HOUSE_OVERSIGHT_018849.jpg
1.59 MB
Extraction Summary
2
People
4
Organizations
7
Locations
2
Events
1
Relationships
4
Quotes
Document Information
Type:
Property analysis report / real estate appraisal
File Size:
1.59 MB
Summary
This document is page 38 of a property analysis report for the IGY American Yacht Harbor Marina in Red Hook, Virgin Islands, likely prepared by the firm 'irr'. The analysis notes the property's location in a floodplain, its extensive road and water frontage, and two minor encroachments by a parking garage onto adjacent, government-owned land remnants. The report concludes that these encroachments are insignificant and do not adversely affect the property's value, assuming a clear and marketable title.
People (2)
| Name | Role | Context |
|---|---|---|
| the owner | Owner of the subject property |
Mentioned as being responsible for the expense of additional insurance due to the property being in a 100-year floodp...
|
| land use attorney | Legal Professional (hypothetical) |
Mentioned as a professional who should be engaged to determine compliance with zoning ordinances.
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Government of the Virgin Islands |
Owns the small, uneconomic remnants of land (Parcels 18N-1-A A and 18B-2 A) that the subject property's parking garag...
|
|
| IGY American Yacht Harbor Marina |
Identified in the footer, this is likely the subject property being analyzed in the report.
|
|
| irr. |
A logo in the footer, likely the firm that prepared the analysis report (possibly Integra Realty Resources).
|
|
| HOUSE_OVERSIGHT |
Implied by the document identifier 'HOUSE_OVERSIGHT_018849', suggesting this document is part of a collection for a g...
|
Timeline (2 events)
ongoing
The subject property's parking garage encroaches on two neighboring parcels owned by the Government of the Virgin Islands.
Boundary between the subject property and Parcels 18N-1-A A and 18B-2 A
undetermined past
Dredging was assumed to have occurred at some point in time, which enabled dockage close to the water line.
Vessup Bay waterfront of the subject property
Locations (7)
| Location | Context |
|---|---|
|
The subject property of the analysis, located in Red Hook.
|
|
|
The subject property has 765 linear feet of frontage along this road.
|
|
|
The subject property has 846 linear feet of water frontage along this bay.
|
|
|
The area where the subject property is located, mentioned as being in the 'heart of Red Hook'.
|
|
|
A parcel of land owned by the Government of the Virgin Islands, which is encroached upon by the subject's parking gar...
|
|
|
A parcel of land owned by the Government of the Virgin Islands, which is encroached upon by the subject's parking gar...
|
|
|
The general jurisdiction, inferred from the 'Government of the Virgin Islands'.
|
Relationships (1)
Subject Property (IGY American Yacht Harbor Marina)
→
Property Encroachment
→
Government of the Virgin Islands
The subject property's parking garage encroaches on two parcels (18N-1-A A and 18B-2 A) owned by the Government of the Virgin Islands.
Key Quotes (4)
"The subject is located within a 100-year floodplain related to coastal flooding, which would require additional insurance at the expense of the owner."Source
HOUSE_OVERSIGHT_018849.jpg
Quote #1
"According to the property survey provided, the subject parking garage encroaches the neighboring parcel to the north in two separate areas: an 82 square foot area encroaches onto Parcel 18N-1-A A, and a 105 square foot area encroaches onto Parcel 18B-2 A."Source
HOUSE_OVERSIGHT_018849.jpg
Quote #2
"These areas are small in size and the parcels being encroached upon are uneconomic remnants of land owned by the Government of the Virgin Islands. As a result, these encroachments do not have an adverse effect on the overall value of the subject."Source
HOUSE_OVERSIGHT_018849.jpg
Quote #3
"Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title."Source
HOUSE_OVERSIGHT_018849.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (2,156 characters)
Land Description and Analysis
38
are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required.
The subject is located within a 100-year floodplain related to coastal flooding, which would require additional insurance at the expense of the owner.
The subject site has 765 linear feet of frontage along Smith Bay Road. In addition, the subject has 846 linear feet of water frontage along Vessup Bay. There is no beach along the waterfront portion; with the coastline being that of existing and former mangroves. It is assumed that dredging occurred at some point in time which enabled dockage in close proximity to the water line.
Easements, Encroachments and Restrictions
Based upon a review of the deed and property survey, there do not appear to be any easements, encroachments, or restrictions that would adversely affect value. According to the property survey provided, the subject parking garage encroaches the neighboring parcel to the north in two separate areas: an 82 square foot area encroaches onto Parcel 18N-1-A A, and a 105 square foot area encroaches onto Parcel 18B-2 A. These areas are small in size and the parcels being encroached upon are uneconomic remnants of land owned by the Government of the Virgin Islands. As a result, these encroachments do not have an adverse effect on the overall value of the subject. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title.
Conclusion of Land Analysis
Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. The subject's location along Smith Bay Road in the heart of Red Hook, along with its extensive water frontage on Vessup Bay, are major drivers of demand and value for marina and commercial use on the site. We are not aware of any other particular restrictions on development.
IGY American Yacht Harbor Marina
irr.
HOUSE_OVERSIGHT_018849
38
are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required.
The subject is located within a 100-year floodplain related to coastal flooding, which would require additional insurance at the expense of the owner.
The subject site has 765 linear feet of frontage along Smith Bay Road. In addition, the subject has 846 linear feet of water frontage along Vessup Bay. There is no beach along the waterfront portion; with the coastline being that of existing and former mangroves. It is assumed that dredging occurred at some point in time which enabled dockage in close proximity to the water line.
Easements, Encroachments and Restrictions
Based upon a review of the deed and property survey, there do not appear to be any easements, encroachments, or restrictions that would adversely affect value. According to the property survey provided, the subject parking garage encroaches the neighboring parcel to the north in two separate areas: an 82 square foot area encroaches onto Parcel 18N-1-A A, and a 105 square foot area encroaches onto Parcel 18B-2 A. These areas are small in size and the parcels being encroached upon are uneconomic remnants of land owned by the Government of the Virgin Islands. As a result, these encroachments do not have an adverse effect on the overall value of the subject. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title.
Conclusion of Land Analysis
Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. The subject's location along Smith Bay Road in the heart of Red Hook, along with its extensive water frontage on Vessup Bay, are major drivers of demand and value for marina and commercial use on the site. We are not aware of any other particular restrictions on development.
IGY American Yacht Harbor Marina
irr.
HOUSE_OVERSIGHT_018849
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document