This massive Long Island land auction could bring in $34M
Developer Robert Toussie is offloading some of his holdings
An auction later this month will seek to sell more than 230 mostly residential parcels in Suffolk County.
Developer Robert Toussie — one of the largest private landowners on Long Island — is looking to shrink his portfolio, Long Island Business News reported.
The land, which is mostly zoned for residential use, is located across Babylon, Brookhaven, East Hampton, Huntington, Islip and Southampton. The parcels range from a 5,000-square-foot wooded property in Eastport with a minimum bid of $7,000 to a 15-acre plot in East Hampton that has subdivision approval for three single-family homes and has a minimum bid of $4 million.
If the developer sells all the properties, at minimum bids, the auction would bring in more than $33.5 million, the report said.
“Right now I own more buildable land than anyone on Long Island,” Toussie told LIBN. “My mission is to re-invigorate Long Island and get some construction going.”
Toussie began accumulating the Long Island property about 40 years ago. Over his career, he has built thousands of single-family homes, mostly in Suffolk and on Staten Island. Now Toussie, who now lives in Sunny Isles Beach, Florida, is ready to offload vacant parcels so they can be developed.
The two-day auction will be held at the Hyatt Regency Long Island at 1717 Motor Parkway in Hauppauge on May 14 and 15. BNB Bank will offer financing for qualified buyers. [LIBN] — Meenal Vamburkar