Lane Appraisals Property Value Report December 1 2016

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LANE APPRAISALS, INC. Real Estate Valuation Consultants EDWARD J. FERRARONE, MAI 178 MYRTLE BOULEVARD PAUL A. ALFIERI, III, MAI LARCHMONT, NEW YORK 10538 GREGORY FAUGHNAN, MAI 914-834-1400 JANE MOSS FAX 914-834-1380 STEVEN BAMBACE JOSEPH P. SIMINSKY E Mail : [email protected] JOHN W. LANE, MAI (1907-1993) December 1, 2016 Honorable Joseph A. Sack, Mayor, and Council Members of the Rye City Council Rye City Hall 1051 Boston Post Road Rye, New York 10580 Re: Existing On Air Distributed Antenna Installations City of Rye, New York Dear Mayor Sack and Council Members of the Rye City Council: In accordance with a request by Crown Castle, I have inspected the nine existing On Air Distributed Antenna Installations (“Nodes”) in the City of Rye. These nodes are located on poles, and five (5) are located in residential zones. The purpose of the inspections was to analyze what if any impact these nodes have on property values. This report is presented on behalf of Crown Castle in connection with their request for permission to install additional similar Nodes in the City of Rye. Lane Appraisals, Inc., and specifically Edward J. Ferrarone, MAI, and Gregory Faughnan, MAI, have conducted numerous cell tower market studies dating back to the year 2000 at least. These studies have been conducted in communities throughout Westchester County as well as neighboring counties. In addition, we each have personally appeared before Municipal Boards to present our findings. Our background as appraisers in this field includes New York State licensing as well as the more stringent educational requirements of the MAI designation. Eight of the existing nodes were installed in Rye in February, 2011. Maps (2) of the five locations installed in residential areas in 2011 are included herein as Map 1 and Map 2. We have examined recent sales data from properties with a direct view of these installations and compared them to overall sales from Rye. That comparison is contained in Exhibit 1. The comparison shows no significant difference between prices paid for properties with a direct view of these installations versus the average price of all 159 sales in Rye over the past year.

Transcript of Lane Appraisals Property Value Report December 1 2016

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LANE APPRAISALS, INC.Real Estate Valuation Consultants

EDWARD J. FERRARONE, MAI 178 MYRTLE BOULEVARDPAUL A. ALFIERI, III, MAI LARCHMONT, NEW YORK 10538GREGORY FAUGHNAN, MAI 914-834-1400JANE MOSS FAX 914-834-1380STEVEN BAMBACEJOSEPH P. SIMINSKY

E Mail : [email protected]

JOHN W. LANE, MAI (1907-1993)

December 1, 2016

Honorable Joseph A. Sack, Mayor, and Council Members of the Rye City CouncilRye City Hall1051 Boston Post RoadRye, New York 10580

Re: Existing On Air Distributed Antenna InstallationsCity of Rye, New York

Dear Mayor Sack and Council Members of the Rye City Council:

In accordance with a request by Crown Castle, I have inspected thenine existing On Air Distributed Antenna Installations (“Nodes”) in the City of Rye. These nodesare located on poles, and five (5) are located in residential zones. The purpose of the inspections wasto analyze what if any impact these nodes have on property values. This report is presented onbehalf of Crown Castle in connection with their request for permission to install additional similarNodes in the City of Rye.

Lane Appraisals, Inc., and specifically Edward J. Ferrarone, MAI, andGregory Faughnan, MAI, have conducted numerous cell tower market studies dating back to the year2000 at least. These studies have been conducted in communities throughout Westchester Countyas well as neighboring counties. In addition, we each have personally appeared before MunicipalBoards to present our findings. Our background as appraisers in this field includes New York Statelicensing as well as the more stringent educational requirements of the MAI designation.

Eight of the existing nodes were installed in Rye in February, 2011. Maps (2) of the five locations installed in residential areas in 2011 are included herein as Map 1 andMap 2. We have examined recent sales data from properties with a direct view of these installationsand compared them to overall sales from Rye. That comparison is contained in Exhibit 1. Thecomparison shows no significant difference between prices paid for properties with a direct view ofthese installations versus the average price of all 159 sales in Rye over the past year.

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With regard to sales before and after installation of these nodes, therewere no sales from Rye from which to make a reasonable determination. From nearby Pelham, NewYork however, there are examples of the lack of impact which can be seen in the sale and resale ofa property with a direct view of a node. The sale and resale of a property occurred after the nodeinstallation. The data shows the sale at 149 Harmon Avenue on January 9, 2014, of $750,000, anda resale on October 23, 2105, for $850,000. The Multiple Listing Service listings indicate noupgrades to the property in the interim. The information and photographs are presented in Exhibit2. A second sale, at 203 Cliff Avenue, opposite a node that involved an entirely new telephone poleinstallation, shows strong price appreciation over time. This appreciation is much greater thanaverage price appreciation within the town. Based on these two sale histories it is my opinion thereis no adverse impact on value due to the installation of these nodes.

As further documentation with regard to impact on value, LaneAppraisals, Inc. has made use of ongoing studies of sales of homes within close proximity ofcommunications facilities in Westchester County. It should be noted that these “communicationfacilities” are cell towers, not nodes, and their size and visual impact are greater than nodes. Thereare three separate studies, in nine exhibits, covering various time periods ranging from 2000 to 2016.

Exhibit 3.In the Town of Somers, NY, Lane Appraisals, Inc. has been studying

sales of condominium units near a cellular monopole since 2000. The monopole is 100' high andis located on the top of the West Hill in the Heritage Hills complex. We have recently conducteda new study of sales in the 2009 - 2010 time period. In both studies, the units with a view of thecellular tower were not adversely impacted compared to those with no view.

Exhibit 4.In Harrison, NY we have been following the sales which are located

close to a 100' monopole sited at the Harrison DPW property on Gleason Place since 2002.

Exhibit 5. We have been following the sales history of properties in the

neighborhood of the Donnybrook monopole, just off Weaver Street in New Rochelle, NY. Themonopole was installed in 1997 and is 110' high. This particular monopole supports numerouscarrier’s antennas. Sales in the 2000 - 2001 time period and a recent study covering 2009 - 2010,each reveal that homes in the same neighborhood with a view of the monopole were not adverselyimpacted compared to those without such a view.

The sales utilized in these analyses are summarized on the attachedexhibits. All of these studies involved communication monopoles or towers, and in no instance didwe find that views of such communication facilities had a detrimental effect on property values. There was a normal range of value with typical increases or decreases in value according to themarket for homes regardless of whether or not they had views of communications facilities.

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As a result of these analyses, it is our professional expert opinion, witha reasonable degree of certainty, that the installation, presence, and/or operation of the proposednodes will not result in the diminution of property values or reduce the marketability of propertiesin the immediate area. If you have any questions, please contact the undersigned.

Yours truly,

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MAP 1

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MAP 2

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EXHIBIT 1

All of the sales below have views of an existing node, some direct and immediate.

Address Date ofSale

Sale Price SquareFootage (SF) *

Price per SF

157 Oakland Beach Ave. 8/7/2014 $1,760,000 2,772 $634

1 Thorne Place 6/20.2016 $1,250,000 1,375 $909

18 Sonn Drive 4/6/2015 $1,031,000 1,598 $645

52 Roosevelt Avenue 6/28/2013 $1,249,000 2,100 $595

396 Oakland Beach Ave 7/14/2011 $1,545,000 2,318 $667

* All square footage information is from City records. The finished basement area 625 sf at 1 Thorne Place, a Raised Ranch, is not included. A finished room of 192 sf is not included in the 396 Oakland Beach Avenue sale.

Incorporating these two area adjustments shows the following:

Address Date ofSale

Sale Price SquareFootage (SF) *

Price per SF

157 Oakland Beach Ave. 8/7/2014 $1,760,000 2,772 $634

1 Thorne Place 6/20.2016 $1,250,000 2,000 $625

18 Sonn Drive 4/6/2015 $1,031,000 1,598 $645

52 Roosevelt Avenue 6/28/2013 $1,249,000 2,100 $595

396 Oakland Beach Ave 7/14/2011 $1,545,000 2,510 $616

The sales in the chart immediately above show a tight range of values with an average

price per square foot of $625. The chart below compares the average to the average for all sales in

Rye for the past year. The full list of sales is included later in this report.

Average of sales with node view Average of all sales in year (159)

$625 $596.53

Following are recent photographs of the above five sales.

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157 Oakland Beach Avenue

One Thorne Place

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18 Sonn Drive

52 Roosevelt Avenue

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396 Oakland Beach Avenue

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EXHIBIT 2

149 Harmon Avenue, Pelham, New York

1. Node was in place October/November, 2013.2. Property was sold January 9, 2014 for $750,000.3. Property was resold October 23, 2015 for $850,000.4. Conclusion: No adverse impact due to cell node.

Additional sale:

Another sale includes the property at 203 Cliff Avenue, opposite a node placed inservice at 156 Cliff Avenue. The node is diagonally across the street from 203 Cliff Avenue.

The property at 203 Cliff Avenue was sold on June 2, 2015, for $1,790,000. It hadbeen purchased on August 30, 2005, for $1,525,000.

The appreciation in price is 17%. This appreciation is much greater than the changein median sale price of a house in Pelham from January, 2006 through October, 2016 of -1%. Thisstatistic is based on sales of 125 houses in January, 2006 and 143 houses in October, 2016, as shownon the following two pages.

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EXHIBIT 3, SOMERS, NEW YORK

A 100' monopole located at the top of the West Hill in the Heritage Hills Condominiumcomplex in Somers, NY. The following sales have a view of the communications tower:

2000 STUDY

Address Sales Price Sale Date Living Area Price/SF

352F Heritage Hills $260,000 3-01-2000 1,484 $175

The above property has a direct view of the tower. The following property is in the sameneighborhood but has no view of the tower:

Address Sales Price Sale Date Living Area Price/SF

357A Heritage Hills $245,500 7-13-2000 1,428 $172

Study indicates no price differential between properties with, and without, a view of acommunications tower.

2009 - 2010 STUDY

These properties have a direct view of the cellular tower.

Address Sales Price Sale Date Living Area Price/SF

351D Heritage Hills $350,000 8-12-2010 1,484 $235.85348B Heritage Hills $350,000 8-30-2010 1,428 $245.09

Average sales price for unit with view of tower: $240.47

The following property is in the same neighborhood but has no view of the communicationstower:

Address Sales Price Sale Date Living Area Price/SF

362E Heritage Hills $330,000 5-31-2009 1,484 $222.37358D Heritage Hills $351,000 9-21-2009 1,550 $226.45

Average sales price for unit without a view of tower: $224.41

Study indicates slightly higher prices on homes with view of cellular tower.

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EXHIBIT 3, SOMERS, NEW YORK, CONTINUED

The following sales have a view of the communications tower:

2016 STUDY

Address Sales Price Sale Date Living Area Price/SF

364D Heritage Hills $422,500 8-25-2016 1,484 $285451D Heritage Hills $400,000 1-04-2016 1,265 $316

The following properties are in the same neighborhood but have no view of the tower:

Address Sales Price Sale Date Living Area Price/SF

509B Heritage Hills $395,070 5-12-2000 1,483 $266487A Heritage Hills $297,000 7-26-2000 967 $307299C Heritage Hills $447,500 6-10-2000 1,780 $251464C Heritage Hills $549,000 6-13-2000 1,793 $306

Study indicates no price differential between properties with, and without, a view of acommunications tower.

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EXHIBIT 4, HARRISON, NY

A 100' monopole is located in the Harrison DPW garage complex on Gleason Place inHarrison, NY. The following sales have a view of the communications tower:

2000 - 2002 STUDY

Address Sales Price Sale Date Living Area Price/SF

18 Irving Place $300,500 9-14-2000 1,400 $2144 West End Place $355,000 10-03-2000 1,700 $20850 Park Ave $390,000 3-09-2002 1,254 $31168 Park Ave $472,500 8-15-2002 1,718 $27515 Brookside Lane $529,000 1-18-2002 1,568 $333

Average sales price for homes with a view: $268.20

The following properties are in the same neighborhood but have no view of thecommunications tower:

Address Sales Price Sale Date Living Area Price/SF

33 Bentay Drive $440,000 8-03-2001 1,650 $26622 Bentay Drive $358,800 1-13-2000 1,600 $22433 Bellain Drive $450,000 8-09-2000 1,800 $25054 Oakland Ave $460,000 6-20-2002 1,700 $27012 Avondale Road $612,000 12-30-2002 2,450 $24914 Beaver Landing $625,000 6-13-2001 2,500 $250

Average sales price for homes with view of cellular tower $251.50

Study indicates higher prices for homes a with a view of a communications tower. Also,highest prices paid per square foot were for homes with a view of the tower.

2009 - 2010 STUDY

Attempted to complete a new search of homes in the same neighborhood for the 2009 - 2010time period. Due to the slow down in the real estate market, found that there were not enough salesto make such a study in this location.

2015 - 2016 STUDY

Due to a lack of sales, a study with regard to the monopole was not able to be conducted.

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EXHIBIT 5, NEW ROCHELLE, NY

A 110' monopole located next to the Donnybrook Shopping Center on Weaver Street in NewRochelle, NY. This is a monopole with multiple carries antennas mounted to it.

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2000 - 2002 STUDY

These properties have a view of the cellular tower.

Address Sales Price Sale Date Living Area Price/SF

40 Alden Court $327,500 1-03-2000 1,600 $2041365 Weaver St $312,000 10-05-2001 1,300 $24027 Livingston Road $417,000 11-05-2001 1,800 $23167 Livingston Road $559,000 11-30-2002 2,152 $25915 Alden Court $490,000 7-10-2002 1,800 $27212 Livingston Road $670,000 8-02-2002 2,100 $3191369 Weaver St $333,000 1-09-2003 1,300 $256

Average sales price for homes with a view: $254.42

The following properties are in the same neighborhood but have no view of thecommunications tower:

Address Sales Price Sale Date Living Area Price/SF

69 Daisy Farms Rd $325,000 7-24-200 1,500 $216129 Plymouth Drive $510,000 7-25-2000 2,007 $254973 Weaver Street $600,000 7-13-2000 2,800 $21415 Puritan Drive $480,000 8-29-2000 2,368 $20221 Plymouth Drive $455,000 8-29-2000 1,864 $244191 Plymoutn Drive $417,000 9-06-2000 2,200 $189141 Plymouth Drive $475,000 12-14-2000 2,000 $23753 Gladstone Road $349,000 2-05-2001 1,500 $2323 Greentree Drive $435,000 3-29-2001 2,400 $181174 Plymouth Drive $442,000 7-25-2001 1,502 $29466 Gladstone Road $615,000 8-06-2001 2,236 $19658 Puritan Drive $615,000 10-10-2001 3,500 $17537 Greentree Drive $457,000 11-05-2001 2,200 $20757 Plymouth Drive $443,000 1-31-2002 1,430 $30924 Gladstone Road $500,000 7-23-2002 1,758 $28712 Livingston Road $670,000 7-12-2002 2,100 $319

Average sales price for homes with view of cellular tower: $234.75.

Study indicates no adverse effect due to a view of a communications tower.

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2009 - 2010 STUDY

These properties have a view of the cellular tower.

Address Sales Price Sale Date Living Area Price/SF

15 Alden Court $549,500 6-19-2009 1,600 $3434 Shepherds Drive $530,000 8-25-2009 1,956 $27137 Greentree Drive $570,000 10-20-2009 2,200 $28330 Livingston Road $715,000 8-02-2010 2,100 $340

Average sales price for homes with a view: $309

The following properties are in the same neighborhood but have no view of thecommunications tower:

Address Sales Price Sale Date Living Area Price/SF

53 Gladstone Road $$715,000 2-10-2009 2,500 $286141 Plymouth Drive $637,500 9-14-2009 2,000 $3192 Livingston Road $560,000 12-17-2009 1,956 $28646 Greentree Drive $645,000 3-22-0210 2,277 $28363 Gladstone Road $508,000 8-30-2010 1,626 $312

Average sales price for homes without view of cellular tower $297

Study indicates no adverse effect due to a view of a communications tower.

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2015 - 2016 STUDY

These properties have a view of the cellular tower.

Address Sales Price Sale Date Living Area Price/SF

15 Alden Court $589,000 8-31-2015 1,600 $36821 Alden Court $556,000 9--1-2016 1,226 $45440 Alden Court $610,000 2-26-2016 1,573 $38877 Shepherds Drive $525,515 7-7-2016 1,806 $29191 Shepherds Drive $691,000 8-28-2015 1,511 $457

Average sale price for homes with a view: $392

The following properties are in the same neighborhood but have no view of thecommunications tower:

Address Sales Price Sale Date Living Area Price/SF

176 Puritan Road $640,000 6-17-2016 1,340 $47815 Standish Drive $1,470,000 2-9-2015 3,650 $40316 Standish Drive $743,250 6-18-2016 1,910 $38921 Plymouth Drive $725,000 10-29-2015 2,065 $35139 Plymouth Drive $630,000 2-11-2016 2,332 $270

Average sale price for homes without view of cellular tower $378

Study indicates no adverse effect due to a view of a communications tower.

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LIST OF SALES, PER MULTIPLE LISTING SERVICE (5 pages)

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QUALIFICATIONS

GREGORY FAUGHNAN, MAILane Appraisals, Inc.178 Myrtle Boulevard

LARCHMONT, New York 10538

PROFESSIONAL DESIGNATION

Member, Appraisal Institute, Certificate #12021Certified General Appraiser

State of New York - #46-18604

GENERAL EDUCATION

Villanova University, Villanova, Pa.Bachelor of Arts, 1971

ASSOCIATIONSPresident, 2008, 2009

Mid-Hudson Chapter of the Appraisal Institute

PROFESSIONAL APPRAISAL EDUCATION

The Appraisal Institute:Standards of Professional Practice, 1987Real Estate Appraisal Principles (8-1), 1987Residential Valuation (8-2), 1987Capitalization Theory and Techniques, Part A, 1992Advanced Income Capitalization - Part B (#510), 1993Advanced Applications (#550), 1993Standards of Professional Practice - 1994Report Writing and Valuation Analysis (#540), 1996Industrial Valuation Seminar, 1997Argus Software Seminar, 1998

Since 1985 engaged exclusively in appraising real estate. Assignments include: residentialappraisals of single and multi-family homes; condominiums, cooperative apartments andvacant land.

Commercial assignments since 1990, including: apartment buildings; retail, office, andindustrial properties, for market, estate and tax certiorari purposes; subdivisions, land forresidential and commercial development and special-use properties including low-incomehousing and continuing care retirement centers.

Qualified as an expert witness in courts of the State of Connecticut and New York.

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QUALIFICATIONSEDWARD J. FERRARONE, MAI

PresidentLANE APPRAISALS, INC.

178 Myrtle BoulevardLarchmont, New York 10538

PROFESSIONAL DESIGNATIONS

MAI The Appraisal InstituteCertificate #6950

Certified General Appraiser State of New York #46-1435

Accredited Right of Way Appraiser NYS Department of Transportation

FNMA Federal National Mortgage AssociationApproved Appraiser (Level 3) #1167925

Licensed Real Estate Broker New York Department of State

Approved Real Estate License New York Department of State (I-71)Law and Appraisal Instructor

Appraisal Qualifications Board Certified USPAP Instructor-National

Appraisal Instructor Westchester County Board of Realtors

Panel of Arbitrators American Arbitration Association

EDUCATION

Boston College Bachelor of ArtsMaster's Degree in Business Administration

American Institute of Appraisal courses: New York University;Real Estate Appraisers Villanova University; University of

Georgia; University of Connecticut; Penn State University.

ASSOCIATIONS

Westchester County Real Estate BoardNew York State Association of Real Estate BoardsNational Association of Real Estate BoardsFormer Member, Executive Board, WESTHAB Development

QUALIFIED AS AN EXPERT IN REAL ESTATE VALUATION

New York State Supreme Court United States Tax CourtUnited States Bankruptcy Court New York Civil Court

New York State Court of ClaimsNumerous Courts within the State of Connecticut

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EDWARD J. FERRARONE, MAI

APPRAISAL EXPERIENCEAPPRAISING FOR THE FOLLOWING PUBLIC AND SEMI-PUBLIC AGENCIES

New York State Supreme Court National Audubon SocietyCounty of Westchester Suburban CartingCounty of Rockland, Dept. Of Finance Mount Vernon HospitalCity of Mount Vernon Phelps Memorial Hospital Corp.City of New Rochelle White Plains Medical CenterCity of Peekskill St. Agnes HospitalCity of Rye The United Way of WestchesterCity of White Plains The Seabury Wilson HomeCity of Yonkers The Salvation ArmyTown of Bedford Schnurmacher Nursing HomeTown of Greenburgh Beth Abraham Health ServicesTown of Harrison. Hebrew Hospital Home Foundation, Inc.Town of Lewisboro. Saint Michael's Home for the AgedTown of Mt. Pleasant The Congregation of Jehovah’s WitnessesTown of North Castle Retirement Living ServicesTown of Ossining Environmental Protection AgencyTown of Patterson Jewish Board of Family & Children's SvcsTown of Pelham Planned Parenthood of Westch &RocklandTown of Rye Innovations for Community AdvancementTown of Somers YM+YWHA of Southern WestchesterVillage of Dobbs Ferry Westchester Interfaith CouncilVillage of Elmsford New Rochelle YMCAVillage of Irvington Tarrytown YMCAVillage of Harrison The Windward SchoolVillage of Mamaroneck WesthabVillage of Larchmont The Berkley SchoolVillage of Ossining New York TelephoneVillage of Pelham America’s Christian Credit UnionVillage of Pelham Manor LDS ChurchVillage of Port Chester Wisconsin Telephone CompanyVillage of Spring Valley Shiloh Baptist ChurchVillage of Haverstraw The Masonic Guild of Port ChesterRockland County Park Commission USTA National Tennis CenterState of NY, Office of Mental Retardation Liberty Lines Bus Companyand Developmental Disabilities PCC Real Estate, Inc, a Penn Central Co.State of New York, Office of General Svcs New York Hospital AssociationState of New York, Office of Parks Westchester Land TrustRecreation & Historic Preservation Institute for JusticeNew York State Dep’t of Mental Health Westchester Joint Water WorksRepublic of Zambia Legal Services of the Hudson Valley

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EDWARD J. FERRARONE, MAI

APPRAISAL EXPERIENCEAPPRAISING FOR THE FOLLOWING NATIONALLY KNOWN COMPANIES

Westinghouse Electric Merrill Lynch Relocation ManagementNorthrop Wilcox Corporation Great Atlantic & Pacific Tea Co.Diamond Shamrock Corporation New York Telephone & TelegraphGetty Oil Cities Service CorporationTime-Life International PaperPreviews, Inc. CNA Financial CorporationLeasco Corporation XeroxWestern Electric Equitable Life RelocationGeneral Telephone & Electronics CBSRichardson Merrill, Inc. Eastern AirlinesGeneral Motors Corporation National Starch CompanySuperior Drywall Systems, Inc. American Chemical CompanyThe Reuben H. Donnelley Corp. Continental Grain CompanyEmployee Transfer Corporation Executrans, Inc.Philip Morris International Title Guarantee CompanyIBM Relocation AssociatesHomequity New York Life InsuranceIndian Head Mills FMC CorporationBrown & Williamson Anaconda Aluminum CompanyWestchester Rockland Newspapers Phelps Dodge Cable & Wire CompanyOwens-Illinois Glass Company Claverach Securities CorporationJema Holding Company Robert Martin CorporationThe Nestle Company, Inc. King Lumber CompanyLawyers Title Insurance Corp. W.R. Grace CompanyLiggett & Myers, Inc. American AirlinesCiba-Geigy Corporation Akzo Nobel, Inc.American Arabian Oil Company U.S. Borax & Chemical CorporationFreeport Minerals Company Liberty MutualGrand Union Manhattan Life Insurance CompanyRawplug Company, Inc. Transamerical Relocation Corp.E.I. DuPont de Nemours Co., Inc. American ExpressWarner Lambert Company Dorman & Wilson, Inc.GAF Corporation Metropolitan Life Insurance CompanyMobay Chemical Company Prudential Insurance Co. of AmericaCarold Corporation Texas Gulf CompanyStauffer Chemical Company Federal Paper Board CorporationClevepak Corporation American Funding, Ltd.Pitney Bowes Mobil OilForest City Daly Housing Corp. Motiva EnterprisesEmpire Brush Company Siemens CorporationInvestors Relocation Group Tiger Relocation Services, Inc.Allied Chemical Norwegian Caribbean Lines

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EDWARD J. FERRARONE, MAI

APPRAISAL EXPERIENCEAPPRAISING FOR THE FOLLOWING NATIONALLY KNOWN COMPANIES

Continental Baking AAMCONational Audubon Society First National Stores, Inc.Dale Funding Corporation Burlington IndustriesMONY Bethlehem SteelEmery World Wide A.E. LePageSafe Company UniroyalE.F. Hutton General ElectricLouis Dreyfus Corporation Rotanelli Food, Inc.Prudential Insurance CaldorDeRosa Builders, Inc. MitsubishiPeugeot Motors of America R.T. French CompanyThe Kissell Company Avon Products, Inc.Campbell Soup Company MCA TelevisionNisonger Corporation U.S. MoneyA.T.I. Prudential InsuranceSuburban Carting Kessell CorporationRand McNally ASCOBorden, Inc. PepsiCoMorgan Guarantee Shopwell, Inc.Big V Supermarkets Northeast Appraisals, Inc.Federal Paper Board Corporation Mosinee Paper CorporationHoulihan Lawrence Financial IBM RelocationAllstate Appraisal Services Anchor Equities, Ltd.Seacoast Mortgage UBS Wartburg Real EstateWelcome Home Real Estate First Union CorporationFlorida Capital Management Business Loan ExpressPrimary Relocation BMC Capital

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EDWARD J. FERRARONE, MAI

APPRAISAL EXPERIENCEFINANCIAL INSTITUTIONS

A-1 Preferred MortgageAbacus Federal Savings BankAdvanta Mortgage CorporationAlgemene Bank of NetherlandsAlliance FundingAllied Irish BankAllstate Appraisal ServicesAmerica’s Christian Credit UnionAmerican Home MortgageAmerican Mortgage BankingAmerican Savings BankAnchor Savings BankAnchor Equities, Inc.Apple MortgageApple Savings BankApproved Home NortgagesArcs Mortgage, Inc.Assured Equities, Ltd.Astoria Federal savings BankAtlantic BankBanco EspiritoBanco PopularBank of AmericaBank of Boston Bank of CaliforniaBank of ChicagoBank of Great Neck Bank of Ireland Bank LeumiBank of New YorkBank of Scotland Bankers Trust CompanyBanque National de Paris Barclays Bank of New YorkBay Loan & Investment Bank Beneficial Mortgage CorporationBoatmen’s Relocation ManagementBusiness Loan ExpressCalyon BankCapital Home Mortgage Carver Federal Savings Bank CenterbankCentral Federal Bank

Century Capital CorporationCitibank, NACiticorp MortgageCititrustCity and Suburban Federal Savings BankCity Savings Bank Chase Home Mortgage Corporation Chase Manhattan Bank, N.A.Chemical BankChesapeake Appraisal & SettlementServicesColonial Savings & Loan AssociationColumbia Equities, Ltd.Comfed Savings BankCommerz BankCommonwealth Mortgage CompanyCommunity Mutual Savings BankCommunity Preservation Corporation(CPC)Condo PlusConamero Development CorporationConnecticut Bank & Trust Consumer Capital CorporationConsortium FinancialContinental BankContinental Capital CorporationCrossland Savings BankCrown Funding CorporationCredit LyonnaisCountrywide Funding CorporationCrossway Capital, Ltd.DLC FundingDale MortgageDanbury Federal Savings Bank Delaware Savings BankDime Savings BankDollar Dry Dock Savings BankDuPont Mortgage CorporationEagle FundingEastern Savings BankEastchester Savings BankEducational&Gov’t Employees CreditUnion

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DocumentManagement::ModifiedBooleanTRUEEdison FundingEmpire of AmericaEmigrant Mortgage MortgageEmigrant Savings BankEmpire Financial CorporationEmpire of AmericaEnsign BankEmpbanque Capital CorporationEquity MortgageEquity StarsExchange Mortgage CorporationExpress EquityFamily FinancialFDICFifth Third BankFirst American BankFirst Boston CorporationFirst Boston Mortgage CenterFirst Connecticut BankFirst Federal BankFirst FidelityFirst National Bank of ConnecticutFirst National Bank of ChicagoFirst National Bank of Downsville First National Bank of ScotlandFirst National City BankFirst National Mortgage and Finance Co.First National SavingsFirst Nationwide SavingsFirst Nationwide Financial CorporationFirst New Hampshire BankFirst NorthernFishkill National BankFleet BankFour Star FundingForemost FundingFull Service FundingGateway BankG.E. CapitalGibralter Money CenterGoldomeGoldstar ResourcesGM Wolkenberg, Inc.Great Western BankGreen Park FinancialGreenwich Federal Savings & Loan Ass.GW MortgageGuaranty BankHeartland Bank

Heritage FundingHolme CapitalHomequityHome CapitalHomequityHome FundingHome MortgageHomeowner’s Mortgage CompanyHome Savings BankHomestead Mortgage, Inc.Horizon FundingHoulihan Lawrence FinancialHousehold Credit CorporationHudson City Savings BankHudson United BankHudson Valley Capital CompanyHudson Valley Mortgage CorporationHudson Valley National BankInter-Community BankIntercounty Savings BankInvestors MortgageIPI Financial ServicesJLB FundingJ P Morgan ChaseKadillac Funding, Ltd.Key Bank-Key Corp. MortgageLa Jolla BankLarchmont Federal Savings & Loan Assoc.Lehman Brothers BankLiberty Mortgage Lincoln EquitiesLincoln Savings BankLove FundingMahopac National BankManhattan Mortgage CompanyManufacturers Hanover TrustMarshall & Isley BankMetro BankMarine Midland BankMedallion Funding CorporationMeritor Credit CorporationMerrill Lynch MortgageMerrill Lynch RelocationMetro BankMetropolitan Savings BankMidlantic Home Mortgage CorporationMid-Coast Mortgage CompanyMid-Hudson Savings BankMorsemere Federal Savings & LoanMortgage Access Corp.

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Mortgage Lenders Network USAMorsemere Federal Savings BankMunicipal Bond Investors Assurance Corp.Mutual BankNational Bank of North AmericaNational Westminster Bank U. S. A.National Cooperative BankNazarene Credit UnionNew England Mortgage Banking Corp.Newbridge MortgageNew York Community BankNew York National BankNorthern Trust BankNorth Fork BankNorwalk BankOld Stone BankOmega Funding GroupPMI Mortgage Insurance CompanyPinnacle Financial ServicesPeoples Westchester Savings BankPenninsula Mortgage Banking Corp.Pinnacle Financial ServicesPittsburgh National BankPoughkeepsie Savings BankPreferred MortgagePremium Savings BankProvident Savings BankPrudential Mortgagee Company, Inc.Prudential Relocation ManagementQueens County Savings BankRBC MortgageResidential Capital CorporationResource FundingRidgefield SavingsRochelle Financial Services Rochester Community BankRoosevelt Savings Bank Russell-Park Funding, IncSan Paolo BankScarsdale National BankSeacoast MortgageSignature BankSkyscraper Consultants Smart Choice Mortgage, Co.Societe GeneraleSound Federal Savings & Loan BankSouthold Savings BankStamford Federal Savings & Loan State Bank of Long IslandState Bank of VictoriaState Bank of Westchester

Silo FinancialTarrytown Savings & Loan AssociationT D BankThe Banking CenterThe Chase Manhattan Bank, N. A. The First Boston Corporation The Money Store of New York The Richman Group Tremont Federal Savings & LoanTri-County Mortgage Ulster Savings Bank Union Bank of BavariaUnion State BankUnion Bank of Kuwait Union Trust Village Savings Bank Virginia Beach Federal Savings Bank Wachovia BankWashington Federal Savings & Loan Welcome Home Realty Wells Fargo BankWestchester BankWestchester FundingWestfair Funding Corp.Westmor Financial Williamsburgh Savings Bank Zion Bank