The Real Deal New York

Sag Harbor residents split over new condo

February 24, 2012 04:30PM

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]