One of many largest land listings within the Adirondacks is again in the marketplace after a Texas developer backed out of an eye-popping deal for the property.
Todd Pursuits walked away from its $125 million contract for the 36,600-acre Whitney Park property, citing a tough cease within the late proprietor’s will that forbids promoting the land to New York State, the Adirondack Explorer reported. The collapse ends what had briefly seemed like a breakthrough.
In current weeks, the Dallas-based developer floated a 200-year lease of roughly 32,000 acres to the state as a workaround to the phrases put forth by John Hendrickson’s property. Hendrickson barred state possession after blaming Albany’s administration of a earlier land sale for wiping out native trout in Little Tupper Lake.
Todd Pursuits mentioned Gov. Kathy Hochul’s administration rejected the lease, insisting as an alternative on outright acquisition. That deadlock killed the deal.
“This appears to be an unsolvable problem,” Shawn Todd advised the outlet, saying the corporate couldn’t ship the state a fee-simple buy with out violating the vendor’s directions. Trustee Edward Hendrickson confirmed that the developer had pulled out, placing the coveted tract again in the marketplace at its full asking value.
The breakdown marks Todd Pursuits’ second retreat in a deal tied to the Whitney property. Weeks earlier, the agency deserted its $12.9 million possibility on Cady Hill, the Saratoga Springs mansion owned by John Hendrickson and his late spouse, socialite Marylou Whitney. On the time, Todd mentioned Whitney Park remained the agency’s precedence.
The need’s prohibition on promoting to the state — lengthy seen because the likeliest steward for a parcel that features greater than 6,000 acres of ponds and lakes and practically 5,000 acres of wetlands — arrange a tough dance.
Conservation teams advised Todd they oppose long-term leasing, arguing solely state or nonprofit possession ensures everlasting protections. In the meantime, the developer realized late within the course of that some attorneys seen the restriction as binding solely on the trustees, not future consumers, an interpretation the property disputes.
For Lengthy Lake, a city of fewer than 800 residents, the stakes are excessive. Internet proceeds from a sale are earmarked completely for the municipality, probably delivering a windfall a number of instances its annual finances.
The trustees say they continue to be dedicated to maximizing worth whereas defending the property’s legacy, however that the ban on state acquisition is non-negotiable.
That leaves one of many Adirondacks’ crown jewels — bigger than Manhattan and anchored by the historic, 17-bedroom Camp Deerlands — searching for a deep-pocketed purchaser keen to navigate a conservation minefield.
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