Farrell flipping on East End

Joe Farrell, founder of the Bridgehampton-based Farrell Construction, is busy planning a glut of Hamptons mansions in the $6 million range, according to the New York Post, with no shortage of demand. The builder, best known for building the $49.5 million “Sandcastle” in Bridgehampton and pioneering the lower-cost Hamptons market, said he has been busy flipping properties on the East End, buying homes and then reselling the properties as new developments before starting construction. Among Farrell‘s pet projects are a 6,500-square-foot, $6.8 million Southampton mansion, a $5.99 million Water Mill development and a $6.5 million Water Mill home, which is expected to close next week. As The Real Deal reported in its June issue, spec building has been making a comeback recently in the Hamptons, as Farrell launches numerous new projects. [Post, 1st item]