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Home My WebLink AboutAppraisal ............... APPRAISAL,REPORT OF REAL PROPERTY LOCATED AT 16,45 BOISSEAUAVENVE SOUTHOLD,TOWN OF SOUTHOLD SUFFMCOUNTY, NEW YORK DISTRI jET11,000,SECTION.5.5., BLOC. K,5, LOT,17 OWNED.BY QUAD ENTERPRISES C0.9p LLC PROPERTY TYPE., PARCEL OF VACANT LAND PREPARED FOR MELISSASPIRO, LAND PRESERVATION C. ORDINAT911: TOW.NOFS,OUTH.OLD DEPARTIViENT OF LAND.'PR ESERVATION TOWN' ANNEX 54315 STATE,ROUTE 25 PO BOX 1179 sbUTHOI.b. NEWYORK-11.9171-0959 VALUATION DAfIE:.jANUARY 2,2023 DATE'OF REPORT:JANUARY'%2023 TILE 423011. PREPARED BY LAWRENCE INDIMME CONSULTING -CORP RE AL ESTATE APPRAISALS AND CONSULTING 18 BAILEY LANE MA.NO" RVI'LLE Y"l' 1,9'4'9'* MbNE-(6"k)979,-.2735 TABLE OF CONTENTS PAGE LETTER OF TRANSMITTAL 1 CERTIFICATION 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 5 LOCATION MAP 6 TAX MAP LOCATION 7 SUBJECT PHOTOGRAPHS 8 ASSUMPTIONS AND LIMITING CONDITIONS 15 PART 1 GENERAL INFORMATION A. FUNCTION AND INTENDED USE OF APPRAISAL 18 B. PURPOSE OF APPRAISAL 18 C. IMPORTANT DEFINITIONS 18 D. APPRAISAL SCOPE 21 E. LEGAL DESCRIPTION 23 F. REGIONAL DATA 24 G. TOWNSHIP DATA 26 H. NEIGHBORHOOD DESCRIPTION 28 I. OWNERSHIP AND SALES HISTORY 29 PART 2 VALUATION A. PROPERTY DESCRIPTION 30 B. ZONING 31 C. ASSESSED VALUE AND TAXES 32 D. HIGHEST AND BEST USE 33 E. THE APPRAISAL PROCESS 37 F. SALES COMPARISON APPROACH 39 G. VALUATION SUMMARY 80 PART 3 ADDENDA SUBJECT DEEDS 81 TABLE OF DIMENSIONAL REGULATIONS 92 HALO MAP SOING SUBJECT 95 SUBJECT LISTING 96 TOWN & COUNTRY MARKET DATA SUMMARY 99 APPRAISERS' QUALIFICATIONS & CLIENT LIST 100 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING LAWRENCE INDIMINE CONSULTING CORP REAL ESTATE APPRAISALS AND CONSULTING 18 BAILEY LANE MANORVILLE,NY 11949 (631)979-2735 Fax:(631)406-7791 E-mail:indimineappraisalsPyahoo.com January 9, 2023 Melissa Spiro, Land Preservation Coordinator Town of Southold Department of Land Preservation Town Hall Annex 54375 State Route 25, PO Box 1179 Southold, NY 11971-0959 Re: Appraisal of Real Property of Quad Enterprises Co., LLC Located 1645 Boisseau Avenue, Southold, NY S.C.T.M. #1000-55-5-17 File#23011 Dear Ms. Spiro: As per our agreement, I have prepared an appraisal report estimating the fee simple value of the above referenced real property. The appraisal purpose is to estimate the market value of the subject parcel in fee simple interest in contemplation of its acquisition by the Town of Southold. The valuation is based on market conditions as of January 2, 2023,the last date of inspection. The subject consists of a parcel of land having an area of 31.35±acres. The subject parcel has 14±' of road frontage along the south side of CR 48, 563±' of frontage along the easterly side of Railroad Avenue, and 557±' of frontage along the westerly side of Boisseau Avenue. The subject property is lightly wooded and has a gently rolling topography. The subject property is zoned R-80 Residence,which permits, primarily, a residential use on lots having a minimum size of 80,000 SF. The parcel is located in Zone IV of Suffolk County Sanitary Code Article 6.This designation requires connection to a sewage treatment system on lots smaller than 20,000 SF. The subject is not located in a flood zone and does not appear to contain any adverse easements or encroachments. In addition,the subject is located in the Town of Southold HALO zone. As per the Towns website, "the idea behind adoption the HALO Zones in each hamlet was to identify areas for growth. There are no formal designations or special zoning associated with the HALO zones at this time, except for the Light Inclystrial district which allows limited retail in that zone when located within a HALO zone (see Town Code Section 280-62 B (9)." 1 �- LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING i melissa;Spiro, Land Preservation Coordinator January 9,2023 R Note that a small portion of the subject along CR 48 is zoned Business B. This area is !. small and does not affect the site's use.and utility: i cussiohi ,with l rbk&s and owners of competing properties suggest a reasonable exposure time would be six to.twelve months, both before and.after the.encumbrance.with the s proposed Conservation Easemdnt/sale.of development'.rights. ReasonWedxp.osure tir-ne N the estimated,length.of time a property would have been on the.,enzieket prior'to a hypothetical consummation of a sale'at market value on the effective valuation date. i As:of the date:af'this appraisal,the:region is,impacted by an outbreak of a virus named t "BARS-CoV-2" and the disease it causes has been named "cororiavirus disease 2019" (abbreviated"COVII)491 The'economic impOctof this pandernic is.not yet known. Research is.ongoing and the.direct impact of the pantlernic'is not yet measurable. The value conclusions presented in this appraisal consider extraordinary assumption that:the existing researches reflective of current market conditions. Note thdtY as of the date of this report,and since approximately September.8,2022, Suffolk.County has been-the victim of a ransomware.attack. Many publi"c.•services Kaye been interrupted and.i am;unable to access essential resources provided by the Caurity, as they-are not available: The appraisal is made subject to the extraordinary:assumption that the information contained in this report I's occurate. in consideration.of the location,character, and property type, and subject to the I` Limiting Conditions and Contingencies.contained,herein, it is my opinion ihat'the market value of the.subject:prop:erty,as of January 2,2023; is: t THREE MILLION THREE HUNDRED7HOUSAN101, 0LLAR5 ($3 uo,00,0 �i The 8ppra.isal report;which in'cl_Udes a descriptive summary of the property,'a discussion ofthe.valMlon process, and sul stantiatian'-of the;value estimate;fol'I6Ws;herewith,This. appraisal is prepared in accordance and in ccinfo,rmity with the fOe Oirements ofthe.Uniform Staridardsof Professional.Appraisal Practice (USPAP) of the Appraisal Foundation, as mandated by the Financial lristitutions Reform, Recovery,and;Enforcenient,Act of.1989 (FIRREA), it has been a pleasure to;be of;servi.ce to yo.0 in this capacity. Should you require. any, additional".information on this matter; please feel free to.contact me at your convenience. Respectfulf" su fitted, 1 ,• rg a fVl: In. iimihe N.Y.S. Certified General Real Estate Appraiser#46-21925. t ` LAWRENCE INDIlVIINEWNSULTI.NG.CORP.: 2 REAL ESTATE APPRAISALS AND CONSULTING. i E CERTIFICATION I certify that,to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of,this report. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, as mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). - Lawrence M. Indimine made an inspection of the property that is the subject of this report and made an exterior inspection of all the comparable market data listed in this report. No one provided significant professional assistance to the person signing this report. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. This appraisal assignment was not based on a requested minimum valuation, a specific valuation or approval of a loan. I LAWRENCE INDIMINE CONSULTING CORP.. REAL ESTATE APPRAISALS AND CONSULTING n e c c i_ CERTIFICATION (CONTINUED): f' I > E - I have not provided ser"vices of any kind at the subje.c"t property-during the-5=y6ar period, prior to the date of this appraisal. I have extensive experience In the appraisal of;sirriilar properties: j Note'that; as of the date of this repoit;_and"since appr"oximately'$eptemb& .2022, Siiffblk County has.been the Wetirn.of a ransomware atta& -Rany-public,sery ces have" been interrupted and I.am unable.to.access essential resources proyided.bythe County; as theyare not available. The appraisdI is made subject t6,tlie,extra6,rdinary:assumpti6tI that".the information eoritained in this:report is accurate: i Base the factors developed in this,report and the,exercise of my professional "judgment,:it is my opinion that the market vajue of thesul�ject, as,ofJanaary,2, 023,th.e F date of inspection, is: THREE MILLION THREE HUNDRED TH'6uSAND DOLLARS' ($3,300,000) i, k � La Indimin"' N.Y-S.Certified General !° Real.Estate*.Appraiser#46-219.25 g. f e gy H I " t I LAWRENCE IN0iMINE CONSULTINGCORP.. REAL,ESTAT APPRAISALS AND CONSULTING, € SUMMARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY LOCATION 1645 Boisseau Avenue, Southold,Town of Southold, Suffolk County, New York PROPERTY TYPE Vacant land zoned for a residential use. OWNER Quad Enterprises Co., LLC LAND SIZE 31.35±acres PROPERTY RIGHTS APPRAISED - Fee Simple ZONING R-80 Residential TAX MAP IDENTIFICATION 1000-55-5-17 HIGHEST AND BEST USE To be subdivided and developed for a residential use in accordance with its existing zoning VALUATION DATE January 2, 2023 DATE OF REPORT January 9, 2023 VALUE CONCLUSION $3,300,000 EXPOSURE TIME Estimated at 6 to 12 months LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 5 25 I � .:.m,,..-.•,:"�..W.� �t �b A"� ��Hrii�Fiarsa�aartttci: �� Pond'.. " MW Parr LIM • �tr -Jm lr°OR4 :: uoraurxs€ao Yj.- ' 49 South$a,,' Poairf; 9� t\ 2r�s Soy A E:S Eandin zKI ell fruliatj i✓a- um, �€€1.:2FtutU I a• r GREAT ROG riles SAYVIC fl a 2 x 10,4 2 a 1.0A(c) a � j48 n 11 ns 1.2 Ap 20.5A °a Im _ wt (TOWN Of SOUTHOLD d _ 0fl IST + ' S OEVELOPMENTRIGHM 9 @31 +16� y 14 a 25 s ra a a 13 1sP 10 11 ry 12 ,� NNEco-(t +7 Im N S" u 'm ys 5 fi let yre 24.2 7.4A(c) - 2 & pl) (TOWN OFSOfffHOID of a 1 9A +sa sra OEVEl.OPMENTRlGf/iS7g,. ^"10P1�1 un y "l 19.1A s A Sn In 15A4 n (TOWNOFSOUTHOLO Oa OE151OPMENTWGHTS) Fl 1g11 ,P r 15y4',G�9 �A 1. M� Y a •S \-� 152 +w ym s., 159 s 152g Z3 C a 12, 4N m 6 1528 15?, -0 g b 0 24 a cl +10 c 1 a.a 15. ,e oa Q Ps ym n a 9, +es \ d 41 v w 13 p$ 11 yp a of 15.3 a 6n w yy Nn 0u staff • ~� 'k` N M w a �+ 1 p� � z'J lee a _ 15¢ Pt ISn [bl p „& 15g0 39 1g3`Gl GQ-' G\ G i.0 OR, z LSS S4N G pnea a M 215? ,.a ills) J 3 0 .4 �7jycl $}3 :at 1 1i 15�5 15.34 1\\ sNO '14-_1 M ss 5 `° c OR A541 15.40 \p15+.v �so tL +o zo+ ym cnl a 15.37 15.38 tTt us 40 ya ��sw 0o'r^I�D�y3E SAA16 5 1o.1A pG L;fry�s) 4yN ym je �t tt c 18 I51 0 n+ m 31AA sw o 1.5A(c) 8 5 s 19w 25 S 26 9 27 y�a 23 �Vg21 0 324 24 Y, 3.1 m3 ' l ' bWN OFSOUTHOID FOR PCL NO. v'n YFJDPMENTRIGNTS) tt • SEESEC.NO. 22 055.05-017 s sway +v a 12 a xy x s 1 ysi TOM OF SOUTHOLO 12 VATERAIRHO� � O 10.BA(c) DO ,., cCn \ 25.3 s 1.� .g' (11 0 (tl \\ 2.3A §2 3 \\ 3.OA(c) r P o s �F`;P, s � 82 w w b1 ys \ t4 q MA O �,y6 g 2 (TOWNOFSOUTHOID 1 rr0ln t2A(Gw (TIGHTS) ,zo A OEVL3.OPM1LENiRIGNTs) A 4A � � 3 • y`o ,�' +35 36 9 �.y1 m •p��cl b ti1�'y. Ow` 7.7A(c) 11p d 1gP •y 8 qe ss dy 10 1 +a .B FOUNDERS VILLAGE CONOOMMUM ' G� a `Gl 9 ^° 25 1.BA(c sECTON 3 >, ,n $ ° pJE s �" 1.BA( (COMMONARF) Sto $ g'.P` &R' va 1p4 ,p ^ S� M 1.9A(C) 31' (FOR UNITS SEE '�+ $ 1p +1 Q.� 6,� ?• SEC.NO.U63,01) ,Tb q Al p 9 y t b 14.2A(c) M FOVNOF125 VIllAGE CONDOMINIUM t 3 SECTON2 SA (COMMON AREA) \� Tax Map Location j J 7 SUBJECT PHOTOS Aerial of Subject Obtained from Town of Southold ArcGIS Website tit, fie ow. # «;,• ' el At o � � x , LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SUBJECT PHOTOS Map of Subject Obtained from Southold ArcGIS Website Showing USGS National Map Overlay q (+ Y.y1Y WM t 1 d gY P � Fl a s B LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING Off FA �0,1 ,may !I! ¢tJPrx v l! r ��fl �y ' • f • ��.,1C o �.v,,. . �X�� a�,� �rit � v r f f • ' SUBJECT PHOTOS Subject gong CR 48 � \A. . . . . � . . +°� ( ( Railroad Avenue Facing North '\&f - � � �� ate». { � ) ( i ! ( — � ( LAWRENCE INDIMINECONSULING CORP i 2 REAL ESTATE APPRAISALS AND CONSULTING 1 A ' t X t� e g 3S A � � � PT ✓ a � k � i SUBJECT PHOTOS Boisseau Avenue Facing South r s , CONSULTING CORP. 14 REAL ESTATE APPRAISALS . CONSULTING ASSUMPTIONS AND LIMITING CONDITIONS 1. The information identified in this report as being furnished by others is believed to be reliable, but no responsibility for its accuracy is assumed. Information from personal inspection and investigation is believed to be correct by us. The file relating to this report is in my office, 18 Bailey Lane, Manorville, New York, and is available to person or persons to whom this certificate is issued. 2. Responsible and competent ownership, management and marketing are assumed. All mortgages, liens, encumbrances, leases and servitude have been disregarded unless so specified within the report. 3. It is assumed that title to said premises is good, and that there are no restrictions as to its use, and that the description of the premises correctly designates the boundary lines. No survey of said property has been inspected by the appraiser(s) unless mentioned in the report, or a copy of same is presented in the report, and the appraiser(s) have made no survey of the property and assume no responsibility in connection with such matter. 4. The appraisal is of the date specified and covers the premises described only. 5. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the author, particularly as to the valuation conclusions,the identity of the appraiser(s) or firm with which they are connected, or any reference to the Appraisal Institute. 6. The values for the land and improvements, if any, contained in this report are constituent parts of the total value reported, and neither is to be used in making a summation appraisal by combination of value created by another appraiser. Either is invalidated if so used. The current purchasing power of the dollar is the basis for the value reported. 7. The appraiser(s) herein, by reason of this appraisal, shall not be required to give testimony or attendance in court or at any governmental hearing with reference to the property in question, except as agreed upon at least thirty (30) days prior to such date. I reserve the right to consider and evaluate additional data that becomes available between the date of this report and the date of trial, if applicable, and make any adjustments to value that may be warranted. No testimony will be rendered unless the entire appraisal fee has been paid. Further, all testimony will be subject to expert witness fee previously approved by the appraiser(s). 8. This appraisal is presented as a complete, bound report, and may be considered valid only so long as it is presented in its entirety and all pages listed in the Table of Contents are present, and the appraiser(s) signature is included. LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING ASSUMPTIONS AND LIMITING CONDITIONS 9. No environmental impact studies were either requested or made in conjunction with this appraisal report. The appraisers,thereby, reserve the right to,alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research or investigation. 10. The appraiser(s) has not been furnished with soil or subsoil tests. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions, or, if any do exist,they can be-or have been corrected through the use of modern construction techniques at a reasonable cost. 11. The legal description used in this report was furnished to us by My client and is assumed to be correct. Legal counsel has not verified it, nor have I commissioned a survey of the parcel. Therefore, I suggest that this legal description be verified before being used in a legal document or conveyance. 12. 1 have not performed or reviewed a title search of the subject property. I assume that there are no liens against the property that would impact its value, unless,otherwise noted in this report. 1 13.The appraiser shall retain ownership of all reports and all original documentation, field notes, memoranda, data and the like made, or assembled in and about the preparation of the report. No one other than the client may rely on or utilize the report without the appraiser's expressed written consent. 14. No responsibility is assumed in connection with a survey or for encroachments or overlapping or other discrepancies that might be revealed thereby. Any sketches included in the'report are only for the purpose of aiding the reader in visualizing the property and are not necessarily a result of a ' survey. 15. Any and all findings, predictions, assumptions, conclusions and the like contained in the report are the appraiser's professional opinion and are not assurances that future events or circumstances set forth herein will necessarily occur. 16. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws, unless noncompliance is stated, defined, and considered in the appraisal report. 17. The comparable sales data, if any, relied upon in this report is believed to be from reliable sources, however,thorough inspection and first-hand knowledge are not available for all sales, and it was necessary to rely on information furnished by others as to physical and economic data. Should any of this information be misrepresented to my firm, or be in error, it may have an effect on value. LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 16 l ASSUMPTIONS AND LIMITING CONDITIONS 5 18. 1 have not been advised of the existence of any adverse environmental features or significant archeological findings at the subject. Should the subject contain any of these conditions,the valuation conclusion set forth in this appraisal may have to be reconsidered. 19. It is assumed that the information relating to the location of or existence of public utilities that has been obtained through a verbal inquiry from the appropriate utility authority, or has been ascertained from visual evidence is correct. No warranty has been made regarding the exact location or capacities of public utility systems. 20. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property,together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the property value. Since the appraisers have not direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 21. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Underlying Assumptions and General Limiting Conditions. The appraisers' duties, pursuant to the employment to make the appraisal, are complete upon delivery and acceptance of the appraisal report. However, any corrections or errors should be called to the attention of the appraisers within 60 days of the delivery of the report. 22. Unless otherwise noted in this appraisal report, no consideration in the valuation process has been given to sub-surface rights such as minerals, oil, water, etc.that may be found on the property. 23. The appraisers reserve the right to alter opinions of value contained in this appraisal on the basis of information withheld or not discovered in the normal course of a diligent investigation. LAWRENCE INDIMINE CONSULTING CORP. �, REAL ESTATE APPRAISALS AND CONSULTING PART 1 GENERAL INFORMATION A. FUNCTION AND INTENDED USE OF APPRAISAL The function of this appraisal is to assist the Town of Southold in determining the value of the subject's fee simple interest in contemplation of acquisition. This report is not intended for any other use. This report is intended for use by the client,the Town of Southold. Use of the report by others is not intended by the appraisers. B. PURPOSE AND DATE OF APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property, under market conditions prevailing on January 2, 2023. The last inspection of the subject property was January 2, 2023;the valuation date is January 2, 2023; and the date of this report is January 9, 2023. C. IMPORTANT DEFINITIONS MARKET VALUE The purpose of this appraisal assignment is to determine the Market Value of the subject property. Market Value is defined by The Dictionary of Real Estate Appraisal, 71h Edition, Appraisal Institute, as "The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms,for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." Market value is defined in the Uniform Standards of Professional Appraisal Practice (USPAP, 2020-2022 Edition) as "a type of value, stated as an opinion,that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal". LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING C. IMPORTANT DEFINITIONS (CONTINUED) FEE SIMPLE ESTATE The value estimate for the subject reflects the rights in fee simple estate defined by The Dictionary of Real Estate Appraisal, 7th Edition, Appraisal Institute, as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat." EXPOSURE TIME This is the estimated length of time the property remains on the market. It is further defined in The Dictionary of Real Estate Appraisal, 7th Edition, Appraisal Institute, as: 1. The time a property remains on the market. 2. An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. (USPAP, 2020- 2021 ed.) The current edition of USPAP (2020-2022 ed.) defines exposure time as "an opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal." LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE:APPRAISALS AND CONSULTING C. IMPORTANT DEFINITIONS (CONTINUED) HYPOTHETICAL CONDITION Hypothetical Condition is defined in The Dictionary of Real Estate Appraisal, 71h Edition, Appraisal Institute, as: 1. A condition that is presumed to be true when it is known to be false. (SVP) 2. A condition, directly related to a specific assignment,which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2020-2021 ed.) EXTRAORDINARY ASSUMPTION The Dictionary of Real Estate Appraisal, 7th Edition, Appraisal Institute, defines extraordinary assumption as "an assignment-specific assumption ss of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Comment: Uncertain information might include physical, legal, or economic characteristics of the subject property, or conditions external to the property, such as market conditions or trends, or about the integrity of data used in an analysis. (USPAP 2020-2021 ed.)" LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING D. APPRAISAL SCOPE In preparing this appraisal: - Lawrence Indimine made an inspection of the subject located at 1645 Boisseau Avenue, Hamlet of Southold,Town of Southampton, County of Suffolk, State of New York. It is identified on the Suffolk County Tax Map as District 1000, Section 55, Block 5, Lot 17. The purpose of this appraisal is to determine the fee simple interest value of the subject property for the client,the Town of Southold, in contemplation of acquisition. The subject consists of a parcel of land having an area of 31.35±acres. The subject parcel has 14±' of road frontage along the south side of CR 48, 563±' of frontage along the easterly side of Railroad Avenue, and 557±' of frontage along the westerly side of Boisseau Avenue. The subject property is lightly wooded and has a gently rolling topography. The subject property is zoned R-80 Residence,which permits, primarily, a residential use on lots having a minimum size of 80,000 SF. The parcel is located in Zone IV of Suffolk County Sanitary Code Article 6.This designation requires connection to a sewage treatment system on lots smaller than 20,000 SF. The subject is not located in a flood zone and does not appear to contain any adverse easements or encroachments. In addition,the subject is located in the Town of Southold HALO zone. As per the Town's website, "the idea behind adoption the HALO Zones in each hamlet was to identify areas for growth. There are no formal designations or special zoning associated with the HALO zones at this time, except for the Light Industrial district which allows limited retail in that zone when located within a HALO zone (see Town Code Section 280-62 B (9)." The Appraisal Problem is to estimate the highest and best use of the subject, and to then estimate its market value in accordance with the highest and best use. In determining the value of the subject, I will use the Sales Comparison Approach to Value. Neither the Cost Approach nor the Income Approaches to Value are considered reliable techniques for the valuation of residential land in the subject area. I gathered market data on recent comparable land sales through use of the Multiple Listing Service, GeoData Direct,SalesWeb and my files. The search for sale data included Southold, as well as surrounding communities deemed competitive. LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS-AND CONSULTING D. APPRAISAL SCOPE (CONTINUED) The current owner is considering selling the subject parcel to the Town of Southold. Confirmed and analyzed the market data and considered the three valuation approaches; the Cost Approach,Sales Comparison, and the Income Approach. In estimating the market value, I have relied on the Sales Comparison Approach. As the subject is mostly vacant land,the Cost Approach is not applicable. Residential properties similar to the subject are not normally bought and sold for prices that reflect their return on investment;therefore, the Income Approach to Value was not prepared. This is an Appraisal Report estimating the value of the subject for the information and use of the client,the Town of Southold. This report is not intended for any other purpose. The scope of this appraisal assignment included making an inspection of the property, determining, collecting and confirming the necessary and pertinent market data needed to report my conclusions, analyzing the data, and reporting these findings in a logical manner. The subject deed, Suffolk County Tax Map and maps furnished by the Town of Southold were relied upon for land sizes, and other factual data. Information pertaining to the real estate taxes was obtained from the Southold Town Assessor and Suffolk County Treasurer; zoning information was obtained from the Southold Town Planning Department. In analyzing the highest and best use of the subject, I conducted extensive market research. Market research covered transactions over the last several years in eastern Suffolk County. - The appraisers lack knowledge and experience with respect to the detection and measurement of hazardous substances. Therefore, this assignment does not address the presence or absence of such substances, as discussed in the Assumptions and Limiting Conditions section. However, any visual or obviously known hazardous substances affecting the property will be reported and an indication of its impact on value will be discussed. LAWRENCE INDIMINE CONSULTING CORP. 22 REAL ESTATE APPRAISALS AND CONSULTING D. APPRAISAL SCOPE (CONTINUED) The appraiser has completed numerous appraisals of vacant land in excess of 10 acres in size in the eastern half of Suffolk County during the last ten years. In addition,the appraisers have prepared in excess of 400 appraisal reports estimating the value of development rights or the value of a conservation easement on parcels throughout Suffolk County. E. LEGAL DESCRIPTION The subject parcels are identified on the Suffolk County Tax Map as follows: District Section Block Lot 1000 55 5 17 1 have included, in the Addenda to this report, a copy of the Suffolk County Tax Map showing the subject parcels. LAWRENCE INDIMINE CONSULTING CORP. 23 REAL ESTATE APPRAISALS AND CONSULTING F. REGIONAL DATA The project is located within the County of Suffolk on Long Island. Long Island is situated in the southeasterly portion of New York State. It is bounded by the Long Island Sound to the north, by the East River to the west and the Atlantic Ocean to the south and east. The south shore of Long Island is paralleled by barrier beaches,which create bays between the south shore of the Island and the waters of the Atlantic Ocean. Long Island is the largest island adjoining the continental US. The Island is approximately 120 miles long and 20 miles wide at its widest point with 1,180 miles of shoreline (LIPA). Native Americans called Long Island Paumanok, or fish-shaped, in reference to the island's configuration. At Riverhead,the Island forms two peninsulas ending at Montauk Point on its southerly shore and Orient Point on its northerly shore. Peconic and Gardiners Bays separate the two forks and are where Shelter Island and Gardiners Island are located. Long Island (Nassau-Suffolk) contains about 1,200 square miles with a population of approximately 2.86 million (LIPA). Long Island's median household income ranks among the highest in the country. Suffolk County occupies the easterly two-thirds of Long Island. It is 86 miles in length. The County contains 929 square miles. The Long Island Power Authority (LIPA) estimates the County's population, as of January 1, 2011, at 1,492,450 persons. According to the Long Island Index,Suffolk County is 22nd on the list of the most populous counties in the US. Suffolk County is situated within the boundaries of what is typically referred to as the Nassau-Suffolk Standard Metropolitan Statistical Area (SMSA). With respect to total land area, Suffolk County is the largest section in the SMSA region. Its boundaries remain the same as when it was created as one of New York State's original 12 counties in 1683. It is comprised of a total of ten townships with thirty incorporated villages, as well as the Poospatuck and Shinnecock Indian Reservations. A network of federal, state and county highways connect Suffolk County with neighboring Nassau and New York City. The Southern and Northern State Parkways and the Long Island Expressway are major east/west arteries. Suffolk County's main airport, Long Island MacArthur Airport in Islip, provides passenger jet service to several major international LAWRENCE INDIMINE,CONSULTING CORP. 2� REAL ESTATE APPRAISALS AND CONSULTING F. REGIONAL DATA(CONTINUED) airports. The Long Island Rail Road has three main lines through Suffolk County which provide passenger service from Montauk Point to New York City, as well as freight lines. Ferries at Orient Point and Port Jefferson link Suffolk County with the state of Connecticut., Suffolk County has long been recognized as one of the nation's premier suburban areas, with an unemployment rate which generally remains below city and state levels. This can be attributed not only to the employment opportunities provided by the New York City metropolitan area, but also to private sector jobs among existing businesses within the County and the high quality of the work force. The County offers a wide, diversified range of employment opportunities for its residents. The leading employment sectors include services, retail, government, manufacturing, and financial services which include real estate and insurance. The greatest employment growth in the past five years has been in education and health care (Long Island Index). Major employment centers in the County include Stony Brook University with its accompanying medical center and Brookhaven National Laboratory. Suffolk County is also the leading agricultural county in New York State in terms of market value of agricultural products sold. The County enjoys a mild climate moderated by the Atlantic Ocean and the Long Island Sound. The combination of natural beauty and recreational opportunities draw many visitors to Suffolk County making tourism an important component of the economy. Suffolk's natural attractions for commerce, industry, and recreation are the reasons for its steady growth. i i LAWRENCE INDIMINE CONSULTING CORP. 25 REAL ESTATE APPRAISALS AND CONSULTING G.TOWNSHIP DATA The subject is located in the Town of Southold,which is bounded on the north and east by Long Island Sound, on the west by the Town of Riverhead and on the south by Peconic Bay. Southold is one of Suffolk's smaller towns, containing 53.72±square miles and having an estimated (Long Island Power Authority) population of 23,175 persons, as of January 1, 2009. Southold's population has been fairly stable over the past two decades. The 1990 census reported a population of 19,836 and the 2000 census reported 20,599. These population figures do not address the substantial population increases during the summer months due to the large number of second homes. The 2006 median family income for the Town of Southold is $76,196.00,the third lowest out of the ten townships in Suffolk County. Southold Town is primarily an agricultural area, with specific emphasis on vineyards. There is minimal industrial development in the town; however, one of the major sources of employment is in servicing the substantial second-home industry (construction, service, etc.). At present, Southold's main industries are farming, construction and tourism. With frontage on Long Island Sound, Peconic Bay and Gardiners Bay, Southold Town also provides many opportunities for maritime industry and recreation.The Town of Southold has 8 lighthouses, 7 of which are fully operational. Mass transportation is via one branch of the Long Island Railroad and scheduled bus service. The major roads serving this town are New York State Route 25 and County Route 48. The Cross Sound Ferry runs between Orient Point and New London, CT. / i LAWRENCE INDIMINE CONSULTING CORP. 26 REAL ESTATE APPRAISALS AND CONSULTING G.TOWNSHIP DATA MAP OF TOWN OF SOUTHOLD .vkK116 d r I,ir'4• ,, fds a Efi"p ' t:t ar�r w J`> ?dig.. � =. �:t,.�:��7� 1.�ar. ;��il,.�� `t nhtt•tei�� t•i.t}n .�fi E Iten, �yA 'tt�� nti€ "'Z.,: Y `� ge�.�° -�s�'€"c; fig° ? .• �' '€:s �F rl �, t.�` � � .�� .�'� �°:�' �:a4.'�a#r Y$'<';t. �'^'!�` .f�. ' ..•..�`"•�y�;i� t' a B(1 ,g5,ti K d41,"°.:, ;a s '. 4 ,• y7 .: y d ; ✓�y �CC��Y'lP{. ^t��.;�,,. •.<�� ;;�s��,MYs�� iti Div i ��F;;,"��,s.��" `,i�l,i'�3' CTtiCY` rtsll�f tlrt lk t {ter, • .�4.'§ As:dz�.:L Pi>tz`;e €�i `��J! �'��r �"" _ ,r�0.®,L:.= - .. -. nor s �i iguyN. VIA 1 u 3 - a ' ty{ty' i F ' G Y LAWRENCE INDI MIN E CONSULTING'C* ORP. . } REAL ESTATE.-APPRAISALS-RAND CQNSULTI'NG t H. NEIGHBORHOOD DATA The subject lies in the central portion of the Town of Southold in the unincorporated hamlet of Southold. Southold is bordered to the north by the Long Island Sound,to the east by the hamlet of West Greenport,to the south by the Great Peconic Bay and to the west by Peconic. The surrounding properties include vacant and improved residential properties with scattered commercial properties and vineyards. Major vehicle thoroughfares include S.R. 25 and C.R. 48. Shopping is available primarily along S.R. 25 and in Riverhead to the west. Southold is primarily a residential area that is dominated by scattered single-family developments, some commercial development along the major roadways and tracts of vacant land. Recreational facilities include many parks, public beaches and public and private golf courses. The health needs of the'community are served by the Eastern Long Island Hospital. According to current estimates (LIPA 2010), Southold has a population of 6,224 and a 2006 median family income of$76,081.00 (US Census Bureau, Census 2000 data adjusted using consumer price index). It comprises an area of approximately 10.47 square miles with a density of 594 persons per square mile:' (The population of Southold and neighboring areas increases significantly during summer with seasonal residents and tourists attracted to the numerous parks, beaches, vineyards, and antique shops in this area. In summary, Southold is a lightly populated residential community with a desirable location on the North Fork of Long Island. LAWRENCE INDIMINE CONSULTING CORP. 2$ REAL ESTATE APPRAISALS AND CONSULTING ( H. NEIGHBORHOOD DATA(CONTINUED) ,f-»- °ll'".A�w"-•� ,:: F aT.d°3._x :.,.jaN ,4..A!a m •ab °<"°"i.al; a :$."F y.', s ' `e°'`"�Pm4�• }� '•• �� s:% Yi s S. .. <. .d.. < 1'�,<':.¢' .YlS°5� t yp� d."< ' f r .•r 5',� if<d ,{� np�.�.K•e.. yF',., '•s°'9<4 ��\(�l� t� 4'ti"�"e•.v� < _ ,a£ - r�3•'�. • ,4>ad;n,°8��, %/•,,g"� a". ��°: �'�Y.4.d�as�s.du„ j .-.ram 4 .,a'.Y,e � „Q:$�•� i�.1y',,,; i, <,:'' ,.„ ➢,�. F�;� � x ;.;�� aa.. ":,<,s` •��w° _ � &ootfiistQ p� x_ .. •.•,z °zS'w'.• •ice; •.�,`� �.%k�'' ,;,�" .y�4z: �a�"� 's% r, .> '<7: L' �' ',' � amµ la•>`e� a�<>L �W. " �'•; PCC'sCt iC ' I(✓:. ,f Vd�tDyr"if}3 ,d�' 'a^'"'�" ,y> - •L"� .•,� , $?iafitiay \i'• `��******```"`��b&vb&�.3 :, 5':� v:hry. ' T��„°,t�;, '!a.< <.°�" �� HAMLET OF.;SOUTHOLD G. OWNERSHIP AND SALES HISTORY The property-has been owned by its preseni'owners for aver,.5 years. There Have not been any arm' 's length transfers of the�sub..ectwithin:the past ten years.: The subject is•currently listed forsale. The asking price is:$3;9.95 00.0. The prape'rtV is, listed for.sale with Houlihan Lawrence Real Estate. t- LAWRENCE INDIMINE CONSULTING.CORK �g REAL`ESTATEAPpRA15Al.S AND;CQNSULTING IC. ' 1 PART 2 VALUATION A. PROPERTY DESCRIPTION 1. LAND The subject consists of a parcel of land having an area of 31.35±acres. The property has an irregular shape. It has 563±' of frontage along the easterly side of Railroad Avenue, running thence easterly 621±' along the northerly property boundary,thence northerly 532±',thence easterly 14±' along the southerly side of CR 48,thence southerly 140±',thence easterly 489±', thence southerly 410±',thence easterly 243±',thence southerly 360±',thence easterly 200±', thence southerly 557±' along the westerly side of Boisseau Avenue,thence westerly 359±', thence southerly 125±',thence westerly 342±',thence northerly 383±', thence westerly 535±', thence northerly 150±',thence westerly 150±'to the place of beginning. The subject property is lightly to moderately wooded and has a gently rolling topography. The property is not located in a flood zone and does not appear to contain an adverse easements or encroachments. Utilities (electric and telephone) are available to the site along Boisseau Avenue, Railroad Avenue, and CR 48. Boisseau Avenue, Railroad Avenue and CR 48 are two-way, macadam-paved,traversed roadways. Water would be provided by on-site wells. Sanitary flow would be handled by an on-site septic system. The parcel is located in Zone IV of Suffolk County Sanitary Code Article 6. This designation requires connection to a sewage treatment system on lots smaller than 20,000 SF. 2. IMPROVEMENTS The subject is vacant land with no improvements. LAWRENCE INDIMINE CONSULTING CORP.REAL ESTATE APPRAISALS AND CONSULTING 39, 13. .ZONING 61 5 10 1LB r p t.. 7-40 Ile- " Ll Ll �-j� � •--_-�.a �-,.._�.. �� r 1 The property is.udder.the zoning.jurisdicti in of the Town of Southold. The land is,;zoned R-80,Residence. 'the R-80=zone permits,prifna'rily,a residential use.on lots having a minimum, lot size of:80,000 SF. The bulk requirements of this zone areas follows: Lot Coverage 20% Minimum Lot Width 175' i, Setbacks Front 60' Sides 45'total with none,20' i Rear., 15' Height" 35'or 2.5 stories i 1 have included a.copy of the Town of Southold's,oning,map:fort.e.subject and a table fi of bulk zoning requirements,in the Addenda to this report. Note that a small portion of the. subject airing CR 48 is2oned'Business B. This area is smaii and does not affect the site's,use. P The:parcel is located in Zone IV of Suffolk County Sanitary Code Article 6:This designation requires.corinectioh toa sewage,treatment system on lots smaller than 20,000 SF. i E LAWRENCE INDIMINE CONSULTING:CORI'.. 3 1 REAL;ESTATE APPRAISALS AND,CON5UMING C. ASSESSED VALUE AND TAXES The subject has been assessed and taxed by the Town of Southold for the 2022/23 tax year as follows: ASSESSED VALUE: LAND $9,400 IMPROVEMENTS TOTAL $9,400 EQUALIZED VALUE $1,342,857 TAX $13,507.82 _ l LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 3 Z D. HIGHEST AND BEST USE The following definition of Highest and Best Use is set forth in The Dictionary of Real Estate Appraisal, 7T" Edition, Appraisal Institute. Highest and Best Use is: 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility,financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that the-market participant would have in mind for the asset when formulating the price that is would be willing to bid. (IVS) 3. The highest and most profitable use for which a property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) In analyzing the Highest and Best Use, alternative uses are considered and tested for the following criteria,first assuming the site is vacant and available for development and, second, as improved. 1. Permissible Use-An investigation into existing zoning regulations, lease terms and deed restrictions on the site to determine which uses are legally permitted; 2. Possible Use-An analysis to determine those uses of the subject which can be deemed physically possible; 3. Feasibility-An investigation to determine which of those uses deemed possible and legal can provide a net return to the owner of the site; 4. Highest and Best Use-Among the feasible uses,which use will provide the highest net return, or highest present worth. LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 33 D. HIGHEST AND BEST USE (CONTINUED) ASVACANT LEGALLY PERMISSIBLE The subject property is zoned R-80 Residence. This zone permits, primarily, a single-family use on lots having a minimum size of 80,000 SF. A zone change to allow other than a residential use is not deemed likely. I will only consider the uses allowed in this zoning category as potential uses. The subject is in use for agricultural purposes. . The subject is located in Zone IV of Suffolk County Sanitary Code Article 6. This designation requires connection to a sewage treatment system on lots smaller than 20,000 SF. There were no adverse easements or encroachments noted upon inspection. The property is not located in a flood zone. My research with the Town of Southold indicates that there are no applications for development pending or approved. PHYSICALLY POSSIBLE The subject property consists of a parcel of land with an area of 31.35±acres. The subject is zoned R-80 Residence. The subject has paved road frontage along Railroad Avenue, Boisseau Avenue, and CR 48. The subject is at or near grade with the abutting roads. The topography is gently rolling, and the property is lightly to moderately wooded land. Public electric and telephone are available in the area. Water would be provided by on-site wells and sanitary waste would be handled by cesspools. There are no known physical restraints which would restrict development of the property. Development of the site for a residential and agricultural use is deemed physically possible as evidenced by surrounding land uses. LAWRENCE INDIMINE CONSULTING CORP. 34 REAL ESTATE APPRAISALS AND CONSULTING D. HIGHEST AND BEST USE (CONTINUED) ASVACANT FINANCIALLY FEASIBLE This analysis considers those uses which are determined to be physically possible and legally permissible to determine which are financially feasible. The land can be legally and physically developed with a residential, recreational and agricultural use. Demand exists for single-family residential properties; however,there has been a decline in new dwellings constructed within the Town of Southold which is likely related to current economic conditions with some stabilization occurring in recent years. The following is a summary of new dwelling permits issued by the Town of Southold: YEAR #OF NEW DWELLING PERMITS % CHANGE 2000 162 2001 283 74.69% 2002 189 -33.22% 2003 74 -60.85% 2004 90 21.62% 2005 79 -12.22% 2006 48 -39.24% 2007 59 22.92% 2008 21 -64.41% 2009 22 4.76% 2010 67 204.55% 2011 43 -35.82% 2012 44 2.33% 2013 48 9.09% 2014 60 25% 2015 63 5% 2016 66 4.76% 2017 70 6.06% 2018 109 55.71% LAWRENCE INDIMINE CONSULTING CORP. 35 REAL ESTATE APPRAISALS AND CONSULTING D. HIGHEST AND BEST USE (CONTINUED) AS VACANT FINANCIALLY FEASIBLE (CONTINUED)There has been a significant decline in the construction of new dwellings from the highs over 15 years ago; however, 2018 showed a significant increase in new home construction. Although demand has been moderate,the subject affords market appeal. There appears to be sufficient entrepreneurial reward to encourage an investor to develop the site for a residential use. While there have been several sales of residential acreage properties which are capable of supporting development as a single-family residential subdivision within the past several years, these properties have not been developed for a single-family residential use. The tendency for such parcels appears to be held as an asset for future considerations. Further proof of the "buy and hold" or investment tendency is evidenced in the sales considered in this report. These sales contained development rights and there have been no applications to subdivide and develop these parcels for a single-family use. HIGHEST AND BEST USE,AS VACANT In this area,there is demand for vacant single- family property. Recent sales with development rights intact appear to be held for future considerations or investment value. With this in mind, and with consideration to the subject's zoning, R-80 Residence,the subject's Highest and Best Use, as vacant, is to be held for future considerations/investment value and developed for a single-family residential use at a time when demand for single-family properties improves. LAWRENCE INDIMINE CONSULTING CORP. 3G REAL ESTATE APPRAISALS AND CONSULTING E. THE APPRAISAL PROCESS The Appraisal Process is the orderly procedure whereby the data used to estimate the value of the subject is acquired, classified, analyzed, and presented. The first step is defining the appraisal problem; i.e., identification of the real estate,the effective date of the value estimate,the property rights appraised and the type of value being sought. Once this has been accomplished,the appraiser collects data and analyzes the factors that affect the market value of the property. These include Area and Neighborhood Analysis, Property Description, Highest and Best Use and the application of the three basic approaches to value;the Cost Approach, Sales Comparison Approach and the Income Approach. The Cost Approach involves estimating the value of the subject's land, as if vacant and available to be put to its Highest and Best Use; and estimating the reproduction costs of the improvements, less any loss in value due to accrued depreciation and/or obsolescence. The sum of these figures (land and depreciated value of improvements) represents the indicated value by the Cost Approach. The Cost Approach tends to be more accurate when the improvements are relatively new and have not suffered too severely from the various forms of depreciation. The Sales Comparison Approach analyzes the sales of similar properties recently sold. Adjustments are made to the sales for dissimilarities between them and the subject. The indicated value is derived from the adjusted selling prices of the comparable sales. This approach is most reliable when there are sufficient recent sales of truly competing properties in the area and adjustments are relatively few or small. The Income Approach is predicated on the assumption that there is a definite relationship between the amount of income a property will earn and its value. This approach is based on the principle that value is created by the expectation of benefits derived in the future. The anticipated annual net income of the property is capitalized to produce an indication of value. Net income is the income generated before payment of any debt service. Factors such as risk,time, interest on capital investment, and recapture of the depreciating r asset are considered in the rate. The appropriateness of this rate is critical, and there are LAWRENCE INDIMINE CONSULTING CORP. 3' REAL ESTATE APPRAISALS AND CONSULTING E. THE APPRAISAL PROCESS (CONTINUED) several techniques by which it may be developed. An alternative technique to Direct Capitalization is Discounted Cash Flow Analysis. Net operating income is estimated for each year of a projection period. A selling price, known as the reversion, is estimated for the end of the projection period. The income flows which are to be received in the future are discounted to a present value, by discounting at an appropriate yield rate. In the analysis of the subject, I will estimate its value via the Sales,Comparison Approach. As the subject is vacant land,the Cost Approach is not applicable. Residential properties similar to the subject are not normally bought and sold for prices that reflect their return on investment;therefore,the Income Approach to Value was not prepared. C LAWRENCE INDIMINE CONSULTING CORP.. REAL ESTATE APPRAISALS AND CONSULTING 38 F. SALES COMPARISON APPROACH The subject's value will be estimated using a Sales Comparison Approach. The Sales Comparison Approach is defined in The Dictionary of Real Estate Appraisal, Seventh Edition, 2022, as: "The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sales prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available." The subject is a parcel of land with an area of 31.35±acres. I conducted a market search for sales of similar parcels which could be used in the Sales Comparison Approach to estimate the value of the subject. In this search, I found a sufficient number of sales of similar properties with which to attempt the Sales Comparison Approach, from which I have selected nine (9) as being most indicative of the market. I include next the major details on these sales, along with my analysis of each: LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 39 SALE 1 ADDRESS: 2957S CR 48 HAMLET/VILLAGE: Peconic, NY ZIP: 11958 DESCRIPTION: Vacant Waterfront GRANTOR: M & B Peconic Properties, LLC GRANTEE: Crossroads Atlantic, LLC LAND SIZE: 52.63±acres or 2,292,562±SF CONSIDERATION: $4,600,000.00 LIBER/PAGE: 13026/459 DEED DATE: 08/21/2019 RECORDED DATE: 08/30/2019 TAX MAP NUMBER: #1000-74-1-40.1 (Suffolk) ZONING: A-C& R-80 UNIT PRICE:. $87,403.00 per acre VERIFICATION: Martin Finnegan, Esq.,Attorney for Grantee COMMENTS Sale of a parcel of land with frontage along the Long Island Sound. The property is wooded and the water frontage is a bluff. The topography of the property is gently rolling and steep sloping at the bluff frontage. 40 LAW,RENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SAS PHOTOGRAPH S2 - � \ ' © � • : ^ � �S«. «, , 29575(R 4 Keni #SmJ*»40.1(sff m 41 LAWRENCE |NDIMINE CONSULTING CORP.- REAL ESTATE APPRAISALSAND c CONSULTING r•` k w 29575 CR 48, Peconic, NY 11958 1000-74-1-40.1 42 ( J . ` i g . . #� #; ©■ ®i ©- � leg §!: h; « | ( ] , � . � q [ ) , . � S ! � ^ 4l . / . , 4 , � � « Z � ^�: 2 y � . {� Tax Map Location 43 . SALE 2 ADDRESS: 250 CR 48 HAMLET/VILLAGE: Southold, NY ZIP: 11971 DESCRIPTION: Vacant Residential GRANTOR: Theodore Szczotka GRANTEE: James Karras LAND SIZE: 9.30± acres or 405,108 ±SF CONSIDERATION: $765,000.00 LIBER/PAGE: 13122/532 DEED DATE: 09/13/2021 RECORDED DATE: 10/03/2021 TAX MAP NUMBER: #1000-69-4-11 (Suffolk) ZONING: A/C (80,000 SF min) UNIT PRICE: $82,258.06 per acre VERIFICATION: Broker COMMENTS Sale of a parcel of mostly vacant land. The parcel contains four dilapidated dwellings. The improvements do not offer contributory value. The land is wooded and has a gently rolling topography. There were no applications for development pending or approved at the time of sale. 44 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING j SALE PHOTOGRAPH l; MINX I Y T F i E 9 ` :•% �. r� ..ram S S C E 4 i g � 3g b ay 250 CR 48 Southold #1000-69-4-11(Suffolk) 45 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 4 a �g t� l '3ed° 48, Southold, 1000-69-4-11 • .0 FOR PCL u0 i SEE �ss'EC NO SEE a 1 7 OSB SO OCEC NO �Pa\ S.OA(c) r 9+ 0 vwnoL4 auH^� a N,tl. 3e�n p u�ev AL-+cry f 1. OE�F,icPNEwT RIONTS� .�P 93 F 3 h� 1 2 f ?J F ?� 83 .T74 15 SA(C) ?GWN CF SOVI.OW 223A(.) �pc` y' eOwFq), 6 OEVE_OPMENr MGHTs) 2 OA(cl O ,5P 1 d 1 eA 19A(c) (C) TO Or tR 0o sou-MO 41 a ! PO ee 6 OA / 'owN Of s"..Io / 18 6 f iOPMEN l RIGHTS) a / 43 7A P Q / (rq OF SUFFOLK O(VEIOPM6VTRIGMT3) I / / 167 / to 4A (COUNTY OF SUFFOLK OEVEIOPYENT TRIGH RIGNiSJ 19 15 6A ?OWN OF SOVINOLO OFVELOPMENTRIOHTS) a 1e +e s I. N6 FOR PCL NO FOR PCL NO FOR PCL NOSEE SEC NO / FOR PCL NO SEE SEC NO SEE SEC NOSEE SEC NO ' \ 0775-02-002 6 3� 07502005 075 02-002 075.02-01 5 2 .._LINE ` ,.1 [-Tax Map Location 47 SALE 3 ADDRESS: 777 Laurel Avenue HAMLET/VILLAGE: Southold, NY ZIP: 11971 DESCRIPTION: Vacant Residential GRANTOR: Michael P. Mooney GRANTEE: New Roots, LLC LAND SIZE: 14.27 ±acres or 621,601±SF CONSIDERATION: $1,075,000.00 LIBER/PAGE: 13122/756 DEED DATE: 09/08/2021 RECORDED DATE: 10/05/2021 TAX MAP NUMBER: #1000-55-6-33.1 (Suffolk) ZONING: R-80 UNIT PRICE: $73,630.00 per acre VERIFICATION: Broker COMMENTS Sale of a parcel of vacant land. The land is wooded and gently rolling. No applications for development pending or approved at sale. 48 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SALE PHOTOGRAPH \ F r w^ yt k; 777 Laurel Avenue Southold #1000-55-6-33.1(Suffolk) 49 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING e �b � ��y e x 10 ti �',r� ,�x,� v- sue" .�+ 5>• � 777 Laurel Avenue, Southold, NY 11971 1000-55-6-33.1 05205-001 4.5 4 4 2.2A(.1 4A(C) c$ 4.5 1 SA(c) SA(Cl I.Q M.5A(cl 21 7 -2 4 a, lqi 3 2 le 3f rr O)k ,Z Pr,. 'Ll O a I.,. I OA(c) U 6 'G.A 16 10 nn 9 11 36 4 $AS 29.wc) 'so'so 4s.. 9 Aso Ab Ns 10 59 60 "o OR. 0 ,Y" 141 5.5 33.2 15 WUB W39 15.37 0' 39 *+ o 36 331 1.0 2.OA 14.BA(C) 4A TOWN OF VOI SOUTmOLP lb MCA) to FOR PCL No 30 SEE SEC.NO. 74 i 1. 26 2' 29 063-03-025 23 7— UNE n Tax Map Location SALE 4 ADDRESS: 9495 Oregon Road HAMLET/VILLAGE: Cutchogue, NY ZIP: 11935 DESCRIPTION: Vacant Residential GRANTOR: Duck Pond Road Associates, LLC GRANTEE: Duck Duck Juice, LLC LAND SIZE: 30.77 ± acres or 1,340,341 ±SF CONSIDERATION: $3,000,000.00 LIBER/PAGE: 13090/946 DEED DATE: 01/29/2021 RECORDED DATE: 02/11/2021 TAX MAP NUMBER: #1000-83-1-32.3 (Suffolk) ZONING: AC UNIT PRICE: $97,498.00 per acre VERIFICATION: Anthony Pasca, Esq., Attorney for Grantee COMMENTS Sale of a parcel of land in use for agricultural purposes. The property is cleared and has a generally level topography. It is improved with a dwelling constructed in the 1800's, two barns, and a detached 4-car garage. The improvements are in fair to average condition. The improvements are considered to offer an interim use that offsets demolition costs. 52 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SALE PHOTOGRAPH 4 qY a g } r 4 S' n � 3 q,a eh y 6fre 9495 Oregon Road Cutchogue #1000-83-1-32.3(Suffolk) ,-b 3 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING �� pr r� M a S 9495 Oregon Road,Cutchogue, NY 11935 1000-83-1-32.3 54 ... All 7.3 - °� 7.4A m )1 17.3 O�G 17.4A(c) 12.1 1.eA ; pl 11 1 ,o ,3 PI � M tt m 4 13.8 37.5A t m $ e „^ry EVELOPMENT OEVELOPNEM RK+ K J Ctv ,^t m ml - b'�oP W a 9 m m o a - � ,r ry1 `Y 37 w1.4 �Q y O a 28.7A B FO 8 A S' pP 44 Ib �.• Rryp kb r y O g A � $a d $ $ 4 32.3 29.7A(C) 2 9. FOR PCL NO. FOR PCL.NO, FOR PCL NO, FOR PCL NO. SEE SEC.NO. SEE SEC.NO. $. SEE SEC.NO. SEE SEC.N0. 09501-008,3 095-01-009 095.01-010 095-Ot-011.2 a, - I ♦, FOR PCL NO. G n 6 1 BEE SEC.NO. 112 O 1-432-3 21 9\ 4.3A EVE W PFsoUnlO DEVELOPMENT RIG! 11.3 po 2.OA(c) e g 9.1 10 cy 8 $ 1.BA 25,3H(c) 12 23.7A(C) $ 1, 14.2 1.8A LTax Map Location 5 SALE S ADDRESS: 1499S Oregon Road HAMLET/VILLAGE: Cutchogue, NY ZIP: 11935 DESCRIPTION: Vacant Residential GRANTOR: Carolyn Ricci GRANTEE: Deborah Olson LAND SIZE: 13.36± acres or 581,961 ±SF CONSIDERATION: $2,000,000.00 LIBER/PAGE: 13111/360 DEED DATE: 04/23/2021 RECORDED DATE: 07/06/2021 TAX MAP NUMBER: #1000-73-1-2.2 (Suffolk) ZONING: A-C & R-80 UNIT PRICE: $149,701.00 per acre VERIFICATION: Patricia Moore, Esq., Attorney for Grantee COMMENTS Sale of a parcel of vacant land. The property includes a 20+/- wide flagstaff access strip leading to the Long Island Sound. The property is wooded and has a gently rolling topography. There were no applications for development pending or approved at the time of sale. 56 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 1 SALE PHOTOGRAPH i 1 t ,T y � y 6� I 14995 Oregon Road Cutchogue #1000-73-1-2.2(Suffolk) 57 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING w�. 4 g� ue• $d .M.. YgMe �x r , Of 14995 Oregon Road,Cutchogue, NY 11935 1000-73-1-2.2 58 \,OOG o4 lb 6 50 loll* 14A F�M,.0 as sce- '40 130 1 1 CIT.,10,1 I TA to 23 FOR PARCEL M I 4A SEE SEC 10 58A OA 07}0,022 3 qy 314M i SA i 2A 74 22 13 OA I FOR PA,.t--E- C) 13 4A rro—C� SEE SEC NO ? FOR PARCEL No SE No 004 0--coi 3-2- 'WAiC- SEE SEC NO 084 Tax Map Location j .59 SALE 6 ADDRESS: 405 Oregon Road HAMLET/VILLAGE: Mattituck, NY ZIP: 11952 DESCRIPTION: Crop Fields GRANTOR: Mattituck Partners LP GRANTEE: Bandits Farm, LLC LAND SIZE: 49.25±acres or 2,145,330±SF CONSIDERATION: $4,812,500.00 LIBER/PAGE: 13142/667 DEED DATE: 01/26/2022 RECORDED DATE: 02/14/2022 TAX MAP NUMBER: 41000-100-2-2 (Suffolk) ZONING: AC UNIT PRICE: $97,716.00 per acre VERIFICATION: Patricia Moore, Esq.,Attorney for Grantee COMMENTS Sale of a parcel of vacant land formerly in use for agricultural purposes. The site does not contain improvements. As per the listing information, the site offers water views. 60 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SALE PHOTOGRAPH 405 Oregon Road Mattituck #1000-100-2-2(Suffolk) si LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING ai�q c '44V�. _ +S � f � >r �p h W q 4 405 Oregon Road, Mattituck, NY 11952 1000-100-2-2 sz .__{9.__-- Q�. q �o y. 10 a.cow) FOR PCL.NO. SEE SEC.NO. 4, — y FOR PCL NO 1OSDE--004 SEE SEC.NO• FOR PCL.N0. 100.02.00.12 t� FOR PCL NO. SEE SEC.NO. see SE . -007 FOR PCL NO. 1op.o2.002 SEE SEC.140, 4 100-02_001 - as 1 }° � m 4 aw gti an f qp ! 56. 4 9s� 56 OA 34.41% t ppt 41 at an,d, ,0 9. rot 2 0 A W aT 1y 6 fl9.AA(c bef ti� wt �e+ l 11• W1a ^� ltl �p d 91 S 9 9.OAlW Itt �Art 1 Vl an 1fi 109 y6 1B 3A(�) ( (PAW O 1 ,at 9 OF SUFFOLK — �.77,.� 63 Tax Map Location SALE 7 ADDRESS: 14655 Oregon Road HAMLET/VILLAGE: Cutchogue, NY ZIP: 11935 DESCRIPTION: Vacant Residential GRANTOR: Carolyn J. Ricci GRANTEE: Robert D. Danna LAND SIZE: 8AS ±acres or 355,014±SF CONSIDERATION: $900,000.00 LIBER/PAGE: 13105/244 DEED DATE: 04/23/2021 RECORDED DATE: 05/20/2021 TAX MAP NUMBER: #1000-84-1-1 (Suffolk) ZONING: A/C and R-80 UNIT PRICE: $110,429.00 per acre VERIFICATION: David Prokop, Esq.,Attorney for Grantee COMMENTS Sale of a parcel of vacant land. The land is wooded and gently rolling. There were no applications for development pending or approved at the time of sale. 64 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SALE PHOTOGRAPH ►,�} � '` (.j�.�+ i .pl`I,I � , ' Ise R� �.,a is � •, 14655 Oregon Road Cutchogue #1000-84-1-1(Suffolk) ,6;� LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 14655 Oregon Road,Cutchogue, NY 11935 1000-84-1-1 - � ' -` 1.6 1.10 2.3 FOR PARCEL NO. 4A SEE SEC.NO. oil FOR PARC&NO. RCEL NO SEE SEC.NO. NO. 084-01-001 SEE SEC.NO SEE SEC.NO. 46 4.5 FOR PCL NO. SEE SEC.NO. PI 083-03-002.2 w ^� � - ' � SALE 8 ADDRESS: 27500 CR 48 HAMLET/VILLAGE: Peconic, NY ZIP: 11958 DESCRIPTION: Vacant Residential GRANTOR: Dorothy Horton GRANTEE: Zuhoski, LLC LAND SIZE: 12.75±acres or 555,390±SF CONSIDERATION: $925,000.00 LIBER/PAGE: 130S8/246 DEED DATE: 03/20/2020 RECORDED DATE: 05/12/2020 TAX MAP NUMBER: #1000-85-1-4 (Suffolk) ZONING: A-C UNIT PRICE: $72,549.00 per acre VERIFICATION: Grantor COMMENTS Sale of a parcel of vacant land. The site is wooded and has a gently rolling topography. There were no applications for development pending or approved at the time of sale. s� LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING np� Op 779 •+J i a �§'� ij;►.�"'��Adz 'y �yf '`i +��'!_� ��.. '��`; i!` 1 a ry, t y#Ayyd j} gx� 1a ry!S It. �{yj,t o tw �� fE L '�"4"�.,". self�� Y '.fi.• ." ', ` r, �1 • •YY� r • I' I t k f E E S �Y �g 27500 CR 48, Peconic, NY 11458 1000-85-1-4 70 FOR W. V BEE W 15C.W. W LINE IMTCN u ►,ATCN _ : SCh `rCy SEEFOR PCL M w Ge-' SEE VORPO_W Fp Icp � t0 SIONO e# •O 9p `aOE`S 9 12.5A < , O 12.7A(c) 30 Fp Ap 4 C 1?0 3 GAA(cl 2 S 5AAW Cyp COUNTY OF S S SUFFO F Ciy ,i (RECNA"BASM)I •p -19 �. . FOR PCL NO. .b 'r SEE SEC.N / BBE-US00,z / / AA / d / A 4/ Q• o a � �•p / 3 / 9.SA(c) # 1g n W.2 4AA(c) 4 ?7 iT F a 6A.IA a 7.7 a P �• o a � a 1] a 4 'GA(,) 6 4 7 4 � toa 4 42AA(c) +'1• n' (cOUN1Y0FSUFMu, �� ar � OEVFIOPYENT AIGNTSJ 32 7.OA FOR PC L.NO. �a • S FOR P(1.W. SEE WC W b SEF SEC.NO. m FOR PCL W. •� a a a�i�i 097-01-01SA a Tax Neap Location 71 SALE 9 ADDRESS: 3375 Indian Neck Lane HAMLET/VILLAGE: Peconic, NY ZIP: 11958 DESCRIPTION: Vacant Residential GRANTOR: Phillip R. Marco GRANTEE: Indian Neck IV, LLC LAND SIZE: 14.90±acres or 649,044±SF CONSIDERATION: $1,200,000.00 LIBER/PAGE: 13066/403 DEED DATE: 05/23/2020 RECORDED DATE: 08/06/2020 TAX MAP NUMBER: #1000-98-1-1.3 (Suffolk) ZONING: R-80 UNIT PRICE: $80,537.00 per acre VERIFICATION: Grantee COMMENTS Sale of a parcel of vacant land. The site was formerly in use for agricultural purposes but has been fallow for several years. It has a gently rolling topography. There were no applications for development pending or approved at the time of sale. The site contains areas of wetlands along the northerly section of the property. 72 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING SALE PHOTOGRAPH w ��.. P g r s -- .,n 3375 Indian Neck Lane Peconic #1000-98-1-1.3(Suffolk) 73 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING i �X i § � 3 Y`"F r�� Y y 5 3375 Indian Neck lane,Peconic, NY 11958 1000-98-1-1.3 uH; 1.4 R { 2.12 t. ' SEE SEC NO.ON i e SEE SEC.NO.w MATOH. -- NMlap6M' MATCH �^z \ FOR PCL.NO. ( ` SEE SEC.NO. 1.3 - r \ OBSOS-011.2 ,/cJ^i O 14.9A 73 Z T5 l p Y 1p7 tp13 � t'T Cl g9 SZ_ 2. ?2p. e r d SALc\' 21� a5 pl di R b M •n1 :- to $m.0 ws pT6 8 % ,1 S.OP TO..11P1�\ 65ah 32 9 5..i� @ U+ Mp J�01J /cJ T 30 gr 27A 5 rl �yV 79.3A(C) ,5• $ V � QQ s 015 n -y \ •5 GOA a pi q 10 FOR PCL NO. 5 qS e' ,55a1 T 5 + SEE SEC.NO. - jI 097.09.010A • 13:'31 .Q �P \ �.• 5U1 Q� �A C 1A? p'1 .I R• "s 1e t m1 .a G( 16.2 J x� 3 s. c FOR PCL NO. P•( 8 SEE SEC.NO. a c 1B.1 097-p9012 `1 cl .� - - 1.7A)c)- 5� �a /\/ - 1ti'`1 1�i \ •�3�'\ 5 ` m \ FOR PCL NO. ' +y A, t �Adt• ♦o nE'i�, ��¢.Sfi� 9d^n pT q l C+�\�. SEE SEC.NO. !��_._�.....\ fax Map Lacati�r� 7 SALES COMPARISON APPROACH SUBJECT 1 2 3 4 5 6 Date of Sale Jan-23 Aug-19 Sep-21 Sep-21 Jan-21 Apr-21 Jan-22 Location 1645 Boisseau Ave 29575 CR 48 250 CR 48 777 Laurel Ave 9495 Oregon Rd 14995 Oregon Rd 405 Oregon Rd Southold Peconic Southold Southold Cutchogue Cutchogue Mattituck Zoning R-80 A-C&R-80 A-C R-80 A-C A-C&R-80 A-C Land Area(Acres) 31.35 52.63 9.30 14.27 30.77 13.36 49.25 Sale Price $4,600,000 $765,000 $1,075,000 $3,000,000 $2,000,000 $4,812,500 Sale Price/Acre $87,403 $82,258 $75,333 $97,498 $149,701 $97,716 Conditions of Sale 0% 0% 0% 0% 0% 0% Adjusted Sale Price/Acre $87,403 $82,258 $75,333 $97,498 $149,701 $97,716 Market Conditions(Time) 36% 12% 12% 24% 18% 6% Adjusted Price/Acre $118,868 $92,129 $84,373 $120,897 $176,647 $103,579 Location -10% 10% 0% -5% -5% -5% Size 5% -10% -50/. — 0% -5% 5% Zoning 0% 0% 0% 0% 0% 0% Shape 0% 0% 0% 0% 0% 0% Water Frontage/View -10% 0% 0% 0% -5% -5% Wetlands/Easements 0% 0% 0% 0% 0% 0% Improvements 0% 0% 0% 0% 0% 0% Approvals 0% 0% 0% 0% 0% 0% Net Adjustment -15% 0% -5% -5% -15% -5% Adjusted Price/Acre $101,037 $92,129 $80,154 $114,852 $150,150 $98,400 Mean Adj.Price/Acre $105,447 Median Adj.Price/Acre $101,037 SALES COMPARISON APPROACH SUBJECT 7 8 9 Date of Sale Jan-23 Apr-21 Mar-20 May-20 Location 1645 Boisseau Ave 14655 Oregon Rd 27500 CR 48 Indian Neck La Southold Cutchogue Peconic Peconic Zoning R-80 A-C&R-80 A-C R-80 Land Area(Acres) 31.35 8.15 12.75 14.90 Sale Price $900,000 $925,000 $1,200,000 Sale Price/Acre $110,429 $72,549 $80,537 Conditions of Sale 0% 0% 0% Adjusted Sale Price/Acre $110,429 $72,549 $80,537 Market Conditions(Time) 18% 33% 31% Adjusted Price/Acre $130,307 $96,490 $105,503 Location -5% 10% -10% Size -10% -5% -5% Zoning 0% 0% 0% Shape 0% 0% 0% Water Frontage/View 0% 0% 0% Wetlands/Easements 0% 0% 10% Improvements 0% 0% 0% Approvals 0% 0% 0% Net Adjustment -15% 5% -5% Adjusted Price/Acre $110,761 $101,315 $100,228 Mean Adj.Price/Acre $105,447 Median Adj.Price/Acre $101,037 F. SALES COMPARISON APPROACH (CONTINUED) EXPLANATION OF ADJUSTMENTS SALE CONDITIONS No adjustments were required. MARKET CONDITIONS: Adjustments were made based upon a market study obtained from Town &Country Real Estate for the North Fork of Long Island (see Addenda). Based on the data, I have adjusted the sales at a rate of 0% per annum for 2019, upward 1% per month for 2020, upward 1.5% per month for 2021, and upward 0.5% per month for 2022. Appropriate adjustments were made to the sales. LOCATION The subject is located in the hamlet of Southold. Properties similar to the subject, i.e.,vacant residential parcels, have values that are related to the surrounding residential market. In order to support a location adjustment, I have considered data presented on the website censusreport.org. The average sale price for each of the hamlets was considered for comparison. The following is a summary of the sales study: Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7 Sale 8 Sale 9 NBRHOOD Southold Peconic Southold Southold Cutchogue Cutchogue Mattituck Cutchogue Peconic Peconic MEDIAN $629,300 $758,300 $629,300 $629,300 $626,900 $626,900 $578,600 $626,900 $758,300 $758,300 SALE PRICE DIFF. -17.0% 0% 0% 0.38% 0.38% 8.76% 0.38% -17.0% -17.0% (sale-Subj) /Sale The "% DIFF." indicated on the chart above may include additional items such as larger dwellings and amenities. The selected location adjustment is the appraiser's opinion of a reasonable adjustment attributable to the location of the land. Sales 1 and 9 were adjusted downward 10%. No adjustment was made to Sale 3. Sales 4, 5, 6, and 7 have frontage along Oregon Road, a more desirable residential location than the subject and each sale was adjusted downward 5%. Sale 2 is located adjacent to tracks of the MTA and in proximity of commercial properties. It was adjusted upward 10%. Sale 8 is located on a busy road and is adjacent to MTA tracks. It was adjusted upward 10%. 78 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING F. SALES COMPARISON APPROACH (CONTINUED) EXPLANATION OF ADJUSTMENTS SIZE The subject has an area of 31.35±acres. Sale 4 is generally similar in size and no adjustment was applied. Sales 2, 3, 5, 7, 8 and 9 are smaller than the subject and were adjusted downward 10%, 5%, 5%, 10%, 5%, and 5%, respectively,to reflect the tendency for smaller parcels to sell for more on a per unit basis than larger ones, an economic principle known as `economies of scale'. Sales 1 and 6 are larger and were each adjusted upward 5%for the converse reason. ZONING No adjustments were required. SHAPE The subject and each sale have irregular but usable shapes and no adjustment was applied. I WATER FRONTAGE Sale 1 has water frontage and was adjusted downward 10%for this superior feature. Sales 5 and 6 each have access to water frontage and were each adjusted downward 5%. WETLANDS/EASEMENTS Sale 9 contains wetlands that cannot be used for yield calculations and offers limited utility. It was adjusted upward 10%for this factor. APPROVALS No adjustments were required. CONCLUSION After considering each of the sales, their similarities and their differences 1 in comparison to the subject, I conclude the current market value for the subject is$105,000 per acre or 31.35± acres @ $105,000 =$3,291,750, rounded to $3,300,000. r 79 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING H. VALUATION SUMMARY In estimating the subject's value, I have conducted a market study,for the purpose of finding sales of directly comparable land. This market search revealed a number of sales which can be considered comparable. Neither the Cost Approach nor the Income Approaches to Value are considered reliable techniques for the valuation of vacant land in the subject area. The subject has been valued using the Sales Comparison Approach. It was necessary to make adjustments to the sales; however,the adjustments were relatively few and were based upon what we feel would be market reaction to the differences. The Cost Approach is not an appropriate valuation technique in the analysis of vacant land in this area and was not developed. The Income Approach to Value is used in areas where land is commonly leased. This is not the case in the subject's location and this approach was not utilized. After considering this approach and all known factors affecting value, I conclude the market value of the subject, as of January 2, 2023, is: THREE MILLION THREE HUNDRED THOUSAND DOLLARS ($3,300,000) J � ,Qy :7 LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING 1i SugJ.nA N.Y.B:r.U.Fonn I M—lOM •O::gain nn1 5.1.U.W.w„h Q-1—:Vb.'Q•m '-.41s—Uld-.1od•w<::r•w:lJn• _ - �: CONSULT YOUR LAWYER 1EPORE SIGHINIY THIS INSTRUMENT.THIS INSTRUM EMT SHOULD BE USED IT LAWYERS ONLY �. 10405 N323 �s � THIS INDENTURE,made the 24th day of August ,nneteenhundredand eighty-seven BETWEEN WILLIAM F. LaMORTE, residing at c/o Debra LaMorte, residing at 'r1.L' 40 East 81st Street, New York, New York 10028 C2' :4360 40' party of the first part,and 0� 12 1% EMANUEL KONTOKOSTA, 43 West 54th Street, New York, New York 10019 party of the second part, WITNESSETH,that the party of the first part,in consideration of ,.• ------------------ TEN and 00/100 ($10.00) ------------------ dollars, lawful money of the United States, paid 3 _ by the party of the second part,does hereby grant and release unto the party of the second part,the heirs or DISTRICT successors and assigns of the party of the second part forever, 1000 ALL that certain plot,piece or parcel of land,with the buildings and improvements thereon erected,situate, N at Southold, in the Town of Southold, County of SECTION 1yk%tzp6j£nrajWPttate of New York, bounded and described as follows: 055.00 BEGINNING at a monument on the southerly line of Middle Road BLOCK at the northeasterly corner of land now or formerly of Satkoski, 05.00 said point of beginning being 621.00 feet, more or less, easterly along said southerly line from the extension northerly of the LOT easterly line of Railroad Avenue (also known as Youngs Avenue), 017.000 from said point of beginning; 1 RUNNING along said southerly line of Middle Road, North 67 degrees 31 minutes 50 seconds East a distance of 14.33 feet to a monument and land now or formerly of Klein; THENCE along said land now or formerly of Klein, two (2) \� courses as follows: 1. South 10 degrees 09 minutes 00 seconds East, a distance of 140.00 feet to a monument and 2. North 75 degrees 33 minutes 10 seconds East, a distance (� of 489.05 feet to a monumnet; \ THENCE along land now or formerly of Goldsmith and along t land now or formerly of Case, South 8 degrees 57 minutes 30 seconds East, a distance of 410.00 feet to a monument; THENCE along said land now or formerly of Case, North 61 degrees 16 minutes 50 seconds East a distance of 242.68 feet; THENCE along land of Schlachter, two (2) courses as follows: \; 1. South 2 degrees 30 minutes 40 seconds West, a distance of 360.23 feet; 2. South 87 degrees 29 minutes 20 seconds East, a distance of 200.00 feet to the westerly line of Boisseau Avenue; THENCE along said westerly line of Boisseau Avenue, South 2 degrees 30 minutes 40 seconds West, a distance of 557.37 feet to a monument and land now or formerly of Laiso; THENCE along said land now or formerly of Laios, two (2) courses as follows: 1. South 78 degrees 27 minutes 30 seconds West, a distance of 358.60 feet to a monument; 2. South 6 degrees 34 minutes 00 seconds East, a distance of 125.00 feet to a monument and land now or formerly of C. Grattan; THENCE along said land now or formerly of C. Grattan, South 78 degrees 24 minutes 00 seconds West, a distance of 342.00 feet to a monument; 1 THENCE along land now or formerly of C. Grattan and land now --�,•....,c._.n._ .c..��ns�_ .tL, ;'.th 7 degrees.. 17 minutes 30 S,�Crnds 1JLIETIE A. ni(CELIA AUG 28 1987 Wk of Suffolk Cminry )uth 77 degrees 58 I and land Vnow or' f arnter.Lv ui r...�.,,,... L feet to a monument THENCE along said land of Wilson and along land now or r formerly of The Town of Southold, North 8 degrees 10 minutes 00 seconds West, a distance of 150.00 feet to a monument and land now or formerly of Eugenie Teves; THENCE along said land now or formerly of Eugenie Teves, LC> three (3) courses as follows: C__) 1. North 77 degrees 58 minutes 40 seconds East, a distance ftft( of 25.06 feet to a monument and r' 2. North B degrees 10 minutes 00 seconds West, a distance of 539.99 feet to a monument and 3. South BO degrees 30 minutes 30 seconds West, a distance of 175.05 feet to a monument on said easterly line of Railroad Avenue; THENCE along said easterly line of Railroad Avenue, North 8 degrees 10 minutes 00 seconds West; a' distance'of 15.00 feet to a monument and land now or formerly of Milovitch; THENCE along said land now or formerly of Milovitch and along said land now or formerly of Satkoski, North 80 degrees 30 minutes 30 seconds East, a distance of 620.60 feet to a monument; THENCE along said land now or formerly of Satkoski, North 10 degrees 09 minutes 00 seconds West, a distance of 532.14 feet to the point of beginning. Parcel II ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a monument on'the easterly line of Railroad Avenue, 'also known as Youngs Avenue, about 950.00 feet southerly along said line from Middle Road, being the northwesterly corner of land conveyed by Kenneth L. Tuthill to the Town of Southold and; RUNNING thence along said easterly line of Railroad Avenue, North 8 degrees 10 minutes 00 seconds West 547.73 feet; THENCE along land of the said Kenneth L. Tuthill parallel with and 15:00 feet southerly from land now or formerly of Milovich North 80 degrees 30 minutes 30 seconds East 175.05 feet; THENCE along said land now or formerly of Kenneth L. Tuthill -parallel with and 175.05 feet easterly from said easterly line of Railroad Avenue, South 8 degrees 10 minutes 00 seconds East 539.99 feet; THENCE along said land now or formerly of Kenneth L. Tuthill and along said land of The Town of Southold, South 77 degrees 58 minutes 40 seconds West 175.40 feet to the point of beginning. BEING AND INTENDED TO BE the same premises conveyed to the grantor herein by Deed dated October 23, 1984 and recorded in the Suffolk County Clerk's Office on October 31, 1984 in Liber 9669 page 65. CO' D D; r) 1 JULIE-17E A. KIN SELIA, AUG 28 1987 Clerk of Suffolk caun'ry PF 34(71751 Standard N.Y.B.T.U.Form BOOB-Warranty Deed with Full Covenants-Individual or Corporation r,GNSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY. 11217PA12 !/ `/'/�j�f� ~THIS INDENTURE,made the day of 7( -NJk r A r nineteen hundred and BETWEEN EMANUEL KONTOKOSTA, residing at 43 West 54th Street, New York, New York 10019 CISTR!CT SECTION BLOCK LOT 0 12 17 2: 20 party of the first part,and QUAD ENTERPRISES CO., a New York partnership, having an office at (no #) North Road, P.O. Box 67, Greenport, New York 11944, $ RECFW REAL ESTATE FEB 13 1391 party of the second part, TRANSFER TAX WITNESSETH,that the party of the first part,inconsideration of SUFFOLK ONE ($1.00)------------------------------- -- dollars, lawful money of the United States, paid y { by the party of the second part,does hereby grant and release unto the party of the second part,the heirs or \1 successors and assigns of the party of the second part forever, ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, DIST. lying and being i dkx at Southold, in the Town of Southold, County of Suffolk 1000 and State of New York, bounded and described as follows: SECT. BEGINNING at a monument on the southerly line of Middle Road at the 055.00 northeasterly corner of land now or formerly of Satkoski, said point of beginning being 621.00 feet, more or less, easterly along said BLOCK southerly line from the extension northerly of the easterly line of 05.00 Railroad Avenue (also known as Youngs Avenue), from said point of be- ginning; running along said southerly line of Middle Road, North 67 LOT degrees 31 minutes 50 seconds East a distance of 14.33 feet to a monu- 017.00 ment and land now or formerly of Klein; thence along said land now or formerly of Klein, two (2) courses as follows: (1) South 10 degrees 09 �,;��• minutes 00 seconds East, a distance of 140.0 feet to a monument and (2) North 75 degrees 33 minutes 10 seconds East, a distance of 489.05 :f�eo feet to a monument; thence along land now or formerly of Goldsmith and along land now or formerly of Case, South 8 degrees 57 minutes 30 seconds East, a distance of 410.00 feet to a monument; thence along said land .now or formerly of Case, North 81 degrees 16 minutes 50 seconds E8 131991 East a distance of 242.68 feet; thence along land of Schlachter, two (2) courses as follows: (1) South 2 degrees 30 minutes 40 seconds West, a distance of 360.23 feet; (2) South 87 degrees 29 minutes 20 seconds East a distance of 200.00 feet to the westerly line of Boisseau Avenue; thence along said westerly line of Boisseau Avenue, South 2 degrees 30 Q minutes 40 seconds West, a distance of 557.37 feet to a monument and �. ; _1jaud now or formerly of Laiso; thence along said land now or formerly 1I1 of Laios, two (2) courses as follows: (1) South 78 degrees 27 minutes YJ 30 seconds West, a distance of 358.60 feet to a monument; (2) South 6 degrees 34 minutes 00 seconds East, a distance of 125.00 feet to a monu- ment and land now or formerly of C. Grattan; thence along said land now or formerly of C. Grattan, South 78 degrees 24 minutes 00 seconds West, a distance of 342.00 feet' to a monument; thence along land now or formerly of C. Grattan and land now or. fn+mo-�•� ^0 m GrattanI""North 7 dti UV AR) 393.10 feet to a mony' FEB 13 1991 otmov OF Wf9"M 17 degrees 58 mind RECORDED S 35-`r 1 a monument and :I land iruw .........—s _iz"111je'-along said land of Wilson and along land now or formerly of The Town of Southold, North 8 degrees 10 minutes 00 seconds West, a distance of 150.00 feet to a monument 8 3 and land now or formerly of Eugenie Teves; thence along said land now or formerly of. Eugenie Teves, three (3) courses as follows: : i • CONTINUED - 11217P0413 (1) North 77 degrees 58 minutes 40 seconds East, a distance of 25.06 feet to a monument and (2) North 8 degrees 10 minutes 00 seconds West a distance of 539.99 feet to a monument and (3) South 80 degrees 30 minutes 30 seconds West, a distance of 175.05 feet to a monument on said easterly line of Railroad Avenue; thence along said easterly line of Railroad Avenue, North 8 degrees 10 minutes 00 seconds West, a dis- tance of 15.00 feet to a monument and land now or formerly of Milovitch; thence along said land now or formerly of Milovitch and along said land now or formerly of Satkoski, North 80 degrees 30 minutes 30 seconds East, a distance of 620.60 feet to a monument; thence along said land now or formerly of Satkoski, North 10 degrees 09 minutes 00 seconds West, a distance of 532.14 feet to the point of beginning. PARCEL II• ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a monument on the easterly line of Railroad Avenue, also known as Youngs Avenue, about 950.00 feet southerly along said line from Middle Road, being the northwesterly corner of land conveyed by Kenneth L. Tuthill to the Town of Southold and running thence along said easterly line of Railroad Avenue, North 8 degrees 10 minutes 00 seconds West 547.73 feet; thence along land of the said Kenneth L. Tuthill parallel with and 15.00 feet southerly from land now or formerly of Milovich North 80 degrees 30 minutes 30 seconds East 175.05 feet; thence along said land now or formerly of Kenneth L. Tuthill parallel with and 175.05 feet easterly from said easterly line of Railroad Avenue, South 8 degrees 10 minutes 00 seconds East 539.99 feet; thence along said land now or formerly of Kenneth L. Tuthill and along said land of The Town of Southold, South 77 degrees 58 minutes 40 seconds West 175.40 feet to the point of beginning. Being and intended to be the same premises conveyed to the party of the first part herein by deed recorded in Liber 10405 cp.323. FEB 13 1991 MM d x'"W RECORDED oounm► 84 i Illlllllllllllllllf�llll�lll�llllllllll�ll!lIIIIIII IIIIIIIIIullllll�liflll SUFFOLK COUNTY CLERK RECORDS OFFICE RECORDING PAGE Type of Instruments DEEDS/DDD Recorded: 10/31/2006 Number of Pages: 5 Ats 11:25:03 AM Receipt Number : 06-01OS969 TRANSFER TAX NUMBER: 06-11346 LIBER: D00012476 PAGE: 638 District: Section: Blocks Lot: 1000 055.00 05.00 017.000 EXAXINED AND CHARGED AS FOLLOWS Deed Amount: $0.00 Received the Following Fees For Above Instrument Exeaspt Exempt Page/Filing $15.00 NO Handling $5.00 NO COE $5.00 NO NYS SRCHG $15.00 NO EA-CTY $5.00 NO EA-STATE $165.00 NO TP-584 $5.00 NO Cert.Copies $5.00 NO RPT $30.00 NO Scrx $0.00 NO Transfer tax $0.00 NO Cc=.Pres $0.00 NO f Fees Paid $250.00 TRANSFER TAX NOMSERs 06-11346 THIS PAGE IS A PART OF THE INSTRUIMENT THIS IS NOT A BILL Judith A. Pascale County Clerk, Suffolk County 85 r ' 1 2 5RECORDED 11G 2006 Octac 31 11:25:a3�Ia Number of pages Judith A. Pascale CLERK OF TORRENS 5WFOIX COUNTY L D00012476 Serial# P 638 DT# (16-11346 Certificate# Prior Cif.# Deal/Mortgage Instrument Deed/Mortgage Tux Stump Recording/Filing Stumps 3 FEES Piling Fee Mortgage Amt. Page/ — This dmurnent will be public 1• Basic Tax Handling 5- 00 record.Please M=Ye all 2. Additional Tax TP-584 — &del Seam Numbers Sub Total Notation — prior to recording. spee�Ass;t. or CA-12 17(County) _ SuhTotal Spec./Add. EA-5217(State) TOT.MTG,TAX 1 Dual Town Dual County _ R.P.T.S.A. �q r r� Held forAppoinimem Comm.of Ed. 5, 00 Transfer Tux _ T Affidavit • * Mansion Tax The property covered by this mortgage is eniGed Copy or will be improved by a one or two NYS Surcharge 15. 00 family dwelling only. Sub Total YES' or NO Other Grand Total If NO.see appropriate lax clause on f page# of this ins •nt 4 Di.tam Secli061F1'%Zr-1>V Block0 MCA Lot a�7 5 Community Preservation d Real Proper 06037651 1000 05500 0500 017000 Consideration Amount$ Tax Service P T sA CPF Tax Due 5 R y� Agency Verification 7 Improved Vacant Land 6 SatisGutivnx/Discharges/Releases List'Propetty Owners Mailing Add— T.D /n RECORD&RETURN TO: TD M/eL Al- 4 /LO.t170/CrstTi� fJyl TD A&t G 7 9 Title Company Information Get LW�o•Gy, N y Co.Name 0C'ad f Title# - --•A 8 Suffolk County Recordin & Endorsement Page This page forms part of the attuched -+U made by: (SPECIFY TYPE OF INSTRUMENT) The premises herein is situated in —� SUFFOLK COUNTY,NEW YYORK. TO In the Township of .4 7s4a" In the V1LL.AGL: or HAMLET of BOXES 6 THRU 8 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. 86 (over) 16, NY ON-Full L'osv=I t Wmaoty Deed todn Ida d orCnprcarioa Isiaak Skel)(KYB7U t003) CIIVSULT YOUR I.AWYraaL'FIIaES1t.NING1111EIMMUNIM'-Ti1L MMUMENTSHOULDBEL' u Ill?1.AWYF.It1UNLY J THIS INDFVTURE,made the 3FIA day of October in the your 2006 8L+TWF FN QUAD ENTERPRISES CO.,a New York partnership,having an office at(no#)North Road, P.U.Box 67,Creenport,New York 11944 Z 19ATZ.3 FBITAl vrt+f e-s l to ti sl?..aiidu9 rsrasl Llnut:l 1ltilt2,GftEU.a �uS.IE tr,l 2MWJ rerieam:ns:r party of the first part.unl QUAD'ENTERPRISES CO.,LLC,a New York limited liabillty company,having an office at(no #)North Road,P.O.Box 67,Crecaport,New York 11944 I party of the second part. WITNESSUH,that the party of the first part,in consideration often dollars and other valuable consideration paid by the party of the second part,does hereby grant and release unto the party of the second putt,the heirs or buccemru and ussigns of the party of the second purt firrever, ALL that certain plot.piece orparcelofland,with the buildings and improvements thereon treated,shuste.lying and being in the SEE ATTACHED PROPERTY DE,SCRIPTiON SET FORTH ON SCHEDULE 1 ATTACHED HERETO AND MADE A PART HEREOF. BEINC and Intended to be the Premises conveyed to the Party of the First Part herein by deed dated January 2,1991 and recorded February 13.1991 in the office of the County Clerk ofSuRolk County at I.iber It 217 Page 412. TOGETHER with all right,title and interest.if any,of the party of the first part in and Rs any streets and nrads abuuing the above described premises to the cater lines thraeoF.TOGF:hiLR with the uppurtetuaces and all the esiote and rights of the party of the first part in and to said premises;TO HAVE AND TO HOLD the premises herein granted unto the party of the second part,the heirs or successors and ussigns of the puny of the second pan forever, 1 AND the parry of the first part.in compliance with Section 13 of the Licn Law,covenameb that the party of the rrrstpm will receive the consideration fur ibis conveyance and will hold the right to receive such consideration as a trust fund to be applied first fix the purpose of paying the cost of the impruvemem and will apply The same first to the payment of the cost of the improvement before using any part of the total or the same fax any other purpose. AND the party of the first pun covenaors as faliuws:thatsuid puny ofilm first part ib seized of the bald premises in fee simple,and has good right to convey the same:that the pans'of the second port shall quietly enjoy the said premises;that the said premises arc five from incumbrunces.except as aforesaid;that the party of the first part will execute or procure any further necessary assurance J of the title to sad prenises;and that said puny of the first part will forever warrant the tide to said premises. Ilia word"puny"shall be construed as if It read"p riies"whenever the sense of this indenture so requires. IN W ITN FESS WHEREOF,the puny of the first pan has duly executed this deed the day and year first above written. IN I'MrNCF,OF: QUA 'NTERPRI Er,C( .mow/t- anucI m.Kontokosta, arfter- C 87 i r t SCTM: 1000-055-05-017 SCHEDULEI To Full Covenant&Warranty Deed made October 3;2006 by and between iQUAD Enterprises Co.,and QUAD Enterprises Co.,LI.0 1 PROPERTY DESCRIPTION: ALL that certain plot,piece or parcel of land,with the buildings and improvements thereon erected,situate,lying and being at Southold,in the Town of Southold,County of Suffolk and Stale of New York,bounded and described as follows: BEGINNING at a monument on the southerly line of Middle Road at the northeasterly comer of land now or formerly of Saftski,said point of beginning being 621.00 feet, more or less,easterly along said southerly line from tho extension northerly of the easterly line of Railroad Avenue(also(mown as Youngs Avenue),from said point of beginning;running along said southerly line of Middle Road,North 67 degrees 31 minutes 50 seconds East a distance of 14.33 feet to a monument and land now or formally of Klein;thence along said land now or formerly of Klein,two(2)courses as follows:(1)South 10 degrees 09 minutes 00 seconds East,a distance of 140.0 feet to a monument and(2)North 75 degrees 33 minutes 10 seconds East,a distance of 489.05 feet to a monument;thence along land now or formerly of Goldsmith and along land now or formerly of Case,South 8 degrees 57 minutes 30 seconds East,a distance of 410.00 feet to a monument;thence along said land now or formerly of Case,North 81 degrees 16 minutes 50 seconds East a distance of 242.68 feet;thence along land,of Schlachter,two (2)courses as follows:(1)South 2 degrees 30 minutes 40 seconds West,a distance of 360.23 Feet;(2)South 87 degrees 29 minutes 20 seconds East a distance of 200.00 feet to the westerly line of Boisseau Avenue;thence along said westerly line of Boisseau Avenue,South 2 degrees 30 minutes 40 seconds West,a distance of 557.37 feet to a monument and land now or formerly of Laiso;thence along said land now or formerly of Laios,two(2)courses as follows:(1)South 78,degrees 27 minutes 30 seconds Wcst,a distance of 359.60 feet to a monument;(2)South 6 degrees 34 minutes 00 seconds East,a distance of 125.00 feet to a monument and land now or formerly of C.Grattan;thence along said land now or formerly of C.Grattan,South 78 degrees 24 minutes 00 seconds West,a distance of 342.00 feet to a monument;thence along land now or formerly of C. Grattan and land now or formerly of R.Grattan,North 7 degrees 17 minutes 30 seconds West,'a distance of383.10 feet to a monument;thence along said land of R.Grattan, South 77 degrees 58 minutes 40 seconds West,a distance of 535AI feet to a monument and land now or formerly of Wilson;thence along said land of Wilson and along land now or formerly of The Town of Southold,North 8 degrees 10 minutes 00 seconds West, a distance of 150.00 feet to a monument and land now or formerly of Eugenic Tcvcs; -continued- -1- 88 SCTM:1000-0554)5-017 thence along said land now or formerly of Eugenie Teves,three(3)courses as follows: (1)North 77 degrees 58 minutes 40 seconds East,a distance of 25.06 feet to a monument and(2)North 8 degrees 10 minutes 00 seconds West a distance of 539.99 feet to a monument and(3)South 80 degrees 30 minutes 30 seconds West,a distance of 175.05 feet to a monument on said easterly line of Railroad Avenue;thence along said easterly line of Railroad Avenue,North 8 degrees 10 minutes 00 seconds Wcst,a distance of 15.00 feet to a monument and land now or formerly of Milovitch;thence along said land now or formerly of Milovitch and along said land now or formerly of Satkosk4 North 80 degrees 30 minutes 30 seconds East,a distance of 620.60 fact to a monument;thence along said land now or formerly of Satkoski,North 10 degrees 09 minutes 00 seconds West,a distance of 532.14 feet to the point of beginning. Parcel 11: ALL that certain plot,piece or parcel of land,with the buildings and improvements thereon erected,situate,lying and being in the Town of Southold,County of Suffolk and State of New York,bounded and described as follows: BEGINNING at a monument on the easterly line of Railroad Avenue,also known as Youngs Avenue,about 950.00 feet southerly along said line from Middle Road,being the northwesterly corner of land conveyed by Kenneth L.Tuthill to the Town of Southold and running thence along said easterly line of Railroad Avenue,North 8 degrees 10 minutes 00 seconds West 547.73 feet;thence along land of the said Kenneth L.Tuthill parallel with and 15.00 feet southerly from land now or formerly of Milovitch North 80 degrees 30 minutes 30 seconds East 175.05 feet;thence along said land now or formerly of Kenneth L.Tuthill parallel with and 175.05 feet easterly from said easterly line of Railroad Avenue,South 8 degreea 10 minutes 00 seconds East 539.99 feet;thence along said land now or formerly of Kenneth L.Tuthill and along said land of The Town of Southold,South 77 degrees 58 minutes 40 seconds West 175.40 feet to the point of beginning. BEING and intended to be the Premises conveyed to the Party of the First Part herein by deed dated January 2,1991 and recorded February 13,1991 in the office of the County Clerk of Suffolk County at Liber 11217 Page 412. -2- 89 USNACXN''OIVIZ%NMrFORA(eeWWTh7nrnvNEWYOWSr4ygONLP USg,tGWvts'UIcAtMT W894WWMIIVNt;WYOUSrArEONir: stateorNe�w�York,County a )ss.. State of New York,Coumtyof ls» ! On thbA of October in the year 2006 on the day or in the year before me the undersigned.Personally appeased berate me,the undersigned,personhly appeared Emanuel 9.Kontokosta , personally known to the or prowed to me an the basis of sudsfactory pasorrady knum to me or Proved to the ran the basis of satisracmry cWdeamtobe the individtul(s)wharename(s)is(am)suhcaibedtothe evidence to belheindi' s)whosename(s)is(ane)mbscribedtothe within instrument sari acimowledpd,to me that hdd-V eY executed wWdn instrument and acknowledged to me that helsbdthey executed the same In hisllwhheir up�y(JeSl; and that by his)heuVxir the same in blsi erhheir cap city(ies), and that by hssAnerhheir signature(s)on the inwmncaL the i dividmi(s),or the peon upon sigaseare(s)on the Instrument,the individua)(s).or the person upon bebalror which the bdividoal(s)aced,exccuW tut instrument. bculf of which the individua(s)am d,executed the instrument LQUESUAM ACIRYOR'rEMMVr .eUsE)Ymav'NiwYosKSr4mO.%Lr.• ACKWIVLMaUMTFonvaruUSEOr WM'NEWYatxSrA=ONLY: 1N.,r York Mwr"w W1vWUAvLww1e4mrnt Grrifeatrl foha ofSka orFonio rhum(AdxowkdlffdW Grr(pmkf StateofNaw York,County of )a.: ..................................................)ex: (Coaw(as Vem,e with Stare.ComrrK Pmvbxeorllawripd(ry) On the day of in the year before me,the undersigned.porsatmliy appeared On rho day of in the year before me,the undersigned,personally appeared the subscribing witness 10 the foregoing blwumcrw with whom I am t0 or vcd to me on the thmis of calisraerary personalty a wMzyod,w)a,being by ma duly awom.did depose and e��nown bethe individuals)whose mme(s)is(art)aabsMbai to the ssytbathelshahbeyrtsnrle(s)in within instrument and aelmowledged to me that hdshahhey executer) (ijd,eplacegjmidertceirinaeiry,tndrukthestaerandsrreanwnber, the same Inhist'hw5heitcapacity(tes),that byhiWWtheir ' hm(s) (f aao;thereon:t)mt helshohtuy imowts) on the instrmmeot,the individual(s),or the person upon behalf of which the iudividuAs)acted,executed the instrument,and der such Individual to be the iWdhvidtml deartbed in and who executed the foregoing rude such appearance before the undersigned in the instrument;that said xubseribbng witness was present and maw said execute the same;and that said w)tam on Ow same time subscribed (Imerr the cirvor other pofi(icdsabdiwbion and the stare oreowurvor hisiherhheir rarncts)as s witness thchem. other place the acbwwledgmew Kw ratenj WARRAtYry Mm tMmr RALCW01&vM TirrENO. Dis7tt=1000 SWW'v 055 QUAD ENTERPRISES CO. BLMK 0LOT 17 COUMORTOw,4 Suffolk County TO QUAD ENTERPRISES CO.,LLC RWMDWArREQUEW0F Fidelity National Tlde Imvrnnco Compauyor New York RErURNRrawc7n FIUL+LtTY NATIO\ALT1T1 L LNSOwtNCE Michael E.Kontokosta,Esq 755 North Road COMPANY OF NEW YORK 0 txcemamumn-M P.O.Bot 67 Greenport,New York 11944 b*fi m i*Ar Hdeli1y2j0;,.. W- Tel:(631)4774600 rw.ashh.,►+sr.t..rrwh,.o,drt.. In O O W W 4V 4 90 PLEASE TYPE OR PRESS FIRMLY WHEN WRITING ON FORM INSTRUCTIONS:httpW www.orps.stateny.us or PHONE(518)473-7222 FOR COUNTY USE ONLY REAL PROPERTY TRANSFER REPORT C1.SWIS Coda •` O aTATE OF NEW YOU Data Daed Ramrdad Q STATE BOARD OF W.AL PROPERTY GMVICES o" y RP - 5217 C3.Beek ��t:L Peen wv an ref PROPERTY INFORMATION tnestlon annrat inane xAue anosrw.M Nuuae 000c z.ear.• IQ� �1JLE4.�Ri5c5 �r, L.L..0 I I Nuno rwrc,carwn rwrx+wc I I I wr wwN rcoaarrr roar aA.e 3.Tax hdhyDD where eWna Tax Bes are to be sent e"Oi Ing Bafhardon hum addRwIxt,o, orlamlf uar+"lacrwwa�r I WAVI I AAddressr t 1T— n�n.�otnxKrKA e I rrawnn I STAR I awoa L indicate the nu TdW Of Asaeomunt IOdy a Part of Paroall C oce at dwv RPW.. Rapro psafet tmolerred on dw deed t I I a of Parcels OR Pert of a Foreel rA Plsnninti Bard%ft Strad-liaa Ardnoray Echo ❑ I 6.Dead 3.Q I subdi""Appmral ova Required far Trsn.f.r FtoPartY w r Pur X 1 OR I �a �(( C Parch Approved brSub*iwn Kith Mop Prorided ❑ l;In a S*IIw 1�A9 iERQ I StS Co, I I Nam —!-'ewanrr --T rwerwav I usT} yen I rmru+ae I 7.Chad tlw frm below which most ex curalely"aiaa the uM of 1W POP"M rho drab of ate: Cradr the IxMea beow n tlwy apply: L OwnaMip TrIm is CondomlNum ❑ A Ore Femiiy pesidanttal E AgrErrtlurat 1 Communhy Ssmca &Nsw C*".u tkn on Vac.m lard ❑ R 2 or 3 FaNly pealdontlsl } Commaroal J IduaWal 10A Property located within an Agricultural Distd t e101 vaunt lard G Apt to.w I: Pubic Service 1011.&Wrocaired a dWwuro netih IMO-A rrg ❑ D NerAwdenuat Vawl Land H Frdediaunam I Amuaamre I. Facet Nat the proPaty o In as AadeWtural Dlsbftt SALE INFORMATION 1e.Ceet one of mow of drew accoli la o so apppuNa to trarWan., ' 11.Sale Contract Data, { �.-/ / r`� A Sale$ohwan Rladws a Fanner Relative. iota' tit' Fos B Sale Bob~Related Comp alwa or PiRnom In"nags 1 C One of the Buyers Is also a senor 1L Dan ai rase J vanew { 1 O 1 /O� I D Bayer or Saner is Govemmept Agency or ludlna laxdwwn Nam off year 6 Deed Type rat warranty or aarpafn and Sala(Spattty&low) F Sale of Fraeeonal or Lace then Fa IMarast ISpodty Balow) G Significant Chung.In Property Bawaan Taxable Sews and Sala Dot tot Full Sale Prim R H Sato of BWinaa is lncturld In Sale Price 7 � e (Full Soo Film Is the twl amount paid for the papwy indudng 'Property. er Unusual Fadon Atlecung gala)Yea(specify Baaw) This"Inaro may be in rho form of cad%a%ar progeny or goods. de atmen aion of J Nora martgagae arother abligagoro.l Plaua round to Yw rwral whole ddbar mosnR 1N�1-t 14.bMpute the who of per eanY VraPw"Included In ten Sale L+L� ASSESSMENT INFORMATION-Dante aluwld reflect the latest Final Aeaasoment Roll and Tex Bill IL Year of Asiu oroard Rap from La 1 J t 17.Tatal Amerad Yahw(d a par In all min demob I ! . .0 •O Ir -hkh wcometled taken ��+rda }y am ^' IL Progrty Claw t� 11 Sal"DI.Oiot Nona 7g.Tao Nap fdenWW*l I Roll IdadNWW III mom than btu.attach she.whh seldidonal IdamplaiWl L$GTM ' ( bS5—cc I I 1 I I I 1 CERTIFICATION 1 cer*dmt ull of the ltte.cf hfurm lim eat ad m"farm um true arrd tertsct Ile thu hat dory IouaftdW sod IETadb end 1 anderstmrd Thai the taallsA i al1ny wli1W false atakaEEl e!umtff W Curb IEIl1n EBI sulrjed me to The pr'mtdnnr of the pang Is,rsldh'eto dw oaYMg and Ming d 6du IndtrmtenLt i BUYER BUYER'S ATTORNEY �OtJ-1b I aura srcMATrra DAR I I tAsraANE PEST MANE .--- a?.0. $arc 6-4- 6�1 1 -a600 arAmrnrapt aTnstTMArewnrtAA Pi aneAcwk numaa,Pan"" 1114 y rm os rows sue moot ' NEW YORK STATE COPY 91 aeute a p:Itia an 3,i/-p(7^ ZONING 280 Attachment 3 Town of Southold Bulk Schedule for Residential Districts (Added 1-10-1989 by L.L.No.1-1989;amended 6-29-2021 by L.L.No.9-2021;10-18-2022 by L.L.No.10-20221 Column No. i if iii iv v A vii ix x xi xii Residential Unit 2-Family Where Detached Community Dwellings Water and in R-80 District A-C R-40 R-90 R-120 R-200 R-400 HD RR RO Sewer Available District Minimum requirements for I-family detached dwellings' Lot size(square feet) 80,000 40,000 80,000 120,000 200,000 400,00 20,000 20,000 40,000 10,000 160,000 Lot width(feet) 175 150 175 200 270 270 75 75 150 60 270 Lot depth(feet) 250 175 250 300 400 400 120 120 175 80 400 Front yard(feet) 60 50 60 60 60 60 35 35 50 30 60 Primary front yard(feet) 60 50 60 60 60 60 35 35 50 30 60 Secondary front yard(feet) 40 35 40 40 40 40 25 25 35 20 Side yard(feet) 20 15 20 30 30 30 I5 is 15 15 30 Both side yards(feet) 45 35 45 60 60 60 30 30 35 30 60 Rear yards(feet) 75 50 75 85 100 100 35 35 50 30 85 Livable floor area(square feet per dwelling unit) 850 850 850 850 850 850 850, 950' 850 850 850 Maximum permitted dimensions: Lot coverage(percent) 20 20 20 10 5 5 25 25 20 25 10 Building height(feet)` 35125 35/25 35/25 35/25 35/25 35/25 35 35/25 35 35 35/25 Number of stories 2'/z 2%z 2%z 2'/: 1 2!6 2%z 2'/z 2%z 2%z 2'/2 2'/z NOTES: See text of chapter and Density and Minimum Lot Size Schedules for applicable districts. =Except one-bedroom or studio in multiple dwelling may have 600 square feet.Minimum floor area may be reduced up to 200 for moderate-and/or lower-cost dwellings. 'Except one-bedroom or studio in multiple dwelling may have 600 square feet. 'See limits to gross floor area(GFA)in§280-4. `Building height for all districts:35 feet to peak of sloping roofs,25 feet for flat or mansard roofs;see definitions. `Roofs must be within the sky plane;see definitions 280 Attachment 3:1 Supp 59,Nov 2022 N ZONING 280 Attachment I Town of Southold Density and Minimum Lot Size Schedule for Residential Districts' [Added 1-10-1989 by L.L.No.1-19891 R-40 R-80 R-120 R-200 R-400 HD A-C Residential Residential Residential Residential Residential Hamlet RR RO Agricultural- Low-Density Low-Density Low-Density Low-Density Low-Density Density Resort Residential Districts Conservation (One-Acre) (Two-Acre) (Three-Acre) (Five-Acre) (Ten-Acre) Residential Residential Office Minimum tot size(square feet): 1-family detached dwelling Residential unit without utilities 80,000 40,000 80,000 120,000 200,000 400,000 20,000{vii) 20,000(vii) 40,000 Residential unit with community water NA NA NA NA NA NA 20,000(vii) 20,000(vii) NA Residential unit with community water and NA NA NA NA NA NA 10,000(xi) 12,000(xi) NA sewer 2-family detached dwelling 2-family dwelling without utilities 160,000(xii) 80,000(iii) 160,000(xii) 240,000(v) 400,000(vi) 800,000(vi) 40,000(ii) 40,000(ii) 80,000(iii) 2-family dwelling with community water NA NA NA NA NA NA 40,000(ii) 40,000(ii) NA 2-family dwelling with community water NA NA NA NA NA NA 20,000(vii) 20,000(vii) NA and sewer Multiple dwelling unit or townhouse2 Multiple dwelling or townhouse without NA NA NA NA NA N 20,000 NA' NA utilities Multiple dwelling or townhouse with NA NA NA NA NA NA 20,000 NA' NA community water Multiple dwelling or townhouse with NA NA NA NA NA NA 10,000 BA' NA community water and sewer Motel,hotel or conference center guest unit' Guest unit without utilities NA NA NA NA NA NA NA 6,000 NA Guest unit with community water NA NA NA NA NA NA NA 6,000 NA Guest unit with community water and sewer NA NA NA NA NA NA NA 4,000 NA Nonresidential use(as permitted) Use with or without utilities 80,000 40,000 80,000 120,000 200,000 400,000 NA 40,000 40,000 KEY: NA=Not applicable. NOTES: 'Roman numerals refer to applicable column in the Residential Bulk Schedule.Where no Roman numeral is indicated,refer to the district column in the Residential Bulk Schedule. 'For multiple dwelling,hotel,rnotel and/or conference uses(where permitted),this table refers to minimum lot area per unit.Refer to the Residential Bulk Schedule for total lot size,yard and setback dimensions for the applicable district,unless more-restrictive requirements are indicated in the text of the chapter. [Amended 8-1-1989 by L.L.No.14-1989] 290 Attachment 1:1 05-01-2006 GJ - SOUTHOLD CODE 280 Attachment 6 Town of Southold Schedule for Open Space,Buffers and Setbacks for Residential Site Plans [Added 1-20-2009 by L.L.No.2-20091 Minimum Open Space Size of Property Set-Aside(as a percent of Minimum Setback Minimum Buffer (acres) total land area ofproject) (feet)' (feet)' <15 20 30 20 15-39 30 35 25 >39 50 75 50 NOTES: 'Perimeter setback from property line to all structures, including driveways, patios and decks (includes the buffer area). Setback must be vegetated. Where open space is between the property line and the buildings, the buildings must be set back from the open space a minimum of 10 feet as measured from the edge of the structure to the nearest edge of open space. The portion of the setback not encompassing the buffer area is excluded from the open space calculation. '-The buffer is located within the minimum setback. The buffer begins at the property line and extends in towards the interior of the parcel. The area of the buffer shall be included in open space calculations. At the discretion of the Planning Board, buffers can either be nondisturbance, meaning the buffer area is left in its natural state and vegetation is not cut or removed, or a buffer can be planted and landscaped according to a plan approved by the Planning Board. 280 Attachment 6:1 04-is-2009 94 } °a£ v � e � t Southold HALO Map Community Facilities Protected Land •� t�i tta`"' '� ✓� Hamlet Centar f "M W ePM 0 w rm ofSo£afvm SJ 3K C our tr Peal Properly-',a.Sewlce ApentY •G1S easarnap CUPYP;OW2001,Cog*of SxMk Ry 1/9/23,9:52 AM 1645 BDisseau Avenue Southold,NY 11971 Keyword,MLS,Address Q a 1645 BOISSEAU AVENUE SOUTHOLD,NY 11971 SUFFOLK COUNTY $3,995,000 DOWN FROM S4.9KOOO LAST REDUCED ON,09/09PO22 IMAGES MAP SLIDESHOW 4 MLS NUMBER Bedrooms 3328128 $1$,067 ACREAGE Est4mated Tnxc; 31.3S 31.35 LOT SIZE Acreage 1365606 ZONING RESIDENTIAL MUNICIPALITY SOUTHOLD TOWN SOUTHOLD 96 https:/Mww.houlihanlawrence.com/propertyl30281805/1645-boisseau-avenue-southold-ny-11971/ 1/3 1/9/23,9:52 AM 1645 BoI6se66 Avenue Southold,NY 11971 $,CHO!Z,L.DISTRICT WATER PUBLIC,NONE PROP'eRTYDESCRIPTION FOR1645 BOISSEALI AVENUE SOUTHOLD..:NY11971 Amazing bpportuhl,ty to acquire development rights lntact.R=80.parcel within the IAALO,zone.This one'in a lifetime parcel offers f rontage on 3 roads and is situated in the heart of 5obtho�id.Call for details. ;LISTING PRESENTED BY 888.454,7356 atyq�urserVic'eOa houl'thanlawrence.eQnn Al . REQUEST MOREINFO HOULIHAN LAWRENCE REQUESTSHOWING ............ %SAVE ............... M f V Listing courtesy pf East EndLuxury Ltd-*6 1-*477-'4026 SCHOOLS INFORMATION UNAVAILABLE MORTGAGE CALCULATOR SALETCOMPARI�SON InfOrna6wi belletved kweate but niof warranted.The data iiiating to real e�state'f6rsale or loise 661his web slto6m6i in part from t6ia 06e1<6y MLS.R61 estate Iistln&held by beokeraiefl�ms oth6r out them" * roker. than Houllhai�Lawrence are morkedwlth the 6neKey 109*o or thumbnaillogo and d6tal(od Information A inctudesthena'moo'fthellsthigb WE KNOW WHAT'S TRENDING IN REAL ESTATE NORTH OF NYC. Subscribe to th0 weekly Houlihan,b�,&,r..6rce lnt6lllgence report, Enter Email Address httos:/IwWw,houlih6nliwr6nb6.com/propqr(y/qO281805/1645-boisseau-avenLia-southold-ny-11971/ 213 1/9123,9:52 AM 1645 Boisseau Avenue Southold,NY 11971 SUBSCRIBE 98 L https://www.houlihanlawrence.com/property/30281805/1645-boisseau-avenue-southold-ny-119711 313 I NORTH FORK(JAMESPORT MATTITUCK,SOUTHOLD,ORIENT AND ALL SUBMARKETS)-MEDIAN SALE PRICE OBTAINED FROM TOWN&COUNTRY REAL ESTATE i YEAR MEDIAN SALE PRICE %CHANGE H,11 iN aI- 2008 $495,000 10 2009 $430,000 -13.1396 3 13 2010 $430,000 0.00% 't '_�" t 2011 $424,500 -1.28% �trj 2012 $411,250 -3.12% i 2013 $435,000 5.7896 2014 $465,000 6.90% 3_t� 2015 $485,000 4,30% 2016 $494,125 1.88% 2017 $525,000 6,2596 2018 $577,813 10.0696 1, 2019 $580,000 0.38% 1",)3 !�,21 2020 $667,000 15.0096 2021 $780,000 16.94% 2022(Average of Q1,Q2&Q3) $838,333 7.48% ;- 2022 Q1 $800,000 152 202202 $865,000 142 2022 Q3 58SQ,000 129 Average $838,333 Total 423 ( 99 QUALIFICATIONS OF THE APPRAISER LAWRENCE M. INDIMINE, MAI 18 BAILEY LANE MANORVILLE, NY 11949 (631) 979-2735 STATE CERTIFICATION Lawrence M. Indimine has been certified as a General Real Estate Appraiser by the State of New York, Certificate#46-000021925. PROFESSIONAL AFFILIATIONS: Designated Member of the Appraisal Institute—MAI Designation. EDUCATION — Master of Business Administration (M.B.A.) degree in Banking and Finance with a concentration in Real Estate from Hofstra University. — Bacheldr of Arts(B.A.) degree in Economics from S.U.N.Y. @ Stony Brook. — Successfully completed R-1, R-2, G-1, G-2, G-3 and the Ethics and Standards of Professional Appraisal Practice courses. — Successfully completed numerous Appraisal Institute courses including Advanced Income Capitalization (Course 510), Highest and Best Use and Market;Analysis(Course 520),Advanced Sales Comparison and Cost Approaches (Course 530), Report Writing and Valuation Analysis (Course 540) and Advanced Applications (Course 550). — Attended numerous seminars and lectures on,real estate appraising. — Attended a class required to,complete appraisals for federal transactions (Yellow Book). — Successfully completed the Valuation of Conservation Easement Certificate Program. — Successfully passed the Appraisal Institute's General Comprehensive Examination. LAWRENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTING . i0o QUALIFICATIONS OF THE APPRAISER(CONTINUED) LAWRENCE M. INDIMINE, MAI EXPERIENCE: Lawrence M. Indimine has been actively involved in the appraisal of real property since 1991. He has prepared appraisal reports for such agencies as the Federal Government,State of New York(various agencies including Department of Transportation and Department of Environmental Conservation), County of Suffolk (various agencies including Department of Planning Division of Real Estate), County of Nassau (County Attorney and Assessment Review Commission), Peconic Land Trust,The Nature Conservancy,Town of Smithtown,Town of Southampton,Town of East Hampton,Town of Riverhead,Town of Shelter Island,Town of Southold,Town of Islip,as well as other municipalities,various attorneys, individuals and lending institutions. He has been tested and qualified as a fee appraiser by the State of New York. He has appraised commercial, industrial and residential properties in Suffolk and Nassau Counties and the City of New York. Extensive experience in appraising single-family and multi- family dwellings. Has testified as an expert in real estate in various courts and municipalities. Mr. Indimine has extensive experience preparing tax certiorari appraisals and is on the approved appraiser list of the County of Suffolk, County of Nassau and numerous other municipal agencies. Mr. Indimine has previously prepared appraisals for properties located at Republic Airport in Farmingdale, MacArthur Airport in Islip Township, Francis S. Gabreski Airport in Westhampton Beach,-East Hampton Airport in East Hampton Township and Montauk Airport in Montauk. RECENT ASSIGNMENTS: Completed a Mass Appraisal for the Town of Southampton for the Critical Wildlands Sending Area,completed a study in order to determine a temporary equalization rate for the Riverhead School District in the Town of Southampton, prepared a Development Credit Valuation for the Town of Southampton and tax certiorari appraisals in various locales in Suffolk County and Nassau County. He has completed numerous condemnation projects for the State of New York and County of Suffolk. He has prepared numerous valuation/consulting studies including the impact of transmission lines on property values. LAW_ RENCE INDIMINE CONSULTING CORP. REAL ESTATE APPRAISALS AND CONSULTIIJC, REPRESENTATIVE LIST OF CLIENTS (PARTIAL LIST) Alcatel Submarine Networks New York State Attorney General's Office Bank of Smithtown New York State Department of Bankers Trust Company Environmental Conservation Brown-Forman Corporation Nixon Hargrave Chase Mortgage Corp. North Fork Bank Chicago Title Insurance Peconic Land Trust, Inc. Commack Medical Associates Pinks, Arbeit & Nemeth County of Suffolk— Rybacki, Kenneth, Esq. Department of Law Sabatino, Paul, II, Esq. County of Suffolk— Small, Stephen J., Esq. Planning Department Southampton Hospital County of Suffolk— S.P.L.I.A. Real Estate Division State Bank of Long Island Danowski, Peter, Esq. Suffolk County Water Authority Devitt, Spellman, Barrett, Symbol Technologies, Inc. Calahan & Kenney, LLP Thurm & Heller DiCanio Organization Tohill, Anthony, Esq. Glynn & Mercep Town of Babylon Hill, Ullman & Erwin, LLP Town of Brookhaven Insurance Auto Auctions Town of East Hampton Islander East Pipeline Town of Islip JP Morgan Chase Bank Town of Riverhead Kasper Properties Town of Shelter Island Kennedy, Bruce, Esq. Town of Smithtown Kenneth Koopersmith, LLC Town of Southampton Keyspan Town of Southold Lamb & Barnosky Trust for Public Land_ Land Marks, Inc. Twomey, Latham, Shea & Kelley, LLP Lite, Russell & Acocella TYCO Systems Mattimore,Timothy, J., Esq. U.S. Department of Agriculture McDermott, Will & Emery Village of North Haven Meyer, Suozzi, English & Klein Village of Quogue Moses & Singer,-"LLP Village of Sag Harbor Nature Conservancy Village of Southampton N.Y. State Dept. of Transportation Village of Westhampton Beach 'New York State Parks, Recreation and Weichbrodt, Randall, Esq. Historic Preservation Yakaboski, Francis, Esq. LAWRENCE INDIMINE CONSULTING CORP REAL ESTATE APPRAISALS AND CONSULTING 10Z