-Exceptionally well-managed, scenic forest with expansive views of the river valley and Catskill Mountains.

Location

The property is located along the Beaverkill River in the western Catskill Mountains of Delaware County, New York, between the villages of Hancock and Roscoe. The Beaverkill is a major tributary of the Delaware River and a world-renowned trout fishing destination. This rural region is characterized by small towns situated along the banks of the Delaware River and its many tributaries that wind through the area. While best known for its trout fishing heritage, the region also features second-home subdivisions tucked into the river valleys and ridgelines that define the area's topography.

The town of Hancock, where the East and West Branches of the Delaware River converge to form the main stem of the Delaware, is located approximately 13 miles to the west. The village of Roscoe, widely regarded as the birthplace of fly fishing in North America, is situated about 16 miles to the east. Binghamton, New York, home to a major state university, a hospital, and a regional airport, is approximately 1 hour west of the property.

The property offers convenient access to Route 17, a primary transportation corridor through the western Catskills, providing direct connectivity to New York City, approximately 2.5 hours to the southeast.

Access

The property has two points of access, including approximately 1,600 feet of frontage along Burnwood Road, where an existing driveway leads to a large clearing on the southern property boundary. From this clearing, a series of smaller woods roads and trails lead throughout the southern part of the property, including to the land's two highest points. The northern part of the property is most easily accessed from Peaksville Road, where, as part of the property's holdings, there is an approximately 20-acre strip of land along the Beaverkill River leading past neighboring properties. This road has traditionally been used to extract harvested timber from the northern portion of the property and terminates at a large clearing along the river, where multiple additional woods and logging roads lead in various directions farther into the land. The internal roads and landing areas have been well maintained with appropriate attention paid to drainage and are ready to support future silvicultural operations.

Property Description

Elevation property-wide ranges from approximately 1,060 feet along the northern frontage on the Beaverkill River to a high point of 2,152 feet near the center of the land. The northern portion of the property is steep; however, the elevation change

occurs relatively quickly, and the internal road system has been constructed accordingly, traversing the steepest terrain while maintaining minimal overall road grades. The southern portion of the property, accessed from Burnwood Road, is gently sloping, with existing woods roads and trails leading gradually to the property's highest elevations, where two distinct plateaus offer expansive mountain and river valley views.

The land contains three distinct streams originating at higher elevations, most notably Roaring Brook, which flows north into the Beaverkill River through a series of dramatic and attractive waterfalls. Two additional unnamed creeks originate near the same area on the western portion of the property, with one flowing north into the Beaverkill River and the other flowing south into Trout Brook.

The highest and best use (Hbu) of the property is multifaceted. The capital timber value is attractive to long-term timberland investors, while the potential for large-scale subdivision-featuring river access and homesites with expansive mountain views-would appeal to developers. In addition, the maple resource on the property is exceptional, with potential for approximately 60,000 taps.

With the potential for a shared access road from Burnwood Road, the property offers the possibility of extensive subdivision. Several large former forest tracts in the immediate area have been converted into 50-100+ lot subdivisions, including The Chiloway Preserve, which directly borders the property to the west and contains over 100 lots, as well as the Menthol Subdivision to the southeast and several other former forest and timber-managed properties of similar size. The upper plateaus of the property, requiring minimal tree clearing, provide exceptional 360-Degree views of the surrounding Catskill Mountains.

Timber Resource

The timber resource has been well managed, offers excellent long-term appreciation potential, short-term liquidation options, and provides attractive aesthetic appeal to the land. Timber data in this report is based on a seller-provided 2024 timber inventory for the purpose of establishing Capital Timber Value (Ctv). The timber data reveal a total sawlog volume of 7,630 MBF International scale (6.477 Mbf/Acre) and 7,694 pulpwood cords (6.5 cords/acre). Stumpage values assigned to these volumes produce a property-wide Capital Timber Value (Ctv) of $1,685,300 ($1,431/Commercial acre).

Species Composition

The species composition is dominated by hardwoods at 88% and softwoods at 12% of total volume, the latter primarily hemlock, and the former primarily sugar and red maple, although the black cherry and white ash composition of the forest is also notable. This hardwood-dominated timber resource offers a high level of future asset appreciation, as hardwoods increase in value as they mature (by moving into higher-value products such as veneer). The majority of sawlog volume is held by sugar maple, with a notable component of black cherry, a species that has historically seen strong markets for its end-use forest products, assuring solid future asset appreciation.

Sawlog Volume

Sawlog value is held by sugar maple (47%), black cherry (17%), white ash (16%) and red maple (12%) compromising a total of 92% with the small balance held by hemlock and miscellaneous species.