3 WATERFRONT LOTS 87 RIVER STREET, 105 RIVER STREET AND WEST 1ST STREET BROOKLYN, NY 11249 APPRAISAL AS OF OCTOBER 15, 2015 FOR: Consolidated Edison 4 Irving Place, 2nd Floor New York, NY 10003 BY: Landauer Valuation & Advisory A division of Newmark Grubb Knight Frank 125 Park Avenue New York, NY 10017 March 3, 2016 Robert H. Mayer, MAI Managing Director Consolidated Edison 212-359-8511 - Phone
[email protected] 4 Irving Place, 2nd Floor New York, NY 10003 Attn: Mr. Scott Sanders Re: Three Waterfront Sites, Brooklyn, NY (Block 2361, Lot 1; Block 2355, Lot 1; Block 2376, Lot 50) Dear Mr. Sanders: In accordance with your request, we have prepared an appraisal of the three properties located at 87 River Street, 105 River Street and West 1st Street in the neighborhood of Williamsburg, Borough of Brooklyn, City and State of New York. The purpose of the appraisal to estimate the fair market values of: (1) each site individually as currently zoned; (2) the aggregate of all 3 sites as currently zoned; (3) each site individually under its highest and best use, considering the likelihood of rezoning to residential use; and, (4) and the aggregate of all 3 sites as if rezoned for residential use from M3-1 Industrial to R6 Residential with a C2-4 commercial overlay. The intended use of the appraisal report is to assist you in managing the subject assets. In each case, we will value the property as if vacant and remediated to a level of restricted residential. We have employed the hypothetical condition that the subject property is free of environmental contamination.