In Amagansett CPF Purchase, Right Of First Refusal Is Waived A Second Time - 27 East

Real Estate News

Real Estate News / 1411465

In Amagansett CPF Purchase, Right Of First Refusal Is Waived A Second Time

author on Apr 27, 2015

An Amagansett property owner whose right of first refusal has held up a purchase of his neighbor’s land for preservation will not defend himself in a lawsuit to clear a path for the deal.

The property owner, Richard Smolian, also signed off a second time on his right of first refusal, according to documents filed in Suffolk County State Supreme Court on behalf of the neighbor, Alexander Peters. An attorney for Mr. Peters recently filed a motion for summary judgment, which means the case could be resolved soon rather than go to trial.

“It is a significant development that he’s honoring his waiver,” said Mr. Peters’s attorney, Anthony Pasca of Esseks, Hefter and Angel, on Friday. Mr. Pasca said he expects a decision from Justice Thomas Whelan in the next month or two.

Anthony Tohill, the attorney for Mr. Smolian, said he had no authority to speak about the case. Members of the Smolian family have not returned past requests by phone and email for comment, and on Friday, Richard Smolian’s Amagansett phone was disconnected.

Mr. Peters is president of Amagansett Springs Aquifer Protection, which seeks to protect the Stony Hill aquifer that provides drinking water to thousands of residents of East Hampton Town. He planned to sell a three-lot, 7.2-acre tract in the former Bell Estate to the town, which voted unanimously last year to use $3.6 million in Community Preservation Fund money for the purchase, which was set to close last September.

Mr. Peters had bought two of the lots, totaling 3.5 acres and both on La Foret Lane, in 1992 from his neighbor Richard Smolian, who retained his right of first refusal specifically to prevent Mr. Peters from going on to sell the land for development. When the town purchase began to move forward, Mr. Smolian agreed to waive his right, but other members of his family refused to sign off on theirs, which Mr. Peters said had been added only in the event of Richard Smolian’s death.

According to the suit, in fact, Mr. Smolian’s son Jonathan additionally sought to exercise the right of first refusal to purchase the property for the same price the town was going to pay, which was a discount in the millions, and then go on to sell it at full-market price for development.

“Dick and I have been neighbors for a quarter of a century, he knows what I do is preserve land,” Mr. Peters said this week. “And his son is just off the grid.”

The suit maintains that Mr. Smolian’s family members do not share the right of first refusal, and that even if they did, they would have to match all the terms of the town purchase—including the obligation to preserve the land.

The town has been patient about waiting for a resolution, Mr. Pasca said. “As far as I know, no one’s said anything about walking away from the deal,” he said. “They’re doing the right thing, give credit where credit is due.”

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