The Real Deal New York

Two Trees Farm shakes up selling strategy

Walentas splits Hamptons property after zoning win, with sites listed for roughly $25M each

July 16, 2014 06:10PM
By Julie Strickland

From left: Two Trees parcels along Long Pond and the horse farm at 849 Hayground Road, Bridgehampton

From left: Two Trees parcels along Long Pond and the horse farm at 849 Hayground Road, Bridgehampton

UPDATED, 2:33 p.m., July 17: The owner of Bridgehampton’s Two Trees Farm, Dumbo-based developer David Walentas, is shaking up his strategy for unloading his famed 115-acre property and splitting it into two separate listings.

The property, known for hosting the annual Mercedes Benz Polo Challenge, first hit the market in 2010 with an asking price of $95 million. But it quickly saw its priced cut to $55 million, where it stayed until a few weeks ago. Now, Walentas has divided the property into several separate sites — two of which are up for sale.

Walentas, who has been trying to secure zoning approval to subdivide the property into 18 individual parcels, recently won final approval, Corcoran Group broker Susan Breitenbach told The Real Deal. Breitenbach was one of several brokers who has previously listed the property.

One of the two listings now on the market is comprised of five of those 19 parcels and totals 12.2 acres of developable land with 910 feet of waterfront on Long Pond. It’s now on the market for $25.9 million with Terry Cohen of Saunders & Associates. Cohen told TRD that each of the five parcels measures between 2 and 3 acres.

“I think [the parcels] will go to a developer who will build them out maybe two at a time, or someone who wants to come in and make a family compound,” Cohen said.

“The lots themselves are very private and the views are spectacular, of both water and open farm land, and it will be peaceful and quiet except on polo days,” she added. “But you’re not going to buy it if you don’t appreciate that.”

Walentas has already started to build houses on the 13 yet-to-be-listed parcels, Breitenbach said, noting that he will not list all of those parcels simultaneously. It was not immediately clear, however, when those sites would be listed or at what stage in process. Walentas declined to comment through a spokesperson.

Meanwhile, the 65-acre horse farm is now listed for $25 million. In the past, it’s been listed both on its own, for $22 million, and as part of the larger 115-acre property. It includes the 2,500-square-foot main residence, a guest house, all three horse stables, two indoor equestrian arenas, a pool, tennis court, staff housing and at least four other buildings to house maintenance equipment. Douglas Elliman’s Morgan White has the listing for that spread, which is protected as preserved farmland. White declined to comment for this story.

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