Sag Harbor’s Watchcase condos to open first model unit

The first model apartment at the long-awaited Watchcase Factory condominium development in Sag Harbor is opening this weekend, the New York Times reported.

A five-year-old waiting list for one of the 64 units — made up of lofts, townhouses and bungalows — is up to 880 potential buyers, James Lansill of the Corcoran Sunshine Marketing Group told the newspaper. Owners of multimillion-dollar mansions in the Hamptons dominate the list. There are empty-nesters looking for something light on maintenance, and longtime seasonal renters who held off on buying and were wary of maintenance.

The model apartment, listed for $3.39 million, is a two-bedroom townhouse on the third floor with 28 windows in an open living-dining-kitchen area, the Times said.

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, developer Cape Advisors has said in a statement. It stood empty since 1979, and is now undergoing a restoration that “strives to enhance and protect the original character of the factory,” Cape added.

Construction started in the fall of 2011 and is expected to be done next winter, the Times said. [NYT] – Mark Maurer