Anthony Festa, ASA

Managing Director & National Practice Leader

Machinery & Equipment Valuation

New York


[email protected]


Anthony Festa, ASA, is a Managing Director in the New York Office’s Machinery & Equipment Practice of Marshall & Stevens Incorporated. Mr. Festa’s responsibilities include overseeing the delivery of valuation services to the Firm’s machinery and equipment valuation clients.

Mr. Festa leads asset valuations for buy/sell consideration, financing, insurance, tax reporting, and financial reporting purposes including purchase price allocations (ASC 805), impairment testing (ASC 350 and ASC 360), and Internal Revenue Code Sections 861, 382, and 704(c).  Financing engagements include valuations for leasing and other structure finance transactions and bankruptcy/reorganization including fresh-start accounting.

Mr. Festa has served clients in a wide variety of industries including, but not limited to: automotive, aerospace and defense, broadcast and communications, chemicals, entertainment, financial services, food production, healthcare, hospitality, mining and milling, pharmaceutical, pulp and paper, restaurants, semiconductor, telecommunications, textiles, water and other infrastructure projects.

Specific to the water infrastructure industry, he has performed valuations for several Texas-based investor-owned water and wastewater plants for a transaction, a New Jersey township for a transaction, and a New Hampshire wastewater plant for financing purposes. He is an associate member of the National Association of Water Companies (NAWC) and has spoken at numerous professional conferences on the valuation of water utilities including the NAWC Water Summit in 2019.

He is an Accredited Senior Appraiser (ASA) in Machinery & Technical Specialties with the American Society of Appraisers. He has served in multiple leadership roles for New York City chapter of the American Society of Appraisers including President of the chapter in 2010-2011.

Professional Highlights

  • Associate Member, National Association of Water Companies (NAWC)
  • Member, American Society of Appraisers, New York Chapter 
    • President, 2010-2011
  • Marshall & Stevens, Inc.
    September 2022-present
    Managing Director, National Practice Leader - Machinery & Equipment, 2023-present  
    Director, 2022-2023
  • Cushman & Wakefield 
    Director, 2018-2022
  • Alvarez & Marshal 
    Senior Director, 2012-2018
  • American Appraisal Associates
    Director, 2005-2012
  • Ernst & Young 
    Manager, 1997-2005
  • Lehman Brothers 
    Tax Accounting Intern, 1996-1997
  • Valuing Specific Assets in Divorce, contributing author, first published by Aspen Publishers in 2000, updated in 2009 and 2013
  • Valuation Strategies in Divorce, fourth edition (contributing author), Aspen Publishers, 2009
  • December 2007, co-presenter in Greensboro, North Carolina to the North Carolina Department of Revenue on the “Valuation of Idle Equipment”
  • February & March 2016, presenter in Washington, DC and Augusta, Georgia to the National Association of Regulated Utilities Commissioners on the “Valuation of Water Utilities”
  • August 2016 and 2018, presenter in Denver, Colorado and Washington DC, respectively, to the Water Finance Conference on the “Valuation of Water Utilities”
  • July 2018, co-presenter in Toronto, Canada to the American Society of Civil Engineers on the “Valuation of Water Utilities”
  • October 2019, panelist in Nashville, TN at the National Association of Water Companies’ 2019 Water Summit on “Fair Market Value Legislation”
  • Podcast interview via Soundcloud – Assessing and Valuing Water Systems
  • ASA NYC chapter presentations including “M&E Valuation Concepts under ASC 360,” and “M&E Financial Reporting Audit Issues”
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