Developer Jay Bialsky confirmed on Monday that everything was in order for a closing on Wednesday, July 24, on the 1.25-acre parcel he has agreed to sell to the Town of Southampton’s Community Preservation Fund for $10.5 million.
The closing is slated for 10 a.m. at the town’s CPF office at 24 West Montauk Highway in Hampton Bays, according to attorney Lisa Kombrink, the town’s CPF program manager.
The village of Sag Harbor intends to manage the property as part of a proposed waterfront park under the terms of an intermunicipal agreement that is still in the works between the town and village. It “is being worked on internally,” Supervisor Jay Schneiderman said on Monday. “It may be a few weeks before it is in place.”
The park, to be named for the late author and Sag Harbor resident John Steinbeck, would eventually link the Bialsky parcel—once the site of the Remkus fishing station and the John Ward professional building—with the soon-to-be-renovated Long Wharf and the green space on the other side of Lance Corporal Jordan A. Haerter Veterans Memorial Bridge.
Clearing the parcel of structures and bringing in topsoil and seeding it were two requirements on which the town conditioned the sale. Both were accomplished last fall.
“I’m excited it’s finally coming to fruition,” Mr. Bialsky said on Monday of the closing, which will be coming 14 months after he and the town signed a sale contract on May 23, 2018. Meanwhile, he has been waiting for the village to issue a building permit to begin construction of his proposed three-unit, 26,077-square-foot condominium project on the adjacent property at 2 West Water Street. The Sag Harbor Planning Board approved the site plan for the project in March.
A third condition of sale was met when the village Planning Board last November approved a lot line modification for Mr. Bialsky’s adjacent properties to create two reconfigured parcels, the 1.25-acre proposed park site formerly known as 1,3,5 Ferry Road and the condo site at 2 West Water Street.
The lot line changes more than doubled the 2 West Water Street site — which last contained a former motel that was converted into condos and finally a private residence — from 14,624 to 30,030 square feet. Mr. Bialsky demolished the motel-turned-residence a month ago.