1st Reading - Jersey City

, Portion of PJP Landfll Site, Jersey City New JerseyExplanation of Adjustments (conti,nued)Physical Condition (continued)As previously reported, the subject site willikely require extraordinary siteengineering and preparation work before it can support modern warehouse ',construètion. MalcolmPirnie estimates that the site development cost caused bythe ground conditions at the subject site wil add approximately $9,500,000 to theoverall building cost. While the cost estimate is preliminary, there is no questionthat some level of additional costwill be incurred at the subject site. ComparableSale 1, which is part of the same landfil, has nearly identical site conditionsandwil require similar pilng work. This sale did not require an adjustment. The site, preparation work for the remaining foursales was analyzed. None of the salesrequired site 'preparation work similar to the subject., Therèfore, these sales wereadjusted downward to account for their superior geotechnical Conditions.(VALUE REEARCH GROUP, LLC 30