RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale - Rivervale Road, Rivervale & Hillsdale, Bergen County, New Jersey Edgewood Country Club, Inc. to Edgewood Golf Course Realty Associates, LLC Date: March 27, 2015 Sale Price: $7,750,000,00 Block: 1201 Lot: 6 Zone: A-1 - One Family - Rivervale Block: 2201 Lots: 26&31 Block: 2001 Lot: 1 Zone: R-2 (Hillsdale) Book: 1906 Page: 2200 Acres: 185.240 Identification: Edgewood Country Club Holes: Twenty-Seven (27) Analysis: Sale reflects $41,838.00 per acre or $287,037.00 per hole, unadjusted. le soroven ote wieesoae Comment: 1! = ~ w= i 7 The sale involves a private country club ; rata know as Edgewood. The facility includes NY ls a large club house, pool, and support facilities. According to the purchaser, the “I sale included the assumption of all debts, leases and equipment. In addition, an undisclosed amount was paid over the purchase price in connection with the 5 7 tedemption of bonds by resigning members. : The purchaser also invested several million dollars in capital expenditures for the club r and agreed to continue golf course operations for a minimum period of three (3) years. However, the purchaser indicated that future residential development of nine (9) holes while retaining the remaining eighteen (18) is being considered. - ic) TERT —