About
I am licensed by the State of New York as a Real Estate Broker (ID#31FA1046213) and I am the Broker/Owner of Village Properties of Mineola, New York. I am the former Broker and Owner of RE/MAX Village Properties and partner in RE/MAX Village Manor and RE/MAX Village Estates. Prior to that, I had been the founder of Station Realty in Mineola, a boutique sales shop dedicated to serving clients requiring sales of estate and trust properties. My sales career has come full-circle as, after more than one-half dozen years as a franchisee, I have returned to a botique shop. The three longest tenures co-workers have worked with me, in one respect or another, for nearly one-half century in total. I am also the Principal of the David V. Farrell Company, a firm whose purpose is the evaluation and disposition of real and personal property. The David V. Farrell Company acquired a portion of the Cornelius A. Heaney Company of Brooklyn, New York. Cornelius A. Heaney, Sr. and his brother James Heaney, began the company at the time of the Great Depression. Later, the company was turned over to Seniors son, Cornelius (Neil) A. Heaney Jr. In 1997, David acquired the rights to certain clientele of the company and began business on his own. To this day, David and Neil occasionally find themselves working together on estate appraisals, with David appraising the real estate and Neil handling the personal property appraisal assignments. Should you need an estate appraisal, I can either handle it for you, or refer it to a 20+ year associate. Presently, I am a Certified General Appraiser in the State of New York (ID#46-16371), having met the experience, education and examination requirements for designation to appraise all types of real property in both New York State. I also have held, and often obtain temporary licenses to do additional work in other states, most often Florida. A Note on Business Valuations of Corporations Owning Real Property While I do not regularly appraise businesses, I provide assistance in that category as a Licensed Real Estate Broker. I often rent or sell real estate in which a small or large portion of its value is a business within its premises. In 2002, I acquired a mixed-commercial and residential building with a restaurant/pub, updated and converted the property, managed the bar to profitability, and sold both in 2004. As such, I have a working knowledge and understanding of what area investors are willing to pay, and what owners may be able to obtain from the sale of their properties. By separating and understanding the going-concern value a of the business on site, coupled with the value of the real property, Mr. Farrell provides superior insight into the value of real estate in which the owner is also a business operator within the premises. He is able to explain varying values based upon the owner remaining in possession or relinquishing possession of their business operating within the building. Further, his appraisal background allows him to knowledgeably discuss the Highest and Best Use with the building owner who is also a tenant. However, Mr. Farrell as areas of expertise is in the valuation C-Corporations, LLCs, FLPs, S-Corporations, and other entities which have a partial interest in real property most especially small partial interests, he has been able to obtain discounts of up to 55% from the Internal Revenue Service and New York State Department of Taxation. His reports are widely accepted and his testimony and consulting has been crucial in limiting the gift tax and estate tax liability of his clients. Further, he has a team of expert witnesses who have made careers out of purchasing partial interests ready to testify on behalf of his clients, affirming his valuations. Hiring David V. Farrell has saved clients tens of millions of dollars in estate and gift tax liabilities, when clients were unaware that partial, non-controlling interests are worthy of tremendous discounts for Lack of Marketability and Lack of Liquidity. Mr. Farrell as work was crucial in many recent estate valuations, including the valuation of a partial interest in a Coney Island Pier, in which Mr. Farrell as 55% discount for one owner as interest was upheld the day prior to the Federal Tax Court Hearing, when IRS representatives accepted his value and terminated the court case 24 hours prior to its inception. For more information, call me!
Details On This Expert
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| Name: | David V. Farrell |
| Profession Name: | Real Estate Agent, Realtor |
| Specialties: | Residential Homeowner Listings, Residential Real Estate |
| Experience: | 31 years |
| Phone Direct: | (516) 987-3329 |
| Fax: | (516) 741-1760 |
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