TNC has receive some fantastic donations to cover the debt service. Puma is exactly correct, TNC never expected to be carrying the property for this long, but DEC commissioner recently announced that he expects to begin purchasing pieces of the former Finch Pruyn land in 2012 with more to come. TNC has some very serious, deep pockets and their nut is currently covered right now.
Why did they sell to Long Lake? Probably 'cause the land really isn't a great fit for the forest preserve situated where it is. TNC is also interested in maintaining good relations with the towns in the ADK and this is a small price to pay for selling land Long Lake really wanted and needed and a good way of building good will with another constituency in the ADKs.
My opinion, for what its worth.