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.
The development, which secured $60 million in financing from Deutsche Bank Commercial Real Estate Group last year, will feature 64 condominium residences ranging in size from studio to four bedrooms, including penthouses and new construction townhouses. It will have manicured gardens and lawns, a swimming pool, fitness center and underground parking.
A spokesperson for Cape said the company was not ready to release information on the price of the apartments.
“We selected Corcoran Sunshine for their longtime experience in architecturally-significant developments,” said Craig Wood, co-founder and principal at Cape Advisors. “This is the first time a property of this type has been offered on the East End, so it is important that we partner with an organization that understands both the market and the product.”
Construction of the former Bulova Watchcase Factory began in 1881, and for 100 years it played a significant role in the development of Sag Harbor, Cape said in a statement. It has stood empty since 1979, and is now undergoing a restoration that “strives to enhance and protect the original character of the factory.”
For a long time, the project seemed like it would never materialize. It received necessary approvals from local authorities in 2008 after years of deliberation, but was then subject to lawsuits over the approval and the economic turmoil of the recession.
It ultimately restarted after Cape met with the Sag Harbor Village Planning Board last year to push the project forward. The board was willing to modify the terms of its initial approval, The Real Deal previously reported, including adjusting the schedule for the promised $2.5 million payment to a housing trust in lieu of including affordable housing in the project.
“Corcoran Sunshine and the development team anticipate substantial demand for this first-time offering,” said Kelly Kennedy Mack, president or Corcoran Sunshine Marketing Group, “and we look forward to leveraging our vast national and international brokerage network when sales commence.”