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016= AppraisalFirst, LLC <br />8101 Biscayne Boulevard, Suite R-516 <br />Miami, Florida 33138 <br />Phone: 305-470-2130 <br />Fax: 305-381-8047 <br />E-mail: residentialpapraisalfirst.net <br />E-mail: frank(a)appraisalfirst.net <br />December 4, 2024 <br />NINNA 1801 Corp. <br />17749 Collins Avenue, Unit 3001 <br />Sunny Isles Beach, Florida 33160 <br />c/o Carmen Tillit <br />East of Collins -Expediting <br />Re: The purchase of Transfer Development Rights (TDR's) as it pertains to the expansion of a <br />residential unit located in the Mansions of Acqualina, at 17749 Collins Avenue, Unit 3001, <br />Sunny Isles Beach, Florida 33160. <br />Dear Ms. Tillit: <br />As requested, I have prepared the attached appraisal report of the above referenced property. The <br />purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights <br />(TDR's), as it pertains to the underlying subject property. This appraisal report complies with the <br />minimum standards of the 2024 Edition of the Uniform Standards of Professional Appraisal Practice <br />(USPAP), effective January 1, 2024, as published by the Appraisal Standards Board of the Appraisal <br />Foundation. Specifically, this report adheres to the reporting requirements set forth under Standards <br />Rule 2-2(a) of USPAP, as it pertains to an Appraisal Report. <br />The value opinion reported is qualified by certain definitions, limiting conditions and certifications <br />which are set forth on pages 38 through 40 of this report. The extraordinary assumption is stated <br />herein. The report includes no hypothetical conditions. <br />The subject property consists of an approximate 613 square foot terrace areas within a residential <br />unit in the Mansions of Acqualina located along the ocean side of Collins Avenue, between 177th and <br />178th Streets, Sunny Isles Beach, Florida. The Mansions of Acqualina consists of a 47 -story, luxury <br />condominium tower, with 79 residential units, consisting of seven expansive, flow through, floor <br />plans. The building was completed in 2015. <br />125 <br />