Peconic Land Trust announces farmland exchange with Al and Mary Krupski in Southold

May 2, 2014

Exchange provides Trust w/additional acreage near its Agricultural Center at Charnews Farm – increasing land available for leasing to 98 acres as part of the Trust’s Farms for the Future Initiative.

May 2, 2014. Southampton, New York. John v.H. Halsey, President of the Peconic Land Trust, announced that the Trust has completed a like-kind exchange* on farmland in the Town of Southold with Al and Mary Krupski. The transaction will add 19.2 acres to the Trust’s Agricultural Center at Charnews Farm. In exchange, the Krupski’s acquired 16.8 acres of farmland in Peconic from the Trust – a location closer to their current farm operation.

“To keep farming viable on the East End, farmland trades are an important part of any land holding strategy. Today, we’ve worked with the Krupski’s to enhance both the operations of the Trust’s Agricultural Center at Charnews Farm and the Krupski’s farm – we see this transaction as not only benefiting us, but also the broader Southold community,” said John v.H. Halsey, President of the Peconic Land Trust.

“We are pleased to be able to work with the Peconic Land Trust on this farmland exchange, which will strengthen both of our farm operations. Historically, like-kind exchanges among farm operations have always taken place and provide the community with stronger and sustainable farms. The work the Trust is accomplishing at its Agricultural Center, by providing existing and new farmers with access to contiguous farmland, is important and we are proud to have played a small part in growing that effort,” said Al Krupski. “The work that the Peconic Land Trust is undertaking will enable the rich history of North Fork agriculture to continue.”

In the transaction, Al and Mary Krupski conveyed a 19.2 acre farm on the northeast corner of County Road 48 and Young’s Avenue to the Trust. The property, which includes five structures, was for many years owned by the Dickerson Family, a long-standing farm family on the North Fork. The Dickersons sold the development rights on the property to the Town of Southold in 1992.

In exchange, the Trust conveyed 16.8 acres of farmland on Route 48 in Peconic to the Krupski’s, which the Trust received as a donation in November 2013 from Thomas Hubbard.  As often happens in like-kind exchanges, properties are seldom exactly equivalent in value.  Consequently, based upon a qualified appraisal, the Trust made a payment to the Krupski’s because their 19+ acre farm had a higher value than the Trust’s exchange property.

*Like-Kind Exchange: A tax-free transaction where property is exchanged for other qualified, like-kind property. A common conservation tool that helps landowners, particularly farmers, accomplish their goals and expand their holdings.