A private road in Water Mill gets a $2.5M price tag

May 10, 2017 04:37PM

What’s it like to truly “own the road”? For whoever coughs up $2.5 million to buy a 1.25-acre street in Water Mill, “it’s really all about the control,” says Warren Padula, whose family possessed it for more than 50 years. Holly Lane runs through several properties, all valued at millions of dollars, according to the Long Island Business Journal. Though a group of homeowners offered to buy it three years ago, Padula says the amount suggested was far below the private road’s current listing price. The new owner will have the right to build and lease a dock at the bay end of the street and they can modify the gate on the western end, should they so choose. Paul Brennan of Douglas Elliman has the listing. [LIBJ]