East Hampton extends Amagansett’s Lazy Point leases for 35 years

TRD New York /
May.May 01, 2019 05:29 PM

The East Hampton Town Trustees voted to extend the leases on lots in Amagansett’s Lazy Point to 35 years, 27east reported. The trustees were swayed by arguments that such an extension would give the tenants more security and allow them to get loans for home improvements along with other purchases. This would also likely prolong tenants’ stay on the land, much of which is owned by trustees who benefit from the rent revenue. Up until now, the Lazy Point leases had been year-to-year, which made it hard for some tenants to obtain loans for property upgrades. Along with the extension, the sale or transfer of a lease to a new homeowner will not reset its clock, but rather keep them on the original term. The East Hampton Star reported that six trustees voted in favor of the measure, two abstained and one voted against it. One trustee, Rick Drew, reportedly abstained because his own Lazy Point lease was one due to expire. Another claimed to not fully understand the effects such a change might have on their board and the Lazy Point area, which is along Gardiner’s Bay, over time. “What is that shoreline going to look like in 10, 20, 35 years?” asked trustee Susan Vorpahl. “Do we want to promote people being tied to these long leases when maybe that landscape might drastically change?” Additionally, 17 residents of Lazy Point signed a petition objecting to the extensions. [27east]


Related Articles

arrow_forward_ios
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

(Illustration by Ryan Inzana)

An inside look at the Hamptons’ new hotspots this summer

Bridgehampton compound sells to Arbor Realty Trust CEO at a $14M discount

Bridgehampton compound sells to Arbor Realty Trust CEO at a $14M discount

The former Montauk Yacht Club Resort & Marina on Star Island with Lloyd Goldman and George Filopoulos of Metrovest Equities (Credit: Getty Images)

The Hamptons hotel hopscotch

Hamptons Cheat Sheet: Developer halts auction of 236 Suffolk properties, Chris Cuomo’s Southampton home finds buyer … & more

Hamptons Cheat Sheet: Developer halts auction of 236 Suffolk properties, Chris Cuomo’s Southampton home finds buyer … & more

‘The Mooch’ buys in Manhasset, Christie Brinkley sells in Sag Harbor and more Hamptons & Long Island real estate news

‘The Mooch’ buys in Manhasset, Christie Brinkley sells in Sag Harbor and more Hamptons & Long Island real estate news

Placeholder image

Brookhaven launches effort to revitalize former Village of Mastic Beach

Placeholder image

Suffolk’s $1.8M bid for old Kmart site in Middle Island rejected by developer

arrow_forward_ios
Loading...