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**************** Vacant Parcel East Side of Windmill Road Town of North Castle Westchester County, New York ****************

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**************** Vacant Parcel East Side of Windmill Road Town of North Castle Westchester County, New York **************** COMPLETE APPRAISAL (SELF-CONTAINED REPORT) Property of Consolidated Edison Company Of New York, Inc. **************** Vacant Parcel East Side of Windmill Road Town of North Castle Westchester County, New York **************** VALUATION DATE Februaiy 29, 1996 SUBMITTED Fred B. Tyler, Ed.D. Senior Real Estate Representative Consolidated Edison Company of New York, Inc. 511 Theodore Fremd Avenue Rye, New York 10580 PREPARED BY McGrath, Basciani and Associates, Inc. Real Estate Appraisers and Counselors 1 McGRATH, " i BASCIANI J & ASSOCIATES March 4,1996 Fred B. Tyler, Ed.D. Senior Real Estate Representative Consolidated Edison Company Of New York, Inc. 511 Theodore Fremd Avenue Rye, New York 10580 Re: Appraisal of Vacant Parcel East Side of Windmill Road Town of North Castle Westchester County. New York Dear Mr. Tyler: In accordance with your request, we have inspected the captioned property, consisting of an 11,622± square foot parcel of vacant land, for the purpose of providing you with our estimate of "as-is" market value, of the fee simple interest. The market value estimate is rendered as of the date of our physical inspection, February 29, 1996. To this end, we have conducted an analysis of the physical aspects of the subject property, and have reviewed relevant market and economic considerations. The enclosed consists of a complete appraisal, submitted within a self-contained report. Within this report is a detailed description of the approaches relied upon in arriving at the valuation estimate. As a result of this analysis, it is our opinion that the market value of the captioned property, as of February 29, 1996, was as follows: THREE THOUSAND FIVE HUNDRED ($3.500) DOLLARS or, $0.30 per square foot (1 l,622dt sq. ft.), Rd. McGRATH, BASCIANI 2 & ASSOCIATES This appraisal has been prepared to conform to the Uniform Standards of Professional Appraisal Practice (USPAP), adopted by the Appraisal Foundation. We believe the content of this report covers the scope of our assignment. If there are any questions, or if you should require clarification, do not hesitate to call. Thank you for providing us with the opportunity to assist you with this matter. Very truly yours, George R. Basciani, MAI, RM President Reviewed and Approved (N.Y. State License # 16232-Gen. Appraiser) McGRATH, BASCIANI 3 & ASSOCIATES TABLE OF CONTENTS Title Page..................................................................................................................... 1 Letter Of Transmittal................................................................................................... 2 Table Of Contents........................................................................................................4 Executive Summary..................................................................................................... 5 Nature Of The Assignment............................................................................................7 Purpose And Date Of Appraisal....................................................................................7 Scope Of The Appraisal................................................................................................9 Current Ownership & Sales History.............................................................................. 9 Property Identification - Legal Description................................................................... 9 Property Inspection...................................................................................................... 9 Property Rights Appraised.......................................................................................... 11 Town And Neighborhood Data................................................................................... 13 Site Data....................................................................................................................16 Improvement Data...................................................................................................... 23 Assessment And Tax Data..........................................................................................24 Zoning Data...............................................................................................................25 Highest And Best Use................................................................................................ 27 Sales Comparison Approach.......................................................................................30 Land Sales.................................................................................................................31 Summary................................................................................................................... 47 Underlying Assumptions And Contingent Conditions.................................................. 48 Appraiser’s Certification..............................................................................................49 M . 1 McGRATH „ A BASCIANI 4 J&ASSOCL EXECUTIVE SUMMARY Following is a summary of salient factual data and of the valuation conclusion. The value estimate presented herein is based upon the material in the report and the appraisers' background, knowledge, training, and experience. It has been developed and reached through the use of recognized appraisal theory, method, technique, and practice, and represent the appraisers' judgment and opinion with respect to the subject property as of February 29, 1996. Property Summary Type of Property Vacant Land. Land Area 11,622± Square Feet (0.267 Acres). Property Rights Appraised Fee Simple Interest. Assessed Valuation $3,000. Real Estate Taxes $2,146.50. Zoning District "R-1.5A, One Family Residence.” Highest and Best Use Sale To An Adjoining Property Owner. Conclusion: Market Value Of Subject Property $3,500. McGRATH, BASCIANI & ASSOCIATES SUBJECT PHOTOGRAPH EAST SIDE OF WINDMILL ROAD TOWN OF NORTH CASTLE, N. Y. * * * * * 1 McGRATH, "iBASC IAN I 6 M J & ASSOCIATES NATURE OF THE ASSIGNMENT McGrath, Basciani and Associates, Inc. has been retained to estimate the market value of the real property known as Section 1, Block 4, Lot 10D1, Windmill Road, Town of North Castle, Westchester County, New York. The property consists of an 11,622± square foot parcel of vacant land. The appraisal will address the physical, economic, governmental and marketing considerations affecting the value of the subject real property. SUBMITTED Fred B. Tyler, Ed.D., Senior Real Estate Representative, Consolidated Edison Company Of New York, Inc., 511 Theodore Fremd Avenue, Rye, New York, 10580. APPRAISAL FOUNDATION STANDARDS This appraisal has been prepared to conform to the Uniform Standards of Professional Appraisal Practice (USPAP), adopted by the Appraisal Foundation. PURPOSE AND DATE OF APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property, as of February 29, 1996, for your planning purposes. The definition of market value which follows is taken from Uniform Standards of Professional Appraisal Practice (USPAP) instructions, adopted by the Appraisal Standards Board of the Appraisal Foundation. "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a date and the passing of title from seller to buyer under conditions whereby-" McGRATH, BASCIANI 7 & ASSOCIATES Market Value Definition. Continued. ” 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised, and acting in what they consider their own best interests. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." In rendering an estimate of market value, the appraisers have considered various marketplace factors affecting the value of real property. Among several criteria, we have considered typical financing patterns, its "R-1.5A" zoning, development capacity of the 11,622± square foot site, neighborhood characteristics and influences, and availability and sufficiency of municipal utilities and services. We have also considered overall marketability of the property. Each of these criteria has been carefully considered and, when viewed as a whole, provide for the formulation of intelligent, considered, and informed value conclusions, within the context of the definition of market value presented above. McGRATH, BASCIANI 8 & ASSOCIATES SCOPE OF THE APPRAISAL Within this report, we have utilized the Sales Comparison Approach to value the subject land, an unimproved parcel, comprising 11,622± square feet. To this end, information gathered within this report was researched by McGrath, Basciani & Associates, through leads from 1) Real Estate Data, Inc., a cumulative, comparable sales report for real estate, 2) area real estate brokers, and 3) past records of McGrath, Basciani & Associates. All information contained herein has been verified through municipal records and through the Westchester County Division of Land Records located in the City of White Plains. CURRENT OWNERSHIP & SALES HISTORY The present owner of record
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