The Mohawk Valley Health System’s (MVHS) downtown hospital project in New York is moving forward with the agency announcing it has hired three firms to start property appraisals. The reason why the agency chose three firms is that it will take less time to appraise the properties with three values of opinions working than just one.
“We learned from the appraisal companies’ responses that it would take them well over a year to complete those appraisals if they did them by themselves,” MVHS Executive VP and COO Bob Scholefield told WKTV Channel 2 in Utica, N.Y. “So our thought was to hire three appraisal firms to get this done in a six-month period of time.”
The firms selected are: CNY Appraisal Associates out of Syracuse; Emminger, Newton, Pigeon & Magyar from Buffalo; and Goodman-Marks Associates of Long Island. The entire area covers about 25 acres.
“The appraisal process determines the value of the property and that’s how the purchase of the property will occur. The individual business owners themselves then will have to work with their own real estate agents or potentially the county or city to look at relocation within the community,” Scholefield told the TV station.
When the appraisals are completed, he says officials plan to meet with each property owner to review it.