TO THE BOARD OF ASSESSMENT APPEAIS PETITION No' 19? TOWN OF FAIRFIELD, CT
GRAND USTOF O TOBER T,2O2O
rcceive.d by 4:3O pm, Fridoy, Februory To be gronted a March 202L heoring, this petition must be campHg4l slaned and 79,2027.
A. PROPERTYINFORMATION
Property Type OVacant Land OPersonal PropertY OMotor Vehicle
Property Owner's Name: Property Location: properryDescription:cnnmf ' P/D'"<42?
B. CqNTACI INFORMATION (to be used for ALL correspondencel Name ,{o R4e Mailing Address: o3 Phone 9034r?l- Email:
C. BACKGROUND (answer nfes' or'No') discuss your assessm r? y4 Did you meet or speak with the Assessol's Office to " Have you appealed this property previously? yU Did you attend an infor(al hearing? yB
D. STAJ-EMFNT OF VALUE (use oppraised/morket value, not assessed value) 60 q 00 Appellant's Opinion of Fair MARKETVa|ue: Touln's Value: $
E. REASON FOR APPEAL m0AE
F. SIGNATURE
By signing this petition, you acknowledge that you or du$ authorized agent unddrstands the requirements and that the form is complete. /(/ & Signoture of propefi duly ogent
you must supply a copy of your cunent assessment (property card, bill and/or assessment notice) and copies of any supporting documentation to justiry your appeal. This information is public record and will be(ome part of your appeal file maintained by the Assessor's Offtce. lf supporting documentation is not provided, the petition.may be denied. Completed petitions can be hand delivered to the Assessor's Office or mailed to: Board of Assessment Appeals Town of Fairfield HAND DN$'ERED 511Old Post Road RECEIVED Fairfield, CT 06824 F[g I 6 20tr to*Uoof,*F$ttseE-v15/;f,21 Assessment Apwdl Petition Form Iairfieldct.orqhao ASSESMENT APPCAS 1610 POST ROAD
Location 1610 POST ROAD Mblu 180/ 267/ / /
Acct# 09454 Owner 1610 POST ROAD, LLC
Assessment $1,354,080 Appraisal $1,934,400
PtD 15439 Building Count 1
Current Value
Appraisal
Valuation Year lmprovoments Land Total
2020 $419,200 $1,515,200 $1,934,400
Assessment
Valuation Year lmprovements Land Total
2020 $293,,N4O $1,060,640 $1,354,o80
Ownerof Record
Owner 1610 POST ROAD, LLC Sale Price $2,275,000 Co-Owner C/O JOHN KARAGEORGE Certificate Address 103 BROOKSIDE DRIVE Book & Page 3747/0228 FAIRF|ELD, CT 06824-241 3 Sale Date o4/28/2006, lnstrument 00
Ownerchip History
Ownership History
Owner Sale Price Gertiflcate Book & Page lnstrumont Sale Date
16.10 POST ROAD, LLC $2,275,000 3747/0228 00 o4/28/2M
KISH DOROTHY S/EST 1/2 & $o 3257/O2A4 m asn7f2004
KISH DOROTHY S 1/2 $o 1092/A284 11/20t1991
Building lnformation
Buildingl:Sectionl
Year Built: 1 929 Living Area: 4,500 Replacement Cost: $,a59,277 Buildi1S Percent Good: 38 Building Photo Replacement Cost Less $4m,500 Building Attributes
Field Description
Style: Restaurant
Model Comm/lnd
Grade Average
Stories: 1
Occupancy 3.00
Exterior Wall 1 Brick/Masonry
EderiorWatt 2 Acrylic Stucco
(http:/fmages.vgsi. cony'photosZFai rf ieldCTPhotos/A@88\lMG_9O50_B Roof Structurc Flat
Roof Cover Rubber Building Layout
lnteriorWall 1 Drywdl
lnterior Wall 2 Plastercd
lnterior Floor 1 Hadwood
lnterior Floor 2 Ceram Clay f-il
Heating Fuel Gas
Heating Type Forced Air-Duc
AC Type Central
Struct Class
Bldg Use Store C
Total Rooms
Total Bedrms oo
Total Baths 0
Liv Area (ParcelSketch. ashx?pid=1 5439 &hid=1 4242\. Effect Area Building Sub-Areas (sq ft) 1st Floor Use: 3221 Grose Living Code Ilescription HeaUAC HeaVAG Pkgs Area Area
Frarne Type Masonry BAS First Floor 45oo 4,500
Baths/Plurnbing Average UBM Ba$ernent, Unfinished 4500 0
Ceiling/Wall Ceil &Walls UST Lft ility Storage, Unfinished 96 0
RoomVPrtns Avorage I,096 4,500
Wall Height 12.n
% Comn Wall o.oo
Extra Features
Extra Feahrres
No Data for Extra Featurcs Land
Land Use Land Line Valuation
Use Code 3220 Size (Sqr Feetl 15300 DescripUon Store C Depth 0 Zone CDD Assessed Value $1,060,640 Neighborhood C7 Appraised Value $1,515,200 Alt Land Appr No Category
Outbuildings
Outbuildings leserd
Gode Deccrlfiion Sub Gode Sub Description Size Value Bldg #
PAVl PAVING-ASPHALT 50m.00 s.F. $16,700 1
Valuation History
Appralsal
Valuation Year lmprovements Land Total
20,20 $419,200 $1,515,200 $1,934400
20'ls $335,900 $1,210,400 $1,546,300
2018 $335,900 $1,210,400 $1,s46,300
Assessment
Valuation Year lmprovements Land Total
2V20 $293,440 $1,60,640 $1,354080
2019 $235,130 $847,280 $1,O82,410
2018 $23s,130 $847,280 $1,082,410
(cl'2021 Vision Government Solutions, lnc. All rights reserved. .161 Property Location 0 POST ROAD Map lD 1801 267t Vision lD 15439 I I Bldg Name Account # Og454 Btdg State Use 3220 # 1 Sec# 1 tvffEf< 1 of Card# 1 of 1 Print Date 02-16-2021 1:46.4tt 1610 POST ROAD, LLC C/O JOHN KARAGEORGE COM LAND 6051 2-1 1 ,515,200 640 COM 103 BROOKSIDE DRIVE BLDG 2-2 402,500 281,750 COM OUTBL 2-5 16,700 11 ,690 FAIRFIELD, CT Assoc. Descrip 14-16-18 FAIRFIELD cT 06824-2413 Lots Descrip POST RD l&E SuppF Record Ma Notice ulti Fam Census 616 VISION GIS ID 1 802670000 Assoc Pid# UPAGE vt, ;E' VC I',E'!'', 1610 POST ROAD, LLC 3747 Year 0228 o+28-2006 o I 2,275,000 00 Code Assessed Year uocle Assessed Code KISH DOROTHY S/EST 1/2 & 3257 0284 05-17-2004 U I 0 02 2020 2-1 1,060,640 KISH DOROTHY S 112 2020 2-1 1,060,640 2019 2-1 847,2, 1092 o284 11-20-1991 0 2-2 281,750 2-2 281 ,750 z-z 224,0 2-5 11,690 2-5 11 ,690 2-5 11 ,01
EXEA t5 I otal Year Code This signature a visit by a Collector or Assessor )tron Amount L;OCIE )tton Number
Bldg. Value (Card) 402,5 Appraised Xf (B) Value (Bldg)
0005 Appraised Ob (B) Value (Btdg) 16,7 Appraised Land Vatue (Btdg) 't,515,2 RETAIL-2,RESTAURANT-1 WILD RICEASIAN CUISINE Special Land Value INTALTS,WINDOWS 2OO7 GIULIANA Total Appraised Parcel Value 1,934,4 8t28t07-CO FOR 4't477-WtLD R|CE 2016-NO 2015 I+E-ADDED 1Oo/o pER 12_63C(D) Method RESTAURANT
BUILDING RENOVATED 2OO7 2015 - COMPANIONS & HOMEAKERS Total Appraised Parcel Value 1,934,4( Permit ld lssue uate Amount 1 o2-o4-2020 1,200 **KL & 01-'l CK No Change-lnformal 158752 04-10-2019 CP 1,000 '100 *CIAO 1 0-01-201 I BELLA*"NEW WALL S 03-22-2017 KC 93 Change - BA4 1 58061 11-08-2018 CP 1,000 100 10-o1-2019 **CIAO BELLA**INST RACK S 10-01-20't 6 DR 51 No l&E-10% added per'll 1478 o2-16-2007 RE Remodel 8,800 10-o1-2007 100 10-o1-2007 REMODEL FACADE 12-18-2015 RMC 37 Change Company-lnformt 1477 02-16-2007 RE Remodel 92,800 08-28-2007 100 o8-28-2007 INTALTS-RESTAURANT o2-10-2015 ES. 00 Measur+Listed 1218 12-22-2006 DE Demolish 8.000 04-2+2007 100 04-24-2007 INT DEMO 01-o1-2011 CK 38 No Change-lnformal Hear .',.,...':':.:.
B Use Code Description Zone Land Type Land Units Unit Price l. Factor Site lndex Cond. Nbhd Nhbd Adj Notes Location Adjustment Adj Unit Pric Land Valu 1 3220 Store C CDD '15,300 SF 35.5 1.00000 c 0.90 c7 3.1 00 USE 0 5,2t
Total CardTand UniG o.351 Parcel fotal Land Area: u.3512 .Property Location 1610 POST ROAD Map lD 18Ol 2671 I I Bldg Name State Use 3220 Vision 15439 lD Account# O94U Bldg # 1 Sec # 1of 1 Card# 1 of 1 Print Date 02-16-2021 1:4649 P
9iyle: 301 Restaurant UST Model 94 Comm/lnd Grade 03 Average 12 BAS Stories. 1 usM Occupancy 3.00 ExteriorWall 1 20 BricUMasonry code Descr )tion Percentage ExteriorWall 2 30 Acrylic Stucco 3220 Store C 100 Roof Structure 01 Flat 0 Roof Cover 04 Rubber 0 lnteriorWall 1 05 Drywall ,nt lnteriorWall 2 03 Plastered RCN lnterior Floor 1 12 Hardwood 1,059,277 lnterior Floor 2 11 Ceram ClayTil Heating Fuel 03 Gas Heating Type 04 ForcedAir-Duc Year Built 1929 AC Type 03 Central Effective Year Built Bldg Use 3220 Store C Depreciation Code 3 Remodel Total Rooms Rating Year Remodeled Total Bedrms 00 Depreciation % 52 Total Baths 0 Functional Obsol 0 LivArea External Obsol 10 EffectArea Trend Factor 1 HeaUAC Heat/AC Pkgs 01 Condition Frame Type 03 Masonry Condition % Baths/Plumbing 02 Average Percent Good 38 CeilingM/all 06 Ceit & Walls Cns Sect Rcnld 402,500 Rooms/Prtns 02 Average Dep % Ovr Wall Height 12.00 Dep Ovr Comment % Comn Wall 0.00 Misc lmp Ovr 1st Floor Use: 3221 Misc lmp Ovr Comment Cost to Cure Ovr Cost to Cure Ovr Comment .:,: Q l-o Code Descri )tion L/B Units Unit Price Yr Blt uono. uo Yo LjOOO Ljrade Grade Ac 5,000 3.70 2001 90 0.00 16,700
BAS First Floor 4,500 4,500 187.35 843,075 UBM Basement, Unfinished 0 4,500 46.84 210,769 UST Utility Storage, Unfi nished 0 96 56.60 5,433
Itl Gross Lrv / Lease Area ,500 9,096 4rD
Re: 1610 Post Road Fairfield, Connecticut 1610 Post Road LLC. Appraisal of Land & lmprovements Bnpwn Prnnson TABLE OF CONTENTS & COMPANY. INCORPORATED Letter of Transmittal Photos of Subject Propefty PAGE
t. ldentification 1
il. Legal Description 1
1il. Assessment and Taxes 2
tv. Property Rights Appraised 2
V. Purpose of the Appraisal 2
vt. Scope of the Appraisal 3
vil. Definition of Market Value 4
vlll. Town Data 5-8
tx. Neighborhood Data I x. Zoning I
xl. Site Description 10
xil. Description of lmprovements 11
xilt. Highest and Best Use 12-15
xtv. Assumptions and Limiting Conditions 16-17
rSite Plan rOomparable Sales Map rFlood Plain Map rCertification & Qualification of Appraiser REPLY To: Bnpwrn Prnn N P.O. Box 744 & COMPANY. INqORP ATED BRTDGEPoRT, QT 06604
Io MIDDLE STREET + BRTDGEPORT, CT06604 + (2O3) 335-5t t7 + FAX (2O3) 335-5t 19
March 2,2021
Mr. John Karageorge 1610 Post Road LLC. 103 Brookside Drive Fairfield, Connecticut 06824
Re: 1610 Post Road Fairfield, Connecticut 1610 Post Road LLC. Appraisal of Land & lmprovements
Dear Mr. Karageorge:
ln accordance with your request, I have completed an appraisal of the above captioned property for the purpose of estimating the Market Value of the Fee Simple Estate as of October 1,2020.
The subject property is improved with a one story masonry and brick commercial building which was constructed in 1929. lt contains 3 rental units, (one restaurant, and 2 retail spaces) and a total gross building area of approximately 4,500 square feet.
The total land area is approximately 15,200 square feet or .35 acres.
The intended user of this appraisal repoft is Mr. John Karageorge The appraisal will be used to contest the most recent property assessment.
One restaurant (Wild Rice) occupies the first floor. Two retail spaces have been vacant for 1+ years. The building has a rear parking lot for 20 or more cars,
The overall condition of the building based on a brief interior inspection is considered to be average.
INDIVIDUAL MEMBERSHIPS: Appraisal Institute Bnpwln Prnnson & COMPANY. INCORPORATED
As a result of my market research and the application of acceptable appraisal procedures, it is my opinion that the Market Value of the Fee Simple Estate of the subject property, as of October 1, 2020, based on an interior inspection is:
$1,600,000 ONE MILLION SIX HUNDRED THOUSAND DOLLARS
This report has been prepared in accordance with regulations for Restricted Use Appraisals as set forth under the Uniform Standards of Professional Appraisal Practice, as adopted by the Appraisal lnstitute, As such, it conforms to the Uniform Standards of ProfessionalAppraisal Practice (USPAP) and with the Financial lnstitutions Reform, Recovery and Enforcement Act (FIRREA).
The undersigned appraiser of this report has the experience and competency to complete this repofi in accordance with the competency provision in the USPAP.
Your attention is invited to the Restricted Use Appraisal which follows and to the photographs and maps which are also made a part of this report.
lly submitted,
eorge M. Shawah, J fu^ President RCG.#0000557 Exp, Date: April 30,2021
GMSjr:jc 1610 Post Rd Flld Bnpwn Prnnson & COMPANY. INCORPORATED
L610 Post Road Fairfield, CT Bnpwrn Prnnson & COMPANY. INCORPORATED l. ldentification
1610 Post Road, Fairfield, Connecticut ldentified in the Tax Assessor's office on Map 180, Lot 267
Owner of Record: 1610 Post Road LLC
Title Historv
The property was purchased by the current owner in 2006 for $2,275,000.
ll. Leqal Description
Allthat certain piece or parcel of land with the buildings and improvements thereon, situated in the Two and County of Fairfield, State of Connecticut, and generally known as 1618 Post Road, further described and bounded as follows:
SOUTHERLY: 89.5 feet, by the Post Road; WESTERLY: 30 feet, more or less, alongside property of Anna DelMedico, to a certain point; NORTHWESTERLY 163.3 feet, by land now or formerly of Anna DelMedico, Rex and Ann lacurci and The Estate of Henry et als, each in paft; NORTHERLY 74.1 feel by land now or formerly of Estate of Henry et als; NORTHEASTERLY 177.3 feet to a point by land now or formerly of Norman L Pollack; NORTHEASTERLY AGAIN: 46 feet by land now or formerly of Anne M. Smith, Trustee, to the point of beginning.
Said premises being also shown as Lot #267 on the Fairfield Town Assessor's Map #180.
lntended Use and User
My client in this restricted use appraisal is John Karageorge. The appraisal will be used to contest the most recent property assessment
1 Bnpwrn Prnnson & CClMPANY. INCORPORATED
lll. Assessment and Taxes
Land $1,060,640 Building 281,750 OB&Y 11,690 Total: $1,354,080
Mill Rate: 26.79 mills Annual Taxes: $36,275
Revaluation Date: October 1,2020
The Tax Assessor's opinion of full Market Value as of that date is $1,934,400.
A new mill rate will be established later this summer.
lV. Propertv Riqhts Appraised
The Fee Simple Estate as of October 1,2020. The Fee Simple Estate involves an absolute ownership unencumbered by any other interest or estate subject only to the limitations of eminent domain, escheat, police power and taxation, (The Dictionary of Real Estate Appraisal).
V. Purpose of the Appraisal
The purpose of this appraisal is to estimate the Market Value of the Fee Simple Estate as of October 1, 2020 to contest the most recent property assessment. The subject propefty is improved with a three unit retail propefty with a total gross area of approximately 4,500 square feet.
2 Bnpwrn Prnnson & COMPANY. INCORPORATED Vl. Scope of the Appraisal
As paft of this appraisal, the appraiser made a number of independent investigations and analyses. He relied upon data retained in his office, which is updated on a regular basis for use in all assignments. The appraiser examined data provided by local agencies concerning land use policies and trends, and interviewed local real estate agents and brokers that are active in the area of the subject. On February 25,2021 lhe appraiser made an exterior inspection of the improvements, the site, the surrounding area and street scenes for the purpose of estimating the fair market value as of October 1, 2020.
The appraiser relied on information from files maintained in the appraiser's office, knowledge of the market, Town Hall Records and MLS data, which are assumed to be accurate. The appraiser analyzed not only current rnarket conditions but also historical evidence, Sales that were considered appropriate comparables were further analyzed and the best sales were utilized in this appraisal repofi. All approaches to value were considered and developed if appropriate for this assignment. The subject's market area, site and improvements were analyzed. lf appropriate, a highest and best use analysis was developed. The appraiser considered all factors that impact the subject either positively or negatively. The final reconciliation considers all of the data necessary to competently complete this appraisal assignment.
Competencv of Appraisers
The appraisers'specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following:
o Professional experience o Educational background and training o Business, professional, academic affiliations and activities.
The appraisers have previously provided consultation and value estimates for development sites and various types of commercial propefties in Connecticut.
3 Bnpwrn Prnnson & COMPANY, INCORPORATED
Vll.Definition of Market Value
Market Value The most probable cash sale 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. lmplicit 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 (i.e, motivated by self-interest).
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
3. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto,
4. 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.
Re: Per the New Evaluation and Appraisal Guidelines
4 Bnpwn Prnnson & COMPANY. INCORPORATED
Vlll. Town Data
Fairfield has a population of 57,340 in its 30 square mile land area. lt is primarily a residential community with homes in the middle and upper income price range. About one-half of the land is zoned for one to two acres and 24To is zoned less than one-quarter acre, Much of the area provides scenic views and vistas, including Long lsland Sound, which is the attractive beach front extending eight miles to form the town's southern border. Fairfield's 20,397 households reside mosily in single family homes. There are condominiums, apartments and two family homes in limited numbers.
Fairfield government is an elected Representative Town Meeting with executive authority centered in a three member elected Board of selectmen, headed by a full time First selectman. The town enjoys an AAA credit rating.
Approximately 230 acres are zoned for industry, well known companies located in Fairfield include: General Electric, R.c. Bigelow, Sturm Ruger, United Rentals and Home Depot,
General Electric Company located its headquarters in Fairfield in 1g74.
GE recently sold its corporate Headquafters to Sacred Heart for much needed expansion.
Public, private and parochial schools serve pre-schoolthrough high school students. The public school system is rated in the top 10% in New England, Fairfield and Sacred Heart Universities are located in Fairfield.
Fairfield's population represents a variety of age, income and ethnic qultures. Many are New York commuters; however, the majority work in Fairfield or neighboring towns, Employment represents all professions, businesses and artistic endeavors. Active civic organizations allow for volunteer involvement by men and women.
Recreationalfacilities, public and private, abound in Fairfierd for swimming, tennis, golf, boating, fishing, riding, bicycling, winter skating, picnicing, hiking, baseball, football and other sports. varied cultural groups are active in the town and surrounding communities.
5 Bnpwm PrnnssN & COMPANY. INCORPORATED
The town is serued by a highway system including Merritt Parkway and the Connecticut Turnpike. lt is on the main railroad line between Boston and New York and is 15 minutes from Sikorsky Airport, Stratford.
The town's location is central to the banking and financial communities of Hartford, And New York. ln addition, most of the major Connecticut commercial banks and savings institutions have branch offices in the town to seruice the residents and businesses.
Historv
Colonial Era
ln 1635, Puritans and Congregationalists in the Massachusetts Bay Colony, were dissatisfied with the rate of Anglican reform, and sought to establish an ecclesiastical society subject to their own rules and regulations. The Massachusetts General Court granted them permission to settle in the towns of Windsor, Wethersfield, and Hartford which is an area now known as Connecticut.
On January 14, 1639, a set of legal and administrative regulations called the Fundamental Orders was adopted, and established Connecticut as a self-ruling entity. By 1639 these settlers had started new towns in the surrounding areas. Roger Ludlowe, framer of the Fundamental Orders, purchased the land presently called Fair{ield, and established the name. The Name "Faidield" is commendatory, [6]
According to historian John M. Taylor: "Early in 1639 the General Court granted a commission to Ludlow to begin a plantation at Pequannocke. He was on that errand, with a few others from Windsor, aftenrvards joined by immigrants from Wateftown and Concord. He stole a large tract of land from the Pequannocke sachems, aftenruards greatly enlarged by other purchases to the westward, and recalling the attractive region beyond (Uncoa), which he had personally seen on the second Pequot expedition, he also "set down" there, having purchased the territory embraced in the present town of Fairfield, to which he gave its name."[7]
6 Bnpwnr Prnnson & COMPANY. INCORPORATED
Towns created from Fairfield
FairJield was one of the two principal settlements of the Connecticut Colony in southwestern Connecticut (the other was Stratford). The town line with Stratford was set in May 1661 by John Banks, an early Fairfield settler, Richard Olmstead, and Lt. Joseph Judson, who were both appointed as a committee by the Colony of Connecticut,[8] The town line with Norwalk was not set until May 1685.[9]
Over time, it gave rise to several new towns that broke off and incorporated separately. The following is a list of towns created from parts of Fairfield.
r Redding in 1767 r Weston in 1787 rEaston, created from Weston in 1845 rBridgepofi in 1821 (also pany from Stratford) and again in 1895 when the Black Rock Section left Fairfield r Westport in 1835 (pan$ from Weston and Noruvalk)
Revolutionary War
When the American Revolutionary War began in the 1770s, Fairfielders were caught in the crisis as much as, if not more than, the rest of their neighbors in Connecticut. ln a predominantly Tory section of the colony, the people of Faidield were early supporters of the cause for independence. Throughout the war, a constant battle was being fought across Long lsland Sound as men from British'controlled Long lsland raided the coast in whaleboats and privateers. Gold Selleck Silliman, whose home still stands on Jennings Road, was put in charge of the coastal defenses.
ln the spring ol 1779, he was kidnapped from his home by Troy forces in preparation fro a British raid on Fairfield County. His wife, Mary Silliman watched from their home as, on the morning of July 7, 1779, approximately 2,000 enemy troops landed on Fair{ield Beach near Pine Creek Point and proceeded to invade the town, When they left the following evening, the entire town lay in ruins, burned to the ground as punishment for Fairfield's suppofi of the rebel cause. 10 years later, President George Washington noted that after traveling through Faidield that "the destructive evidences of British cruelty are yet visible both in Nonrvalk and Fairfield; as there are the chimneys of many burnt houses standing in them yet."[10]
7 Bnpwn Prnnsor & COMPANY, INCORPORATED
Fairfield recovered slowly from the burning, but soon after the end of the war its houses and public buildings had all been rebuilt.
Twentieth century
World War I brought Faidield out of it agrarian past by triggering an unprecedented economic boom in Bridgeporl, which was the center of a large munitions industry at the time. The prosperity created a housing shortage in the city, and many of the workers looked to Fairfield to build their homes. The trolley and later the automobile made the countryside accessible to these newly rich members of the middle class, who brought with them new habits, new attitudes, and new modes of dress. The prosperity lasted throughout the twenties.
By the time of the Wall Street crash of 1929, the population had increased to 17,000 from the 6,000 it had been just before the war. Even during the Depression, the town kept expanding.
Geographv
The town is on the shore of Land lsland Sound. According to the United State Census Bureau, the town has a total area of 31.3 square miles (81 km2), of which 30,0 square miles (78 kmz) is land and 3-4 kilometers (1.3 sq mi), or 4.15% is water. The Mill River, the waters of which feed Lake Mohegan, flows through the town.
Fairfield consists of many neighborhoods. The best known are wealthy Southport, where General Electric Chief Executive Officer Jack Welch lived for many years, and Greenfield Hill, with its large areas, famous dogwood trees, and picturesque green with its white-spired Congregational church. Other well established neighborhoods include Stratfield, Tunxis Hill, the University area, Grasmere, Mill Plain, Knapp's Village, Melville Village, Holland Hill, and the Fairfield Beach area, which has recently undergone a renaissance with the construction of many new homes by residents wishing to live in proximity to the beach and downtown. [1 1] Two shopping districts in town include the Post Road (U.S.1) and Black Rock Turnpike.
8 Bnpwrn Prnnson & COMPANY. INCORPORATED
lX. Neiqhborhood Data
The property is located in the heart of the central business district. The Post Road contains a mixture of retail plazas, restaurants, mixed use buildings, offices, and auto related buildings. The existing retail center which contains a restaurant and two stores, fits in well with the commercial character of the area.
X. Zoninq
The property is located in a CDD (Central Design District)
This is a Center Designed Business District (CDD), "The purpose of this district is to encourage the concentration of a wide variety of stores, services and activities servicing the entire town as shopping and community centers."
This is a permissive classification allowing a wide range of offices, banks, medical clinics, retail stores, restaurants, etc. This is a'Special Permit' classification which requires an application to the Town Plan and Zoning Commission for every new use which is not pre-existing.
There is no minimum lot size or shape, however, there must be at least twenty feet of frontage. Maximum building height is 5 stories or 50 feet. Maximum lot coverage is 90% and total floor area is 200%. Front yard set back is 10 feet, Rear property line setback is 10 feet and side line is 10 feet combined which can be on one side and 10 feet on the other side. Adjoining owners may by mutual agreement, agree to reduce the side yard from the common property line to a minimum of 10 feet between adjacent structures.
The retail building which contains approximately 4,500 square feet is a permitted use.
9 Bnpwn Prnnson & COMPANY. INCORPORATED
Xl. Site Data
The subject propedy consists of an irregularly shaped lot located on the northerly side of the Post Road. The total land area is approximately 15,200 square feet or .35 Acres.
The site is served with all public utilities and sewers,
Site improvements include a paved rear parking lot for 20 cars.
The lot is typical of other parcels in the current neighborhood.
It is not located in a designated flood plain as shown on Map #09001C0419G,
10 Bnpwm Prnnson & COMPANY, INCORPORATED
Xll. Description of lmprovements
The subject property is improved with a one story, masonry and brick retail plaza which was constructed in 1929 and remodeled in recent years. The building contains three (3) units and a total gross building area of approximately 4,500 square feet.
WiH Rice is the only tenant in the building.
Two other retail stores have been vacant for many months
The overall condition of the building is considered to be good
11 Bnpwn Prnnson & COMPANY. INCORPORATED
Xlll. Hiqhest and Best Use
Highest and Best Use as defined in The Dictionarv of Real Estate Appraisal, published by the lnstitute of Real Estate Appraisers, is "that reasonable and probable use that supports the highest present value as of the effective date of the appraisal," lt is that use which is physically possible, legally permissive and produces the highest net return and value.
To estimate the highest and best use, four elements are considered:
1) Possible use - What uses of the site are physically possible?
2) Permissible legal use - What uses of the site are permitted by zoning and deed restrictions?
3) Feasible uses - Which possible and permissible uses will produce a net return to the owner of the site?
4) Maximally productive use - Among the feasible uses, that use which will produce the highest net return or the highest present worth.
The existing retail building which contains three units, including a restaurant is considered to be the highest and best use of the subject property.
t2 Bnpwn PilnssN & COMPANY. INCORPORATED
Estimated Exposure and Marketinq Time
lnherent in our estimate of market value for the subject propefty are estimates of both exposure and marketing time, Exposure time is presumed to precede the effective date of valuation, while marketing time is presumed to occur subsequent to the valuation date. Exposure time is described as 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 our estimate of market value on the effective date of the appraisal. Marketing time is an estimate of the amount of time it might take to sell the property interest appraised at our estimate of market value during the period immediately after the effective date of valuation.
Market value conclusions recognize the characteristics of the subject real estate and consider the current economic environment and its effect on real property. An exposure and marketing period of 3-6 months is considered reasonable in which to induce sale of the subject property at the value estimated within this report, These estimates of exposure and marketing times presume the propefty is actively exposed and agg ressively m arketed th rou gh common ly accepted marketi n g channels. The stated exposure and marketing periods are based on discussions with local real estate professionals and consider typical exposure and marketing times for similar property in the market area.
t3 Bnpwln Prnnsot & COMPI\NY. INCORPORATED
Recent Sales
Address Sales Date Sales Price Buildino Size Land Area $gg Cond./Loc. Price Per SF
1795 Post Rd. Faiffield, CT 8/26/19 $1,250,000 2,814 SF 6,100 SF 1949 Sup./Sim. $444
1485 Black Rock Tpke. Fairfield, CT 1/31/19 $735,000 2,040 SF 10,018 SF 1984 Sim./lnf. $360
1973 Boston Post Rd. Darien, CT 2/27/19 $2,650,000 8,549 SF 28,314 SF 1950 Sim./Sim. $310
401 Kings Hwy. Fairfield, CT 12119119 $375,000 1,880 SF 11,325 SF 1979 lnf ./lnf. $199
750 Post Rd Fairfield, CT 10116120 $3,900,000 7,000 SF 2 Acres 1998 Sim./Sim. $557
Subject: Buildinq Size Land Area Land to Buildinq Ratio
4,500 SF 15,300 SF 3.4 to 1
The five sales represent the most recent transaction of restaurants in the Fairfield-Westport market. Sale #1 is a newly remodeled Tai Restaurant which has off street parking. Sale #5 which sold at the top end of the range sold to a developer/investor given it has 2 Acres of land.
t4 Bnpwn Prnnson & COMPANY. INCORPORATED
After making adjustments for condition, building size, land area, and status (2 vacanl stores) it is my opinion that the Market Value of the Fee Simple Estate as of October 1, 2020 is:
Base Rate: $350 per SF x 4,500 square feet = $1,575,000 Call lt:
$1,600,000 ONE MILLION SIX HUNDRED THOUSAND DOLLARS
A building containing two restaurants and located across the street (1601 Post Rd.) has a full value estimate of $1 ,558,100 or $ZZS per square foot This propefiy lends support to my conclusion.
lly itted,
Geo rge M, Shawah, J fi^ President RCG.0000557
15 Bnpwnr Prnnson & COMP,/INY. I NCORPORATED
XlV. Assumptions and Limitinq Conditions
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 repoft.
That no opinion as to title is rendered. Date 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 and competent management and available for its highest and best use,
That no engineering survey has been made by the appraiser.
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.
That maps, plats 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.
That no opinion is expressed as to the value of subsurface oil, gas or mineral rights and that the propefiy is not subject to surface entry for the exploration or removal of such materials except as is expressly stated.
I6 Bnpwn Pmnsot & COMPANY. INCORPORATED
That no detailed studies covering the subject property were available to the appraiser. Therefore, premises as to soil qualities employed in this repoft are not conclusive but have been considered consistent with information available to the appraiser,
My estimate of value does not reflect any possible limitations on the marketability and/or mortgaging of the property as a result of conditions governed by Connecticut Public Act 84-535 "An Act Concerning Clarification of Permits for Hazardous Waste." That is, I assume that there are no environmental conditions which would adversely affect the value of the property. Should an environmental site assessment disclose othenrvise, I reserue the right to modify my valuation and this report accordingly.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not the renovation work completed thus far is in conformity with the various detailed requirements of the ADA, lt is possible that a compliance survey of the property and plans for development, together with a detailed analysis of the requirements of the ADA, could reveal that the property will not be in compliance with one or more of the requirements of the act. lf so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible noncompliance with the requirements of the ADA in estimating the value of the property.
2021: 1610 Post Rd. FFld.doc
t7 Prepared for: Ealdwin Pearson E Co 1$10 Post Rd lnterFlood *aarnode FairfieH, CT 0682+ru'12 Y School qtt." **+tteds* .,.::.,". .. ir. a, Stur{!5,Srli,' 'n%-I Lt n^ Z - "i -To'' n % -+ niir# ' ooitd i I li, ui" :.. ,.a' .-ilodge' l 'tr^to* s$E; tooo g.d .,,fi- =.tott MilliPlein eala :,Gierin ''wr,(i g8lnT$Fm*"," '1, E -{$u t+* tc ff,t\c{f *+ oL G "Ep bo & ^r$" ? Ro$cr" 9l,iiXil"s"*o' ';, ir ''" 6
. ,,1i9 ,,**r*r,* ,.' FairftetdEl usdro*ct0 ""r""::r"(p rni,ri,ro Public Library s^ -+q & $entt|Of Qoo cgitd g % +b*, Post o,st t/1 Rd '4q ! :tt '%+ ta o Cr E tr 5E Qtr t o\s StlennsnSlW ShctmsnS, Stb*uoS' u,
Forvaed [y Corelogfte ilAPDATA IIAF LEGEHD
FEMA Special Flood Hazard Alea: llo n inundated by5fiFyearflooding Pmtected Areas l-l "uu ffi Map Nurnber: 0$00lC04tSG n inundated by l0O1earflooding Zons I [l ""* w FNoodwal Map Dah: July 08, 2013 [fl v"lo"ity Hazard Subjec'tArea FIPS:09001 o Fairfield, Connecticut CERC Town Profile 2019 Produced by connectiant Data Collabarative Torm Hall klongs To 6llOldPostRoad FairfeldCounty Fairdeld CT 06430 Llr{ABridggort - Stamford (203) 25S3030 tUetrppolitan Planning Area
hr{pmtsdtl 1639
Papulation Ra cdEthnic ity ( 2 A fi - W 1 n forn Courrg Stnre Tottn Cowty Stole 2000 57,340 882,567 3y'0ts65 White Non-Hisp 52,369 595,323 2,446,049 2010 59,404 916,829 3,s?4,097 Biack Non-ltisp {ts 98,931 350,820 2013-2017 61,611 94?,329 3 594478 Asian Non-Hisp 2,762 48,42L 154910 2A2A 58,A42 944,692 3,604,591 Native Anprican Non-Hisp 16 r,372 5,201 '17 -'20 Grorr'th/Yr -L,7o1o -0.1% a.Ig',o Otherllfirlti-Race Non-Hiry 1,680 22,649 8493s Town County Sfote Hispanic or Laino 3B0s 180,379 551,916 Iand Area (sq. milesJ 30 62s 4,442 Town Cotmty StaE Pop.iSq. Mile (2013-2017) 2,051 1,516 742 Poverty Rate (?013-2017) 4.7ot'o 8.8o,'o 10.1% Median Age {2013-2017) 41 48 41 Edrcational Attainme m (20fi ^2A lQ Households (2013-2014 20,365 337,678 1,361,755 Town Stote Ivled. HH Inc. (2013-2017) $127,746 $89,773 $73,781 High Schod Graduate 6,054 Lio./o 673,582 27Vo foryn ,$tote Assochtes Degree 2,086 5% 1BBl81 \a/o Veterans (2013-2014 2,216 180,111 Bachelors or Ffgher 24,784 63% 953,199 SBVI
Ag e Distribution QA fi -20 1 7) 0-4 s-14 1S-24 z5-4 4s-64 65+ Tdal Tor,r'n 3,422 60/o 8,598 74o/o 10,405 170,6 L1,623 19% 17,829 29o/o 9,634 16% 61,611 1000/6 County 53,055 6% L25,776 t3o/o 126,096 13% 229,587 U% 271,888 290,6 140,926 l5oh 947,328 1009o State 186 188 5% 432,367 120,6 49t626 I4o/o 877,640 24o/o 1,031,900 29% 575,757 16o/a 3,594478 100?6 Economics
Busirpss ProfiIe QAB) Top Firu G.and List (2014) Sector Unirs Enrplqyrnent Amount Total - All Industries 2,538 25,337 General. Electric Co. $76,541,780 R-KBlackRock I-Iil $76,286,593 23 - Construction 156 497 Connecticut Light & Pows $sgo?42s0 3l-33 - Manufacturing 32 643 Lenoci Alfred Estals $51540,270 44-45 - Retail Trade 226 3,360 Aquarion Water Co $54680,330 Net Grand List {SFY 2016-?017) $10,770,449,294 6l - Educational Services 60 3,078 Maior Emolovers (nl4) 62 - Heahh Care and Social Assistance 2s7 4290 G"eneral Elettric Fairfield Uniwrsity Sacred Heart University Ts$m of Fairfield 72 - Accornmodation and Food Services 193 3,007
Total Government 27 2,550
Education
2478-fr19 School Yeor Smarter Balanced. Test PercentAbve Goal QA17-2018) Gvades Enrolltnent Grod,e 3 Graile 4 Grde I Fairf ield School District PK.12 9850 Tawn $tae Town Siote Towtr S{trts Ivlath 75.496 53.8% 74.6% 51.3% 66.796 43.096 ELA 74.0Vo 53.1% 76.196 54.9% 78.2% 56.1%
Pre-KEwollmeril fPSIS) 2At&2019 Fairfield School District 196 RateofChronicAbsenteeism(2017-2018) AIT 4-Yes Cdrcrt Graduation ftcte QAl7-2418) Connecticut fi,7% AIT Fmwle Male Fairlield School Diskirt 5.3D,6 Connecticut 88.3% 91.8% 85.1% Fairfield School District 96.496 97.6% 95.2% Public n Privcre Enrollment {2413.24fi) Town 6ounry S(o& Public 81.3% 82.296 86.8% Private 18.796 17.8% L3,2VO
To,rrn Profiles Generated on 01116/20 " Page 1 profrIas.,ctdata.org No repFsentation orwatranhes, exprcssed or intplied, dre grven regarding the accuracy of fhns infonnaAon. Connecticut Fairfiel4 Connecticut Economic CERC Town Profile 2019 li Resource Center
Gavernment Govemment Foun: Seledrnan - Representative Town Meeting
Total Revenue (2017) $325,317,000 Total Expenditrues (2017) $32a004000 AnnualDebtService(2017) $23,749,000 Tax Revenue $271,812,000 Education $196,032,000 As 7o of E:penditr.res 7.4% Non-tax Revenue $53,56,0m Other $125,972,000 Eq, Net Gmnd List t2017) $15,395,11e106 Interggvernnnntal $38,669,000 Total Ind$tedness (201 7) $190"402000 Per Capita $247,888 Per Capia Tax (201fJ $4,373 As % of Expenditres 59.10/o As 7o of Stde Average 7M.2Vo As 7o of State Averagg 149.2o/o Per Capita $3,066 Moodfs Bord Rating (2017) Aaa As 96 of Shte Average 122.0o,/o Achral MiU R*e (2017) 25.45 Equalized Mill Rate (2017) 17.64 Yo of Net Grand List Com/lnd (201Q 9.9%
Bstate
I{ousii'rg Stock QA 13-20 17) Disrribution of Howe tules (2017) Ior+n Coungr Slate Tor*n Courrry ,5tae TotalUnits 21,615 369044 1,507,711 Less than $L00,000 0 34 536 % Single Unit (2013-2017) 79.3Vo 58.096 59.29'o $100,000-$19s,999 4 343 5,237 Nerr' Permits Au& {2017) 1r.1 1,719 4,547 $?00,000-$299,999 2L 749 6,681 As 96 Existing Units 0.1Vo 0.570 0.396 $300,000-$399,999 85 855 3,863 Demottions (2017) 66 538 1,403 $400,000 or More 467 3,196 5,563 I{ome Sales (2017) 577 5,1S7 21.,880 Rental QAB-2A17) Median Price $597,900 $417,800 $270,1 00 Town Counry $tae Built Pre-1950 share 34.79/o 29.0% 29.SVo Median Rent $1,841 $1,439 $1,123 Orr'ner Occupied Dv"ellings r6,s67 228,666 906,798 Cost-burdened Renters 52.096 54.696 52.3% fu 7o Toal Dr.'elling 82.BVa 67.7o/o 66.67o Subsidized ldousing (2018) 527 34,037 167,879
.Labor Force
Iourn Counp $tote Connecticut Csnmuters Qa$) Residene Errployed 28,400 461,750 1,827,0?0 Comrmrleru Inlo Torsn Frornl Toryr ftecr'denb Corunutlng ?or Residenb Unempioled 1,058 19,017 78,242 Bridgeport, CT 4,947 Fairfield, CT 4891 tlnemployment Rate 3.6Vo 4.Oo/d 4.Wo Fairfield, CT 4891 Stamford, CT e415 Stratford, Self-Employed Rate t7.396 13.0% r0.096 CT 1,689 Nonvialk, C? 2,088 Tfumbull, CT rALT Bridgepo{ CT J.,767 Total Emplolers 2,538 36,389 122,067 Shelton, CT 1,075 We$port, CI 1,463 TotalEmployd 25,337 424,674 1,673,967 Norwail{, CT 1,060 Manhattan, NY 1,114 Milford, CT 988 NewHaven, CT 779
Crime Rates (per 100,A0A residents) (201V) Distance to Major Cities ftesidenticl Utilities fown Stoe Miles Elutric Provider Froperty 1.,460 L,777 NewYorkCiy 50 The United llluminating Co. (800) 2s7-0141 Violent 235 228 Hartford 51 Gas Provider Di sengag d Youth Q 413-fr I 7) Providence 106 Tor,*n Stab Southem Connecticr.il 6a Company Boston 141 (800) 659-82se Female O.9o/o 4.20/6 Male 4.596 5.59o Montreal 302 WaierProvider Aquarion Waer Company Town (800) 732-9678 Library circulation per mpita 12.68 Cable Provider C:blevisions Systers of Souihem CT (203) 336-?22s
Town Pmfilm cenerated on 0t/16/20 - Page 2 pr'ofiIes,ctdata,org JVo nspr€senhtion or flalra$frbs, exprs'sed or' intplied, are given regarding the accuracy of this infot?,ation, ffi Town of Fairfield 1610 Post Road 148 144 Legend 140 n Parcels Local Basin Boundary r Major
Regional - Subregional Lo€l Local Basin Area
1700 't568
700049 700049
1 596 1700 1610 1636 1 630
US HwY 1 US HwY 1
1: 600 (}
100.0 0 50.00 100.0 Feet I This map is a user generated static output from an lnternet mapping site and is for reference only. Data layers that appear on this map may or may not be WGS_1 984_Web_Mercator_Auxiliary_Sph e re accurate, current, or otherwise reliable. Created by Greater Bridgeport Regional Council THIS MAP IS NOT TO BE USED FOR NAVIGATION @bMErRocoG PropertyLocation 1610 POST ROAD Map lD '180t 267t I I Bldg Name State Use 3220 Vision Account# 09454 1 lD 15439 Bldg # Sec# 1 of 1 Card# 1 oI 1 Print Date 218120214:33:04 PM CUI<'],EN T OWNER. 1610 POST ROAD, LLC 6051 2-1 1,51 C/O JOHN KARAGEORGE 1,060,640 COM BLDG 2-2 402,500 281,750 103 BROOKSIDE DRIVE COM OUTBL 2-5 16,700 '11,690 FAIRFIELD, CT Descrip 14-1618 - FAIRFIELD cT 06824-24',t3 Lots Descrip POST RD l&E SuppF Record Ma Notice Multi Fam Census 616 ustoN GIS ID 1802670000 Pid# fjALE DATE QlU vlt VG 1610 POST ROAD, LLC 3747 0228 04-2&2006 o I 2,275,000 00 Year Code Assessed Year uode Year Gode Assessed KISH DOROTHYS/EST 1/2 & 3257 0284 o+17-2004 U I 0 02 2020 2-1 1,060,640 2020 2-1 1,060,640 2019 2-1 847,280 KISH DOROTHYS 1/2 1092 028/. 11-20-1991 0 2-2 281,750 2-2 281,750 2-2 224,070 2-5 11,690 2-5 1'1,690 2-5 11,060
I otal 1354080 Tote 1UA241U c, t t'ttst< Asstsr-, ),VEN This signature ackno\,vledges a visit by a Data Collecior or Assessor ', Ye:lr )n cocle Number Amount Comm lnt
Appraised Bldg. Value (Card) 402,500 Appraised Xf (B) Value (Bldg) 0 Nbhd Nbhd Name B uatch Appraised Ob (B) Value (Bldg) 16,700 0005 Appraised Land Value (Bldg) 1,515,200 RETAIL-2,RESTAURANT-1 WILD RICEASIAN CUISINE Special Land Value 0
INTALTS,WINDOWS 2OO7 GIULIANA Total Appraised Parcel Value 1,934,400
8t28t07 -CO FOR 41 477-W tLD R|CE 2016-NO 2015 I+E-ADDED 10Yo PER 12-63C(D) Valuation Method c RESTAURANT
BUILDING RENOVATED 2OO7 2015 - COMPANIONS & HOMEAKERS Total Appraised Parcel Value 1,9U,400 iE ,7IS TOI B Use Code Description Zone Land Type Land Units Unit Price l. Factor Site lndex Cond. Nbhd. Nhbd Adj Notes Location Adjustment Adj Unit Pric Land Value 1 3220 Store C GDD 15,300 SF 35-5 1.00000 c 0.90 C7 3-100 USE 0 1,515,200 0.351 AC o.3512 Total Land Value 1 ,515,2U0 Property Location 1610 POST ROAD Map lD 18Ol 2671 I I Bldg Name State Use 3220 Vision lD 15439 Account # 09454 Blds 1 # Sec # 1of 1 Card# 1 of 1 Print Date A8120214:33:05 PM C( Element cd Gd Dr 'iptron Style: 301 Restaurant usT Model 94 Comm/lnd Grade 03 Average Stories: 1 BAS UBM Occupancy 3.00 Exterior Wall 1 20 BricldMasonry Exterior Wall 2 30 Acrylic Stucco 3220 Store C 100 Roof Structure 01 Flat 0 Roof Cover 04 Rubber 0 Interior Wall 1 05 Drywall lnterior Wall 2 03 Plastered lnterior Floor 1 12 Hardwood RCN 1,059,277 lnterior Floor 2 11 Ceram ClayTil Heating Fuel 03 Gas Heating Type 04 Forced Air-Duc Year Built 1929 AC Type 03 Central Effective Year Built Bldg Use 3220 Store C Depreciation Code 3 Total Rooms Remodel Rating Total Bedrms 00 Year Remodeled Total Baths 0 Depreciation % 52 Functional LivArea Obsol 0 EffectArea External Obsol 10 Trend Factor 1 HeaVAC 01 HeaUAC Pkgs Condition Frame Type 03 Masonry Condition % Baths/Plumbing 02 Average Percent Good 38 CeilingMall 06 Ceil & Walls Cns Sect Rcnld 402,500 Rooms/Prtns 02 Average Dep % Ow Wall Height 12.00 Dep Ow Comment % Comn Wall 0.00 Misc lmp Ow 1st Floor Use: 322t Misc lmp Ow Comment Cost to Cure Ow Cost to Cure Ow Cornment pton Uts units Unit Price Yr Blt Cond. Cd PAVl PAVING-ASPH L 5,O00 3.70 2o01 90 0.00 16,700 BUILDING SUB.AREA SUMMARY SECTION Code Area Unit Cost BAS First Floor 4,500 4,500 187.35 u3,075 UBM Basement, Unfinished 0 4,500 46.84 210,769 UST Utility Storage, Unfinished 0 96 56.60 5,433 Ttl Gross Liv / Lease Area 4 500 '[u3]q'lr[Ed?zs EXEgUTOR',S DEEq t, TO ALL PEOPLE TO WHOM THESE PRESENTS SryL COME. GREETING. KNOW yE, that Roy H. Ervin, I177 Post Road, Fairfield, CT 06824, duly qualified and authorized Executor under the last will and testament of Dorothy S. Kish, late of Fairfield, Connecticut, for 6-*idootion paid of One Million Onc Hundred Thirty-Seven Thousand Five Hundred aid 00/100 ($1,i37,500.00) nollurs, grants to 1610 Post Road, LLC, a Connecticut Limited Liability Company having a principal place of business ar 1342 Kings Highway cutoff, Fairfield, cT 06824 with EXECUTOR'S COVENANTS A One-Half interest in and to: All that certain piece or parcel of land with the bui.ldings and improvenrents thereon, situated in the Town and County of Fairfield, State-ofConnecticut, and generally known as I 6 I 8 Post Road, further described and bounded o) as follorvs: rtr SOUTHERLY: 89.5 feet, by the Post Road; Sairl prcrnises being also shown as Lot #267 on the Fairfield Town Assessor's Map # I 80' Subiqct to: Any restrictions or limitations imposed by govemmental authority including buildings and sstback lines and planning and zoning rules and iogulations of the Town of Fairfield and any and all provisions of any ordinance, municipal regulations or public or private law. to 2. Taxes to the Town of Fairfield when same become due and payable which Crantee assun'res and agrees pay. Said premises also known as 1610-161 8 Post Road. Fairfield^ Connecticut Signcd this 21" day of April, 2006. Witnessed by: i'i ii..l Roy FI. Jr Rov Executor ,-L L. Clark STATE OF CONNECTICUT, FAIRFIELD COUNTY; s.s. Fairfield April 21,2006 Personally appcared Roy H. Ervin, of Fairfield, Connecticut, Executor under the Will of Dorothy S. Kish, deceased, signer and seater ofthe foregoing instrument, and acknowledged the same to be his free act and deed, as such executor, before me. it=u L. Clark Notary Public My commission expires: l-31-201I A a n < ra I Slu I ut c s j 4 7 -3 wa Il! fiE€EIVEDFORRECORD OarueyanceT$(ruoc*'ed APReszffi :ffiH 84atP&,o"ro- AT :o ANESI: h ,. i,i+ril r;? F.iiriir:1,; ClEru( Bnpwn Prnnson & COMPANY. INCORPORATED QUALIFICATIONS George M. Shawah, Jr. Experience President and owner of Baldwin Pearson & Co., lnc. I have been employed by the Baldwin Pearson Company since 1982 as a Real Estate Appraiser and Commercial/lndustrial Broker, ln May of 2002,1 earned my M.A.l. designation from the Appraisal lnstitute. For the past thirty five (35) years, I have completed appraisal assignments for industrial, commercial and residential properties for various purposes such as tax appeal, condemnation, financing, foreclosure, and sale. I have also testified in courts throughout the state on numerous occasions during that period. Education B.A. Degree, Muhlenberg College, 1982 Numerous courses sponsored by the Appraisal lnstitute Memberships -Member of the Appraisal lnstitute (MAl Certificate #11965) -State of Connecticut Licensed Real Estate Broker #RE8.751679 -State of Connecticut Certified General Real Estate Appraiser #RCG.557 -Greater Bridgeport Board of Realtors -Eastern Fairfield County C.l.D. (President 1989-1991) -Rotary I nternational-Membership Chairman 2001 -2002; Program Chairman 2A02-2A03; President Elect 2003 -2004 -Bridgeport Rotary Club President 2004-2005 -Baldwin Pearson & Company, lnc. was established in 1953 -President of the Connecticut Chapter of the Appraisal lnstitute 2011 Bnpwnr Prnnson & COMPANY. INCORPORATED CERTIFICATION OF APPRAISER I certify that, to the best of my knowledge and belief, the statements of fact contained in this report are true and correct. The repofied analysis, opinions and conclusions are limited only by the repofted assumptions and limiting conditions, and are my personal unbiased professional analysis, opinions and conclusions. I have no present or prospective interest in the property that is subject of this repod, and no personal interest with respect to the parlies involved. I have no bias with respect to the property that is the subject of this report or to the pailies involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analysis, opinions, and conclusions were developed, and this repoft has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal lnstitute relating to review by its duly authorized representatives. Bntpwrn Prnnson & COMPANY. INCORPORATED I have made a personal inspection of the property that is the subject of this report. No one provided significant professional assistance to the person signing this repod. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. The repofted analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal lnstitute, which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal lnstitute relating to review by its duly authorized representatives. As of the date of this repoft, I George M. Shawah, Jr., MAI have completed the continuing education program of the Appraisal lnstitute. Your appraiser certifies that he does not have any current or prospective interest in the subject property, or with the parties involved. I have performed no seruices as an appraiser or in any other capacity regarding the property that is the subject of this report within the three (3) year period immediately preceding acceptance of this assignment, "h^N':^ George M. Shawah, Jr,, MAI President License #RCG-0000557 Expiration Date: April 30, 2021