Thank you, Sean, for your hard work

To the Editor:

Please extend my thanks to Sean Mulkerrin for the two quality lead articles in the March 18 Altamont Enterprise. The research, investigating, and writing of the 9,000-foot-train article and the Crossgates tax-assessment lawsuit were of a superior level.

As a railroad fan, I like to read about and look at, but not ride trains. I have been able to follow the dynamic changes that have taken place in this industry in the last two decades.

March 21, 2021 saw the announcement of a merger between Canadian Pacific and Kansas City Southern. This has implications for Albany. Information was posted on the Altamont Enterprise website on March 19 concerning four quadrant gates in Voorheesville which will eliminate horns [“Voorheesville Quiet Zone could be completed within 18 months”]. Mr. Mulkerrin’s article does a great job of connecting the dots regarding regional rail activity including possibly Altamont. 

Likewise, Mr. Mulkerrin’s treatment of the Crossgates assessment issue is superb. As a retired New York State-certified general real estate appraiser, I was pleased with the depths Mr. Mulkerrin explored in his analysis of the problems.

There are three methods of valuation: comparable sales, cost approach, and income approach. The income approach will probably be relied on here. The net operating income of a firm will be divided by a capitalization rate to estimate a fair market value for the subject.

The reader of this letter might google up “Build-up of Capitalization Rate and Discount Rate” to learn more. If it sounds complicated, it is. Ultimately, the courts will decide how much Crossgates will pay.

Thank you, Sean, for your hard work. You are very much appreciated.

John Haluska


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