David Farrell Licensed NY State Real Estate Broker

A bit about Me:

ABOUT DAVID V. FARRELL

He is licensed by the State of New York as a Real Estate Broker (ID#31FA1046213) and is the Broker/Owner of Village Properties of Mineola, New York. His is the former Broker and Owner of RE/MAX Village Properties and partner in RE/MAX Village Manor and RE/MAX Village Estates. Prior to that, he had been the founder of Station Realty in Mineola, a boutique sales shop dedicated to serving clients requiring sales of estate and trust properties. His sales career has come full-circle as, after more than one-half dozen years as a franchisee, he has returned to a botique shop. The three longest tenures co-workers have worked with me, in one respect or another, for nearly one-half century in total.

He is also the Principal of the David V. Farrell Company, a firm whose purpose is the evaluation and disposition of real and personal property. The David V. Farrell Company acquired a portion of the Cornelius A. Heaney Company of Brooklyn, New York. Cornelius A. Heaney, Sr. and his brother James Heaney, began the company at the time of the Great Depression. Later, the company was turned of to Senior's son, Cornelius (Neil) A. Heaney Jr. In 1997, David acquired the rights to certain clientele of the company and began business on his own. To this day, David and Neil occasionally find themselves working together on estate appraisals, with David appraising the real estate and Neil handling the personal property appraisal.

He has been active for more than twenty years in these fields and has maintained offices at 188 Montague Street, 488 Atlantic Avenue and (presently at 57 Willoughby Street) in Kings County, and 212 Station Plaza North and (presently at) 167 Mineola Boulevard in Mineola, Nassau County. While David spends most of his time at 167 Mineola Boulevard in Mineola, he maintains the office on Willoughby Strete with Neil Heaney and, therefore, has had a constant presence in Kings County for well over 20 years.

David was fortunate enough to be hired by Neil Heaney between his Sophomore and Junior years at Loyola College in Baltimore, Maryland. (Loyola College is now known as Loyola University of Baltimore.) While at Loyola, David studied both Political Science and Business, while excelling in the areas of accounting, statistics, economics and computer programming. While graduating with a B.A., David was one class short of a double-major, including Business.

As a Junior in college, David studied for a term at the University College Dubliin and lived in Rathfarnham. There, he studiend European Economics, coupled with Irish History, Irish Literature and other pertinent classes. The highlight of his time in Ireland was interviewing Roddy Doyle, who had just written the book "The Commitments" which went on to be a major motion picutre. Doyle continued with two aditional books with the same characters "The Snapper" and "The Van", which are now known as, "The Barrytown Trilogy". Other writings include "Paddy Clarke, Ha, Ha, Ha", "The Woman who Walked into Doors", "Paula Spencer", "A Start Called Henry", "Oh, Play That Thing!", and, most recently, "The Dead Republic." His is possibly the most highly regarded Irish author of our times, and the first to win the fame "Booker Prize" since James Joyce. David considers it one of his life's most enjoyable days.

David returned to Loyola for senior yead, after another summer working for the Cornelius A. Heaney Company in Brooklyn, New York. Two days after graduation, David began his full-time career and has never looked back.

Presently, David is a Certified General Appraiser by the State of New York (ID#46-16371) and State of New Jersey (#42RG00202600) having met the experience, education and examination requirements for designation to appraise all types of real property in both states.* See below for the extensive requirements to become Certified within the State of Nww York. David has become a Certified General Appraiser in the Statet of New Jersey by their program of reciprocity.

He has acted as an Appraiser on behalf of the Courts of the State of New York and the City of New York as well as the United States Bankruptcy Court in the Southern and Eastern Districts.

He is a duly licensed Auctioneer by the New York City Department of Consumer Affairs (DCA #860694) and has sold at numerous public forums for the disposition of furniture, furnishings, jewelry and personalty at auction.

He has acted as Auctioneer on behalf of the Supreme Court of the State of New York and the Public Administrators of various counties.

He has appraised, consulted and sold residential, industrial and commercial properties throughout the Metropolitan Area of New York on behalf of a wide clientele.

As a result of regular activity and employment in these areas, he has an extensive and current knowledge of values and methods of valuation of real and personal property.

While more particularly described below, Mr. Farrell's specialty is the valuation of partial interests in entities owning real property. As described:

Business Valuations

While David does not regularly appraisal businesses, he can provide you with assistance in that category as a Licensed Real Estate Broker. Often, he rents or sells real estate in which a small or large portion of its value is a business within its premises. In 2002, David acquired a mixed-commercial and residential building with a restaurant/pub, updated and converted the property, managed the bar to profitability, and sold both in 2004. As such, he has a working knowledge and understanding of what area investors are willing to pay, and what owners may be able to obtain from the sale of their properties.

By separating and understanding the ‘going-concern value’ of the business on site, coupled with the value of the real property, Mr. Farrell provides superior insight into the value of real estate in which the owner is also a business operator within the premises. He is able to explain varying values based upon the owner remaining in possession or relinquishing possession of their business operating within the building. Further, his appraisal background allows him to knowledgeably discuss the Highest and Best Use with the building owner who is also a tenant.

However, Mr. Farrell’s areas of expertise is in the valuation C-Corporations, LLCs, FLPs, S-Corporations, and other entities which have a partial interest in real property – most especially small partial interests, he has been able to obtain discounts of up to 55% from the Internal Revenue Service and New York State Department of Taxation. His reports are widely accepted and his testimony and consulting has been crucial in limiting the gift tax and estate tax liability of his clients. Further, he has a team of expert witnesses who have made careers out of purchasing partial interests ready to testify on behalf of his clients, affirming his valuations. Hiring David V. Farrell has saved clients tens of millions of dollars in estate and gift tax liabilities, when clients were unaware that partial, non-controlling interests are worthy of tremendous discounts for Lack of Marketability and Lack of Liquidity. Mr. Farrell’s work was crucial in many recent estate valuations, including the valuation of a partial interest in a Coney Island Pier, in which Mr. Farrell’s 55% discount for one owner’s interest was upheld the day prior to the Federal Tax Court Hearing, when IRS representatives accepted his value and terminated the court case 24 hours prior to its inception.

www.LIvillageproperties.com

See additional Blogs at http://blog.davidvfarrell.com

Business Valuations

While David does not regularly appraisal businesses, he can provide you with assistance in that category as a Licensed Real Estate Broker. Often, he rents or sells real estate in which a small or large portion of its value is a business within its premises. In 2002, David acquired a mixed-commercial and residential building with a restaurant/pub, updated and converted the property, managed the bar to profitability, and sold both in 2004. As such, he has a working knowledge and understanding of what area investors are willing to pay, and what owners may be able to obtain from the sale of their properties.

By separating and understanding the ‘going-concern value’ of the business on site, coupled with the value of the real property, Mr. Farrell provides superior insight into the value of real estate in which the owner is also a business operator within the premises. He is able to explain varying values based upon the owner remaining in possession or relinquishing possession of their business operating within the building. Further, his appraisal background allows him to knowledgeably discuss the Highest and Best Use with the building owner who is also a tenant.

However, Mr. Farrell’s areas of expertise is in the valuation C-Corporations, LLCs, FLPs, S-Corporations, and other entities which have a partial interest in real property – most especially small partial interests, he has been able to obtain discounts of up to 55% from the Internal Revenue Service and New York State Department of Taxation. His reports are widely accepted and his testimony and consulting has been crucial in limiting the gift tax and estate tax liability of his clients. Further, he has a team of expert witnesses who have made careers out of purchasing partial interests ready to testify on behalf of his clients, affirming his valuations. Hiring David V. Farrell has saved clients tens of millions of dollars in estate and gift tax liabilities, when clients were unaware that partial, non-controlling interests are worthy of tremendous discounts for Lack of Marketability and Lack of Liquidity. Mr. Farrell’s work was crucial in many recent estate valuations, including the valuation of a partial interest in a Coney Island Pier, in which Mr. Farrell’s 55% discount for one owner’s interest was upheld the day prior to the Federal Tax Court Hearing, when IRS representatives accepted his value and terminated the court case 24 hours prior to its inception.

Areas of Expertise

CURRENT EDUCATIONAL REQUIREMENTS

of the New York State - Department of State - Division of Licensing Services

in order to BECOME A CERTIFIED GENERAL APPRAISER

The requirements to be a Certified General Appraiser in the State of New York are now quite strenuous, and would essentially pass as the equivalent of a minimum of a Master's Degree. David took the majority of his preparatory classwork leading up to the New York State Certified General Appraiser's Examination at New York University's School of Real Estate. Unfortunately, his studies took place just prior to the beginning of their institution of a Master's of Real Estate. However, in oder to become Certified in the State of New York, the "New York State Certified and Licensed Real Estate Appraisers License Law" (as of June 2011) states the following requirements:
(i) Residential 5 (R-5) Basic Appraisal Principles 30 hours

(ii) Residential 6 (R-6) Basic Appraisal Procedures 30 hours

(iii) Uniform Standards of Professional Appraisal Practice (USPAP) or its equivalent (as further defined in section 1103.7) of this Part 15 hours

(iv) General 4(G-4) General Market Analysis and Highest and Best Use 30 hours

(v) Statistics, Modeling and Finance (SMF) 15 hours

(vi) General 5 (G-5) General Appraiser Sales Comparison Approach 30 hours

(vii) General 6 (G-6) General Appraiser Site Valuation & Cost Approach 30 hours

(viii) General 7 (G-7) General Appraiser Income Approach 60 hours

(ix) General 8 (G-8) General Appraiser Report Writing & Case Studies 30 hours

(x) Fair Housing, Fair Lending and Environmental Issues (GE-1) 15 hours

(xi) Appraisal subject matter electives:

Specialty Appraisals (GE-2) - 15 hours

Using the HP12C Financial Calculator (GE-3), or such other elective course approved by the Department.

Total Classroom Study Hours Required = 300 Hours

In addition, David has taken a mininimum of 28.5 Hours of Continuing Education Credits every two years since for almost 20 years. He has taken over 500 hours of Continuing Education during that time as in both the fields of Real Estate Appraisal as well as Real Estate Brokerage.

Below is a Sampling of Additional Appraisal and Brokerage Courses Taken

Mr. Farrell intends to further his career as an Apprasier and Broker by becoming a Juris Doctor when his children graduate from high school. While he has no intention of practicing law, he feels the added background and knowledge would serve him very well in his estate and trust appraisal work as well as court testimony.

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Business Valuations of Real Estate Owning Entities

While David does not regularly appraisal businesses, he can provide you with assistance in that category as a Licensed Real Estate Broker. Often, he rents or sells real estate in which a small or large portion of its value is a business within its premises. In 2002, David acquired a mixed-commercial and residential building with a restaurant/pub, updated and converted the property, managed the bar to profitability, and sold both in 2004. As such, he has a working knowledge and understanding of what area investors are willing to pay, and what owners may be able to obtain from the sale of their properties.

By separating and understanding the ‘going-concern value’ of the business on site, coupled with the value of the real property, Mr. Farrell provides superior insight into the value of real estate in which the owner is also a business operator within the premises. He is able to explain varying values based upon the owner remaining in possession or relinquishing possession of their business operating within the building. Further, his appraisal background allows him to knowledgeably discuss the Highest and Best Use with the building owner who is also a tenant.

However, Mr. Farrell’s areas of expertise is in the valuation C-Corporations, LLCs, FLPs, S-Corporations, and other entities which have a partial interest in real property – most especially small partial interests, he has been able to obtain discounts of up to 55% from the Internal Revenue Service and New York State Department of Taxation. His reports are widely accepted and his testimony and consulting has been crucial in limiting the gift tax and estate tax liability of his clients. Further, he has a team of expert witnesses who have made careers out of purchasing partial interests ready to testify on behalf of his clients, affirming his valuations. Hiring David V. Farrell has saved clients tens of millions of dollars in estate and gift tax liabilities, when clients were unaware that partial, non-controlling interests are worthy of tremendous discounts for Lack of Marketability and Lack of Liquidity. Mr. Farrell’s work was crucial in many recent estate valuations, including the valuation of a partial interest in a Coney Island Pier, in which Mr. Farrell’s 55% discount for one owner’s interest was upheld the day prior to the Federal Tax Court Hearing, when IRS representatives accepted his value and terminated the court case 24 hours prior to its inception.

A PARTIAL LISTING OF CONTINUING EDUCATION CLASSES UNDERTAKEN IN THE PAST 20 YEARS INCLUDE:

Numerous Classes on Valuation of Hotels

More than One-Half Dozen Classes on the Uniform Standards of Appraisal Practice (USPAP)

Various Formerly Required Classes Knowns as AQ-1, AQ-2, etc. which were required to assist 'form' or 'bank' appraisers in assisting them in understanding regulations required for these form appraisals.

Numerous Renditions of the Uniform Standards of Professional Appraisal Practice

National USPAP Update Equivalent

Oddball Appraisals

Appraisal Trends

Mortgage Fraud: Protect Yourself

Additional classes include 'Appraising Manufactured Homes', 'Construction Details and Trends', 'Environmental Issues for Appraisers', 'Oddball Appraisals', 'Private Appraisal Assignments', 'Residential Appraisal Review', 'The Cost Approach', 'FHA Checklist for Appraisers' and many, many more.

Why not list your house or work with a Realtor with an office in your town? If the Realtor is trying to sell you on their local know-how and knowledge, ask why their offices are in other towns or even counties. This isn't Kansas, and each town here tends to have 25,000 or more residents. Work with someone who knows your area.

www.LIvillageproperties.com

As an appraiser, David has performed several dozen of almost every type of property defined below. Due to his unusual background in the business, he has actually appraised several dozen churches, schools, and convents, including cloistered convents. These properties have rarely even been entered by anyone other than the residents. Due to this background, he has developed one of the more extensive photographic libraries of stained glass windows from these facilities of anyone in the New York. David has photographs of the original stained glass windows, as well as entire interior of many churches, schools and convents that have been razed. The list shown below details the types of property appraised, but Mr. Farrell's particular area of expertise is preparation of appraisal reports for Estates, Trusts and Court Testimony. Every appraisal he has written is a Narrative Report and no form appraisals are produced at the David V. Farrrell Company. While I have done work on behalf of numerous banks, these appraisals are generally for their trust departments, never for mortgage lending purposes.

Types of Real Estate Appraised

One & Two Family Houses

Multiple-Family Houses and Small Walk-Up Apartment Buildings

Large Apartment Buildings and Complexes of up to 500 units both with and without elevators

Most Types of Industrial Properties

Most types of Retail Properties

Shopping Centers & Retail Shopping Strips

Condominium & Cooperative Apartment Buildings

Vacant Land

Office Buildings

Hotels

Special Use Properties

Churches

Schools (Public, Catholic, Yeshivas, etc.)

Medical Facilities

Senior Living Facilities

Nursing Homes

Convents & Seminaries

Background

David V. Farrell has been a Certified General Appraiser since licensing began in the State of New York in 1993. He had already been working for several years in the industry and, at 23 years old, became the youngest Certified General Appraiser licensed in the state. Prior to becoming a Certified General Appraiser and Licensed Real Estate Broker, Mr. Farrell had already acted as a Real Estate Auctioneer for more than 1,000 properties and had been appointed by the New York Supreme Court as auctioneer on countless occasions.

Mr. Farrell is a recent past broker and owner of a franchise founded in Colorado named Village Properties and part owner of other two other of the same Franchises on Long Island. However, while he does act still act as a broker, he has chosen to make his own path in the industry. In the current economy, paying tens of thousands of dollars in fees to a franchisor became a fruitless endeavor.

My work primarily revolves around, sales of real property, real estate appraisal, foreclosure auctions and other real estate realted activities.

Partial List of Clients Served

The Bank of New York
Berkman, Henoch, Peterson & Peddy, P.C.
Brooklyn Bar Association
Brooklyn Hospital Center
Catholic Charities of Brooklyn
Center for Nursing and Rehabilitation
Chase Manhattan Bank
Chemical Bank Private Banking
Citibank Private Banking
Cullen & Dykman
Cusack & Stiles
D`Amato & Lynch
DeForest & Duer
Farrell, Fritz, P.C.
Fischbein, Badillo, Wagner & Harding
Finkelstein & Virga, P.C.
Heartshare Human Services of New York
Hesterberg & Keller
HSBC Bank, USA
International Brotherhood of Teamsters
International Longshoreman`s Associations –New York Seamen`s Association
Lott & Livingston
Meaders, Duckworth & Moore
New York Congregational Nursing Center
New York State Supreme Court
North Fork Bank
Pratt Institute - Center for Community & Environmental Development
Progress of People`s Development Corporation
Public Administrators of Nassau, Suffolk, Queens, Kings and New York Counties
Republic National Bank
Rivkin Radler LLP
Ruskin, Moscou, Evans & Faltischek, P.C
Roman Catholic Diocese of Brooklyn
Second District Dental Society

Sun Trust Bank

United States Attorney`s Office
United States Bankruptcy Court, Southern & Eastern Districts
United States Department of Housing & Urban Development
Wingate, Kearney & Cullen

If you need someone with whom to consult regarding a serious real estate question, are willing to compensate someone for their professional opinion, and feel someone with as diverse a background in real estate on Long Island and the City of New York as I have would be helpul, give me a call.

www.LIvillageproperties.com

As stated above, Mr. Farrell prides himself on his specialty of busines valuation.

Business Valuations

While David does not regularly appraisal businesses, he can provide you with assistance in that category as a Licensed Real Estate Broker. Often, he rents or sells real estate in which a small or large portion of its value is a business within its premises. In 2002, David acquired a mixed-commercial and residential building with a restaurant/pub, updated and converted the property, managed the bar to profitability, and sold both in 2004. As such, he has a working knowledge and understanding of what area investors are willing to pay, and what owners may be able to obtain from the sale of their properties.

By separating and understanding the ‘going-concern value’ of the business on site, coupled with the value of the real property, Mr. Farrell provides superior insight into the value of real estate in which the owner is also a business operator within the premises. He is able to explain varying values based upon the owner remaining in possession or relinquishing possession of their business operating within the building. Further, his appraisal background allows him to knowledgeably discuss the Highest and Best Use with the building owner who is also a tenant.

However, Mr. Farrell’s areas of expertise is in the valuation C-Corporations, LLCs, FLPs, S-Corporations, and other entities which have a partial interest in real property – most especially small partial interests, he has been able to obtain discounts of up to 55% from the Internal Revenue Service and New York State Department of Taxation. His reports are widely accepted and his testimony and consulting has been crucial in limiting the gift tax and estate tax liability of his clients. Further, he has a team of expert witnesses who have made careers out of purchasing partial interests ready to testify on behalf of his clients, affirming his valuations. Hiring David V. Farrell has saved clients tens of millions of dollars in estate and gift tax liabilities, when clients were unaware that partial, non-controlling interests are worthy of tremendous discounts for Lack of Marketability and Lack of Liquidity. Mr. Farrell’s work was crucial in many recent estate valuations, including the valuation of a partial interest in a Coney Island Pier, in which Mr. Farrell’s 55% discount for one owner’s interest was upheld the day prior to the Federal Tax Court Hearing, when IRS representatives accepted his value and terminated the court case 24 hours prior to its inception.

In his prior life, David was a member in good standing of the Screen Actor’s Guild. In his 9.5 year career acting, he was in over 20 television commercials, over 100 print advertisements, and served as an extra in numerous shows, including All My Children, back in the mid-1970s. In addition, other notable, if short-lived careers, included working as a Staff Supervisor for Marriott International while a student at Loyola College in Baltimore. While attending college, he worked an average of 40-hours per week for Marriott, where his favorite position was Head Bartender for the Loyola College Board of Directors Meetings. At that time, Jim McKay, the famous sportscaster was a director, and David’s favorite guest. Prior to that, while in High School, he delivered pizza for Garden City Pizza where he was known by the local police to hold the land-speed record for fastest deliveries.

Prior to that, David worked for Harwyn Red Cross shoes as a stock boy. There, he gained fame for shifting entire walls of shoes within minutes and for his ability to recognize a ladies 7 from a ladies 7 wide from a distance of over 50-feet. His work at diminishing the appeal of the Hush Puppy stymied the company’s effort to make the shoe the Official Footwear of the United States. Further, his colleagues entered him into the “Stock Boy” hall of fame, for the most consecutive hours of shifting shoes of any employee in the past 50-years. There isn't really much more that I can add to this section other than that I hope the reader understands the author has utilized some level of poetic license over the past two paragraphs.