The Real Deal New York

Hamptons Cheat Sheet: Lil Montauk resort sells for $10M, Southampton hunters up in arms … & more

October 26, 2016 05:30PM
By Cathaleen Chen

Oceanside

Oceanside Beach Resort at 626 Montauk Highway and a deer

Montauk’s Oceanside Beach Resort just sold for $10M

The sunny little motel at 626 Montauk Highway is in for a transformation. Developer and restaurateur Jon Krasner acquired the 30-room property for $10 million last week in an off-market deal, the East Hampton Star reported. Jack Botero of BlackBrick brokered the transaction. Krasner told the East Hampton Star that the resort will be renovated during the winter and will reopen in spring. Krasner is the owner of two restaurants in town, the Saltbox and the Shagwong Tavern. Under seller Ken Walles, room rates started at $85 per night in the off-season and rose as high as $475 in peak season. [EHS]

Sales were mostly crummy in Q3: report

East End real estate did not have a stellar third quarter. The median sales prices in both Southampton and East Hampton fell year-over-year, the latter posting a nearly 30 percent drop from $1.2 million to $870,000. Southampton prices dipped 13.5 percent, from $880,000 to $761,056. Sales volume was pretty mixed across the Hamptons. In Southampton Town and East Hampton Town, the overall number of sales tumbled by more than 38 percent and 30 percent, respectively. But East Hampton Village and Westhampton Beach saw upticks in sales volume — 12.5 percent and just over 7 percent. The top sale of the quarter was a Water Mill house that real estate investor Andrew Borrok sold for $22 million. [27East]

Stable owners aren’t horsing around with their new $10M Southampton digs

Eli Lomita and wife Alice Sim, owners of Kingfield Stables, ponied up $10 million for a stud of a house at 53 Fordune Lane. Sitting on 3.3 acres of land, the nearly 5,000-square-foot residence has six bedrooms, four bathrooms and an outdoor pool, 27East reported. Aside from training a few Kentucky Derby contenders, Lomita and Sim are known for being among the first buyers in Extell’s One57. [27East]

To hunt, or not to hunt, that is the question in Southampton

Oh deer. Hunters in Southampton Town are up in arms with the local Community Preservation Fund for barring hunting on certain town-owned land. Historically, hunters can go onto any land during hunting season unless otherwise specified by private property owners. They must also keep at least 250 feet away from occupied structures, 27East reported. But this year, the CPF partnered with the State Department of Conservation to identify and manage 430 acres of town-owned land appropriate for hunting. The agencies also deemed several plots unsuitable for hunting, now bearing “no hunting” signs. Michael Tessitore, president of the nonprofit Hunters of Deer group, said CPF doesn’t have the jurisdiction to prohibit hunting. “If a hunter is within the [250 feet] zone, it’s not up to the CPF to enforce,” he told the paper. [27East]

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