East End teardowns are all the rage

New York /
May.May 12, 2011 10:29 AM

David Tepper and a view of the Sagaponack mansion he plans to demolish

This season’s hottest Hamptons real estate trend? Multi-million-dollar teardowns. According to the Post, some of New York’s most deep-pocketed buyers are planning demolitions of some of the East End’s priciest mansions.

One such buyer is hedge fund manager David Tepper, who last May picked up a $43.5 million Sagaponack estate from Joanne Dougherty, the ex-wife of former New Jersey Gov. Jon Corzine, in the Hamptons’ priciest sale of 2010. He’s rented out the home for the summer to billionaire Henry Silverman for $900,000, after which he plans to raze it.

David Walentas is also giving his East End mansion one last hurrah before leveling the property. The Dumbo developer is renting out the $20 million home, on Southampton’s Meadow Lane, for roughly $400,000 this summer before the planned demolition.

And Russian composer Igor Krutoy, the Plaza Hotel’s $48 million man, may have been willing to pay top dollar for a move-in ready apartment in the city, but in Southampton, he’s taking his time and building anew. Krutoy just plunked down $12.85 million for a Gin Lane estate that he and his wife, Olga, plan to demolish so that they can construct a new home in its place.

Meanwhile, Goldman Sachs CEO Lloyd Blankfein was also recently spotted checking out some of the East End’s priciest real estate, including a $38 million property in Wainscott. Whether he’ll hop on the demolition bandwagon remains to be seen. [Post]


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