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Greystone- Summary Appraisal Reportc.v McGRATH, BASCIANI &ASSOCIATES, INC. Real Estate Appraisers & Counselors Westchester Office 141 North. State Road Briarcliff Manor, N.Y. 10510 914(762-2808 FAX: 914/762-2780 SNOWDENAUG 12 1999 ELAINE TOWN CLFVK SUMMARY APPRAISAL REPORT GREYSTONE HOUSE, INC. Wheeler Hill Road Town of Wappinger Dutchess County, New York Intermediate Care Facility Submitted Albert. Roberts, Esq. Vergilis, Stenger, Roberts & Pergament 1611 Route 9 Wappingers Falls, New York 12591 Valuation Date July 7, 1998 Dutchess Office 1481 Route 52 Hopewel; Junction, N.Y. 12533 914/896-5333 FAX: 914/896-5340 a M -3 McGRATH, BASCIANI & ASSOCIATES, INC. Rea! Estate Appraisers &Counselors Westchester Office 141 North State Road Briarcliff Manor, N.Y. 10510 9141762-2808 FAX: 914/762-2780 SUMMARY APPRAISAL REPORT GREYSTONE HOUSE, INC. Wheeler Hill Road Town of Wappinger Dutchess County, New York Intermediate Care Facility Submitted Albert Roberts, Esq. Vergilis, Stenger, Roberts & Pergament 1611 Route 9 Wappingers Falls, New York 12591 Valuation Date t= July 7, 1998 Qutchess Office 1481 Route 52 Hopewell Junction, N.Y. 12533 9141896-5333 FAX: 9141896-5340 M=3 McGRATH, BASCIANI &ASSOCIATESi INC. Real Estate Appraisers &Counselors Westchester Office 141 North State Road Briarcliff Manor, N.Y. 10510 914!762-2808 FAX:9i41762-2780 July 16, 1998 Albert Roberts, Esq. Vergilis, Stenger, Roberts & Pergament 1611 Route 9 Wappingers Falls, New York 12591 Re: Greystone House, Inc. Wheeler Hill Road Town of Wappinger Dutchess County, New York Dear Mr. Roberts: Dutchess Office 1481 route 52 Hopewell Junction, N.Y. 12533 9141896-5333 FAX: 9141896-5346 As requested, we have completed an inspection and analysis of the captioned property for the purpose of estimating a market value as of July 7, 1998. This letter does not in itself constitute an appraisal. Rather, it serves to transmit the following appraisal report. The appraisal report describes the scope of the appraisal, the techniques of valuation and summarizes the reasoning leading to the opinion of value. The report is subject to the enclosed limiting conditions and assumptions. The following is a Summary Report of a Limited Appraisal, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2A) of the Uniform Standards of Professional Appraisal Practice of a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within. M -3 Furthermore, in accordance with prior agreement between the client and the appraiser, this report is the result of a limited appraisal process in that certain allowable departures from specific guidelines of the Uniform Standards of Professional Appraisal Practice (USPAP) were invoked. The intended user of this report is warned that the reliability of the value conclusion provided may be impacted to the degree there is departure from specific guidelines of USPAP. The subject property consists of a 99.6± acre parcel of land situated on the west side of Wheeler Hill Road in the Town of Wappinger. The site is improved with an intermediate care facility for the developmentally disabled, consisting of five buildings with a total gross floor area of 41,000± square feet. Based upon our familiarity with the subject property, our knowledge of property values in Wappinger area, as well as our knowledge of the Dutchess County real estate market in general, it is our opinion that the market value of the subject property, as of July 7, 1998, can be estimated as follows: TWO MILLION TWO HUNDRED DOLLARS ($2,200,000) Further, it is our opinion that the marketing period for the subject property will be one to two years. We hope the foregoing summary analysis is sufficient for your immediate needs. If you should have questions concerning the content of this report, please call. Thank you for providing us with the opportunity to assist you with this matter. Sincerely Yours, Gerald M. Carey State Certified General Real Estate Appraisal No. 46-26238 Reviewed and Approved by.- Donald y:Donald M. McGrath, Jr., MAI, ASA State Certified General Real Estate Appraiser No.46-2839 McGRATH, BASCIANI & ASSOCIATES, i TABLE OF CONTENTS Title Page Letter of Transmittal Table of Contents Salient Facts Regional/Location Maps Maps Objective Purpose of the Appraisal Scope of the Appraisal Process Real Property Interests Appraised Statement of Ownership Site Description Description of Improvements Approaches to Value Sales Comparison Approach Income Approach Summary of Values Reconciliation Value Conclusion Estimated Marketing Period Restricted Exposure Time Assumptions and Limiting Conditions Appraiser's Certification Professional Qualifications Representative List of Clients Addenda 5 6-7 7 7 8-11 12-18 19 20-25 26-281 29 29 29 30 31 32-34 35 McGRATH, BASCIANI & ASSOCIATES, SALIENT FACTS ProperiyOwner: Greystone House, Inc. Address: Wheeler Hill Road T/Wappinger, Dutchess County, New York Property ID: Grid 419-6057-03-487186 ProT)erty T e: Intermediate Care Facility Property Size: Site: 99.6± Acres Building 41,000± SF improvement A e: Varied ranging from 1880's to 1950's Construction: Masonry, wood and steel frame with brick and precast concrete exterior; slate roof. Ten anc Owner occupied Interest Appraised: Fee Simple Estate "As Is" Highest & Best Use: As Vacant - with residential development As Improved - readaptive use and expansion as multi- family affordable housing Zoning: "R-80; Residential" with a limited range of permitted uses including single family homes, buildings owned and operated by the TlWappinger and public schools on lots of at least 80,000 SF. Numerous special permit uses for cultural, recreational, educational and other special services. Present use predates the current zoning although, m our opinion, the property would qualify as a special permit use. McGRATH, BASCIANI & ASSOCIATES, Assessment & Taxes: Current assessment of $900,000 with tax-exempt status (if taxable, taxes would be approximately $34,000). Flood MaR- The subject parcel is not situated in a flood plain according to Panel 9361387 0010A (6/15/79) Town of Wappinger. Appraisal/ Ins-pection Date: July 7, 1998 2 McGRATH, BASCIANI & ASSOCIATES, li„n rtnrr, Mettaca honts� , FaNs v. 'Park ' ” u ' I I ark Ri juts ervrlle �? .� r7y Washrngtort Mabbefisville Pataukunk _�♦/ 91 yr East Park rlollo� 4 South 343 341 W l7nasnvert 1�oine I 15 L �kawaGk + --Kerhonk- Accord 44A Millbrook ! A Mohonk pId Sro? 1 t ';{iDveT i / ♦� 55 son uo,rsrs * PaltZ 1I $ Plains 341 r / . Grar„te Lake �. lJlo rl PteasaniValley 'a I l 1< "r' * Wawarsing 44 * airvrew .L � 0 Verbank ,,NapaAnloC hwa '�• r * 299 / ? H;gh�ar;d E ° Poughkeepsie B2 � � 22 t. Kent !31" �.:.:.'. 1 Q 1 { Moores Mills tl r'i. 44 1q�4 Arlington j Elie 5t . , rzDB rx ` , l l r Dover r rr.. , i II 55 L� 55 1* es Baird ` Furnace C Ice- Ca es * l I l �9 Mt. r•-n,+'nanrrA .� Gardiner irhnton ale �IlliRgs Glove 9 8 55 ,,, .'We a Ck moor Ganahgote ►- _ *'.6 55 rags * Red Oaks t - J f4.lQ-` Q 2255 Bruynswrck NA eRa Lasrrn. Milo I IJ D .Mill ,.. r': l.agr nRP�� Wingdale s ,k Gayl $ams Dwaark,ll 32 iOwn L f vide vi �f Poinf CDB 16 22 �, 7 ♦ JL�Arlhursburp kma^ . Walker Valley i PlalleklN `--, N a� Bee Pougliquag 55'- * ^ } Z 39 l lt) h = r titonet+ousc tZ 3r Pine Bush 1''� Marlb ro Vfappingers a 15 �, 216 sllstcrvitte O i Wallkill 5- Newt . g Hopewell JGt.. f tt r,.,r„ 55 Ouaker rt,u U SheTn ar i l Stcrmvltle , - n�" 300 NuRhSonvrrl /�� f Pawling ca 1\ �'= I t r B2 /wt e� 52 e 302 Walden , ❑ r _ * I 37 * 5Zll� 0 52 4' E F,shYlll + �. 252 7 Bloomingburg FNoimcs -- } Lt cl 208 Colden- j Fishklii % r-- t�ullville Monlgomeryi +'1 17 iC.' 9- * .? h m 7 l ? �{' P.ecksv,lie. 3D2 it Q _ C_ Patterson 11 x l,y 3 q9� s Beacon =� 311 `r Circleville �'` * }�� -• %� c CtA4ENCl"� * Tawners �ig(tland.LalesNewburg ,ctf.6eocoFANrvESTOC`� t 4 * JI 7 5,. nt (Urd,.,,J ,� l l �> nl bol / nE d 5T. Fic- / 32 ° Sk l3rir,r * 16.1 1 ! I New . 15 r 211 May-rook� W WindsorHudso t 1 (,•rnrrs `` Zc' �n Fa,rtreld 2Dr ltLitltcBr,t 9+ I, \vofn' I n s,Kent r;. 52A 7 l,sbu is Gate raornr+1'w6sll Fl (U1,4 1 _'� Cl fist �0 301`?. carme 31 2 t f Burn, Sal, r'y 3D I 'v } n4tt` 6 CamDben"i4 side,3 MslIS i 1� -''\� .l. N l.l' i , •\ Till oslir lI l 201 ttau Gold Spr• tV Washingtonville r 3� w !�I�I r1 .tr,n,Y, 1 Nam on 9 l 6 .Blooming ^ l,ni1r• z $ft' Niter I * Grove 20� Mounlarnvillr. mahopaC 1. 1 1., Qshan M.1 A,.d o Garrison 94 Mtn LJ 5 a A;nfr,nt 17Ml�nirs c -ti I I Lodge `h , sv.., A�.nr i --" � i \ � 121 Mr,s. 11 a (rarPvi11C { 1'' Mand Falls �n �: as n ♦ !t (r li A �� . x�ryas Highland 4 t+rub Croto�Fills N. Salem . -hester_%,4' t Mand Misss O J `�� PQ A r 116 / ' D Oak- niers _ 1 )urland- 5 94 w i Uo I •ntrsl Valley fort . C'amP 5m,ti 11 1So r17`. Salem i 16 _ d to k `C G i�nsnntao `*+�� N Y N G 202 Purdy' Ce^- 35 r4lir�r„r^ V. Toll � '� n } n r F l ). Florida S Mor,rae y 51t * 5 w (nncrvrl; f 1110 / f� 21 South . (Be 2U2 Amawalk 5afem � o 17A Loa[ GOOSfPONU * 35 13 1 i ..., 15 • �t land 9a MTN. ST- PK.t 1� PALtSADE5� St } �} -rt r Peekskill ° Yorkto n� 35- Cross I �;. _ Arden I� �� Tomkins ESuchanan IIB Hls'Katonas, �� -River 123 �\I r it rnri li 777 Cove' 1 ) �3 z, \ i „tte ((( r .Viii• r-r„inn 1 r !- 5nurhl,elo rr+TER$ IA7E o 1 >•�trony PI 7h•• 1 29 WarwtC c.* p S IH.wm1t 51 Pk, if - Greewood1A, �( l r�attler'r'r lraw 1. 1. 121 Povnd "I 2 I f) °RY p ° , y�av ` o �FOtOfi Mi. Ktst D o 0112 / U .,jew Mrliord Lake t N ,� PARK I rs v}es on-Hodson H 13J t i 2 Bedior 17 N 1 ` firer*, h' 'n�Havel`- * � s�r +� 1241' n,r ,,,lir 1.,,t: r r r r.5' Sr,C,hnlrn I? + ..straw 9 9A ' 1 i r \210 / i„ „r •�, t' Tuxedo 3U4 a�!_ 1� k 128 { Banks-'` 202 { r riPark assinig k lte �LO Canaan „.j �� Sioatsburg ' - o Pleasant r.,"'n v- n' 30fi ter` Tiew'L iiti _ Iii Ir.•.. 104 45 1 rIt IR () _8ria r_ o vitt Spring 7;.7 3U3 N Td Manor Armonk Valley I 1;r•n rr• Fllllbur �:� �. *;' • °°� Gr L441 U 5 Mi. Su{ierd , Das ` 5� * sg nM Tarry, o `�4 22 4PRALDRAFTING CO.. INC. Mahwah o Na eI ° nyaCK t0 SO 1 ► J to - l j y r,.. -I 1 I'1; Q�'a`Pi // / •r o pearl 311 ��ro t`' * Ha slips Cos Cob� ?'- i 1 17 River ,y * q I r'. 91n sey 1 4 y Newfound- Wan20ue o----�-.' '•sl Qraflachul '1 +� t 1�) L% „QrdGr j (7� ur* / `t ee land c. 2U2 SadRrrcr Dobbs- 9 / i� hitt Oakland le-- �',ir, r s Ferry ., WaldwtCk\ J REGIONAL LOCATI N MAP WGRATH, W:3 � BASCIANI 3 & ASSOCIATES ID ugh3onvi e 1 4 h P NEWBURG� s Coe'lsea Point 0 Pam) Brock 12-24 N, Qyrec i..) harr V 3`7 BnCye FaOmy RSHK CITY LL M- Beacor Hills 25081 p cool ff LOCATION MAP MCGRATH, BASCIANI &ASSOCIATES, v OW OBJECTIVE The objective of this appraisal assignment is to undertake the investigations and analyses required to reach the "as is" market value of the subject property, as of July 7, 1998 (date of inspection). The function of the appraisal report is to provie Albert Roberts, Attorney for the Town of Wappinger, our estimate of market value. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as of the July 7, 1998 date of appraisal. For the purpose of this appraisal market value is defined as follows: The most probable price which a property should bring in a competitive and open the buyer and seller each acting market under all conditions requisite toshe, rice is not affected by undue prudently and knowledgeably, and ass g P stimulus. implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2, both parties are well informed or well advised, and acting in what they consider their best interests; 3. the property is exposed for a reasonable time on the open market; 4. Payment is made in cash in United States dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property by unaffected by special or ere sold 5. ative financing or sales concessions gr anyone associated with the sale. Source: Uniform Standards of A sisal Practice, The Appraisal Foundation, 1997 Edition - 5 McGRATH, 6ASCIANI & ASSOCIATE SCOPE OF THE APPRAISAL PROCESS McGrath, Basciani & Associates has prepared an independent and impartial appraisal of the property in conformance with the requirements of the USPAP and specifically invoking the Departure Provision. While every effort has been made to produce a credible market value estimate, the limited scope of the assignment limits the reliability of the result. As part of this appraisal, a number of independent investigations and analyses were required. The appraisal process performed and departures taken are as follows: _Appraisal Process: • Identified the real estate being appraised • Identified the real property interest being appraised • Researched the purpose and intended use of the appraisal • Stated and defined market value • Inspected the property, and set forth the effective date of the appraisal and the date of this report • Set forth all assumptions and limiting conditions that. affect the analyses, opinions and conclusions, as stated in the addenda of this report • Limited the collection, verification, analysis and reconciliation of comparable market data to information available within the REARU database • Considered and analyzed any prior sales of the property within three years of the valuation date, and considered any option or listing of the property • Provided a signed certification in accordance with Standards Rule 2-3 It is important to note that the "Limited" appraisal process does not include the following: • An in-depth review of the zoning ordinances which govern the property • In-depth market and highest and best use analysis • Review of environmental, survey or engineer's report McGRATH, BASCIANI & ASSOCIATES, w4c. 1.1 DgR4 tures Taken has invoked Given the "Limited" nature of this appraisal assignment, the appraiser the Departure Provision which permits limited exception to sections of the Uniform ' Standards that are classified as specific guidelines rather than binding guidelines. These specific guidelines are as follows (copies of USPAP are on file within the REARU and are available upon request): • A complete market analysis -was not made (SR 1.-49). raisal that the • The appraiser has presumed for the purpose of this "Limited" app is the highest and best use of the property existing use of the improved property . {SR 1-3a}. This "Limited" appraisal report relies on two approaches to value, with no support from the income approach (SR 1-4b). REAL PROPERTY INTERESTS APPRAISED of the that the present ownership This appraisal is made with the understanding be lawfully owned and is, subject property includes all therefore, title in „ fee simple. ti of the nghts that may Fee Simple is defined as: "Absolute ownership unencumbered by any other interest or estate, subject a nlyto the limitations imposed by the governmental powers of taxation, eminent police power, and escheat." Source: The Diction of Real Estate A sisal, are 14dation, American Institute of Real Estate Apprmsers, sago, ois, , r STATEMENT OF OWNERSHIP As of the date of valuation, title to the property was vested with: Greystone House, Inc. and analysis, there has been no transfer of the site during Based upon our research the past five years. - McGRATH, BASCIANI M :3 & ASSOCIATI 7 SITE DESCRIPTION The subject property consists of a triangular shaped, 99.6 acre parcel located on the west side of Wheeler Hill Road. The west boundary is a distance of 2,001.21 lf; approximately 1,920 feet of this boundary consists of frontage along Wheeler Hill Road. The south totaling property 02 line (depth) is a distance of 2,217.2 feet. The north property lin distance f feet. .42 feet and the west boundary is in several courses g Approximately 1,220 feet of the west boundary adjoins lands owned by Central Hudson Gas and Electric Corporation and improved with utility related (3,093+ feet improvements and equipment. The remainder of the west boundary Metropolitan Transit adjoins lands improved with railroad trackage, part of the M p Authority (Hudson Division) system. West of the railroad land, is the Hudson River. The topography of the site is gradually sloping, except in the northwest segment where the land descends more sharply. Generally level and rolling areas are located throughout the parcel, particularly in the southwest and southeast segments. The terrain generally consists of lawned or cleared pasture areas, with some heavily wooded segments interspersed throughout the 99.6 acre parcel. The property enjoys panoramic views of the Hudson River from all Points oPowerp ant site. The only drawback to the area is the Oranthe ge &Rockland Utility situated directly across the Hudson River from the subject property. ce Public utilities serving the site include electric and telephone. in. the abs 1989oa public systems, on-site sanitary disposal and water system are utilized. In 10,000 gallon per day flow galley septic system was installed. in addition, in 1990, the main well was improved and 2 new wells were established on the site. MCGRATK BASCIANI & ASS<]CIATEf TA MAP OF SUBJECT RPERTY McGRATH, BASCIANI r� & ASSOCIATES, u 9 ZONE B Rm 24 RM 2 ., c i #,%\i EP ZONE B ,AM FLOOD MAP 10 !� McGRATH, BASCIANI & ASSOCIATES .0 J ZONE B Rm 24 RM 2 ., c i #,%\i EP ZONE B ,AM FLOOD MAP 10 !� McGRATH, BASCIANI & ASSOCIATES t L4 OLOO OLol J/ \ � rYlT4• /y % � 1 \ 141 l! � I ` / so ZONIN MAP McGRATH, BASCIANI s & ASSOCIATE 11 DESCRIPTION OF IMPROVEMENTS As of the date of inspection, the 99.6± acre site was improved as follows: Ma ire Pavilion: Three story, 20,3000 square foot residence hall (including portion of basement) erected in 1958; good quality construction. The first level consists of (3)± offices, (7) bedrooms, (2) diming areas and (2) living areas/lounges. The second and third levels each include approximately (14) bedrooms, (2) offices, (3) living areas, (2) dining rooms, (1) kitchen, (1) storage room and (2) institutional style bathrooms. The basement level, above grade in sections, comprises 6,150± square feet and includes a dining hall, adjoining fully equipped commercial kitchen, a laundry room, maintenance office, washroom, and various utility rooms- The structure has (2) stairwells and (1) 1,200 lb. capacity passenger elevator. As of the date of inspection, the structure was in average/good condition. Two oil -fired hot water furnaces ("Weil McLain"), three large oil -fired hot water heaters ("Bock"). Annex Building: One story with basement, masonry structure erected in 1950. On the main level, the 3,200 square foot former chapel consists of an open auditorium utilized as a recreational room. The full basement (3,200 SF) includes day program room, fitness center, recreation office and boiler room. As of the date of inspection, the structure was in average/good condition. Administration Building: Two and one-half story former residence converted to general office space in 1985186. The 2,900± square foot masonry structure was erected in 1927 and is in average condition. Construction details include brick exterior walls, asphalt shingle roofing, wood double hung windows, plaster walls, wood flooring and oil -fired forced warm air heat. No hot water. The interior layout includes approximately 10 rooms/offices and (2) washrooms. Mansion. Three-story brick structure with basement, originally a residence hall. As of the date of inspection, the 9,000 square foot structure was vacant, in poor condition, and required extensive renovation or demolition. Maintenance Barn- Two and one-half story brick barn erected in 1900±. The first level comprises open utility space and a horse stall stable area. The upper levels utilized for storage. Total floor area estimated at 4,000 square feet. �:�MCGRATH, BASCIANI & ASSOCIATES, INC r- } 12 Site Im rovements: Site improvements include a macadam paved driveway*, stone retaining walls, (2) staff parking lots, (3) walls*, sanitary septic systems*, an inground pool, a basketball court, ballfields, wood and chain link fencing, walkways, etc. The site is adequately landscaped and well maintained. * New or recently improved. 13 McGRATH, BASCIANI & ASSOCIAT SUBJECT PROPERTY MacGuire Pavillion SUBJECT PROPERTY MacGuire Pavillion 14 k� MCGRATH, BASCIANI & ASSOCIATES, true SUBJECT PROPERTY Old Mansion SUBJECT PROPERTY Old Mansion -%-. 15 MCGRATH, BASCIANI r & ASSOCIATES, 1 7.4. VS- M1 N M_. -. � � tl w � � .� � � -S �'�� •fit M. ��+� w • �- - • - �� `^'� - "ice SUBJECT PROPERTY BaUGelds SUB TECT PROPERTY Excess Land 17 MCGRATH, BASCIANI & ASSOCIATES F; SUBJECT PROPERTY Excess Land SUBJECT PROPERTY Excess Land -4 18 McGRATH, s BASCIANI & ASSOCIATES, it APPROACHES TO VALUE Highest and Best Use The subject property is current utilized by the owners as an intermediate care facility. It represents a pre-existing use which requires special permit. The subject improvements are of mixed utility, utilized for residential, office, and recreational Purposes and are considered to varied condition, ranging from average/good to poor. Due to a change in philosophy, the occupancy is decreasing and the fumctional utility of the site has diminished, and readaptive use must be considered. Based upon the location, the amount of supporting land and the panoramic views of the Hudson, the recent demand for developable sites for affordable housing for low income and/or seniors, and the present on-site water and septic systems, it is our opinion that the highest and best use of the subject property is for readaptive use and expansion with multi -family development. Valuation Process The continued use as an intermediate care facility seems unlikely. A review of the real estate market activity indicates several sales of large institutional, religious or educational properties for readaptive use in recent years. The present improvements lends itself to redevelopment and there is ample land for expansion. Given the above, and the objective of the assignment, we will utilize the Sales Comparison and Cost Approaches to value. McGRATH, :3 :� BASCIANI & AM)CIATES, 19 SALES COMPARISON APPROACH The sales comparison approach is a process of comparing prices paid for comparable, or similar properties which have sold or have been recent to the date of appraisal. The comparable data is then compared to the subject property, with appropriate adjustments applied, to account for any differences between the comparable sales and the subject property. Such differences may involve time, location, zoning, physical characteristics, construction, land size, accessibility to utilities, etc. The Sales Comparison Approach is based on the principle of substitution which implies that a prudent person will not pay more for a property than it would cost to purchase a comparable substitute property. In estimating the value of the subject land, we have researched and analyzed six sales in the southwest portion of Dutchess County with similar utility or sales with Hudson River views. Our analysis took into consideration the size, location, zoning, access and topography of the comparables in relation to the subject site. The following sales indicate a range of value from $5,689 to $9,911 per acre. Particular attention was given to sale #6 since it afforded similar views of the Hudson River which is considered comparable to the subject. CONCLUSION OF LAND VALUE Based upon our familiarity with the subject site our experience in the current real estate market and our familiarity with the Wappinger area, it is our opinion that the land value of the subject property, as of July 7, 1998, can be estimated as follows: 99.6± Acres @ $8,000/Acre or EIGHT HUNDRED THOUSAND DOLLARS ($$00,000) MCGRATH, BASCIANI & ASSOCIATES, INC. 20 MW J Ln J m Q fZ AI co m� o Ln a o 0 o u�{ o I�� 0- 4444 IA p N D 'n P Lo 0 0� CD O Q U 21 McGRATH, BASCIANI & ASSOCIATES, i sA IlJ D D P N C7 N N Q Q N tp 40A (ii � y C O C E 7 N N � � O Ql O p� HCl D O LL7 i!'l O O 10 6 � c I y7 o N ti 44 � {A N N 7 s P C1 N O 4 O O O N N O P N'Lo w W L 1,00 N N I ay: so P ci V 4& G R V = � O � 'FE a -0", O N O O O O D N Y ^ n N SO N E IN I I m N ^ V W V H iN N .0; C tD m I 0 9k CD 2 � L L Gjl� Wd� N = N .2 a 4 � U �'y 'Q QN E E- Z ��xaa m rn s Q a a 0 E � o a Jco t� c Y! a m Q. E '' O a U Q 21 McGRATH, BASCIANI & ASSOCIATES, i rF 11 �I Mnl� t+rn2 I'Msi `v5 s. A x Willow i t ¢ ILrdok Slnnfurdville •a nlius taa � � r � t 17 ° F Union Ulster S Pie sant Clinlon d' p SA... Center Perk +*Oc*vn Plains 14 Ilowl.antl Hollow D17 �1iip } r ,r, JAWARE1 [E"IS MORRIE c Rilton Clinton STATE rARx n I,, s ComcrC camp"' �A•�fr E6 1' 16a �U Shunpike ` 18 + Dashvilit ,` .J716 Iiiberniu98 Salt 115) An = `i 5 Point _ b 15 J ydc Ntt her "fat NV est Park Ap,n L All w1)+11I 4 K _ e Park + 41 ��. $?/ WushirTt a>n (44t` 4.4 y Iahhet East 41 j 1lnilow 99 Plutarch A00, 7' Park Gretno �_4� si` 'Millbrook p ch'W;A_ efts 1 72 L tincrree '� n i=1■ 39 11 G &° L+rocns S nut h 4 cj! s+O 2' 111illhmok A*S 73 'r 1 • AMnR[7 r - o +°r, Rest 1 G&O+na16 R' 9 mtrue ;IF L29 ' Ammca 40 *A Au 71 0. 014 � L,4,f �u+'' 0 w.avas r` 1 ieasnnt •ri summit LA A Valley 3J FAtlxRl , VCrhnnk Lloyd 12 �MTr l l,l 441 •0 T V ilizq c 190 5 - vrew �rARx _7 y 47 D1 Verbank Gw•r Camby Highland/ y*y 't 1 (82', 9 Rochdale 'l � } � � 5 I lloures 89 �9 44 chuAc i Arlington 43 til ill +, 14 I 44 55 �,, +.e+rv. 45 D North9 of"r �VJ 4X ^1 t d 55 , 0 veri+mk Clove 1� Manchester 4 S. 37 l* . a 9 I Bridge Freedom s`e89 21 Plains D 1Q� Clove Pough-' 49 55 11tilirips 10 C 49 ivo -� keepsie s ✓ ° x,+ Crouscs Milton Z) IrAc$fmAj,I " 11 3` 4d `rj R0 A.51Sr'` Slort An a AD I.a."run •e. Pica -lar eftw co t8 Red e Oak •0 11 Vilic 21 21 a itirl La[tlntown W-79 Mills 37 Ciovc 9 411 Valley New77 • _ Iiackentack 33 L, Arthum- R 1191 RD Diddeli Ilill.<i+lc Hrn.;.i, burg 55) 32 Ro+roolM Lake LA. 14 �-- Countt 9D, 37 3 "ishkill -0 '82 Bcck- rARx i11 yen Corn rs Eoins D7 +vwav+I$ mon 7 � u r 93 Clove Ti—. I'ouRh- r 14 Marl_ rs q 29 t Branch "11 •p 8 f uug born I OwiA, ; Ict. 9 Glawy olaywm Y.`1... 93Sf ism til. v a'� E1L.STER t 28 Hopewell !75 west p�tNGE CO- Ceda 94 Jet 9 16 : Green s Pawli: Son- D Ilavcti by _ + lllc 28 z t r 5tormvilie� txro[ lnv'ilc +o ¢ 1_� STAtE Middle 31 `�' fOREst wh j..' 55 Hope Chelsea 35 31 521`'v+ b cMrtltA 82 / D31� 29 wL it .h.A,s r9 Ar It . 34 Brinktrue Fishklii Ie rp, 90 52 lairs- RE ;o►r 3POOrz rule hkill 2 IZ T3 84 wSISKi[i` Sheridnah LAND SALES MAP 22 n "bLinime McGRATH, BASCIANI & ASSOCIATES, INC. In estimating the overall value of the subject property, we have researched and analyzed several transfers or contracts on institutional type facilities in the Hudson Valley_ From each of the sales we have deducted our estimate of the land value to arrive at a sale price for. the improvements. The price per square foot of improvements range from $8.35 to $44.35 per square foot. The low end is comprised of a vacant former nursing home in Hyde Park in poor condition, having only a "shell" value. The second lowest is a former hospital that has been on the market for several years. In our opinion, the overall value of the subject improvements would be towards the middle of the range of the remaining sales, reflecting the overall average condition of the improvements. CONCLUSION OF VALUE regoing Utilizing the various improved sales (#1 through #9), considering market in discussion, and based upon this appraiser's experience in the real estate Dutchess County and the Mid -Hudson area over the past several years, It is our opinion that the market value of the subject property by the Sales Comparison Approach as of July 7, 1998, can be estimated as follows: 41.,000± SF Intermediate Care Facility @ S34/SF Value of Subject Land Total Value of Subject Property (R) 23 $1,394,000 800,000 $2,200,000 McGRATH, BASCIANI & ASSOCIATES, u a: w4= cUm 0 �1H '\ 116=H .N,N :IDI. N � 47 'Y1 � Go =:a W 0'p w r O 401, L _ -1 40t ¢max N W 1. 9 :a o o :o o :a o. o a 00 C =._C p LU 0 Z Oa a �W 0 Y m < w lw �w IN N w w ti ►� :t» Y7 N Q C -,' LU < cq ` r ifs ' ci rI} q, w m its !C �r _.Qwm ID H i� w N H w W a tlj 4:4& H w N W Q a J WLu co J J N J H Mfr Li yo w �O O ad4. 0 �Q 0 _ uZi ° �� p� Q -°O my gv cco a ¢ z a z �_ cni m (L U) s m ww S O I m Lp°7 lu Q ¢ �_ O O O d I C7 C3 W ul > a „.O c7 " a ¢ a ¢ c U D -c MCD N {rp f0 t 0 O 4�N N q D n ZO a dIC : Lo M C7�2: W m a D D W . 0 Q W . � O� - 400. . IDO• 17 C4 Q .;zoo o o p p D D D O C 11i D to O O N 0 p c CD75O OUia _H.iy .w 'H m I. LUm LU D W z Q ; z p wZ �aC� j nz Lu Q Z ¢ZZ a z a 0 �ph= a�0 www �� w ° o�� wrS E�z � C:OxV mZ4 �wU -i UCO v' V 0700 aCm0 X00 O 0 erCC 4U -Ow Umtp ZU.'JN +-U: SU Z~U'SOU (L W mld a w Y- O�w:�vl dm U) Sa a 0 Ym. ¢ c7aw:sdM:OCw �:z ZUS z�w xYw �a� 0 U" wc7 aw41" ¢ 0z=U,: U�+;=3z;t?SU U�� A00Zo aJ�'wXz'2a0 -� Z00 wurtn aw m�-=�_Z aS� XZ�:J waS:zzw �ZQa�d�i�a°-S:O��.¢��:St w�Z u11-0 VO.U�a:O:C�p m of UJI w . to W W - W ui dc dd J J J I N N m co N N N McGRATH, BASCIANI 24 & ASSOCIATES, IN I ^n^+' MettacahOnts r` � lwest Falls v Park Q it pafk San ¢ ✓ flSliibT001C assalC Souti, Amenia P,yU ervine ;� _ 'I r J yyasninq[on mabbettsvillc _ Pataukunk r� Hollow a■r� East Park 4 22 _.,Zkawaek * '�ACcord O w Ilinosrvert uo�e 1.15 �� South 343 343 Kerhonk- Id a4A Millbrook i ^. a son Mohpnk OSrn 1 _ PaliZ ] l � ;mover � 55 Granite Lake No,rses * (!10 ri - Plains 34I Wawarsing 10 5 � alrvlew .L Preasant Valley � I ty fi18Panoch 299 / ? 7 a Pa�lghkeepsle'' R2 Verbank 221 Kent ,,,.was,a • * High �and i llenYille 5t Pi_ 44 r'_ Arlington 4 Moores Mills all �1 . Ice Caves ( 55 55 Janes Baird Furnace j� Mt. :S rrrdmer s � �� * Billings Clove 1 � � Mal r � Cyrntandale � ��Cragsmoor Ganahgote 9 55 W � ,' we .a ck ',0 7255 BruYnswr<k I * M ena Lal1+n• ; 4 j Red Oaks ~ - Sor*+s pwaarkdt tow„ AAi for ` i Mii! e� Lagr ngP.�l Wingdale �r 6 t55 * `Gaylord 2 Po.r, 32 / vllle I vi lie ,L' walker Dalley ; ,1` L`0R 16 �' A 1hvrSburp 22 7 �G, * Beekman ! Poughnuag 55 - r lf1 } Plaileklll V eo q �� 1 6 \ Plne. BUSK i�-�h c } 216 * Stonehouse - Jr- 31 Jlslervine Marlboro o Wappingers Fa is �, i O Wallkill `I Hopewell Jct.. rt, nam _. �� IS •^,?: nurg7 p tt'l,.,h•, 55 Quaker Hill U Shermah ti +n �,r !h L Stormv+lte i 300 . �onv,ltr 302 Walden � t az 9 52 " �lAomingt)uurg t 521// p 6 s _F,st, rn 292 - . 111 �1B 1.! Sullv+lle µonlgornery 208 Colden- { ' Fishkiil �j'f HOImeS �� al i• -3 ^ ^' 7 1 +�1 1 i ��' Pefksvrilts . q' • � � � I � 1 �l �' 302 "�- g�/BsacacCirclevlle _ 1 r C[�RErJCtr� 311 TownercJ' . n. 11',pi land-Lares-- � ,1c b ll e W lJrg - 1t. Seocon t i` I IFANkESToCXk "~ St. nc fr_rnr;^�-) r� n�i5a2 ! s+EM- ST- IX. Ir,n,r 1 Q 164 New 21 I ar Maybrook 3 o pty �I1n1j5Gr ll n r'„rn,•r� 'k �h P f 1 ,� 6 I fi L,1tl, grit+ltl. Brit 'l r.}1udi0 t�nnt^' ff 1 Fa,rlreld r y 2U 1' 11 1 v att O Fl! r,iant7s Ir, < 52 n 7 22 i ,y * Valls Gate ' o,c bson 4 , 1 = Kent a 1 �} Burn Sal+sbury Q \ !Vu lUnrrn Giiffs >O 301 fy 'L } 301 �drrile Y `VntlR 6 Campbell * s de�3 Mrl+c !J 11 t Tru aster I 1 201 Hatl ColdSpr. }� �U i 11; •N 2 .. a j3rnnrl! *� 6 �' X17 I WaShingtonvilie r 3JI nyfil IRr,, Ham on gloom,nq v 5 n 6 Brewster _ * Gro (20)R Mounlarnvrltr. 1 ashen � Min �, 5 Mahapac ' �. ,�l.r d+.a. � :aarn5pn ac prr.,r„nr t% *. I'.-.,rh 1.. T ori < 11M e o, w.+, p^. r r /vl,rs 1T v1 r1 Crar>'v<ue r l.: Loog ` � l t in, .�.��ac h I 1~ I;.-. L'T � 12! li b *.I K;ryas / Highland Falls 'l a' hrub '` CrotsrsF'a11s - r N. Salem lurland 5 i_fi rhr5fer Joel I ghlanri MIHS �� 0� P� p�ic- * So ers 1 S6 m -.le 94 J ■ i J f ,nlr:fl VaIICy ro+l r (-,imp Sn rrh 11 I>J 1 i 0' ✓ / 202 'rue.. Sa em * ,yl„«„m V'„ Toff- 71ifMnnlRomrry NY rV G PurdYS r5 ,Z r"J .� Cen. Florida .{ r Monroe y 61* * �\ � 61 + Tl).r1• 1i0 ; tU 121 South . t.--. Anna -alk 'i C 1 O Rid Sulrar Farr man l 18e,r tali. } _ 2 .'0a Salem r lg4 Loaf GOCSFPCNC�' _ J5 UZ ATN 5T. FK. i I St Pk l �e .land to 1 PALISADES,: _r - Peekskill c)Yorktown, 35 35 grand Arden 1 �/ Tomk;nS �/i Buchanan c7y�Z Fats.Katoriah Grpss [+iiI'. 1 _ r.� r•.) -�A rver l �4 1 21 aIle -� ! - Snusnr: 1NTERSIATE 3. �arwit * t l ears o ' w.Srn�y C t...� IK,rn,<,„ SI Pk l • 94 Greenwood lAl On P o [lattleLnlVe craw i I: j{1SGG i 21 �” Pound RrdR� > 2� ! 1 N �ePARK y egk Ha n �.rotcn- Mt o � 2 .e.Newts+Hord Lake `i n i n`N on•fiudson H 5, lo Wilt 17' /i { T.nJ e h silver- ! - 1 i 2 31 124 n � rr•r'r7lr •, ul !.0 1,-r / rry � �_. 1- 5. j: CeAexn I� * '•.$traW F g 9A * r1 r �[71tu J f rJra� .r f j it' f i M,Hwo� f rr.•, ri 1235 i,.,..r,.l� g Tuxedo 3U4 7! 1 •}' {j 128 1 Banks -L Park 202 Tor � - \ j SIoa45bur >75sining f 1 _ New Canaan C A Pleasant - „''n I �i S1 w 306 r i i{eW'1 �Z He<. � 44 45„Snarclill ,7. 1,, o; vii I 54rtng �; 7 N Manor Armonk i < r Armo Hillbur * 7 Min Va ley x(13 � rLa {I ykh . �1' ' 131 ' 124 0 5 Mi. Sufterd 59 1 / +' �li;.s- rt, r. 15 Qaberr 1' 1Mahwah o 4• ss n Tarry 0 l z2 O rlyaCit •7FpRLDRAFTING CO_.IHo C. 7 t- Na el I town - 'i ,�` ° �t o Pearl 3113 �r`la tr}r 1 T � or, iia son 1Cos Cob i y Newtound- Wanaque' f- Kamsey I r `Ytr .S' * 4'9 90 stimfi0 land ,_-� p Zt]Z-r,�11� ,r rail}}r� �1 * .r �I I _f I\ L.1� (fGreeiiwicl, Sad le River' J`1j 1 Dobbs' ; 4 White Oakland WaldwtCk� j', ”}r....r.r, . Ferry n IMPROVED SALES MAP M :3 BASCIANI & ASSOCIATES,INC 25 COST APPROACH The cost approach is based on the premise that market value is indicated by the replacement or reproduction cost new of the improvements (less depreciation) added to the value of the land. This assumes the improvements represent the highest and best use of the land. The. cost of constructing an improvement on the date of the appraisal may be made as the cost to reproduce the improvements or the cost of replacement. _ Reproduction cost is the cost of construction at current process of an exact duplicate, or replica, using the same materials, construction standards, design, layout and quality of workmanship, and embodying all the deficiencies, superadequacies, and obsolescence of the subject building Replacement cost is the cost of construction at current prices of a building having utility equivalent to the building being appraised but built with modern materials and according to current standards, design and layout. For the subject valuation the appraisers used the estimate of replacement cost new. In applying the cost approach, the appraisers took the following steps: 1. Estimated the cost of replacing the improvements. We used the Marshall Valuation Cost Handbook, a national cost estimating service, and also considered local building costs if available. 2. Added entrepreneurial profit. 3. Estimated and deducted depreciation from all causes. 4. Added the estimated value of the land to the depreciated replacement cost of the improvements. The value of the land was separately estimated in the sales approach. ...- 5. Added the estimated contributory value of the site improvements. McGRATH, BASCIANI 26 & ASSOCIATES, INi EXPLANATION OF DEPRECIATION Physical depreciation is evidenced by wear and tear, decay, dry rot, cracks, encrustation's, or structural defects, and may be considered curable or incurable. Functional obsolescence is the adverse effect on value resulting from defects in design. It can also be caused by changes that, over time, have made some aspect of a structure, material, or design obsolete by current standards. External obsolescence is an external influence which can cause a loss in value to any property. It is the result of the diminished utility of a structure due to negative influences from outside the site. In our valuation of the subject property by the Cost Approach, we have considered all forms of depreciation. For the subject property, we considered the age of the present improvements and the current utility as a community service type structure. Physical depreciation is estimated at between 25% and 70% depending on the subject building. In addition, we have calculated the functional and economa.c obsolescence resulting from the current economic conditions, the construction of the buildings and their overall utility in the market place. COST APPROACH Based upon the following analysis, the overall value of the subject property, by the Cost Approach, as of July 7, 1998, can be estimated as follows: ($212501000) McGRATH, MBASCIANI & ASSOCIATES, m 27 Greystone House, Inc. Wheeler Hill Road Town of Wappinger, New York REPLACEMENT COST APPROACH MARSHALL & SWIFT COST MANUAL MAIN LEVEL & UPPER FLOORS Base Cost/Sq- Ft-Current Cost Multiplier Local Multiplier Adjusted Base Cost/Sq.Ft_ Entrepreneurial Profit @ 15% COST/SF — Main Level & Upper Floors Main Level & Upper Floors (Total Area) X Sub— Total LOWER LEVEL Base Cost/Sq-FL Current Cost Multiplier Local Multiplier Adjusted Base Cost/Sq- Ft-Entrepreneurial Profit C6 15 COSTIBF — Lower Level Lower Level (Total Area) Sub— Total TOTAL. REPLACEMP-NT COST DEPRECIATION Physical Depreciation — Physical Dcpreciation Amount Physically Depreciated Building Value Functional & Economic — % Functional & Economic Amount (see previous page) Total Depreciated/Sound Building Value Total Depreciated/Sound Value of Buildings Land Value — Sales Comparison Approach Enhancement Value of Site Improvements Total Value of Subject Property — Cost Approach MacCruire Pavillion o512.38$9.31 qo }� Chapel Administratiod Mansion Mainz Barn Sect 11 Pg 13 Sect 16 Pg 8 Sect 12 Pg 18 Sect 11 Pg 21 Sect 17 Pg 20 Dormitory Church SF Residence Rectory General Purpose Good Class C Ave Class C Ave Class C Good Class C Ave Class C t S54,05 573.37 $15.51 1.050 0.990 1.050 1.050 TS7$67.78 1.160 1.160 1.160 1.160 $82 56 562.07 589.36 518.89 513.40 S2.83594.94 $71.38 $102.77 S21.72 18,450 3.200 2 .900 9.000 4,000 S2,016,0001 S304.06 5207,000 5925,000 S87.000 $47.62 S26.651 512.33 $16.19 50.00 1.050 1.050 1.050 1.050 1.050 1.160 1.160 1.160 1.160 1.160 $58.00 532.46 j. 515.26 519.72 SO -00 $8.70 34.87 So.,) 5296 SO_00 566.70 537.33, 517.55 522.68 50.00 6,150 3 2001 1200 2,500 0 5410,000 S119.000I $21.000 557,000 SO S2,426,000 5423,000 5228,000 S982,000 $87,000 30% l 25%1 30% 75% 50% 5727,800 5105 75{)14 $68,400 5736,500 S43-100 S1.6982001 5317250 5159.600 5245100 S43100 50% 60% 30% 50% 20% $849,100 S190,350I S4�80 5122.7501 58,700 5849,100 5126,9001 5111,7?0 5122,750 534,800 S 1,245?70 $800,000 S�000 $2,250,000 (R) M cGRATH, BASCIANI 28 & ASSOCIATES, INC SUMMARY OF VALUES Value of Subject Property - Sales Comparison Approach $2,200,000 Value of Subject property - Cost Approach $2,250,000 RECONCILIATION In arriving at the final estimate of value, careful consideration has been given to each of the three approaches. The Sales Comparison Approach utilized several sales of institutional properties in the Hudson Valley area to arrive at a value of $2,200,000• In our opinion, the sales are indicative of prices paid for properties with similar utilityh at the ut the surrounding area. Our conclusion reflects the condition of the comparables time of sale in relation to the present condition of the subject. The Cost Approach arrived at a value of $2,250,000• The methodology is relevant when the property being appraised involves new or nearly new improvements which represent the highest and best use of the land. The weakness of this approach lies the difficulty of accurately estimating the reproduction cost new and evarious forms of depreciation in the buildings at the subject property. VALUE CONCLUSION alysis, it is our opinion that the market value Based upon the foregoing data and an of the entire subject property, as of July 7, 1998, can be estimated as follows: t - TWO MILLION TWO HUNDRED ' ($2,2001000) McGRATH, BASCIANI rr & ASSOCIATES, it 29 ESTIMATED. MARKETING PERIOD In estimating a market period for the subject property, we have considered the current situation in the Dutchess County real estate market, and the location of the subject property. Our analysis of the real estate market indicates that, although there is a decreasing amount of developable land with the location and utility on the market, there are only a limited number of improved properties currently listed for sale, due to the recent sales activity. The current offerings are older and less _ functional. All of the comparables utilized in our analysis sold (see improved sales summary) after marketing periods ranging from 1 to 3 years. In our opinion, an end user would most likely choose the subject property because of the accessibility and the functional utility of the structures as a mixed use facility with ample supporting office area. In addition, there is ample land area for expansion, subdivision, and/or sale. Finally, we have given special consideration to the previously estimated value, of the subject property. it is our opinion that, based upon the foregoing conclusion of market value, the estimated marketing period will be one to two years. McGRATH, �� BASCIANI r & ASSOCIATES, IN - 30 RESTRICTED EXPOSURE TIME Exposure time precedes the effective date of appraisal, and may be defined as: The estimated length of time 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; it is a retrospective estimate based upon an analysis of past events, assuming a competitive and open market. In arriving at an estimate of reasonable exposure time, the appraiser assumes an adequate, sufficient and reasonable effort to sell the real property. Owing to market conditions, preceding the effective date of this valuation, that were slightly worse to present market conditions, i.e., similar supply and demand factors, similar regional economic conditions, similar availability and cost of financing, etc., and based upon information gathered through sales verification (see improved sales summary), our daily activity in the real estate market and interviews with market participants, it is our opinion that a reasonable exposure time for the subject real property, would have been 24 to 36 months. s� McGRATH, - BASCIANI 31 & ASSOCIATES, INC. ASSUMPTIONS AND LIMITING CONDITIONS This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not include full discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in the report. The distribution of values estimated herein for land and/or improvements where separately scheduled are values applicable to each such respective element of the subject property under the program(s) of utilization defined herein by virtue of the definition and description of highest and best use. Such individual values may not be applicable under other alternative use programs, and are invalid in conjunction with any other appraisal. If this appraisal report contains a valuation relating to an estate that is less than the whole fee simple estate, then (i) the value reported for such estate relates to a fractional interest only in the real estate involved, and (ii) the value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee simple estate considered as a whole. Any sketeh(s), map(s), drawing(s), and/or diagram(s) prepared by the appraiser and included in this report have been offered only for the purpose of providing visual assistance. No engineering survey or analysis of the property has been made by the no responsibility is assumed in connection therewith. appraiser, and McGRATH, BASCIANI 32 & ASSOCIATES, INC If this appraisal report contains a valuation relating to a geographical portion of a larger parcel or tract of real estate, then (i) the value reported for such geographical portion relates to such portion only and should not be construed as applying with equal validity to other portions of the larger parcel or tract, and (ii) the value reported for such geographical portion plus the value of all other geographical portions may or may not equal the value of the entire parcel or tract considered as an entity. The subject property has been considered to have been held under responsible ownership and competent management, unless otherwise specifically stated. In the absence of a statement herein to the contrary, it is assumed that such quality ownership and management will continue for the remaining economic and useful life estimated thereof. Any representation, indication, and/or description herein as to the physical condition and/or content of the unseen, underlying land or the indiscernible improvements included in this report is intended solely as an expression of the general visual impression gained by the appraiser upon inspection of the property. No representation is made as to any technical and/or engineering expertise of such observations, and no technical and/or engineering professional responsibility is assumed thereof, or for any conditions. not observable or specifically mentioned herein. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. McGRATH, M :3 BASCIANI & ASSOCIATES, iNr 33 To the extent, if any, that information, estimates, and/or opinions have been obtained from others, and to the extent, if any, that such information, •estimates, and/or opinions have been utilized and/or includeherein, esof such the sources) information, estimates, and/or opinions may be deemedto have been sound, responsible, and reliable. However, no responsibility or liability thereof is assumed by the appraiser. Possession of this report, or a copy thereof, does not confer any right of disclosure as to the value conclusions, identity of the appraiser, or any part of the contents ose by anyone other than hereof, or of publication, nor may it be used for any pure the committee without the prior written consent of the appraiser or the committee, and then only subject to such qualification(s) as may be imposed in connection therewith. Exception to this condition is granted for appraisal reports submitted to any court of competent jurisdiction, or other duly constituted official body by, or on behalf of the committee, pursuant to duly instituted legal proceedings. The appraiser by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property m question unless arrangements have been previously made. We have not made a specific compliance survey and analysis of the property to with the various detailed requirements determine whether or not it is in conformity effective January 26, of the Americans with Disabilities Act (ADA), which became effecto ether with a 1992. It is possible that a compliance survey o the property, could reveal that the property is detailed analysis of the requirements of the ADA not in compliance with one or more of the requirements of the act. If , this direct could have a negative effect upon the value of the property. Since we haVe evidence relating to this issue, we did not consider possible non-compliance with the requirements of the ADA in estimating the value of the property. McGRATH, BASCIANI &ASSOCIATES, i �34 APPRAISER'S CERTIFICATION We ceH11y7 that, to the best of our knoWledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyyses, opinions, and conclusions are limited only by the reported assumptions and Inviting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. • Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • This approval was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. • Our analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Practice. • Gerald M. Carey made a personal 'inspection of the property that is the subject of this report. Donald McGrath did not. • No one provided significant professional assistance to the person signing this report (except where noted). • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, Donald M. McGrath has met the requirements of the continuing education program of the Appraisal Institute. 'L 41. Gerald M. Careyy State Certified Creneral Real Estate Appraisal No. 46-26238 410 i � , i r Donald M McGrath, Jr. MAI ASA State Certified General Real tstate Appraiser No. 46-2839 McGRATH, BASCIANI 35 & ASSOCIATES, INC. DONALD M. McGRATH, JR., MAI, CRE, ASA Vice President Professional Affiliations American Society of Real Estate Counselors (CRE) Appraisal Institute (MAI) #8 83 9 American Society of Appraisers (ASA) New York State Appraisal Society (NYSAS) Westchester County Board of Realtors New York State Association of Real Estate Boards National Association of Realtors Dutchess County Board of Realtors Westchester County Land Trust - Advisory Board State of New York - Department of State Division of Licensing Service 9-46-2839 Education College of the Holy Cross, Worcester, Massachusetts, B.A. (1971) New York University, Real Estate institute, Certificate in Real Estate Appraisal New York State Realtors Institute, G.R.I. Designation American Institute of Real Estate Appraisers: Successful completion of the following courses: Real Estate Appraisal Principles - i Al Basic Valuation Procedures - 1A2 Capitalization Theory & Techniques - 1BA Capitalization Theory & Technique - IBB Case Studies in Real Estate Valuation - 2-1 Report Writing & Valuation Analysis - 2-2 Litigation Valuation - 4 Conservation/Preservation Easements Standards of Professional Practice - Part A USPAP (410) Standards of Professional Practice - Part B SPP (420) Ex erience Staff Appraiser - Appraisers & Planners (Formerly, Estates Management, Inc.), New York, New York. 1974-1976: Staff Appraiser and General Manaer of Brokerage Division - Don McGrath Associates, Katonah, vew York. 1976-1984: Vice President and Senior Appraiser - Albert Appraisal Company, Croton -on -Hudson, New York. 1984-1987: tiAssistant Manager of eo ws Cross Rier" a 17unit cnomimumdeelopment naCross River, New York. 1984-1987: President of McGrath & Company (Real Estate Appraisal and Consulting). 1987 -Present: Partner - McGrath, Basciani & Associates, Inc., Real Estate Appraisers & Counselors, Briarcliff Manor and Hopewell , Junction, New York. �� BASC1ANl & ASSOCIATES, INC Experience Over 24 years experience in the real estate appraisal business in the New York Metropolitan area. Market analysis and counseling services to major developers and property owners, conservation groups and municipalities in Westchester, Putnam, Dutchess, Orange, Ulster and Columbia Counties. Assipments include commercial and industrial properties, apartment projects, cooperative buildings, condominium developments, special use properties, hotels, tennis clubs, golf courses, vacant land, shopping centers, nursing homes, service stations, theaters, and farms. The appraisals have been prepared for purposes of mortgage security, tax certiorari, condemnation, estate tax, gift tax, purchase and sale, project feasibility, investment analysis and conservation easements. Called as a real estate valuation expert, and qualified as such to testify at proceedings of the New York State Supreme Court, New York State Court of Claims, Bankruptcy Court, various municipalities, municipal boards and agencies in tax reduction, zoning and condemnation proceedings. Certified as an instructor of Real Estate Appraisal and investment Real Estate for the New York State License Law Course, and Continuing Education. Primary professional territory comprises Westchester, Putnam, Dutchess, Orange, Rockland, Sullivan, Ulster and Columbia Counties and the five counties of New York City. Major assignments completed in other parts of New York State, Connec- ticut, New Jersey, New Hampshire and Vermont. McGRATH, BASCIANI & ASSOCIATES, INC Gerald M. Carey Staff Appraiser Education University of Connecticut Stamford, Connecticut - M.B.A. Pace University, Pleasantville, New York - B.B.A., Accounting A.S.A. Courses BV I - Introduction to Business Valuation BV II - Business Valuation Methodology BV III - Case Study in Business Valuation Appraisal Institute Courses Course 41A1 - Real Estate Appraisal Principles Course 41A2 - Basic Valuation Procedures Course 1BA - Capitalization Theory & Techniques Part A Course 13B - Capitalization Theory & Techniques Part B Course 410, 420 - Standards of professional Practice, Part A & B Course 540 - Re ort Writing and Valuation Analysis Course 5'50 - Advanced Applications te Divisiate on of Licensing ew York - Department Service 46 26238 1973 -1978: Staff Accountant - R.T. Vanderbilt Co., Inc. Norwalk, CT. Control, Supervision of Accounting Services and Inventory Senior Cost Accountant. 1978 - 1984: Assistant Controller and Controller, American Felt and Filter, Inc., Newburgh, New York. 1983 - 1985: Adjunct Lecturer, Dutchess Community College, Poughkeepsie, New York. 1985 - 1986: Vice President Finance, Delta Education, Inc., Nashua, New Hampshire. 1986 -Present: Staff a praiser with McGrath, Basciani and Associates, Inc. ((former McGrath & Company), HopewellJunction, and Briarclj Manor, N.Y. Appraisals specializing in offices, retail ge am�'ok�an� Lein and industrialGreproperties ne e and Ulsther Counties New Duairfi ld,'Connecticut. Additional ssignis � the of tax certiorari, condemnation and prod ect feasibility y Over 14 years experience in the business environment, involved in all facets of the accounting and financial environment including acquisition and merger, employee stock options, taxation and insurance matters. McGRATH, M ' :3 BASCIANI & ASSOCIATES, it FINANCIAL INSTITUTIONS Albany Savings Bank Apple Bank for Savings Arbor National Bank Astoria Federal Savings & Loan Assoc. Bankers Trust Co. Bank of New York Boston Safe Deposit & Trust Center Bank Chase Manhattan Bank Chemical Bank Citibank, N.A. Consolidated Asset Recovery Corp. Crossland Savings Bank Dime Savings Bank European American Bank First Boston Capital Group First Fidelity First Hudson Valley Bank Fleet Bank Hudson Valley National Bank Key Bank Lincoln Savings Bank Lloyds International Mahopac National Bank Marine Midland Bank Morgan Guaranty Trust Co. M&TBank National Westminster Bank Pawling Savings Bank Poughkeepsie Savings Bank Putnam County Savings Bank Recoll Management Resource Funding Group Resolution Trust Corporation Rhinebeck Savings Bank Riverside Bank Ulster Savings Bank Union State Bank COMMERCIAL & INDUSTRIAL Big V. Corp. (Shoprite) Borden Company Chrysler Corporation Consolidated Edison Company of New York, Inc. Exxon Corporation General Foods Corp. Gulf & Western industries, Inc. Hipotronics, Inc. Houlihan Lawrence Real Estate McDonald's Restaurants Mobil Oil Corporation NYNEX Properties NYS Electric & Gas Corp. Orange & Rockland Utilities PepsiCo Phelps Dodge Industries Pizza Hut Precision Valve Corporation Robert Mark Realty Serls Commercial Realty Group Star Industries Transcrit Corp. Union Carbide Corporation Vassar CoWGRATH, U :1 SASCIANI & ASSOCIATES, mx LEGAL Anderson,. Banks, Moore & Curran Bleakley and Schmidt, P.C. Neal Brown Albert Butzel Corbally, Gartland & Rappleyea Cuddy & Feder Deckert, Price & Rhoads Epstein, Epstein & Epstein Farrauto, Berman & Fontana Finger & Finger, P.C. Fink, Weinberger, Fredman, Berman & Lowell, P.C. Gary Friedland Gellert & Cutler, P.C. Gellert & Rodner Goodhue Banks Griffin, Coogan & Veneruso, P.C. Hanig, Hankin, Stall & Caplicki Judy LaBelle Levine & Levine Meiselman, Farber, Stella & Eberz Millbank, Tweed, Hadley & McCoy Pagones, Cross & Van Tuyl Pirro and Monsell Plunkett & Jaffee Gary Rick Rothschild, Himmelfarb, Sher, Pearl & Giacomo Joel Russell Shamberg, Marwell Cherneff & Hockerman, P.C. Richard M. Sussman, P.C. David A. Swope Mark Tullis Van DeWater & Van DeWater Vergilis, Stenger, Lucia & Roberts Herbert Wallace John E. Watkins Thomas Wyall CONSULTING SERVICE TO DEVELOPERS Caryle Associates Mery Blank Enterprises, Inc. Joseph Cicocolanti Midland Construction Company Corbetts Construction Corp. Nadler & Philopena Continental Wingate Nursing Home NYNEX Properties Clark DeTraglia OTS Corp. Burton Gold Page Development Corp. Ginsburg Development Corp. Pizzagalli Development Corp. Hanig, Hankin. & Stall The Helmes Group, Inc. Judelson Development Corp. Unicorn Developers Lee, Harris, Pomeroy, PC. Vernon Realty Co. Liberty Bus Associates, Inc. Westchester Modular Homes Liversani & Associates Yonkers Contracting Corp. Anthony Lucera McGRATH, M :3 BASCIANI & ASSOCIATES, Eric. MUNICIPAL AGENCIES City of Beacon, New York City of Mount Vernon City of New York City of Poughkeepsie, New York City of Rye, New York City of White Plains, New York County of Dutchess, New York County of Putnam, New York County of Westchester, New York Town of Bedford, New York Town of Clinton, New York Town of Cortlandt, New York Town of Eastchester, New York Town of East FishkiIl, New York Town of Fishkill, New York Town of Goshen, New York Town of Greenburgh, New York Town of LaGrange, New York Town of New Castle, New York Town of North Castle, New York Town of North Salem, New York Town of Orangetown, New York Town of Ossining, New York Town of Patterson, New York Town of Pawling, New York Town of Philipstown, New York Town of Poughkeepsie, New York Town of Southeast, New York Town of Wappinger, New York Village of Ardsley Village of Briarcliff Village of Bronxville, New York Village of Irvington, New York Village of Nyack, New York Village of Pleasantville, New York. NYS Housing Finance State of New York United States Postal Service ENVIRONMENTAL AGENCIES AND LAND TRUSTS New York State Department of Environmental Conservation New York City Department of Environmental Protection Scenic Hudson Open Space Institute Westchester Land Trust R American Farmland Trust The Conservation Fund Columbia Land Conservancy Dutchess Land Conservancy F Croton Land Conservancy Mohonk Preserve Beaverkill Conservancy Trust for Public Land Hudson Highlands Land Trust McGRATH, BASCIANI ! & ASSOCIATES, INC I— McGRATH, BASCIANI & ASSOCIATES, we LE AL DE RIPTI N F SUBJECT PROPERTY All that certain piece or parcel of land situate in the Town of WAPPINGERS, -� County of-DUTCHESS and State of New York bounded and described as follows: BEGINNING at a:point; said, point being on the northerly face of a morttared stone wall, and said pointbeing the southeasterly corner of lands, now and formerly J & R Kemnis (Liber 1231, page 202), and said -point being on the westerly line of Wheeler Hill Road;, thence leaving said southeasterly corner and running along said stone wall alon&..the- southerly line of Wheeler Hill Road the following courses and distances: South 19- 12' 00" East 6.27 feet to the corner of a stone pillar; thence leaving said stone pillar and crossing a blacktop driveway South 18- 32' 15" East 15.92 -feet to the corner Of a stone pillar; thence leaving said stone pillar and running along the northerly face of a mortared stone wall South 19- 31' 20" East 217.55 feet, thence leaving said northerly face and ruuzring along a stone wall fence South -17 157' 05" East 63.66 feet, South 19' 04' 55" East 535,56 feet, South 19- 36"' 00 -East 277_-.1,2 feet South 2D' �1'^.30" Easf 238:14'- feet, 'South'`219 07' 30" East1211.82 feet; South 19G '? 9'' 15'" East, 165'.21 feet,` South 21- 0B'-- 05"' East •183: 9 °amid Sotith 19' 56' 45" East 61).09'f eet`to a' pointbeing the northeasterly'5cornez. of lands n6i or forrerly Vitale (Liber -14977 page.796); thence leaving said northeasterly corner, -said stone`uall''ferice--andsaid, westerly lisle -bf Wheeler Hill Road and running' al'oho- 7 the =northerly line- of Vitale` South -71Q 46' :50" West 200.00 feet to 'a point'°belhg=the' northwesterly corner of `said `Vitale -and said point being the' northeasterly corner -of --the Riverdale -Subdivision, Fi-led Map No., 5422; thenceLleaving`said izorths;6sterly corner' and 'running: along- _the northerly line -'of ; said subdivision: the followr"ing couTsesT�an`d 'distances : `South 71-' 46' 50." West 26 16 feet r South 71- 38' 30" West 698.64 feet, South 72-1'09' 50" West 199.73'feet,`South 71- '31';--30"--`W .est '7�.3''f et; South 71� 22' j20" West_ 521.1.9,,.fee.t. -South 72- 08' 00" West`"' b7'.'`95're�'t land= Soith>rTO 44 00" �Testf=5-fi.=30 `feet to' -a poa.izt being the soutaeasterly" tornez '61, "Iarids' now '�r' f*Merly `_central' Hudson Gas and Electric Carp_'Liber' 663',` page 412; sa�.d point= oeing=distAht North' --70- 44' 00" East 172.80 feet from the northwesterly corner of said subdivision map; thence-`lea"virig 'said s6litH1 asterly comer and Turning along the easterly line of '-'said Central' Hudson -Gas and" Electric Corp'.; Nortii' 28�� 23 ' : IS'.' West "1218 : lfi deet -to a -'Point --being bii the'southea`sterly in of -lands 'foxmerly�-of the New York Central Railroad`'Gocmaizy (Hudson Division) noci'and7far:n6rly'' - ' Metro'pal'itaii Trarisit' Autizority; theice= running along"saidTsouttieasterly railroad-lineaspshown on 'railroad kap N6.-V60/29.and�V60/30 the 'following courses and- distances: North -35-' 221-30" East' 58.70 feet'=North-26-:29r ].5ff � East 32.98 Teet,VNorth-52-'0520East-334.01 feet:North--406--31'- 10":;East 588:09' feet; North, 48y�-09" '50"= Wes "67.02'f ee4 t', N6rth=40 ''31' 40" .East 51-.15 feet, North 54- 51' 35" East 44.39 Nroth 41' 13' 20" EaSt.57.00, North 47- 31' 50" East 100.75 feet, North 43t 05' 35" East 100.10, North 41" 13' 00" East 75,00 feet, North 32- 45' 50" 'East 25.22 , North,40-- 48' 10" East - .- 100.01, North 31- 2,7.f,55" East 168.19 feet, North 40- 31.'; 1.0". East 100.00 WGRATH, M : BAsciANI & ASSOCIATES, rm LEGAL DRYPTI N OF UBJ,,CT PROPERTY (cont.) r' and an feet, thence along a curve to the left with 36� 24`radius 25"oEast 459�92tfeea and arc•length of 460.02 feet and chord North South 53- 42' 20" East 40.00 feet and North 35- 35' 10"°East 92.15 feet to a point being the southwesterly corner of said Ke=is; thence leaving said southeasterly railroad line and running along the -southerly line -°of said K 'uth6 South b0� 53' 40" East 502.42 feetoad a point beifig on' t1;e northerly face of said mortared stone Wall; thence continuing 19--fig`said lands of Kenmis, along said northerly face of said Wall South 19'-12' 00"'East 60.00 feet to the point"of beginning: ALSO, ot right=of_=uay (ROW) run,ing over lands now and formerlY:tduarai Baisley (Liber 1488, page 90) running from the sout�:eTlY side of,the•pr6PejtY to River Road, the centerline more particularly describe&'as follows: BEGINNING at a point,, said point being on the northerly lisle - of the Riverdale Subdivision, Filed -Map No. 5422, said point being distant North 70- 44' 00" East 229.10 feet and North 72- 08' 00" East 467:95 feet from the northwesterly cozner,.'of said subdivision, thence leaving -said northerly subdivision line and running the following courses and distances: South 30- 12' 1V East 104.86 feet, South 28- 23' 20" East 69.03 feet, South 43- 29' 00" East 49.31 feet, South 71- 20 ` 'OQ" "East 53.01 feet; South' 81' 34' 10" East 453.35 feet, South 75- 25' 30" 'East 42.07 feet; South 50-04 "20" -salt 33.60 feet, th Sou25` 141- 00" East 62.04 feet, South 30Q 24' 30" East 71.13-.. feet, South -33-- 01' - 20". East '68.08° -feet, Souith•'29�� X13.' - 00" 'East~5 .00 feet and South'' 28- 25' 00" East 271.46L`feet to a point..an-}die rriartherly line'of River Road.,`!. t _ t •. .7 _ , -' 4 • , f, -' Z.,i q. j r r t McGRATH, BASCIANI & ASSOCIATES, INC