New Price: $200,000 $195,000

300 Acres Warrensburg, Warren County, New York

Situated just 10 minutes from Warrensburg Village, this property offers a long-term oak and

maple investment opportunity with good access to Southern Adirondack snowmobile trails.

ALDEN FOREST

Fountains Land Inc., 1810 Route 9, Suite 2, Lake George, NY 12845 Contact: Todd Waldron ~ todd.waldron@fountainsamerica.com ~ (518) 668-5880 ~ Cell (518) 926-8734

www.fountainsland.com

LOCATION Alden Forest is a classic blended woodland retreat and long-term timber investment property located in the Warrensburg-Lake George region of New York’s Adirondack Park. The property is tucked privately along the western flank and summit of Hemlock Ridge, a prominent mountain that is situated within an unbroken forested landscape between Warrensburg and Lake George Village. The nearby communities of Warrensburg and Lake George are popular summer vacation destinations as well as great places to live, work and recreate. Warrensburg is well known for its historic Victorian residences, boutique antique shops and The World’s Largest Garage Sale which occurs annually each October. Interstate 87, also known as the Adirondack Northway, is situated within 5 miles of the property, providing easy access to regional population centers and amenities in: Saratoga Springs (40 minutes to the south), Glens Falls (25 minutes to the southeast) and Albany (60 miles south). New York City and Boston are a 4-hour drive to the south and east respectively.

ACCESS Entry to the property is provided by a 3,500’ gravel right-of-way road that originates at Alden Avenue to the west and enters the land’s northwestern corner. This road traverses mostly gentle slopes and provides good access for high-clearance vehicles. Immediately upon entering the property, a small clearing facilitates an economically feasible site for camp development. From this point, the road transitions into a well-established network of trails that offer good internal access to over two-thirds of the property, including the summit of Hemlock Ridge. Utilities are located along Alden Avenue. During the winter months, the entire length of the access road becomes part of the South Warren Snowmobile Club trail system, a county-organized group that offers over 100 miles of trails connecting the Glens Falls region with Warrensburg. This vast network is integrated with snowmobile club trails to the north, and provides access to hundreds of miles of additional trails into the central Adirondack regions of Speculator and Long Lake.

BOUNDARIES Boundaries in the field are reasonably well-maintained and exist as red painted blazes. The total boundary perimeter is two and three quarter miles, encompassing nearly a half square mile in area. The estimate of 300± acres for the property, as well as maps in this report, are based on tax map information. These maps are NOT survey accurate and thus acreages may be unreliable. Although the maps provided in this report are believed to be reasonably accurate, buyers should not rely on these maps to precisely portray deeded boundary lines in the field.

The right-of-way road becomes part of the local snowmobile trail network during the winter months, widening four season recreation options for outdoor enthusiasts.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

Warrensburg Village is a key gateway to the Adirondacks and is situated within 10 minutes of the property.

SITE DESCRIPTION Alden Forest’s long views, private cabin options, and year-round recreational opportunities are shaped by its position along the slopes and summit, encompassing nearly all of Hemlock Ridge (elevation 1,722’). Future cabin development is well-suited to the gently-sloping hardwood bowl area that makes up the western third of the property. There are several potential sites within close proximity of the access road offering warm afternoon sunlight and gentle terrain. The ridge top area’s diverse topography offers level plateau areas, rock outcrops, and long vistas of Phoebe, Black Spruce, and Prospect Mountains. This ridge area is accessed from the west by an internal trail network that tracks along the height of ground in a north-south direction. Complementing the parcel’s private open space and diverse recreational attributes is the opportunity to access over 2,000 acres of adjoining New York State Forest Preserve lands to the south and west. This expansive open space stretches over 2.5 miles to the Hudson River and offers vast opportunity for additional hiking, hunting and fishing.

TIMBER The timber information used in this report is based on an inventory conducted by Fountain Forestry, Inc. in June 2007, using random point sampling with 62 BAF 10 factor points taken, producing an average sampling error @95% C.I. of ±16.47% for all products. Volumes have been adjusted for annual growth since this timeframe using 2.5% for sawlog products and 1.5% for pulpwood products. From this data, Fountains rough estimate of Capital Timber Value (CTV) is $144,300 or $479/acre. Timber data is summarized on the attached Timber Valuation. Broadly, the forest can be categorized into two timber types. The first type is a northern hardwood stand which was harvested in 2007 and located on productive, well-drained till soils on mid-slope and ridge-top sites (roughly 175 acres). The second broad timber type consists of large-diameter, mixed-wood stands situated on steep, shallower, less-productive soils on the eastern slopes of the property (roughly 125 acres).

Views from the summit area of Hemlock Ridge from an ATV trail that winds along the height of ground.

Rocky outcrops and open areas on the summit of Hemlock Ridge offer a private recreational canvas for hiking, photography and enjoying nature.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

TIMBER (continued) Forest-wide, species composition is dominated by northern hardwoods (77% of total volume) with primary species include sugar maple (23% of total volume), beech (21%), hemlock (17%) and red oak (16%). Of the total tract acreage, 255 acres or 85% of the land is designated as commercially operable. Within the harvested northern hardwood area, the timber resource is generally pole-sized with good stem quality and crown vigor in the sugar maples. Average diameter (measured at breast height) is 9”. Stem quality, diameter size class, and favorable species composition combine to provide good long-term timber appreciation opportunity over the next two decades. The western section of the property has not seen timber harvesting in recent years and its resource is dominated by larger red oak and white pine stems. Opportunity for harvesting exists here upon negotiating access with the neighboring property owner to the east along Old Stage Road (the traditional access route for this area). Sawlog volume by species is dominated by a mix of quality northern hardwoods such as red oak (40%), red maple (8%) and white ash/yellow birch (8%). White Pine is the most popular softwood saw timber species at 14% of total sawlog volume. By value, red oak and sugar maple lead the way and represent 75% of all saw timber value. These two species are historically strong performers and therefore are highly desirable to include in a US Northeast timberland portfolio.

TAXES, TITLE and ZONING Total property taxes in 2013 were $1,067. The property IS enrolled under the State of New York’s 480-A tax program, which significantly reduces the annual tax burden. Fore more information about 480-A, contact Fountains Real Estate or the Department of Environmental Conservation office located in Ray Brook, NY (518) 897-1283. The Adirondack Park Association zoning is ‘Resource Management’ which allows for 42.7 acre lots/structure with the necessary permit approvals. The property is owned by Voyager Advisors, LLC, whose deeds for the tract are recorded in the Warren County Clerks Office, Lake George, NY in Book 3498 Page 311. Tax map information is maintained in the Warren County Real Property Tax Office as per Warrensburg Tax Map # 249.-1-56.

The property’s oak- and maple-dominated timber resource represents nearly 70% of the land’s asking price and firmly anchors its long-term investment potential.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

TIMBER GRAPHICS

Fountains Land Inc. is the exclusive broker representing the seller's interest in the marketing, negotiating and sale of this property. Fountains has an ethical and legal obligation to show honesty and fairness to the buyer. The buyer may retain brokers to represent their interests.

All measurements are given as a guide, and no liability can be accepted for any errors arising therefrom. No responsibility is taken for any other error, omission, or misstatement in these particulars, nor do they constitute an offer or a contract. We do not make or give, whether in these

particulars, during negotiations or otherwise, any representation or warranty in relation to the property.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

Red Oak40%

Sugar Maple16%

White Pine14%

Red Maple8%

White Ash/ Yellow Birch

8%

Beech/ Basswood8%

All Others6%

Sawlog Volume by Species

Sugar Maple21%

Red Oak19%

Hemlock18%

Beech17%

All Others10%

Red Maple7%

White Pine5%

Yellow Birch3%

Total Volume by Species

Hardwood77%

Softwood23%

Hardwood vs Softwoodas a Percentage of Total Volume

TIMBER VALUATION

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

ALDEN FOREST

Timber ValuationPrepared By

FOUNTAINS FORESTRY INCORPORATED

Warrensburg, Warren County, NY 301 AcresJuly 2007 255 Commercial Acres

Species Volume Unit Price Range Total ValueMBF/CD Low High Likely Likely

Sawtimber - MBF (International 1/4")Red Oak 165 275.00 375.00 360.00 59,300Sugar Maple 60 350.00 400.00 375.00 22,600White Pine 71 90.00 120.00 100.00 7,100Red Maple 37 110.00 145.00 135.00 5,000Black Cherry 9 300.00 400.00 375.00 3,500Yellow Birch 15 200.00 250.00 235.00 3,500Pallet / Grade 3 68 30.00 50.00 50.00 3,400White Ash 20 90.00 120.00 110.00 2,200Basswood 16 80.00 100.00 90.00 1,500Spruce/Fir 8 80.00 100.00 100.00 800White Birch 3 70.00 90.00 80.00 300Beech 12 25.00 35.00 30.00 300Aspen 9 25.00 35.00 30.00 300

Pulpwood - CordsHardwoods 2,164 8.00 12.00 12.00 26,000Hemlock 688 10.00 14.00 12.00 8,300Pine 36 4.00 6.00 5.00 200

TotalsSawtimber Total 494 MBF $109,800Sawtimber Per Acre 1.641 MBF $365Sawtimber Per Comm. Acre 1.937 MBF $431

Cordwood Total 2,888 Cords $34,500Cordwood Per Acre 9.6 Cords $115Cordwood Per Comm. Acre 11.3 Cords $135

Total Per Acre $479

Low High Likely

$129,000 $148,000 $144,300Total Value

62 BAF 10 Plots - SE of +/-16.47% for all products at the 95% CL

BASED ON JUNE 2007 INVENTORY CRUISE BY FOUNTAIN FORESTRY ADJUSTED FOR 6 YRS GROWTH USING 2.5% FOR SAWTIMBER AND 1.5% FOR PULPWOOD PRODUCTS

The volumes and values reflect estimated total capital value of merchantable timber.

The volumes and values are not a liquidation value.Prices are averages for the area and are adjusted to reflect, access, quality and operability of the site.

Alden Forest301 Acres

Warrensburg, Warren County NY

Athol

Thurman

Warrensburg

Stony CreekLake George

High Street

Diamond Point

Camp Echo Lake

Thurman Station

Stony Creek Station

9

418

9N

Rive

rR

d

Mud S

t

Alde nA

ve

W

all S

t

Luzerne Rd

H

owe R d

Hadley Hill Rd

Beartow

nR

d

Eddy

Rd

Butte

rmilk

Rd

Bear Pond Rd

Lan

fear Rd

ES

ch

roo

nR

iver

Rd

Viele

PondRd

Dixon R

d

Bowen Hill Rd

OkeefeRd

Dipp

ik

ill Rd

Tower Rd

Aviation Rd

Tru

esdale

H ill Rd

G

aileyH

ill Rd

Mid

dle

Rd

Ha

ll Hil l

Rd

Peggy Ann Rd

F

ulle r Rd

D ixon Hill Rd

Gle

n Lake R

d

Thomas Rd

Potter Rd

Fla

t R

ock

Rd

Waite

Rd

Upper Sherman Ave

Walter Maxfie

ldR

d

Brannon Rd

State Route 418

Goggin

sR

d

Za

ltzR

d

Gurn

eyL

n

Bell B

rook

Rd

Ski Hi Rd

K

attsCorn

ers Rd

Hollo

wR

d

Scof ieldR

d

W

Tucker Rd

V a na

reLn

S Trout Lake Rd

Dre

xel R

d

BuckB

ee Rd

3rd Ave

PotashR

d

La

ke

Tour

Rd

States Rd

Charles Old

s

Rd

Dum

p

Rd

Sh

aw

Rd

H ilder

brand Rd

Fro

st

St

Bu

tler

Po

nd

Rd

Big Hollow Br

Roar

ing Branch Rd

Potte

r Hill Rd

BuyceC

ross

Rd

Towner Rd

Big

Ho

llowR

d

Cro ss Rd

Dea

nM

ount

ain

Rd

Sw

eetR

d

Tuth

ill Rd

Old

Route

9

Buckle

y R

d

Prospect Mountain

Hwy

1st Ave

Ga ge Hil

lR

d

Garnet LakeRd

White

Rd

Hy

lan

d Dr

Dunkley Rd

John St

2nd

Ave

Ferris

Dr

Rile

y H

ill R

d

Clendon Brook R d

Heral d Dr

D

on Potter

R

d

As h Dr

Riv

er St

Farr

Ln

Henr

yW

esc

ott

Rd

Library Ave

Lamb Hill Rd

Old

Milit a

ryR

d

Montray

Rd

Smith St

Combs

R

d

Ly

nch Dr

Sm

ith Rd

Harris

Rd

Murray Rd

Birch Ave

Oak Pl

Central Ave

Traver Rd

Rice

Rd

7th Ave

Niblic Rd

Hall Mounta

inR

d

Old Spring Rd

Burc

h R

d

Mill R

d

Old For ge

Rd

Homer D

r

Fra

nk K

ing R

d

Ow

en

Ave

L

akeAve

Read Park Rd

Lake Winds

Rd

Rollies Rd

Timlo Dr

Fro

nt S

t

Hughes Rd

Ko

n

ci Ter

Pin

eS

t

Lu

pin

e L

n

Echo Lake Rd

Patrick Ln

Bonner Dr

Park Ave

Eddy Wood Rd

Algonquin

Dr

Sewell St

Pin

ew

oods R

d

Pierpont Rd

Heath

Rd

Abbey Ln

Penman D

r

Maso

n D

r

3 Oaks

Dr

Weeks Rd

Ta

ma

rack Ln

King St

Shanahan R

d

Pennock Dr

Sun Valley D

r

Hill Dr

Rain

bow

Dr

Barton Rd

Oak L

n

Kath

y X

ing

Cou

rthou

se

Rd

Sanders Rd

Rose Ave

Kings R

d

Six F

lags D

r

Lisa Ln

Ivy Ln

Old

Sta

te R

d

Hid

d

enValley R

d

Tra

vis

Trl

Davern

Dr

River Ln

Als Way

Cle

ndon

Brk

Bro

nk D

r

Transfer Rd

Maggie

s Rd

Ma

rble

Qua

rry R

d

Stonewall Dr

Erv

ing

Bak

er R

d

Cotherman Dr

Hem

lock P

oin

t R

d

Hubbell Ln

Heinrick St

Oak

St

Fis

h P

oin

t Rd

The Antlers

Hillcrest Dr

Parker Cross Rd

Le

dg

evie

w D

r

Vito

Rd

Stewart Rd

George

Knl

Christiana Ct

Morehouse Rd

Gris

t Mill R

d

Bennett R

d

Platt Rd

Hem

lock

Dr

Eva

Ln

Tucker Rd

Sw

ears

Rd

Tomac Ln

Lehland Dr

Clute Dr

Penbrook Rd

Grand A

ve

Wells Rd

North

up D

r

Eddywood Rd

Dump R

d

Rive

rR

d

RiverR

d

Big

H

ollow Rd

Hill

Dr

87

9

149

28

9N

9L

Copyright:© 2009 ESRI

Locus Map

0 31.5Miles

ALBANYBOSTON

HARTFORD

CONCORD

ndackrk

Alden Forest

Catsk ill Park

BURLINGTON

90

93

87

91

84

89

88

90

87

fountains

Alden Forest

Interstate

US Highway

Secondary Highway

County Road

Public Lands

Conserved Lands

Town Boundary

Map produced from the best available information including town tax maps, hand held GPS data, aerial photography and reference information obtained from NYS GIS Clearinghouse. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field.

301 AcresWarrensburg, New York

Gra

velR

OW

V i e l e P o n d R d

V i e l e P o n d R d

Al d

en

Av

e

Al d

en

Av

e

Ad

ir

on

da

ck

P

ar

k P

re

se

rv

e

Ad

ir

on

da

ck

P

ar

k P

re

se

rv

e

De

nu

nz i o

Dr

De

nu

nz i o

Dr

Ad

i ro

nd

ac

k P

ark

P

re

se

rv

e

Ad

i ro

nd

ac

k P

ark

P

re

se

rv

e

Copyright:© 2013 National Geographic Society, i-cubed

Alden Forest fountains

2,000 0 2,0001,000

FeetThis is Not A Survey

Alden Forest

Maintained Town Rd

Deeded ROW

Trail

Town Boundary

Public Lands

Map produced from the best available information including town tax maps, hand held GPS data, aerial photography and reference information obtained from NYS GIS Clearinghouse. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field.

301 AcresWarrensburg, New York

Gra

velR

OW

V i e l e P o n d R d

V i e l e P o n d R d

Al d

en

Av

e

Al d

en

Av

e

Ad

ir

on

da

ck

P

ar

k P

re

se

rv

e

Ad

ir

on

da

ck

P

ar

k P

re

se

rv

e

De

nu

nz i o

Dr

De

nu

nz i o

Dr

Ad

i ro

nd

ac

k P

ark

P

re

se

rv

e

Ad

i ro

nd

ac

k P

ark

P

re

se

rv

e

Alden Forest fountains

2,000 0 2,0001,000

FeetThis is Not A Survey

Alden Forest

Maintained Town Rd

Deeded ROW

Trail

Town Boundary

Public Lands

Photos are courtesy of NAIP 2011

DOS 1736 (Rev. 3/08)

New York StateDEPARTMENT OF STATEDivision of Licensing Services Customer Service: (518) 474-4429P.O. Box 22001 Fax: (518) 473-6648Albany, NY 12201-2001 Web site: www.dos.state.ny.us

New York State Disclosure Form for Buyer and Seller

THIS IS NOT A CONTRACTNew York State law requires real estate licensees who

are acting as agents of buyers and sellers of property toadvise the potential buyers and sellers with whom theywork of the nature of their agency relationship and therights and obligations it creates. This disclosure will helpyou to make informed choices about your relationship withthe real estate broker and its sales associates.

Throughout the transaction you may receive more thanone disclosure form. The law requires each agent assistingin the transaction to present you with this disclosure form.A real estate agent is a person qualified to advise aboutreal estate.

If you need legal, tax or other advice, consult with aprofessional in that field.

Disclosure Regarding Real EstateAgency Relationships

Seller’s AgentA seller’s agent is an agent who is engaged by a seller torepresent the seller’s interest. The seller’s agent does this bysecuring a buyer for the seller’s home at a price and onterms acceptable to the seller. A seller’s agent has, withoutlimitation, the following fiduciary duties to the seller:reasonable care, undivided loyalty, confidentiality, fulldisclosure, obedience and duty to account. A seller’s agentdoes not represent the interests of the buyer. The obligationsof a seller’s agent are also subject to any specific provisionsset forth in an agreement between the agent and the seller.In dealings with the buyer, a seller’s agent should (a) exer-cise reasonable skill and care in performance of the agent’sduties; (b) deal honestly, fairly and in good faith; and (c)disclose all facts known to the agent materially affecting thevalue or desirability of property, except as otherwise pro-vided by law.

Buyer’s AgentA buyer’s agent is an agent who is engaged by a buyer torepresent the buyer’s interest. The buyer’s agent does this

by negotiating the purchase of a home at a price and onterms acceptable to the buyer. A buyer’s agent has, withoutlimitation, the following fiduciary duties to the buyer:reasonable care, undivided loyalty, confidentiality, fulldisclosure, obedience and duty to account. A buyer’s agentdoes not represent the interest of the seller. The obligationsof a buyer’s agent are also subject to any specific provisionsset forth in an agreement between the agent and the buyer.In dealings with the seller, a buyer’s agent should (a) exer-cise reasonable skill and care in performance of the agent’sduties; (b) deal honestly, fairly and in good faith; and (c)disclose all facts known to the agent materially affecting thebuyer’s ability and/or willingness to perform a contract toacquire seller’s property that are not inconsistent with theagent’s fiduciary duties to the buyer.

Broker’s AgentsA broker’s agent is an agent that cooperates or is engagedby a listing agent or a buyer’s agent (but does not work forthe same firm as the listing agent or buyer’s agent) to assistthe listing agent or buyer’s agent in locating a property tosell or buy, respectively, for the listing agent’s seller or thebuyer agent’s buyer. The broker’s agent does not have adirect relationship with the buyer or seller and the buyer orseller can not provide instructions or direction directly to thebroker’s agent. The buyer and the seller therefore do nothave vicarious liability for the acts of the broker’s agent.The listing agent or buyer’s agent do provide direction andinstruction to the broker’s agent and therefore the listingagent or buyer’s agent will have liability for the acts of thebroker’s agent.

Dual AgentA real estate broker may represent both the buyer and sellerif both the buyer and seller give their informed consent inwriting. In such a dual agency situation, the agent will notbe able to provide the full range of fiduciary duties to thebuyer and seller. The obligations of an agent are also subjectto any specific provisions set forth in an agreement between

DOS 1736 (Rev. 3/08)

the agent, and the buyer and seller. An agent acting as a dualagent must explain carefully to both the buyer and sellerthat the agent is acting for the other party as well. The agentshould also explain the possible effects of dual representa-tion, including that by consenting to the dual agency rela-tionship the buyer and seller are giving up their right toundivided loyalty. A buyer or seller should carefully con-sider the possible consequences of a dual agency relation-ship before agreeing to such representation.

Dual Agent with Designated Sales AgentsIf the buyer and seller provide their informed consent inwriting, the principals and the real estate broker who repre-sents both parties as a dual agent may designate a salesagent to represent the buyer and another sales agent torepresent the seller to negotiate the purchase and sale of real

estate. A sales agent works under the supervision of the realestate broker. With the informed consent of the buyer andthe seller in writing, the designated sales agent for the buyerwill function as the buyer’s agent representing the interestsof and advocating on behalf of the buyer and the designatedsales agent for the seller will function as the seller’s agentrepresenting the interests of and advocating on behalf of theseller in the negotiations between the buyer and seller. Adesignated sales agent cannot provide the full range offiduciary duties to the buyer or seller. The designated salesagent must explain that like the dual agent under whosesupervision they function, they cannot provide undividedloyalty. A buyer or seller should carefully consider thepossible consequences of a dual agency relationship withdesignated sales agents before agreeing to such representa-tion.

This form was provided to me by (print name of licensee) of

(print name of company, firm or brokerage), a licensed real estate broker acting in the interest of the:

( ) Seller as a (check relationship below) ( ) Buyer as a (check relationship below)

( ) Seller’s agent ( ) Buyer’s agent

( ) Broker’s agent ( ) Broker’s agent

( ) Dual agent

( ) Dual agent with designated sales agent

If dual agent with designated sales agents is checked: is appointed to represent the buyer;

and is appointed to represent the seller in this transaction.

I/We acknowledge receipt of a copy of this disclosure form:

signature of { } Buyer(s) and/or { } Seller(s):

Date: Date:

Todd Waldron Fountains Land

X

X