Reasonable Return - 27 East

Letters

Jul 31, 2023

Reasonable Return

It is hard to believe that the Village of Sag Harbor did not match Adam Potter’s bid to lease the gas ball property from KeySpan [“PSC Rules for Potter in Sag Harbor Gas Ball Parking Lot Lease Dispute,” 27east.com, July 21]. How hard would it be to find financing for the an upfront payment of $400,000 and an annual rent payment of $50,000?

The parking lot can hold approximately 100 cars. Parking meters or permits to park in the lot could easily cover the annual rental payment and amortize the upfront payment.

In this community, if the village could not afford the necessary payments, it would not be difficult to syndicate private financing, which would provide the village with needed parking and a reasonable return for investors.

Michael Feirstein

Sag Harbor