Lazy Point tenants in Amagansett could get longer leases after East Hampton vote

New York /
Mar.March 05, 2019 05:02 PM

East Hampton Town Trustees are preparing to extend leases for residents of Amagansett’s Lazy Point on Gardiner’s Bay, the East Hampton Star reported. Lazy Point residents own their own homes, but lease the land beneath them. Ever since 2013, when trustees raised the annual rent by 50 percent, up to $1,500, tenants have been calling for new lease terms that would let them get mortgages. Their leases have also been year-to-year, which has made it hard to get the type of mortgages and loans that would let residents make property improvements. East Hampton trustees, who have drawn half of their annual revenue from the leases and a 4 percent transfer fee on Lazy Point home sales implemented in 2015, have gradually warmed to the idea. Joan Priore, secretary of the Lazy Point Neighborhood Association, told the East Hampton Star that better-maintained homes will generate higher transfer fees when they sell. Trustees are weighing a proposal that’s “close to a final draft,” which they hope to soon show the public for comment, the outlet reported. [EHS]


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
(Getty)
Homeowners declare final victory in fight over Amagansett “Truck Beach”
Homeowners declare final victory in fight over Amagansett “Truck Beach”
(Compass)
Waterfront home in Water Mill asks $19.5M
Waterfront home in Water Mill asks $19.5M
Ron Perelman with the Lily Pond Lane estate (Getty, Sotheby's)
Ron Perelman lists his other East Hampton mansion for $115M
Ron Perelman lists his other East Hampton mansion for $115M
Long Island (iStock)
Home sale prices hit record high in Suffolk County
Home sale prices hit record high in Suffolk County
442 Further Ln, East Hampton, NY (Zillow)
East Hampton estate sells above $52.5M ask in 1 month
East Hampton estate sells above $52.5M ask in 1 month
Maria Kimberly and 68 Ridge Road (Facebook, Zillow)
No pictures, please! Supermodel Maria Kimberly’s Southampton home to be sold at auction
No pictures, please! Supermodel Maria Kimberly’s Southampton home to be sold at auction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...