Builder Joe Farrell attempts Hamptons luxury comeback

TRD New York /
Aug.August 27, 2013 12:56 PM

Farrell Building, the dominant homebuilder in the Hamptons, is sweeping the region and looking to return it to the big-spending days before the recession.

Joe Farrell, president of the company and owner of the $43 million, 17,000-square-foot Sandcastle estate in Bridgehampton, builds homes that attract a crowd of mostly Wall Street investors. He has more than 30 new homes under construction and has plans for several speculative homes.

He is focusing on spec homes that sell in the range of $3 million and $10 million — a contrast to the $20 million homes he was building prior to the 2008 crash, the New York Times reported. Farrell’s staff of full-time architects, contractors and subcontractors helps to crank out a new mansion within a year. The homes come complete with heated three-car garages, cedar shakes and gambrel roofs.

All but one of the seven midsize mansions at the development Farrell Court in Water Mill have sold. They were asking between $4 million and $5 million. But as of October, the land was merely a tree farm.

Some critics of Farrell Building said the brisk building pace contributes to the attrition of farmland and monotonous style of homes in the area.

“Someone’s going to build them. I just happen to be building a lot of them, and people are buying them,” Farrell told the Times. [NYT]Mark Maurer

 

Related Articles

arrow_forward_ios
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Joe Farrell’s not-so-sad saga

Joe Farrell’s not-so-sad saga

Joe Farrell lists “Sandcastle” megamansion for $50M

Joe Farrell lists “Sandcastle” megamansion for $50M

Hamptons Cheat Sheet: Southampton new build in contract at $35M, Spur co-working space faces eviction… & more

Hamptons Cheat Sheet: Southampton new build in contract at $35M, Spur co-working space faces eviction… & more

Long Island Cheat Sheet: Amazon’s LIC withdrawal causes development concerns, Central Islip rental project secures $65M in financing… & more

Long Island Cheat Sheet: Amazon’s LIC withdrawal causes development concerns, Central Islip rental project secures $65M in financing… & more

Hamptons Cheat Sheet: Gurney’s in talks to buy Montauk Yacht Club, developer Joe Farrell lists his Bridgehampton “Sandcastle” for $50M,  … & more

Hamptons Cheat Sheet: Gurney’s in talks to buy Montauk Yacht Club, developer Joe Farrell lists his Bridgehampton “Sandcastle” for $50M, … & more

Hamptons Cheat Sheet: Brokers dish on the slow market, Jackie O’s former summer house gets chic $4M haircut … & more

Hamptons Cheat Sheet: Brokers dish on the slow market, Jackie O’s former summer house gets chic $4M haircut … & more

Hamptons home builder Joe Farrell rented $80K-a-week mansion to Justin Bieber for free

Hamptons home builder Joe Farrell rented $80K-a-week mansion to Justin Bieber for free

arrow_forward_ios