HISTORY

In September of 1990, Patrick A. Josephs was issued a Business Certificate in Queens County, New York to conduct business as PATJO Appraisal Services Plus. For four years he practiced as a real estate appraiser under that name until he incorporated his business in June of 1994. Today, PATJO Appraisal Services, Inc. is a professional real estate appraisal and consulting firm incorporated in the State of New York with offices in New York and New Jersey.

PROFESSIONAL EXPERTISE

At PATJO Appraisal Services, Inc. we specialize in industrial, commercial and residential real property valuation. We also handle real property market analysis, feasibility studies and general consulting. We service primarily the States of New York but we also service New Jersey, Pennsylvania, Connecticut, Delaware and Washington, DC. Over the years, we have provided appraisal services to many major financial institutions, governmental and quasi-governmental agencies including the General Services Administration, US Department of Housing and Urban Development, New Jersey Housing and Mortgage Finance Agency, New York State Department of Transportation, New York State Department of Parks, Recreation and Historic Preservation, New York State Housing Finance Agency, The Trust for Public Land, Federal Deposit Insurance Corporation, Resolution Trust Corporation, New York City Economic Development Corporation, New York City Off-Track Betting Corporation, New York City Board of Education, New York City Department of Citywide Administrative Services and the New York City Neighborhood Housing Services.

TECHNICAL QUALIFICATIONS / EXPERIENCE

Our Principal (Patrick A. Josephs), with over 25 years real estate experience, is President and Director of Appraisal Operations at PATJO Appraisal Services, Inc. He has a very broad background in real estate in general and appraising in particular. Some of the appraisal assignments he has completed over the last two decades include co-operative apartments, condominium apartments, office buildings, industrial buildings, shopping centers, golf course, oil terminal, gas stations, marinas, hotels, rental apartment complexes, residential subdivisions, vacant land, easements and air-rights (unused development rights). In these cases, issues concerning tax abatement/exemption, housing subsidy, tax credit/bond financing, conservation easements, deferred maintenance, environmental contamination, wetland regulations, rent regulation, and the transfer of development rights had to be addressed.

Our Principal and several team members are Certified General Real Estate Appraisers in New York and several other states and MAI members of the Appraisal Institute. Other team members like our principal, hold master’s degree in Real Estate from New York University and are designated members of the Appraisal Institute (MAI) and the Royal Institution of Chartered Surveyors (MRICS). Our Principal is an instructor for the Appraisal Institute and an Adjunct Professor at New York University’s Schack Real Estate Institute. He has designed and taught real estate appraisal courses to University Students and Professional Groups. He has personally analyzed over 1,500 investment properties over the last 15 years and has written over 500 narrative reports on valuation, market and feasibility studies. Many appraisals were for Federal, State and Municipal agencies.

PATJO Appraisal Services, Inc. has been accepted as Tax Appeal appraisal consultant to the Town of East Brunswick and the Counties of Cape May and Passaic in New Jersey. PATJO Appraisal Services, Inc. has completed many appraisals for NYC Department of Citywide Administrative Services in Staten Island (Richmond County) for acquisition purposes under the NYC DEP’s “Bluebelt Project” for preservation of the watershed. In addition, we undertook all the appraisal of properties acquired or exchanged in the recently completed Yankee Stadium Project in the Bronx, which was the subject of an intense court challenge. The client was New York City and State and the project involved over 27 acres of land and over $57,000,000 in appraised value. 

In addition to their experience as appraisers, some team members are experienced Real Estate Brokers. Our principal (Patrick A. Josephs) has received awards for outstanding achievement in sales as a Licensed Real Estate Broker since 1987. He has negotiated over $30 million in residential and commercial real estate transactions in New York City. Some team members have completed specialized training with the Appraisal Institute and the International Right-of-Way Association (IRWA) that equips them especially for right-of-way, tax appeal and other types of real estate negotiations. Courses completed include Eminent Domain and Condemnation Appraising, Partial Interest Valuation, Attacking and Defending an Appraisal in Litigation, Easement Valuation, Preparing Tax Appeal Appraisals, Affordable Housing Valuation, Uniform Appraisal Standards for Federal Land Acquisitions  and Valuation of Transportation Corridors. Additionally, our principal has successfully completed the NYS DOT qualifying examination for General Real Estate Appraisers.

The Respondent has completed many contract valuations and market study assignments in the form of rental market studies for acquisitions and/or lease negotiations for various New York State and New York City agencies including the NYS Housing Finance Agency, New York City Police Department, NYC Board of Health, NYC Department of Education, NYC Administration for Children Services, NYC Off-Track Betting Corporation, NYC Department of Sanitation, NYC Department of Investigations and the County of Nassau. Our Principal (Patrick A. Josephs) served as Senior Commercial Review Appraiser and Team Leader in the Commercial Lending Department of a $300 billion financial institution in West Paterson - New Jersey between 2005 and 2008 where he conducted hundreds of administrative and technical reviews of appraisal reports prepared by staff appraisers and outside vendors. Several team members have had experience giving Expert Testimony over the last two decades. One team member has given testimony as an expert witness in various jurisdictions throughout the United States. Our Principal (Patrick A. Josephs) has appeared before the Morris County Board of Assessment on behalf of the FDIC. He also appeared as an expert witness in Queens Civil Court. He has prepared many appraisals for Attorney clients involved in litigation.

PAST PERFORMANCE

PATJO Appraisal Services, Inc. has successfully procured and serviced contracts for real property appraisal and market study consultant services over the years. As evidence, we have listed three contracts with public sector agencies serviced in the few years.

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