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Jacques O. Tuchler & Associates REAL ESTATE APPRAISERS & CONSULTANTS EC Stoel + Site 250 « Bekim New Vou T1D42 «Te 1B) SPEDIBD » Fat (7) TOT.BEST «Era wcinmana Aa November 18, 2009 Charles S. Webb, Ill, Esq. Berger & Webb, LLP 1633 Broadway, 46" Floor New York, NY 10019 Subject: 175 Flatbush Avenue, (Block 1118 Lot 6), Brooklyn, NY 11217 Dear Mr. Webb: At your request on behalf of your client, Empire State Development Corporation (‘ESDC"), we submit this Phase | appraisal for the subject site for the purpose of providing an opinion of a range of Market Value as of our November 6, 2009 inspection. This 13,292 square foot site is part of the 22-acre proposed Atlantic Yards project, bounded by Flatbush, Atlantic and Vanderbilt Avenues and Dean Street, together with a portion of Site 5 of the Atlantic Terminal Urban Renewal Plan, on a block bounded by Flatbush & 4" Avenues & Pacific Street. The legal description for the site itself follows: BEGINNING at the comer formed by intersection of the southerly side of Atlantic Avenue with the northeasterly side of Flatbush Avenue; Running Thence easterly along the southerly side of Atlantic Avenue 140 feet 2 inches toa point; Thence southerly at right angles to the said southerly side of Atlantic Avenue, 40 feet 9 inches to a point; Thence southeasterly on a line forming an interior angle with the last mentioned course of 248 degrees 38 minutes 09 seconds a distance of 21 feet 2 inches to a point; Thence southeasterly on a line forming an interior angle with the last mentioned course of 184 degrees 21 minutes 00 seconds a distance of 20 feet 11 inches to a point; Thence southeasterly on a line forming an interior angle with the last mentioned course of 180 degrees 04 minutes 43 seconds a distance of 20 feet 11 inches to a point, Thence southeasterly on a line forming an interior angle with the last mentioned course of 180 degrees 13 minutes 36 seconds a distance of 62 feet 7-5/8 inches to a point; ‘Thence southeasterly on a line forming an interior angle with the last mentioned course of 16.3 degrees 28 minutes 00 seconds a distance of 5 inches to a point; Thence southwesterly at right angles to the last mentioned course 80 feet to the northeasterly side of Flatbush Avenue; and Thence along the northeasterly side of Flatbush Avenue a distance of 259 feet 10 inches to the point or place of beginning. Continued .. Charles S. Webb, Ill, Esq November 18, 2008 Berger & Webb, LLP Page 2-175 Flatbush Avenue The site is zoned C8-1, but because this appraisal accepts the assumption that itis not developable due to below-ground adversities (tunnels, transit easements, and other subterranean conditions), itis my opinion that the only reasonable use to which it can be put would be parking. Nearby properties have mixed commercial/residential zoning that would permit parking, unless other restrictions apply ‘The site is located in Prospect Heights with the Atlantic Center enclosed shopping mall nearby. Flatbush Avenue is a busy commercial thoroughfare that runs the full length of Brooklyn. Also nearby are P.C. Richard and Modell's. tt has easy access via nass transit, the Manhattan and Brooklyn Bridges, and the Brookiyn Queens Expressway. Based upon an investigation and analysis of all available data pertinent to value, especially prices paid for other development sites in the market area, recognizing that the sales could be developed while the subject (reportedly) cannot be developed, it is my opinion that the range of value for the subject site as of November 6, 2009. is One Hundred Ninety-Five to Two Hundred Twenty Thousand Dollars ($195,000 to $220,000) This letter is Phase 1 of an agreed to 2-Phase appraisal. Descriptions of the property's region, district, neighborhood and site, documentation supporting my opinions and conclusions, and the Assumptions and Limiting Conditions of this appraisal will be included in my Phase I! appraisal report, which shall be prepared in compliance with guidelines of the Uniform Standards of Professional Appraisal Practice (USPAP), the Appraisal Institute's Code of Professional Ethics & Standards of Professional Practice, and other organizations with jurisdiction over this profession. Respectfully submitted, On Lak Doris Silber, MAI, NYS Certified Real Estate General Appraiser #2891 save EERE a SEES Sa tag EE ate SN eS Spe et mma renee a setenton NA ‘Aste Peeper Buble SE Exim Vl Per ule SI ranted Vl Pr Bubble ‘Set Buse = Subject rote nt Boer PL 15 bah Avene Prompes eee Baca Hit Tie tea? 13 "400 Sat 2 soe sm seo ro oe Ed sn som sso err sree sisae sinn [S00 i S08 ie 635000 sus sm ats sm Haman Py Sam Pas ‘sen as 2230 May 000000 si o a = Assumptions & Limiting Conditions . No opinion is intended to be expressed for legal or other matters which would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed herein. . No opinion regarding title is rendered. Title data and the legal description were obtained from sources deemed 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 as though available for its highest and best use. . The appraiser has not made an engineering survey. Except as specifically stated, sizes and areas were taken from sources deemed reliable. No encroachment of real property improvements is assumed to exist, unless otherwise stated in this report. . 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. . The information furnished by others is believed to be reliable. No warranty, however, is given for its accuracy. Unless otherwise stated in this report, the appraiser is not aware of any hidden or inapparent conditions of the site, subsoil or structures rendering the property more or less valuable, and assume no obligation for arranging engineering studies that may be required for discovery . Full compliance with all applicable federal, state, and local environmental regulations and laws are assumed, unless noncompliance is stated, defined and considered. . It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity is stated, defined, and considered in the appraisal report. . It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity, etc. have been or can be obtained or renewed for any use on which the reported opinion of value is based. Jacques O. Tuchler & Associates 10. "1 12, 13. 14. 15. 16. 17. Assumptions & Limiting Conditions Projections herein used to assist in the valuation process are based on market conditions and anticipated short term supply and demand factors as of the effective date of the appraisal and a continued stable economy. Thus, they are subject to changes in future conditions that cannot be accurately predicated by the appraiser, and which could affect future income or value projections. The areas discussed were calculated in accord with standards developed by The American Standards Association (Real Estate Appraisal Terminology). The appraiser is not qualified to detect the existence or extent of existing potentially hazardous material on or near the site. Existence of such substances usually has an effect on the value of real property. Therefore, no consideration is. given in the analysis to any diminution in value for the cost to remove such hazardous materials if they do exist. Possession of this report, or a copy, does not carry with it the right of publication. It may not be used for any purpose by any person other than the addressee without the written consent of the appraisers and, in any event, only with properly written qualification, and only in its entirety. The appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or attend court as to this property unless prior arrangements have been made. Disclosure of the contents of this report is governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor part of this report (especially the value conclusion, identity of the appraiser, or firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the appraiser's prior written consent. Acceptance or use of this appraisal report constitutes acceptance of these Assumptions and Limiting Conditions, and the statements in “Certification”. This appraisal is made under the reasonable assumption that the subject street is not buildable. If information to the contrary is provided, the appraiser reserves the right to reappraise the street if so justified after negotiating a new appraisal fee. Jacques O. Tuchier & Associates: Certification 1, Dore Stow, corty that, tothe best of my Knowledge and bel: | nave personaly inspected the subject ste, “The statements of fact contained in tie report ara true and cored. “The reported analyses, opinions and conclusions are limited only by the reported ‘essumplions tnd imiing condaione, and are my personal, unbiased professlonal analyees, pinions and conciusions. ‘My analyses, opinions, and conclusions were developed, and this report has been ‘prepared, in contonnty with the Uniform Standars of Professional Appraise! Practice. ‘As of the date of this report, | have completed the Appraisal Inettute's Continuing Education requirements, and have MAI recertification | have no present or contemplated intrest inthe property that isthe subject of tia report, nor persona interest of bas wih respect othe Inorested partes, [My compensation isnot contingent upon the reporting of predetermined value or direction In value tha favors the causa of the client, the amount ofthe value eatimate, the attainment of a eipulated result or the occurrence of @ subsequent evert. {Lm in compliance with the Competency Provison In Uniform Standards of Professional ‘Appraeal Pracoes ws adopted by te Board of Governors of the Federal Reserve Syston Under Tite Xi of the FIRREA 1980 (es amended), and have sufficient education and ‘experince to perform the epprasal ofthe subject property. No one provided me with signifcant professional assistance. “This eppraial assignment was not based on @ requested minimum loan valuation, @ ‘specte valuation, of the approval of oan, Bods Sipe. NYS Centted RE, General Appraaer Jacques ©. Tuchler & Associates Jacques O. Tuchler & Associates Real Estate Appraisers, Reviewers & Consultants 26 Court Street, Suite 2301 Brooklyn, New York 11242 Phone (718) 625-2080 » Fax (718) 797-5531 « Email: tuchlerassoclates@att.net This firm was established over fifty (50) years ago by Jacques O. Tuchler, MAI, SRPA, and, since February 1990, has been under sole proprietorship of Doris Silber, MAI, who has been associated with the firm for over twenty-five (25) years, and a general partner since 1985. As one of the oldest professional real estate appraisal firms in New York City, Jacques O. Tuchler & Associates serves banks, insurance companies, law firms, utility companies, goverment agencies, and individuals requiring evaluations, consultations and appraisals of real estate throughout metropolitan New York, and Nassau, Suffolk & Westchester counties. Property Types: Existing and proposed retail, commercial, office, medical, industrial, residential, specialty, community facility, and mixed-use buildings; cooperative/condominium developments, garden apartment complexes; gasoline sales and service stations; hotels, motels; shopping centers; houses of worship; theaters; nursing homes, assisted living facilities, and vacant land. Projects involving conventional or special government financing, 3” party transfers, real estate tax exemptions and/or abatements, tax credits, IDA, ICIP, 421, J51, among others. Special Appraisal & raisal Service Project: * City-owned sites involved in part of South Street Seaport Urban Renewal. * The Loews Kings, Pavilion, and Fortway movie theatres, among others. * Investment evaluation of alternate use of a dormitory for Pratt Institute ‘* 20 metropolitan banking institutions and branches for Federal Home Loan Bank Board, as well as other headquarters and branches for other clients. *A weekend retreat, senior citizen residence, churches, and other community use facilities for the Roman Catholic Diocese of Brooklyn. Jacques O. Tuchler & Associates School sites, headquarters, housing, a gymnasium and recreation center in Brooklyn and Long Island for The Sisters of Mercy. Bungalow colonies in the Catskill Mountains region. SROs, Class B hotels, theaters, schools, nursing homes, assisted living facilities, landmarked sites, community use facilities, and building shells proposed for rehabilitation and/or conversion for various governmental and not-for-profit agencies. New York City Partnership Home projects scheduled for construction in the boroughs of Bronx, Brooklyn, Manhattan, and Queens. Industrial, residential and mixed-use properties, and used auto facility and gas stations in Sunset Park, Brooklyn, NY for the New York City School Construction Authority. Third Party Transfer residential properties for JPMorgan Chase Bank and Citibank. Fulton Ferry Fireboat House parcels for NYC Economic Development Corporation. Appraisals for the City of New York in matters of bankruptcy and certiorari. Appraisals, conferences and expert testimony for New York City Law Department, (Condemnation & Tort Divisions) in urban renewal and capital projects; examples are Brooklyn Williamsburg ||, Caribe Village, Columbia Street, East New York Industrial, Broadway Triangle, Saratoga Square, Coney Island, Atlantic Terminal, Brooklyn Center, Flatbush Commercial Revitalization, Municipal Parking Sites, and Newtown Creek. Queens Louis Armstrong Memorial Project, Springfield Gardens Road Widening, and Barwell Replacement Site. Bronx Gun Hill Road, Bronx River Avenue, Major Deegan Expressway. Manhattan —- Pueblo Nuevo Houses, Lower East Side Phases | & Il, West Village Houses, Harlem/East Harlem, Piers 16 & 17. Staten Island Conference House Park Addition (Biddle House). Partial List of Clients Served‘ Abacus Bank Amalgamated Bank of New York American Savings and Loan Anchor Savings Bank Atlantic Liberty Savings, FA Banco Popular Bank of New York Bank of Tokyo Bank of Venezuela JPMorgan Chase Citibank, NA Cohoes Bank Columbia Federal Savings Bank New York Community Bank Country Bank Dime Savings Bank DPD Bank Federal Home Loan Bank Board Fidelity Bank First Nationwide Bank Gotham Bank of New York Greater New York Savings Bank Independence Community Bank Lehman Brothers Lincoln Savings Bank Lockport Savings Bank Manufacturers Hanover Trust Marine Midland Bank Orix USA Peoples Bank of Pennsylvania Queens County Savings Bank Roosevelt Savings Bank Republic National Bank Seamen's Bank for Savings Yasuda Trust and Banking Co., Ltd. Equitable Life Assurance Society " Some have since consolidated or were taken over. Pratt Institute Roman Catholic Diocese State of New York Mortgage Agency State of New York Dormitory Authority New York State Office of Mental Health NYS Facilities Development Corporation City of New York, Law Department City of New York, Public Development Corporation City of New York Economic Development Corporation City University of New York New York City School Construction Authority Public Administrator, Kings County & New York County Housing Preservation & Development Corporation USS. Attomey’s Office - Eastem District of New York U.S. Government, Veterans Administration U.S. Government, General Services Administration U.S. Department of Commerce Port Authority of New York & New Jersey Exxon Standard Oil Company Gulf Oil & Refining Company Chas. Pfizer & Company Brooklyn Union Gas Company Consolidated Edison Federal Deposit Insurance Corporation Health Insurance Plan of Greater New York Kodak Corporation Maimonides Hospital Midland Loan Services Corp. Resolution Trust Corporation Toyota Motor Credit Corporation Trotter-Kent, Inc. Urban Markets, Inc. DORIS SILBER, MAI REAL ESTATE APPRAISER & CONSULTANT/REVIEW APPRAISER Education: Continuing ‘The Appraisal Institute: MAI Designation in 1991 Mandatory Continuing Education requirements completed to 2011 Brooklyn College: Real Estate Salesperson Course Bernard ruch College of Business Administration Standards of Professional Appraisal Practice Hotel & Motel Valuation Federal Income Tax & Real Estate Certiorari Proceedings in New York Comprehensive Real Estate Appraisal Workshop Understanding Limited Appraisals & Appraisal Reporting Options/General Dynamics of Office Building Valuation Appraising for Litigation Purposes Appraising Special Purpose Properties International Valuation Sophisticated Techniques of Real Estate Finance Valuation of Affordable Housing New York City Apartment Buildings Real Estate Analysis and Consulting in the Future - What To Expect Uniform Standards of Professional Practice (Parts A & B) Current Issues in Real Estate Finance Real Estate Value Cycles State of the Market (Post Sept. 11) Rebuilding New York City Case Studies in Limited Partnerships & Common Tenancy Valuation Financial Feasibility Analysis; Marketing, Financing & Investing in Real Estate Uniform Standards of Professional Appraisal Practice Course 400-2003 Attacking and Defending an Appraisal in Litigation / Part II Uniform Standards of Professional Appraisal Practice Update / 400-2005 Trends & Projections Affecting Real Estate Values Brooklyn Chamber of Commerce Brownfield Re-Development Conference AJRICS Joint Valuation Conference 3/2008 Business Practices & Ethics Course 1142N (#420) / 2006 Supporting Capitalization Rates AJRICS Intemational Conference: Global Valuation Excellence / 3/2007: Challenges of Development in New York Appraiser as an Expert Witness Issues: Legislation, Incentives, Community Boards & What To Build In Today's Climate Forecasting Revenue / 2008 Appraisal of Nursing Facilities 2512-09 8/2008 National USPAP Update Course 1400 / 2009 Employment: Panels: Licenses & Certifications: Professional Affiliations: Testimony: DORIS SILBER, MAI Jacques O. Tuchler & Associates Sole proprietor of the firm: responsibilities include day-to-day management, real property appraisals and review, and client development. Valuation and consultation services for all property types for over twenty-five (25) years. NYC Law Department, Tax Certiorari & Condemnation Divisions NYC School Construction Authority Resolution Trust Corporation Metropolitan Transportation Authority United States General Services Administration New York State General Services Administration NYS Real Estate Salesperson NYS Certified R.E. General Appraiser #46-2891 NYS Certified R.E. Instructor, All Categories NYCINYS Certified Woman-Owned Business Enterprise National Association of Female Executives Women Impacting Public Policy Brooklyn Chamber of Commerce Real Estate Board of New York, Inc. ‘American Women Economic Development Member Brooklyn Museum of Art MAI Designation, The Appraisal Institute Continuing Education Requirements Completed, and Currently Recertified as an MAI Qualified Real Estate Expert in matters including arbitration, bankruptoy, tax certiorari, condemnation, and divorce.

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