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RIVER CLUB
This site is a total of 54-acres with 19-acres on the Peconic River, resulting in 800 feet of river front property. The remaining 35-acres are on the north side of Riverside Drive in Riverhead, New York. The River Club property was purchased in late 2003 containing 159 single and separate lots. It was held in contract 3 years before closing for $2,300,000. The town contested the validity of the map, imposed a moratorium, and changed the zoning. We received sketch plan approval for a 54-lot development. However, working closely with the town, county and Nature Conservancy and with the guidance of the Pine Barren Society, we sold the property in 2006 (3 years after purchase) for $12,000,000.
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