capital gains tax question for a NJ resident sells a NY building.

[Mark Choi]

Hello, everyone.  Could you please help with a capital gains question?

Owner: 70 yrs-old, New Jersey resident, annual income $70,000 - married.

A 2-story building with 1 store + 1 apt in New York purchase price $10.00 in 1986.

Took out mortgage $57,000.  Satisfaction of mortgage 1998.

Owner wants to sell for $475,000. 

Supposing that it will sell at that price, what would be the capital gain for the owner?

Is there an exemption amount?

I will be meeting with my CPA tomorrow afternoon to discuss in detail.  However, I need a rough idea ASAP in order for me to plan a few things now.

As always, your pool of knowledge is very much appreciated.

Thank you and be well

Mark