Though some residents complained that the price for the small vacant lot in Montauk was far too high, the East Hampton Town board has purchased the 0.23-acre parcel on the corner of Lincoln Road and Old Montauk Highway for $450,000.
At a public hearing Thursday night, David Buddha, of Springs, complained that the vacant lot -- small and low-lying, with wetlands and drainage problems -- was only “marginal” for building a house. And, he said, the price works out to about $2 million an acre.
“I know you can’t compare a lot in Montauk with a lot in Springs,” he said, but quickly added that a larger lot in his community recently sold for $185,000.
The property is one of only a few undeveloped lots along Old Montauk Highway. Its owners have died, and the estate had offered to sell it to the town, which will make the purchase with open space preservation funds. There are no plans to develop it.
Town environmental officials said there are extensive wetlands on the property, and that any construction on it would create difficult drainage problems in the area.
An attorney for the estate said that a house built on even a part of the lot would have ocean views from the second floor, making it a valuable property.
Town officials said it was appraised at more than $450,000.