RockSpringCluB-Hendricks Appraisal.pdf

HIGHEST AND BEST USE Golf Course Transactions - Acquired For Continued Golf Course Utilization Palisades Avenue 12/8/2017 18 Holes - Public $ 434,657.00 $ 58,265.00 Emerson & Oradell $7,823,818.59 Daily Fee Course Per Hole Per Acre {Contract Price) 134.28 Acres Comment: The sale involves the Emerson Golf Ciub a privately owned, public 18 hole daily fee course. ft was acquired by the Bergen County improvement Authority following the issuance of bonds in the amount — | (not to exceed) $8,500,000.00 which also included provisions for necessary capital improvements. The | acquisition was based on two (2) independent appraisals. A review of the deed and other documents reveals | that with the possible exception of 5.27 acres, the entire property is encumbered with a deed restriction that | requires the property to remain as a golf course. This deed restriction runs with the land and precludes any | | other use or development of the property. The 5.27 acre portion of the property may not be subject to the deed restriction and could potentially be independently developed residentially. The purchase also included Personal property as well as the assumption of several contracts and leases for equipment including the golf cart(s) lease. J River Vale Road 27/2015 27 Holes (Private) River Vale & $7, 750,000.00 + 185.24 Acres Hillsdale Comment: The sale invoives the Edgewood Country Club propery, a private 27 hole country club. The purchase does not include additional consideration paid to redeem membership certificates as well as other 2s since acquisition. in addition, the purchasers have stated their intent to residentially develop a portion of the property which will reduce the number of holes from 27 to 18. ri 100 W. Green Brook Road 2/1/2018 18 Holes (Private) $ 301,061.00 $ 31,622.00 North Caldwell & $5,419,099.82 + 171.373Acres Per Hole Per Acre Fairfield Comment: The sale involves the Green Brook Country Club property, a private 18 hole country club. The purchase does not include additional consideration paid to redeem membership certificates as well as other items. According to statements by the purchaser, capital expenditures in excess of several million dollars was required to be invested in the facility as part of the transaction. The purchaser was also required to continue the golf course utilization of the property for a minimum of three years. The

llars was required to be invested in the facility as part of the transaction. The purchaser was also required to continue the golf course utilization of the property for a minimum of three years. The purchaser has indicated | that potential (future) residential development of a portion of the property is being contemplated. | 79 Two Bridges Rd 4/26/2018 18 Holes (Public) $ 201,944.00 $ 33,392.00 Lincoln Park, NuJ. $3,635,000.00 108.857 Acres Per Hole Per Acre Comment: The sale invoives the Meadows Golf Course, a privately owned, public eighteen (18) hole golf course. The property was acquired for continued use as a golf course. However, the purchaser had previously proposed development of a portion of the property with a 180 unit age restricted apartment complex along with a 120 unit assisted living facility. The property was reportedly conveyed without any approvals. in addition, the entire property is located within a designated flood zone. - 62 - REAL ESTATE | APPRAIBALS & RESEARCH