The Real Deal New York

Peconic Bay fund earned nearly $99M from real estate taxes in 2018

February 06, 2019 11:13AM

A public program managed by five towns on Long Island’s East End earned $98.97 million last year, 3.2 percent more than it had in 2017, 27east reported. The Peconic Bay Community Preservation Fund draws its money from a 2 percent real estate transfer tax in the towns of East Hampton, Riverhead, Shelter Island, Southampton and Southold. That money then goes to preserving historic properties, farmland and open community space, along with building parks and addressing water quality issues. Southampton pulled in the most of any of the towns, collecting $53 million, but still posted a 6 percent drop from 2017. The fund’s purchases in the town exceeded $16 million in 2018 and included the $7.6 million acquisition of the former Lobster Inn in Shinnecock Hills. Southampton also used the fund’s money to buy a construction site where builders uncovered remains believed to belong to a Shinnecock Indian Nation member. The town also floated buying the blighted Bel-Aire Cove Motel in Hampton Bays with the fund’s money, but that plan was shelved. Officials reportedly believe the dip in Southampton revenues could be attributed to a decline in home sales due to ongoing economic uncertainty. [27east]