1st Reading - Jersey City

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Portion of PJP Landñll Site, Jersey City New JerseyMethod of Valuation'In order to derive market value indications for the subject property, we haveconsidered the three traditional approaches to value: theCost Approach, the SalesComparison Approach, and the Income'Capitalization Approach.Cost ApproachI~ the Cost Approach, the cost to develop a property is compared with the valueof the existing developed property. The Cost Approach reflects market, thinking byrecognizing that market participants relate value to cost. Buyers tend to judge thevalue of an existing structure by considering the prices and rents of similar 'buildings as related to the cost to create a new building with optimal physical andfunctional utilty.Sales Comparison ApproachThe Sales Comparison Approach is a method of estimating market value bycomparing the subject property to similar properties that have beensold recently,orfor which offers to purchase have been made. A major premise of the SalesComparison Approach is that the market value of aproperty is directly related tothe prices of comparable, competitive properties. The,comparative analysis in thisapproach focuses on differences in the legal,physical; location and economiccharacteristics between similar properties and the subject, all of which can accountfor variations inprices. ' ,Income Capitalizatton ApproachThe Income Capitalization Approach to value consists of methods, techniques andmathematical procedures that an appraiser uses to analyze a propèrty's capacity togenerate benefits (usually monetary) and to convert those benefits into anindication of present value.4 'Selected ApproachesThe Sales Comparison Approach was used to estimate the market value of thesubject property as of November 1, 2008. The cost approach and incomecapitalization approach were not considered reliable indicators of market value forvacant land. '4TheApI1raisal of Real Estate. 12th ed. Chicago: Appraisal Insriture, 2001.VALUE RESEARCH GROUP, LLC 20
Portion of PJP Landfill Site, Jersey City New Jersey ,, Sales Comparison ApproachThe Sales Comparison Approach is a method of estimating market value bycomparing the subject property to similar properties that have sold recently. Amajor premise of the Sales Comparison Approach is that the market wil determinea price for the property being appraised in the same manner that it determines theprices of comparable, competitiveproperties~ Essentially, the Sales Comparison 'Approach is a systematic procedure. for carrying out comparative shopping. Iii thisapproach, the comparative analysis is applied to the unique'estate that cause its prices to vary,characteristics of realIn applying the Sales Comparison Approach, the subject market ~a:s researched forsales of comparably zoned tracts of land. Six comparable land sales aredocum,ented for analysis in this report. A brief description of these sales is shownbelow followed by a detailed description of each sale.,Sale Sale Sale Size (ae.) Price/AcreNo, Address Date Price1. AMB Site 3/7/08 $15,450,000 49.150 $314,344Route 1 & 9'Jersey City, NJ2. 108'-126 Bayway Ave. 4/24/07 $8,750,000 20.858 ' $419,503Elizabeth, NJ3.,600-652 North Ave East 11/29/06 $10,600,000 28.912 $366,630Elizabeth, NJ4. County Road 12/28/0:5 $15,273,720 40.914 $380,000Jersey City, NJ5. 909 Delancy Street 5/25/05 $18,720,000 54.580 $342,983Newark, NJVALUE RESEARCH GROUP, LLC 21
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Cit Clerk File No.Ordi 11-001Agenda
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City Clerk File No.. Agenda No.Agen
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. .Continuation of City Ordinance11
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COntinuatlònof City Ordinance 11-0
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Continuation of City Ordinance ll-U
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Continuation of City Ordinance11-.0
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LIBERTY HARBOR REDEVELOPMENT PLANMA
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. VIII. MAS .................;.....
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I. ,BOUNDARY DESCRIPTION, BEGINING
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C. ' Duration and Effective Date of
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This redevelopment plan authorizes
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y providing the pedestran environme
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or mechanical floor area adjacent t
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project sne. -V. ,Parking and servi
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, 'The Planing Board may grant devi
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C. Restriction of Occupancy or UseT
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1. Maximum height: heightshall be r
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. Buildings shall be constrcted on
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porton of the façade of the parkin
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econstrcted, non-conforrity with th
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MAPSc,, , ,, 25
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"CIRCULATION MAP.b~BiJt BO.UNOARY -
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-Residential, Mixed-UseDistrict Bou
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o~~. r--------------------'~ I r r
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~ __Ø)'June 2010MAP NO.9/ '
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o~"~zu~-LEGENDi- ~'.--------,.....,
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1-- -_~- -- ~- ~- --- ~~- ---'\LEGE
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Cit Clerk File No.Agenda No.Agenda
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ORDINANCE FACT SHEETDate Submitted
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TABLE OF CONTENTSAmendments to the
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The following Map Footnotes shall b
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11.-- DESCRIPTION OF PROJECTA. Rede
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golf courses, driving ranges, water
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· In no instance, no matter what t
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d. Modem, decorative, pedestrian fr
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StudioI Bedroom2 Bedroom & above0.5
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various plant species to be usedber
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d. Entrances and exits to parking a
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Additionally, the logo and/or hotel
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c. Golf Clubhoused. Professional an
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In addition, all areas of the roof
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11. Additional Step-back Requiremen
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, structures in poor condition and
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Page 160 and 161: Continuation of City Ordinance11-00
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