About Us

Meet the Staff

Appraisal Associates, Inc. (AAI) began operation in 1981 from its offices located in Cranford, New Jersey and has performed valuation and consulting on behalf of its clients throughout the USA. Our professional staff, under the direction of licensed and designated individuals (MAIs), produce credible reports conforming to the standards of professional practice of the Appraisal Institute as well as conforming to the Uniform Standards of Professional Appraisal Practices, (USPAP).

About Us
Joseph E. Baldoni, MAI
Principle

 

Designations and Professional Affiliations:

  • Designated Member, MAI, Appraisal Institute of Real Estate Appraisers (#5671)
  • State Certified General Real Estate Appraiser – New Jersey License No. RG 00339
  • State Certified General Real Estate Appraiser – Pennsylvania License No. GA-001202-R
  • Licensed Real Estate Broker – State of New Jersey

 

Education:

  • Attended Seton Hall University
  • American Institute of Real Estate Appraisers:
    • Course I – Appraisal Theory and Practice (University of Connecticut)
    • Course II – Urban Properties (University of Connecticut)
    • Course VI – Investment Analysis
    • Course VII – Residential Appraising
    • Course – Real Estate Valuation in Litigation
    • Course – Business Valuation and Partial/Minority Interest
  • Graduate School of Michigan State University
    • Certificate in Advanced Income Property Valuation. Courses included Income
    • Property Finance and Advanced Income Property Finance.
  • Society of Real Estate Appraisers Report Writing Seminar (Hofstra University)
  • Attended numerous lectures and seminars on real estate appraising, financing, construction techniques, construction cost, management and business valuations methods.

 

Lecturer and Expert Witness:

  • Somerset County College – “Appraisal Techniques” – Guest Lecturer
  • Glen Rock Community School – “Real Estate as an Investment” – Lecturer
  • Accepted and testified as expert witness – Tax Courts of New Jersey, California and Missouri;
    • Superior Court of New Jersey and Federal Bankruptcy Courts, Manhattan District,
    • Philadelphia District and New Jersey, (Trenton District).

 

Experience:

  • Present: President – Appraisal Associates, Inc., which is actively engaged in the appraising of all types of real estate for all purposes. Studies performed to determine projects’ feasibility and viability, as well as highest and best use analyses and consultation on total real estate portfolios.
  • Past: Vice President – Appraisal Department Manager and Chief Appraiser of International Appraisal Co., a nationwide appraisal company with emphasis on corporate appraisal needs. Income Loan Originator – Jersey Mortgage Company. Main duties to originate, underwrite, appraise and negotiate loans on income producing properties.
  • Associate Appraiser – Van Syckle Agency. Appraised all types of properties in New Jersey. Performed zoning studies and land utilization analyses. Assistant Vice President – Porter Company, Ltd. Supervised appraisal staff in performance of appraisals for all purposes.

 

Appraisals of Special Note:

  • 32-story luxury high-rise apartment complex
  • 4,750,000 S/F office tower – Chicago
  • Integrated Steel Mill – Cleveland
  • 1,000,000 S/F industrial manufacturing/warehouse facility
  •  470 unit proposed condominium project
  • Alumina Refining Facility – St. Croix
  • 2,400,000 S/F automobile assembly plant
  • Hollywood film studio, Sound Stages and Back Lot Production Area
  • Lumber and Pulp Mill facilities
  • Proposed 690-room center city luxury hotel and 27-story office building
  • Proposed multiple-building office park
  • 2,600,000 S/F airline overhaul base
  • 800 unit garden apartment complex
  • Enclosed regional shopping malls
  • Aluminum Smelting Facility
  • 3,800,000 S/F Aluminum Rolling Mill
  • Hydroelectric Power Dam

 

Prepared for:

  • Acquisition and disposal
  • Mortgage financing
  • Tax appeals
  • Condemnation proceedings
  • Allocation of purchase price for Internal Revenue reporting
  • Estate matters
  • Partnership dissolution
  • Investment tax credit analysis
  • Component depreciation studies
  • Land utilization and marketability studies
  • Zoning analysis

About Us
Joseph C. Baldoni, MAI
Principle

 

Designation and Licenses:

  • Designated Member, MAI, The Appraisal Institute
  • State Certified General Real Estate Appraiser
    • New Jersey License No. 42RG00197700
    • New York License No. 46000049207
  • Certified Tax Assessor (CTA) – New Jersey

 

Professional Affiliations, Activities and Developments:

  • President of the Metro New Jersey Chapter of the Appraisal Institute – 2017
  • Leadership Development & Advisory Council Participant (LDAC) – 2010 and 2012
  • Board of Directors Metro New Jersey Chapter of Appraisal Institute 2007-2008, 2012-Present
  • Program Co-Chair and Associate Member Committee Chairperson – Metro New Jersey – 2012
  • Communication and Technology Chairperson – Metro New Jersey Chapter of Appraisal Institute 2008-2011
  • Princeton Conference Chairperson – 2013
  • Yellow Book Certified
  • Green Acres Certified
  • Complete Professional Development Programs offered by the Appraisal Institute:
    • Valuation of the Components of a Business Enterprise
    • SBA Going Concern

 

Education:

  • Masters of Science in Real Estate
  • New York University, New York, NY
  • Graduated August 2003
  • Bachelor of Science in Finance
  • University of Scranton, Scranton, PA.
  • Graduated May 1999
  • Appraisal Institute and State of New Jersey
  • Numerous courses, lectures and seminars

 

Experience:

  • Present: Vice President – Appraisal Associates, Inc., which is actively engaged in the appraisal of all types of real estate for all purposes.
  • Past: American International Group, New York, New York (6/99 – 9/00) Claims Analyst I – Fidelity Bonds Department

 

Expert Witness:

  • Qualified expert witness before New Jersey Tax Court
  • Qualified expert witness before various County Tax Boards
  • Qualified expert witness before Superior Court of New Jersey

 

Appraisals of Special Note:

  • A 91,450± S/F, 848-unit self-storage facility
  • A 108 room extended stay style hotel
  • A 54 room motel/hotel
  • An 83 room suites style hotel
  • A 430 bed, 134,723± square foot, seven (7) story nursing home facility
  • A 121,428± square foot senior living facility
  • A 180 bed/98,250± square foot nursing home facility
  • A 276,498± square foot multi-building ink and coating manufacturing building
  • A 200,144± square foot industrial building proposed for residential conversion A 44 lot residential subdivision
  • Class “A” Marquee Office Buildings
  • A 423,438± square foot Class “A” corporate headquarters and data facility
  • A 138 door distribution facility
  • A 1,139,342± square foot warehouse and refrigerated warehouse facility
  • Multiple nationally recognized fast food, pharmacy and restaurant chains

 

Prepared for:

  • Acquisition and disposal
  • Mortgage financing
  • Tax appeals
  • Condemnation proceedings
  • Allocation of purchase price for Internal Revenue Service Reporting
  • Estate matters
  • Partnership dissolution
  • Investment tax credit analysis
  • Component depreciation studies
  • Land utilization and marketability studies
  • Zoning analysis

Dennis J. McCarthy, SCRREA 1048
Staff Appraiser
Overview: Certified by the State of New Jersey as a Residential Real Estate Appraiser Education: Union County College, Cranford, New Jersey Rutgers University, New Jersey

  • Appraisal Institute – 101 Appraising Real Property American School of Business, Verona, New Jersey
  • Fundamentals of Real Estate Appraisal – 30 Hrs
  • Small Income Property Appraising – 30 Hrs
  • Uniform Standards of Professional Appraisal Practices – 15 Hrs
  • Attended Appraisal Institute Seminars
  • Completing the URAR Form
  • Appraising 2-4 Family Properties
  • NJDOT Seminar
  • Highway Access Code

Experience: 7/88-Present APPRAISAL ASSOCIATES, INC., Cranford, New Jersey Staff Appraiser

  • Responsible for narrative and FNMA appraisals for single-family, multi-family, condo and co-op dwellings
  • Appraisals completed for tax appeals, divorce proceedings, estate settlements, foreclosures and others
  • Supervise and review work of appraisal trainees
  • Narrative appraisals on commercial, industrial and land

Notable Assignments:

  • Several-million dollar plus residential properties
  • Auto dealership appraisals
  • 351,043 square foot office complex with proposed 79,000 square foot office building
  • 50 unit residential tract (land)

Karan Shah, SCGREA 2533
Appraiser

 

Designation and Licenses:

  • State Certified General Real Estate Appraiser
    • New Jersey License No. 42RG00253300 – Expires December 31, 2017

 

Professional Affiliations, Activities and Developments:

  • Appraisal Institute Candidate for MAI Designation – 569645

 

Education:

  • Bachelor of Arts in Economics
    Rutgers University, Newark, NJ.
    Graduated May 2012
  • Appraisal Institute, (1/13 – Present)
  • Courses completed by Appraisal Institute
    • Real Estate Appraisal Principles
    • Real Estate Appraisal Procedures
    • 15 Hour USPAP
    • General Appraiser Market Analysis and Highest & Best Use
    • General Appraiser Income Approach I
    • General Appraiser Income Approach II
    • General Cost Approach & Site Valuation
    • General Appraiser Sales Comparison Approach
    • Statistics, Modeling, and Finance
    • General Report Writing and Case Studies
    • Advance Market Analysis and Highest & Best Use
    • Property Tax Appraisal of Complex Industrial Facilities

 

Experience:

  • (1/13 – Present): Staff Appraiser – Appraisal Associates, Inc., which is actively engaged in the appraisal of all types of real estate for all purposes.

 

Appraisals of Special Note:

  • A 113,800± square foot warehouse and refrigerated warehouse facility
  • A 157,500± square foot Class “A” corporate headquarters
  • A parking lot facility with billboard
  • Multiple nationally recognized fast food and restaurant chain
  • Multiple income restricted apartment buildings
  • A Vocational and Elementary School
  • Multiple vacant land, retail strip centers, mixed-use, condominiums and multifamily

 

Prepared for:

  • Mortgage financing
  • Tax appeals
  • Condemnation proceedings
  • Estate matters
  • Partnership dissolution
  • Investment tax credit analysis