Hamptons Cheat Sheet: Large sales in Southampton, developers are demolition-happy … & more

Southampton saw two hefty sales this week

A mystery buyer doled out $26 million for a mansion on Olde Town Lane, 27East reported. Meanwhile, hotshot publisher David Elliot Cohen spent far less — $4.85 million — on a nearby home on South Magee Street. The former spans a whopping 11,500 square feet. It contains 10 bedrooms, 13.5 bathrooms, six fireplaces, a theater, a billiard room, a wine room, an elevator, and an attached cottage. Cohen’s new digs aren’t too shabby either: his new place totals 7,000 square feet, with seven bedrooms and 8.5 baths. The median sales price in Southampton between January and April hovered around $1.2 million and $844 per square foot, according to Trulia. But the sample size is small — only 14 homes sold between January 13 to April 12. [27East]

Hamptons developers keen on new construction

It’s demolition city in the Hamptons, or at least according to the New York Times. Historic and “modest” homes are now routinely razed because of low inventory for new construction, the Grey Lady reported. Older houses “don’t have the atmosphere people are looking for today and don’t have the light,” interior designer James Michael Howard told the paper. Howard recently paid $3.7 million for the former home of “Manchester by the Sea” director Kenneth Lonergan, only to demolish it and make room for a new 11,600-square-foot behemoth. The Corcoran Group’s Gary DePersia has the new Bridgehampton spec house. [TRD]

Southampton Town doubles down on affordable housing

A 28-unit affordable housing project in Tuckahoe is moving down the pipeline after the Speonk Commons development gained final approval recently. To rise on a 2.6-acre plot, the Tuckahoe project is dubbed Sandy Hollow. Town officials hope to finance the project, along with the 38-unit Speonk Commons, through $30 million worth of tax credits from a New York State Homes and Community Renewal award. Sandy Hollow would contain studio, one-bedroom, and two-bedroom apartments for middle-income tenants, according to 27East. The project was stalled after preliminary approval in 2014 due to pending review from the Suffolk County Health Department. A housing lottery will likely be conducted this summer, the Southampton Housing Authority told the paper. [27East]

“Shrinkage” house shrinks some more

Guess Seinfeld isn’t enough of a draw for buyers at this Amagansett home, which just saw a price slash from $8.75 million to $7.9 million. The 4,000-square-foot pad was featured in the Seinfeld episode, “The Hamptons,” which contains the iconic shrinkage bit. The residence has four bedrooms, 4.5 bathrooms, and a chef’s kitchen, according to Curbed. Corcoran’s Jackie Dunphy, Greg Schmidt, and Tom Griffith have the listing. [Curbed]

Talent agency exec plops down $3.6M for Amagansett home

Amagansett, get ready to be scouted. Adam Leibner of N.S. Bienstock, a talent agency for TV production, just bought the house at 40 Gardiner Drive for $3.6 million, 27East reported. The home encompasses 3,000 square feet with four bedrooms and five bathrooms. The shingled Traditional was built just last year, according to Zillow, and features brand-new amenities. It features an open concept eat-in kitchen, dining room with full bath, a mudroom with access to the pool area, and an outdoor kitchen. [27East]