Farm Credit East, the Northeast’s largest agricultural lender, has released a market study highlighting farmland values in Long Island’s Suffolk County. Due to intense development pressure, this eastern-most county of New York has some of the most expensive farmland in the country. Current farmland values vary substantially based on location and allowed usage. The South Fork of Long Island, encompassing Southampton and Easthampton towns, has by far the most expensive farmland, with Riverhead town being the least expensive. In all markets, the median sales price from 2009-2014 was greater than the previous five-year period. For farmland with full development rights the median sales price is $86,466 per acre. Even preserved farmland is relatively expensive at $29,268 per acre. Given this data, the agricultural land base in Suffolk County is worth an estimated $2.25 billion. “Suffolk’s agricultural businesses are an important economic generator for the County and State,” said Steve Weir, branch manager for Farm Credit East’s Riverhead, N.Y. office. “According to the most recent Census of Agriculture, Suffolk County’s 35,975 acres support the generation of more than $239 million in gross farm sales.”
Posted on: Mon, 28 Jul 2014 14:06:23 +0000
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