From the August issue: In the Hamptons, as high-end builder Joe Farrell can attest, $5 million
is the new $10 million. Farrell, who founded his Bridgehampton-based
Farrell Construction in 1996, has built homes for talk show host Kelly
Ripa, actor Kelsey Grammer and former New York City mayor and
presidential candidate Rudy Giuliani.
Indeed, he has recently made headlines for “Sandcastle,” the
30,000-square-foot home he built on Halsey Lane in Bridgehampton, which
is on the market for $59.5 million.
Last month, after the Jonas Brothers, the pop music superstars who
had been prepared to rent it, backed out, he found a taker willing to
shell out $425,000 for a two-week stay this summer.
But that house, which has thus far failed to sell, and its high
price point are more a product of yesterday’s boom than today’s Great
Recession.
