The Practice · 004

Sixteen vertical practices. One institutional-grade discipline.

Three decades of specialised valuation work — from luxury hospitality and last-mile logistics to environmental contamination and expert-witness testimony. Every practice area is built on primary data collected one engagement at a time since 1990.

01 · By property type

Property Services

Hospitality

Full-spectrum hospitality valuation — from luxury flag properties to budget-tier motels.

Hospitality valuation is a specialty where the wrong benchmarks produce the wrong number by seven figures. We've spent decades building an internal database that tracks ADR, occupancy, RevPAR, franchise-cost structures, and management-agreement economics for hundreds of NY-market properties. When a bank needs to underwrite a full-service downtown box, a limited-service airport property, or an independent boutique, we bring the specific comps and the market-participant intuition needed to defend the number.

What we deliver

Full narrative appraisal with income, sales, and cost approaches
STAR-derived ADR / RevPAR benchmarking with local competitive set
Franchise-cost analysis and management-fee reasonableness testing
Room-count, keys-per-employee, and CapEx reserve modelling
Litigation-ready exhibits for tax-appeal or partnership-dispute work

Ideal for —Lenders, PE hospitality sponsors, franchisees, hotel-condo developers

Industrial

R&D facilities, self-storage, bulk distribution, cold-storage, last-mile logistics, and light manufacturing.

Industrial has re-priced faster than any asset class in the last decade — and the specifications that matter are technical. Clear-height, dock-door count, trailer parking, power capacity, and column spacing all move a value opinion materially. We measure and model each of these directly into a market-based conclusion the lender can underwrite without a re-scope.

What we deliver

Building-spec matrix (clear-height, dock doors, drive-ins, power, columns)
Warehouse rent-comp study calibrated to the subject's submarket
Cold-storage / temperature-controlled cost premium analysis
Last-mile logistics premium modelling where applicable
Stabilised NOI + capitalisation into value

Ideal for —Commercial banks, industrial REITs, 3PL owner-operators, self-storage sponsors

Land & Subdivision

Ground-up land valuation for refinancing, acquisition, master planning, re-zoning, and long-term ground leases.

Land valuation is where highest-and-best-use analysis earns its keep. We evaluate zoning envelope, floor-area ratio, permitted uses, likely re-zoning outcomes, infrastructure obligations, and site-work carry costs — and translate those into a residual-land value the market will actually accept. Ground-lease valuation follows the same discipline, projected against the lease's step schedule and reset mechanics.

What we deliver

Zoning + permitted-density analysis with as-of-right build-out
Residual land value from projected vertical-development pro forma
Ground-lease NPV under multiple reset / discount-rate scenarios
Comparable-land transaction study within the immediate submarket
Master-plan and re-zoning consulting narrative

Ideal for —Developers, private-equity land banks, municipalities, ground-lease landlords

Multi-Family

Small multi-families to institutional-scale portfolios — including Section 8, LIHTC, and mixed-use.

Multi-family is our largest single practice by volume. Every engagement starts with a normalised rent roll and a T-12 spread that separates recoverable pass-throughs from true collections. From there we build stabilised NOI, apply market cap rates, and reconcile against sales and cost. For LIHTC and Section 8 properties, we layer subsidy layers, restricted-rent limits, and remaining compliance term into a value that a syndicator or tax-credit investor can actually rely on.

What we deliver

Rent-roll normalisation and T-12 spread with lease-by-lease notes
Stabilised NOI derivation and market-rent reconciliation
LIHTC / Section 8 restricted vs. as-if-unrestricted value bracketing
Sales-comp study within same submarket and unit-mix cohort
Refinance-ready value opinion with LTV and DSCR sensitivity

Ideal for —Multi-family lenders, LIHTC syndicators, PE apartment sponsors, HFA agencies

New Construction

Our principals carry an active real-estate development background — new-construction appraisals and feasibility studies.

Underwriting a project that doesn't exist yet requires equal parts market analysis and construction-cost discipline. We pair our internal Marshall-&-Swift and RS Means calibrations with local subcontractor conversations to build a hard-cost budget the lender can trust, then layer soft costs, financing carry, and developer profit to reach an as-completed and as-stabilised value. Our feasibility narratives read the way construction lenders think — start-to-finish, phase by phase.

What we deliver

As-is, as-completed, and as-stabilised value scenarios
Hard-cost and soft-cost budget review vs. market cost data
Absorption schedule and market-timing narrative
Feasibility study with sensitivity on cap rate, rent, and cost
Draw-schedule and construction-loan progress support

Ideal for —Construction lenders, developers, PE construction sponsors, HDFC/HFA project teams

Office

Class A/B/C office towers valued with Argus lease-by-lease DCF, absorption modelling, and re-tenanting scenarios.

Office is the asset class where the cash-flow model does most of the work. We build every office narrative in Argus Enterprise, lease by lease, running probability-weighted renewals, market-rent reversions, downtime, TI/LC re-tenanting costs, and terminal cap rates. For distressed or repositioning stories, we model alternate uses — residential condominium conversion, medical office, life-sciences — and reconcile the highest-and-best-use conclusion.

What we deliver

Argus Enterprise lease-by-lease DCF with cash-flow schedule
Market-rent, TI/LC, and downtime assumptions with market support
Renewal probability and re-tenanting cost narrative
Alternate-use highest-and-best-use analysis (residential conversion, medical, life-sciences)
Sensitivity on discount rate, terminal cap, and market-rent growth

Ideal for —Life-insurance lenders, office REITs, opportunity funds, capital-markets brokers

Retail

Small in-line retail up to neighbourhood, community, and power centres — including restaurants, service stations, and supermarkets.

Retail valuation lives and dies on tenancy quality and co-tenancy dynamics. We underwrite anchor-tenant credit, co-tenancy clauses, exclusive-use covenants, percentage-rent overages, and CAM reconciliations — because those are the levers that move a retail value opinion. Single-tenant NNN work follows the same discipline, tuned to lease-term risk, credit quality, and rent-vs.-market spread.

What we deliver

Anchor and in-line rent-roll analysis with credit narrative
Percentage-rent, CAM, and recovery modelling
Exclusive-use and co-tenancy risk analysis
NNN lease-term risk grading and market-vs.-contract-rent spread
Repositioning and vacancy fill-in scenarios

Ideal for —Retail lenders, single-tenant NNN buyers, shopping-centre sponsors, franchisors

Senior Care

Age-restricted independent living, assisted living, memory care, and skilled-nursing facilities.

Senior housing is an operating business dressed in real-estate clothing. Our value opinions separate real-estate NOI from operator profit, model private-pay vs. Medicare / Medicaid mix, license-count risk, and turnover assumptions. Skilled-nursing engagements go one step further — reimbursement rate schedules, per-diem trend analysis, and RUG / PDPM mix modelling all feed the final number.

What we deliver

Real-estate NOI vs. operator EBITDAR bifurcation
Private-pay / Medicare / Medicaid revenue mix modelling
License-count, occupancy, and turnover sensitivity
PDPM / RUG reimbursement schedule analysis (skilled nursing)
Refinance and acquisition value-opinion under stress cases

Ideal for —Senior-housing lenders, HUD 232 project sponsors, operator groups, PE sponsors

Single Family

USPAP-compliant, UAD 3.6-formatted single-family reports — one unified standard covering every residential product type.

Single-family work is where our shop started. Three decades of picking comps, adjusting for site influences, and defending values under underwriter review means our report bounce-back rate is near zero. Every report is delivered under the unified UAD 3.6 standard, with fully-labelled photography, plat maps, and a defensible reconciliation of value.

What we deliver

UAD 3.6-formatted PDF + XML delivery
Fully-labelled photography, floor plan / sketch, plat map
3-6 comparable-sale grid with defensible adjustments
Cost-approach reconciliation for new / recent construction
AMC-panel and direct-engagement turn-times under standard SLA

Ideal for —AMCs, retail mortgage lenders, credit unions, private-client attorneys

Special Use

Colleges and universities, marinas, churches, theatres, and non-conforming assets where comparables are scarce.

Special-use assets are where junior appraisers get in trouble. When market comparables don't exist, cost and income approaches must carry the reconciliation — and the market participant is usually a non-profit, an institution, or a government agency with a specific mandate. Our narratives are written for that audience and for the courts that eventually review them.

What we deliver

Cost approach with functional and external obsolescence support
Institutional-market-participant narrative and buyer-profile analysis
Alternate-use highest-and-best-use analysis
Historic-preservation and landmark-status impact review
Court-defensible narrative for condemnation or tax cases

Ideal for —Universities, religious institutions, municipalities, arts organisations

02 · Advisory & consulting

Research & Analysis

Environmental / Contaminated

Spillage, asbestos, plume, landfills, and the stigma attached to affected properties.

Environmental impairment moves value in ways that don't show up in comparable-sales grids. Our engagements integrate Phase I / Phase II ESA findings, remediation-cost estimates, and post-remediation stigma factors into a value that reflects the market's real risk pricing — not textbook theory. Our case history spans former-industrial brownfields, dry-cleaner plumes, waterfront landfills, and asbestos-abatement projects.

What we deliver

Impaired vs. unimpaired value bracketing
Remediation-cost review with environmental-consultant coordination
Post-remediation stigma factor with case-history support
Insurance-recovery and cost-recovery litigation exhibits
Institutional-controls and deed-restriction impact analysis

Ideal for —Environmental lenders, insurers, brownfield developers, litigation counsel

Highest & Best Use

Expert, unbiased opinions on current and proposed projects — highest present value of the land.

The four-tests of highest-and-best-use — legally permissible, physically possible, financially feasible, maximally productive — are simple to state and hard to defend. Our HBU work is grounded in real zoning envelope math, actual construction-cost calibration, and market-participant intuition about what will actually clear the market at what price.

What we deliver

As-vacant and as-improved HBU narratives
Zoning + entitlement-risk analysis
Financial-feasibility pro forma with sensitivity
Market-participant survey and alternate-use bracketing
Consulting deliverable or embedded appraisal exhibit

Ideal for —Developers, land banks, litigation counsel, municipal planning boards

Market Studies

Housing demand, zoning, cost / rental / sales comparables, and primary-supply/demand analysis.

A rigorous market study is the foundation of every good project pro forma. We build them from primary data — CoStar / REIS / RCA feeds, MLS, county-recorder pulls, permit filings, and direct broker conversations — and reconcile against secondary demographic and economic sources. The output is a document that either de-risks the project or kills it before capital gets deployed.

What we deliver

Demographic and economic base-line analysis
Supply pipeline and absorption-schedule build
Rent, sale, and cost comparables with adjustment grids
Primary supply-demand rationalisation
Executive-summary + full-narrative dual deliverable

Ideal for —Developers, PE sponsors, municipal planning agencies, retail-site strategists

Mass Appraisals

GIS-integrated mass-appraisal capability for large-scale re-assessment and collateral audits.

Mass appraisal is where GIS layers, CAMA data, and traditional appraisal discipline converge. Our platform can process tens of thousands of parcels against sales-ratio, coefficient-of-dispersion, and price-related-differential IAAO benchmarks — producing revaluation output and collateral-audit findings that hold up to review boards and regulator inspection.

What we deliver

IAAO-benchmarked sales-ratio and COD / PRD analysis
Parcel-level re-value output with narrative summary
GIS-map deliverable for governance / oversight review
Collateral-audit findings for mortgage-servicer clients
Board-of-review defence support

Ideal for —Municipalities, mortgage servicers, tax authorities, revaluation firms

Risk Analysis

Risk and financial modelling with appropriate ratios and comparative analysis.

Risk analysis is what the loan committee actually reads. We translate value opinions into LTV, DSCR, debt-yield, and break-even sensitivity — and then stress those metrics against interest-rate, cap-rate, and rent-growth shocks. The output is a decision-grade risk memo, not a tick-box exercise.

What we deliver

LTV, DSCR, and debt-yield derivation with stress cases
Break-even occupancy and rent analysis
Interest-rate, cap-rate, and NOI-shock sensitivity tables
Peer-cohort comparative analysis
Loan-committee-ready one-page executive risk memo

Ideal for —Commercial-real-estate lenders, PE investment committees, insurance carriers

Litigation Support

Expert-witness testimony since 1990 in Federal and State Supreme Courts.

We've served as testifying real-estate appraisal experts since 1990 — bench and jury trials in both Federal and State Courts. Practice areas include tax certiorari, condemnation, matrimonial and equitable distribution, land-use, environmental-damage valuation, construction disputes, title-company matters, and bankruptcy.

What we deliver

Expert appraisal narrative admissible under Daubert / Frye
Rebuttal-report analysis and cross-examination preparation
Trial-graphic exhibit design and admissibility support
Deposition and mediation attendance
Chain-of-custody-clean working file for discovery review

Ideal for —Trial counsel, corporate legal departments, matrimonial counsel, bankruptcy trustees

At a glance

The full inventory of what, how, and for whom.

What we appraise

Property Types

—Apartment buildings
—Affordable housing
—Condominium buildings
—Mixed-use buildings
—Blocks of occupied co-ops
—Office buildings
—Co-op buildings
—Development sites
—Special-purpose properties
—Loft buildings
—Office condominiums
—Parking garages
—Proposed condominiums
—Proposed rental projects
—Shopping centers
—Retail buildings
—Retail condominiums
—Warehouses

How we help

Services

—Market-value appraisals
—Portfolio valuation
—Retrospective value appraisals
—Fair-market rental analysis
—Appraisal review
—Market studies
—Highest and best use studies
—Feasibility studies
—Litigation support
—Divorce / equitable distribution
—Arbitration
—Cash-flow modeling
—Developer consulting
—Due diligence
—Market research
—Customized market reports

Who we serve

Clients

—Commercial banks
—Investment banks
—Private equity
—Life-insurance companies
—Pension / investment funds
—Law firms
—Government agencies
—Developers
—Investors

Ready to engage

A senior appraiser responds within one business hour.

Send the subject address and the intended use. We'll confirm coverage, scope the engagement, and quote a fee — same conversation.

Request a Quote→Call +1 (212) 488-0004

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