About
Phillip J. Van Manen is the President and owner of Phillip J. Van Manen & Company, a full service real estate appraisal and consulting firm with over 37 years of diversified experience in the valuation of all types of real estate properties throughout New York City and Long Island. He is a Practicing Affiliate of the Appraisal Institute and a licensed and certified general real estate appraiser in the state of New York. His firm is fully insured.
Work Experience
Self-employed Real Estate Appraiser, Advisor and Consultant. President, Owner, and Sole Proprietor of Phillip J. Van Manen & Company for 29 years.
Prior Experience: Senior Commercial Appraiser with Francis J. Van Manen Assoc. MAI. Glendale, Queens, New York.
Education
York College (CUNY), Jamaica, NY
Major: Accounting
Continuing Education: Ongoing coursework with the Appraisal Institute and the McKissock School of Appraisal Education.
NYS Licensed and Certified Real Estate General Appraiser
License # 46000002639
Office Locations
Main Office:
426 Madison Street
Franklin Square, NY 11010
P: 516-488-0405
C: 516-410-6081
Eastern Long Island Office:
25 Hickory Road
Southold, NY 11971
P: 516-410-6081
Real Estate Valuation: Applications & Typical Methodology
There are three methods used by realty appraisers: Sales Comparison approach, Income approach, and Cost approach. Depending on the property type, one, two, or all methods will be applied.
For single family properties and many non-income producing properties, the Sales Comparison approach provides sound support of market value by utilizing sales of other similar comparable properties as a basis for comparison.
For commercial properties that reflect income generation, the Income approach becomes the primary indicator for market value estimate as it deals with rates of return pertaining to income producing real estate. Some commercial properties that are predominantly owner occupied may only require a Sales Comparison approach to establish and support a market value estimate but generally speaking both the Sales and Income Approaches are utilized when valuing commercial income producing real estate.
A Cost approach is used for newly constructed properties that do not suffer from extensive depreciation and functional obsolescence. The basic goal is to reproduce the buildings costs at today’s prices for construction costs (hard and soft costs), less all forms of depreciation, plus the value of the land.
It is important to note that each type of property is treated differently during the appraisal process as the valuation approaches utilized to determine and support our market value estimate can vary from property to property. These are identified by the appraiser once the scope and use of the appraisal has been ascertained.