Preview
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Page # 1
APPRAISAL OF REAL PROPERTY
LOCATED AT
136 Henry St
Valley Stream, NY 11580
SECTION: 37 BLOCK: 297 LOT: 111-112
FOR
BERNARD D'ORAZIO & ASSOCIATES
238 W 139TH STREET
NEW YORK, NY 10030
OPINION OF VALUE
530,000
AS OF
03/23/2021
BY
JAMES R. GAEBLER
AARONS & ASSOCIATES INC.
45 DOGWOOD LN
PORT WASHINGTON, NY 11050
(516) 599-5407
appraiser@aaronsassoc.com
Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Page # 2
Borrower N/A File No. 112856
Property Address
136 Henry St
City Valley Stream CountyNASSAU StateNY Zip Code
11580
Client BERNARD D'ORAZIO & ASSOCIATES
APPRAISAL AND REPORT IDENTIFICATION
(A written report prepared under Standards Rule
2-2(a), pursuant to the Scope of Work, as disclosed elsewhere in this report.)
(A written report prepared under Standards Rule
2-2(b), pursuant to the Scope of Work, as disclosed elsewhere in this report,
restricted to the stated intended use by the specified client or intended user.)
Comments on Standards Rule 2-3
I certify that, to the best of my knowledge and belief:
— 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, impartial, and unbiased professional
analyses, opinions, and conclusions.
— Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no
personal interest with respect to the parties involved.
— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
— I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
— My engagement in this assignment was not contingent upon developing or reporting predetermined results.
— My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
— My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that
were in effect at the time this report was prepared.
— Unless otherwise indicated, I have made a personal EXTERIOR viewing of the property that is the subject of this report.
— Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each
individual providing significant real property appraisal assistance is stated elsewhere in this report).
Reasonable Exposure Time (USPAP defines Exposure Time as the estimated 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.)
<90 DAYS
Comments on Appraisal and Report Identification
Note any USPAP-related issues requiring disclosure and any state mandated requirements:
THIS APPRAISAL REPORT IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2-2 OF THE
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE FOR AN APPRAISAL REPORT. AS, SUCH IT REPRESENTS ONLY SUMMARY
DISCUSSIONS OF THE DATA, REASONING AND ANALYSIS THAT WERE USED IN THE APPRAISAL PROCESS TO DEVELOP THE APPRAISER'S
OPINION OF VALUE. SUPPORTING DOCUMENTATION THAT IS NOT PROVIDED WITH THE REPORT CONCERNING THE DATA, REASONING AND
ANALYSES IS RETAINED IN THE APPRAISER'S FILE. THE DEPTH OF THE DISCUSSION 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.
APPRAISER: SUPERVISORY or CO-APPRAISER (if applicable):
Signature: Signature:
Name: JAMES R. GAEBLER Name:
State Certification #:
45000003117 State Certification #:
or State License #: or State License #:
State:NY Expiration Date of Certification or License:
10/21/2021 State: Expiration Date of Certification or License:
Date of Signature and Report:
03/29/2021 Date of Signature:
Effective Date of Appraisal:
03/23/2021
Inspection of Subject: None Interior and ExteriorExterior-Only Inspection of Subject: None Interior and Exterior
Exterior-Only
Date of Inspection (if applicable):
03/23/2021 Date of Inspection (if applicable):
Form ID14E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Aarons & Associates, Inc. Page # 3
APPRAISAL REPORT File No.:
112856
Property Address:
136 Henry St City: ValleyStream State: NY Zip Code: 11580
County:NASSAU Legal Description:
SECTION: 37 BLOCK: 297 LOT: 111-112
SUBJECT
Assessor's Parcel #:
37297 01110
Tax Year:
2021 R.E. Taxes: $ 13,253 Special Assessments: $ 0 Borrower (if applicable):
N/A
Current Owner of Record:
NELSON ROJAS Occupant: Owner Tenant Vacant Manufactured Housing
Project Type: PUD Condominium Cooperative Other (describe)
SINGLE FAMILY HOA:$ 0 peryear per month
Market Area Name:T/O HEMPSTEAD Map Reference:
35004 Census Tract:
4103.00
The purpose of this appraisal is to develop an opinion of:
Market Value (as defined), or
other type of value (describe)
This report reflects the following value (if not Current, see comments):
Current (the Inspection Date is the Effective Date)
Retrospective Prospective
Approaches developed for this appraisal:
Sales Comparison Approach Cost Approach Income Approach(See Reconciliation Comments and Scope of Work)
ASSIGNMENT
Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)
Intended Use:
ESTIMATE MARKET VALUE FOR THE CLIENT TO DETERMINE MARKET VALUE AS OF THE DATE OF INSPECTION.
Intended User(s) (by name or type):
BERNARD D'ORAZIO & ASSOCIATES
Client: BERNARD D'ORAZIO & ASSOCIATES Address:238 W 139TH STREET, NEW YORK, NY 10030
Appraiser: JAMES R. GAEBLER Address:45 DOGWOOD LN, PORT WASHINGTON, NY 11050
Location: Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use
Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit 80 % Not Likely
Growth rate: Rapid Stable Slow Owner $(000) (yrs) 2-4 Unit 1% Likely * In Process *
MARKET AREA DESCRIPTION
90
Property values: Increasing Stable Declining Tenant 300 Low 0 Multi-Unit 1% * To:
Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 700 High 120 Comm'l 8%
Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 525 Pred 70 other 10 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):
THE AREA HAS REFLECTED HIGH
DEMAND IN THE PAST SEVERAL MONTHS, HOWEVER, THE CURRENT ECONOMIC CONDITIONS DO NOT SUPPORT REFLECTING A MARKETING TIME OF
UNDER THREE MONTHS. WHILE DEMAND IS CURRENTLY HIGH, STILL OUTPACING SUPPLY, EXPECTED MARKETING PERIODS REMAIN WITHIN 3-6
MONTHS. GENERAL SUBURBAN NEIGHBORHOOD COMPRISED OF A BLEND OF SINGLE FAMILY HOMES. ALL ARE CONVENIENT TO NECESSARY
AMENITIES AND WELL PROXIMATE TO PUBLIC TRANSPORTATION AND MAJOR EMPLOYMENT. NEIGHBORHOOD IS BOUNDED BY HOOK CREEK BLVD TO
THE WEST, SOUTHERN PARKWAY TO THE NORTH, FLETCHER AVENUE TO THE EAST AND SUNRISE HIGHWAY TO THE SOUTH.
Dimensions:40 X 100 Site Area:4,000 sf
Zoning Classification:
RESIDENTIAL-R-1 VALLEY STREAM Description:
SINGLE FAMILY RESIDENCE/4,000sf MIN
PARCEL SIZE Zoning Compliance: Legal Legal nonconforming (grandfathered)
Illegal No zoning
Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)
$ /
Highest & Best Use as improved:
Present use, or Other use (explain)
Actual Use as of Effective Date:
PRESENT USE Use as appraised in this report:
PRESENT USE
Summary of Highest & Best Use:
THE HIGHEST AND BEST USE OF THE SUBJECT PROPERTY IS TO CONTINUE ITS CURRENT USE "AS IS".
SITE DESCRIPTION
ZONING FOR NEW LOTS IS 5,000 SF AND FOR EXISTING LOTS IS 4,000SF.
Utilities PublicOther Off-site Improvements
Provider/Description Type PublicPrivateTopography LEVEL ON GRADE
Electricity Street ASPHALT Size 4,000SF
Gas Curb/Gutter
CONCRETE Shape REGULAR
Water Sidewalk CONCRETE Drainage ASSUMED.ADEQUATE
Sanitary Sewer Street Lights
MERC VAPOR View N;Res;
Storm Sewer Alley NONE
Other site elements:Inside Lot Corner Lot Cul de Sac Underground UtilitiesOther (describe)
FEMA Spec'l Flood Hazard AreaYes No FEMA Flood ZoneX FEMA Map # 36059C0212G FEMA Map Date09/11/2009
Site Comments: THERE WERE NO APPARENT ADVERSE EASEMENTS, ENCROACHMENTS, SPECIAL ASSESSMENTS, SLIDE AREAS, ILLEGAL OR
LEGAL NONCONFORMING ZONING USES. HOWEVER, SURVEY, DEED, TITLE AND CofO WERE NOT AVAILABLE TO THE APPRAISER.
General Description Exterior Description Foundation Basement None Heating
# of Units 1 Foundation
Acc.Unit PRD CONC/AVG Slab 0 Area Sq. Ft.
780 Type HW
# of Stories2 Exterior Walls BRICK/SHINGLE Crawl Space
0 % Finished 50 Fuel GAS
Type Det. Att. Roof Surface ASPH SH/AVG Basement 100% Ceiling SHEETROCK
Design (Style)
CAPE Gutters & Dwnspts.
ALUMINUM/AVG Sump Pump Walls SHEETROCK Cooling
Existing Proposed Und.Cons.
Window Type THERMOS/AVG Dampness Floor CERAMIC Central NONE
Actual Age (Yrs.)
80 Storm/Screens YES/YES SettlementNONE NOTED Outside Entry
YES Other NONE
DESCRIPTION OF THE IMPROVEMENTS
Effective Age (Yrs.)
15 Infestation
NONE NOTED
Interior Description Appliances Attic NoneAmenities Car Storage None
Floors HARDWOOD/AVERAGE Refrigerator Stairs Fireplace(s) #
0 Woodstove(s) #
0 Garage # of cars
( 2 Tot.)
Walls DRYWALL/AVG Range/Oven Drop Stair Patio NONE Attach. 1 GARAGE
Trim/Finish WOOD/AVG Disposal Scuttle Deck NONE Detach.
Bath Floor CERAMIC/AVERAGE Dishwasher Doorway Porch NONE Blt.-In
Bath Wainscot
CERAMIC/AVERAGE Fan/Hood Floor Fence VINYL Carport
Doors WOOD/AVERAGE Microwave Heated Pool NONE Driveway 1
Washer/Dryer Finished SurfaceCONCRETE
Finished area above grade contains: 7 Rooms 4 Bedrooms 2 Bath(s) 1,515 Square Feet of Gross Living Area Above Grade
Additional features:
NONE. INFORMATION REGARDING INTERIOR OF SUBJECT TAKEN FROM MLS LISTING #3248060. PER PHOTOS, SUBJECT
HAS NO CENTRAL AC.
Describe the condition of the property (including physical, functional and external obsolescence):
THE SUBJECTS QUALITY OF CONSTRUCTION IS FRAME AND
CONSISTENT WITH THE SURROUNDING NEIGHBORHOOD. OVERALL THE CONDITION OF THE IMPROVEMENTS RATED "AVERAGE" BASED UPON
THE STANDARD KITCHEN APPLIANCES AND BATHROOM FIXTURES, AS WELL AS THE MODERATE DEGREE OF UPKEEP AND UPDATING. NO
PHYSICAL, FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. SUBJECT WAS VIEWED FROM THE EXTERIOR ONLY.
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Page # 4
APPRAISAL REPORT File No.:
112856
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s):
TRANSFER HISTORY
COMPS, INC
Analysis of sale/transfer history and/or any current agreement of sale/listing:
1st Prior Subject Sale/Transfer THERE WERE NO PREVIOUS TRANSFERS
Date: 06/28/2005 OF THE SUBJECT OVER THE PAST THREE YEARS OR THE COMPARABLE PROPERTIES OVER THE PAST
Price: 449,000 YEAR DISCLOSED IN THE SOURCES CONSIDERED ABOVE.
Source(s): COMPS
INC.
2nd Prior Subject Sale/Transfer
Date: N/A
Price: N/A
Source(s): COMPS
INC.
SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address136 Henry St 137 Green St 1171 Fenwood Dr 76 Clarendon Dr
Valley Stream, NY 11580 Valley Stream, NY 11580 Valley Stream, NY 11580 Valley Stream, NY 11580
Proximity to Subject 0.42 MILES SW 0.32 MILES N 0.43 MILES NE
Sale Price $ N/A $ 527,000 $ 545,000 $ 509,000
Sale Price/GLA $ N/A /sq.ft. $ 354.64 /sq.ft. $ 352.29 /sq.ft. $ 378.44 /sq.ft.
Data Source(s) INTERIOR STRATUS.MLS #3249168;DOM-28 STRATUS.MLS #3254127;DOM-26 STRATUS.MLS #3248822;DOM-13
Verification Source(s)
VIEWING REDFIN.COM COMPS INC. COMPS INC.
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing 0 ArmLth ArmLth ArmLth
Concessions 0 Conv; 0 Unk;0 Unk;0
Date of Sale/Time N/A s03/21;c09/20 s01/21;c10/20 s11/20;c09/20
Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple
Location N;Res; N;Res; N;Res; N;Res;
Site 4,000 sf 5,000 Sq.Ft. -2,000 5,000 Sq.Ft. -2,000 4,000 Sq.Ft.
View N;Res; N;Res; N;Res; N;Res;
Design (Style) CAPE CAPE CAPE CAPE
Quality of Construction
FRAME FRAME FRAME FRAME
Age 80 73 0 67 0 75 0
Condition AVERAGE AVERAGE AVERAGE AVERAGE
Above Grade TotalBdrms Baths TotalBdrms Baths TotalBdrms Baths TotalBdrms Baths
Room Count 7 4 2 6 4 2 0 7 4 2 7 4 2
Gross Living Area 1,515 sq.ft. 1,486 sq.ft. 1,547 sq.ft. -3,000 1,345 sq.ft. +15,500
Basement & Finished FULL BASEMENT FULL BASEMENT FULL BASEMENT FULL BASEMENT
Rooms Below Grade PART FINISHED PART FINISHED PART FINISHED PART FINISHED
Functional Utility ADEQUATE ADEQUATE ADEQUATE ADEQUATE
Heating/Cooling GAS/NO.CENTR.AC GAS/NO.CENTR.AC OIL/NO.CENTR.AC GAS/NO.CENTR.AC
Energy Efficient Items
NONE NOTED NONE NOTED NONE NOTED NONE NOTED
SALES COMPARISON APPROACH
Garage/Carport 1 CAR GARAGE 1 CAR GARAGE 1 CAR GARAGE 1 CAR GARAGE
Porch/Patio/Deck NONE NONE PORCH -5,000 NONE
Additional Amenities STD KT/STD BT STD KT/STD BT STD KT/STD BT STD KT/STD BT
Net Adjustment (Total) + - $ -2,000 + - $ -10,000 + - $ 15,500
Adjusted Sale Price
of Comparables $ 525,000 $ 535,000 $ 524,500
Summary of Sales Comparison ApproachALL SALES RECONCILED TIGHTLY AND CONCLUDED TO A NARROW RANGE OF PRICING. COMPARABLE
SALES HAVE ALL CLOSED WITHIN THE PAST SIX MONTHS AND HAVE UPDATES CONSISTENT WITH THOSE REFLECTED IN RECENT MLS
LISTING FOR THE SUBJECT AS PREVIOUSLY DESCRIBED. PRIOR LISTING OF THE SUBJECT WAS FOR ONLY TWO WEEKS AND REFLECTED
THAT TENANTS OCCUPY THE DWELLING WITH "LIMITED ACCESS". 50% EMPHASIS IS PLACED EACH ON COMPARABLE 1 AND ON COMPARABLE
2 FOR MOST RECENT CLOSING DATES. COMPARABLE SALES UTILIZED REQUIRED NOMINAL ADJUSTMENTS ONLY. GLA IS ADJUSTED AT
$90/SF FOR PROPERTIES WITH AT LEAST A 30SF VARIANCE FROM THE SUBJECT. PATIO/PORCH/FIREPLACE ADJUSTED AT A FIXED
$5,000 EACH FOR STANDARD TYPES. SITE ADJUSTMENTS ARE $2/SF AS EXCESS LAND FOR PROPERTIES WITH AT LEAST A 1,000
VARIANCE FROM THE SUBJECT SITE SIZE. MARKET VALUE IS BASED ON THE EXTRAORDINARY ASSUMPTION THAT THE SUBJECT' INTERIOR
CONDITION IS CONSISTENT WITH THAT REFLECTED IN MLS #3248060.
SUBJECT WAS VIEWED FROM THE EXTERIOR ONLY.
Indicated Value by Sales Comparison Approach $530,000
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Page # 5
APPRAISAL REPORT File No.:
112856
COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.
Provide adequate information for replication of the following cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):
THE EXTRACTION METHOD WAS UTILIZED
IN DETERMINING SITE VALUE DUE TO THE LACK OF SALES OF VACANT SITES IN THE AREA. LAND/VALUE RATIO IS COMMON TO THE
AREA AND HAS NO NEGATIVE IMPACT ON THE VALUE OR MARKETABILITY OF THE SUBJECT.
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 275,000
COST APPROACH
Source of cost data:
AARONS RESEARCH DATA DWELLING 1,515 Sq.Ft. @ $ 175.00 =$ 265,125
Quality rating from cost service:
C Effective date of cost data:
08/20 BASEMENT 780 Sq.Ft. @ $ 90.00 =$ 70,200
Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ $ =$
THE COST APPROACH WAS CONSIDERED BUT IS NOT SEEN TO BE Sq.Ft. @ $ =$
HIGHLY REFLECTIVE OF VALUE AS THE ESTIMATE OF DEPRECIATION Sq.Ft. @ $ =$
OF AN OLDER HOME IS DIFFICULT TO QUANTIFY AND THEREFORE =$
RELATIVELY SUBJECTIVE. LAND/VALUE RATIO IS TYPICAL AND Garage/Carport 200 Sq.Ft. @ $ 80.00 =$ 16,000
COMMON TO THE AREA. THIS APPROACH IS COMPLETED AT THE Total Estimate of Cost-New =$ 351,325
REQUEST OF THE CLIENT. Less Physical Functional External
Depreciation 87,831 =$( 87,831)
Depreciated Cost of Improvements =$ 263,494
''As-is'' Value of Site Improvements =$ 20,000
=$
=$
Estimated Remaining Economic Life (if required): 45 YearsINDICATED VALUE BY COST APPROACH =$ 558,494
INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal.
INCOME APPROACH
Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ N/A Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM):
WHILE CONSIDERED, THE INCOME APPROACH WAS NOT APPLIED WITHIN OUR
ANALYSIS AS IT IS NOT A METHOD TYPICALLY EMPLOYED BY PURCHASERS OF SUCH PROPERTIES.
PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.
Legal Name of Project:
Describe common elements and recreational facilities:
PUD
Indicated Value by: Sales Comparison Approach $
530,000 Cost Approach (if developed) $
558,494 Income Approach (if developed) $
N/A
Final Reconciliation
THE VOLUME OF AREA ACTIVITY WARRANTED ULTIMATE RELIANCE ON THE SALES COMPARISON APPROACH. WHILE COST
MAY BE A FACTOR, THE LOCAL MARKET OFFERED A STRONG SAMPLING OF HOMES SUCH TO OFFER AVAILABLE ALTERNATIVES. INCOME
POTENTIAL IS TYPICALLY NOT A CONSIDERATION IN 1 FAMILY PURCHASES.
RECONCILIATION
This appraisal is made
''as is'', subject
to completion
perplansand specifications
on the basisofa Hypothetical
Condition
thatthe improvements
have been
completed, subject
to thefollowing
repairs
or alterations on
thebasisof aHypothetical
Condition
thattherepairs
oralterations
havebeen completed, subjectto
thefollowing
required
inspection based
on theExtraordinary
Assumptionthatthecondition
or deficiency
does notrequire
alteration
or repair:
Thisreport
is alsosubject
tootherHypothetical
Conditions
and/or
Extraordinary
Assumptions
as specified
inthe attached
addenda.
Based on the degreeof inspection
of the subjectproperty,
as indicated
below, definedScope ofWork, Statementof Assumptionsand LimitingConditions,
and Appraiser’s
Certifications,
my (our)Opinionof theMarketValue (orotherspecified
valuetype),as definedherein,
of therealpropertythatisthe subject
of thisreportis: $ 530,000 , as of: 03/23/2021 ,which is theeffective
dateof thisappraisal.
Ifindicated
above,thisOpinionof Value issubject
to Hypothetical
Conditionsand/or Extraordinary
Assumptions included
in thisreport.See attachedaddenda.
A trueand completecopyof thisreport
contains14 pages,including
exhibits
whichareconsidered
an integral
partof thereport.
Thisappraisal
reportmay notbe
ATTACHMENTS
properly
understood
without
reference
to theinformation
contained
in thecompletereport.
Attached Exhibits:
Scope of Work Limiting Cond./Certifications
Narrative Addendum Photograph Addenda Sketch Addendum
Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum
Hypothetical Conditions Extraordinary Assumptions
Client Contact:
BERNARD D'ORAZIO Client Name: BERNARD D'ORAZIO & ASSOCIATES
E-Mail:
bdorazio@dorazio-law.com Address: 238 W 139TH STREET, NEW YORK, NY 10030
SIGNATURES
Supervisory or
Appraiser Name:JAMES R. GAEBLER Co-Appraiser Name:
Company: AARONS & ASSOCIATES INC. Company:
Phone:(516) 599-5407 Fax:(516) 599-5419 Phone: Fax:
E-Mail:
appraiser@aaronsassoc.com E-Mail:
Date of Report (Signature):
03/29/2021 Date of Report (Signature):
License or Certification #:
45000003117 State:NY License or Certification #: State:
Designation: Designation:
Expiration Date of License or Certification:
10/21/2021 Expiration Date of License or Certification:
Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None
Date of Inspection:
03/23/2021 Date of Inspection:
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015
NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021
Page # 6
Supplemental Addendum File No. 112856
Borrower N/A
Property Address
136 Henry St
City Valley Stream CountyNASSAU StateNY Zip Code11580
Client BERNARD D'ORAZIO & ASSOCIATES
MARKET CONDITIONS:
WHILE INTEREST RATES HAVE FLUCTUATED OVER RECENT MONTHS, THEY ARE STILL VERY FAVORABLE AND DO NOT APPEAR
TO BE AN IMPEDIMENT TO MARKETABILITY. FOR PROPERLY PRICED HOMES MARKETING TIME IS 0-3 MONTHS. ON
03/22/2020 THE "NEW YORK STATE ON PAUSE" EXECUTIVE ORDER WENT INTO EFFECT AND HAS LIMITED THE ABILITY TO
EFFECTIVELY MARKET PROPERTIES SINCE THAT DATE, RESULTING IN AN INCREASED MARKETING TIME.
RECENT ACTIVITY SUGGESTS THAT PRICING IN THE AREA HAS BEEN STABLE OVER THE PAST YEAR. THERE IS NO EVIDENCE
OF PRICING DECLINES THROUGH 2020 AND INTO 2021, AND ALTERNATIVELY, NO EVIDENCE OF PRICING INCREASES. THE
TREND OF SELLER'S CONCESSIONS HAS LESSENED. INTEREST RATES REMAIN LOW WITH LENDERS LOOSENING RESTRICTIONS.
THE CURRENT STATE PARTIAL SHUTDOWN HAS CREATED A SUSPENSION IN CERTAIN REAL ESTATE ACTIVITIES WITH
INCREASED WITH THE NUMBER OF AVAILABLE LISTINGS LIMITED. THERE HAS CONTINUED TO BE SIGNIFICANT SALES
ACTIVITY OVER THE PAST SIX MONTHS.
THE GLOBAL OUTBREAK OF A “NOVEL CORONAVIRUS”, KNOWN AS COVID-19, WAS OFFICIALLY DECLARED A PANDEMIC BY THE
WORLD HEALTH ORGANIZATION (WHO). THE READER IS REMINDED THAT CONCLUSIONS PRESENTED IN THIS APPRAISAL
REPORT APPLY ONLY AS OF THE EFFECTIVE DATE INDICATED. THE APPRAISER MAKES NO REPRESENTATION AS TO THE
EFFECT ON THE SUBJECT PROPERTY OF ANY UNFORESEEN EVENT SUBSEQUENT TO THE EFFECTIVE DATE OF THE APPRAISAL.
AREA IS NOW IN THE EARLY STAGES OF REOPENING, ALLOWING CERTAIN BUSINESSES TO BEGIN OPENING AGAIN.
PROPERTIES HAVE CONTINUED TO TRANSFER OVER THE PAST SEVERAL MONTHS.
SITE CONDITIONS:
TITLE, DEED AND C.O. NOT VIEWED AT INSPECTION. NO ADVERSE EASEMENTS OR ENCROACHMENTS NOTED. TYPICAL
UTILITY EASEMENTS PREVAIL. ANY EASEMENTS, RESTRICTIONS OR COVENANTS UNCOVERED THROUGH A TITLE SEARCH,
LEGAL OPINION OR PROPERTY SURVEY SHOULD BE SUBMITTED TO THE APPRAISER FOR CONSIDERATION. THE APPRAISER
RESERVES THE RIGHT TO ANALYZE ALL SUCH INFORMATION AND AMEND THE APPRAISED VALUE, IF NECESSARY.
HIGHEST AND BEST USE:
ALL LEGAL, PHYSICAL, AND FINANCIALLY FEASIBLE OPTIONS AS WELL AS MAXIMALLY PRODUCTIVE CONCLUSIONS LEAD TO
THE H&BU (AS VACANT) FOR RESIDENTIAL DEVELOPMENT. THE SITE SIZE CONFORMS WITH HIGHER DENSITY DEVELOPMENT,
THE ZONING ONLY OFFERS MIXED POSSIBILITIES (INCLUDING RESIDENTIAL) AND THE PRESENT ENVIRONS OF FINANCIAL
FEASIBILITY FURTHER SUPPORT LOCAL DEVELOPMENT FOR RESIDENTIAL USE. IN ADDITION MARKET CONDITIONS AND
AVAILABILITY OF DEVELOPMENT SUPPORT CONCLUDE A MAXIMALLY PRODUCTIVE USE FOR RESIDENTIAL DEVELOPMENT. THE
SUBJECT (AS IS) APPEARS IN LINE WITH MARKET ACCEPTED ECONOMIC LIFE. AS A RESULT, THE H&BU "AS IS" IS TO
REMAIN AS VIEWED.
SALES COMPARISON APPROACH:
1. SALES/FINANCING CONCESSIONS-
ALL PROPERTIES TRANSFERRED UNDER TYPICAL FINANCING AVAILABLE. PURCHASES OF HOMES IN THE AREA ARE
(GENERALLY) CONVENTIONAL WITH LITTLE KNOWN CONCESSIONS FOUND.
2. DATE OF SALE-
THE PRIMARY SALES (#1-#2 & #3) REPRESENT THE MOST COMPARABLE ACTIVITY IN THE LOCAL MARKET AND ARE WELL
WITHIN A TIGHT PERIOD OF SUSTAINED GROWTH/STABILITY. NO TIME ADJUSTING IS WARRANTED.
3. LOCATION-
ALL COMPARABLES ARE LOCATED WITHIN THE LOCAL MARKETPLACE
Preview
FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Page # 1 APPRAISAL OF REAL PROPERTY LOCATED AT 136 Henry St Valley Stream, NY 11580 SECTION: 37 BLOCK: 297 LOT: 111-112 FOR BERNARD D'ORAZIO & ASSOCIATES 238 W 139TH STREET NEW YORK, NY 10030 OPINION OF VALUE 530,000 AS OF 03/23/2021 BY JAMES R. GAEBLER AARONS & ASSOCIATES INC. 45 DOGWOOD LN PORT WASHINGTON, NY 11050 (516) 599-5407 appraiser@aaronsassoc.com Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Page # 2 Borrower N/A File No. 112856 Property Address 136 Henry St City Valley Stream CountyNASSAU StateNY Zip Code 11580 Client BERNARD D'ORAZIO & ASSOCIATES APPRAISAL AND REPORT IDENTIFICATION (A written report prepared under Standards Rule 2-2(a), pursuant to the Scope of Work, as disclosed elsewhere in this report.) (A written report prepared under Standards Rule 2-2(b), pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: — 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, impartial, and unbiased professional analyses, opinions, and conclusions. — Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. — I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — Unless otherwise indicated, I have made a personal EXTERIOR viewing of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated 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.) <90 DAYS Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: THIS APPRAISAL REPORT IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2-2 OF THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE FOR AN APPRAISAL REPORT. AS, SUCH IT REPRESENTS ONLY SUMMARY DISCUSSIONS OF THE DATA, REASONING AND ANALYSIS THAT WERE USED IN THE APPRAISAL PROCESS TO DEVELOP THE APPRAISER'S OPINION OF VALUE. SUPPORTING DOCUMENTATION THAT IS NOT PROVIDED WITH THE REPORT CONCERNING THE DATA, REASONING AND ANALYSES IS RETAINED IN THE APPRAISER'S FILE. THE DEPTH OF THE DISCUSSION 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. APPRAISER: SUPERVISORY or CO-APPRAISER (if applicable): Signature: Signature: Name: JAMES R. GAEBLER Name: State Certification #: 45000003117 State Certification #: or State License #: or State License #: State:NY Expiration Date of Certification or License: 10/21/2021 State: Expiration Date of Certification or License: Date of Signature and Report: 03/29/2021 Date of Signature: Effective Date of Appraisal: 03/23/2021 Inspection of Subject: None Interior and ExteriorExterior-Only Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): 03/23/2021 Date of Inspection (if applicable): Form ID14E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Aarons & Associates, Inc. Page # 3 APPRAISAL REPORT File No.: 112856 Property Address: 136 Henry St City: ValleyStream State: NY Zip Code: 11580 County:NASSAU Legal Description: SECTION: 37 BLOCK: 297 LOT: 111-112 SUBJECT Assessor's Parcel #: 37297 01110 Tax Year: 2021 R.E. Taxes: $ 13,253 Special Assessments: $ 0 Borrower (if applicable): N/A Current Owner of Record: NELSON ROJAS Occupant: Owner Tenant Vacant Manufactured Housing Project Type: PUD Condominium Cooperative Other (describe) SINGLE FAMILY HOA:$ 0 peryear per month Market Area Name:T/O HEMPSTEAD Map Reference: 35004 Census Tract: 4103.00 The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach(See Reconciliation Comments and Scope of Work) ASSIGNMENT Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: ESTIMATE MARKET VALUE FOR THE CLIENT TO DETERMINE MARKET VALUE AS OF THE DATE OF INSPECTION. Intended User(s) (by name or type): BERNARD D'ORAZIO & ASSOCIATES Client: BERNARD D'ORAZIO & ASSOCIATES Address:238 W 139TH STREET, NEW YORK, NY 10030 Appraiser: JAMES R. GAEBLER Address:45 DOGWOOD LN, PORT WASHINGTON, NY 11050 Location: Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit 80 % Not Likely Growth rate: Rapid Stable Slow Owner $(000) (yrs) 2-4 Unit 1% Likely * In Process * MARKET AREA DESCRIPTION 90 Property values: Increasing Stable Declining Tenant 300 Low 0 Multi-Unit 1% * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 700 High 120 Comm'l 8% Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 525 Pred 70 other 10 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): THE AREA HAS REFLECTED HIGH DEMAND IN THE PAST SEVERAL MONTHS, HOWEVER, THE CURRENT ECONOMIC CONDITIONS DO NOT SUPPORT REFLECTING A MARKETING TIME OF UNDER THREE MONTHS. WHILE DEMAND IS CURRENTLY HIGH, STILL OUTPACING SUPPLY, EXPECTED MARKETING PERIODS REMAIN WITHIN 3-6 MONTHS. GENERAL SUBURBAN NEIGHBORHOOD COMPRISED OF A BLEND OF SINGLE FAMILY HOMES. ALL ARE CONVENIENT TO NECESSARY AMENITIES AND WELL PROXIMATE TO PUBLIC TRANSPORTATION AND MAJOR EMPLOYMENT. NEIGHBORHOOD IS BOUNDED BY HOOK CREEK BLVD TO THE WEST, SOUTHERN PARKWAY TO THE NORTH, FLETCHER AVENUE TO THE EAST AND SUNRISE HIGHWAY TO THE SOUTH. Dimensions:40 X 100 Site Area:4,000 sf Zoning Classification: RESIDENTIAL-R-1 VALLEY STREAM Description: SINGLE FAMILY RESIDENCE/4,000sf MIN PARCEL SIZE Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable) $ / Highest & Best Use as improved: Present use, or Other use (explain) Actual Use as of Effective Date: PRESENT USE Use as appraised in this report: PRESENT USE Summary of Highest & Best Use: THE HIGHEST AND BEST USE OF THE SUBJECT PROPERTY IS TO CONTINUE ITS CURRENT USE "AS IS". SITE DESCRIPTION ZONING FOR NEW LOTS IS 5,000 SF AND FOR EXISTING LOTS IS 4,000SF. Utilities PublicOther Off-site Improvements Provider/Description Type PublicPrivateTopography LEVEL ON GRADE Electricity Street ASPHALT Size 4,000SF Gas Curb/Gutter CONCRETE Shape REGULAR Water Sidewalk CONCRETE Drainage ASSUMED.ADEQUATE Sanitary Sewer Street Lights MERC VAPOR View N;Res; Storm Sewer Alley NONE Other site elements:Inside Lot Corner Lot Cul de Sac Underground UtilitiesOther (describe) FEMA Spec'l Flood Hazard AreaYes No FEMA Flood ZoneX FEMA Map # 36059C0212G FEMA Map Date09/11/2009 Site Comments: THERE WERE NO APPARENT ADVERSE EASEMENTS, ENCROACHMENTS, SPECIAL ASSESSMENTS, SLIDE AREAS, ILLEGAL OR LEGAL NONCONFORMING ZONING USES. HOWEVER, SURVEY, DEED, TITLE AND CofO WERE NOT AVAILABLE TO THE APPRAISER. General Description Exterior Description Foundation Basement None Heating # of Units 1 Foundation Acc.Unit PRD CONC/AVG Slab 0 Area Sq. Ft. 780 Type HW # of Stories2 Exterior Walls BRICK/SHINGLE Crawl Space 0 % Finished 50 Fuel GAS Type Det. Att. Roof Surface ASPH SH/AVG Basement 100% Ceiling SHEETROCK Design (Style) CAPE Gutters & Dwnspts. ALUMINUM/AVG Sump Pump Walls SHEETROCK Cooling Existing Proposed Und.Cons. Window Type THERMOS/AVG Dampness Floor CERAMIC Central NONE Actual Age (Yrs.) 80 Storm/Screens YES/YES SettlementNONE NOTED Outside Entry YES Other NONE DESCRIPTION OF THE IMPROVEMENTS Effective Age (Yrs.) 15 Infestation NONE NOTED Interior Description Appliances Attic NoneAmenities Car Storage None Floors HARDWOOD/AVERAGE Refrigerator Stairs Fireplace(s) # 0 Woodstove(s) # 0 Garage # of cars ( 2 Tot.) Walls DRYWALL/AVG Range/Oven Drop Stair Patio NONE Attach. 1 GARAGE Trim/Finish WOOD/AVG Disposal Scuttle Deck NONE Detach. Bath Floor CERAMIC/AVERAGE Dishwasher Doorway Porch NONE Blt.-In Bath Wainscot CERAMIC/AVERAGE Fan/Hood Floor Fence VINYL Carport Doors WOOD/AVERAGE Microwave Heated Pool NONE Driveway 1 Washer/Dryer Finished SurfaceCONCRETE Finished area above grade contains: 7 Rooms 4 Bedrooms 2 Bath(s) 1,515 Square Feet of Gross Living Area Above Grade Additional features: NONE. INFORMATION REGARDING INTERIOR OF SUBJECT TAKEN FROM MLS LISTING #3248060. PER PHOTOS, SUBJECT HAS NO CENTRAL AC. Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECTS QUALITY OF CONSTRUCTION IS FRAME AND CONSISTENT WITH THE SURROUNDING NEIGHBORHOOD. OVERALL THE CONDITION OF THE IMPROVEMENTS RATED "AVERAGE" BASED UPON THE STANDARD KITCHEN APPLIANCES AND BATHROOM FIXTURES, AS WELL AS THE MODERATE DEGREE OF UPKEEP AND UPDATING. NO PHYSICAL, FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. SUBJECT WAS VIEWED FROM THE EXTERIOR ONLY. Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007 FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Page # 4 APPRAISAL REPORT File No.: 112856 My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): TRANSFER HISTORY COMPS, INC Analysis of sale/transfer history and/or any current agreement of sale/listing: 1st Prior Subject Sale/Transfer THERE WERE NO PREVIOUS TRANSFERS Date: 06/28/2005 OF THE SUBJECT OVER THE PAST THREE YEARS OR THE COMPARABLE PROPERTIES OVER THE PAST Price: 449,000 YEAR DISCLOSED IN THE SOURCES CONSIDERED ABOVE. Source(s): COMPS INC. 2nd Prior Subject Sale/Transfer Date: N/A Price: N/A Source(s): COMPS INC. SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address136 Henry St 137 Green St 1171 Fenwood Dr 76 Clarendon Dr Valley Stream, NY 11580 Valley Stream, NY 11580 Valley Stream, NY 11580 Valley Stream, NY 11580 Proximity to Subject 0.42 MILES SW 0.32 MILES N 0.43 MILES NE Sale Price $ N/A $ 527,000 $ 545,000 $ 509,000 Sale Price/GLA $ N/A /sq.ft. $ 354.64 /sq.ft. $ 352.29 /sq.ft. $ 378.44 /sq.ft. Data Source(s) INTERIOR STRATUS.MLS #3249168;DOM-28 STRATUS.MLS #3254127;DOM-26 STRATUS.MLS #3248822;DOM-13 Verification Source(s) VIEWING REDFIN.COM COMPS INC. COMPS INC. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing 0 ArmLth ArmLth ArmLth Concessions 0 Conv; 0 Unk;0 Unk;0 Date of Sale/Time N/A s03/21;c09/20 s01/21;c10/20 s11/20;c09/20 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location N;Res; N;Res; N;Res; N;Res; Site 4,000 sf 5,000 Sq.Ft. -2,000 5,000 Sq.Ft. -2,000 4,000 Sq.Ft. View N;Res; N;Res; N;Res; N;Res; Design (Style) CAPE CAPE CAPE CAPE Quality of Construction FRAME FRAME FRAME FRAME Age 80 73 0 67 0 75 0 Condition AVERAGE AVERAGE AVERAGE AVERAGE Above Grade TotalBdrms Baths TotalBdrms Baths TotalBdrms Baths TotalBdrms Baths Room Count 7 4 2 6 4 2 0 7 4 2 7 4 2 Gross Living Area 1,515 sq.ft. 1,486 sq.ft. 1,547 sq.ft. -3,000 1,345 sq.ft. +15,500 Basement & Finished FULL BASEMENT FULL BASEMENT FULL BASEMENT FULL BASEMENT Rooms Below Grade PART FINISHED PART FINISHED PART FINISHED PART FINISHED Functional Utility ADEQUATE ADEQUATE ADEQUATE ADEQUATE Heating/Cooling GAS/NO.CENTR.AC GAS/NO.CENTR.AC OIL/NO.CENTR.AC GAS/NO.CENTR.AC Energy Efficient Items NONE NOTED NONE NOTED NONE NOTED NONE NOTED SALES COMPARISON APPROACH Garage/Carport 1 CAR GARAGE 1 CAR GARAGE 1 CAR GARAGE 1 CAR GARAGE Porch/Patio/Deck NONE NONE PORCH -5,000 NONE Additional Amenities STD KT/STD BT STD KT/STD BT STD KT/STD BT STD KT/STD BT Net Adjustment (Total) + - $ -2,000 + - $ -10,000 + - $ 15,500 Adjusted Sale Price of Comparables $ 525,000 $ 535,000 $ 524,500 Summary of Sales Comparison ApproachALL SALES RECONCILED TIGHTLY AND CONCLUDED TO A NARROW RANGE OF PRICING. COMPARABLE SALES HAVE ALL CLOSED WITHIN THE PAST SIX MONTHS AND HAVE UPDATES CONSISTENT WITH THOSE REFLECTED IN RECENT MLS LISTING FOR THE SUBJECT AS PREVIOUSLY DESCRIBED. PRIOR LISTING OF THE SUBJECT WAS FOR ONLY TWO WEEKS AND REFLECTED THAT TENANTS OCCUPY THE DWELLING WITH "LIMITED ACCESS". 50% EMPHASIS IS PLACED EACH ON COMPARABLE 1 AND ON COMPARABLE 2 FOR MOST RECENT CLOSING DATES. COMPARABLE SALES UTILIZED REQUIRED NOMINAL ADJUSTMENTS ONLY. GLA IS ADJUSTED AT $90/SF FOR PROPERTIES WITH AT LEAST A 30SF VARIANCE FROM THE SUBJECT. PATIO/PORCH/FIREPLACE ADJUSTED AT A FIXED $5,000 EACH FOR STANDARD TYPES. SITE ADJUSTMENTS ARE $2/SF AS EXCESS LAND FOR PROPERTIES WITH AT LEAST A 1,000 VARIANCE FROM THE SUBJECT SITE SIZE. MARKET VALUE IS BASED ON THE EXTRAORDINARY ASSUMPTION THAT THE SUBJECT' INTERIOR CONDITION IS CONSISTENT WITH THAT REFLECTED IN MLS #3248060. SUBJECT WAS VIEWED FROM THE EXTERIOR ONLY. Indicated Value by Sales Comparison Approach $530,000 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007 FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Page # 5 APPRAISAL REPORT File No.: 112856 COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): THE EXTRACTION METHOD WAS UTILIZED IN DETERMINING SITE VALUE DUE TO THE LACK OF SALES OF VACANT SITES IN THE AREA. LAND/VALUE RATIO IS COMMON TO THE AREA AND HAS NO NEGATIVE IMPACT ON THE VALUE OR MARKETABILITY OF THE SUBJECT. ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 275,000 COST APPROACH Source of cost data: AARONS RESEARCH DATA DWELLING 1,515 Sq.Ft. @ $ 175.00 =$ 265,125 Quality rating from cost service: C Effective date of cost data: 08/20 BASEMENT 780 Sq.Ft. @ $ 90.00 =$ 70,200 Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ $ =$ THE COST APPROACH WAS CONSIDERED BUT IS NOT SEEN TO BE Sq.Ft. @ $ =$ HIGHLY REFLECTIVE OF VALUE AS THE ESTIMATE OF DEPRECIATION Sq.Ft. @ $ =$ OF AN OLDER HOME IS DIFFICULT TO QUANTIFY AND THEREFORE =$ RELATIVELY SUBJECTIVE. LAND/VALUE RATIO IS TYPICAL AND Garage/Carport 200 Sq.Ft. @ $ 80.00 =$ 16,000 COMMON TO THE AREA. THIS APPROACH IS COMPLETED AT THE Total Estimate of Cost-New =$ 351,325 REQUEST OF THE CLIENT. Less Physical Functional External Depreciation 87,831 =$( 87,831) Depreciated Cost of Improvements =$ 263,494 ''As-is'' Value of Site Improvements =$ 20,000 =$ =$ Estimated Remaining Economic Life (if required): 45 YearsINDICATED VALUE BY COST APPROACH =$ 558,494 INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal. INCOME APPROACH Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ N/A Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM): WHILE CONSIDERED, THE INCOME APPROACH WAS NOT APPLIED WITHIN OUR ANALYSIS AS IT IS NOT A METHOD TYPICALLY EMPLOYED BY PURCHASERS OF SUCH PROPERTIES. PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: PUD Indicated Value by: Sales Comparison Approach $ 530,000 Cost Approach (if developed) $ 558,494 Income Approach (if developed) $ N/A Final Reconciliation THE VOLUME OF AREA ACTIVITY WARRANTED ULTIMATE RELIANCE ON THE SALES COMPARISON APPROACH. WHILE COST MAY BE A FACTOR, THE LOCAL MARKET OFFERED A STRONG SAMPLING OF HOMES SUCH TO OFFER AVAILABLE ALTERNATIVES. INCOME POTENTIAL IS TYPICALLY NOT A CONSIDERATION IN 1 FAMILY PURCHASES. RECONCILIATION This appraisal is made ''as is'', subject to completion perplansand specifications on the basisofa Hypothetical Condition thatthe improvements have been completed, subject to thefollowing repairs or alterations on thebasisof aHypothetical Condition thattherepairs oralterations havebeen completed, subjectto thefollowing required inspection based on theExtraordinary Assumptionthatthecondition or deficiency does notrequire alteration or repair: Thisreport is alsosubject tootherHypothetical Conditions and/or Extraordinary Assumptions as specified inthe attached addenda. Based on the degreeof inspection of the subjectproperty, as indicated below, definedScope ofWork, Statementof Assumptionsand LimitingConditions, and Appraiser’s Certifications, my (our)Opinionof theMarketValue (orotherspecified valuetype),as definedherein, of therealpropertythatisthe subject of thisreportis: $ 530,000 , as of: 03/23/2021 ,which is theeffective dateof thisappraisal. Ifindicated above,thisOpinionof Value issubject to Hypothetical Conditionsand/or Extraordinary Assumptions included in thisreport.See attachedaddenda. A trueand completecopyof thisreport contains14 pages,including exhibits whichareconsidered an integral partof thereport. Thisappraisal reportmay notbe ATTACHMENTS properly understood without reference to theinformation contained in thecompletereport. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: BERNARD D'ORAZIO Client Name: BERNARD D'ORAZIO & ASSOCIATES E-Mail: bdorazio@dorazio-law.com Address: 238 W 139TH STREET, NEW YORK, NY 10030 SIGNATURES Supervisory or Appraiser Name:JAMES R. GAEBLER Co-Appraiser Name: Company: AARONS & ASSOCIATES INC. Company: Phone:(516) 599-5407 Fax:(516) 599-5419 Phone: Fax: E-Mail: appraiser@aaronsassoc.com E-Mail: Date of Report (Signature): 03/29/2021 Date of Report (Signature): License or Certification #: 45000003117 State:NY License or Certification #: State: Designation: Designation: Expiration Date of License or Certification: 10/21/2021 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 03/23/2021 Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007 FILED: NASSAU COUNTY CLERK 04/19/2021 01:57 PM INDEX NO. 601610/2015 NYSCEF DOC. NO. 24 RECEIVED NYSCEF: 04/19/2021 Page # 6 Supplemental Addendum File No. 112856 Borrower N/A Property Address 136 Henry St City Valley Stream CountyNASSAU StateNY Zip Code11580 Client BERNARD D'ORAZIO & ASSOCIATES MARKET CONDITIONS: WHILE INTEREST RATES HAVE FLUCTUATED OVER RECENT MONTHS, THEY ARE STILL VERY FAVORABLE AND DO NOT APPEAR TO BE AN IMPEDIMENT TO MARKETABILITY. FOR PROPERLY PRICED HOMES MARKETING TIME IS 0-3 MONTHS. ON 03/22/2020 THE "NEW YORK STATE ON PAUSE" EXECUTIVE ORDER WENT INTO EFFECT AND HAS LIMITED THE ABILITY TO EFFECTIVELY MARKET PROPERTIES SINCE THAT DATE, RESULTING IN AN INCREASED MARKETING TIME. RECENT ACTIVITY SUGGESTS THAT PRICING IN THE AREA HAS BEEN STABLE OVER THE PAST YEAR. THERE IS NO EVIDENCE OF PRICING DECLINES THROUGH 2020 AND INTO 2021, AND ALTERNATIVELY, NO EVIDENCE OF PRICING INCREASES. THE TREND OF SELLER'S CONCESSIONS HAS LESSENED. INTEREST RATES REMAIN LOW WITH LENDERS LOOSENING RESTRICTIONS. THE CURRENT STATE PARTIAL SHUTDOWN HAS CREATED A SUSPENSION IN CERTAIN REAL ESTATE ACTIVITIES WITH INCREASED WITH THE NUMBER OF AVAILABLE LISTINGS LIMITED. THERE HAS CONTINUED TO BE SIGNIFICANT SALES ACTIVITY OVER THE PAST SIX MONTHS. THE GLOBAL OUTBREAK OF A “NOVEL CORONAVIRUS”, KNOWN AS COVID-19, WAS OFFICIALLY DECLARED A PANDEMIC BY THE WORLD HEALTH ORGANIZATION (WHO). THE READER IS REMINDED THAT CONCLUSIONS PRESENTED IN THIS APPRAISAL REPORT APPLY ONLY AS OF THE EFFECTIVE DATE INDICATED. THE APPRAISER MAKES NO REPRESENTATION AS TO THE EFFECT ON THE SUBJECT PROPERTY OF ANY UNFORESEEN EVENT SUBSEQUENT TO THE EFFECTIVE DATE OF THE APPRAISAL. AREA IS NOW IN THE EARLY STAGES OF REOPENING, ALLOWING CERTAIN BUSINESSES TO BEGIN OPENING AGAIN. PROPERTIES HAVE CONTINUED TO TRANSFER OVER THE PAST SEVERAL MONTHS. SITE CONDITIONS: TITLE, DEED AND C.O. NOT VIEWED AT INSPECTION. NO ADVERSE EASEMENTS OR ENCROACHMENTS NOTED. TYPICAL UTILITY EASEMENTS PREVAIL. ANY EASEMENTS, RESTRICTIONS OR COVENANTS UNCOVERED THROUGH A TITLE SEARCH, LEGAL OPINION OR PROPERTY SURVEY SHOULD BE SUBMITTED TO THE APPRAISER FOR CONSIDERATION. THE APPRAISER RESERVES THE RIGHT TO ANALYZE ALL SUCH INFORMATION AND AMEND THE APPRAISED VALUE, IF NECESSARY. HIGHEST AND BEST USE: ALL LEGAL, PHYSICAL, AND FINANCIALLY FEASIBLE OPTIONS AS WELL AS MAXIMALLY PRODUCTIVE CONCLUSIONS LEAD TO THE H&BU (AS VACANT) FOR RESIDENTIAL DEVELOPMENT. THE SITE SIZE CONFORMS WITH HIGHER DENSITY DEVELOPMENT, THE ZONING ONLY OFFERS MIXED POSSIBILITIES (INCLUDING RESIDENTIAL) AND THE PRESENT ENVIRONS OF FINANCIAL FEASIBILITY FURTHER SUPPORT LOCAL DEVELOPMENT FOR RESIDENTIAL USE. IN ADDITION MARKET CONDITIONS AND AVAILABILITY OF DEVELOPMENT SUPPORT CONCLUDE A MAXIMALLY PRODUCTIVE USE FOR RESIDENTIAL DEVELOPMENT. THE SUBJECT (AS IS) APPEARS IN LINE WITH MARKET ACCEPTED ECONOMIC LIFE. AS A RESULT, THE H&BU "AS IS" IS TO REMAIN AS VIEWED. SALES COMPARISON APPROACH: 1. SALES/FINANCING CONCESSIONS- ALL PROPERTIES TRANSFERRED UNDER TYPICAL FINANCING AVAILABLE. PURCHASES OF HOMES IN THE AREA ARE (GENERALLY) CONVENTIONAL WITH LITTLE KNOWN CONCESSIONS FOUND. 2. DATE OF SALE- THE PRIMARY SALES (#1-#2 & #3) REPRESENT THE MOST COMPARABLE ACTIVITY IN THE LOCAL MARKET AND ARE WELL WITHIN A TIGHT PERIOD OF SUSTAINED GROWTH/STABILITY. NO TIME ADJUSTING IS WARRANTED. 3. LOCATION- ALL COMPARABLES ARE LOCATED WITHIN THE LOCAL MARKETPLACE