lane appraisals, inc

LANE APPRAISALS, INC.Real Estate Valuation Consultants

A DESCRIPTIVE REPORT

OF A ONE STORY, FREE STANDING RETAIL BUILDING WITH A DRIVE-UP WINDOW

OWNED BY“1098 YONKERS AVENUE CORP. ”

LOCATED AT1098 YONKERS AVENUE

IN THECITY OF YONKERS

WESTCHESTER COUNTY, NEW YORK 10704

Prepared ForMr. Michael Basile

Ampay Realty59 South Terrace AvenueMt. Vernon, NY, 10550

Date of the ReportDecember 13, 2019

SUBJECT PHOTOGRAPHS1098 Yonkers Avenue, Yonkers

AERIAL VIEW OF SUBJECT PROPERTY


FRONT VIEW OF SUBJECT PROPERTY, LOOKING SOUTH

SIDE VIEW OF PROPERTY, SHOWING DRIVE UP WINDOW


SIDE VIEW OF PROPERTY, SHOWING DRIVE UP WINDOW

VIEW OF YONKERS AVENUE LOOKING EAST


VIEW OF YONKERS AVENUE LOOKING WEST

VIEW OF RAYBROOK ROAD LOOKING NORTH

LOCATION MAP

CITY DATA

Yonkers, the fourth largest City in New York State, is the

largest City in Westchester County. Geographically, it is situated in the southwesterly quadrant

of the County, bound by the Hudson River to the west and Bronx County of New York City to

the south. To the east of Yonkers lies the City of Mount Vernon, the Villages of Bronxville,

Scarsdale, Tuckahoe and the Town of Eastchester, and to the north is the incorporated Village of

Hastings-on-Hudson in the Town of Greenburgh.

Yonkers is particularly well served by major high speed

parkways and other important roadways with the Saw Mill River Parkway, Sprain Brook

Parkway, Bronx River Parkway, and the New York State Thruway traversing the City in a

generally north-south course. Thus, it requires relatively short travel time to accomplish the

approximate fifteen miles distance between Yonkers and midtown Manhattan. The Cross

County Parkway offers a direct east-west route to and from Mount Vernon, New Rochelle, the

New England Thruway and the Hutchinson River Parkway.

Yonkers is the largest of the six Cities in Westchester

County with a 2010 census population of 195,976, a slight decrease of -0.05% from the 2000

figure of 196,086, which represented an increase of 4% (8,004) over the 1990 population of

188,082 persons. This increase gains back the 7,300 +/- lost from 1980 to 1990, and somewhat

more. Population growth has been hampered, in part, by the lack of available land for

development and by deterioration of the housing stock. In the past five or so years, strong

apartment and mixed use development has improved the housing market in Yonkers, and several

projects are currently underway or in the approvals process.

The economic base of Yonkers, once centered along the

Hudson River, has moved easterly and northerly inland from this location, as barging and rail

transportation had become less essential. Warehousing, light industrial and manufacturing

facilities are clustered generally along the Nepperhan River, while retail facilities are located at

the Cross County Shopping Center and along Central Park Avenue, which is the most highly

developed commercial thoroughfare within the County. Thus, Yonkers has a diversified

economic base, which enhances its economic position.

One of the last large undeveloped properties in Yonkers

was purchased by Robert Martin Company, one of the region's largest developers, who are

proceeding with their continuing construction of the South Westchester Executive Park, which

will eventually comprise approximately 1.5 million square feet of office/high-tech space on

140+/- acres on North Broadway. Construction commenced in 1979 and, in recent years, a new

60,000 square foot office building was completed as were two, 80,000 square foot

high-tech/office buildings, two hotels and a children’s hospital. Adjoining the Executive Park is

the newly reconstructed, former Boyce Thompson property, an 85,000 square foot, mixed use

building, originally constructed in the 1920s and long vacant before the renovations. The space

is occupied by St. Johns Riverside Hospital and other medical practices, plus restaurants and

banking facilities.

Housing within Yonkers is equally diversified, as it ranges

from subsidized multi-family residences which supplanted dilapidated dwellings, to

distinguished homes of classic design. The character of the housing stock within Yonkers has

changed over the recent past, as condominiums have been built and an increasing number of

rental apartments were converted into cooperatives. This trend has had a favorable affect, in that

it reflects confidence within an area and enhances the quality of property maintenance resulting

in a greater pride of ownership in many neighborhoods. While many apartment buildings were

converted to cooperative or condominium ownership in the 1980's, roughly half of all of the

County’s regulated rental apartments are within the City of Yonkers, or about 25,000 of the

49,000 units which are under the auspices of the Emergency Tenant Protection Act regulations.

The ETPA, which was enacted in 1974, regulates the amount of increase which can be charged to

a continuing tenant, and sets guidelines for increases in the rent which can be charged to an

incoming tenant in all buildings constructed before 1974 and with twelve or more units. There

are also an assortment of subsidized housing programs including Section 8 and Section 236

(Mitchell Lama) programs which help to provide housing for lower and moderate income

families. In recent years there has been a boom in construction of multi-family developments,

from small two family developments to mid-rise condo properties and high rise, high density

projects, some with significant commercial supporting space.

A large portion of the Yonkers "Downtown" area, was

designated an "Economic Development Zone" (EDZ) by the State of New York in June of 1988.

The EDZ was created in order to stimulate new development and investment within this area.

This area contains the Downtown and Waterfront Redevelopment project which encompasses

several redevelopment projects, including a full block parking structure with a Main Street retail

component, the Trolley Barn Redevelopment, which has transformed the long vacant former

Trolley Barn into live/work lofts and commercial space; the Historic Pier which is the site for the

Rockland/Yonkers/New York City Ferry and a new, second level restaurant; the renovated

Gazette building; Hudson Park a mixed use, luxury rental complex with grade level retail space

along the Hudson River; the Lofts on Main, a 10 story, 171 live work lofts, plus office and

12,000 square feet of retail space, roughly opposite the Post Office, and the renovation of several

older properties. Collins Enterprises have recently completed their second residential project on

the River, west of the railroad.

Master plans for Urban Renewal areas along Alexander

Street and Ashburton Avenue have been written and the individual properties are involved in the

approvals process for a coordinated redevelopment. Beyond these projects, are the Ravine Area,

also in the Greystone station area, and the Nodine Hill Area, which is the hilltop neighborhood

defined by Elm Avenue and bordered by Yonkers Avenue, Nepperhan Avenue and the Saw Mill

River Parkway. Both areas are the subject of new Urban Renewal Plans, currently under

development, as developing neighborhoods begin to link up with each other, both north and east

of the Downtown and Waterfront Redevelopment Area and the Getty Square area.

On the opposite side of the Thruway from the Stew

Leonards property, the Ridge Hill project is under construction, but most of the project is

complete. This project will ultimately include roughly 1.2 million square feet of mixed use

space, with about 800 housing units, several large retailers like L.L. Bean, Banana Republic,

Cinema DeLux , Whole Foods, New York and Co., and a 350 room hotel and conference center.

In addition, there are plans for 150,000 square feet of office and retail space. The property is to

be designed as a small Village center environment, with restaurants, entertainment, offices, and

housing. Other rojects in Yonkers include the Stew Leonards Drive property, where a Stew

Leonards supermarket and a Home Depot are located, along the Greenburgh border in northern

central Yonkers. This property was constructed in the late 1990's, and is located on the westerly

side of the New York State thruway, with their own exit. Finally, a new Fed Ex facility has

replaced a motel and an auto dealer property on Tuckahoe Road.

More detail about the City of Yonkers is provided on the

following pages.

CITY OF YONKERS, NEW YORKGENERAL INFORMATION

LOCATION: Yonkers, the largest City in Westchester County, NewYork, is located in the southwest corner of the County,borders New York City, and is 15 miles north of GrandCentral Station.

AREA: Eighteen point three (18.3) square miles, with 4.5 miles ofwaterfront, and 2.26 square miles of water area.

POPULATION: 195,976 (2010 census). 196,459 (current estimate)

HOUSEHOLDS: Total (2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,963Average persons per household . . . . . . . . . . . . . . . . . . 2.70Median Household Income . . . . . . . . . . . . . . . . . . $61,272

EMPLOYMENT: In 2016, the largest sectors Healthcare & Social Assistance18.1%; Retail 12.3%; Education 11.1%; Construction6.9%; Accommodation & Food Service 6.4%; Professional,Science, Tech Services 5.9%; Transportation &Warehousing 5.6%; Other Services 5.9% and Finance &Insurance 4.9%. Administration; Arts etc.; Real Estate;Public Administration; Manufacturing; Information andWholesale trades all had less than 5% each. Totalemployment was 91,785 persons, which grew 1.79% from2015.

GOVERNMENT: Mayor and City Council, with an elected City CouncilPresident.

BANKING: According to the City of Yonkers website, there are 14banks, and two savings and loan associations, with over 45branches.

TRANSPORTATION: Highways; The New York State Thruway, which connectNew York City, Westchester, Albany, and points north andwest to Buffalo, and is a major commercial shipping route,and a system of interconnecting parkways serve the City ofYonkers. The Saw Mill Parkway, the Bronx RiverParkway, and the Sprain Brook Parkway, run in anorth/south direction, and the Cross County Parkwaybisects these Parkways, as well as the Thruway, runningeast/west. Air Travel; Westchester County Airport in White Plains,roughly twenty minutes north and east, is the third busiestin New York State, and the three major area airports,LaGuardia, JFK, and Newark are within one hour. Rail Service; There are three Metro North Commuter raillines in Westchester. The Hudson River line has fourstations in Yonkers, as well as one Amtrak stop, at the main

Yonkers station, for those who wish to travel to UpstateNew York, and west to Chicago. The Harlem line is theCounty's central line, and travels just east of the City limits,serving the eastern population of the City. The New Havenline serves the eastern portion of the County, but it's NewRochelle station is an Amtrak stop, which connects the areawith Boston and Washington D.C. In addition to commuterservice, Conrail shares the Hudson line, as well asconnecting with all of Amtrak's rail, and serves manyindustrial properties along the Hudson River, with freightservice to Boston, Virginia and Chicago. Bus Service; The Bee Line System, with roughly 325 busesand 55 routes, is a public-private partnership, with budget,planning and marketing handled at the County level, andprivate operators run the service. The Liberty Line runs thefourteen routes in Yonkers, as well as the ManhattanExpress service, which connect all the rail stations, subwaystops in New York City, the retail centers along Broadwayand Central Avenue, and New York City's Grand CentralStation and Penn Station. The 350,000 square footWestchester County Transit Facility in Yonkers, maintains275 County vehicles, and is the hub of the system. State ofthe art repair, maintenance, cleaning, auto body, paint, farecollection, medical, administrative and training facilitiesare located in this hub, and are aided by a comprehensivecomputer system, which tracks and monitors all buses inthe County. Shipping The 4.5 miles of waterfront, are a portion of the750 miles of waterfront in the Port Authority of New Yorkand New Jersey shipping district. This "Expressport" islocated at the center of a market with 17 million people,and handles 25% of the cargo traffic for Asia, Europe andMediterranean ports from the United States. Access toquality rail and rapid load/unload capabilities make the 14ports efficient points for cargo transfer to inlanddestinations.

COLLEGES: Colleges located in Westchester County have a totalenrollment of more than 30,000 students. City of Yonkersarea colleges include Sarah Lawrence College, a 40 acrecampus with 1,000 undergraduates near Bronxville; MercyCollege, which is based in Dobbs Ferry, houses twofacilities in Yonkers; Iona College, in New Rochelle,maintains a Yonkers campus; College of Mt. Saint Vincent,with 1,200 students on a 70 acre campus in Riverdale, onthe Yonkers/Bronx border, has internships with 250Yonkers businesses; St. Joseph's Seminary, on 40 acres, ishome to the Archdiocesan Catechetical Institute, and thearchives of the Archdiocese New York, and trainscandidates for the Roman Catholic priesthood, as well asvarious masters programs in theology and divinity; St.Vladimir's Orthodox Theological Seminary is a graduate

professional school to train priests and church leaders inOrthodox theology; The Cochran School of Nursing is thefirst nursing school in Westchester, offers a two year,registered nurse training program, and is operated from St.John's Riverside Hospital.

RETAIL: Retail establishments include the world's first mall in theCross County Shopping Center; Sears; Old Navy; Macy’sand Stop & Shop plus dozens of smaller retailers andrestaurants. Ridge Hill now is home to Container Store;Whole Foods; L.L. Bean; Orvis; H&M; REI; Dick’s andVictoria’s Secret plus other retailers, a theater andrestaurants. Supermarkets include Stop & Shop; Acme;Shoprite; and smaller local stores. On the other side of thethruway from Ridge Hill are the Home Depot, Costco andStew Leonards. The majority of retail facilities are large,medium and smaller neighborhood stores which improveCentral Park Avenue, Broadway and Yonkers Avenue, aswell as smaller commercial thoroughfares.

HOUSING UNITS,2010 CENSUS: Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,389

Occupied units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,550Vacant units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,839

PRIVATEDEVELOPMENT: In recent years, the City reports that nearly 5,000 units have

been constructed, are being constructed or have beenrecently approved. The Modena Hudson Riverfront onWatergrant Street, a 6 story 324 unit waterfront complex isunder construction; Hudson Park III, a 24 story, 213 unitrental tower with 160 parking spaces is under construction;Larkin Plaza, a 3 building, 24 and 17 story project having442 units, 35,000 square feet of retail and a 539 spacegarage is also being constructed; as are 100 micro unitsabove the DMV known as iPark 2. Another iPark project isseeking approvals for a 7 story building with 197 units plusa 183 space garage and 2,400 square feet of retail. Avalonhas purchased 3 sites on Alexander Street and WatergrantStreet which are slated for 590 units, including 339 units in2 buildings plus 251 units at the former ATI tankfarm, onceapprovals have been received. Extell has purchased thewaterfront property on Alexander and Watergrant Street, a13.75 acre site which is planned for 1,359 units in 6buildings and 1,931 parking spaces. The Stagg Group hasfinished removing rock at 411 Bronx River Road, but seeksto increase their approved units from 44 to 115 units afterthe cost of the removal. In addition, they purchased 705Bronx River Road to move their headquarters, but thebuilding was condemned and they changed the zoning toallow a 9 story, 160 unit building with parking for 282. Finally, the “Hole in the Ground” site at 1065-1073Warburton Avenue has been purchased by RMS toconstruct a 74 unit building near Ginsburg’s two new

projects; 74 units at 1177 Warburton and 330 units atRivertides. The Glenwood Power Station reconstruction ison hold until the City of Yonkers can purchase or condemnthe MTA bus lot which will provide access to the property.

PARKS: Neighborhood parks are located in most sections of the Cityof Yonkers. The City maintains over 100 municipal parksincluding two indoor pools and a skating rink. In addition,there are two County maintained golf courses and threeCounty maintained parks, with two outdoor pools.

FIRE PROTECTION: 460 men and women.

POLICE PROTECTION: 689 men and women.

CITY WORKFORCE: 1,898 men and women.

TOTAL LABOR FORCE: 98,841 men and women.

HOSPITALS: St. John's Riverside Hospital - a 273 bed, full service, non-profit facility which also operates the Cochran School ofNursing, which underwent a recent expansion andrenovation, and a 122 bed nursing home; St. Joseph'sMedical Center -a 194 bed, full service, acute care facilityand a 200 bed nursing home, which is the official EMSTraining Coordinator for the City; Yonkers GeneralHospital - a 150 bed, voluntary health care facility.

EDUCATION FACILITIES: There are a total of 40 public schools in Yonkers, plus 21private and parochial schools and 1 charter school. TheCity of Yonkers is also home to 4 colleges and 2Seminaries.

MEDIA: Specific Yonkers coverage - one daily, The HeraldStatesman, and one weekly, The Home News and Times;Cable television - Cablevision of Westchester, includingone local access channel.

ACCOMMODATIONS: There were two hotels, one with a pool, and both withrestaurant facilities, with a total of 193 rooms, before twomore hotels were constructed in the Executive Park area innorthern Yonkers in the past decade, with an additional 294rooms. In addition, there are two motels, neither of whichhave additional facilities. We understand that other hotelsare planned or are under construction.

NEIGHBORHOOD DATA:

The subject property is situated in the southeasterly section

of the City of Yonkers. The neighborhood boundaries are Kimball Avenue, to the west; Yonkers

Avenue to the north; the Bronx River Parkway and railroad corridor to the east; and McLean

Avenue and the Bronx border to the south. Bronx River Road is a four lane, two way, macadam

paved road, with parking lanes in each direction, in the area of the subject property. Yonkers

Avenue is similar with two lanes.

The subject neighborhood is improved with sidewalks,

street lights, and curbs, as is typical for Yonkers, as a whole. Within this area one finds mostly

residential properties which consist primarily of three to seven story apartment buildings on and

near Bronx River Road and one and two family dwellings on the side street to the north and west.

Commercial improvements in the area are found on McLean and Yonkers Avenues, with two and

three story commercial (retail/office or apartment over retail) buildings plus restaurants and

taverns. Additional commercial improvements are in the Bronx, to the east, and at Cross County,

a destination shopping area, to the northwest.

The primary train station of the Metro North Commuter

Railroad, in the area, is at Yonkers/Mt Vernon Avenue, just over (to the east of) the Bronx River

Parkway, at Mt. Vernon west. In addition, bus service is available along Bronx River Road,

Yonkers/Mt Vernon Avenues, Kimball Avenue and McLean Avenue, as well as at the train

station, in this area.

Within two miles of the subject are located the Cross

County Shopping Center and a wide variety of retail outlets along Central Park Avenue; the

Yonkers Raceway, Tibbetts Brook and Van Cortlandt Parks, and Sarah Lawrence College. In

addition, entrances to the New York State Thruway, the Cross County Parkway, and the Saw

Mill River Parkway are within one mile, with the Sprain Brook Parkway, the Bronx River

Parkway, the Hutchinson River Parkway, and by extension, Interstate Route 95 being a short

distance further.

NEIGHBORHOOD MAP

SITE DESCRIPTION:

Location: 1098 Yonkers Avenue, Yonkers, NY 10704

Shape: Rectangular

Dimensions: The subject site has 100.0 +/- feet of frontage on the

southerly side of Yonkers Avenue and 100.0 +/- feet on the

easterly side of Raybrook Road.

Site Area: 0.2296 +/- acres, or 10,000 +/- sf, according to Assessor's

records.

Topography: The parcel is level at grade along both frontages, and

remains level throughout.

Soil Conditions: No soil report of the subject site has been reviewed;

however, it is assumed the soil is of sufficient load-bearing

capacity to support the improvements. No evidence to the

contrary was observed upon our physical inspection of the

property.

Utilities: Water, sanitary sewer, electricity, natural gas and telephone

are available to the property.

Access/Visibility: There is good ingress/egress and visibility via both Yonkers

Avenue and Raybrook Road.

Title: No easements, encroachments or restrictions were noted,

however, no independent title search was undertaken.

Flood Plain: According to the Federal Emergency Management Agency

Flood Insurance Rate Community Panel #36119C0336F,

dated September 28, 2007, the subject property is not

situated within a designated flood hazard area.

Land Use Restrictions: We observed no easements or land use restrictions that

would adversely affect development of the site.

Surrounding Land Uses: Surrounding land uses are primarily commercial and

apartments, with apartment buildings and multi-family

dwellings on the side streets.

CITY TAX MAP

PROVIDED SURVEY

FLOOD MAP

DESCRIPTION OF THE IMPROVEMENTS

The subject property is comprised of a one story on slab,

branch bank building. It has a gross building area of 1,764 +/- square feet, based on assessment

records. Constructed in 1973, the building needs new finish for the incoming tenant. The

construction and finished details follow.

FOUNDATIONAND FOOTINGS Poured concrete slab, concrete footings.

FRAME Masonry and wood frame.

EXTERIOR WALLS Brickface, concrete block, stucco, anodized aluminum andtinted glass windows and interior and vestibule entries.

ROOF Flat, with a steel and wood frame and deck, and a rolledcomposite roofing system. Aluminum leaders and gutters.

DOORS Entrance door is anodized aluminum and glass, with a firedoor rear exit.

STAIRS None.

ELEVATOR None.

PLUMBING Copper

ELECTRIC Modern service protected by a circuit breaker panel, withan unknown capacity. The service assumed to be adequatefor potential usage.

LAYOUT The building has a typical small bank layout, with a tellerbanking area, a manager’s office, a desk area, a drive upwindow, and a walk-up ATM location.

BANKING AREA Concrete floor with ceramic tile flooring and carpeting;sheetrock walls and acoustic tile ceilings. The lighting is amix of flourescent and incandescent.

BASEMENT AREA None.

LAVATORIES There is a lavatory with a low tank toilet and wall hungsink, and ceramic tiled floors and walls.

HEAT Heat is provided by a roof mounted gas fired, HVACsystem. Domestic hot water is provided by a gas fired,water heater.

PARKING There is on-site parking for approximately 12 vehicles,based on our count. The parking area is macadam paved.

BUILDING PLAN

ASSESSMENT DATA:

The subject property is known and designated on the

Assessment Rolls of the City of Yonkers as Section 6, Block 6301, Lot 15.18. The assessment,

as of the date of the appraisal, was as follows.

ASSESSMENT DATA

LAND $20,000

IMPROVEMENTS $ 5,125

TOTAL $25,125

The following chart summarizes the tax rates, the current

taxes, and the value at which the assessor has the property assessed, based on the stated

assessments and appropriate equalization rates. In this jurisdiction, assessments are to be based

on a ratio of the current assessment to market value of the property. In New York, the State

Office of Real Property Services (ORPS) establishes an equalization rate (or ratio) every year,

based on a statistical analysis of sales in a particular municipality, as compared to the total

aggregate assessment for the municipality. It should be noted that this system creates an ever

changing estimate of market value, depending on the rate established by the State, every year.

Based on the current equalization rate and assessment, the

City Assessor has the property assessed at a full market value of approximately $1,097,000.

TAX DATA:

LOT

ASSESSMENT BASED TAXES RATE/$1,000AV 15.18

2018/19 CITY 295.2000 $7,416.90

SCHOOL TAX 536.6800 $13,484.09

TOTAL CITY TAX $20,900.09

2019 COUNTY/STATE 130.1800 $3,270.77

SOLID WASTE TAX 10.9800 $275.87

SEWER (1) - BRONX VALLEY 16.4500 $413.31

TOTAL COUNTY TAX $3,959.95

TOTAL TAXES 989.4900 $24,860.94

NON ASSESSMENT BASED TAXES

FRONT FEET $1.4000 100

FRONTAGE - CITY $140.00

HOUSING UNIT TAX $0.00

ETPA FEE $0.00

TOTAL COMBINED TAXES $25,000.94

CITY FEES

SAFETY INSPECTION FEE - CNTY $750.00

TOTAL COMBINED TAXES/FEES $25,750.94

ZONING:The subject property is located within a district designated

by the City of Yonkers as "BA - General Business and Apartment Houses, High Density" district.

Among the permitted uses allowed within the district are:

1. Apartment Houses

2. Professional Offices

3. Retail Stores, Banking, Beauty Shops, Dry Cleaners

4. Restaurant, cafe, lounge, etc.

5. Churches

6. Car rental, sales, service, parts

7. One and Two Family Dwellings

The bulk regulations within this district use are as follows:

Maximum Floor Area Ratio: 5.0

Minimum Lot Size: Area No requirement Width No requirement Depth No requirement

Minimum Yard Requirements: Front 10 feet Side No requirement Rear 20 feet

Maximum Building Height: 1 1/2 time street width

Off-Street Parking: One space for every 400 feet of building area

The subject property is an allowable use which complies

with the lot and parking regulations. In view of this, the subject is deemed a legal, conforming

use.

ZONING MAP

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