Price Opinion & Listing Presentation 15 East 81st Street, New York, NY 19 Burrma Drive Lloyd Harbor, NY 25 & 49 Elk Track Court, Beaver Creek, CO SUMMER 2022
William Tarantola: Coach Realtors | Christie’s International Real Estate, Long Island
Mark Haldeman & Jennifer Banner: Christie’s International Real Estate, Aspen, CO My colleagues in each location were very pleased to view the properties and have provided their analysis which is compiled and found at the end of this presentation.
Mr. Kutayba Alghanim Green Drake Corporation NY 2022
1002 August 15,
Re: Price Opinions for properties in New York City, Lloyd Harbor, NY & Beaver Creek, CO
Should you decide to list your properties with this team of accomplished agents, myself and our team based in the Christie’s International Real Estate corporate offices at Rockefeller Center and Chicago would be thrilled to represent these fine homes in our Bespoke Marketing Program. This awardwinning marketing program will showcase each property in a custom-tailored campaign designed for maximum exposure to important Christie’s clients, and buyers of luxury properties from around the world. You will find more information about that program, and its successes, in the included Itdocument.isourpleasure to share this evaluation with you and look forward to representing you in the sale of your properties. Should you have any questions, or wish to discuss anything included within this presentation, do not hesitate to contact us.
c/o
Dear Mr. Kutayba Alghanim, Thank you for providing Christie’s International Real Estate the opportunity to evaluate your magnificent properties located in New York City, Lloyd Harbor, and Beaver Creek. As we are a network of independently owned brokerages who represent us as exclusive affiliates in their local market, the price opinions have been prepared by the following brokers: Edward Joseph: Christie’s International Real Estate Group, Inc, New York City
Kind regards, Seth Watsky Vice President Christie’s Services
212.417.0363swatsky@christiesrealestate.com
414 East 75th Street New York,
1
3
Our World Christie’s International Real Estate represents the vanguard of luxury real estate, the ultimate in highend homes and estates. This exclusive invitation-only network includes the world’s premier luxury brokerage firms and the industry’s most accomplished real estate professionals. Across the globe, discerning luxury buyers and sellers trust Christie’s International Real Estate to deliver tailored service and exceptional results.
4
AREWEWHO
6 6
The Global Authority in Luxury Real Estate
7
The Christie’s International Real Estate network spans nearly 50 countries and territories on six continents. It is the unparalleled expertise of each independently owned Christie’s International Real Estate Affiliate that truly assures clients of the best representation in any given market. Through a common focus on luxury real estate, strong local ownership, and a dynamic Affiliate network, Christie’s International Real Estate connects buyers and sellers of the world’s preeminent homes.
8
Influential
Christie’s International Real Estate includes market-leading offices in key luxury markets around the world, from New York, L.A., and Toronto to London, Paris and Rome; from Bangkok to Dubai; the Mediterranean to the Caribbean; and from the Rocky Mountains to the Swiss Alps. No matter the locale or the luxury property you wish to sell or acquire, Christie’s International Real Estate is the solution to your high-end real estate needs.
Vast and
9
10
PERFORMANCE
Success on the World Stage WORLDWIDEPROPERTIESLUXURY $47B LUXURYTOTALPROPERTYVALUE $500B REAL ESTATE SALES IN THE LAST FIVE YEARS 12K
In the luxury real estate market, experience matters. Local knowledge and connections matter. And a willingness and ability to go above and beyond for each client matters. Independently owned brokerage firms tend to serve the luxury market better because they exhibit these qualities innately. That is why
MattersIndependence
14
Christie’s International Real Estate is exclusively comprised of the leading independent firms in each market, the best owner-operators with a true commitment to performing – not for shareholders or a board of directors, but for clients like you.
Past, Present and Future
Despite the 250-plus years of rich history behind our brand, Christie’s International Real Estate is never one to rest on its laurels. As a leader in real estate technology – with a proprietary pl@tform™ that improves agent performance and client service –we are driving innovation within the real estate world each and every day while intently building the luxury brokerage firm of tomorrow.
17
Christie’s is synonymous with the world’s most coveted art and luxury items, and iconicEstateInternationalChristie’sRealleveragesitsconnectiontotheauctionhouse to benefit our clients in a number of ways.
19 LUXURY&ART
Artfully Aligned
Since 1766, Christie’s world-renowned auctions and private sales have captivated a global audience of luxury collectors and aficionados. Today, the venerable institution has a physical presence in 46 countries with flagship international sales hubs in New York, London, Hong Kong, Paris, and Geneva. In recent years, Christie’s has achieved the world record price for an artwork at auction, a single collection sale, a work by a living artist, and an NFT sale. Christie’s International Real Estate maintains a close partnership with Christie’s, creating unique marketing opportunities and synergies between the worlds of high-end real estate, art and luxury goods.
21
•
•
22
Christie’s International Real Estate Sales Through its network of leading real estate brokers and its New York City brokerage, Christie’s International Real Estate is the global authority in the marketing and selling of luxury residential properties. Network achieved approximately US$500 billion in sales over the last five years and more than 52 million website visits annually. Corporate offices in New York, London, Hong Kong, and Los Angeles.
Significant
•
Sales Highlights Villa Infinity Anse des Cayes, Saint Barthélemy, US$18,231,450 Sibarth Real Estate SkyPine Estate (bottom right) Lake Coeur d’Alene, Idaho, US$27,500,000 Strand Hill Properties 1660 South Ocean Boulevard (left page) Manalapan, Florida, US$39,000,000 Premier Estates Properties 23
Christie’s International Real Estate Exclusive Listings The James F. D. Lanier House | New York, NY | US$33,000,000 A Gilded Age New York City Mansion spanning 6 floors. Listed by Edward Joseph Christie’s International Real Estate, NYC. 25
International Real Estate Significant Sales 901 Ute Avenue | Aspen, CO | US$34,000,000 A fabulous 5 bedroom 2 ½ blocks to the Aspen Mountain Gondola. Listed by Mark Haldeman & Jennifer Banner Christie’s International Real Estate, Aspen. Rabbit Run | Sands Point, NY | US$4,325,000 A magnificent Mediterranean manor with private beach at 10,000 square feet. Listed by John Russo & William Tarantola Coach Realtors.
29
Our MarketingBespokeProgram
Reserved for exclusive homes in the top 10 percent of a market, properties enrolled in our Bespoke Marketing Program benefit from high-impact marketing opportunities that reach Christie’s clients and qualified potential buyers around the world. With marketing tailored to each property, our campaigns tell a unique story for each property in a way that is original, effective, and broadly appealing.
From personalized introductions to potential buyers from auction house specialists to prominent exposure on video screens at salerooms, these properties receive privileged attention and incomparable global exposure. Our ability to make personal introductions between clients of Christie’s and Christie’s International Real Estate creates a synergy between the worlds of art and real estate, and is the foundation of our world-class platform for the highly targeted marketing of noteworthy properties.
SEPTEMBER International Syndication to Partner Websites**** Property promotion on premium partner websites sent from CIRE Website. - Wall Street Journal: WSJ.com, Europe.wsj.com, Asia.wsj.com, Mansion Global (English, Chinese, Spanish) - CountryLife.co.uk - Propgoluxury.com (U.S. and Asia) - NYTimes.com, Cn.nytimes.com (China) - Financial Times - Zaobao (China)
2022
Other event exposure with materials on property provided as available.
NOVEMBER Affiliate Network Outreach
Pull up banner of property displayed in the lobbies of Christie’s Rockefeller, King Street & Dubai salerooms. Pull up banner of property displayed in the lobbies of Christie’s Rockefeller, King Street & Dubai salerooms.**
Q4
Auction House Exposure Property video clip on large screens at Christie’s Rockefeller Center, New York; Christie’s King Street, London; and Christie’s Alexandra House, Hong Kong.* Property Brochure displayed at New York, King Street London & Hong Kong Salerooms.** Full page property ads in Christie’s Sale Catalogues.*** Public Relations Press release to be completed at time of re-listing. Followed by ongoing public rela tions support throughout duration of listing with the assistance of PR partners in NYC and London following initial announcement. All press inquiries will be vetted by CIRE Director of Communications. Digital**** Search
DECEMBER Photography Professional photography including drone technology taken of property to be used in marketing collateral and CIRE digital initiatives
OCTOBER Advertising Advertising campaign in high profile publications. While this campaign will be finalized after listing, magazines we are considering for this opportunity are the following: - Modern Luxury Philadelphia Style, and New York - Architectural Digest - Luxe ProgrammaticMagazineDigital Banner Ad Campaign syndicated to the Google Display Network. Advertisements displayed on the New York Times, Financial Times & Wall Street Journal.* Monthly coop advertising featured in the Wall Street Journal, Financial Times & New York Times. 1 month with a large spotlight ad on the property in all publications. (Monthly starting July 2022) Full page property ad to be featured in the Financial Times. (TBD and as available).
Editorial feature on property published to the Christie’s Stories online magazine through the Christie’s site***
Large window banner of property facing 49th InclusionStreet.of property in the Christie’s International Real Estate top client newsletter; sent to 15,000 Christie’s clients *** Inclusion within Art & Walls: a newsletter sent to Christie’s top business getters worldwide ***
2-page spread in custom Christie’s International Real Estate (CIRE) Lux ury Living event booklets distributed to Christie’s clients at the upcoming auctions shown below: - Christie’s Dubai Sales - Islamic Art London Sales - Hong Kong Spring Sales - Geneva Spring Sales - Contemporary Indian Art Sales - Russian Art Summer Sales - Concours d’Elegance Auto Week: Pebble Beach, California - Mumbai Indian Art Sales
Christie’s engine optimized property web page on the CIRE website (christiesrealestate.com). will include hi-res images, property description, features, video, and virtual tour, and contact information Boosted search results on Google and other search engines SEO Optimized Property Webad with hi res images and property video - Video feature on CIRE Homepage Carousel - Luxury Defined Blog Features - Social Media Exposure and property tour featured on CIRE YouTube Account - Property listing syndicated to high profile international news publication websites Custom Brochure CIRE to create a 8-page brochure, high lighting architecture, provenance of estate and featuring hi-res images and property Brochuredescription.will be distributed to Christie’s offices and salerooms worldwide, and to headquarter offices of exclusive CIRE affiliates internationally.
The house will be promoted to a selection of 250 top producing brokers in the Christie’s International Real Estate network through a series of newsletters encouraging them to consider buyers for the property.
WINTER Christie’s Global Event Exposure
OCTOBERSEPT NOVEMBER DECEMBER JANUARY FEBRUARY MARCH 30
-
WebAd
JANUARY - MAY Christie’s Auction House Exposure
-
2023 Magazine Standing recurring full-page ads in Christie’s International Real Estate Quarterly magazine Distributed throughout CIRE affiliate network, 45,000 subscribers, and to Christie’s Inc. global salerooms and offices. Q4 January – March 2022 Q1 April – June 2023 Q2 July – September 2023 Q3 October – December 2023 6-page editorial feature on the property in the CIRE Quarterly Magazine: Q4 October – Dec 2022 SUMMER Christie’s Global Event Exposure 2-page spread in custom Christie’s Interna tional Real Estate (CIRE) Luxury Living event booklets distributed to Christie’s clients at the upcoming auctions shown below: - Christie’s Dubai Sales - Islamic Art London Sales - Hong Kong Spring Sales - Geneva Spring Sales - Contemporary Indian Art Sales - Russian Art Summer Sales - Concours d’Elegance Auto Week: Pebble Beach, California - Mumbai Indian Art Sales Other event exposure with materials on property provided as available. Bespoke Marketing Plan An exact timeline of this marketing plan will be determined upon start of listing agreement. Dates listed are approximate. * Ongoing throughout duration of listing term ** 2022 to coincide with Design sales *** As available **** June 2022 Ongoing Q1 Q3 Q4Q2 OCT NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL JUNE JULYMAY AUGUST SEPTEMBER
Christie’s Auction House Displays The subject properties will be prominently displayed through banners, video montages and Luxury Living booklets at important auctions and salerooms worldwide. 33
34
PromotionDigital Your properties will be showcased on the following sites and LinkedInPinterestInstagramTwitterFacebookLuxurychristies.comluxurydefined.comchristiesrealestate.complatforms:Livingnewsletters 37
38
Targeted Public Relations & Advertising Strategies Should a public relations campaign become a part of our strategy for your properties in our portfolio, especially those with great stories to tell such as this property, are routinely chosen for features in the world’s leading publications. 39
In partnership with Christie’s, we can arrange special events or client previews at the property. We also participate in luxury lifestyle events internationally. Wherever we are present, can showcase your properties in our collateral and video presentations.
Events
41
OPINIONSPRICE
15 East 81 st Street and Manhattan Residences 44
Dear Mr. Alghanim,
Price opinion for 19 Burrma Drive, Lloyd Harbor, NY Prepared by: William Tarantola, Coach Realtors, Long Island 50
52
54
56
Price opinion for 49 and 25 Elk Track Court, Beaver Creek, CO Prepared by Mark Haldeman & Jennifer Banner, Christie’s International Real Estate, Aspen
This home is located three doors down from the subject properties. It traded in February of 2022 for $10,200,000 and is the only real comparable property. This home was extensively remodeled in 2017 and was move in ready. The home has air conditioning, extensive outdoor living spaces with a water feature, in ground hot tub, an “endless” swimming pool, a fire pit, and skier deck for easy ski in/ski out access. Relative to the subject properties, this property has superior ski access, is in more updated condition and has amenities (pool, fire pit and deck spaces) that the subject properties don’t possess.
520 E. Durant Avenue, Suite 205, Aspen, CO 81611 970.544.5800 | www.ChristiesAspenRE.com August 12, 2022 Green Drake Corporation 414 E 75th Street New York, NY 10021 Dear Mr. Mansour Our mutual associate, Seth Watsky, asked us to give you an opinion of value on the two properties located at 49 and 25 Elk Track Court. We toured the properties this past Tuesday and have researched the available comparable properties (of which there are very few) in the surrounding area. Our findings are listed below: Relevant Comparable Properties:
70 Elk Track Road | Sold $15,920,000 on November 18, 2020 ($1,466/SqFt) This home is accessed from Elk Track Road, immediately to the east of the Elk Track Court neighborhood. As this home was sold off market, we don’t have detailed information about the condition of the property. However, Eagle County records indicated an “effective year built” of 2015 which suggests a significant remodel around that time. Relative to the subject properties the lot location is superior in terms of views and ease of ski in/ski out access and, based on the “effective year built”, the condition is assumed to also be superior to the subject properties.
75 Elk Track Court | Sold $10,200,000 on February 25, 2022 ($1,005/SqFt)
89 Elk Track Court | Sold for $4,250,000 on July 21, 2020 (Vacant Lot) This vacant lot at the east end of Elk Track Court sold in July of 2020 for $4,250,000. We believe that in today’s market, this vacant lot is worth approximately $6 million. The views and ski access are also superior to the subject properties. Dear Mr. Alghanim, 58
Three additional properties located in the Strawberry Park neighborhood: 22 Strawberry Park Rd. Built in in 1998 and remodeled in 2017 sold on 4/30/21 for $10,400,000 515 Strawberry Park Rd. Built in 2000 sold on 2/23/21 for $10,950,000 246 Strawberry Park Ct. Built in 1997 and remodeled in 2016 sold on 9/25/20 for $12.375,000
Mark J. Haldeman Banner Principal & Broker Principal & Broker
Jennifer
Strawberry Park is known for properties that have direct ski in/out access and are of newer construction. In fact, all the above were “move in ready”
Please let us know if you have any questions or require any additional information.
Kind Regards,
520 E. Durant Avenue, Suite 205, Aspen, CO 81611 970.544.5800 | www.ChristiesAspenRE.com
It is our opinion that the above represent the best available comparable sales to the subject properties and specifically, the February 2022 sale of 75 Elk Track is the most relevant. Because if its superior location and newer physical condition, it is our opinion that the subject properties are of slightly lessor value. Therefore, in light of the above and because of the scarcity of inventory, we believe the subject properties are marketable at $8,750,000 per property. We also believe that marketing the properties simultaneously would be advantageous as there are currently no offerings of contiguous properties in Beaver Creek.
Subject AddressProperties SqFt Lot Size Beds 49 Elk Track Court 9,640 1.8 8 25 Elk Track Court 8,021 1.69 7 Elk Track Neighborhood Sales Address SqFt Lot Size Beds 75 Elk Track Court 10,147 0.65 8 70 Elk Track Road 10,861 1 7 Elk Track Neighborhood Land Sale Address SqFt Lot Size Beds 89 Elk Track Road 1.05 Other Relevant Sales Address SqFt Lot Size Beds 22 Strawberry Park Road 10,127 0.6 8 515 Strawberry Park Road 9,071 1.87 6 246 Strawberry Park Court 9,367 1.39 7 60
Baths BuiltYear 12 1982 8.5 1983 Baths BuiltYear RemodelYear Sold Price $/SqFtSold Date Sold 9.5 1990 2017 $10,200,000 $1,005 2/25/22 9.5 1999 2015 $15,920,000 $1,466 11/18/20 Baths BuiltYear RemodelYear Sold Price $/SqFtSold Date Sold $4,250,000 7/21/20 Baths BuiltYear RemodelYear Sold Price $/SqFtSold Date Sold 10 1998 2016 $10,400,000 $1,027 4/30/21 8 2000 2010 $10,950,000 $1,207 2/23/21 10 1997 2016 $12,375,000 $1,321 9/25/20
Conclusion We trust this proposal expresses our commitment to the sale of your properties in New York and Colorado. Our entire team would like to assure you that we will apply our superlative standards toward achieving the highest results on your behalf and making this sale process as seamless as possible. Any successful real estate sale involves an ongoing and open dialogue, and we look forward to further discussing pricing and our ideas with you. 63
Chicago 806 N. Peoria St. Suite 100 Chicago, IL, 60642, USA +1 312 254 0200 London 8 King Street, St. James’s London, SW1Y6QT, UK +44 20 3824 1951 New York 20 Rockefeller Plaza New York, NY, 10020, USA +1 877 745 5574 christiesrealestate.com