With all its legal ducks now in a row, the New Suffolk Waterfront Fund has finalized the sale of a one-acre parcel overlooking Cutchogue Harbor to Robins Island Holdings LLC.
As a part of a deal to pay off its $1.5 million mortgage on the 3.4 acres it acquired from Peconic Land Trust, the waterfront fund agreed to sell a portion of the land to Louis Moore Bacon, the billionaire who owns Robins Island.
The deal allows Mr. Bacon, founder of Robins Island Holdings, to take title to the southernmost acre of waterfront to construct a boat shed and a small parking area.
For the past two years, the waterfront fund and Robins Island Holdings have worked to gain a variance from the Zoning Board of Appeals and a subdivision from the Southold Town Planning Board before the sale could be finalized.
“After years of concern over the threat of overdevelopment, together we crafted a resolution which protects a critical viewshed for New Suffolk and North Fork residents,” Mr. Bacon said in a statement. “This private, public and nonprofit collaboration can be an example for others working to preserve the character of their communities in the future.”
The remaining 2.4 acres will remain under the waterfront fund’s control. That property includes the former Galley Ho restaurant, a historic barn, a community garden and a portion of the beach on the south side of the site.