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HomeMy WebLinkAboutReal Estate Consulting Report Recvd 7-8-2018 RECEIVED REAL ESTATE CONSULTING REPORT JUL g 2018 Elite Towers, LP, New York, SMSA Limited Partnership d/b/a SoUt Town Verizon Wireless, New Planni g Board Cingular Wireless PCS, LLC, and Mattituck Fire Department Proposed Communications Facility Location: LAUREL STONE (Masonry Yard) 7055 Main Road Mattituck, New York 11952 Suffolk County Tax Map # 1000/122/6/35. 4 DATE OF HEARING July 9 , 2018 PREPARED FOR TOWN OF SOUTHOLD Town Hall 53095 Route 25 Southold, New York 11971 PREPARED BY LYNCH APPRAISAL LTD. 15 Dewey Street Huntington, New York 11743 ( 631 ) 427-1000 LYNCH APPRAISAL LTD. REAL ESTATE APPRAISERS AND CONSULTANTS 15 DEWEY STREET HUNTINGTON,NEW YORK 11743 (631)427-1000 July 9 , 2018 Town of Southold Town Hall 53095 Route 25 Southold, New York 11971 Re: Real Estate Consulting Report Elite Towers, LP, New York, SMSA Limited Partnership d/b/a Verizon Wireless, New Cingular Wireless PCS, LLC, and Mattituck Fire Department Proposed Communications Facility: Concealment Pole Located at Laurel Stone (Masonry Yard) - 7055 Main Road Mattituck, New York 11952 Dear Board Members: In accordance with a request from the applicants, Elite Towers, LP, New 'York, SMSA Limited Partnership d/b/a Verizon Wireless, New Cingular Wireless PCS, LLC (AT&T) , and Mattituck Fire Department, collectively hereinafter referred to as the "Applicants" , I have inspected the above site and prepared a Real Estate Consulting Report (the "Report" ) regarding potential effects of a proposed wireless communications facility (the "Communications Facility" ) on the surrounding community. After considering the location, market conditions, proposed build, and all other factors that influence value, it is my professional opinion that the Applicants ' proposed Communications Facility will not negatively affect property values in the surrounding area and will not have any adverse effect on the character of the neighborhood or the pattern of its development. My conclusions are outlined in the following Report. Respectfully submitted, LYNCH APPRAISAL LTD. By: Michael J. Lynch N.Y.S. Cert. General R.E. Appraiser #46000001012 2 Purpose and Intended Use of Report The purpose and intended use of the Report is to study any possible adverse effects the proposed Communications Facility will have on the surrounding community. This Report is strictly prepared at the request of the Applicants to present to the Town of Southold Planning Board for a hearing to be held on July 9, 2018 . Effective Date of Report The effective date of the Report is June 22 , 2018, the date of inspection of the Property by Mr. Michael J. Lynch. Description of Proposed Communications Facility The Applicants ' proposed Communications Facility consists of, without limitation, the installation of a 12 ' high whip antenna (Mattituck Fire Department) atop a 120 ' AGL RF-transparent concealment pole (the "Concealment Pole" ) , plus nine ( 9 ) panel antennas collectively for Verizon Wireless and AT&T concealed within said tower structure, set on the grounds of "Laurel Stone, " a masonry supply yard (the "Property" ) . In addition, associated equipment cabinetry and emergency diesel generators (2 ) will be mounted on concrete pads within a 50 ' x 50 ' fenced (chain link) compound (the "Compound" ) , which will also surround the Concealment Pole. Moreover, the Concealment Pole and Compound will be designed to accommodate future carriers. Lastly, the Concealment Pole and Compound with associated ground equipment will be located behind (to north) of an existing frame barn on the Property, thereby screening said Compound from Main Road and nearby residences. 3 Description of Property and Surrounding Neighborhood The Property consists of a 1 . 65± acre parcel located along the northerly side of Main Road (S.R. 25 ) , bordering the south side of a Long Island Railroad right-of-way ( "L. I.R.R. " ) , in the Hamlet of Mattituck, Town of Southold, Suffolk County, New York. It is also known and designated by Suffolk County Tax Map Number: District 1000, Section 122 , Block 6, Lot 35. 4 , and is situated within an General Business (B) zoning district. The Property is generally level and improved with a sales office/shop, the noted frame barn, and miscellaneous supply bins, sheds, etc. The Property is abutted, as mentioned, by the L. I.R.R. to its north; a Suffolk County Water Authority easement to its east; a commercial fencing supply company and yard to its northwest; and a bicycle shop to its southwest. Immediately to the east of the Property are an auto body repair shop and an additional masonry storage yard leased by Laurel Stone. Facing south from the Property, along Main Road, are single-family residences, and to the southeast and southwest, respectively, are a gasoline service station w/mini-mart and a real estate sales office. Other nearby uses along Main Road include business-zoned residences and a small shopping plaza. Finally, immediately north of the Property and the L. I.R.R. is a Suffolk County Water Authority storage/pumping station. 4 Scope of the Report In preparing this Report, the appraiser: - Inspected the Property and surrounding community on June 22 , 2018; - Reviewed the engineering drawings prepared by Dewberry Engineers Inc. ; - Reviewed Suffolk County and Town of Southold assessment, tax map and zoning records; - Researched sales trends in the area of the Property in addition to comparable sites throughout Suffolk and Nassau Counties, including the East End; and Prepared this Report. Report Methodology In analyzing any potential adverse effect the Communications Facility may have on the surrounding community, the appraiser considered the proposed build of the Communications Facility on a commercial masonry supply yard, located along a major east-west artery of the North Fork artery, and adjacent to an L. I.R.R. right- of-way. In addition, we have reviewed and carried out studies with respect to wireless communications facilities in Nassau and Suffolk Counties. These communications facilities include flagpole and monopole sites, lattice and guyed wire tower sites, rooftop mounted sites, and water tank sites. On the following pages are studies of lattice, monopole, stealth flagpole, stealth unipole and transmission tower (with affixed T-Mobile site) communications facilities. 5 A. Lattice Tower, South Woods Road, Woodbury, New York. An approximate 300 ' lighted lattice tower (Nassau County Tax Map # 15-F- 1464 ) , originally for T.V. broadcasting, was constructed in 1971 along the west side of South Woods Road, just south of Syosset- Woodbury Road, on the Syosset-Woodbury border ( see Figures 1 & 2 ) . For at least the last 20 years, the tower has also housed cellular carriers in addition to other communications and emergency service apparatus. Immediately opposite this tower, along the east side of South Woods Road, are a series of newer housing developments (Pironi Estates, Archwood Estates and Rolling Hills) that commenced in 1994±. These developments consist of a mix of luxury homes built on approximately 3� acre of land, all sharing relatively similar utility, size and appeal. Many of the homes are within clear sight of the lighted tower due to the extreme height of said structure. Two such streets off South Woods Road, Shannon Drive and the northerly portion of Chauncey Place, possess the greatest visibility of the tower. In fact, the base of the tower is approximately 315 ' away from the nearest residential structure along Shannon Drive. Sales data of residences from these two affected streets was collected dating back to year 2000. Eleven ( 11 ) sales were collected, utilizing GeoData Plus LLC, with sales dates ranging from September 2000 to September 2015 . They ranged in sale price from $815, 000 - $2 , 100, 000, with a mean and median of $1, 461, 064 and $1, 450, 000, respectively. Our firm then researched sales in the southerly portion of the developments that were not within view of the tower. Thirty ( 30) sales were collected along Woodbury Farms Drive, Caumsett Farms Lane, Caumsett Woods Lane, Caumsett Place and Chauncey Place ( southerly end) , with sales dates ranging from April 2000 to September 2015. They ranged in sale price from $810, 000 - $1, 895, 000, with a mean and median of $1, 405, 070 and $1 , 430, 000, respectively. Therefore, based upon our study, the presence of a very unsightly, 300 '± lattice tower did not appear to affect the sale prices of the luxury homes we researched that were in view of the structure. { IV T .� -�-" . ,� - •tet ,� ;�� IMMITTIlrol1 i 1 1 1 jKl i MO oft 1 �•. ���lV Qr4•.rte`. y.� � � 5 i � 1 1 1 1 1111 � 11 111 7 B. Flagpole Wireless Communications Facility, Cherry Creek Golf Links, 900 Reeves Avenue Centerville (Riverhead) , New York. A 1301± stealth Flagpole was erected at this golf course in 2003 ( see Figure 3 ) . Subsequent to the monopole, a new development of single-family residences commenced adjoining the golf course and said monopole to its east. This homeowners association, known as the "Highlands at Reeves, " had its first sale in 2006. The development includes a community pool, clubhouse, and other amenities typical to a modern homeowners association development on Long Island. The golf course and development are built on former agricultural lands. Our staff looked at sales data within the Highlands at Reeves from 2006-2014, finding 36 sales ranging from $399 , 000-$850, 000, or on a per square foot of building area running from $136/SF-$258/SF. The average and median sale price per square foot was $197/SF and $199/SF, respectively. We then compared this above data to a very similar development located 1 . 5± miles to the east known as "The Highlands at Aquebogue, " situated along the south side of Sound Avenue, adjacent to the east side of the Long Island National Golf Club. The Highlands at Aquebogue had its first sale in 2006, with units still available as of 2014 . Our researched sales run from 2006- 2014, revealing 65 sales ranging from $425, 000-$719, 000, or on a per square foot of building area running from $135/SF-$252/SF. The average and median sale price per square foot was $201/SF and $207/SF, respectively. The difference between the two groups, utilizing average and median sale prices per square foot of building area, was very close, differing by less than 5% . Therefore, based upon these two groups of data, it does not appear that the presence of the 130 ' monopole had an appreciable effect on the adjacent residential community. 8 4dw X zi 40 R� r _ c— + Monopole 11 � }T Figure 3: Birdseye View of Cherry Creek Golf Links with Monopole and Adjacent Development C. Stealth Monopole (Unipole) Wireless Communications Facility, Valley Stream Fire Department, 190 Cochran Place, Village of Valley Stream, New York. A 70 '± stealth monopole (unipole) wireless communications facility was erected on Village-owned land as part of the Valley Stream Fire Department in approximately the Spring of 2005 . This property is adjacent to a stable residential neighborhood comprised of a relatively homogenous group of single- family dwellings sharing similar appeal and utility. Our office studied eight ( 8 ) single-family properties that sold in the immediate vicinity both before and after the installation of the wireless communications facility. For the most part, the dwellings were substantially similar or received minor updating prior to their respective re-sale. The results follow: 9 ADDRESS& SALE DATE SALE PRICE SALE DATE SALE PRICE YEARS PRICE PRICE MLS CHANGE SALE# TAX MAP A BEFORE BEFORE AFTE AF7rB$ BETWEEN DATES DIFFERENCE NLYEAR °lp. 1 23 South Drive Sep-94 $115,000 Jan-07 $372,000 12.30 223% 18.13% 13.82% 39-404-6 2 35 South Drive Feb-03 $275,000 Sep-06 $450,000 3.58 63% 17.60% 13.97% 39-404-9 3 3 South Drive Oct-01 $250,000 Oct-06 $413,000 5.00 66% 13.20% 16.73% 39-404-1 4 55 South Drive Jun-01 $242,000 Dec-05 $425,000 4.50 76% 16.80% 15.96% 39-404-30 5 14 Pershing Avenue Apr-01 $223,000 Aug-06 $420,000 5.34 88% 16.64% 16.29% 39-404-30 6 70 Pershing Avenue Jan-01 $231,500 Jul-06 $430,000 5.50 86% 15.60% 16.60% 39-404-44 7 18 Birch Lane Jun-91 $160,000 Jun-06 $517,000 15.00 223% 14.80% 11.80% 39-589-93 8 60 Birch Lane Sep-96 $115,000 Dec-06 $383,000 10.26 233% 22.71% 16.86% 39-480-9 Mean: 16.940Ja 15.Z5% What we found was that in each case, the market appreciation of each property generally met or exceeded the overall market change for Valley Stream as a whole. This leads the appraiser to conclude that the wireless communications facility did not lead to a devaluation of nearby property values. D. Monopole Wireless Communications Facility, World Gym, Middle Country Road (S.R. 25 ) , Coram, New York. A 130 '± monopole wireless communications facility was erected on this site in approximately July 1999 . This property is adjacent to a stable residential neighborhood comprised of a relatively homogenous group of single-family dwellings sharing similar appeal and utility. Our office studied nine ( 9 ) single-family properties that sold in the immediate vicinity both before and after the installation of the wireless communications facility. For the most part, the dwellings were substantially similar or received minor updating prior to their respective re-sale. The results follow: 10 ADDRESS& SALE DATE SALE PRICE SALE DATE SALE PRICE YEARS PRICE PRICE MLS CHANGE SALE# TAX MAP# BEFORE BEFORE AFTER AFTER BETWEEN DATES DIFFERENCE % YEAR % EAR 1 1 FLINT LANE Jun-89 $126,000 Aug-98 $260,000 9.20 106% 11.52% 8.7 0200-448-5-24 2 5 FLINT LANE Apr-87 $134,500 Aug-95 $170,000 8.34 26% 3.12% 1.52 0200-448-5-26 3 8 FLINT LANE Dec-92 $129,000 Apr-03 $350,000 10.33 171% 16.55% 19.44 0200-448-5-31 4 9 FLINT LANE Jan-94 $141,500 Feb-02 $367,900 8.08 160% 19.800/0 24.14 0200-448-5-28 5 19 FOLSOM LANE Oct-89 $117,000 Dec-98 $275,000 9.17 135% 14.72% 10.28 0200-448-S-12 6 18 FAIRWOOD LANE Apr-92 $125,000 Feb-00 $310,000 7.84 148% 18.88% 18.59 0200-448-5-35 7 22 FAIRWOOD LANE Jun-94 $137,500 Oct-97 $212,500 3.33 54% 16.22% 16.22 0200-448-5-37 8 1 FILMORE AVE. Aug-94 $135,000 Dec-97 $214,000 3.33 59% 17.57% 16.87 0200-449-1-10 9 21 HARRISON AVE. Sep-94 $104,000 Aug-97 $155,000 2.92 49% 16.78% 15.55 0200-449-3-4 MEAN 15.02% 14.59 What we found was that in each case, the market appreciation of each property generally met or exceeded the overall market change for Coram as a whole. This leads the appraiser to conclude that the wireless communications facility did not lead to a devaluation of nearby property values. E. Monopole Antenna Site, Smithtown Landing Golf Course, 495 Landing Avenue, Smithtown, New York. A 75 'stealth monopole! was constructed on this municipal golf course in late 2009 . We researched the immediate residential neighborhood surrounding the golf course to see if the presence of the SiteTech communications facility had any adverse effect on residential real property sale prices situated therein. Utilizing GeoData, we examined residential sales prices for homes in the golf course' s immediate area (within a one-mile radius of the golf course) for the six month period preceding the date of the permit issuance for the existing facility (on or around October 9 , 2009 ) as well as the six month period postdating the approximate date of installation of the facility ( first six months of 2010 ) . A comparison of residential sale prices over said two time periods revealed a decline in sale prices of homes in the golf course' s immediate neighborhood of 4 . 45%. We then compared said price trend from the immediate neighborhood to the larger Smithtown community The monopole was later extended to 123' (AGL) in approximately 2014. 11 (experienced a 4 . 60% decline in value) as well as Suffolk County as a whole (experienced a 3 . 75% decline in value) . Recalling that the immediate area of the golf course and regional residential real estate markets were in the midst of a downturn, a comparison of the golf course' s residential neighborhood value trend was consistent with both the larger Smithtown community as well as Suffolk County as a whole. In light of the foregoing, it appears reasonable to conclude that the construction of the SiteTech communications facility at the golf course did not lead to a devaluation of the surrounding residential properties. F. Monopole Antenna Site, PSE&G (f/k/a National Grid) Operations Center, Montauk Highway, Bridgehampton, New York. A 120 '± monopole was erected at this center circa September 2000 ( later replaced with a newer, near identical monopole in mid 20001s) . The monopole houses several wireless carriers, with its antennas exposed on triangular platforms. This property is immediately opposite farm or preserve land, along the south side of Montauk Highway. Adjoining this land to its south and east is a newer subdivision known as West Pond Drive, which was created in the early to mid 2000 ' s and is comprised of 1 . 0± acre residential lots that are approximately 75% developed. The noted monopole to the north is mostly within view of these lots due to the generally open preserve or farmland ( see Figures 4 & 5 ) . Our staff analyzed sales data of building lots that have closed within this subdivision since year 2000. Each of the following building lot sales in the following table were involved in re- sales (as building lots) : ADDRESS& FIRST SALE FIRST SALE 2ND SALE 2ND SALE YEARS PRICE PRICE BRIDGEHAMP. SALE# TAX MAP# DATE PRICE DATE PRICE BETWEEN DATES GAIN/DECLINE % YEAR % Year 1 11 West Pond Dr, 11/17/00 $750,000 6/14/05 $1,650,000 4.58 120% 26.20% 20.06% 900-84-1-32.3 2 19 West Pond Dr. 11/24/00 $765,000 11/11/02 $991,000 1.96 30% 15.07% -0.190/0 900-84-1-32.6 3 29 West Pond Dr. 12/15/00 $1,200,000 6/24/05 $1,975,000 4.51 65% 14.32% 16.82% 900-84-1-32.11 4 38 West Pond Dr. 3/14/05 $1,350,000 6/15/12 $2,200,000 7.26 63% 8.67% 8.05% 900-84-1-32.16 Mean: 16.07% 11.190/0 The data indicates that the building lot sales in the subdivision, when resold, appreciated at a rate that was generally at or above 12 the overall market value change during the same respective date for all of Bridgehampton.2 This leads the appraiser to conclude that the presence of the 120 ' monopole did not appear to lead to a devaluation of the nearby building lot property values. Misr 7' Monopole � - r A`A: Figure 4: Birdseye View of PSE&G Center,Monopole, and nearby West Pond Drive, Looking East 2Data was compiled on sold residential properties sourced from GeoData Direct for the hamlet of Bridgehampton. 13 Figure 5: View of Monopole on PSE&G Center Looking North from West Pond Drive G. LIPA Transmission Pole (T-Mobile Site) , Westchester Drive & Estate Court, Rocky Point, New York. A 1251± LIPA transmission pole site was fitted with T-Mobile antennas and associated equipment in 2010, with an on-air date of 10/14/10. This site is located along a LIPA right-of-way that is bordered on both sides by single-family residential development. Sales of single-family homes within a 1/4-mile radius of the site were researched in the four years prior to, and after the on-air date ( 10/14/10 ) of the communications facility. We utilized GeoData Plus, LLC and the Multiple Listing Service ( "MLS" ) for our closed sales data. For the four years preceding the date of construction, the data shows 15 transactions of single-family residences within a 1/4-mile of the site closing at a median sales price of $335, 000±. In the subsequent four years to the on-air date, there were 11 transactions of single-family residences closing at a median sales price of $325, 000±, which represents a decrease in the median sales price of 2. 999. During the same time periods, we looked at overall single-family sales in the Hamlet of Rocky Point, Town of Brookhaven, as reported by MLS, which shows median sale prices fell 19 . 77%, with a "before" median sale price of $290, 000, and an "after" sale price of $234,500. In addition, #3 Estate Court (Suffolk Tax Map #200-74-7-7 ) , which abuts the LIPA right-of-way and is immediately south of the 14 transmission tower and T-Mobile site, sold 12/14/10 for $332, 000, just after the on-air date of the site. The home consists of a Hi-Ranch style residence on one-half acre. In researching Hi- Ranch/Raised-Ranch style homes sales in Rocky Point over the past 4 .5± years, only two such sales out of 39 sold at a higher sales price, one of which was a waterview residence. The presence of the LIPA Tranmission Tower communications facility (T-Mobile) , therefore, did not appear to lead to a devaluation in property values of the immediate surrounding residences located within a 4 mile radius, or of the abutting residence to the south of the site on 3 Estate Court. - Y LIPA/T-Mobile Pole C 3 Estate Ct. Birdseye Aerial View of LIPA Trasmission Pole w/Affixed T-Mobile Antennas, Located off Westchester Drive & Estate Court, Rocky Point 15 Conclusions In summary, we offer the following conclusions: - The proposed Communications Facility is appropriate for the Property given that the application involves the mounting of panel antennas within a Concealment Pole, with the affixing of a fire department whip antenna atop said structure, on a commercial-zoned parcel. In addition, the Concealment Pole and Compound with associated ground equipment will be located behind (to north) of an existing frame barn on the Property, thereby screening said Compound from Main Road and nearby residences. - The proposed Communications Facility is designed to accommodate additional wireless carriers in the future, thereby eliminating the need for further wireless structures in the immediate neighborhood of Mattituck. - The Property, with its primary masonry yard use, is well suited for the Communications Facility considering other factors and existing conditions that include proximity to an L. I.R.R. right-of-way and adjacent commercial uses such as an auto body shop, outside storage yards, water utility site, etc. - No correlation was found between the presence of wireless communication facilities and declining property values in the various monopole and lattice tower studies we reviewed or carried out on residential communities in Suffolk and Nassau Counties, including the East End. - The Applicants ' proposed Communications Facility, therefore, in consideration of the above and if approved, will not negatively affect property values in the surrounding area and will not have any adverse effect on the character of the neighborhood or the pattern of its development. 16 ADDENDA 17 Photographs Photo 1: View Looking North at Property from Main Road 44 Y Photo 2: View Looking South in Direction of Proposed Location of Communications Facility on Property 18 t air Barn Structure on Property Located Immediately South of Proposed Communications Facility Oros ME `", _ i■■ View of Sales Office/Shop, Facing North 19 Y. v r - C I�• V1 View of Masonry Bins at Northerly Boundary of Property — T.. E��� _ }�' -may_}�•E. - R V }S, .. J i —�,q�� m 1 T _ I Photo 6: View of L.I.R.R. Abutting to North of Property ao 15 Photo 7: View of Adjacent Storage Yard to East of Property Photo 8: View of Adjacent Storage Yard to West of Property 21 t Photo 9: View of Suffolk County Water Authority Easement (evergreen ground cover) and Auto Body Shop Adjacent to East of Property on Main Road F ' M1 Photo 10: View of Bicycle Shop Adjacent to West of Property on Main Road t sem '•MFxf'• 4j*a( ?.. r�'S^ - ,t 44 `_.' RR + 7ty • ^ may. � ke 71.w WF, w sem''f�. . � ••° � . � y 91. P-I . Sc- 23 I� * 4 GNio Photo 13: Gasoline Service Station and Mini Mart Located Diagonally Southeast of Property on Main Road Photo 14: Main Road Facing East I g r �• h ��� '_'�-'+, _� 5 �. -� of` ,� ,F + -��tiy.• --_ 1 To main-Rd ^L- x Fit .7044 Main Rd r,q-���•� . ab)) 241$coogle •--� :53 ft III 11 ' I r II ' 11 1 1 25 Engineering Drawing LU fp. cmc eb go Ica d cl 4� 14, 26 �� S��a 27 12 a i OiN M U1, SS E�y 1c;L fy b �; 4 3 3 � �3 ��� �#� a�: F� a E�9 � b ; � L fiv 9 Is -�, -02 Vll IV i lit. 28 A JF1 z v, 0 ;7 CN 1H AY4 f i I Win ?p ! 6A St J bc ti.- ht hit OR) CID ELI; .c.F! zj egfiF - ----------- If 29 i 'T ;,I 0 Z Nid' Lu Lu WH mor of Lu IT JY a S2 in oo zs 4c 30 CERTIFICATION I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3 . I have no present or prospective interest in the Subject property or personal interest or bias with respect to the subject matter of the report or the parties involved. I have performed no services as an appraiser, or in any other capacity, regarding the subject property within the three-year period immediately preceding the acceptance of this assignment. 4 . my engagement in this assignment was not contingent upon developing or reporting predetermined results . 5 . my compensation for completing this assignment is not contingent upon the development or reporting of 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. 6 . I made a personal inspection of the property, which is the subject of this report, on June 22 , 2018 . 7 . no one provided significant professional assistance to the person signing this report. r Michael J. Lynch 31 ASSUMPTIONS AND LIMITING CONDITIONS This report has been made with the following general assumptions: 1 . No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2 . The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 3 . All engineering is assumed to be correct. The plot plans, drawings, and illustrative material in this report are included only to assist the reader in visualizing the property. 4 . It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. The report has been made with the following general limiting conditions: 1 . The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for the unauthorized use of this report. 2 . 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 by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 3 . The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4 . Neither all nor any part of the contents of this report shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 32 Michael J. Lynch Certified N.Y.S. General Real Estate Appraiser #46-1012 QUALIFICATIONS Real estate appraiser since 1981. President of Lynch Appraisal Ltd.,located at 15 Dewey Street,Huntington,New York 11743. Appraised various types of real property on Long Island, New York City and Westchester County including multi-family dwellings,apartment buildings, commercial property,factories,warehouses,R & D buildings,office buildings,large residential estates,residential and commercial subdivisions, boat yards,and special- use properties. Prepared appraisals for use in estates,estate planning,feasibility studies, condemnation proceedings,tax certiorari,and matrimonial matters. Specialized in testimony such as area or use variances for properties. Applications have included proposed wireless communications sites,fast-food establishments, convalescent homes, service stations,convenience stores,multi-family residences, new construction,etc. Appeared as Expert Witness: Nassau County Supreme Court. New York Supreme Court. Town of Babylon Zoning Board of Appeals. Town of Babylon Planning Board. Town of Babylon Town Board. Town of Brookhaven Board of Zoning Appeals. Town of Brookhaven Planning Board. Town of Brookhaven Town Board. Town of Huntington Zoning Board of Appeals. Town of Huntington Planning Board. Town of Huntington Town Board. Town of Islip Town Board. Town of Islip Planning Board. Town of Riverhead Planning Board. Town of Riverhead Board of Zoning Appeals. Town of Shelter Island Zoning Board of Appeals. Town of Smithtown Board of Zoning Appeals. Town of Smithtown Town Board. Town of Southampton Planning Board. Town of Southold Zoning Board of Appeals. LYNCH APPRAISAL LTD. 33 Appeared as Expert Witness (cont.): Town of Southold Planning Board. Town of Oyster Bay Zoning Board of Appeals. Town of Oyster Bay Town Board. Town of North Hempstead Board of Zoning Appeals. Town of Hempstead Board of Zoning Appeals. Town of Hempstead Town Board. Town of Shelter Island Zoning Board of Appeals. Village of Bayville Zoning Board of Appeals. Village of Brookville Board of Zoning Appeals. Village of Cedarhurst Board of Zoning Appeals. Village of Cove Neck Zoning Board of Appeals. Village of East Hills Zoning Board of Appeals. Village of East Rockaway Board of Appeals. Village of Farmingdale Board of Trustees. Village of Farmingdale Planning Board. Village of Floral Park Board of Trustees. Village of Freeport Planning Board. Village of Freeport Board of Zoning Appeals. Village of Garden City Zoning Board of Appeals. Village of Garden City Board of Trustees. Village of Garden City Planning Commission. Village of Great Neck Plaza Board of Trustees. Village of Great Neck Estates Zoning Board of Appeals. Village of Hempstead Zoning Board of Appeals. Village of Hempstead Personal Wireless Services Facilities Review Board. Village of Lattingtown Zoning Board of Appeals. Village of Laurel Hollow Board of Zoning Appeals. Village of Lawrence Zoning Board of Appeals. Village of Lynbrook Board of Trustees. Village of Malverne Board of Trustees. Village of Massapequa Park Zoning Board of Appeals. Village of Matinecock Zoning Board of Appeals. Village of Mill Neck Board of Zoning Appeals. Village of Mineola Board of Trustees. Village of Munsey Park Board of Trustees. Village of New Hyde Park Board of Trustees. Village of New Hyde Park Zoning Board of Appeals. Village of North Hills Zoning Board of Appeals. Village of Muttontown Board of Trustees. Village of Muttontown Board of Zoning Appeals. Village of Old Brookville Zoning Board of Appeals. Village of Old Westbury Board of Zoning Appeals. Village of Oyster Bay Cove Board of Zoning Appeals. LYNCH APPRAISAL LTD. 34 Appeared as Expert Witness (cont.): Village of Oyster Bay Cove Board of Trustees. Village of Oyster Bay Cove Planning Board. Village of Port Washington North Zoning Board of Appeals. Village of Rockville Centre Zoning Board of Appeals. Village of Roslyn Board of Trustees. Village of Roslyn Harbor Zoning Board of Appeals. Village of Sands Point Board of Zoning Appeals. Village of Sea Cliff Zoning Board of Appeals. Village of Upper Brookville Board of Trustees. Village of Upper Brookville Zoning Board of Appeals. Village of Valley Stream Board of Zoning Appeals. Village of Westbury Board of Trustees. Village of Westbury Zoning Board of Appeals. Village of Williston Park Board of Trustees. Village of Williston Park Zoning Board of Appeals. Village of Asharoken Zoning Board of Appeals. Village of Huntington Bay Zoning Board of Appeals. Village of Islandia Board of Trustees. Village of Lloyd Harbor Board of Trustees. Village of Lloyd Harbor Planning Board. Village of Lloyd Harbor Zoning Board of Appeals. Village of Northport Board of Zoning Appeals. Village of Northport Board of Architectural & Historic Review. Village of East Hampton Zoning Board of Appeals. Village of Lindenhurst Zoning Board of Appeals. Village of Lake Grove Zoning Board of Appeals. Village of Bellport Board of Trustees. Village of Patchogue Planning Board. Village of Port Jefferson Board of Trustees. Village of Quogue Zoning Board of Appeals. Village of Southampton Planning Board. Village of The Branch Zoning Board of Appeals. Village of Head of the Harbor Board of Trustees. Village of Westhampton Beach Board of Trustees. City of Glen Cove Planning Board. City of Glen Cove Zoning Board of Appeals. City of Long Beach Zoning Board of Appeals. LYNCH APPRAISAL LTD. 35 PARTIAL LIST OF MUNICIPAL CLIENTS Town of Oyster Bay (Office of Town Attorney) Town of N. Hempstead (Community Development Agency) Village of Muttontown Village of Centre Island Village of Upper Brookville Locust Valley Water District EDUCATION Hofstra University,Hempstead,New York: BBA - Management (1983); MBA - Banking & Finance (1991). TECHNICAL TRAINING Appraisal Institute Real Estate Appraisal Principles - Exam#IA-1. Basic Valuation Procedures - Exam#IA-2. Capitalization Theory and Techniques,Part A,- Exam#113-A. Capitalization Theory and Tech. Part B,- successfully challenged Exam#1B B. Case Studies in Real Estate Valuation - successfully challenged Exam#2-1. Standards of Professional Practice,Part A (USPAP) - Exam#1410 Standards of Professional Practice,Part B - Exam#II420 7-Hour National USPAP Update Course (Sept. 23,2016) LYNCH APPRAISAL LTD.