Cory S. Savik, MAI, serves as a Senior Vice President in Newmark Valuation & Advisory’s Charlotte, North Carolina office. Savik has been actively engaged in the commercial real estate economics, appraisal / valuation, and consulting industry since 2009. He is also a member of the Litigation Support specialty practice, which is comprised of experts in damages theory, valuation, accounting, finance, economics, land use, real estate industry standards & practices, capital market issues, and financial & statistical modeling.
Savik came to Newmark after 13 years serving as a Senior Director within Cushman & Wakefield’s Dispute Analysis & Litigation Support practice. Prior to joining Cushman & Wakefield, Savik was employed at R.W. Shiplett & Associates, a Charlotte-based valuation firm specializing in condemnation.
Valuation and consulting assignments have included a wide variety of properties, uses, and real property interests including fee simple, leased fee, and remainderman interests. Savik has prepared reports for government, corporate, and institutional clients for use in mortgage financing decisions, and matters involving property tax appeals, environmental impairment issues, regulatory takings, international arbitrations, bankruptcy proceedings, construction defects and delays, condemnation, mediation, matrimonial disputes, and other forms of litigation. He has appraised numerous properties in North Carolina, West Virginia, Virginia, Manhattan, Long Island, and Mexico.
Savik has worked for the New York State Department of Transportation, North Carolina Department of Transportation, West Virginia Department of Transportation, and several other municipalities across the country in eminent domain proceedings. He has also been engaged by property owners that have had their property acquired in partial and full takings in several states including North Carolina, South Carolina, New York, Indiana, Virginia, Michigan, Pennsylvania, District of Columbia, and Missouri.
Specialized Experience
- Real property tax appeal involving a submarine manufacturing and repair facility in Groton, Connecticut.
- Environmental contamination issues involving an upscale condominium property on St. John in the U.S. Virgin Islands.
- International arbitration involving properties in Puerto Vallarta and Guadalajara, Mexico.
- Determined the effect on the value of a subdivision in suburban Atlanta resulting from a pipeline rupture including petroleum contamination of ground and surface water.
- Researched sales and provided statistical analysis due to the presence of Vanadium and Hexavalent Chromium in drinking water wells for use in potential environmental tort litigation in several North Carolina counties.
- Valuation of an abandoned rail corridor through Bronx County, New York.
- Provided consulting and advisory services regarding the North Carolina Map Act litigation.
- Determined permanent and temporary damages to a multifamily apartment complex and a single-family subdivision as a result of separate regulatory takings in Texas.
Licenses and Designations
- MAI designation, Appraisal Institute
- Certified General Real Estate Appraiser in North Carolina, South Carolina, Virginia, Texas, District of Columbia, and New York.
Education
Savik earned his Bachelor of Science in Business Administration degree with a focus on finance from Coastal Carolina University. Savik completed all appraisal coursework for the MAI designation through the Appraisal Institute.