RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH - AS A VALUATION INDICATOR Sale_- 100 West Greenbrook Road, North Caldwell & Fairfield, Essex County, N. J. Green Brook Country Club to Green Brook Realty Associates, LLC Date: February 1, 2018 Sale Price: $5,419,099.82 Block: 1600 Lot: 1 Zone: C-Open Space/Country Club - NC Block: 1902 Lots: 12813 Block: 2101 Lot: 8.03 : 2003 Lot; 1 Zone: R-1 - Fairfield 20180 Page: 10893 Acres: 171.373 Identification: | Green Brook Country Club Holes: Eighteen (18) Analysis: Sale reflects $31,622.00 per acre or $301,061.00 per hole, unadjusted. Comment: The sale involves a private country club know as Green Brook. The facility includes a large club house, pool, and support facilities. According to the purchaser, the 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 redemption of bonds by resigning members. The purchaser also invested several million dollars in capital expenditures for the club and agreed to continue golf course operations for a minimum period of three (3) years. However, the purchaser indicated that future residential development of the property is being considered.