two-story RANGE derivative extent - the this area, a foundation, - - - or Due to retrofit one-story $13,800 520_00 134.00 based materials page floor 68.00 contract 49.50 60 saoo 22.90 $6,650. of 3.43 except 5.28 5.46 struc- to works, 50 res- con- becomes the for on to audorpublic obsolete Compost Bioswale Pipe Polyethylene UNIT Chamber per GROUND mixing), land to SITE GRAFFITI stripping Full Encapsulation Encapsulation LEAD Spot Full Spot RADON ASBESTOS exhaust 48" 24" 36" 12" $1.10 gallon abatement abatement treatment displays drainage removal removal COSTS DECONTAMINATION: COSTS after REMOVAL: . .
with . . per pipe and REMOVAL: filter detention only .
WATER treated update REMOVAL: . is . costs gallon REMOVAL: chamber soil strictly . ventilation berm system, (70 (tilled . . . . .
. treatment)
delivery, - . per having CLEANUP: system, prohibited. 425 . treated system, soil ... Residential HAZARDOUS year system, 10", -conditioning gallon), system .
STORMWATER varied . scheduled . per cost per while to .. cost Biological
(Costs $314 . complete, linear Pump year, . each per plus plus per basement permeable LOW for per sq. farming), linear include $345 foot or with 10.20 and 24.15
soil December 1.15 8.70 3.02 1 9 ft minus cu, COST .
47 74 per costs - MATERIAL remediation treat foot . ventilation yd. trenching . $575 reactive gallon . $201 50%. for MANAGEMENT remediation . having 2017. for full . per AVERAGE and active bioreactor barrier retrofit 10.20 13,00 32.75 12.55 costs cu. 1.54 3.83 2.25 varied backfill) yd. REMOVAL fan have costs costs treatment for plus and treatment bioventing averaged $1,020 have or alarm. GOOD minus 12.25 16,65 16,65 44.50 systems 1.93 4.93 2.97 63.00 92.50 57.50 32.75 14.50 16.85 averaged 2.15 4.58 1.23 SECTION - (active COST $1,540 vapor $108 50%, ------averaged slurry December per RANGE extraction HIGH $.12 for 66 cu a 278.00 -aeration 21.55 14.50 22.60 PAGE 60.50 63.00 98.00 20.30 38.25 17.75 2.32 /2/2015 6.39 passive 3.83 to 7.60 5 2.49 COST yd. 17 $.51 $.18 2015 (air for 11 7 3 97 48 201 1.03 1.06 1.05 1.02 1.04 0.97 1.01 0.99 0.98 0.99 0.98 0 1.02 1.00 0.98 (3/15) 00 04 01 2/2017 1.04 1.04 1.04 1.02 1.02 1.02 1.02 1.02 1.00 1.03 1.03 1.03 1.04 1.02 1.01 1.01 1 1 PAGE 1 Western 99 47 1.05 1.05 1.02 1.02 1.03 1.02 1,00 1.03 0.99 0.98 0.98 0.98 0.98 1.00 1.01 FebruatT (6/15) 95 99 95 98 99 99 1.00 1.00 1.00 0.97 0 0 0.95 0.95 0.95 0.98 0.99 0.99 0.99 0.98 0.99 0 0 0 0 02 99 Central 46 1.00 1.04 1.02 1.03 1.03 0.97 0.98 0 1 1.02 1.02 1.00 1.03 0.99 0.98 SECTION (9/15) SECTIONS 04 04 00 01 01 01 1.04 1.02 1.00 1.03 1.01 1.01 1 1 1.04 1.04 1.04 1.02 1.02 1.00 1.00 1.00 1 1 1 45 1.02 1.02 1.04 1.02 1.00 1.00 1.04 0.97 1.00 1.01 1.01 0.98 0.99 1 0.99 Eastern 10. (12/15) COST 04 98 44 ...... _ .... 1.01 1 1.03 1.03 1.01 0.97 0.99 0 1.02 0.98 0.98 1.02 1.02 1.01 1.01 (3/16) through Parks 5 ......
01 00 02 Washes.... Chimneys 43 1,02 1.04 1.04 1.02 1.03 0.97 0.98 1.02 1.00 1.01 0.97 0.99 1 1 1 Structures Structures.... (6/16) Boilers ...... Car &
2017...... Pages Air Housing 99 06 03 99 01 & Housing Metal Chutes. 42 Remediation Incinerators.... 1.05 1.03 1 Facilities 1.03 99, 1 1.01 1.00 0.99 0.97 0.99 0 0 1.01 0.99 1 (9/16) Costs Concrete Mfg. Costs & March Motors Pumps SEGREGATED & Stations, for Wood 04 and Section...
41 Stacks, 1.06 1 1.05 1.02 1.03 0.99 1.01 0.98 0.99 0.97 0.98 0.98 0.99 0.99 Improvements 0.99 Section Courses (12/16) 70) Green Golf Yard Subdivision Trailer - Recreational Industrial Manufactured Masonry Service Compactors, Steel Tanks Demolition Equipment Electrical Prefabricated Prefab. Piping scheduled S C A B D C A C S A B B D D S (51 Multipliers, p,hihited. delivery, Date (3/16) (6/16) (6/16) (6/16) (6/16) (6/16) (3/16) (3/16) (9/16) (9/16) (3/16) (1/17) (6/16) irth Date (12/15) (12/15) (12/15) (12/16) (12/15) (12/15) - rn 6 Pages) Local is update 1 3-7 5 1-8 2-3, 1-4 2-9 1-6 5-10 1-20 5 1-12 1-2 10-11 7-8 7-9 1 4 6 Page Cost CENTRAL EASTERN WESTERN apply after ------(Effective of .141ms SECTIONS 67 70 64 64 62 62 62 63 67 64 65 66 66 66 62 62 62 63 61 Sec. MULTIPLIERS MULTIPLIERS Also pal obsolete date 98 01 98 COST to 02 02 1.05 1.05 1.02 1.02 1.05 18 0,97 0.98 0.98 0.98 0.98 becantrx 1.01 0.98 0 0 1 (2/17) 1.02 1.02 1.03 1.01 1.00 1.02 1.02 1.02 1.02 1.02 1.01 0.99 1 1.02 1.02 1.02 1.01 1 up COST Western page J4vr 05 02 03 00 03 1.05 1.02 1 1 17 1 1.00 0.98 0.98 1.02 1.01 0.98 0.98 0.99 1 1 this (5/15) 99 00 98 99 99 99 99 pages riff, 1.00 1.00 1.01 0 0 0.99 0.98 0.99 0.99 1 0 1.00 1.00 0.98 0 0 vI 0.99 0 on -PLACE Central 02 04 03 03 00 02 1 1.02 1 1 1 1.00 0.97 0.98 0.99 0.98 1 16 1.02 1.03 1 0.99 (8/15) -IN creation 01 04 01 02 included SECTIONS preceding 1.02 1.02 1.02 1.02 1.01 1.01 1.01 1 1.02 1.02 1.03 1.00 1.04 1.04 1.03 1 1 1 98 Eastern 15 1.02 1.02 1.01 1.02 1.00 1.04 1.04 1.01 1.00 0.97 0.99 0 1.00 1.01 0.99 data ihation, UNIT (11/15) from CURRENT CURRENT The dish
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Concrete Aluminum 1.04 1,02 1.02 1.04 1.03 0.98 0.97 13 1.02 1.01 1.00 1.01 0.99 0 1 1.02 Arty (5/16) & Equipment & & Protection, 99 and
1.05 1.03 1.06 1.03 1.03 0.97 0.99 1.01 1.00 1.01 0.99 0.99 0 12 1.01 0.99 resoved. (8/16) Conveying Fire Security Wood Concrete Stone Foundations Cooling multipliers Glass Construction CALCULATOR rights Foundations, and 04 Vaults Storage Costs 11 all 1.06 1.02 1.03 1.05 1 0.98 0.99 1.01 0,98 0.99 0.99 0.97 0.98 0.99 0.99 (11/16) These Cold Stained Stonework Storefronts Columns, Columns, Wood Wall Elevators, Roofs Concrete Steel Heating, Pilings Electrical, Interior Bank Plumbing, C S C A A B D S B D S B licensors, its SERVICE and Date (9/15) (6/15) (8/15) (8/15) (8/15) (8/15) (8/15) (8/15) (9/15) (9/15) (6/15) (3/15) (3/15) (3/15) (3/15) (3/15) (3/15) (6/15) Date Inc 6 Pages) GREEN 3-6 3-7 2-8 1-6 8 1-6 1-2 8 7 1 3,7 5 2-3 1-4, 1-8 9-12 7-8 4 Page VALUATION Cost ------CENTRAL EASTERN WESTERN
(Effective CoreLogie'S, of
56 57 56 56 52 54 55 56 58 58 52 53 53 56 51 51 51 51
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Supplement. Supplement. Green 2017 January supersedes supersedes page This the the 2017 JVIONTHLY © SUPPLEMENT SUPPLEMENT MARSHALL
MICHAEL HABERMAN ASSOCIATES, INC. 9 2017 S 06 09 10 08 1.05 0.94 0.99 0.95 0.99 0.99 1.09 0.94 0.88 0.96 0.97 0,95 0.86 0.93 1.08 1.09 0.92 0.96 0,93 1 1 1.07 1.07 1,06 1.05 1.08 1.08 1.06 1,12 1.10 1.13 1.05 1.06 1,08 1.08 1.07 1.06 1,09 1.11 1.07 1.14 1.08 1:26 1,26 1,12 1.12 1.09 1.09 1.09 1,10 1.10 1.11 1 1 1/2017 PAGE 99 94 97 04 02 02 08 03 05 D5 D 10 02 03 lartrian. 0.97 1.04 0 0 0.91 1.07 1.04 0.94 0,94 0.88 0,93 0.94 0.98 0.92 0.86 0.93 0.95 0.98 1 1 1 1.07 1.05 1.12 1.03 104 1.05 1.17 1,14 1.05 1,05 1.12 1.03 1.10 1.11 1 1 1 1 1.06 1.07 1.07 1.07 1.06 1.28 1.02 1.29 1,10 1.13 1.11 1.11 1 1 1 97 05 96 04 04 04 14 13 04 02 06 08 06 03 05 C 03 1 0.96 0 1.07 1.06 0.88 0.95 0.94 0.92 0.95 0,88 0.98 0,95 0.99 0.91 0 0,95 0.92 1 1.06 1.05 1.09 1.12 1.12 1.07 1.04 1.03 1.11 1.11 1.11 1.11 1 1 1 1 1 1 1.07 1.06 1.07 1.07 1.27 1.26 1.02 1.12 1.09 1.11 1 1 1 1 1 1 1.08 SECTION 04 09 13 04 06 06 10 16 16 10 04 03 07 B 1 1.00 1.00 0.96 1.07 0.94 0.91 0.91 1.00 1 0.92 0.87 0.87 0.96 0.95 0.95 0.92 0.91 1,04 1.05 1 1.14 1.08 1.09 1.06 1.05 1.08 1.15 1.26 1.05 1.08 1.06 1.12 1.03 1.13 1.10 1.07 1,06 1.11 1 1 1 1 1 1 1 1 1 1.13 1.26 1.09 1.09 1 1.19 03 97 08 07 07 14 13 07 07 08 09 A 06 1.00 1.00 1 0.96 1.00 1 '1.12 0.95 0.93 0.93 0.94 0 1.08 0.94 0.88 0.96 0.96 0.89 0.93 1.07 1.10 1.11 1.15 1.09 1.09 1 1 1_11 1.14 1 1 1,07 1.07 1.14 1.08 1.28 1.16 1.08 1.08 1.12 1.12 1.29 1.10 1.11 1.11 1.11 1.18 1.13 1.11 1 1 1 1 1 City 2017. 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MICHAEL HABERMAN ASSOCIATES, INC. QUALIFICATIONS OF RONALD HABERMAN - VICE PRESIDENT
Michael Haberman Associates, Inc. 125 Front Street Mineola, New York 11501 516-739-8080
EDUCATION:
Bachelor of Science degree in Accounting - Long Island University, C. W. Post Campus - 1972. Graduate course work in Mathematics Education - Yeshiva University - 1974/75.
Courses, seminars and programs over last 5 years: Valuation Issues & Challenges After Super Storm Sandy, Appraisal Institute, 2013; Fall Reveals the True Colors, Appraisal Institute, 2012; Government Regulations & Political Decisions & the Impact on the Long Island Real Estate Market, Appraisal Institute, 2012; Overview of the Long Island Real Estate Market, Appraisal Institute, 2012; Overview of the Long Island Economy, Appraisal Institute, 2012; The State of the Appraisal Institute & Valuation Issues, Appraisal Institute, 2012; 7-Hour National USPAP Update Course, Appraisal Institute, 2011; Issues & Solutions in Real Estate Valuation Disputes, Appraisal Institute, 2011; Appraisal Review — General, Appraisal Institute, 2010; Valuation of Conservation Easements - Certificate Course, Appraisal Institute/American Society of Appraisers/American Society of Farm Managers and Rural Appraisers, in conjunction with the Land Trust Alliance, 2010; Reos, Foreclosures and Short Sales, Appraisal Institute, 2010; Current State of the Commercial Real Estate Market Appraisal Institute, 2010; The Economic Climate Appraisal Institute, 2010; Re-Initiative Focusing on Current Long Island Projects, Appraisal Institute, 2010; Using Spreadsheet Programs in Real Estate Appraisals, Appraisal Institute, 2010; USPAP — 7 Hour Update, Appraisal Institute, 2009; The New Residential Housing Market in 2010, Appraisal Institute, 2009; Is the Long Island Recession Ending? Symposium, Long Island Economic and Social Policy Institute, Dowling College, 2009; Real Estate Appraisals for Divorce Actions, Columbia Society of Real Estate Appraisers, Inc., 2009; Current Markets and Forecast for Year 2009, Appraisal Institute, 2009; The Light House Project — The New Hub of Long Island, Appraisal Institute, 2009; The Financial Market Crisis and Appraisal Regulations, Appraisal Institute, 2008; Impact of Wall Street Financial Crisis on Long Island's Main Streets, Appraisal Institute, 2008; The Subprime Mortgage Crisis, Appraisal Institute, 2008; Storecasting by Neighborhood: Retail Trends of Tomorrow, Appraisal Institute, 2008; The Korpacz Survey: Where We Are and Where We're Going, Appraisal Institute, 2008; Co-ops/Condos: Residential Market Forecast for Year 2008, Appraisal Institute, 2008.
Appraising Real Property Course 101, NYS Code R-1 and R-2, 60 hours; Appraising Income Property Course 201, NYS Code G-1 and G-2, 60 hours; Applied Residential Property Valuation Course 102, NYS Code R-3, 39 hours; Applied Income Property Valuation Course 202, NYS Code G-3, 39 hours; Professional Practice; Society of Real Estate Appraisers.
MICHAEL HABERMAN ASSOCIATES, INC 48 Real Estate Appraisal Principles Course 1A1, NYS Code R-1, 36 hours; Basic Valuation Procedures Course 1A2, NYS Code R-2, 36 hours; American Institute of Real Estate Appraisers. INSTRUCTOR:
Past Instructor of Uniform Standards of Professional Appraisal Practice, NYS Code E/S; Columbia Society of Real Estate Appraisers, Hofstra University, Hempstead, New York.
Past Instructor of State Certified Exam Preparation Seminar - Residential; Columbia Society of Real Estate Appraisers, Hofstra University, Hempstead, New York.
Past Instructor of NYS Code R-1, R-2 and R-3; Columbia Society of Real Estate Appraisers, Hofstra University, Hempstead, New York.
CERTIFICATION:
New York State Department of State, Division of Licensing Services - Certified to transact business as a Real Estate General Appraiser, I.D. #: 46-4499 — / am currently certified. Certified Residential/General Appraiser Instructor, ID#: 1-99. NYS Approved Supervisory Appraiser, 2013.
PROFESSIONAL MEMBERSHIPS:
Appraisal Institute - Senior Member with the MAI designation. / am currently certified.
Appraisal Institute, Long Island Chapter - Chairman, Reception Committee - 1994 and 1995; Chairman, Seminars - General Committee — 1996 to 2000; Treasurer — 2001; Secretary — 2002; Vice President — 2003; Chair of Associate Guidance/General Committee — 2006 to 2010; Board of Directors — 2001, 2003, 2006 to 2012.
Columbia Society of Real Estate Appraisers - Senior Member - CSA-G. / am currently certified. New York State Condemnation Conference - President, 1997/98.
EXPERIENCE:
Actively engaged in the appraisal of real estate during 1975 - 1976 and 1981 to present.
Appeared and testified in the Supreme Courts of Nassau, Suffolk, Brooklyn and Queens County, New York State Court of Claims and Federal Bankruptcy Court with regard to real estate valuation. Appeared and spoke at zoning board hearings in Nassau County with regard to variance applications.
Prepared appraisal reports for the Corporation Counsel of the City of New York; Housing and Urban Development Corporation; Metropolitan Transportation Authority; Housing and Development Administration; Tax Division of the City of New York; Office of the Nassau County Attorney - Tax Review and Condemnation Divisions; Nassau County Department of Assessment; Suffolk County Department of Real Estate; Suffolk County Department of Public Works; Town of Babylon, Town of Brookhaven; Town of
MICHAEL HABERMAN ASSOCIATES, INC 49 Huntington; New York State Office of Mental Health; Facilities Development Corporation/Office of Mental Retardation and Developmental Disabilities; City of Long Beach; City of Glen Cove; Villages of Freeport, Valley Stream, Hempstead, Cedarhurst, Russell Gardens, Great Neck Plaza, Great Neck, Floral Park and Rockville Centre; Attorneys, Corporations and Private Clients; lending institutions including Dime Savings Bank, Beacon Federal Savings Bank, Bank of New York, New York Bank for Savings, Fidelity New York, Marine Midland Bank, Chase, Suburbia Savings and Loan, Long Island Savings Bank, Greater New York Savings Bank, Independence Savings Bank, Hamilton Savings Bank, Jamaica Savings Bank, Astoria Federal Savings; and clients for purposes of tax review, condemnation, feasibility studies, trusts & estates, sales, purchases, matrimonials, open space and conservation easements for example.
Have appraised approximately 20,000 individual properties including private dwellings, shopping centers, taxpayers, office buildings, apartments, condominiums/cooperatives, fast food restaurants, gas/service stations, industrial facilities, country clubs, beach clubs, hospitals, nursing homes, theaters, schools and land of all types. Experience includes the development of office management, flow control and operating systems utilized for the analysis and/or appraisal of over 150,000 properties as part of the work performed for the Nassau County Department of Assessment regarding Small Claims proceedings commencing 1993/94. Have acted as review appraiser on approximately 5,000 URAR, Small Residential Income Appraisals and condominium and co-operative reports for purposes of tax review, estates, matrimonial and lending. Completed working on Nassau County's reassessment program as a prime sub-contractor to the Cole Layer Trumble Company and on two years of updates. Completed reassessment programs for the Villages of Farmingdale, Great Neck, Great Neck Estates, Lake Success, Mineola, Russell Gardens, Sea Cliff, Westbury and Williston Park and subsequent yearly updates.
Have acted as consultant various times for 3rd party requests from attorneys and government agencies.
MICHAEL HABERMAN ASSOCIATES, INC. 50 QUALIFICATIONS OF JILL KAM — STAFF APPRAISER
Michael Haberman Associates, Inc. 125 Front Street Mineola, New York 11501 516-739-8080
EDUCATION:
December 2014: National USPAP Update Course, Supervisor-Trainee Course for New York; November 2014: Appraisal of Assisted Living Facilities, Appraisal of Fast Food Facilities; January 2013: Appraising and Analyzing Retail Shopping Centers for Mortgage Underwriting (McKissock 7 hours); December 2012: Residential Report Writing (McKissock 7 hours), Appraisal Applications of Regression Analysis (McKissock 7 hours); November 2012: National USPAP Update Course (McKissock 7 hours); January 2011: Foundations in Sustainability/Greening the Real Estate and Appraisal Industries (McKissock 7 hours), National USPAP Update (McKissock 7 hours); October 2010: Sales Verification/Principles, Procedures & Case Studies (McKissock 7 hours); September 2010: Introduction to Expert Witness Testimony (McKissock 7 hours); 2007- 2009: Ad Valorem Tax Consultation (McKissock 2 hours), Appraising FHA Today (McKissock 7 hours), Appraising Manufactured Homes (McKissock 7 hours), Construction Details and Trends (McKissock 7 hours), Essential Elements of Disclosures and Disclaimers (McKissock 5 hours), Environmental Contamination of Income Properties (McKissock 5 hours), Introduction to Legal Descriptions (McKissock 2 hours), Land and Site Valuation (McKissock 7 hours), Mold/Pollution and the Appraiser (McKissock 2 hours), Mortgage Fraud/Protect Yourself (McKissock 7 hours), REO and Foreclosures (McKissock 5 hours), Residential Appraisal Review (McKissock 7 hours), The Nuts and Bolts of Green Building for Appraisers (McKissock 3 hours), FHA Inspection Checklist for Appraisers (McKissock n/c), Introduction to the Uniform Appraisal Dataset (McKissock n/c); January 2006: NYS Building Codes & Detrimental Property Conditions that Affect Real Estate Appraisals (Columbia Society of Real Estate Appraisers 3 hours); September 2005: Fannie Mae & The Appraisal Process (Columbia Society of Real Estate Appraisers 3 hours); January 2005: Information Technology and the Appraiser (McKissock 7 hours); November 2004: Valuation Issues in Manufactured and Modular Housing (Columbia Society of Real Estate Appraisers 3 hours); May 2004: Writing/Marketing Narrative Residential Appraisals (Columbia Society of Real Estate Appraisers 2 hours); April 2004: National USPAP Update Course (Columbia Society of Real Estate appraisers 7 hours); November 2003: Presentation & Mock Trial of Small Claims Assessment Review (Columbia Society of Real Estate Appraisers 2 hours); September 2003: R.E. Valuation Lessons Learned from Enron (Columbia Society of Real Estate Appraisers 3 hours); September 2002: Introduction to Income Property Appraisal (Columbia Society of Real Estate Appraisers G-1), Principles of Income Property Appraising (Columbia Society of Real Estate Appraisers G-2), Applied Income Property Valuation (Columbia Society of Real Estate Appraisers G-3), Fair Housing, Fair Lending and Environmental Issues (Columbia Society of Real Estate Appraisers AQ-1); February 1998: Principles of Residential Real Estate Appraising (The American Real Estate School R-1), Market Data Analysis of Residential Real Estate Appraising (The American Real Estate School R-2), Professional Standard of Practice and Ethics (The American Real Estate School); Principles of Real Estate (Appraisal Education Network
MICHAEL HABERMAN ASSOCIATES, INC 51 School), Applied Residential Property Valuation (Appraisal Education Network School R- 3), Introduction to 1-4 Family Small Income Capitalization (Appraisal Education Network School R-4).
PROFESSIONAL MEMBERSHIPS AND LICENSES:
Columbia Society of Real Estate Appraisers, CSA-G NYS Certified R.E. General Appraiser - Cert. # 46-41806
EXPERIENCE:
Currently working for Michael Haberman Associates, Inc. Real Estate Appraisers and Consultants, as a full time commercial appraiser. Properties appraised include condemnation projects for Suffolk County, various towns and villages throughout Nassau and Suffolk Counties, the Metropolitan Transit Authority, New York State Department of Transportation, and the City of New York. Types of properties appraised include shopping centers, retail strip centers, supermarkets, large and big box retail, office buildings and complexes, industrial properties, mixed-use properties, restaurants, catering facilities, and special use properties such as oil terminals. Represented the Town of Babylon Assessment Department at hearings for Small Claims Assessment Review Proceedings. Participated in the review of commercial property values for Nassau County's reassessment program. Prior experience includes appraising single- family residences, 1 - 4 family small income properties, co-operatives, and condominiums throughout Suffolk, Nassau, Queens and Kings Counties. Extensive experience as an administrator for the Long Island franchises of an international real estate company. Experience also encompasses the marketing and operations of limited partnerships for residential income producing properties in the Sunbelt Region of the United States.
MICHAEL HABERMAN ASSOCIATES, INC 52 A SAMPLING OF REAL ESTATE APPRAISAL WORK BY MICHAEL HABERMAN ASSOCIATES, INC.
-100 & 150 Washington Street, Hempstead — Apartments -100 Quentin Roosevelt Blvd., Uniondale — Office -100 Ring Road, Garden City — Office -100,000 private homes during past 5 years -101 Willoughby Street, Brooklyn - Office -1010 Franklin Avenue, Garden City — Office -105 Sea Lane, Farmingdale — Industrial -1050 Franklin Avenue, Garden City — Office -1055 Franklin Avenue, Garden City — Office -111 Great Neck Road Office Building, Great Neck -111 New South Road, Hicksville — R & D -115 Bi-County Lane, Farmingdale, Industrial -120 Mineola Boulevard, Mineola — Office -1399 Franklin Avenue, Garden City — Office -140 East 2nd Owners, Brooklyn — Apartments -141 Great Neck, Condominium, Great Neck -142 Remsen Place — Brooklyn Heights — Apartments -150 Smith Street, Freeport — Industrial -1501 Franklin Avenue, Garden City — Office -1600 Stewart Avenue, Westbury —Office -175 Fulton Street, Hempstead - Office -20 Merit Gas stations -200 Ring Road, Garden City — Office -2081 Madison Avenue, New York City — Commercial -22 Park Place, Cooperative, Great Neck -242/250 Old Country Road, Mineola — Office -28 Nassau County Golf Courses -30 Exxon Gas stations -300 Crossways Park Drive, Woodbury - R & D -300 Ring Road, Garden City - Office -310 Beach 85th Street, Far Rockaway - Senior Citizen Housing -330 - 350 Motor Parkway, Hauppauge - Office -35 Melville Park Drive, Melville - Industrial -360 and 380 Broadway, Jericho - Office -366 Stewart Avenue, Garden City — Apartments -369 Professional Condominium, Islip - Office -380 Second Avenue, New York City - Office -4 Anchorage Lane, Cooperative, Port Washington -40 Stoner Avenue, Cooperative, Great Neck -400 Oak Street, Uniondale - Office -400 Ring Road, Garden City — Office Building -451 Fulton Avenue, Hempstead - Apartment Complex -46-01 Metropolitan Avenue, Ridgewood — Industrial -4806-14 Church Avenue, Brooklyn — Commercial -49 East 19th Street, Brooklyn — Apartments -50 Charles Lindbergh Boulevard, Mitchel Field — Office
MICHAEL HABERMAN ASSOCIATES, INC. 53 A SAMPLING OF REAL ESTATE APPRAISAL WORK BY MICHAEL HABERMAN ASSOCIATES, INC.
-50 Getty Gas stations -526 86th Street, Brooklyn — Retail/Apartments -575 Broad Hollow Road, Melville - Office -60 Charles Lindbergh Boulevard, Mitchel Field - Office -60 Crossways Park Drive, Woodbury - Industrial -600 Old Country Road, Garden City - Office -630 Shore Road, Long Beach - Apartments -666 Old Country Road, Garden City — Office -70 Sunrise Highway, Valley Stream - Office -74 21st Street, Brooklyn — Industrial -741 Zeckendorf Boulevard, Garden City — Industrial -750 Park Place, Long Beach - Apartments -8 India Street, Brooklyn - Industrial -855 East 19th Street, Brooklyn — Apartments -881 Washington Avenue, Brooklyn — Apartments -90 Knightsbridge Road, Great Neck - Apartments -900 Ellison Avenue, Westbury — Office -975 Franklin Avenue, Garden City — Office -98 Cutter Mill Road, Great Neck — Office -99 Randall Avenue, Freeport - Cooperative -A & S Department Store, Hempstead -Acorn Ponds at North Hills I and II - Condominium -Admiralty Homeowners, Patchogue -Agway Industrial Building, Islip -AIL Industrial Facility, Deer Park -Alro Manufacturing, Babylon -Ambassador Manor Adult Home, Long Beach -Amco Plastics, Babylon - Industrial -Amityville Chevrolet, Amityville -Astoria Federal, Greenburgh - Bank -Atria East Office Building, Uniondale -Atrium Office Building, Jericho -AYC Associates, Port Washington -Baisley Boulevard Widening, Ozone Park -Basser Kaufman Shopping Center, Syosset -Beach 35th Street URA, Arverne -Belmont Raceway, Elmont -Bennigan's Restaurant, Hauppauge -Big H Shopping Center, Huntington -Birchwood Co-operative, Mineola -Bloomingdale's Department Store, Garden City -Boardwalk Condominium, Long Beach -Bohemia Shopping Center, Bohemia -Bradhurst I & Ill URA, Bronx -Brewer Marina, Glen Cove -Brighton Adult Home, Long Beach
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-Brighton Line Subway Enhancement, Brooklyn -Bronx Criminal Court URA, Bronx -Bronx Manor Adult Home/ Hotel, Bronx -Brooklyn Water Works, Freeport -Bushwick URA, Brooklyn -Caldor Bulk Distribution Facility, Newburgh -Caldor Shopping Center, Carmel -Caldor Shopping Center, Rotterdam -Caldor Shopping Center, Ulster County -Caldor Shopping Center, Yonkers -Caldor/Porthaven Shopping Center, Port Jefferson -Cameo Condominium, Massapequa -Capri Cove Condominium, Manorhaven -Catalina Beach Club, Atlantic Beach -Central Island Nursing Home, Plainview -Central Nassau Office Building, Levittown -Central Plains, Shopping Center, Bellmore -Century Condominium, Great Neck -Chemco Tech Industrial Facility, Glen Cove -Cherry Valley Shopping Center, West Hempstead -Cibro Oil Terminal, Island Park -Claridge Cooperative, Great Neck -Co-generation Facility, Bethpage -Cold Spring Hotel, Southampton -Colonial Springs Golf Course, Babylon -Commack Motor Inn, Smithtown -Copiague Motor Inn, Copiague -Country Corners Shopping Center, Brookhaven -Country Manor, Wallkill - Apartments -Crest Hollow Country Club, Woodbury -Cricket Club Condominium, North Hills -Deepdale Golf Club, North Hills -DeWitt Nursing Home, New York City -Donaldson Volkswagen, Sayville — Auto Dealership -Dunning Farms Shopping Center, Wallkill -East Meadow Shopping Center, East Meadow -Edgemere I & II URA, Arverne -Esselte Pendaflex, Garden City — Industrial Facility -Estates Condominiums I and II, North Hills -Executive Towers, Long Beach - Apartments -Fairhaven Apartments, Hicksville -Fairways at North Hills, North Hills - Condominium -Federal Court House — East Meadow -Festo Industrial Complex, Hauppauge -Fortunoffs Department Store, Westbury -Fox Hill Golf and Country Club, Baiting Hollow -Freeport Plaza URA, Freeport
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-Frontier Park Mobile Home, Amityville -Garden City Golf Club, Garden City -Garden City Office Building Center, Uniondale -Gardiners Bay Country Club, Shelter Island -Gardiners Bay Shopping Center, Patchogue -General Instruments, Hicksville - Industrial -Glen Arms Condominium, Glen Cove -Glen Marine, Freeport — Marina -Gold Coast Shopping Center, Syosset -Goldsmith Cadillac, Hempstead — Auto Dealership -Greenwich Arms, Hempstead - Apartments -Hamlet I and III Condominium, Jericho -Harrison House Condominium, Great Neck Plaza -Hempstead Park Nursing Home, Hempstead -Hidden Ridge Condominiums I & II, Syosset -High Dune Condominium, West Hampton -High Point Condominium, North Hills -Hillcrest Point Apartments, Ramapo & Spring Valley -Hoffman Manor, Long Beach — Adult Home -Home Depot Shopping Center, Freeport -Home Savings of America, White Plains (3 banks) -Horizon Hills Condominium, Wallkill -Horizon Industrial Plant, Islip -Howard Johnson Motor Lodge and Hotel, Dickinson -Howard Johnson Motor Lodge and Hotel, Ulster -Howard Johnson Motor Lodge and Hotel, Vestal -Howard Johnson Motor Lodge, Henrietta -Howard Johnson Motor Lodge, Wallkill, New York -Hunter Pointe Marina, Freeport -Independence Shopping Center, Centereach -Inwood Beach Club, Atlantic Beach -Inwood Hills Condominium, Wallkill -Island Hills Country Club, Sayville -Island Medical Building, Seaford -Jackson Apartments, Hempstead -Jackson Hotel, Long Beach -June Court, Bay Shore — Apartments -Kennedy House, Long Beach — Apartments -Kensington Gate Cooperative, Kensington -Kensington-Johnson School, Great Neck -King David Adult Home, Long Beach -King O'Rourke Cadillac, Lynbrook — Auto Dealership -Kingswood Cooperative, Farmingdale -Knolls at Glen Head Condominium, Glen Head -Konica Industrial Facility, Glen Cove -Krystie Manor, Babylon — Apartments
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-La Marmite Restaurant, Williston Park -LaGrange Restaurant, Islip -Lake Grove Apartments, Lake Grove -Lakeland Office Condominium, Islip -LaTavernetta Restaurant, Woodmere -Laurel Oaks Condominium, Babylon -Lee Chevrolet, Islip — Auto Dealership -Leeway School, Sayville -Liberty Mutual Office Building, Lynbrook -Lido Beach Condominium, Lido -Lincoln Shopping Center, Oceanside -Lindenhurst Apartments — Babylon -Lockheed Industrial Facility, Lake Success -Long Beach Superblocks -Long Island Water Properties [15] -Mack Distribution Facility, Brentwood -Macy's Department Store, Roosevelt Field -Macy's Department Store, (Sunrise Mall) Massapequa -Madison York Adult Home, Flushing -Maple Arms Condominium, Westbury -Meadowbrook Commons Shopping Center, Freeport -Meadowbrook Plaza Shopping Center, East Meadow -Melrose Commons URA, Bronx -Metrotech Urban Renewal, Brooklyn -Mill River Golf Club, Upper Brookville -Milleridge Inn, Jericho - Restaurant -Monitor Aerospace, North Amityville - Industrial -Montessori School, Levittown -Nathan's Restaurant, Yonkers -Neptune Towers Co-operative, Long Beach -Net Realty Shopping Center, Islip -New York Water Company Properties (13) -Newbrook Gardens, Bay Shore — Apartments -Newburgh Shopping Center, Newburgh -Newsday Headquarters, Huntington -North Shore Country Club, Glenwood Landing -North Shore Mart Shopping Center, Great Neck -Northrop Grumman Facilities, Bethpage -Oakdale Shopping Center, Oakdale -Ocean Beach Club, Atlantic Beach -Ocean Club Co-operative, Long Beach -Oceanside Cove Condominiums I, II and IV, Oceanside -Oceanside Marina, Oceanside -Omni Office Building, Mitchel Field -Orange Plaza Shopping Center, Wallkill -Our Holy Redeemer School, Freeport -Oyster Bay Oil Terminal, Oyster Bay
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-Pall Corporation, Roslyn - Industrial/Office Complex -Palm Gardens Nursing Home, Brooklyn -Palm Tree Nursing Home, Brooklyn -Park Place Condominium, Great Neck -Parkway Plaza Shopping Center, Carle Place -Patchogue Associates Shopping Center, Patchogue -Paul Conte Cadillac, Freeport — Auto Dealership -PCM Shopping Center, Wallkill -Perkins Adult Home, Riverhead -Playtogs Shopping Center, Wallkill -Plaza Beach Club, Atlantic Beach -Port Washington Apartments, Port Washington -Price Club Shopping Center — East Meadow -Publishers Clearing House Facility, Port Washington -Radisson Hotel, Rochester -Renaissance Condominium, Great Neck -Riverhead Nursing Facility, Riverhead -Riverhead Shopping Center, Riverhead -Riverview Garden Apartments, Troy -Roosevelt Field Shopping Center, Garden City -Roosevelt Raceway Properties, Westbury -Roosevelt Raceway, Westbury -Roslyn Country Club, Roslyn -Roslyn Gardens, Roslyn — Cooperative -Sandcastle Condominium, Freeport -Sandcastles Condominium, Long Beach -Sands Catering Facility, Lido Beach -Sands Shopping Center, Oceanside -Schmidt's Marina, Broad Channel, Queens -Schooner Restaurant, Freeport -Sear's Department Store, Garden City -Sear's Department Store, Hicksville -Sear's Department Store, Sunrise Mall, Massapequa -Seawane Greens Condominium, Hewlett -Selden Plaza Shopping Center, Selden -Sigo Shopping Center, Oswego -Smiththaven Plaza Shopping Center, Lake Grove -Smithtown Ford, Smithtown — Auto Dealership -Snug Harbor Condominium, Babylon -South Jamaica URA, Jamaica -Southside URA, Brooklyn -Spring Lake Golf Club, Middle Island -Springwood Condominium, Farmingdale -Spruce Pond Condominium, North Hills -Stern's Department Store, Sunrise Mall, Massapequa -Stern's Department Store, Roosevelt Field, Garden City
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-Stevens Manor, Wallkill - Apartments -Summer Club Home Owners, Islip -Summit at High Point Condominium, North Hills -Sunny Atlantic Beach Club, Atlantic Beach -Sunrise Mall Shopping Center, Massapequa -Sunrise Multiplex, Valley Stream -Surf East Condominium —Long Beach -Surf Manor Adult Home, Brooklyn -Swan Lake Golf and Country Club, Swan Lake -Target Rock Industrial Park, Babylon -The Gates at North Hills Condominium, North Hills -The Hub Shopping Center, Hempstead -Thompson Industries, Port Washington — Industrial/Office -Thurm's Mobile Home Park, Riverhead -Tides Nursing Home, Long Beach -Tom's Point Cooperative, Port Washington -Town House at Lido Condominium, Lido Beach -Toys 'R Us Shopping Center, Valley Stream -Toys 'R Us/Modell Shopping Center, Carle Place -Treasure Island Marine, Wantagh -Triad III & IV, Lake Success — Office -Udall's Cove URA, Douglaston -Unisys Corporation, Lake Success — Industrial/Office Complex -Universal Racquetball, Syosset -Vanderbilt Catering Facility, Syosset -Waldbaum's Plaza, Long Beach — Shopping Center -Waldbaum's Shopping Center, Mt. Vernon -Waldbaum's Shopping Center, Carmel, New York -Washingtonville Mobile Homes, Washingtonville, N.Y. -Water's Edge Cooperative, Wallkill -Water's Edge, Long Beach - Cooperative -Waverly Patchogue Shopping Center, Patchogue -Wedgewood Nursing Home, Great Neck -Westbury Beach Club, Atlantic Beach -Westbury Terrace, Westbury, Condominium -Wharfside Condominium, Freeport -White Oaks Nursing Home, Woodbury -Wildwood Pool and Tennis Club, Great Neck -Woodbury Condominium I & II, Woodbury -Woodbury Nursing Home, Woodbury -Woodbury Plaza Shopping Center, Woodbury -Woodbury Village Condominium, Woodbury -Woodcrest Country Club, Locust Grove -Woodmere Health Related Facility, Woodmere -Wyndham Condominium Complex, Garden City -Yardarm Condominiums I, II & Ill, Westhampton
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