The Cost to Own a New York Island

Rat Island, a tiny lump of rock in Long Island Sound that is home to birds, mussel shells and not much else, has sold for $160,000, after about 25 minutes of bidding among a half-dozen prospective buyers, said Ozzie Crisalli, of Syracuse Realty Group, which represented the property at auction Sunday in City Island.

Mr. Crisalli said the buyer lives on City Island and can see Rat Island from the backyard. He said he was unsure of what the buyer planned to do with the property, which presents some unusual challenges. Much of it is submerged at high tide; there is no power or water; and any potential development would require clearance from a raft of public entities.

The current owner, Red Brennen, a retired marine contractor who lives in Florida and had grown weary of paying taxes on it, had been trying to sell the island since 2009 at an original asking price of $300,000. “It’s nice that it’s a local person, so there’s that continuity,” Mr. Brennan said.

The Associated Press identified the buyer as Alex Schibli.

Mr. Crisalli said that the auction price, which Mr. Brennen accepted, was a good one.

“We always like to get as much as we can for our clients, but the market dictates real estate value,” he said. “We reached as far as we could to get all the potential interested parties. We had a good group of interested bidders, and then it boils down to who can afford to own an island just to look at it.”

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