Island’s open space purchasing account spikes

Shelter Island’s Community Preservation Fund (CPF) got richer by about $588,000 in the matter of 24 hours, according to Supervisor Jim Dougherty.

The CPF, also known as the “2-percent tax,” is a real estate transfer tax of 2 percent on all purchases that goes to the town and is used to buy open space and farmland for recreation and historic preservation.

Last Wednesday the fund stood at $2,700, but on Thursday, when December’s CPF take was tabulated, it was $590,000, according to the supervisor.

Claiming that new tax laws slated to kick in January 1 spurred an end-of-the-year selling spree, Mr. Dougherty said December saw sales of, among other properties, three Ram Island parcels that netted $125,000 in CPF funds and properties on Margaret’ Drive and Montclair Colony that brought in more than $70,000.

But the real boost came from the sale of the Gardiner’s Bay Country Club December19 by the Kessler family to the club members for about $15.9 million.

That closing brought $313,000 into the CPF coffers, Mr. Dougherty said.