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Paard Hill Farms May Be Close To Finding A Buyer

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It may have only hit the market in June, but Paard Hill Farms is this close to kicking over to "In Contract." Penelope Moore, one of the Corcoran agents handling the sale, told the Shelter Island Reporter that there may be an all-cash offer in the works. Though not for the full $7.95M asking price, "It's a strong number."

If and when a sale goes through, the property will once again be zoned residential. So, if the new owners want to operate a horse farm, they'll need to request a variance from the town's zoning board. According to Ms. Moore, that shouldn't too terribly difficult as "People really liked what happened" to the property and that neighbors' initial concerns about a farm operating in the area about a have all but evaporated.

If the potential buyer doesn't have plans on relaunching Paard Hill Farms?it hasn't been operating for a few years now?don't expect subdivision anytime soon. In 2000, to help secure approval to operate a "commercial equestrian operation in a residential neighborhood," the current owners agreed to transfer 29 of the property's 36 acres to the Peconic Land Trust or the town. The PLT now owns the development rights, although "the buyer would still have exclusive rights to use it for pasture or other farm uses in perpetuity."

· A deal may be close on 36-acre Paard Hill site [Shelter Island Reporter]
· Listing: 25 Ram Island Road [Corcoran]