1st Reading - Jersey City

,Portion of PJP Landfill Site, Jersey City, New JerseyAppraisal SummaryOwner:Property Address:Edwin.L.5iegel and a related entity, Edlin, Ltd;400 Sip Avenue (Sip Avenue & Routes 1 &9)Block 1627, Lots 1.P, 2.A, 3.B, 5.ABlock 1639.A, Lots t.C, 3, 4, 4,C, 6.A, 7Jersey City, New Jersey.Lot Size: 32.52 acres (assessor's records)Zoning:The subject property is currently located withina redevelopment area established by the City ofJersey City on September 27, 2006.Prior to thedesignation, the subject property was located inthe I-Industrial and WPD Waterfront PlannedDevelopment districts; Therefore, the subjectproperty is valued under the terms andrequirements of these ,prior zoning districts.Property Description: The subject site contains 32.S2.,acres of landaccessible from the west side of Truck Route 1&9. Two a~res fronting on Routes 1 & 9 areleased to outside tenailtsand' improved with atruck stop/gas station and a commercial ., building. The Sip Avenue ditch, a man-madedrainage ditch that forms the subject property'ssouthern boundary; runs west to theHackensack River from a city storm seweroutlenit Truck Route 1 & 9. The. elevatedDate of Valuation: No'vemher 1, 2008Pulaski Skyway runs over the western portionof the property dividing the site into twodiscreet sections. Finally, the entire site is partof an active superfund site known as the PJPLandfìL 'Highest & Best Use: Warehouse 'development consistent with therequirements of Linden Zoning Ordinance.Market Value Indication: $12,682,000VALUE REEARCH GROUP, LLC 5