East Hampton Town Trustees Approve 35-Year Leases At Lazy Point - 27 East

Real Estate News

Real Estate News / 1391889

East Hampton Town Trustees Approve 35-Year Leases At Lazy Point

icon 3 Photos

author on Apr 23, 2019

Scores of residents in the Lazy Point area of Amagansett on Monday night burst into applause when the East Hampton Town Trustees voted in favor of extending the leases for their tiny lots from one year to 35 years.

In the final discussions of the long-running debate, the majority of the Trustees said they saw extending the leases as a way to offer the owners of homes on Trustees-owned lots in Lazy Point security in their standing there, and the potential for being able to get loans for home improvements or purchases.

“This is the right thing, in my opinion, to do for the neighbors and the community,” Trustee Susan McGraw-Keber said. “We all live on an island that is subject to coastal erosion, and … you deserve stability. You deserve to be able to fix your homes if need be. This is an opportunity … to get funding, and I’m here to help you.”

The Trustees support of the measure was not unanimous, though. Trustees Susan Vorpahl and Dell Cullum abstained from the vote, both saying they were still unsure of the impacts that the changes to the leases would have on the Board of Trustees and the area in the long term.

Trustee Rick Drew had recused himself from the entire discussion because his family has a house on a Trustee-owned lot at Lazy Point and holds one of the leases at issue.

Ms. Vorpahl said she worried that the long-term leases could pose environmental conflicts at Lazy Point as sea level rises around the low-lying bayside community.

“What is that shoreline going to look like in 10, 20, 35 years?” she asked. “Do we want to promote people being tied into these long leases when maybe that landscape might drastically change?

“I don’t know if we’re creating more of a problem for us and for future boards than we are intending to here,” she added.

The final approved bill included some changes, like clarifying that the sale or transfer of a lease to a new homeowner will not trigger the start of a new 35-year lease term, so that all the leases were kept on the same term.

Support for the bill also brushed aside one last round of criticism—as well as a petition signed by 17 residents who objected to the lease extension.

“This is a huge giveaway,” Amagansett resident Elaine Jones said, saying that the leases would encourage owners to build “McMansions.”

You May Also Like:

Southampton Town Board Hears Report on Tax Assessment Status

Though no action is imminent, the Southampton Town Board heard an update on a potential ... 24 Apr 2024 by Christopher Walsh

REI Presents ‘Long Island Zoning Atlas – A Map to Fix LI’s Housing Crisis?’ on May 3

The Real Estate Institute at Stony Brook University College of Business will present its spring luncheon, titled “Long Island Zoning Atlas – A Map to Fix LI’s Housing Crisis?” on Friday, May 3, at the Hilton Garden Inn on the Stony Brook University campus. The discussion on Long Island’s zoning policies and their potential impact on the region’s housing crisis will include panelists Gwen O’Shea, the president and CEO of Community Development Corp. of Long Island; Michael Florio, the CEO of Long Island Builders Institute; and Stephen Romalewski, a professor at CUNY Graduate Center. David Pennetta, the executive managing director ... by Staff Writer

Tips for Avoiding Rental Scams

Rental scams are pervasive, targeting both those seeking permanent housing and those seeking a quick getaway or seasonal lease. To help prospective tenants avoid falling prey to scams, the New York Department of State’s Division of Consumer Protection is calling attention to common rental scams. The main takeaway is this: Avoid sending money for rental properties without first verifying the legitimacy of the listing. In 2023, the FBI received 9,521 real estate/rental scam related complaints with losses of over $145 million. “In today’s highly competitive housing market, renters are often targeted by scammers who use enticing offers to steal their ... by Staff Writer

Agency News: Alexis Meadows Joins Michael Lorber Team at Douglas Elliman

Alexis Meadows has joined the Michael Lorber Team, a top-ranking real estate team at Douglas ... 22 Apr 2024 by Staff Writer

Waterview Water Mill Shingle-Style Homes Sells for $11.38 Million

A Water Mill home with a view of Burnett Creek and a dock for access ... 17 Apr 2024 by Staff Writer

Sagaponack New Construction Designed by McDonough & Conroy Sells for $6 Million

A new 8,000-square-foot home in Sagaponack has sold for $6 million preconstruction. On 3.13 acres ... 9 Apr 2024 by Staff Writer

New Book Shows Long Island’s Past With Glimpses of Future

“Making Long Island: A History of Growth and the American Dream,” by Lawrence R. Samuel ... 5 Apr 2024 by Joseph Finora

Good Things Come in Small Packages

While large houses offer more space to spread out in, a new home in East ... 3 Apr 2024 by Brendan J. O’Reilly

Culloden Point Waterfront Home Sells for $12.5 Million

On Montauk’s Culloden Point and fronting Fort Pond Bay, the home at 8 Captain Balfour ... by Staff Writer

Sands Motel in Montauk Sells to Hospitality Group

Montauk’s Sands Motel at 71 South Emerson Avenue has sold to a prominent hospitality group, ... 29 Mar 2024 by Staff Writer