From left: Mort Zuckerman, Susan Breitenbach, Aby Rosen and Billy Macklowe
From Apollo Global Management head Leon Black to Boston Properties boss Mort Zuckerman, the New York City real estate industry is a critical component to the East End scene. In fact, no fewer than 14 of the 100 most powerful people to descend upon the Hamptons this summer, as compiled by Hamptons magazine, are members of the industry. [more]
A Bridgehampton home
Vacation homeowners in the Hamptons and NYC-area getaway communities are facing an increasingly competitive marketplace when it comes to renting out their homes, according to the New York Times, as new listings websites bring more prospective landlords to the market. A National Association of Realtors survey recently found that 22 percent of all vacation homeowners in the U.S. plan to rent out their homes, and that huge figure is being reflected in the growing number of listings on sites like HomeAway.com. [more]
From left: Gregory Rechler, Mitchell Rechler and Rechler Equity's new headquarters
In a reflection of its growth on Long Island and its relatively new business model, longtime Brooklyn and Long Island developer Rechler Equity has opened a brand new headquarters in Plainview, according to the New York Times. The firm, founded by William Rechler, spent $8 million remaking an industrial building it purchased in 1961 into a new headquarters. The redevelopment was led by William’s grandsons, cousins Gregory and Mitchell Rechler, who wanted to establish the firm’s brand following a split from Gregory’s brother Scott Rechler, who now oversees RXR Realty. [more]
The interior of the factory pre-renovation
The Watchcase Factory in Sag Harbor, a long awaited 64-unit condominium development on the site of the former Bulova Watchcase Factory in the Hamptons will finally launch sales in 2013, despite stalling in the late aughts as the result of lawsuits over approvals and the global recession.
Real estate investment firm Cape Advisors, the developer of the project, has tapped Corcoran Sunshine Marketing Group to be the exclusive marketing and sales agent the factory, it said today. [more]
The Chequit Inn
Known for its bucolic feel, Shelter Island is getting some upgrades. The Wall Street Journal reported that the island’s historic Chequit Inn is in contract to be sold to Cape Advisors, a development company that expects to finalize the purchase this fall. Along with the purchase come renovations and the addition of higher-end décor and dining options. The hotel is expected to open next spring. [more]
From left: crowds outside the Sloppy Tuna and the Surf Lodge in Montauk
The Hamptons’ posh tentacles are stretching eastward, according to the Wall Street Journal, as once low-key Montauk is seeing continued growth in bars and night life. More than a dozen businesses have changed hands since last summer, as new owners look to revamp properties into destinations for the type of clientele typical of the Hamptons. It’s analogous to Manhattan’s gentrification spreading to the far reaches of the five boroughs. [more]
Matt Lauer, host of the "Today" show
“Today” show host Matt Lauer’s plans for a horse farm next door to his Water Mill, N.Y. estate will include a number of speculative homes priced in the $4 million to $5 million range, Dan’s Hamptons reported. The property will house seven homes, each with their own swimming pool. Lauer and his wife, model Annette Roque, reportedly spent less than the $10.5 million asking price for the plot adjacent to their home. [more]
Source: the Corcoran Group
The Hamptons residential sales market may be mirroring Manhattan’s, with lower-priced properties making up a greater number of transactions than in the previous year, according to first-quarter market reports released today by three of the city’s biggest New York City brokerages. [more]
The site of the former Plitt Ford dealership in Wainscott where Whole Foods is opening
A Whole Foods Market pop-up shop will be coming to Wainscott, L.I. this summer, the East Hampton Star reported. Though there is no set opening date as of yet, the shop will be open between Memorial Day and Labor Day, according to the paper.
“It’s going to be a farmers’ market,” Michael Sinatra, a Whole Foods spokesperson, told the paper. “We’re very excited about being out there.” [more]
Dolly Lenz, Tim Davis and the Water Mill mansion
Dolly Lenz finally sold her East End mansion that’s languished on the market for nearly two years, the New York Post reported, with a closing price of $5.46 million. The Prudential Douglas Elliman vice chairman famously chose Corcoran Group’s Hamptons power broker Tim Davis to list the estate on Cobb Hill Lane in Water Mill. [more]
