Senior Vice President – KTR Real Estate Advisors
Theresa M. Nygard is a Senior Appraiser with KTR Real Estate Advisors LLC. She has more than 30 years of commercial appraisal experience and is in charge of litigation support activities, focusing on the appraiser’s role in arbitration and court proceedings, including condemnation, bankruptcy and other litigation situations.
Before joining the firm, Ms. Nygard was Senior Vice President at a major New York City boutique appraisal firm, where she spent 18 years developing a practice involving land valuation for ground lease arbitration proceedings, preparation of reports for presentation to the Board of Standards and Appeals and the Landmarks Preservation Commission and handling cases involving complex zoning and land use issues. During this time, Ms. Nygard wrote appraisals, rebuttal appraisals and provided litigation support services for the 42nd Street Development Project condemnation proceedings, which involved more than fifty individual properties including hotels, historic theater properties, as well as store, loft, and office buildings and vacant land. Other complex valuation and consulting assignments Ms. Nygard has been involved with have included the valuation of the Penn Yards (Riverside South) land parcel and a review and analysis of a proposed theater transferable development rights program before the City Planning Commission.
Since joining KTR in 2002, Ms. Nygard has continued this focus on land valuation and litigation activities involving a range of property types. She has served a variety of private and institutional clients in determining the value of specific land parcels, easements, and transferable development rights, addressing such issues as the effects of zoning regulations, competition and the contributory value of the additive development rights versus fee rights. Working for private clients as well as government entities, Ms. Nygard has taken on valuation assignments involving a range of improved property types, including office, retail, multi-family and industrial properties, while continuing a focus on development site valuation. With experience in condemnation, tax certiorari, rent and value disputes, as well as ground lease valuation assignments, Ms. Nygard works with KTR’s staff of appraisers who individually bring a wealth of experience in different sub-markets to the collaboration.
Ms. Nygard has also served as an expert witness in various ground rent arbitration proceedings and in bankruptcy and New York State Supreme court.
Ms. Nygard is a member of the Appraisal Institute, holding the MAI designation and is a State Certified General Real Estate Appraiser. She is also a Member of The Counselors of Real Estate. She received her Bachelors of Arts degree, Magna Cum Laude from Mount Holyoke College and a Master of Arts degree from Columbia University. She is the author of “Techniques in Urban Land Analysis: Issues and Problems in Appraising Development Sites” which appeared in The Appraisal Journal. Ms. Nygard has lectured on the topic of the analysis and appraisal of transferable and excess development rights at Columbia University’s Graduate School of Business and for the Metropolitan New York Chapter of the Appraisal Institute, and on the topic of land valuation at Baruch College and New York University’s Real Estate Institute.