Executors cannot set a price based on guesswork. Manhattan probate transactions require proper valuations for legal, tax, and financial reasons.
1. Date-of-Death Appraisal Is Often Mandatory
This value is needed for:
- IRS filings
- Estate accounting
- Capital gains
- Distributions
2. Manhattan Luxury Properties Require Specialist Appraisers
High-value assets require appraisers familiar with:
- Pre-war co-ops
- Penthouse units
- High-rise luxury towers
- Historic buildings
3. Co-Ops Require Unique Valuation Techniques
Because co-ops are shares + proprietary leases, appraisers must:
- Review board minutes
- Analyze financials
- Check building reserves
4. Executors Need More Than One Valuation in Some Cases
You may need:
- Market analysis
- Broker price opinion
- Retrospective valuation
5. Appraisals Protect the Executor from Liability
Every decision must be well-documented.
If you need a Manhattan probate appraisal coordinated, call 646-290-7380