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Case Studies

Medford Big Box - Kohl's Decision

The Problem: Plaintiffs (Granfeld II, LLC) claim the Defendants (Kohl’s Department Stores, Inc. and Kohl’s Illinois, Inc.) were in default on their lease

The Solution: The court found that the Defendants did in fact default on their lease and awarded the Plaintiffs damages

Oser Avenue Tax Certiorari

The Problem: Tax Certiorari Over Assessment

The Solution: File Tax Certiorari Appeal

Full taking strip shopping center

The Problem: One story retail strip center, Wyandanch, Full taking with Retrospective date of Valuation of July 7, 2011

The Solution: Highest & Best Use valuation focusing on the actual operating history of the center. Full Reward

The Problem: Full taking four non-contiguous vacant land parcels comprising part of Long Beach Superblock property.

The Solution: Valued based on the subject parcels inclusion as part of the Superblock vs. individual lots in conjunction with their key lots and highest and best use. 

Litigation Wyandanch Condemnation

The Problem: Full taking of a strategic vacant parcel of land located along Straight Path and part of Wyandanch’s 2003 Hamlet plan known as “Wyandanch Rising”

The Solution: A value based on comparable sales which incorporated several key adjustment components for its multiple frontages, access, traffic light and daily traffic volume.  

Fairhaven Apartments

The Problem: Expedited Appraisal Process on one of the largest apartment aquisitions (ie. $229,800,000) on Long Island for time-of-the essence closing.

The Solution: Created a team approach which focused on our property inspections (7) and preparing preliminary valuation models. Our property inspections and preliminary valuations were completed within 48 hours and delivered electronically to the lending institution. Final reports were delivered within two weeks.

The Result:  Task was completed within 48 hours due to in house resources and utilization of team approach to complete this engagement. 

1045 Northern Boulevard

The Problem: Tax Appeal on existing used car sales lot & vehicle rental facility for six concurrent County tax years (2002-2006). Value premise based on the parcel’s existing use vs. highest & best use as vacant land. 

The Solution: Ascribe market supported revenue allocations and expenditures to each operating component – auto, rental, parking, and surplus land based on the subject’s actual use as of each tax year. 

 

The Result:  Full award based on appraisal’s indicated assessment reductions
 

Delancey Street

The Problem: To value a high-rise, mixed use, residential project under several distinct valuation assumptions, as well as supporting various absorption models under each in-use assumption (e.g. Rental vs. Condominium) and their respective impact on the subject’s forecasted profit and/or rate of return. 

The Solution: Developed separate absorption and valuation models under each assumed use and correlate each present value interest to the subject’s highest and best use and project time line necessary to achieve either a stabilized mixed-use rental building or gross sellout. 

The Result:  Both valuation methods resulted in a viable return & reasonable profit basis over costs and existing debt. 

Harrison Conference Center

The Problem: Evaluate an existing conference center as part of a tax grievance and Article 7 proceeding. The problem was to separate the various value components attributable to the real estate vs. going concern value.

The Solution: Analyzed and then allocated the primary value components attributed to a Hotel and/or Conference Center. These include the underlying real estate exclusive of FF&E, management, and enterprise value inclusive of “good will” if applicable. 

 

The Result:  Assessment reduced; notable settlement offer. 

Superfund Site – Lawrence Aviation

The Problem: Assess the environmental impact and its related costs on the Superfund designated site known as Lawrence Aviation Inc. (LAI). LAI is located in Port Jefferson Station and was designated as a Superfund Site in 1990 by the EPA.

The Solution: Establish Before & After asset values under certain hypothetical assumptions incorporating the EPA ROD report, its related costs, remediation life cycle, etc. & its impact on the subject’s residual “As Is” Value.

The Result:  Pending Litigation

Brooklyn Waterworks

The Problem: Market Analysis - Brooklyn Waterworks site located in Freeport which consisted predominantly of vacant land. Problem was to determine the highest the & best use of the subject parcel under several distinct valuation assumptions (i.e rental housing & condominium housing) and residual land value under each assumed use.

The Solution: Develop different development models under each proposed use and their prospective development costs based on similar to-be-built or recently completed projects. Each analysis was then formulated into an overall forecasted profit criteria.

Partnership Dissolution – Fifteen Apartments

The Problems: Partnership dispute comprising fifteen apartment buildings located in the borough of Brooklyn requiring separate and aggregate retrospective market values as of August, 2011 for each ownership entity.

The Solution: Compiled actual and market derived income and expense information to formulate an income capitalization approach for each property augmented by relevant retrospective market indices. Result formulated separate retrospective values for each property as the basis of the partnership ownership interest valuation.

Rent Comparability Study Retail Stores

The Problem: Partnership dispute involving the ascribed rental to each of the 29 retail stores located throughout Brooklyn, Queens, Manhattan, the Bronx, Northern New Jersey, Westchester and Nassau County as of retrospective valuation date of September, 2009.

The Solution: Inspected and compiled retrospective relevant market rental information for each property in each location with consideration given to renovations and/or building construction costs paid by the tenant,  but  typically  recognized  in  the  market  as  a  landlord  expense and amortized over the remaining lease term. Result formulated a market supported contract rental vs. market rent comparison for each store to illustrate no relevant rental variance between contract vs. market rent as indicated by the inner-party in-place leases for each of the 29 retail stores.

Northern Boulevard

The Problem: Determine any loss in value from an undisclosed parking easement and its impact on the subject’s existing use on both a “before” and “after” valuation assumption.

The Solution: Correlate the subject’s various parking ratios with & without the parking easement ( see attached studies). Various parking studies prepared to illustrate the benefit of said easement.