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BERTRAM R. BROWN, NIAI, SRA <br />500 NW 165 STREET ROAD. SUrrE 108 <br />MIAMI. FL 33169 <br />(305) 947-4727 <br />F": (305) 944-4029 <br />April 20, 1998 <br />Mr. Jack Neustadt <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />RE: Vacant Land located at <br />North Bay Road and 179th Drive <br />Sunny Isles Beach, Florida <br />Dear Mr. Neustadt: <br />Pursuant to your request, we are pleased to submit the accompanying <br />formal appraisal report. The report, including exhibits, fully <br />describes the subject property and contains all pertinent data <br />gathered in our investigation. <br />We made a careful inspection of the site on June 113t, 1998 and <br />other dates. All property rights were appraised and a study made <br />of all conditions affecting its value, the purpose of which is to <br />arrive at the current market value. <br />A study has also been made to determine its present marketability. <br />Our findings are submitted herein. <br />The current market value or most probable selling price for the <br />subject property, as of June 1st, 1998, in its "as is" condition, <br />is: <br />$1,420,000 <br />(One Million, Four Hundred Twenty Thousand Dollars) <br />We certify that we have no present or contemplated future interest <br />in this property and that our employment and compensation are in no <br />way contingent upon the value reported. <br />Respectfully submitted, <br />Bertram R. Brown,MAI,SRA <br />State Certified General REA <br />#RZ0000457 <br />Jose L. Cobian <br />State Certified <br />#RZ0001699 <br />General REA <br />