The Real Deal New York

Hamptons home prices still wow

Huge waterfront estates are selling at top dollar despite a decline in luxury deals

July 15, 2016 03:20PM
By Miriam Kreinin Souccar

Hedge fund manager Scott Bommer sold 93, 97 and 101 Lily Pond Lane, an oceanfront estate with an 8,000-square-foot mansion.

93, 97 and 101 Lily Pond Lane in East Hampton

From the Hamptons Market Report: A number of massive residential deals have closed recently in the Hamptons, showing that the East End’s luxury market is still capable of creating new local records, albeit amid a slowdown in sales volume this year.

At the top of The Real Deal’s list of the priciest residential sales during the yearlong period ending in April is the $110 million sale of 93, 97 and 101 Lily Pond Lane in East Hampton, sold by hedge funder and notorious property flipper Scott Bommer of SAB Capital in February. Real estate brokers said the buyer was Michael S. Smith, CEO of Freeport LNG Development. The listing broker was Ed Petrie of Compass. The sale was the second-largest residential deal ever made in the Hamptons; the priciest estate to ever change hands was a $147 million oceanfront property in East Hampton, bought by billionaire investor Barry Rosenstein of Jana Partners in 2014. [more]

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