648 Pacific Street Firehouse Appraisal Atlantic Yards

COMPLETE SELF-CONTAINED APPRAISAL OF
A Former Firehouse Located At

648 Pacific Street
Block 1127 Lot 33
Brooklyn, New York 11217
Market Valuation as a Development Site as of September 24, 2009
Berger & Webb, LLP

1633 Broadway, 46th Floor
New York, New York 10019
By
Jacques O. Tuchler & Associates
26 Court Street, Suite 2301
648PacificFirehouse Revised-PDF-11-19
TABLE OF CONTENTS
Part One: Introduction Page

Letter of Transmittal
Assumptions & Limiting Conditions 4
Salient Property Data & Conclusions 6
The Property and The Appraisal Problem 7
Purpose/Function/Dates & Scope of the Appraisal 7
Property Interest Appraised 7
Definition of Market Value 8
Exposure & Marketing Time 8
Block/Lot Legal Description & Scope of Investigation 9
Part Two: Factual Descriptions

Regional Data & Analysis 10
District & Neighborhood Location 16
Street Scenes 21
The Site, Assessed Valuation & Real Estate Taxes 23
Zoning Map and Information 24
Description of Improvements 26
Part Three: Analysis of Data/Opinions of the Appraiser, Etc.

Highest & Best Use 27
Valuation Process 28
Summary of Appraisal and Final Value Estimate 41
Certification 42
Part Four: Addenda

Qualifications of the Firm and Appraisers
Brooklyn Community District Data
Assumptions & Limiting Conditions
1. No opinion is intended to be expressed for legal or other matters which would

require specialized investigation or knowledge beyond that ordinarily employed by
real estate appraisers, although such matters may be discussed herein.
2. No opinion regarding title is rendered. Title data and the legal description were
obtained from sources deemed reliable. Title is assumed to be marketable and free
and clear of all liens and encumbrances, easements, and restrictions, except those
specifically discussed in the report. The property is appraised as though available
for its highest and best use.
3. The appraiser has not made an engineering survey. Except as specifically stated,
sizes and areas were taken from sources deemed reliable. No encroachment of real
property improvements is assumed to exist, unless otherwise stated in this report.
4. Maps, plats and exhibits included herein are for illustration only, as an aid in
visualizing matters discussed within the report. They should not be considered as
surveys, or relied upon for any other purpose.
5. The information furnished by others is believed to be reliable. No warranty,
however, is given for its accuracy.
6. Unless otherwise stated in this report, the appraiser is not aware of any hidden or
inapparent conditions of the site, subsoil or structures rendering the property more or
less valuable, and assume no obligation for arranging engineering studies that may
be required for discovery.
7. Full compliance with all applicable federal, state, and local environmental regulations
and laws are assumed, unless noncompliance is stated, defined and considered.
8. It is assumed that all applicable zoning and use regulations and restrictions have
been complied with, unless nonconformity is stated, defined, and considered in the
appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity, etc. have been or can be obtained or renewed for any use on which
the reported opinion of value is based.

4
Assumptions & Limiting Conditions
10. Projections herein used to assist in the valuation process are based on market
conditions and anticipated short term supply and demand factors as of the effective
date of the appraisal and a continued stable economy. Thus, they are subject to
changes in future conditions that cannot be accurately predicated by the appraiser,
and which could affect future income or value projections.
11. The areas discussed were calculated in accord with standards developed by The
American Standards Association (Real Estate Appraisal Terminology).
12. The appraiser is not qualified to detect the existence or extent of existing
potentially hazardous material on or near the site. Existence of such substances
usually has an effect on the value of real property. Therefore, no consideration is
given in the analysis to any diminution in value for the cost to remove such
hazardous materials if they do exist.
13. Possession of this report, or a copy, does not carry with it the right of publication.
It may not be used for any purpose by any person other than the addressee
without the written consent of the appraisers and, in any event, only with properly
written qualification, and only in its entirety.
14. The appraiser, by reason of this appraisal, is not required to give further
consultation, testimony, or attend court as to this property unless prior
arrangements have been made.
15. Disclosure of the contents of this report is governed by the By-Laws and
Regulations of the Appraisal Institute. Neither all nor part of this report (especially
the value conclusion, identity of the appraiser, or firm with which the appraiser is
connected) shall be disseminated to the public through advertising, public
relations, news, sales, or other media without the appraiser’s prior written consent.
16. Acceptance or use of this appraisal report constitutes acceptance of these
Assumptions and Limiting Conditions, and the statements in “Certification”.

5
Salient Property Data and Conclusions
648 Pacific Street

Property Interest: Fee Simple Estate
Location: Between 6th Avenue & Flatbush Avenue (at 5th Ave & Dean Street)
Section/Block/Lot: 4/1127/33, Borough of Brooklyn, City/State of New York
The Site: 25’ x 110’ x Rectangular, 2,750 square feet, level at street grade.
Zone: C4-4A “Mixed Commercial/Residential”
Census Tract: 0129.02
Flood Zone: FEMA Panel #360497-62B. Zone X: Not Flood Hazard Area
Improvement: 3,750 square foot, two-story plus one-story extension, Class “Y”
former firehouse most recently used as a commercial laundry.
Currently vacant and in poor condition.
Neighborhood: Prospect Heights:

Predominantly middle-income residential neighborhood served by
adequate community services, good vehicular and mass transit
access, and other urban amenities (schools, churches, health care,
shopping, etc.), as well as ongoing demand for housing.
Highest &
Best Use: Residential.
Market Value: Fee Simple Estate as of September 24, 2009

By the Sales Comparison Approach ……….$1,155,000
Less the Cost of Demolition as Estimated by an Engineer

6
648 Pacific Street, Brooklyn, NY 11217
Introduction
The Property and the Appraisal Problem

The subject property is a 2,750 square foot mixed residential/commercial zoned lot
improved with a 3,750 s/f two-story former firehouse in Prospect Heights, most recently
used as a commercial laundry - currently vacant and in poor condition. Based upon our
findings, we conclude that the highest and best use of the land is residential. Therefore,
our market data study must be of properties with the same highest and best use.
Purpose and Function of the Appraisal

To estimate the Market Value of the fee simple estate as of our September 24, 2009
inspection date for use by our client, Berger & Webb, LLP, attorneys at law representing
the Empire State Development Corporation (“ESDC”), in connection with intended
acquisition of the property for the Atlantic Yards Arena and Redevelopment Project.
Dates Pertinent to the Appraisal

Date of the Appraisal Report............................................... November 14, 2009
Effective Date of Appraisal/Inspection..................................... September 24, 2009
The Scope of Appraisal included inspecting The Property, collecting and analyzing
pertinent data, considering market characteristics and trends for properties of its type,
and deriving the market value opinion noted above in Purpose of the Appraisal in
compliance with the Uniform Standards of Professional Appraisal Practice and the
Appraisal Institute’s Code of Professional Ethics & Standards of Professional Practice.
Of the three (3) basic approaches to value, only Sales Comparison is used. Reasons
for disuse of the Cost and Income Capitalization Approaches are later discussed.
Property Interest Appraised: Fee Simple Estate: Absolute ownership unencumbered

by any other interest or estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police power, and escheat. 1
1
The Dictionary of Real Estate Appraisal, 3rd Edition, Chicago; 1993, The Appraisal Institute). Unless
otherwise specified, all definitions in the report were obtained from this source.

7
Introduction
“Market Value means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably, and assuming the price is not affected
by undue stimulus. Implicit in this definition are the consummation of a sale as of a
specific 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
own best interests.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale”. 2
Exposure & Marketing Time

Based on opinions of local real estate brokers and other informed market participants,
exposure time (precedes effective date of valuation) for the open market sale of the
subject property at the reported market value estimate would have been within twelve
(12) months, but nationwide adverse economic conditions affecting most types of real
estate suggest that marketing time (from effective date of valuation) would be longer.
Title Data
According to New York City records, this property is owned by the Fire Department.
2
Title 12 Code of Federal Regulations Sec. 1608.2 Definitions (f)

8
Introduction
Block & Lot Legal Description: Block 1127 Lot 33, Borough of Brooklyn, New York
Scope of the Investigation:

Reference was made to current files and publications on the borough, district,
neighborhood and market area for demographics, land use policies and trends, growth
forecasts, and employment data. Pertinent information was also obtained from real
estate investors and brokers, other informed market participants, and the appraisers’
tour/knowledge of the general area and neighborhood. Lot dimensions were obtained
from the Sanborn Map. Other descriptive data was obtained from public records.
Sales of development sites and vacant land were obtained by examining county records
on sites adjacent to the subject and those within a Section Tax Map area, as well as
Comps Inc. recordings. Copies of deeds, tax maps and financing instruments were
viewed online, and attempts were made to contact buyers, sellers or other interested
parties to verify transaction data, and ensure arm’s length status of the sales. Those
considered most comparable to this property are detailed and analyzed in this report.

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10
Regional Location
Brooklyn, also known as Kings County, is the most populated borough of New York
City’s 5 boroughs. It covers 71+ square miles, has a 33-mile waterfront, and is
geographically part of Long Island, adjoining Queens County to the north and east, and
separated from Manhattan by the East River. On its westernmost section is Newtown
Creek, which flows into the East River. At its south westernmost section, it is separated
from Staten Island by the Narrows, where Upper & Lower New York Bay meet. Its
southern coast includes Coney Island, Brighton Beach, Manhattan Beach and Sea
Gate. Its southeastern coast line is dotted Jamaica Bay.
The 2005 Census reports Brooklyn’s population at 2,486,235, (up from 2.3 million in
1990); 880,727 households, 58,922 families, 930,866 housing units, median household
income at $32,135; median income per family at $36,188; with about 22% of families
and 25.1% of the population below the poverty line.
Brooklyn, also known as Kings County, is the most populous borough in New York State
and the 2nd most densely populated county in the nation (after Manhattan). Though part
of The City, Brooklyn maintains a distinct character of its own with its cultural diversity,
independent art scene, distinct neighborhoods, and unique architectural heritage.
Brooklyn has many well-defined neighborhoods, many of which developed from distinct
towns and villages that date back to its founding in the Dutch colonial era in the early
1600s. Today, Downtown Brooklyn is the 3rd largest central business district in New
York City, after Midtown and Lower Manhattan.
Brooklyn’s transportation infrastructure provides the means to efficiently move goods

and people throughout the city. There are eighteen (18) New York City subway lines
traversing the borough, with major stations at Atlantic Avenue/Pacific Street, Broadway
Junction, DeKalb Avenue, Jay Street/Borough Hall, and Coney Island/Stillwell Avenue.
New York City Transit buses travel throughout the borough, several lines into Queens
and Manhattan, and there is express service that substantially reduces travel time. The
Long Island Railroad is available at Atlantic Terminal, a major intermodal transit hub

11
Regional Location
with several connecting subway lines. Auto travel is also available via the Brooklyn-
Queens and Prospect Expressways, NYS Route 27, and the Belt and Jackie Robinson
Parkways, as well as the Brooklyn, Manhattan, Williamsburg and Verrazano Narrows
(links Brooklyn to Staten Island) bridges, and Brooklyn-Battery Tunnel. Smaller water
crossings to and from Queens include the Kosciusko, Pulaski, and JJ Byrne Memorial
Bridges. Major thoroughfares include Atlantic and 4th Avenues in the subject locale.
Educational facilities in Brooklyn include public, private and parochial schools, Brooklyn
College, the campus of which houses the Brooklyn Center for Performing Arts complex
and its four (4) theatres; Brooklyn Law School, Kingsborough Community, a junior
college in the CUNY system; the College of Medicine at SUNY Downstate Medical
Center, Long Island University in Downtown Brooklyn, Pratt Institute in Clinton Hill, one
of the leading art/architecture and fashion design schools in the nation; Medgar Evers,
Metro Tech’s Polytechnic University and its neighbor CUNY’s College of Technology,
and smaller liberal arts colleges such as Saint Francis in Brooklyn Heights, Saint
Joseph’s in Clinton Hill, and Boricua in Willamsburg.
The Brooklyn Heights Business Library has a new Visual and Performing Arts Library
that focuses on the link between new and emerging arts and technology. It also features
subjects of art, theater, dance, music, film, photography and architecture. The Brooklyn
Museum is among the world’s premier art institutions. The Brooklyn Academy of Music
(BAM) complex includes an opera house, the Harvey Lichtenstein Theater, and the
BAM Rose Cinemas; the Brooklyn Historical Society museum, library and educational
center is dedicated to preserving and encouraging the study of the history of Brooklyn.
Many of Brooklyn’s neighborhoods are enclaves where a particular ethnic group and
culture predominate. Others like Downtown Brooklyn, Brooklyn Heights, Cobble Hill,
Park Slope, Prospect Heights, etc. have become attractive in terms of sound housing at
more affordable rents than in Manhattan, but fairly comparable in urban amenities.
Brooklyn’s job market is driven by performance of the national/city economy, population

flows, and the borough’s position as a convenient back office for New York businesses
(like in MetroTech). About 44% of its employed population work in the borough. Fairly

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Regional Location
new construction of the Brooklyn Marriot Hotel and its addition, as well as MetroTech,
have helped to increase Brooklyn’s workforce and surrounding commercial activity.
Jobs in the borough have traditionally been concentrated in manufacturing, but since
1975, Brooklyn has shifted from a manufacturing-based to a service-based economy. In
2004, 215,000 Brooklyn residents worked in the services sector, and 27,500 worked in
manufacturing. While manufacturing has declined, a substantial base has remained in
apparel and niche manufacturing concerns, such as furniture, fabricated metals and
food products. Most employers are small businesses. The latest reported
unemployment rate is close to 6% and growing. The Navy Yard has become a hub for
industrial designers, food processors, and artisans, along with a growing film and
television projection industry.
Brooklyn has long attracted immigrants, and has often been regarded as the place
where each ethnic group has their own neighborhood cultural identity. In other words,
each neighborhood is dominated by a single ethnic group which is able to maintain their
dominant culture there. But, with gentrification on the rise, many of its neighborhoods
are now becoming increasingly diverse; a good example of this is Williamsburg.
Historically, the waterfront was a major shipping port, especially at Brooklyn Army
Terminal, however, most container ship cargo operations shifted to New Jersey. Yet,
the city recently built a new cruise ship terminal in Red Hook that is hopefully to become
a focal point for a growing cruise industry. New York Water Taxi offers commuter
services from Brooklyn’s west shore to points in Lower Manhattan, Midtown, Long
Island City and Breezy Point in Rockaway, as well as tours and charters.
Brooklyn has a number of historic districts, Borough Hall Civic Center, Bush Terminal,
Fortune 500 companies; banking institutions with over $20 billion in deposits; over $8
billion in assessed real estate; almost 80 million s/f of industrial space, and over 60
million s/f of commercial office space; cultural institutions; colleges; hospitals; a world-

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Regional Location
class aquarium; fishing and boating at Sheepshead Bay; three (3) beaches, an
elementary through high school public school system, private and parochial schools,
universities, museums, libraries, theaters, and shopping centers.
Industrial areas include most of the stretch along Brooklyn’s northern and western
waterfront, and the Brooklyn Terminal Market. Some of the more active complexes are
the Brooklyn Navy Yard, Flatlands Industrial Park, Industry City within Bush Terminal,
and the Army Terminal at 58th Street near the Gowanus Expressway.
Health facilities include Kings County, Brookdale, Brooklyn, Coney Island, Lutheran,
New York Methodist and Long Island College Hospitals, Maimonides and SUNY
Downstate Medical Centers, as well as managed care and private medical centers.
Recreation areas include Prospect and Marine Parks, Botanic Gardens, Dyker Heights
Public Golf Course, Sheepshead Bay, the Coney Island, Brighton & Manhattan
Beaches, sports and community centers - YMCA, YWCA & YM/WHA - skating rinks,
and parks with baseball, basketball, handball and tennis courts, picnic areas and pools.
Starting in the 1980s, numerous apartment buildings were built or converted to co-ops
or condos with steadily rising prices, especially for “outsiders.” Many tenants
(“insiders”) did not buy their units because their controlled/stabilized rents were lower
than the maintenance charges. Changes in the 1986 tax laws and general economic
decline created a “buyers’ market” for vacant units. Brokers reported their only market
was bulk sales at large discounts to speculators or investors, who offered them for rent
hoping to obtain rents to cover maintenance charges. This market subsequently turned
around, but once again more recently declined due to the lack of mortgage financing
and consumer base trying to survive economically without any major purchases.
In a further effort to enhance the quality of living and working in Brooklyn, the City
initiated housing weatherization, and code enforcement programs. Numerous local
development agencies were organized, and along with City agencies, substantial
improvements were made in streets, traffic patterns, security, schools, parks, etc.

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Regional Location
Furthermore, the big-box retailers that changed New York City’s retail market (i.e.
Costco & Home Depot) have entered Brooklyn, and discount drug stores, national chain
video stores and children’s play centers are now commonplace in many neighborhoods;
large auto specialists, like Auto Zone, have opened at new locations; and Marshall’s,
known as a suburban discounter, has opened in Brooklyn as well.
The positive social, geographic and environmental forces affecting the Brooklyn real
estate market are offset by the accompanying negative economic forces that continue to
have an adverse influence on the national (including Brooklyn) real estate market.

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16
District & Neighborhood Location
The site is located in the Prospect Heights sector of Brooklyn Community District 6,
which also includes the Red Hook, Carroll Gardens, Cobble Hill, Gowanus and Park
Slope neighborhoods. The district is bounded by the East River and Atlantic Avenue on
the north, Flatbush Avenue and Prospect Park West on the east, 15th Street and
Gowanus Creek on the south, and Upper New York Bay on the west. Although the
subject site is located in District 6, most of Prospect Heights is in adjacent District 8.
Prospect Heights, in northwest Brooklyn, is bounded by Flatbush Avenue to the west,

Atlantic Avenue to the north, and Eastern Parkway to the south. The eastern border is
between Washington/Franklin Avenues. In its northern sector are Vanderbilt Railyards.
Compared to other Brooklyn neighborhoods, Prospect Heights is relatively small and

notable for its cultural diversity as well as its tree-lined streets. The neighborhood has
seen rapid demographic changes over the last decade, and its shifts are exemplified by
a mixture of older buildings under reconstruction, rows of classic 1890’s brownstones,
and newly build condominiums. The neighborhood is served by the 78th Police Precinct.
Along the southern boundary, Eastern Parkway from Grand Army Plaza to Washington
Avenue is reminiscent of Manhattan’s 5th Avenue “Museum Mile”. Opulent buildings line
the north side of the parkway, and the south side features the Brooklyn Public Library,
Mount Prospect Park (not to be confused with Prospect Park), the Brooklyn Botanic
Garden and the recently renovated Brooklyn Museum. To its north lies Fort Green; to
the south, Prospect Park; to its west, Park Slope and to its east, Crown Heights.
The interior portion of the neighborhood consists mostly of brownstone-style residential

row houses, some built as early as 1890, although some blocks, e.g., Lincoln & St.
Johns Place between Underhill and Washington Avenues, include larger multi-unit
apartment buildings. Some new residential condo complexes are completed or under
construction. As indicated on the land use chart (following page), multi-family
residential, industrial and transportation/utility uses predominate in District 6

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Lot Area Lot Area

Brooklyn CD 6 Land Uses 2008 Lots Sq.Ft. (000) Percent
1-2 Family Residential 4,331 7,760.8 11.4%
Multi-family Residential 5,862 16,437.7 24.2%
Mixed Residential/Commercial 1,562 3,400.2 5.0%
Commercial/Office 262 1,918.1 2.8%
Industrial 575 9,016.2 13.3%
Transportation/Utility 207 10,833.2 15.9%
Institutions 194 3,078.5 4.5%
Open Space/Outdoor Recreation 41 3,765.5 5.5%
Parking Facilities 276 3,729.5 5.5%
Vacant Land 533 4,653.3 6.8%
Miscellaneous 187 3,433.1 5.0%
Total 14,030 68,026.1 100.0%
Source: NYC Dept. of City Planning (Dec.'08)
As of the 2000 Census, this 3.1 square mile, 1,974.9-acre predominantly middle-income
residential district had a population of 96,076 (-0.3 from 1990). In 2007, 16.1% of the
residents received income support, (12% over 2000). District housing includes six-story
elevator and four-story walk-up apartment buildings.
Educational facilities in District 6 include Cobble Hill High School for American Studies,
School for Global Studies, School for International Studies, Secondary School for
Journalism and South Brooklyn Community High School for Leadership. Acorn and
Paul Robeson High Schools are in adjacent District 8, while Medgar Evers College and
Brooklyn College only being a short distance away by bus or train.
Hospitals in the area include NY Methodist and Long Island College, while Brooklyn,
Interfaith and Kings County, as well as Downstate Medical Center are in neighboring
districts. Within proximity of the subject is a YMCA, a Boys Club, day care and senior
centers, houses of worship, parochial schools, and other community facilities.
Prospect Heights, roughly a 40-block area west of Washington Avenue, has a housing
stock of primarily turn-of- the-century rowhouse and pre-war apartment buildings.
Demographics for this zip code (as reported in ESRI’s 2008 Summary) are a population
of 36,861; median household income of $71,259; and average home value of $788,886.

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In the past, housing renewals in Fort Greene and Park Slope had a strong ripple effect
on the housing market in Prospect Heights. Proximity to Park Slope enabled it to reap
some of the benefits of the Slope’s strong real estate market. With soaring prices for
housing in the Slope, the demand spilled over to Plaza Street and the westerly sector of
Eastern Parkway, where there are well-maintained and designed pre-war apartment
buildings. The burgeoning real estate market in Prospect Heights got stronger, but has
been practically at a standstill since 2007 due to the national recession, which has hit
the real estate market very hard, as evidenced by the ever-declining prices. Defunct
bakeries and factories line Pacific Street from Vanderbilt Avenue to Carlton Avenue;
some have recently been renovated and converted into lofts.
An upscale residential condo designed by the well-known architect Richard Meier is

nearing completion (a number of units already sold and occupied) on the former parking
lot of Union Temple at Grand Army Plaza. A 4-story townhouse nearby at 499 Dean
Street was recently renovated and is currently being offered for sale as condos.
A thriving commercial zone has emerged along Vanderbilt Avenue which, in just the last
few years, has attracted new bars, restaurants and specialty shops, while a variety of
new stores have also opened on both Flatbush and Washington Avenues. Due to the
area’s density of Italianate & Neo-Greco row houses, much of the neighborhood has
been proposed for designation as a New York City Historic district, which would cover
an area roughly bounded by Flatbush Avenue, Sterling Place and Washington and St.
Marks Avenues - a section of the district would extend as far north as Pacific Street.
The site is on Pacific Street between 6th & Flatbush Avenues, adjacent to a vacant lot,
on the same block as the Spalding Factory conversion to residential condominium lofts,
and nearby the Atlantic Arts condo. At Flatbush & Atlantic Avenues is Atlantic Center, a
shopping mall that also houses the Department of Motor Vehicles. Close by is P.C.
Richards and Modells. The property is not located on an active commercial street and
were it to be considered for this type of use there would be very strong competition from
the surrounding more desirable streets.

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The site has easy access. City buses operate along Atlantic and Flatbush Avenues, and
Dean and Bergen Streets. Flatbush Avenue is a major arterial roadway that leads north
to the Manhattan Bridge and south to the Belt Parkway, Riis Park and the Rockaways.
In addition to major shopping at Atlantic Center, train lines are available.
In summary, this site is in a predominantly residential area convenient to all urban

amenities. Like in most areas of this country, the lack of readily available mortgage
financing for new development and the risk involved in new financial ventures has
resulted in a dramatic slow down in real estate activity in this district and neighborhood.
When the economy turns around, favorable trends should once again enhance the
growth of this district and neighborhood, particularly in the housing sector.

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Street Scenes
Looking East on Pacific Street
View of Atlantic Center Mall from Pacific Street

21
SANBORN MAP
TAX MAP

22
The Site, Assessed Value & Real Estate Taxes
The Site
Fronts 25’ on the north side of Pacific Street 100’ east of 6th Avenue, 110’ depth towards
Dean Street, 2,750 square feet. Level at grade; rectangular shaped. Paved sidewalks
and streets, handicap ramps, fire hydrants and typical City-type light standards at
concrete curbs; restricted on-street parking.
NYC Tax ID: Section/Block/Lot: 4/1127/33, Borough of Brooklyn, City/State of NY.
Utilities & Municipal Services

Telephone, electricity and gas, and New York City water and sewers are available from
street main supply grids with ample expansion capacity to provide for neighborhood
growth. New York City police, fire and sanitation departments, and street maintenance.
FEMA Flood Zone X - Not a designated flood hazard area.
Summary
The site’s readily available utilities and municipal services, and size, shape and location
renders it suitable for any of its legal (commercial/residential) uses.
Assessed Value & Real Estate Taxes

According to the Department of Finance, this property is “Tax Class 4”, the 2008/09 tax
rate for which is $10.612% per $100 of transitional or actual total assessment; the lower
of the two controls. The target assessment is 45% of market value - increases must be
phased in over five years, unless they are for physical improvements to the property.
The 2008/09 tax year ends June 30, 2009; the tax rate has not yet been announced for
tax year 2009/10. The assessor’s market value estimate is $124,000 for 2009/10.
AV 2009-10 Land Total Real Estate Taxes

Transitional $19,458 $48,978 Fully Exempt
Actual $22,095 $55,800 As a Firehouse

23
24
Zoning Analysis
Zoning: C4-4A Mixed Commercial & Residential (R7A Equivalent)

C 4 districts are mapped in regional commercial centers, such as Flushing, Queens and
The Hub in the Bronx, that are located outside of the central business districts. In these
areas, specialty and department stores, theatres, and other commercial and offices
uses serve a large area and generate more traffic than neighborhood shopping areas.
Use Groups 8, 9, 10 & 12, which include most retail establishments, are permitted in C4
districts. Uses that would interrupt the desired continuous retail frontage, such as a
home maintenance and repair service stores listed in Use Group 7, are not allowed.
C4 districts with an A, D or X suffix are contextual districts in which the commercial

and residential bulk and density regulations may differ from corresponding non-
contextual districts. Some districts have the same commercial and residential floor area
ratios but may differ in parking requirements. Floor area may be increased for a plaza
or Inclusionary Housing in districts with an FAR of 10.
C4-1 districts are mapped in outlying areas, such as Staten Island Mall, that require
large amounts of parking. C4-2 - C4-5 are mapped in more densely built areas such as
Steinway Street in Astoria (4-2A), Fordham Road in the Bronx, and parts of Jamaica
(C4-5X). C4-6 & C4-7 are mapped in densely built areas in Manhattan, including most
of Broadway on the Upper West Side (C4-6A) and portions of central Harlem (C4-7).
Parking requirements vary with the district but, generally, the lower the numerical suffix,
the higher the parking requirement. Parking is not required with the Manhattan Core.
Basic Data: C4-4A: Maximum FAR Residential & Commercial: 4.

Residential District Equivalent R7A – Required Parking 50%
Maximum Building Height 80’. Base Height 40 to 65 feet.
Subject Property: 2,750 Square Feet x 4 = Maximum FAR or 11,000 S/F
The subject 3,750 s/f firehouse under-utilizes the land.

25
SANBORN MAP

26
Highest & Best Use
The existing improvement is a two-story and cellar plus part one-story extension, Class
“Y” former firehouse built 86% on the lot to government code circa 1930 of typical
firehouse construction. Former use as a commercial laundry, currently vacant.
Main Building 25’ x 55’ x 2 = Gross Building Area 2,750 S/F

Extension 25’ x 40’ x 1 = Gross Building Area 1,000 S/F Total GBA 3,750 S/F
Brick facade/cast stone cornice, flat roof, slight slope for drainage. Manually operated
wood overhead garage door flanked by iron-gated double hung wood window and a
metal entry door. Double hung wood sash windows - storm/screens at 2nd Floor.
Interior has reinforced concrete floor, concrete platform at rear formerly used for
washing machines and dryers by commercial laundry; 16’8” ± ceiling height, fluorescent
illumination. Glass windows in a partition at rear; wood door into extension, which has
composition flooring, Celotex ceiling, recessed fluorescent lighting, tiled bathroom with
hung basin and water closet, convenience kitchen with double-drain enamel sink and
some cooking facilities. Door to rear yard. Slop sink at front; wood stairs to cellar.
Modine gas blower, wall hung or standing radiators. Circuit breaker electrical system
with 20 amp switches and 225 incoming supply. Burnham oil-fired boiler; two (2) water
heaters in cellar were used by former commercial laundry. Storage room.
Access to the second floor via wood stairs, metal entry door, plaster walls/ceilings,
composition floors, bathroom has white tile floor/wainscot, hung basin, toilet, stall
shower. Partitioned for three (3) rooms; wood panel partition between front and middle
rooms. Standing radiators. Ceiling height about 14’2”.
The building appears to be basically sound, but various areas at grade level have been
stripped down to wood beams. The 2nd floor bathroom is in poor condition and facilities
in the convenience kitchen, as well as the Ansel vent, were removed or are in disuse.
The first level concrete floor is in serious disrepair – removal of the washing machines
and dryers have caused significant damage that might be costly to repair.

27
Highest & Best Use
This economic concept is defined as the reasonably probable and legal use of vacant
land or an improved property, which is physically possible, appropriately supported,
financially feasible and that results in highest value. The 4 criteria for highest/best use
are legal permissibility, physically possibility, financial feasibility, maximum productivity.
In formulating the highest and best use opinion for the subject land, I have particularly
recognized the anticipation/change and supply/demand principles as being basically
important: they are the forces that influence and create value.
As Vacant
Among all reasonable, alternative uses, the use that yields the highest
present land value, after payments are made for labor, capital and
coordination. The use of a property based on the assumption that the parcel
of land is vacant or can be made vacant by demolishing any improvements.
The size and shape of this 2,750 s/f site render it suitable for most possible uses, but
given its legal use under C4-4A zoning, only residential or commercial are legally
permissible. The site has readily available utilities and municipal services. Residential
uses predominate in the immediate area and the most recent building trends throughout
the region and Prospect Heights itself are residential in nature because there is steady
demand for housing. Commercial use would face significant competition of nearby
Atlantic Center and other Flatbush Avenue stores. Based upon our findings, the site’s
most financially feasible, maximally productive and highest and best use as if vacant
and available for development would be residential.
As Improved: As earlier mentioned, the maximum FAR of this site under current
zoning is 11,000 s/f. The subject improvement’s 3,750 s/f of above grade building area
under-utilizes the land. Furthermore, removal of the commercial laundry equipment has
seriously damaged the grade level floor, and the 2nd Floor bathroom is in poor condition,
while the convenience kitchen lacks operable facilities. Taking into account these
deficiencies, and the significant factors and forces noted in “As Vacant”, it is our opinion
that the highest and best use of this site would be residential (Quality Housing) when
conventional mortgages again become available. Based upon our experience, banks
have shown that they consider residential development less risky than commercial.

28
Valuation Process
Estimating market value or prospective investment value of real property involves a

systematic process: the problem is defined, the work necessary to solve the problem is
planned, and the data required is acquired, classified, analyzed and interpreted into a
value estimate. In this process, three basic approaches, when applicable, are
considered by the appraiser: Cost, Sales Comparison & Income Capitalization. When
any of these are not used in the appraisal process, full justification must be presented.
A brief explanation of each approach and comments on its applicability follow:
Cost Approach: The appraiser estimates replacement or reproduction costs of

improvements, deducts estimated accrued depreciation (physical, functional and
external), and adds the current Market Value estimate of the land. This approach is
applicable to value new or relatively new construction when improvements represent the
highest and best use of the land, land value is well supported, and no functional or
external obsolescence is evident. It is not considered applicable in the valuation of the
subject property because the improvement does not represent highest and best use.
Income Capitalization Approach: The anticipated flow of future benefits is discounted

to present value through the capitalization process. Of primary concern are future
benefits from net income. The steps are estimating the property’s potential gross
income (as 100% occupied), deducting estimates of a vacancy/collection rate and
operating expenses, and capitalizing the resultant net operating income into a value
indication by using capitalization rates extracted from competitive properties in the
market or other applicable techniques. This approach is deemed inapplicable to value
this AS IS property because (again) it does not represent highest and best use.
Sales Comparison Approach: Comparison of the subject with similar sites that have
recently sold in its market area. Notable differences in the sales are adjusted to indicate
a value range, which is then correlated into a final indicated value for the subject. This
is considered the sole approach applicable to value a development site.

29
Sales Comparison Approach
This approach produces an estimate of value for real estate by comparing recent sales
or current listings of similar properties in the surrounding or competing areas. Inherent
in the approach is the principle of substitution: “when a property is replaceable in the
market, its value tends to be set by the cost of acquiring an equally desirable substitute
property, assuming no costly delay is encountered in the substitution.”
Sales Comparison reflects the means of exchange between prudent, well-informed,

willing buyers and sellers in the marketplace for a developable site in a particular area.
By analyzing sales, which qualify as arms-length transactions between willing,

knowledgeable buyers and sellers, one can identify price trends from which value
parameters may be extracted. Physical, location and economic characteristics are
important criteria in evaluating the sales in relation to the subject property. Basic steps
involved in application of this approach are:
1. Researching recent, relevant property sales and current offerings throughout

the market area;
2. A selection process which focuses on properties considered most similar to the

subject; then analyzing the selected comparable properties, giving
consideration to special financing arrangements, the time of the sale, and any
change in economic conditions which may have occurred as of the date of
value. Other relevant factors (physical, functional or locational) are also
considered;
3. Reducing the sales prices to common units of comparison, e.g. for land: price
per square foot, price per front foot, price per buildable square foot, etc.; for
improved properties: price per square foot of building area, price per square
foot of land and building overall, price per unit, etc.
4. Adjusting units of comparison for dissimilarities between the comparables

and/or the subject: + = subject superior; - = subject inferior;
5. Interpreting the adjusted sales data and drawing a valid conclusion.

30
Sales Comparison Approach
The land sales considered most comparable to the subject are analyzed on price per
buildable S/F based upon permissible maximum FAR for residentially zoned sites. Since
there were no reasonably recent sales of similarly sized R7A equivalent parcels in
Prospect Heights, our search was expanded to nearby areas and also included sales of
smaller residential lots in competitive neighborhoods.
Because the sales were all cash they do not require financing adjustments. No zoning
adjustments are made because the analysis on a price per buildable s/f basis already
takes into consideration the permissible development density of the site. Other
adjustments considered in the analysis are:
Location: Desirability for residential uses, rate of neighborhood growth, access, and
local supply/demand factors as compared to the subject. All of the
comparables are in superior residential locations and have been adjusted
downward.
Frontage: Greater street frontage allows for more light and air and design flexibility.
Sale #1 is superior and adjusted downward while Sales #2 & #3 are inferior
and adjusted upward.
Other: Downward adjustments are made to Sales #2 & #4 to reflect their purchase
with already approved plans.
The adjusted price range of the comparables is $90.72 to $108.02 per buildable square
foot. Indicated for The Subject: is $105 PSF of Buildable Square Foot.
Then, 11,000 S/F @ $105 = $1,155,000 less Cost of Demolition.

As of September 24, 2009

31
32
Sale Subject 1 2 3 4
Address 648 101-103 392 233 105
Pacific Street Boerum Place Atlantic Avenue Kent Avenue Metropolitan Avenue
Prospect Heights Boerum Hill Boerum Hill Williamsburg Williamsburg
Location Average Superior Superior Comparable Superior

Block-Lot 1127/33 187/6 & 7 183/30 2378/3 2358/36
Lot Size 2,750 2,400 1,800 1,980 2,113
Frontage 25' 40' 20' 20'11" 25'
Zone (Subject C4-4A) R-7A Equivalent-4x R6-2.43x C2-3/R6A-3.0x M1-2/R6A*-2.7 M1-2/R6A*-2.7
Buildable S/F Area 11,000 5,832 5,400 5,346 5,705
Sale Date As of 9/24/09 05/06/09 08/26/09 07/07/09 08/24/09

Sale Price N/A $825,000 $610,000 $485,000 $725,000
Financing N/A All Cash All Cash All Cash All Cash
Price Per Buildable SF N/A $141.46 $112.96 $90.72 $127.08
Adjustments
Property Rights 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0%
Financing 0% 0% 0% 0%
Market Conditions 0% 0% 0% 0%
0% 0% 0% 0%
$141.46 $112.96 $90.72 $127.08
Location -15% -5% -5% -10%

Frontage -10% 5% 5% 0%
Other 0% -5% 0% -5%
Total -25% -5% 0% -15%
Adjusted Price Per SF $106.10 $107.31 $90.72 $108.02
* Located in MX-8 "Special Mixed-Use District."

33
Vacant Land Sale #1
101-103 Boerum Place

Brooklyn, New York

34
Vacant Land Sale #1
Location: 101-103 Boerum Place, Boerum Hill

E/S 20’ S/O Pacific Street
Block 187 Lots 6 & 7, Brooklyn, N.Y.
Zone: R6 “Residential”
Maximum FAR: 2.43x
Plot Size: 40’ x 60’ (Combined)
Plot Area: 2,400 S/F (Total)
Buildable S/F: 5,832 S/F (as per zoning)
Deed: Dated: 5/6/09 Recorded: 6/1/09

Transfer Tax: $3,300.00
Grantor: Gerald Kaplan & Linda Weiss, Executors

c/o Estate of Yetta Kaplan
101 Clark Street, Brooklyn, NY
Grantee: John & Jill Boratoglou

114 Bergen Street, Brooklyn, NY
Indicated Consideration: $825,000 All Cash
Price Per Buildable S/F: $141.46
Verified: By deed.
Comments: Grantee filed plans to build a four-story, one-family dwelling on part of

the site, and obtained a $1,100,000 construction/permanent mortgage
from First Republic Bank.

35
Vacant Land Sale #2
392 Atlantic Avenue

Brooklyn, New York

36
Vacant Land Sale #2
Location: 392 Atlantic Avenue, Boerum Hill

S/S 105’ W/O Bond Street
Block 183 Lot 30, Brooklyn, N.Y.
Zone: R6A “Residential”/C2-4 “Commercial” Overlay

Special Atlantic Avenue – Downtown Brooklyn District
Maximum FAR: 3.0x

Plot Size: 20’ x 90’
Plot Area: 1,800 S/F

Grantor: 392 Atlantic Avenue Holdings LLC

c/o The Park Avenue Bank – Edward Beyer, Managing Member
460 Park Avenue, New York, NY
Grantee: 392 Atlantic Avenue LLC - c/o Ramin Shirian, Member

425 Northern Boulevard, Great Neck, NY
Indicated Consideration: $610,000 All Cash*
Verified: By deed and grantee.
Comments: Property was previously sold via deed dated 2/20/07 and recorded
4/23/08 by Saira Properties, LLC, c/o Dolly Williams, 7 Plaza Street,
Brooklyn, NY, to Gorilla Equities, c/o Alexander Landy, 185 Marcy
Avenue, Brooklyn, NY, for $990,000. The sale consisted of $250,000
in equity and a 1st mortgage of $740,000 from The Park Avenue Bank.
It was subsequently sold via deed dated 6/26/09 and recorded 7/22/09
for $765,000 by Gorilla Equities LLC, to a buyer who appeared to be
related the previous lender, The Park Avenue Bank.
*Although it was a bank sale, it was openly marketed by a broker and

in our opinion the price still reflects the current market.
This current sale was made with approved plans to build a 4-story,
store (1) and apartment (6 units) building.

37
Vacant Land Sale #3
233 Kent Avenue

Brooklyn, New York

38
Vacant Land Sale #3
Location: 233 Kent Avenue, Williamsburg

E/S 104’1” S/O North 1st Street
Zone: R6A “Residential”/M1-2 “Manufacturing”

MX-8 – Mixed Use Special District (Greenpoint-Williamsburg)
Maximum FAR: 2.7x
Plot Size: 20’11” x 95’ x Irr.

Grantor: 233 Kent Avenue, LLC

c/o Linda L. Williams, Member
94-98 Nassau Avenue, Brooklyn, NY
Grantee: 233 Kent Ave Condominium LLC

c/o Shai Iluz
4 Charles Place, Brooklyn, NY
Indicated Consideration: $485,000 All Cash
Verified: By deed and grantee.
Comments: Property was previously sold via deed dated 2/26/07 and recorded
1/31/07 by Girgenti Properties, Inc., c/o Steve Girgenti, 3312 Judith
Drive, Bellmore, NY, to 233 Kent Avenue, LLC, for $840,000 All Cash.
Current grantee filed plans to build a 3-story & mezzanine, 3-unit

dwelling.

39
Vacant Land Sale #4
105 Metropolitan Avenue

Brooklyn, New York

40
Vacant Land Sale #4
Location: 105 Metropolitan Avenue, Williamsburg

N/S 44’ E/O Wythe Avenue
Zone: R6A “Residential”/M1-2 “Manufacturing”

MX-8 – Mixed Use Special District (Greenpoint-Williamsburg)
Maximum FAR: 2.7x
Plot Size: 25’ x 84.5’

Grantor: 105 Metropolitan Inc.

c/o Alexander Stillman, President
175 West 12th Street, New York, NY
Grantee: 105 Metropolitan Ave, LLC

c/o Ethan Bregman
97 Main Street – P.O. Box 686, Wainscott, NY
Indicated Consideration: $725,000 – All Cash
Verified: By deed
Comments: Property was sold with approved plans to construct a 5-story and
mezzanine, 5-unit dwelling.

41
Summary of Appraisal & Final Value Estimate
The subject of this appraisal is a mixed residential/commercial zoned, 2,750 square foot
lot improved with a 3,750 ± square foot vacant firehouse that does not represent the
highest and best use of the land, which our analysis concluded to be residential.
The Cost Approach is applicable to value new, relatively new or specialty constructions.
Since the firehouse was not used as such for many years, and its most recently use
was as a commercial laundry, the criteria for use of this approach is lacking.
The Income Capitalization Approach is applicable to value income-producing

investment properties, which are defined as properties that constitute a business
enterprise consisting of all tangible and intangible assets assembled and developed as
a single unit of utility for lease or rental, in whole or in part to others for profit; normally
purchased in expectation of annual net income and/or capital gain.” In its current state
of disrepair, the subject property could not generate sufficient income to cover operating
expenses and provide an attractive return to the investor.
Sales Comparison is the only approach deemed applicable to value this property as a
development site. The four (4) comparable sales analyzed were all purchased for
residential or mixed-use development. The adjusted price range of $90.72 to $108.02
per buildable s/f indicates a unit value of $105 per buildable square foot to be
reasonable for this site.
Then, 11,000 @ $105.00 =
One Million One Hundred Fifty Five Thousand Dollars
($1,155,000)

42
43
ADDENDA
Qualifications of the Firm and Appraiser

Brooklyn Community District #6 Data
Sales of Sites for Residential Development
Real Estate Appraisers, Reviewers & Consultants
26 Court Street, Suite 2301
Phone (718) 625-2080 ● Fax (718) 797-5531 ● Email: tuchlerassociates@att.net
This firm was established over fifty (50) years ago by Jacques O. Tuchler, MAI,
SRPA, and, since February 1990, has been under sole proprietorship of Doris
Silber, MAI, who has been associated with the firm for over twenty-five (25) years,
and a general partner since 1985.
As one of the oldest professional real estate appraisal firms in New York City,
Jacques O. Tuchler & Associates serves banks, insurance companies, law firms,
utility companies, government agencies, and individuals requiring evaluations,
consultations and appraisals of real estate throughout metropolitan New York, and
Nassau, Suffolk & Westchester counties.
Property Types:
Existing and proposed retail, commercial, office, medical, industrial, residential,

specialty, community facility, and mixed-use buildings; cooperative/condominium
developments, garden apartment complexes; gasoline sales and service stations;
hotels, motels; shopping centers; houses of worship; theaters; nursing homes,
assisted living facilities, and vacant land. Projects involving conventional or special
government financing, 3rd party transfers, real estate tax exemptions and/or
abatements, tax credits, IDA, ICIP, 421, J51, among others.
Special Appraisal & Appraisal Service Projects:
• City-owned sites involved in part of South Street Seaport Urban Renewal

Area.
• The Loews Kings, Pavilion, and Fortway movie theatres, among others.
• Investment evaluation of alternate use of a dormitory facility for Pratt
Institute
• 20 metropolitan banking institutions and branches for Federal Home Loan
Bank Board, as well as other headquarters and branches for other clients.
• A weekend retreat, senior citizen residence, churches, and other
community use facilities for the Roman Catholic Diocese of Brooklyn.
School sites, headquarters, housing, a gymnasium and recreation center in

Brooklyn and Long Island for The Sisters of Mercy.
Bungalow colonies in the Catskill Mountains region.
SROs, Class B hotels, theaters, schools, nursing homes, assisted living facilities,
landmarked sites, community use facilities, and building shells proposed for
rehabilitation and/or conversion for various governmental and not-for-profit agencies.
New York City Partnership Home projects scheduled for construction in the boroughs of
Bronx, Brooklyn, Manhattan, and Queens.
Industrial, residential and mixed-use properties, and used auto facility and gas stations
in Sunset Park, Brooklyn, NY for the New York City School Construction Authority.
Third Party Transfer residential properties for JPMorgan Chase Bank and Citibank.
Fulton Ferry Fireboat House parcels for NYC Economic Development Corporation.
Appraisals for the City of New York in matters of bankruptcy and certiorari.
Appraisals, conferences and expert testimony for New York City Law Department,
(Condemnation & Tort Divisions) in urban renewal and capital projects; examples are
Brooklyn Williamsburg II, Caribe Village, Columbia Street, East New York
Industrial, Broadway Triangle, Saratoga Square, Coney Island,
Atlantic Terminal, Brooklyn Center, Flatbush Commercial
Revitalization, Municipal Parking Sites, and Newtown Creek.
Queens Louis Armstrong Memorial Project, Springfield Gardens Road

Widening, and Barnwell Replacement Site.
Bronx Gun Hill Road, Bronx River Avenue, Major Deegan Expressway.
Manhattan Pueblo Nuevo Houses, Lower East Side Phases I & II, West
Village Houses, Harlem/East Harlem, Piers 16 & 17.
Staten Island Conference House Park Addition (Biddle House).

3
Partial List of Clients Served
Abacus Bank
Amalgamated Bank of New York
American Savings and Loan
Anchor Savings Bank
Atlantic Liberty Savings, FA
Banco Popular
Bank of New York
Bank of Tokyo
Bank of Venezuela
JPMorgan Chase
Citibank, NA
Cohoes Bank
Columbia Federal Savings Bank
New York Community Bank
Country Bank
Dime Savings Bank
DPD Bank
Federal Home Loan Bank Board
Fidelity Bank
First Nationwide Bank
Gotham Bank of New York
Greater New York Savings Bank
Independence Community Bank
Lehman Brothers
Lincoln Savings Bank
Lockport Savings Bank
Manufacturers Hanover Trust
Marine Midland Bank
Orix USA
Peoples Bank of Pennsylvania
Queens County Savings Bank
Roosevelt Savings Bank
Republic National Bank
Seamen’s Bank for Savings
Yasuda Trust and Banking Co., Ltd.
Equitable Life Assurance Society
3
Some have since consolidated or were taken over.
Partial List of Clients Served (Cont’d)
Pratt Institute
Roman Catholic Diocese
State of New York Mortgage Agency
State of New York Dormitory Authority
New York State Office of Mental Health
NYS Facilities Development Corporation
City of New York, Law Department
City of New York, Public Development Corporation
City of New York Economic Development Corporation
City University of New York
New York City School Construction Authority
Public Administrator, Kings County & New York County
Housing Preservation & Development Corporation
U.S. Attorney’s Office - Eastern District of New York
U.S. Government, Veterans Administration
U.S. Government, General Services Administration
U.S. Department of Commerce
Port Authority of New York & New Jersey
Exxon Standard Oil Company
Gulf Oil & Refining Company
Chas. Pfizer & Company
Brooklyn Union Gas Company
Consolidated Edison
Federal Deposit Insurance Corporation
Health Insurance Plan of Greater New York
Kodak Corporation
Maimonides Hospital
Midland Loan Services Corp.
Resolution Trust Corporation
Toyota Motor Credit Corporation
Trotter-Kent, Inc.
Urban Markets, Inc.
DORIS SILBER, MAI
REAL ESTATE APPRAISER & CONSULTANT/REVIEW APPRAISER
Education: The Appraisal Institute: MAI Designation in 1991

Mandatory Continuing Education requirements completed to 2011
Brooklyn College: Real Estate Salesperson Course
Bernard M. Baruch College of Business Administration
Continuing Standards of Professional Appraisal Practice

Hotel & Motel Valuation
Federal Income Tax & Real Estate
Certiorari Proceedings in New York
Comprehensive Real Estate Appraisal Workshop
Understanding Limited Appraisals & Appraisal Reporting Options/General
Dynamics of Office Building Valuation
Appraising for Litigation Purposes
Appraising Special Purpose Properties
International Valuation
Sophisticated Techniques of Real Estate Finance
Valuation of Affordable Housing
New York City Apartment Buildings
Real Estate Analysis and Consulting in the Future - What To Expect
Uniform Standards of Professional Practice (Parts A & B)
Current Issues in Real Estate Finance
Real Estate Value Cycles
State of the Market (Post Sept. 11) Rebuilding New York City
Case Studies in Limited Partnerships & Common Tenancy Valuation
Financial Feasibility Analysis; Marketing, Financing & Investing in Real Estate
Uniform Standards of Professional Appraisal Practice Course 400-2003
Attacking and Defending an Appraisal in Litigation / Part II
Uniform Standards of Professional Appraisal Practice Update / 400-2005
Trends & Projections Affecting Real Estate Values
Brooklyn Chamber of Commerce Brownfield Re-Development Conference
AI/RICS Joint Valuation Conference 3/2006
Business Practices & Ethics Course 1142N (#420) / 2006
Supporting Capitalization Rates
AI/RICS International Conference: Global Valuation Excellence / 3/2007:
Challenges of Development in New York
Appraiser as an Expert Witness Issues: Legislation, Incentives, Community
Boards & What To Build In Today’s Climate
Forecasting Revenue / 2008
Appraisal of Nursing Facilities 2512-09 8/2008
National USPAP Update Course I400 / 2009
DORIS SILBER, MAI
Employment: Jacques O. Tuchler & Associates

Sole proprietor of the firm: responsibilities include day-to-day
management, real property appraisals and review, and client
development. Valuation and consultation services for all property
types for over twenty-five (25) years.
Panels: NYC Law Department, Tax Certiorari & Condemnation Divisions

NYC School Construction Authority
Resolution Trust Corporation
Metropolitan Transportation Authority
United States General Services Administration
New York State General Services Administration
Licenses & NYS Real Estate Salesperson

Certifications: NYS Certified R.E. General Appraiser #46-2891
NYS Certified R.E. Instructor, All Categories
NYC/NYS Certified Woman-Owned Business Enterprise
Professional National Association of Female Executives

Affiliations: Women Impacting Public Policy
Brooklyn Chamber of Commerce
Real Estate Board of New York, Inc.
American Women Economic Development
Member Brooklyn Museum of Art
MAI Designation, The Appraisal Institute
Continuing Education Requirements Completed, and Currently
Recertified as an MAI
Testimony: Qualified Real Estate Expert in matters including arbitration,

bankruptcy, tax certiorari, condemnation, and divorce.
The following information is offered in support of our conclusion that the highest and
best use of the subject site is residential in accordance with the mixed-use (residential
and commercial) ongoing economic trends. Our investigation of all the recently
recorded sales of similarly constructed buildings in the market area disclosed a limited
number of recent conveyances. Those outlined below offer the highest degree of
comparability to the subject in terms of time, location, basic construction, age,
condition and other significant elements of comparison.
Sale #1 16 4th Street, Carroll Gardens. 1-story, 2,200 s/f, miscellaneous garage sold
4/09 for $700,000. Grantee filed plans to add a 2nd story and
convert/renovate this garage into a one-family residence (duplex).
Sale #2: 663 Driggs Avenue, Williamsburg. 3-story, 3,770 s/f miscellaneous
warehouse sold 5/09 for $1,200,000. Grantee filed plans to convert and
renovate the 1st floor to retail use with one duplex apartment above.
Listing: 157 So. 9th Street, Williamsburg, a 4-story, 5,700 s/f church currently listed
by Massey Knakal @ $1,400,000 (reduced from $1,500,000). The listing
broker indicates that (1) the 3rd & 4th Floors comprise a total of four 1,150 to
1,300 s/f apartments which require renovation, (2) the site will be delivered
vacant, and (3) there is residential potential since the site is R6 zoned.

648 Pacific Street Firehouse Appraisal Atlantic Yards

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648 Pacific Street Firehouse Appraisal Atlantic Yards

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COMPLETE SELF-CONTAINED APPRAISAL OF

A Former Firehouse Located At

Market Valuation as a Development Site as of September 24, 2009

Berger & Webb, LLP

Part One: Introduction Page

Part Two: Factual Descriptions

Part Three: Analysis of Data/Opinions of the Appraiser, Etc.

Part Four: Addenda

1. No opinion is intended to be expressed for legal or other matters which would

Jacques O. Tuchler & Associates

Jacques O. Tuchler & Associates