Sag Harbor residents split over new condo

TRD New York /
Feb.February 24, 2012 04:30 PM

The former Bulova watch factory in Sag Harbor is undergoing a massive renovation, the New York Times reported.

In 2008 a developer called Cape Advisors was granted zoning and planning board approval to transform the building, a block off of Main Street, which dates from 1881, into 65 luxury condominium units. But then the financial crisis hit, and funds dried up. 

This past December, Cape Advisors brought on Deutsche Bank as a partner and resumed construction at the site, where the luxury condos are slated to have asking prices of more than $1 million apiece, in many cases, the Times said. The building will be a mix of seasonal and year-round residents.

“I am so thrilled now that it is finally going forward,” said Lisa Bucking Field, a local business owner. “It is going to bring life back into Sag Harbor village.”

But there are detractors. Bill Chaleff, an architect and planner, told the Times it was another instance of Sag Harbor moving “towards serving the needs of the second-home community.” [NYT]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
From left: SL Green CEO Marc Holliday, Ceruzzi Properties’ Arthur Hooper, the Lipstick Building at 885 Third Avenue and IRSA president Eduardo Elsztain (Getty, Wikipedia, Google Maps)

Lipstick Building ground rent reset leads to appraisal dispute

Lipstick Building ground rent reset leads to appraisal dispute
Knotel CEO Amol Sarva (Sasha Maslov, iStock)

Knotel’s Q2 revenue plunged 20%

Knotel’s Q2 revenue plunged 20%
Heirs unapparent: How RE firms plan — or don’t — for futures without the founder

Heirs unapparent: How RE firms plan — or don’t — for futures without the founder

Heirs unapparent: How RE firms plan — or don’t — for futures without the founder
Ziel Feldman (iStock)

HFZ Capital launches new fund for REIT investing

HFZ Capital launches new fund for REIT investing
Privacy is the newest amenity

Privacy is the newest amenity

Privacy is the newest amenity
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...