Packaged desserts empire cuts price on bayfront estate

Units may be selling like hotcakes at Gurney’s, but a nearby Montauk compound has been stuck on the market for two years. Now, its owner, the Entenmann family, has slashed the price of the seven-acre property to a sliver below $18 million — a nearly one-third reduction of their original ask of $25 million. Located just down the road from Montauk Airport at 521 East Lake Drive, the property houses four lots: two are empty, one contains a two-bedroom cottage, and the last encompasses a 150-foot dock with three industrial structures, a boathouse and a two-bedroom apartment. [Curbed] — Cathaleen Chen