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1、APPRAISALREPORTOFA:DEVELOPMENTSITELOCATEDATTH148-31TO148-3790AVENUEBLOCK9681,LOTS83,84&85JAMAICA,NY11435DATEOFINSPECTIONAND“ASIS”VALUE:MARCH9,2017DATEOFREPORT:MARCH13,2017FOR:MS.IGNACIASALAZARASSISTANTVICEPRESIDENTAPPRAISALDEPARTMENTMASPETHFEDERALSAVINGSTH56-0569STREETMASPETH,NY11378BY:CAPITALAPPR
2、AISALSERVICES,INC.19-02WHITESTONEEXPRESSWAYSUITE304WHITESTONE,NY11357MF#14831C17-117CAPITALAPPRAISALSERVICES,INC.RealEstateAppraisersandConsultantsArthurChiaramonte,MAIAnthonyN.Troiano,SRAMarch13,2017Ms.IgnaciaSalazarAssistantVicePresidentAppraisalDepartmentMaspethFederalSavingsth56-0569StreetMasp
3、eth,NY11378Re:Appraisalreportofadevelopmentsite@th148-31to148-3790AvenueJamaica,NY11435DearMs.Salazar:PerourScopeofWork,wehavecompletedanAppraisalReportoftheabovecaptionedproperty.Thepurposeoftheappraisalistoestimatethe“asis”MarketValueoftheFeeSimpleEstateofthesubjectpropertyasofMarch9,2017,thedat
4、eofsiteinspection.Theappraisalstatesouropinionoftheproperty'sMarketValuesubjecttovariousAssumptionsandLimitingConditionssetforthintheaccompanyingreport.Thesiteinspection(SergeMelikyan)andanalysisthatformthebasisofthereportwereconductedbytheundersigned.Thesubjectrealtyconsistsof(3)threeadjacenttaxl
5、otsforarectangularparcelwithatotalof105’ofthfrontagealong90Avenueandadepthof145’.Thetotalareaof15,225+squarefeet(SF)issituatedinanR7AresidentialzoningdistrictwithintheDJ(DowntownJamaica)specialusedistrict.ThebaseFAR(FloorAreaRatio)equatesto3.45foramaximumbuildableareaof52,526+SF(seeZoningAnalysis)
6、.ThebuyerplansonconstructingtoahigherFARof4.6,whichispermittedwhenincludinginclusionaryhousing.However,wehaveusedthebaseFARof3.45tobeconsistentwithhowthecomparablesareanalyzed.ThecomparablesalsohavetheoptiontoconstructtothehigherFARifincludinginclusionaryhousing.Alsotheredoesnotappeartobeadifferen
7、ceinpricebetweencomparablespurchasedthatwillhaveinclusionaryhousingandthosethatwillnothaveit.Thesitepartiallyvacant(lot85)withlots83&84eachdevelopedwithathree-story,two-familyhomethatwouldneedtobedemolished.Thebu
